TCREUR_Public/061012.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

           Thursday, October 12, 2006, Vol. 7, No. 203

                            Headlines


A U S T R I A

FINANZPLANUNG: Innsbruck Court Orders Business Shutdown
GULU: Property Manager Declares Insufficient Assets
ROLLING HOMES: Claims Registration Period Ends October 20
SLETT: Claims Registration Period Ends October 31
SV: Claims Registration Period Ends October 31


B E L A R U S

BELPROMSTROIBANK: Fitch Upgrades Individual Rating to D/E


B E L G I U M

CHEMTURA CORP: Settles Federal Rubber Chemical Suits for US$51MM
STERIGENICS INT'L: Moody's Rates US$320 Mil. Facilities at B2
STERIGENICS INT'L: S&P Rates US$320 Mil. Credit Facilities at B+


D E N M A R K

STERIGENICS INT'L: Moody's Rates US$320 Mil. Facilities at B2
STERIGENICS INT'L: S&P Rates US$320 Mil. Credit Facilities at B+


F R A N C E

LOUDEYE CORP: Shareholders File Securities Fraud Class Action


G E O R G I A

METROMEDIA INT'L: Names William Harley as Independent Director


G E R M A N Y

AL ENGINEERING: Creditors' Meeting Slated for October 18
ALTERNA PLANUNGS: Creditors' Meeting Slated for October 18
BENQ MOBILE: Siemens Sets Up EUR35-Mln Fund to Aid Employees
CHIQUITA BRANDS: Gets Waiver from Lenders on Sr. Credit Facility
FAR OUT: Creditors' Meeting Slated for October 17

FEYOCK AUTOCENTRUM: Creditors' Meeting Slated for October 17
HIB HEIZUNG: Claims Registration Ends October 19
HUSTLER GERMANY: Claims Registration Ends October 19
LUENEBURG ESTRICH: Claims Registration Ends October 18
MOEBELWERK WACHSMANN: Claims Registration Ends October 16

OEZKAYA MONTAGETECHNIK: Claims Registration Ends October 17
POLYDAMMFORM GMBH: Claims Registration Ends October 16
R.T. ASSEKURANZ: Creditors' Meeting Slated for October 19
TOK CAN: Claims Registration Ends October 16
WERKZEUG-FORMENBAU: Claims Registration Ends October 17


I R E L A N D

ZENIT CAPITAL: Fitch Assigns B Rating on Upcoming Eurobond Issue


I T A L Y

PSEG ENERGY: Moody's Assigns Loss-Given-Default Ratings


K A Z A K H S T A N

ALAU: Creditors Must File Claims by Nov. 3
ART SYNTEZ: Creditors Must File Claims by Nov. 1
AYTAS-SEMEY: Proof of Claim Deadline Slated for Nov. 1
KEMENGER-75: Proof of Claim Deadline Slated for Nov. 1
NATSIONALNOYE AGENSTVO: Claims Registration Ends Nov. 1

NNK-5: Claims Registration Ends Nov. 3
SEVAL: Karaganda Court Opens Bankruptcy Proceedings
SPETSTECHTSENTR KZ: Creditors' Claims Due Nov. 1
TASZAIMKA: Karaganda Court Begins Bankruptcy Proceedings
UPRAVLENIE MEHANIZIROVANNYH: Creditors' Claims Due Nov. 1


K Y R G Y Z S T A N

AEROKON: Proof of Claim Deadline Slated for Nov. 19


L U X E M B O U R G

PSB FINANCE: Parent Begins Eurobond Road Show in Singapore


P O R T U G A L

INTERTAPE POLYMER: Moody's Cuts Rating on Senior Bond to Caa1


R O M A N I A

CFR MARFA: Moody's Affirms Ba2 Rating with Negative Outlook


R U S S I A

ALLIANCE: Court Names S. Suvorov as Insolvency Manager
ARISTON: Court Names P. Tumbasov as Insolvency Manager
BOGORODITSKIY BAKERY: Bankruptcy Hearing Slated for Nov. 21
GAZPROM OAO: Shuts Foreign Companies from Shtokman Field
GAZPROM OAO: Naftogaz Ukrainy to Stop Gas Import in 2007

INTERNATIONAL MOSCOW: Fitch Affirms Individual Rating at C/D
KIREEVSKIY BAKERY: Bankruptcy Hearing Slated for Nov. 21
LIPKOVSKIY BAKERY: Bankruptcy Hearing Slated for Nov. 21
META - INVEST: Court Names Sh. Fazailov as Insolvency Manager
METROMEDIA INT'L: Names William Harley as Independent Director

MONOLITH AVK: Court Starts Bankruptcy Supervision Procedure
NOVOANNINSKIY: Court Names Y. Makarova as Insolvency Manager
NOVOSILSKIY DIARY: Under Bankruptcy Supervision Procedure
OPTIMUM-STROY: Court Names S. Suvorov as Insolvency Manager
POCHEP-MEAT-PROM: Court Names S. Suvorov as Insolvency Manager

PROMSVYAZBANK JSCB: To Place B-Rated Eurobonds in Singapore
RENAISSANCE CAPITAL: Low Risk Profile Prompts Moody's Ba3 Rating
RUSSIAN COMPANY: Court Names Y. Chernikova as Insolvency Manager
SEVERSTAL OAO: Confirms IPO, Listing Plan in London
SEVERSTAL OAO: Moody's Lifts US$700 Million Notes' Rating to B2

SUAL INT'L: Merger Spurs Moody's to Review Ratings & May Upgrade
UNIASTRUM BANK: Moody's Assigns E+ Financial Strength Rating
URAL-COOPER: Court Names S. Suvorov as Insolvency Manager
VEK RUSI: Court Names S. Suvorov as Insolvency Manager
VIMPELCOMM: Strong Performance Cues S&P to Lift Rating to BB+

ZENIT CAPITAL: Fitch Assigns B Rating on Upcoming Eurobond


S P A I N


CHEMTURA CORP: Settles Federal Rubber Chemical Suits for US$51MM
SANYO ELECTRIC: To Reduce Group Firms by 10% to Stay in Black


T U R K E Y

ARCELIK A.S.: Fitch Places Local Currency IDR on Watch Negative


U K R A I N E

AGROTEHNIKA: Poltava Court Starts Bankruptcy Supervision
BUKROS: Poltava Court Starts Bankruptcy Supervision
CHAJKA VMS: Sevastopol Court Starts Bankruptcy Supervision
NAFTOGAZ UKRAINY: Prime Minister Yanukovych Foresees Bankruptcy
NAFTOGAZ UKRAINY: To Stop Buying Gazprom Fuel in 2007

PARTNER-TRANS: Court Names U. Glushenko as Insolvency Manager
RESURSINVEST: Dnipropetrovsk Court Starts Bankruptcy Supervision
SEMZ-MARKET: Court Names Oleksandr Pashenko as Liquidator
SHORS GRANITE: Court Names Oleg Martinov as Insolvency Manager
TEHNOSPECBUD-F: Court Names Sergij Bagmet as Insolvency Manager


U N I T E D   K I N G D O M

ANGEL GATE: Appoints Portland Business as Administrators
ANTAR EQUIPMENT: Appoints BDO Stoy to Administer Assets
AUTOBRAID LIMITED: Hires Joint Administrators from F A Simms
BERTRAM GOUGH: Appoints Administrators from Poppleton & Appleby
BRITISH AIRWAYS: Key Executives Resign Amid Cartel Probe

CHIQUITA BRANDS: Gets Waiver from Lenders on Sr. Credit Facility
COLLINS & AIKMAN: District Court Dismisses GECC's Appeal
CONSTELLATION BRANDS: Earns US$68 Mln for Quarter Ended Aug. 31
ELGIN & HALL: Names Alisdair J. Findlay as Administrator
EUROPEAN FLEET: Brings In F A Simms to Administer Assets

HONOURS PLC: Moody's Rates GBP11.95-Mln Class D Notes at (P)Ba2
IAN MEARNS: Taps Joint Administrators from DTE
KHILKOFF-BOULDING: Brings In Administrators from Begbies Traynor
LEVI STRAUSS: Moody's Assigns Loss-Given-Default Rating
LOUDEYE CORP: Shareholders File Securities Fraud Class Action

METRIX SECURITIES: S&P Assigns BB Ratings on Class E Notes
OCEAN GOLD: National Westminster Appoints Begbies as Receivers
P GARNETT: Creditors' Meeting Slated for October 18
PHILLIPS-VAN HEUSEN: Moody's Assigns Loss-Given-Default Rating
SANYO ELECTRIC: To Reduce Group Firms by 10% to Stay in Black

SOFTBANK CORP: S&P Affirms BB- Rating on EUR500-Million Notes
TARGUS GROUP: Weak Profitability Prompts S&P's Negative Outlook

* PwC Appoints Javier Rubinstein as Global General Counsel
* Upcoming Meetings, Conferences and Seminars


                            *********

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


FINANZPLANUNG: Innsbruck Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Innsbruck entered an order Sept. 5 shutting
down the business of LLC Finanzplanung (FN 167401d).  Court-
appointed property manager Christian J. Winder determined that
continuing the operation of the business would reduce the value
of the estate.

The property manager can be reached at:

         Dr. Christian J. Winder
         c/o Dr. Klemens Stefan Zelger
         Anichstrasse 1
         2nd Floor
         6020 Innsbruck, Austria
         Tel: 0512/576369
         Fax: 0512/566082
         E-mail: cjwinder@tirol.com

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on July 6 (Bankr. Case No. 19 S 69/06d).  Klemens
Stefan Zelger represents Dr. Winder in the bankruptcy
proceedings.


GULU: Property Manager Declares Insufficient Assets
---------------------------------------------------
Dr. Ulrike Bauer, the court-appointed property manager for
Construction LLC Gulu (FN 261546b), declared Sept. 5 that the
Debtor's property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 27 (Bankr. Case No. 45 S 42/06i).  Michael Rebasso
represents Dr. Bauer in the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Ulrike Bauer
         c/o Mag. Michael Rebasso
         Elizabeth Route 26
         1010 Vienna, Austria
         Tel: 587 78 20
         Fax: 587 78 20 9
         E-mail: ra.bauer@aon.at


ROLLING HOMES: Claims Registration Period Ends October 20
---------------------------------------------------------
Creditors owed money by Trade LLC Rolling Homes (FN 222961i)
have until Oct. 20 to file written proofs of claims to court-
appointed property manager Gernot Faber at:

         Mag. Gernot Faber
         Neunkirchnerstr. 34
         2700 Wiener Neustadt, Austria
         Tel: 02622/82118
         Fax: 02622/82118-6
         E-mail: kanzlei@ra-faber.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Nov. 2 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Sept. 5 (Bankr. Case No. 10 S 75/06t).


SLETT: Claims Registration Period Ends October 31
-------------------------------------------------
Creditors owed money by LLC Slett (FN 255344g) have until
Oct. 31 to file written proofs of claims to court-appointed
property manager Michael Lesigang at:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Vienna, Austria
         Tel: 715 25 26
         Fax: 715 25 26 27
         E-mail: michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:00 p.m. on Nov. 14 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 5 (Bankr. Case No. 6 S 77/06z).


SV: Claims Registration Period Ends October 31
----------------------------------------------
Creditors owed money by LLC SV (FN 257450d) have until Oct. 31
to file written proofs of claims to court-appointed property
manager Edmund Roehlich at:

         Dr. Edmund Roehlich
         c/o Dr. Richard Proksch
         Heumarkt 9/I/11
         1030 Vienna, Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:45 p.m. on Nov. 14 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 5 (Bankr. Case No. 6 S 76/06b).  Richard Proksch
represents Dr. Roelich in the bankruptcy proceedings.


=============
B E L A R U S
=============


BELPROMSTROIBANK: Fitch Upgrades Individual Rating to D/E
---------------------------------------------------------
Fitch Ratings upgraded Belarus-based Belpromstroibank's
Individual rating to D/E from E.  At the same time, the agency
has affirmed the bank's other ratings at Issuer Default B-,
Short-term B, and Support 5.  The Outlook on the Issuer Default
Rating remains Stable.

The upgrade of the Individual rating reflects the bank's
strengthened franchise, continued track record of sound asset
quality, improved earnings performance and greater funding
diversification.  The bank's stand-alone financial strength also
benefits from its satisfactory liquidity position, expanding
retail banking operations and the leveraging of its long-term
relationships with corporate clients.

However, the Individual rating also takes into consideration
BPB's challenging operating environment, including the actual
and potential government influence on the bank's activities, the
weak capital position and significant loan concentrations.

The Issuer Default, Short-term and Support ratings consider the
potential support the bank is likely to receive from the state
if needed.  Upward movement in the bank's IDR would only be
possible if the sovereign's credit position improves, while
downward pressure on the IDR would result from a weakening of
the sovereign's credit position.

Further upside potential for the Individual rating could result
from substantial improvements in the operating environment and
BPB's capitalization.

The Ministry of Economy owns 76.6% of BPB; 8.9% is owned by
state-owned enterprises.  The Belarusian government has stated
its intention to remain the majority owner of the bank until at
least 2010.  The bank was founded in 1923 but has existed in its
current form since 1991, when the former Belarus branch of the
Industry & Construction Bank of the USSR was privatized. In 2004
the state gained full control over the bank.

BPB is the fourth-largest bank by assets in Belarus.  It has a
diversified corporate banking business and is rapidly expanding
into the retail segment.  The bank's branch network is extensive
and covers all six Belarusian districts.  At end-H106, the bank
held an 8% market share in terms of loans and 10% in terms of
deposits.


=============
B E L G I U M
=============


CHEMTURA CORP: Settles Federal Rubber Chemical Suits for US$51MM
----------------------------------------------------------------
Chemtura Corp. agreed to pay US$51 million to resolve federal
class actions involving rubber chemicals.  This agreement,
combined with settlements with other entities, means that
Chemtura has now resolved over 90% of its exposure for
U.S. rubber chemicals claims.

The Class Action Reporter reported Monday that the US$51 million
settlement, which will be paid in the fourth quarter, is subject
to court approval.  In anticipation of this settlement,
US$12.2 million was added to already existing rubber chemicals
reserves in the third quarter.

"This represents another important step in Chemtura's resolution
of legacy issues so that we may continue to focus on the
future," said Robert Wood, chairman and chief executive officer.

Chemtura has previously pleaded guilty in a federal case and was
fined by European regulators for its role in artificially
boosting prices of chemicals to make rubber between 1995 and
2001.

In 2005, Chemtura Corp. disclosed that the European Commission
has imposed a fine of US$16 million on the company in connection
with the EC's rubber chemicals investigation.

                    About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corporation
(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.

                           *     *     *

As reported in the Troubled Company Reporter on April 21, 2006,
Moody's Investors Service assigned a Ba1 rating to Chemtura
Corporation's US$400 million of senior notes due 2016 and
affirmed the Ba1 ratings for its other debt and the corporate
family rating.

As reported in the Troubled Company Reporter on April 21, 2006,
Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured debt rating to Chemtura Corp.'s US$400 million notes
due 2016.  Standard & Poor's affirmed Chemtura's 'BB+' long-term
corporate credit rating.  The outlook remains positive.


STERIGENICS INT'L: Moody's Rates US$320 Mil. Facilities at B2
-------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Sterigenics
International, Inc.'s new credit facilities, consisting of a
US$30 million revolving credit facility and a US$290 million
term loan.  Moody's also affirmed the company's B2 Corporate
Family Rating.

Moody's understands that the proceeds of the proposed facilities
will be used to fund a US$75 million dividend to shareholders,
including the retirement of US$36 million of loan stock held at
the parent holding company, and to refinance existing debt.

The ratings remain constrained by the relatively small revenue
base and continued customer concentration.  While revenue has
been growing as the company opens new facilities and increases
capacity at existing facilities, the concentration of revenue
from its most significant customers continues.

The ratings are also constrained by the significant financial
leverage of the company following the proposed refinancing and
the conversion of a considerable amount of equity to debt
through the payment of a debt financed dividend to shareholders.

Sterigenics' adjusted cash flow coverage of debt also continues
to constrain the rating.  The company's significant capital
spending, including investment in overseas facilities, has
resulted in negative free cash flow.

Moody's anticipates continued negative free cash flow for the
year ending December 31, 2007 due to significant capital
spending plans in the first half of the year and therefore,
expects only marginal improvement in the free cash flow coverage
metric in the near term.  Moody's believes Sterigenics will need
to access availability under its revolver to fund capital
spending until the company's new facilities and capacity ramp
up.

Supporting the ratings is the company's leading market position
and its ability to satisfy customer needs through the offering
of alternative modes of sterilization services.  The company
enjoys a relatively stable business associated with a long-lived
customer base for whom switching providers is difficult.
Additionally, the company's expansion strategy has been based on
customer demand, ensuring a base level of business as capacity
comes on line resulting in EBIT margins that are relatively
strong for the B2 rating category.

The stable outlook reflects Moody's expectation that Sterigenics
will continue to grow at a modest pace with a corresponding
decrease in leverage.  The company has now made all necessary
repairs and received insurance recoveries for the bulk of the
expenses related to the August 2004 incident at the company's
Ontario, CA facility.  Also supporting the stable outlook is
Moody's expectation that the company will be able to fund
expansion projects through operating cash flow beginning in the
fourth quarter of 2007.  Moody's expects the company's liquidity
position in the coming year will be adequate.

If Sterigenics increases free cash flow as a result of the
recent expansion or if the company repays debt, Moody's could
consider upgrading the outlook or ratings.  Conversely, if the
company is unable to reduce leverage or is not expected to reach
break-even free cash flow, Moody's could downgrade the ratings.
Moody's could also consider an increase in financial leverage
for acquisitions or unplanned expansion as negatively affecting
the ratings.

Ratings Assigned:

    * US$30 million senior secured revolving credit facility
      due 2011, B2, LGD3, 33%

    * US$290 million senior secured term loan B
      due 2013, B2, LGD3, 33%

Ratings Affirmed:

    * Corporate family rating, B2
    * PDR, B3

Ratings Withdrawn:

    * Senior secured revolving credit facility
      due 2009, B2, LGD3, 32%

    * Senior secured term loan B
      due 2010, B2, LGD3, 32%

Sterigenics International, Inc., headquartered in Oak Brook, IL,
is a provider of contract sterilization and ionization services
for medical devices, food safety and advanced materials
applications.  The company operates 40 facilities in North
America, Europe and Asia.  For the twelve months ended June 30,
2006, the company recognized net revenue of approximately US$216
million.


STERIGENICS INT'L: S&P Rates US$320 Mil. Credit Facilities at B+
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its existing ratings
on Chicago, Ill.-based sterilization and ionization services
provider Sterigenics International Inc. (B+/Stable/--).
The company is a wholly owned subsidiary of Sterigenics Holdings
Inc.

At the same time, Standard & Poor's assigned its loan and
recovery ratings to Sterigenics' senior secured credit
facilities, consisting of a US$290 million first-lien term loan
B due in 2013 and a US$30 million first-lien revolving credit
facility due in 2011.

The facilities are rated 'B+' (at the same level as the
corporate credit rating) with a recovery rating of '2',
indicating the expectation for substantial (80%-100%) recovery
of principal in the event of a payment default.

Proceeds of the financing will be used to pay down outstanding
bank loans and finance a US$75 million distribution to financial
sponsors PPM Capital Ltd. and PPM America Capital Partners LLC,
together known as PPM, which includes the repayment of holding
company loan stock and paid-in-kind accruals.

The incremental debt will weaken financial ratios, which had
been steadily improving since the mid-2004, US$311.5 million
financial sponsor-led buyout.  Still, the company's financial
profile remains commensurate with the current ratings given the
medium-term revenue visibility.  Prospectively, Standard &
Poor's expects resumed financial strengthening as a result of
debt reduction and EBITDA growth over the next few years.

"The 'B+' rating reflects Sterigenics' single business focus in
a competitive industry, high debt levels, and capital
expenditures that are large relative to its cash flow from
operations," said Standard & Poor's credit analyst Cheryl
Richer.  "These issues are partially offset by
Sterigenics' well-established market position, favorable
industry demand trends, and diverse and stable customer base."

With a share of about 32% of the contract sterilization market,
Sterigenics is the leading provider of sterilization and
ionization services; its largest competitors include Steris
(Isomedix) in the U.S. and Isotron in Europe.  Using its four
main technologies (ethylene oxide sterilization, gamma
irradiation, electron-beam, and X-ray radiation), the company
processes, among other things, medical products (81% of
revenues), foods (11%), and advanced applications -- including
semiconductors, mail, and gemstones (9% total) -- via nearly 40
facilities worldwide.


=============
D E N M A R K
=============


STERIGENICS INT'L: Moody's Rates US$320 Mil. Facilities at B2
-------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Sterigenics
International, Inc.'s new credit facilities, consisting of a
US$30 million revolving credit facility and a US$290 million
term loan.  Moody's also affirmed the company's B2 Corporate
Family Rating.

Moody's understands that the proceeds of the proposed facilities
will be used to fund a US$75 million dividend to shareholders,
including the retirement of US$36 million of loan stock held at
the parent holding company, and to refinance existing debt.

The ratings remain constrained by the relatively small revenue
base and continued customer concentration.  While revenue has
been growing as the company opens new facilities and increases
capacity at existing facilities, the concentration of revenue
from its most significant customers continues.

The ratings are also constrained by the significant financial
leverage of the company following the proposed refinancing and
the conversion of a considerable amount of equity to debt
through the payment of a debt financed dividend to shareholders.

Sterigenics' adjusted cash flow coverage of debt also continues
to constrain the rating.  The company's significant capital
spending, including investment in overseas facilities, has
resulted in negative free cash flow.

Moody's anticipates continued negative free cash flow for the
year ending December 31, 2007 due to significant capital
spending plans in the first half of the year and therefore,
expects only marginal improvement in the free cash flow coverage
metric in the near term.  Moody's believes Sterigenics will need
to access availability under its revolver to fund capital
spending until the company's new facilities and capacity ramp
up.

Supporting the ratings is the company's leading market position
and its ability to satisfy customer needs through the offering
of alternative modes of sterilization services.  The company
enjoys a relatively stable business associated with a long-lived
customer base for which switching providers is difficult.
Additionally, the company's expansion strategy has been based on
customer demand, ensuring a base level of business as capacity
comes on line resulting in EBIT margins that are relatively
strong for the B2 rating category.

The stable outlook reflects Moody's expectation that Sterigenics
will continue to grow at a modest pace with a corresponding
decrease in leverage.  The company has now made all necessary
repairs and received insurance recoveries for the bulk of the
expenses related to the August 2004 incident at the company's
Ontario, CA facility.  Also supporting the stable outlook is
Moody's expectation that the company will be able to fund
expansion projects through operating cash flow beginning in the
fourth quarter of 2007.  Moody's expects the company's liquidity
position in the coming year will be adequate.

If Sterigenics increases free cash flow as a result of the
recent expansion or if the company repays debt, Moody's could
consider upgrading the outlook or ratings.  Conversely, if the
company is unable to reduce leverage or is not expected to reach
break-even free cash flow, Moody's could downgrade the ratings.
Moody's could also consider an increase in financial leverage
for acquisitions or unplanned expansion as negatively affecting
the ratings.

Ratings Assigned:

    * US$30 million senior secured revolving credit facility
      due 2011, B2, LGD3, 33%

    * US$290 million senior secured term loan B
      due 2013, B2, LGD3, 33%

Ratings Affirmed:

    * Corporate family rating, B2

    * PDR, B3

Ratings Withdrawn:

    * Senior secured revolving credit facility
      due 2009, B2, LGD3, 32%

    * Senior secured term loan B
      due 2010, B2, LGD3, 32%

Sterigenics International, Inc., headquartered in Oak Brook, IL,
is a provider of contract sterilization and ionization services
for medical devices, food safety and advanced materials
applications.  The company operates 40 facilities in North
America, Europe and Asia.  For the twelve months ended June 30,
2006, the company recognized net revenue of approximately US$216
million.


STERIGENICS INT'L: S&P Rates US$320 Mil. Credit Facilities at B+
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its existing ratings
on Chicago, Ill.-based sterilization and ionization services
provider Sterigenics International Inc. (B+/Stable/--).
The company is a wholly owned subsidiary of Sterigenics Holdings
Inc.

At the same time, Standard & Poor's assigned its loan and
recovery ratings to Sterigenics' senior secured credit
facilities, consisting of a US$290 million first-lien term loan
B due in 2013 and a US$30 million first-lien revolving credit
facility due in 2011.

The facilities are rated 'B+' (at the same level as the
corporate credit rating) with a recovery rating of '2',
indicating the expectation for substantial (80%-100%) recovery
of principal in the event of a payment default.

Proceeds of the financing will be used to pay down outstanding
bank loans and finance a US$75 million distribution to financial
sponsors PPM Capital Ltd. and PPM America Capital Partners LLC,
together known as PPM, which includes the repayment of holding
company loan stock and paid-in-kind accruals.

The incremental debt will weaken financial ratios, which had
been steadily improving since the mid-2004, US$311.5 million
financial sponsor-led buyout.  Still, the company's financial
profile remains commensurate with the current ratings given the
medium-term revenue visibility.  Prospectively, Standard &
Poor's expects resumed financial strengthening as a result of
debt reduction and EBITDA growth over the next few years.

"The 'B+' rating reflects Sterigenics' single business focus in
a competitive industry, high debt levels, and capital
expenditures that are large relative to its cash flow from
operations," said Standard & Poor's credit analyst Cheryl
Richer.  "These issues are partially offset by
Sterigenics' well-established market position, favorable
industry demand trends, and diverse and stable customer base."

With a share of about 32% of the contract sterilization market,
Sterigenics is the leading provider of sterilization and
ionization services; its largest competitors include Steris
(Isomedix) in the U.S. and Isotron in Europe.  Using its four
main technologies (ethylene oxide sterilization, gamma
irradiation, electron-beam, and X-ray radiation), the company
processes, among other things, medical products (81% of
revenues), foods (11%), and advanced applications--including
semiconductors, mail, and gemstones (9% total)--via nearly 40
facilities worldwide.


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


LOUDEYE CORP: Shareholders File Securities Fraud Class Action
-------------------------------------------------------------
Kahn Gauthier Swick, LLC, has filed a class action lawsuit in
the U.S. District Court for the Western District of Washington,
on behalf of shareholders who purchased, exchanged or otherwise
acquired the common stock of Loudeye Corp. between May 19, 2003
and Nov. 9, 2005.

Contrary to the representations made by the Company during the
Class Period, Loudeye was operating well below guidance, Loudeye
was not successfully integrating its acquisitions, and the
Company's recent restructuring was failing.  Also, as investors
ultimately learned, at all relevant times, Loudeye suffered from
severe financial and operational control deficiencies.  The
shocking revelation of the truth about the Company had a
material and adverse impact on the price of Loudeye stock and
following each of these disclosures shares of the Company
declined precipitously -- falling from a Class Period high of
almost US$30 per share in late 2004, to less than US$2 per share
by the time that defendants disclosed that the remaining assets
of the Company would be sold to Nokia Inc.

Loudeye and certain of its officers and directors are charged
with issuing a series of materially false and misleading
statements in violation of Section 10(b) and 20(a) of the
Exchange Act and Rule 10b-5 promulgated thereunder.
Particularly, the complaint alleges that Loudeye:

   (1) deceived the investing public regarding Loudeye's
       business, operations, management and the intrinsic value
       of Loudeye common stock;

   (2) raised almost US$60 million through the sale of stock and
       warrants to private equity investors while materially
       misrepresenting its business prospects;

   (3) used almost US$25 million of its artificially inflated
       shares to purchase the once valuable asserts of companies
       such as Overpeer Inc. and OD2 during the Class Period;
       and

   (4) caused plaintiffs and other Class members to purchase
       Loudeye common stock at artificially inflated prices.

Moreover, investors also charge that Loudeye insiders have
negotiated the merger with Nokia mainly for the purpose of
insulating themselves from liability for their prior illicit and
improper conduct.

If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from Oct. 5, 2006.  Any member of the
purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.  If you would like to discuss
your legal rights, you may e-mail or call KGS, without
obligation or cost to you.  You may contact Managing Partner
Lewis Kahn of KGS direct, toll free 1-866-467-1400, ext., 100,
or 504-648-1850.

                       About Loudeye Corp.

Based in Seattle, Washington, Loudeye Corp. (Nasdaq: LOUD) --
http://www.loudeye.com/-- is a supplier across Europe of white
label music platforms and business-to-business digital media
distribution services.  The Company provides end-to-end digital
media solutions, both white-label and custom, for downloading
and streaming music services to PCs, mobile phones and set top
boxes.  Loudeye has over 75 live services in over 20 territories
and multiple languages across Europe and the rest of the world.
In Europe, the company maintains operations in France, Germany,
Italy and the United Kingdom.

                        Going Concern Doubt

Moss Adams LLP in Seattle, Wash., raised substantial doubt about
Loudeye Corp.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Dec. 31, 2005.  The auditor pointed to the Company's
recurring operating losses, negative cash flows from operations,
accumulated deficit, and negative working capital.


=============
G E O R G I A
=============


METROMEDIA INT'L: Names William Harley as Independent Director
--------------------------------------------------------------
Metromedia International Group Inc. reveals that its Board of
Directors has temporarily expanded the size of the Board and
appointed William F. Harley III to the Board as an independent
Class I Director with a term expiring at the upcoming annual
meeting of stockholders scheduled for Dec. 15, 2006.

Mr. Harley has been included in a slate of five individuals
nominated by Esopus Creek Capital, a stockholder of the Company,
to stand for election to the Company's Board at the upcoming
annual stockholders meeting scheduled for Dec. 15, 2006.  As a
gesture of good faith and transparency on the part of the
Company, the Board has agreed to temporarily expand the size of
the Board to ten members and place Mr. Harley (one of the Esopus
nominees) on the Board immediately.

"Mickey is a respected and entrepreneurial business leader, and
I believe our Board and shareholders will benefit from his
insight and experience," Mark Hauf, Metromedia Chairman and
Chief Executive Officer, said.

"I am pleased with the Board's willingness to invite me to join
the Board to help provide an open-minded and objective
perspective as the Board navigates through the complex tasks
ahead," Mr. Harley commented.  "Joining the Board will provide
me with valuable insight into the process that led to the
recently announced letter of intent in respect of the sale of
the Company's remaining assets and the Company's planned next
steps.  Notwithstanding my agreement to serve as one of the
Esopus Creek nominees, I am approaching the upcoming board
election with an open mind and am not legally committed to vote
for any particular nominees."

Mr. Harley, age 43, is Co-Portfolio Manger and Chief Investment
Officer of Mellon HBV Alternative Strategies LLC, an investment
advisor and beneficial owner of 7,907,610 shares of Company
common stock, and is principally responsible for the investment
decisions for Mellon HBV.

Mr. Harley graduated with a Masters in public and private
management from Yale University's School of Management in 1990
and with a Bachelor of Science degree in chemical engineering
and a Bachelor of Arts degree in economics from Yale in 1986.

In connection with the election of Mr. Harley to the Board of
Directors of the Company, the Board of Directors has temporarily
increased and fixed the number of directors of the Company at
ten pursuant to the terms of the Company's restated by-laws, two
of whom are representatives of the preferred stockholders of the
Company elected to the Board in June 2004 pursuant to an
agreement with certain holders of the Company's 7.25% cumulative
convertible preferred stock to address the right of holders of
the Company's preferred stock to place two members on the Board
of Directors in certain circumstances.

At the upcoming annual meeting of stockholders of the Company
scheduled for December 15, 2006 for the election of directors,
the Board of Directors will be reduced to nine members, all of
whom will be up for election, and the holders of the Company's
preferred stock will have the right to vote separately as a
class for the election of two of the nine director positions.

                        About Metromedia

Based in Charlotte, North Carolina, Metromedia International
Group (PINK SHEETS: MTRM-Common Stock and MTRMP-Preferred Stock)
-- http://www.metromedia-group.com/-- through its subsidiary,
Metromedia International Telecommunications, owns interests in
telecom and cable TV operations in Russia, Georgia, and
elsewhere in Eastern Europe.

The Company's core businesses includes Magticom, Ltd., the
leading mobile telephony operator in Tbilisi, Georgia, and
Telecom Georgia, a well-positioned Georgian long distance
telephony operator.

                       *     *     *

As reported in TCR-Europe on Oct. 5, Metromedia is filing a
Chapter 11 Plan in the U.S. after receiving a binding offer to
acquire all of the Company's business interests in Georgia for a
cash price of US$480 million from an investment group comprised
of:

   -- Istithmar, an alternative investment house based in Dubai,
      United Arab Emirates;

   -- Salford Georgia, the Georgian office of Salford Capital
      Partners Inc., a private equity and investment management
      company which manages investments in the CIS and Central &
      Eastern Europe; and

   -- Emergent Telecom Ventures, a communications merchant bank
      focused on pursuing telecommunications opportunities in
      the Emerging Markets.

Upon the approval of the plan, all of the preferred and common
equity interests in the Company will be converted into the right
to receive the cash remaining after payment of all allowed
claims and the costs and expenses associated with the sale and
the Wind-Up.

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


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


AL ENGINEERING: Creditors' Meeting Slated for October 18
--------------------------------------------------------
The court-appointed provisional administrator for AL Engineering
AG, Udo Michalsky, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:00 a.m. on Oct. 18.

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

         The District Court of Saarbruecken
         Area Hall 13
         1st Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Dec. 6, at the same
venue.

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

The District Court of Saarbruecken opened bankruptcy proceedings
against AL Engineering AG on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         AL Engineering AG
         Attn: Altomare Locurcio, Manager
         Merzigerstr. 64
         66763 Dillingen, Germany

The administrator can be reached at:

         Dr. Udo Michalsky
         Kaiserstrasse 77
         66386 St. Ingbert, Germany
         Tel: (06894) 3876 311
         Fax: (06894) 382 185


ALTERNA PLANUNGS: Creditors' Meeting Slated for October 18
----------------------------------------------------------
The court-appointed provisional administrator for "ALTERNA"
Planungs- und Entwicklungsgesellschaft mbH, Detlef Ruediger
Beckmann, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:35 a.m. on
Oct. 18.

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 11:30 a.m. on Jan. 17, 2007, at the
same venue.

Creditors have until Nov. 24 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against "ALTERNA" Planungs- und
Entwicklungsgesellschaft mbH on Aug. 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         "ALTERNA" Planungs- und Entwicklungsgesellschaft mbH
         Hagenstr. 10
         14193 Berlin, Germany

The administrator can be reached at:

         Dr. Detlef Ruediger Beckmann
         Lietzenburger Road 77
         10719 Berlin, Germany


BENQ MOBILE: Siemens Sets Up EUR35-Mln Fund to Aid Employees
------------------------------------------------------------
Siemens AG has set up a EUR35 million fund for the employees of
BenQ Mobile GmbH & Co OHG in Germany.

Siemens' Managing Board is also waiving its approved salary
increase for one year to contribute EUR5 million to the fund,
which will provide financial support and pay for employee
education and retraining.

The justification for the salary increase approved by the
Supervisory Board was explained once again in detail by the
Chairman of the Supervisory Board a few days ago.  In view of
the current situation, the Managing Board has decided to
contribute the amount of the increase to the BenQ employee fund.

"If BenQ puts its people on the street, we'll take vigorous
action to help them," said Klaus Kleinfeld, President and CEO of
Siemens AG.  In addition, BenQ Mobile employees will be treated
as internal applicants for the more than 2,000 current job
openings at Siemens in Germany and actively assisted in finding
new jobs.

"Our overall aim is to help protect the employees of BenQ Mobile
in Germany from the immediate impact of losing their jobs.  We
consider the actions of BenQ reprehensible, and we're going to
do everything we can to help the people affected," said Mr.
Kleinfeld.

As reported in the TCR-Europe on Sept. 29, the board of
directors of BenQ Corp. decided to discontinue capital injection
into BenQ Mobile in order to stem unsustainable losses in the
latter's operations.  Subsequently it filed an insolvency
petition for the company's German mobile phone unit.

According to Richard Milne at the Financial Times, Siemens faced
criticisms from German politicians and its own employees for
irresponsibility over the sale of the business to BenQ.

Siemens had said that its previous decision to sell its mobile
phone activities to BenQ was the solution with the greatest
employee benefits.

"The suggestion that we have been prepared to accept the
bankruptcy of BenQ Mobile in Germany is pure slander," Mr.
Kleinfeld said.

According to Siemens, the Taiwanese company assured of its
intentions to operate and expand the German locations in the
future and presented a credible plan for accomplishing this.
Siemens said it contributed some 600 patent families, allowed
BenQ to use its brand name for five years and provided
substantial financial support for a successful launch.

                       About Siemens

Siemens (Berlin and Munich) -- http://www.siemens.com/-- is a
global powerhouse in electrical engineering and electronics.
The company has around 461,000 employees working to develop and
manufacture products, design and install complex systems and
projects, and tailor a wide range of services for individual
requirements.  Siemens provides innovative technologies and
comprehensive know-how to benefit customers in 190 countries.
Founded more than 155 years ago, the company focuses on the
areas of Information and Communications, Automation and Control,
Power, Transportation, Medical, and Lighting.  In fiscal 2005
(ended September 30), Siemens had sales from continuing
operations of EUR75.4 billion and net income of EUR3.058
billion.

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  BenQ
Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.
BenQ Mobile has lost market share against giant competitors.

On Aug. 24, BenQ disclosed plans to spin-off its manufacturing
operations in early 2007, separating contract manufacturing and
own-brand divisions.


CHIQUITA BRANDS: Gets Waiver from Lenders on Sr. Credit Facility
----------------------------------------------------------------
Chiquita Brands International Inc. and Chiquita Brands LLC,
its main operating subsidiary, entered into Waiver Letter No. 1
with the lenders under the credit agreement dated as of
June 28, 2005, on Oct. 5, 2006.

In accordance with the terms and conditions under the waiver
letter, compliance with certain financial covenant provisions in
the Credit Agreement has been waived through Dec. 15, 2006.

Chiquita sought to obtain a waiver from its lenders to provide
additional flexibility in light of the current challenging
market environment facing the Company.  The Company will
evaluate and seek a more permanent waiver or amendment during
the term of the temporary waiver.

A full-text copy of Waiver Letter No. 1 to the Credit Agreement,
among Chiquita and certain financial institutions as lenders,
and Wachovia Bank, National Association, as administrative
agent, is available for free at
http://researcharchives.com/t/s?1323

                       About Chiquita

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide including
Belgium and Germany.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 3, 2006,
Moody's Investors Service affirmed all ratings for Chiquita
Brands L.L.C. (senior secured at Ba3), as well as for its parent
Chiquita Brands International, Inc. (corporate family rating at
B2), but changed the outlook to negative from stable.  This
action followed the company's announcement that its operating
performance continues to be negatively impacted by lower pricing
in key European and trading markets, as well as excess fruit
supply.

On June 15, 2006, Standard & Poor's Ratings Services affirmed
its ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc., including the 'B+' corporate credit rating.
S&P said the rating outlook is negative.


FAR OUT: Creditors' Meeting Slated for October 17
-------------------------------------------------
The court-appointed provisional administrator for Far out
Gastronomie und Veranstaltungs GmbH, Joachim Voigt-Salus, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:10 a.m. on Oct. 17.

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 9:10 a.m. on Jan. 30, 2007, at the
same venue.

Creditors have until Dec. 1 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Far out Gastronomie und Veranstaltungs GmbH
on Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Far out Gastronomie und Veranstaltungs GmbH
         Kurfuerstendamm 90
         10711 Berlin, Germany

The administrator can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin, Germany


FEYOCK AUTOCENTRUM: Creditors' Meeting Slated for October 17
------------------------------------------------------------
The court-appointed provisional administrator for Feyock
Autocentrum GmbH & Co. KG, Peter Haas, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:25 a.m. on Oct. 17.

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

         The District Court of Saarbruecken
         Area Hall 13
         1st Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach, Germany

The Court will also verify the claims set out in the
administrator's report at 8:45 a.m. on Nov. 21, at the same
venue.

Creditors have until Oct. 20 to register their claims with the
court-appointed provisional administrator.

The District Court of Saarbruecken opened bankruptcy proceedings
against Feyock Autocentrum GmbH & Co. KG on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Feyock Autocentrum GmbH & Co. KG
         Kurt Schumacher Road 20a
         66130 Saarbruecken, Germany

The administrator can be reached at:

         Dr. Peter Haas
         Kaiserstrasse 77
         66386 St. Ingbert, Germany
         Tel: (06894) 3876-311
         Fax: (06894) 3821-85


HIB HEIZUNG: Claims Registration Ends October 19
------------------------------------------------
Creditors of HIB Heizung & Badkonzepte GmbH have until Oct. 19
to register their claims with court-appointed provisional
administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Chemnitz
         Hall 27
         Law Courts Prince Road 21
         Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against HIB Heizung & Badkonzepte GmbH on Aug. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         HIB Heizung & Badkonzepte GmbH
         Attn: Kerstin Riemenschneider, Manager
         Roemerstrasse 1
         08056 Zwickau, Germany

The administrator can be contacted at:

         Ruediger Wienberg
         Michaelstr. 71
         09116 Chemnitz, Germany
         E-mail: chemnitz@hww-kanzlei.de


HUSTLER GERMANY: Claims Registration Ends October 19
----------------------------------------------------
Creditors of Hustler Germany GmbH have until Oct. 19 to register
their claims with court-appointed provisional administrator
Peter C. Darr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 30 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 Ingolstadt
         Meeting Room 28 I
         Schrannenstr. 3
         85049 Ingolstadt, 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 Ingolstadt opened bankruptcy proceedings
against Hustler Germany GmbH on Aug. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Hustler Germany GmbH
         Attn: Andreas Reichold, Manager
         Marktplatz 4
         85283 Wolnzach, Germany

The administrator can be contacted at:

         Peter C. Darr
         Candidplatz 3
         81543 Munich, Germany
         Tel: 089/6146960
         Fax: 089/61469666


LUENEBURG ESTRICH: Claims Registration Ends October 18
------------------------------------------------------
Creditors of Lueneburg Estrich- und Fussbodenbau GmbH have until
Oct. 18 to register their claims with court-appointed
provisional administrator Karl-Joachim Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 9 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 Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg, 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 Lueneburg opened bankruptcy proceedings
against Lueneburg Estrich- und Fussbodenbau GmbH on Aug. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Lueneburg Estrich- und Fussbodenbau GmbH
         Attn: Dirk Lueneburg, Manager
         Elsa Brandstroem Road 14
         21365 Adendorf, Germany

The administrator can be contacted at:

         Karl-Joachim Meyer
         Schiessgrabenstr. 8/9
         21335 Lüneburg, Germany
         Tel: 20100
         Fax: 201014


MOEBELWERK WACHSMANN: Claims Registration Ends October 16
---------------------------------------------------------
Creditors of Moebelwerk Wachsmann Ebersdorf GmbH have until
Oct. 16 to register their claims with court-appointed
provisional administrator Juergen Wittmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 6 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 Coburg
         Meeting Room K
         I. Stick
         Auxiliary Building
         Coburg, 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 Coburg opened bankruptcy proceedings
against Moebelwerk Wachsmann Ebersdorf GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Moebelwerk Wachsmann Ebersdorf GmbH
         Garnstadter Str. 42
         96237 Ebersdorf, Germany

The administrator can be contacted at:

         Juergen Wittmann
         Adolf-Kolping-Str. 1
         96317 Kronach, Germany
         Tel: 09261/62200
         Fax: 09261/622020


OEZKAYA MONTAGETECHNIK: Claims Registration Ends October 17
-----------------------------------------------------------
Creditors of Oezkaya Montagetechnik GmbH & Co. KG have until
Oct. 17 to register their claims with court-appointed
provisional administrator Andreas Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Bielefeld
         Hall 4065
         4 Floor
         Court Route 6
         33602 Bielefeld, 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 Bielefeld opened bankruptcy proceedings
against Oezkaya Montagetechnik GmbH & Co. KG on Aug. 31.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Oezkaya Montagetechnik GmbH & Co. KG
         Moenichhusen 89
         32549 Bad Oeynhausen, Germany

         Attn: Mehmet and Ahmet Oezkaya, Managers
         Brunnenstr. 90
         32584 Loehne, Germany

The administrator can be contacted at:

         Andreas Stratenwerth
         Lemgoer Str. 4
         33604 Bielefeld, Germany


POLYDAMMFORM GMBH: Claims Registration Ends October 16
------------------------------------------------------
Creditors of Polydammform GmbH have until Oct. 16 to register
their claims with court-appointed provisional administrator
Guenter Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Nov. 6 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 Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, 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 Essen opened bankruptcy proceedings
against Polydammform GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Polydammform GmbH
         Attn: Gerd Muesel, Manager
         Ruhrau 41
         45279 Essen, Germany

The administrator can be contacted at:

         Dr. Guenter Trutnau
         III. Hagen 30
         45127 Essen, Germany
         Tel: (0201) 1095-3


R.T. ASSEKURANZ: Creditors' Meeting Slated for October 19
---------------------------------------------------------
The court-appointed provisional administrator for R.T.
Assekuranz-Vermittlungs GmbH, Karl Goebel, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 11:15 a.m. on Oct. 19.

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

         The District Court of Bremen
         Hall 115
         Court House (New Building)
         Ostertorstr. 25-31
         28195 Bremen, Germany

The Court will also verify the claims set out in the
administrator's report at 11:15 a.m. on Nov. 23, at the same
venue.

Creditors have until Oct. 31 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against R.T. Assekuranz-Vermittlungs GmbH on
Aug. 25.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         R.T. Assekuranz-Vermittlungs GmbH
         Herrlichkeit 5
         28199 Bremen, Germany

         Attn: Gerhard Adolf Kasten, Manager
         Emil-Trinkler-Str. 8
         28211 Bremen, Germany

The administrator can be reached at:

         Dr. Karl Goebel
         Wachtstr. 17
         28195 Bremen, Germany
         Tel: 0421/366060
         Fax: 0421/3660630
         Web: http://www.ra-dr-goebel.de/
         E-mail: ra.dr.goebel@nord-com.net


TOK CAN: Claims Registration Ends October 16
--------------------------------------------
Creditors of TOK CAN GmbH have until Oct. 16 to register their
claims with court-appointed provisional administrator Peter-
Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, 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 Hamburg opened bankruptcy proceedings
against TOK CAN GmbH on Aug. 28.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         TOK CAN GmbH
         Cuxhavener Road 410
         21149 Hamburg, Germany

         Attn: Eyuep Tokdemir, Manager
         Wischenwinkel 17
         21147 Hamburg, Germany

The administrator can be contacted at:

         Peter-Alexander Borchardt
         Deichstrasse 1
         20459 Hamburg, Germany
         Tel: 040/80903047
         Fax: 040/37601199


WERKZEUG-FORMENBAU: Claims Registration Ends October 17
-------------------------------------------------------
Creditors of Werkzeug-Formenbau Paschold GmbH & Co. KG have
until Oct. 17 to register their claims with court-appointed
provisional administrator Roland-Stephan Lehnert.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Coburg
         Meeting Room K
         I. Stick
         Auxiliary Building
         Coburg, 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 Coburg opened bankruptcy proceedings
against Werkzeug-Formenbau Paschold GmbH & Co. KG on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Werkzeug-Formenbau Paschold GmbH & Co. KG
         Hauptstr. 32
         96272 Hochstadt, Germany

The administrator can be contacted at:

         Roland-Stephan Lehnert
         Michael-Och-Str. 5
         96215 Lichtenfels-Schney, Germany
         Tel: 09571/83382
         Fax: 09571/83083


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


ZENIT CAPITAL: Fitch Assigns B Rating on Upcoming Eurobond Issue
----------------------------------------------------------------
Fitch Ratings assigned Zenit Capital PLC's upcoming loan
participation notes issue an expected Long-term B rating and an
expected Recovery Rating RR4.  The notes are to be used for the
sole purpose of funding a loan to Russia-based Bank Zenit, which
is rated Issuer Default B, Short-term B, Individual D, Support
5, and National Long-term BBB-.

The Outlooks on both the Issuer Default and the National Long-
term ratings are Stable.  The final ratings are contingent upon
receipt of final documentation conforming materially to
information already received.

Zenit Capital PLC, a Dublin-domiciled special purpose vehicle,
will only pay noteholders principal and interest received from
Zenit.  Zenit unconditionally and irrevocably guarantees the
timely and full repayment of the notes in the trust deed between
the bank and the trustee, Deutsche Trustee Company Limited.

The terms and conditions of the notes specify that they will
rank at least equally with the claims of other unsecured
creditors of Zenit, save those preferred by relevant laws.
Under Russian law, the claims of retail depositors and account
holders rank above those of other senior unsecured creditors.

At end-H106, retail deposits and accounts comprised 18.8% of
Zenit's total liabilities, according to the bank's unaudited
IFRS interim financial statements.  Furthermore, related-party
liabilities constitute a significant part of Zenit's total
liabilities.

In Fitch's opinion, this could give rise to additional risks for
bondholders in a default scenario, albeit not to the extent that
these would justify a lower Recovery Rating than RR4 for the
current transaction.

Covenants prevent Zenit from entering into transactions with
affiliates other than on market terms, oblige the bank to
maintain a total capital ratio of at least 12%, as calculated in
accordance with BIS recommendations and also limit mergers and
disposals by Zenit and its subsidiaries.

The terms and conditions of the notes also contain a cross
default clause and a negative pledge clause, the latter of which
allows for a degree of securitization by Zenit.  Should any
securitization be undertaken, Fitch comments that the nature and
extent of any overcollateralization would be assessed by the
agency for any potential impact on unsecured creditors.

Zenit ranks among Russia's 20 largest banks.  It focuses on
corporate and investment banking businesses, but is also
developing a retail banking services platform.  Founded in 1994,
Zenit is owned by several shareholders, including Tatneft,
Russia's fifth-largest oil company.


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


PSEG ENERGY: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. power and electric utility sector, the
rating agency confirmed its Ba3 Corporate Family Rating for
PSEG Energy Holdings L.L.C.  Additionally, Moody's held its
probability-of-default ratings and assigned loss-given-default
ratings on these notes:

                                             Projected
                    Old POD New POD  LGD     Loss-Given
   Debt Issue       Rating  Rating   Rating  Default
   ----------       ------  ------   ------  -------
   Senior unsecured
   notes 8.625%
   due 2/15/2008    Ba3     Ba3      LGD4    50%

   Senior unsecured
   notes 10.00%
   due 10/1/09      Ba3     Ba3      LGD4    50%

   Senior unsecured
   notes 8.5%
   due 6/15/2011    Ba3     Ba3      LGD4    50%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which 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%).

Headquartered in Newark, New Jersey, PSEG Energy Holdings L.L.C.
-- http://www.pseg.com/-- is the holding company of two
unregulated businesses: PSEG Global and PSEG Resources.  PSEG
Global operates electric generation and distribution facilities
in the Middle East, North America, South America, Europe and
India. In Europe, PSEG Global maintains operations in Italy.


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


ALAU: Creditors Must File Claims by Nov. 3
------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Alau in compulsory
liquidation.

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

         LLP Alau
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


ART SYNTEZ: Creditors Must File Claims by Nov. 1
------------------------------------------------
LLP Art Syntez Story has declared insolvency.  Creditors have
until Nov. 1 to submit written proofs of claim to:

         LLP Art Syntez Story
         Proletarskaya Str. 93-39
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


AYTAS-SEMEY: Proof of Claim Deadline Slated for Nov. 1
------------------------------------------------------
LLP Aytas-Semey has declared insolvency.  Creditors have until
Nov. 1 to submit written proofs of claim to:

         LLP Aytas-Semey
         Aimautov Str. 143a
         Semipalatinsk
         East Kazakhstan Region
         Kazakhstan


KEMENGER-75: Proof of Claim Deadline Slated for Nov. 1
------------------------------------------------------
LLP Kemenger-75 has declared insolvency.  Creditors have until
Nov. 1 to submit written proofs of claim to:

         LLP Kemenger-75
         Shardarinsky District
         South Kazakhstan Region
         Kazakhstan


NATSIONALNOYE AGENSTVO: Claims Registration Ends Nov. 1
-------------------------------------------------------
LLP National Agency of Marketing Communications Natsionalnoye
Agenstvo Marketingovih Kommunikatsyi has declared insolvency.

Creditors have until Nov. 1 to submit written proofs of claim
to:

         LLP Natsionalnoye Agenstvo Marketingovih Kommunikatsyi
         Office 400
         Respublika Ave. 13
         Almaty, Kazakhstan


NNK-5: Claims Registration Ends Nov. 3
--------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP NNK-5 into compulsory
liquidation.

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

         LLP NNK-5
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


SEVAL: Karaganda Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Seval
(RNN 302000230696).

LLP Seval is located at:

         Lenin Str. 36-11
         Karaganda
         Karaganda Region
         Kazakhstan


SPETSTECHTSENTR KZ: Creditors' Claims Due Nov. 1
------------------------------------------------
LLP Special Technical Centre KZ Spetstechtsentr KZ has declared
insolvency.  Creditors have until Nov. 1 to submit written
proofs of claim to:

         LLP Spetstechtsentr KZ
         Tole bi. Str. 304
         Almaty, Kazakhstan


TASZAIMKA: Karaganda Court Begins Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Taszaimka
(RNN 30170036794).

LLP Taszaimka is located at:

         Mira Ave. 16
         Karaganda
         Karaganda Region
         Kazakhstan


UPRAVLENIE MEHANIZIROVANNYH: Creditors' Claims Due Nov. 1
---------------------------------------------------------
LLP Mechanical Work Administration 01 Upravlenie
Mehanizirovannyh Rabot 01 has declared insolvency.

Creditors have until Nov. 1 to submit written proofs of claim
to:

         LLP Upravlenie Mehanizirovannyh Rabot 01
         Ismailov Str. 70
         Merke
         Merke District
         080500 Jambyl Region
         Kazakhstan


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


AEROKON: Proof of Claim Deadline Slated for Nov. 19
---------------------------------------------------
LLC Aerokon has declared insolvency.  Creditors have until
Nov. 19 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 68-21-40.


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


PSB FINANCE: Parent Begins Eurobond Road Show in Singapore
----------------------------------------------------------
Promsvyazbank JSCB has started the road show for its
subordinated and senior unsecured eurobonds in Singapore,
Klerku.ru says.

According to Klerku.ru citing analysts, Promsvyazbank JSCB, via
its Luxembourg-based unit PSB Finance S.A., will issue over
US$300 million in bonds:

   -- US$100 million of subordinated bonds with maturity date of
      May 2012; and

   -- US$200-US$300 million of senior unsecured bonds.

According to the report, German bank Commerzbank AG is eyeing to
acquire 15.3% of the bonds.

As reported in TCR-Europe on Oct. 6, Fitch Ratings assigned PSB
Finance S.A.'s upcoming senior notes issue expected ratings of
Long-term B+ and Recovery RR4.  The issue is to be used solely
for financing a loan to Russia-based JSC Promsvyazbank, which
has been upgraded to Issuer Default rating B+ from B.  Fitch has
also assigned an expected Long-term rating of B- to the bank's
upcoming subordinated debt issue.

Citigroup serves as the issue's lead manager.

Headquartered in Moscow, JSCB Promsvyazbank --
http://www.psbank.ru/eng/-- engages in lending business,
project finance, leasing regional projects expanding its
presence in the financial markets.

Alexey and Dmitry Annaniev are the major shareholders in the
Bank.  Nova Ljubljanska Banka (Slovenia) holds 3.65% while
Rostelecom owns 0.27%.

                        *     *     *

As reported in TCR-Europe on Oct. 5, Fitch Ratings upgraded
Russia-based JSC Promsvyazbank's Issuer Default rating to B+
from B.  The other ratings are affirmed at Short-term B,
Individual D and Support 5; Stable Outlook.  Fitch has also
assigned an expected Long-term rating of B+ to PSB's upcoming
senior unsecured eurobond and an expected Long-term rating of B-
to its upcoming subordinated debt issue.

Fitch Ratings assigned PSB Finance S.A.'s upcoming senior notes
issue expected ratings of Long-term B+ and Recovery RR4.  The
issue is to be used solely for financing a loan to Russia-based
JSC Promsvyazbank, which has been upgraded to Issuer Default
rating B+ from B.  Fitch has also assigned an expected Long-term
rating of B- to the bank's upcoming subordinated debt issue.

Moody's Investors Service assigned a Ba3 foreign currency debt
rating to the Loan Participation Notes to be issued on a limited
recourse basis by PSB Finance S.A. for the sole purpose of
funding a loan to Promsvyazbank.  The outlook for the rating is
stable.

Moody's Ba3 debt rating is based on the fundamental credit
quality of Promsvyazbank.  The holders of the notes will be
relying for repayment solely and exclusively on the ability of
Promsvyazbank to make payments under the loan agreement.


===============
P O R T U G A L
===============


INTERTAPE POLYMER: Moody's Cuts Rating on Senior Bond to Caa1
-------------------------------------------------------------
Moody's Investors Service downgraded the long term debt and
corporate family ratings of IPG Inc. and Intertape Polymer US
Inc. and placed these ratings under review for possible further
downgrade as a result of the company's announcement this week
that highlighted these:

   * the Board of Directors has initiated a process to explore
     and evaluate various strategic and financial alternatives
     available to enhance shareholder value. (TD Securities has
     been engaged as a financial advisor to assist with the
     process);

   * the company anticipates its revenue for the third quarter
     to decrease to approximately US$195 million from
     US$222 million in the second quarter of 2006; and,

   * the company may not be in compliance with certain financial
     covenants under the terms of its credit agreement and will
     need to renegotiate these covenants, if required.

In addition, Moody's lowered IPG's speculative grade liquidity
rating to SGL-4 from SGL-3 due to concerns over the company's
compliance with the covenants under its bank credit facility.

Downgrades:

   * Issuer: IPG Inc.

     -- Corporate Family Rating, Downgraded to B2 from B1

     -- Speculative Grade Liquidity Rating, Downgraded to SGL-4
        from SGL-3

     -- Senior Secured Bank Credit Facility, Downgraded to Ba3
        from Ba2

   * Issuer: Intertape Polymer US Inc.

     -- Senior Subordinated Regular Bond/Debenture, Downgraded
        to Caa1 from B3

Outlook Actions:

   * Issuer: IPG Inc.

     -- Outlook, Changed To Rating Under Review From Stable
     -- Issuer: Intertape Polymer US Inc.
     -- Outlook, Changed To Rating Under Review From No Outlook

The downgrade reflects IPG's

   * weakened liquidity due to the need to renegotiate financial
     covenants, if required under its bank credit facility;

   * uncertainty over the company's future capital structure;

   * expected weakening of earnings and cash flow metrics for
     the remainder of 2006 and into 2007; and,

   * CEO succession and a potential sale of the company.

The ratings also incorporate the modest scale and diversity of
the company's operations, the significant level of industry
competition, an exposure to fluctuating raw material costs, the
percentage of commodity products in its product mix, and recent
customer rationalization.

The review will examine

   * the company's third quarter results and revised forecasts;

   * the company's ability to manage its liquidity and amend
     covenants, if required; and,

   * the potential options that the Board may pursue in order to
     enhance shareholder value.

Moody's expects to complete this review within 90 days.  A
sustained deterioration in operating performance or credit
metrics due to a decline in product demand or other operational
issues, an increase in leverage to improve shareholder value, or
the inability to successfully amend the company's credit
agreement could result in a further downgrade of the ratings.

The downgrade of the speculative grade liquidity rating to SGL-4
reflects Moody's view that over the next twelve months bank
covenant compliance under IPG's credit agreement is uncertain as
financial covenants tighten significantly, which may require it
to obtain waivers or amendments in order to maintain access to
its revolving credit facility.  Moody's SGL ratings and SGL
rating methodology do not assume that borrowers will be able to
obtain waivers or amendments to its facilities.

Intertape Polymer Group, Inc., a parent company of IPG and
Intertape Polymer US Inc., headquartered in Montreal, Quebec,
Canada, and with executive offices located in
Sarasota/Bradenton, Florida, develops, manufactures and sells
specialized polyolefin plastic and paper based packaging
products and complementary packaging systems for industrial and
retail use.  The Company employs 2,450 employees with operations
in 18 locations, including 13 manufacturing facilities in North
America and one in Europe.


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


CFR MARFA: Moody's Affirms Ba2 Rating with Negative Outlook
-----------------------------------------------------------
Moody's Investors Service affirmed the Ba2 rating of CFR MARFA.
This rating action followed an earlier decision by Moody's to
upgrade the Romanian government's long term and short term
foreign and local currency ratings to Baa3/P3 with stable
outlook.

However, in view of the pending refinancing of the
EUR120 million Eurobond expiring in December 2007, the
operational risk related to the Company's ageing base and the
substantial investments required to improve Company's
efficiency, the poor transparency with respect to the disclosure
of operational and financial information, the Baseline Credit
Assessment of the Company has been lowered from 16 to 17.

The outlook on CFR Marfa's rating remains negative.

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

   -- Baseline credit assessment of 17 (on a scale of
      1 to 21 where 1 represents lowest credit risk)

   -- Baa3 local currency rating of the Romanian government

   -- High dependence

   -- High support

CFR MARFA S.A., headquartered in Bucharest, is the national
company for freight railway transport in Romania.  In 2004 the
Company had total revenues for ROL17.6 billion.


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


ALLIANCE: Court Names S. Suvorov as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Building Company Alliance.  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.
A40-36739/06-86-731B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Building Company Alliance
         Moscow Region
         Russia


ARISTON: Court Names P. Tumbasov as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. P. Tumbasov as
Insolvency Manager for CJSC Trading Company Ariston (TIN
7708101753).  He can be reached at:

         P. Tumbasov
         Post User Box 31
         125468 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-34058/06-95-675B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Trading Company Ariston
         Building 1
         Kalanchevskaya Str. 2/1
         197174 Moscow Region
         Russia


BOGORODITSKIY BAKERY: Bankruptcy Hearing Slated for Nov. 21
-----------------------------------------------------------
The Arbitration Court of Tula Region will convene at 11:00 a.m.
on Nov. 21 to hear the bankruptcy supervision procedure on CJSC
Bogoroditskiy Bakery.  The case is docketed under Case No.
A68-459/B-06.

The Temporary Insolvency Manager is:

         I. Piskarev
         Office 312
         Vorobyevskoye Shosse 4
         119285 Moscow Region
         Russia

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         CJSC Bogoroditskiy Bakery
         Uritskogo Str. 17
         Bogoroditsk
         301830 Tula Region
         Russia


GAZPROM OAO: Shuts Foreign Companies from Shtokman Field
--------------------------------------------------------
The Gazprom Management Committee decided that pipeline gas
deliveries from the Shtokman field to the European market would
take priority over LNG shipments.

Shtokman will be the resource base for Russian gas export to
Europe via the Nord Stream gas pipeline.  Gazprom will develop
the field on its own, without attracting foreign partners.

"Gazprom will use 100% of the Shtokman field resources," Alexey
Miller, Gazprom's President, said.  "Over the continuous period
of time Gazprom has studied the possibility of providing foreign
companies with a 49% stake in the Shtokman project.
International companies however failed to offer assets matching
Shtokman's reserves in amount and quality.  The field will be
developed with the use of state-of-the-art technological
developments, including for LNG production.  Authoritative
international companies will be invited as project contractors
for these purposes.  Meeting project deadlines and costs is a
prerequisite for prospective contract awards.  This decision is
an additional guarantee of the Russian gas supply to Europe
security in the long-term and proof that the European market is
of dominating significance for Gazprom."

In September 2005, Gazprom identified the short-list of the
companies -- potential partners in the first stage of the
Shtokman gas condensate field development project, which
includes constructing a natural gas liquefaction plant.

The shortlist comprised:

   -- Statoil (Norway),
   -- Total (France), Chevron (U.S.A.),
   -- Hydro (Norway), and
   -- ConocoPhillips (USA).

The Shtokman gas and condensate field is located in the central
part of the Russian sector of the Barents Sea offshore.

Approved by the RF Nature Ministry's State Commission for
Mineral Resources in January 2006, Shtokman's C1+C2 reserves
make up 3.7 tcm of gas and over 31 million tons of gas
condensate.

                        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.


GAZPROM OAO: Naftogaz Ukrainy to Stop Gas Import in 2007
--------------------------------------------------------
NJSC Naftogaz Ukrainy, fully owned and fully controlled by the
Ukrainian government, will stop buying natural gas from OAO
Gazprom in 2007 due to a looming price hike, The Associated
Press says citing Energy Minister Yuri Boyko as saying.

Gazprom is demanding that Naftogaz pay between US$135 and US$140
per 1,000 cubic meters of gas after the Russian gas company
sealed a deal buying 50 billion cubic meters of gas from
Turkmenistan at US$100 per 1,000 cubic meters, up from a
previous price of US$65 per 1,000 cubic meters.

Gazprom had promised not to hike prices of natural gas for
Ukraine until year-end, AP relates.  Naftogaz was able to keep
the price level at US$95 after offering to repay US$322 million
debt in three installments:

   -- US$150 million on Sept. 17,
   -- US$150 million on Sept. 25, and
   -- US$22 million in early October.

To avoid another price hike, Ukraine will buy 57.5 billion cubic
meters of gas at US$95 per 1,000 cubic meters from Turkmenistan,
Uzbekistan and Kazakhstan said Dmytro Marunich, spokesman for
Naftogaz, said.

"There is no need to buy from anybody else," Marunich told AP.

Mr. Boyko assured the decision to cut ties from Gazprom would
not disrupt deliveries of Russian gas to European consumers;
with around 80% of Russian gas exports to Europe passes through
Ukraine.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NJSC Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

In 2005, NJSC Naftogaz of Ukraine produced one-seventh of the
gross domestic product of Ukraine and brought US$2.25 billion in
state budget revenues.  The Company employs around 170,000
people, roughly one percent of Ukraine's working population.

                        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.


INTERNATIONAL MOSCOW: Fitch Affirms Individual Rating at C/D
------------------------------------------------------------
Fitch Ratings upgraded International Moscow Bank's ratings to
foreign currency and local currency Issuer Default A- from BBB+.
IMB's foreign currency Issuer Default Rating is constrained by
Russia's A- Country Ceiling and the local currency IDR also
takes account of Russian country risks.

The bank's Support rating has changed to 1 from 2.  The IDRs and
Support ratings have also been removed from Rating Watch
Positive.  A Stable Outlook has been assigned to the bank's
IDRs, reflecting that assigned to Russia's IDRs.  At the same
time, IMB's other ratings are affirmed at foreign currency and
local currency Short-term F2 and Individual C/D.

The rating actions follow the purchase by Bayerische Hypo- und
Vereinsbank AG of 26% of the voting rights of IMB from Nordea
Bank Finland Plc.  As a result, UCI has increased its stake in
IMB's common equity to around 79% from 53%.  In Fitch's view,
the propensity of UCI to provide IMB with support, if needed,
has consequently also increased.

IMB ranks among the 10 largest banks in Russia.  HVB has some
79% of the voting rights in IMB, BCEN-Eurobank 16% and the
European Bank for Reconstruction and Development 5%.


KIREEVSKIY BAKERY: Bankruptcy Hearing Slated for Nov. 21
--------------------------------------------------------
The Arbitration Court of Tula Region will convene at 11:30 a.m.
on Nov. 21 to hear the bankruptcy supervision procedure on OJSC
Kireevskiy Bakery.  The case is docketed under Case No.
A68-458/B-06.

The Temporary Insolvency Manager is:

         I. Piskarev
         Office 312
         Vorobyevskoye Shosse 4
         119285 Moscow Region
         Russia

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Kireevskiy Bakery
         Geologov Str. 17
         Kireevsk
         301260 Tula Region
         Russia


LIPKOVSKIY BAKERY: Bankruptcy Hearing Slated for Nov. 21
--------------------------------------------------------
The Arbitration Court of Tula Region will convene at 12:00 a.m.
on Nov. 21 to hear the bankruptcy supervision procedure on CJSC
Lipkovskiy Bakery.  The case is docketed under Case No.
A68-461/B-06.

The Temporary Insolvency Manager is:

         I. Piskarev
         Office 312
         Vorobyevskoye Shosse 4
         119285 Moscow Region
         Russia

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         CJSC Lipkovskiy Bakery
         Zheleznodorozhnaya Str. 1a
         Lipki
         Kireevskiy Region
         301264 Tula Region
         Russia


META - INVEST: Court Names Sh. Fazailov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. Sh. Fazailov as
Insolvency Manager for CJSC Meta - Invest (TIN 7709035510).
He can be reached at:

         Sh. Fazailov
         101 V (609-6666)
         Mira Pr.
         129085 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-16383/06-86-110 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Meta - Invest
         Pomarentsev Per. 10-12
         119034 Moscow Region
         Russia


METROMEDIA INT'L: Names William Harley as Independent Director
--------------------------------------------------------------
Metromedia International Group, Inc. reveals that the Board of
Directors of the Company has temporarily expanded the size of
the Board and appointed William F. Harley III to the Board as an
independent Class I Director with a term expiring at the
upcoming annual meeting of stockholders scheduled for Dec. 15,
2006.

Mr. Harley has been included in a slate of five individuals
nominated by Esopus Creek Capital, a stockholder of the Company,
to stand for election to the Company's Board at the upcoming
annual stockholders meeting scheduled for Dec. 15, 2006.  As a
gesture of good faith and transparency on the part of the
Company, the Board has agreed to temporarily expand the size of
the Board to ten members and place Mr. Harley (one of the Esopus
nominees) on the Board immediately.

"Mickey is a respected and entrepreneurial business leader, and
I believe our Board and shareholders will benefit from his
insight and experience," Mark Hauf, Metromedia Chairman and
Chief Executive Officer, said.

"I am pleased with the Board's willingness to invite me to join
the Board to help provide an open-minded and objective
perspective as the Board navigates through the complex tasks
ahead," Mr. Harley commented.  "Joining the Board will provide
me with valuable insight into the process that led to the
recently announced letter of intent in respect of the sale of
the Company's remaining assets and the Company's planned next
steps.  Notwithstanding my agreement to serve as one of the
Esopus Creek nominees, I am approaching the upcoming board
election with an open mind and am not legally committed to vote
for any particular nominees."

Mr. Harley, age 43, is Co-Portfolio Manger and Chief Investment
Officer of Mellon HBV Alternative Strategies LLC, an investment
advisor and beneficial owner of 7,907,610 shares of Company
common stock, and is principally responsible for the investment
decisions for Mellon HBV.

Mr. Harley graduated with a Masters in public and private
management from Yale University's School of Management in 1990
and with a Bachelor of Science degree in chemical engineering
and a Bachelor of Arts degree in economics from Yale in 1986.

In connection with the election of Mr. Harley to the Board of
Directors of the Company, the Board of Directors has temporarily
increased and fixed the number of directors of the Company at
ten pursuant to the terms of the Company's restated by-laws, two
of whom are representatives of the preferred stockholders of the
Company elected to the Board in June 2004 pursuant to an
agreement with certain holders of the Company's 7.25% cumulative
convertible preferred stock to address the right of holders of
the Company's preferred stock to place two members on the Board
of Directors in certain circumstances.

At the upcoming annual meeting of stockholders of the Company
scheduled for December 15, 2006 for the election of directors,
the Board of Directors will be reduced to nine members, all of
whom will be up for election, and the holders of the Company's
preferred stock will have the right to vote separately as a
class for the election of two of the nine director positions.

                        About Metromedia

Based in Charlotte, North Carolina, Metromedia International
Group (PINK SHEETS: MTRM-Common Stock and MTRMP-Preferred Stock)
-- http://www.metromedia-group.com/-- through its subsidiary,
Metromedia International Telecommunications, owns interests in
telecom and cable TV operations in Russia, Georgia, and
elsewhere in Eastern Europe.

The Company's core businesses includes Magticom, Ltd., the
leading mobile telephony operator in Tbilisi, Georgia, and
Telecom Georgia, a well-positioned Georgian long distance
telephony operator.

                       *     *     *

As reported in TCR-Europe on Oct. 5, is filing a Chapter 11 Plan
in the U.S. after receiving a binding offer to acquire all of
the Company's business interests in Georgia for a cash price of
US$480 million from an investment group comprised of:

   -- Istithmar, an alternative investment house based in Dubai,
      United Arab Emirates;

   -- Salford Georgia, the Georgian office of Salford Capital
      Partners Inc., a private equity and investment management
      company which manages investments in the CIS and Central &
      Eastern Europe; and

   -- Emergent Telecom Ventures, a communications merchant bank
      focused on pursuing telecommunications opportunities in
      the Emerging Markets.

Upon the approval of the plan, all of the preferred and common
equity interests in the Company will be converted into the right
to receive the cash remaining after payment of all allowed
claims and the costs and expenses associated with the sale and
the Wind-Up.

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


MONOLITH AVK: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on LLC Monolith Avk (TIN 7721161624, OGRN
1027739523503).  The case is docketed under Case No.
A40-55190/06-124-1141B.

The Temporary Insolvency Manager is:

         M. Kotov
         Post User Box 11
         557
         123557 Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         Monolith Avk
         Building 1
         Ozerkovskaya Nab. 48-50
         115054 Moscow Region
         Russia


NOVOANNINSKIY: Court Names Y. Makarova as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Ms. Y.
Makarova as Insolvency Manager for LLC Milk and Cheese Combine
Novoanninskiy.  She can be reached at:

         Y. Makarova
         Office 205
         Building 1
         Permskaya Str. 11
         107150 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-129170/05-S49.

The Debtor can be reached at:

         LLC Milk and Cheese Combine Novoanninskiy
         Novoanninskiy
         Volgograd Region
         Russia


NOVOSILSKIY DIARY: Under Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Orel Region commenced bankruptcy
supervision procedure on OJSC Novosilskiy Diary.  The case is
docketed under Case No. A48-3020/06-16b.

The Temporary Insolvency Manager is:

         V. Chervyakov
         Building 1
         Moskovskoye Shosse 137
         302025 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 Novosilskiy Diary
         Golun
         Novosilskiy Region
         Orel Region
         Russia


OPTIMUM-STROY: Court Names S. Suvorov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Building Company Optimum-Story.
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.
A40-38626/06-74-728B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Building Company Optimum-Story
         Building 3
         Zemlyanoy Val Str. 20
         Moscow Region
         Russia


POCHEP-MEAT-PROM: Court Names S. Suvorov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. S. Suvorov
as Insolvency Manager for OJSC Pochep-Meat-Prom.  He can be
reached at:

         S. Suvorov
         Post User Box 183
         127018 Bryansk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-4787/06-28.

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         OJSC Pochep-Meat-Prom
         Volodarskogo Str. 15
         Pochep
         Bryansk Region
         Russia


PROMSVYAZBANK JSCB: To Place B-Rated Eurobonds in Singapore
-----------------------------------------------------------
Promsvyazbank JSCB has started the road show for its
subordinated and senior unsecured eurobonds in Singapore,
Klerku.ru says.

According to Klerku.ru citing analysts, Promsvyazbank JSCB, via
its Luxembourg-based unit PSB Finance S.A., will issue over
US$300 million in bonds:

   -- US$100 million of subordinated bonds with maturity date of
      May 2012; and

   -- US$200-US$300 million of senior unsecured bonds.

According to the report, German bank Commerzbank AG is eyeing to
acquire 15.3% of the bonds.

As reported in TCR-Europe on Oct. 6, Fitch Ratings assigned PSB
Finance S.A.'s upcoming senior notes issue expected ratings of
Long-term B+ and Recovery RR4.  The issue is to be used solely
for financing a loan to Russia-based JSC Promsvyazbank, which
has been upgraded to Issuer Default rating B+ from B.  Fitch has
also assigned an expected Long-term rating of B- to the bank's
upcoming subordinated debt issue.

Citigroup serves as the issue's lead manager.

Headquartered in Moscow, JSCB Promsvyazbank --
http://www.psbank.ru/eng/-- engages in lending business,
project finance, leasing regional projects expanding its
presence in the financial markets.

Alexey and Dmitry Annaniev are the major shareholders in the
Bank.  Nova Ljubljanska Banka (Slovenia) holds 3.65% while
Rostelecom owns 0.27%.

                        *     *     *

As reported in TCR-Europe on Oct. 5, Fitch Ratings upgraded
Russia-based JSC Promsvyazbank's Issuer Default rating to B+
from B.  The other ratings are affirmed at Short-term B,
Individual D and Support 5; Stable Outlook.  Fitch has also
assigned an expected Long-term rating of B+ to PSB's upcoming
senior unsecured eurobond and an expected Long-term rating of B-
to its upcoming subordinated debt issue.

Fitch Ratings assigned PSB Finance S.A.'s upcoming senior notes
issue expected ratings of Long-term B+ and Recovery RR4.  The
issue is to be used solely for financing a loan to Russia-based
JSC Promsvyazbank, which has been upgraded to Issuer Default
rating B+ from B.  Fitch has also assigned an expected Long-term
rating of B- to the bank's upcoming subordinated debt issue.

Moody's Investors Service assigned a Ba3 foreign currency debt
rating to the Loan Participation Notes to be issued on a limited
recourse basis by PSB Finance S.A. for the sole purpose of
funding a loan to Promsvyazbank.  The outlook for the rating is
stable.

Moody's Ba3 debt rating is based on the fundamental credit
quality of Promsvyazbank.  The holders of the notes will be
relying for repayment solely and exclusively on the ability of
Promsvyazbank to make payments under the loan agreement.


RENAISSANCE CAPITAL: Low Risk Profile Prompts Moody's Ba3 Rating
----------------------------------------------------------------
Moody's Investors Service assigned Ba3/Not-Prime long- and
short-term foreign currency and local currency issuer ratings to
Renaissance Capital Holdings Limited.  The outlooks for the
ratings are stable.

According to Moody's, RCHL's issuer ratings are supported by the
company's relatively low risk profile, thanks to an adequate
risk management system and the owners' relatively low risk
appetite.

The ratings are also supported by strong and steady growing
profitability, together with the company's ability to hire and
retain professionals.  An adequate corporate governance system,
as well as strong positions in investment banking in the CIS,
also support the ratings; they also incorporate reasonable
assurance that the company will be able to maintain its
competitive position.

However, the ratings are at the same time constrained by:

   -- the high risk profile of the markets where the
      company operates;

   -- relatively undiversified earnings by region and
      instrument type (equity-related); and

   -- a complex organizational structure consisting of a
      large number of individual entities in
      various jurisdictions.

In addition, the degree to which the company's risk management
system will be able to handle the growing complexities of
products is a source of potential risks and uncertainties.

Significant development of RCHL's franchise, improved
diversification and risk management systems and a lower risk
profile stemming from better risk management practices would be
likely to drive the ratings up, as would the maturing of
Russia's financial markets.  At the same time, significant
problems arising from modeling errors, as well as operational,
legal or reputation risks are negative rating drivers, while
loss of franchise and increased risk appetite could also warrant
a downgrade.

RCHL is the investment banking and asset management segment of
Renaissance group, which also includes consumer finance and
merchant banking.  RCHL reported total consolidated assets of
US$3.4 billion and total equity of US$510 million under IFRS as
of June 30, 2006.


RUSSIAN COMPANY: Court Names Y. Chernikova as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow appointed Ms. Y. Chernikova as
Insolvency Manager for CJSC Russian Company of Securities.  She
can be reached at:

         Y. Chernikova
         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.
A40-15396/05-101-59B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Russian Company Of Securities
         Moscow Region
         Russia


SEVERSTAL OAO: Confirms IPO, Listing Plan in London
---------------------------------------------------
OAO Severstal will launch an initial public offering in the
London Stock Exchange before 2006 ends.

As reported in TCR-Europe on Aug 4, Severstal, headed by
billionaire Alexei Mordashov, has acquired the service of
Citigroup Inc., UBS AG and Deutsche Bank AG as joint
coordinators and bookrunner for the London listing that could
value the company up to US$15 billion.

According to AFX News, the IPO would comprise:

   -- existing ordinary shares,

   -- Global Depositary Receipts to international institutional
      investors outside Russia, and

   -- ordinary shares in Russia.

Severstal confirmed that Mr. Mordashov would sell part of his
stake as part of the offer.

As previously reported, Severstal expects to raise as much as
US$1.5 billion in the third quarter of 2006 from the share sale
either this month or in November.

Severstal, Reuters reports, plans to use the IPO proceeds to:

   -- improve the quality of its production facilities,
   -- improve operating efficiencies; and
   -- expand its core business, including funding of potential
      acquisitions and participation in joint ventures.

The steelmaker also revealed of plans for a capital increase
through issuance of new ordinary shares right after the IPO,
with Mr. Mordashov taking up his rights using some of the
proceeds from the offering.

Following the listing, Severstal would join smaller rivals as
Evraz Group S.A. and OAO Novolipetsk Steel and OAO Mechel as
steelmakers trading in the London Stock Exchange.

                       Corporate Revamp

Meanwhile, Severstal will overhaul its corporate governance
structures in accordance with "key elements of the UK's
corporate governance standards."

"The offering and new corporate governance arrangements we are
announcing today are the next important steps in Severstal's
long-term growth strategy," Mr. Mordashov said.

"A lot of people are hoping that when the IPO is finished,
corporate governance will improve," Jean-Louis Tauvy, manager of
around US$200 million in Russian stocks in Moscow.

After the IPO, Severstal will appoint:

   -- an independent non-executive chairman, and
   -- a board of directors, half of which will be independent
      non-executives.

"The selection of candidates with an appropriate international
profile, industry reputation and a public markets track record
for the available non executive positions is currently underway
and is expected to be completed by the end of the year,"
Severstal said.

"Already one of the world's largest and most profitable
producers, we aim to be a leader in the consolidating global
steel industry," Mr. Mordashov added.  "I am confident that the
offering will give us greater access to capital and enhance our
opportunities for growth and value creation."

                      Failed Arcelor Deal

As reported in TCR-Europe on June 26, Arcelor S.A.'s Board of
Directors ditched a pre-signed merger agreement with Severstal
over an improved offer from Indian steelmaker Mittal Steel.

Until the deal, Arcelor had recommended a EUR13 billion merger
with Severstal, saying that an Arcelor-Severtal fusion would be
more efficient and productive than an Arcelor-Mittal union.

The planned merger, however, received stiff opposition from some
Arcelor shareholders, who had expressed concerns that Alexei
Mordashov, Severstal's majority owner, would end up controlling
the merged company.  Severstal had improved the terms of
proposed merger, opting to own 25% of the new company rather
than 32% as previously agreed.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of approximately EUR150 per ton.

As of Dec. 31, 2005, Severstal had US$10.75 billion in total
assets, US$3.66 billion in total liabilities and US$7.09 billion
in total shareholders' equity.

                        *     *     *

As reported in TCR-Europe on July 5, Standard & Poor's Ratings
Services kept its 'B+' long-term corporate credit rating on
Russian steelmaker OAO Severstal on CreditWatch with positive
implications following the consolidation of the company's mining
assets.

The rating was placed on CreditWatch on May 26, following the
announcement of a previously agreed merger between Severstal and
Luxembourg-based steelmaker Arcelor S.A.  This merger was
cancelled on June 30.

As reported in TCR-Europe on June 28, Fitch Ratings maintained
the Rating Watch Positive status for OAO Severstal's ratings of
Issuer Default BB-, senior unsecured BB-, Short-term B and
National Long-term A+.


SEVERSTAL OAO: Moody's Lifts US$700 Million Notes' Rating to B2
---------------------------------------------------------------
Moody's Investor's Service upgraded the corporate family rating
of OAO Severstal from B1 to Ba3 and the rating for the Loan
Participation Notes totaling US$700 million from B2 to B1.  The
outlook on all ratings is stable.

The upgrade is driven by Severstal's acquisition and integration
of the mining assets from its parent company, Severstal
Shareholder Group.  The mining assets comprise four mines
producing iron-ore pellets, iron-ore and hard coking coal and
have significant reserves, effectively giving Severstal control
over 27% of the Russian market in iron ore pellets and over 14%
in coking coal. Based on FYE 2005 results, revenue generated by
the mining segment was US$1.4 billion, EBITDA amounted to
US$600 million and net profit to US$455 million.

Moody's notes that this vertical integration within OAO
Severstal should:

   -- improve the company's resilience to business cycles as
      it no longer remains exposed to price fluctuations of
      its key raw materials, iron-ore and coking coal which
      it can now fully source at cost;

   -- enhance the company's profitability as the mining
      assets also generate external revenues;

   -- improve the company's financial profile in view of
      the debt-neutral equity-funding of this
      acquisition, thereby also enhancing the company's
      net asset value.

The ratings continue to reflect:

   -- Severstal's low cash costs and continuous focus on
      cost reductions;

   -- its established position in the Russian and North
      American steel markets and its ability to
      compete internationally;

   -- the group's current low debt levels and strong cash
      flow generation;

   -- its strategic location close to the major steel
      consuming markets.

However, the ratings remain constrained by:

   -- the group's exposure to the cyclicality of the
      steel industry and to end-consumer industries such as
      the automotive sector;

   -- Severstal's operating performance in the first half
      of 2006 having weakened compared to historically
      very strong years 2004 and 2005, as well as
      the expectation that markets will further weaken in
      2007;

   -- intentions to consolidate Lucchini which might result
      in an erosion of the group's margins and a weakening
      of its credit profile;

   -- the group's appetite for acquisitions;

   -- the ownership structure facilitating changes in
      its financial strategy and recent significant
      dividend payments; and

   -- the evolving Russian business, fiscal and
      legal environment which continues to negatively
      affect predictability and stability of a
      company's operations.

The stable outlook primarily balances an overall positive trend
of the steel industry as a result of a more disciplined supply
throughout a cycle, which should also improve Severstal's
ability to withstand the expected market weakening in 2007, with
uncertainty resulting from the impact on Severstal's financial
profile of the planned acquisition of Lucchini from its major
shareholder, Severstal Shareholder Group.  This primarily
relates to the yet to be determined funding structure of this
potential acquisition.

OAO Severstal is the second largest steel producer in Russia,
with a subsidiary in the U.S.  Severstal steel production
capacity is 13.8 million tons/year.  In the first six months
2006, the Company produced 6.5 million tons of steel and
reported Net Revenues of US$4.376 billion and EBITDA of
US$1.121 billion.


SUAL INT'L: Merger Spurs Moody's to Review Ratings & May Upgrade
----------------------------------------------------------------
Moody's Investors Service placed Ba3 corporate family ratings
and Aa3.ru national scale corporate family rating of SUAL
International Ltd. under review for possible upgrade following
the group's joint announcement with Russian aluminium producer
Rusal and Glencore International AG of a three-way merger of the
respective aluminium assets.

The merger will be concluded by April 1, 2007 and the newly
formed United Company RUSAL is expected to become the world-
leader in aluminium production with estimated 12.5% of global
aluminium market share and 16% of global alumina production.

Moody's views the announced transaction as a transformational
event for SUAL International Ltd and will focus its review on
the:

   -- final capital structure of the combined group and
      the place of the rated entity in the new structure;

   -- fundamental credit characteristics of the
      combined business, including the level of
      upstream integration, diversity of operations,
      cost efficiency and profitability and its
      intrinsic financial strength;

   -- shareholders' plans and business strategy of the
      combined group;

   -- financial profile of the combined company and SUAL
      after the merger, as well as 5) medium operating
      and financial outlook.

Additional factors being considered include the financial and
economic rationale underpinning the merger, integration risks
and possible synergies, the new company's consolidated position
in its markets, as well as financial policy of the shareholders.

Headquartered in Moscow, Russia, SUAL is a leading manufacturer
of primary aluminum with 2005 net revenues of US$2.5 billion.
SUAL enjoys operational diversification and operates two bauxite
mines and 9 refineries and smelters and produces 1 million ton
of primary aluminum annually.


UNIASTRUM BANK: Moody's Assigns E+ Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service assigned these global scale ratings
with a stable outlook to Uniastrum Bank:

    * B2 long-term and Not-Prime short-term foreign
      and local currency deposit ratings

    * E+ financial strength rating.

At the same time, Moody's Interfax Rating Agency has affirmed
the bank's Baa1.ru long-term national scale credit rating.

According to Moody's and Moody's Interfax, the B2/NP/E+ global
scale ratings reflect global default and loss expectation, while
the Baa1.ru national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.

Uniastrum Bank's ratings are underpinned by ongoing
strengthening of its franchise through aggressive retail
business development and rapidly growing territorial presence.
At mid-2006, the bank ranked 14th among Russian banks in car
lending and 31st by the amount of individual deposits, Moody's
notes.

Uniastrum Bank's network currently comprises 34 regional
branches, of which 15 were established in 2005-2006, and 79
outlets, including 39 in the Moscow region.  The bank is one of
the leaders in money transfers for individuals in Russia, which
since 2006, have been performed through a 100% subsidiary bank,
Unistream.  Fees on money transfers are the major component of
the bank's commission income.

Moody's ratings on the bank are constrained by:

   -- its currently modest financial performance, mainly due
      to high operating expenses related to branch
      network expansion, and uncertainty over
      future profitability as keen competition in the
      target market segments is pressuring margins
      while possible restrictions on money transfers from
      Russia to CIS countries could negatively affect
      commission income;

   -- very fast growth in both corporate and retail
      lending, which will test the strength of the bank's
      credit risk management systems and its ability to
      cope with potential threats to liquidity;

   -- industry concentration of the loan portfolio, with
      the major portion of large loans made to
      companies operating in the real estate or wholesale
      trade sectors; and

   -- the lack of certainty as to whether current
      shareholders will be able to raise new capital in
      the amounts sufficient to implement ambitious plans
      for further growth.

The B2/NP long-term foreign currency deposit ratings do not take
into account possible support from the bank's shareholders.  In
Moody's view, although such support cannot be ruled out, its
scope and timeliness are rather uncertain, while support from
the Russian authorities in case of need is unlikely.

Uniastrum Bank is headquartered in Moscow, Russian Federation.
As at year-end 2005, the bank reported consolidated total assets
of US$482 million under IFRS.  Uniastrum Bank ranked 61st by
assets and 69th by regulatory capital among Russian banks as of
July 1, 2006, according to Interfax.


URAL-COOPER: Court Names S. Suvorov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Ural-Cooper.  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.
A40-40862/06-101-714B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Ural-Cooper
         Krasnopresnenskaya Nab. 12
         Moscow Region
         Russia


VEK RUSI: Court Names S. Suvorov as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Transport Company Vek Rusi.  He can
be reached at:

         S. Suvorov
         Post User Box 183
         Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-38431/06-44-672B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Transport Company Vek Rusi
         Osipenko Str. 69
         Moscow Region
         Russia


VIMPELCOM: Strong Performance Cues S&P to Lift Rating to BB+
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russia-based mobile
telecommunications operator Vimpel-Communications (JSC) to 'BB+'
from 'BB', reflecting the company's continuing strong
performance.  The outlook is stable.

"The upgrade reflects VimpelCom's continuing strong business
performance and the remaining potential for further mobile
market growth in Russia and the Commonwealth of Independent
States," said Standard & Poor's credit analyst Lorenzo
Sliusarev.  "The rating action also reflects the company's
favorable profitability trend and its improving financial
profile, with robust cash flow generation and the ability to
manage financial risks in a dynamic and challenging
environment."

The ratings are limited by:

   -- the company's exposure to intense competition in its
      key markets, combined with increasing mobile saturation
      and declining growth in Russia;

   -- VimpelCom's orientation toward growth and further
      geographical expansion; and

   -- the uncertainty of the evolving economic
      and administrative environments in Russia and the CIS.

"Standard & Poor's expects VimpelCom's strong and continually
expanding business profile, marked by increasing economies of
scale, sound market share, and robust profitability, to continue
to reinforce its current credit profile," Mr. Sliusarev added.

The financial profile could further improve as the company
generates increasing positive free cash flows, stabilizes and
consequently reduces financial leverage, and maintains sound
liquidity.

Nevertheless, the ongoing uncertainty of Russia's evolving
economic and administrative environment, continuing telecoms
industry reform, and periodically intensifying key shareholder
conflicts between Altimo and Telenor ASA could limit further
improvement in VimpelCom's credit risk.  A potential increase in
regulatory risk, a surge in competitive pressures, or unforeseen
aggressiveness regarding the company's financial policy could
put downward pressure on the ratings.


ZENIT CAPITAL: Fitch Assigns B Rating on Upcoming Eurobond
----------------------------------------------------------
Fitch Ratings assigned Zenit Capital PLC's upcoming loan
participation notes issue an expected Long-term B rating and an
expected Recovery Rating RR4.  The notes are to be used for the
sole purpose of funding a loan to Russia-based Bank Zenit, which
is rated Issuer Default B, Short-term B, Individual D, Support
5, and National Long-term BBB-.

The Outlooks on both the Issuer Default and the National Long-
term ratings are Stable.  The final ratings are contingent upon
receipt of final documentation conforming materially to
information already received.

Zenit Capital PLC, a Dublin-domiciled special purpose vehicle,
will only pay noteholders principal and interest received from
Zenit.  Zenit unconditionally and irrevocably guarantees the
timely and full repayment of the notes in the trust deed between
the bank and the trustee, Deutsche Trustee Company Limited.

The terms and conditions of the notes specify that they will
rank at least equally with the claims of other unsecured
creditors of Zenit, save those preferred by relevant laws.
Under Russian law, the claims of retail depositors and account
holders rank above those of other senior unsecured creditors.

At end-H106, retail deposits and accounts comprised 18.8% of
Zenit's total liabilities, according to the bank's unaudited
IFRS interim financial statements.  Furthermore, related-party
liabilities constitute a significant part of Zenit's total
liabilities.

In Fitch's opinion, this could give rise to additional risks for
bondholders in a default scenario, albeit not to the extent that
these would justify a lower Recovery Rating than RR4 for the
current transaction.

Covenants prevent Zenit from entering into transactions with
affiliates other than on market terms, oblige the bank to
maintain a total capital ratio of at least 12%, as calculated in
accordance with BIS recommendations and also limit mergers and
disposals by Zenit and its subsidiaries.

The terms and conditions of the notes also contain a cross
default clause and a negative pledge clause, the latter of which
allows for a degree of securitization by Zenit.  Should any
securitization be undertaken, Fitch comments that the nature and
extent of any overcollateralization would be assessed by the
agency for any potential impact on unsecured creditors.

Zenit ranks among Russia's 20 largest banks.  It focuses on
corporate and investment banking businesses, but is also
developing a retail banking services platform.  Founded in 1994,
Zenit is owned by several shareholders, including Tatneft,
Russia's fifth-largest oil company.


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


CHEMTURA CORP: Settles Federal Rubber Chemical Suits for US$51MM
----------------------------------------------------------------
Chemtura Corp. agreed to pay US$51 million to resolve federal
class actions involving rubber chemicals.  This agreement,
combined with settlements with other entities, means that
Chemtura has now resolved over 90% of its exposure for
U.S. rubber chemicals claims.

The Class Action Reporter reported Monday that the US$51 million
settlement, which will be paid in the fourth quarter, is subject
to court approval.  In anticipation of this settlement,
US$12.2 million was added to already existing rubber chemicals
reserves in the third quarter.

"This represents another important step in Chemtura's resolution
of legacy issues so that we may continue to focus on the
future," said Robert Wood, chairman and chief executive officer.

Chemtura has previously pleaded guilty in a federal case and was
fined by European regulators for its role in artificially
boosting prices of chemicals to make rubber between 1995 and
2001.

In 2005, Chemtura Corp. disclosed that the European Commission
has imposed a fine of US$16 million on the company in connection
with the EC's rubber chemicals investigation.

                    About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corporation
(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.

                           *     *     *

As reported in the Troubled Company Reporter on April 21, 2006,
Moody's Investors Service assigned a Ba1 rating to Chemtura
Corporation's US$400 million of senior notes due 2016 and
affirmed the Ba1 ratings for its other debt and the corporate
family rating.

As reported in the Troubled Company Reporter on April 21, 2006,
Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured debt rating to Chemtura Corp.'s US$400 million notes
due 2016.  Standard & Poor's affirmed Chemtura's 'BB+' long-term
corporate credit rating.  The outlook remains positive.


SANYO ELECTRIC: To Reduce Group Firms by 10% to Stay in Black
-------------------------------------------------------------
Sanyo Electric Co. Ltd. plans to reduce the number of its group
companies by about 10% in its efforts to stay profitable by
March 2008, AFX News Limited reports, citing Nihon Keizai
Shimbun.

The Japan Times relates that Sanyo will cut 30 out of its 300
group companies both in Japan and abroad, which move will
accelerate its restructuring efforts.  According to the report,
Sanyo did not specify the targeted firms yet, but the reduction
is expected to focus on some 160 overseas companies.

AFX News points out that Sanyo had 231 consolidated subsidiaries
and 72 equity-method affiliates as of the end of June 2006.

Reuters notes that Sanyo's plan follows an announcement last
week that it would consolidate its production of appliances and
sell a building in Tokyo.  Sanyo has already slashed 15% of its
work force as part of a restructuring program that included
closing factories, reducing debt and streamlining unprofitable
operations, Reuters recounts.

Reuters says that despite Sanyo's turnaround efforts, the
company, in July, forecast a net loss of JPY8 billion
(US$68 million) for the April-September quarter following a
JPY205.7-billion loss for the financial year ended March 31,
2006.

Sanyo is expected to return to profitability in the financial
year to March 2007, thanks to heavy restructuring efforts, AFX
News states.  Specifically, AFX notes, the company is expected
to post group operating profit of JPY65 billion for the year
ending March 31, 2007.

However, media reports say, the company will have to cut more
costs to remain profitable.

The Times says that Sanyo wants to reduce costs by consolidating
unprofitable firms and overlapping personnel, accounting and
other back office divisions.  Moreover, the report adds,
reassessing domestic and overseas group firms is a pressing task
for Sanyo.  The number of group firms has ballooned in the
process of entering into overseas markets and diversifying its
business.

The Times recalls that the company has already cut 14,000 jobs.
According to Reuters, Sanyo spokesman Akihiko Oiwa said that
while more jobs would be lost with the new plan to cut group
firms, the company had not decided on a specific figure.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd.
-- http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

As reported in the Troubled Company Reporter - Asia Pacific on
September 28, 2006, Fitch Ratings has assigned BB+ long-term
foreign and local currency issuer default ratings to Sanyo
Electric Co., Ltd.  The outlook on the ratings is Stable.  Fitch
has also assigned a senior unsecured rating of BB+ to Sanyo's
outstanding bonds.

As reported in the Troubled Company Reporter - Asia Pacific on
May 25, 2006 Standard & Poor's Ratings Services affirmed its
negative BB long-term corporate credit and BB+ senior unsecured
debt ratings on Sanyo Electric Co. Limited.  At the same time,
the ratings were removed from CreditWatch where they were first
placed with negative implications on Sept. 28, 2005.


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


ARCELIK A.S.: Fitch Places Local Currency IDR on Watch Negative
---------------------------------------------------------------
Fitch Ratings placed Arcelik A.S.'s local currency Issuer
Default rating of BBB- and National Long-term rating of AA+ on
Rating Watch Negative.  The foreign currency IDR of BB with
Positive Outlook is affirmed.

The rating action follows Arcelik's announcement that it
yesterday increased its stake in Beko Elektronik to 72.46% from
22.36% for TRY190 million in cash.  The stake was purchased from
Koc Holding and other Koc entities.

The RWN reflects the negative impact that Beko would have on
Arcelik's financial profile.  Arcelik, on a stand-alone basis,
benefits from a strong business profile and a sound financial
position.  Beko, which is primarily a television and consumer
electronics manufacturer, on the other hand reported operating
and net losses in the last two years with considerable debt
stock for its size.

Arcelik will consolidate in its FY06 results all of Beko's
financial debt in addition to the latter's accumulated losses.
Fitch intends to resolve the RWN after a review of Arcelik
management's strategy involving Beko as well as the likely full
financial impact of the transaction on Arcelik's financial
position at FYE06.

Arcelik is the largest white goods manufacturer in Turkey with
an over 50% domestic market share.  The company sold 8.3 million
units and reported TRY5.1 billion consolidated sales in FY05, of
which 39% of the revenues were from export sales.  Arcelik is
56%-owned by Koc Group of Turkey, while 21% is floated on the
Istanbul Stock Exchange.

Beko reported TRY2.2 billion sales, TRY90 million operating
loss, TRY82 million net loss and TRY556 million net debt with
TRY273 million share capital at end-FY05.  Prior to the
transaction, Beko was 22.36% held by Arcelik and 57.69% held by
Koc Holding and other Koc entities, while 19.95% was listed on
ISE.


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


AGROTEHNIKA: Poltava Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Poltava Region commenced bankruptcy
supervision procedure on OJSC Agrotehnika (code EDRPOU 03755762)
on Aug. 22.  The case is docketed under Case No. 7/106.

The Temporary Insolvency Manager is:

         S. Boltik
         Ustivitsya
         Velikobagachanskij District
         38300 Poltava Region
         Ukraine

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         OJSC Agrotehnika
         Ustivitsya
         Velikobagachanskij District
         38300 Poltava Region
         Ukraine


BUKROS: Poltava Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Poltava Region commenced bankruptcy
supervision procedure on OJSC Bore Company Bukros (code EDRPOU
00143136) on Aug. 31.  The case is docketed under Case No.
18/257.

The Temporary Insolvency Manager is:

         M. Ribachenko

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         OJSC Bore Company Bukros
         Monastirska Str. 12
         36000 Poltava Region
         Ukraine


CHAJKA VMS: Sevastopol Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Sevastopol Region commenced bankruptcy
supervision procedure on LLC Sevastopol Professional Football
Club Chajka VMS (code EDRPOU 30169938).  The case is docketed
under Case No. 20-9/330.

The Temporary Insolvency Manager is:

         Svitlana Bikova
         Garpishenko Str. 92/3
         AR Krym Region
         Ukraine

The Economic Court of Sevastopol Region is located at:

         Pavlichenko Str. 5
         Sevastopol
         99011 AR Krym Region
         Ukraine

The Debtor can be reached at:

         LLC Sevastopol Professional Football Club Chajka VMS
         Admiral Oktyabrskij Str. 20
         Sevastopol
         AR Krym Region
         Ukraine


NAFTOGAZ UKRAINY: Prime Minister Yanukovych Foresees Bankruptcy
---------------------------------------------------------------
NJSC Naftogaz Ukrainy is on the verge of bankruptcy, Prime
Minister Viktor Yanukovych warned, due to bad management, The
Associated Press reports.

"As a result of extraordinary financial obligations and a year-
and-a-half of criminal management, this company appears to be on
the verge of bankruptcy," Mr. Yanukovych was quoted by the
Associated Press as saying.

Mr. Yanukovych also warned that the state-owned Naftogaz, which
supplies Ukraine's residential and industrial consumers with
gas, could lose as much as US$1.5 billion this year.

As reported in TCR-Europe on Sept. 22, Naftogaz posted
UAH1.842 billion (US$368 million) in losses for 2005.  As of
Dec. 31, 2005, Naftogaz had -UAH9.014 billion (-US$1.8 billion)
in net current assets.  The figure includes UAH5.168 billion
(US$1 billion) in tax arrears.

Naftogaz accumulated US$700 million in debts for natural gas
supplied by Gazprom unit RosUkrEnergo in February and March,
after Ukraine's Finance Ministry rejected a price hike proposal.
The rejection forced Naftogaz to sell imported gas at prices
lower than the acquisition price, spurring US$500 million to
US$600 million in losses for the first quarter of 2006.

Gazprom is demanding that Ukraine's Naftogaz pay between US$135
and US$140 per 1,000 cubic meters of gas after the Russian gas
company sealed a deal buying 50 billion cubic meters of gas from
Turkmenistan at US$100 per 1,000 cubic meters, up from previous
price of US$65 per 1,000 cubic meters.

Naftogaz has offered to repay US$322 million debt in three
installments:

   -- US$150 million on Sept. 17,
   -- US$150 million on Sept. 25, and
   -- US$22 million in early October.

to keep the gas prices at US$95 in the fourth quarter of 2006.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NJSC Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

In 2005, NJSC Naftogaz of Ukraine produced one-seventh of the
gross domestic product of Ukraine and brought US$2.25 billion in
state budget revenues.  The Company employs around 170,000
people, roughly one percent of Ukraine's working population.

                        *     *     *

As reported in TCR-Europe on May 26, Moody's Investor Service
upgraded Naftogaz's Corporate Family Rating (foreign currency)
to Ba3 from B1, with Stable Outlook.  Moody's also affirmed the
group's Ba2 Senior Unsecured Debt Rating.

As reported in TCR-Europe on April 26, Fitch Ratings lowered
OJSC Naztogaz of Ukraine's local and foreign currency Issuer
Default Ratings to B+ from BB- due to the company's
deteriorating financial condition.  The Outlooks for the IDRs
remain Negative.

The senior unsecured rating on the company's US$500 million
Eurobond maturing in 2007 is also downgraded to B+ from BB-.


NAFTOGAZ UKRAINY: To Stop Buying Gazprom Fuel in 2007
-----------------------------------------------------
NJSC Naftogaz Ukrainy, fully owned and fully controlled by the
Ukrainian government, will stop buying natural gas from OAO
Gazprom in 2007 due to a looming price hike, The Associated
Press says citing Energy Minister Yuri Boyko as saying.

Gazprom is demanding that Naftogaz pay between US$135 and US$140
per 1,000 cubic meters of gas after the Russian gas company
sealed a deal buying 50 billion cubic meters of gas from
Turkmenistan at US$100 per 1,000 cubic meters, up from a
previous price of US$65 per 1,000 cubic meters.

Gazprom had promised not to hike prices of natural gas for
Ukraine until year-end, AP relates.  Naftogaz was able to keep
the price level at US$95 after offering to repay US$322 million
debt in three installments:

   -- US$150 million on Sept. 17,
   -- US$150 million on Sept. 25, and
   -- US$22 million in early October.

To avoid another price hike, Ukraine will buy 57.5 billion cubic
meters of gas at US$95 per 1,000 cubic meters from Turkmenistan,
Uzbekistan and Kazakhstan said Dmytro Marunich, spokesman for
Naftogaz, said.

"There is no need to buy from anybody else," Marunich told AP.

Mr. Boyko assured the decision to cut ties from Gazprom would
not disrupt deliveries of Russian gas to European consumers;
with around 80% of Russian gas exports to Europe passes through
Ukraine.

                        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'.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NJSC Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

In 2005, NJSC Naftogaz of Ukraine produced one-seventh of the
gross domestic product of Ukraine and brought US$2.25 billion in
state budget revenues.  The Company employs around 170,000
people, roughly one percent of Ukraine's working population.

                        *     *     *

As reported in TCR-Europe on May 26, Moody's Investor Service
upgraded Naftogaz's Corporate Family Rating (foreign currency)
to Ba3 from B1, with Stable Outlook.  Moody's also affirmed the
group's Ba2 Senior Unsecured Debt Rating.

As reported in TCR-Europe on April 26, Fitch Ratings lowered
OJSC Naztogaz of Ukraine's local and foreign currency Issuer
Default Ratings to B+ from BB- due to the company's
deteriorating financial condition.  The Outlooks for the IDRs
remain Negative.

The senior unsecured rating on the company's US$500 million
Eurobond maturing in 2007 is also downgraded to B+ from BB-.


PARTNER-TRANS: Court Names U. Glushenko as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed U. Glushenko as
Liquidator/Insolvency Manager for LLC Transport Company Partner-
Trans (code EDRPOU 32310214).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 12.  The case is docketed
under Case No. 24/583-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Transport Company Partner-Trans
         Predslavinska Str. 34-B
         Kyiv Region
         Ukraine


RESURSINVEST: Dnipropetrovsk Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Scientific-Production Enterprise
Resursinvest (code EDRPOU 31296917) on June 29.  The case is
docketed under Case No. B 15/128-06.

The Temporary Insolvency Manager is:

         I. Yasnogor
         a/b 2350
         49040 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Scientific-Production Enterprise Resursinvest
         Ulyanov Str. 26-a
         49101 Dnipropetrovsk Region
         Ukraine


SEMZ-MARKET: Court Names Oleksandr Pashenko as Liquidator
---------------------------------------------------------
The Economic Court of Cherkassy Region appointed Oleksandr
Pashenko as Liquidator/Insolvency Manager for LLC Semz-Market
(code EDRPOU 24420280).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
01/3787.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         LLC Semz-Market
         Korobejnik Str. 1
         Smila
         Cherkassy Region
         Ukraine


SHORS GRANITE: Court Names Oleg Martinov as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Zhitomir Region appointed Oleg Martinov as
Liquidator/Insolvency Manager for LLC Shors Granite Quarry.  He
can be reached at:

         Oleg Martinov
         Tutkovskij Lane 6/44
         10024 Zhitomir Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on June 6.  The case is docketed
under Case No. 3/112-B.

The Economic Court of Zhitomir Region is located at:

         Berdichivska Str. 25
         Mala
         10014 Zhitomir Region
         Ukraine

The Debtor can be reached at:

         LLC Shors Granite Quarry
         Poliske
         Korostenskij District
         Zhitomir Region
         Ukraine


TEHNOSPECBUD-F: Court Names Sergij Bagmet as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Sergij Bagmet
as Liquidator/Insolvency Manager for LLC Tehnospecbud-F (code
EDRPOU 33471222).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 31.  The case is docketed
under Case No. 25/139/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Tehnospecbud-F
         Zernova Str. 34/56
         69121 Zaporizhya Region
         Ukraine


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


ANGEL GATE: Appoints Portland Business as Administrators
--------------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd. were appointed joint administrators
of Angel Gate Aviation Ltd. (Company Number 4989228) on
Sept. 27.

The administrators can be reached at:

         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire PO15 7AH
         United Kingdom
         Tel: 01489 550 440
         E-mails: carl.faulds@portland-solutions.co.uk
                  james.tickell@portland-solutions.co.uk

Angel Gate Aviation Ltd. can be reached at:

         3 Old Barrack Yard
         City of Westminster
         London SW1X 7NP
         United Kingdom


ANTAR EQUIPMENT: Appoints BDO Stoy to Administer Assets
-------------------------------------------------------
Shay Bannon and Kim Rayment of BDO Stoy Hayward LLP were
appointed joint administrators of Antar Equipment Ltd. (Company
Number 00077015) on Sept. 25.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member
firm of BDO International, the world's fifth largest accountancy
network with more than 600 offices in 100 countries.  Its
services include: audit and assurance, business restructuring,
corporate finance, disputes and investigations, investment
management, risk assurance services, tax services, and
valuations.

Headquartered in Aston, England, Antar Equipment Ltd.
manufactures electro magnet including lifting magnets, vibration
equipments, precision moulded magnets, and high quality
fabrications & concrete batching equipment.


AUTOBRAID LIMITED: Hires Joint Administrators from F A Simms
------------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners Plc were appointed joint administrators of Autobraid
Ltd. (Company Number 3898897) on Sept. 25.

The administrators can be reached at:

         F A Simms & Partners Plc
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire LE17 4AP
         United Kingdom
         Tel: 01455 557111
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

Autobraid Ltd. can be reached at:

         Pate Road
         Melton Mowbray
         Leicestershire LE13 0RG
         Tel: 01664 482 000
         Fax: 01664 481 234


BERTRAM GOUGH: Appoints Administrators from Poppleton & Appleby
---------------------------------------------------------------
M. D. Hardy and A. Turpin of Poppleton & Appleby were appointed
joint administrators of Bertram Gough Communications Ltd.
(Company Number 02527377) on Sept. 28.

         Poppleton & Appleby
         35 Ludgate Hill
         Birmingham B3 1EH
         United Kingdom
         Tel: 0121 200 2962

Headquartered in Coleshill, England, Bertram Gough
Communications Ltd. is engaged in advertising and brand
consultancy.


BRITISH AIRWAYS: Key Executives Resign Amid Cartel Probe
--------------------------------------------------------
British Airways Plc's Martin George left his post as the
airline's commercial director four months after an antitrust
probe on BA's long-haul passenger fuel surcharges began.

Mr. George, who has been on leave of absence since the
investigation started, formally resigned effective Oct. 9.  Iain
Burns, British Airways' Head of Communications, also resigned
effective immediately.

According to Mr. George, the decision to step down from his post
"applies both to my position as an employee of British Airways
Plc and as a director on the main and subsidiary company boards
of the British Airways group."

Mr. George added: "I now recognize that within my department,
there may have been inappropriate conversations in violation of
Company policy in relation to long haul fuel surcharges.  I was
not involved in such conversations.  Although the Board of BA
have not found that I have behaved in a dishonest way, I fully
recognize my responsibilities as Head of Department and as a
Board Director."

"As you know, becoming a Board Member of British Airways has
been the highlight of my career so far.  I remain committed to
doing what I can in the interests of the airline, to which I
have dedicated my last 19 working years.  I have always taken my
responsibilities as a Director and Board Member very seriously
and I therefore depart with deep regret, whilst believing that
departing is, in these circumstances and for these reasons,
nevertheless, the right course."

Robert Boyle, British Airways' Director of Planning, has been
appointed Commercial Director to replace Mr. George effective
immediately.

Thomas Coops, former Communications Director at Abbey National
has been appointed interim Head of Corporate and Media Relations
to replace Mr. Burns.  He will be responsible for providing
communications advice to the Company and managing Media
Relations.

                        Cartel Probe

In June 2006, the U.K.'s Office of Fair Trading and the U.S.
Department of Justice began an investigation on the airline's
pricing system for long-haul passenger fuel surcharges.  The
investigators alleged that the airline introduced six fuel
surcharges since May 2004 to pass higher costs on to customers
resulting to a 20% increase in the carrier's profit to GBP451
million (US$824 million) in the year ended March 31, Bloomberg
News reports.

John Marciano, a spokesman for the U.K. Office of Fair Trading,
declined to comment but said the investigation is ongoing.

                      About the Company

Headquartered in West Drayton, England, British Airways Plc --
http://www.ba.com/-- is the U.K.'s largest international
scheduled airline, flying to over 550 destinations.  The British
Airways group consists of British Airways Plc and a number of
subsidiary companies including in particular British Airways
Holidays Limited and British Airways Travel Shops Limited.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


CHIQUITA BRANDS: Gets Waiver from Lenders on Sr. Credit Facility
----------------------------------------------------------------
Chiquita Brands International Inc. and Chiquita Brands LLC,
its main operating subsidiary, entered into Waiver Letter No. 1
with the lenders under the credit agreement dated as of
June 28, 2005, on Oct. 5, 2006.

In accordance with the terms and conditions under the waiver
letter, compliance with certain financial covenant provisions in
the Credit Agreement has been waived through Dec. 15, 2006.

Chiquita sought to obtain a waiver from its lenders to provide
additional flexibility in light of the current challenging
market environment facing the Company.  The Company will
evaluate and seek a more permanent waiver or amendment during
the term of the temporary waiver.

A full-text copy of Waiver Letter No. 1 to the Credit Agreement,
among Chiquita and certain financial institutions as lenders,
and Wachovia Bank, National Association, as administrative
agent, is available for free at
http://researcharchives.com/t/s?1323

                       About Chiquita

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide including
Belgium and Germany.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 3, 2006,
Moody's Investors Service affirmed all ratings for Chiquita
Brands L.L.C. (senior secured at Ba3), as well as for its parent
Chiquita Brands International, Inc. (corporate family rating at
B2), but changed the outlook to negative from stable.  This
action followed the company's announcement that its operating
performance continues to be negatively impacted by lower pricing
in key European and trading markets, as well as excess fruit
supply.

On June 15, 2006, Standard & Poor's Ratings Services affirmed
its ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc., including the 'B+' corporate credit rating.
S&P said the rating outlook is negative.


COLLINS & AIKMAN: District Court Dismisses GECC's Appeal
--------------------------------------------------------
The Hon. Gerald E. Rosen of the U.S. District Court for the
Eastern District of Michigan has dismissed General Electric
Capital Corporation's appeal from the order issued by the U.S.
Bankruptcy Court for the Eastern District of Michigan denying
its request to compel payments under a master lease agreements
with Collins & Aikman Corporation and its debtor-affiliates.

Prior to filing for bankruptcy, the Debtors entered into three
"Master Lease Agreements" with GECC, pursuant to which GECC
leased certain equipment to the Debtors.  A few months after the
Debtors filed for bankruptcy, GECC filed an initial request to
compel the Debtors to make the rent and tax payments that were
due under the Master Lease Agreements.  The initial request was
resolved through a stipulated order pursuant to which the
Debtors were directed to comply with their obligations under the
three leases "unless and until the Court orders otherwise."

In early 2006, however, the Debtors ceased making payments under
the Master Lease Agreements.  The Debtors said they intended to
seek to recharacterize the leases as secured financing
arrangements -- an effort which, if successful, would avoid the
statutory requirement of timely performance of the Debtors'
obligations under unexpired leases of personal property.  In
response, GECC filed a renewed request to compel the Debtors to
make the payments.

The Debtors, for their part, commenced an adversary proceeding
on April 19, 2006, seeking a declaration that the Master Lease
Agreements were properly characterized as secured financing
arrangements.  The Debtors also filed objections in opposition
to GECC's request to compel payments under the leases.

The Bankruptcy Court addressed GECC's request at two hearings.
At the first, held on May 11, 2006, the Bankruptcy Court
announced the procedure it would follow in deciding GECC's
request.  Citing the pending adversary proceeding in which the
parties would fully litigate the question whether the Master
Lease Agreements should be recharacterized as secured financing
transactions, the Bankruptcy Court scheduled a expedited hearing
at which each side would make a more limited "offer of proof"
and "present their case" as to the recharacterization issue.  At
the conclusion of this hearing, the Bankruptcy Court would then
"decide which side is more likely to prevail" on the
recharacterization issue, with this decision determining the
immediate outcome of GECC's request to compel payments, but
"having [no] impact whatsoever" and "not being binding" upon the
Bankruptcy Court's ultimate disposition of this issue at the
conclusion of the adversary proceeding.

Both sides objected to the procedure.  GECC pointed out that
"the clock is ticking and . . . a lot of [unpaid] rent . . . is
accruing," and expressed concern that it might be unable to
recover these full amounts if the Debtors' bankruptcy cases
subsequently were converted to Chapter 7 or the "secured
creditors were to foreclose tomorrow."  GECC further argued that
"there are a lot of facts and a lot of third-party witnesses
that are going to weigh in at the trial on . . . the underlying
issue of whether these [Master Lease Agreements] are true
leases," so that an expedited hearing on a limited record might
not provide a full opportunity for GECC to demonstrate its
entitlement to timely payment under the leases.

The Debtors, on the other hand, suggested that an expedited
hearing on the recharacterization issue was unnecessary, where
GECC could "file a motion for adequate protection" to safeguard
its interests while the adversary proceeding remained pending.

Despite the objections, the expedited hearing went forward on
June 1, 2006.  After hearing 30 minutes of argument from each
side, the Bankruptcy Court concluded that it was "more likely
than not" that the Master Lease Agreements would be
recharacterized as secured financing transactions.  The
Bankruptcy Court denied GECC's request to compel payments.

GECC has appealed the Bankruptcy Court's ruling to the United
States District Court for the Eastern District of Michigan,
Southern Division.

As a threshold matter, however, the Debtors argue that the
District Court should not entertain GECC's appeal because:

   (a) the Bankruptcy Court's June 9, 2006 order is not "final"
       within the meaning of Section 158(a)(1) of the Judiciary
       and Judicial Procedures Code, so that GECC is not
       entitled to take an appeal; and

   (b) GECC purportedly has failed to establish a basis for the
       District Court to exercise its discretion to hear an
       interlocutory appeal.

Under these circumstances, the District Court shares the
Debtors' view that the Bankruptcy Court's ruling is not "final."
GECC's entitlement to payments under Section 365(d)(5) of the
Bankruptcy Code, after all, turns on the determination whether
the Master Lease Agreements are true "leases" within the meaning
of the statute.  According to District Court Judge Gerald E.
Rosen, the Bankruptcy Court did not purport to definitively
settle this question but merely expressed its tentative view.
Judge Rosen states that the Bankruptcy Court merely decided
which party should bear the risk of non- or over-payment in the
interim period before the applicability of Section 365(d)(5) is
finally determined at the conclusion of the adversary
proceeding.

GECC has also failed to persuade the District Court that an
interlocutory appeal would materially advance the ultimate
termination of the litigation between the parties.  The District
Court is unwilling to entertain an interlocutory appeal for the
purpose of exercising control over the Bankruptcy Court's docket
and insisting that one issue or one participant in the Debtors'
complex and lengthy bankruptcy proceedings go to the head of the
line.

Judge Rosen finds no basis to believe that a denial of leave to
appeal would result in wasted expense and litigation.  Since
GECC's appeal provides no legitimate opportunity to address the
central point of contention between the parties -- the proper
characterization of the Master Lease Agreements -- any ruling
that the District Court might issue could not possibly bring the
overall dispute to a speedier or more efficient conclusion,
Judge Rosen notes.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the
Debtors filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 42;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


CONSTELLATION BRANDS: Earns US$68 Mln for Quarter Ended Aug. 31
---------------------------------------------------------------
Constellation Brands Inc. reported net sales of US$1.4 billion
for the quarter ended Aug. 31, 2006, up 19% over prior year.

The Increase in net sales was primarily due to the June 5, 2006,
acquisition of Vincor International Inc., and from growth in the
base business.  Branded business net sales grew 20%.  The
increase was due to the addition of Vincor and 7% growth for
branded business organic net sales on a constant currency basis.

                           Net Sales

Growth of branded wine for North America, primarily in the U.S.,
drove an overall 6% increase in branded wine organic net sales
on a constant currency basis.  The Vincor acquisition
complemented the growth to drive a 28% increase for branded wine
on a constant currency basis.

Net sales of branded wine for North America increased 34%.
Branded wine net sales for Australia/New Zealand increased 15%.
Net sales of branded wine for Europe increased 21%.

Organic net sales for wholesale and other increased 6% on a
constant currency basis, primarily from growth in the Company's
U.K. wholesale business.

The 9% increase in imported beers net sales was primarily due to
volume growth for the Company's portfolio and reflected strong
consumer demand throughout the summer season.

Total spirits net sales increased 8% for the second quarter.
Investments behind the company's premium spirits brands
contributed to an 8% increase in branded spirits, while contract
production services increased 10%.

                           Net Income

For the three months ended Aug. 31, 2006, the Company reported
net income of US$68.4 million, compared to net income of US$82.4
million three months ended Aug. 31, 2005.

Net Income for the six months ended Aug. 31, 2006 was
US$153.9 million, versus net income of US$158.1 million for the
six months ended Aug. 31, 2005.

The Company disclosed that for the second quarter 2007,
operating income increased primarily due to the acquisition of
Vincor, as well as growth in the base business.  The Company
incurred US$4.1 million of stock-based compensation expense for
the second quarter related to the its March 1, 2006, adoption of
Statement of Financial Accounting Standards No. 123(R), which
reduced operating income growth by approximately 2 percentage
points.  For the quarter, the Company also recorded
approximately US$1.5 million of expenses, primarily corporate
transaction-related costs associated with the formation of the
Crown Imports LLC joint venture.

Wines segment operating margin increased 100 basis points, due
primarily to a strong increase in operating margin in the U.S.
base business.  Beers and spirits segment operating margin
declined 90 basis points for the quarter, primarily due to
increased material costs for spirits, higher spending behind
premium spirits and stock compensation expense recognition.

The company recorded US$21.7 million of restructuring and
related charges for strategic business realignment activities
for the second quarter 2007, compared to US$2.2 million for the
same period last year.  On June 5, 2006, the Company entered
into a new US$3.5 billion credit agreement, proceeds of which
were primarily used to fund the acquisition of Vincor, pay
certain Vincor indebtedness, and repay the outstanding balance
on the Company's prior credit agreement.  The company recorded
US$11.8 million of expense for the write-off of bank fees
related to the repayment of the prior agreement.  Interest
expense increased 55% to US$72.5 million for the second quarter
2007, primarily due to the financing of the Vincor acquisition
and higher average interest
rates.

                       Stock Repurchases

The Company also disclosed that during the second quarter 2007
it purchased 3.24 million shares of its class A common stock at
an aggregate cost of US$82 million, or at an average cost of
US$25.28 per share under its US$100 million share repurchase
program.

                            Outlook

Due to continued intense competition in the U.K. market, the
Company has revised its fiscal 2007 comparable basis diluted EPS
outlook to US$1.72 to US$1.76 from its previous estimate of
US$1.72 to US$1.80.

Headquartered in Fairport, New York, Constellation Brands Inc.
-- http://www.cbrands.com/-- engages in producing and marketing
beverage alcohol brands in wine, imported beer, and spirits
categories principally in the United States, the United Kingdom,
Australia, and New Zealand.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 14, Moody's
Investors Service assigned a (P)Ba2 rating to Constellation
Brands, Inc.'s new shelf and concurrently, a Ba2 rating to
Constellation's new US$500 million senior unsecured note, due
2016.  Constellation's existing ratings are not affected by
these actions, and have been affirmed.  The ratings outlook
remains negative.

As reported in the Troubled Company Reporter on Sept. 26, 2006
Moody's Investors Service's, in connection with its
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. beverage company sector,
affirmed its Ba2 Corporate Family Rating for Constellation
Brands Inc., and downgraded its Ba3 probability-of-default
rating to B1.  The rating agency also assigned its LGD6 loss-
given-default ratings on the Company's US$250 million 8.125%
Senior Subordinated Notes due Jan. 15, 2012, suggesting
noteholders will experience a 95% loss in the event of a
default.


ELGIN & HALL: Names Alisdair J. Findlay as Administrator
--------------------------------------------------------
Alisdair J. Findlay of Findlay James was named administrator of
Elgin & Hall Ltd. (Company Number 05616761) on Sept. 26.

The administrator can be reached at:

         Findlay James
         Saxon House
         Saxon Way
         Cheltenham
         Gloucestershire GL52 6QX
         United Kingdom
         Tel: 01242 576555
         Fax: 01242 576999
         E-mail: ajf@finjam.com

Headquartered in Bedale, England, Elgin & Hall Ltd. --
http://www.elgin.co.uk/-- manufactures fireplace and
mantelpiece.


EUROPEAN FLEET: Brings In F A Simms to Administer Assets
--------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners Plc were appointed joint administrators of European
Fleet Management Ltd. (Company Number 03901468) on Sept. 21.

The administrators can be reached at:

         F A Simms & Partners Plc
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire LE17 4AP
         United Kingdom
         Tel: 01455 557111
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

European Fleet Management Ltd. can be reached at:

         Brackley
         Northamptonshire NN13 7ZH
         United Kingdom
         Tel: 012 8070 9863
         Fax: 012 8070 9861


HONOURS PLC: Moody's Rates GBP11.95-Mln Class D Notes at (P)Ba2
---------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
fives classes of asset backed notes issued by Honours PLC.

   -- GBP[291.95] million Class A1 Series 2
      Asset-Backed Floating Rate Notes due 2029: (P) Aaa;

   -- GBP[54.2] million Class A2 Series 2
      Asset-Backed Floating Rate Notes due 2029: (P) Aaa;

   -- GBP[33.35] million Class B Series 2
      Asset-Backed Floating Rate Notes due 2029: (P) A2;

   -- GBP[18] million Class C Series 2 Asset-Backed
      Floating Rate Notes due 2029: (P) Baa2; and

   -- GBP[11.95] million Class D Series 2 Asset-Backed
      Floating Rate Notes due 2029: (P) Ba2.

Moody's has not assigned ratings to the GBP8.75 million Class E
Series 2 Asset-Backed Floating Rate Notes due 2029

Honours PLC's issuance of the Series 2 Notes is a refinancing of
the existing Honours PLC transaction that closed in May 1999.
The refinancing is being undertaken to re-balance the capital
structure and take advantage of the better than expected
performance of the assets.  The asset pool comprises eligible
student loans issued by the Student Loan Company and supported
by a subsidy package from H.M Government acting through the
Secretary of State for Education.

Moody's ratings take into account, among other factors, the
benefits provided by this subsidy package, including a
cancellation indemnity for lifetime low earnings and disability,
and a yield guarantee of Libor + 2.69% - RPI on the total
qualifying balance.  Moody's has benefited from an increased
availability of historic data demonstrating stable behavior
patterns and has consequently been able to give credit to the
better than expected performance of the assets.

In 2004 a servicer migration was undertaken whereby Ventura PLC
was appointed as loan Administrator.  The aim of this migration
was to gain more control over the resourcing of the collections
team, provide a commercially incentivized administration
contract and to gain more control over the general management of
the portfolio.  Moody's believes Ventura is well placed to
provide a high quality of servicing to the portfolio.  Although
the current Servicer is unrated, Moody's notes that in the
unlikely event of a servicer disruption it would be possible for
the SLC to resume the servicing of these loans.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A definitive rating
may differ from a provisional rating.  Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for the timely payment of interest and ultimate
payment of principal on the Class A1, Class A2 and Class B Notes
and the ultimate payment of interest and principal on the Class
C and Class D Notes.  Moody's rating only addresses the credit
risks associated with the transaction. Other non-credit risks
have not been addressed but may have a significant impact on
yield to investors.


IAN MEARNS: Taps Joint Administrators from DTE
----------------------------------------------
P. D. Masters and A. Clifton of DTE Leonard Curtis were
appointed joint administrators of Ian Mearns Holidays Ltd.
(Company Number 03645304) on Sept. 28.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Ian Mearns Holidays Ltd. can be reached at:

         12 16 Tannery Yard
         Witney Street
         Burford
         Oxfordshire OX18 4DP
         United Kingdom
         Tel: 01993 822 655
         Fax: 01993 822 650


KHILKOFF-BOULDING: Brings In Administrators from Begbies Traynor
----------------------------------------------------------------
Mark Fry and David Hudson of Begbies Traynor (South) LLP were
appointed joint administrators of Khilkoff-Boulding & Co. on
Sept. 25.

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.

Khilkoff-Boulding & Co. can be reached at:

         25 Military Road
         Chatham
         Kent ME4 4JG
         United Kingdom
         Tel: 01634 812 800


LEVI STRAUSS: 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 U.S. and Canadian Retail sector, the rating
agency confirmed its B2 Corporate Family Rating for Levi Strauss
& Co., and its B3 rating on the company's Various senior
unsecured notes.  Additionally, Moody's assigned an LGD5 rating
to those bonds, suggesting noteholders will experience a 59%
loss in the event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which 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%).

Levi Strauss & Co. is a branded apparel company, with sales in
more than 110 countries.  Levi Strauss designs and markets jeans
and jeans-related pants, casual and dress pants, tops, jackets
and related accessories for men, women and children under its
Levi's(R), Dockers(R) and Levi Strauss Signature(R) brands. Levi
Strauss also licenses its trademarks in various countries
throughout the world for accessories, pants, tops, footwear,
home and other products.


LOUDEYE CORP: Shareholders File Securities Fraud Class Action
-------------------------------------------------------------
Kahn Gauthier Swick, LLC, has filed a class action lawsuit in
the U.S. District Court for the Western District of Washington,
on behalf of shareholders who purchased, exchanged or otherwise
acquired the common stock of Loudeye Corp. between May 19, 2003
and Nov. 9, 2005.

Contrary to the representations made by the Company during the
Class Period, Loudeye was operating well below guidance, Loudeye
was not successfully integrating its acquisitions, and the
Company's recent restructuring was failing.  Also, as investors
ultimately learned, at all relevant times, Loudeye suffered from
severe financial and operational control deficiencies.  The
shocking revelation of the truth about the Company had a
material and adverse impact on the price of Loudeye stock and
following each of these disclosures shares of the Company
declined precipitously -- falling from a Class Period high of
almost US$30 per share in late 2004, to less than US$2 per share
by the time that defendants disclosed that the remaining assets
of the Company would be sold to Nokia Inc.

Loudeye and certain of its officers and directors are charged
with issuing a series of materially false and misleading
statements in violation of Section 10(b) and 20(a) of the
Exchange Act and Rule 10b-5 promulgated thereunder.
Particularly, the complaint alleges that Loudeye:

   (1) deceived the investing public regarding Loudeye's
       business, operations, management and the intrinsic value
       of Loudeye common stock;

   (2) raised almost US$60 million through the sale of stock and
       warrants to private equity investors while materially
       misrepresenting its business prospects;

   (3) used almost US$25 million of its artificially inflated
       shares to purchase the once valuable asserts of companies
       such as Overpeer Inc. and OD2 during the Class Period;
       and

   (4) caused plaintiffs and other Class members to purchase
       Loudeye common stock at artificially inflated prices.

Moreover, investors also charge that Loudeye insiders have
negotiated the merger with Nokia mainly for the purpose of
insulating themselves from liability for their prior illicit and
improper conduct.

If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from Oct. 5, 2006.  Any member of the
purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.  If you would like to discuss
your legal rights, you may e-mail or call KGS, without
obligation or cost to you.  You may contact Managing Partner
Lewis Kahn of KGS direct, toll free 1-866-467-1400, ext., 100,
or 504-648-1850.

                       About Loudeye Corp.

Based in Seattle, Washington, Loudeye Corp. (Nasdaq: LOUD) --
http://www.loudeye.com/-- is a supplier across Europe of white
label music platforms and business-to-business digital media
distribution services.  The Company provides end-to-end digital
media solutions, both white-label and custom, for downloading
and streaming music services to PCs, mobile phones and set top
boxes.  Loudeye has over 75 live services in over 20 territories
and multiple languages across Europe and the rest of the world.
In Europe, the company maintains operations in France, Germany,
Italy and the United Kingdom.

                        Going Concern Doubt

Moss Adams LLP in Seattle, Wash., raised substantial doubt about
Loudeye Corp.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Dec. 31, 2005.  The auditor pointed to the Company's
recurring operating losses, negative cash flows from operations,
accumulated deficit, and negative working capital.


METRIX SECURITIES: S&P Assigns BB Ratings on Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP2 billion (equivalent) floating-rate
notes to be issued by Metrix Securities PLC, a special-purpose
entity.

The transaction is a fully funded synthetic balance sheet CLO,
referencing a GBP2 billion (equivalent) portfolio of British
pound sterling-, euro-, and U.S. dollar- denominated bank loans
and undrawn facilities granted by HSBC Bank PLC to corporate
borrowers.  The transaction aims to provide regulatory and
economic capital relief to HSBC.

This transaction is HSBC's first balance-sheet transaction
publicly rated by Standard & Poor's this year.  The reference
entities are either publicly rated by Standard & Poor's or have
an internal rating by HSBC.

Standard & Poor's has developed a mapping of HSBC's ratings
against its own rating scale, which is used for the purpose of
this transaction.

                        Ratings List
                   Metrix Securities PLC
  GBP2 Billion (Equivalent) Floating-Rate Notes Series 2006-1

                           Prelim.        Prelim.
            Class          rating         amount (Mil.)(1)
            -----          ------         ------
            A1             AAA            GBP1800
            A2             AAA            EURTBD
            A3             AAA            US$TBD
            B1             AA             GBP26
            B2             AA             EURTBD
            B3             AA             US$TBD
            C1             A              GBP22
            C2             A              EURTBD
            C3             A              US$TBD
            D1             BBB            GBP30
            D2             BBB            EURTBD
            D3             BBB            US$TBD
            E1             BB             GBP44
            E2             BB             EURTBD
            E3             BB             US$TBD
            F              NR             GBP78


   (1) The exact split between the classes of notes at
       each rating level is yet to be determined.

       NR-Not rated.
       TBD-To be determined.


OCEAN GOLD: National Westminster Appoints Begbies as Receivers
--------------------------------------------------------------
National Westminster Bank plc appointed Rob Sadler and Michael
E. G. Saville of Begbies Traynor joint administrative receivers
of Ocean Gold Seafoods Ltd. (Company Number 03542954) on
Sept. 25.

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.

Ocean Gold Seafoods Ltd. can be reached at:

         43 Strickland Street
         Hull
         North Humberside HU3 4AD
         United Kingdom
         Tel: 01482 333 333


P GARNETT: Creditors' Meeting Slated for October 18
---------------------------------------------------
Creditors of P Garnett & Son Limited (Company Number 00298236)
will meet at 3:00 p.m. on Oct. 18 at:

         Radisson SAS Hotel
         No 1 The Light
         The Headrow
         Leeds LS1 8TL
         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:

         N. C. Patel and Bijal Shah
         Joint Administrators
         RE10
         Trinity House
         Heather Park Drive
         Wembley
         Middlesex HA0 1SU
         United Kingdom
         Helpline: 870 787 2346


PHILLIPS-VAN HEUSEN: 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 U.S. Canadian Retail sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Phillips
Van Heusen Corporation.  Additionally, Moody's revised or held
its probability-of-default ratings and assigned loss-given-
default ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 million senior
   secured notes          Ba3      Ba1     LGD2        20%

   Various senior
   unsecured notes        B1       B1      LGD5        73%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which 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 corporatefamily 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%).

Phillips-Van Heusen Corporation -- http://www.pvh.com/-- owns
and markets the Calvin Klein brand worldwide.  It is a shirt
company that markets a variety of goods under its own brands:
Van Heusen, Calvin Klein, IZOD, Arrow, Bass and G.H. Bass & Co.,
Geoffrey Beene, Kenneth Cole New York, Reaction Kenneth Cole,
BCBG Max Azria, BCBG Attitude, Sean John, MICHAEL by Michael
Kors, Chaps and Donald J. Trump Signature.


SANYO ELECTRIC: To Reduce Group Firms by 10% to Stay in Black
-------------------------------------------------------------
Sanyo Electric Co. Ltd. plans to reduce the number of its group
companies by about 10% in its efforts to stay profitable by
March 2008, AFX News Limited reports, citing Nihon Keizai
Shimbun.

The Japan Times relates that Sanyo will cut 30 out of its 300
group companies both in Japan and abroad, which move will
accelerate its restructuring efforts.  According to the report,
Sanyo did not specify the targeted firms yet, but the reduction
is expected to focus on some 160 overseas companies.

AFX News points out that Sanyo had 231 consolidated subsidiaries
and 72 equity-method affiliates as of the end of June 2006.

Reuters notes that Sanyo's plan follows an announcement last
week that it would consolidate its production of appliances and
sell a building in Tokyo.  Sanyo has already slashed 15% of its
work force as part of a restructuring program that included
closing factories, reducing debt and streamlining unprofitable
operations, Reuters recounts.

Reuters says that despite Sanyo's turnaround efforts, the
company, in July, forecast a net loss of JPY8 billion
(US$68 million) for the April-September quarter following a
JPY205.7-billion loss for the financial year ended March 31,
2006.

Sanyo is expected to return to profitability in the financial
year to March 2007, thanks to heavy restructuring efforts, AFX
News states.  Specifically, AFX notes, the company is expected
to post group operating profit of JPY65 billion for the year
ending March 31, 2007.

However, media reports say, the company will have to cut more
costs to remain profitable.

The Times says that Sanyo wants to reduce costs by consolidating
unprofitable firms and overlapping personnel, accounting and
other back office divisions.  Moreover, the report adds,
reassessing domestic and overseas group firms is a pressing task
for Sanyo.  The number of group firms has ballooned in the
process of entering into overseas markets and diversifying its
business.

The Times recalls that the company has already cut 14,000 jobs.
According to Reuters, Sanyo spokesman Akihiko Oiwa said that
while more jobs would be lost with the new plan to cut group
firms, the company had not decided on a specific figure.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd.
-- http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

As reported in the Troubled Company Reporter - Asia Pacific on
September 28, 2006, Fitch Ratings has assigned BB+ long-term
foreign and local currency issuer default ratings to Sanyo
Electric Co., Ltd.  The outlook on the ratings is Stable.  Fitch
has also assigned a senior unsecured rating of BB+ to Sanyo's
outstanding bonds.

As reported in the Troubled Company Reporter - Asia Pacific on
May 25, 2006 Standard & Poor's Ratings Services affirmed its
negative BB long-term corporate credit and BB+ senior unsecured
debt ratings on Sanyo Electric Co. Limited.  At the same time,
the ratings were removed from CreditWatch where they were first
placed with negative implications on Sept. 28, 2005.


SOFTBANK CORP: S&P Affirms BB- Rating on EUR500-Million Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' rating on
Softbank Corp.'s EUR500 million euro-denominated senior
unsecured notes due Oct. 15, 2013.  The coupon rate is 7.75%.
The rating on the bonds was assigned on Sep. 27 and the terms
and conditions of the subordinated bonds were confirmed
[Tues]day.

The rating on Softbank reflects the company's weak capital
structure, which deteriorated after the company's debt-financed
purchase of Vodafone K.K. (now Softbank Mobile Corp.).  However,
the company's overall earnings are improving, and this should
lower the chances of further deterioration in its capital
structure.  Given the company's relationship with its lender
financial institutions and its latent profits on securities, its
refinancing and liquidity risks should be limited.


TARGUS GROUP: Weak Profitability Prompts S&P's Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
laptop case and computer accessory provider Targus Group
International Inc. to negative from stable.  Ratings on the
company, including the 'B' corporate credit rating, were
affirmed.

As of June 30, 2006, Anaheim, California-based Targus Group had
about US$290.2 million of total debt outstanding, which excludes
pay-in-kind notes and operating lease obligations.

"The revised outlook reflects weaker-than-expected profitability
and free cash flow resulting from challenging operating
conditions, including an unfavorable working capital environment
and higher commodity and fuel costs, in addition to a less
favorable product mix--all of which have contributed to a
decline in credit protection measures," explained Standard &
Poor's credit analyst Mark Salierno.

The 'B' rating on the company reflects Targus' highly leveraged
pro forma capital structure.  It also reflects:

   -- the highly competitive operating environment and
      rice-sensitive nature of the laptop computer case
      and accessory business,

   -- technology risk within the accessories product line,
      some customer concentration across the three
      distribution channels, and

   -- vulnerability to weak economic and retail environments.

These risks are somewhat mitigated by:

   -- the company's leading market share in laptop cases
      and certain computer accessories, existing
      customer relationships, and

   -- favorable trends relating to growth in laptop sales.


* PwC Appoints Javier Rubinstein as Global General Counsel
----------------------------------------------------------
PricewaterhouseCoopers appointed Javier H. Rubinstein as Global
General Counsel.

Mr. Rubinstein, 43, has been a partner of Mayer, Brown, Rowe &
Maw LLP, an international law firm with more than 1,400
attorneys in the United States and Europe.  Mr. Rubinstein
succeeds Lawrence W. Keeshan, who has retired from the
organization.  Mr. Keeshan had been Global General Counsel since
1995.

A native of Argentina, Mr. Rubinstein has maintained an
international practice throughout his legal career.  He is a
leading expert in the field of international commercial,
investment and sports-related arbitration.  He has represented
private and public clients from North America, Latin America,
Europe and Asia in complex disputes before the world's leading
arbitral institutions, including the International Centre for
the Settlement of Investment Disputes, the ICC International
Court of Arbitration and the Court of Arbitration for Sport.
Through his practice, Mr. Rubinstein has developed a thorough
understanding of the legal systems in place throughout the
world.  In the past several years, he has participated in
arbitrations involving the laws of Argentina, Greece, Mexico,
Panama, Peru, Switzerland, the United Kingdom, France, Israel
and the United States.  He also has represented accounting firms
in litigation and arbitration matters throughout the world.

"Javier Rubinstein's high-profile international experience and
background in complex arbitration and litigation around the
world give him the necessary perspective to lead the legal
strategy for PricewaterhouseCoopers' global organization," said
Michael Gagnon, PwC Global Managing Partner, Risk and Quality.
"He will be a superb advisor to and advocate for our global
network and its member firms."

In addition to his international practice, Mr. Rubinstein also
has maintained an active litigation practice in the U.S.
particularly in the area of securities litigation.  He has
handled numerous jury trials and appeals before state and
federal appellate courts, including matters before the U.S.
Supreme Court.

Mr. Rubinstein was named one of the "World's Leading Experts in
Commercial Arbitration" by Euromoney Magazine in 2006.  He also
is currently rated by Chambers and Partners (UK) as one of top
international arbitration specialists both globally and in the
United States.

Javier Rubinstein began his career with Mayer Brown in 1989,
after obtaining his Bachelor's Degree from the University of
Michigan, a Master's Degree in Public Policy from the John F.
Kennedy School of Government at Harvard University, and his J.D.
degree from the Georgetown University Law Center.  For the past
four years, he has led Mayer Brown's Chicago litigation group.
Since 1997, Mr. Rubinstein also has served as a Lecturer in Law
at the University of Chicago Law School, teaching courses in
International Arbitration and Supreme Court Litigation.  He
lives in Northbrook, Illinois.

PricewaterhouseCoopers -- http://www.pwc.com/-- provides
industry-focused assurance, tax and advisory services to build
public trust and enhance value for its clients and their
stakeholders.  More than 130,000 people in 148 countries across
our network share their thinking, experience and solutions to
develop fresh perspectives and practical advice.

"PricewaterhouseCoopers" refers to the network of member firms
of PricewaterhouseCoopers International Limited, each of which
is a separate and independent legal entity.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
October 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Melbourne, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 12, 2006
   NEW YORK SOCIETY OF SECURITY ANALYSTS
      Alternative Analysts' Forum:
      An Insider's Perspective on Distressed Debt Investing
         New York, NY
            Contact: http://www.nyssa.org/

October 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Mecure Hotel - Haymarket, Sydney, Australia
            Contact: http://www.turnaround.org/

October 19, 2006
   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge:
      Best Practices in E-Discovery and Records
      Management for Bankruptcy Practitioners and Litigators
            Contact: http://www.beardaudioconferences.com/
                     240-629-3300

October 25, 2006
   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy:
      Current Risks, Latest Decisions
      Review Risks, Examine Latest Decisions Affecting
      Directors, Advisors and Lenders of Troubled Companies
      Management for Bankruptcy Practitioners and Litigators
            Contact: http://www.beardaudioconferences.com/
                     240-629-3300

October 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Presentation with
      guest speaker Jeff Carhart of Miller Thomson
         Petroleum Club, Edmonton, AB
            Contact: http://www.turnaround.org/

October 16, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      A Year After BAPCPA
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

October 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Updates on the New Bankruptcy Law
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

October 18-19, 2006
   EUROMONEY
      2nd Annual Latin America Syndicated Loans Conference
         JW Marriott Hotel, Miami, FL
            Contact: http://www.euromoneyplc.com/

October 18, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Meeting
         Washington Athletic Club, Seattle, WA
            Contact: http://www.turnaround.org/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA of Nevada's 1st Breakfast Meeting
         The A,B,C's of Valuing and Selling a Business
            Palace Station, Las Vegas, NV
               Contact: http://www.turnaround.org/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Navigating the Potholes and Speed Bumps on Today's
      Economic Highway
         Waller Lansden Dortch & Davis
            Nashville, TN
               Contact: http://www.turnaround.org/

October 19, 2006
   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge:
         Best Practices in e-Discovery and Records Management
         for Bankruptcy Practitioners and Litigators
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Billards Networking Night - Young Professionals
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

October 21, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Applying Lean Methodology to Manage
      Operational Turnarounds
         Oxford Hotel, Denver, CO
            Contact: http://www.turnaround.org/

October 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Meeting and Networking Reception
      100th Bomb Group & Banquet Facility
         Cleveland, OH
            Contact: http://www.turnaround.org/

October 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      A View from the Bench: A Panel Discussion
      Recent Developments in Bankruptcy
         Sheraton at Four Seasons, Greensboro, NC
            Contact: http://www.turnaround.org/

October 25, 2006
   BEARD AUDIO CONFERECES
      Deepening Insolvency - Widening Controversy: Current
Risks,
      Latest Decisions, Review Risks, Examine Latest Decisions
      Affecting Directors, Advisors and Lenders of Troubled
      Companies
            Contact: http://www.beardaudioconferences.com/
                     240-629-3300

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Event "The Latest in Fraud Investigations"
      with guest speaker Chad Cretney of
      PricewaterhouseCoopers
      Ernst & Young Tower
         Calgary, AB
            Contact: http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds - Expanded Financing Opportunities in Business
      Turnarounds
         Arizona
            Contact: http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Coach Dan Reeves
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

October 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BK/TMA Golf Tournament
         Orange Tree Golf Resort, AZ
            Contact: 623-581-3597 or http://www.turnaround.org/

October 30-31, 2006
   Distressed Debt Summit: Preparing for the Next Default Cycle
      Financial Research Associates LLC
         Helmsley Hotel, New York, NY
            Contact: http://www.frallc.com/

October 31, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

October 31 - November 1, 2006
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC Annual Conference
         San Francisco, California
            Contact: http://www.iwirc.com/

November 1, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Dessert Reception
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

November 1, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Halloween Isn't Over! - Ghosts of turnarounds past who
         remind you about what you should have done differently
            Portland, Oregon
               Contact: http://www.turnaround.org/

November 1-4, 2006
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         San Francisco, California
            Contact: http://www.ncbj.org/

November 2, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA U.K. Annual Conference
         Millennium Gloucester Hotel, London, UK
            Contact: http://www.turnaround.org/

November 2-3, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Third Annual Conference on Physician Agreements & Ventures
      Successful Strategies for Medical Transactions and
      Investments
         The Millennium Knickerbocker Hotel - Chicago
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 3, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Breakfast Program
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

November 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 7-8, 2006
   EUROMONEY
      5th Annual Distressed Debt Investment Symposium
         Hyatt Regency, London, UK
            Contact: http://www.euromoneyplc.com/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon & Guest Speaker, Joel Naroff to
      discuss the economy, lending and M&A markets
         Davio's Northern Italian Steakhouse, Philadelphia, PA
            Contact: http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia National Conference
         Sydney, Australia
            Contact: http://www.turnaround.org/

November 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Webinar "Second Lien Financing or Investing: Are
      There Opportunities for You?"
         TMA HQ, Chicago, IL
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program
         St. Louis, Missouri
            Contact: 815-469-2935 or http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program - Cost Containment Strategies
         St. Louis, MO
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Cocktail Reception Honoring the
      Bankruptcy Benches of the Southern &
      Eastern Districts of New York and New Jersey
      Association of the Bar of the City of New York
         New York, NY
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Reception with NYIC/NYTMA
         TBA, New York
            Contact: 908-575-7333 or http://www.turnaround.org/

November 15, 2006
   LI TMA Formal Event
      TMA Australia National Conference
         Long Island, New York
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

November 15-16, 2006
   EUROMONEY INSTITUTIONAL INVESTOR
      Asia Capital Markets Forum
         Island Shangri-La, Hong Kong
            Contact: http://www.euromoneyplc.com/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, WA
            Contact: 403-294-4954 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Life in the Bankruptcy Court with BAPCPA,
      A View from The Bench
         Oxford Hotel, Denver, CO
            Contact: http://www.turnaround.org/

November 16-17, 2006
   STRATEGIC RESEARCH INSTITUTE
      8th Annual West Distressed Debt Investing Forum
         Venetian Resort Hotel Casino, Las Vegas, NV
            Contact: http://www.srinstitute.com/

November 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Harry Nolan, Author of
         Airline without a Pilot - Lessons in Leadership
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

November 23-24, 2006
   EUROMONEY CONFERENCES
      5th Annual China Conference
         China World Hotel
         Beijing, China
            Contact: http://www.euromoneyconferences.com/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint TMA Florida/ACG Tampa Bay Luncheon
      Buying and Selling a Troubled Company
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30, 2006
   EUROMONEY CONFERENCES
      Euromoney/DIFC Annual Conference
      Managing superabundant liquidity
         Madinat Jumeirah, Dubai
            Contact: http://www.euromoneyconferences.com/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 5, 2006
   EUROMONEY CONFERENCES
      CFO Forum
         Hyatt Regency, Hangzhou, China
            Contact: http://www.euromoneyconferences.com/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Cash Management After The Storm:
      Near-Term Planning for Long-Term Business Success
         Sheraton, Metairie, LA
            Contact: http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800; http://www.abiworld.org/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or www.turnaround.org

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com/
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
Risks,
      Latest Decisions
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
Discovery
      and Records Management for Bankruptcy Practitioners and
      Litigators
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com/are encouraged.


                           *********

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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *