TCREUR_Public/061016.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

           Monday, October 16, 2006, Vol. 7, No. 205    

                           Headlines

A U S T R I A

ANDREAS SCHLAGER: Leoben Court Orders Closing of Business
FMG: Creditors to Recover 26% of Claims
FRITZ KOELBL: Creditors to Recover 3.9% of Claim
GLAS +: Klagenfurt Court Orders Business Shutdown
H & K: Creditors to Recover 5.68% of Claims Under Plan

KOMPLEXBAU: Creditors to Recovery 17.5% of Claims


C Z E C H   R E P U B L I C

HEXION SPECIALTY: Mulls US$2 Billion Loan Refinancing
HEXION SPECIALTY: Refinancing Spurs Moody's to Affirm Ratings
HUGHES NETWORK: Moody's Assigns Loss-Given-Default Ratings


D E N M A R K

ADVANCED MEDICAL: Fitch Affirms & Withdraws Low B Ratings

* DENMARK: Minister Presents Parliament with Class Action Bill


F R A N C E

ARIZANT INC: Moody's Assigns Loss-Given-Default Ratings


G E R M A N Y

ALIXPARTNERS LLP: Completes Leveraged Recapitalization
APARTHOTEL AM HAUPTBAHNHOF: Creditors' Meeting Set for Oct. 18
ARGEIDS INBETRIEBNAHME: Claims Registration Ends October 23
BAUGESCHAFT DORGE: Claims Registration Ends October 23
BETONWERK WEGENER: Claims Registration Ends October 23

BHG FENSTER: Claims Registration Ends October 20
C'EST LA VIE: Claims Registration Ends October 23
DELF GMBH: Claims Registration Ends October 23
DSG DRUCKSERVICE: Claims Registration Ends October 20
HORST GOERZ: Claims Registration Ends October 20

INGENIEUR- UND HANDELS: Claims Registration Ends October 20
NOVA FOOD: Claims Registration Ends October 23
PEGA-BAU-MANAGEMENT: Claims Registration Ends October 23
SPECTRUM BRANDS: Moody's Assigns Loss-Given-Default Ratings
STELZNER AGRAR: Claims Registration Ends October 23

VR VEREINIGTE: Claims Registration Ends October 23


H U N G A R Y

MAGYAR TELECOM: Dividend Payment Spurs S&P to Revise Outlook
MASONITE CORP: Moody's Assigns Loss-Given-Default Ratings


I R E L A N D

ROYAL & SUN: Changes Operational Structure & Names Board Members


I T A L Y

HUGHES NETWORK: Moody's Assigns Loss-Given-Default Ratings
ROYAL & SUN: Changes Operational Structure & Names Board Members


K A Z A K H S T A N

AGROCONCERN VOSTOKHLEBPRODUCT: Creditors' Claims Due Nov. 15
ALMATYKURYLYS: Claims Registration Ends Nov. 14
KARSTROYSNAB-2004: Karaganda Court Starts Bankruptcy Procedure
LARUS-UNITUM: Creditors Must File Claims by Nov. 10
MATAY: Proof of Claim Deadline Slated for Nov. 10

RION: Creditors Must File Claims by Nov. 10
TECHNOSPETSSTROY: Proof of Claim Deadline Slated for Nov. 10
VOLFUS: Claims Filing Period Ends Nov. 10
VORONOV & K: Karaganda Court Opens Bankruptcy Proceedings


K Y R G Y Z S T A N

BESEDER: Proof of Claim Deadline Slated for Nov. 19
BISHKEKSPETSSTROY: Creditors' Claims Due Nov. 19


N E T H E R L A N D S

ORTHOFIX INT'L: Moody's Assigns Loss-Given-Default Ratings
PYATEROCHKA HOLDING: Acquires Metronom AG for US$200 Million
PYATEROCHKA HOLDING: Hikes 2006 Third-Quarter Sales by 11%


P O L A N D

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


R U S S I A

AMURSKAYA TRANSPORT: Court Names A. Kurdyukov to Manage Assets
BRILLIANT: Court Names A. Krylov as Insolvency Manager
BUILDING CENTRE: Court Starts Bankruptcy Supervision Procedure
DALNEVOSTOCHNAYA NATIONAL: O. Syskov to Manage Assets
GAZPROM OAO: Supplies First LNG Cargo to Republic of Korea

GOLDEN TELECOM: S&P Lifts Rating to BB on Strengthened Business
MAGNITOGORSK IRON: Earns US$588 Million for First Half 2006
MAGNITOGORSK IRON: S&P HikeS Rating to BB on Improved Finances
MEAT AND MILK: Court Names G. Chmutina as Insolvency Manager
MEGA: Court Names L. Shevarenkov as Insolvency Manager

MIKSI-FURNITURE: Court Names A. Kolpakov as Insolvency Manager
NEFTEKHIM-LEASING: Moscow Court Starts Bankruptcy Supervision
SHPAKOVSKIY: Court Starts Bankruptcy Supervision Procedure
PYATEROCHKA HOLDING: Hikes 2006 Third-Quarter Sales by 11%
SIVINSKIY: Perm Court Names I. Bagin as Insolvency Manager

SOSNOVOBORSKIY: Assets Sale Slated for October 27
SUAL GROUP: Hikes Nine-Month Output on Main Production Lines
TNK-BP: Requests for US$1-Billion Syndicated Loan
UDARNIK: Kirov Bankruptcy Hearing Slated for Jan. 16
VARGASHINSKIY FACTORY: Court Names S. Skryabin to Manage Assets

VOLGOGRADSKIY: Volgograd Bankruptcy Hearing Slated for Dec. 14
YAYVINSKIY: Court Names I. Bagin as Insolvency Manager


S P A I N

MILLS CORP: Completes US$988 Mln Asset Sale to Ivanhoe Cambridge


S W E D E N

HEXION SPECIALTY: Refinancing Spurs Moody's to Affirm Ratings


U K R A I N E

AUTOTRANS: Creditors Must File Claims by October 20
AVANGARD: Court Names Anatolij Leshenko as Insolvency Manager
BANGA: Kyiv Court Names Viktor Savinov as Insolvency Manager
FARMHELP: Creditors Must File Claims by October 20
FO-REST: Kyiv Court Names Nataliya Kovinko as Insolvency Manager

GORODOK ROAD-BUILDING 57: V. Vojtuk to Liquidate Assets
PYATEROCHKA HOLDING: Hikes 2006 Third-Quarter Sales by 11%
TNK-BP: Taps Four Banks to Arrange US$1-Billion Syndicated Loan
TUKAN: Kyiv Court Names Sergij Nesterenko as Insolvency Manager
UKRMASHIMPEKS: Creditors Must File Claims by October 20


U N I T E D   K I N G D O M

ADMIRAL CEILINGS: Claims Filing Period Ends Nov. 10
ADVANCED MEDICAL: Fitch Affirms & Withdraws Low-B Ratings
ADVANCE VAN: Appoints Joint Administrators from Mazars LLP
ALIXPARTNERS LLP: Completes Leveraged Recapitalization
ARIZANT INC: Moody's Assigns Loss-Given-Default Ratings

BIRMINGHAM TOOLING: Taps Administrators from Smith & Williamson
BRITANNIA I.T.: Brings In Administrators from Abbott Fielding
BUILDING DYNAMICS: Appoints Ruth Ellen Duncan as Administrator
CCL CASTINGS: Appoints Administrators from Wilkins Kennedy
CONVECO LIMITED: Appoints Kroll to Administer Assets

DAKCO PAVING: Liquidator Sets Dec. 31 Claims Bar Date
DAMOVO GROUP: Weak Liquidity Prompts S&P to Cut Rating to CCC+
DEE ELECTRICAL: Creditors Confirm Liquidators' Appointment
DIAMOND BUSINESS: Names Gagen Dulari Sharma Liquidator
E M RECRUITMENT: Brings In SFP as Joint Administrators

EPICUREAN BRASSERIES: Brings In Moore Stephens as Administrators
ERLANG LIMITED: Brings In Mazars LLP to Administer Assets
EXTRAORDINARY EVENTS: Taps Andrew Fender to Liquidate Assets
FEDERAL-MOGUL: Underwriters to Reply on Travelers' Objection
FEDERAL-MOGUL: Insurers Want Dresser Case Heard in State Court

FINDOKE LIMITED: Brings In Liquidator from Wilkins Kennedy
FORD MOTOR: Starting Buyout Offers for U.S. Workers This Week
FORD MOTOR: Faulty Door Latches Prompt Recall of 145,000 Cars
GADGETS U.K.: Claims Registration Ends Oct. 27
GRAFFITI ART: Hires Lloyd Biscoe to Liquidate Assets

GILLAN CONTRACTORS: Calls In Liquidator from Maidment Judd
H.W. P.V.C.: Creditors' Claims Due Nov. 8
HOLIDAY INDEX: N. A. Bennett Leads Liquidation Procedure
IDENTITY PUBLIC: Taps Liquidator from B & C Associates
INCO LTD: CVRD Extends Expiry Date for Inco Tender Offer

INCO LTD: Union Steelworkers Ratify Agreement with Voisey's Bay
INTERACTIVE DIGITAL: Taps Administrators from Rothman Pantall
ISLE OF CAPRI: Hayground Cove Buys 5.53% Equity Stake
ISLE OF CAPRI: Stockholders' Meeting Set for October 26
ISLE OF CAPRI: To Own 13.8% Interest in Singapore Project

JACUZZI BRANDS: Moody's Assigns Loss-Given-Default Rating
JACUZZI BRANDS: Acquisition Cues Moody's to Review Ratings
JRW-HARRISON: Names Malcolm Edward Fergusson Liquidator
LAPISTOR LIMITED: Brings In BDO Stoy to Administer Assets
MCBRIDE DRY: Appoints Martin Henry Linton as Liquidator

MIDLAND TOYS: National Westminster Appoints PwC as Receivers
MILLS CORP: Completes US$988 Mln Asset Sale to Ivanhoe Cambridge
MORTGAGE MASTERS: Brings In Kian Seng Tan to Liquidate Assets
PHOENIX RADIO: Joint Liquidators Take Over Operations
PROTEIN PRODUCTS: Nominates Susan Purnell as Liquidator

RAY RADFORD: Claims Filing Period Ends Nov. 16
REFCO INC: Files Amended Plan & Disclosure Statement in New York
REFCO INC: Wants Solicitation & Tabulation Procedures Set
REFCO INC: Ch. 7 Trustee Wants Rogers Funds Claims Pact Approved
ROYAL & SUN: Changes Operational Structure & Names Board Members

RS PRESS: Creditors' Claims Due Jan. 15
SD PRECISION: Appoints David Hill to Liquidate Assets
SEA CONTAINERS: Files for Bankruptcy Protection in Delaware
SEA CONTAINERS: Case Summary & 20 Largest Unsecured Creditors
SHAW GROUP: Plans to Join Toshiba in Westinghouse Acquisition

SHAW GROUP: Unit Prices JPY128.98 Billion Limited-Recourse Bonds
SOLUTIA INC: Gets Bridge Order on Exclusive Plan Filing Period
STITCH 9: Claims Registration Ends Nov. 17
STUART JOHNSON: Creditors Confirm Voluntary Liquidation
TIM BUTLER: T. Papanicola Leads Liquidation Procedure

TYNESIDE LEATHERCRAFTS: Hires Liquidator from Tenon Recovery
WATERBOARD LIMITED: Taps Liquidator from Begbies Traynor
WHITE TOWER: Names Roderick Graham Butcher as Administrator

* Moody's Sees Improved Prime Auto Net Loss & Delinquency Rates

                            *********

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


ANDREAS SCHLAGER: Leoben Court Orders Closing of Business
---------------------------------------------------------
The Land Court of Leoben entered an order Sept. 4 closing the
business of LLC Andreas Schlager (FN 186550p).  Court-appointed
property manager Gernot Prattes determined that the continuing
operation of the business would reduce the value of the estate.

The property manager can be reached at:

         Dr. Gernot Prattes
         Schinitzgasse 7
         8605 Kapfenberg, Austria
         Tel: 03862-22161
         Fax: 03862-22161-10
         E-mail: info@zsizsik.at                  

Headquartered in Bruck an der Mur, Austria, the Debtor declared
bankruptcy on Aug. 29 (Bankr. Case No. 17 S 65/06m).  


FMG: Creditors to Recover 26% of Claims
---------------------------------------
The Land Court of Graz approved Aug. 29 the final decision on
allocation of Wolfgang Reinisch, the court-appointed property
manager of LLC FMG (FN 243321a).

Under the property manager's project by final allocation,
creditors will recover 26% of their claims.

Headquartered in Mureck, Austria, the Debtor declared bankruptcy
on July 22, 2005 (Bankr. Case No. 26 S 85/05b).

The property manager can be reached at:

         Dr. Wolfgang Reinisch
         Main Place 28
         8430 Leibnitz, Austria
         Tel: 0316/83296
         Fax: 0316/83296-20
         E-mail: leibnitz@reinisch-wisiak.at


FRITZ KOELBL: Creditors to Recover 3.9% of Claim
------------------------------------------------
The Land Court of Linz approved Sept. 4 the final decision on
allocation of Martin Hengstschlager, the court-appointed
property manager of KG Fritz Koelbl (FN 22486v), on Sept. 4.

Under the property manager's project by final allocation,
creditors will recover 3.9% of their claims.

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Dec. 15, 2005 (Bankr. Case No. 12 S 108/05b).  

The property manager can be reached at:

         Mag. Martin Hengstschlager
         Fadingerstrasse 2
         4020 Linz, Austria
         Tel: 78 40 80 -0
         Fax: 78 40 80-4
         E-mail: office@hengstschlaeger-lindner.at  


GLAS +: Klagenfurt Court Orders Business Shutdown
-------------------------------------------------
The Land Court of Klagenfurt entered an order Sept. 4 shutting
down the business of LLC Glas + (FN 98923a).  Court-appointed
property manager Annemarie Kosesnik-Wehrle determined that the
continuing operation of the business would reduce the value of
the estate.

The property manager can be reached at:

         Dr. Gerd Tschernitz
         Waaggasse 18/2
         9020 Klagenfurt, Austria
         Tel: 0463/50 555
         Fax: 0463/505566
         E-mail: kanzlei@ra-tschernitz.at

A creditors' meeting is scheduled at 9 a.m. today to consider
the adoption of the rule by revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Klagenfurt
         Hall 225
         2nd Floor
         Klagenfurt, Austria

Headquartered in Pischeldorf, Austria, the Debtor declared
bankruptcy on Aug. 31 (Bankr. Case No. 41 S 94/06f).  


H & K: Creditors to Recover 5.68% of Claims Under Plan
------------------------------------------------------
The Land Court of Innsbruck will close the bankruptcy case of
LLC H & K (FN 136471 v) following the Debtor's final
distribution to creditors.

The court-appointed property manager, Dr. Gerhard Zanier,
submitted a draft on the property allocation to the court on
Aug. 2.  Under the proposal, creditors will recover 5.68% on
account of their claim.

Headquartered in Kirchberg, Austria, the Debtor declared
bankruptcy on June 25, 2003 (Bankr. Case No. 19 S 106/03s).  

The property manager can be reached at:

         Dr. Gerhard Zanier
         Josef Pirchl Road 17
         6370 Kitzbuehel, Austria
         Tel: 05356/62323
         Fax: 05356/62021
         E-mail: ra.zanier@netwing.at


KOMPLEXBAU: Creditors to Recovery 17.5% of Claims
-------------------------------------------------
The Trade Court of Vienna approved Sept. 4 the final decision on
allocation of Edmund Roehlich, the court-appointed property
manager of LLC Komplexbau (FN 215441a).

Under the property manager's project by final allocation,
creditors will recover 17.50% of their claims.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 15, 2005 (Bankr. Case No. 3 S 119/05b).  Richard Proksch
represents Dr. Roehlich in the bankruptcy proceedings.

The property manager can be reached at:

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


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


HEXION SPECIALTY: Mulls US$2 Billion Loan Refinancing
-----------------------------------------------------
Hexion Specialty Chemicals Inc. is offering to purchase for
cash:

   -- any and all of the outstanding US$150,000,000
      principal amount at maturity of Second-Priority
      Senior Secured Floating Rate Notes due 2010
      (CUSIP No. 07329WAA6);

   -- any and all of the outstanding US$150,000,000
      principal amount at maturity of Second-Priority
      Senior Secured Floating Rate Notes due 2010
      (CUSIP No. 428303AA9); and

   -- any and all of the outstanding US$325,000,000
      principal amount at maturity of 9% Second-Priority
      Senior Secured Notes due 2014 issued by
      Hexion U.S. Finance Corp. and Hexion Nova Scotia
      Finance, ULC, in each case, on the terms and subject to
      the conditions set forth in the Offer to Purchase
      and Consent Solicitation Statement dated Oct. 12 and
      the accompanying Letter of Transmittal and Consent.  

Hexion is also soliciting consents to eliminate most of the
restrictive covenants and the Liens in the indentures under
which the Notes were issued.

                       Loan Refinancing

Hexion expects to enter into a new US$2 billion term loan
facility and a new US$50 million synthetic letter of credit
facility, which will replace its May 2006 term loan and
synthetic letter of credit facilities.  

Hexion will continue to have access to its current five-year
US$225 million revolving credit facility.  In addition, Hexion
expects to raise US$825 million of senior secured debt in
connection with its offer to purchase the Notes.  

                       Dividend Payment

Hexion intends to use US$500 million of the additional cash
available under its new credit facilities and from the Secured
Debt Financing to pay a common stock dividend to its
shareholders and the balance of the proceeds to pay for the
Notes repurchased in the Tender Offers.  

Hexion has filed an application with the U.S. Securities &
Exchange Commission for the withdrawal of its registration
statement on Form S-1 (Registration No. 333-124287), relating to
its planned initial public offering.  The Company's request is
based on the fact that it has decided not to proceed with the
offering.  The Registration Statement was never declared
effective and no securities of the Company were sold in
connection with the offering.

The total consideration for each US$1,000 principal amount of
the 2005 Floating Rate Notes tendered and accepted for purchase
pursuant to the tender offer will be US$1,023.  

The total consideration for each US$1,000 principal amount of
the 2004 Floating Rate Notes will be US$1,022.50.  

The total consideration for the 9% Notes tendered and accepted
for purchase pursuant to the tender offer will be determined as
specified in the Offer Documents, on the basis of a yield to the
first redemption date equal to the sum of the yield (based on
the bid side price) of the 3.625% U.S. Treasury Security due
July 15, 2009, as calculated by Credit Suisse Securities (USA)
LLC in accordance with standard market practice on the Price
Determination Date, as described in the Offer Documents, plus a
fixed spread of 50 basis points.

Hexion will pay accrued and unpaid interest up to, but not
including, the applicable payment date.  Each holder who validly
tenders its Notes and delivers consents on or prior to Oct. 24
2006 shall be entitled to a consent payment, which is included
in the total consideration above, of US$30 for each US$1,000
principal amount of Notes tendered by such holder if such Notes
are accepted for purchase pursuant to the tender offers.  

Holders who tender after the Consent Date, but prior to the
Expiration Date, will receive the total consideration minus the
consent payment.  Holders who tender Notes are required to
consent to the proposed amendments to the indentures and the
collateral agreements.

The tender offers by Hexion will expire at midnight, New York
City time, on Nov. 8, unless extended or earlier terminated by
Hexion.  The consent solicitations will expire on Oct. 24 unless
extended.

Tenders of Notes prior to the Consent Date may be validly
withdrawn and consents may be validly revoked at any time prior
to the Consent Date, but not thereafter unless the tender offers
and the consent solicitations are terminated without any Notes
being purchased.  Hexion reserves the right to terminate,
withdraw or amend the tender offers and consent solicitations at
any time subject to applicable law.

Hexion expects to pay for any Notes purchased pursuant to its
tender offer and consent solicitation in same-day funds on a
date promptly following the expiration of its tender offer.  In
addition, Hexion may accept and pay for any Notes at any time
after the Consent Date, in its sole discretion.

Hexion's tender offer is subject to the conditions set forth in
the Offer Documents including the receipt of consents of the
noteholders representing a majority in aggregate principal
amount of the Notes issued under each Indenture and is
conditioned upon Hexion obtaining the financing necessary to pay
for the Notes and consents in accordance with the terms of the
tender offers and consent solicitations.

Hexion has retained Credit Suisse Securities (USA) LLC to act as
Dealer Manager in connection with the tender offers and consent
solicitations.  

The tender offers and consent solicitations are being made
solely by means of the Offer Documents.  Under no circumstances
shall this press release constitute an offer to purchase or the
solicitation of an offer to sell the Notes or any other
securities of Hexion.  It also is not a solicitation of consents
to the proposed amendments to the indentures and the collateral
agreements.  No recommendation is made as to whether holders of
the Notes should tender their Notes or give their consent.

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or   
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
Company has 86 manufacturing and distribution facilities in 18
countries.

                          *     *     *

As reported in the Troubled Company Reporter on May 4, Standard
& Poor's Ratings Services assigned its 'B+' rating and its
recovery rating of '3' to Hexion Specialty's US$1.675 billion
senior secured term loan and synthetic letter of credit
facilities.

The rating on the existing US$225 million revolving credit
facility was lowered to 'B+' with a recovery rating of '3', from
'BB-' with a recovery rating of '1', to reflect the similar
security package as the new term loan and synthetic letter of
credit facility.

The ratings on the existing senior second secured notes were
raised to 'B', with a recovery rating of '3', from 'B-' with a
recovery rating of '5'.  The ratings on the senior second
secured notes reflect the amount of priority claims of the
revolving facility and the first-lien term loan lenders.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating on Hexion and revised the outlook to stable from
negative.


HEXION SPECIALTY: Refinancing Spurs Moody's to Affirm Ratings
-------------------------------------------------------------
Moody's Investors Service affirmed the-long term debt ratings of
Hexion Specialty Chemicals Inc. and changed the outlook on
Hexion's ratings to stable from positive following the company's
announcement that it plans to increase the size of its term loan
to US$2 billion and refinance its second lien notes, increasing
the outstanding amount by US$200 million.  Hexion will use the
additional proceeds to pay a US$500 million dividend to its
existing shareholders.  

The changes to the capital structure will likely change the Loss
Given Default assessments for Hexion's rated debt and may cause
the ratings of the second lien debt and the company's small
pollution control revenue bonds to be downgraded by one notch
(any second lien stub notes may fall by more than notch
depending on the revised convenants); this will be determined
once the final structures and documentation are reviewed.

Moody's also affirmed the company's SGL-2 speculative grade
liquidity rating, but this is also subject to change depending
on the covenants in the new credit facility.

The B2 corporate family rating of Hexion reflects:

   -- elevated leverage on a historical EBITDA basis,

   -- the expectation that cash flows will be reduced by
      pension contributions and ongoing restructuring costs,

   -- integration risk due to the pace of additional
      tuck-in acquisitions, and

   -- concern over financial metrics in the trough of the cycle.  

Hexion has significant pension liabilities and modest litigation
exposure, which is unusual for a highly leveraged company.

The ratings benefit from:

   -- the company's size, product diversity,

   -- global operations, and

   -- the anticipation of significant
      additional synergies.  

The management expects to generate additional synergies of more
than US$100 million from the original merger and subsequent
acquisitions.  

The company's metrics would map to the upper end of the "B"
rating category using Moody's Chemical Industry ratings
methodology.  However, the pro forma averages may not adequately
reflect the company's through-the-cycle performance.

The stable outlook reflects the continuing solid operating
environment for thermoset resins that has resulted in
substantial earnings growth over the past year and the
expectation that trailing debt to EBITDA (excluding one-time
extraordinary items) will remain elevated at over 5x and free
cash flow to debt (excluding restructuring costs) will remain
below 5% over the next two years.  Moody's believes that 2006
EBITDA will be in excess of US$525 million excluding pro forma
adjustments for ongoing acquisitions and planned synergies.

Hexion Specialty Chemicals, Inc., headquartered in Columbus,
Ohio is a leading producer of commodities such as formaldehyde,
bisphenol A and epichlorhydrin, as well as formaldehyde-based
thermoset resins, epoxy resins, and versatic acid and its
derivatives.  The company is also a supplier of specialty resins
for inks and specialty coatings sold to a very diverse customer
base.  Hexion was formed from the merger of Borden Chemicals
Inc., Resolution Performance Products LLC, Resolution Specialty
Material LLC and the Bakelite Group.  The company reported sales
of US$4.8 billion on a LTM basis ending June 30, 2006.


HUGHES NETWORK: 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 North American Towers & Satellites sector,
the rating agency confirmed its B1 Corporate Family Rating for
Hughes Network Systems LLC.  Additionally, Moody's revised or
held its probability-of-default ratings and assigned loss-given-
default ratings on these debts:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. R/C 2011    Ba3      Ba1      LGD1     2%

   Sr. Unsec.
   Notes 2014           B1       B1       LGD4     53%

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 Germantown, Maryland, Hughes Network Systems
LLC -- http://www.hughes.com/-- provides broadband satellite  
networks and services for large enterprises, governments, small
businesses, and consumers.  Hughes offers complete turnkey
solutions, including program management, installation, training,
maintenance and support-for professional and rapid deployment
anywhere, worldwide.  The company owns and operates a global
base of HughesNet shared hub services throughout the United
States, Brazil, China, Europe, and India.  In Europe, Hughes
maintains operations facilities and/or sales offices in Germany,
U.K., Italy, Czech Republic, and Russia.     


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D E N M A R K
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ADVANCED MEDICAL: Fitch Affirms & Withdraws Low B Ratings
---------------------------------------------------------
Fitch affirms the senior secured credit facility, the Issuer
Default Rating, the senior subordinated convertible debt
ratings, and the Stable Rating Outlook of Advanced Medical
Optics, Inc.  In addition, Fitch simultaneously withdraws all
ratings for this issuer.  The withdrawn ratings are:

   -- Issuer Default Rating 'B+';
   -- Senior secured credit facility 'BB+/RR1';
   -- Senior subordinated convertible debt 'B+/RR4'.


* DENMARK: Minister Presents Parliament with Class Action Bill
--------------------------------------------------------------
Denmark's Minister of Justice Lene Espersen has presented a bill
to parliament that would allow filing of class actions in the
country, The Copenhagen Post reports.

Class actions, which permit people with identical claims to sue
collectively, will help consumers with complaints too small to
otherwise warrant an individual trial, according to Mr.
Espersen.  He adds that consumers should be able to find
strength in numbers when they feel cheated.

Despite business groups' concern over the introduction of this
type of litigation, Mr. Espersen believes that it would make it
possible for consumers to seek justice in cases that would
otherwise be too expensive to pursue on an individual basis.

Additionally, the justice minister pointed out that class
actions would be "a very effective tool to ensure that groups of
consumers with similar complaints can band together to take on a
company they believe has sold a product that doesn't work."

Still, companies led by the Confederation of Danish Industries,
worry that introducing such lawsuits will force them to
unnecessarily settle out of court in order to avoid drawn out
court battles.


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


ARIZANT INC: 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, the rating agency downgrade its B2 Corporate
Family Rating for Arizant Inc to B3.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior secured
   revolving credit
   facility due 2009       B2       B2     LGD3        35%

   Senior secured
   term loan due 2010      B2       B2     LGD3        35%

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

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

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

Headquartered in Minneapolis, Minnesota, Arizant Inc.
-- http://www.augustinemedical.com/-- manufactures  
perioperative temperature management products.  Its three
product lines include disposable warming blankets used during
surgery, fluid warming devices, and disposable hospital warming
gowns.  The company generates largely recurring revenue because
disposable products, which account for more than 90% of its
sales, are used with its growing installed base of fixed
warming units.  The company maintains operations in France,
Germany and the United Kingdom.


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


ALIXPARTNERS LLP: Completes Leveraged Recapitalization
------------------------------------------------------
AlixPartners LLP has completed a recapitalization in which
affiliates of Hellman & Friedman LLC made a significant
investment in the firm and AlixPartners' 81 managing directors,
along with the remainder of its more than 500 employees, also
gained a considerable stake in the enterprise.  Together, they
now hold a majority interest in the private firm.  

Jay Alix, who founded the firm in 1981, remains as co-chairman
and continues to hold a substantial equity interest in the firm.  
The other co-chairman is Philip Hammarskjold of Hellman &
Friedman.  Michael Grindfors continues as CEO.

Under terms of the agreement, each of AlixPartners' managing
directors was given the opportunity to roll over some of the
value of his or her existing interests in the firm into new
equity in the recapitalized organization.   All elected to do
so.  In addition, all current employees other than managing
directors will participate in a "phantom equity" program.  

"This transition in the firm's ownership will help prepare for
the next phase of AlixPartners' growth and global expansion,"
said Mr. Grindfors.  "I'm particularly pleased that every single
MD has decided to join in the recapitalization.  That
demonstrates our team's strong commitment to our business and
our future."

At the time the recapitalization was announced, on Aug. 4, the
firm noted that it has enjoyed 25 years of uninterrupted revenue
growth.  In the last ten years, AlixPartners has grown from two
offices in the U.S. to 12 offices in North America, Europe and
Asia, with affiliations in South America and Australia, and has
achieved organic growth averaging more than 30 percent annually
during that time.  More than half of its revenue today comes
from providing services to healthy companies seeking performance
improvement, IT transformation and financial advisory services.  

                   About Hellman & Friedman

Headquartered in San Francisco, CA, U.S.A., Hellman & Friedman
LLC -- http://www.hf.com/-- focuses on investing in superior  
business franchises and as a value-added partner to management
in select industries including financial services, professional
services, asset management, software and information, media and
energy.  Recent investments include: Activant Solutions Inc.,
Artisan Partners Limited Partnership, DoubleClick, Inc.,
Gartmore Investment Management plc, GeoVera Insurance Group
Holdings, Ltd., LPL Holdings, Inc., Mondrian Investment
Partners, Ltd., The Nasdaq Stock Market, Inc. (NDAQ), Texas
Genco LLC, Vertafore, Inc. and VNU N.V.

                     About AlixPartners LLP

AlixPartners LLP -- http://www.alixpartners.com/-- provides  
business consulting and advisory firm services in five areas:
consulting services financial advisory; performance improvement;
turnaround and restructuring; case management; and information
technology.

The firm has more than 500 employees, with offices in Chicago,
Dallas, Detroit, Duesseldorf, London, Los Angeles, Milan,
Munich, New York, Paris, San Francisco and Tokyo.  


                           *    *    *

As reported in TCR-Europe on Oct. 9, Standard & Poor's Ratings
Services assigned its 'BB-' corporate credit rating and stable
outlook to Southfield, Michigan-based business consulting firm
AlixPartners LLP.

At the same time, S&P assigned its 'BB-' bank loan rating and
recovery rating of '3' to AlixPartners' US$435 million senior
secured credit facility, indicating an expectation of meaningful
(50%-80%) recovery of principal in the event of a payment
default.  The credit facility consists of a US$50 million
revolving credit facility due 2012 and a US$385 million term
loan B due 2013.

Moody's Investors Service assigns a B1 first time rating to
AlixPartners LLP proposed US$435 million senior secured credit
facility -- US$385 million term loan and US$50 million revolver
-- and a B1 corporate family rating.  The ratings for the
secured credit facility 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 LGD 3 for the credit facility.  The
rating outlook is stable.


APARTHOTEL AM HAUPTBAHNHOF: Creditors' Meeting Set for Oct. 18
--------------------------------------------------------------
The court-appointed provisional administrator Aparthotel Am
Hauptbahnhof GmbH, Ruediger Wienberg, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:40 a.m. on Oct. 18.

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

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

The Court will also verify the claims set out in the
administrator's report at 11:35 a.m. on Jan. 17, 2007, at the
same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Aparthotel Am Hauptbahnhof GmbH on Aug. 31.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Aparthotel Am Hauptbahnhof GmbH
         Strasse der Pariser Kommune 20
         10243 Berlin, Germany

The administrator can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin, Germany

         
ARGEIDS INBETRIEBNAHME: Claims Registration Ends October 23
-----------------------------------------------------------
Creditors of ARGEids Inbetriebnahme GmbH & Co. KG have until
Oct. 23 to register their claims with court-appointed
provisional administrator Susanne Fichna.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Nov. 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 Fuerth
         Room 3
         Ground Floor
         Office Building
         Baumenstrasse 32
         Fuerth, 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 Fuerth opened bankruptcy proceedings
against ARGEids Inbetriebnahme GmbH & Co. KG on Aug. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ARGEids Inbetriebnahme GmbH & Co. KG
         Lerchenstr. 14
         91315 Hoechstadt/Aisch, Germany

The administrator can be contacted at:

         Susanne Fichna
         Merckstr. 5
         91522 Ansbach, Germany
         Tel: 0981/9531960
         Fax: 0981/9531969


BAUGESCHAFT DORGE: Claims Registration Ends October 23
------------------------------------------------------
Creditors of Baugeschaft Dorge & Peter GmbH have until Oct. 23
to register their claims with court-appointed provisional
administrator Florian Stapper.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 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 Leipzig
         Hall 145
         Leipzig, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Leipzig opened bankruptcy proceedings
against Baugeschaft Dorge & Peter GmbH on Sept. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Baugeschaft Dorge & Peter GmbH
         Attn: Klaus Peter, Manager
         Waage 11
         04416 Markkleeberg, Germany

The administrator can be contacted at:

         Dr. Florian Stapper
         Karl-Heine-Road 16
         04229 Leipzig, Germany


BETONWERK WEGENER: Claims Registration Ends October 23
------------------------------------------------------
Creditors of Betonwerk Wegener Nachfolger GmbH have until
Oct. 23 to register their claims with court-appointed
provisional administrator Justus Schneidewind.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Nov. 27 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder), 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 Frankfurt (Oder) opened bankruptcy
proceedings against Betonwerk Wegener Nachfolger GmbH on Sept.
1.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be contacted at:

         Betonwerk Wegener Nachfolger GmbH
         Wegener Str. 11
         16348 Wandlitz, Germany

The administrator can be contacted at:

         Justus Schneidewind
         Eisenhartstrasse 1
         14469 Potsdam, Germany


BHG FENSTER: Claims Registration Ends October 20
------------------------------------------------
Creditors of BHG Fenster- und Tueren Handelsgesellschaft mbH
have until Oct. 20 to register their claims with court-appointed
provisional administrator Werner Poehlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 4 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ingolstadt
         Meeting Room 28 I
         Schrannenstr. 3
         85049 Ingolstadt, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Ingolstadt opened bankruptcy proceedings
against BHG Fenster- und Tueren Handelsgesellschaft mbH on
Aug. 31.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         BHG Fenster- und Tueren Handelsgesellschaft mbH
         Attn: Oswald Hoelzl and Josef Schmid, Managers
         Schuetterlettenweg 4
         85053 Ingolstadt, Germany

The administrator can be contacted at:

         Dr. Werner Poehlmann
         Kaufingerstrasse 9
         80331 Munich, Germany
         Tel: 089/23806-250
         Fax: 089/23806-255


C'EST LA VIE: Claims Registration Ends October 23
-------------------------------------------------
Creditors of C'EST LA VIE Mercado Textilhandels GmbH & Co. KG
have until Oct. 23 to register their claims with court-appointed
provisional administrator Gregor Schoene.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 21 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 Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt, 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 Tostedt opened bankruptcy proceedings
against C'EST LA VIE Mercado Textilhandels GmbH & Co. KG on
Aug. 23.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         C'EST LA VIE Mercado Textilhandels GmbH & Co. KG
         Ottensener Hauptstr. 10
         22765 Hamburg, Germany

         Attn: Ralf Brunnecker, Manager
         Brahmhof 35
         21224 Rosengarten, Germany

The administrator can be contacted at:

         Gregor Schoene
         Albert-Einstein-Ring 15
         D-22761 Hamburg, Germany
         Tel: 040/897186-0
         Fax: 040/897186-11


DELF GMBH: Claims Registration Ends October 23
----------------------------------------------
Creditors of Delf GmbH have until Oct. 23 to register their
claims with court-appointed provisional administrator Johannes
Zimmermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 21 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 Uelzen
         Hall 1
         Main Building
         Fritz Roever Road 5
         29525 Uelzen, 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 Uelzen opened bankruptcy proceedings
against Delf GmbH on Aug. 25.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Delf GmbH
         Attn: Wilhelm Delf, Manager
         Teeberg 20
         29581 Gerdau, Germany

The administrator can be contacted at:

         Johannes Zimmermann
         Ringstrasse 9
         29525 Uelzen, Germany
         Tel: 0581/90100
         Fax: 0581/901020


DSG DRUCKSERVICE: Claims Registration Ends October 20
-----------------------------------------------------
Creditors of DSG Druckservice Goerz GmbH u. Co. KG have until
Oct. 20 to register their claims with court-appointed
provisional administrator Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 25 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, Germany
      
The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Dec. 13, at the same
venue.

The District Court of Dortmund opened bankruptcy proceedings
against DSG Druckservice Goerz GmbH u. Co. KG on Sept. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         DSG Druckservice Goerz GmbH u. Co. KG
         Attn: Juergen Saal, Manager
         Goorweg 14
         59075 Hamm, Germany

The administrator can be contacted at:

         Dr. Christoph Schulte-Kaubruegger
         Rheinlanddamm 199
         44139 Dortmund, Germany


HORST GOERZ: Claims Registration Ends October 20
------------------------------------------------
Creditors of Horst Goerz Vermoegensverwaltungs GmbH have until
Oct. 20 to register their claims with court-appointed
provisional administrator Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on Oct. 25 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, Germany
      
The Court will also verify the claims set out in the
administrator's report at 9:15 a.m. on Dec. 13, at the same
venue.

The District Court of Dortmund opened bankruptcy proceedings
against Horst Goerz Vermoegensverwaltungs GmbH on Sept. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Horst Goerz Vermoegensverwaltungs GmbH
         Attn: Juergen Saal, Manager
         Goorweg 14
         59075 Hamm, Germany

The administrator can be contacted at:

         Dr. Christoph Schulte-Kaubruegger
         Rheinlanddamm 199
         44139 Dortmund, Germany
         

INGENIEUR- UND HANDELS: Claims Registration Ends October 20
-----------------------------------------------------------
Creditors of Ingenieur- und Handelsgesellschaft mbH Weiss und
Co. have until Oct. 20 to register their claims with court-
appointed provisional administrator Bert Buske.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 15 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 Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, 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 Potsdam opened bankruptcy proceedings
against Ingenieur- und Handelsgesellschaft mbH Weiss und Co. on
Aug. 24.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Ingenieur- und Handelsgesellschaft mbH Weiss und Co.
         Village Square 7
         14532 Stahnsdorf, Germany

The administrator can be contacted at:

         Bert Buske
         Alt Nowawes 67
         14482 Potsdam, Germany


NOVA FOOD: Claims Registration Ends October 23
----------------------------------------------
Creditors of Nova Food Handelsgesellschaft mbH have until
Oct. 23 to register their claims with court-appointed
provisional administrator Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 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 Nova Food Handelsgesellschaft mbH on Aug. 29.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Nova Food Handelsgesellschaft mbH
         Attn: Ziyani Oezyavas Bocholt, Manager
         Hofkamp 2
         48599 Gronau, Germany

The administrator can be contacted at:

         Andreas Sontopski
         Gnoiener Place 1
         48493 Wettringen, Germany


PEGA-BAU-MANAGEMENT: Claims Registration Ends October 23
--------------------------------------------------------
Creditors of Pega-Bau-Management GmbH have until Oct. 23 to
register their claims with court-appointed provisional
administrator Christian Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 27 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder), 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 Frankfurt (Oder) opened bankruptcy
proceedings against Pega-Bau-Management GmbH on Aug. 28.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Pega-Bau-Management GmbH
         Humboldtstr. 5
         16341 Panketal, Germany

The administrator can be contacted at:

         Christian Graf Brockdorff
         Breite Strasse 9 A
         14467 Potsdam, Germany
         

SPECTRUM BRANDS: 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 US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its B3
Corporate Family Rating for Spectrum Brands.

Additionally, Moody's revised and held its probability-of-
default ratings and assigned loss-given-default ratings on these
loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$300 million
   Revolving Credit     B2       B1       LGD2     27%

   US$1.143 billion
   Term Loan            B2       B1       LGD2     27%

   US$700 million
   Sr. Sub. Notes       Caa2     Caa2     LGD5     82%

   US$350 million
   Sr. Sub. Notes       Caa2     Caa2     LGD5     82%

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

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

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

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products  
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company's European
headquarters is located at Sulzbach, Germany.


STELZNER AGRAR: Claims Registration Ends October 23
---------------------------------------------------
Creditors of Stelzner Agrar-Fachberatungsgesellschaft mbH have
until Oct. 23 to register their claims with court-appointed
provisional administrator Steffen Goede.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 16 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Nuernberg
         Meeting Room 126/I
         Flaschenhofstr. 35
         Nuernberg, 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 Nuernberg opened bankruptcy proceedings
against Stelzner Agrar-Fachberatungsgesellschaft mbH on Aug. 29.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Stelzner Agrar-Fachberatungsgesellschaft mbH
         Attn: Manfred Stelzner, Manager
         Steinfeldstrasse 15
         90425 Nuernberg, Germany

The administrator can be contacted at:

         Dr. Steffen Goede
         Peuntgasse 3
         90402 Nuernberg, Germany
         Tel: 0911/27980-0
         Fax: 0911/27980-90


VR VEREINIGTE: Claims Registration Ends October 23
--------------------------------------------------
Creditors of VR Vereinigte Steuerberatungsgesellschaft mbH have
until Oct. 23 to register their claims with court-appointed
provisional administrator Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 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 Hanover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover, 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 Hanover opened bankruptcy proceedings
against VR Vereinigte Steuerberatungsgesellschaft mbH on
Aug. 30.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         VR Vereinigte Steuerberatungsgesellschaft mbH
         Attn: Frauke Kuklau, Manager
         Schiffgraben 20
         30159 Hannover, Germany

The administrator can be contacted at:

         Helge Wachsmuth
         Alexanderstr. 2
         30159 Hanover, Germany
         Tel: 0511/325095
         Fax: 0511/329934


=============
H U N G A R Y
=============


MAGYAR TELECOM: Dividend Payment Spurs S&P to Revise Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Hungarian fixed-line telecommunications operator Magyar Telecom
B.V. (Invitel Zrt.) to negative from stable, owing to its plans
to issue debt to pay further dividends.  At the same time, the
'B+' long-term corporate credit rating on the company was
affirmed.
     
"The outlook revision follows Invitel's announcement that a
newly created holding company, Invitel Holding N.V., intends to
issue EUR125 million of floating rate pay-in-kind (PIK) notes,
due 2013, to be used as a further dividend distribution to
private equity shareholders," said Standard & Poor's credit
analyst Matthias Raab.  "This signals a more aggressive than
expected financial policy, as dividend payments will result in a
material increase in the group's debt burden."
     
The rating on Invitel continues to be constrained by continuing
regulatory and competitive pressures on its core voice business
and high leverage, the reduction of which will depend on solid
performance and free cash flow generation and a less aggressive
financial policy in the future.

The ratings also reflect substantial foreign exchange exposure.
The rating are supported by Invitel's solid market position as
the incumbent operator in nine concession areas in Hungary,
strong growth in demand for broadband services, and solid cash
flow generation.  At June 30, 2006, Invitel's total lease-
adjusted debt, pro forma the proposed transaction, was
EUR406.8 million (EUR390.2 million unadjusted).
     
"The current rating factors in expectations that the company
will perform in line with its business plan, with good growth of
outside concession voice revenues and broadband services,
continuing free cash flow generation and reduction of leverage
over the medium term," said Mr. Raab.  "The refinancing of the
PIK notes with a debt instrument at Invitel level is not
factored into the current rating and would be evaluated in light
of the operating and financial circumstances at the time."


MASONITE 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 Masonite Corp.  
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these two loans:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$1172 million
   Gtd. Sr. Sec.
   Term Loan due 2013   B2       Ba3      LGD3     32%

   US$350 million
   Gtd. Sr. Sec.
   Multi Currency
   Rev Credit Facility
   due 2011             B2       Ba3      LGD3     32%

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 Ontario, Canada, Masonite Corp. --
http://www.masonite.com/-- manufactures interior and exterior  
doors, door components and entry systems.  Masonite employs more
than 13,000 people in more than 80 production facilities in 18
countries spanning North America, South America, Europe, Asia
and Africa.  In Europe, the company maintains operations in the
United Kingdom, France, Hungary, Poland, Czech Republic, Romania
and Ukraine.


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


ROYAL & SUN: Changes Operational Structure & Names Board Members
----------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc disclosed of changes to
the Group's operating structure.

The Group will be organized into three main operating
businesses: the U.K., International, and Emerging Markets.

The new structure reflects the strategic focus of the Group set
out to the market in June 2006.  These changes will be effective
immediately.

The U.K. remains unchanged under CEO Bridget McIntyre.
International will continue to be headed by Simon Lee, who will
be appointed to the Board as an Executive Director, effective
Jan. 1, 2007.

The International business will now include Scandinavia as well
as Canada, Ireland and Italy.

Paul Whittaker will become CEO of Emerging Markets, which will
comprise the Group's operations in Latin America, Asia & the
Middle East, and the Baltics.  Paul has over 15 years of general
management experience in financial services with R&SA, AXA and
GE Capital, including work in Asia and Eastern Europe.  Paul is
currently R&SA's Group Human Resources Director and part of the
Executive Management team. Orlagh Hunt, Human Resources Director
for International will be promoted to the role of Group Human
Resources Director and will join the Executive Management team.

"The new structure reflects our strategic focus and gives us a
stronger platform to pursue our objective of profitable growth,"
Andy Haste, Group CEO, said.  "Simon has delivered strong top
and bottom line growth for International and will be an asset to
the Board, while Paul's experience in emerging markets will
allow us to continue to build our positions in these high
potential markets."

                    About Royal & SunAlliance

Headquartered in London, United Kingdom, Royal & SunAlliance
Insurance Group Plc -- http://www.royalsunalliance.com/--  
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International -- with operations in 30
countries, providing general insurance products to over 20
million customers worldwide.

                           *    *    *

As reported in TCR-Europe on Sept. 29, A.M. Best Co. has placed
the financial strength ratings of C++ (Marginal) and the issuer
credit ratings of "b" of the Royal & SunAlliance U.S.A.
Insurance Pool and Royal Surplus Lines Insurance Company under
review with developing implications pending the completion of
the proposed sale of these operations to Arrowpoint Capital, a
new company formed by the existing management team of these
operations.  All the above companies are domiciled in
Wilmington, Delaware.  R&SAUS and RSLIC are U.S. subsidiaries of
Royal & Sun Alliance Insurance Group plc (London, England).

As reported in TCR-Europe on March 27, Standard & Poor's Ratings
Services lowered its counterparty credit and insurer financial
strength ratings on Royal & Sun Alliance Insurance Group PLC's
U.S. insurance operations (RSA USA) to 'BB' from 'BB+'.  S&P
said the outlook remains negative.  At the same time, the
ratings were withdrawn at the request of the companies'
management.


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


HUGHES NETWORK: 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 North American Towers & Satellites sector,
the rating agency confirmed its B1 Corporate Family Rating for
Hughes Network Systems LLC.  Additionally, Moody's revised or
held its probability-of-default ratings and assigned loss-given-
default ratings on these debts:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. R/C 2011    Ba3      Ba1      LGD1     2%

   Sr. Unsec.
   Notes 2014           B1       B1       LGD4     53%

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 Germantown, Maryland, Hughes Network Systems
LLC -- http://www.hughes.com/-- provides broadband satellite  
networks and services for large enterprises, governments, small
businesses, and consumers.  Hughes offers complete turnkey
solutions, including program management, installation, training,
maintenance and support-for professional and rapid deployment
anywhere, worldwide.  The company owns and operates a global
base of HughesNet shared hub services throughout the United
States, Brazil, China, Europe, and India.  In Europe, Hughes
maintains operations facilities and/or sales offices in Germany,
U.K., Italy, Czech Republic, and Russia.     


ROYAL & SUN: Changes Operational Structure & Names Board Members
----------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc disclosed of changes to
the Group's operating structure.

The Group will be organized into three main operating
businesses: the U.K., International, and Emerging Markets.

The new structure reflects the strategic focus of the Group set
out to the market in June 2006.  These changes will be effective
immediately.

The U.K. remains unchanged under CEO Bridget McIntyre.
International will continue to be headed by Simon Lee, who will
be appointed to the Board as an Executive Director, effective
Jan. 1, 2007.

The International business will now include Scandinavia as well
as Canada, Ireland and Italy.

Paul Whittaker will become CEO of Emerging Markets, which will
comprise the Group's operations in Latin America, Asia & the
Middle East, and the Baltics.  Paul has over 15 years of general
management experience in financial services with R&SA, AXA and
GE Capital, including work in Asia and Eastern Europe.  Paul is
currently R&SA's Group Human Resources Director and part of the
Executive Management team. Orlagh Hunt, Human Resources Director
for International will be promoted to the role of Group Human
Resources Director and will join the Executive Management team.

"The new structure reflects our strategic focus and gives us a
stronger platform to pursue our objective of profitable growth,"
Andy Haste, Group CEO, said.  "Simon has delivered strong top
and bottom line growth for International and will be an asset to
the Board, while Paul's experience in emerging markets will
allow us to continue to build our positions in these high
potential markets."

                    About Royal & SunAlliance

Headquartered in London, United Kingdom, Royal & SunAlliance
Insurance Group Plc -- http://www.royalsunalliance.com/--  
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International -- with operations in 30
countries, providing general insurance products to over 20
million customers worldwide.

                           *    *    *

As reported in TCR-Europe on Sept. 29 A.M. Best Co. has placed
the financial strength ratings of C++ (Marginal) and the issuer
credit ratings of "b" of the Royal & SunAlliance U.S.A.
Insurance Pool and Royal Surplus Lines Insurance Company under
review with developing implications pending the completion of
the proposed sale of these operations to Arrowpoint Capital, a
new company formed by the existing management team of these
operations.  All the above companies are domiciled in
Wilmington, Delaware.  R&SAUS and RSLIC are U.S. subsidiaries of
Royal & Sun Alliance Insurance Group plc (London, England).

As reported in TCR-Europe on March 27, Standard & Poor's Ratings
Services lowered its counterparty credit and insurer financial
strength ratings on Royal & Sun Alliance Insurance Group PLC's
U.S. insurance operations (RSA USA) to 'BB' from 'BB+'.  S&P
said the outlook remains negative.  At the same time, the
ratings were withdrawn at the request of the companies'
management.


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


AGROCONCERN VOSTOKHLEBPRODUCT: Creditors' Claims Due Nov. 15
------------------------------------------------------------
LLP Agricultural Concern Agroconcern Vostokhlebproduct has
declared insolvency.  Creditors have until Nov. 15 to submit
written proofs of claim to:

         LLP Agroconcern Vostokhlebproduct
         Sadovyi pereulok Str. 1
         Semipalatinsk
         East Kazakhstan Region
         Kazakhstan


ALMATYKURYLYS: Claims Registration Ends Nov. 14
-----------------------------------------------
OJSC National Holding Company Almatykurylys has declared
insolvency.  Creditors have until Nov. 14 to submit written
proofs of claim to:

         OJSC Almatykurylys
         Office 217
         Furmanov Str. 65
         050004 Almaty, Kazakhstan

               -- or --

         OJSC Almatykurylys
         Jeltoksan Str. 154/2
         Kyzylorda
         Kyzylorda Region
         Kazakhstan
         Tel: 8 (3272) 73-72-07
              8 (3272) 73-75-47


KARSTROYSNAB-2004: Karaganda Court Starts Bankruptcy Procedure
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Construction
Company Karstroysnab-2004 (RNN 302000244267).

LLP Karstroysnab-2004 is located at:

         Erjanov Str. 16
         Karaganda
         Karaganda Region
         Kazakhstan


LARUS-UNITUM: Creditors Must File Claims by Nov. 10
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Larus-Unitum Module insolvent.

Creditors have until Nov. 10 to submit written proofs of claim
to:

         LLP Larus-Unitum Module
         Floor 3
         Abai Str. 10a
         Atyrau
         Atyrau Region
         Kazakhstan


MATAY: Proof of Claim Deadline Slated for Nov. 10
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Matay insolvent on Aug. 15.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Nov. 10 to submit written proofs of claim
to:

         LLP Matay
         Peschanaya Str. 3
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 50-17-76
              8 (7055) 25-11-37
              8 (7059) 01-35-39


RION: Creditors Must File Claims by Nov. 10
-------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Rion into compulsory
liquidation.

Creditors have until Nov. 10 to submit written proofs of claim
to:

         LLP Rion
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


TECHNOSPETSSTROY: Proof of Claim Deadline Slated for Nov. 10
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Construction Company Technospetsstroy insolvent.

Creditors have until Nov. 10 to submit written proofs of claim
to:

         LLP Technospetsstroy
         Floor 3
         Abai Str. 10a
         Atyrau
         Atyrau Region
         Kazakhstan


VOLFUS: Claims Filing Period Ends Nov. 10
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Volfus insolvent on Aug. 16.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Nov. 10 to submit written proofs of claim
to:

         LLP Volfus
         Peschanaya Str. 3
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 50-17-76
              8 (7055) 25-11-37
              8 (7059) 01-35-39


VORONOV & K: Karaganda Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against
LLP Voronov & K (RNN 300800210420).  

LLP Voronov & K is located at:

         Ryskulov Str. 81
         Shubarkoi
         Karaganda Region
         Kazakhstan


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


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

         LLC Beseder
         Shopokov Str. 101a
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 62-80-40


BISHKEKSPETSSTROY: Creditors' Claims Due Nov. 19
------------------------------------------------
LLC Construction Company Bishkekspetsstroy has declared
insolvency.  Creditors have until Nov. 19 to submit written
proofs of claim.

Inquiries can be addressed to (+996 312) 53-15-76.


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


ORTHOFIX INT'L: 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, the rating agency downgraded its Ba3 Corporate

Family Rating for Orthofix International N.V. to B1.
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:

                     Orthofix Holdings Inc.
                         (subsidiary)

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Secured
   Revolver due 2012      Ba3      Ba3      LGD3      34%

   Senior Secured
   Term Loan B
   due 2013               Ba3      Ba3      LGD3      34%

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

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

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

Orthofix International N.V., a limited liability company,
organized under the laws of the Netherlands Antilles, is a
provider of pre and post operative products to the orthopedic
market place.  The company reported US$313 million in net sales
during 2005.


PYATEROCHKA HOLDING: Acquires Metronom AG for US$200 Million
------------------------------------------------------------
Pyaterochka Holding N.V. signed a binding agreement to acquire
100% of OOO Metronom AG.  The enterprise value of the
transaction is US$200 million payable in cash and through
assumption of debt.   

As a result, Pyaterochka Holding N.V. will acquire a business
owning retail premises of approximately 33,000 square meters
valued over US$115 million in commercially attractive districts
of the city of Moscow, as well as a wholly owned distribution
and office center in the central part of Moscow with total
capacity of more than 17,000 square meters valued approximately
US$35 million, with a land plot of 4.3 hectares with a
possibility of its use for additional purposes.

Through this acquisition, Pyaterochka Holding N.V. will also
acquire an established and growing operational business of 16
supermarkets in the city of Moscow, seven of which are owned and
9 of which are operated under long-term lease agreements.  The
OOO "Metronom AG" has the rights for the retail operations in
the Russian Federation under own "Merkado" and "Merkadona"
trademarks.

The total space of these stores is approximately 50,000 square
meters, of which net trade space is approximately 14,000 square
meters, with another 14,000 square meters subleased to non-food
retail operators.  According to company estimates, in 2007 net
retail sales of these stores will total no less than US$110
million (net of VAT).  Assuming that the operational business
rent all of its retail premises at market rates, it anticipates
to generate EBITDA no less than at a level of the average EBITDA
margin for the Pyaterochka Group.  

The total transaction enterprise value of the operational
business (excluding the value of real estate) is approximately
US$50 million.  

According to the terms of the agreement the transaction is
subject to the approval of the Supervisory Board of Pyaterochka
Holding N.V. and statuary government approvals, including
antimonopoly authorities.  The transaction is expected to close
before the end of the year.

"After the closing of the transaction, the acquisition of the
"Merkado" assets will significantly enhance our already leading
position in the most important market of Russia -- the city of
Moscow," Lev Khasis, Group Chief Executive Officer, commented.   
"The supermarkets are located in attractive locations with a
strong existing customer base and can be easily integrated into
the Group's existing formats.  The distribution and office
center near the city center is a valuable addition to our real
estate portfolio and is also expected to be used as the
corporate office of the Group, allowing us to consolidate
numerous leased office locations around the city which will
certainly save our rental costs as well as improve management
and communication."     

"This transaction clearly reflects the increased number of
opportunities and potential acquisition targets which we now
enjoy as a combined entity, following the merger of Pyaterochka
and Perekrestok this spring," Andrei Gusev, Group Director for
Mergers, Acquisitions and Business Development, added.

As reported in TCR-Europe on Oct. 2, Pyaterochka Holding N.V.
confirmed that it was engaged in negotiations that may lead to
the acquisition of a chain of retail stores and real estate
operating under the Merkado brand in Moscow, Russia.

                   About Pyaterochka Holding

Headquartered in the Netherlands, Pyaterochka Holding N.V.  --
http://www.5chka.com/-- operates a large store network largely  
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.  Pyaterochka's 2004 net revenues were US$1.1
billion.  The company has reported unaudited net revenues of
US$1.4 billion for 2005.

                          *     *     *

As reported in TCR-Europe on Aug. 29, Moody's Investors Service
downgraded the corporate family rating of Pyaterochka Holding
N.V. to B1 from Ba3.  Moody's said the outlook for the rating is
stable.  

Standard & Poor's Services affirmed its 'BB-' long-term
corporate credit rating on Pyaterochka Holding N.V., the owner
of Russia's largest grocery retail network.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term corporate credit
and 'ruAA-' Russia national scale on Pyaterochka's guaranteed
operating subsidiary OOO Agrotorg.

The 'ruAA-' Russia national scale on the senior unsecured and
senior secured debt issued by related entity Pyaterochka Finance
have also been affirmed.

All were removed from CreditWatch with negative implications,
where they had been placed on April 12, following Pyaterochka's
announced acquisition of Russia's leading supermarket chain
Perekrestok.  S&P said the outlook is negative.


PYATEROCHKA HOLDING: Hikes 2006 Third-Quarter Sales by 11%
----------------------------------------------------------
Pyaterochka Holding N.V. provided a trading update including
store opening data and Like-for-Like sales trends for the
Pyaterochka and Perekrestok chains for the third quarter and
nine months in 2006.  

Like-for-like sales up +11% for the group vs. the third quarter
of 2005.  Some 39 new stores opened during q3 2006.

                      Operating Highlights

Following the merger of Pyaterochka and Perekrestok in May 2006,
the Group continued its work on integration and realization of
synergies.  To increase the efficiency of the Enlarged Group a
number of management functions (M&As, Finance, Communications,
Logistics), were consolidated in the corporate center, at the
same time keeping reasonable margin of flexibility of each
individual chain to ensure their further uninterrupted
development.

In August 2006, Standard & Poor's Rating Services affirmed its
'BB-' long-term corporate credit rating for Pyaterochka Holding
N.V., and Moody's announced a downgrade of the corporate family
rating of Pyaterochka Holding NV to B1 from Ba3, with a stable
outlook for the rating.

In September 2006, Pyaterochka Holding N.V. released its 1H 2006
preliminary consolidated financial results (management
accounts).  Group pro-forma sales totalled US$1.581 million, up
+ 43% vs. 1H 2005; Group pro-forma gross reached 26.6% vs. 24.5%
in 1H 2005; Group pro-forma EBITDA increased to US$149 milion,
up + 52% vs. 1H 2005.
   
                          Expansion

Pyaterochka Holding N.V. continued its store-opening program in
Q3 2006, opening 31 new soft-discount Pyaterochka stores and 8
new Perekrestok supermarkets during Q3 2006.  According to its
FY2006 store opening plan the Group aims to open a total of 170
stores over the year, which corresponds to additional net
selling space of approximately 120,000 square meters.  Year to
date, Pyaterochka Holding N.V. gained additional net selling
space of approximately 65,000 square meters.  As of Sept. 30,
2006, Pyaterochka Holding N.V. operated 420 company-managed
Pyaterochka soft-discount stores and 141 Perekrestok stores.

Moscow

In Moscow, the company opened 14 new Pyaterochka stores during
Q3 2006, implying a total of 43 new Pyaterochka stores opened in
Moscow year to date.  The company now operates a total of 199
Pyaterochka stores in the Moscow area.

Four new Perekrestok stores were opened in Moscow during Q3
2006, including three supermarkets and one convenience store.  
Year to date, the company has opened 10 new Perekrestok stores
in Moscow area.  As of Sept. 30, 2006, there are a total of 81
Perekrestok stores in the Moscow area, including three city
hypermarkets, 61 supermarkets and 17 convenience stores.

St. Petersburg

In St. Petersburg, the company opened 14 new Pyaterochka stores
during Q3 2006, implying a total of 34 new Pyaterochka stores
opened in St. Petersburg year to date.  The company now operates
a total of 199 Pyaterochka stores in the St. Petersburg area.

Two new Perekrestok stores were opened in St. Petersburg during
Q3 2006.  Year to date, the company has opened seven new
Perekrestok stores in St. Petersburg.  As of Sept. 30, 2006,
there are a total of 16 Perekrestok stores in the St. Petersburg
area, including 14 supermarkets and two convenience stores.

Russian Regions, Ukraine and Kazakhstan

Two new Perekrestok stores were opened in the regions outside of
Moscow and St. Petersburg in Q3 2006, implying a total of five
new Perekrestok stores opened in the regions year to date.  As
of Sept. 30, 2006, there are a total of 44 Perekrestok stores in
the regions, including 5 city hypermarkets.

In Yekaterinburg, three new Pyaterochka stores were opened.  As
of Sept. 30, 2006, there are a total of 22 Pyaterochka stores in
this city.

Pyaterochka's franchisees also continued to expand rapidly,
opening 57 new stores operating under the Pyaterochka brand
during Q3 2006.  As of Sept. 30, 2006, Pyaterochka's franchisees
operate 539 stores across Russia, in Ukraine and Kazakhstan.

                       Store Operations

Pyaterochka Holding N.V. experienced encouraging Like-for-Like
sales trends during both Q3 2006 and 9M 2006 across both chains.

Group

During Q3 2006, Group LFL sales performance (including both
chains) reached +11%.  For 9M 2006, the group experienced LFL
sales of +10%.

The Pyaterochka chain experienced overall LFL sales performance
of +8% during Q3 2006, and 7% for 9M 2006.

The Perekrestok chain experienced overall LFL sales performance
of +15% during Q3 2006, and +14% for 9M 2006.

Moscow

LFL sales at Moscow area Pyaterochka stores reached +12% during
Q3 2006, composed of traffic of +3% and an increase in the
average basket of +9%.  During 9M 2006, the Pyaterochka stores
in Moscow experienced LFL sales performance of +13%, composed of
traffic of +2% and basket growth of +11%.

LFL sales at Moscow area Perekrestok stores reached +19% during
Q3 2006, on the basis of traffic of +12% and basket growth of
+7%.  During 9M 2006, the Perekrestok stores in Moscow
experienced LFL sales performance of +15%, composed of traffic
of +8% and basket growth of +7%.

St. Petersburg

LFL sales at St. Petersburg area Pyaterochka stores reached +4%
during Q3 2006, composed of traffic of -4% and basket growth of
+8%.  During 9M 2006, the Pyaterochka stores in St. Petersburg
experienced LFL sales performance of +2%, composed of traffic of
-4% and basket growth of +6%.

LFL sales at St. Petersburg area Perekrestok stores reached 5%
during Q3 2006, on the basis of traffic of +10% and basket
growth of -5%.  During 9M 2006, the Perekrestok stores in St.
Petersburg experienced LFL sales performance of +9%, composed of
traffic of +10% and basket growth of -1%.

Regions

LFL sales at Perekrestok stores in the regions outside of Moscow
and St. Petersburg reached +6% during Q3 2006, composed of
traffic of 4% and basket growth of +2%.  For 9M 2006 these
stores experienced LFL sales of + 13%, based on traffic of +6%
and basket growth of +7%.

                   About Pyaterochka Holding

Headquartered in the Netherlands, Pyaterochka Holding N.V.  --
http://www.5chka.com/-- operates a large store network largely  
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.  Pyaterochka's 2004 net revenues were US$1.1
billion.  The company has reported unaudited net revenues of
US$1.4 billion for 2005.

                          *     *     *

As reported in TCR-Europe on Aug. 29, Moody's Investors Service
downgraded the corporate family rating of Pyaterochka Holding
N.V. to B1 from Ba3.  Moody's said the outlook for the rating is
stable.  

Standard & Poor's Services affirmed its 'BB-' long-term
corporate credit rating on Pyaterochka Holding N.V., the owner
of Russia's largest grocery retail network.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term corporate credit
and 'ruAA-' Russia national scale on Pyaterochka's guaranteed
operating subsidiary OOO Agrotorg.

The 'ruAA-' Russia national scale on the senior unsecured and
senior secured debt issued by related entity Pyaterochka Finance
have also been affirmed.

All were removed from CreditWatch with negative implications,
where they had been placed on April 12, following Pyaterochka's
announced acquisition of Russia's leading supermarket chain
Perekrestok.  S&P said the outlook is negative.


===========
P O L A N D
===========


MASONITE 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 Masonite Corp.  
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these two loans:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$1172 million
   Gtd. Sr. Sec.
   Term Loan due 2013   B2       Ba3      LGD3     32%

   US$350 million
   Gtd. Sr. Sec.
   Multi Currency
   Rev Credit Facility
   due 2011             B2       Ba3      LGD3     32%

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 Ontario, Canada, Masonite Corp. --
http://www.masonite.com/-- manufactures interior and exterior  
doors, door components and entry systems.  Masonite employs more
than 13,000 people in more than 80 production facilities in 18
countries spanning North America, South America, Europe, Asia
and Africa.  In Europe, the company maintains operations in the
United Kingdom, France, Hungary, Poland, Czech Republic, Romania
and Ukraine.


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


AMURSKAYA TRANSPORT: Court Names A. Kurdyukov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. A.
Kurdyukov as Insolvency Manager for OJSC Amurskaya Transport
Company.  He can be reached at:

         A. Kurdyukov
         Zapadnoye Shosse 33
         Amursk
         682640 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-18506/205-9/39.

The Debtor can be reached at:

         OJSC Amurskaya Transport Company
         Zapadnoye Shosse 33
         Amursk
         682640 Khabarovsk Region
         Russia


BRILLIANT: Court Names A. Krylov as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. A.
Krylov as Insolvency Manager for CJSC Brilliant (TIN
2710007149).  He can be reached at:

         A. Krylov
         Office 9
         Amurskiy Avenue 11
         680028 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-8385/2006-39.

The Debtor can be reached at:

         CJSC Brilliant
         Tsentralnaya Str. 42
         Chegdomyn
         Khabarovsk Region
         Russia


BUILDING CENTRE: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Khabarovsk Region commenced bankruptcy
supervision procedure on CJSC Building Centre Region.  The case
is docketed under Case No. A73-3911/2006-36.

The Temporary Insolvency Manager is:

         A. Miroshin
         Post User Box 5-18
         680000 Khabarovsk
         Russia

The Debtor can be reached at:

         CJSC Building Centre Region
         Molodogvardeyskaya Str. 17
         Komsomolsk-na-Amure
         681000 Khabarovsk Region
         Russia


DALNEVOSTOCHNAYA NATIONAL: O. Syskov to Manage Assets  
-----------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. O.
Syskov as Insolvency Manager for CJSC Dalnevostochnaya National
Mining Company (TIN 2710000249).  He can be reached at:

         O. Syskov
         Dzerzhinskogo Str. 28
         680000 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-8392/2006-38.

The Debtor can be reached at:

         CJSC Dalnevostochnaya National Mining Company
         Gamarnika Str. 43G
         Chegdomyn
         680000 Khabarovsk Region
         Russia


GAZPROM OAO: Supplies First LNG Cargo to Republic of Korea
----------------------------------------------------------
Gazprom OAO has supplied its first liquefied natural gas cargo
to the Republic of Korea.

The transaction was effectuated via Gazprom Marketing & Trading
Ltd., which is part of the Gazprom Group of companies.

The LNG was purchased from Mitsubishi Corporation, which had
bought it from Celt (a joint venture between Mitsubishi
Corporation and Tokyo Electric Power, Inc.).

Some 145,000 cubic meters of LNG -- some 92 million cubic meters
of natural gas -- were supplied ex-ship to the KOGAS owned
Pyeongtaek regasification terminal.

At present, the Republic of Korea is almost fully dependent on
LNG imports.  The South Korean gas market is featured by a
manifold gas transmission network linking onshore LNG terminals
with major consumption provinces, which helps widely use natural
gas both in the power generation and industrial & household
sectors.

Entering the Gazprom Group of companies, Gazprom Marketing &
Trading Ltd. was established in the U.K. in 1999.  

Founded in 1983, Korea Gas Corporation (KOGAS) is a 62 percent
state-run company.  KOGAS' major business lines are construction
and operation of LNG import terminals and gas distribution
stations, implementation of international gas projects and
research for the gas industry.  The company owns three LNG
import terminals.

On May 12, 2003, Gazprom and KOGAS entered into a five-year
Agreement of cooperation.  The Agreement covers a broad spectrum
of issues including potential deliveries of Russian natural gas
to the Republic of Korea.

Ex-ship is a basic delivery term, under which the seller makes
the goods available to the buyer on board a ship at the named
port of destination.  The seller must bear all costs and risks
associated in bringing the goods to the named port of
destination.  The buyer must clear the goods through customs and
is responsible for all costs and risks upon receipt of the goods
from the seller.

                        About Gazprom

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

                        *     *     *

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

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

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


GOLDEN TELECOM: S&P Lifts Rating to BB on Strengthened Business
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Golden Telecom Inc., a leading
alternative telecommunications operator in Russia and the
Commonwealth of Independent States, to 'BB' from 'BB-',
reflecting the company's strengthened business profile and
prudent financial risk management.  The outlook is stable.
     
"The upgrade reflects the company's strengthened business
profile, with strong market shares and a leading consolidator
position in Russia's corporate fixed-line market," said Standard
& Poor's credit analyst Lorenzo Sliusarev.  

GT's credit profile also benefits from fairly resilient
operating profitability, expanding cash flow generation, and
prudently managed financial risk, along with the steadily
improving industry and regulatory environment in Russia.
     
The ratings remain constrained, however, by the uncertainty of
further industry reforms in both Russia and the CIS and by
intensifying competition in GT's core markets.  The company's
expansion into new, evolving business segments, marked by
increasing capital spending and acquisition activity that result
in negative free cash flows and increasing debt, also constrains
the ratings.  
     
"Standard & Poor's expects that GT's improving business
operations will help it face the uncertainties associated with
aggressive expansion into new segments and the continuing
evolution of the market and regulatory environment, enhanced by
positive economic and industry dynamics," Mr. Sliusarev added.
     
The company's manageable financial policy should further support
its credit profile.
     
GT is expected to increase its focus on regional expansion,
participation in the liberalized long-distance market, and
penetration of broader mass markets with broadband and value-
added services.  Standard & Poor's also expects the company to
limit its likely increasing exposure to financial leverage at
moderate levels, with total debt staying within 30% of total
capitalization and 1x EBITDA.
     
Meaningful improvements in GT's operating environment--with a
continued strengthening of the company's business operations,
and without sizable deterioration of its financial position--
could benefit the ratings or outlook.  Conversely, any adverse
developments in market reform or a material weakening of GT's
financial profile in light of its expanding business model could
put pressure on the company's current credit profile.
  

MAGNITOGORSK IRON: Earns US$588 Million for First Half 2006
-----------------------------------------------------------
OAO Magnitogorsk Iron and Steel Works released its consolidated
financial statements for the first six months of 2006, reported
in accordance with U.S. GAAP.

The MMK Group posted US$588 million in profit on US$2.78 billion
in revenues for the first six months of 2006, compared to US$523
million in profit on US$2.695 billion for the same period in
2005.

Income from operating activities totaled US$690 million or 24.8%
of sales, 5.3% down from 2005.  During the first half of 2006,
MMK produced 5,922,000 tons of steel and sold 5,413,000 tons of
commercial goods, which is 8.0% and 10.3% up on 2005's figures,
respectively.

As of June 30, 2006, OAO MMK had US$5.37 billion in total
assets, US$1.52 in total liabilities and US$3.85 in total
shareholders' equity.

Headquartered in Chelyabinsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/eng/-- engages in ore mining;  
preparation of ore materials for reprocessing, consumption and
sale; production and sale of ferrous metal products; production
and sale of machine-building products; stocking and sale of
ferrous and non-ferrous metal scrap; production and sale of
consumer goods; industrial, housing and utilities construction
and construction services; production and sale of construction
materials and structures and recycling of wastes; production,
processing and sale of agricultural products.

About 50% of MMK's products are exported to 75 countries.

                           *    *    *

As reported in TCR-Europe on April 11, Fitch Ratings disclosed
that Magnitogorsk Iron & Steel Works Issuer Default Rating of
BB- with Stable Outlook will not be affected by the recent
acquisition of a 75% stake in Pakistan Steel Mills Corporation.

Fitch Ratings affirmed the rating Russia-based Magnitogorsk Iron
and Steel Works' (MMK) Senior Unsecured rating at 'BB-' with a
Stable Outlook in October 2005.


MAGNITOGORSK IRON: S&P HikeS Rating to BB on Improved Finances
--------------------------------------------------------------
Standard & Poors has raised the rating of the Magnitogorsk Iron
and Steel Works JSC from "BB-" to "BB" thanks to the continuing
improvement of the operating performance and the company's
financial profile. The outlook for the rating is "Stable". The
national scale rating has also been raised from "ruAA-" to
"ruAA".

"The improved ratings reflect the continual enhancement of the
quality of the company's assets, operational efficiency, a
significant reduction of the debt level, high liquidity and a
high level of generated cash flows," Tatiana Kordiukova, a S&P
credit analyst, said.

Over the recent years MMK has been investing in the
modernization of its production assets successfully transforming
Russia's oldest steel mill into an enterprise with a significant
competitive edge.  Though the company, unlike its domestic
rivals -- but not the ones on the international market --  is
not vertically integrated with mining assets, it has been able
to maintain the same level of operational margins as its
vertically integrated peers.

This attests to the high efficiency of the company's operations
and its strong bargaining position in respect of certain
suppliers.  In the past the company experienced some
irregularities in the supply of raw materials, but they were
soon overcome not leaving any visible dent on the company's
profitability.

S&P analysts believe that the financial condition of the company
will enable it to weather any possible slump in steel prices
without jeopardizing its creditworthiness.


MEAT AND MILK: Court Names G. Chmutina as Insolvency Manager   
------------------------------------------------------------
The Arbitration Court of Magadan Region appointed Ms. G.
Chmutina as Insolvency Manager for LLC Meat and Milk Combine.  
She can be reached at:

         G. Chmutina
         Office 105
         Sv. Innokentiya Per. 13
         675000 Blagoveshensk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A37-1098/06-5B.

The Debtor can be reached at:

         LLC Meat and Milk Combine
         Svetlaya Str. 1V
         Susuman
         686314 Magadan Region
         Russia


MEGA: Court Names L. Shevarenkov as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
L. Shevarenkov as Insolvency Manager for CJSC Agricultural
Company Mega (TIN 5245024343).  He can be reached at:

         L. Shevarenkov
         Post User Box  32
         Central Post Office
         Dzerzhinsk
         606000 Nizhniy Novgorod region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-2937/2006,33-13.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company Mega
         Khleborobov Str. 1a
         Arapovo
         Bogorodskiy Region
         607618 Nizhniy Novgorod Region
         Russia


MIKSI-FURNITURE: Court Names A. Kolpakov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Mr. A.
Kolpakov as Insolvency Manager for OJSC Miksi-Furniture.  He can
be reached at:

         A. Kolpakov
         7th floor
         Krasnoarmeyskaya Str. 127
         Izhevsk
         426011 Udmurtiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-2670/2006-G29.

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         OJSC Miksi-Furniture
         Proletarskaya Str. 31
         Sarapul
         Udmurtiya Republic
         Russia


NEFTEKHIM-LEASING: Moscow Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Moscow Region commenced bankruptcy
supervision procedure on LLC Neftekhim-Leasing.  The case is
docketed under Case No. A-41-K-2-14363/06.

The Temporary Insolvency Manager is:

         M. Galimov
         Mendeleeva Str. 18
         Nizhnevartovsk
         628600 Khanty-Mansiyskiy Autonomous Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         M. Galimov
         Mendeleeva Str. 18
         Nizhnevartovsk
         628600 Khanty-Mansiyskiy Autonomous Region
         Russia


SHPAKOVSKIY: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Stavropol Region commenced bankruptcy
supervision procedure on Agricultural Complex Shpakovskiy.
The case is docketed under Case No. A63-160/05-S5.

The Temporary Insolvency Manager is:

         O. Kiryanov
         Prodolnaya Str. 141
         Novopavlovsk
         Stavropol Region
         Russia

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         Agricultural Complex Shpakovskiy
         Mikhaylovsk
         Stavropol Region
         Russia


PYATEROCHKA HOLDING: Hikes 2006 Third-Quarter Sales by 11%
----------------------------------------------------------
Pyaterochka Holding N.V. provided a trading update including
store opening data and Like-for-Like sales trends for the
Pyaterochka and Perekrestok chains for the third quarter and
nine months in 2006.  

Like-for-like sales up +11% for the group vs. the third quarter
of 2005.  Some 39 new stores opened during q3 2006.

                      Operating Highlights

Following the merger of Pyaterochka and Perekrestok in May 2006,
the Group continued its work on integration and realization of
synergies.  To increase the efficiency of the Enlarged Group a
number of management functions (M&As, Finance, Communications,
Logistics), were consolidated in the corporate center, at the
same time keeping reasonable margin of flexibility of each
individual chain to ensure their further uninterrupted
development.

In August 2006, Standard & Poor's Rating Services affirmed its
'BB-' long-term corporate credit rating for Pyaterochka Holding
N.V., and Moody's announced a downgrade of the corporate family
rating of Pyaterochka Holding NV to B1 from Ba3, with a stable
outlook for the rating.

In September 2006, Pyaterochka Holding N.V. released its 1H 2006
preliminary consolidated financial results (management
accounts).  Group pro-forma sales totalled US$1.581 million, up
+ 43% vs. 1H 2005; Group pro-forma gross reached 26.6% vs. 24.5%
in 1H 2005; Group pro-forma EBITDA increased to US$149 milion,
up + 52% vs. 1H 2005.
   
                          Expansion

Pyaterochka Holding N.V. continued its store-opening program in
Q3 2006, opening 31 new soft-discount Pyaterochka stores and 8
new Perekrestok supermarkets during Q3 2006.  According to its
FY2006 store opening plan the Group aims to open a total of 170
stores over the year, which corresponds to additional net
selling space of approximately 120,000 square meters.  Year to
date, Pyaterochka Holding N.V. gained additional net selling
space of approximately 65,000 square meters.  As of Sept. 30,
2006, Pyaterochka Holding N.V. operated 420 company-managed
Pyaterochka soft-discount stores and 141 Perekrestok stores.

Moscow

In Moscow, the company opened 14 new Pyaterochka stores during
Q3 2006, implying a total of 43 new Pyaterochka stores opened in
Moscow year to date.  The company now operates a total of 199
Pyaterochka stores in the Moscow area.

Four new Perekrestok stores were opened in Moscow during Q3
2006, including three supermarkets and one convenience store.  
Year to date, the company has opened 10 new Perekrestok stores
in Moscow area.  As of Sept. 30, 2006, there are a total of 81
Perekrestok stores in the Moscow area, including three city
hypermarkets, 61 supermarkets and 17 convenience stores.

St. Petersburg

In St. Petersburg, the company opened 14 new Pyaterochka stores
during Q3 2006, implying a total of 34 new Pyaterochka stores
opened in St. Petersburg year to date.  The company now operates
a total of 199 Pyaterochka stores in the St. Petersburg area.

Two new Perekrestok stores were opened in St. Petersburg during
Q3 2006.  Year to date, the company has opened seven new
Perekrestok stores in St. Petersburg.  As of Sept. 30, 2006,
there are a total of 16 Perekrestok stores in the St. Petersburg
area, including 14 supermarkets and two convenience stores.

Russian Regions, Ukraine and Kazakhstan

Two new Perekrestok stores were opened in the regions outside of
Moscow and St. Petersburg in Q3 2006, implying a total of five
new Perekrestok stores opened in the regions year to date.  As
of Sept. 30, 2006, there are a total of 44 Perekrestok stores in
the regions, including 5 city hypermarkets.

In Yekaterinburg, three new Pyaterochka stores were opened.  As
of Sept. 30, 2006, there are a total of 22 Pyaterochka stores in
this city.

Pyaterochka's franchisees also continued to expand rapidly,
opening 57 new stores operating under the Pyaterochka brand
during Q3 2006.  As of Sept. 30, 2006, Pyaterochka's franchisees
operate 539 stores across Russia, in Ukraine and Kazakhstan.

                       Store Operations

Pyaterochka Holding N.V. experienced encouraging Like-for-Like
sales trends during both Q3 2006 and 9M 2006 across both chains.

Group

During Q3 2006, Group LFL sales performance (including both
chains) reached +11%.  For 9M 2006, the group experienced LFL
sales of +10%.

The Pyaterochka chain experienced overall LFL sales performance
of +8% during Q3 2006, and 7% for 9M 2006.

The Perekrestok chain experienced overall LFL sales performance
of +15% during Q3 2006, and +14% for 9M 2006.

Moscow

LFL sales at Moscow area Pyaterochka stores reached +12% during
Q3 2006, composed of traffic of +3% and an increase in the
average basket of +9%.  During 9M 2006, the Pyaterochka stores
in Moscow experienced LFL sales performance of +13%, composed of
traffic of +2% and basket growth of +11%.

LFL sales at Moscow area Perekrestok stores reached +19% during
Q3 2006, on the basis of traffic of +12% and basket growth of
+7%.  During 9M 2006, the Perekrestok stores in Moscow
experienced LFL sales performance of +15%, composed of traffic
of +8% and basket growth of +7%.

St. Petersburg

LFL sales at St. Petersburg area Pyaterochka stores reached +4%
during Q3 2006, composed of traffic of -4% and basket growth of
+8%.  During 9M 2006, the Pyaterochka stores in St. Petersburg
experienced LFL sales performance of +2%, composed of traffic of
-4% and basket growth of +6%.

LFL sales at St. Petersburg area Perekrestok stores reached 5%
during Q3 2006, on the basis of traffic of +10% and basket
growth of -5%.  During 9M 2006, the Perekrestok stores in St.
Petersburg experienced LFL sales performance of +9%, composed of
traffic of +10% and basket growth of -1%.

Regions

LFL sales at Perekrestok stores in the regions outside of Moscow
and St. Petersburg reached +6% during Q3 2006, composed of
traffic of 4% and basket growth of +2%.  For 9M 2006 these
stores experienced LFL sales of + 13%, based on traffic of +6%
and basket growth of +7%.

                   About Pyaterochka Holding

Headquartered in the Netherlands, Pyaterochka Holding N.V.  --
http://www.5chka.com/-- operates a large store network largely  
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.  Pyaterochka's 2004 net revenues were US$1.1
billion.  The company has reported unaudited net revenues of
US$1.4 billion for 2005.

                          *     *     *

As reported in TCR-Europe on Aug. 29, Moody's Investors Service
downgraded the corporate family rating of Pyaterochka Holding
N.V. to B1 from Ba3.  Moody's said the outlook for the rating is
stable.  

Standard & Poor's Services affirmed its 'BB-' long-term
corporate credit rating on Pyaterochka Holding N.V., the owner
of Russia's largest grocery retail network.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term corporate credit
and 'ruAA-' Russia national scale on Pyaterochka's guaranteed
operating subsidiary OOO Agrotorg.

The 'ruAA-' Russia national scale on the senior unsecured and
senior secured debt issued by related entity Pyaterochka Finance
have also been affirmed.

All were removed from CreditWatch with negative implications,
where they had been placed on April 12, following Pyaterochka's
announced acquisition of Russia's leading supermarket chain
Perekrestok.  S&P said the outlook is negative.


SIVINSKIY: Perm Court Names I. Bagin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. I. Bagin as
Insolvency Manager for LLC Diary Sivinskiy.  He can be reached
at:

         I. Bagin
         Office 209
         Building 2
         Bolshevikov St. 2a
         620017 Ekaterinburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-7050/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Diary Sivinskiy
         Zavodskaya Str. 31
         Siva
         617240 Perm Region
         Russia


SOSNOVOBORSKIY: Assets Sale Slated for October 27
-------------------------------------------------
Ms. N. Surmasheva, insolvency manager and bidding organizer for
LLC Breeding Factory Sosnovoborskiy, opens for public auction
the assets of the company at 1:00 p.m. on Oct. 27 at:

         Sosnovyj Bor
         Tukaevskiy Region
         Tatarstan Republic
         Russia

Starting price is RUR21,508,549 inclusive of VAT.

To participate, bidders must to submit bidding documents on or
before Oct. 26 to:

         N. Surmasheva
         Room 41
         4th Floor
         Moskovskiy Pr. 118
         Naberezhnye Chelny
         Russia

The properties on sale can be inspected on or before Oct. 26.

The Debtor can be reached at:

         Sosnovyj Bor
         Tukaevskiy Region
         Tatarstan Republic
         Russia


SUAL GROUP: Hikes Nine-Month Output on Main Production Lines
------------------------------------------------------------
SUAL Group, one of the world's 10 largest aluminium producers,
has summed up its production results for the first nine months
of 2006.  

Across the whole Group, the main production lines exhibited
stable growth compared to the same period of last year.

For the first nine months of 2006, the Group's enterprises
extracted 4.5 million tons of bauxite, an increase of 13.4% as
compared to January-September 2005.  The foundation for such
positive dynamics was a considerable growth in production levels
at the Middle Timan bauxite deposit, which exceeded the figures
for the same period last year by more than one-third.  A high
level of production was also preserved at North Ural Bauxite
Mine (SUBR), where Novo-Kalyinskaya Mine had been launched in
August of last year.

SUAL Group's enterprises refined 1.7 million tons of alumina for
the first nine months of 2006, which was a slight decrease of
0.4% on the year.  This development was a result of temporary
decrease of production at Pikalevo Alumina Refinery, whose
production facilities were impacted by a nepheline concentrate
supply contract dispute.  Full deliveries were reinstated in
April with the conclusion of a new supply contract and
operations returned to normal.

SUAL Group's enterprises produced 793,900 tons of primary
aluminium for the first nine months of this year, which was an
increase of 1.5% on the first three quarters of 2005.  The
increase was achieved without commissioning any new capacities
and is a result of the continued successful implementation of
technological development and modernization programs at all of
the company's aluminium smelters.

For the first nine months of 2006 the Group's enterprises
decreased their volumes of silicon production by 5.6% on the
year.  The forced reduction of production volumes was the result
of an unfavourable market situation affecting Russian silicon
producers.  The external market supplies are hampered by
increasingly prohibitive U.S. and EU import tariffs against
Russian silicon, while the domestic market suffers from expanded
dumping by Chinese producers as a result of the Russian
government's decision not to extend the previously enforced 20%
tariff on imports of silicon from China.

The continuing modernization of production facilities and
efficient marketing policies have made it possible for SUAL
Group's enterprises to improve both the quantitative and
qualitative indices of downstream production.  The production
volume of rolled and semi-finished products for the first nine
months of 2006 increased by 28% on the year.  Foil and aluminium
band production increased by 4.3%.  In January-September 2006
year-on-year consumer goods production increased by 1.2%.

                         About SUAL

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

                        *     *     *

As reported in TCR-Europe on Oct. 11, Siberian-Urals Aluminium
Company (SUAL), Russky Alyuminiyum (RusAl), and Glencore
International AG signed a EUR23.5-billion agreement to create
the "United Company RUSAL," by merging their respective
aluminium and alumina assets.

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

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

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


TNK-BP: Requests for US$1-Billion Syndicated Loan
-------------------------------------------------
TNK-BP has authorized banks BNP Paribas, Mitsuho Bank, Barclays
and Bank of Tokyo-Mitsubishi to arranged five-year US$1-billion
loan, AK&M says.

The loan syndication will commence before the end of October,
AK&M cites a source privy to the matter.

The loan will be the TNK-BP's third in 2006.  In February, the
company instructed ABN Amro, DrKW and Barclays Capital to
organized a US$1-billion unsecured syndicated loan, which had a
margin of Libor +0.55%.

In June, TNK-BP availed of a five-year US$1.8-bilion unsecured
loan through ABN Amro, BNP Paribas, Calyon and Citigroup.  The
amount was used to refinance most of the group's secured debts.

The bank also placed US$1.5 billion in Eurobonds in two tranches
with maturities of five and 10 years.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP 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.


UDARNIK: Kirov Bankruptcy Hearing Slated for Jan. 16
----------------------------------------------------
The Arbitration Court of Kirov Region will convene at has 10:00
a.m. on Jan. 16 to hear the bankruptcy supervision procedure on
OJSC Agricultural Company Udarnik.  The case is docketed under
Case No.A28-387/06-277/20.

The Temporary Insolvency Manager is:

         N. Ivshina
         Post User Box 32
         Slobodskoy
         613120 Kirov Region
         Russia

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Agricultural Company Udarnik
         Grekovo
         Tuzhinskiy Region
         612207 Kirov Region
         Russia


VARGASHINSKIY FACTORY: Court Names S. Skryabin to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Mr. S. Skryabin
as Insolvency Manager for CJSC Vargashinskiy Factory of
Reinforced-Concrete Goods (TIN 4505000271).  He can be reached
at:

         S. Skryabin
         Post User Box 4277
         640023 Kurgan-23
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-3577/2006.

The Debtor can be reached at:

         CJSC Vargashinskiy Factory of Reinforced-Concrete Goods
         Matrosova Str. 54
         Vargashi
         Kurgan Region
         Russia


VOLGOGRADSKIY: Volgograd Bankruptcy Hearing Slated for Dec. 14
--------------------------------------------------------------
The Arbitration Court of Volgograd Region will convene at 10:00
a.m. on Dec. 14 to hear the bankruptcy supervision procedure on
CJSC Volgogradskiy Instrumental Factory.  The case is docketed
under Case No. A12-12031/06-s57.

The Temporary Insolvency Manager is:

         A. Pyatkov
         Yasnomorskaya Str. 2
         Volgograd Region
         Russia

The Debtor can be reached at:

         CJSC Volgogradskiy Instrumental Factory
         Yasnomorskaya Str. 2
         Volgograd Region
         Russia


YAYVINSKIY: Court Names I. Bagin as Insolvency Manager  
------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Mr. I.
Bagin as Insolvency Manager for CJSC Yayvinskiy Saw Mill.  He
can be reached at:

         I. Bagin
         Office 209
         Building 2
         Bolshevikov St. 2a
         620017 Ekaterinburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-7050/2006-B.

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Yayvinskiy Saw Mill
         Zavodskaya Str. 11
         Yayva
         618340 Perm Region
         Russia


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


MILLS CORP: Completes US$988 Mln Asset Sale to Ivanhoe Cambridge
----------------------------------------------------------------
The Mills Corp. has completed the previously disclosed sale
of its interests in:

   -- Vaughan Mills (Ontario, Canada),
   -- St. Enoch Centre (Glasgow, Scotland), and
   -- Madrid Xanadu (Madrid, Spain)

to Ivanhoe Cambridge Inc. for approximately US$988 million, with
net proceeds of approximately US$500 million before transaction
costs, but net of expected foreign taxes.

Approximately US$400 million was used to immediately pay down a
portion of the Senior Term loan with Goldman Sachs Mortgage
Company, as Administrative Agent.  A significant portion of the
remaining proceeds are being held in escrow for foreign taxes in
an amount in excess of the taxes expected to be due.  Additional
proceeds are being held in connection with the previously
disclosed litigation with Parcelatoria de Gonzalo Chacon.  Most
on-site employees were retained by Ivanhoe Cambridge as part of
the transfer.

"This transaction demonstrates that we are moving forward with
our efforts to sell all or part of the Company," said The Mills
Corporation Chief Executive Officer and President Mark S. Ordan.

                    About Ivanhoe Cambridge

Headquartered in Montreal, Quebec in Canada, Ivanhoe Cambridge
-- http://www.ivanhoecambridge.com/-- is one of Canada's pre-
eminent property owners, managers, developers and investors.  
The Company focuses on high-quality shopping centres located in
urban areas.  Its real estate portfolio consists of more than
43.2 million square feet of retail space and includes over 65
regional and super-regional shopping centers.  As of Dec. 31,
2005, the market value of Ivanhoe Cambridge's assets reached
CDNUS$9.3 billion.

                    About The Mills Corporation

Headquartered in Chevy Chase, Maryland, The Mills Corporation
(NYSE:MLS) -- http://www.themills.com/-- develops, owns,  
manages retail destinations including regional shopping malls,
market dominant retail and entertainment centers, and
international retail and leisure destinations.  The Company owns
42 properties in the U.S., Canada and Europe, totaling 51
million square feet.  In addition, The Mills has various
projects in development, redevelopment or under construction
around the world.

                         *     *     *

As reported in the Troubled Company Reporter on March 24, 2006,
The Mills Corporation disclosed that the U.S. Securities and
Exchange Commission has commenced a formal investigation.

The SEC initiated an informal inquiry in January after the
Company reported the restatement of its prior period financials.

Mills is restating its financial results from 2000 through 2004
and its unaudited quarterly results for 2005 to correct
accounting errors related primarily to certain investments by a
wholly-owned taxable REIT subsidiary, Mills Enterprises, Inc.,
and changes in the accrual of the compensation expense related
to its Long-Term Incentive Plan.


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


HEXION SPECIALTY: Refinancing Spurs Moody's to Affirm Ratings
-------------------------------------------------------------
Moody's Investors Service affirmed the-long term debt ratings of
Hexion Specialty Chemicals Inc. and changed the outlook on
Hexion's ratings to stable from positive following the company's
announcement this morning that it plans to increase the size of
its term loan to US$2 billion and refinance its second lien
notes, increasing the outstanding amount by US$200 million.
Hexion will use the additional proceeds to pay a US$500 million
dividend to its existing shareholders.  

The changes to the capital structure will likely change the Loss
Given Default assessments for Hexion's rated debt and may cause
the ratings of the second lien debt and the company's small
pollution control revenue bonds to be downgraded by one notch
(any second lien stub notes may fall by more than notch
depending on the revised convenants); this will be determined
once the final structures and documentation are reviewed.

Moody's also affirmed the company's SGL-2 speculative grade
liquidity rating, but this is also subject to change depending
on the covenants in the new credit facility.

The B2 corporate family rating of Hexion reflects:

   -- elevated leverage on a historical EBITDA basis,

   -- the expectation that cash flows will be reduced by
      pension contributions and ongoing restructuring costs,

   -- integration risk due to the pace of additional
      tuck-in acquisitions, and

   -- concern over financial metrics in the trough of the cycle.  

Hexion has significant pension liabilities and modest litigation
exposure, which is unusual for a highly leveraged company.

The ratings benefit from:

   -- the company's size, product diversity,

   -- global operations, and

   -- the anticipation of significant
      additional synergies.  

The management expects to generate additional synergies of more
than US$100 million from the original merger and subsequent
acquisitions.  

The company's metrics would map to the upper end of the "B"
rating category using Moody's Chemical Industry ratings
methodology.  However, the pro forma averages may not adequately
reflect the company's through-the-cycle performance.

The stable outlook reflects the continuing solid operating
environment for thermoset resins that has resulted in
substantial earnings growth over the past year and the
expectation that trailing debt to EBITDA (excluding one-time
extraordinary items) will remain elevated at over 5x and free
cash flow to debt (excluding restructuring costs) will remain
below 5% over the next two years.  Moody's believes that 2006
EBITDA will be in excess of US$525 million excluding pro forma
adjustments for ongoing acquisitions and planned synergies.

Hexion Specialty Chemicals, Inc., headquartered in Columbus,
Ohio is a leading producer of commodities such as formaldehyde,
bisphenol A and epichlorhydrin, as well as formaldehyde-based
thermoset resins, epoxy resins, and versatic acid and its
derivatives.  The company is also a supplier of specialty resins
for inks and specialty coatings sold to a very diverse customer
base.  Hexion was formed from the merger of Borden Chemicals
Inc., Resolution Performance Products LLC, Resolution Specialty
Material LLC and the Bakelite Group.  The company reported sales
of US$4.8 billion on a LTM basis ending June 30, 2006.


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


AUTOTRANS: Creditors Must File Claims by October 20
---------------------------------------------------
Creditors of LLC Autotrans (code EDRPOU 31191901) have until
Oct. 20 to submit written proofs of claim to:

         Yurij Dunayevskij, Liquidator/Insolvency Manager
         a/b 62
         10009 Zhitomir Region
         Ukraine

The Economic Court of Zhitomir Region commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed as 4/90 B.

The Economic Court of Zhitomir Region is located at:

         Berdichivska Str. 25
         Mala
         10014 Zhitomir Region
         Ukraine

The Debtor can be reached at:

         LLC Autotrans
         Potapov Str. 36
         Novograd-Volinskij
         11708 Zhitomir Region
         Ukraine


AVANGARD: Court Names Anatolij Leshenko as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Anatolij
Leshenko as Liquidator/Insolvency Manager for Agricultural LLC
Avangard (code EDRPOU 20084163).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 29.  The case is docketed as
5/196-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Avangard
         Sitkivtsi
         Nemirivskij District
         Vinnitsya Region
         Ukraine


BANGA: Kyiv Court Names Viktor Savinov as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Kyiv Region appointed Viktor Savinov as
Liquidator/Insolvency Manager for LLC Banga (code EDRPOU
32377661).  He can be reached at:

         Viktor Savinov
         Chervonotkatska Str. 59-a
         Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 30.  The case is docketed as
23/313-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Banga
         Chervonotkatska Str. 59-a
         Kyiv Region
         Ukraine


FARMHELP: Creditors Must File Claims by October 20
--------------------------------------------------
Creditors of LLC Farmhelp (code EDRPOU 32380501) have until
October 20 to submit written proofs of claim to:

         Andrij Zharikov, Liquidator/Insolvency Manager
         Turgenivska Str. 52/58
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region commenced bankruptcy
proceedings against the company after finding it insolvent on
Aug. 30.  The case is docketed as 43/530.

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 Farmhelp
         Shors Str. 37/117
         01133 Kyiv Region
         Ukraine


FO-REST: Kyiv Court Names Nataliya Kovinko as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Kyiv Region appointed Nataliya Kovinko as
Liquidator/Insolvency Manager for LLC Fo-Rest (code EDRPOU
33297954).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 30.  The case is docketed as
23/314-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Fo-Rest
         Chervonotkatska Str. 84
         Kyiv Region
         Ukraine


GORODOK ROAD-BUILDING 57: V. Vojtuk to Liquidate Assets
-------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Mr. V. Vojtuk
as Liquidator/Insolvency Manager for OJSC Gorodok Road-Building
Department 57 (code EDRPOU 03447865).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed as 17/370-B.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         OJSC Gorodok Road-Building Department 57
         Vijkov Str. 14
         Gorodok
         Hmelnitskij Region
         Ukraine


Pyaterochka Holding N.V. signed a binding agreement to acquire
100% of OOO Metronom AG.  The enterprise value of the
transaction is US$200 million payable in cash and through
assumption of debt.   

As a result, Pyaterochka Holding N.V. will acquire a business
owning retail premises of approximately 33,000 square meters
valued over US$115 million in commercially attractive districts
of the city of Moscow, as well as a wholly owned distribution
and office center in the central part of Moscow with total
capacity of more than 17,000 square meters valued approximately
US$35 million, with a land plot of 4.3 hectares with a
possibility of its use for additional purposes.

Through this acquisition, Pyaterochka Holding N.V. will also
acquire an established and growing operational business of 16
supermarkets in the city of Moscow, seven of which are owned and
9 of which are operated under long-term lease agreements.  The
OOO "Metronom AG" has the rights for the retail operations in
the Russian Federation under own "Merkado" and "Merkadona"
trademarks.

The total space of these stores is approximately 50,000 square
meters, of which net trade space is approximately 14,000 square
meters, with another 14,000 square meters subleased to non-food
retail operators.  According to company estimates, in 2007 net
retail sales of these stores will total no less than US$110
million (net of VAT).  Assuming that the operational business
rent all of its retail premises at market rates, it anticipates
to generate EBITDA no less than at a level of the average EBITDA
margin for the Pyaterochka Group.  

The total transaction enterprise value of the operational
business (excluding the value of real estate) is approximately
US$50 million.  

According to the terms of the agreement the transaction is
subject to the approval of the Supervisory Board of Pyaterochka
Holding N.V. and statuary government approvals, including
antimonopoly authorities.  The transaction is expected to close
before the end of the year.

"After the closing of the transaction, the acquisition of the
"Merkado" assets will significantly enhance our already leading
position in the most important market of Russia -- the city of
Moscow," Lev Khasis, Group Chief Executive Officer, commented.   
"The supermarkets are located in attractive locations with a
strong existing customer base and can be easily integrated into
the Group's existing formats.  The distribution and office
center near the city center is a valuable addition to our real
estate portfolio and is also expected to be used as the
corporate office of the Group, allowing us to consolidate
numerous leased office locations around the city which will
certainly save our rental costs as well as improve management
and communication."     

"This transaction clearly reflects the increased number of
opportunities and potential acquisition targets which we now
enjoy as a combined entity, following the merger of Pyaterochka
and Perekrestok this spring," Andrei Gusev, Group Director for
Mergers, Acquisitions and Business Development, added.

As reported in TCR-Europe on Oct. 2, Pyaterochka Holding N.V.
confirmed that it was engaged in negotiations that may lead to
the acquisition of a chain of retail stores and real estate
operating under the Merkado brand in Moscow, Russia.


PYATEROCHKA HOLDING: Hikes 2006 Third-Quarter Sales by 11%
----------------------------------------------------------
Pyaterochka Holding N.V. provided a trading update including
store opening data and Like-for-Like (LFL) sales trends for the
Pyaterochka and Perekrestok chains for Q3 and 9M 2006.  

Like-for-like sales up +11% for the group vs. q3 2005.  39 new
stores opened during q3 2006.

Operating Highlights

Following the merger of Pyaterochka and Perekrestok in May 2006,
the Group continued its work on integration and realization of
synergies.  To increase the efficiency of the Enlarged Group a
number of management functions (M&As, Finance, Communications,
Logistics), were consolidated in the corporate center, at the
same time keeping reasonable margin of flexibility of each
individual chain to ensure their further uninterrupted
development.

In August 2006, Standard & Poor's Rating Services affirmed its
'BB-' long-term corporate credit rating for Pyaterochka Holding
N.V., and Moody's announced a downgrade of the corporate family
rating of Pyaterochka Holding NV to B1 from Ba3, with a stable
outlook for the rating.

In September 2006, Pyaterochka Holding N.V. released its 1H 2006
preliminary consolidated financial results (management
accounts).  Group pro-forma sales totalled US$1.581 million, up
+ 43% vs. 1H 2005; Group pro-forma gross reached 26.6% vs. 24.5%
in 1H 2005; Group pro-forma EBITDA increased to US$149 milion,
up + 52% vs. 1H 2005.

Expansion

Pyaterochka Holding N.V. continued its store-opening program in
Q3 2006, opening 31 new soft-discount Pyaterochka stores and 8
new Perekrestok supermarkets during Q3 2006.  According to its
FY2006 store opening plan the Group aims to open a total of 170
stores over the year, which corresponds to additional net
selling space of approximately 120,000 square meters.  Year to
date, Pyaterochka Holding N.V. gained additional net selling
space of approximately 65,000 square meters.  As of Sept. 30,
2006, Pyaterochka Holding N.V. operated 420 company-managed
Pyaterochka soft-discount stores and 141 Perekrestok stores.

Moscow

In Moscow, the company opened 14 new Pyaterochka stores during
Q3 2006, implying a total of 43 new Pyaterochka stores opened in
Moscow year to date.  The company now operates a total of 199
Pyaterochka stores in the Moscow area.

Four new Perekrestok stores were opened in Moscow during Q3
2006, including three supermarkets and one convenience store.  
Year to date, the company has opened 10 new Perekrestok stores
in Moscow area.  As of Sept. 30, 2006, there are a total of 81
Perekrestok stores in the Moscow area, including three city
hypermarkets, 61 supermarkets and 17 convenience stores.

St. Petersburg

In St. Petersburg, the company opened 14 new Pyaterochka stores
during Q3 2006, implying a total of 34 new Pyaterochka stores
opened in St. Petersburg year to date.  The company now operates
a total of 199 Pyaterochka stores in the St. Petersburg area.

Two new Perekrestok stores were opened in St. Petersburg during
Q3 2006.  Year to date, the company has opened seven new
Perekrestok stores in St. Petersburg.  As of Sept. 30, 2006,
there are a total of 16 Perekrestok stores in the St. Petersburg
area, including 14 supermarkets and two convenience stores.

Russian Regions, Ukraine and Kazakhstan

Two new Perekrestok stores were opened in the regions outside of
Moscow and St. Petersburg in Q3 2006, implying a total of five
new Perekrestok stores opened in the regions year to date.  As
of Sept. 30, 2006, there are a total of 44 Perekrestok stores in
the regions, including 5 city hypermarkets.

In Yekaterinburg, three new Pyaterochka stores were opened.  As
of Sept. 30, 2006, there are a total of 22 Pyaterochka stores in
this city.

Pyaterochka's franchisees also continued to expand rapidly,
opening 57 new stores operating under the Pyaterochka brand
during Q3 2006.  As of Sept. 30, 2006, Pyaterochka's franchisees
operate 539 stores across Russia, in Ukraine and Kazakhstan.

Store Operations

Pyaterochka Holding N.V. experienced encouraging Like-for-Like
sales trends during both Q3 2006 and 9M 2006 across both chains.

Group

During Q3 2006, Group LFL sales performance (including both
chains) reached +11%.  For 9M 2006, the group experienced LFL
sales of +10%.

The Pyaterochka chain experienced overall LFL sales performance
of +8% during Q3 2006, and 7% for 9M 2006.

The Perekrestok chain experienced overall LFL sales performance
of +15% during Q3 2006, and +14% for 9M 2006.

Moscow

LFL sales at Moscow area Pyaterochka stores reached +12% during
Q3 2006, composed of traffic of +3% and an increase in the
average basket of +9%.  During 9M 2006, the Pyaterochka stores
in Moscow experienced LFL sales performance of +13%, composed of
traffic of +2% and basket growth of +11%.

LFL sales at Moscow area Perekrestok stores reached +19% during
Q3 2006, on the basis of traffic of +12% and basket growth of
+7%.  During 9M 2006, the Perekrestok stores in Moscow
experienced LFL sales performance of +15%, composed of traffic
of +8% and basket growth of +7%.

St. Petersburg

LFL sales at St. Petersburg area Pyaterochka stores reached +4%
during Q3 2006, composed of traffic of -4% and basket growth of
+8%.  During 9M 2006, the Pyaterochka stores in St. Petersburg
experienced LFL sales performance of +2%, composed of traffic of
-4% and basket growth of +6%.

LFL sales at St. Petersburg area Perekrestok stores reached 5%
during Q3 2006, on the basis of traffic of +10% and basket
growth of -5%.  During 9M 2006, the Perekrestok stores in St.
Petersburg experienced LFL sales performance of +9%, composed of
traffic of +10% and basket growth of -1%.

Regions

LFL sales at Perekrestok stores in the regions outside of Moscow
and St. Petersburg reached +6% during Q3 2006, composed of
traffic of 4% and basket growth of +2%.  For 9M 2006 these
stores experienced LFL sales of + 13%, based on traffic of +6%
and basket growth of +7%.

                   About Pyaterochka Holding

Headquartered in the Netherlands, Pyaterochka Holding N.V.  --
http://www.5chka.com/-- operates a large store network largely  
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.  Pyaterochka's 2004 net revenues were US$1.1
billion.  The company has reported unaudited net revenues of
US$1.4 billion for 2005.

                          *     *     *

As reported in TCR-Europe on Aug. 29, Moody's Investors Service
downgraded the corporate family rating of Pyaterochka Holding
N.V. to B1 from Ba3.  Moody's said the outlook for the rating is
stable.  

Standard & Poor's Services affirmed its 'BB-' long-term
corporate credit rating on Pyaterochka Holding N.V., the owner
of Russia's largest grocery retail network.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term corporate credit
and 'ruAA-' Russia national scale on Pyaterochka's guaranteed
operating subsidiary OOO Agrotorg.

The 'ruAA-' Russia national scale on the senior unsecured and
senior secured debt issued by related entity Pyaterochka Finance
have also been affirmed.

All were removed from CreditWatch with negative implications,
where they had been placed on April 12, following Pyaterochka's
announced acquisition of Russia's leading supermarket chain
Perekrestok.  S&P said the outlook is negative.


TNK-BP: Taps Four Banks to Arrange US$1-Billion Syndicated Loan
---------------------------------------------------------------
TNK-BP has authorized BNP Paribas, Mitsuho Bank, Barclays and
Bank of Tokyo-Mitsubishi to arrange a five-year US$1-billion
loan, AK&M says.

According to AK&M citing a source familiar with the matter, the
loan syndication will commence before the end of October.

The loan will be TNK-BP's third in 2006.  In February, the
company instructed ABN Amro, DrKW and Barclays Capital to
organize a US$1-billion unsecured syndicated loan, which had a
margin of Libor +0.55%.

In June, TNK-BP availed of a five-year US$1.8-bilion unsecured
loan through ABN Amro, BNP Paribas, Calyon and Citigroup.  The
amount was used to refinance most of the group's secured debts.

The bank also placed US$1.5 billion in Eurobonds in two tranches
with maturities of five and 10 years.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP 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.


TUKAN: Kyiv Court Names Sergij Nesterenko as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed Sergij Nesterenko as
Liquidator/Insolvency Manager for LLC TUKAN (code EDRPOU
32660145).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 8.  The case is docketed
under Case No. 43/628.

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 Tukan
         Volgo-Donska Str. 67
         02099 Kyiv Region
         Ukraine


UKRMASHIMPEKS: Creditors Must File Claims by October 20
-------------------------------------------------------
Creditors of LLC Scientific-Production Enterprise Ukrmashimpeks
(code EDRPOU 30928482) have until Oct. 20 to submit written
proofs of claim to:

         Andrij Zharikov, Liquidator/Insolvency Manager
         Turgenivska Str. 52/58
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region commenced bankruptcy
proceedings against the company after finding it insolvent on
Aug. 30.  The case is docketed as 43/529.

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 Scientific-Production Enterprise Ukrmashimpeks
         Mehanizatoriv str.
         03035 Kyiv Region
         Ukraine


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


ADMIRAL CEILINGS: Claims Filing Period Ends Nov. 10
---------------------------------------------------
Creditors of Admiral Ceilings & Partitioning Services Limited
have until Nov. 10 to send their names and addresses with
particulars of their debts or claims to appointed Liquidator
David Moore at:

         Begbies Traynor
         No 1 Old Hall Street
         Liverpool L3 9HF
         United Kingdom

The company can be reached at:

         Admiral Ceilings & Partitioning Services Limited
         4 Spey Close
         Leyland
         Lancashire PR251RU
         United Kingdom
         Tel: 01772 451 449


ADVANCED MEDICAL: Fitch Affirms & Withdraws Low-B Ratings
---------------------------------------------------------
Fitch affirms the senior secured credit facility, the Issuer
Default Rating, the senior subordinated convertible debt
ratings, and the Stable Rating Outlook of Advanced Medical
Optics, Inc.  In addition, Fitch simultaneously withdraws all
ratings for this issuer.  The withdrawn ratings are:

   -- Issuer Default Rating 'B+';
   -- Senior secured credit facility 'BB+/RR1';
   -- Senior subordinated convertible debt 'B+/RR4'.


ADVANCE VAN: Appoints Joint Administrators from Mazars LLP
----------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint administrators of Advance Van Sales Ltd. (Company Number
03676579) on Sept. 28.

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

Advance Van Sales Ltd. can be reached at:

         Wilton Mills
         586 Bradford Road
         Batley
         West Yorkshire WF17 8LP
         United Kingdom
         Tel: 01924 477 787
         Fax: 01924 477 877


ALIXPARTNERS LLP: Completes Leveraged Recapitalization
------------------------------------------------------
AlixPartners LLP has completed a recapitalization in which
affiliates of Hellman & Friedman LLC made a significant
investment in the firm and AlixPartners' 81 managing directors,
along with the remainder of its more than 500 employees, also
gained a considerable stake in the enterprise.  Together, they
now hold a majority interest in the private firm.  

Jay Alix, who founded the firm in 1981, remains as co-chairman
and continues to hold a substantial equity interest in the firm.  
The other co-chairman is Philip Hammarskjold of Hellman &
Friedman.  Michael Grindfors continues as CEO.

Under terms of the agreement, each of AlixPartners' managing
directors was given the opportunity to roll over some of the
value of his or her existing interests in the firm into new
equity in the recapitalized organization.   All elected to do
so.  In addition, all current employees other than managing
directors will participate in a "phantom equity" program.  

"This transition in the firm's ownership will help prepare for
the next phase of AlixPartners' growth and global expansion,"
said Mr. Grindfors.  "I'm particularly pleased that every single
MD has decided to join in the recapitalization.  That
demonstrates our team's strong commitment to our business and
our future."

At the time the recapitalization was announced, on Aug. 4, the
firm noted that it has enjoyed 25 years of uninterrupted revenue
growth.  In the last ten years, AlixPartners has grown from two
offices in the U.S. to 12 offices in North America, Europe and
Asia, with affiliations in South America and Australia, and has
achieved organic growth averaging more than 30 percent annually
during that time.  More than half of its revenue today comes
from providing services to healthy companies seeking performance
improvement, IT transformation and financial advisory services.  

                   About Hellman & Friedman

Headquartered in San Francisco, CA, U.S.A., Hellman & Friedman
LLC -- http://www.hf.com/-- focuses on investing in superior  
business franchises and as a value-added partner to management
in select industries including financial services, professional
services, asset management, software and information, media and
energy.  Recent investments include: Activant Solutions Inc.,
Artisan Partners Limited Partnership, DoubleClick, Inc.,
Gartmore Investment Management plc, GeoVera Insurance Group
Holdings, Ltd., LPL Holdings, Inc., Mondrian Investment
Partners, Ltd., The Nasdaq Stock Market, Inc. (NDAQ), Texas
Genco LLC, Vertafore, Inc. and VNU N.V.

                     About AlixPartners LLP

AlixPartners LLP -- http://www.alixpartners.com/-- provides  
business consulting and advisory firm services in five areas:
consulting services financial advisory; performance improvement;
turnaround and restructuring; case management; and information
technology.

The firm has more than 500 employees, with offices in Chicago,
Dallas, Detroit, Duesseldorf, London, Los Angeles, Milan,
Munich, New York, Paris, San Francisco and Tokyo.  


                           *    *    *

As reported in TCR-Europe on Oct. 09, Standard & Poor's Ratings
Services assigned its 'BB-' corporate credit rating and stable
outlook to Southfield, Michigan-based business consulting firm
AlixPartners LLP.

At the same time, S&P assigned its 'BB-' bank loan rating and
recovery rating of '3' to AlixPartners' US$435 million senior
secured credit facility, indicating an expectation of meaningful
(50%-80%) recovery of principal in the event of a payment
default.  The credit facility consists of a US$50 million
revolving credit facility due 2012 and a US$385 million term
loan B due 2013.

Moody's Investors Service assigns a B1 first time rating to
AlixPartners LLP proposed US$435 million senior secured credit
facility -- US$385 million term loan and US$50 million revolver
-- and a B1 corporate family rating.  The ratings for the
secured credit facility 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 LGD 3 for the credit facility.  The
rating outlook is stable.


ARIZANT INC: 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, the rating agency downgrade its B2 Corporate
Family Rating for Arizant Inc to B3.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior secured
   revolving credit
   facility due 2009       B2       B2     LGD3        35%

   Senior secured
   term loan due 2010      B2       B2     LGD3        35%

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

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

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

Headquartered in Minneapolis, Minnesota, Arizant Inc.
-- http://www.augustinemedical.com/-- manufactures  
perioperative temperature management products.  Its three
product lines include disposable warming blankets used during
surgery, fluid warming devices, and disposable hospital warming
gowns.  The company generates largely recurring revenue because
disposable products, which account for more than 90% of its
sales, are used with its growing installed base of fixed
warming units.  The company maintains operations in France,
Germany and the United Kingdom.


BIRMINGHAM TOOLING: Taps Administrators from Smith & Williamson
---------------------------------------------------------------
Anthony Murphy and Robert Horton of Smith & Williamson Ltd. were
appointed joint administrators of Birmingham Tooling Services
Ltd. (Company Number 04961551) on Sept. 29.

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

Birmingham Tooling Services Ltd. can be reached at:

         30-31 Lower Tower St.
         Birmingham
         West Midlands B19 3NH
         United Kingdom
         Tel: 0121 359 7537  


BRITANNIA I.T.: Brings In Administrators from Abbott Fielding
-------------------------------------------------------------
Andrew John Tate and Nedim Patrick Ailyan of Abbott Fielding
were appointed joint administrators of Britannia I.T. Training
Ltd. (Company Number 03724447) on Sept. 29.

The administrators can be reached at:

         Abbott Fielding
         Nexus House
         2 Cray Road
         Sidcup
         Kent DA14 5DB
         United Kingdom
         Tel: 020 8302 4344
         Fax: 020 3248 4035

Headquartered in London, United Kingdom, Britannia I.T. Training
Ltd. -- http://www.britannia-group.co.uk/-- provides I.T.  
training.


BUILDING DYNAMICS: Appoints Ruth Ellen Duncan as Administrator
--------------------------------------------------------------
Ruth Ellen Duncan of Atherton Bailey was appointed administrator
of Building Dynamics (U.K.) Ltd. (Company Number 04302988) on
Oct. 2.

Atherton Bailey -- http://www.athertonbailey.com/-- is a U.K.  
insolvency practice with an innovative and effective approach to
tackling both business rescue and recovery and personal
financial problems.

Building Dynamics (U.K.) Ltd. can be reached at:

         20 22 Bedford Row
         Camden
         London WC1R 4JS
         United Kingdom
         Tel: 01293 410333
         Fax: 01293 428530


CCL CASTINGS: Appoints Administrators from Wilkins Kennedy
----------------------------------------------------------
Simon James Underwood and Colin George Wiseman of Wilkins
Kennedy were appointed joint administrators of CCL Castings
International Ltd. (Company Number 05483347) on Oct. 2.

The administrators can be reached at:

         Wilkins Kennedy
         Bridge House
         London Bridge
         London SE1 9QR
         United Kingdom
         Tel: 020 7403 1877
         Fax: 020 7403 1605
         E-mail: colin.wiseman@wilkinskennedy.com  

CCL Castings International Ltd. can be reached at:

         150 Colchester Road
         Halstead
         Essex CO9 2EU
         United Kingdom
         Tel: 01787 476 481


CONVECO LIMITED: Appoints Kroll to Administer Assets
----------------------------------------------------
A. J. Wolstenholme and J. M. Wright of Kroll Ltd. were appointed
joint administrators of Conveco Ltd. (Company Number 04150425)
on Sept. 29.

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

Conveco Ltd. can be reached at:

         1 Cornwall Street
         Birmingham B3 2JN
         United Kingdom
         Tel: 01275 394 222


DAKCO PAVING: Liquidator Sets Dec. 31 Claims Bar Date
-----------------------------------------------------
Creditors of Dakco Paving Northeast Limited 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
E. Walls at:

         Marlor Walls
         C12 Marquis Court
         Marquis Way
         Team Valley
         Gateshead NE11 0RU
         United Kingdom

Headquartered in Newcastle upon Tyne, United Kingdom, Dakco
Paving Northeast Limited -- http://www.dakco.co.uk/-- is a  
family owned subcontract paving company, specializing in the
installation of block paving, flags, kerbs, granite and natural
yorkstone paving, cobbles and setts.  Operating throughout the
U.K., the company currently has major contracts in Newcastle
upon Tyne, Manchester, Southport and Barnsley.


DAMOVO GROUP: Weak Liquidity Prompts S&P to Cut Rating to CCC+
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit on U.K. telecommunications services provider
Damovo Group S.A. to 'CCC+' from 'B', and placed the rating on
CreditWatch with negative implications.  This reflects the
group's weakened liquidity position and increasingly challenging
position with its largest client group, the Italian public
sector.
     
At the same time, the long-term debt rating on subsidiary Damovo
III S.A.'s EUR350 million senior secured notes was lowered to
'CCC-' from 'CCC+', two notches below the corporate credit
rating, and also placed on CreditWatch with negative
implications.  Furthermore, the '4' recovery rating on Damovo
III's notes was also placed on CreditWatch with negative
implications.
     
"The rating actions and CreditWatch placements follow Damovo's
announcement today that it has suffered weak second-quarter
results and its liquidity position is deteriorating," said
Standard & Poor's credit analyst Patrice Cochelin.  "The group
also announced that it has experienced further significant
delays in the award of contracts from, and processing of
expected payments by, the Italian public sector, its largest
client group."
     
Standard & Poor's expects to resolve the CreditWatch placement
in the coming weeks, after reviewing Damovo's liquidity position
and strategic options.


DEE ELECTRICAL: Creditors Confirm Liquidators' Appointment
----------------------------------------------------------
Creditors of Dee Electrical Services Limited confirmed Sept. 21
the appointment of Mark Elijah Thomas Bowen and Nigel Price of
Moore Stephens LLP as Joint Liquidators of the company.

The company can be reached at:

         Dee Electrical Services Limited
         211 Hamstead Road
         Great Barr
         Birmingham B43 5BD
         United Kingdom
         Tel: 0121 358 3860


DIAMOND BUSINESS: Names Gagen Dulari Sharma Liquidator
------------------------------------------------------
Gagen Dulari Sharma was appointed Liquidator of Diamond Business
Solutions Limited on Sept. 27 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Diamond Business Solutions Limited
         Bradford Court 123 131
         Bradford Street
         Birmingham B12 0NS
         United Kingdom
         Tel: 0121 506 2590
         Fax: 0121 753 0440


E M RECRUITMENT: Brings In SFP as Joint Administrators
------------------------------------------------------
Simon Franklin Plant and Daniel Plant of SFP were appointed
joint administrators of E M Recruitment Ltd. (Company Number
03648253) on Sept. 22.

The administrators can be reached at:

         SFP
         9 Ensign House
         Admirals Way
         Marsh Wall
         London E14 9XQ
         United Kingdom
         Tel: 020 7538 2222  

E M Recruitment Ltd. can be reached at:

         12 Eastwood Close
         Redbridge
         London E18 1BX
         United Kingdom
         Fax: 020 8989 4666


EPICUREAN BRASSERIES: Brings In Moore Stephens as Administrators
----------------------------------------------------------------
Mark Bowen and Nigel Price of Moore Stephens LLP were appointed
joint administrators of Epicurean Brasseries Ltd. (Company
Number 04117011) on Sept. 29.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

Epicurean Brasseries Ltd. can be reached at:

         13 St. Pauls Square
         Birmingham
         West Midlands B3 1RB
         United Kingdom
         Tel: 0121 233 2557
         Fax: 0121 200 2558


ERLANG LIMITED: Brings In Mazars LLP to Administer Assets
---------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint administrators of Erlang Ltd. (Company Number 04042800) on
Sept. 29.

Mazars -- http://www.mazars.com/-- specializes in audit,  
accounting, tax and advisory services.

Headquartered in Fritwell, United Kingdom, Erlang Limited --
http://www.erlanglimited.co.uk/-- builds, integrates and  
commissions radio access and fixed broadband networks.


EXTRAORDINARY EVENTS: Taps Andrew Fender to Liquidate Assets
------------------------------------------------------------
Andrew Fender of Sanderlings LLP was appointed Liquidator of
eXtraordinary Events Limited on Oct. 3 for the creditors'
voluntary winding-up procedure.

Headquartered in Kenilworth, United Kingdom, Extraordinary
Events Limited -- http://www.extraordinaryevents.co.uk/-- is an  
event planning company.  Its scope of activities ranges from the
planning and managing of corporate communication and
entertainment programs including: conferences, exhibitions,
product launches, internal seminars, business TV or the
designing, lighting and staging of theatrical spectaculars.


FEDERAL-MOGUL: Underwriters to Reply on Travelers' Objection
------------------------------------------------------------
Certain Underwriters at Lloyd's, London, and Certain London
Market Companies obtained permission from the U.S. Bankruptcy
Court for the District of Delaware to file a reply to The
Travelers Indemnity Company and Travelers Casualty and Surety
Company's objection to the Underwriters' request for discovery
concerning Vellumoid and Fel-Pro Claims.

The Travelers Objection has been filed under seal because
Travelers obtained information from American Standard, Inc. v.
Admiral Insurance Co., et al., Docket No. MID-K-1429-99, pending
in the Superior Court of New Jersey, which case is purportedly
subject to a protective order and mediation protocol.

Among others, Travelers argued that the Underwriters' discovery
request was drawn from certain confidential information provided
in the American Standard Case.

Because some information may be confidential, the Court also
authorized the Underwriters to file their reply under seal.  The
Court limits the Underwriters' Reply to 10 pages, including any
exhibits.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.  
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.  
(Federal-Mogul Bankruptcy News, Issue No. 113; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


FEDERAL-MOGUL: Insurers Want Dresser Case Heard in State Court
--------------------------------------------------------------
Insurance Companies, related to asbestos-related claims against
Federal-Mogul Products Inc., ask the U.S. District Court for the
District of Delaware to abstain from hearing the Dresser
Adversary Proceeding and to withdraw the reference of their
Lift-Stay Motion from the Bankruptcy Court.

Federal-Mogul Products asserts rights to insurance coverage for
asbestos-related claims under a large number of insurance
policies issued by various insurers.

In 2001, DII Industries, LLC, formerly Dresser Industries, Inc.,
commenced an adversary proceeding claiming coverage under the
same policies.

Ordinarily, a dispute involving application of state law would
be litigated in state court, Brian L. Kasprzak, at Marks O'Neill
O'Brien & Courtney, P.C., in Wilmington, Delaware, says on
behalf of certain insurance companies.  However, because DII
commenced the Adversary Proceeding in F-M Products' Chapter 11
case, the issues involving the Debtor's rights to insurance
coverage for asbestos claims were brought in the Bankruptcy
Court, Mr. Kasprzak recounts.

While the parties engaged in an extensive mediation, the U.S.
District Court for the District of Delaware stayed the Adversary
Proceeding, Mr. Kasprzak relates.  Currently, however, the stay
has been lifted and F-M Products wishes to proceed with coverage
litigation.

The Insurers believe that the state court is still the most
appropriate forum for litigation of the coverage disputes.
Accordingly, the Insurers ask the Bankruptcy Court to lift the
automatic stay so they can promptly commence and prosecute an
insurance coverage lawsuit in the Supreme Court of the State of
New York, New York County.

The state court suit, Mr. Kasprzak says, will substitute for the
Adversary Proceeding, except in a more appropriate forum.

The Insurers believe that lifting the automatic stay will not
interfere with the orderly administration of F-M Products' case
or its efforts to reorganize.

"The litigation will impose the same burdens on [the] Debtor and
its estate wherever it proceeds; if having active coverage
litigation in federal court will not interfere with [the]
Debtor's bankruptcy case or its efforts to confirm a plan,
having the same litigation go forward in state court also would
not have those effects," Mr. Kasprzak asserts.

Furthermore, Mr. Kasprzak contends that:

   -- the planned state court coverage action is likely to
      succeed on the merits;

   -- if the Lift Stay Motion is denied, the Insurers will
      suffer hardship; and

   -- neither F-M Products nor its estate will suffer prejudice
      if the stay is lifted.

             Insurers Want District Court to Abstain

The Dresser Adversary Proceeding now presents nothing more than
a routine insurance coverage dispute, Mr. Kasprzak tells the
District Court.  The issues in the Adversary Proceeding only
concern whether or to what extent insurance coverage exists
under prepetition liability insurance policies for F-M Products,
Mr. Kasprzak explains.  The specific issues include choice of
law, corporate successorship or named insured issues, trigger
and allocation issues, and other issues requiring interpretation
and construction of the insurance policies.

The Insurers believe those issues arise exclusively under state
law and are non-core.

"They have nothing to do with bankruptcy law, and would be most
appropriately considered by a state court," Mr. Kasprzak
contends.

Furthermore, the Insurers believe that the issues can be timely
adjudicated in state court since the feasibility of the Debtor's
proposed plan of reorganization in no way depends on the outcome
of an insurance coverage litigation.

Hence, the Insurers ask the District Court to abstain from
hearing the Adversary Proceeding.

"It has become commonplace for federal courts to abstain from
insurance coverage suits involving debtors so the state-law
matters involved can be heard in state court, as Congress
intended" Mr. Kasprzak says.

        Insurers Ask District Court to Withdraw Reference

The Insurers further ask the District Court to withdraw the
reference of their Lift-Stay Motion from the Bankruptcy Court,
so that a single judicial officer from the District Court can
decide both the Abstention Motion and the Lift-Stay Motion,
which are interrelated.

"Hearing those motions together further fosters economical use
of [the] Debtor's and the insurance companies' resources and
expedites the bankruptcy process," Mr. Kasprzak points out.

The Insurers believe that failure to withdraw the reference
could result in inconsistent rulings by the District Court and
the Bankruptcy Court.

The Insurers include:

   -- Ace Property & Casualty Insurance Company,
   -- Century Indemnity Company,
   -- Central National Insurance Company of Omaha,
   -- Pacific Employers Insurance Company,
   -- Insurance Company of North America,
   -- OneBeacon America Insurance Company,
   -- Seaton Insurance Company,
   -- St. Paul Mercury Insurance Company,
   -- Stonewall Insurance Company,
   -- TIG Insurance Company, and
   -- United States Fire Insurance Company.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at
Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.  
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.  
(Federal-Mogul Bankruptcy News, Issue No. 113; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


FINDOKE LIMITED: Brings In Liquidator from Wilkins Kennedy
----------------------------------------------------------
Keith Aleric Stevens of Wilkins Kennedy was appointed Liquidator
of Findoke Limited (t/a Trafalgar Press) on Oct. 2 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Findoke Limited
         Robert Cort Industrial Estate
         Britten Road
         Reading
         Berkshire RG2 0AU
         United Kingdom
         Tel: 0118 975 0899
         Fax: 0118 975 3220


FORD MOTOR: Starting Buyout Offers for U.S. Workers This Week
-------------------------------------------------------------
Ford Motor Company will start offering its early retirement
packages to all 75,000 of its U.S. hourly employees this week,
the Associated Press reported.

Ford is offering buyout packages to its entire U.S. hourly
workforce of approximately 75,000 people.  Employees have
between Oct. 16, and Nov. 27, to select among eight different
retirement, education and other separation programs.  The
programs include tuition reimbursement for a two-or four-year
college degree, a US$100,000 lump sum payment or US$35,000
retirement incentive, among others.  Employees who accept
packages will leave the company between January and September
2007.

"Though we are doing what we must to fix our business in North
America, we truly have the best interests of our employees in
mind," said Marty Mulloy, Ford Motor Company vice president,
Labor Affairs.  "We are providing a wide variety of buyout
options for employees to consider, and we are committed to
providing them with as much information as possible to help them
through the process of transitioning into their lives after
Ford."

In an effort to help employees through their decision-making
process and to provide relevant information about their options,
Ford and the UAW are holding Opportunity Workshops and
Opportunity Fairs at nearly every manufacturing location in the
United States.  The workshops are designed to provide
information about topics including how to start a business,
going through a relocation and going back to school.

                   Ford's Package Offering

Special Retirement Incentive:

For employees with 30 years of service or more and are at least
55 years old, or are at least 65 with one or more years of
service.  Financial incentive of US$35,000 pre-tax check.

Special Early Retirement:

For employees who have reached age 55, but not normal retirement
age, and who have ten or more years of credited service under
the Ford-UAW retirement plan.  Provides unreduced life income
benefits for the life of the retiree, and temporary benefits
payable until age 62 and one month.

Pre-Retirement Leave Program:

For employees with at least 28, but less than 30 years of
credited service.  Ends with retirement when the employee
reaches 30 years of service.  Employees will receive 85 percent
of straight-time pay.  After they reach 30 years of service,
they would receive their regular retirement.

Special Termination of Employment Program:

For employees with at least one year of service receive a gross
lump sum payment of US$100,000.  Retirement eligible employees
must wait 23 months before retiring.

Educational Opportunity Program:

For employees with at least one year of service, includes
tuition reimbursement for up to US$15,000 a year for up to four
years paid directly to the approved college or vocational
school, and an annual stipend worth 50 percent of the employee's
annualized straight-time wage rate.  Health insurance and other
benefits continue during this four-year period, but participants
must enroll in school full time (at least 12 credit hours per
semester) and maintain a "c" average to remain eligible.  
Benefits and the living expense stipend end after 4 years, or
when the employee receives their degree, certification or
license.

Enhanced Special Termination of Employment Program:

Under this program, UAW-Ford employees with at least 30 years of
credited service under the Ford-UAW Retirement Plan or are at
least 55 years old with at least 10 years of credited service
will receive a lump sum pre-tax payment of US$140,000.  
Retirement may take place immediately, and workers electing this
option will receive any pension benefits for which they are
eligible at that time, based on length of service.  They also
will be provided with basic health care coverage for a period of
six months, but will be ineligible for post-retirement health
care and life insurance benefits.

Focused Education Opportunity Program:

A Similar program to Educational Opportunity Program, except
that employees selecting this option will receive two years of
tuition payment, up to US$15,000 per year and 70 percent of
wages, instead of 50 percent.

Family Scholarship Program:

Employees electing this program agree to terminate their
employment at Ford, and will receive a Scholarship Fund totaling
US$100,000, which can be used for approved educational expenses
for their children, spouses and grandchildren.  Funds will be
taxed upon withdrawal.  Funds will be available for a 10-year
period from the employee's date of termination and if the funds
are not used within the time period, the scholarship funds will
be forfeited.

                          About Ford

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes  
automobiles in 200 markets across six continents.  With more
than 324,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar,
Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                         *     *     *

As reported in TCR-Europe on Sept. 21, Moody's Investors Service
lowered Ford Motor Company's corporate family rating and senior
unsecured to B3 from B2, and Ford Motor Credit Company's senior
unsecured to B1 from Ba3.

Ford's Speculative Grade Liquidity rating has also been lowered
to SGL-3 from SGL-1.  The rating outlook is negative.  These
rating actions conclude a review for possible downgrade that was
initiated on Aug. 18.

At the same time, Standard & Poor's Ratings Services lowered its
long-term corporate credit ratings on Ford Motor Co., Ford Motor
Credit Co. and all related units -- except FCE Bank PLC -- to
'B' from 'B+' and its short-term ratings on these entities to
'B-3' from 'B-2.'

The ratings on FCE Bank, Ford Credit's European bank, were
lowered to 'B+/B-3' from 'BB-/B-2', maintaining the one-notch
rating differential between FCE and its parent that was
established in July.

As reported in the Troubled Company Reporter on Aug. 22, 2006,
Dominion Bond Rating Service placed long-term debt rating of
Ford Motor Company Under Review with Negative Implications
following announcement that Ford will sharply reduce its North
American vehicle production in 2006.  DBRS lowered on
July 21, 2006, Ford Motor Company's long-term debt rating to B
from BB, and lowered its short-term debt rating to R-3 middle
from R-3 high.  DBRS also lowered Ford Motor Credit Company's
long-term debt rating to BB(low) from BB, and confirmed Ford
Credit's short-term debt rating at R-3(high).

Fitch Ratings also downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company to 'B' from 'B+'.
Fitch also lowered the Ford's senior unsecured rating to
'B+/RR3' from 'BB-/RR3' and Ford Credit's senior unsecured
rating to 'BB-/RR2' from 'BB/RR2'.  The Rating Outlook remains
Negative.

Standard & Poor's Ratings Services also placed its 'B+' long-
term and 'B-2' short-term ratings on Ford Motor Co., Ford Motor
Credit Co., and related entities on CreditWatch with negative
implications.

As reported in the Troubled Company Reporter on July 24, 2006,
Moody's Investors Service lowered the Corporate Family and
senior unsecured ratings of Ford Motor Company to B2 from Ba3
and the senior unsecured rating of Ford Motor Credit Company to
Ba3 from Ba2.  The Speculative Grade Liquidity rating of Ford
has been confirmed at SGL-1, indicating very good liquidity over
the coming 12-month period.  Moody's said the outlook for the
ratings is negative.


FORD MOTOR: Faulty Door Latches Prompt Recall of 145,000 Cars
-------------------------------------------------------------
Ford Motor Company is recalling more than 145,000 vehicles in
the United States for a range of problems including defective
latches to faulty drivetrains, Reuters reports, citing the
National Highway Traffic Safety Administration.

The recall involves 139,537 2005 model-year Five Hundred and
Mercury Montego sedans and 2005-2006 model-year Freestar
minivans; and 6,164 Escape hybrid SUVs from 2006 model year,
Reuters said, based on NHTSA's records.

NHTSA's detailed report on the recall is available at the
agency's Web site at http://www.nhtsa.dot.gov/

                  Possible Renault-Nissan Tie Up

Reuters earlier reported that Nissan Motor Co. Ltd and Renault
could set their sights on the company as they continue to look
for a North American partner.

Nissan spokeswoman Mia Nielsen told Reuters that the Renault-
Nissan alliance could be extended to work with additional
partners and that a North American partner could make sense.

Renault-Nissan had sought to form a partnership with General
Motors Corp. in order to strengthen its position in North
America.  GM however, ended the talks after concluding that
Renault-Nissan's alliance framework would substantially
disadvantage GM shareholders.   

                          About Ford

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes  
automobiles in 200 markets across six continents.  With more
than 324,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar,
Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                         *     *     *

As reported in TCR-Europe on Sept. 21, Moody's Investors Service
lowered Ford Motor Company's corporate family rating and senior
unsecured to B3 from B2, and Ford Motor Credit Company's senior
unsecured to B1 from Ba3.

Ford's Speculative Grade Liquidity rating has also been lowered
to SGL-3 from SGL-1.  The rating outlook is negative.  These
rating actions conclude a review for possible downgrade that was
initiated on Aug. 18.

At the same time, Standard & Poor's Ratings Services lowered its
long-term corporate credit ratings on Ford Motor Co., Ford Motor
Credit Co. and all related units -- except FCE Bank PLC -- to
'B' from 'B+' and its short-term ratings on these entities to
'B-3' from 'B-2.'

The ratings on FCE Bank, Ford Credit's European bank, were
lowered to 'B+/B-3' from 'BB-/B-2', maintaining the one-notch
rating differential between FCE and its parent that was
established in July.

As reported in the Troubled Company Reporter on Aug. 22, 2006,
Dominion Bond Rating Service placed long-term debt rating of
Ford Motor Company Under Review with Negative Implications
following announcement that Ford will sharply reduce its North
American vehicle production in 2006.  DBRS lowered on
July 21, 2006, Ford Motor Company's long-term debt rating to B
from BB, and lowered its short-term debt rating to R-3 middle
from R-3 high.  DBRS also lowered Ford Motor Credit Company's
long-term debt rating to BB(low) from BB, and confirmed Ford
Credit's short-term debt rating at R-3(high).

Fitch Ratings also downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company to 'B' from 'B+'.
Fitch also lowered the Ford's senior unsecured rating to
'B+/RR3' from 'BB-/RR3' and Ford Credit's senior unsecured
rating to 'BB-/RR2' from 'BB/RR2'.  The Rating Outlook remains
Negative.

Standard & Poor's Ratings Services also placed its 'B+' long-
term and 'B-2' short-term ratings on Ford Motor Co., Ford Motor
Credit Co., and related entities on CreditWatch with negative
implications.

As reported in the Troubled Company Reporter on July 24, 2006,
Moody's Investors Service lowered the Corporate Family and
senior unsecured ratings of Ford Motor Company to B2 from Ba3
and the senior unsecured rating of Ford Motor Credit Company to
Ba3 from Ba2.  The Speculative Grade Liquidity rating of Ford
has been confirmed at SGL-1, indicating very good liquidity over
the coming 12-month period.  Moody's said the outlook for the
ratings is negative.


GADGETS U.K.: Claims Registration Ends Oct. 27
----------------------------------------------
Creditors of Gadgets (U.K.) Limited (formerly Sex (U.K.)
Limited) have until Oct. 27 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 Martin C. Armstrong at:

         Turpin Baker Armstrong
         Allen House
         1 Westmead Road
         Sutton
         Surrey SM1 4LA
         United Kingdom

The company can be reached at:

         Gadgets (U.K.) Limited
         10 12
         Chapel Place
         Tunbridge Wells
         Kent TN1 1YQ
         United Kingdom
         Tel: 01892 547 003


GRAFFITI ART: Hires Lloyd Biscoe to Liquidate Assets
----------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Graffiti Art (U.K.) Limited (formerly Grafitti Art (U.K.)
Limited and Graffiti Art (Portugal Limited) on Sept. 28 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Graffiti Art (U.K.) Limited
         Rosemont Road
         Camden
         London NW3 6NE
         United Kingdom
         Tel: 020 7472 5040


GILLAN CONTRACTORS: Calls In Liquidator from Maidment Judd
----------------------------------------------------------
Anthony David Kent of Maidment Judd was appointed Liquidator of
Gillan Contractors Limited on Oct. 3 for the creditors'
voluntary winding-up procedure.

Headquartered in Harlow, United Kingdom, Gillan Contractors
Limited -- http://www.gillanrefurbishment.co.uk/-- offers  
services that covers all types of refurbishment from:
commercial, industrial warehouse space, factory units, domestic
private office space, space planning, and specialist flooring.


H.W. P.V.C.: Creditors' Claims Due Nov. 8
-----------------------------------------
Creditors of H.W. (P.V.C. Windows) Limited (formerly Poshways
Limited) have until Nov. 8 to send in their names and addresses
with particulars of their debts or claims to appointed
Liquidator David Moore at:

         Begbies Traynor
         No 1 Old Hall Street
         Liverpool L3 9HF
         United Kingdom

The company can be reached at:

         H.W. (P.V.C. Windows) Limited
         Egerton Court
         Haig Road
         Knutsford
         Cheshire WA168FB
         United Kingdom
         Tel: 01565 653 789
         Fax: 01565 652 751


HOLIDAY INDEX: N. A. Bennett Leads Liquidation Procedure
--------------------------------------------------------
N. A. Bennett of Leonard Curtis was appointed Liquidator of
Holiday Index Limited on Sept. 29 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Holiday Index Limited
         2nd Floor
         Bartholomew Court
         60-61
         High Street
         Waltham Cross
         Hertfordshire EN8 7JU
         United Kingdom
         Tel: 01992 622633   


IDENTITY PUBLIC: Taps Liquidator from B & C Associates
------------------------------------------------------
Filippa Connor of B & C Associates was appointed Liquidator of
Identity Public Relations Limited (formerly Mercury PR Limited)
on Sept. 28 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Identity Public Relations Limited
         21 22   
         Great Castle Street
         City Of Westminster
         London W1G 0HY
         United Kingdom
         Tel: 020 7499 1191


INCO LTD: CVRD Extends Expiry Date for Inco Tender Offer
--------------------------------------------------------
Companhia Vale do Rio Doce dislcosed that it is extending the
expiry time of the offer to acquire all of the outstanding
common shares of Inco Ltd. for CDN$86 in cash per share from
8:00 p.m. (Toronto time) on Oct. 16, to midnight (Toronto time)
on Oct. 23.

This extension is intended to provide additional time to obtain
a net benefit ruling under the Investment Canada Act.

All other terms and conditions of the CVRD offer will remain
unchanged.

CVRD will mail a formal notice of variation and extension to
Inco security holders as soon as practicable.  The notice of
variation and extension will also be available on the SEDAR Web
site at http://www.sedar.com/and on the EDGAR website at  
http://www.sec.gov/

For purposes of the U.S. tender offer rules, CVRD further
disclosed that as at 5:00 p.m. (Toronto time) on Oct. 12, 2006,
22,408,850 common shares of Inco have been tendered and not
withdrawn under the CVRD offer.

As previously reported in TCR-Europe on Oct. 9, CVRD disclosed
that it has obtained an unconditional clearance from the
European Commission under the EC Merger Regulation with respect
to its offer to acquire all of the outstanding common shares of
Inco.

                            About CVRD

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining  
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                         About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily  
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

                          *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


INCO LTD: Union Steelworkers Ratify Agreement with Voisey's Bay
---------------------------------------------------------------
Members of the United Steelworkers Local 6480 have said yes to a
tentative agreement reached last Saturday with Inco Ltd.
subsidiary Voisey's Bay Nickel Company.

Not only does the ratification mean an end to a two-month strike
and an immediate return to work, it means workers have accepted
a settlement that guarantees parity with other Inco sites in
Ontario and Manitoba.

This first contract for the 120 workers at the remote Labrador
mine site provides a 15.5-per-cent increase in wages over three
years, a nickel bonus, improved Earnings Compensation Bonus, a
cost-of-living allowance, a US$6,000 back-to-work retention
bonus, and doubled employer pension contributions.

The union also negotiated improved vacation, overtime,
bereavement and sick leave, health benefits and a statutory
holiday recognizing National Aboriginal Day on June 21.

"This agreement is an important milestone for these members and
their communities," said USW Ontario/Atlantic Director Wayne
Fraser.  "Their commitment to gaining parity with other Inco
employees was unwavering.  Their solidarity, coupled with
support from USW members in Sudbury, Port Colborne and Thompson,
MB, was able to overcome the isolation of maintaining a picket
line in a remote area of Labrador.  "It was an amazing struggle
with a great outcome."

                        About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily  
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

                          *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


INTERACTIVE DIGITAL: Taps Administrators from Rothman Pantall
-------------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co. were
appointed joint administrators of Interactive Digital Solutions
PLC (Company Number 04167952) on Sept. 26.

Rothman Pantall & Co. -- http://www.rothman-pantall.co.uk/--  
was established in 1955 as a general accountancy practice, and
has grown to its present 18 offices across the South of England.
It is one of the largest independent firms of Chartered
Accountants in the region, and rank in the top 40 in the United
Kingdom.

Interactive Digital Solutions PLC can be reached at:

         Century House 98 100
         High Street
         Banstead
         Surrey SM7 2NN
         United Kingdom
         Tel: +44 (0) 20 7930 7272
         Fax: +44 (0) 20 7930 9849


ISLE OF CAPRI: Hayground Cove Buys 5.53% Equity Stake
-----------------------------------------------------
In a Schedule 13D filing on Isle of Capri Casinos Inc., Jason
Ader of Hayground Cove Asset Management disclosed his purchase
of 5.53% of the Company's outstanding common stock.

Hayground Cove reported that it used approximately US$39,193,452
of funds provided by working capital to acquire 1,899,450 shares
of the Company's common stock.

Commenting on the Hayground Cove purchase, Standard & Poor's
credit analyst Peggy Hebard said "Given that Hayground now has a
meaningful stake in Isle, we believe that management will now be
pressured to pursue shareholder-enhancing leveraging
transactions."

A full-text copy of the Schedule 13D filed with the U.S.
Securities and Exchange Commission is available for free at
http://researcharchives.com/t/s?1341

Based in Biloxi, Miss., Isle of Capri Casinos, Inc.
(Nasdaq: ISLE) -- http://www.islecorp.com/-- develops and owns  
gaming and entertainment facilities.  The Company owns and
operates riverboat and dockside casinos in Biloxi, Vicksburg,
Lula and Natchez, Miss.; Bossier City and Lake Charles (two
riverboats), La.; Bettendorf, Davenport and Marquette, Iowa; and
Kansas City and Boonville, Mo.  The Company also owns a 57%
interest in and operates land-based casinos in Black Hawk (two
casinos) and Cripple Creek, Colorado.  Isle of Capri's
international gaming interests include a casino that it operates
in Freeport, Grand Bahama, and a 2/3 ownership interest in
casinos in Dudley, Walsal and Wolverhampton, England.  The
company also owns and operates Pompano Park Harness Racing Track
in Pompano Beach, Fla.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 6, 2006,
Standard & Poor's Ratings Services placed its ratings on Isle of
Capri Casinos Inc., including its 'BB-' corporate credit rating,
on CreditWatch with negative implications.

Moody's Investors Service affirmed its Ba3 Corporate Family
Rating on Isle of Capri Casinos in connection with its
implementation of the new Probability-of-Default and Loss-Given-
Default rating methodology for the Gaming, Lodging & Leisure
sector.  Moody's assigned LGD ratings to four of the Company's
debts including a LGD5 rating on its 9% Sr. Sub. Notes,
suggesting debt holders will experience a 76% loss in the event
of a default.


ISLE OF CAPRI: Stockholders' Meeting Set for October 26
-------------------------------------------------------
Isle of Capri Casinos Inc. will hold its 2006 Annual Meeting of
Stockholders at Isle of Capri Casino & Hotel, 100 Isle of Capri
Boulevard in Boonville, Missouri, at 9:00 a.m., central time, on
Oct. 26.

During the meeting, the Company's stockholders will be asked to
elect eight persons to the Board of Directors and  transact such
other business as may properly come before the Annual Meeting.
The eight nominees for election to the Board are:

       1) Bernard Goldstein
       2) Robert S. Goldstein
       3) Emanuel Crystal
       4) Alan J. Glazer
       5) W. Randolph Baker
       6) Jeffrey D. Goldstein
       7) John G. Brackenbury
       8) Shaun R. Hayes

The record date for the determination of stockholders entitled
to vote at the Annual Meeting is the close of business on
Aug. 31, 2006.

Based in Biloxi, Miss., Isle of Capri Casinos, Inc.
(Nasdaq: ISLE) -- http://www.islecorp.com/-- develops and owns  
gaming and entertainment facilities.  The Company owns and
operates riverboat and dockside casinos in Biloxi, Vicksburg,
Lula and Natchez, Miss.; Bossier City and Lake Charles (two
riverboats), La.; Bettendorf, Davenport and Marquette, Iowa; and
Kansas City and Boonville, Mo.  The Company also owns a 57%
interest in and operates land-based casinos in Black Hawk (two
casinos) and Cripple Creek, Colorado.  Isle of Capri's
international gaming interests include a casino that it operates
in Freeport, Grand Bahama, and a 2/3 ownership interest in
casinos in Dudley, Walsal and Wolverhampton, England.  The
company also owns and operates Pompano Park Harness Racing Track
in Pompano Beach, Fla.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 6, 2006,
Standard & Poor's Ratings Services placed its ratings on Isle of
Capri Casinos Inc., including its 'BB-' corporate credit rating,
on CreditWatch with negative implications.

Moody's Investors Service affirmed its Ba3 Corporate Family
Rating on Isle of Capri Casinos in connection with its
implementation of the new Probability-of-Default and Loss-Given-
Default rating methodology for the Gaming, Lodging & Leisure
sector.  Moody's assigned LGD ratings to four of the Company's
debts including a LGD5 rating on its 9% Sr. Sub. Notes,
suggesting debt holders will experience a 76% loss in the event
of a default.


ISLE OF CAPRI: To Own 13.8% Interest in Singapore Project
---------------------------------------------------------
Isle of Capri Casinos Inc. disclosed financial details
associated with revised agreements in connection with resort
developer Eighth Wonder's proposal to build an integrated resort
complex on Sentosa Island in Singapore.

Under the terms of the new agreements, Isle of Capri will own a
13.8% interest in Eighth Wonder's proposed Sentosa Island
project.  Should Eighth Wonder be the successful bidder in the
Sentosa Island RFP, Isle of Capri's equity contribution will be
US$65 million.  Isle of Capri will also receive a payment equal
to 2% of casino gross revenues for a 15-year period.

Based in Biloxi, Miss., Isle of Capri Casinos, Inc.
(Nasdaq: ISLE) -- http://www.islecorp.com/-- develops and owns  
gaming and entertainment facilities.  The Company owns and
operates riverboat and dockside casinos in Biloxi, Vicksburg,
Lula and Natchez, Miss.; Bossier City and Lake Charles (two
riverboats), La.; Bettendorf, Davenport and Marquette, Iowa; and
Kansas City and Boonville, Mo.  The Company also owns a 57%
interest in and operates land-based casinos in Black Hawk (two
casinos) and Cripple Creek, Colorado.  Isle of Capri's
international gaming interests include a casino that it operates
in Freeport, Grand Bahama, and a 2/3 ownership interest in
casinos in Dudley, Walsal and Wolverhampton, England.  The
company also owns and operates Pompano Park Harness Racing Track
in Pompano Beach, Fla.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 6, 2006,
Standard & Poor's Ratings Services placed its ratings on Isle of
Capri Casinos Inc., including its 'BB-' corporate credit rating,
on CreditWatch with negative implications.

Moody's Investors Service affirmed its Ba3 Corporate Family
Rating on Isle of Capri Casinos in connection with its
implementation of the new Probability-of-Default and Loss-Given-
Default rating methodology for the Gaming, Lodging & Leisure
sector.  Moody's assigned LGD ratings to four of the Company's
debts including a LGD5 rating on its 9% Sr. Sub. Notes,
suggesting debt holders will experience a 76% loss in the event
of a default.


JACUZZI BRANDS: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Building Products sector, the rating agency
confirmed its B2 Corporate Family Rating for Jacuzzi Brands
Inc., and its B2 rating on the company's US$380 million 9.625%
Gtd. Global notes due 2010.  Additionally, Moody's assigned an
LGD3 rating to those bonds, suggesting noteholders will
experience a 50% loss in the event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in 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 West Palm Beach, Florida, Jacuzzi Brands, Inc.
-- http://www.jacuzzibrands.com/-- is a global manufacturer and  
distributor of branded bath and plumbing products for the
residential, commercial and institutional markets.  These
include whirlpool baths, spas, showers, sanitary ware and
bathtubs, as well as professional grade drainage, water control,
commercial faucets and other plumbing products.  The company's
products are marketed under our portfolio of brand names,
including JACUZZI(R), SUNDANCE(R), ZURN(R) and ASTRACAST(R).
In Europe, Jacuzzi Brands maintains operations in the United
Kingdom.


JACUZZI BRANDS: Acquisition Cues Moody's to Review Ratings
----------------------------------------------------------
Moody's Investors Service placed Jacuzzi Brands Inc. on review
for possible downgrade to reflect the announcement that Jacuzzi
has agreed to be acquired by private equity firm Apollo
Management L.P. for approximately US$1.25 billion
(including debt assumption) before fees, expenses, and other
liabilities.  

Jacuzzi Brands plans to make a cash tender offer for all of its
outstanding 9.625% senior secured Notes due 2010.  It is
contemplated that Jacuzzi's operating subsidiary Zurn will be
acquired by Rexnord, an Apollo portfolio company.  Moody's
believes the transaction will close in the first quarter of
2007.

The following ratings have been placed on review for possible
downgrade:

    * Corporate Family Rating, rated B2;

    * US$380 million 9.625% gtd notes due 2010, rated B2
     (LGD3-49%);

    * Probability of default rating, rated B2; and

    * Loss given default assessment (LGD 50%, LGD-4).

Jacuzzi Brands, Inc., headquartered in West Palm Beach, Florida,
manufactures a broad range of products through operating
subsidiaries in two business segments, bath products and
plumbing products.  Sales for the first half of 2006, excluding
Rexair, totaled US$845 million.


JRW-HARRISON: Names Malcolm Edward Fergusson Liquidator
-------------------------------------------------------
Malcolm Edward Fergusson was appointed Liquidator of JRW-
Harrison Construction Limited on Sept. 26 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         JRW-Harrison Construction Limited
         Unit 6
         Coundon Industrial Estate
         Coundon
         Bishop Auckland
         County Durham DL14 8NR
         United Kingdom
         Tel: 01388 662156   


LAPISTOR LIMITED: Brings In BDO Stoy to Administer Assets
---------------------------------------------------------
Toby Underwood and Matthew Dunham of BDO Stoy Hayward LLP were
appointed joint administrators of Lapistor Ltd. (Company Number
05128233) on Sept. 29.

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

Headquartered in Bradford, United Kingdom, Lapistor Ltd.
designs, manufactures and wholesales computer equipment.


MCBRIDE DRY: Appoints Martin Henry Linton as Liquidator
-------------------------------------------------------
Martin Henry Linton of was appointed Liquidator of McBride Dry
Lining Limited on Sept. 26 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         McBride Dry Lining Limited
         1st Floor Hatton House
         Church Lane
         Cheshunt
         Waltham Cross
         Hertfordshire EN8 0DW
         United Kingdom
         Tel: 01992 632 272
         Fax: 01992 629 188


MIDLAND TOYS: National Westminster Appoints PwC as Receivers
------------------------------------------------------------
National Westminster Bank Plc appointed Mark Hopkins and Robert
Jonathan Hunt of PricewaterhouseCoopers LLP joint administrative
Receivers of Midland Toys Ltd. (Company Number 03280332) on
Oct. 2.

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.  

Headquartered in Cannock, United Kingdom, Midland Toys Ltd.
wholesales and retails toys and fancy goods.  Its trading names
are Carols Superstore, Carols Megastore, Seasons, and Pound
Plaza.


MILLS CORP: Completes US$988 Mln Asset Sale to Ivanhoe Cambridge
----------------------------------------------------------------
The Mills Corp. has completed the previously disclosed sale
of its interests in:

   -- Vaughan Mills (Ontario, Canada),
   -- St. Enoch Centre (Glasgow, Scotland), and
   -- Madrid Xanadu (Madrid, Spain)

to Ivanhoe Cambridge Inc. for approximately US$988 million, with
net proceeds of approximately US$500 million before transaction
costs, but net of expected foreign taxes.

Approximately US$400 million was used to immediately pay down a
portion of the Senior Term loan with Goldman Sachs Mortgage
Company, as Administrative Agent.  A significant portion of the
remaining proceeds are being held in escrow for foreign taxes in
an amount in excess of the taxes expected to be due.  Additional
proceeds are being held in connection with the previously
disclosed litigation with Parcelatoria de Gonzalo Chacon.  Most
on-site employees were retained by Ivanhoe Cambridge as part of
the transfer.

"This transaction demonstrates that we are moving forward with
our efforts to sell all or part of the Company," said The Mills
Corporation Chief Executive Officer and President Mark S. Ordan.

                    About Ivanhoe Cambridge

Headquartered in Montreal, Quebec in Canada, Ivanhoe Cambridge
-- http://www.ivanhoecambridge.com/-- is one of Canada's pre-
eminent property owners, managers, developers and investors.  
The Company focuses on high-quality shopping centres located in
urban areas.  Its real estate portfolio consists of more than
43.2 million square feet of retail space and includes over 65
regional and super-regional shopping centers.  As of Dec. 31,
2005, the market value of Ivanhoe Cambridge's assets reached
CDNUS$9.3 billion.

                    About The Mills Corporation

Headquartered in Chevy Chase, Maryland, The Mills Corporation
(NYSE:MLS) -- http://www.themills.com/-- develops, owns,  
manages retail destinations including regional shopping malls,
market dominant retail and entertainment centers, and
international retail and leisure destinations.  The Company owns
42 properties in the U.S., Canada and Europe, totaling 51
million square feet.  In addition, The Mills has various
projects in development, redevelopment or under construction
around the world.

                         *     *     *

As reported in the Troubled Company Reporter on March 24, 2006,
The Mills Corporation disclosed that the U.S. Securities and
Exchange Commission has commenced a formal investigation.

The SEC initiated an informal inquiry in January after the
Company reported the restatement of its prior period financials.

Mills is restating its financial results from 2000 through 2004
and its unaudited quarterly results for 2005 to correct
accounting errors related primarily to certain investments by a
wholly-owned taxable REIT subsidiary, Mills Enterprises, Inc.,
and changes in the accrual of the compensation expense related
to its Long-Term Incentive Plan.


MORTGAGE MASTERS: Brings In Kian Seng Tan to Liquidate Assets
-------------------------------------------------------------
Kian Seng Tan of K S Tan & Co. was appointed Liquidator of
Mortgage Masters Limited on Oct. 2 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Mortgage Masters Limited
         Mary Ann Street
         Cardiff
         South Glamorgan CF102EQ
         United Kingdom
         Tel: 029 2039 8989


PHOENIX RADIO: Joint Liquidators Take Over Operations
-----------------------------------------------------
Matthew Robert Howard and Robert Geoffrey Rose of Larking Gowen
were appointed Joint Liquidators of Phoenix Radio Network
Limited on Sept. 28 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Phoenix Radio Network Limited
         6 Derby Street
         Norwich
         Norfolk NR2 4PU
         United Kingdom
         Tel: 01603 624 951
         Fax: 01603 613 220


PROTEIN PRODUCTS: Nominates Susan Purnell as Liquidator
-------------------------------------------------------
Susan Purnell of Purnells was nominated Liquidator of Protein
Products Limited on Sept. 29 for the creditors' voluntary
winding-up proceeding.

Headquartered in Newport, United Kingdom, Protein Products
Limited manufactures pet foods.


RAY RADFORD: Claims Filing Period Ends Nov. 16
----------------------------------------------
Creditors of Ray Radford Ltd. (formerly Radfords Transport Ltd.)
have until Nov. 16 to send their names and addresses and
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
I. E. Walker at:

         Begbies Traynor
         Balliol House
         Southernhay Gardens
         Exeter EX1 1NP
         United Kingdom

Headquartered in Coullompton, United Kingdom, Ray Radford Ltd.
engages in poultry farming.


REFCO INC: Files Amended Plan & Disclosure Statement in New York
----------------------------------------------------------------
Refco Inc. and its debtor-affiliates delivered their Amended
Plan of Reorganization and accompanying Disclosure Statement to
the U.S. Bankruptcy Court for the Southern District of New York
on Oct. 6, 2006.

Marc Kirschner, the Chapter 11 trustee for Refco Capital
Markets, Ltd.; the Official Committee of Unsecured Creditors;
and the Additional Committee of Unsecured Creditors are co-
proponents of the Amended Plan.

The Amended Plan contemplates that on or prior to the Effective
Date, the RCM Chapter 11 Case will be converted to a case under
subchapter III of Chapter 7 of the Bankruptcy Code, unless the
Debtors and the RCM Trustee agree that there is a compelling
reason for the RCM Estate to be administered under Chapter 11.
In the event of a conversion to Chapter 7, the Plan will
constitute a settlement and compromise between the RCM Estate
and the Debtors' Estates, on one hand, and among the Estates of
the various Debtors and certain creditors, on the other hand,
for which approval is sought simultaneously with the
confirmation of the Plan.

               Creditor Recovery Under Amended Plan

The Amended Plan separately classifies Claims against and
Interests in:

   * Refco and its 24 affiliates -- Contributing Debtors,
   * Refco Capital, Markets, Ltd., and
   * Refco F/X Associates, LLC.

Administrative and Priority Tax Claims against the Contributing
Debtors, RCM, and FXA are not classified under the Plan.
Administrative and Priority Tax Claims will be paid in full in
cash.

The Amended Plan groups Claims against and Interest in the
Contributing Debtors into eight classes:

                                       Estimated     Estimated
   Class  Description                  Claim Amount  % Recovery
   -----  -----------                  ------------  ----------
    1     Non-Tax Priority Claims        US$3,000,000     100.0%
    2     Other Secured Claims             US$700,000     100.0%
    3     Secured Lender Claims        US$704,000,000     100.0%
    4     Sr Subordinated Note Claims  US$397,400,000      83.4%
    5(a)  Contributing Debtors Gen.
             Unsecured Claims          US$522,700,000      23.0%
    5(b)  Related Claims                          -       0.0%
    6     RCM Intercompany Claims                 -       N/A
    7     Subordinated Claims                     -       0.0%
    8     Old Equity Interests                    -       0.0%

The Class 3 Secured Lender Claims against the Contributing
Debtors will be allowed and paid to the extent provided in the
Early Payment Order.

RCM will be entitled to an additional Claim if, at the
conclusion of the claims reconciliation process:

   (x) the total Allowed Contributing Debtors General Unsecured
       Claims are less than US$394,000,000; and

   (y) the Distributions to be made to Holders of Allowed
       Contributing Debtors General Unsecured Claims would
       result in a recovery for the Holders in excess of 35%
       from the sum of the Contributing Debtors Distributive
       Assets and the Contributing Debtors' portion of the RGL
       FXCM Distribution.

Specifically, RCM will be entitled to an additional Claim equal
to the positive difference between US$394,000,000 minus the
amount of the Allowed Contributing Debtors General Unsecured
Claims.

The Additional RCM Claim will participate pro rata in all
Distributions from Contributing Debtors Distributive Assets and
the Contributing Debtors' portion of the RGL FXCM Distribution
to Holders of Allowed Contributing Debtors General Unsecured
Claims that exceed the 35% recovery threshold.  The Additional
RCM Claim, however, will not be subject to the 40% limit on
Distributions set forth in the Contributing Debtors General
Unsecured Claim Distribution.

The Amended Plan groups Claims against FXA into seven classes:

                                       Estimated     Estimated
   Class  Description                  Claim Amount  % Recovery
   -----  -----------                  ------------  ----------
    1     FXA Non-Tax Priority Claims      US$165,000     100.0%
    2     FXA Other Secured Claims         US$120,000     100.0%
    3     FXA Secured Lender Claims    US$704,000,000       N/A
    4     FXA Sr Sub. Note Claims      US$397,400,000       N/A
    5(a)  FXA Gen. Unsecured Claims    US$140,700,000
                                    to US$180,700,000      35.0%
    5(b)  Related Claims                          -       0.0%
    6     FXA Convenience Claims        US$12,500,000      40.0%
    7     FXA Subordinated Claims                 -       0.0%

The Amended Plan provides that Class 5(a) FXA General Unsecured
Claims less than or equal to US$10,000, or greater than
US$10,000 but, with respect to which, Holder voluntarily reduces
the Claim to US$10,000, will be treated as Class 6 FXA
Convenience Claims.

The aggregate amount of Distributions to Class 6 FXA Convenience
Claims is limited to US$5,000,000.  To the extent that the
amount of Class 5(a) FXA General Unsecured Claims electing to
receive a Class 6 FXA Convenience Claim causes the aggregate
amount to exceed the cap, the Holders of Claims permitted to
elect the treatment will be determined by reference to the
amount of the Claim, with the Claim in the lowest amount being
selected first and the next largest claim being selected
thereafter until the cap is reached.

The ranges of claims and recoveries for Holders of FXA General
Unsecured Claims are subject to material deviations and may be
significantly lower due to:

   (i) alleged administrative expenses incurred in trading
       activity post-bankruptcy; and

  (ii) a dispute with a related entity in Japan concerning
       ownership of a significant portion of FXA cash.

FXA has commenced a turnover action against Japan KK to require
it to turn certain cash assets over to FXA.

The Amended Plan groups RCM Claims into seven classes:

                                       Estimated     Estimated
   Class  Description                  Claim Amount  % Recovery
   -----  -----------                  ------------  ----------
    1     RCM Non-Tax Priority Claims       US$90,000     100.0%
    2     RCM Other Secured Claims     US$110,400,000     100.0%
    3     RCM FX/Unsecured Claims      US$985,600,000      37.6%
    4     RCM Securities Customer
             Claims                  US$2,793,800,000      85.4%
    5     RCM Leuthold Metals Claims    US$15,600,000     100.0%
    6     Related Claims                          -       0.0%
    7     RCM Subordinated Claims                 -       0.0%

Holders of Allowed Related Claims will be subordinated and will
receive no Distribution unless all Holders of Allowed RCM
FX/Unsecured Claims, Allowed RCM Securities Customer Claims and
Allowed RCM Leuthold Metals Claims have been paid in full.

To the extent that a Non-Debtor Affiliate has an Intercompany
Claim against RCM, the Claim will be resolved by:

   (a) the netting of the Claim against any Claim held by the
       Contributing Debtors or RCM against the Non-Debtor
       Affiliate; or

   (b) to the extent that a distribution is made by RCM on
       account of the Claim, the Contributing Debtors will
       reimburse RCM for payments from any amounts the
       Contributing Debtors receive directly or indirectly from
       any Non-Debtor Affiliate.

Holders of Claims under these classes are impaired and entitled
to vote on the Amended Plan:

   -- Class 4 Senior Subordinated Note Claims, Class 5(a)
      Contributing Debtors General Unsecured Claims, Class 5(b)
      Related Claims and Class 6 RCM Intercompany Claims,
      against one or more of the Contributing Debtors;

   -- Class 4 FXA Senior Subordinated Note Claims, Class 5(a)
      FXA General Unsecured Claims, Class 5(b) Related Claims,
      and Class 6 FXA Convenience Claims, against FXA; and

   -- Class 3 RCM FX/Unsecured Claims, Class 4 RCM Securities
      Customer Claims, Class 5 Leuthold Metals Claims and Class
      6 Related Claims, against RCM.

                    BAWAG Proceeds Allocation

On Oct. 5, 2006, the Court approved a partial allocation of
the proceeds of a settlement agreement among the Debtors, the
Creditors Committee and BAWAG P.S.K. Bank fur Arbeit und
Wirtschaft und Osterreichische Postsparkasse Aktiengesellschaft.

The BAWAG Allocation Order provides that US$100,000,000 of the
BAWAG Guaranteed Proceeds was indefeasibly allocated to Refco
Group Ltd., LLC, for payment to the Senior Secured Lenders.

The consideration given by BAWAG, aside from the US$100,000,000
already earmarked for RGL, will be allocated this way:

   * US$150,000,000 will be allocated to the Contributing
     Debtors for payment to the Holders of Senior Subordinated
     Note Claims;

   * US$56,250,000 -- plus 100% of up to US$150,000,000 in the
     form of the BAWAG Contingent Payment -- will be allocated
     to the Contributing Debtors for payment to the Holders of
     Allowed Contributing Debtors General Unsecured Claims;

   * US$200,000,000 will be allocated to RCM for payment to the
     Holders of RCM Securities Customer Claims and RCM
     FX/Unsecured Claims; and

   * the value of each release granted by BAWAG in favor of each
     of the Debtors and RCM would be allocated to each of the
     Debtors and RCM, as applicable, without any resulting
     transfer of Cash or other Distribution.

On September 21, 2006, BAWAG wired US$337,500,000 to the Debtors
and US$337,500,000 to the U.S. government.  The Debtors expect
to receive US$168,700,000 of the amount transferred by BAWAG to
the U.S. government prior to confirmation of the Plan.

The BAWAG Settlement Agreement provides that:

   -- any creditor who voluntarily elects to receive any portion
      of the BAWAG Proceeds must release BAWAG from all claims
      or actions arising from or related to the Debtors; and

   -- any portion of the BAWAG Proceeds that would have been
      allocated to any creditor that elects not to provide the
      required release must be returned to BAWAG.

The Amended Plan provides that Holders of Allowed Claims against
the Contributing Debtors and RCM can, if they affirmatively
elect, opt out of the BAWAG settlement and thereby return their
share of BAWAG Proceeds to BAWAG in lieu of agreeing to release
BAWAG from liability.

Opting out, however, will significantly reduce the aggregate
recoveries to be received by the Creditors under the Plan:

                                Estimated Plan   Estimated Plan
                                Recovery With    Recovery Minus
   Creditor Class               BAWAG Proceeds   BAWAG Proceeds
   --------------               --------------   --------------
   Senior Subordinated
      Note Claims                    83.4%            45.7%

   Contributing Debtors General
      Unsecured Claims               23.0%            12.2%

   RCM Securities
      Customer Claims                85.4%            80.6%

   RCM FX/Unsecured Claims           37.6%            30.9%

                   US$140,000,000,000 Claim Pile

As of Sept. 29, 2006, the Debtors' claims agent, Omni
Management Group, LLC, had received approximately 14,000 timely
filed proofs of claim in the Debtors' Chapter 11 cases asserting
more than US$140,000,000,000 in the aggregate, not including
claims asserted in unliquidated amounts.  The Debtors and their
professionals have been engaged in the process of evaluating the
proofs of claim to determine whether objections seeking
disallowance, reclassification or reduction of certain asserted
claims should be filed.  The Debtors expect to seek disallowance
of approximately US$130,000,000,000 of the claims.

                 Administration of Refco Estates

The Joint Sub-Committee of the Official Creditors Committees
will designate an entity to serve as Plan Administrator for both
Reorganized Refco and Reorganized FXA.  The Joint Sub-Committee
will also select a trustee for the Litigation Trust to be
established under the Plan.

The Litigation Trust will be structured in a manner that
provides for a senior Tranche A and a junior Tranche B.  No
Distributions of Litigation Trust Interests will be made in
respect of Tranche B until Tranche A has been fully and
indefeasibly paid.  However, Holders of Allowed Old Equity
Interests may receive recoveries directly from 10% of the IPO
Underwriter Claims Recovery in Tranche A.

The Litigation Trust will have an initial five-year term, which
may be extended for one or more one-year terms.  The Trust may
be terminated earlier than its scheduled termination if:

   -- the Bankruptcy Court has entered a final order closing all
      of or the last of the Chapter 11 cases and the RCM Chapter
      11 case to the extent the RCM Chapter 11 case was
      converted to Chapter 7;  and

   -- the Litigation Trustee has administered all the Trust
      assets and performed all other duties required under the
      Plan.

The RCM Trustee will retain his rights, powers and duties
necessary to carry out his responsibilities with respect to the
RCM Estate.

The Court will convene a hearing on October 16, 2006, at 10
a.m., to consider whether the Amended Disclosure Statement
contains adequate information within the meaning of Section 1125
of the Bankruptcy Code.  Objections, if any, are due by Oct. 9.

A blacklined copy of the Debtors' Amended Disclosure Statement
is available for free at http://ResearchArchives.com/t/s?132f

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 44; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Wants Solicitation & Tabulation Procedures Set
---------------------------------------------------------
Refco Inc. and its debtor-affiliates remind the Hon. Robert D.
Drain of the U.S. Bankruptcy Court for the Southern District of
New York that they filed a Plan of Reorganization and Disclosure
Statement together with Marc Kirschner, the Chapter 11 Trustee
for Refco Capital Markets, Ltd., on Sept. 14, 2006.  After
further negotiations with their creditor constituencies, the
Debtors, together with the RCM Trustee and the official
committees of unsecured creditors appointed in their cases,
delivered an Amended Plan of Reorganization and Disclosure
Statement on Oct. 6, 2006.

To facilitate consideration of their Plan, the Debtors ask the
Bankruptcy Court to establish December 15, 2006, as the
commencement date of the Plan confirmation hearing, as may be
continued from time to time in open court without further notice
to parties-in-interest.

The Debtors also ask Judge Drain to set:

   (i) Dec. 1, 2006, at 4:00 p.m., as the deadline for filing
       objections to the Plan Confirmation;

  (ii) Nov. 20, 2006, at 4:00 p.m., as the deadline to object to
       claims solely for Plan voting purposes;

(iii) Nov. 28, 2006, as 4:00 p.m., as the deadline for filing
       motions seeking temporary allowance of claims for voting
       purposes, pursuant to Rule 3018(a) of the Federal Rules
       of Bankruptcy Procedure; and

  (iv) Dec. 8, 2006, at 5:00 p.m., as the deadline by which
       Ballots for accepting or rejecting the Plan must be
       received by Financial Balloting or Omni Management Group,
       LLC, if they are to be counted.

The Debtors propose that any party who timely files a Rule
3018(a) Motion will be provided a ballot and permitted to cast a
provisional vote to accept the Plan.  If, and to the extent
that, the Debtors and that party are unable to resolve the
issues raised by the Rule 3018(a) Motion before the Plan voting
deadline, the Court will determine at the Confirmation Hearing
whether the provisional ballot should be counted as a vote on
the Plan and, if so, the amount in which that party will be
entitled to vote.

             Treatment of Claims for Voting Purposes

The Debtors classify "non-voting claims" as claims that are
listed in their schedules of assets and liabilities as disputed,
contingent or unliquidated, and which are not the subject of a
timely filed proof of claim, or a claim deemed timely filed with
the Court.

The Debtors ask the Court that the Non-Voting Claimholders will
be denied treatment as creditors to vote on and receive
distributions and notices under the Plan.

The Debtors also want that any disputed claim will be determined
ineligible to vote on the Plan.  The Debtors insist that those
claims will not be counted in determining whether the Section
1126(c) requirements have been met:

   (i) unless any claim has been temporarily allowed for voting
       purposes; or

  (ii) except to the extent that the objection to that claim has
       been resolved in the creditor's favor.

For voting purposes, the Debtors propose that the claim amount
used to calculate acceptance or rejection of the Plan under
Section 1126 will be (x) the actual claim amount scheduled by
the Debtors, or (y) the liquidated amount of a timely filed
claim.

In addition, the Debtors seek that the ballots cast by certain
claimants holding non-substantive claims will not be counted
toward satisfying the aggregate dollar amount provision of
Section 1126(c) numerosity requirement, unless temporarily
allowed by the Court in a specific amount for voting purposes.

                       Voting Record Date

To set a record date for determining the "holders of stocks,
bonds, debentures, notes and other securities" entitled to
receive ballots and other materials specified in Rule 3017(d),
the Debtors' securities registrars need advance notice to enable
responsible parties to assemble ownership lists of publicly
traded debt and equity securities.

J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, relates that since Bankruptcy Rules 3017(d)
and 3018(a) purport to set a record date based on when the Court
clerk records an official order, those rules in essence require
ownership lists to be prepared retroactively, even though it
cannot be done accurately.

Accordingly, the Debtors ask Judge Drain to exercise his power
under Section 105(a) to set October 16, 2006, as the record date
for determining:

   -- creditors and equity holders entitled to receive
      solicitation packages and related materials, if any; and

   -- creditors entitled to vote to accept or reject the Plan
      and elect certain treatment, notwithstanding anything to
      the contrary in the Bankruptcy Rules.

                Solicitation Package and Ballots

Pursuant to Bankruptcy Rule 3017(d), the Debtors propose to
deliver by first class mail, within five business days after the
Disclosure Statement approval:

   (a) a Confirmation Hearing notice to all of their known
       creditors, the Senior Subordinated Note Indenture Trustee
       and equity security holders as of the Voting Record Date,
       and all other entities required to be served under
       Bankruptcy Rules 2002 and 3017; and

   (b) a copy of a notice of non-voting status with respect to
       unimpaired classes to:

          * claimholders in Contributing Debtors Classes 1, 2
            and 3 under the Plan;

          * claimholders in FXA Classes 1, 2 and 3;

          * claimholders in RCM Classes 1 and 2; and

   (c) a copy of a notice of non-voting status with respect to
       impaired classes to:

          * holders of claims and interests in Contributing
            Debtors Classes 7 and 8;

          * claimholders in FXA Class 7; and

          * claimholders in RCM Class 6.

The Debtors seek that the Non-Voting Packages will be deemed to
constitute an adequate alternative disclosure statement to
impaired non-voting classes under Section 1125(c) and a summary
plan under Bankruptcy Rule 3017(d).

In addition, the Debtors propose to mail to claimholders in
Contributing Debtors Classes 4, 5 and 6; claimholders in FXA
Classes 4, 5 and 6; and claimholders in RCM Classes 3, 4 and 5
an information and solicitation package, containing:

   (1) a copy or conformed printed version of the Disclosure
       Statement and a copy of the Disclosure Statement order;

   (2) one or more ballots appropriate for a specific creditor;
       and

   (3) the Confirmation Hearing Notice.

To avoid duplication and to reduce expenses, the Debtors propose
that:

   (i) creditors holding unimpaired and impaired claims will
       receive only the Solicitation Package appropriate for the
       applicable impaired class; and

  (ii) creditors who have filed duplicate claims in any given
       class will receive only one Solicitation Package and one
       Ballot for voting their claims and will be entitled to
       vote their claim only once with respect to that class.

The appropriate Ballot forms, as applicable, will be distributed
to claimholders who are entitled to vote to accept or reject the
Plan:

   Ballot D-1   Beneficial Owner Ballot for Senior Subordinated
                   Note Claims

   Ballot D-2   Ballot for Class 5 Contributing Debtors General
                   Unsecured Claims

   Ballot D-3   Ballot for Class 6 RCM Intercompany Claims

   Ballot D-4   Ballot for Class 5(a) FXA General Unsecured
                   Claims

   Ballot D-5   Ballot for Class 6 FXA Convenience Claims

   Ballot D-6   Ballot for Class 3 RCM FX/Unsecured Claims

   Ballot D-7   Ballot for Class 4 RCM Securities Customer
                   Claims

   Ballot D-8   Ballot for Class 5 RCM Leuthold Metals Claims

                       Noteholder Election

Pursuant to the Plan, the Debtors propose that an election
declining to receive BAWAG Proceeds by holders of Senior
Subordinated Note Claims who voted to accept the Plan may be
disregarded.  The Debtors also want that the Senior Subordinated
Note Claimholders who fail to vote their claims will be deemed
to accept the receipt of Senior Subordinated Note Claims BAWAG
Proceeds as a component of their pro rata share of a Senior
Subordinated Note Holder Distribution.

To facilitate the election by Noteholders not to receive BAWAG
Proceeds, the Debtors will mail a BAWAG Opt-Out election form to
each Senior Subordinated Note Claimholder determined as of the
Voting Record Date.

Nominees holding the Senior Subordinated Notes will be required
to forward information with respect to the Noteholder Election
to beneficial owners of Senior Subordinated Notes and to effect
any Noteholder Election on their behalf through a Depository
Trust Company's Automated Tender Offer Program system.  The
Nominees may use the BAWAG Opt-Out Election Form provided or
other means as they customarily may use to obtain instructions
with respect to an election on account of the beneficial owner's
claim.

To effect the Noteholder Election, each Senior Subordinated Note
Claimholder must:

   (i) provide instructions to its Nominee sufficiently far in
       advance of the Voting Deadline by electronically
       tendering the holder's Senior Subordinated Notes to The
       Depository Trust Company; and

  (ii) vote to reject the Plan, and ensure that the vote is
       received by Financial Balloting Group LLC, the Debtors'
       proposed special voting agent, by the Voting Deadline.

The Debtors further seek the Court's authority to adopt, as
necessary, any additional procedures consistent with the
provisions of the Noteholder Elections.

           Ballot Election to Decline Certain Proceeds

In accordance with the Plan, in the event that BAWAG is sold for
an amount in excess of EUR1,800,000,000, the Debtors propose
that:

   (a) holders of Contributing Debtors General Unsecured Claims
       who fail to vote their claims will be deemed to accept
       the distribution, if any, of the Contributing Debtors
       BAWAG Proceeds;

   (b) holders of RCM FX/Unsecured Claims and RCM Securities
       Customer Claims that fail to vote their claims will be
       deemed to accept RCM BAWAG Proceeds as a component of
       their Distribution from RCM;

   (c) each holder of a Contributing Debtors General Unsecured
       Claim, FXA General Unsecured Claim, RCM FX/Unsecured
       Claim or RCM Securities Customer Claim will be deemed to
       have agreed to contribute its Non-Estate Refco Claims to
       the Private Actions Trust contemplated by the Global Term
       Sheet.

The Debtors further seek that holders of the Contributing
Debtors General Unsecured Claim, FXA General Unsecured Claims,
RCM FX/Unsecured Claims and RCM Securities Customer Claims that
fail to vote their claims will be excluded from participation in
the Private Actions Trust.

     Ballot Election for Treatment as FXA Convenience Claim

According to Mr. Milmoe, each holder of a Class 5 FXA General
Unsecured Claim in an amount greater than US$10,000 may elect to
have its claim reduced to US$10,000 and treated as a Class 6 FXA
Convenience Claim under the Plan.  In this light, the Debtors
propose that Class 5 FXA General Unsecured Claimholders electing
treatment as Class 6 FXA Convenience Claims will be deemed to
have voted their Class 6 Claims to accept the Plan.

Under the Plan, the aggregate amount of distributions to Class 6
FXA Convenience Claims is capped at US$5,000,000.  To the extent
that the elections of Class 5 FXA General Unsecured Claims to
receive treatment as Class 6 FXA Convenience Claims result in
the aggregate allowed amount of claims in Class 6 exceeding
$5,000,000, the claims permitted to elect that treatment will be
determined by reference to the amount of the claim, with the
claim in the lowest amount being selected first and the next
largest claim being selected thereafter until the US$5,000,000
cap
is reached.

The Debtors propose that, to the extent any Class 5 FXA General
Unsecured Claimholder that has elected treatment as a Class 6
FXA Convenience Claim, but has to be denied that treatment due
to over-subscription, the vote initially cast by that holder
will be counted in the tabulation of votes in Class 5.

Moreover, the Debtors propose that unless the holders of Class 3
RCM FX/Unsecured Claims and Class 4 RCM Securities Customer
Claims make the appropriate Ballot election, those holders will
be deemed to have agreed (i) to assign their RCM Related Debtor
Claims to the Litigation Trust, and (ii) to release their RCM
Related Claims against any non-Debtor Refco entity.  The Debtors
also seek that those holders that fail to vote their claims will
be deemed not to have assigned their RCM Related Debtor Claims
to the Litigation Trust or released their RCM Related Claims
against non-debtor entities.

                          Ballot Method

To facilitate the mailing of Solicitation and Non-Voting
Packages, the Debtors ask the Court to direct Wells Fargo Bank,
National Association, the indenture trustee for the Senior
Subordinated Notes, and The Bank of New York, the transfer agent
for the Debtors' equity securities, to provide Financial
Balloting, by October 19, 2006, with the names, addresses, and
account numbers of the recordholders as of the Record Date.

In addition, the Debtors seek that the Nominees through which
beneficial owners hold Senior Subordinated Notes or equity
securities promptly distribute Solicitation Packages or Non-
Voting Packages, as appropriate, to certain holders, and
cooperate with Financial Balloting to accomplish the
distribution, in any case no later than five business days after
receipt by the Nominees of the Packages.  The Debtors will
provide Nominees with sufficient quantities of those Packages to
permit service of those documents on their beneficial owners.

The Debtors want the Nominees to obtain votes of beneficial
owners of Senior Subordinated Notes according to these
procedures:

   (a) A Nominee may forward the Solicitation Package to each
       beneficial owner of the Senior Subordinated Notes for
       whom it acts as a Nominee for voting and include a
       postage-prepaid, return envelope provided by and
       addressed to the Nominee so that the beneficial owner may
       return the completed beneficial owner Ballot directly to
       its Nominee; or

  (ii) A Nominee may prevalidate the Ballot by signing it and
       forward the Solicitation Package along with the
       prevalidated Ballot to the beneficial owner of the Senior
       Subordinated Notes for voting, so that the beneficial
       owner may return the completed Ballot directly to
       Financial Balloting.

                  Voting & Tabulation Procedures

To avoid the potential for inconsistent results, the Debtors ask
Judge Drain to establish these guidelines for tabulating votes:

   (1) Any Ballot or Master Ballot, as appropriate, that is
       properly executed and timely received, and that is cast
       as either an acceptance or rejection of the Plan, will be
       counted and will be deemed to be cast as an acceptance or
       rejection of the Plan.

   (2) Each record holder or beneficial owner of the Senior
       Subordinated Notes will be deemed to have voted the full
       principal amount of its claim, notwithstanding anything
       to the contrary on the Ballot.

   (3) Ballots or Master Ballots that are, inter alia, received
       after the Voting Deadline will not be counted any purpose
       in determining whether the Plan has been or rejected.

   (4) Ballots or Master Ballots sent by facsimile transmission,
       are illegible, or that contain insufficient information
       to permit the identification of the claimants will not be
       counted.

   (5) Ballots or Master Ballots that do not explicitly indicate
       the vote, are cast by a non-voting entity, do not contain
       an original signature, split the vote, or do not match an
       existing database record will not be counted.

   (6) Ballots or Master Ballots other than the official form
       sent will not be counted.

The Debtors propose these procedures for tabulating votes cast
by holders of Senior Subordinated Notes:

   (a) All Nominees through which beneficial owners hold Senior
       Subordinated Notes are required to receive and summarize
       on a Master Ballot all beneficial owner Ballots cast by
       the beneficial owners they serve and then return the
       Master Ballot to Financial Balloting on or before the
       Voting Deadline.

   (b) Nominees are required to retain Court inspection for one
       year following the Voting Deadline (x) the Ballots cast
       by their beneficial owners and (y) any BAWAG Opt-Out
       Election Forms received.

   (c) Votes cast by the beneficial owners through a Nominee and
       transmitted by means of a Master Ballot will be applied
       against the positions held by that Nominee.

   (d) Votes submitted by a Nominee on a Master Ballot will not
       be counted in excess of the position maintained by the
       Nominee on the Record Date.

   (e) To the extent that conflicting, double or over-votes are
       submitted on Master Ballots and prevalidated Ballots,
       Financial Balloting will attempt to resolve those votes
       before the vote certification to ensure that the votes of
       beneficial owners of Senior Subordinated Notes are
       accurately tabulated.

        Treatment of Contributing Debtors Class 7 Holders

The Debtors believe that the Bankruptcy Code does not require
the solicitation of votes from the holders of Contributing
Debtors Class 7 Subordinated Claims and Class 8 Old Equity
Interests, so long as the holders of those claims and interests
are provided an opportunity to object to the Plan confirmation.

Mr. Milmoe states that because holders of Class 7 Subordinated
Claims and Class 8 Old Equity Interests are not legally entitled
to a distribution under the Plan, and consistent with Section
1126(g), Classes 7 and 8 may be deemed to have rejected the
Plan, notwithstanding any distribution proposed for those
Classes.

Mr. Milmoe states that the agreement of the Debtors, the RCM
Trustee, the Secured Lenders, the holders of Senior Subordinated
Notes, and other major case constituencies to permit a
distribution to the holders of Classes 7 and 8 should not result
in a requirement that the Debtors solicit votes on the Plan from
those holders.

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 44; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Ch. 7 Trustee Wants Rogers Funds Claims Pact Approved
----------------------------------------------------------------
Rogers Raw Materials Fund, L.P., and Rogers International Raw
Materials Fund, L.P., filed on July 11, 2006, Claim Nos. 251 and
252 against Refco, LLC.  The Rogers Claims asserted customer net
equity under Section 766(h) of the Bankruptcy Code, commodities
fraud and aiding and abetting under 7 U.S.C. Section 6b, common
law fraud, contribution, negligence, conversion, breach of
fiduciary duty, and breach of contract.

On July 22, 2006, Beeland Management Company, L.L.C., Walter
Thomas Price and Allen Goodman filed Claim Nos. 253 to 255
against Refco LLC for contribution or indemnification in respect
of certain claims asserted against them related to the Rogers
Funds' losses at Refco, Inc.  The Price Futures Group, an
affiliate of the Rogers Funds Parties, also filed Claim Nos. 192
and 193 against the Chapter 7 Debtor on June 16, 2006.

Albert Togut, as Chapter 7 trustee for the Refco LLC estate,
disputes the Claims.

The parties engaged in good faith, arm's-length discussions to
resolve the Claims.  Mr. Togut asks the U.S. Bankruptcy Court
for the Southern District of New York to approve their
settlement.

Under the Settlement, the parties agreed to:

   (i) the withdrawal of all of the Rogers Funds Parties' and
       the Price Futures Groups' claims against Refco LLC, other
       than claims provided for in a settlement agreement
       between Refco Capital Markets' estate, and certain of its
       securities customers and general unsecured creditors,
       which has been approved by the Court; and

  (ii) the allowance of a US$30,000,000 general unsecured claim
       against Refco LLC for the Rogers Funds.

The Chapter 7 Trustee, the Rogers Funds Parties, and RCM Trustee
Marc Kirschner also agreed to the mutual release of any other
related claims between or among the parties, including the RCM
Trustee's waiver of its right to seek to reduce the
distributions to the Rogers Funds under the RCM Settlement by
the amount of the claim allowed against Refco LLC.

J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, asserts that the Settlement is critical to the
confirmation of a global plan and settlement involving all of
the estates.

Mr. Milmoe notes that even if the Court's decision were to
sustain the Chapter 7 Trustee's objections in full, the Rogers
Funds would likely appeal.  In that event, the Chapter 7 Trustee
would be required to reserve for the full amount of the Rogers
Funds' Claims.  Mr. Milmoe says that a substantial reserve would
adversely affect the global plan and settlement embodied in the
Chapter 11 Debtors' Plan of Reorganization and could jeopardize
the RCM Settlement.

Mr. Milmoe states that the settlement of complex commodities-
related claims asserted in amounts exceeding US$375,000,000 in
exchange for a single allowed claim of US$30,000,000 -- less
than
10% of the claimed amount -- is reasonable on its face and is
clearly in the best interests of the estates.

Furthermore, Mr. Milmoe maintains that the Settlement will avoid
substantial risks, costs and uncertainties that future
litigation and appeals would otherwise entail.

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 44; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ROYAL & SUN: Changes Operational Structure & Names Board Members
----------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc disclosed of changes to
the Group's operating structure.

The Group will be organized into three main operating
businesses: the U.K., International, and Emerging Markets.

The new structure reflects the strategic focus of the Group set
out to the market in June 2006.  These changes will be effective
immediately.

The U.K. remains unchanged under CEO Bridget McIntyre.
International will continue to be headed by Simon Lee, who will
be appointed to the Board as an Executive Director, effective
Jan. 1, 2007.

The International business will now include Scandinavia as well
as Canada, Ireland and Italy.

Paul Whittaker will become CEO of Emerging Markets, which will
comprise the Group's operations in Latin America, Asia & the
Middle East, and the Baltics.  Paul has over 15 years of general
management experience in financial services with R&SA, AXA and
GE Capital, including work in Asia and Eastern Europe.  Paul is
currently R&SA's Group Human Resources Director and part of the
Executive Management team. Orlagh Hunt, Human Resources Director
for International will be promoted to the role of Group Human
Resources Director and will join the Executive Management team.

"The new structure reflects our strategic focus and gives us a
stronger platform to pursue our objective of profitable growth,"
Andy Haste, Group CEO, said.  "Simon has delivered strong top
and bottom line growth for International and will be an asset to
the Board, while Paul's experience in emerging markets will
allow us to continue to build our positions in these high
potential markets."

                    About Royal & SunAlliance

Headquartered in London, United Kingdom, Royal & SunAlliance
Insurance Group Plc -- http://www.royalsunalliance.com/--  
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International -- with operations in 30
countries, providing general insurance products to over 20
million customers worldwide.

                           *    *    *

As reported in TCR-Europe on Sept. 29 A.M. Best Co. has placed
the financial strength ratings of C++ (Marginal) and the issuer
credit ratings of "b" of the Royal & SunAlliance U.S.A.
Insurance Pool and Royal Surplus Lines Insurance Company under
review with developing implications pending the completion of
the proposed sale of these operations to Arrowpoint Capital, a
new company formed by the existing management team of these
operations.  All the above companies are domiciled in
Wilmington, Delaware.  R&SAUS and RSLIC are U.S. subsidiaries of
Royal & Sun Alliance Insurance Group plc (London, England).

As reported in TCR-Europe on March 27, Standard & Poor's Ratings
Services lowered its counterparty credit and insurer financial
strength ratings on Royal & Sun Alliance Insurance Group PLC's
U.S. insurance operations (RSA USA) to 'BB' from 'BB+'.  S&P
said the outlook remains negative.  At the same time, the
ratings were withdrawn at the request of the companies'
management.


RS PRESS: Creditors' Claims Due Jan. 15
---------------------------------------
Creditors of RS Press Limited have until Jan. 15, 2007, 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
A. J. Clark at:

         Carter Clark
         Meridian House
         62 Station Road
         North Chingford
         London E4 7BA
         United Kingdom

Headquartered in Watford, United Kingdom, RS Press Limited --
http://www.rspress.co.uk/-- offers services including: graphic  
and web design; digital, lithographic and T-shirt printing; and
CD duplication services.  
   

SD PRECISION: Appoints David Hill to Liquidate Assets
-----------------------------------------------------
David Hill of Begbies Traynor was appointed Liquidator of SD
Precision Engineering Limited on Oct. 3 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         SD Precision Engineering Limited
         Unit 6      
         Woodside Trading Estate
         Llanbadoc
         Usk
         Gwent NP151SS
         United Kingdom
         Tel: 01291 672 267
         Fax: 01291 672 285


SEA CONTAINERS: Files for Bankruptcy Protection in Delaware
-----------------------------------------------------------
Sea Containers Ltd., Sea Containers Caribbean Inc., and Sea
Containers Services Ltd. filed chapter 11 petitions in the U.S.
Bankruptcy Court for the District of Delaware yesterday in an
attempt to effect a consensual restructuring of their financial
obligations.

At June 30, 2006, the Debtors had approximately US$1.7 billion
in total assets and US$1.6 billion in total debts on a
consolidated basis.

According to Robert D. MacKenzie, Sea Containers' president and
chief executive officer, the Debtors were forced to file for
bankruptcy protection because:

     (i) they will not have sufficient cash available to meet
         their upcoming debt obligations, specifically the
         Oct. 15, 2006 Public Note payment; and

    (ii) they desire to minimize the risk of certain creditors'
         enforcement actions against them and their assets,
         which could jeopardize the value of the estate.

The Debtors have continued to experience a steady decline in
liquidity primarily due to a slump in positive cash flow from
their operations and that of their non-debtor subsidiaries.  
Losses associated with its ferry business have continued due to
increased oil prices, an overall decline in passenger volume,
increased competition in the market, and the incurrence of ship
lay-up costs.  

The Debtors have been able to extract limited cash flow from GE
SeaCo, the main part of the container business, due to certain
arrangements with GE Capital.  The Debtors' once-profitable rail
business also suffered from increased competition, higher fuel
and electricity costs and the terms of a new franchise
agreement.

                     Financial Indebtedness

In fiscal year 2005, Sea Containers reported US$1.7 billion
revenues on continuing and discontinued operations and US$532.9
million in net losses.  As of Oct. 15, 2006, the Debtors have
approximately US$49 million in cash available to fund their
operations while in chapter 11.

The Debtors' principal liabilities consist of:

     (i) indebtedness from public notes issued by SCL, which
         comprised of:

         a. US$115 million 10-3/4% Notes due Oct. 15, 2006;
         b. US$149.8 million 7-7/8% Notes due Feb. 15, 2008;
         c. US$19.2 million 12-1/2% Notes due Dec. 1, 2009; and
         d. US$103 million 10-1/2% Notes due May 15, 2012.

    (ii) guarantee and related obligations of SCL and other
         prepetition financial obligations; and

   (iii) potential pension obligations.

The public notes are unsecured obligations of Sea Containers
Ltd. and are not guaranteed by any of the other Debtors or any
non-debtor subsidiary.  The public notes rank equally in right
of payment with respect to each other.

Concurrent with negotiations, Mr. MacKenzie said, the Debtors
plan to continue implementing their operations restructuring by:

   -- withdrawing from the ferry business;
   
   -- selling non-performing assets or assets in non-core
      business lines;

   -- restructuring certain obligations; and

   -- reducing overhead and administrative costs.

The Debtors anticipate that they will be able to emerge as a
stronger company concentrated around their container leasing and
rail operations.

                     About Sea Containers Ltd.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight  
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.


SEA CONTAINERS: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: Sea Containers Ltd.
             22 Victoria Street
             P.O. Box HM 1179
             Hamilton, HMEX
             Bermuda

Bankruptcy Case No.: 06-11156

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Sea Containers Caribbean Inc.              06-11155
      Sea Containers Services Ltd.               06-11157

Type of Business: The Debtor provides passenger and freight
                  transport and marine container leasing.  It
                  operates in four segments: Ferry, Rail,
                  Container, and Leisure.
                  See http://www.seacontainers.com/

Chapter 11 Petition Date: October 15, 2006

Court: District of Delaware

Debtor's Counsel: Robert S. Brady, Esq.
                  Young, Conaway, Stargatt & Taylor
                  The Brandywine Bldg.
                  1000 West Street, 17th Floor
                  P.O. Box 391
                  Wilmington, DE 19899
                  Tel: (302) 571-6600
                  Fax: (302) 571-1253

                          Estimated Assets    Estimated Debts
                          ----------------    ---------------
Sea Containers Ltd.       More than $100 Mln  More than $100 Mln

Sea Containers Caribbean  
Inc.                      $0 to $50,000       $0 to $50,000

Sea Containers Services   
Ltd.                      More than $100 Mln  More than $100 Mln

Debtors' List of Consolidated 20 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
United States Trust Company   Note Debt             $149,800,000
of New York                   7 7/8% Senior Notes
Attn: Corporate Trust and     Due February 2006
Agency Division
114 W. 47th St.
New York, NY 10036

United States Trust Company   Note Debt             $115,000,000
of New York                   10 3/4% Senior Notes
Attn: Corporate Trust and     Due October 2006
Agency Division
114 W. 47th St.
New York, NY 10036

The Bank of New York          Note Debt             $103,000,000
Attn: Corporate Trust         10 1/2% Senior Notes
Administration                Due May 2012
101 Barclay St.
New York, NY 10285

SPCP (Silverpoint)            Contract Debt          $19,500,000
2 Greenwich Plaza
Greenwich, CT 06830

The Bank of New York          Note Debt              $19,200,000
Attn: Corporate Trust         12 1/2% Senior Notes
Administration                Due December 2009
101 Barclay St.
New York, NY 10285

Centrabanca                   Guarantee              $19,166,720
Corso Europa 16               Borrower: Hoverspeed
Milan, Italy                  Italia
                              Collateral: Supersea
                              Cat 4

HSH Nordbank                  Guarantee              $15,800,000
Gerhart-Hauptmann-Piatz50     Borrower: Hoverspeed
Hamburg 20095                 Italia
Germany                       Collateral: SuperSea
                              Cat 3

GE SeaCo SRL                  Trade Debt             $11,941,906
Randall M Cathell
2nd Fl., Chamberlain Place
Broad Street
Bridgetown, Barbados
West Indies

HSH Nordbank                  Bank Loan               $5,100,000
Gerhart-Hauptmann-Piatz50     Co-Borrower: SeaCat 4
Hamburg 20095                 Limited
Germany                       Collateral: SeaCat
                              Scotland

HSH Nordbank                  Bank Loan               $2,700,000
Gerhart-Hauptmann-Piatz50     Co-Borrower: YMCL
Hamburg 20095                 Collateral: Assets of
Germany                       YMCL

Bank of Scotland              Bank Loan               $2,300,000
155 Bishopsgate               Collateral: IT
London, EC2M 3YB              equipment
UK

GE SeaCo America LLC          Trade Debt              $1,751,948
1601 Oceanic Street
Charleston, SC 29405

Bank of Scotland              Bank Loan                 $500,000
155 Bishopsgate               Co-Borrower: SC Rail
London EC2M 3YB               Services
UK                            Collateral: Rail
                              infrastructure

GE Seaco British Isles Ltd.   Trade Debt                 $90,837

Law Office of Tank & Co.      Professional Services      $22,052

GE France                     Trade Debt                 $13,561

Jane Fryer                    Pension Obligations        Unknown
                              (1983 Scheme)

Rosemary Kennell              Pension Obligations        Unknown
                              (1990 Scheme)

Citicapital Commercial Corp.  Guarantee of Time           
Unknown
                              Charter Obligations
                              Primary Obligor:
                              SeaStreak America,
                              Inc.

JP MorganChase Bank           Guarantee of Time           
Unknown
                              Charter Obligations
                              Primary Obligor:
                              SeaStreak America,
                              Inc.


SHAW GROUP: Plans to Join Toshiba in Westinghouse Acquisition
-------------------------------------------------------------
The Shaw Group Inc. disclosed that, through a 100% owned special
purpose acquisition subsidiary, Nuclear Energy Holdings, L.L.C.,
it will join with Toshiba Corp. to acquire Westinghouse Electric
Co.

Earlier in the year, Toshiba was declared the successful bidder
to acquire Westinghouse from British Nuclear Fuels Limited for
US$5.4 billion.  Toshiba has formed two acquisition companies (a
U.S. entity and a U.K. entity) for the purpose of making the
acquisition.  At closing, expected to occur in October 2006,
Toshiba will own 77% of each of the Westinghouse Acquisition
Companies, Nuclear Energy 20%, and Ishikawajima-Harima Heavy
Industries Co., Ltd. 3%.  Nuclear Energy's participation in this
transaction is conditioned upon successful and timely closing of
a US$1.08 billion private placement bond financing and other
customary closing conditions.

Nuclear Eenergy intends to finance its acquisition with funding
it is seeking to raise through a private placement of Japanese
Yen-denominated bonds with an approximate principal amount of
US$1.08 billion, currently being marketed in Japan and outside
the U.S.  These limited-recourse Bonds are expected to have a
term of approximately 6.5 years.

In connection with the acquisition, Nuclear Eenergy will have an
option to sell all or part of its 20% ownership interest in the
Westinghouse Acquisition Companies to Toshiba prior to the
maturity of the Bonds.  The Bonds will be secured by the assets
of and 100% of the membership interests in NEH, its shares in
the Westinghouse Acquisition Companies, along with the
corresponding Toshiba option, a US$36 million letter of credit
established by Shaw for the benefit of Nuclear Energyand the
Interest LCs.  The Bonds will have no further recourse to Shaw.

In connection with the issuance of the Bonds, Shaw will
establish one or more letters of credit for the benefit of
Nuclear Energy in an aggregate amount to cover Bond interest
payments for a specified period and certain other transaction
costs and expenses.  The initial Interest LC is expected to be
approximately US$91 million in the aggregate to cover interest
until the beginning of the option period, although the exact
amount will depend upon the Yen coupon rate of the Bonds.  Other
than the Principal LC and the Interest LC delivered at the
closing of the Bonds, Shaw is not required to provide any
additional letters of credit or cash to or for the benefit of
Nuclear Energy.

In addition, in connection with the Westinghouse transaction,
Shaw will execute a Commercial Relationship Agreement that
provides Shaw with certain exclusive opportunities to perform
engineering, procurement and construction services on future
Westinghouse AP 1000 Nuclear Power Plants, along with other
commercial opportunities, such as the supply of piping for those
units.  Westinghouse technology forms the basis for 63 of 104
licensed reactors in the United States and roughly half of those
worldwide.  Westinghouse's AP1000 passive Generation III design,
has obtained Design Certification from the United States Nuclear
Regulatory Commission and is the current technology selection
for 10 proposed new units in the U.S. Westinghouse and Shaw are
consortium partners in proposing the AP1000 technology for 4 new
reactors expected to be built in China.  Shaw has performed as
architect-engineer on 17 nuclear units and is currently
completing the construction restart of the Browns Ferry Unit 1
in Alabama for the Tennessee Valley Authority.

Shaw has received approval from its lenders to amend its
revolving credit agreement to allow for the investment in
Westinghouse and to allow for an increase in the facility from
its current US$750 million to up to US$1 billion.  The company
expects to make effective US$100 million of the approved
increase, thus increasing the capacity of the facility to
US$850 million, in conjunction with this amendment.  Subject to
outstanding amounts, the entire credit facility, as amended,
would be available for performance letters of credit, and up to
US$525 million would be available for revolving credit loans and
financial letters of credit until Nov. 30, 2007, and US$425
million thereafter. The amendment and increase will be effective
upon closing of the Westinghouse transaction.

The Shaw Group Inc. -- http://www.shawgrp.com/-- is a leading  
global provider of technology, engineering, procurement,
construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for
government and private sector clients in the energy, chemical,
environmental, infrastructure and emergency response markets.  
Headquartered in Baton Rouge, Louisiana, with over US$3 billion
in annual revenues, Shaw employs approximately 20,000 people at
its offices and operations in Chile, China, Malaysia, the United
Kingdom, Venezuela, and the Asia-Pacific region.  

                        *    *    *

As reported on the Troubled Company Reporter on Oct. 10,
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating and other ratings for The Shaw Group Inc. on
CreditWatch with negative implications.

"The CreditWatch placement followed followed the company's
announced agreement to take a 20% ownership interest in the
US$5.40 billion acquisition, led by Toshiba Corp. (BBB/Watch
Neg/A-2), of Westinghouse Electrical Company Co. from British
Nuclear Fuels Ltd.," said Standard & Poor's credit analyst Dan
Picciotto.


SHAW GROUP: Unit Prices JPY128.98 Billion Limited-Recourse Bonds
----------------------------------------------------------------
The Shaw Group Inc. disclosed that its wholly-owned subsidiary,
Nuclear Energy Holdings, L.L.C., has priced its private offering
of yen-denominated JPY128.98 billion face amount of limited-
recourse bonds being marketed to investors in Japan and
elsewhere outside the United States, to be used to finance its
acquisition of 20% of the Westinghouse Acquisition Companies.

The bonds are to be issued in two tranches, a floating-rate
tranche and a fixed-rate tranche; and will mature March 15,
2013.  The JPY78 billion (equivalent to approximately US$653
million) floating-rate tranche is to be issued with a floating
coupon rate of 0.70% above the six-month Yen LIBOR rate.  NEH
has entered into a separate hedging transaction that fixes the
interest cost on the floating-rate bonds.  The JPY50.98 billion
(equivalent to approximately US$427 million) fixed-rate tranche
is to be issued with a coupon rate of 2.20%.  The bond
transaction was expected to close on Friday, October 13, 2006,
subject to customary closing conditions.

The limited-recourse bonds will be secured by the assets of and
100% of the membership interests in NEH, its shares in the
Westinghouse Acquisition Companies, along with the corresponding
Toshiba option, a US$36 million letter of credit established by
Shaw for the benefit of NEH and a letter of credit to secure the
payment of bond interest.  The initial Interest LC (previously
estimated to be approximately US$91 million) will be established
at approximately US$113 million, which now includes an
approximately US$14 million withholding tax reserve.

NEH will use the proceeds from the bond offering plus
approximately US$30 million of cash for the purchase of the 20%
interest in the Westinghouse Acquisition Companies.  Because of
market conditions, the effective interest rate on the bonds is
slightly higher than previously estimated.  Shaw expects the
Westinghouse Acquisition Companies transaction to occur in
October, 2006, subject to customary closing conditions.  Shaw
estimates its fees and expenses for the acquisition transaction,
including the bond offering, to approximate US$20 million.  In
the event the acquisition were not to occur, NEH would repay the
proceeds to the bondholders and cancel the related transactions,
and would incur certain additional expenses.

The Shaw Group Inc. -- http://www.shawgrp.com/-- is a leading  
global provider of technology, engineering, procurement,
construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for
government and private sector clients in the energy, chemical,
environmental, infrastructure and emergency response markets.  
Headquartered in Baton Rouge, Louisiana, with over US$3 billion
in
annual revenues, Shaw employs approximately 20,000 people at its
offices and operations in Chile, China, Malaysia, the United
Kingdom, Venezuela, and the Asia-Pacific region.  

                        *    *    *

As reported on the Troubled Company Reporter on Oct. 10,
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating and other ratings for The Shaw Group Inc. on
CreditWatch with negative implications.

"The CreditWatch placement followed followed the company's
announced agreement to take a 20% ownership interest in the
US$5.40 billion acquisition, led by Toshiba Corp. (BBB/Watch
Neg/A-2), of Westinghouse Electrical Company Co. from British
Nuclear Fuels Ltd.," said Standard & Poor's credit analyst Dan
Picciotto.


SOLUTIA INC: Gets Bridge Order on Exclusive Plan Filing Period
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
issued a bridge order extending the period during which Solutia
Inc. and its debtor-affiliates may:

   (i) file a plan of reorganization to the date on which it
       makes a final determination on the Debtors' request for
       an extension; and

  (ii) solicit acceptances to the Plan to the date that is 60
       days after the Court makes a final determination on their
       request.

As reported in the Troubled Company Reporter on Oct. 3, the
Debtors sought an extension of its exclusive right to:

   (1) file a plan of reorganization through and including
       April 10, 2007; and

   (2) solicit and obtain acceptances of the Plan through and
       including June 11, 2007.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
said the Debtors have made significant progress toward their
reorganization since filing their last exclusivity request but
the JPMorgan Chase Bank and the Equity Committee Adversary
Proceedings continue to hinder the Debtors' progress.

According to Mr. Henes, the Debtors need more time to resolve
various outstanding issues before they can continue the Plan
process.

Mr. Henes assured that Court that the Debtors are not seeking an
extension of their Exclusive Periods to pressure their creditors
to accede to their reorganization demands.

The Court will convene a hearing on Nov. 16, 2006 to consider
the Extension Motion.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its  
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.  
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.  
(Solutia Bankruptcy News, Issue No. 71; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


STITCH 9: Claims Registration Ends Nov. 17
------------------------------------------
Creditors of Stitch 9 Limited have until Nov. 17 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
William Evan Price at:

         Wm E Price & Co.
         Nyth Glyd
         Ffrwd Road
         Abersychan
         South Wales NP4 8PF
         United Kingdom

The company can be reached at:

         Stitch 9 Limited
         Britannia Centre For Enterprise
         Pengam Road
         Pengam
         Blackwood
         Gwent NP123SP
         United Kingdom
         Tel: 01443 878 954


STUART JOHNSON: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of Stuart Johnson (Groundwork & Construction) Limited
confirmed Oct. 3 the resolutions for voluntary liquidation and
the appointment of John Russell and Andrew Philip Wood of The
P&A Partnership as Liquidators of the company.

The company can be reached at:

         Stuart Johnson (Groundwork & Construction) Limited
         298 Bannerdale Road
         Sheffield S11 9FF
         United Kingdom
         Tel: 0114 221 5879
         Fax: 0114 221 5879


TIM BUTLER: T. Papanicola Leads Liquidation Procedure
-----------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed Liquidator of
Tim Butler Construction Limited on Sept. 28 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Tim Butler Construction Limited
         Middleton Road
         Middleton
         Morecambe
         Lancashire LA3 3JJ
         United Kingdom
         Tel: 01524 855 556
         Fax: 01524 855 504


TYNESIDE LEATHERCRAFTS: Hires Liquidator from Tenon Recovery
------------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
Tyneside Leathercrafts Limited on Sept. 26 for the creditors'
voluntary winding-up proceeding.

Headquartered in South Shields, United Kingdom, Tyneside
Leathercrafts Ltd. -- http://www.leathercrafts.com/--  
manufactures heavy textile and leather goods.  The company's
products include: fine angling luggage; rugged hunting
accessories; leather jackets, coats and waistcoats; bespoke
leather instrument cases; wallets and purses; military &
marching band regalia; and thermally insulated delivery bags.


WATERBOARD LIMITED: Taps Liquidator from Begbies Traynor
--------------------------------------------------------
Julie Anne Palmer of Begbies Traynor was appointed Liquidator of
The Waterboard Limited on Oct. 3 for the creditors' voluntary
winding-up proceeding.

Headquartered in Poole, United Kingdom, The Waterboard Limited
is a retail surf shop.


WHITE TOWER: Names Roderick Graham Butcher as Administrator
-----------------------------------------------------------
Roderick Graham Butcher of Butcher Woods Ltd. was named
administrator of White Tower Security Products Ltd. (Company
Number 05817431) on Sept. 29.

The administrator can be reached at:

         Butcher Woods
         79 Caroline Street
         Birmingham B3 1UP
         United Kingdom
         Tel: 0121 236 6001
         Fax: 0121 236 5702
         E-mail: rod.butcher@butcher-woods.co.uk  

White Tower Security Products Ltd. can be reached at:

         Alma Industrial Estate
         Stafford Road
         Wednesbury WS10 8SX
         United Kingdom
         Tel: 0121 526 2106
         Fax: 0121 568 7463


* Moody's Sees Improved Prime Auto Net Loss & Delinquency Rates
--------------------------------------------------------------
Aggregate net loss and delinquency rates for prime auto loans
showed significant improvement over year-prior levels during
August 2006, according to Moody's Prime Auto Loan Credit
Indexes.  The net loss rate on securitized prime auto loans fell
to 0.62% during August 2006, a 29% drop from its year-ago level
of 0.88%.

The delinquency rate index fell to 0.42% during August 2006 from
its year-prior level of 0.50%.  The 16% drop in delinquencies is
the largest year-over-year improvement since February 2005.  The
Manheim Used Vehicle Value Index, an indicator of recovery
values on repossessed vehicles, rose 2.7% during August 2006.
Higher prices for used vehicles can help to lower loss
severities and dampen net loss rates.

These findings are detailed in a new report on Moody's Prime
Auto Loan Credit Indexes for August 2006, which track the
aggregate performance of about US$77 billion of nationally
diversified prime auto loans backing securities rated by
Moody's.

Moody's annualized net loss rate index was 0.62% during August
2006, an improvement of 29% over the August 2005 value of 0.88%.
The net loss index has fallen from its year-prior level in each
of the last 39 months.  Compared to its July 2006 value of
0.50%, the net loss rate increased 24%.

The proportion of account balances for which a monthly payment
is more than sixty days late was 0.42% in August 2006, 16% lower
than the August 2005 level of 0.50%.  On a monthly basis, the
60+ delinquency rate increased 11% from its July 2006 level of
0.38%.

                           *********

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.

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subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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