TCREUR_Public/061011.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R       

                          E U R O P E

          Wednesday, October 11, 2006, Vol. 7, No. 202   

                           Headlines


A U S T R I A

A & O: Creditors' Meeting Slated for October 20
BAWAG PSK: Heavy Withdrawals Prompt 2006 Net Loss, Report Says
DIE COMPUTERMACHER: Eisenstadt Court Declines Appeal
FUERST ALFRED: Creditors' Meeting Slated for October 17
GRIMM MIRJAM: Creditors' Meeting Slated for November 7

GRS: Creditors' Meeting Slated for October 24
PIZZERIA RISTORANTE: Feldkirch Court Orders Company Shutdown


B E L G I U M

ARMSTRONG WORLD: Paying US$407 Million to Class 6 Creditors
CHEMTURA CORP: Moody's Assigns Loss-Given-Default Rating


B U L G A R I A

TPP MARITSA: S&P Withdraws BB Long-Term Corporate Credit Rating


C R O A T I A

DIRECTED ELECTRONICS: Weak Finances Spur S&P to Cut Ratings


C Y P R U S

MASTERCROFT LIMITED: Fitch Lifts Issuer Default Rating to BB


C Z E C H   R E P U B L I C

ZIVNOSTENSKA BANKA: Moody's Reviews D Financial Strength Rating


F I N L A N D

BENEFON OYJ: Launches New Handset & Unveils New Financing Plan


F R A N C E

BEARINGPOINT INC: Moody's Cuts Ratings on US$450-Mln Bonds to B3
BEARINGPOINT INC: S&P Holds Corp. Credit & Debt Ratings on Watch
SPANSION LLC: Market Competition Spurs S&P to Affirm B Rating


G E R M A N Y

AUTO MANN: Claims Registration Ends October 16
BAUER, KOHNEN: Claims Registration Ends October 23
CONTENDIX MANAGEMENT: Claims Registration Ends October 20
EICHELE U. UTZ: Claims Registration Ends October 18
GATE 2006-1: Fitch Gives BB+ Rating on EUR15.3-Mln Class E Notes

GERRESHEIMER ALPHA: S&P Places B+ Ratings on Watch Negative
HAUS-RAT: Claims Registration Ends October 20
J.K. GRUNDSTUECKSVERWALTUNGS: Claims Registration Ends Oct. 20
MOEVE SPEDITIONS: Claims Registration Ends October 17
PANKE-PARK: Creditors' Meeting Slated for October 26

POLY-PLAST: Claims Registration Ends October 20
POTSDAMER STRASSE: Creditors' Meeting Slated for October 26
VOLKSWAGEN AG: CEO B. Pischetsrieder Wants New Deal for Scania


G R E E C E

OLYMPIC AIRLINES: Greece Must Recover State Aid, EC Insists


I R E L A N D

ELAN CORP: To Release Third Quarter 2006 Results on Oct. 25


I T A L Y

ALITALIA SPA: Demise Looming with Current Structure & Conditions
BOMBARDIER INC: Gets US$1.3-Bln Aircraft Order from NWA
PARMALAT SPA: Regains Ownership of Newlat & Carnini Units
SUAL GROUP: Merges with RusAl & Glencore International


K A Z A K H S T A N

ENERGETIC: Creditors Must File Claims by Nov. 3
FINAUDIT-ASTANA: Creditors Must File Claims by Nov. 3
JETYSAY MASLOZAVOD: Proof of Claim Deadline Slated for Nov. 3
KAZROSS: Proof of Claim Deadline Slated for Nov. 3
MURAGER: Almaty Court Opens Bankruptcy Proceedings

PERS KOMP: Almaty Court Begins Bankruptcy Proceedings
POKOLENIYE: South Kazakhstan Court Starts Bankruptcy Procedure
SHER-ENGINEERING: Claims Registration Ends Nov. 3
UNITECHS: Claims Registration Ends Nov. 3


K Y R G Y Z S T A N

INTERBOOKTRADE: Creditors' Claims Due Nov. 19


L A T V I A

DIRECTED ELECTRONICS: Weak Finances Spur S&P to Cut Ratings


L U X E M B O U R G

EVRAZ GROUP: CFO Says Fitch Upgrade Affirms Strong Commitment
EVRAZ GROUP: Fitch Upgrades Issuer Default Rating to BB


N E T H E R L A N D S

SIRVA INC: S&P Withdraws and Removes Ratings from Watch Negative
VNU GROUP: Buying NetRatings' Minority Stake for US$16/Share


R O M A N I A

COMPANIA NATIONALA: Moody's Lifts Corp. Family Rating to Ba1


R U S S I A

ATELIER ZEBRA: Court Names S. Suvorov as Insolvency Manager
BOMBARDIER INC: Gets US$1.3-Bln Aircraft Order from NWA
BUILDER: Bankruptcy Hearing Slated for Oct. 11
CONNECT: Moscow Court Names S. Suvorov as Insolvency Manager
EVRAZ GROUP: CFO Says Fitch Upgrade Affirms Strong Commitment

EVRAZ GROUP: Fitch Upgrades Issuer Default Rating to BB
GAZPROM OAO: Props Up Investment in Bovanenkovo Gas Field
INTER-PRODUCT: Court Names S. Suvorov as Insolvency Manager
INVESTMENTS AND INNOVATION: E. Eliseeva to Manage Assets
KAMERTON BANK: Court Names S. Suvorov as Insolvency Manager

LUKOIL OAO: Upgrades Gas Conversion Capacities in Siberia
NATIONAL CREDIT: Court Names S. Suvorov as Insolvency Manager
NOVODEREVENKOVSK-AGRO-SNAB: Court Hearing Slated for Nov. 29
REFORMA-INVEST: Court Names S. Suvorov as Insolvency Manager
RENAISSANCE CAPITAL: Fitch Assigns Issuer Default Rating at BB-

RUBY: Moscow Court Names N. Tkachenko to Manage Assets
SHILOVO-MEAT: Court Starts Bankruptcy Supervision Procedure
SUAL GROUP: Merges with RusAl & Glencore International
SUNRISE-INVEST: Court Names E. Eliseeva as Insolvency Manager
TRANSPORT ENTERPRISE: Tomsk Court Starts Bankruptcy Supervision

WHEAT VERKHOVSKAYA: Orel Bankruptcy Hearing Slated for Nov. 29


S P A I N

CHEMTURA CORP: Moody's Assigns Loss-Given-Default Rating
GC FTGENCAT: Fitch Junks EUR4.5 Million Class D Notes
TDA IBERCAJA: Moody's Rates EUR7-Mln Series E Notes at (P)Ba1


S W E D E N

ARMSTRONG WORLD: Paying US$407 Million to Class 6 Creditors


S W I T Z E R L A N D

SIRVA INC: S&P Withdraws and Removes Ratings from Watch Negative
SUAL GROUP: Merges with RusAl & Glencore International


T U R K E Y

ANADOLUBANK A.S.: Obtains US$160 Million Syndicated Loan


U K R A I N E

AGROHIM: Hmelnitskij Court Names Viktor Matushak as Liquidator
AVANGARD: Court Names Vasil Glebov as Insolvency Manager
CENTRAL: Creditors Must File Claims by October 14
INTERHIM: Creditors Must File Claims by October 14
RENAISSANCE CAPITAL: Fitch Assigns Issuer Default Rating at BB-

SILGOSPTEHNIKA: Court Commences Bankruptcy Supervision
TRADE-SECURITIES: Court Names Maxim Vdovin as Insolvency Manager
ZHOVTEN: Court Names Nataliya Levchenko as Insolvency Manager


U N I T E D   K I N G D O M

ABITIBI-CONSOLIDATED: Poor Market Conditions Spur Mill Closures
ACCESS DEVICES: Brings In Smith & Williamson as Administrators
ADASOLVE LIMITED: Paul Appleton Leads Liquidation Procedure
ANDREW KELLARD: Taps Smith & Williamson to Administer Assets
ASL SYSTEMS: Creditors' Meeting Slated for October 13

B & B INTERIOR: Appoints C. B. Barrett as Liquidator
B & M INSURANCE: Creditors Confirm Liquidator's Appointment
BEARINGPOINT INC: Moody's Cuts Ratings on US$450-Mln Bonds to B3
BEARINGPOINT INC: S&P Holds Corp. Credit & Debt Ratings on Watch
CAFE BLU: Creditors' Meeting Slated for October 18

COLT TELECOM: Receives Requisite Consents from Noteholders
CORUS GROUP: Tata Steel to Launch a GBP5-Bln Takeover Bid
DISABILITY ACCESS: Names Liquidators from Poppleton & Appleby
FIBRES WORLDWIDE: Appoints Deloitte & Touche as Administrators
GEMFLEX ENGINEERING: Brings In Begbies Traynor as Administrators

GENERAL MOTORS: S&P Keeps Low-B Ratings on Watch Negative
GENIUS CREATIVE: Taps Liquidators from Begbies Traynor
GROUTAGE & INGRAM: Claims Filing Period Ends Nov. 3
HUIA LIMITED: Taps Kroll to Administer Assets
IMMERSIVE MEDIA: Hires Liquidator from David Horner & Co.

INDUSTRIAL PYROMETER: Creditors' Meeting Slated for Oct. 18
INFOCELL TELECOM: Hires Administrators from Chantrey Vellacott
JSB SECURITIES: Claims Filing Period Ends Oct. 22
KEYHOLDERS LIMITED: Creditors' Meeting Slated for October 17
KOOKABURRA HOLDINGS: Brings In Kroll to Administer Assets

LOBLITE LIMITED: Appoints PKF as Joint Administrators
MEGA BUILDING: Calls In Liquidators from Rothman Pantall
MMV PROJECTS: Appoints Peter O'Hara to Liquidate Assets
PALACE PANELS: Creditors' Meeting Slated for October 12
RANK GROUP: Cancels One Million Shares in Buy Back Program

SURREY COLLEGE: Brings In Liquidators from Blades Insolvency
TANYA KNITWEAR: Taps BWC to Administer Assets
UVINE.COM LIMITED: Brings In Administrators from Elwell Watchorn
WEM ELECTRICAL: Taps T. Papanicola to Liquidate Assets
WHITEOAK PACKAGING: Brings In Menzies to Administer Assets

WHORTON REEVES: Hires Eileen T. F. Sale to Liquidate Assets

* Moody's Reports Low High-Yield Default Rate in Third Quarter

                            *********

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A U S T R I A
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A & O: Creditors' Meeting Slated for October 20
-----------------------------------------------
Creditors owed money by Trade LLC A & O (FN 259943w) are
encouraged to attend the creditors' meeting at 9:30 a.m. on
Oct. 20 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 19 (Bankr. Case No. 5 S 64/06f).  Guenther Hoedl serves
as the court-appointed property manager of the bankrupt estate.  
Andrea Simma represents Dr. Hoedl in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Guenther Hoedl
         c/o Dr. Andrea Simma
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at  


BAWAG PSK: Heavy Withdrawals Prompt 2006 Net Loss, Report Says
--------------------------------------------------------------
Bawag P.S.K. Group will post a net loss for 2006 due to heavy
withdrawals by bank depositors, AFX News reports citing Profil
magazine as its source.

Profil quoted a study by Morgan Stanley saying that Bawag will
close 2006 with EUR20.3 million in full-year net losses, based
on international standards.  This conflicts an earlier statement
by Bawag saying it would post a net profit this year, albeit on
Austrian accounting rules.

The bank, AFX News noted, can avoid a cash crunch if its parent,
Osterreichischer Gewerkschaftsbund (OeGB), manages to sell the
bank this year.  Bankers and analysts expect the sale to raise
between EUR2 billion to EUR2.5 billion for OeGB.

OeGB has allowed possible buyers to begin due diligence of the
bank's accounts to buyers who passed the second round of
bidding.  The list include:

   -- Kohlberg Kravis Roberts (KKR),
   -- Lone Star,
   -- Cerberus Capital Management,
   -- JC Flowers & Co.,
   -- BayernLB, and
   -- Dresdner Bank.

Morgan Stanley, which facilitates the sale, began inviting bids
after Bawag inked a US$675 million settlement deal with Refco
Inc. investors.  Around 40 parties submitted their bids for the
Austrian bank.

As previously reported in the TCR-Europe, OeGB disclosed that it
prefers to sell the bank as a whole and not in pieces indicating
that the purchaser can break up the bank after the sale.  OeGB
has placed Bawag on the trading table following the bank's
alleged role in the collapse of Refco Inc.

The bank is currently the focus of an in-depth probe by Austrian
prosecutors over a US$2-billion loss scandal.

                         About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                        *     *     *

As reported in the TCR-Europe on May 11, Moody's downgraded
BAWAG P.S.K's

   -- financial strength rating (BFSR) to D- from C-;
   -- Tier 1 debt rating to Baa3 from Baa2.

Both ratings remain under review for possible downgrade.  At the
same time, Moody's has also downgraded to Prime-2 with stable
outlook from Prime-1 the bank's short-term debt and deposit
rating.  The A3 long-term debt and deposit ratings and the Baa1
subordinated debt rating remain on review for possible
downgrade.

These ratings were downgraded as part the rating action:

   -- BAWAG P.S.K.: bank financial strength rating from C- to
      D-;

   -- BAWAG P.S.K.: short-term rating from P-1 to P-2;

   -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and
      deposit rating to Baa3 from Baa2;

   -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and
      deposit rating to Baa3 from Baa2; and

   -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and
      deposit rating to Baa3 from Baa2.

These ratings are under review for possible downgrade:

   -- BAWAG P.S.K.: bank financial strength rating of D-;
   -- BAWAG P.S.K.: long-term debt and deposit.


DIE COMPUTERMACHER: Eisenstadt Court Declines Appeal
----------------------------------------------------
The Land Court of Eisenstadt declined Sept. 1 an appeal made by
a creditor against the commencement of bankruptcy proceedings
against of International Media Holding Inc. Die Computermacher
(FN 257101s).

Headquartered in Riedlingsdorf, Austria, the Debtor declared
bankruptcy on July 17 (Bankr. Case No. 26 S 73/06x).  Thomas
Deschka serves as the court-appointed property manager of the
bankrupt estate.  

The property manager can be reached at:

         Dr. Thomas Deschka
         Main Place 11
         Atrium Top 16 A
         7400 Oberwart, Austria
         Tel: 03352/31543
         Fax: 03352/31543-20
         E-mail: deschka@lawcenter.at


FUERST ALFRED: Creditors' Meeting Slated for October 17
-------------------------------------------------------
Creditors owed money by LLC Fuerst Alfred (FN 111850k) are
encouraged to attend the creditors' meeting at 9:00 a.m. on
Oct. 17, to consider the inventory of the debtor's property and
compulsory payment of compensation.

Creditors will recover 20% of their claims payable within two
years on adoption of the compensation project.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 1 (Bankr. Case No. 4 S 94/06k).  Ute Toifl serves as the
court-appointed property manager of the bankrupt estate.  Astrid
Haider represents Dr. Toifl in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Ute Toifl
         c/o Mag. Astrid Haider
         Tuchlauben 12/20
         1010 Vienna, Austria
         Tel: 535 46 11-0
         Fax: 535 46 11-11
         E-mail: office@thr.at   


GRIMM MIRJAM: Creditors' Meeting Slated for November 7
------------------------------------------------------
Creditors owed money by LLC Grimm Mirjam (FN 86720f) are
encouraged to attend the creditors' meeting at 10:30 a.m. on
Nov. 7, to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 22 (Bankr. Case No. 4 S 107/06x).  Kurt Bernegger serves
as the court-appointed property manager of the bankrupt estate.  
Maria Kainer represents Dr. Bernergger in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Kurt Bernegger
         c/o Mag. Maria Kainer
         Jacquingasse 21
         1030 Vienna, Austria
         Tel: 799 15 80/0
         Fax: 796 59 14
         E-mail: kanzlei@bernegger-wt.com


GRS: Creditors' Meeting Slated for October 24
---------------------------------------------
Creditors owed money by LLC GRS (FN 261634g) are encouraged to
attend the creditors' meeting at 11:30 a.m. on Oct. 24 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 22 (Bankr. Case No. 4 S 86/06h).  Michael Neuhauser
serves as the court-appointed property manager of the bankrupt
estate.  Stefan Jahns represents Mag. Neuhauser in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Michael Neuhauser
         c/o Mag. Stefan Jahns
         Esslinggasse 9
         1010 Vienna, Austria
         Tel: 536 50-0
         Fax: 536 50-14
         E-mail: officewien@aaa-law.at


PIZZERIA RISTORANTE: Feldkirch Court Orders Company Shutdown
------------------------------------------------------------
The Land Court of Feldkirch entered an order Sept. 1 shutting
down the business of LLC Pizzeria Ristorante O Sole Mio (FN
255183w).  Court-appointed property manager Bernd Widerin
determined that the continuing operation of the business would
reduce the value of the estate.

The property manager can be reached at:

         Mag. Bernd Widerin
         Rathausgasse 6
         6700 Bludenz, Austria
         Tel: 05552/650930
         Fax: 05552/650936
         E-mail: rechtsanwaelte@widerin.at         

Headquartered in Bludenz, Austria, the Debtor declared
bankruptcy on Aug. 22 (Bankr. Case No. 14 S 37/06p).


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B E L G I U M
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ARMSTRONG WORLD: Paying US$407 Million to Class 6 Creditors
-----------------------------------------------------------
Armstrong World Industries Inc. disclosed the amount of the
initial distributions it expects to make to general unsecured
creditors under its Chapter 11 plan.  

Specifically, distributions to holders of allowed unsecured
claims falling in Class 6 will commence on Oct. 17, 2006,
pursuant to its Court-approved "Fourth Amended Plan of
Reorganization, as Modified," dated Feb. 21, 2006.  

Per US$10,000 of such claims, an initial distribution of 116
Common Shares of reorganized Armstrong World Industries and
approximately US$2,435 in cash are expected.  The initial
distributions exclude approximately US$11 million of cash and
538,000 shares that are reserved from distribution due to
disputed unsecured claims in Class 6.  A total of 19,418,520
shares and US$407 million of cash will be distributed to
creditors in Class 6 under the Plan.

Separately, in discharge of all of its present and future
asbestos-related personal injury claims, the Company issued
under the Plan 36,981,480 Common Shares to the Armstrong World
Industries, Inc. Asbestos Personal Injury Settlement Trust and
by Oct. 17, 2006, will distribute to the Trust US$738 million in
cash, representing the portion of cash distributions to which
the Trust is entitled under the Plan.  All present and future
asbestos-related personal injury claims must be asserted
against, and will be resolved by, the Trust, and such claims may
not be asserted against the Company.

Under the Plan, payments to unsecured creditors having allowed
claims of US$10,000 or less (or who have reduced their claims to
US$10,000) began on Oct. 2, 2006.  Those creditors receive
distributions entirely in cash in an amount equal to
approximately 75% of their allowed claims.

The cash amount to be distributed to Class 6 creditors and the
Trust includes "Available Cash" as defined in the Plan and
US$775 million of the cash proceeds expected from US$800 million
of term loans that the Company is arranging in lieu of issuing
notes under the Plan.  These term loans are in addition to a
US$300 million revolving credit facility already established,
which is currently undrawn and will be available to support the
Company's ongoing liquidity needs.

The Company also reported that its Common Shares have been
approved for listing on the New York Stock Exchange under the
ticker symbol "AWI" on Oct. 10, 2006.

"We are pleased to return to the New York Stock Exchange, where
Armstrong first began trading on July 17, 1935," said F.
Nicholas Grasberger III, Armstrong's Senior Vice President and
CFO.  "This is the renewal of a long and rewarding relationship
between Armstrong and the NYSE."

"We are pleased to welcome back Armstrong World Industries to
our family of NYSE-listed companies, resuming our 70-plus-year
partnership with the company," said NYSE Group, Inc. Chief
Executive Officer John A. Thain.  "We look forward to serving
Armstrong World Industries and its shareholders, and providing
the company with superior market quality and brand visibility."

A full-text copy of the Fourth Amended Plan of Reorganization is
available for free at http://ResearchArchives.com/t/s?fb4

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating  
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world including Belgium and Sweden.

The Company and its debtor-affiliates filed for chapter 11
protection on December 6, 2000 (Bankr. Del. Case No. 00-04469).
Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C. Silberglied, Esq., at Richards, Layton & Finger,
P.A., represent the Debtors in their restructuring efforts.  The
Debtors tapped the Feinberg Group for analysis, evaluation, and
treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

When the Debtors filed for protection from their creditors, they
listed US$4,032,200,000 in total assets and US$3,296,900,000 in
liabilities.  The Bankruptcy Court confirmed AWI's plan on
Nov. 18, 2003.  The District Court Judge Robreno confirmed AWI's
Modified Plan on Aug. 14, 2006.  The Clerk entered the formal
written confirmation order on Aug. 18, 2006.  AWI emerged from
Chapter 11 protection on Oct. 2, 2006.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the building products company's emergence from
bankruptcy on Oct. 2, 2006.  The outlook is stable.

The 'BB' senior secured bank loan rating and the '2' recovery
rating on Armstrong's proposed US$1.1 billion senior secured
bank facility are affirmed.  The bank loan rating was assigned
on Sept. 28, 2006, based on the assumption that Armstrong would
exit bankruptcy as well as satisfy other conditions.


CHEMTURA CORP: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Chemicals and Allied Products sector, the
rating agency confirmed its Ba1 Corporate Family Rating for
Chemtura Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:
   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500mm
   6.875% Gtd.
   Sr. Notes
   due June 2016          Ba1     Ba1     LGD4        53%

   US$150mm
   6.875% Sr. Sec.
   Debentures
   due Feb 2026           Ba1     Ba1     LGD4        53%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%)

                   About Chemtura

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and   
marketer of specialty chemicals, crop protection and pool, spa
and home care products.  The Company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  In Europe, the company maintains operations in
Belgium, France, Germany, Italy, the Netherlands, Spain,
Switzerland and the United Kingdom.


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TPP MARITSA: S&P Withdraws BB Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' long-term
corporate credit rating on Bulgarian power utility TPP Maritsa
East 2 EAD at the company's request.  At the time of withdrawal,
the outlook was stable.
    
TPP has no public debt outstanding.


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DIRECTED ELECTRONICS: Weak Finances Spur S&P to Cut Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
consumer electronics maker Directed Electronics Inc. following
its acquisition of Polk Audio Inc., a provider of loudspeakers
and audio equipment for homes and cars, for US$136 million in
cash.  The corporate credit rating was lowered to 'B+' from
'BB-', and was removed from CreditWatch negative where it was
placed on Aug. 25.
     
The ratings outlook on Vista, Calif.-based DEI is stable.  Pro
forma balance sheet debt at June 30, 2006, including the
acquisition debt, totaled about US$307 million.
      
"The downgrade reflects DEI's weaker financial position after
the Polk acquisition," said Standard & Poor's credit analyst
Nancy C. Messer.
     
To fund the acquisition, the company increased the size of its
term loan by US$141 million under an amended and restated senior
secured credit facility.  This amount was an addition to the
company's existing US$165.8 million term loan.  At the same time
that debt is increased, DEI will be required to invest in higher
levels of working capital in the next several years to support
its product build for the satellite radio accessories market.

As a result of the higher cash interest expense and required
investment in working capital, the company will generate minimal
free cash flow for debt reduction in 2006 and 2007.  Beginning
in 2008, the company expects to generate sufficient free cash
flow to allow for debt reduction.  Following the acquisition,
DEI is highly leveraged, with lease-adjusted total debt to
EBITDA of about 4.4x.
     
Standard & Poor's expects DEI's lease-adjusted leverage to
remain at 4x or higher over the intermediate term, as the
company expands and diversifies sales through new product
introductions and possible periodic acquisitions.  The Polk
acquisition, which will increase DEI's revenues by a material
25%, adds integration risk to the credit, although mitigating
this concern is DEI's successful track record of integrating
prior acquisitions.  At the 'B+' rating, the rating agency
expects funds from operations to total debt in the range of 10%-
15% and lease-adjusted total debt to EBITDA in the range of
4x-4.5x.
     
The Polk acquisition is consistent with DEI's strategy of
growing both organically and through acquisitions in home
electronics, mobile electronics, and adjacent product categories
to leverage DEI's existing distribution network, customer
relationships, and sales force, since the markets are highly
fragmented.


===========
C Y P R U S
===========


MASTERCROFT LIMITED: Fitch Lifts Issuer Default Rating to BB
------------------------------------------------------------
Fitch Ratings upgraded Luxembourg-registered Evraz Group S.A.'s
Issuer Default and senior unsecured ratings to BB from BB-.  The
agency also upgraded Cyprus-registered subsidiary Mastercroft
Limited's Issuer Default rating and Evraz Securities S.A.'s
senior unsecured notes to BB from BB-.  

Mastercroft's and Evraz's Short-term B ratings are affirmed.  
The Outlooks for both IDRs remain Stable.  Evraz Securities is a
100%-owned subsidiary of Mastercroft.

The upgrade reflects the agency's increased confidence that
Evraz's strong business profile as a low-cost, vertically
integrated steelmaker with a high degree of self-sufficiency in
raw materials will enable it to maintain a conservative
financial profile throughout the steel price cycle.  

It also reflects the progress made in improving the quality of
corporate governance and transparency following the group's
initial public offering in June 2005.  The agency also notes
Evraz's successful track record of integrating acquired assets.

Evraz is the largest steel producer by output in Russia and
among the largest in the world.  It holds a leading domestic
market position in long steel products with an almost
monopolistic position in railway transport steel products.

Evraz's main customers in Russia are JSC Russian Railways as
well as the construction and pipe-producing industries.  In 2005
a majority of export sales were made to Asian markets; however,
the European share of revenues is expected to grow following the
recent acquisition of Palini e Bertoli in Italy and Vitkovice
Steel in the Czech Republic.  In 2006 Evraz also acquired
several vanadium assets in the U.S. and South Africa, thus
becoming one of leading vanadium producer worldwide.

Fitch notes that in FY05 Evraz generated revenues of US$6.5
billion, a 9% increase on the previous year.  Evraz's FY05
EBIDTA margin of 28%, while lower than the FY04 margin of 34%,
still remained higher than those of its Russian and global
peers.

The agency views positively Evraz's selective acquisition
strategy, which provides a degree of geographical
diversification while maintaining leverage at a moderate net
debt/EBITDA of 1x as at FY05.  Evraz's financial discipline is
evidenced by the company's sound credit metrics and strong
operating cash flow generation.  Fitch notes the commitment of
Evraz's management to adhere to net debt/EBITDA of less than
1.5x and to consider equity financing for any sizable
acquisition.

Evraz's liquidity is good, underpinned by retained cash balances
of US$641 million at FY05.  At FY05, gross debt increased to
US$2.4 billion from US$1.4 billion at FY04.  Half of the
additional gross debt was due to a new note issue by Evraz of
US$750 million with an 8.25% coupon due in 2015.  Fitch notes
that on Sept. 25 Evraz repaid its debut eurobond of US$175
million.


===========================
C Z E C H   R E P U B L I C
===========================


ZIVNOSTENSKA BANKA: Moody's Reviews D Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the D financial strength rating of Zivnostenska banka.  The
bank's A2/P-1 foreign currency deposit ratings were affirmed
with a stable outlook.

In placing the FSR ratings on review for possible upgrade,
Moody's said it took note of the progress of business and
operational integration between Zivnostenka Banka and HVB Bank
Czech Republic.

Moody's also noted that the review for upgrade reflects its
expectations that the legal merger between the two banks will
take place over the next eight to nine months and that the
merger will be completed by mid-2007.

The A2/P-1 deposit ratings of Zivnostenska banka were affirmed
with a stable outlook notwithstanding the planned transfer of
ZB's ownership from Unicredito Italiano SpA to Bank Austria
Creditanstalt, a wholly-owned subsidiary of Unicredit, since in
Moody's view the level of support from Unicredit Group to the
merged banks will remain the same.

Zivnostenska Banka and HVB Bank Czech Republic announced a
planned merger in March 2006 following the acquisition of HVB by
Unicredito Italiano.  Since the announcement, the banks have
demonstrated a meaningful progress in operational integration,
including the designation of the merged bank's future Board
members and co-ordination of their business strategies.

The merger will create the fourth largest bank in the Czech
Republic with a strong franchise among corporate customers, SMEs
and high net worth individuals.  The merged bank would have
total assets of EUR7.4 billion, around 60 branches and more than
180,000 customers.

Moody's noted that the review is likely to be longer than the
normal three month period given that the likely timing of the
completion of the legal merger between Zivnostenka Banka and HVB
Bank Czech Republic is mid-2007.

Headquartered in Prague, Czech Republic, Zivnostenska banka
reported total assets of CZK48.9 billion (EUR1.7 billion) as of
Dec. 31, 2005 under IFRS.

Headquartered in Prague, Czech Republic, HVB bank reported total
assets of CZK165.4 billion (EUR6.6 billion) as of Dec. 31, 2005
under IFRS.


=============
F I N L A N D
=============


BENEFON OYJ: Launches New Handset & Unveils New Financing Plan
--------------------------------------------------------------
Benefon will launch its new TWIG Discovery GSM/GPS handset in
October 2006.  Launch dates for China and Russia will remain on
track for December 2006.

The revision of the launch date is caused by a delay in the mass
production.  The manufacturing in the China production unit has
been delayed for approximately three weeks, but now the problems
have been solved and the plant is in full use.  Because of the
delay Benefon will be revising its forecast guidance published
in August.

"Despite the recent challenges in launching our latest handset,
Benefon still has the opportunity for a strong product launch in
Western Europe," Jonathan Bate, Benefon CEO, said.  "The
continued interest in our products provides us with continued
confidence.  We will have a great portfolio of products over the
coming 12 to 18 months and a strong line of innovative GSM/GPS
devices to offer our customers."

Business Continuity from Financing Plan
Benefon discloses of a new financing plan that will guarantee
the sufficiency of company's working capital.  The company has
agreed on a financing package comprising subscriptions in
shares, convertible bond loan issues, options and debt
instruments with Octagon Solutions Ltd. and Ashland Partners
LP., totaling at maximum of EUR7.35 million.

The funding is secured and committed by Octagon Solutions Ltd.
and the total number of investors providing the funds may not
exceed ten.  The agreed funding is divided into five tranches
each of which the Board of Directors is entitled to call
separately.  Investors' financing commitment is valid for six
months until March 28, 2007.

Provided that the maximum amount of the funding is raised, the
investors may subscribe to up to 16,761,905 new investment
series shares at EUR0.21.

In addition, an equity convertible bond loan of the amount of
EUR880,000 is offered to investors that can be used to subscribe
for a maximum of 17,600,000 new investment series shares.

Some EUR2,950,000 of the 7.35 million may also be issued as
interest free debt securities at the company's option.  As a
part of the agreement the investors will also be entitled to
subscribe for a maximum of 4,425,000 option rights with EUR0.10
strike price in proportion to their financing commitments.

The financing plan is aimed at securing that Benefon will
maintain its capability to continue introducing new products
despite the additional costs resulting from the recent delays
with TWIG Discovery.

                          About Benefon

Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions    
saving lives, securing assets and improving field management.

At Dec. 31, 2005, Benefon Oyj's had EUR4.97 in total assets and
EUR7.30 million in total liabilities, resulting in a EUR2.33
million stockholders' deficit.


===========
F R A N C E
===========


BEARINGPOINT INC: Moody's Cuts Ratings on US$450-Mln Bonds to B3
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of BearingPoint
Inc. and has placed the company's ratings on review for further
possible downgrade.  The rating actions reflect the company's
YTD September 2006 cash outflows, which have largely been driven
by higher than expected finance and accounting systems costs,
delays in filing its annual financial reports with the SEC, and
increased Q2 2006 voluntary employee turnover.

The review will focus on the company's prospects for reducing
costs to operate its accounting and financial systems, prospects
for becoming current on the filing of its SEC periodic reports,
reducing its voluntary turnover, and generating free cash flow.
As part of the review, Moody's will also assess the company's
prospects for either achieving bondholder consents or appealing
litigation (or disputing damage claims) stemming from a
September 2006 New York State Supreme Court Order, which grants
summary judgment to plaintiffs and finds the company in breach
under the indenture governing the company's 2.75% Series B
convertible subordinated debentures.

On Sept. 26, the company announced it has further delayed the
filing of its FY 2005 10-K as a direct consequence of the
September 2006 Order and does not expect to be current on the
filing of its SEC financial statements until the spring of 2007
at the earliest.  The company also announced that it expects
2006 cash will be negatively impacted by unanticipated, unusual,
and ongoing costs to operate its accounting and financial
systems and by unanticipated and unusual costs to retain its
employees.

Ratings downgraded and placed on review for further possible
downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

   * US$250 million series A subordinated convertible bonds due
     2024 --downgraded to B3 from B2

   * US$200 million series B subordinated convertible bonds due
     2024 --downgraded to B3 from B2

Headquartered in McLean, Virginia, BearingPoint Inc. is an I/T
systems integrator, consultancy, and managed services provider
for commercial and governmental entities worldwide.

In Europe, the company maintains operations in 15 countries
including Austria, France, Germany, the Netherlands,
Switzerland, and the United Kingdom.


BEARINGPOINT INC: S&P Holds Corp. Credit & Debt Ratings on Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services' ratings on McLean, Virginia-
based BearingPoint Inc., remained on CreditWatch with developing
implications, where they were placed on March 18, 2005,
reflecting concerns regarding continued financial reporting
problems and a recently announced order entered by the New York
State Supreme Court for New York County finding BearingPoint in
default under the indenture governing the company's 2.75% Series
B Convertible Subordinated Debentures because of a failure to
file timely regulatory reports.

"This court ruling also introduces the possibility that holders
of BearingPoint's other indebtedness could pursue a similar
notice of default or acceleration," said Standard & Poor's
credit analyst Philip Schrank.

Acceleration of the $200 million Series B debentures has not
been sought by the trustee, nor ordered by the court and the
company had almost $300 million in cash at Sept. 25, 2006.  

While indemnity agreements relating to surety bonds and certain
other customer contracts could also be impacted, no other class
of bond holder has yet filed a notice of default.

Furthermore, senior debt holders can exercise blocking rights on
payments, including acceleration, under certain terms of all
series of BearingPoint's subordinated debentures.

Although the company intends to appeal this ruling, and seek
waivers from a majority of each series of debentures, barring
either of these outcomes, BearingPoint would also face the
possibility that its debt obligations would be classified as
current, if it were to file its 10-k currently.

Standard & Poor's will continue to monitor BearingPoint's
progress toward completing its delayed filings and its
discussions with representatives of the holders of all of its
debentures and its banks.  

If progress is not made over the next few weeks in coming to
agreements with all creditor groups regarding waivers and
forbearance, the ratings will be lowered to the 'CCC' category.

Conversely, the ratings could be reviewed for a possible upgrade
following the resolution of all financial reporting issues and
agreements with all the creditors.

Ratings on CreditWatch:

  BearingPoint Inc.:

     * Corporate credit rating: B-/Watch Dev./--
     * Senior secured: B-/Watch Dev.
     * Senior unsecured: B-/Watch Dev.
     * Subordinated debt: CCC+/Watch Dev.


SPANSION LLC: Market Competition Spurs S&P to Affirm B Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed it 'B' corporate
credit rating on Sunnyvale, Calif.-based Spansion Inc.  At the
same time, Standard & Poor's assigned its 'B+' issue rating, one
notch above the corporate credit rating, and its '1' recovery
rating to Spansion LLC's new US$400 million term loan.  The
outlook is stable.
           
"The ratings reflect the company's exposure to the aggressively
competitive and cyclical 'NOR' flash semiconductor industry,
significant capital investment requirements, and a history of
periodic material negative free cash flows," said Standard &
Poor's credit analyst Bruce Hyman.  These factors partly are
offset by Spansion's leading market position, prospects for the
development of differentiated technologies, and likely growth in
certain served markets.
     
Spansion manufactures NOR flash semiconductors, used in mobile
phones, consumer products, automotive electronics, and other
devices.  The US$8 billion NOR market is composed largely of
commodity products, and is subject to severe revenue
cyclicality, intense price pressure, high capital investment
requirements, and periods of negative free cash flows for
suppliers.  Furthermore, the NOR flash market has a relatively
modest expected growth rate.

Spansion has been gaining market share through its introduction
of differentiated products, which also contributes to revenue
and profitability growth.  Spansion's NOR market share was
recently 31%, vs. principal rival Intel Corp.'s 24%;
historically, the companies were tied for leadership.  Still,
competitors are also introducing differentiated chips, which
could, over time, erode Spansion's current leadership position.
STMicroelectronics has a 17% share, and Samsung Electronics Co.
Ltd. also participate in the market, among others.  


=============
G E R M A N Y
=============


AUTO MANN: Claims Registration Ends October 16
----------------------------------------------
Creditors of Auto Mann KG have until Oct. 16 to register their
claims with court-appointed provisional administrator Hans-
Juergen Paul.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 16 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Leipzig, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Leipzig opened bankruptcy proceedings
against Auto Mann KG on Aug. 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Auto Mann KG
         Attn: Andreas Mann, Manager
         Rossweiner Str. 67
         04720 Doebeln, Germany

The administrator can be contacted at:

         Hans-Juergen Paul
         Getzelauer Str. 2
         04279 Leipzig, Germany
         

BAUER, KOHNEN: Claims Registration Ends October 23
--------------------------------------------------
Creditors of Bauer, Kohnen & Co. Grossverbraucherdienst GmbH
have until Oct. 23 to register their claims with court-appointed
provisional administrator Helmut Irmen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 28 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 5
         3rd Floor
         Alter Posthof 1
         52062 Aachen, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Aachen opened bankruptcy proceedings
against Bauer, Kohnen & Co. Grossverbraucherdienst GmbH on
Aug. 31.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Bauer, Kohnen & Co. Grossverbraucherdienst GmbH
         Langen Graben 37
         52353 Dueren, Germany

         Attn: Franz Ludwig Kohnen, Manager
         Heisterner Str. 10
         52379 Langerwehe, Germany

The administrator can be contacted at:

         Helmut Irmen
         Windmuehle 80
         52399 Merzenich, Germany
         

CONTENDIX MANAGEMENT: Claims Registration Ends October 20
---------------------------------------------------------
Creditors of Contendix Management GmbH have until Oct. 20 to
register their claims with court-appointed provisional
administrator Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Nov. 8 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Meiningen
         Hall A 0105
         Linden Avenue 15
         Meiningen, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Meiningen opened bankruptcy proceedings
against Contendix Management GmbH on Aug. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Contendix Management GmbH
         Attn: Reinhard Hotop, Manager        
         Langes Tal 47
         98553 Schleusingen, Germany

The administrator can be contacted at:

         Stephan Mitlehner
         Walter-Benjamin-Place 6
         10629 Berlin-Charlottenburg, Germany
         

EICHELE U. UTZ: Claims Registration Ends October 18
---------------------------------------------------
Creditors of Eichele u. Utz GmbH have until Oct. 18 to register
their claims with court-appointed provisional administrator
Gerhard Fichter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Nov. 14 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Insolvency Court
         Rollwagstr. 10a
         74072 Heilbronn, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Heilbronn opened bankruptcy proceedings
against Eichele u. Utz GmbH on Aug. 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Eichele u. Utz GmbH
         Attn: Jochen Schmidt, Manager
         East Road 105
         74072 Heilbronn, Germany

The administrator can be contacted at:

         Gerhard Fichter
         Uhlandstrasse 4
         74072 Heilbronn, Germany
         Tel: 07131/888666
         Fax: 07131/888667


GATE 2006-1: Fitch Gives BB+ Rating on EUR15.3-Mln Class E Notes
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to GATE 2006-1, Ltd.'s
issue of EUR185 million of floating-rate notes as:

   -- EUR42,000,000 Class A: AAA;
   -- EUR26,500,000 Class B: AA;
   -- EUR7,500,000 Class C: A+;
   -- EUR20,000,000 Class D: BBB+; and
   -- EUR15,300,000 Class E: BB+.

The Class F notes, totaling EUR73,500,000 are not rated.

The final ratings are contingent upon the receipt of final
documents conforming to information already received.

This transaction is a partially funded, synthetic securitization
of debt obligations originated by Deutsche Bank
Aktiengesellschaft to certain small-and medium sized enterprise
clients domiciled mainly in Germany, while a smaller percentage
is located around the globe.

The transaction is designed to provide credit protection on a
EUR2.1 billion portfolio that can be replenished until
January 2015, of which the issuer will bear aggregate losses up
to EUR185 million.

The expected ratings of the notes are based on the credit
quality of the reference portfolio, the credit enhancement
provided by subordination, the quality of the collateral, the
strength of the swap counterparty and the transaction's sound
financial and legal structure.  The expected ratings address the
timely payment of interest and the ultimate repayment of
principal.

At closing, DB will enter into a credit default swap with the
issuer and a super senior credit default swap with an investor.
Under the CDS, the issuer will sell credit protection to DB with
respect to the reference portfolio.  The issuer will hedge
itself by issuing credit-linked notes.

The replenishment criteria include, inter alia, the weighted-
average rating factor test, a weighted-average life covenant of
four years and compliance with the Fitch VECTOR model, which is
used as a portfolio management tool.  The WARF test is met if
the weighted-average Fitch equivalent rating of the reference
obligations to be added is not lower than BBB-/BB+ according to
the Fitch VECTOR model.

In this transaction, the issuer depends on the swap counterparty
to make the quarterly CDS premium payments to provide timely
interest payments on the notes.  Therefore, adequate downgrade
provisions are in place for the expected ratings of the notes to
be de-linked from the rating of the swap counterparty.

Credit enhancement for the Class A totals 8.8% and is provided
by subordination of the Class B to Class F notes.


GERRESHEIMER ALPHA: S&P Places B+ Ratings on Watch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit ratings on Germany-based packaging manufacturer
Gerresheimer Alpha GmbH and its fully owned subsidiary
Gerresheimer Holdings GmbH on CreditWatch with negative
implications.  This follows the announcement that the latter is
considering an acquisition for a total consideration of
EUR300 million.
     
"We are concerned that Gerresheimer's financial profile might
not be adequate for the 'B+' rating following the acquisition of
the company, the name of which has not been disclosed, based on
the limited information available at this stage," said Standard
& Poor's credit analyst Izabela Listowska.  "The deal, which is
expected to be closed within the next few months, would be fully
debt funded and could delay the expected improvement of the
group's credit protection measures."
     
At May 31, 2006, credit protection measures were already weak
for the ratings, with net cash debt to EBITDA for the 12 months
to May 31, 2006, at 6.8x.  Furthermore, the group's high capital
expenditures over the next two years will put pressure on cash
flows.  Free cash flow will likely be negative in 2006 as a
result of increased capital expenditures.

Standard & Poor's had been expecting the group to improve credit
protection measures to net cash debt to EBITDA of below 6x in
the short term on the back of restructuring gains largely
related to moving production to low-cost countries and reducing
manufacturing capacities.
     
"We will meet with management in the near future to discuss the
effect of this acquisition on Gerresheimer's business and
financial profile," said Ms. Listowska.  "Before resolving the
CreditWatch, we would also need a clearer understanding of the
group's future business and financial strategies, including
acquisition aims".
     
The ratings continue to reflect Gerresheimer's highly leveraged
financial profile and increasingly aggressive financial policy.
These factors are mitigated by the group's good geographic
diversification and leading positions in highly consolidated and
growing pharmaceuticals end markets.


HAUS-RAT: Claims Registration Ends October 20
---------------------------------------------
Creditors of Haus-Rat Sanierungsberatung GmbH have until Oct. 20
to register their claims with court-appointed provisional
administrator Frank Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 20 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 5
         3rd Floor
         Alter Posthof 1
         52062 Aachen, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Aachen opened bankruptcy proceedings
against Haus-Rat Sanierungsberatung GmbH on Aug. 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Haus-Rat Sanierungsberatung GmbH
         Vetschauer Way 65
         52072 Aachen, Germany

         Attn: Dr. Guido Josef Schneider, Manager
         Birkenstr. 12 A
         52078 Aachen, Germany

The administrator can be contacted at:

         Frank Wiedemann
         Eupener Str. 181
         52066 Aachen, Germany


J.K. GRUNDSTUECKSVERWALTUNGS: Claims Registration Ends Oct. 20
--------------------------------------------------------------
Creditors of J.K. Grundstuecksverwaltungsgesellschaft mbH have
until Oct. 20 to register their claims with court-appointed
provisional administrator Josef Nachmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 20 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 101
         Infanteriestr. 5
         Munich, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Munich opened bankruptcy proceedings
against J.K. Grundstuecksverwaltungsgesellschaft mbH on Aug. 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         J.K. Grundstuecksverwaltungsgesellschaft mbH
         Maximiliansplatz 5
         80333 Munich, Germany

The administrator can be contacted at:

         Josef Nachmann
         Theatinerstr. 32
         80333 Munich, Germany
         Tel: 089/24217737
         Fax: 089/24217738


MOEVE SPEDITIONS: Claims Registration Ends October 17
-----------------------------------------------------
Creditors of Moeve Speditions- und Transportgesellschaft mbH
have until Oct. 17 to register their claims with court-appointed
provisional administrator Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Nov. 7 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dortmund opened bankruptcy proceedings
against Moeve Speditions- und Transportgesellschaft mbH on
Aug. 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Moeve Speditions- und Transportgesellschaft mbH
         Attn: Eberhard Schramm, Manager        
         Meissener Str. 60
         44139 Dortmund, Germany

The administrator can be contacted at:

         Dr. Winfrid Andres
         New Customs Office 3
         40221 Duesseldorf., Germany
         

PANKE-PARK: Creditors' Meeting Slated for October 26
----------------------------------------------------
The court-appointed provisional administrator for Panke-Park
Wohnungsbaugesellschaft mbH & Co Wohnhaus KG, Christoph Schulte-
Kaubruegger, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:15 a.m. on
Oct. 26.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Charlottenburg
         II. Stock Hall 218
         District Court Place 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 9:05 a.m. on Jan. 18, 2007, at the
same venue.

Creditors have until Nov. 30 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings Panke-Park Wohnungsbaugesellschaft mbH & Co Wohnhaus
KG on Sept. 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Panke-Park Wohnungsbaugesellschaft mbH & Co Wohnhaus KG
         Mommsenstrasse 71
         10629 Berlin, Germany

The administrator can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany


POLY-PLAST: Claims Registration Ends October 20
-----------------------------------------------
Creditors of Poly-plast Smetan GmbH have until Oct. 20 to
register their claims with court-appointed provisional
administrator Hans-Joerg Derra.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 14 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Goeppingen opened bankruptcy proceedings
against Poly-plast Smetan GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Poly-plast Smetan GmbH
         Attn: Viola Zigelli, Manager
         Robert-Bosch-Str. 24
         73079 Suessen, Germany

The administrator can be contacted at:

         Hans-Joerg Derra
         Frauenstr. 14
         89073 Ulm, Germany
         Tel: 0731/92288-0


POTSDAMER STRASSE: Creditors' Meeting Slated for October 26
-----------------------------------------------------------
The court-appointed provisional administrator for Potsdamer
Strasse 147 KG KIBUS Geschaftsfuehrungs-GmbH & Co., Christoph
Schulte-Kaubruegger, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:10
a.m. on Oct. 26.

The meeting of creditors and other interested parties will be
held at:

         The District Court of Charlottenburg
         II. Stock Hall 218
         District Court Place 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 9:05 a.m. on Jan. 18, 2007, at the
same venue.

Creditors have until Nov. 30 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings Potsdamer Strasse 147 KG KIBUS Geschaftsfuehrungs-
GmbH & Co. on Sept. 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Potsdamer Strasse 147 KG KIBUS
         Geschaftsfuehrungs-GmbH & Co.
         Brabanter Str. 18-20
         10713 Berlin, Germany

The administrator can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany


VOLKSWAGEN AG: CEO B. Pischetsrieder Wants New Deal for Scania
--------------------------------------------------------------
Volkswagen AG Chief Executive Bernd Pischetsrieder wants MAN AG
and Scania AB to negotiate a new deal that would replace the
cash-and-stock bid for Scania by MAN, Jason Singer, Christoph
Rauwald and Stephen Power reports for Wall Street Journal.  

As reported in TCR-Europe on Oct. 9, Volkswagen acquired a 15.6%
stake in MAN to secure its strategic interest in the truck
sector and should make possible a friendly and jointly developed
solution.

Volkswagen holds the biggest share in Scania with 34% of the
voting rights and 18.7% of the equity.  The carmaker rejected
Sept. 18 MAN's EUR9.6 billion offer for Scania, expressing it
did not address Volkswagen's "industrial interest" in Scania.  
Along with VW, the bid was also rejected by Swedish investment
firm Investor AB.

"We need the best solution and at the end of the day the best
solution has to be in the interests of the shareholders," Mr.
Pischetsrieder disclosed.  "What kind of structure a new company
or a merged company would have, I don't want to speculate on."

According to the report, Mr. Pischetsrieder, who is also
chairman of Scania, supports the logic behind the recent hostile
bid for Scania by MAN noting that his comments were made as
Volkswagen's CEO and not as Scania's chairman.  WSJ says Mr.
Pischetsrieder has recused himself from Scania board meetings
due to his conflicting interests.

Mr. Pischetsrieder refused to rule out a possible counter-bid by
Scania to take over MAN.  WSJ says that the reverse bid would be
something that would allow Volkswagen to retain its super-voting
shares in Scania.

When asked whether the investment company favored a counter-bid
by Scania for MAN, Investor AB spokesman Fredrik Lindgren told
WSJ that "we're open to all alternatives."

                      Takeover Talks

Meanwhile, MAN called for Scania to start takeover talks after
the latter rejected the company's hostile bid, Bloomberg
reports.

"MAN has invited Scania to open negotiations," Andreas
Lampersbach, a spokesman for MAN told Bloomberg.

"They've asked us to start talks, but there still is a hostile
bid for Scania on the market by MAN," disclosed Cecilia
Edstroem, a spokeswoman for the Scania.  "The situation hasn't
changed vis-a-vis the bid that's on the table," she added.

According to Reuters citing a person familiar with the deal, MAN
CEO Hakan Samuelsson, a former Scania executive, has proposed to
hold formal talks this week.

If the deal pushes through, a combination of MAN and Scania
would create Europe's biggest maker of commercial vehicles by
market share and the world's third biggest behind Sweden's Volvo
AB and Germany's DaimlerChrysler AG.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading  
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November last year, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


===========
G R E E C E
===========


OLYMPIC AIRLINES: Greece Must Recover State Aid, EC Insists
-----------------------------------------------------------
The European Commission warned the Greek government of a
possible legal action if the state remains adamant in recovering
EUR161 million in illegal aid apportioned to national carrier
Olympic Airlines, AFX News says.

"The Commission is still awaiting from the Greek authorities
proof that they have applied this decision and recovered the
illegal aid paid to Olympic," a spokesman for the executive arm
of the European Union said.  "The Court of Justice sentenced
Greece for not having applied the decision in 2002.  Similar
proceedings are now underway and may go the Court if Greece does
not apply the decision quickly."

As reported in TCR-Europe on May 2, the European Commission
referred Greece to the European Court of Justice for failure to
comply with its state aid decision of Sept. 14, 2005.

The decision required Greece to quantify and recover all the
unlawfully granted aid to Olympic Airways and Olympic Airlines
since December 2002.  It also asked Greece to immediately
suspend all further payments of aid to Olympic Airways and
Olympic Airlines, and gave Greece two months to inform the
Commission of the steps taken to comply.

In its decision of September 2005, the Commission found that
Greece had granted illegal and incompatible state aid through a
number of measures:

   -- EUR40 million from the Greek State and Olympic Airways to
      cover part of the costs to Olympic Airlines of leasing
      aircraft;

   -- an unjustified payment of some EUR90 million from the
      Greek State to Olympic Airways when Olympic Airlines was
      set up and transferred to the State, achieved by
      overvaluing the assets transferred to the State;

   -- the Greek State's toleration of Olympic Airways' failure
      to pay more than EUR350 million in tax and social security
      liabilities due between December 2002 and December 2004;

   -- the assumption by the Greek State of a number of Olympic
      Airways' financial obligations, e.g. in connection with
      aircraft leasing contracts and the repayment of a bank
      loan, amounting to up to EUR60 million.

Greece was required to recover the aid without delay, the exact
amount of which had to be defined during the execution of the
September 2005 decision.  It was also required to immediately
suspend all further payments of illegal aid to Olympic Airways
and Olympic Airlines.

The European Court of Justice then ruled that Greece infringed
European Union rules by failing to comply with the EC's request.  
The Commission also deemed the Greek government of distorting
competition for failure to recover the illegal state aid.

Headquartered in Athens, Greece, Olympic Airlines S.A. --
http://www.olympicairlines.com/-- the holding company of the   
Olympic Airways group of companies, flies passengers and cargo
to five continents, while offering ground handling, technical
maintenance and information technology services to third
parties.  

The group's net loss widened to EUR87 million in 2004 from EUR23
million a year before.  Together with the 2004 deficit,
Olympic's EUR110 million in accumulated losses are nearly
equivalent to its EUR130 million in equity.


=============
I R E L A N D
=============


ELAN CORP: To Release Third Quarter 2006 Results on Oct. 25
-----------------------------------------------------------
Elan Corporation plc will publish its third quarter 2006
financial results on Oct. 25, 2006, before the U.S. and European
financial markets open.

The Company will then host a conference call at 8:30 a.m.
Eastern Time (ET), 1:30 p.m. British Summer Time (BST) on the
same date.

                      About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                        *     *     *

As reported by TCR-Europe on May 2, 2005, the company's net loss
for the first quarter of 2005 amounted to US$115.6 million, an
increase of 86% over the US$62.2 million reported in the same
quarter of 2004.  Of the US$74.7 million net operating loss for
the first quarter of 2005, US$58.6 million related to Tysabri.
Total revenue decreased 31% to US$102.7 million in the first
quarter of 2005 from US$148.3 million in the first quarter of
2004.

As reported in the TCR-Europe on June 19, Moody's Investors
Service revised the outlook on the of Elan to stable
from negative.  At the same time, Moody's affirmed Elan's
ratings, including the B3 corporate family rating.

These rating actions follow the FDA decision to approve Tysabri
for resumed marketing in the U.S.  The stable outlook reflects
Moody's current assumption that with a reasonably successful
Tysabri re-launch, Elan is more likely to meet its 2008 debt
maturities with a combination of internal funds and refinancing
in the event of a shortfall.

Moody's expects that the market acceptance of Tysabri will be a
critical factor driving any future changes in Elan's credit
rating.

Ratings affirmed:

Elan Corporation, plc

   -- B3 corporate family rating

Elan Finance plc

   -- B3 fixed-rate senior notes of US$850 million due 2011
      (guaranteed by Elan Corporation, plc and subsidiaries)

   -- B3 floating rate senior notes of US$300 million due 2011
      (guaranteed by Elan Corporation, plc and subsidiaries)

Athena Neurosciences Finance, LLC

   -- B3 senior notes of US$613 million due 2008 (guaranteed by
      Elan Corporation, plc and subsidiaries)


=========
I T A L Y
=========


ALITALIA SPA: Demise Looming with Current Structure & Conditions
----------------------------------------------------------------
In a document sent to the Italian Parliament, Alitalia S.p.A.
CEO Giancarlo Cimoli said the airline is poised for collapse
given its current cost structure and market conditions, AFX News
relates.

"At present, the national carrier is unable to generate profit,
even for previously invested capital," Mr. Cimoli said.

Mr. Cimoli particularly blamed:

   -- excessive market regulations;
   -- high labor costs;
   -- recurrent labor strikes;
   -- rising oil prices;
   -- airport and regulatory inefficiencies; and
   -- unfair competitive advantages' enjoyed by low-cost
      airlines.

The chief executive noted that compared to its European
neighbors, Italy has "poorer" geographically sparse market,
which is "centered on Rome and Milan."

Mr. Cimoli also chided Italy's civil aviation and antitrust
authorities for their failure to secure Alitalia from "unfair"
competition.  Mr. Cimoli said these conditions have made it
unviable for Alitalia to compete with low-cost and foreign
rivals.

"The more [Alitalia] flies, the more it loses money," Mr. Cimoli
added.  "The present context of the market for the air
transportation of people resembles a scenario in which the law
of the jungle seems to prevail, rather than a coordinated and
coherent system in which competition between airlines is
regulated by market law and benefits consumers, the workforce
and the country."

Mr. Cimoli had vowed to have Alitalia make a profit by year-end,
but reaching the goal seems unlikely after the carrier posted
EUR221 million in first-half net losses.  Mr. Cimoli noted that
between July 2005 and June 2006, Alitalia earned 17.5 eurocents
per kilometer on domestic routes, compared to British Airways'
21.1 cents and Lufthansa's 27.9 cents.

The chief executive warned in the document that unless Italian
lawmakers do something radical, Alitalia might be headed to a
doom.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


BOMBARDIER INC: Gets US$1.3-Bln Aircraft Order from NWA
-------------------------------------------------------
Bombardier Aerospace Corp., a subsidiary of Bombardier Inc.,
disclosed that Northwest Airlines Corp. has placed an order for
36 Bombardier CRJ900 aircraft and has taken options on an
additional 96, for a total of 132 aircraft if all options are
exercised.

The transaction is conditional upon Northwest Airlines receiving
approval from the U.S. Bankruptcy Court for Southern District of
New York.

The value of the orders based on CRJ900 aircraft list price
would be approximately US$1.35 billion.  The value could rise to
US$5.18 billion if all options are exercised.

The aircraft will be offered in a dual class configuration with
12 First Class and 64 Economy Class seats within a spacious
cabin.  Concurrent with the purchase of these CRJ900 aircraft,
Northwest has agreed to continue to operate all 141
CRJ200/CRJ440 aircraft as part of the Northwest Airlink
operation.

"[The] order builds on an established relationship with
Bombardier and will provide our customers with a comfortable and
efficient flight experience," said Doug Steenland, Northwest
president and chief executive.  "The new aircraft will lower our
operating costs through a combination of significantly lower
fuel consumption along with inherent maintenance cost
advantages."

"Major airlines are shifting short- and medium-haul flying to
larger and more fuel-efficient state-of-the-art aircraft," said
Steven Ridolfi, President, Bombardier Regional Aircraft.  "The
CRJ900 aircraft fills this requirement perfectly."

Northwest is the 10th customer for the CRJ900 aircraft since the
aircraft was introduced into revenue service in 2003.  The
CRJ900 aircraft has established itself as having the lowest
operating costs of any jet in the 90-seat class.  It is also
very popular with passengers due to its comfortable seating with
increased legroom, modern amenities and additional baggage
storage capacity.

As of July 31, 2006, firm orders for the Bombardier CRJ900
airliner stood at 102 aircraft with 59 delivered.  Orders for
the CRJ family of regional jets numbered 1,449, making it the
fifth best-selling commercial jetliner family in aviation
history.

                    About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents.  The Company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the Debtors in
their restructuring efforts.  The Official Committee of
Unsecured Creditors has retained Akin Gump Strauss Hauer & Feld
LLP as its bankruptcy counsel.  When the Debtors filed for
protection from their creditors, they listed US$14.4 billion in
total assets and $17.9 billion in total debts.

                      About Bombardier Inc.

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative  
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.

Bombardier Inc.'s 6.3% Notes due 2014 carry Moody's Investor
Service's Ba2 rating and Standard & Poors' and Fitch Ratings' BB
ratings.


PARMALAT SPA: Regains Ownership of Newlat & Carnini Units
---------------------------------------------------------
Parmalat S.p.A. has reclaimed its two Italian dairy units --
Newlat Srl and Carnini S.p.A. -- at no cost, following a ruling
by a Parma Court, AFX News says.

According to the report, Italian authorities seized the units in
the middle of a probe into Parmalat's fictitious disposals to
circumvent antitrust laws.

To fully regain the units, Parmalat must sell its Matese and
Torre in Pietra brands to comply with a June 30, 2005 order by
the Italian antitrust agency.  Parmalat also has to sell some of
Newlat's production facilities to ease the group's dominant
position in the fresh milk market.

In 2005, Newlat posted EUR150 million and Carnini registered
EUR45 million in sales.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.  (Parmalat Bankruptcy News, Issue
No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand/)


SUAL GROUP: Merges with RusAl & Glencore International
------------------------------------------------------
Siberian-Urals Aluminium Company (SUAL), Russky Alyuminiyum
(RusAl), and Glencore International AG have signed an agreement
to create the "United Company RUSAL," by merging their
respective aluminium and alumina assets.

As previously reported in the TCR-Europe, the parties signed a
non-binding agreement for a EUR23.5 billion merger.

The new company will become the world's largest aluminium and
alumina producer, employing more than 110,000 people in 17
countries on five continents.  The annual volume of production
will be approximately four million tons of aluminium and 11
million tons of alumina.  The company will account for
approximately 12.5% of global aluminium and 16% of global
alumina production, respectively.

The combined company will own bauxite mining, alumina refinery,
aluminium smelting and foil production facilities.  Under the
terms of the share-for-share deal, EN+ as RUSAL's shareholder
will own 66% of the new company, with SUAL's shareholders owning
22% and Glencore 12%, respectively.

The parties expect to complete the deal by April 1, 2007,
subject to approval by antitrust regulators in Russia and a
number of other countries and the consent of other stakeholders
through the exercise of their beneficial rights.  To manage the
process, the companies will create a coordination committee,
which will be headed by SUAL representative.

By merging their assets, RUSAL, SUAL Group and Glencore
International AG are striving to create a true global leader in
the aluminium industry.  The company will have all the required
resources to drive further expansion and diversification of its
metals and mining businesses in key international markets.  In
addition, the merger will deliver significant synergies in areas
including management, research and development and
manufacturing.

                     Stock Flotation

The agreement also calls for the transformation of the new
company into a public entity through an initial public offering
on the London Stock Exchange within three years from the date of
the deal's closing.  The shareholders do not view an IPO as a
goal in itself, but rather as an instrument to further expand
and strengthen the United Company RUSAL's market-leading
position in the global aluminium industry.

The Board of Directors of the new company will consist of 12
members.  Brian Gilbertson, currently SUAL's President, will act
as the non-executive chairman.  

Before the IPO, the Board, in addition to Mr. Gilbertson, will
be comprised of six members from RUSAL, two from SUAL, one from
Glencore and two independent directors.  Alexander Bulygin,
currently RUSAL's CEO will serve as CEO of the joint company and
will head the Executive Board, the highest governing body of the
new company.

The United Company RUSAL will take on all of the obligations
that the merged companies and assets have to all stakeholders,
as well as social obligations, cooperation with local
communities, the support and development of the regions where
they work.

In addition, the new company will preserve the whole portfolio
of investment projects that were developed by the companies
independently before the merger.  This includes the programs to
modernize and develop existing production facilities.

"This transaction is a logical step in our strategy of
establishing the world's leading aluminium company," RUSAL
Chairman Oleg Deripaska said.  "The combination of RUSAL, SUAL
and Glencore's alumina assets transforms the new group into a
truly global company.  The combined company will have greater
financial, technical, research and development, network and
marketing resources.  The transactions have a compelling
industrial logic and deliver significant synergies for further
growth.  The new joint company will be highly ambitious and
[the] announcement is a staging post towards our future
objectives."

"This deal gives us a unique opportunity to realize the powerful
potential, extensive experience and significant knowledge
accumulated by Russian metallurgy," Victor Vekselberg, SUAL
Holding Chairman, said.  "The new company is a continuation of
our joint projects intended to create one of the leaders of the
global mining and metallurgical sectors."

"We are pleased to join forces with RUSAL and SUAL in this
exciting new venture," Ivan Glazenberg, the CEO of Glencore,
said.  "We believe that this agreement provides us with a unique
opportunity to become a part of an integrated and well-balanced
aluminium corporation - the new leader in the international
market.  The transaction will deliver significant synergy
benefits that will provide additional value for Glencore's
shareholders."

The unified company will include RUSAL's assets:

   -- Bratsk Smelter,
   -- Krasnoyarsk Smelter,
   -- Novokuznetsk Smelter,
   -- Sayanogorsk Aluminium Smelter,
   -- Achinsk Alumina Plant,
   -- Nikolaev Alumina Refineries,
   -- Boksitogorsk Alumina Refineries,
   -- Friguia Alumina Plant (Guinea),
   -- Compagnie des Bauxites de Kindia (Guinea),
   -- Bauxite Company of Guyana,
   -- a stake in the Queensland Alumina Refinery (Australia),
   -- a stake in ARMENAL,
   -- a stake in SAYANAL, and
   -- a cathode plant in China.

SUAL Group will contribute:

   -- Irkutsk Smelter,
   -- Ural Smelter,
   -- Kandalaksha Smelter,
   -- Bogoslovsky Smelter,
   -- Nadvoitsy Smelter,
   -- Volgograd Smelter,
   -- Volkhov Aluminium Smelter,
   -- Zaporozhye Aluminium Combine,
   -- Pikalevo Alumina Refinery,
   -- SUBR,
   -- Ural Foil,
   -- Irkutsk Silicon,
   -- Ural Silicon, and
   -- Irkutsk Powder Metallurgy.

Glencore International AG will contribute:

   -- Aughinish in Ireland,
   -- Windalco in Jamaica,
   -- Alpart in Jamaica, and
   -- Eurallumina in Italy,
   -- Kubikenborg Aluminium Smelter in Sweden.

                        About Glencore

Headquartered in Baar, Switzerland, Glencore International AG --
http://www.glencore.com/-- engages in the smelting, refining,  
mining, processing, purchasing, selling and marketing of metals
and minerals, energy products and agricultural products.  
Glencore operates on a global scale, marketing physical
commodities produced in its industrial assets or purchased from
third parties to industrial consumers, such as those in the
automotive, steel, power generation, oil and food processing
industries.  Energy products and commodities are marketed and
coordinated primarily in Glencore's headquarters in Baar,
Switzerland and through the offices of its subsidiaries in
London, Stamford and Singapore.

                         About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.

                         About SUAL

Headquartered in Moscow, Russia, Siberian-Urals Aluminium
Company -- http://www.sual.com/-- produces and smelts aluminium
and ranks amongst the world's top ten producers.  It comprises
18 businesses that are located in nine Russian regions and in
Ukraine, Zaporozhye City, are involved in the production of
bauxite, alumina, primary aluminium, silicon, semi-finished and
finished aluminium products.  The Group's revenue for the year
ended Dec. 31, 2005, was US$2.7 billion.  It has 60,000
employees.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'BB-'long-term
corporate credit rating to SUAL International Ltd. The outlook
is stable.  Standard & Poor's also assigned its 'ruAA-' Russian
national scale rating to SUAL.

At the same time, Moody's Investors Service, assigned 'Ba3'
corporate family rating to SUAL International Ltd. Outlook is
stable.


===================
K A Z A K H S T A N
===================


ENERGETIC: Creditors Must File Claims by Nov. 3
-----------------------------------------------
LLP Energetic has declared insolvency.  Creditors have until
Nov. 3 to submit written proofs of claim to:

         LLP Energetic
         Bajov Str. 1-49
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


FINAUDIT-ASTANA: Creditors Must File Claims by Nov. 3
-----------------------------------------------------
LLP Finaudit-Astana has declared insolvency.  Creditors have
until Nov. 3 to submit written proofs of claim to:

         LLP Finaudit-Astana
         Office 311
         Auezov Str. 84
         Almaty, Kazakhstan

The juridical address is:

         Micro District 6, 6-74
         Astana, Kazakhstan
         Tel/Fax: 8 (3272) 50-37-22
                  8 (3272) 50-37-21
                  8 (3272) 50-37-20


JETYSAY MASLOZAVOD: Proof of Claim Deadline Slated for Nov. 3
-------------------------------------------------------------
LLP Jetysay Creamery Jetysay Maslozavod has declared insolvency.
Creditors have until Nov. 3 to submit written proofs of claim
to:

         LLP Jetysay Maslozavod
         Kojanov Street
         Jetysai
         South Kazakhstan Region
         Kazakhstan


KAZROSS: Proof of Claim Deadline Slated for Nov. 3
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Kazross into compulsory
liquidation.

Creditors have until Nov. 3 to submit written proofs of claim
to:

         LLP Kazross
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


MURAGER: Almaty Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Publishing House
Murager (RNN 600700234988) on Aug. 28.


PERS KOMP: Almaty Court Begins Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Pers Komp
(RNN 600700544445) on Aug. 28.


POKOLENIYE: South Kazakhstan Court Starts Bankruptcy Procedure
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Pokoleniye.


SHER-ENGINEERING: Claims Registration Ends Nov. 3
-------------------------------------------------
LLP Sher-Engineering has declared insolvency.  Creditors have
until Nov. 3 to submit written proofs of claim to:

         LLP Sher-Engineering
         Sanatorium Koktem, 16-2
         Almaty, Kazakhstan


UNITECHS: Claims Registration Ends Nov. 3
-----------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Unitechs into compulsory
liquidation.

Creditors have until Nov. 3 to submit written proofs of claim
to:

         LLP Unitechs
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


===================
K Y R G Y Z S T A N
===================


INTERBOOKTRADE: Creditors' Claims Due Nov. 19
---------------------------------------------
LLC Interbooktrade has declared insolvency.  Creditors have
until Nov. 19 to submit written proofs of claim to:

         LLC Interbooktrade
         Chui Ave. 30
         Bishkek, Kyrgyzstan


===========
L A T V I A
===========


DIRECTED ELECTRONICS: Weak Finances Spur S&P to Cut Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
consumer electronics maker Directed Electronics Inc. following
its acquisition of Polk Audio Inc., a provider of loudspeakers
and audio equipment for homes and cars, for US$136 million in
cash.  The corporate credit rating was lowered to 'B+' from 'BB-
', and was removed from CreditWatch negative where it was placed
on Aug. 25.
     
The ratings outlook on Vista, Calif.-based DEI is stable.  Pro
forma balance sheet debt at June 30, 2006, including the
acquisition debt, totaled about US$307 million.
      
"The downgrade reflects DEI's weaker financial position after
the Polk acquisition," said Standard & Poor's credit analyst
Nancy C. Messer.
     
To fund the acquisition, the company increased the size of its
term loan by US$141 million under an amended and restated senior
secured credit facility.  This amount was an addition to the
company's existing US$165.8 million term loan.  At the same time
that debt is increased, DEI will be required to invest in higher
levels of working capital in the next several years to support
its product build for the satellite radio accessories market.

As a result of the higher cash interest expense and required
investment in working capital, the company will generate minimal
free cash flow for debt reduction in 2006 and 2007.  Beginning
in 2008, the company expects to generate sufficient free cash
flow to allow for debt reduction.  Following the acquisition,
DEI is highly leveraged, with lease-adjusted total debt to
EBITDA of about 4.4x.
     
Standard & Poor's expects DEI's lease-adjusted leverage to
remain at 4x or higher over the intermediate term, as the
company expands and diversifies sales through new product
introductions and possible periodic acquisitions.  The Polk
acquisition, which will increase DEI's revenues by a material
25%, adds integration risk to the credit, although mitigating
this concern is DEI's successful track record of integrating
prior acquisitions.  At the 'B+' rating, the rating agency
expects funds from operations to total debt in the range of 10%-
15% and lease-adjusted total debt to EBITDA in the range of
4x-4.5x.
     
The Polk acquisition is consistent with DEI's strategy of
growing both organically and through acquisitions in home
electronics, mobile electronics, and adjacent product categories
to leverage DEI's existing distribution network, customer
relationships, and sales force, since the markets are highly
fragmented.


===================
L U X E M B O U R G
===================


EVRAZ GROUP: CFO Says Fitch Upgrade Affirms Strong Commitment
-------------------------------------------------------------
Evraz Group S.A. welcomes Fitch Ratings' upgrade of Evraz Group
S.A.'s Issuer Default and senior unsecured ratings from 'BB-' to
'BB'.  

Fitch also upgraded the IDR of Cyprus-registered Mastercroft
Limited to 'BB' from 'BB-' as well as the Senior Unsecured Notes
issued by Mastercroft's 100% owned subsidiary, Evraz Securities
S.A.  At the same time the rating agency affirmed the Short-term
'B' rating of both Evraz and Mastercroft.

In its press release Fitch Ratings commented that the rating
action reflects Evraz's strong business profile as a low-cost,
vertically integrated steelmaker with a high degree of self-
sufficiency in raw materials as well as its successful track
record of integrating acquired assets.

Pavel Tatyanin, Evraz Group's Chief Financial Officer, said:
"We are very happy to receive an upgrade from Fitch Ratings.  We
believe that it affirms Evraz's strong commitment and continuous
efforts to being a world class steel and mining company, as well
as our adherence to best principles of corporate governance and
transparency.  We view it as an important step towards achieving
a medium-term strategic target - the investment grade rating for
Evraz."

                      About the Company

Evraz Group is one of the largest vertically integrated steel
and mining businesses with operations mainly in Russia.  In
2004, Evraz produced 13.7 million tons of crude steel.  Evraz's
principal assets include three of the leading steel plants in
Russia: Nizhny Tagil in the Urals region, and West Siberian and
ovokuznetsk (in Siberia).


EVRAZ GROUP: Fitch Upgrades Issuer Default Rating to BB
-------------------------------------------------------
Fitch Ratings upgraded Luxembourg-registered Evraz Group S.A.'s
Issuer Default and senior unsecured ratings to BB from BB-.  The
agency also upgraded Cyprus-registered subsidiary Mastercroft
Limited's Issuer Default rating and Evraz Securities S.A.'s
senior unsecured notes to BB from BB-.  

Mastercroft's and Evraz's Short-term B ratings are affirmed.  
The Outlooks for both IDRs remain Stable.  Evraz Securities is a
100%-owned subsidiary of Mastercroft.

The upgrade reflects the agency's increased confidence that
Evraz's strong business profile as a low-cost, vertically
integrated steelmaker with a high degree of self-sufficiency in
raw materials will enable it to maintain a conservative
financial profile throughout the steel price cycle.  

It also reflects the progress made in improving the quality of
corporate governance and transparency following the group's
initial public offering in June 2005.  The agency also notes
Evraz's successful track record of integrating acquired assets.

Evraz is the largest steel producer by output in Russia and
among the largest in the world.  It holds a leading domestic
market position in long steel products with an almost
monopolistic position in railway transport steel products.

Evraz's main customers in Russia are JSC Russian Railways as
well as the construction and pipe-producing industries.  In 2005
a majority of export sales were made to Asian markets; however,
the European share of revenues is expected to grow following the
recent acquisition of Palini e Bertoli in Italy and Vitkovice
Steel in the Czech Republic.  In 2006 Evraz also acquired
several vanadium assets in the U.S. and South Africa, thus
becoming one of leading vanadium producer worldwide.

Fitch notes that in FY05 Evraz generated revenues of US$6.5
billion, a 9% increase on the previous year.  Evraz's FY05
EBIDTA margin of 28%, while lower than the FY04 margin of 34%,
still remained higher than those of its Russian and global
peers.

The agency views positively Evraz's selective acquisition
strategy, which provides a degree of geographical
diversification while maintaining leverage at a moderate net
debt/EBITDA of 1x as at FY05.  Evraz's financial discipline is
evidenced by the company's sound credit metrics and strong
operating cash flow generation.  Fitch notes the commitment of
Evraz's management to adhere to net debt/EBITDA of less than
1.5x and to consider equity financing for any sizable
acquisition.

Evraz's liquidity is good, underpinned by retained cash balances
of US$641 million at FY05.  At FY05, gross debt increased to
US$2.4 billion from US$1.4 billion at FY04.  Half of the
additional gross debt was due to a new note issue by Evraz of
US$750 million with an 8.25% coupon due in 2015.  Fitch notes
that on Sept. 25 Evraz repaid its debut eurobond of US$175
million.


=====================
N E T H E R L A N D S
=====================


SIRVA INC: S&P Withdraws and Removes Ratings from Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on SIRVA
Inc. and its primary operating subsidiary, SIRVA Worldwide Inc.
In addition, all ratings are removed from CreditWatch, where
they were placed with negative implications on March 15, 2005.
      
"The rating withdrawal reflects our opinion that as a result of
SIRVA's continued delay in filing updated financial statements
for both 2005 and 2006, and the likelihood that the company will
not be a current filer until the second half of 2007, it lacks
adequate financial information to properly determine SIRVA's
current credit standing and evaluate creditors' risks," said
Standard & Poor's credit analyst Michael Scerbo.  

                        Ratings List
          Ratings Withdrawn, Removed From Creditwatch
          
                                To         From
                                --         ----
SIRVA Inc.
Corporate credit rating        NR         B/Watch Negative/--

SIRVA Worldwide Inc.
Corporate credit rating        NR         B/Watch Negative/--
Senior secured debt             NR         B/Watch Negative/--
Recovery rating                 NR          3


VNU GROUP: Buying NetRatings' Minority Stake for US$16/Share
------------------------------------------------------------
VNU Group B.V. proposed to acquire the outstanding publicly held
minority interest in NetRAtings Inc. for US$16 per share in
cash, representing a 10% premium over the company's closing
price on Oct. 6, and a 16% premium to the six-month average
closing price.  

NetRatings' substantial cash position represents a significant
portion of its equity value, for which VNU would not be expected
to pay a premium.

VNU's offer represents a 15% premium over the company's
valuation on Oct. 6, and a 27% premium based on the six-month
average closing price.  VNU's offer values NetRatings at an
enterprise value multiple of 54x and 36x over 2006 and 2007
EBITDA, respectively, based on Wall Street estimates.

VNU said its proposal represents an excellent opportunity for
NetRatings' stockholders to realize a fair price for their
shares.

VNU owns 60.5% of the common stock of NetRatings currently
outstanding.  Following the transaction, NetRatings would become
a wholly owned subsidiary of VNU.

VNU anticipated that NetRatings' Board of Directors would form a
special committee of independent directors to consider the
proposal, with the assistance of outside financial and legal
advisors.

The proposed merger would be subject to the negotiation and
execution of a mutually acceptable definitive merger agreement
following confirmatory due diligence by VNU and the approval of
the NetRatings special committee and the holders of a majority
of all the outstanding shares of NetRatings' common stock, as
well as other customary conditions.

VNU has advised NetRatings that VNU is only interested in
acquiring the outstanding stock of NetRatings not currently
owned by VNU.  VNU has stated that it has no interest in a
disposition of any of its stake in NetRatings.

NetRatings and VNU will file appropriate materials with the
Securities and Exchange Commission if a transaction agreement is
successfully negotiated.

J.P. Morgan Securities Inc. is serving as a financial advisor to
VNU in the transaction.

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers  
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.

                        *     *     *

As reported in TCR-Europe on July 20, Moody's Investors Service
downgraded the Corporate Family Rating of VNU NV to B2 from B1
and its senior unsecured debt ratings to Caa1 from B1.  This
concludes Moody's review of VNU's ratings, which was last
continued on May 26.

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

   -- 2.5% Yen MT Notes due 2011, the floating rate Euro MT
      Notes due 2010;

   -- 5.625% GBP MT Notes due 2010/17;

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

   -- Nielsen Media Research Inc.'s 7.6% Notes due 2009
      guaranteed by VNU.

In a TCR-Europe report on July 19, Standard & Poor's Ratings
Services has lowered its long-term corporate credit rating on
Dutch media group VNU N.V. to 'B' from 'B+', and affirmed its
'B' short-term corporate credit rating.

All ratings have been removed from CreditWatch, where they were
placed with negative implications on Oct. 12, 2005.  S&P said
the outlook is negative.


=============
R O M A N I A
=============


COMPANIA NATIONALA: Moody's Lifts Corp. Family Rating to Ba1
------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of Compania Nationala de Cai Ferate CFR S.A. to Ba1 from Ba2.
The rating outlook is stable.

The rating action reflects the upgrade in the local currency
rating of the Government of Romania to Baa3 from Ba1 on
Oct. 6.  This concludes the review for upgrade that Moody's
initiated on June 7 following its decision to review for upgrade
the ratings of the Government of Romania on the same day.

In accordance with Moody's GRI rating methodology, the rating of
CFR reflects the combination of the following inputs:

   -- Baseline credit assessment of 14-16 (on a scale of
      1 to 21, where 1 represents lowest credit risk)

   -- Baa3 local currency rating of the Government of Romania

   -- High dependence

   -- High support

There have been no changes to the baseline credit assessment,
dependence, or support inputs into CFR's rating as a result of
this rating action.

Rating outstanding:

    * Corporate Family Rating -- Ba1, stable

Moody's assessment of CFR's baseline credit risk, default
dependence, and government support remain unchanged.  The rating
action therefore solely reflects the impact of the sovereign
rating action, as applied through Moody's GRI rating
methodology.

Compania Nationala de Cai Ferate CFR S.A., headquartered in
Bucharest, is the owner and operator of Romania's rail
infrastructure.


===========
R U S S I A
===========


ATELIER ZEBRA: Court Names S. Suvorov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Atelier Zebra.  He can be reached
at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-41107/06-73-846B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Atelier Zebra
         Krymskiy Val Str. 9
         Moscow Region
         Russia


BOMBARDIER INC: Gets US$1.3-Bln Aircraft Order from NWA
-------------------------------------------------------
Bombardier Aerospace Corp., a subsidiary of Bombardier Inc.,
disclosed that Northwest Airlines Corp. has placed an order for
36 Bombardier CRJ900 aircraft and has taken options on an
additional 96, for a total of 132 aircraft if all options are
exercised.

The transaction is conditional upon Northwest Airlines receiving
approval from the U.S. Bankruptcy Court for Southern District of
New York.

The value of the orders based on CRJ900 aircraft list price
would be approximately US$1.35 billion.  The value could rise to
US$5.18 billion if all options are exercised.

The aircraft will be offered in a dual class configuration with
12 First Class and 64 Economy Class seats within a spacious
cabin.  Concurrent with the purchase of these CRJ900 aircraft,
Northwest has agreed to continue to operate all 141
CRJ200/CRJ440 aircraft as part of the Northwest Airlink
operation.

"[The] order builds on an established relationship with
Bombardier and will provide our customers with a comfortable and
efficient flight experience," said Doug Steenland, Northwest
president and chief executive.  "The new aircraft will lower our
operating costs through a combination of significantly lower
fuel consumption along with inherent maintenance cost
advantages."

"Major airlines are shifting short- and medium-haul flying to
larger and more fuel-efficient state-of-the-art aircraft," said
Steven Ridolfi, President, Bombardier Regional Aircraft.  "The
CRJ900 aircraft fills this requirement perfectly."

Northwest is the 10th customer for the CRJ900 aircraft since the
aircraft was introduced into revenue service in 2003.  The
CRJ900 aircraft has established itself as having the lowest
operating costs of any jet in the 90-seat class.  It is also
very popular with passengers due to its comfortable seating with
increased legroom, modern amenities and additional baggage
storage capacity.

As of July 31, 2006, firm orders for the Bombardier CRJ900
airliner stood at 102 aircraft with 59 delivered.  Orders for
the CRJ family of regional jets numbered 1,449, making it the
fifth best-selling commercial jetliner family in aviation
history.

                    About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents.  The Company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the Debtors in
their restructuring efforts.  The Official Committee of
Unsecured Creditors has retained Akin Gump Strauss Hauer & Feld
LLP as its bankruptcy counsel.  When the Debtors filed for
protection from their creditors, they listed US$14.4 billion in
total assets and $17.9 billion in total debts.

                      About Bombardier Inc.

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative  
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.

Bombardier Inc.'s 6.3% Notes due 2014 carry Moody's Investor
Service's Ba2 rating and Standard & Poors' and Fitch Ratings' BB
ratings.


BUILDER: Bankruptcy Hearing Slated for Oct. 11
-----------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy Autonomous Region will
convene on Oct. 11 to hear the bankruptcy supervision procedure
on LLC Builder (TIN 8906006165).  The case is docketed under
Case No. A81-3908/2006.

The Temporary Insolvency Manager is:

         I. Bodnar
         Post User Box 39
         Panel 3 17
         Prom area
         Gubkinskiy
         Tyumen Region
         629830 Yamalo-Nenetskiy Autonomous Region
         Russia

The Arbitration Court of Yamalo-Nenetskiy Autonomous Region is
located at:

         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy Autonomous Region
         Russia

The Debtor can be reached at:

         LLC Builder
         Panel 12
         Prom area
         Muravlenko
         629603 Yamalo-Nenetskiy Autonomous Region
         Russia


CONNECT: Moscow Court Names S. Suvorov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Connect.  He can be reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-38154/06-74-712B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Connect
         Krymskiy Val Str. 8
         Moscow Region
         Russia


EVRAZ GROUP: CFO Says Fitch Upgrade Affirms Strong Commitment
-------------------------------------------------------------
Evraz Group S.A. welcomes Fitch Ratings' upgrade of Evraz Group
S.A.'s Issuer Default and senior unsecured ratings from 'BB-' to
'BB'.  

Fitch also upgraded the IDR of Cyprus-registered Mastercroft
Limited to 'BB' from 'BB-' as well as the Senior Unsecured Notes
issued by Mastercroft's 100% owned subsidiary, Evraz Securities
S.A.  At the same time the rating agency affirmed the Short-term
'B' rating of both Evraz and Mastercroft.

In its press release Fitch Ratings commented that the rating
action reflects Evraz's strong business profile as a low-cost,
vertically integrated steelmaker with a high degree of self-
sufficiency in raw materials as well as its successful track
record of integrating acquired assets.

Pavel Tatyanin, Evraz Group's Chief Financial Officer, said:
"We are very happy to receive an upgrade from Fitch Ratings.  We
believe that it affirms Evraz's strong commitment and continuous
efforts to being a world class steel and mining company, as well
as our adherence to best principles of corporate governance and
transparency.  We view it as an important step towards achieving
a medium-term strategic target - the investment grade rating for
Evraz."

                      About the Company

Evraz Group is one of the largest vertically integrated steel
and mining businesses with operations mainly in Russia.  In
2004, Evraz produced 13.7 million tons of crude steel.  Evraz's
principal assets include three of the leading steel plants in
Russia: Nizhny Tagil in the Urals region, and West Siberian and
ovokuznetsk (in Siberia).


EVRAZ GROUP: Fitch Upgrades Issuer Default Rating to BB
-------------------------------------------------------
Fitch Ratings upgraded Luxembourg-registered Evraz Group S.A.'s
Issuer Default and senior unsecured ratings to BB from BB-.  The
agency also upgraded Cyprus-registered subsidiary Mastercroft
Limited's Issuer Default rating and Evraz Securities S.A.'s
senior unsecured notes to BB from BB-.  

Mastercroft's and Evraz's Short-term B ratings are affirmed.  
The Outlooks for both IDRs remain Stable.  Evraz Securities is a
100%-owned subsidiary of Mastercroft.

The upgrade reflects the agency's increased confidence that
Evraz's strong business profile as a low-cost, vertically
integrated steelmaker with a high degree of self-sufficiency in
raw materials will enable it to maintain a conservative
financial profile throughout the steel price cycle.  

It also reflects the progress made in improving the quality of
corporate governance and transparency following the group's
initial public offering in June 2005.  The agency also notes
Evraz's successful track record of integrating acquired assets.

Evraz is the largest steel producer by output in Russia and
among the largest in the world.  It holds a leading domestic
market position in long steel products with an almost
monopolistic position in railway transport steel products.

Evraz's main customers in Russia are JSC Russian Railways as
well as the construction and pipe-producing industries.  In 2005
a majority of export sales were made to Asian markets; however,
the European share of revenues is expected to grow following the
recent acquisition of Palini e Bertoli in Italy and Vitkovice
Steel in the Czech Republic.  In 2006 Evraz also acquired
several vanadium assets in the U.S. and South Africa, thus
becoming one of leading vanadium producer worldwide.

Fitch notes that in FY05 Evraz generated revenues of US$6.5
billion, a 9% increase on the previous year.  Evraz's FY05
EBIDTA margin of 28%, while lower than the FY04 margin of 34%,
still remained higher than those of its Russian and global
peers.

The agency views positively Evraz's selective acquisition
strategy, which provides a degree of geographical
diversification while maintaining leverage at a moderate net
debt/EBITDA of 1x as at FY05.  Evraz's financial discipline is
evidenced by the company's sound credit metrics and strong
operating cash flow generation.  Fitch notes the commitment of
Evraz's management to adhere to net debt/EBITDA of less than
1.5x and to consider equity financing for any sizable
acquisition.

Evraz's liquidity is good, underpinned by retained cash balances
of US$641 million at FY05.  At FY05, gross debt increased to
US$2.4 billion from US$1.4 billion at FY04.  Half of the
additional gross debt was due to a new note issue by Evraz of
US$750 million with an 8.25% coupon due in 2015.  Fitch notes
that on Sept. 25 Evraz repaid its debut eurobond of US$175
million.


GAZPROM OAO: Props Up Investment in Bovanenkovo Gas Field
---------------------------------------------------------
The Gazprom Management Committee has reviewed the progress with
the development of the substantiations of investment in
supporting and gas transmission facilities of the Yamal
Peninsula based Bovanenkovo field.

The Management Committee ordered to initiate the investment
stage of the Bovanenkovo oil and gas condensate field
development and gas main network construction.

Gazprom's core business units were tasked with bringing onstream
in the third quarter of 2011 first 15 bcm/y upstream facilities
for the Cenomanian-Aptian deposits of the Bovanenkovo field as
well as a Bovanenkovo-Ukhta gas main system.

In January 2002, the Gazprom Management Committee identified the
Yamal Peninsula as a region of Gazprom's strategic interest.  
Commercial development of Yamal fields will help build up local
gas production to 250 bcm/y.  Accessing Yamal is of principled
significance for securing gas extraction growth.

Yamal has seen the discovery of 11 gas and 15 oil and gas
condensate fields with the total recoverable gas, condensate and
oil reserves of 10.4 tcm, 228.3 million tons and 291.8 million
tons, respectively.  The combined reserves of Yamal's largest
fields, namely the Bovanenkovo, Kharasavey and Novoportovskoye
fields operated by Nadymgazprom (a wholly owned subsidiary of
Gazprom), account for 5.9 tcm of gas, 100.2 million tons of
condensate and 227 million tons of oil.

The Cenomanian-Aptian deposits of the Bovanenkovo field are
paramount development target on Yamal.

The Substantiations of investment in supporting and gas
transmission facilities of the Yamal Peninsula based Bovanenkovo
field were developed by VNIPIgazdobycha.  The Substantiations
cover the capacity commissioning sequence, gas extraction
dynamics, general transmission route and gas main construction
scheme.

Some 115 bcm/y of projected gas production from Bovanenkovo is
anticipated to increase to 140 bcm/y in the long-term.  In order
to deliver the extracted gas to the UGTS, it is necessary to
build a 2,451-km-long gas transmission network including a new
1,100-km-long transmission corridor from Bovanenkovo to Ukhta.

The Substantiations have received all government and expert
approvals required by the existing RF legislation.  All expert
reports point to the expediency of executing the development
project for the Bovanenkovo field and construction project for a
gas transmission network from Yamal.

                       About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX:
GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of   
the country's natural gas, controls 25% of the world's reserves,
and is also the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.   Standard &
Poor's Services raised on Jan. 17, 2006, its long-term corporate
credit rating on OAO Gazprom to 'BB+' from 'BB'.

                        *     *     *

As reported in TCR-Europe on Jan. 18, Standard & Poor's
Services raised its long-term corporate credit rating on OAO
Gazprom to 'BB+' from 'BB'.

As reported in the TCR-Europe on Oct 27, 2005, Fitch
upgraded Gazprom International S.A. Series 1 US$1.25-billion
structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB'
from 'BBB-'.

The upgrade follows Fitch's upgrade of OAO Gazprom's, the
world's largest gas company, Senior Unsecured local and foreign
currency to 'BB+' from 'BB', and a change in Gazprom's
going concern assessment, which is now equivalent to a 'BBB'
rating compared to 'BBB-' previously.


INTER-PRODUCT: Court Names S. Suvorov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Company Inter-Product.  He can be
reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-42571/06-95-929B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Company Inter-Product
         Room 4
         Samarkandskiy Avenue 15
         Moscow Region
         Russia


INVESTMENTS AND INNOVATION: E. Eliseeva to Manage Assets
--------------------------------------------------------
The Arbitration Court of Moscow appointed Ms. E. Eliseeva as
Insolvency Manager for Joint Stock Investments and Innovation
Technologies.  She can be reached at:

         E. Eliseeva
         M. Ekaterininskaya Str.17/21
         129110 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-23944/06-74-307 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         Joint Stock Investments And Innovation Technologies
         Moscow Region
         Russia


KAMERTON BANK: Court Names S. Suvorov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for LLC Kamerton Bank.  He can be reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-46136/06-103-911B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Kamerton Bank
         1st Tverskoy-Yamskoy 18/3
         Moscow Region
         Russia


LUKOIL OAO: Upgrades Gas Conversion Capacities in Siberia  
---------------------------------------------------------
Vagit Alekperov, OAO LUKOIL President, attended an official
ceremony devoted to commissioning the Lokosovskiy gas processing
unit production facilities after an upgrading process.

As a result of the upgrading, producing capacity of the unit
increased from 1 billion to 1.9 billion cu. M. of associated gas
per year.

The Lokosovskiy gas-processing unit upgrading was the final
stage of creating a full associated oil and gas conversion
system of OOO Lukoil-Zapadnaya Sibir (100% subsidiary of OAO
LUKOIL).

Gas conversion capacities intensification had been underway
since 2004.  Over 160 km of gas collection and two vacuum-
compressor stations were constructed in its framework on
Kogalym, Pokachi and Langepas fields.

In 2005 an LPG tank farm, with the total capacity of 8 ths cu.
M., and a loading rack for 30 rail tank cars working
simultaneously, as well as a stable natural gasoline and
propane-filling unit were put into operation in Langepas.  While
the gas treatment unit was being upgraded, a booster compression
station, a gas pipeline over 8 km long and a gas measuring
station were put into operation at the tap-in into OAO GAZPROM
gas pipeline system.

Presently, the average level of associated gas utilization in
the Company is approximately 80%.  OOO LUKOIL oil gas
utilization program is aimed at reaching 95%.

                        About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX,
RTS: LKOH) is the country's largest vertically integrated oil &
gas company in terms of reserves, and one of the largest oil &
gas companies in the world.  In the first nine months of 2005,
the group produced 1.92 million barrels of oil equivalent (boe)
per day and in 2004 had refinery throughput of 44 million tons.  
Total SPE reserves in 2004 were just over 20 billion boe.  The
group's 2005 nine-month revenues were US$40.6 billion.

                        *     *     *

As reported in TCR-Europe on July 12, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Lukoil
OAO to 'BB+' from 'BB'.  S&P said the outlook is positive.  

As reported in the TCR-Europe on Jan. 26, Moody's Investors
Service has changed the outlook of OAO Lukoil's Ba1 Corporate
Family Rating and Ba2 Issuer Rating to positive from stable.

Moody's last rating action on LUKOIL was on April 26, when the
agency upgraded the company's ratings from Ba2/Ba3 to Ba1/Ba2.


NATIONAL CREDIT: Court Names S. Suvorov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for OJSC National Credit System.  He can be
reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-39482/06-78-811B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC National Credit System
         Krymskiy Val Str. 9
         Moscow Region
         Russia


NOVODEREVENKOVSK-AGRO-SNAB: Court Hearing Slated for Nov. 29
------------------------------------------------------------
The Arbitration Court of Orel Region will convene on Nov. 29 to
hear the bankruptcy supervision procedure on OJSC
Novoderevenkovsk-Agro-Snab.  The case is docketed under Case No.
A48-3468/06-16b.

The Temporary Insolvency Manager is:

         L. Titovoy
         Komsomolskaya Str. 386
         302010 Orel Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Novoderevenkovsk-Agro-Snab
         Komsomolskaya Str. 13
         Khomutovo
         Novoderevenkovskiy Region
         Orel Region
         Russia


REFORMA-INVEST: Court Names S. Suvorov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Investment Company Reforma-Invest.  
He can be reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-39626/06-73-747B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Investment Company Reforma-Invest
         Arkhipova Str. 4/2
         Moscow Region
         Russia


RENAISSANCE CAPITAL: Fitch Assigns Issuer Default Rating at BB-
---------------------------------------------------------------
Fitch Ratings affirmed Russia-based Renaissance Capital Holdings
Limited's ratings at Issuer Default BB- with Stable Outlook,
Short-term B, Individual C/D, and Support 5.  

The ratings of its subsidiary, Renaissance U.K. Holdings Limited
are affirmed at Issuer Default BB- with Stable Outlook, Short-
term B, Individual C/D, and Support 3.

At the same time, Fitch has assigned an expected Long-term
rating of BB- to the senior unsecured notes that are to be
issued by Renaissance Securities Trading Limited, under the
unconditional and irrevocable guarantee of Renaissance Capital
and under Renaissance Capital's US$1 billion euro medium-term
note Program.  The final rating is contingent upon receipt of
final documentation conforming materially to information already
received.

Renaissance Capital is a holding company and its ratings reflect
the group's good investment-banking franchise in Russia, its
strong profitability, its moderate leverage, its experienced
management team and its good risk management.  However, they
also take into account the group's reliance on the high risk
profile markets of Russia and, to a lesser extent, Ukraine for
its business, which will make for volatile revenues and earnings
over the long-term, as well as a complex group structure.

The ratings of RUKHL reflect Fitch's view that there would be a
strong propensity of RCHL to provide support for RUKHL, and the
high level of integration between the two businesses.

Upward pressure on Renaissance's Issuer Default rating and on
RUKHL's Issuer Default rating via support, is likely to be
limited given the group's sole focus on Russia and Ukraine and
its complex group structure.  

Downward pressure could result from a material downturn in
investor sentiment towards Russia, significant credit or market
losses, or a material increase in the group's leverage or risk
appetite.

Renaissance's performance has been very strong and its
performance outlook is positive while current conditions
persist.  However, its primary focus on Russia makes both it and
RUKHL vulnerable to a sharp, prolonged downturn in investor
confidence in Russia.  Efficiency and cost flexibility are
relatively strong.  Revenue diversification is improving by
product, if not by geography.

Management is experienced and consistently being upgraded both
in the front and back offices and at the executive level.  The
risk management function is good, but market risk is still
considered by Fitch to be high, although proprietary trading is
not a major activity.  Operational risk arises from the risk of
trade processing errors, trader misconduct and IT systems
failure.  An event that causes a serious blow to Renaissance
Capital's reputation could quickly affect the group.  

Renaissance Capital's biggest asset is its staff.  A departure
of key managers or staff would be a substantial threat.  Some
mitigation is provided by the equity participation of around 100
senior managers.

Liquidity is closely controlled and satisfactory, but asset
liquidity is susceptible to volatility.  Leverage has been
increasing but remains lower than at the global investment banks
and moderate.

The Renaissance Capital group was founded in 1995 and is now a
leading Russian and Ukrainian investment bank with the holding
company located in Bermuda.  RUKHL was created in 2000 in the
U.K. for the group's trading operations with non-CIS clients.


RUBY: Moscow Court Names N. Tkachenko to Manage Assets
------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. N. Tkachenko as
Insolvency Manager for CJSC Russian-Belarusian Company Ruby.  
He can be reached at:

         N. Tkachenko
         M. Ekaterininskaya Str. 17/21
         129110 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-21787/06-78-275 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Russian-Belarusian Company Ruby
         Moscow Region
         Russia


SHILOVO-MEAT: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Ryazan Region commenced bankruptcy
supervision procedure on OJSC Shilovo-Meat.  The case is
docketed under Case No. A54-3213/2006 s6.

The Temporary Insolvency Manager is:

         E. Porkhunov
         Office 14
         Zavrazhanova 5
         Ryazan Region
         Russia

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         OJSC Shilovo-Meat
         Ryazanskaya Str. 118
         Shilovo
         Ryazan Region
         Russia


SUAL GROUP: Merges with RusAl & Glencore International
------------------------------------------------------
Siberian-Urals Aluminium Company (SUAL), Russky Alyuminiyum
(RusAl), and Glencore International AG have signed an agreement
to create the "United Company RUSAL," by merging their
respective aluminium and alumina assets.

As previously reported in the TCR-Europe, the parties signed a
non-binding agreement for a EUR23.5 billion merger.

The new company will become the world's largest aluminium and
alumina producer, employing more than 110,000 people in 17
countries on five continents.  The annual volume of production
will be approximately four million tons of aluminium and 11
million tons of alumina.  The company will account for
approximately 12.5% of global aluminium and 16% of global
alumina production, respectively.

The combined company will own bauxite mining, alumina refinery,
aluminium smelting and foil production facilities.  Under the
terms of the share-for-share deal, EN+ as RUSAL's shareholder
will own 66% of the new company, with SUAL's shareholders owning
22% and Glencore 12%, respectively.

The parties expect to complete the deal by April 1, 2007,
subject to approval by antitrust regulators in Russia and a
number of other countries and the consent of other stakeholders
through the exercise of their beneficial rights.  To manage the
process, the companies will create a coordination committee,
which will be headed by SUAL representative.

By merging their assets, RUSAL, SUAL Group and Glencore
International AG are striving to create a true global leader in
the aluminium industry.  The company will have all the required
resources to drive further expansion and diversification of its
metals and mining businesses in key international markets.  In
addition, the merger will deliver significant synergies in areas
including management, research and development and
manufacturing.

                     Stock Flotation

The agreement also calls for the transformation of the new
company into a public entity through an initial public offering
on the London Stock Exchange within three years from the date of
the deal's closing.  The shareholders do not view an IPO as a
goal in itself, but rather as an instrument to further expand
and strengthen the United Company RUSAL's market-leading
position in the global aluminium industry.

The Board of Directors of the new company will consist of 12
members.  Brian Gilbertson, currently SUAL's President, will act
as the non-executive chairman.  

Before the IPO, the Board, in addition to Mr. Gilbertson, will
be comprised of six members from RUSAL, two from SUAL, one from
Glencore and two independent directors.  Alexander Bulygin,
currently RUSAL's CEO will serve as CEO of the joint company and
will head the Executive Board, the highest governing body of the
new company.

The United Company RUSAL will take on all of the obligations
that the merged companies and assets have to all stakeholders,
as well as social obligations, cooperation with local
communities, the support and development of the regions where
they work.

In addition, the new company will preserve the whole portfolio
of investment projects that were developed by the companies
independently before the merger.  This includes the programs to
modernize and develop existing production facilities.

"This transaction is a logical step in our strategy of
establishing the world's leading aluminium company," RUSAL
Chairman Oleg Deripaska said.  "The combination of RUSAL, SUAL
and Glencore's alumina assets transforms the new group into a
truly global company.  The combined company will have greater
financial, technical, research and development, network and
marketing resources.  The transactions have a compelling
industrial logic and deliver significant synergies for further
growth.  The new joint company will be highly ambitious and
[the] announcement is a staging post towards our future
objectives."

"This deal gives us a unique opportunity to realize the powerful
potential, extensive experience and significant knowledge
accumulated by Russian metallurgy," Victor Vekselberg, SUAL
Holding Chairman, said.  "The new company is a continuation of
our joint projects intended to create one of the leaders of the
global mining and metallurgical sectors."

"We are pleased to join forces with RUSAL and SUAL in this
exciting new venture," Ivan Glazenberg, the CEO of Glencore,
said.  "We believe that this agreement provides us with a unique
opportunity to become a part of an integrated and well-balanced
aluminium corporation - the new leader in the international
market.  The transaction will deliver significant synergy
benefits that will provide additional value for Glencore's
shareholders."

The unified company will include RUSAL's assets:

   -- Bratsk Smelter,
   -- Krasnoyarsk Smelter,
   -- Novokuznetsk Smelter,
   -- Sayanogorsk Aluminium Smelter,
   -- Achinsk Alumina Plant,
   -- Nikolaev Alumina Refineries,
   -- Boksitogorsk Alumina Refineries,
   -- Friguia Alumina Plant (Guinea),
   -- Compagnie des Bauxites de Kindia (Guinea),
   -- Bauxite Company of Guyana,
   -- a stake in the Queensland Alumina Refinery (Australia),
   -- a stake in ARMENAL,
   -- a stake in SAYANAL, and
   -- a cathode plant in China.

SUAL Group will contribute:

   -- Irkutsk Smelter,
   -- Ural Smelter,
   -- Kandalaksha Smelter,
   -- Bogoslovsky Smelter,
   -- Nadvoitsy Smelter,
   -- Volgograd Smelter,
   -- Volkhov Aluminium Smelter,
   -- Zaporozhye Aluminium Combine,
   -- Pikalevo Alumina Refinery,
   -- SUBR,
   -- Ural Foil,
   -- Irkutsk Silicon,
   -- Ural Silicon, and
   -- Irkutsk Powder Metallurgy.

Glencore International AG will contribute:

   -- Aughinish in Ireland,
   -- Windalco in Jamaica,
   -- Alpart in Jamaica, and
   -- Eurallumina in Italy,
   -- Kubikenborg Aluminium Smelter in Sweden.

                        About Glencore

Headquartered in Baar, Switzerland, Glencore International AG --
http://www.glencore.com/-- engages in the smelting, refining,  
mining, processing, purchasing, selling and marketing of metals
and minerals, energy products and agricultural products.  
Glencore operates on a global scale, marketing physical
commodities produced in its industrial assets or purchased from
third parties to industrial consumers, such as those in the
automotive, steel, power generation, oil and food processing
industries.  Energy products and commodities are marketed and
coordinated primarily in Glencore's headquarters in Baar,
Switzerland and through the offices of its subsidiaries in
London, Stamford and Singapore.

                         About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.

                         About SUAL

Headquartered in Moscow, Russia, Siberian-Urals Aluminium
Company -- http://www.sual.com/-- produces and smelts aluminium
and ranks amongst the world's top ten producers.  It comprises
18 businesses that are located in nine Russian regions and in
Ukraine, Zaporozhye City, are involved in the production of
bauxite, alumina, primary aluminium, silicon, semi-finished and
finished aluminium products.  The Group's revenue for the year
ended Dec. 31, 2005, was US$2.7 billion.  It has 60,000
employees.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'BB-'long-term
corporate credit rating to SUAL International Ltd. The outlook
is stable.  Standard & Poor's also assigned its 'ruAA-' Russian
national scale rating to SUAL.

At the same time, Moody's Investors Service, assigned 'Ba3'
corporate family rating to SUAL International Ltd. Outlook is
stable.


SUNRISE-INVEST: Court Names E. Eliseeva as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Ms. E. Eliseeva as
Insolvency Manager for OJSC Sunrise-Invest.  She can be reached
at:

         E. Eliseeva
         M. Ekaterininskaya Str. 17/21
         129110 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-25150/06-74-344 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Sunrise-Invest
         Moscow Region
         Russia


TRANSPORT ENTERPRISE: Tomsk Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Tomsk Region commenced bankruptcy
supervision procedure on LLC Transport Enterprise (TIN
7016005367).  The case is docketed under Case No. A67-6579/06.

The Temporary Insolvency Manager is:

         S. Ananin
         Post User Box 4790
         630134 Tomsk Region
         Russia

The Debtor can be reached at:

         LLC Transport Enterprise
         Chapaeva Str. 50A
         Melnikovo
         Shegarskiy Region
         636140 Tomsk Region
         Russia


WHEAT VERKHOVSKAYA: Orel Bankruptcy Hearing Slated for Nov. 29
--------------------------------------------------------------
The Arbitration Court of Orel Region will convene at 11:10 a.m.
on Nov. 29 to hear the bankruptcy supervision procedure on OJSC
Wheat Verkhovskaya.  The case is docketed under Case No.
A48-3352/06-20B.

The Temporary Insolvency Manager is:

         I. Vasilenko
         Office 59a
         Gorkogo Str. 45
         302040 Orel Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Wheat Verkhovskaya
         Verkhvoye
         Verkhovskiy Region
         Orel Region
         Russia


=========
S P A I N
=========


CHEMTURA CORP: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Chemicals and Allied Products sector, the
rating agency confirmed its Ba1 Corporate Family Rating for
Chemtura Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:
   
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500mm
   6.875% Gtd.
   Sr. Notes
   due June 2016          Ba1     Ba1     LGD4        53%

   US$150mm
   6.875% Sr. Sec.
   Debentures
   due Feb 2026           Ba1     Ba1     LGD4        53%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss that incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%)

                   About Chemtura

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and   
marketer of specialty chemicals, crop protection and pool, spa
and home care products.  The Company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  In Europe, the company maintains operations in
Belgium, France, Germany, Italy, the Netherlands, Spain,
Switzerland and the United Kingdom.


GC FTGENCAT: Fitch Junks EUR4.5 Million Class D Notes
-----------------------------------------------------
Fitch Ratings assigned expected ratings to GC FTGENCAT Caixa
Sabadell 1, Fondo de Titulizacion de Activos' notes totaling
EUR304.5 million due in October 2040 as:

   -- EUR113.5 million Class A (S): AAA;
   -- EUR163 million Class A (G): AAA;
   -- EUR11.7 million Class B: A+;
   -- EUR11.8 million Class C: BBB-; and
   -- EUR4.5 million Class D: CCC.

The final ratings are contingent on final documents conforming
to information already received.

The expected ratings address payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Class B and C notes, as
well as the repayment of principal by legal final maturity date.

The Class D notes will be issued to finance the creation of the
reserve fund at closing.  The good performance of the Class D
notes depends on very favorable conditions for the collateral
backing the Class A to C notes, and therefore its expected
rating is supported by the recovery rate that note holders are
likely to receive during the life of the transaction.  The
Autonomous Community of Catalonia will guarantee ultimate
payment of interest and principal on the class A (G) notes.

This transaction is a cash flow securitization of a EUR300
million revolving pool of secured and unsecured loans granted by
Caixa d'Estalvis de Sabadell to small- and medium-sized
enterprises in Spain and specifically in the region of Cataluna.

Caixa Sabadell has participated in a number of securitization
programs, especially CDO of CHs.  This transaction, however,
represents Caixa Sabadell's first single seller SME
securitization.

Static pool transactions are standard in the Spanish SME
collateralized debt obligation market; however, this transaction
has a 30-month revolving period after which the notes will
amortize sequentially.

Breach of certain triggers during the revolving period will lead
to early amortization of the notes.  Based on the dynamic and
static delinquency data presented by Caixa Sabadell, Fitch
verified that the performance triggers applicable during the
revolving phase should be able to maintain the credit profile
and financial quality of the collateral until the beginning of
the amortization phase.


TDA IBERCAJA: Moody's Rates EUR7-Mln Series E Notes at (P)Ba1
-------------------------------------------------------------
Moody's Investors Service assigned these provisional (P) ratings
to seven series of Bonos de Titulizacion de Activos
(securitization bonds) to be issued by TdA Ibercaja 4 Fondo de
Titulizacion de Activos (TdA Ibercaja 4), a Spanish asset
securitization fund that has been created by Titulizacion de
Activos, S.G.F.T, S.A.:

   -- EUR250 million Series A1 notes: (P)Aaa;
   -- EUR819.4 million Series A2 notes: (P)Aaa;
   -- EUR270.4 million Series A3PAC notes: (P)Aaa;
   -- EUR14 million Series B notes: (P)Aa1;
   -- EUR28 million Series C notes: (P)A1;
   -- EUR11.2 million Series D notes: (P)Baa1; and
   -- EUR7 million Series E notes: (P)Ba1.

Moody's provisional ratings address the expected loss posed to
investors by the legal final maturity.  The rating agency
believes that the structure of the TdA Ibercaja 4 notes allows
for timely payment of interest and ultimate payment of principal
at par, on or before the final legal maturity date and not at
any other expected maturity date.  The ratings do not address
the full redemption of the notes on the expected maturity date.
Moody's ratings address only the credit risks associated with
the transaction. Other non-credit risks have not been addressed,
but may have a significant effect on yield to investors.

According to Moody's, this deal benefits from strong features,
including:

   -- the swap agreements, which guarantees 65 bp excess spread;

   -- a reserve fund that is fully funded upfront to cover
      a potential shortfall in interest and principal;

   -- an 18-month artificial write-off mechanism;

   -- the securing of 100% of loans by residential
      mortgages; and

   -- the good performance data on previous Ibercaja deals.

However, Moody's notes that the deal also has weaknesses,
including:

   -- the deferral of interest payments on each of Series B,
      C, D and E increases the expected loss on
      these subordinated series; and

   -- pro-rata amortization of the B, C, D and E Series of
      notes leads to reduced credit enhancement of the
      senior series in absolute terms.

These increased risks were reflected in Moody's Credit
Enhancement calculation.

The products being securitised are first-lien mortgage loans
granted to individuals (all of whom will use these loans to
acquire or refurbish properties located in Spain), originated by
Ibercaja, which will continue to service them.

As of Sept. 14, the provisional portfolio comprised 14,877 loans
for a total amount of EUR1,550,004,113.  The original weighted
average loan-to-value (WALTV) is 74.86%.  The current WALTV is
67.72%. The average loan size is EUR104,188.  The loans were
originated between 1997 and 2006, with a weighted average
seasoning of 27.24 months.  The pool is concentrated in the
Madrid (33%), Aragon (20%) and Catalonia (13%).

All the properties on which the mortgage security has been
granted are covered by property damage insurance and fire
insurance.

To hedge the potential mismatch risk derived from the different
index reference rates on the assets side and the notes side, or
the risk derived from any amendment in the terms of the mortgage
agreements, the Fondo will enter into a swap agreement with
Ibercaja.

Moody's bases its ratings on:

   -- an evaluation of the underlying portfolio of
      mortgage loans securing the structure, and

   -- the transaction's structural protections, which
      include the subordination, the strength of the cash
      flows (including the reserve fund) and any excess
      spread available to cover losses.

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review
of the transaction and associated documentation, the rating
agency will endeavor to assign a definitive rating.  A
definitive rating (if any) may differ from a provisional rating.


===========
S W E D E N
===========


ARMSTRONG WORLD: Paying US$407 Million to Class 6 Creditors
-----------------------------------------------------------
Armstrong World Industries Inc. disclosed the amount of the
initial distributions it expects to make to general unsecured
creditors under its Chapter 11 plan.  

Specifically, distributions to holders of allowed unsecured
claims falling in Class 6 will commence on Oct. 17, 2006,
pursuant to its Court-approved "Fourth Amended Plan of
Reorganization, as Modified," dated Feb. 21, 2006.  

Per US$10,000 of such claims, an initial distribution of 116
Common Shares of reorganized Armstrong World Industries and
approximately US$2,435 in cash are expected.  The initial
distributions exclude approximately US$11 million of cash and
538,000 shares that are reserved from distribution due to
disputed unsecured claims in Class 6.  A total of 19,418,520
shares and US$407 million of cash will be distributed to
creditors in Class 6 under the Plan.

Separately, in discharge of all of its present and future
asbestos-related personal injury claims, the Company issued
under the Plan 36,981,480 Common Shares to the Armstrong World
Industries, Inc. Asbestos Personal Injury Settlement Trust and
by Oct. 17, 2006, will distribute to the Trust US$738 million in
cash, representing the portion of cash distributions to which
the Trust is entitled under the Plan.  All present and future
asbestos-related personal injury claims must be asserted
against, and will be resolved by, the Trust, and such claims may
not be asserted against the Company.

Under the Plan, payments to unsecured creditors having allowed
claims of US$10,000 or less (or who have reduced their claims to
US$10,000) began on Oct. 2, 2006.  Those creditors receive
distributions entirely in cash in an amount equal to
approximately 75% of their allowed claims.

The cash amount to be distributed to Class 6 creditors and the
Trust includes "Available Cash" as defined in the Plan and
US$775 million of the cash proceeds expected from US$800 million
of term loans that the Company is arranging in lieu of issuing
notes under the Plan.  These term loans are in addition to a
US$300 million revolving credit facility already established,
which is currently undrawn and will be available to support the
Company's ongoing liquidity needs.

The Company also reported that its Common Shares have been
approved for listing on the New York Stock Exchange under the
ticker symbol "AWI" on Oct. 10, 2006.

"We are pleased to return to the New York Stock Exchange, where
Armstrong first began trading on July 17, 1935," said F.
Nicholas Grasberger III, Armstrong's Senior Vice President and
CFO.  "This is the renewal of a long and rewarding relationship
between Armstrong and the NYSE."

"We are pleased to welcome back Armstrong World Industries to
our family of NYSE-listed companies, resuming our 70-plus-year
partnership with the company," said NYSE Group, Inc. Chief
Executive Officer John A. Thain.  "We look forward to serving
Armstrong World Industries and its shareholders, and providing
the company with superior market quality and brand visibility."

A full-text copy of the Fourth Amended Plan of Reorganization is
available for free at http://ResearchArchives.com/t/s?fb4

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating  
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world including Belgium and Sweden.

The Company and its debtor-affiliates filed for chapter 11
protection on December 6, 2000 (Bankr. Del. Case No. 00-04469).
Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C. Silberglied, Esq., at Richards, Layton & Finger,
P.A., represent the Debtors in their restructuring efforts.  The
Debtors tapped the Feinberg Group for analysis, evaluation, and
treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

When the Debtors filed for protection from their creditors, they
listed US$4,032,200,000 in total assets and US$3,296,900,000 in
liabilities.  The Bankruptcy Court confirmed AWI's plan on
Nov. 18, 2003.  The District Court Judge Robreno confirmed AWI's
Modified Plan on Aug. 14, 2006.  The Clerk entered the formal
written confirmation order on Aug. 18, 2006.  AWI emerged from
Chapter 11 protection on Oct. 2, 2006.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the building products company's emergence from
bankruptcy on Oct. 2, 2006.  The outlook is stable.

The 'BB' senior secured bank loan rating and the '2' recovery
rating on Armstrong's proposed US$1.1 billion senior secured
bank facility are affirmed.  The bank loan rating was assigned
on Sept. 28, 2006, based on the assumption that Armstrong would
exit bankruptcy as well as satisfy other conditions.


=====================
S W I T Z E R L A N D
=====================


SIRVA INC: S&P Withdraws and Removes Ratings from Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on SIRVA
Inc. and its primary operating subsidiary, SIRVA Worldwide Inc.
In addition, all ratings are removed from CreditWatch, where
they were placed with negative implications on March 15, 2005.
      
"The rating withdrawal reflects our opinion that as a result of
SIRVA's continued delay in filing updated financial statements
for both 2005 and 2006, and the likelihood that the company will
not be a current filer until the second half of 2007, it lacks
adequate financial information to properly determine SIRVA's
current credit standing and evaluate creditors' risks," said
Standard & Poor's credit analyst Michael Scerbo.  

                        Ratings List
          Ratings Withdrawn, Removed From Creditwatch
          
                                To         From
                                --         ----
SIRVA Inc.
Corporate credit rating        NR         B/Watch Negative/--

SIRVA Worldwide Inc.
Corporate credit rating        NR         B/Watch Negative/--
Senior secured debt             NR         B/Watch Negative/--
Recovery rating                 NR          3


SUAL GROUP: Merges with RusAl & Glencore International
------------------------------------------------------
Siberian-Urals Aluminium Company (SUAL), Russky Alyuminiyum
(RusAl), and Glencore International AG have signed an agreement
to create the "United Company RUSAL," by merging their
respective aluminium and alumina assets.

As previously reported in the TCR-Europe, the parties signed a
non-binding agreement for a EUR23.5 billion merger.

The new company will become the world's largest aluminium and
alumina producer, employing more than 110,000 people in 17
countries on five continents.  The annual volume of production
will be approximately four million tons of aluminium and 11
million tons of alumina.  The company will account for
approximately 12.5% of global aluminium and 16% of global
alumina production, respectively.

The combined company will own bauxite mining, alumina refinery,
aluminium smelting and foil production facilities.  Under the
terms of the share-for-share deal, EN+ as RUSAL's shareholder
will own 66% of the new company, with SUAL's shareholders owning
22% and Glencore 12%, respectively.

The parties expect to complete the deal by April 1, 2007,
subject to approval by antitrust regulators in Russia and a
number of other countries and the consent of other stakeholders
through the exercise of their beneficial rights.  To manage the
process, the companies will create a coordination committee,
which will be headed by SUAL representative.

By merging their assets, RUSAL, SUAL Group and Glencore
International AG are striving to create a true global leader in
the aluminium industry.  The company will have all the required
resources to drive further expansion and diversification of its
metals and mining businesses in key international markets.  In
addition, the merger will deliver significant synergies in areas
including management, research and development and
manufacturing.

                     Stock Flotation

The agreement also calls for the transformation of the new
company into a public entity through an initial public offering
on the London Stock Exchange within three years from the date of
the deal's closing.  The shareholders do not view an IPO as a
goal in itself, but rather as an instrument to further expand
and strengthen the United Company RUSAL's market-leading
position in the global aluminium industry.

The Board of Directors of the new company will consist of 12
members.  Brian Gilbertson, currently SUAL's President, will act
as the non-executive chairman.  

Before the IPO, the Board, in addition to Mr. Gilbertson, will
be comprised of six members from RUSAL, two from SUAL, one from
Glencore and two independent directors.  Alexander Bulygin,
currently RUSAL's CEO will serve as CEO of the joint company and
will head the Executive Board, the highest governing body of the
new company.

The United Company RUSAL will take on all of the obligations
that the merged companies and assets have to all stakeholders,
as well as social obligations, cooperation with local
communities, the support and development of the regions where
they work.

In addition, the new company will preserve the whole portfolio
of investment projects that were developed by the companies
independently before the merger.  This includes the programs to
modernize and develop existing production facilities.

"This transaction is a logical step in our strategy of
establishing the world's leading aluminium company," RUSAL
Chairman Oleg Deripaska said.  "The combination of RUSAL, SUAL
and Glencore's alumina assets transforms the new group into a
truly global company.  The combined company will have greater
financial, technical, research and development, network and
marketing resources.  The transactions have a compelling
industrial logic and deliver significant synergies for further
growth.  The new joint company will be highly ambitious and
[the] announcement is a staging post towards our future
objectives."

"This deal gives us a unique opportunity to realize the powerful
potential, extensive experience and significant knowledge
accumulated by Russian metallurgy," Victor Vekselberg, SUAL
Holding Chairman, said.  "The new company is a continuation of
our joint projects intended to create one of the leaders of the
global mining and metallurgical sectors."

"We are pleased to join forces with RUSAL and SUAL in this
exciting new venture," Ivan Glazenberg, the CEO of Glencore,
said.  "We believe that this agreement provides us with a unique
opportunity to become a part of an integrated and well-balanced
aluminium corporation - the new leader in the international
market.  The transaction will deliver significant synergy
benefits that will provide additional value for Glencore's
shareholders."

The unified company will include RUSAL's assets:

   -- Bratsk Smelter,
   -- Krasnoyarsk Smelter,
   -- Novokuznetsk Smelter,
   -- Sayanogorsk Aluminium Smelter,
   -- Achinsk Alumina Plant,
   -- Nikolaev Alumina Refineries,
   -- Boksitogorsk Alumina Refineries,
   -- Friguia Alumina Plant (Guinea),
   -- Compagnie des Bauxites de Kindia (Guinea),
   -- Bauxite Company of Guyana,
   -- a stake in the Queensland Alumina Refinery (Australia),
   -- a stake in ARMENAL,
   -- a stake in SAYANAL, and
   -- a cathode plant in China.

SUAL Group will contribute:

   -- Irkutsk Smelter,
   -- Ural Smelter,
   -- Kandalaksha Smelter,
   -- Bogoslovsky Smelter,
   -- Nadvoitsy Smelter,
   -- Volgograd Smelter,
   -- Volkhov Aluminium Smelter,
   -- Zaporozhye Aluminium Combine,
   -- Pikalevo Alumina Refinery,
   -- SUBR,
   -- Ural Foil,
   -- Irkutsk Silicon,
   -- Ural Silicon, and
   -- Irkutsk Powder Metallurgy.

Glencore International AG will contribute:

   -- Aughinish in Ireland,
   -- Windalco in Jamaica,
   -- Alpart in Jamaica, and
   -- Eurallumina in Italy,
   -- Kubikenborg Aluminium Smelter in Sweden.

                        About Glencore

Headquartered in Baar, Switzerland, Glencore International AG --
http://www.glencore.com/-- engages in the smelting, refining,  
mining, processing, purchasing, selling and marketing of metals
and minerals, energy products and agricultural products.  
Glencore operates on a global scale, marketing physical
commodities produced in its industrial assets or purchased from
third parties to industrial consumers, such as those in the
automotive, steel, power generation, oil and food processing
industries.  Energy products and commodities are marketed and
coordinated primarily in Glencore's headquarters in Baar,
Switzerland and through the offices of its subsidiaries in
London, Stamford and Singapore.

                         About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.

                         About SUAL

Headquartered in Moscow, Russia, Siberian-Urals Aluminium
Company -- http://www.sual.com/-- produces and smelts aluminium
and ranks amongst the world's top ten producers.  It comprises
18 businesses that are located in nine Russian regions and in
Ukraine, Zaporozhye City, are involved in the production of
bauxite, alumina, primary aluminium, silicon, semi-finished and
finished aluminium products.  The Group's revenue for the year
ended Dec. 31, 2005, was US$2.7 billion.  It has 60,000
employees.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'BB-'long-term
corporate credit rating to SUAL International Ltd. The outlook
is stable.  Standard & Poor's also assigned its 'ruAA-' Russian
national scale rating to SUAL.

At the same time, Moody's Investors Service, assigned 'Ba3'
corporate family rating to SUAL International Ltd. Outlook is
stable.


===========
T U R K E Y
===========


ANADOLUBANK A.S.: Obtains US$160 Million Syndicated Loan
--------------------------------------------------------
Anadolubank A.S. obtained a US$160 million syndicated loan
provided by 30 foreign banks, Reporter.gr reports.

According to the report, the bank lenders included American
Express Bank GmbH, Commerzbank Aktiengesellschaft, Deutsche Bank
AG, London Branch, Finansbank (Holland) N.V., Standard Bank Plc,
Standard Chartered Bank, Unicredit Group and Wachovia Bank, N.A.

Headquartered in Turkey, Anadolubank A.S. --
http://www.anadolubank.com.tr/-- is majority-owned by Habas, a  
major producer and exporter of long steel and Turkey's dominant
manufacturer of industrial and medical gases.  It is a medium-
sized bank focusing on corporate and commercial banking and
foreign-trade finance, primarily providing services to medium-
sized exporters.  It has a securities brokerage, leasing and an
offshore subsidiary in Northern Cyprus.

Anadolubank, which started its banking activities in 1997 within
three branches, has managed to increase the number of its
branches to 49 as of 2004, and today offers services to its
clients through 950 personnel.

                           *    *    *  

As reported in TCR-Europe on July 10, Fitch Ratings affirmed
Anadolubank's ratings at foreign and local currency Issuer
Default B+, National Long-term BBB+ and Short-term foreign and
local currency B, Individual D, and Support 4.  The Outlook is
Stable.


=============
U K R A I N E
=============


AGROHIM: Hmelnitskij Court Names Viktor Matushak as Liquidator
--------------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Viktor
Matushak as Liquidator/Insolvency Manager for OJSC Agrohim (code
EDRPOU 05491439).  He can be reached at:

         Viktor Matushak
         Grigorij Skovoroda Str. 14/151
         29000 Hmelnitskij Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 15.  The case is docketed
under Case No. 3/176-B.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         OJSC Agrohim
         Skibnevo
         Hmelnitskij District
         Hmelnitskij Region
         Ukraine


AVANGARD: Court Names Vasil Glebov as Insolvency Manager
--------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Vasil Glebov as
Liquidator/Insolvency Manager for Agricultural LLC Avangard.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 29.  The case is docketed
under Case No. 5/196-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Avangard
         60-richya Str. 21
         Veliki Krushlintsi
         Vinnitsya District
         23243 Vinnitsya Region
         Ukraine


CENTRAL: Creditors Must File Claims by October 14
-------------------------------------------------
Creditors of LLC Production-Trade Firm Central (code EDRPOU
14227776) have until Oct. 14 to submit written proofs of claim
to:

         Gorbach Sergij, Liquidator/Insolvency Manager
         a/b 45
         08720 Kyiv Region
         Ukraine

The Economic Court of Chernigiv Region commenced bankruptcy
proceedings against the company after finding it insolvent on
Aug. 23.  The case is docketed under Case No. 4/229 b.

The Economic Court of Chernigiv Region is located at:

         Miru Avenue 20
         14000 Chernigiv Region
         Ukraine

The Debtor can be reached at:

         LLC Production-Trade Firm Central
         50 rokiv SRSR Str. 7-a
         Chernigiv Region
         Ukraine


INTERHIM: Creditors Must File Claims by October 14
--------------------------------------------------
Creditors of LLC Interhim (code EDRPOU 32255578) have until
Oct. 14 to submit written proofs of claim to:

         R. Breus, Temporary Insolvency Manager
         Novoprudna Str. 4/70
         61018 Harkiv Region
         Ukraine

The Economic Court of Harkiv Region commenced bankruptcy
supervision procedure on LLC Interhim (code EDRPOU 32255578) on
Aug. 28.  The case is docketed under Case No. B-48/89-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Interhim
         Artema Str. 17
         61002 Harkiv Region
         Ukraine


RENAISSANCE CAPITAL: Fitch Assigns Issuer Default Rating at BB-
---------------------------------------------------------------
Fitch Ratings affirmed Russia-based Renaissance Capital Holdings
Limited's ratings at Issuer Default BB- with Stable Outlook,
Short-term B, Individual C/D, and Support 5.  

The ratings of its subsidiary, Renaissance U.K. Holdings Limited
are affirmed at Issuer Default BB- with Stable Outlook, Short-
term B, Individual C/D, and Support 3.

At the same time, Fitch has assigned an expected Long-term
rating of BB- to the senior unsecured notes that are to be
issued by Renaissance Securities Trading Limited, under the
unconditional and irrevocable guarantee of Renaissance Capital
and under Renaissance Capital's US$1 billion euro medium-term
note Program.  The final rating is contingent upon receipt of
final documentation conforming materially to information already
received.

Renaissance Capital is a holding company and its ratings reflect
the group's good investment-banking franchise in Russia, its
strong profitability, its moderate leverage, its experienced
management team and its good risk management.  However, they
also take into account the group's reliance on the high risk
profile markets of Russia and, to a lesser extent, Ukraine for
its business, which will make for volatile revenues and earnings
over the long-term, as well as a complex group structure.

The ratings of RUKHL reflect Fitch's view that there would be a
strong propensity of RCHL to provide support for RUKHL, and the
high level of integration between the two businesses.

Upward pressure on Renaissance's Issuer Default rating and on
RUKHL's Issuer Default rating via support, is likely to be
limited given the group's sole focus on Russia and Ukraine and
its complex group structure.  

Downward pressure could result from a material downturn in
investor sentiment towards Russia, significant credit or market
losses, or a material increase in the group's leverage or risk
appetite.

Renaissance's performance has been very strong and its
performance outlook is positive while current conditions
persist.  However, its primary focus on Russia makes both it and
RUKHL vulnerable to a sharp, prolonged downturn in investor
confidence in Russia.  Efficiency and cost flexibility are
relatively strong.  Revenue diversification is improving by
product, if not by geography.

Management is experienced and consistently being upgraded both
in the front and back offices and at the executive level.  The
risk management function is good, but market risk is still
considered by Fitch to be high, although proprietary trading is
not a major activity.  Operational risk arises from the risk of
trade processing errors, trader misconduct and IT systems
failure.  An event that causes a serious blow to Renaissance
Capital's reputation could quickly affect the group.  

Renaissance Capital's biggest asset is its staff.  A departure
of key managers or staff would be a substantial threat.  Some
mitigation is provided by the equity participation of around 100
senior managers.

Liquidity is closely controlled and satisfactory, but asset
liquidity is susceptible to volatility.  Leverage has been
increasing but remains lower than at the global investment banks
and moderate.

The Renaissance Capital group was founded in 1995 and is now a
leading Russian and Ukrainian investment bank with the holding
company located in Bermuda.  RUKHL was created in 2000 in the
U.K. for the group's trading operations with non-CIS clients.


SILGOSPTEHNIKA: Court Commences Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region commenced
bankruptcy supervision procedure on OJSC Silgosptehnika (code
EDRPOU 03743641).  The case is docketed under Case No. B-16/266.

The Temporary Insolvency Manager is:

         Yurij Gorodchuk
         Promislovij Lane 6
         Tlumach
         78000 Ivano-Frankivsk Region
         Ukraine

The Economic Court of Ivano-Frankivsk Region is located at:

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Silgosptehnika
         S. Visochana Str. 11
         Gorodenka
         78100 Ivano-Frankivsk Region
         Ukraine


TRADE-SECURITIES: Court Names Maxim Vdovin as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Maxim
Vdovin as Liquidator/Insolvency Manager for LLC Trade-Securities
(code EDRPOU 32007866).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 8.  The case is docketed
under Case No. B 40/104/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Trade-Securities
         Chernishevskij Str. 1-A
         49000 Dnipropetrovsk Region
         Ukraine


ZHOVTEN: Court Names Nataliya Levchenko as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Cherkassy Region appointed Nataliya
Levchenko as Liquidator/Insolvency Manager for Agricultural LLC
Zhovten (code EDRPOU 03792533).  She can be reached at:

         Nataliya Levchenko
         Tobilevich Lane 9/1
         18023 Cherkassy Region
         Ukraine         

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 27.  The case is docketed
under Case No. 01/3747.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Zhovten
         Nova Greblya
         Zhashkivski District
         19226 Cherkassy Region
         Ukraine


===========================
U N I T E D   K I N G D O M
===========================


ABITIBI-CONSOLIDATED: Poor Market Conditions Spur Mill Closures
---------------------------------------------------------------
Around 700 workers at Abitibi-Consolidated Inc. are set to lose
their jobs as the Canadian forestry company closes four of its
paper mills on Oct. 16, The Toronto Star reports.

Yves Laflamme, Abitibi-Consolidated vice president, said in a
report from The Star that weakening market conditions for lumber
coupled with rising productions costs led to the closure
decisions.

CBC News relates that the four mills slated for closure are
located in the regions of Abitibi-Temiscamingue, Lac Saint-Jean
and the North Shore.

In August, Abitibi-Consolidated disclosed the suspension of
quarterly dividend payments as part of its efforts to reduce
debt starting in 2007 as well as provide liquidity and improve
profitability.  

Abitibi-Consolidated reported a US$48 million operating profit
for the second quarter of 2006, compared with an operating
profit of US$57 million for the same period in the prior year.  
The Company attributed lower operating profits in the 2006-
second quarter to the strength of the Canadian dollar, lower
prices in the wood products segment and higher cost of products
sold in the commercial printing papers segment.  According to
Abitibi-Consolidated, the 10.8% appreciation of the Canadian
dollar compared to the US dollar, is estimated to have had an
unfavorable impact of US$83 million on the quarterly operating
results.

                    About Abitibi-Consolidated

Abitibi-Consolidated, Inc. --
http://www.abitibiconsolidated.com/-- produces newsprint and  
commercial printing paper products from its 45 operating
facilities.  The Company also recycler newspapers and magazines,
diverting approximately 1.9 million tonnes of waste paper from
landfills annually.  The Company supplies customers in
approximately 70 countries including Canada, the United States
and the United Kingdom.  

                         *     *     *

Moody's Investors Service affirmed its B1 Corporate Family
Rating for Abitibi-Consolidated, Inc., in connection with its
implementation of the new Probability-of-Default and Loss-Given-
Default rating methodology for the North American Forest
Products sector.  Moody's placed LGD4 Loss-Given-Default ratings
to 15 of the Company's loan and bond debt obligations,
suggesting a debt holders will experience a 57% loss in the
event of a default.

As reported in the Troubled Company Reporter on May 1, 2006,
Dominion Bond Rating Service confirmed the ratings of Abitibi-
Consolidated Inc., and Abitibi-Consolidated Company of Canada at
BB (low).


ACCESS DEVICES: Brings In Smith & Williamson as Administrators
--------------------------------------------------------------
Anthony Murphy, Roger Tulloch and Robert Horton of Smith &
Williamson Ltd. were appointed joint administrators of Access
Devices Digital Ltd. (Company Number 4801471) on Sept. 28.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is  
an independent professional and financial services group
employing over 1,200 people.  It is the leading provider of
investment management, financial advisory and accountancy
services to private clients, professional practices, mid to
large corporates and non-profit organizations.

Access Devices Digital Ltd. can be reached at:

         6th Floor
         58 Uxbridge Road
         London W5 2ST
         United Kingdom
         Tel: 020 8799 4480
         Fax: 020 8799 4481


ADASOLVE LIMITED: Paul Appleton Leads Liquidation Procedure
-----------------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed Liquidator
of Adasolve Limited on Sept. 27 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Adasolve Limited
         18 Bellevue Road
         West Cross
         Swansea
         West Glamorgan SA3 5QB
         United Kingdom
         Tel: 01792 526 303


ANDREW KELLARD: Taps Smith & Williamson to Administer Assets
------------------------------------------------------------
Anthony Murphy and Robert Horton of Smith & Williamson Ltd. were
appointed joint administrators of Andrew Kellard Associates Ltd.
(Company Number 05134138) on Sept. 25.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is  
an independent professional and financial services group
employing over 1,200 people.  It is the leading provider of
investment management, financial advisory and accountancy
services to private clients, professional practices, mid to
large corporates and non-profit organizations.

Headquartered in Surrey, United Kingdom, Kellard Andrew
Associates Ltd. -- http://www.thinkaka.com/-- is engaged in  
marketing and design, from print-based projects- including
corporate brochures, magazines, advertising, direct mail and
incentive schemes- to e-commerce campaigns.


ASL SYSTEMS: Creditors' Meeting Slated for October 13
-----------------------------------------------------
Creditors of ASL Systems Limited (Company Number 00908900) will
meet at 11:00 a.m. on Oct. 13 at:

         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 12 at:

         Ian William Kings
         Administrator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom
         Tel: 0191 511 5000
         Fax: 0191 511 5001

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.


B & B INTERIOR: Appoints C. B. Barrett as Liquidator
----------------------------------------------------
C. B. Barrett of Unity Business Services LLP was appointed
Liquidator of B & B Interior Contracts Limited on Sept. 27 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         B & B Interior Contracts Limited
         Bridge House
         Harrow Road
         Bolton
         Lancashire BL1 4NH
         United Kingdom
         Tel: 01204 467700  


B & M INSURANCE: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Creditors of B & M Insurance Brokers Limited confirmed on
Sept. 11 the appointment of David A. Butler of Nunn Hayward as
the company's Liquidator.

The company can be reached at:

         B & M Insurance Brokers Limited
         38 High Street
         Tring
         Hertfordshire HP235AA
         United Kingdom
         Tel: 01442 890 033
         Fax: 01442 891 047


BEARINGPOINT INC: Moody's Cuts Ratings on US$450-Mln Bonds to B3
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of BearingPoint
Inc. and has placed the company's ratings on review for further
possible downgrade.  The rating actions reflect the company's
YTD September 2006 cash outflows, which have largely been driven
by higher than expected finance and accounting systems costs,
delays in filing its annual financial reports with the SEC, and
increased Q2 2006 voluntary employee turnover.

The review will focus on the company's prospects for reducing
costs to operate its accounting and financial systems, prospects
for becoming current on the filing of its SEC periodic reports,
reducing its voluntary turnover, and generating free cash flow.
As part of the review, Moody's will also assess the company's
prospects for either achieving bondholder consents or appealing
litigation (or disputing damage claims) stemming from a
September 2006 New York State Supreme Court Order, which grants
summary judgment to plaintiffs and finds the company in breach
under the indenture governing the company's 2.75% Series B
convertible subordinated debentures.

On Sept. 26, the company announced it has further delayed the
filing of its FY 2005 10-K as a direct consequence of the
September 2006 Order and does not expect to be current on the
filing of its SEC financial statements until the spring of 2007
at the earliest.  The company also announced that it expects
2006 cash will be negatively impacted by unanticipated, unusual,
and ongoing costs to operate its accounting and financial
systems and by unanticipated and unusual costs to retain its
employees.

Ratings downgraded and placed on review for further possible
downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

   * US$250 million series A subordinated convertible bonds due
     2024 --downgraded to B3 from B2

   * US$200 million series B subordinated convertible bonds due
     2024 --downgraded to B3 from B2

Headquartered in McLean, Virginia, BearingPoint Inc. is an I/T
systems integrator, consultancy, and managed services provider
for commercial and governmental entities worldwide.

In Europe, the company maintains operations in 15 countries
including Austria, France, Germany, the Netherlands,
Switzerland, and the United Kingdom.


BEARINGPOINT INC: S&P Holds Corp. Credit & Debt Ratings on Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services' ratings on McLean, Virginia-
based BearingPoint Inc., remained on CreditWatch with developing
implications, where they were placed on March 18, 2005,
reflecting concerns regarding continued financial reporting
problems and a recently announced order entered by the New York
State Supreme Court for New York County finding BearingPoint in
default under the indenture governing the company's 2.75% Series
B Convertible Subordinated Debentures because of a failure to
file timely regulatory reports.

"This court ruling also introduces the possibility that holders
of BearingPoint's other indebtedness could pursue a similar
notice of default or acceleration," said Standard & Poor's
credit analyst Philip Schrank.

Acceleration of the $200 million Series B debentures has not
been sought by the trustee, nor ordered by the court and the
company had almost $300 million in cash at Sept. 25, 2006.  

While indemnity agreements relating to surety bonds and certain
other customer contracts could also be impacted, no other class
of bond holder has yet filed a notice of default.

Furthermore, senior debt holders can exercise blocking rights on
payments, including acceleration, under certain terms of all
series of BearingPoint's subordinated debentures.

Although the company intends to appeal this ruling, and seek
waivers from a majority of each series of debentures, barring
either of these outcomes, BearingPoint would also face the
possibility that its debt obligations would be classified as
current, if it were to file its 10-k currently.

Standard & Poor's will continue to monitor BearingPoint's
progress toward completing its delayed filings and its
discussions with representatives of the holders of all of its
debentures and its banks.  

If progress is not made over the next few weeks in coming to
agreements with all creditor groups regarding waivers and
forbearance, the ratings will be lowered to the 'CCC' category.

Conversely, the ratings could be reviewed for a possible upgrade
following the resolution of all financial reporting issues and
agreements with all the creditors.

Ratings on CreditWatch:

  BearingPoint Inc.:

     * Corporate credit rating: B-/Watch Dev./--
     * Senior secured: B-/Watch Dev.
     * Senior unsecured: B-/Watch Dev.
     * Subordinated debt: CCC+/Watch Dev.


CAFE BLU: Creditors' Meeting Slated for October 18
--------------------------------------------------
Creditors of Cafe Blu Limited (Company Number 4467561) will meet
at noon on Oct. 18 at:

         Benedict Mackenzie LLP
         62 Wilson Street
         London EC2A 2BU
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 17 at:

         Anthony Peter McQueen Benedict
         Joint Administrator
         Benedict Mackenzie LLP
         3-4 Mulgrave Court
         Mulgrave Road
         Sutton
         Surrey SM2 6LF
         United Kingdom
         Tel: 020 7247 1174
         Fax: 020 7247 3494


COLT TELECOM: Receives Requisite Consents from Noteholders
----------------------------------------------------------
COLT Telecom Group Limited (formerly COLT Telecom Group plc) has
received requisite consents in respect of its 7.625% Notes due
2009.

COLT Telecom Group S.A. and COLT Telecom Group Limited disclosed
that, as of 5:00 p.m., London time, Oct. 9, holders representing
a majority in aggregate principal amount of the Notes have
validly delivered their consents in connection with the consent
solicitation announced on Sept. 25, the terms of which are set
out more fully in the Consent Solicitation Statement dated
Sept. 25.

As the requisite consents have been given, the Issuer and the
Trustee will shortly execute a supplemental indenture to the
Indenture.

The date for payment of the consent fee referred to in the
announcement dated Sept. 25 is Oct. 16.  On that date, the
Issuer will pay, or cause to be paid, to all holders of the
Notes who have delivered a valid consent on or before the
Expiration Date, and in accordance with the Statement, the
relevant consent fee.

Deutsche Bank AG, London Branch was the sole solicitation agent
in relation to the Solicitation.

Headquartered in London, United Kingdom, Colt Telecom --
http://www.colt.net/-- offers business communication services  
across Europe.  Through its fiber optic network, the Company
offers voice, bandwidth, e-business and managed network services
to finance, industry and service sector customers and
governments.

                        *     *     *

As reported in TCR-Europe on Aug. 8, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on
European business telecommunications provider COLT Telecom Group
Ltd. to 'B' from 'B-' and removed the ratings from CreditWatch,
where they were placed on Feb. 24.  S&P said the outlook is
stable.

The issue ratings on COLT's existing senior unsecured notes were
also raised to 'B' from 'B-' and removed from CreditWatch.
     
At the same time, Standard & Poor's assigned its 'B' long-term
corporate credit rating to COLT Telecom Group S.A., the new
ultimate parent of COLT.  S&P said the outlook is stable.

As reported in TCR-Europe on July 28, Moody's Investors Service
upgraded the rating of COLT Telecom Group Ltd.'s senior notes to
B2 from B3 following the successful completion of the equity
offering by COLT Telecom Group S.A.  Concurrently Moody's
assigned a B2 corporate family rating to COLT S.A. and removed
the B3 corporate family rating of COLT Telecom Group Ltd.
(formerly COLT Telecom Group plc).  This rating action concludes
the review initiated on May 16.  Moody's said the ratings
outlook is stable.

The B2 corporate family rating reflects both the strengthened
financial profile that has resulted from the successful
completion of the company's recent equity offering as well as
the improvements in operational performance demonstrated by the
group over the past eighteen months.


CORUS GROUP: Tata Steel to Launch a GBP5-Bln Takeover Bid
---------------------------------------------------------
India's Tata Steel is set to launch a GBP5 billion takeover bid
for Corus Group PLC, BBC News reports.

According to The Times, speculations on the possible takeover
bid rose after Tata told the Stock Exchange that it was
considering a number of takeover opportunities, including Corus.  
It is also believed that Tata may choose Corus's option of a
joint venture rather than a full takeover.

Tata had prepared a GBP3.5 billion financing deal to make the
acquisition, BBC cited Sunday Telegraph.

Corus did not comment on Tata's statement of interest, but the
Takeover Panel has put the company in an offer period because of
the specified interest by the Indian company.  Corus is expected
to make a definitive statement if it receives a formal offer by
Tata.

                        About Tata Steel

Headquartered in Mumbai, India, Tata Steel --
http://www.tatasteel.com/-- is Asia's first and India's largest  
private sector steel company.  Tata Steel is among the lowest
cost producers of steel in the world and one of the few select
steel companies in the world that is EVA+ (Economic Value
Added).  It is a small steel producer by global standards, but
has the backing of the giant Tata Group, one of India's largest
companies with interests as diverse as carmaking,
communications, tea and oil.

                        About Corus Group

Corus Group PLC -- http://www.corusgroup.com/-- produces metal  
from its major operating facilities in the U.K., the
Netherlands, Germany, France, Norway, Belgium and Canada.  Corus
turns over GBP10 billion annually and employs 47,300 in over 40
countries and sales offices and service centers worldwide,
including Indonesia and the Philippines.  Corus was created
through the merger of British Steel plc and Koninklijke
Hoogovens N.V.

The group suffered six years ago from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                          *     *     *

As reported by TCR-Europe on June 21, Standard & Poor's removed
Corus Group PLC's CreditWatch and raised its long-term corporate
credit rating to 'BB' from 'BB-', reflecting the group's
improved financial risk profile.  S&P said the Outlook is
stable.

Fitch Ratings changed Corus Group PLC's Outlook to Positive from
Stable and affirmed the Issuer Default Rating at BB- following
the company's announcement of its 2005 results and plan to
dispose its aluminium business for EUR826 million.  Corus'
affirmed debt instruments include:

   a) Corus Group PLC EUR800 mln 7.5% senior notes B+;

   b) Corus Group PLC EUR307 mln 3.0% convertible bonds B+;

   c) Corus Finance PLC GBP200 mln 6.75% guaranteed bonds B+;
      and

   d) Corus Finance PLC EUR20 mln 5.375% guaranteed bonds B+.

As reported in the TCR-Europe on May 11, Moody's Investors
Service upgraded Corus Group plc's corporate family rating to
Ba2, upgraded its senior unsecured and supported unsecured
obligations to B1 and raised senior secured bank facility to
Ba1.


DISABILITY ACCESS: Names Liquidators from Poppleton & Appleby
-------------------------------------------------------------
Stephen James Wainwright and Stephen Lord of Poppleton & Appleby
were appointed Liquidators of The Disability Access Service
Limited on Sept. 27 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         The Disability Access Service Limited
         Charlotte House
         Queens Dock Commercial Centre
         Norfolk Street
         Liverpool
         Merseyside L1 0BG
         United Kingdom
         Tel: 0870 757 8487


FIBRES WORLDWIDE: Appoints Deloitte & Touche as Administrators
--------------------------------------------------------------
Ian Brown, William Kenneth Dawson and Lee Antony Manning of
Deloitte & Touche LLP were appointed joint administrators of
Fibres Worldwide Ltd. (Company Number 05543624) on Sept. 26.

Headquartered in London, Deloitte & Touche LLP --
http://www.deloitte.com/-- is the United Kingdom member firm of  
Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are
separate and independent legal entities.  It provides audit,
tax, consulting and corporate finance services through more than
9,000 people in 21 locations.  

Headquartered in Grimsby, United Kingdom, Fibres Worldwide Ltd.
manufactures man-made fibers.


GEMFLEX ENGINEERING: Brings In Begbies Traynor as Administrators
----------------------------------------------------------------
Peter A. Blair and Richard A. B. Saville of Begbies Traynor were
appointed joint administrators of Gemflex Engineering Ltd.
(Company Number 02582669) on Sept. 26.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,  
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.  

Headquartered in Ilkeston, United Kingdom, Gemflex Engineering
Ltd. manufactures fabricated metal products.


GENERAL MOTORS: S&P Keeps Low-B Ratings on Watch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' long-term
and 'B-3' short-term corporate credit ratings on General Motors
Corp. would remain on CreditWatch with negative implications,
where they were placed March 29.  The CreditWatch update follows
the announcement that GM, Nissan Motor Co. Ltd., and Renault
S.A. are no longer in talks to explore a global automotive
partnership.  Standard & Poor's had not factored any potential
benefits of an alliance into GM's ratings.
      
"Although such an alliance might have brought some cost savings
in manufacturing, purchasing, or marketing," said Standard &
Poor's credit analyst Robert Schulz, "any benefits would likely
have taken a long time to materialize and would have been
accompanied by substantial execution risks, given the complexity
involved."
     
GM's ratings are likely to remain on CreditWatch until we are
able to ascertain the financial effect on GM of its exposure to
bankrupt former unit Delphi Corp., and until the sale of a 51%
stake in GMAC LLC (formerly General Motors Acceptance Corp.) to
an investor consortium is at or near completion. We believe the
Delphi situation will be resolved first, although resolution is
not required for the GMAC sale.
     
Beyond these events, Standard & Poor's will focus on GM's
progress in improving its troubled North American automotive
operations.  The possibility that Kirk Kerkorian's Tracinda
Corp. will increase its ownership stake in GM to about 12% from
9.9% could increase pressure on management to shift from
existing strategies.  However, given Tracinda's existing board
representation, the potential effect of a higher stake is not
likely to be a significant factor in the CreditWatch resolution.
     
GM is suffering from meaningful market share erosion in the U.S.
and marked deterioration of its product mix, most notably a
precipitous weakening of sales of its midsize and large SUVs.
These negative trends have vividly exposed the extent of
capacity and cost challenges that need to be addressed in North
America.  

GM is undertaking yet another significant round of cost
reductions, production capacity cuts, and workforce
rationalization.  Yet, sustainable improvements in North America
will also require success with product acceptance and pricing,
in addition to cost reductions.  Some--but not all--new products
launched in 2006 are selling well.  Prospects for GM's important
late 2006 launch of a new full-size pickup truck are uncertain,
given softness and competition in that segment.
     
Executed cost reductions include the negotiation of an agreement
with the United Auto Workers providing for reduced health care
costs.  Yet, this agreement will only partly address the
competitive disadvantage posed by GM's health care burden.
Moreover, cash savings will not be realized until 2008 because
GM agreed to make a total of US$2 billion in contributions to a
newly formed VEBA trust during 2006 and 2007.
     
GM is also substantially reducing headcount through an
accelerated attrition plan under which more than 34,000 hourly
employees have agreed to leave.  Although up to 5,000 Delphi
employees can return to GM, GM will reach its 2008 goal of
reducing 30,000 manufacturing jobs about two years early.  GM
took a net after-tax charge in the second quarter of about
US$3.7 billion related to the attrition program.
     
The most pressing near-term issue remains GM's exposure to
Delphi, its former unit and important supplier.  Hearings on
Delphi's request to reject its labor contracts and unprofitable
supply contracts with GM have been postponed a number of times
during 2006, although we expect negotiations between Delphi, the
United Auto Workers, and GM to continue.  The court has
scheduled a conference for Oct. 19.  Standard & Poor's expects a
resolution that does not entail a Delphi strike, partly because
Delphi's attrition program was also very successful, but also
because a strike would be catastrophic for GM.  Delphi's much
lower headcount is likely to be an important factor in resolving
GM's exposure to the Delphi situation.
     
Deterioration of GM's credit quality has limited GMAC's funding
capabilities, and GM has agreed to sell a 51% ownership stake in
GMAC to a consortium headed by unrated Cerberus Capital
Management.  If the sale is completed, net cash proceeds to GM
at closing are expected to be about US$8 billion, which
represents about US$10 billion received by closing less amounts
reinvested in GMAC as part of the transaction.  These proceeds
would bolster GM's liquidity significantly.  Several key closing
conditions have recently been satisfied.  However, the
consortium is now considering how to deal with an unexpected
six-month FDIC moratorium on approving ownership changes
affecting industrial loan companies to avoid delaying the
targeted closing date of late 2006.


GENIUS CREATIVE: Taps Liquidators from Begbies Traynor
------------------------------------------------------
Michael Edward George Saville and Rob Sadler of Begbies Traynor
were appointed Joint Liquidators of Genius Creative Public
Relations Limited on Sept. 26 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Genius Creative Public Relations Limited
         Queen Square
         Leeds
         West Yorkshire LS2 8AJ
         United Kingdom
         Tel: 077 6604 6479


GROUTAGE & INGRAM: Claims Filing Period Ends Nov. 3
---------------------------------------------------
Creditors of Groutage & Ingram Limited have until Nov. 3 to send
in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
C. H. I. Moore at:

         K. J. Watkin & Co.
         Emerald House
         20-22 Anchor Road
         Aldridge
         Walsall
         United Kingdom

Headquartered in Birmingham, England, Groutage & Ingram Limited
manufactures pre-cast concrete products.


HUIA LIMITED: Taps Kroll to Administer Assets
---------------------------------------------
Fraser J. Gray and Andrew J. Pepper of Kroll Ltd. were appointed
joint administrators of Huia Ltd. (Company Number 05194868) on
Sept. 26.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Headquartered in London, United Kingdom, Huia Ltd. buys and
sells own real estate.


IMMERSIVE MEDIA: Hires Liquidator from David Horner & Co.
---------------------------------------------------------
David Anthony Horner of David Horner & Co. was appointed
Liquidator of Immersive Media Spaces Limited on Sept. 26 for the
creditors' voluntary winding-up procedure.

Headquartered in York, England, Immersive Media Spaces Limited
-- http://www.immersivemediaspaces.co.uk/-- provides bespoke  
and off-the-shelf accessible interactive technology that turns
movement to music, sound, light, video and special effects.
The company also offers advice training and customer specific
research and development services.


INDUSTRIAL PYROMETER: Creditors' Meeting Slated for Oct. 18
-----------------------------------------------------------
Creditors of The Industrial Pyrometer Company Limited (Company
Number 00432152) will meet at 10:30 a.m. on Oct. 18 at:

         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         West Midlands B72 1TU
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 17 at:

         G. Irwin
         Administrator
         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         Birmingham
         West Midlands B72 1TU
         United Kingdom
         Tel: 08700 111812
         Fax: 08700 111813
         E-mail: mail@irwinuk.net


INFOCELL TELECOM: Hires Administrators from Chantrey Vellacott
--------------------------------------------------------------
William John Turner and Kevin Anthony Murphy of Chantrey
Vellacott DFK LLP were appointed joint administrators of
Infocell Telecom Ltd. (Company Number 03841706) on Sept. 26.

Headquartered in Hove, East Sussex, Chantrey Vellacott DFK --
http://www.cvdfk.com/-- is one of the oldest firms of chartered  
accountants in the United Kingdom.  It provides accounting,
taxation and related advisory services.  

Infocell Telecom Ltd. can be reached at:

         Mint House
         Copthorne Common
         Copthorne
         Crawley
         West Sussex RH10 3LF
         United Kingdom
         Tel: 01342 719 196


JSB SECURITIES: Claims Filing Period Ends Oct. 22
-------------------------------------------------
Creditors of JSB Securities (Liverpool) Limited have until
Oct. 22 to send their names and addresses, and prove their debts
or claims in writing to appointed Liquidator Gerard Keith Rooney
at:

         Rooney Associates
         2nd Floor
         19 Castle Street
         Liverpool L2 48X
         United Kingdom

The company can be reached at:

         JSB Securities (Liverpool) Limited
         66 Ennerdale Drive
         Liverpool
         Merseyside L21 5JB
         United Kingdom
         Tel: 0151 284 7814


KEYHOLDERS LIMITED: Creditors' Meeting Slated for October 17
------------------------------------------------------------
Creditors of Keyholders (U.K.) Limited (Company Number 04411397)
will meet at 10:30 a.m. on Oct. 17 at:

         The Institute of Chartered Accountants
         Chartered Accountants Hall
         Moorgate Place
         London EC2P 2BJ
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 16 at:

         David Norman Kaye
         Administrator
         Crawfords
         Stanton House
         41 Blackfriars Road
         Salford
         Manchester M3 7DB
         United Kingdom
         Tel: 0161 828 1000
         Fax: 0161 832 1829


KOOKABURRA HOLDINGS: Brings In Kroll to Administer Assets
---------------------------------------------------------
Fraser J. Gray and Andrew J. Pepper of Kroll Ltd. were appointed
joint administrators of Kookaburra Holdings Ltd. (Company Number
05194809) on Sept. 26.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Kookaburra Holdings Ltd. can be reached at:

         32 Carnaby Street
         City of Westminster
         London W1F 7DN
         United Kingdom


LOBLITE LIMITED: Appoints PKF as Joint Administrators
-----------------------------------------------------
William Duncan and Ian Schofield of PKF (U.K.) LLP were
appointed joint administrators of Loblite Ltd. (Company Number
355115) and Loblite Electric Ltd. (Company Number 3141519) on
Sept. 25.

PKF (U.K.) LLP -- http://www.pkf.co.uk-- is one of the U.K.'s  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

Loblite Ltd. and Loblite Electric Ltd. can be reached at:

         Third Avenue
         Team Valley Trading Estate
         Gateshead
         Tyne and Wear NE1 10QQ
         United Kingdom
         Tel: 0191 487 8103
         Fax: 0191 482 0270


MEGA BUILDING: Calls In Liquidators from Rothman Pantall
--------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman of Rothman
Pantall & Co. were appointed Joint Liquidators of Mega Building
Contracts Limited on Sept. 26 for the creditors' voluntary
winding-up procedure proceeding.

The company can be reached at:

         Mega Building Contracts Limited
         20 Craven Ter
         Lancaster Gate
         London W2 3QH
         United Kingdom
         Business Directory
         020 7262 3322


MMV PROJECTS: Appoints Peter O'Hara to Liquidate Assets
-------------------------------------------------------
Peter O'Hara of O'Hara & Co. was appointed Liquidator of MMV
Projects Limited on Sept. 26 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         MMV Projects Limited
         6 Hawthorn Croft
         Lofthouse
         Wakefield
         West Yorkshire WF3 3ST
         United Kingdom
         Tel: 01924 827 061


PALACE PANELS: Creditors' Meeting Slated for October 12
-------------------------------------------------------
Creditors of Palace Panels Limited (Company Number 04257850)
will meet at 11:00 a.m. on Oct. 12 at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire SO53 3TZ
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 11 at:

         Carl Stuart Jackson
         Joint Administrator
         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire SO53 3TZ
         United Kingdom
         Tel: 023 8064 6464
         Fax: 023 8064 6666

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.


RANK GROUP: Cancels One Million Shares in Buy Back Program
----------------------------------------------------------
The Rank Group Plc purchased 1,000,000 Ordinary shares of
10 pence in the Company for cancellation at an average price of
233.0225 pence per share.

                       About Rank Group

Headquartered in London, Rank Group PLC -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

On March 6, 2006, Moody's Investors Service assigned a Ba2
corporate family rating to The Rank Group Plc and concurrently
downgraded the senior unsecured long-term debt ratings of Rank
Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from
Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the ou


SURREY COLLEGE: Brings In Liquidators from Blades Insolvency
------------------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services were appointed Joint Liquidators of Surrey College
Limited on Sept. 27 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Surrey College Limited
         Bonsall Street
         Long Eaton
         Nottingham
         Nottinghamshire NG102AN
         United Kingdom
         Tel: 01483 565 887
         Fax: 01483 534 777


TANYA KNITWEAR: Taps BWC to Administer Assets
---------------------------------------------
Gary Edgar Blackburn and Paul Andrew Whitwam of BWC Business
Solutions were appointed joint administrators of Tanya Knitwear
Ltd. (Company Number 04806344) on Sept. 26.

The administrators can be reached at:

         BWC Business Solutions
         8 Park Place
         Leeds
         West Yorkshire LS1 2RU
         United Kingdom
         Tel: 0113 243 3434
         Fax: 0113 243 5049
         E-mail: bwc@bwc-solutions.com

Tanya Knitwear Ltd. can be reached at:

         Ferry Road
         Fiskerton
         Lincoln
         Lincolnshire LN3 4HU
         United Kingdom
         Tel: 01522 595 500


UVINE.COM LIMITED: Brings In Administrators from Elwell Watchorn
----------------------------------------------------------------
Graham Stuart Wolloff and John Michael Munn of Elwell Watchorn &
Saxton LLP were appointed joint administrators of Uvine.Com Ltd.
(Company Number 038855056) on Sept. 26.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.

Uvine.Com Ltd. can be reached at:

         9 Tanner Street
         Southwark
         London SE1 3LE
         Business Directory
         Tel: 020 7089 2200
         Fax: 020 7518 1556


WEM ELECTRICAL: Taps T. Papanicola to Liquidate Assets
------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed Liquidator of
Wem Electrical Supplies Limited on Sept. 21 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Wem Electrical Supplies Limited
         Unit C6
         Wem Industrial Estate
         Soulton Road
         Wem
         Shrewsbury
         Shropshire SY4 5SD
         United Kingdom
         Tel: 01939 236 660


WHITEOAK PACKAGING: Brings In Menzies to Administer Assets
----------------------------------------------------------
Andrew John Duncan and Andrew Gordon Stoneman of Menzies
Corporate Restructuring were appointed joint administrators of
Whiteoak Packaging Ltd. (Company Number 05651603) on Sept. 25.

Headquartered in London, Menzies Corporate Restructuring --
http://www.menzies.co.uk/-- is a member of Moores Rowland  
International, an association of independent accounting firms
throughout the world with some 20,800 partners and staff,
operating from 628 offices in 92 countries.  MRI, which is
ranked 8th amongst the leading international accounting
associations, achieved global revenues of US$1,800 million in
2003.

Whiteoak Packaging Ltd. can be reached at:

         Freebournes Road
         Witham
         Essex CM8 3DA
         United Kingdom
         Tel: 01376 512501  


WHORTON REEVES: Hires Eileen T. F. Sale to Liquidate Assets
-----------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of Whorton Reeves Patternmakers Limited on Sept. 26
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Whorton Reeves Patternmakers Limited
         Silver End Industrial Estate
         Brettell Lane
         Brierley Hill
         West Midlands DY5 3LA
         United Kingdom
         Tel: 01384 261 406


* Moody's Reports Low High-Yield Default Rate in Third Quarter
--------------------------------------------------------------
Moody's global speculative-grade trailing 12-month default rate
ended the third quarter at 1.5%, marking a fresh low in the
default rate for speculative-grade corporate issuers in this
credit cycle, reports Moody's Investors Service.

Prior to September's data, the default rate had been range-bound
between 1.6% and 2.1% since May 2005.  The third quarter figure
is also the fourth lowest level on record since 1985; in only
three other months has the default rate been lower (May 1997,
March 1995 and April 1995).  The global speculative-grade
default rate is down from 1.8% in the second quarter and from
1.9% at the start of the year.

The latest results of Moody's speculative-grade default rate
forecasting model suggest that the default rate may be at or
near a low for this credit cycle.  Moody's model also indicates
that the speculative-grade default rate is likely to rise
marginally in the short run.  Moody's forecasting model predicts
that the global issuer-weighted speculative-grade default rate
will rise from its current 1.5% level to 2.6% by the end of
September 2007.  Moody's model also indicates that the
speculative-grade default rate will remain virtually unchanged
for the remainder of 2006 at 1.5%.

Measured on a dollar volume basis, Moody's global speculative-
grade default rate fell more sharply, from 4.0% for the 12-month
period ending the second quarter to 2.1% ending the third
quarter.  The substantial decline is primarily due several very
large defaults in September 2005 passing out of the numerator of
the default rate, including last year's biggest default, Charter
Communications Holdings, LLC, and two U.S. airlines, Delta and
Northwest.  The current dollar weighted default rate is also
significantly down this year's beginning level of 3.8%.  At this
time of last year, the global dollar-weighted default rate was
seen at 3.9%.

In the third quarter, a total of five Moody's-rated corporate
bond issuers defaulted.  The first quarter of 2006 saw three
bond defaults while the second quarter experienced six.  In the
month of September there were two corporate bond defaults.
September's defaults include Charter Communications, Inc.
(US$450 million) and Premier Entertainment Biloxi LLC (US$160
million).  All of the 14 corporate bond defaults so far this
year have been U.S.-based issuers except for Global Automotive
Logistics S.A.S., which is based in France.  By comparison,
there were a total of 24 defaults in the first three quarters of
2005, 21 from the U.S., two from Sweden, and one from Brazil.

In terms of defaulted volume, a total of US$901 million of bonds
were recorded in the third quarter of 2006, down from US$1.4
billion in the second quarter and down from US$1.9 billion in
the first quarter.  Accompanying the slowing pace in the number
of defaults in 2006 has been a fall in the average size of
default.  The average default size (year-to-date) is roughly
US$300 million per issuer, less than half of the US$725 million
average size in 2005 and roughly equivalent to the long-run
average since 1980.  Dana Corp (US$1.6 billion) is the largest
default in 2006 so far.

Among U.S. speculative-grade issuers, the issuer-weighted
default rate finished the third quarter at 1.9%, down from 2.4%
ending the previous quarter as well as the prior year.  Measured
on a dollar volume basis, the default rate among U.S.
speculative-grade issuers dropped significantly, from 4.6% for
the 12-months ending the second quarter to 2.4% ending the third
quarter.  At the beginning of 2006, the U.S. speculative-grade
dollar-weighted default rate was 4.3%.

In Europe, with no additional Moody's-rated defaults in the last
four months, both the issuer- and dollar-weighted speculative-
grade default rates remained unchanged from the second quarter
to the third quarter.  The issuer-weighted default rates stayed
at 0.5% while the dollar-weighted series remained at 1.1%.  A
year ago, the issuer- and dollar-weighted European default rate
was noticeably higher at 1.6% and 1.4% respectively.

In the leveraged loan market, there were no Moody's-rated loan
issuer defaults in the third quarter, leaving the year-to-
default loan default counts unchanged from the previous quarter
of five: four from the U.S. and one from France.  For the
comparable period in 2005, there were altogether 6 loan
defaults, all by U.S. issuers.  Defaulted loans total US$1.4
billion thus far in 2006, much lower than the US$4.0 billion
year-to-date total for the same period of last year.

Default rates among U.S. speculative-grade loan issuers finished
at 1.0% for the 12-month period ending the third quarter.  The
current loan default rate is down from the 1.5% level recorded
at the end of the second quarter as well as one year prior.

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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