TCREUR_Public/061013.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

            Friday, October 13, 2006, Vol. 7, No. 204

                            Headlines


A U S T R I A

CORTEX: Claims Registration Period Ends October 17
HORST NITTMANN: Vienna Court Orders Closing of Business
INS: Creditors' Meeting Slated for November 11
KREBS & SERTOV: Claims Registration Ends October 23
KOLOSS: Creditors' Meeting Slated for October 16

VIPRO: Graz Court Orders Business Shutdown


B E L G I U M

FERRO CORP: Auditor Puts Adverse Opinion on Internal Control


B U L G A R I A

NATSIONALNA ELEKTRICHESKA: S&P Revises Outlook to Negative


C Y P R U S

EGNATIA BANK: Cyprus Popular Eyes 100% Stake Takeover
EGNATIA BANK: Fitch Changes Rating Watch to Positive on Merger


D E N M A R K

INVERNESS MEDICAL: Reduced Leverage Spurs Moody's to Lift Rating


F R A N C E

ALCATEL SA: Launches IMS Solution for Commercial Use
FORMICA CORP: Moody's Assigns Loss-Given-Default Ratings


G E R M A N Y

C + M AUTOMOBILE: Creditors' Meeting Slated for October 17
CLAUS BRAUN: Claims Registration Ends October 15
DM BETEILIGUNGEN: Claims Registration Ends October 16
ELEKTRO RUPP: Creditors' Meeting Slated for October 18
EXTRA BAU: Claims Registration Ends October 17

GUTENBERGSTRASSE VERWALTUNGS: Claims Registration Ends Oct. 17
HELMUT EHLERT: Claims Registration Ends October 16
KARSTADTQUELLE AG: Inks Cooperation Deal with Redcats Group
LEISSING GMBH: Claims Registration Ends October 17
NOVELIS INC.: Fitch Initiates B Issuer Default Rating

OLIVER ZADOW: Claims Registration Ends October 24
PALACE EVENTCENTER: Claims Registration Ends October 20
PB DOMICILE: Fitch Assigns Final BB Rating on EUR15.4 Mln Notes
SANDER-BAU: Claims Registration Ends October 20
SL-SPEDITION: Claims Registration Ends October 16

VOLKSWAGEN AG: MAN Raises Scania Bid to SEK475 Per Share
ZIMMEREI LANGE: Claims Registration Ends October 23


G R E E C E

EGNATIA BANK: Cyprus Popular Launches 100% Takeover Offer
EGNATIA BANK: Fitch Changes Rating Watch to Positive on Merger


I T A L Y

ALITALIA SPA: Prime Minister Romano Prodi Foresees January Flop
FERRO CORP: Auditor Puts Adverse Opinion on Internal Controls
TISCALI UK: New 2007-2010 Business Plan to Focus on Italy & U.K.


K A Z A K H S T A N

AKKU & CO: South Kazakhstan Court Starts Bankruptcy Procedure
ALAU: Mangistau Court Opens Bankruptcy Proceedings
ALUA-TRANS: Creditors Must File Claims by Nov. 8
GALLEYA: Proof of Claim Deadline Slated for Nov. 8
HASELSAN STROY: Creditors Must File Claims by Nov. 8

INTEKS-SK: North Kazakhstan Court Begins Bankruptcy Proceedings
NOUR: Claims Registration Ends Nov. 8
SHADO-2004: Creditors' Claims Due Nov. 8
TABYS: North Kazakhstan Court Commences Bankruptcy Proceedings


K Y R G Y Z S T A N

ANANYEVSKY PISHEVOY: Claims Registration Ends Nov. 19


L I T H U A N I A

SIAULIU BANKAS: Fitch Affirms & Withdraws B+ Default Rating


N E T H E R L A N D S

KONINKLIJKE AHOLD: Tops Markets Unit Sells Stores to Giant Eagle


R O M A N I A

CFR S.A.: Weak Reporting Standards Spur S&P to Affirm BB Rating
TMK OAO: Hikes Pipe Output by 3.2% for First Nine Months of 2006


R U S S I A

BUILDER: Kemerovo Court Names A. Tseller as Insolvency Manager
CONFECTIONARY TVIST: N. Dremanov to Manage Insolvency Assets
CREDIT-AUTO: Court Names T. Khaliullin as Insolvency Manager
KAMNESTROY: Chelyabinsk Bankruptcy Hearing Slated for Oct. 12
KHAKAS-KUZBAS-COAL: Bankruptcy Hearing Slated for Nov. 15

LES-SEL-MASH: Court Names A. Pyatkov as Insolvency Manager
NARYAN-MAR: Court Names K. Dudoladov as Insolvency Manager
NOVATEK OAO: Expands Khancheyskoye & Tarkosalinskoye Sites
NOVODVINSKIY TIMBER: N. Karpova to Manage Insolvency Assets
ORDYNSKAYA FURNITURE: Court Names O. Kondrusov to Manage Assets

ORLYANSKOYE: Court Starts Bankruptcy Supervision Procedure
PLANET: Volgograd Bankruptcy Hearing Slated for Dec. 21
POLTAVA-MILK: Court Names I. Yas'ko as Insolvency Manager
RIF-INVEST-PUT': Bankruptcy Hearing Slated for Oct. 25
STAROMINSKIY BRICKWORKS: Court Names V. Grudkin to Manage Assets

TMK OAO: Hikes Pipe Output by 3.2% for First Nine Months of 2006
TNK-BP: Hires IBS and SAIC to Design IT Architecture for Ops
UNITY RE: S&P Cuts Credit & Financial Strength Ratings to B
ZENIT BANK: Moody's Puts B1 Rating on Loan Participation Notes


S L O V E N I A

ABANKA VIPA: Moody's Assigns D+ Financial Strength Rating


S P A I N

FORMICA CORP: Moody's Assigns Loss-Given-Default Ratings


U K R A I N E

DRUZHBA: Creditors Must File Claims by October 16
KASKAD: Hmelnitskij Court Starts Bankruptcy Supervision
KOLOS: Creditors Must File Claims by October 16
LAN-INVEST: Court Names Mr. Magalenets as Insolvency Manager
NIVA: Creditors Must File Claims by October 16

NOVOARHANGELSKE: Court Names Vadim Hristenko as Liquidator
SHERVINO: Court Names Kirilo Liseyev as Insolvency Manager
SUMSHINA: Sumi Court Names I. Filenko as Insolvency Manager
SOUTHERN TELECOMS: Unveils Tech Plans for Rest of 2006
TNK-BP: Hires IBS and SAIC to Design IT Architecture for Ops

YAROVIT-S: Court Names G. Demchenko as Insolvency Manager


U N I T E D   K I N G D O M

1ST UNIT: Paul Appleton Leads Liquidation Procedure
ACG VEHICLES: Names Michael F. McCarthy as Administrator
ADWICK LEAFLET: Appoints Mike Field as Liquidator
AGY HOLDING: Moody's Rates US$175-Mln 2nd Lien Notes at B2
AGY HOLDING: S&P Revises Rating Outlook on Revenue Decline

ALPHA CONSERVATORIES: Taps Joint Administrators from Cresswall
CACHET HOMEWARES: Creditors Confirm Liquidators' Appointment
CARNEY RICHARDSON: Names Joint Liquidators to Wind Up Business
CENTRAL TRUCK: Taps Jeremy Nicholas Bleazard as Administrator
CHESHIRE VILLAGE: Taps Liquidator from Middleton Partners

CIRCO CONNECT: Hires Robert Day to Liquidate Assets
COOKESPORT INT'L: Nominates Andrew Fender as Liquidator
DATA SOLUTIONS: Calls In Liquidators from BWC Business Solutions
DOCUMAN LIMITED: Taps H. J. Sorsky to Liquidate Assets
EUROSAIL 2006-2BL: Moody's Assigns B1 Rating on GBP1.5-Mln Notes

FENTON IMPORTERS: Appoints Wallets Insolvency as Administrator
G & M CARR: Creditors Confirm Liquidators' Appointment
HAYWOOD INSULATION: Brings In Liquidators from KPMG
IAP WORLDWIDE: Weak Credit Metrics Cue S&P to Revise Outlook
JACUZZI BRANDS: Merger Cues S&P to Put Ratings on Watch Negative

LAL RESTAURANT: Brings In Springfields to Administer Assets
LANDMARK HOMES: Ashok K. Bhardwaj Leads Liquidation Procedure
LATTE LIMITED: Names Liquidator from Pitman Cohen
LIFESTYLE KITCHENS: Brings In DTE as Joint Administrators
LIVE NATION: Moody's Rates US$200-Mln Credit Facility at B1

M & B FABRICATED: Appoints Liquidator from Daly & Co.
M S ENGINEERING: Appoints Gagen Dulari Sharma as Liquidator
MEDIA PACKAGING: Hires M. S. E. Solomons to Liquidate Assets
MEDWAY BINDERY: Brings In Ian Millington to Liquidate Assets
MILLAR MCCOWAN: Creditors' Meeting Slated for October 19

MORTGAGES PLC: Fitch Keeps BB Ratings on Class E & F Tranches
NCO GROUP: Moody's Junks US$365-Mln Senior Subordinated Notes
NCO GROUP: High Leverage Spurs S&P to Put B+ Rating on Bank Loan
NEECOL INTERNATIONAL: Brings In Liquidator from Fergusson & Co.
NODE MANAGEMENT: Appoints Administrators from Begbies Traynor

NOVELIS INC.: Fitch Initiates B Issuer Default Rating
ORBIT WAY: Claims Filing Period Ends Nov. 23
OSO DUDLEY: Calls In Liquidator from Wright Associates
PANELKRAFT LIMITED: Joint Liquidators Take Over Operations
QUIOBI LIMITED: Creditors' Claims Due Nov. 30

RAY ALAN: Hires Liquidators from KPMG
ROOFTEC CONSERVATORY: Creditors' Meeting Slated for October 17
S & J FASTENERS: A. Turpin Leads Liquidation Procedure
SAFEAIM LIMITED: Brings In Mazars LLP to Administer Assets
SHERWOOD CASTLE: Moody's Assigns B2 Rating on Asset-Backed Notes

SILK STOCKINGS: Claims Registration Ends Dec. 31
SIMTRAC LIMITED: Appoints Poppleton & Appleby as Administrators
SKILLSBANK SOLUTIONS: Names Colin Burke Liquidator
STEVENS ELECTRICAL: Creditors Confirm Liquidator's Appointment
STRATFORD AUTO: Claims Filing Period Ends Oct. 20

SWIFT EMPLOYEE: Taps Liquidator from BN Jackson Norton
TIPTOP TV: Names Liquidator from Pitman Cohen
TISCALI UK: New 2007-2010 Business Plan to Focus on Italy & U.K.
TYNE TUBE: Creditors' Meeting Slated for October 18
ULTRA SHOTBLASTING: Appoints Liquidator from Coopers Young

VITAL MEDIA: Calls In Liquidator from B & C Associates
WRIGHT & COMPANY: Joint Liquidators Take Over Operations

* Neil Pigott Joins Brown Rudnick's London Restructuring Unit

* BOOK REVIEW: The Global Bankers

                            *********

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A U S T R I A
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CORTEX: Claims Registration Period Ends October 17
--------------------------------------------------
Creditors owed money by LLC Cortex (FN 90307f) have until
Oct. 17 to file written proofs of claims to court-appointed
property manager Franz Hofbauer at:

         Dr. Franz Hofbauer
         Hauptplatz 6
         3370 Ybbs an der Donau, Austria
         Tel: 07412/52731
         Fax: 07412/52731-22

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on Nov. 7 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         2nd Floor (Old Building)
         St. Poelten, Austria

Headquartered in Ybbs an der Donau, Austria, the Debtor declared
bankruptcy on Sept. 6 (Bankr. Case No. 14 S 138/06v).


HORST NITTMANN: Vienna Court Orders Closing of Business
-------------------------------------------------------
The Trade Court of Vienna entered an order Sept. 5 closing the
business of LLC Horst Nittmann (FN 102694x).  Court-appointed
property manager Richard Proksch determined that the continuing
operation of the business would reduce the value of the estate.

The property manager can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 10 (Bankr. Case No. 38 S 44/06g Edmund Roehlich
represents Dr. Proksch in the bankruptcy proceedings.


INS: Creditors' Meeting Slated for November 11
----------------------------------------------
Creditors owed money by LLC INS (FN 198982x) are encouraged to
attend the creditors' meeting at 9:30 a.m. on Nov. 11 to
consider the adoption of the rule by final decision.  Court-
appointed property manager Brigitte Stampfer offered 8.28%
recovery on creditors' claims.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 10 (Bankr. Case No. 2 S 51/06x).

The property manager can be reached at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna, Austria
         Tel: 877 33 30
         E-mail: ra-stampfer@utanet.at


KREBS & SERTOV: Claims Registration Ends October 23
---------------------------------------------------
Creditors owed money by LLC Krebs & Sertov (FN 52620h) have
until Oct. 23 to file written proofs of claims to court-
appointed property manager Stephan Riel at:

         Dr. Stephan Riel
         c/o Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Vienna, Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 6 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 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 6 (Bankr. Case No. 3 S 125/06m).  Johannes Jaksch
represents Dr. Riel in the bankruptcy proceedings.


KOLOSS: Creditors' Meeting Slated for October 16
------------------------------------------------
Creditors owed money by LLC Koloss (FN 254536v) are encouraged
to attend the creditors' meeting at 11:15 a.m. on Oct. 16 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 30 (Bankr. Case No. 3 S 92/06h).  Stefan Langer serves
as the court-appointed property manager of the bankrupt estate.
Annemarie Kosesnik-Wehrle represents Dr. Langer in the
bankruptcy proceedings.

The property manager can be reached at:

         Dr. Stefan Langer
         c/o Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4
         1030 Vienna, Austria
         Tel: 713 61 92
         Fax: 713 61 92-22
         E-mail: kanzlei@kosesnik-langer.at


VIPRO: Graz Court Orders Business Shutdown
------------------------------------------
The Land Court of Graz entered an order Sept. 5 shutting down
the business of LLC Vipro (FN 221871g).  Court-appointed
property manager Hans Georg Popp determined that the continuing
operation of the business would reduce the value of the estate.

The property manager can be reached at:

         Mag. Hans Georg Popp
         Bahnhofstrasse 22/1
         8112 Gratwein, Austria
         Tel: 03124/55077
         Fax: 03124/55077-4
         E-mail: popp.ra@magnet.at

Headquartered in Gratkorn, Austria, the Debtor declared
bankruptcy on Aug. 30 (Bankr. Case No. 25 S 73/06g).  The
Debtor's manager, Harald Hoynck, and the firm Petsch, Frosch &
Klein represent the Debtor in the bankruptcy proceedings.


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B E L G I U M
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FERRO CORP: Auditor Puts Adverse Opinion on Internal Control
------------------------------------------------------------
Ferro Corporation filed its annual report for the year ended
Dec. 31, 2005, with the U.S. Securities and Exchange Commission
on Sept. 29, 2006.

"We are pleased to finalize our audited 2005 financial
statements and provide investors with our complete Annual
Report," James Kirsch, Ferro president and chief executive
officer, said.  "This is another significant step toward
achieving a normal filing schedule and focusing the Company on
profitable growth."

The Company expects to file its 2005 reports on Form 10-Q for
the quarters ending March 31, June 30, and Sept. 30, 2005, by
the end of October.  With the completion of the 2005 financial
filings, the Company will then focus on the completion of its
Form 10-Q filings for the first three quarters of 2006, and
expects to file these reports with the SEC by the end of 2006.

                        Material Weaknesses

Auditors working for Deloitte & Touche LLP in Cleveland, Ohio,
expressed an unqualified opinion on management's assessment of
the effectiveness of the Company's internal control over
financial reporting and an adverse opinion on the effectiveness
of the Company's internal control over financial reporting
because of material weaknesses.

The Company has identified three material weaknesses in internal
control over financial reporting as of Dec. 31, 2005:

   1. inadequately trained and insufficient numbers of
      accounting personnel coupled with insufficient accounting
      policies and procedures,

   2. failure to consistently reconcile and perform timely
      reviews of accounting reconciliations, data files, and
      journal entries, and

   3. failure to properly identify and ensure receipt of
      agreements for review by accounting personnel.

                       Results of Operations

Sales from continuing operations for the year ended Dec. 31,
2005, of US$1,882.3 million were 2.1% higher than the comparable
2004 period.  Improved pricing and more favorable product mix in
North America, Asia-Pacific, and Latin America were the primary
drivers for the revenue gain.  Weakness in the market for
multilayer capacitors depressed unit demand and revenues,
particularly in the first half of 2005.  On a consolidated
basis, the impact of strengthening foreign currencies versus the
U.S. dollar had only a minimal positive impact on revenues.

For the year ended Dec. 31, 2005, the Company earned
US$14,786,000 on US$1,882,305,000 of net sales compared with
US$23,220,000 of net income on US$1,843,721,000 of net sales for
the year ended Dec. 31, 2004.

At Dec. 31, 2005, the Company's balance sheet showed
US$1,668,544,000 in total assets, US$1,179,985,000 in total
liabilities, US$20,468,000 in convertible preferred stock, and
US$468,091,000 in total stockholders' equity.

A full-text copy of the Company's annual report is available for
free at http://ResearchArchives.com/t/s?1358

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE:FOE) -
- http://www.ferro.com/-- produces performance materials for
manufacturers, including coatings and performance chemicals.

The Company has operations in 20 countries and has approximately
6,800 employees globally including Belgium, France, Germany,
Italy, the Netherlands, Portugal, Spain, and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 2, 2006,
Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remained on CreditWatch with negative implications, where they
were placed Nov. 18, 2005.


===============
B U L G A R I A
===============


NATSIONALNA ELEKTRICHESKA: S&P Revises Outlook to Negative
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Bulgaria-based electric utility Natsionalna Elektricheska
Kompania EAD to negative from developing.  At the same time, the
'BB' long-term corporate credit rating on NEK was affirmed.

The outlook revision follows NEK's decision to take a majority
shareholding in the company established to build, commission,
and operate a new two-watt nuclear power plant at Belene, in
north Bulgaria.

The ratings reflect NEK's strong business position and its
strategic importance as Bulgaria's state-owned monopoly
electricity transmission grid operator.  The ratings also
reflect the supportive regulatory environment.

These strengths are offset by:

   -- NEK's exposure to the transition economy features of
      the Republic of Bulgaria;

   -- the short operating track record of the company, and
      of the national regulator; and

   -- NEK's significant, partially debt-funded,
      investment requirements.

"NEK's equity participation in the nuclear power plant project
could significantly increase the exposure of its business
profile to operating, regulatory, market, and environmental
risks," said Standard & Poor's credit analyst Mark Schindele.
"The addition of a significant portion of nuclear generation
capacity could expose the company to electricity market price
fluctuations, which could subsequently lead to greater
volatility in earnings and debt-protection measures."

NEK's financial profile will likely weaken if, as Standard &
Poor's xpects, it consolidates the debt in the nuclear power
plant project.

Standard & Poor's has yet to receive detailed information on the
financing and structure of the project, which will be central in
determining the ultimate rating implications of its
participation.

"The outlook could be revised to stable if NEK's ownership
commitment moderates, and if commercial and financial risks are
substantially mitigated," said Mr. Schindele.  "Although the
rating on Bulgaria provides a degree of support for the rating
on NEK, a change in the sovereign's credit quality would not
necessarily lead us to raise or lower the rating on NEK."


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


EGNATIA BANK: Cyprus Popular Eyes 100% Stake Takeover
-----------------------------------------------------
Cyprus Popular Public Company Ltd. submits a voluntary public
offer to the shareholders and holders of convertible bonds of
Egnatia Bank S.A. for the acquisition of 100% of the shares and
the convertible bonds of Egnatia Bank with an exchange of 1,2090
shares of the Popular Bank for every share of Egnatia Bank.

                  Exclusion of Responsibility

The Public Offer is addressed to all shareholders of Egnatia
Bank and to persons that can accept it legally.  The current
announcement is not addressed, directly or indirectly, to any
countries in which -- pursuant to their laws -- the conduct of
the specific public offer or the dispatch/distribution of the
current announcement is illegal or violates any legislation,
rule or regulation.  Therefore, the dispatch or distribution or
promotion of copies of this announcement and any relevant
document to or from any person to or from the exempted countries
is prohibited.

The observance of the laws of a country in relation to the
public offer is on the exclusive responsibility of any foreign
shareholder who wishes to accept the Public Offer.

If any person promotes the Announcement or any other document
related to the Public Offer to or from any 'exempted country' or
uses the correspondence or any other means of any 'exempted
country', he/she must draw the receiver's attention to the
present section.

                        The Public Offer

At the meeting held on Sept. 19, 2006, the Board of Directors of
the Popular Bank decided to submit a voluntary public offer to
the shareholders and holders of convertible bonds of Egnatia
Bank.  For this purpose, the Board of Directors submitted an
Informative Note to the Greek SEC and the Board of Directors of
the Company simultaneously, pursuant to the provisions of law
3461/2006.

   -- offeror: The Offeror is "Cyprus Popular Bank Public
      Company Limited," the operations of which were launched in
      1901 with the establishment of the "Limassol Popular
      Savings Bank".  It was registered as public company in
      1924, pursuant to the Cyprus' Companies' Law 18/1922,
      registration no. 1.  The Head Office of the bank is in
      Nicosia, Cyprus, 154 Limassol Avenue.  The shares of the
      Popular Bank are listed in the Main Market of the Cyprus
      Stock Exchange;

   -- company, the share of which are subject to the Public
      Offer: Egnatia Bank was established in 1991 and is
      based in Thessaloniki, 4 Danaidon Street;

   -- securities: 100% of the ordinary and preference nominal
      shares of Egnatia Bank of nominal value ?1.17 each, which
      have been listed or will be listed and are trading in the
      Athens Stock Exchange until the expiry of the period of
      acceptance.  100% of the bonds convertible into ordinary
      shares and preference shares, which are trading in the
      ASE.  The Popular Bank does not intend to acquire the
      securities during the period from the publication of the
      public offer until the expiry of the acceptance period;

   -- Offered Exchange: The Popular Bank is willing to submit
      1,2090 CPB shares per share and 1,2090 CPB shares per
      bond.  The Board of Directors will hold an Extraordinary
      General Meeting to decide on the increase in the
      authorized share capital of the Popular Bank on Oct. 24
      and the exclusion of the preference rights of the existing
      shares;

   -- maximum number of securities that the Offer is bound to
      acquire: The Popular Bank is bound to acquire the entire
      securities that it will be offered, that is:

         -- 93,558,439 shares

            -- 93,260,199 shares that are already listed in the
               ASE,

            -- 80 shares that have resulted from the exercise
               the right for the convergence of bonds and are
               expected to be listed in the ASE,

            -- 298,160 shares, which might result from the
               exercise of the bond convergence right and be
               listed in the ASE during the period of acceptance

         -- 11,165,504 preference shares

            -- 11,088,784 shares which are already listed in the
               ASE,

            -- 60 shares that have resulted from the exercise
               the right for the convergence of bonds and are
               expected to be listed in the ASE, and

            -- 76,660 shares, which might result from the
               exercise of the bond convergence right and be
               listed in the ASE during the period of acceptance

      which represent 100% of the total fully paid share capital
      and voting rights Egnatia Bank.

      The Popular Bank is also bound to accept the entire Bonds
      of the Public Offer that it will be offered, that is, the
      maximum:

         -- 298,160 bonds convertible into ordinary shares, and

         -- 76,660 bonds convertible into preference shares.

   -- minimum number of securities that the Offeror intends to
      acquire: The minimum number of securities that must be
      offered to the Popular Bank so that the Public Offer is
      valid, is 40% on the number of the ordinary shares and 40%
      on the number of preference shares of Egnatia Bank that
      will be listed in the ASE at the date of expiry of the
      period of acceptance.  The Public Offer will be valid
      irrespective of the number of bonds it will be offered;

   -- number of securities held by the Offeror: At the date of
      submission of the Public Offer, the Popular Bank did not
      hold any Egnatia shares.  The subsidiary of the Popular
      Bank, Laiki Investments EPEY Public Company Ltd had
      acquired 20,000 shares that correspond to 0.02% of the
      Company's fully paid share capital;

   -- consultant of the Offeror:

         Deutsche Bank A.G. (London)
         1 Great Winchester Street
         London EC2N 2DB
         United Kingdom

Following the successful completion of the Public Offer, the
Offeror will examine the possible delisting of its shares from
the ASE.

                      About Cyprus Popular

Headquartered in Nicosis, Cyprus, Cyprus Popular Bank Public
Company Ltd., -- http://www.laiki.com/-- provides financial and
banking solutions.  It has two divisions: the Personal Division
offers personal banking services, comprised of deposits,
personal loans, standing orders, savings bonds and bill payment;
the Business Division services small and medium-sized
businesses, as well as large corporations and semi-governmental
organizations.  Its products include medium/long term fixed
loans, small and medium-sized business loans, hire purchase and
leasing.

                          About Egnatia

Headquartered in Thessaloniki, Greece, Egnatia Bank S.A. --
http://egnatiasite.egnatiabank.gr/-- engages in private,
corporate and investment banking, bancassurance and leasing,
shipping, treasury management and e-banking services.  The Bank
has seven subsidiaries, a network of 68 branches in Greece and
is also active in the Romanian market.


EGNATIA BANK: Fitch Changes Rating Watch to Positive on Merger
--------------------------------------------------------------
Fitch Ratings changed the Rating Watch on Greece-based Egnatia
Bank's Issuer Default BBB-, and Short-term F3 to Positive from
Evolving.  The Support 5 rating is placed on RWP.

This follows Cyprus Popular Bank's public bids to acquire
Egnatia and Greece's Marfin Financial Group and the publication
of further details on the three-way merger involving the two
Greek banks and CPB's Greek subsidiary, Laiki Bank.  Egnatia's
Individual rating is affirmed at C and removed from Rating Watch
Evolving.

The acquisitions, which are subject to regulatory and
shareholders approval, are expected to be completed by end-2006,
upon which the Rating Watch will be resolved.  In Fitch's view,
there is a high probability that the merger will go ahead to
plan, although from an operational point of view this is
expected to be finished by mid-2007.

Egnatia is most likely going to be the legal entity for the
merged group's Greek operations, absorbing the banking
subsidiaries of MGF and Laiki, although the brand name is likely
to change.

"If the merger process goes according to plan, Egnatia's Issuer
Default rating is likely to be upgraded by one notch with a
Positive Outlook," says Cristina Torrella, Director in Fitch's
Financial Institution Group.

"The Positive Outlook reflects Fitch's opinion that Egnatia's
IDR could be further upgraded by another notch in the next two
years provided it successfully manages the relatively
considerable integration, execution and strategic risks without
compromising its financial profile," Ms. Torrella added.

The new Greek bank will be roughly double Egnatia's current size
and will have total assets of around EUR8 billion, total equity
of EUR1.1 billion and a domestic network of around 140 branches.

It will have domestic market share in deposits of about 3.6% and
loans of around 3.3%.  This will improve Egnatia's standing in
an increasingly Greek competitive market.  The combination of
Egnatia's strong niche in consumer finance, Laiki's commercial
banking business and MFG's foothold in asset management and
corporate banking activities will bring potential business and
revenue diversification.

Future benefits to be gleaned from the merger include cost and
revenue synergies from the integration of operations and IT
systems, a better funding profile and cross-selling
opportunities.

Egnatia's Support rating is likely to be upgraded to 2 from 5
provided that CPB attains a majority stake in the bank.  Fitch
expects this to result in a greater probability and commitment
of support for Egnatia in case of need.

Based on pro-forma figures, the resulting CBP group will be the
largest bank in Cyprus and the sixth largest bank in Greece by
assets, with expected total assets of around EUR22 billion,
equity of EUR3.3 billion, loans of EUR18 billion, deposits of
EUR16 billion and a total capital ratio of around 17%.

MFG is a Greek holding company focusing on banking and stock
market activities.  Laiki is Laiki Group's Greek subsidiary with
total assets of roughly EUR3 billion and 55 branches across
Greece.

Egnatia was the eighth largest commercial bank in Greece by
total assets, with an estimated 2% domestic market share in both
loans and deposits.  It has a strong franchise in car financing
but also offers general retail, mortgage and corporate lending.
It also has small banking and leasing subsidiaries in Romania.


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


INVERNESS MEDICAL: Reduced Leverage Spurs Moody's to Lift Rating
----------------------------------------------------------------
Moody's Investors Service has upgraded Inverness Medical
Innovations Inc.'s corporate family rating to B2 from B3.
Additionally, Moody's has upgraded the company's Probability of
Default rating to B2 from B3, the rating on its senior
subordinated notes to Caa1 from Caa2, and revised the rating
outlook to stable from negative.

The rating upgrades primarily reflect Inverness' reduced
leverage and Moody's view that the company's financial
performance will likely improve over the rating horizon.
Moody's notes that Inverness has accessed the equity markets
successfully and has used net proceeds, in part, to reduce debt
and improve liquidity.  Inverness' liquidity currently appears
solid -- though such liquidity could be fleeting given the
company's penchant for acquisitions.

Moody's expects Inverness will fund working capital and capital
expenditures through operating cash flow and note that the
company could divest its Nutritionals business in the event of
constrained liquidity.  Subsequent to the company's August 2006
issuance of common stock via a private placement (US$145 million
of net proceeds), Moody's believes that Inverness reduced its
revolver balances.  Moody's also believes Inverness has
substantial (or complete) revolver availability of approximately
US$110 million.

Moody's believes that margins and cash flow generation will
continue to improve, particularly as the company shifts
production to its new, low-cost ABON (Hangzhou, China)
production facility.  Moody's expects that gross margins could
improve to over 44% by the end of 2008, which is in line with
the mid-forties gross margin that Moody's had anticipated when
it first rated the company in January 2004, and an improvement
over the levels that it had expected when it downgraded the
corporate family rating to B3 in July 2005.

The ongoing Securities and Exchange Commission investigation in
connection with revenue recognition issues at one of the
company's subsidiaries negatively affects the rating. While
Moody's does not believe that the investigation will have a
material impact on Inverness, the uncertainty as to timing and
the SEC's ultimate conclusion weighs on credit risk.  Moody's
takes comfort that the company's independent auditors have
opined that the restated financials present fairly, in all
material respects, Inverness' consolidated financial position as
of December 31, 2005, 2004 and 2003 and the results of
operations for each of those years then ended.

Improved operating margins above 10% (currently only slightly
over 2%, on an adjusted basis, for the TTM ended June 30, 2006),
coupled with operating cash flow-to-debt and free cash flow-to-
debt metrics above 15% and 10%, respectively, could trigger a
rating upgrade.  Additionally, an improvement in interest
coverage above 2 times (i.e. EBIT/interest expense), in
conjunction with the aforementioned margin and cash flow metric
improvements would further support upward rating pressure. A
finalized joint venture agreement with Procter & Gamble could
also cause Moody's to upgrade the ratings.

Moody's could downgrade the B2 corporate family rating if it
becomes apparent that margin improvement, and consequently cash
flow improvement, will be materially below our expectations.
More specifically, Moody's could downgrade the rating if
interest coverage (EBIT/interest expense) falls below 1.5 times
and operating cash flow to total debt dips below 10% for an
extended period.

Upgrades:

Issuer: Inverness Medical Innovations, Inc.

    * Corporate Family Rating, Upgraded to B2 from B3

    * Senior Subordinated Regular Bond/Debenture,
      Upgraded to Caa1 from Caa2

Outlook Actions:

    * Issuer: Inverness Medical Innovations, Inc.
    * Outlook, Changed To Stable From Negative

Inverness Medical Innovations, Inc., headquartered in Waltham,
Massachusetts, is a manufacturer and distributor of diagnostic
products for the OTC women's health market and the professional
diagnostic rapid test market.  The company also manufactures and
distributes branded and private label products in the vitamins
and nutritional supplements market.  For the twelve months ended
June 30, 2006, the company reported sales of approximately
US$495 million.


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


ALCATEL SA: Launches IMS Solution for Commercial Use
----------------------------------------------------
Alcatel S.A. reveals the first commercially available, fully
converged IP Multimedia Subsystem solution, which complies with
the functionality outlined by ETSI Tispan standards for fixed,
mobile and converged networks.

IMS has become the reference architecture for the delivery of IP
multimedia conversational services and plays an important role
in the delivery of converged services.  As of September 2006,
Alcatel has more than 120 IMS-related fixed and mobile
deployments and trials around the world.

Alcatel's IMS solution enables the delivery of advanced IP
multimedia services, such as voice over IP, push-to-talk,
multimedia conferencing, presence-based communication, and other
interactive applications with a guaranteed quality of service.
The solution also enables the control of media-rich SIP sessions
between terminals and devices over any fixed or mobile access
network, including second- and third-generation wireless, xDSL,
and wireless access such as LAN (WiFi) hotspots and WiMAX.

"Our research shows a fast-growing interest among the service
providers in the TISPAN specification, with many specifying the
standard even before it was completed," Graham Finnie, senior
analyst with Heavy Reading, SAID.  "That interest is being
driven especially by the need for a standardized telephony
emulation environment based on IP, as well as a standard
admission control scheme."

With its global integration experience in multi-vendor and
multi-technology environments and end-to-end portfolio, Alcatel
is able to bring together all of the building blocks, all of the
players, -- including partners for applications and terminal
devices -- and all of the services.  Alcatel leads this network
transformation and has secured some of the largest projects
announced to date, including BT, Telia Sonera, Telecom New
Zealand, Telstra, Slovak Telecom and China Netcom.

"Our converged IMS solution builds on innovative mature
components already deployed in numerous commercial networks,"
Olivier Baujard, Alcatel's Chief Technology Officer, said.
"Alcatel's solution enables service providers to tap into
information technologies combined with Alcatel networking skills
to deliver new applications over a range of access methods.  It
will help our customers to maintain their competitive edge,
enhance their existing services offering, and provide a fully
integrated communication experience to the end users."

Originally developed for mobile service providers by the 3GPP
(3rd Generation Partnership Project) standards body, IMS has
also been adopted and endorsed by the ETSI (European
Telecommunications Standards Institute) TISPAN
(Telecommunications and Internet Services and Protocols for
Advanced Networking) standards committee to address multimedia
and converged services in fixed, mobile and converged networks.
Alcatel has been a leader in driving TISPAN standardization and
currently holds the position of ETSI TISPAN chair.

                        About Alcatel

Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) --
http://www.alcatel.com/-- provides communications solutions to
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EUR13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                         *     *     *

As reported in TCR-Europe on April 5, Moody's Investors Service
has placed the Ba1 long-term debt ratings of Alcatel SA on
review for possible downgrade following its definitive agreement
to merge with Lucent Technologies (rated B1).  The ratings
placed on review include Alcatel's senior, unsecured Eurobonds,
convertible bonds, Euro-medium term notes, its EUR1.0 billion
revolving credit facility and its corporate family rating, all
at Ba1 currently.  Alcatel's rating for short-term debt was
affirmed at Not-Prime.

In March 2006, Standard & Poor's Services placed its 'BB' long-
term corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.


FORMICA CORP: 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 Building Products sector, the rating agency
confirmed its B2 Corporate Family Rating for Formica Corp.
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on loans:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$60m Gtd. Sr. Sec.
   Revolving
   Credit Facility      B2       B1       LGD3     42%

   US$210m Gtd. Sr. Sec.
   Term Loan            B2       B1       LGD3     42%

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 our notching
practices across industries and will improve the transparency
and accuracy of our ratings as our 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 Cincinnati, Ohio, Formica Corp. --
http://www.formica.com/-- manufactures and markets decorative
surfacing materials, including high-pressure laminate and solid
surfacing materials.  Formica has sales operations in
approximately 100 countries including the United Kingdom, The
Netherlands, Spain, and France.


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


C + M AUTOMOBILE: Creditors' Meeting Slated for October 17
----------------------------------------------------------
The court-appointed provisional administrator for C + M
Automobile-Handel GmbH & Co. KG, Peter Haas, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 8:55 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 8:35 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 C + M Automobile-Handel GmbH & Co. KG on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         C + M Automobile-Handel 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) 382185


CLAUS BRAUN: Claims Registration Ends October 15
------------------------------------------------
Creditors of Claus Braun GmbH have until Oct. 15 to register
their claims with court-appointed provisional administrator
Michael Goost.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Nov. 22 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 Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, 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 Cologne opened bankruptcy proceedings
against Claus Braun GmbH on Aug. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Claus Braun GmbH
         Siemens Route 2
         50259 Pulheim, Germany

The administrator can be contacted at:

         Dr. Michael Goost
         Flora 25
         50735 Cologne, Germany


DM BETEILIGUNGEN: Claims Registration Ends October 16
-----------------------------------------------------
Creditors of DM Beteiligungen Aktiengesellschaft have until
Oct. 16 to register their claims with court-appointed
provisional administrator Horst Piepenburg.

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

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Area A 409
         4th Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Dec. 12, at the same
venue.

The District Court of Duesseldorf opened bankruptcy proceedings
against DM Beteiligungen Aktiengesellschaft on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         DM Beteiligungen Aktiengesellschaft
         Berlin Avenue 42
         40212 Duesseldorf, Germany

         Attn: Michael Gronemeyer, Manager
         Haendelstrasse 2
         51375 Leverkusen, Germany

The administrator can be contacted at:

         Horst Piepenburg
         Heinrich Heine Avenue 20
         40213 Duesseldorf, Germany


ELEKTRO RUPP: Creditors' Meeting Slated for October 18
------------------------------------------------------
The court-appointed provisional administrator for Elektro Rupp +
Windhauser GdbR, Thomas Becker, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:30 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 10:00 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 Elektro Rupp + Windhauser GdbR on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Elektro Rupp + Windhauser GdbR
         Sonnenweg 1 b
         66802 Ueberherrn, Germany

The administrator can be reached at:

         Thomas Becker
         Brueckenstrasse 60
         66763 Dillingen, Germany
         Tel: (06831) 769980
         Fax: (06831) 7699870


EXTRA BAU: Claims Registration Ends October 17
----------------------------------------------
Creditors of Extra Bau & Hobby Gangelt GmbH & Co. KG have until
Oct. 17 to register their claims with court-appointed
provisional administrator Frank Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Oct. 23 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 3
         3rd Floor
         Alter Posthof 1
         52062 Aachen, Germany

The Court will also verify the claims set out in the
administrator's report at 9:50 a.m. on Nov. 20 at:

         The District Court of Aachen
         Meeting Room K 5
         3rd Floor
         Alter Posthof 1
         52062 Aachen, Germany

The District Court of Aachen opened bankruptcy proceedings
against Extra Bau & Hobby Gangelt GmbH & Co. KG on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Extra Bau & Hobby Gangelt GmbH & Co. KG
         Attn: Hedwig Neuhauss, Manager
         Sittarder Road
         52538 Gangelt, Germany

The administrator can be contacted at:

         Frank Wiedemann
         Eupener Str. 181
         52066 Aachen, Germany


GUTENBERGSTRASSE VERWALTUNGS: Claims Registration Ends Oct. 17
--------------------------------------------------------------
Creditors of Gutenbergstrasse Verwaltungs GmbH have until
Oct. 17 to register their claims with court-appointed
provisional administrator Soenke Hansen.

Creditors and other interested parties are encouraged to attend
the meeting at 11:50 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 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 Gutenbergstrasse Verwaltungs GmbH on Aug. 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gutenbergstrasse Verwaltungs GmbH
         Poststrasse 17-19
         24589 Nortorf, Germany

         Attn: Andreas Mautner, Manager
         Old Aussee 119
         A-08992 Alto Aussee, Austria

The administrator can be contacted at:

         Soenke Hansen
         Moenckebergstrasse 17
         20095 Hamburg, Germany
         Tel: 309694-0


HELMUT EHLERT: Claims Registration Ends October 16
--------------------------------------------------
Creditors of Helmut Ehlert Spezialarmaturen GmbH have until
Oct. 16 to register their claims with court-appointed
provisional administrator Dirk Kammertoens.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 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 Helmut Ehlert Spezialarmaturen GmbH on Aug. 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Helmut Ehlert Spezialarmaturen GmbH
         Attn: Marion Reiche, Manager
         Stargader Str. 72
         33699 Bielefeld, Germany

The administrator can be contacted at:

         Dirk Kammertoens
         Otto-Brenner-Road 186
         33604 Bielefeld, Germany


KARSTADTQUELLE AG: Inks Cooperation Deal with Redcats Group
-----------------------------------------------------------
The KarstadtQuelle mail order group and Redcats, a company
belonging to the luxury goods specialist PPR Group, launched
various business initiatives in Germany.

"Our companies will be cooperating in numerous business areas.
We will be complementing each other's expertise in the interests
of our customers and our business," Marc Sommer, the
KarstadtQuelle director responsible for the mail order business,
said.

"This commercial agreement supports the Redcats Group's strategy
of further accelerating the internationalization of its strong
brands, either through wholly-owned subsidiaries or
partnerships," Thierry Falque-Pierrotin, Chairman and CEO of the
Redcats Group, stated.

The cooperation covers these areas:

   -- both companies will be testing the fashion of La Redoute
      (menswear, womenswear and children's clothes) in the
      catalog and on the e-commerce site of neckermann.de in
      Germany.  This test will be carried out in Q4 2006. The
      agreement reinforces the position of neckermann.de as a
      provider of attractive fashion, and it enables La Redoute,
      already active in 21 countries, to enter the German
      market.

      Once testing is successfully completed, the aim is to
      offer the entire fashion range of La Redoute from 2007 at
      neckermann.de to seamlessly supplement the existing
      fashion range.  In addition, neckermann.de is to integrate
      La Redoute fashion into its own range in all Central
      European countries where La Redoute does not yet have a
      commercial presence. This agreement enables neckermann.de
      to reinforce its own fashion range in these markets and
      the French home shopping brand to enter the growth markets
      on a wider footing.

   -- in addition, the two mail order companies have agreed an
      international cooperation for developing further business.
      The specialty mail order brand Vertbaudet, a member of the
      Redcats Group, is preparing for market entry in Germany
      for 2007 in the context of a joint venture.  The agreement
      provides for marketing the fashion range for mothers-to-
      be, babies and small children via a multi-channel approach
      (catalog, OTC retail and internet).

      In this way, Vertbaudet is aiming for further regional
      expansion after successful market entry in England,
      Portugal, Spain and, just recently, Switzerland.
      Vertbaudet's wide range will ideally complement that of
      Baby Walz, a KarstadtQuelle specialty mail order brand,
      which is geared towards new parents with products for
      babies.

Redcats is one of the world's leading companies in home shopping
for fashion and lifestyle goods.  Based on a multi-channel
network with catalogs, e-commerce and shops, Redcats generated
EUR4.4 billion in 2005 with 17 brands in 26 countries and 20,000
employees.  International sales account for 52% of total sales.
Redcats is a PPR Group company.

                      About KarstadtQuelle

Headquartered in Essen, Germany, KarstadtQuelle AG --
http://www.karstadtquelle.com/-- operates department stores and
mail order businesses.  It has annual sales of EUR15.5 billion
and employs around 70,000.  The retailer has been suffering from
sluggish consumption and high unemployment rate in Germany.
KarstadtQuelle posted an EBITDA of -EUR428 million in 2004.  The
group is currently restructuring operations by selling off non-
core assets and implementing cost-saving measures.

The group achieved and exceeded its targets for the 2005
financial year.  Group sales, adjusted for the strong impact of
the realignment, were EUR15.45 billion, compared to EUR16.14
billion in the previous year, down 4.2 percent.  Adjusted EBITDA
improved by 5.1 percent to EUR544 million, compared to EUR518
million in the previous year.  In 2005, net financial
liabilities were reduced by a third to EUR3.0 billion (including
Thomas Cook), down from EUR4.5 billion in the previous year.

In the first six months of 2006, adjusted group sales totaled
EUR6.5 billion (2005: EUR6.8 billion).  Adjusted EBITDA declined
to -EUR41.7 million (2005: -EUR19.4 million).  As of June 30,
2006, net financial liabilities (pro forma) stood at EUR600
million.


LEISSING GMBH: Claims Registration Ends October 17
--------------------------------------------------
Creditors of Leissing GmbH have until Oct. 17 to register their
claims with court-appointed provisional administrator Erich
Hoelzemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 10 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 Muenster
         Meeting Room 101 B
         1st Floor
         Gerichtsstr. 2-6
         48149 Muenster, 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 Muenster opened bankruptcy proceedings
against Leissing GmbH on Sept. 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Leissing GmbH
         Attn: Oliver Leissing, Manager
         Buschkamp 4
         48324 Sendenhorst, Germany

The administrator can be contacted at:

         Erich Hoelzemann
         Goethestr. 2
         59065 Hamm, Germany


NOVELIS INC.: Fitch Initiates B Issuer Default Rating
-----------------------------------------------------
Fitch initiates the ratings for Novelis Inc. and its subsidiary
Novelis Corp.:

Novelis Inc.

   -- Issuer Default Rating B;
   -- Senior secured credit facility BB/Recovery Rating 1; and
   -- Senior unsecured notes B/RR4;

Novelis Corp.

   -- Issuer Default Rating B; and
   -- Senior secured credit facility BB/RR1;

Approximately US$2.3 billion of debt is covered by the ratings.
The Rating Outlook is Negative.  The company's Korean bank debt
is excluded from the ratings.

The ratings consider Novelis' strong market position in its
product categories, emphasis on innovation and value-added
applications, free cash flow generation, strong and flexible
manufacturing asset base, focus on de-leveraging, ability to
pass through aluminum price risk on the majority of its
contracts, global operations, potential sale of non-core assets,
and Novelis' largely non-cyclical customer base.

Also supporting the ratings is Fitch's view that the aluminum-
pricing environment is improving and the company is taking steps
to reduce its exposure to metal price risk on the contracts,
which have price ceilings.

Concerns include challenges in the near to intermediate term
from exposure to price ceilings on contracts with certain
customers which limit the pass-through of increased aluminum
costs on 20% of sales in 2006.  The company is projected to
incur US$205 million of losses in fiscal 2006 due to the
ceilings.  Management has indicated that the largest impact will
materialize in the third and fourth quarters of this year.

Additionally, high leverage and management turnover are
important ratings considerations.  Material weaknesses in the
firm's internal accounting controls have been a persistent
problem and still must be resolved.

The ratings also reflect the impact of higher fees and expenses
associated with the delayed filing of financial statements,
higher interest expense on the senior credit facility in
connection with covenant waivers obtained, and higher interest
expense on the 7.25% senior notes incurred because of the
delayed public registration.

The Negative Outlook is based on the filing delays, material
weaknesses, and deteriorating financial performance expected for
the remainder of 2006.  The ratings incorporate the expectation
that Novelis will file second quarter results by the October 22
deadline and that internal control issues will be addressed.

The Recovery Ratings and notching in the debt structure reflect
Fitch's recovery expectations under a scenario in which
distressed enterprise value is allocated to the various debt
classes.  The RRs for Novelis' senior secured credit facility,
consisting of a revolving credit facility and a Term Loan B
reflect outstanding expected recovery due to ample collateral
and security from substantially all assets in the U.S. Canada,
U.K., Germany, and Brazil, as well as significant cushions of
unsecured debt and equity.

With most of the estimated distressed enterprise value being
distributed to the senior secured creditors, Fitch estimates
that recoveries for senior unsecured creditors would be somewhat
less in a reorganization.

The recovery rating for the 7.25% senior unsecured notes
reflects the lack of security and the allocation of concession
payments to improve recovery.  The notes contain a change of
control put at 101% of par and are guaranteed by guarantor
subsidiaries including certain U.S., Canadian, U.K. and
Brazilian subsidiaries.

Novelis was formed in 2005 through a spin-off from Alcan, Inc.
The company is a leading producer of aluminum rolled and sheet
products serving the packaging, construction, industrial, and
transportation markets.  The company has run into difficulty on
two fronts in 2006: escalating raw materials prices and
financial reporting delays.

Aluminum prices have steadily climbed since mid-2005, rising
dramatically in 1H06 before leveling off somewhat for the
remainder of the year to date.  Certain customer contracts with
price ceilings have not allowed Novelis to pass through the full
increase in aluminum costs, negatively impacting profitability
and cash flows.

Near term pressure on cash flows is forcing the company to seek
amendments to its credit facility to relax covenant
requirements.  However, Novelis has actively sought to reduce
exposure to contracts with price ceilings and has begun to
implement new hedging policies.  As a result, Fitch expects cash
flows to begin to rebound in 2007.

On a separate front, Novelis' internal accounting and auditing
functions have been weak since the spin-off and the company had
to restate its 2005 opening balance sheet.  The restatement was
minor, but it caused the 2005 10-K to be delayed until August,
the first quarter 2006 filling to be delayed until September and
the second quarter 10Q has not yet been filed.  These delays
triggered default notices from both senior lenders and
bondholders.

Novelis was able to obtain waivers from senior lenders, but it
was not successful in a consent solicitation with bond holders.
The company needs to comply with an Oct. 22, 2006 deadline for
filing 2Q financial statements to cure default on its 7.25%
notes.  Failure to do so may lead Fitch to review the ratings.

Novelis has been generating reliable operating and free cash
flow, which is helped by stability in the majority of its end
markets, particularly in the beverage can market which has shown
steady demand for the past several years.  Operating cash flow
for the twelve-month period ending March 31, 2006 was US$434
million with free cash flow of US$366 million.

This translates to free cash flow to adjusted debt of 13.8% for
the period, which is solid for the rating.  Additionally, the
company is looking to possibly divest some assets in Europe and
Brazil, which would bolster cash flows in the near to
intermediate term if completed.

Although Novelis has generated enough cash to pay down a good
portion of debt since spin-off, the company's de-leveraging
momentum will likely be constrained in the near to intermediate
term given higher costs and lower cash flow.  The company has
already scaled back planned debt repayments by about US$50
million in 2006, and now anticipates US$150 million to US$200
million of debt repayments for the year.

Once Novelis reduces its exposure to metal prices, management
believes annual free cash flow of US$400 million or more is
possible.  While Fitch believes healthy cash flows are
achievable once the price-ceilings roll off, the US$400 million
range may not be feasible until the 2008-2009 timeframe at best.

Fitch calculates last twelve months as of March 31, 2006
operating EBITDA of US$483 million and leverage of 5.2 times.
For covenant compliance purposes, the company uses an EBITDA
figure, which allows for various add-backs resulting in higher
EBITDA.

Given the company's recent guidance on 2006 and 2007 cash flows,
Fitch believes leverage metrics will deteriorate by fiscal-year
end 2006 before improving in late 2007 as weak third and fourth
quarter 2006 performance rolls out of LTM credit metric
calculations.  Management indicated on a Sept. 29 conference
call that Novelis will need to seek relief from certain leverage
and interest coverage covenants in the near term as cash flows
decline somewhat over the remainder of the year.

Before seeking an amendment to the credit facility the required
ratios were 3.0x interest coverage and 4.75x leverage for
Dec. 31.  However, Fitch believes that performance and credit
metrics will improve in the second half of 2007 as aluminum
price exposure is reduced, penalty interest costs are
eliminated, and overall corporate costs decline with the
resolution of the delayed filings.

Although cash flows and credit metrics will likely deteriorate
over the near to intermediate term, it should be noted that the
fundamental operating performance of the company seems to be on
solid footing.  Fitch sees no reason to suppose that demand is
or will be materially weaker, and shipment volumes should remain
mostly stable.  Fitch sees Novelis' difficulties as largely
financial and not due to operational decline or other negative
secular changes.

Total shipment volumes were up 2.3% year over year in 2005 and
improved 3.9% in the first quarter of 2006 over the first
quarter of last year.  Operationally, the company is likely to
be steady and Fitch believes the credit metrics will follow as
the company improves its risk management.

Novelis is still in transition to an independent, stand-alone
entity.  Certain business and execution risks remain a concern,
such as accounting, finance and internal control weaknesses, a
continued transition of information technology, and the
acquisition of other necessary infrastructure and systems.
Additionally, the company will likely need to spend significant
resources and effort in building its new brand identity.

The placement of a permanent CEO, and the resolution of certain
material weaknesses disclosed in the company's SEC filings, will
be positive developments allowing the company to focus on
execution going forward.

As of March 31, 2006 the company had about US$469 million of
availability under the revolver and cash of US$124 million for
total liquidity of roughly US$593 million.  Given the company's
debt maturity schedule and a US$65 to US$70 million reduction in
capital spending plans for 2006, liquidity should not be an
issue in the intermediate term.

Debt maturities are modest in the next few years, comprised
mainly of Korean loan maturities.  The company has not indicated
whether these will be refinanced.  Additionally, the company has
reduced its equity dividend, and other scheduled cash deployment
is not substantial, relative to liquidity.


OLIVER ZADOW: Claims Registration Ends October 24
-------------------------------------------------
Creditors of Oliver Zadow GmbH have until Oct. 24 to register
their claims with court-appointed provisional administrator
Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 14 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Oliver Zadow GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Oliver Zadow GmbH
         Mindener Str. 30
         32547 Bad Oeynhausen, Germany

         Attn: Oliver Zadow, Manager
         Gruete 1
         33813 Oerlinghausen, Germany

The administrator can be contacted at:

         Joachim Walterscheid
         Kurpark 2
         32545 Bad Oeynhausen, Germany


PALACE EVENTCENTER: Claims Registration Ends October 20
-------------------------------------------------------
Creditors of Palace Eventcenter GmbH have until Oct. 20 to
register their claims with court-appointed provisional
administrator Peer Moeller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 10 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 Norderstedt
         Hall B
         City Hall Avenue 80
         22846 Norderstedt, 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 Norderstedt opened bankruptcy proceedings
against Palace Eventcenter GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Palace Eventcenter GmbH
         Werner-von-Siemens-Strasse 14
         24568 Kaltenkirchen, Germany

         Attn: Franz Hagelstein, Manager
         Flottmoorring 50 D
         24568 Kaltenkirchen, Germany

The administrator can be contacted at:

         Dr. Peer Moeller
         Untere Querstrasse 1
         23730 Neustadt in Holstein, Germany


PB DOMICILE: Fitch Assigns Final BB Rating on EUR15.4 Mln Notes
---------------------------------------------------------------
Fitch Ratings assigned PB Domicile 2006-1 Plc's mortgage-backed
credit-linked note issuance due 2052 final ratings as:

   -- EUR500,000 Class A1+: AAA, ISIN:DE000A0GYFH9;
   -- EUR500,000 Class A2+: AAA, ISIN:DE000A0GYGU0;
   -- EUR65,800,000 Class B: AA, ISIN:DE000A0GYFJ5;
   -- EUR51,500,000 Class C: A, ISIN:DE000A0GYFK3;
   -- EUR48,900,000 Class D: BBB, ISIN:DE000A0GYFL1; and
   -- EUR15,400,000 Class E: BB, ISIN:DE000A0GYFM9.

This transaction is the second synthetic partially-funded
securitization of residential mortgage loans originated by
Deutsche Postbank AG in Germany.  The Class A1+ to C notes are
backed by public sector Pfandbriefe rated AAA issued by BayerLB.

At closing, the Pfandbrief collateral was purchased by Postbank
for the benefit of these Classes and transferred to the trustee.
Classes D and E are backed by bearer notes issued by Postbank.

The final ratings address timely payment of interest and
ultimate repayment of principal for Classes A+ to D and ultimate
payment of interest and ultimate repayment of principal for
Class E.  They are based on the quality of the reference
portfolio, the underwriting and servicing capabilities of
Postbank, the collateral in the form of Pfandbriefe issued by
BayernLB and the sound financial and legal structure.

Credit enhancement for the Class A1+ and A2+ notes and the
senior credit default swaps, provided by subordination and
synthetic excess spread, will total 7.23%, consisting of the
Class B (2.62%), C (2.05%), D (1.95%), E (0.61%) and synthetic
excess spread of 57bp per annum.

The transaction structure benefits from synthetic excess spread
provided by Postbank.  Excess spread can be used:

   -- to cover losses within a period;

   -- thereafter to redeem losses from previous periods, thus
      resulting in a write-up of the respective note; and

   -- to pay accrued interest.

The latter two effects were only considered for Classes D and E,
which are rating-linked to Postbank's Issuer Default rating.
Any downgrade of Postbank's rating below the Class D or E
ratings, respectively, would result in a corresponding downgrade
of these notes.

As of the cut-off date (31 July 2006), the reference portfolio
consisted of 41,394 mortgage loan parts, secured on 19,510
properties, originated by Postbank since 1978, with a total
outstanding nominal amount of approximately EUR2.5 billion.

At the cut-off date, none of the loans had been in arrears by
more than 15 days in the past 17 months.  The reference claims
in the portfolio are secured on senior-ranking mortgages, with a
small portion secured on subordinated mortgages.

The majority of the mortgages in the portfolio are standard
annuity/installment loans; the remaining 21.6% are interest-only
loans backed by a building savings contract, life insurance or
investment plan.  These loans are repaid at maturity and do not
amortize.  Some 9.23% of the loans by initial aggregate balance
are to borrowers classified by Fitch as self-employed.

The agency increased the default probability for these loans,
taking into account the greater risk of default owing to
volatility in the regular income of such borrowers compared with
those in full-time employment.


SANDER-BAU: Claims Registration Ends October 20
-----------------------------------------------
Creditors of Sander-Bau GmbH & Co. KG Tief- und Strassenbau have
until Oct. 20 to register their claims with court-appointed
provisional administrator Cornelia Moenert.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Nov. 10 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 Paderborn
         Meeting Room 230a
         2nd Floor
         Bogen 2-4
         33098 Paderborn, 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 Paderborn opened bankruptcy proceedings
against Sander-Bau GmbH & Co. KG Tief- und Strassenbau on
Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Sander-Bau GmbH & Co. KG Tief- und Strassenbau
         Sportplatzweg 1
         34434 Borgentreich, Germany

         Attn: Reinhard Rudolph, Manager
         Stadtweg 11
         34434 Borgentreich, Germany

The administrator can be contacted at:

         Cornelia Moenert
         Lise-Meitner-Str. 13
         33605 Bielefeld, Germany


SL-SPEDITION: Claims Registration Ends October 16
-------------------------------------------------
Creditors of SL-Spedition GmbH have until Oct. 16 to register
their claims with court-appointed provisional administrator
Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 20 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 SL-Spedition GmbH on Aug. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         SL-Spedition GmbH
         Attn: Stefan Lueth, Manager
         Schlengendeich 18
         21107 Hamburg, Germany

The administrator can be contacted at:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg, Germany
         Tel: 808136-212
         Fax: 808136-119


VOLKSWAGEN AG: MAN Raises Scania Bid to SEK475 Per Share
--------------------------------------------------------
MAN AG told brokers to buy capital equivalent at least five
percent of voting rights in Scania AB at a raised bid of SEK475
per share, after Scania restated its rejections of MAN's
takeover bid, AFX reports.

MAN said it is seeking to buy at least five percent through an
off-market purchase of Scania A and B shares at SEK475, adding
that under Swedish law it will be required to amend its offer to
the highest price paid in the transaction.

Scania's board continued to reject MAN's offer as a substantial
undervaluation, disclosing that its operating income in the
third quarter, which will be reported on Monday, will exceed
market expectation by close to 25%.

According to the report, Volkswagen AG supported MAN's attempt
to buy up to 16 percent of Scania, while Swedish investor firm
Investor AB reiterated that the offer significantly undervalues
Scania.

"We estimate potential synergies in a combination of Scania and
MAN to be substantially higher than the EUR500 million per year
indicated by MAN," Investor AB, the second largest shareholder
of Scania disclosed.  "The earnings prospects for Scania are
significantly higher than the current market consensus for
future years."

As reported in TCR-Europe on Wednesday, Volkswagen Chief
Executive Bernd Pischetsrieder wanted MAN and Scania AB to
negotiate a new deal that would replace the cash-and-stock bid
for Scania by MAN.

Mr. Pischetsreider preferred a friendly approach to Scania but
would back a hostile takeover after four weeks, AFX reports.
But sources told the Financial Times that Mr. Pischetsrieder had
now lost patience with Investor after refusing to talk to MAN.

Volkswagen acquired a 15.6% stake in MAN to secure its strategic
interest in the truck sector and should make possible a friendly
and jointly developed solution.

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

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

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

                        *    *    *

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

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

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


ZIMMEREI LANGE: Claims Registration Ends October 23
---------------------------------------------------
Creditors of Zimmerei Lange GmbH have until Oct. 23 to register
their claims with court-appointed provisional administrator
Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Nov. 13 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 Nordenham
         Hall III (Room 6)
         Station Route 56
         26954 Nordenham, 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 Zimmerei Lange GmbH on Aug. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Zimmerei Lange GmbH
         Jaderlangstrasse 5
         26349 Jade, Germany

         Attn: Gustav Lange, Manager
         Emsoldstrasse 1
         26180 Rastede, Germany

The administrator can be contacted at:

         Stefan Hinrichs
         Gerichtsfach-Nr. 87
         Heiligengeiststr. 29
         26121 Oldenburg, Germany
         Tel: 0441/21891-0
         Fax: 0441/21891-39


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


EGNATIA BANK: Cyprus Popular Launches 100% Takeover Offer
---------------------------------------------------------
Cyprus Popular Public Company Ltd. submits a voluntary public
offer to the shareholders and holders of convertible bonds of
Egnatia Bank S.A. for the acquisition of 100% of the shares and
the convertible bonds of Egnatia Bank with an exchange of 1,2090
shares of the Popular Bank for every share of Egnatia Bank.

                  Exclusion of Responsibility

The Public Offer is addressed to all shareholders of Egnatia
Bank and to persons that can accept it legally.  The current
announcement is not addressed, directly or indirectly, to any
countries in which -- pursuant to their laws -- the conduct of
the specific public offer or the dispatch/distribution of the
current announcement is illegal or violates any legislation,
rule or regulation.  Therefore, the dispatch or distribution or
promotion of copies of this announcement and any relevant
document to or from any person to or from the exempted countries
is prohibited.

The observance of the laws of a country in relation to the
public offer is on the exclusive responsibility of any foreign
shareholder who wishes to accept the Public Offer.

If any person promotes the Announcement or any other document
related to the Public Offer to or from any 'exempted country' or
uses the correspondence or any other means of any 'exempted
country', he/she must draw the receiver's attention to the
present section.

                       The Public Offer

At the meeting held on Sept. 19, 2006, the Board of Directors of
the Popular Bank decided to submit a voluntary public offer to
the shareholders and holders of convertible bonds of Egnatia
Bank.  For this purpose, the Board of Directors submitted an
Informative Note to the Greek SEC and the Board of Directors of
the Company simultaneously, pursuant to the provisions of law
3461/2006.

   -- offeror: The Offeror is "Cyprus Popular Bank Public
      Company Limited," the operations of which were launched in
      1901 with the establishment of the "Limassol Popular
      Savings Bank".  It was registered as public company in
      1924, pursuant to the Cyprus' Companies' Law 18/1922,
      registration no. 1.  The Head Office of the bank is in
      Nicosia, Cyprus, 154 Limassol Avenue.  The shares of the
      Popular Bank are listed in the Main Market of the Cyprus
      Stock Exchange;

   -- company, the share of which are subject to the Public
      Offer: Egnatia Bank was established in 1991 and is
      based in Thessaloniki, 4 Danaidon Street;

   -- securities: 100% of the ordinary and preference nominal
      shares of Egnatia Bank of nominal value ?1.17 each, which
      have been listed or will be listed and are trading in the
      Athens Stock Exchange until the expiry of the period of
      acceptance.  100% of the bonds convertible into ordinary
      shares and preference shares, which are trading in the
      ASE.  The Popular Bank does not intend to acquire the
      securities during the period from the publication of the
      public offer until the expiry of the acceptance period;

   -- Offered Exchange: The Popular Bank is willing to submit
      1,2090 CPB shares per share and 1,2090 CPB shares per
      bond.  The Board of Directors will hold an Extraordinary
      General Meeting to decide on the increase in the
      authorized share capital of the Popular Bank on Oct. 24
      and the exclusion of the preference rights of the existing
      shares;

   -- maximum number of securities that the Offer is bound to
      acquire: The Popular Bank is bound to acquire the entire
      securities that it will be offered, that is:

         -- 93,558,439 shares

            -- 93,260,199 shares that are already listed in the
               ASE,

            -- 80 shares that have resulted from the exercise
               the right for the convergence of bonds and are
               expected to be listed in the ASE,

            -- 298,160 shares, which might result from the
               exercise of the bond convergence right and be
               listed in the ASE during the period of acceptance

         -- 11,165,504 preference shares

            -- 11,088,784 shares which are already listed in the
               ASE,

            -- 60 shares that have resulted from the exercise
               the right for the convergence of bonds and are
               expected to be listed in the ASE, and

            -- 76,660 shares, which might result from the
               exercise of the bond convergence right and be
               listed in the ASE during the period of acceptance

      which represent 100% of the total fully paid share capital
      and voting rights Egnatia Bank.

      The Popular Bank is also bound to accept the entire Bonds
      of the Public Offer that it will be offered, that is, the
      maximum:

         -- 298,160 bonds convertible into ordinary shares, and

         -- 76,660 bonds convertible into preference shares.

   -- minimum number of securities that the Offeror intends to
      acquire: The minimum number of securities that must be
      offered to the Popular Bank so that the Public Offer is
      valid, is 40% on the number of the ordinary shares and 40%
      on the number of preference shares of Egnatia Bank that
      will be listed in the ASE at the date of expiry of the
      period of acceptance.  The Public Offer will be valid
      irrespective of the number of bonds it will be offered;

   -- number of securities held by the Offeror: At the date of
      submission of the Public Offer, the Popular Bank did not
      hold any Egnatia shares.  The subsidiary of the Popular
      Bank, Laiki Investments EPEY Public Company Ltd had
      acquired 20,000 shares that correspond to 0.02% of the
      Company's fully paid share capital;

   -- consultant of the Offeror:

         Deutsche Bank A.G. (London)
         1 Great Winchester Street
         London EC2N 2DB
         United Kingdom

Following the successful completion of the Public Offer, the
Offeror will examine the possible delisting of its shares from
the ASE.

                      About Cyprus Popular

Headquartered in Nicosis, Cyprus, Cyprus Popular Bank Public
Company Ltd., -- http://www.laiki.com/-- provides financial and
banking solutions.  It has two divisions: the Personal Division
offers personal banking services, comprised of deposits,
personal loans, standing orders, savings bonds and bill payment;
the Business Division services small and medium-sized
businesses, as well as large corporations and semi-governmental
organizations.  Its products include medium/long term fixed
loans, small and medium-sized business loans, hire purchase and
leasing.

                          About Egnatia

Headquartered in Thessaloniki, Greece, Egnatia Bank S.A. --
http://egnatiasite.egnatiabank.gr/-- engages in private,
corporate and investment banking, bancassurance and leasing,
shipping, treasury management and e-banking services.  The Bank
has seven subsidiaries, a network of 68 branches in Greece and
is also active in the Romanian market.

                        *    *    *

Fitch Ratings changed the Rating Watch on Greece-based Egnatia
Bank's Issuer Default BBB-, and Short-term F3 to Positive from
Evolving.  The Support 5 rating is placed on RWP.  This follows
Cyprus Popular Bank's public bids to acquire Egnatia and
Greece's Marfin Financial Group and the publication of further
details on the three-way merger involving the two Greek banks
and CPB's Greek subsidiary, Laiki Bank.  Egnatia's Individual
rating is affirmed at C and removed from Rating Watch Evolving.


EGNATIA BANK: Fitch Changes Rating Watch to Positive on Merger
--------------------------------------------------------------
Fitch Ratings changed the Rating Watch on Greece-based Egnatia
Bank's Issuer Default BBB-, and Short-term F3 to Positive from
Evolving.  The Support 5 rating is placed on RWP.

This follows Cyprus Popular Bank's public bids to acquire
Egnatia and Greece's Marfin Financial Group and the publication
of further details on the three-way merger involving the two
Greek banks and CPB's Greek subsidiary, Laiki Bank.  Egnatia's
Individual rating is affirmed at C and removed from Rating Watch
Evolving.

The acquisitions, which are subject to regulatory and
shareholders approval, will be completed by end-2006, upon which
the Rating Watch will be resolved.  In Fitch's view, there is a
high probability that the merger will go ahead to plan, although
from an operational point of view this will be finished by mid-
2007.

Egnatia is most likely going to be the legal entity for the
merged group's Greek operations, absorbing the banking
subsidiaries of MGF and Laiki, although the brand name is likely
to change.

"If the merger process goes according to plan, Egnatia's Issuer
Default rating is likely to be upgraded by one notch with a
Positive Outlook," says Cristina Torrella, Director in Fitch's
Financial Institution Group.

"The Positive Outlook reflects Fitch's opinion that Egnatia's
IDR could be further upgraded by another notch in the next two
years provided it successfully manages the relatively
considerable integration, execution and strategic risks without
compromising its financial profile," Ms. Torrella added.

The new Greek bank will be roughly double Egnatia's current size
and will have total assets of around EUR8 billion, total equity
of EUR1.1 billion and a domestic network of around 140 branches.

It will have domestic market share in deposits of about 3.6% and
loans of around 3.3%.  This will improve Egnatia's standing in
an increasingly Greek competitive market.  The combination of
Egnatia's strong niche in consumer finance, Laiki's commercial
banking business and MFG's foothold in asset management and
corporate banking activities will bring potential business and
revenue diversification.

Future benefits to be gleaned from the merger include cost and
revenue synergies from the integration of operations and IT
systems, a better funding profile and cross-selling
opportunities.

Egnatia's Support rating is likely to be upgraded to 2 from 5
provided that CPB attains a majority stake in the bank.  Fitch
expects this to result in a greater probability and commitment
of support for Egnatia in case of need.

Based on pro-forma figures, the resulting CBP group will be the
largest bank in Cyprus and the sixth largest bank in Greece by
assets, with expected total assets of around EUR22 billion,
equity of EUR3.3 billion, loans of EUR18 billion, deposits of
EUR16 billion and a total capital ratio of around 17%.

MFG is a Greek holding company focusing on banking and stock
market activities.  Laiki is Laiki Group's Greek subsidiary with
total assets of roughly EUR3 billion and 55 branches across
Greece.

Egnatia was the eighth largest commercial bank in Greece by
total assets, with an estimated 2% domestic market share in both
loans and deposits.  It has a strong franchise in car financing
but also offers general retail, mortgage and corporate lending.
It also has small banking and leasing subsidiaries in Romania.


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


ALITALIA SPA: Prime Minister Romano Prodi Foresees January Flop
---------------------------------------------------------------
Italian Prime Minister Romano Prodi foresees a bankrupt national
carrier in January 2007 unless involved parties come up with an
"agreed solution."

"Alitalia is going through the worst moment in its history," Mr.
Prodi told attendees of the Alitalia Summit.  "The situation is
totally out of control and I do not see any parachutes."

Mr. Prodi met with Transport Minister Alessandro Bianchi, and
representatives of unions CGIL, CISL and UIL at Palazzo Chigi.

"We have until January to hammer out a solution which can avoid
bankruptcy," Mr. Prodi said, sharing the same observation posed
by Alitalia CEO Giancarlo Cimoli.

Mr. Prodi said a fast, effective action must be taken to prevent
Alitalia's collapse.  The Prime Minister stressed that without
any "national or international strategy," it is futile "to talk
about [restructuring] or recapitalization."

The Prime Minister noted that Alitalia's demise "involves the
whole country," and suggested that the carrier should the focus
of Italy's air transport policy, mimicking other countries.

"In order to do this we must rethink our priorities, re-evaluate
the customer and understand that Alitalia has a very strong
national vocation," Mr. Prodi explained.

Mr. Bianchi reiterated the need for a concrete plan, saying the
government cannot continue to bail out Alitalia unless results
are shown.  "What we don't want to do is put resources in a
drawer from where they disappear," he said.

The Transport Minister suggested that Alitalia look for funds
"from the market."

Mr. Bianchi also suggested that Alitalia might seek "alliances"
with other carrier.  He, however, stressed that the airline must
"become a strong domestic carrier in order to strike strong
international) alliances."

"Alliances are positive only if they are partnerships between
equals," Mr. Bianchi said.

Mr. Bianchi revealed that Mr. Prodi would meet with Mr. Cimoli
"to understand what management's position is on the government's
initiative."

Trade unions, meanwhile, shared Mr. Prodi's view.

"We need to act fast if we want to still be aloft in three
months' time," Fabrizio Solari, head of the CGIL's air transport
union FILT, said.

"I don't understand why so much time has been wasted," Raffaele
Bonanni, CISL leader, noted.

The unions blamed Alitalia's current management for the
carrier's downfall.  The unions particularly cited the "ill-
conceived rescue plan drawn up by Mr. Cimoli after his
appointment in May 2004."

"Alitalia has been managed badly but [Mr.] Cimoli is only part
of the problem.  We need to focus now on a new business
strategy," Luigi Angeletti, head of the UIL union, said.

"We need some real new ideas, new wine in new bottles," Mr.
Bonanni said, asking for a change in Alitalia's management.

As reported in the TCR-Europe on Oct. 11, Mr. Cimoli revealed
that Alitalia is poised for collapse given its current cost
structure and market conditions.

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

Mr. Cimoli particularly blamed:

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

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

Mr. Cimoli had vowed to have Alitalia make a profit by year-end,
but reaching the goal seems unlikely after the carrier posted
EUR221 million in first-half net losses.  Mr. Cimoli said the
carrier is headed for a EUR300-million loss this year.

                         About Alitalia

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

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


FERRO CORP: Auditor Puts Adverse Opinion on Internal Controls
-------------------------------------------------------------
Ferro Corp. filed its annual report for the year ended Dec. 31,
2005, with the U.S. Securities and Exchange Commission on
Sept. 29, 2006.

"We are pleased to finalize our audited 2005 financial
statements and provide investors with our complete Annual
Report," James Kirsch, Ferro president and chief executive
officer, said.  "This is another significant step toward
achieving a normal filing schedule and focusing the Company on
profitable growth."

The Company expects to file its 2005 reports on Form 10-Q for
the quarters ending March 31, June 30, and Sept. 30, 2005, by
the end of October.  With the completion of the 2005 financial
filings, the Company will then focus on the completion of its
Form 10-Q filings for the first three quarters of 2006, and
expects to file these reports with the SEC by the end of 2006.

                        Material Weaknesses

Auditors working for Deloitte & Touche LLP in Cleveland, Ohio,
expressed an unqualified opinion on management's assessment of
the effectiveness of the Company's internal control over
financial reporting and an adverse opinion on the effectiveness
of the Company's internal control over financial reporting
because of material weaknesses.

The Company has identified three material weaknesses in internal
control over financial reporting as of Dec. 31, 2005:

   1. inadequately trained and insufficient numbers of
      accounting personnel coupled with insufficient accounting
      policies and procedures,

   2. failure to consistently reconcile and perform timely
      reviews of accounting reconciliations, data files, and
      journal entries, and

   3. failure to properly identify and ensure receipt of
      agreements for review by accounting personnel.

                       Results of Operations

Sales from continuing operations for the year ended Dec. 31,
2005, of US$1,882.3 million were 2.1% higher than the comparable
2004 period.  Improved pricing and more favorable product mix in
North America, Asia-Pacific, and Latin America were the primary
drivers for the revenue gain.  Weakness in the market for
multilayer capacitors depressed unit demand and revenues,
particularly in the first half of 2005.  On a consolidated
basis, the impact of strengthening foreign currencies versus the
U.S. dollar had only a minimal positive impact on revenues.

For the year ended Dec. 31, 2005, the Company earned
US$14,786,000 on US$1,882,305,000 of net sales compared with
US$23,220,000 of net income on US$1,843,721,000 of net sales for
the year ended Dec. 31, 2004.

At Dec. 31, 2005, the Company's balance sheet showed
US$1,668,544,000 in total assets, US$1,179,985,000 in total
liabilities, US$20,468,000 in convertible preferred stock, and
US$468,091,000 in total stockholders' equity.

A full-text copy of the Company's annual report is available for
free at http://ResearchArchives.com/t/s?1358

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE:FOE) -
- http://www.ferro.com/-- produces performance materials for
manufacturers, including coatings and performance chemicals.

The Company has operations in 20 countries and has approximately
6,800 employees globally.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 2, 2006,
Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remained on CreditWatch with negative implications, where they
were placed Nov. 18, 2005.


TISCALI UK: New 2007-2010 Business Plan to Focus on Italy & U.K.
----------------------------------------------------------------
The Board of Directors of Tiscali S.p.A has approved the new
three-year plan 2007-2010.

The company's new business plan focuses on:

   -- concentration of the core business in Italy and in the
      United Kingdom, where the Group's overall customer base
      currently exceeds 3 million users, of which approximately
      50% ADSL subscribers;

   -- new positioning, from ISP to full-service provider,
      delivering telecommunication and media integrated services
      to the end customer (with the relevant expansion on the
      physical access, voice and Iptv markets), through a full
      network and service IP model combining product innovation
      and marketing aggressiveness;

   -- annual revenue growth of 20%; over EUR1.4 billion in
      2010;

   -- increase of EBITDA margin from 14% to 26% within the plan
      timespan;

   -- ULL customers: from the current 400,000 to approximately 2
      millions in 2010, of which about 500,000 triple play;

   -- net profit and cash flow from 2008;

   -- fully financed plan through asset disposal, with a further
      decrease of debt in excess of EUR150 million in the next
      12 months.

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries
through acquisitions.  Tiscali has more than seven million
subscribers, of which over 1.5 million are broadband users.
It has sold non-core assets to raise money to cover a EUR250
million bond that matured in July.  Former chairman and founder
Renato Soru owns almost 30% of the company.

                        *     *     *

As reported in TCR-Europe on March 8, Fitch Ratings sustained
Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at
CCC with Stable Outlook.  Tiscali's Short-term rating is
downgraded to C from B to be in line with the CCC IDR.  At the
same time, the agency affirmed Tiscali Finance S.A.'s EUR209
million guaranteed notes at B-/RR2.


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


AKKU & CO: South Kazakhstan Court Starts Bankruptcy Procedure
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP AKKU & Co.

LLP AKKU & Co. is located at:

         Aiteke bi Str. 2
         Arys
         South Kazakhstan Region
         Kazakhstan


ALAU: Mangistau Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceedings against CJSC Alau on
Aug. 29.

The Specialized Inter-Regional Economic Court of Mangistau
Region can be reached at:

         Building of the former kindergarten 51
         Micro District 27
         Aktau, Kazakhstan
         Tel: 8 (3292) 41-22-37


ALUA-TRANS: Creditors Must File Claims by Nov. 8
------------------------------------------------
LLP Alua-Trans has declared insolvency.  Creditors have until
Nov. 8 to submit written proofs of claim to:

         LLP Alua-Trans
         Rozybakiev Str. 44
         Enbekshykazakskyi District
         Almaty Region, Kazakhstan


GALLEYA: Proof of Claim Deadline Slated for Nov. 8
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Galleya insolvent on Aug. 16.  Subsequently, bankruptcy
proceedings were introduced at the company.

Creditors have until Nov. 8 to submit written proofs of claim
to:

         LLP Galleya
         Post Office Box 252
         General Post Office
         050000 Kazakhstan
         Tel: 8 (3332) 41-79-98


HASELSAN STROY: Creditors Must File Claims by Nov. 8
----------------------------------------------------
LLP Construction Company Haselsan Story has declared insolvency.
Creditors have until Nov. 8 to submit written proofs of claim
to:

         LLP Haselsan Story
         Respublika Ave. 16-2
         Almaty District
         Astana, Kazakhstan


INTEKS-SK: North Kazakhstan Court Begins Bankruptcy Proceedings
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region commenced bankruptcy proceedings against LLP
Inteks-SK on Aug. 24.


NOUR: Claims Registration Ends Nov. 8
-------------------------------------
LLP Nour has declared insolvency.  Creditors have until Nov. 8
to submit written proofs of claim to:

         LLP Nour
         Gogol Str. 68-24
         Karaganda
         Karaganda Region
         Kazakhstan


SHADO-2004: Creditors' Claims Due Nov. 8
----------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Company Shado-2004 insolvent on Aug. 14.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Nov. 8 to submit written proofs of claim
to:

         LLP Shado-2004
         Suleimenova Str. 11a (17)
         Taraz
         Jambyl Region
         Kazakhstan


TABYS: North Kazakhstan Court Commences Bankruptcy Proceedings
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region commenced bankruptcy proceedings against
LLP Tabys on Aug. 24.


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


ANANYEVSKY PISHEVOY: Claims Registration Ends Nov. 19
-----------------------------------------------------
LLC Ananyevsky Food Centre Ananyevsky Pishevoy Kombinat has
declared insolvency.

Creditors have until Nov. 19 to submit written proofs of claim
to:

         LLC Ananyevsky Pishevoy Kombinat
         Moskovskaya Str. 199
         Karakol
         Issyk-Kul Region
         Kazakhstan
         Tel: (+996 3922) 5-34-00
              (+996 3922) 5-87-34


=================
L I T H U A N I A
=================


SIAULIU BANKAS: Fitch Affirms & Withdraws B+ Default Rating
-----------------------------------------------------------
Fitch Ratings affirmed Lithuania-based Siauliu Banka's ratings
at Issuer Default B+ with Stable Outlook, Short-term B,
Individual D, and Support 5 and simultaneously withdrawn them.

Fitch will no longer provide analytical coverage of Siauliu
Bankas.


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


KONINKLIJKE AHOLD: Tops Markets Unit Sells Stores to Giant Eagle
----------------------------------------------------------------
Tops Markets entered into an agreement to sell 18 stores to
Giant Eagle, Inc., headquartered in Pittsburgh, Pennsylvania.

These stores are located in Cuyahoga, Summit, Lorain, Medina and
Huron counties in Northeast Ohio.  The closing of the
transaction is expected in the fourth quarter of 2006 and is
subject to customary closing conditions.

Tops and Giant Eagle have been working together with the
leadership of the Local 880 United Food and Commercial Workers
union and Local 19 of the Bakers, Confectioners, Tobacconists,
and Grain Millers union to preserve as many of the full and part
time jobs in the region as possible.

Tops continues to work with prospective purchasers for the
remaining stores and will be finalizing additional agreements by
the end of the year.  Associates, customers, appropriate
government officials and vendors are today being notified of
Tops' intention to exit the market by the end of the year.

Ahold, parent company of Tops Markets, announced its decision to
divest of Tops Markets in Northeast Ohio on July 6, 2006.  Tops
Markets is part of Ahold's Giant-Carlisle/Tops arena and will
now operate 72 Tops Markets and four Martin's Super Food Stores
in New York and Pennsylvania.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe and Asia.  The company's chain stores include Stop &
Shop, Giant, TOPS, Albert Heijn and Bompreco.  Ahold also
supplies food to restaurants, hotels, healthcare institutions,
government facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


CFR S.A.: Weak Reporting Standards Spur S&P to Affirm BB Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit rating on 100%-Romanian-government-owned rail
infrastructure operator CFR S.A.  At the same time, the rating
was removed from CreditWatch, where it had been placed with
negative implications on March 16 owing to the protracted delay
in the preparation of CFR's accounts under IFRS.  The outlook,
which was stable prior to the CreditWatch placement, is now
negative.

"The affirmation reflects our expectation that CFR's weak
reporting standards will have a limited short-term effect on
credit quality," said Standard & Poor's credit analyst Eugene
Korovin.

The rating is supported by CFR's strong reliance on government
budget allocations.  Such allocations are used to cover
recurrent negative free cash flows resulting from the company's
weak financial profile, which, in turn, stems mainly from heavy
operating losses and significant investment needs.

Other risk factors include:

   -- counterparty exposure to financially weak state-owned
      rail carriers,

   -- the poor quality of CFR's financial information, and

   -- late reporting.

These weaknesses are partially offset by CFR's 100% state
ownership, low risk of privatization, and strategic importance
to the Republic of Romania -- which provides both explicit and
implicit financial support to the company.

The rating also factors in the delay of CFR's 2005 IFRS
financial report, and assumes that CFR's reporting timeliness
will improve for financial 2006 statements and beyond.

"We are concerned, however, that continued weak reporting
standards will increase information risk and, ultimately, put
pressure on the rating," said Mr. Korovin.

Owing to the delay in preparing its statutory financial
statements, CFR could be dissolved by the courts at the request
of an interested party or the national securities regulator.

"Although no such request has been made by interested parties or
the regulator, should this happen and government support not be
timely, the rating could be lowered by several notches," said
Mr. Korovin.

The outlook could be revised to stable if the timeliness and
quality of CFR's financial reporting improves, or if stronger
state support is forthcoming.

A change to the sovereign credit rating would not necessarily
lead Standard & Poor's to change the rating on CFR.


TMK OAO: Hikes Pipe Output by 3.2% for First Nine Months of 2006
----------------------------------------------------------------
Russian pipe producer OAO TMK released the results of its
production activities for the first nine months of 2006.

From January-September 2006 the company's subsidiaries shipped
2,229,000 metric tons of pipes, which was 3.2% higher than in
the same period of 2005. TMK produced 1,633,000 metric tons of
steel in the first 9 months of 2006 and shipped 421,000 metric
tons of saleable stock material.

                          About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                        *     *     *

As reported in TCR-Europe on Sept. 11, Moody's Investors Service
assigned a B1 corporate family rating to TMK and a (P)B2 senior
unsecured rating to the loan participation notes issued by TMK
Capital S.A., guaranteed by the operating subsidiaries of TMK.
Moody's said the outlook on both ratings is positive.

On Sept. 9, the TCR-Europe reported that Standard & Poor's
Ratings Services assigned a 'B+' long-term corporate credit
rating to OAO TMK.  Standard & Poor's also assigned its 'B+'
preliminary senior unsecured debt rating to TMK's proposed
Eurobond, which will be issued by special-purpose vehicle TMK
Capital S.A.


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


BUILDER: Kemerovo Court Names A. Tseller as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Mr. A.
Tseller as Insolvency Manager for CJSC Builder.  He can be
reached at:

         A. Tseller
         Post User Box 99/384
         Central Post Office
         Novokuznetsk
         654000 Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A27-10282/2006-4.

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Builder
         Efimova Str. 9a
         Osinniki
         652800 Kemerovo Region
         Russia


CONFECTIONARY TVIST: N. Dremanov to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. N. Dremanov as Insolvency Manager for LLC
Confectionary Tvist.  He can be reached at:

         N. Dremanov
         Dimitrova 5-137
         Sykryvkar
         167023 Komi republic
         Russia
         Tel/Fax: (8212) 31-17-33

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-19955/2006.

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         LLC Confectionary Tvist
         Letter B
         Domostroitelnaya Str. 16
         Rrom. Area Parnas
         St. Petersburg Region
         Russia


CREDIT-AUTO: Court Names T. Khaliullin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. T. Khaliullin as
Insolvency Manager for CJSC Credit-Auto.  He can be reached at:

         T. Khaliullin
         Building 6
         Tsvetnoy Avenue 22
         127051 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-30352/06-71-521B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Credit-Auto
         Building 1
         Tverskoy Avenue 18
         125009 Moscow Region
         Russia


KAMNESTROY: Chelyabinsk Bankruptcy Hearing Slated for Oct. 12
-------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region will convene on
Oct. 12 to hear the bankruptcy supervision procedure on CJSC
Kamnestroy.  The case is docketed under Case No. A76-5862/
2006-52-14.

The Temporary Insolvency Manager is:

         A. Larina
         33-40
         Komsomolskiy Pr.
         Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Kamnestroy
         Turgoyakskoye Shosse 7
         Miass
         Chelyabinsk Region
         Russia


KHAKAS-KUZBAS-COAL: Bankruptcy Hearing Slated for Nov. 15
---------------------------------------------------------
The Arbitration Court of Khakasiya Republic will convene at
1:10 p.m. on Nov. 15 to hear the bankruptcy supervision
procedure on CJSC Khakas-Kuzbas-Coal.  The case is docketed
under Case No. A74-2455/2006.

The Temporary Insolvency Manager is:

         O. Kondrusov
         Post User Box 25
         630078 Novosibirsk Region
         Russia

The Arbitration Court of Khakasiya Republic is located at:

         Pushkina Str. 165
         Abakan Region
         Russia

The Debtor can be reached at:

         CJSC Khakas-Kuzbas-Coal
         Bazarnaya Str. 15
         Chernogorsk
         655162 Khakasiya Republic
         Russia


LES-SEL-MASH: Court Names A. Pyatkov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. A.
Pyatkov as Insolvency Manager for OJSC Apsheronskiy Factory Les-
Sel-Mash (TIN 2325002981).  He can be reached at:

         A. Pyatkov
         Room 212
         Kolkhoznaya Str. 3
         350042 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-31544/2005-37/433-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Apsheronskiy Factory Les-Sel-Mash
         Koroleva Str. 122
         Apsheronsk
         Apsheronskiy Region
         352690 Krasnodar Region
         Russia


NARYAN-MAR: Court Names K. Dudoladov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Mr. K.
Dudoladov as Insolvency Manager for CJSC Naryan-Mar.  He can be
reached at:

         K. Dudoladov
         Office 2
         Building 2
         Lomonosova Pr. 92
         163000 Arkhangelsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-8626/2006-28.

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         CJSC Naryan-Mar
         Olennaya Str. 25
         Naryan-Mar
         166000 Nenetskiy Autonomous Region
         Russia


NOVATEK OAO: Expands Khancheyskoye & Tarkosalinskoye Sites
----------------------------------------------------------
OAO NOVATEK revealed plans to increase the production capacity
at its Khancheyskoye field and also carry out infrastructure
improvements at its East Tarkosalinskoye field.

Work will be performed from Oct. 10 to 17, during which time
production will be temporarily suspended at the two fields.

The production stoppage will enable the Company to connect a
second gas pipeline from the Khancheyskoye field to
infrastructure at the East-Tarkosalinskoye field.  The work will
include, hydraulic testing and pressure monitoring of pipelines
and equipment.  The infrastructure expansion is part of the
second phase of development at the Khancheyskoye field. Upon
completion of the second phase, the production capacity at the
Khancheyskoye field will increase to 4.9 billion cubic meters of
natural gas per annum.

NOVATEK will also make improvements to the low temperature
separation unit (LTSU) at the East-Tarkosalinskoye field by
connecting an air cooling system that will enable the LTSU to
reach lower temperatures and improve the quality of separated
gas.

Work is also scheduled to overhaul the de-ethanization plant
located at the East-Tarkosalinskoye field to enhance the
reliability and quality of its processing capabilities to
accommodate future production throughput.  The plant processes
gas condensate produced at both the East-Tarkosalinskoye and
Khancheyskoye fields.

                        About Novatek

Headquartered in Moscow, OAO Novatek (RTS: NVTK; LSE: NVTK;
NASDAQ: NVATY) is Russia's second largest gas company after
state-controlled Gazprom, and the largest of the country's
independent gas producers.

For the first half of 2006, Novatek posted RUR7.2 billion in
net profit on RUR23.5 billion in revenues, compared to RUR7.9
billion in net profit on RUR17.4 billion in revenues for the
same period in 2005.   As of June 30, 2006, OAO Novatek had
RU80.5 billion in total assets, RUR17.2 billion in total
liabilities and RUR63.3 billion in total equity.

                        *     *     *

As reported in TCR-Europe on March 21, Standard & Poor's
Services assigned its 'BB-' long-term corporate credit rating to
OAO Novatek, Russia's largest independent gas producer.  S&P
said the outlook is stable.


NOVODVINSKIY TIMBER: N. Karpova to Manage Insolvency Assets
-----------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Ms. N.
Karpova as Insolvency Manager for OJSC Novodvinskiy Timber Mill.
She can be reached at:

         N. Karpova
         Apartment 128
         K. Marksa Str. 13
         163000 Arkhangelsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
AO5-7917/2006-27.

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         OJSC Novodvinskiy Timber Mill
         Frontovykh Brigad Str. 12
         Novodvinsk
         Arkhangelsk Region
         Russia


ORDYNSKAYA FURNITURE: Court Names O. Kondrusov to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. O.
Kondrusov as Insolvency Manager for CJSC Ordynskaya Furniture
Manufacture.  He can be reached at:

         O. Kondrusov
         Post User Box 25
         630078 Novosibirsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-10098/06-4/231.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Ordynskaya Furniture Manufacture
         Mira Str. 67
         Ordynskoye
         633260 Novosibirsk Region
         Russia


ORLYANSKOYE: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Samara Region commenced bankruptcy
supervision procedure on OJSC Orlyanskoye.  The case is docketed
under Case No. A55-1078/2006.

The Temporary Insolvency Manager is:

         I. Ryumin
         20-37
         Moskovskoye Shosse
         Ryazan Region
         Russia

The Debtor can be reached at:

         OJSC Orlyanskoye
         Sergievskiy Region
         Samara Region
         Russia


PLANET: Volgograd Bankruptcy Hearing Slated for Dec. 21
-------------------------------------------------------
The Arbitration Court of Volgograd Region will convene at 9:00
a.m. on Dec. 21 to hear the bankruptcy supervision procedure on
OJSC Planet (OGRN 1023403849292).  The case is docketed under
Case No. A12-1814/05-s58.

The Temporary Insolvency Manager is:

         V. Lukyanov
         Office 215
         7th Gvardeyskaya Str. 2
         400005 Volgograd Region
         Russia

The Debtor can be reached at:

         OJSC Planet
         Gilyarovskogo Str. 31
         107996 Moscow Region
         Russia


POLTAVA-MILK: Court Names I. Yas'ko as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. I.
Yas'ko as Insolvency Manager for LLC Poltava-Milk.  He can be
reached at:

         I. Yas'ko
         Post User Box 5973
         350007 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-15935/2006-2/867-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Poltava-Milk
         Afanasenko Str. 104
         Staronizhesteblievskaya St.
         353840 Krasnodar Region
         Russia


RIF-INVEST-PUT': Bankruptcy Hearing Slated for Oct. 25
------------------------------------------------------
The Arbitration Court of Belgorod Region will convene at 10:40
a.m. on Oct. 25 to hear the bankruptcy supervision procedure on
OJSC Rif-Invest-Put'.  The case is docketed under Case No.
A08-3622/06-11.

The Temporary Insolvency Manager is:

         A. Ovchinnikov
         Rzhevskoye Shosse, 11
         Shebekino
         309290 Belgorod Region
         Russia

The Arbitration Court of Belgorod Region is located at:

         Narodnyj Avenue 135
         308600 Belgorod Region
         Russia

The Debtor can be reached at:

         OJSC Rif-Invest-Put'
         Oskolskoye
         Novooskolskiy Region
         309615 Belgorod Region
         Russia


STAROMINSKIY BRICKWORKS: Court Names V. Grudkin to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. V.
Grudkin as Insolvency Manager for CJSC Starominskiy Brickworks.
He can be reached at:

         V. Grudkin
         Apartment 44
         Selezneva Str. 90
         350075 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-62623/2005-27/598-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Starominskiy Brickworks
         Prom. Area
         Starominskaya St.
         353600 Krasnodar Region
         Russia


TMK OAO: Hikes Pipe Output by 3.2% for First Nine Months of 2006
----------------------------------------------------------------
Russian pipe producer OAO TMK released the results of its
production activities for the first nine months of 2006.

From January-September 2006 the company's subsidiaries shipped
2,229,000 metric tons of pipes, which was 3.2% higher than in
the same period of 2005. TMK produced 1,633,000 metric tons of
steel in the first 9 months of 2006 and shipped 421,000 metric
tons of saleable stock material.

                          About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                        *     *     *

As reported in TCR-Europe on Sept. 11, Moody's Investors Service
assigned a B1 corporate family rating to TMK and a (P)B2 senior
unsecured rating to the loan participation notes issued by TMK
Capital S.A., guaranteed by the operating subsidiaries of TMK.
Moody's said the outlook on both ratings is positive.

On Sept. 9, the TCR-Europe reported that Standard & Poor's
Ratings Services assigned a 'B+' long-term corporate credit
rating to OAO TMK.  Standard & Poor's also assigned its 'B+'
preliminary senior unsecured debt rating to TMK's proposed
Eurobond, which will be issued by special-purpose vehicle TMK
Capital S.A.


TNK-BP: Hires IBS and SAIC to Design IT Architecture for Ops
------------------------------------------------------------
IBS, the Russian IT and consulting market leader, in association
with SAIC, an international IT company, and TNK-BP's project
team developed IT architecture for TNK-BP business activities
such as Oil Refining and Marketing.

As TNK and BP oil companies merged, they faced the need to
develop a single long-term business strategy, and to fuse their
business processes within the framework of the new enterprise.
In this context information technologies were seen as the key
tool for attaining both current and strategic objectives.  To
have IT companies comply with new business requirements it was
resolved to shape a uniform IT architecture and a single
strategy for developing information technologies to be used at
TNK-BP's oil refining and marketing facilities in Russia and
Ukraine.

Inspection of all IT systems installed at 18 subsidiaries showed
that the IT-solutions portfolio of the merger company teems with
mutually replicating functions and does not contribute to
fulfilling the joint priorities of the company, since the
solutions were separately designed at the subsidiaries and took
into account only local needs.  Therefore, a task was set to
develop unified IT architecture and standards.

The tender for the project was won by IBS in association with
SAIC, a BP international partner.  The project team comprising
specialists from TNK-BP, IBS and SAIC proved to be highly
efficient, as estimated by the customer, since each party
brought in expertise from various fields:

   -- IBS was strong in project management and IT specifics in
      Russia;

   -- SAIC shared domain knowledge in this particular area of
      business as well as information content for oil refining
      and marketing processes;

   -- TNK-BP understood the company specifics, knew its goals
      and objectives.

On the part of TNK-BP the project was run by top managers in
charge of marketing and oil refining activities, which secured a
high level of results and compliance of the project with the
objectives of the enterprise.

Stages:

   -- analysis of the enterprise development plans and
      improvement of the business processes.  This stage yielded
      a target-oriented business model of the enterprise, and
      the essential changes were put forward and scheduled for
      implementation in the order of priority;

   -- development of the information environment standards and
      shaping the target-oriented IT architecture for business
      applications complying with the created standards and able
      to support the company's prospective processes;

   -- shaping a portfolio and a five year IT-projects schedule,
      which when implemented will secure attainment of the set
      development goals and unification of the company's
      information technologies;

The company has already set about implementing the new IT
strategy.  Active involvement of the management team and IT
services personnel in shaping the IT development plan ensured
positive attitude of the company's staff to the scheduled
changes in the area of information technologies.  Moreover, the
implementation of top-priority IT projects was set to mark the
efficiency of the teams working at the enterprise.

The project outcome was a distinct and economically sound
investment portfolio for information systems that support
development of the enterprise.  The designed architecture is
standardized and rational, employing many of the process
solutions currently used at the subsidiaries, as well as
conventional software.  The greatest business effect is expected
when the activities of the enterprises become synchronized, this
synchronization to be achieved largely due to designing a
uniform information environment.

To secure a competitive edge the company has scheduled a number
of other IT projects to be implemented within the next two-three
years.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP -- http://www.tnk-bp.ru/--
operates six refineries in Russia and Ukraine, and markets
products through 2,100 retail service stations operating under
TNK and BP brand.  BP Plc and Alfa Access/Renova jointly own the
group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                          *     *     *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned BB+/Positive foreign currency rating to TNK-BP on
Feb. 13, 2006, and BB+/Positive local currency rating on Aug.
24, 2005.


UNITY RE: S&P Cuts Credit & Financial Strength Ratings to B
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit and insurer financial strength ratings on
Russia-based reinsurer Unity Re (formerly RESO-Re) to 'B' from
'B+'.

At the same time, Standard & Poor's lowered its Russia national
scale rating on Unity Re to 'ruA-' from 'ruA+', and removed all
ratings from CreditWatch, where they had been placed with
negative implications on Sept. 14.  The outlook is stable.  The
ratings were withdrawn at the request of Unity Re's management,
and consequently the company is no longer subject to
surveillance by Standard & Poor's.

The ratings were placed on CreditWatch in September 2006
following growing uncertainty about the future strategic
direction of Unity Re.  The downgrade reflects the continued
uncertainty relating to the level of future support from the
parent, RESO-Garantia.  The stable outlook reflects Standard &
Poor's expectation that the parent company will continue to
provide support to Unity Re.


ZENIT BANK: Moody's Puts B1 Rating on Loan Participation Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 long-term foreign
currency rating to the Loan Participation Notes to be issued on
a limited-recourse basis by Zenit Capital plc. for the sole
purpose of financing a loan to Zenit bank.  The notes will be
denominated in U.S. dollars and the loan represents a senior
unsecured claim on the bank.

The outlook for the rating is positive.

Moody's notes that the rating for the Notes is based on the
fundamental credit quality of Zenit -- the ultimate obligor
under the transaction -- as well as on the key features of the
Notes, which will constitute senior unsecured obligations of the
bank.  According to Moody's, the B1 long-term foreign currency
rating for the Notes does not incorporate any outside support
from the bank's shareholders in the event of distress, although
such support cannot be ruled out.

Under the terms of the issue, Zenit must comply with certain
covenants, such as negative pledge, limitation on mergers and
disposals as well as on transactions with its affiliates. In
addition, it must maintain a minimum total capital adequacy
ratio of 12%.  The loan agreement, the Notes and the trust deed
will be governed by and construed in accordance with English
law, and the courts of England will have exclusive jurisdiction
in settling any dispute arising from or connected with the loan
agreement.

Bank Zenit is headquartered in Moscow, Russia, and reported
total consolidated assets of US$3,143.39 million and total
shareholder equity of US$489.7 million in accordance with IFRS
as at June 30, 2006.


===============
S L O V E N I A
===============


ABANKA VIPA: Moody's Assigns D+ Financial Strength Rating
---------------------------------------------------------
Moody's Investors Service assigned an A3 long-term and Prime-2
short-term foreign currency deposit rating and a D+ financial
strength rating to Abanka Vipa d.d.  The outlook for the ratings
is stable.

The bank's D+ FSR reflects its well-established corporate
banking franchise, its conservative risk culture and good asset
quality, comfortable liquidity levels, as well as a stable
operating environment.  In an economy that remains quite
resilient and provides a relatively healthy and stable banking
environment, the commercial banks operating in Slovenia face
minimal sovereign risk or other external shocks that could
jeopardize the soundness of the banking system.  EMU accession
in January 2007 does, however, present challenges, with interest
rate convergence, additional costs for systems upgrades, and
potential loss of foreign exchange-related fee income.

The bank aims to strengthen its franchise by expanding its
retail banking capabilities and its exposure to the SME segment,
and is planning to implement a bancassurance model by extending
its product range and strengthening ties with Zavarovalnica
Triglav, the leading insurance group in the country and Abanka's
33% major shareholder.

In Moody's view, the successful implementation of the bank's
strategies will depend on management's commitment and rigor in
pursuing these aims, but we note that following the changes in
the management board in September 2005, the bank's corporate and
business strategies have not yet been officially discussed or
adopted by the Supervisory Board.

Abanka's FSR rating also reflects the increased competition from
foreign banks, as well as its only moderate earning power,
characterized by declining interest margins and the low growth
in non-interest income, together with some concentrations in its
funding base and a relatively tight capital ratio.

Abanka's A3/Prime-2 foreign currency deposit ratings impute some
support from the authorities, given the bank's "too-important-
to-fail" characteristics (as the third-largest bank in Slovenia
with a market share of 8.6% of banking assets) and partial
indirect government ownership.

Headquartered in Ljubljana, Slovenia, Abanka Vipa d.d. reported
total assets of SIT675 billion (EUR2.8 billion) as of June 2006.


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


FORMICA CORP: 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 Building Products sector, the rating agency
confirmed its B2 Corporate Family Rating for Formica Corp.
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on loans:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$60m Gtd. Sr. Sec.
   Revolving
   Credit Facility      B2       B1       LGD3     42%

   US$210m Gtd. Sr. Sec.
   Term Loan            B2       B1       LGD3     42%

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 our notching
practices across industries and will improve the transparency
and accuracy of our ratings as our 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 Cincinnati, Ohio, Formica Corp. --
http://www.formica.com/-- manufactures and markets decorative
surfacing materials, including high-pressure laminate and solid
surfacing materials.  Formica has sales operations in
approximately 100 countries including the United Kingdom, The
Netherlands, Spain, and France.


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


DRUZHBA: Creditors Must File Claims by October 16
-------------------------------------------------
Creditors of Agricultural LLC Druzhba (code EDRPOU 03731201)
have until Oct. 16 to submit written proofs of claim to:

         Krizhopil City State Tax Inspection, Liquidator
         Pionerska Str. 30
         Krizhopil
         Vinnitsya Region
         Ukraine

The Economic Court of Vinnitsya Region commenced bankruptcy
proceedings against the company after finding it insolvent.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Druzhba
         Lenin Str. 2
         Stavki
         Pishanskij District
         Vinnitsya Region
         Ukraine


KASKAD: Hmelnitskij Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
supervision procedure on LLC Kaskad (code EDRPOU 30868895).  The
case is docketed as 13/185-B.

The Temporary Insolvency Manager is:

         Igor Kireyev
         Zarichanska Str. 14
         Hmelnitskij Region
         Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         LLC Kaskad
         Nova Ushitsya
         Hmelnitskij Region
         Ukraine


KOLOS: Creditors Must File Claims by October 16
-----------------------------------------------
Creditors of LLC Ukrainian Agrarian Trade House Kolos (code
EDRPOU 24214527) have until Oct. 16 to submit written proofs of
claim to the temporary manager at:

         V. Dranchenko
         Mukachivska Str. 3/9-14
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region has commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 474/2 b-2003.

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 Ukrainian Agrarian Trade House Kolos
         Kiyivska Str. 4
         Vishneve
         08132 Kyiv Region
         Ukraine


LAN-INVEST: Court Names Mr. Magalenets as Insolvency Manager
------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Mr.
Magalenets as Liquidator/Insolvency Manager for JSCCT With
Foreign Investments Lan-Invest (code EDRPOU 24247871).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as
B/29/215/03.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         JSCCT With Foreign Investments Lan-Invest
         Bilostotskij Str. 84a/80
         49034 Dnipropetrovsk Region
         Ukraine


NIVA: Creditors Must File Claims by October 16
----------------------------------------------
Creditors of Agricultural LLC Niva (code EDRPOU 03731193) have
until Oct. 16 to submit written proofs of claim to:

         Krizhopil City State Tax Inspection, Liquidator
         Pionerska Str. 30
         Krizhopil
         Vinnitsya Region
         Ukraine

The Economic Court of Vinnitsya Region commenced bankruptcy
proceedings against the company after finding it insolvent.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Niva
         Lenin Str. 12
         Grabarivka
         Pishanskij District
         Vinnitsya Region
         Ukraine


NOVOARHANGELSKE: Court Names Vadim Hristenko as Liquidator
----------------------------------------------------------
The Economic Court of Kirovograd Region appointed Vadim
Hristenko as Liquidator/Insolvency Manager for Agricultural LLC
Novoarhangelske (code EDRPOU 31871364).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 18.  The case is docketed
under Case No. 10/50.

The Economic Court of Kirovograd Region is located at:

         Lunacharski Str. 29
         25006 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Novoarhangelske
         Novoarhangelsk
         Kirovograd Region
         Ukraine


SHERVINO: Court Names Kirilo Liseyev as Insolvency Manager
----------------------------------------------------------
The Economic Court of Odessa Region appointed Kirilo Liseyev as
Liquidator/Insolvency Manager for LLC Shervino (code EDRPOU
34380519).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 7.  The case is docketed as
2/251-06-8582.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Shervino
         Stepan Razin Str. 73
         Odessa Region
         Ukraine


SUMSHINA: Sumi Court Names I. Filenko as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Sumi Region appointed Mr. I. Filenko as
Liquidator/Insolvency Manager for LLC Agrofirm Sumshina (code
EDRPOU 32647103).  He can be reached at:

         I. Filenko
         Malinovskij Str. 12
         40021 Sumi Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 21.  The case is docketed
under Case No. 12/76-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Agrofirm Sumshina
         Sumska Str. 36-a
         Chervone
         Sumi District
         42353 Sumi Region
         Ukraine


SOUTHERN TELECOMS: Unveils Tech Plans for Rest of 2006
------------------------------------------------------
The Company unveils plans for the rest of 2006 in the most
lucrative segments of the value-added regional market:

Internet Services

According to 2006 estimates, dial-up Internet traffic is
expected to increase by 35.4% to 2,968.4 million minutes.

The Company continues active rollout and promotion to the market
of broadband access technologies. In 1H2006 revenues from xDSL-
based Internet services made RUR 298.4 million that is up 2.3
times over a year-ago.  The expected number of newly-connected
xDSL subscribers being 36.9 thousand users (2.16 times more over
2005), the Company plans to increase total number of the
equipped xDSL ports to 68.7 thousand ports.

Building of Virtual Private Networks (VPN)

2006 revenues from building of corporate networks based on VPN
technology are estimated at RUR310.8 million, which is up 37%
over a year-ago.  The Company plans to put 2,400 VPN ports into
service in 2006 (a 42.2%-gain over 2005).  Estimates of VPN
revenue dynamics are based on expansion of business practices in
respect of large corporate customers having geographically-
distributed offices.  These practices imply organization of
target offers based on flexible tariff policy.
Intelligent services

2006 revenues from intelligent services are expected to increase
by 24.2% to RUR11.8 million.  Due to intelligent network upgrade
the range of offered intelligent services will be broadened thus
contributing to revenue increase.  Since April 2006 "UTK" PJSC
has introduced its universal telephone card -- Card Number One -
- which can be used in all licensed territories of the Company's
branches.  1H2006 revenues from sales of universal telephone
cards have made RUR1.28 million.

Digital TV services (IP-TV)

Due to the expansion of multimedia and multi-service networks
and introduction of broadband access based on Ethernet-to-home
technology the Company started to provide multi-channel digital
TV (IP-TV) services in 2004.  Since 2005 the Company provides
its Krasnodar customers with the following MMS services: video
on demand, games on demand, video conferencing, home education,
video control and monitoring, high-speed Internet.  The most
promising areas for deployment of MMS services on the basis of
Ethernet-to-home technology are urban micro-districts with high
population density.  All spectrum of MMS services can be also
provided on the basis of ADSL 2+ technology, that allows to
expand the coverage area of the multimedia and multi-service
network.

At the end of 1H2006 the subscriber base of the Krasnodar
multimedia and multi-service network exceeded 3,100 IP-TV users.
By the end of the year the Krasnodar branch of "UTK" PJSC plans
to increase the number of subscribers to 3.600.

Call-centers

The Company put into operation Call-centers in its seven
branches:

   -- Krasnodar branch,
   -- Rostov branch,
   -- Volgograd branch,
   -- Astrakhan branch,
   -- Kabardino-Balkarian branch,
   -- Karachaevo-Cherkessian branch, and
   -- Northern Ossetian branch.

In the fourth quarter of 2006 the Company plans to start
construction of Call-centers in its Stavropol branch and
Krasnodar branch (in the city of Sochi).  The construction of
regional Call centers will be completed in the first half of
2007 by creation of a Call center in UTK's Adygeia branch, which
is stipulated by the branch's investment program.

Traffic of new information and inquiry services in the Kalmykia
branch will be processed by one of the existing Call centers.
Call -- centers provide these services:

   -- order of domestic and international long-distance calls
      through an operator;

   -- information and inquiry services (including MTS
      information service); and

   -- reception of telegrams.

In the cities of Krasnodar, Rostov-on-Don, Volgograd, Astrakhan
and Stavropol operators of Call centers process incoming orders
from phone number of technical support so that technical
personnel does not receive incorrect orders.

The Company continues to work on integration of the existing
Call centers operating in the branches into UTK's uniform
platform that will allow to reduce failures and to improve call
processing so that every call irrespective of the region of its
initiation is answered.

According to 1H2006 estimates, revenues from chargeable services
of Call centers amounted to RUR10.34 million versus the planned
RUR8.7 million.  These revenues do not include earnings from
intercity calls.

Value-added services rendered by "UTK" PJSC include:

   -- VPN services on the basis of MPLS and other technologies;

   -- services of data transmission;

   -- Internet access services (hardwired IP-connection, dial-up
      access, xDSL-based broadband access, Ethernet to the home,
      wireless access on the basis of Wi-Fi technology);

   -- digital cable TV services (IPTV);

   -- video telephony and video conferencing;

   -- intelligent services (on the basis of SCP-SSP);

   -- content services (including on the basis of Call-centers);
      and

   -- hosting and Co-location services.

                       About the Company

Headquartered in Krasnador, Russia, Southern Telecommunications
Co. -- http://www.stcompany.ru/-- provides local, long-
distance, and cellular telephone, paging and telegraph services.

                        *     *     *

Southern Telecommunications carries Moody's Investors' Service's
Caa1 issuer rating and B3 long-term corporate family rating
since 2004.  Standard & Poor's also assigned junk ratings to the
Company's issuer credit in 2005.


TNK-BP: Hires IBS and SAIC to Design IT Architecture for Ops
------------------------------------------------------------
IBS, the Russian IT and consulting market leader, in association
with SAIC, an international IT company, and TNK-BP's project
team developed IT architecture for TNK-BP business activities
such as Oil Refining and Marketing.

As TNK and BP oil companies merged, they faced the need to
develop a single long-term business strategy, and to fuse their
business processes within the framework of the new enterprise.
In this context information technologies were seen as the key
tool for attaining both current and strategic objectives.  To
have IT companies comply with new business requirements it was
resolved to shape a uniform IT architecture and a single
strategy for developing information technologies to be used at
TNK-BP's oil refining and marketing facilities in Russia and
Ukraine.

Inspection of all IT systems installed at 18 subsidiaries showed
that the IT-solutions portfolio of the merger company teems with
mutually replicating functions and does not contribute to
fulfilling the joint priorities of the company, since the
solutions were separately designed at the subsidiaries and took
into account only local needs.  Therefore, a task was set to
develop unified IT architecture and standards.

The tender for the project was won by IBS in association with
SAIC, a BP international partner.  The project team comprising
specialists from TNK-BP, IBS and SAIC proved to be highly
efficient, as estimated by the customer, since each party
brought in expertise from various fields:

   -- IBS was strong in project management and IT specifics in
      Russia;

   -- SAIC shared domain knowledge in this particular area of
      business as well as information content for oil refining
      and marketing processes;

   -- TNK-BP understood the company specifics, knew its goals
      and objectives.

On the part of TNK-BP the project was run by top managers in
charge of marketing and oil refining activities, which secured a
high level of results and compliance of the project with the
objectives of the enterprise.

Stages:

   -- analysis of the enterprise development plans and
      improvement of the business processes.  This stage yielded
      a target-oriented business model of the enterprise, and
      the essential changes were put forward and scheduled for
      implementation in the order of priority;

   -- development of the information environment standards and
      shaping the target-oriented IT architecture for business
      applications complying with the created standards and able
      to support the company's prospective processes;

   -- shaping a portfolio and a five year IT-projects schedule,
      which when implemented will secure attainment of the set
      development goals and unification of the company's
      information technologies;

The company has already set about implementing the new IT
strategy.  Active involvement of the management team and IT
services personnel in shaping the IT development plan ensured
positive attitude of the company's staff to the scheduled
changes in the area of information technologies.  Moreover, the
implementation of top-priority IT projects was set to mark the
efficiency of the teams working at the enterprise.

The project outcome was a distinct and economically sound
investment portfolio for information systems that support
development of the enterprise.  The designed architecture is
standardized and rational, employing many of the process
solutions currently used at the subsidiaries, as well as
conventional software.  The greatest business effect is expected
when the activities of the enterprises become synchronized, this
synchronization to be achieved largely due to designing a
uniform information environment.

To secure a competitive edge the company has scheduled a number
of other IT projects to be implemented within the next two-three
years.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP -- http://www.tnk-bp.ru/--
operates six refineries in Russia and Ukraine, and markets
products through 2,100 retail service stations operating under
TNK and BP brand.  BP Plc and Alfa Access/Renova jointly own the
group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                          *     *     *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned BB+/Positive foreign currency rating to TNK-BP on
Feb. 13, 2006, and BB+/Positive local currency rating on Aug.
24, 2005.


YAROVIT-S: Court Names G. Demchenko as Insolvency Manager
---------------------------------------------------------
The Economic Court of Odessa Region appointed Mr. G. Demchenko
as Liquidator/Insolvency Manager for LLC Yarovit-S.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 12.  The case is docketed
under Case No. 32/251-06-8566.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Yarovit-S
         Marshal Zhukov Str. 2
         Odessa Region
         Ukraine


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


1ST UNIT: Paul Appleton Leads Liquidation Procedure
---------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed Liquidator
of 1st Unit Caterers International Limited on Sept. 26 for the
creditors' voluntary winding-up procedure.

Headquartered in Iver, England, 1st Unit Caterers International
Limited -- http://www.1stunitcaterers.com/-- is a caterer to
the film and television industry with locations worldwide.


ACG VEHICLES: Names Michael F. McCarthy as Administrator
--------------------------------------------------------
Michael F. McCarthy of Wallets Insolvency Services was named
administrator of ACG Vehicles Ltd. (Company Number 05199428) on
Sept. 29.

The administrator can be reached at:

         Walletts Insolvency Services
         Adventure Place
         Hanley
         Stoke on Trent
         Staffordshire ST1 3AF
         United Kingdom
         Tel: (01782) 212326
         Fax: (01782) 212326

Headquartered in Stoke on Trent, England, ACG Vehicles Ltd. is
engaged in letting of own property and renting of automobiles.


ADWICK LEAFLET: Appoints Mike Field as Liquidator
-------------------------------------------------
Mike Field of Simpson Field was appointed Liquidator of Adwick
Leaflet Company Limited on Sept. 21 for the creditors' voluntary
winding-up procedure.

Headquartered in Doncaster, England, Adwick Leaflet Company
Limited -- http://www.adwickleaflets.co.uk/-- provides leaflet
distribution services.


AGY HOLDING: Moody's Rates US$175-Mln 2nd Lien Notes at B2
----------------------------------------------------------
Moody's Investors Service assigned a B2 /LGD4-54% rating to AGY
Holding Corp.'s proposed US$175 million eight-year 2nd lien
senior secured 144A Notes and affirmed its B2 corporate family
rating.  AGY's rating outlook remains stable.

Assignment:

Issuer: AGY Holding Corp.

    * Senior Secured Gtd Global Notes due 2014: B2 / LGD4 - 54%

These new notes will refinance the debt issued on April 7 when
AGY was acquired by Kohlberg & Co. in a transaction valued at
US$271 million, excluding fees and expenses.  The acquisition
was financed with US$210 million of Senior Secured Credit
Facilities, comprised of a US$30 million senior secured
revolving credit facility, a US$135 million senior secured 1st
lien term loan and a US$45 million senior secured 2nd lien term
loan, as well as cash.

Moody's ratings for AGY's existing debt will be withdrawn at the
conclusion of this new transaction.  The new debt provides
additional flexibility by lengthening the maturity schedule with
no amortizing debt.  As part of this refinancing, AGY also plans
to arrange a privately placed US$40 million five-year 1st lien
senior secured asset-based revolver that will not be rated.

AGY's ratings reflect its substantial leverage resulting from
the purchase of virtually all outstanding equity interests by
equity sponsor, Kohlberg & Co.

The B2 corporate family rating also considers:

   -- AGY's small size, customer and application
      concentration, ongoing margin compression from input
      cost inflation,

   -- the speculative grade credit quality of certain of
      the company's main customers, and

   -- exposure to several highly cyclical end-use markets.

Moody's assigned a B2 rating, LGD4 Assessment, and a Loss Rate
of 54% to the proposed US$175 million eight-year 2nd lien senior
secured notes.  The rating is equal to the corporate family
rating level given that the 1st lien debt only accounts for 19%
of total debt, even assuming that the secured revolver is fully
drawn.

All of AGY's senior secured bank debt will be guaranteed by both
of AGY's North American subsidiaries, AGY Aiken LLC, and AGY
Huntingdon LLC, which own over 99% of the company's total
assets.  Moody's believes that, with potentially US$215 million
in senior secured 1st and 2nd lien debt, tangible asset coverage
of debt is reasonable, reflected in the pari passu 2nd lien term
loan and corporate family ratings.

AGY, headquartered in Aiken, South Carolina, is a U.S. producer
of glass fiber yarns.  Its products are used globally in a
variety of industrial, electronic, construction, and specialty
applications.  The company generated sales of US$170.3 million
for the LTM ending June 30, 2006.


AGY HOLDING: S&P Revises Rating Outlook on Revenue Decline
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on AGY
Holding Corp. to negative from stable.  At the same time,
Standard & Poor's affirmed its 'B' corporate credit rating on
AGY.

In addition, Standard & Poor's assigned its 'B-' rating and a
recovery rating of '3' to the company's proposed US$175 million
second-lien senior secured notes, indicating that the lenders
can expect meaningful recovery (50% to 80%) of principal in the
event of a payment default.

Proceeds from the proposed senior notes and an unrated
US$40 million first-lien senior secured revolving credit
facility will be used to refinance the company's existing credit
facility.  The 'B-' rating on the second-lien notes is one notch
below the corporate credit rating to reflect the notes' junior
claim on collateral, and the presence of higher priority debt in
the capital structure.  The rating is based on preliminary terms
and conditions.

The outlook revision reflects our expectation for a decline in
revenues and earnings from a key product-application, the up
armoring of the military Humvee vehicle.  Demand for AGY's
product used in the military Humvee is likely to decline in the
near-term following unexpected design changes to the vehicle.
The military Humvee application constituted a meaningful portion
of AGY's earnings for the first half of 2006.

Lower than expected Humvee-related earnings in the future will
likely weaken overall operating performance somewhat and result
in very little room at the current rating for other possible
unexpected negative developments.  The company has limited
ability in the near-term to entirely offset this loss through
increased earnings from existing products or from the launch of
new products.  Still, the rating agency expects improved market
conditions in some markets such as electronics and AGY's new
product pipeline in its niche markets to partly offset the
shortfall.

The ratings reflect:

   -- a vulnerable business position in a relatively
      narrow segment of the glass fiber market,
      with concentration of revenue and operating profits in
      a few customers and product-applications, and

   --  a highly leveraged financial profile.

These risk factors are partly offset by:

   -- the company's technological capabilities in
      some specialized product categories, a focus on
      growing the contribution from value-added products,
      and

   -- good market shares in the business niches in which
      it competes.

Aiken, S.C.-based AGY and its operating subsidiaries manufacture
glass yarns, which range in degree of specialization and
technological complexity.  The company's products are geared to
niche, and sometimes customized, applications in end-markets
including aerospace, defense applications, construction, and
electronics.


ALPHA CONSERVATORIES: Taps Joint Administrators from Cresswall
--------------------------------------------------------------
Daniel Paul Hennessy and Gordon Craig of Cresswall Associates
Ltd. were appointed joint administrators of Alpha Conservatories
& Windows Ltd. (Company Number 03253730) on Sept. 22.

The administrators can be reached at:

         Cresswall Associates Ltd.
         West Lancashire Investment Centre
         Maple View
         Whitemoss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom
         Tel: 01695 712683

Alpha Conservatories & Windows Ltd. can be reached at:

         Cricket Street Business Centre
         Cricket Street
         Wigan
         Lancashire WN6 7TP
         United Kingdom
         Tel: 01942 244 434
         Fax: 01942 244 408


CACHET HOMEWARES: Creditors Confirm Liquidators' Appointment
------------------------------------------------------------
Creditors of Cachet Homewares Limited confirmed Sept. 25 the
appointment of Nigel Ian Fox and Carl Stuart Jackson of Tenon
Recovery as the company's Joint Liquidators.

The company can be reached at:

         Cachet Homewares Limited
         Waterside
         Hamm Moor Lane
         Addlestone
         Surrey KT152SN
         United Kingdom
         Tel: 01932 834 610
         Fax: 01932 855 699


CARNEY RICHARDSON: Names Joint Liquidators to Wind Up Business
--------------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss were appointed
Joint Liquidators of Carney Richardson Limited on Sept. 27 for
the creditors' voluntary winding-up procedure.

Headquartered in London, England, Carney Richardson Limited is
an advertising agency.


CENTRAL TRUCK: Taps Jeremy Nicholas Bleazard as Administrator
-------------------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Ltd. was
appointed administrator of Central Truck Specialists Ltd.
(Company Number 2652646) on Sept. 26.

The administrator can be reached at:

         XL Business Solutions Limited
         1st Floor
         2-4 Market Street
         Cleckheaton BD19 5AJ
         United Kingdom
         Fax: 01274 870606
         Tel: 01274 870101
         E-mail: enquiries@xlbs.co.uk
                 jbleazard@xlbs.co.uk

Headquartered in Manchester, England, Central Truck Specialists
Ltd. is engaged in commercial vehicles servicing and repairs.


CHESHIRE VILLAGE: Taps Liquidator from Middleton Partners
---------------------------------------------------------
Stephen Patrick Jens Wadsted of Middleton Partners was appointed
Liquidator of Cheshire Village Homes Limited (formerly Peter
Howard Estates Limited) on Sept. 26 for the creditors' voluntary
winding-up procedure.

Headquartered in Nantwich, England, Cheshire Village Homes
Limited engages in real estate sales and development.


CIRCO CONNECT: Hires Robert Day to Liquidate Assets
---------------------------------------------------
Robert Day of Robert Day and Company Limited was appointed
Liquidator of Circo Connect Europe Limited (formerly Tracehope
Limited) on Sept. 28 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Circo Connect Europe Limited
         121 High Street
         Berkhamsted
         Hertfordshire HP4 2DJ
         United Kingdom
         Tel: 014 4287 0788
         Fax: 014 4287 0148


COOKESPORT INT'L: Nominates Andrew Fender as Liquidator
-------------------------------------------------------
Andrew Fender of Sanderlings LLP was nominated Liquidator of
Cookesport International Limited on Sept. 28 for the creditors'
voluntary winding-up procedure.

Headquartered in Loughborough, England, Cookesport International
Limited -- http://www.cookesport.com/-- are experts in brand
marketing, brand development, production control, imports and
sales to international blue-chip customers.  Cookesport
specializes in developing new markets for original fast growing
brands on an exclusive basis.  The company distributes premium
branded products to European retailers in the automotive, cycle,
sports & leisure, toy & novelty industries and many others.


DATA SOLUTIONS: Calls In Liquidators from BWC Business Solutions
----------------------------------------------------------------
David L. Cockshott and Paul A. Whitwam of BWC Business Solutions
were appointed Joint Liquidators of Data Solutions Northern
Limited on Sept. 27 for the creditors' voluntary winding-up
procedure.

Headquartered in Bradford, England, Data Solutions Nothern
Limited supplies high quality opt-in mobile data for the U.K.
The company provides data to clients who promote java services,
horoscope services, adult content services and ringtone
services.


DOCUMAN LIMITED: Taps H. J. Sorsky to Liquidate Assets
------------------------------------------------------
H. J. Sorsky was appointed Liquidator of Documan (U.K.) Limited
on Sept. 28 for the creditors' voluntary winding-up procedure.

Headquartered in Luton, England, Documan (U.K.) Limited --
http://www.docu-man.co.uk/-- provides document scanning,
drawing scanning, film scanning and data capture solutions.


EUROSAIL 2006-2BL: Moody's Assigns B1 Rating on GBP1.5-Mln Notes
----------------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to the Notes to be issued by Eurosail 2006-2BL PLC:

   -- US$300,000,000 Class A1b Mortgage Backed
      Floating Rate Notes due 2030: Aaa;

   -- GBP100,000,000 Class A1c Mortgage Backed
      Floating Rate Notes due 2030;

   -- GBP269,060,000 Class A2c Mortgage Backed
      Floating Rate Notes due 2044: Aaa;

   -- EUR27,000,000 Class B1a Mortgage Backed
      Floating Rate Notes due 2044: Aa2;

   -- US$18,000,000 Class B1b Mortgage Backed
      Floating Rate Notes due 2044: Aa2;

   -- EUR24,800,000 Class C1a Mortgage Backed
      Floating Rate Notes due 2044: A2;

   -- GBP11,000,000 Class C1c Mortgage Backed
      Floating Rate Notes due 2044: A2;

   -- EUR9,000,000 Class D1a Mortgage Backed
      Floating Rate Notes due 2044: Baa2;

   -- GBP17,300,000 Class D1c Mortgage Backed
      Floating Rate Notes due 2044: Baa2;

   -- GBP7,380,000 Class E1c Mortgage Backed
      Floating Rate Notes due 2044: Ba1; and

   -- GBP1,538,000 Class F1c Mortgage Backed
      Floating Rate Notes due 2044: B1.

The different currency denominations within each separate class
of note will rank pari-passu with each other in all respects.

This is the 12th RMBS-transaction of non-conforming, mortgage
loans originated by Preferred Mortgages Limited and the second
one featuring "Near Prime" loans and second-ranking mortgages.
This is Preferred's first transaction under the Eurosail name.
Capstone Mortgage Services Limited is the initial primary
mortgage servicer and cash/bond administrator for the
transaction.  Homeloan Management Ltd., a wholly owned
subsidiary of Skipton Building Society, is the standby mortgage
servicer and cash/bond administrator.  Barclays Bank PLC will be
the liquidity facility and GIC provider.

The transaction will incorporate at the closing date a cash
reserve to mitigate the reduced interest rate on discounted
loans during the first year.  A fixed cash amount will be
withdrawn from the Discounted Margin Reserve Ledger on each of
the first four Interest Payment Dates and will flow through the
revenue waterfall as available revenue.

A beneficial feature for Eurosail 2006-2BL PLC is the
fixed/floating interest rate swap; approximately 50.0% of the
loans are initially set at a fixed rate for a period expiring on
or before October 2009.  The Issuer will also enter into cap
agreements to further protect the transaction against possible
increases in Note Sterling LIBOR above a certain threshold.  The
cap agreement has a staggered strike rate during the period from
the First Interest Payment Date and ending on the Interest
Payment Date falling in December 2009, with a fixed notional of
GBP184,500,000.

The definitive ratings of the A1 Notes, the A2 Notes, the B
Notes, the C Notes, the D1 Notes, the E1c Notes and the F1c
Notes are based upon an analysis of the characteristics of the
mortgage pool backing the Notes, the protection the Notes
receive from credit enhancement against defaults and arrears in
the mortgage pool, and the legal and structural integrity of the
issue.  An additional level of protection to investors in the
Notes will be the Reserve Fund, which on closing will equal
GBP615,000.

The definitive ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for the timely payment of interest and ultimate
payment of principal by the legal final maturity.


FENTON IMPORTERS: Appoints Wallets Insolvency as Administrator
--------------------------------------------------------------
Michael F. McCarthy of Wallets Insolvency Services was appointed
administrator of Fenton Importers & Exporters Ltd. (Company
Number 04542016) on Sept. 29.

The administrator can be reached at:

         Walletts Insolvency Services
         Adventure Place
         Hanley
         Stoke on Trent
         Staffordshire ST1 3AF
         United Kingdom
         Tel: (01782) 212326
         Fax: (01782) 212326

Headquartered in Stoke on Trent, England, Fenton Importers &
Exporters Ltd. manufactures wooden chairs and seats.


G & M CARR: Creditors Confirm Liquidators' Appointment
------------------------------------------------------
Creditors of G & M Carr Building Contractors Ltd. confirmed
Sept. 28 the appointment of Gordon Smythe Goldie and Allan David
Kelly of Tait Walker as the company's Joint Liquidators.

The company can be reached at:

         G & M Carr Building Contractors Ltd.
         16 Ryecroft Way
         Wooler
         Northumberland NE716BW
         United Kingdom
         Tel: 01668 282 496
         Fax: 01668 283 095


HAYWOOD INSULATION: Brings In Liquidators from KPMG
---------------------------------------------------
Richard James Philpott and Allan Watson Graham of KPMG were
appointed Joint Liquidators of Haywood Insulation Limited on
Sept. 25 for the creditors' voluntary winding-up procedure.

Headquartered in Nottingham, England, Haywood Insulation Limited
-- http://haywoodinsulation.co.uk/-- carries out thermal
insulation and sheet metal work for industry and local Council
authorities.  The company's services include: asbestos
abatement, asbestos surveys, thermal insulation and cladding,
insulation mattresses, ducting manufacture and installation, and
electrical trace heating.


IAP WORLDWIDE: Weak Credit Metrics Cue S&P to Revise Outlook
------------------------------------------------------------
Standard & Poor's Rating Services revised its outlook on Cape
Canaveral, Fla.-based IAP Worldwide Services Inc. to negative
from stable.

At the same time, Standard & Poor's affirmed its ratings on the
company, including its 'B' corporate credit rating.  The company
has total balance sheet debt of over US$500 million.

"The outlook revision reflects IAP's weakened credit metrics due
to continuing delayed government appropriations and lower-than-
expected disaster relief demand," said Standard & Poor's credit
analyst Dan Picciotto.

The credit measures, which are currently stretched for the
rating, are likely to be challenged in light of these factors.
Still, a rising backlog and recently signed Defense
Appropriations Act suggest that operations could recover in
2007.

The company could be downgraded if profitability deteriorates
during a business slowdown, if any other initiatives damage the
financial profile, or if liquidity markedly deteriorates. T he
outlook could be revised to stable if new contract wins result
in credit metrics improvement in line with prior expectations.
Standard & Poor's expects the company to focus on organic
growth. Significant acquisitions are not factored in the rating.


JACUZZI BRANDS: Merger Cues S&P to Put Ratings on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'B+' corporate credit rating, on Jacuzzi Brands Inc. on
CreditWatch with negative implications.  The rating action
followed Jacuzzi's announcement that it signed a definitive
merger agreement with to be acquired by Apollo Management L.P.

The transaction will be financed through a combination of debt
and equity valued at US$1.25 billion.  Furthermore, Apollo plans
to transfer Jacuzzi's plumbing segment to Rexnord Corp., an
Apollo portfolio company.

"We view this transaction as a negative for credit quality,"
said Standard & Poor's credit analyst John Kennedy.
"Acquisitions by privately equity firms, such as Apollo, usually
lead to an increase in debt leverage at the acquired company and
could lead us to lower the ratings."

Jacuzzi had total debt, including capitalized operating leases,
of US$432 million at June 30, 2006, with total debt to last-12-
month EBITDA of 3.2x.

"We also view negatively Apollo's intent to separate the bath
and spa business from the plumbing business, as this would
reduce Jacuzzi's business diversity and increase its business
risk," Mr. Kennedy said.

Standard & Poor's expects to resolve the CreditWatch after more
details are disclosed regarding the transaction's financing
structure as well as the ultimate corporate structure.  The
transaction is subject to some closing conditions, including
approval from shareholders and certain regulators.


LAL RESTAURANT: Brings In Springfields to Administer Assets
-----------------------------------------------------------
Situl Devji Raithatha of Springfields was appointed
administrator of Lal Restaurant Ltd. (Company Number 04492189)
on Sept. 27.

The administrator can be reached at:

         Springfields
         80 Hinckley Road
         Leicester
         Leicestershire LE3 0RD
         United Kingdom
         Tel: 0116 299 4745
         Fax: 0116 299 4742
         E-mail: situl.r@springfields-uk.com

Lal Restaurant Ltd. can be reached at:

         57 Belgrave Road
         Leicester
         Leicestershire LE4 6AS
         United Kingdom
         Tel: 0116 261 1333


LANDMARK HOMES: Ashok K. Bhardwaj Leads Liquidation Procedure
-------------------------------------------------------------
Ashok K. Bhardwaj was appointed Liquidator of Landmark Homes
Construction Limited on Sept. 28 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Landmark Homes Construction Limited
         The Crescent
         Hyde Park
         Leeds
         West Yorkshire LS6 2NW
         United Kingdom
         Tel: 078 0350 3385


LATTE LIMITED: Names Liquidator from Pitman Cohen
-------------------------------------------------
Solomon Cohen of Pitman Cohen LLP was appointed Liquidator of
Latte Limited (formerly Matchmix Limited) on Sept. 26 for the
creditors' voluntary winding-up proceeding.

Headquartered in London, England, Latte Limited is a ladies
fashion retailer.


LIFESTYLE KITCHENS: Brings In DTE as Joint Administrators
---------------------------------------------------------
J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of Lifestyle Kitchens & Bedrooms Ltd.
(Company Number 02322245) on Sept. 22.

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.

Headquartered in Sale, England, Lifestyle Kitchens & Bedrooms
Ltd. retails household furniture.


LIVE NATION: Moody's Rates US$200-Mln Credit Facility at B1
-----------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Live Nation
Worldwide Inc.'s proposed US$200 million senior secured credit
facility and affirmed the company's existing ratings.  Proceeds
from the transaction will be used to finance the acquisition of
House of Blues and other previously announced acquisitions.

The B1 corporate family rating reflects the financial risk posed
by the inherent volatility of live entertainment, the company's
low EBITDA margin of approximately 4.5% (LTM 6/30/2006) and high
adjusted debt to EBITDA leverage of 4.7x (6/30/2006).

Live Nation's rating is supported by its leading market position
in the live entertainment industry, significant geographic
diversification and the strong ties the company has with first-
tier concert and theater performers and their producers.

Ratings/assessments affirmed:

Live Nation Worldwide, Inc.

    * Corporate family rating B1
    * Probability-of-default rating B1
    * US$285 million Senior Secured Revolver B1 (LGD3, 47%)
    * US$325 million Term Loan B1 (LGD3, 47%)
    * SGL-3 speculative grade liquidity

Ratings/assessments assigned:

Live Nation Worldwide, Inc.

    * US$200 million Term Loan B1 (LGD3, 47%)

The rating outlook is stable.

Live Nation Worldwide, Inc., headquartered in Beverly Hills,
California, owns, operates and/or exclusively books live
entertainment venues, including amphitheaters in the U.S. and
Europe.


M & B FABRICATED: Appoints Liquidator from Daly & Co.
-----------------------------------------------------
Philip Malachy Daly of Daly & Co. was appointed Liquidator of
M & B Fabricated Products Limited on Sept. 26 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         M & B Fabricated Products Limited
         1 Dixon Street
         Sheffield
         South Yorkshire S6 3AW
         United Kingdom
         Tel: 0114 276 3020
         Fax: 0114 276 3050


M S ENGINEERING: Appoints Gagen Dulari Sharma as Liquidator
-----------------------------------------------------------
Gagen Dulari Sharma was appointed Liquidator of M S Engineering
Limited on Sept. 28 for the creditors' voluntary winding-up
proceeding.

Headquartered in Birmingham, England, M S Engineering Limited
manufactures screw machine products.


MEDIA PACKAGING: Hires M. S. E. Solomons to Liquidate Assets
------------------------------------------------------------
M. S. E. Solomons was appointed Liquidator of Media Packaging
Solutions Ltd. on Sept. 26 for the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         Media Packaging Solutions Ltd.
         27 Old Gloucester Street
         Camden
         London WC1N3AF
         United Kingdom
         Tel: 020 7692 3119


MEDWAY BINDERY: Brings In Ian Millington to Liquidate Assets
------------------------------------------------------------
Ian Millington of Debtmatters Ltd. was appointed Liquidator of
Medway Bindery Services Limited on Sept. 26 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Medway Bindery Services Limited
         Unit 11
         Branbridges Industrial Estate
         Branbridges Road
         East Peckham
         Tonbridge
         Kent TN125HF
         United Kingdom
         Tel: 01622 872 406
         Fax: 01622 872 413


MILLAR MCCOWAN: Creditors' Meeting Slated for October 19
--------------------------------------------------------
Creditors of Millar McCowan Limited (formerly McCowan's Limited,
Sally Gardens Limited) (Company Number 04492360) will meet at
2:00 p.m. on Oct. 19 at:

         The Merchants' Hall
         Merchants House
         7 West George Street
         Glasgow G2 1BW
         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. 18 at:

         Graham Hunter Martin and Laurie Katherine Manson
         Joint Administrators
         PricewaterhouseCoopers LLP
         Kintyre House
         209 West George Street
         Glasgow G2 2LW
         United Kingdom
         Tel: [44] (141) 248 2644
         Fax: [44] (141) 242 7481

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides, among others, auditing services, accounting advice,
tax compliance and consulting, financial consulting and advisory
services to clients in a variety of industries.


MORTGAGES PLC: Fitch Keeps BB Ratings on Class E & F Tranches
-------------------------------------------------------------
Fitch Ratings upgraded four tranches of the Mortgages PLC series
and affirmed a further 12 tranches following a satisfactory
performance review.

Mortgages No. 5 plc, issued in July 2003, experienced a healthy
growth in credit enhancement levels due to the sequential pay-
down structure of the notes until June 2005, when amortization
switched to pro rata, which subsequently slowed the growth in
CE.  However, the high principal payment rate has had a positive
impact on de-leveraging the deal.

Delinquencies, greater than three months in arrears have been
relatively low to date, compared to other transactions in the
U.K. non-conforming market, with current delinquencies in this
category accounting for 11.06%, at end-June 2006.  This compares
with an average of 12.73% for similarly seasoned U.K. non-
conforming RMBS transactions as per Fitch's U.K. non-conforming
index.

At June 2006, 22.37% of the notes remained outstanding. The deal
can be expected to be called shortly, as there is call option to
call the deal when outstanding notes drop to 20% of initial note
balance.

Mortgages No. 6 plc, issued in November 2004, is also displaying
delinquencies levels below the overall average.  At the July
2006 interest payment date, delinquencies of more than three
months accounted for 10.15% of the outstanding portfolio.  Sold
repossessions account for 2.36% of the initial mortgage balance,
with cumulative losses on these sold repossessed cases remaining
low at 0.14%.

As with Mortgages 5, Mortgages 6 has also experienced high PPR,
an average of almost 30% in the last year, which has had a
positive impact on CE levels.  Consequently, Fitch has upgraded
the Class D to BBB+ from BBB.  The note pay-down structure will
switch to pro rata once certain conditions have been met, but at
this point the notes are still redeeming sequentially.

Mortgages No. 7 plc, is just over one year seasoned.  Arrears of
greater than three months have been on an upward trend, but
still remain at a comparatively low level, reaching 7.1% of the
outstanding note balance, as at the July 2006 interest payment
date.  Current properties in possession account for 0.71% of
outstanding mortgage balance.  Losses remain at a low 0.03% of
the initial balance.

Fitch has used its credit cover multiple methodology to review
these transactions.

The rating actions are:

Mortgages No. 5 plc

   -- Class A1 (ISIN XS0170513930) affirmed at AAA;
   -- Class A2 (ISIN XS0170514235) affirmed at AAA;
   -- Class M (ISIN XS0170514821) upgraded to AAA from AA;
   -- Class B1 (ISIN XS0170515802) upgraded to AA from A; and
   -- Class B2 (ISIN XS0170515984) upgraded to AA from A.

Class A1 DAC paid down in June 2006.

Mortgages No. 6 plc

   -- Class A2 (ISIN XS0206259888) affirmed at AAA;
   -- Class B (ISIN XS0206260464) affirmed at AA;
   -- Class C (ISIN XS0206260894) affirmed at A;
   -- Class D (ISIN XS0206261603) upgraded to BBB+ from BBB; and
   -- Class E (ISIN XS0206261942) affirmed at BBB.

Class A1 paid in full in April 2006 and Class F paid in full in
January 2006.

Mortgages No. 7 plc

   -- Class A1 (ISIN XS0225921732) affirmed at AAA;
   -- Class A2 (ISIN XS0225922110) affirmed at AAA;
   -- Class B (ISIN XS0225922383) affirmed at AA;
   -- Class C (ISIN XS0225922466) affirmed at A;
   -- Class D (ISIN XS0225922623) affirmed at BBB;
   -- Class E (ISIN XS0225922896) affirmed at BB; and
   -- Class F (ISIN XS0225923191) affirmed at BB.


NCO GROUP: Moody's Junks US$365-Mln Senior Subordinated Notes
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3 first time, rating to
NCO Group, Inc.'s:

   -- US$565 million senior secured credit facility
      (US$465 million term loan and US$100 million revolver);

   -- Caa1 ratings to US$365 million of senior subordinated
      notes; and

   -- a B2 corporate family rating.

The ratings for these debt instruments reflect both the overall
probability of default of the company, to which Moody's assigns
a PDR of B2, and a loss given default of LGD2 for the secured
credit facility and LGD5 to the subordinated notes.  The rating
outlook is stable.

On July 21, 2006, NCO entered into a definitive agreement to be
acquired by an entity controlled by One Equity Partners, with
participation by certain members of senior management.  The
transaction is expected to close in the fourth quarter of 2006
and is subject to customary closing conditions including the
approval of NCO's shareholders.  Upon closing of this
transaction, NCO's stock will no longer be publicly traded.

The transaction is expected to be funded with the US$465 million
term loan, US$365 million of senior subordinated notes, US$355
million of cash equity contributed by OEP, US$23 million of
rollover equity and US$10 million of revolver borrowings.

The ratings benefit from solid pro forma credit metrics for the
rating category, high levels of EBIT, leading market positions
in receivables management and portfolio management business
lines and a good track record of profitability and cash flow
generation.  The ratings are constrained by the potential for
profitability erosion due to increasing competition in portfolio
management business, sensitivity of receivable collection trends
to a weakening economy and moderate revenue concentration.

The Ba3 rating on the senior secured credit facility reflects an
LGD 2 loss given default assessment as this facility is secured
by a pledge of the assets of the guarantor subsidiaries (which
comprise about 60% of consolidated EBITDA for the June 30, 2006
LTM period) and 65% of the stock of foreign subsidiaries. The
LGD 2 assessment benefits from a significant amount of junior
debt in the capital structure (40% of debt capitalization
assuming 75% of the committed revolver is drawn).  The Caa1
rating on the senior subordinated notes reflects an LGD5 loss
given default assessment given that it is effectively
subordinated to the secured credit facility.

The SGL-2 rating reflects a good liquidity position pro forma
for the recapitalization transaction.

Ratings/assessments assigned:

    * Corporate family rating at B2

    * Probability-of-default rating at B2

    * US$465 million 7 year senior secured term loan
      at Ba3 (LGD 2, 26%)

    * US$100 million 5 year senior secured revolver
      at Ba3 (LGD 2, 26%)

    * US$365 million senior subordinated notes
      at Caa1 (LGD 5, 82%)

    * Speculative grade liquidity rating at SGL-2

The stable outlook anticipates moderate revenue and EBIT growth
over the next 12-18 months. Cash flow from operations is
expected to be used to fund capital expenditures of about
US$30-US$40 million per year, niche acquisitions, which
complement existing business segments, and required term loan
amortization.

The ratings could be upgraded if financial performance improves
such that EBIT coverage of interest and free cash flow to total
debt can be sustained at over 1.7 times and 7%, respectively

Given the company's solid position in the rating category, a
moderate increase in pricing trends in the portfolio management
segment or decline in accounts receivable collection rates will
be unlikely to pressure the ratings.  However, a sharp downturn
in the business which results in EBIT coverage of interest and
free cash flow to debt that are expected to sustained at under 1
time and 0%, respectively, could lead to a downgrade.  A
significant debt financed acquisition that substantially weakens
credit metrics and liquidity could also pressure the rating.

Based in Horsham, Pennsylvania, NCO is a global provider of
business process outsourcing services, primarily focused on
accounts receivable management and customer relationship
management.  The company also purchases and manages past due
consumer accounts receivable (PM or portfolio management
business) from consumer creditors such as banks, finance
companies, retail merchants, utilities, healthcare companies,
and other consumer-oriented companies.  The company reported
revenues of about US$1.1 billion for the twelve-month period
ending June 30, 2006.


NCO GROUP: High Leverage Spurs S&P to Put B+ Rating on Bank Loan
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
counterparty credit rating to NCO Group Inc.  The outlook is
stable.  At the same time, Standard & Poor's assigned a bank
loan rating of 'B+' and a recovery rating of '3' to the
company's senior secured bank loan (US$465 million) and revolver
(US$100 million), indicating a meaningful (50%-80%) recovery of
principal in the event of a payment default.  NCO's senior
subordinated notes (US$365 million) were rated 'B-'.

"The ratings on NCO are based in part on its high leverage and
poor capitalization (negative tangible equity), marginal cash
flow coverage, and high level of operational risk," said
Standard & Poor's credit analyst Rian M. Pressman, CFA.

The company's modest profitability, driven in part by its
sensitivity to changing market dynamics, is also a primary
factor in the rating.

Other considerations include:

   -- NCO's strong niche market position in accounts
      receivable and collection services,

   -- well-established client relationships, and
      multiple sourcing channels for the purchase of
      distressed receivables.

NCO's high leverage and poor capitalization (negative tangible
equity) limit the rating.  Following its acquisition by an
entity controlled by One Equity Partners, the company's debt is
projected to total approximately US$840 million (excluding the
nonrecourse debt associated with receivables purchases financed
by Cargill).  At year-end 2006, debt-to-EBITDA and EBITDA
interest coverage ratios (both adjusted for operating leases)
are forecasted to be a modest 5.6x and 1.8x, respectively.

Although Standard & Poor's recognizes that NCO's service-
intensive businesses require little capital support, the
company's investment in distressed receivables requires an
appropriate level of capitalization, especially given the
assumption-driven analytics backing those purchases.  Further
growth in the distressed receivables portfolio without a
commensurate increase in capitalization will increase the
importance of capitalization in our overall assessment.

Operational risk is high due to NCO's significant information
system infrastructure, high volume of acquisition activity,
large number of employees, and significant international
operations.  The operational integrity of the company's systems
and processes is crucial, as service disruptions could result in
lost clients.  The company is exposed to moderate customer
concentrations.  NCO has made significant investments to
mitigate this risk, including disaster recovery planning and
data security.

Positive rating factors include:

   -- NCO's strong niche market position in accounts
      receivable and collection services,

   -- well-established client relationships, and
      multiple sourcing channels for the purchase of
      distressed receivables.

Almost two-thirds of total revenue is generated by the accounts
receivable management (ARM) business and NCO has a strong market
position in this niche business.  The company's competitive
advantages include size in a business where scale matters and a
successful track record.  NCO has well-established client
relationships with a number of blue chip companies and has
served its top 10 clients for an average of 10 years each.

Lastly, the company has multiple sourcing channels through which
to purchase distressed receivables, including existing ARM
clients, forward flow agreements, and a relationship with the
agricultural/food company, Cargill.  NCO's multiple sourcing
channels enable it to selectively play in the auction markets,
thereby avoiding some of the irrational pricing that has
recently characterized that market.

Horsham, Pa.-based NCO is a provider of business process
outsourcing. The company's three business lines are ARM, CRM,
and Portfolio Management (PM).  At June 30, 2006, total assets
were US$1.3 billion.

The stable outlook is based on NCO's strong niche market
position in accounts receivable and collection services, well-
established client relationships, and multiple sourcing channels
for the purchase of distressed receivables. Positive ratings
action may occur if the company reduces leverage and improves
profitability, while maintaining or improving its business risk
profile. Negative ratings implications could result from
increased leverage, reduced profitability, or adverse
operational issues.


NEECOL INTERNATIONAL: Brings In Liquidator from Fergusson & Co.
---------------------------------------------------------------
Malcolm Edward Fergusson of Fergusson & Co. Ltd. was appointed
Liquidator of Neecol International Limited on Sept. 27 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Neecol International Limited
         1 The Spinney
         Newton
         Aycliffe
         County Durham DL5 4TQ
         United Kingdom
         Tel: 01740 651 435


NODE MANAGEMENT: Appoints Administrators from Begbies Traynor
-------------------------------------------------------------
Kenneth Stephen Chalk and Simon Robert Haskew of Begbies Traynor
were appointed joint administrators of Node Management Ltd.
(Company Number 4739771) on Sept. 25.

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

Node Management Ltd. can be reached at:

         Llancayo Court
         Gwehelog
         Usk
         Gwent NP15 1HY
         United Kingdom
         Tel: 01291 673810


NOVELIS INC.: Fitch Initiates B Issuer Default Rating
-----------------------------------------------------
Fitch initiates the ratings for Novelis Inc. and its subsidiary
Novelis Corp.:

Novelis Inc.

   -- Issuer Default Rating B;
   -- Senior secured credit facility BB/Recovery Rating 1; and
   -- Senior unsecured notes B/RR4;

Novelis Corp.

   -- Issuer Default Rating B; and
   -- Senior secured credit facility BB/RR1;

Approximately US$2.3 billion of debt is covered by the ratings.
The Rating Outlook is Negative.  The company's Korean bank debt
is excluded from the ratings.

The ratings consider Novelis' strong market position in its
product categories, emphasis on innovation and value-added
applications, free cash flow generation, strong and flexible
manufacturing asset base, focus on de-leveraging, ability to
pass through aluminum price risk on the majority of its
contracts, global operations, potential sale of non-core assets,
and Novelis' largely non-cyclical customer base.

Also supporting the ratings is Fitch's view that the aluminum-
pricing environment is improving and the company is taking steps
to reduce its exposure to metal price risk on the contracts,
which have price ceilings.

Concerns include challenges in the near to intermediate term
from exposure to price ceilings on contracts with certain
customers which limit the pass-through of increased aluminum
costs on 20% of sales in 2006.  The company is projected to
incur US$205 million of losses in fiscal 2006 due to the
ceilings.  Management has indicated that the largest impact will
materialize in the third and fourth quarters of this year.

Additionally, high leverage and management turnover are
important ratings considerations.  Material weaknesses in the
firm's internal accounting controls have been a persistent
problem and still must be resolved.

The ratings also reflect the impact of higher fees and expenses
associated with the delayed filing of financial statements,
higher interest expense on the senior credit facility in
connection with covenant waivers obtained, and higher interest
expense on the 7.25% senior notes incurred because of the
delayed public registration.

The Negative Outlook is based on the filing delays, material
weaknesses, and deteriorating financial performance expected for
the remainder of 2006.  The ratings incorporate the expectation
that Novelis will file second quarter results by the October 22
deadline and that internal control issues will be addressed.

The Recovery Ratings and notching in the debt structure reflect
Fitch's recovery expectations under a scenario in which
distressed enterprise value is allocated to the various debt
classes.  The RRs for Novelis' senior secured credit facility,
consisting of a revolving credit facility and a Term Loan B
reflect outstanding expected recovery due to ample collateral
and security from substantially all assets in the U.S. Canada,
U.K., Germany, and Brazil, as well as significant cushions of
unsecured debt and equity.

With most of the estimated distressed enterprise value being
distributed to the senior secured creditors, Fitch estimates
that recoveries for senior unsecured creditors would be somewhat
less in a reorganization.

The recovery rating for the 7.25% senior unsecured notes
reflects the lack of security and the allocation of concession
payments to improve recovery.  The notes contain a change of
control put at 101% of par and are guaranteed by guarantor
subsidiaries including certain U.S., Canadian, U.K. and
Brazilian subsidiaries.

Novelis was formed in 2005 through a spin-off from Alcan, Inc.
The company is a leading producer of aluminum rolled and sheet
products serving the packaging, construction, industrial, and
transportation markets.  The company has run into difficulty on
two fronts in 2006: escalating raw materials prices and
financial reporting delays.

Aluminum prices have steadily climbed since mid-2005, rising
dramatically in 1H06 before leveling off somewhat for the
remainder of the year to date.  Certain customer contracts with
price ceilings have not allowed Novelis to pass through the full
increase in aluminum costs, negatively impacting profitability
and cash flows.

Near term pressure on cash flows is forcing the company to seek
amendments to its credit facility to relax covenant
requirements.  However, Novelis has actively sought to reduce
exposure to contracts with price ceilings and has begun to
implement new hedging policies.  As a result, Fitch expects cash
flows to begin to rebound in 2007.

On a separate front, Novelis' internal accounting and auditing
functions have been weak since the spin-off and the company had
to restate its 2005 opening balance sheet.  The restatement was
minor, but it caused the 2005 10-K to be delayed until August,
the first quarter 2006 filling to be delayed until September and
the second quarter 10Q has not yet been filed.  These delays
triggered default notices from both senior lenders and
bondholders.

Novelis was able to obtain waivers from senior lenders, but it
was not successful in a consent solicitation with bond holders.
The company needs to comply with an Oct. 22, 2006 deadline for
filing 2Q financial statements to cure default on its 7.25%
notes.  Failure to do so may lead Fitch to review the ratings.

Novelis has been generating reliable operating and free cash
flow, which is helped by stability in the majority of its end
markets, particularly in the beverage can market which has shown
steady demand for the past several years.  Operating cash flow
for the twelve-month period ending March 31, 2006 was US$434
million with free cash flow of US$366 million.

This translates to free cash flow to adjusted debt of 13.8% for
the period, which is solid for the rating.  Additionally, the
company is looking to possibly divest some assets in Europe and
Brazil, which would bolster cash flows in the near to
intermediate term if completed.

Although Novelis has generated enough cash to pay down a good
portion of debt since spin-off, the company's de-leveraging
momentum will likely be constrained in the near to intermediate
term given higher costs and lower cash flow.  The company has
already scaled back planned debt repayments by about US$50
million in 2006, and now anticipates US$150 million to US$200
million of debt repayments for the year.

Once Novelis reduces its exposure to metal prices, management
believes annual free cash flow of US$400 million or more is
possible.  While Fitch believes healthy cash flows are
achievable once the price-ceilings roll off, the US$400 million
range may not be feasible until the 2008-2009 timeframe at best.

Fitch calculates last twelve months as of March 31, 2006
operating EBITDA of US$483 million and leverage of 5.2 times.
For covenant compliance purposes, the company uses an EBITDA
figure, which allows for various add-backs resulting in higher
EBITDA.

Given the company's recent guidance on 2006 and 2007 cash flows,
Fitch believes leverage metrics will deteriorate by fiscal-year
end 2006 before improving in late 2007 as weak third and fourth
quarter 2006 performance rolls out of LTM credit metric
calculations.  Management indicated on a Sept. 29 conference
call that Novelis will need to seek relief from certain leverage
and interest coverage covenants in the near term as cash flows
decline somewhat over the remainder of the year.

Before seeking an amendment to the credit facility the required
ratios were 3.0x interest coverage and 4.75x leverage for
Dec. 31.  However, Fitch believes that performance and credit
metrics will improve in the second half of 2007 as aluminum
price exposure is reduced, penalty interest costs are
eliminated, and overall corporate costs decline with the
resolution of the delayed filings.

Although cash flows and credit metrics will likely deteriorate
over the near to intermediate term, it should be noted that the
fundamental operating performance of the company seems to be on
solid footing.  Fitch sees no reason to suppose that demand is
or will be materially weaker, and shipment volumes should remain
mostly stable.  Fitch sees Novelis' difficulties as largely
financial and not due to operational decline or other negative
secular changes.

Total shipment volumes were up 2.3% year over year in 2005 and
improved 3.9% in the first quarter of 2006 over the first
quarter of last year.  Operationally, the company is likely to
be steady and Fitch believes the credit metrics will follow as
the company improves its risk management.

Novelis is still in transition to an independent, stand-alone
entity.  Certain business and execution risks remain a concern,
such as accounting, finance and internal control weaknesses, a
continued transition of information technology, and the
acquisition of other necessary infrastructure and systems.
Additionally, the company will likely need to spend significant
resources and effort in building its new brand identity.

The placement of a permanent CEO, and the resolution of certain
material weaknesses disclosed in the company's SEC filings, will
be positive developments allowing the company to focus on
execution going forward.

As of March 31, 2006 the company had about US$469 million of
availability under the revolver and cash of US$124 million for
total liquidity of roughly US$593 million.  Given the company's
debt maturity schedule and a US$65 to US$70 million reduction in
capital spending plans for 2006, liquidity should not be an
issue in the intermediate term.

Debt maturities are modest in the next few years, comprised
mainly of Korean loan maturities.  The company has not indicated
whether these will be refinanced.  Additionally, the company has
reduced its equity dividend, and other scheduled cash deployment
is not substantial, relative to liquidity.


ORBIT WAY: Claims Filing Period Ends Nov. 23
--------------------------------------------
Creditors of Orbit Way Limited (t/a Ashton House) have until
Nov. 23 to send their names and addresses with particulars of
the debts or claims to appointed Joint Liquidators
Peter W. Engel and Simon Kirkhope at:

         Solomon Hare Business Rescue
         Oakfield House
         Oakfield Grove
         Clifton
         Bristol BS8 2BN
         United Kingdom

The company can be reached at:

         Orbit Way Limited
         Unit 12B
         Bowen Industrial Estate
         Aberbargoed
         Bargoed
         Mid Glamorgan CF819EP
         United Kingdom
         Tel: 01443 875 602
         Fax: 01443 831 439


OSO DUDLEY: Calls In Liquidator from Wright Associates
------------------------------------------------------
Kenneth John Wright of Wright Associates was appointed
Liquidator of Oso (Dudley) Limited on Sept. 26 for the
creditors' voluntary winding-up proceeding.

Headquartered in Brierley Hill, England, Oso (Dudley) Limited --
http://www.osol.co.uk/-- supplies office furniture and
equipment.  The company also provides office refurbishment
services.


PANELKRAFT LIMITED: Joint Liquidators Take Over Operations
----------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss were appointed
Joint Liquidators of Panelkraft Limited on Sept. 28 for the
creditors' voluntary winding-up proceeding.

Headquartered in Stafford, England, Panelkraft Limited
manufactures panels for refrigerated vehicles.


QUIOBI LIMITED: Creditors' Claims Due Nov. 30
---------------------------------------------
Creditors of Quiobi Limited (formerly Quiovi Limited) have until
Nov. 30 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to appointed
Joint Liquidator Ian J. Gould at:

         PKF (UK) LLP
         New Guild House
         45 Great Charles Street
         Queensway
         Birmingham B3 2LX
         United Kingdom

Headquartered in Biltson, England Quiobi Limited provides
storage and distribution services.


RAY ALAN: Hires Liquidators from KPMG
-------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed Joint Liquidators of Ray Alan Limited (t/a Tradex) on
Sept. 27 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Ray Alan Limited
         Richardshaw Road
         Grangefield Industrial Estate
         Stanningley
         Pudsey
         West Yorkshire LS286RW
         United Kingdom
         Tel: 0113 395 5955


ROOFTEC CONSERVATORY: Creditors' Meeting Slated for October 17
--------------------------------------------------------------
Creditors of Rooftec Conservatory Roof Fabricators Limited
(Company Number 03856030) will meet at 11:30 a.m. on Oct. 17 at:

         Cowgill Holloway Business Recovery LLP
         Regency House
         45-51 Chorley New Road
         Bolton BL1 4QR
         United Kingdom

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

         Gary Bell
         Administrator
         Cowgill Holloway Business Recovery LLP
         Regency House
         45-51 Chorley New Road
         Bolton
         Greater Manchester BL1 4QR
         United Kingdom
         Tel: 01204 414277
         Fax: 01204 414244
         E-mail: gary.bell@cowgills.co.uk


S & J FASTENERS: A. Turpin Leads Liquidation Procedure
------------------------------------------------------
A. Turpin of Poppleton & Appleby was appointed Liquidator of
S & J Fasteners Limited on Sept. 26 for the creditors' voluntary
winding-up proceeding.

Headquartered in Telford, England, S & J Fasteners Limited,
manufactures screws, fasteners, and chains.


SAFEAIM LIMITED: Brings In Mazars LLP to Administer Assets
----------------------------------------------------------
Timothy Colin Hamilton Ball and Roderick John Weston of Mazars
LLP were appointed joint administrators of Safeaim Ltd. (Company
Number 03078731) on Sept. 22.

Mazars -- http://www.mazars.com/-- is an international,
integrated and independent organization, specialized in audit,
accounting, tax and advisory services.

Headquartered in Dorshester, England, SafeAim Ltd. --
http://www.safeaim.co.uk/-- specialist suppliers to the
military training and simulation industry.  It develops AFV
training courseware especially in synthetic environment.


SHERWOOD CASTLE: Moody's Assigns B2 Rating on Asset-Backed Notes
----------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings
to approximately GBP53.3 million of asset-backed notes to be
issued by Sherwood Castle Funding Series 2006-1 PLC:

   -- GBP16,000,000 Class S1 Floating Rate
      Asset-Backed Notes: Ba2; and

   -- EUR55,000,000 Class S2 Floating Rate
      Asset-Backed Notes: Ba2.

Sherwood Castle Funding Series 2006-1 PLC is the sixteenth
transaction issued out of Capital One Bank (Europe) PLC's U.K.
credit card master trust.

Pursuant to the terms of the Series 2006-1 Notes, pro-rata
allocation of funds from the receivables trust to the Series
2006-1 Notes may be used in priority to meet any shortfalls in
finance charge allocations to meet payments required in respect
of the outstanding referenced series issued out of the Castle
Receivables Trust Limited.

The Referenced Series comprise:

   -- Series 2002-1,
   -- Series 2002-2,
   -- Series 2003-1,
   -- Series 2003-2,
   -- Series 2004-1,
   -- Series 2004-2,
   -- Series 2004-3, and
   -- Series 2005-1.

Moody's has taken into account in its analysis the use of
allocations to the Series 2006-1 Notes as effective enhancement
for the Referenced Series.  Series 2006-1 Notes will not
commence amortisation until the investor interest for each
Referenced Series has reduced to zero.

The definitive ratings of the Class S1 and S2 Notes are based on
the benefit of a spread trapping account that will trap excess
spread, in a manner similar to the spread accounts that support
the Class C Notes of the Referenced Series.

The Series 2006-1 spread account may be funded from excess
spread arising from the pro-rata allocation of finance charge
receivables from the receivables trust to the Series 2006-1, any
excess spread shared by any Referenced Series and other series
within the Trust and amounts on deposit in the spread account of
any Referenced Series upon release of such amounts.

The definitive ratings address the expected loss posed to
investors by the legal final maturity date.  In Moody's opinion,
the structure allows for ultimate payment of interest and
principal at par on or before the rated legal final maturity
date.


SILK STOCKINGS: Claims Registration Ends Dec. 31
------------------------------------------------
Creditors of Silk Stockings Ltd. have until Dec. 31 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
M. H. Abdulali at:

         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent ST1 5TL
         United Kingdom

Headquartered in Letchworth, England, Silk Stockings Ltd. --
http://www.silk-stockings.co.uk/-- manufactures and retails
hosiery and lingerie.


SIMTRAC LIMITED: Appoints Poppleton & Appleby as Administrators
---------------------------------------------------------------
A. Turpin and M. D. Hardy of Poppleton & Appleby were appointed
joint administrators of Simtrac Ltd. (Company Number 04619193)
on Sept. 27.

The administrators can be reached at:

         Poppleton & Appleby
         35 Ludgate Hill
         Birmingham B3 1EH
         United Kingdom
         Tel: 0121 200 2962
         Web: http://www.pandabirmingham.co.uk/

Simtrac Ltd. can be reached at:

         Unit 23 Building 9
         Bilton Industrial Estate
         Humber Avenue
         Coventry
         West Midlands CV3 1JL
         United Kingdom
         Tel: 024 7644 5660
         Fax: 024 7644 5733


SKILLSBANK SOLUTIONS: Names Colin Burke Liquidator
--------------------------------------------------
Colin Burke of Milner Boardman & Partners was appointed
Liquidator of Skillsbank Solutions Limited on Sept. 27 for the
creditors' voluntary winding-up procedure.

Headquartered in High Wycombe, England, Skillsbank Solutions
Limited provides educational services.


STEVENS ELECTRICAL: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------------
Creditors of Stevens Electrical Services Limited confirmed
Sept. 25 the appointment of Tony Mitchell of Cranfield Recovery
Limited as the company's Liquidator.

The company can be reached at:

         Stevens Electrical Services Limited
         59 Brandhall Road
         Oldbury
         West Midlands B68 8DT
         United Kingdom
         Tel: 0121 544 7720
         Fax: 0121 544 7720


STRATFORD AUTO: Claims Filing Period Ends Oct. 20
-------------------------------------------------
Creditors of Stratford Auto Body Centre Limited have until
Oct. 20 to send in their names and addresses, particulars of
their debts or claims, and the names and addresses of their
Solicitors (if any), to appointed Liquidator Duncan Roderick
Morris at:

         The Till Morris Partnership
         2 Church Street
         Warwick CV34 4AB
         United Kingdom

The company can be reached at:

         Stratford Auto Body Centre Limited
         Avenue Farm Industrial Estate
         Birmingham Road
         Stratford Upon Avon
         Warwickshire CV370HR
         United Kingdom
         Tel: 01789 267 007
         Fax: 01789 297 295


SWIFT EMPLOYEE: Taps Liquidator from BN Jackson Norton
------------------------------------------------------
Michael Colin John Sanders of BN Jackson Norton was appointed
Liquidator of Swift Employee Benefits Limited (formerly Saint
James Sales and Marketing Limited) on Sept. 28 for the
creditors' voluntary winding-up procedure.

Headquartered in Ashford, England, Swift Employee Benefits
Limited -- http://www.swift-benefits.com/-- is a leading
benefit provider to the recruitment industry and its temporary
workforce.


TIPTOP TV: Names Liquidator from Pitman Cohen
---------------------------------------------
Solomon Cohen of Pitman Cohen LLP was appointed Liquidator of
Tiptov TV Limited on Sept. 28 for the creditors' voluntary
winding-up procedure.

Headquartered in London, England, Tiptop TV Limited --
http://tiptop.tv/-- is an independent producer of corporate
entertainment, factual, music and event programming and formats.


TISCALI UK: New 2007-2010 Business Plan to Focus on Italy & U.K.
----------------------------------------------------------------
The Board of Directors of Tiscali S.p.A has approved the new
three-year plan 2007-2010.

The company's new business plan focuses on:

   -- concentration of the core business in Italy and in the
      United Kingdom, where the Group's overall customer base
      currently exceeds 3 million users, of which approximately
      50% ADSL subscribers;

   -- new positioning, from ISP to full-service provider,
      delivering telecommunication and media integrated services
      to the end customer (with the relevant expansion on the
      physical access, voice and Iptv markets), through a full
      network and service IP model combining product innovation
      and marketing aggressiveness;

   -- annual revenue growth of 20%; over EUR1.4 billion in
      2010;

   -- increase of EBITDA margin from 14% to 26% within the plan
      timespan;

   -- ULL customers: from the current 400,000 to approximately 2
      millions in 2010, of which about 500,000 triple play;

   -- net profit and cash flow from 2008;

   -- fully financed plan through asset disposal, with a further
      decrease of debt in excess of EUR150 million in the next
      12 months.

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries
through acquisitions.  Tiscali has more than seven million
subscribers, of which over 1.5 million are broadband users.
It has sold non-core assets to raise money to cover a EUR250
million bond that matured in July.  Former chairman and founder
Renato Soru owns almost 30% of the company.

                        *     *     *

As reported in TCR-Europe on March 8, Fitch Ratings sustained
Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at
CCC with Stable Outlook.  Tiscali's Short-term rating is
downgraded to C from B to be in line with the CCC IDR.  At the
same time, the agency affirmed Tiscali Finance S.A.'s EUR209
million guaranteed notes at B-/RR2.


TYNE TUBE: Creditors' Meeting Slated for October 18
---------------------------------------------------
Creditors of Tyne Tube Services Limited (Company Number
02799915) will meet at 10:00 a.m. on Oct. 18 at:

         Bartfields (U.K.) Limited
         1 St. James' Gate
         Newcastle upon Tyne NE1 4AD
         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:

         Gerald Maurice Krasner
         Administrator
         Bartfields (U.K.) Limited
         Burley House
         12 Clarendon Road
         Leeds
         West Yorkshire LS2 9NF
         United Kingdom
         Tel: 0113 244 9051
         Fax: 0113 242 0098


ULTRA SHOTBLASTING: Appoints Liquidator from Coopers Young
----------------------------------------------------------
Zafar Iqbal of Coopers Young was appointed Liquidator of Ultra
Shotblasting Limited on Sept. 29 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Ultra Shotblasting Limited
         Kingsnorth Industrial Estate
         Hoo
         Rochester
         Kent ME3 9ND
         United Kingdom
         Tel: 01634 251 186
         Fax: 01634 253 805


VITAL MEDIA: Calls In Liquidator from B & C Associates
------------------------------------------------------
Jeffrey Mark Brenner of B & C Associates was appointed
Liquidator of Vital Media Limited on Sept. 27 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Vital Media Limited
         Winterhill House
         Station Approach
         Marlow
         Buckinghamshire SL7 1NT
         United Kingdom
         Tel: 01491 577 307


WRIGHT & COMPANY: Joint Liquidators Take Over Operations
--------------------------------------------------------
Richard Frank Simms and Steven Peter Ford were appointed Joint
Liquidators of Wright & Company (Northampton) Limited on
Sept. 25 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Wright & Company (Northampton) Limited
         39 Back Lane
         Chapel Brampton
         Northampton
         Northamptonshire NN6 8AJ
         United Kingdom
         Tel: 01858 466 794


* Neil Pigott Joins Brown Rudnick's London Restructuring Unit
-------------------------------------------------------------
Brown Rudnick, a premier international law firm, disclosed that
Neil Pigott has joined the firm as a partner in the Bankruptcy &
Finance Department in the London office.

The addition of Mr. Pigott is part of Brown Rudnick's strategic
plan to establish a resident London team to focus on corporate
reorganizations in Europe.  Mr. Pigott will augment the work of
Peter J.M. Declercq who joined the firm's London office in late
2005 to spearhead the firm's European Bankruptcy & Corporate
Restructuring practice.

Mr. Pigott has a global practice that focuses on corporate debt
restructuring, refinancings and workouts.  With a strong
background in general bank finance, Mr. Pigott represents hedge
funds, investment banks and other financial institutions that
are active in the distressed and restructuring markets.  He has
negotiated and documented many complex syndicated financings
under English and New York law, and has represented clients in
transactions in Europe, North America, the Middle East and Asia.
Additionally, Mr. Pigott has substantial experience in project,
acquisition and general cross-border finance.  He has also
represented investors and dealers in the sale and purchase of
distressed debt, claims and other assets.

"Neil is a strategic addition to our European Bankruptcy &
Corporate Restructuring practice," Joseph F. Ryan, Brown Rudnick
CEO, commented.  "His experience in bank finance complements
Peter Declercq's expertise in representing distressed investors.
Combined, their legal talents, business acumen and dedication to
client service will advance the firm's mission to focus on
European corporate reorganizations.  We welcome Neil to the
firm."

"Brown Rudnick has a world-leading Bankruptcy and Corporate
Restructuring practice noted for its high-level experience," Mr.
Pigott added.  As the firm continues to expand its geographic
reach, I welcome the opportunity to be a part of legal team with
such strong roots and a clear vision for the future."

                        About the Firm

Since the early 1980s, Brown Rudnick's Bankruptcy and Corporate
Restructuring Group has been among the pioneers representing
hedge funds and other high-yield investors and fund managers --
industry players that have brought an unprecedented level of
financial sophistication, innovation and aggressiveness to
bankruptcy cases and debt restructurings.

By offering a complementary legal perspective -- characterized
by high-level experience; focused, creative strategies; and an
interdisciplinary staffing approach - the firm assisted this
constituency in resshaping the dynamics of insolvency and
financial distress.

Over the past two decades, the breadth of the practice has
expanded to serve a wide range of clients in the restructuring
arena.  Today, the Bankruptcy and Corporate Restructuring Group
has a proud record and reputation, nationally and
internationally, as one of the leading bankruptcy practices.

Brown Rudnick has successfully represented an impressive list of
official and ad hoc committees, general unsecured creditors,
equity holders and other central parties in interest in many of
the largest and most complex Chapter 11 cases and out of court
proceedings.

The firm also offers significant incremental value to
institutional and private investors and fund managers in
structuring, negotiating, and documenting secondary market
transactions involving high-yield securities, as well as other
claims trading activities.

Brown Rudnick has represented more official and ad hoc
committees, over a longer period of time, in larger, more
complex cases, with better results than virtually any other firm
in the U.S.  Representative experience includes:

   -- Adelphia Communications/Ad Hoc Trade Claims Committee

   -- Budget/Official Creditors Committee

   -- Comdisco/Official Equity Committee

   -- Continental Airlines/Official Bondholders Committee

   -- Global Crossing/Official Creditors Committee

   -- Integrated Resources/Official Subordinated Bondholders
      Committee

   -- MCI/WorldCom/Ad Hoc MCI Trade Claims Committee

   -- Mirant Corporation/Official Equity Committee

   -- Owens Corning/Ad Hoc Securityholder Committee

   -- Trump Taj Mahal/Official Bondholders Committee

Brown Rudnick has also represented a number of principal
participants in a similarly impressive roster of cases
including:

   -- Calpine Corporation/First Lien Bondholders

   -- TWA/Competing Plan Sponsor

   -- United Airlines/Ad Hoc O'Hare Bondholder Committee

   -- XO Communications/Successful Plan Sponsor

Brown Rudnick -- http://www.brownrudnick.com/-- is an
international law firm with offices in the United States and
Europe.  Combining a strong global network with a dedication to
excellence, the firm achieves superior results through the
assembly of cross-disciplinary teams that design and execute
tailored solutions to suit client's needs.  The firm's attorneys
provide representation across key areas of the law: Bankruptcy &
Corporate Restructuring, Complex Litigation, Corporate &
Securities, Corporate Finance, Private Equity and Venture
Capital, M&A, Intellectual Property, Structured & Commercial
Finance, Energy, Real Estate, Government Law & Strategies, and
Health Care. For more information, please visit.

A founding member of the 40-country Law Firm Network, the firm
opened its London office in 1997 and its Dublin Office in 2002
to support a rapidly growing international practice.  These
offices work closely with the U.S. offices to better serve
European and other international clients seeking to expand their
businesses across international borders.


* BOOK REVIEW: The Global Bankers
---------------------------------
Author:     Roy C. Smith
Publisher:  Beard Books
Paperback:  405 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587980223/internetbankrupt

The Global Bankers is a fascinating book that examines global
banking activities as they were carried out on the eve of the
1990s from its three major centers: New York, London, and Tokyo.

The author, Roy C. Smith, says his goal in writing the book was
to "identify whom all these busy people are who practice global
banking today and what it is that they do."  He is one of those
busy people himself, having been a partner at Goldman, Sachs
before moving to academia.

First published in 1989, The Global Bankers discusses the
banking systems of the U.S., Europe, and Tokyo separately, but
always underscoring their interconnectedness.  Mr. Smith traces
the international development of the markets and highlights the
principal distinctions and most important and topical features
of each.

Throughout the book, Mr. Smith introduces terms and definitions
for the reader new to the field, but never in a condescending
way. (He includes a useful glossary as well.)  The introduction
looks at the global banking system from the point of view of a
fictitious but astute U.S. businessman who discovers how the
globalization of banking has extended the range of opportunities
available to him.

"George" learns all about merchant banks, banques d'affaires,
clearing banks, junk bonds, and collateralized mortgage
obligations.

The greater part of the book is made up of four sections
entitled "The Internationalization of American Finance,"
"Crusades in European Finance," "The Floating World of Japanese
Finance," with a final chapter called "Looking to the
Millenium."

Mr. Smith shows how the initial impetus to the tremendous growth
of financial assets and instruments of the late 20th century was
the burgeoning balance-of-payment deficits incurred by the U.S.
after World War II.

Once the U.S. halted sales of gold reserves to foreign dollar-
holders and the fixed-rate foreign-exchange system was abandoned
for a floating system, financial deregulation occurred in many
countries, and financial resources flowed to attractive
opportunities worldwide.

The next big challenge took the form of high oil prices, and in
1979 the U.S. Federal Reserve instituted money-supply controls,
with consequential high interest rates and acute volatility in
the markets for financial instruments and foreign exchange.

The 1980s heralded the era of the institutional investor/trader,
a financial boom, and then Oct. 19, 1987, when markets crashed
in New York, London, Frankfurt, Zurich, Sydney, Tokyo, and Hong
Kong. Much of the chapter on the U.S. is devoted to these
events.

Mr. Smith also examines innovative developments in European
finance during this same period, beginning with the rise of the
Eurobond market and including the free-market reconstruction of
the London Stock Exchange and the surprising resurgence of
pragmatic capitalism in socialist-leaning Europe.

Mr. Smith then attempts to demystify the financial customs of
the Japanese, and stresses the interdependence of the U.S. and
Japan.

Mr. Smith closes by identifying some trends and "megatrends,"
and with some predictions and admonitions for the subsequent
decade, the 1990s.  He was right on target with some of these,
and some go far toward explaining what is happening in the
markets right now.

Roy C. Smith is a professor of entrepreneurship, finance, and
international business at New York University.  Prior to 1987,
he was a General Partner of Goldman, Sachs & Co.

                           *********

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 * * *