TCREUR_Public/061018.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

         Wednesday, October 18, 2006, Vol. 7, No. 207

                           Headlines

A U S T R I A

DELLA MORE: Claims Registration Period Ends October 19
EHRENBRANDNER LLC: Claims Registration Period Ends Oct. 31
OBERDA & ZEIDL: Claims Registration Period Ends October 31
PETER SCHWITZER: Creditors' Meeting Slated for October 20
WOBAG LLC: Property Manager Declares Insufficient Assets


B E L G I U M

GOODYEAR TIRE: Moody's Affirms Rating on Labor Negotiations
JLG INDUSTRIES: Sells Business to Oshkosh for US$3.2 Bln in Cash


F I N L A N D

SANMINA-SCI: Needs to Restate Historical Financial Statements
SANMINA-SCI: Inks US$600 Million Term Loan with Bank Syndicate
SANMINA-SCI: Stock Option Probe Cues Moody's to Put Ba2 Ratings
SANMINA-SCI: Fitch Lowers Sr. Subordinated Debt to B/RR5


F R A N C E

ALCATEL SA: Inks Network Deal with Vimpelcom's Mobitel Unit
BALL CORP: Closing Two North American Manufacturing Facilities
BALL CORPORATION: Moody's Assigns Loss-Given-Default Ratings
JLG INDUSTRIES: Sells Business to Oshkosh for US$3.2 Bln in Cash
METALDYNE CORP: Lockup Agreement Cues Moody's to Change Review


G E O R G I A

ALCATEL SA: Inks Network Deal with Vimpelcom's Mobitel Unit
VIMPEL-COMMUNICATIONS: Taps Alcatel to Set up Mobitel's Network


G E R M A N Y

ATRO GMBH: Claims Registration Ends October 27
DIGITAL4U.DK-DEUTSCHLAND: Claims Registration Ends Oct. 25
DURA AUTOMOTIVE: Unit Unable to Make Interest Payment on Notes
DURA AUTOMOTIVE: Non-Payment of Interest Cues S&P's D Rating
ESTHERELL GMBH: Claims Registration Ends October 31

GFC GRUNDSTUECKSVERWALTUNGS: Creditors' Meeting Set for Oct. 26
GREENBRIER COS: Buys Meridian Rail for US$227.5 Million Cash
GREENBRIER COS: Acquisition Prompts Moody's to Review Ratings
KONZEPTA GRUNDSTUECKS: Creditors' Meeting Slated for Oct. 30
LACKIER- UND TROCKENANLAGEN: Claims Registration Ends October 31

LUXFER HOLDINGS: Inks Deal to Reorganize Balance Sheet
LUXFER HOLDINGS: Fin'l. Reorganization Cues Moody's Junk Ratings
METALDYNE CORP: Lockup Agreement Cues Moody's to Change Review
NORDKALTE GMBH: Claims Registration Ends October 26
OPTIMAT BLOM: Claims Registration Ends October 26

RAMBUS INC: Appoints David Shrigley as Independent Director
SIAM CUISINE: Creditors' Meeting Slated for October 25
SWL SCHRIFT: Claims Registration Ends October 25
SYRITAI AUSSENHANDELS: Creditors' Meeting Slated for Oct. 25
VOLKSWAGEN AG: Supports MAN AG Takeover Bid for Scania

W. BURRI: Claims Registration Ends October 23


H U N G A R Y

BORSODCHEM NYRT: Withdraws Employee Shares to Reduce Capital
INVITEL HOLDINGS: Launches EUR118-Mln Sr. PIK Notes Offering
INVITEL HOLDINGS: Moody's Places B1 Rating Under Review


I T A L Y

BANCA POPOLARE: Fitch Puts Individual C Rating on Watch Positive
PARMALAT: Court Permits Citibank to Pursue Actions from Oct. 31


K A Z A K H S T A N

ARGUMENT LLP: Kostanai Court Opens Bankruptcy Proceedings
ARKO LTD: Creditors Must File Claims by Nov. 15
HAZAR-XXI: Aktube Court Begins Bankruptcy Proceedings
KA-PEKS-STROY: Almaty Court Starts Bankruptcy Procedure
KAISAR: Almaty Court Commences Bankruptcy Proceedings

KRATT INDUSTRIAL: Proof of Claim Deadline Slated for Nov. 17
PETROPAVLOVSK-FORT: Claims Registration Ends Nov. 14
REMIX-R: Creditors' Claims Due Nov. 17
VEGA LLP: Almaty Court Begins Bankruptcy Proceedings


K Y R G Y Z S T A N

ARM STROY: Creditors Must File Claims by Nov. 24
SPORT LIFE: Proof of Claim Deadline Slated for Nov. 24


L U X E M B O U R G

EVRAZ GROUP: Eyes Foreign Assets; Denies Merger Talks


N E T H E R L A N D S

ARI NETWORK: July 31 Balance Sheet Upside-Down by US$300,000


P O L A N D

BORSODCHEM NYRT: Withdraws Employee Shares to Reduce Capital
GREENBRIER COS: Buys Meridian Rail for US$227.5 Million Cash
GREENBRIER COS: Acquisition Prompts Moody's to Review Ratings


R U S S I A

AGIDEL: Court Names N. Mutallapov as Insolvency Manager
BAKERY LLP: Penza Court Names P. Milov as Insolvency Manager
BRICKWORKS LLC: Court Names P. Milov as Insolvency Manager
CHAINSAYA AGRO: Court Starts Bankruptcy Supervision Procedure
EVRAZ GROUP: Eyes Foreign Assets; Denies Merger Talks

GLASS AND FINANCES: Court Names P. Tumbasov to Manage Assets
ISETSKIY: Court Names I. Ulmatov as Insolvency Manager
IVANOVSKIY FACTORY: Bankruptcy Hearing Slated for Feb. 21
KLIMA CJSC: Court Names N. Mutallapov as Insolvency Manager
LOMONOSOVSKOYE TRANSPORT: I. Babenko to Manage Insolvency Assets

LUKOIL OAO: License Revocation on Komi & Siberian Sites Looms
N.A.S.A. CJSC: Court Names P. Tarasov as Insolvency Manager
NORD LTD: Yaroslavl Court Names P. Tarasov as Insolvency Manager
PROMSVYAZBANK JSCB: Earns RUR3.28 Bln for January-September 2006
RIGHT WAY: Moscow Court Names A. Lyutyj as Insolvency Manager

STERLIBASH-MOL-ZAVOD: Court Starts Bankruptcy Supervision
STUD AZINSKIY: Perm Bankruptcy Hearing Slated for Jan. 12
VIMPEL-COMMUNICATIONS: Taps Alcatel to Set up Mobitel's Network


S L O V E N I A

GOODYEAR TIRE: Moody's Affirms Rating on Labor Negotiations


S P A I N

FOSTER WHEELER: Moody's Changes Rating on Credit Facility to Ba1


S W E D E N

SANMINA-SCI: Needs to Restate Historical Financial Statements
SANMINA-SCI: Inks US$600 Million Term Loan with Bank Syndicate
SANMINA-SCI: Stock Option Probe Cues Moody's to Put Ba2 Ratings
SANMINA-SCI: Fitch Lowers Sr. Subordinated Debt to B/RR5
STRATOS GLOBAL: Moody's Assigns Loss-Given-Default Ratings


T U R K E Y

FOSTER WHEELER: Moody's Changes Rating on Credit Facility to Ba1


U K R A I N E

DNIPROPETROVSK MEAT: Court Names Mihajlo Grishin as Liquidator
INTERAGROSERVICE: Court Names Sergij Yegorenkov as Liquidator
INTURIST-SIMFEROPOL: Svitlana Tamashova to Liquidate Assets
KIROVSK AUTO 10923: Court Names Mikola Hajlo as Liquidator
MAGISTR-LTD: Court Names Galina Yeryomenko as Liquidator

MARSH LLC: Kyiv Court Names Roman Sapelin as Insolvency Manager
MIZYAKIVSKI-HUTORI: Court Names Artur Milovanov as Liquidator
RADIAL LLC: Lviv Court Starts Bankruptcy Supervision
TAVRIYA: Zaporizhya Court Names O. Kretova as Insolvency Manager
TEP HOLDING: Kyiv Court Starts Bankruptcy Supervision

WINNER GROUP: Kyiv Court Names Oleksandr Palshin as Liquidator


U N I T E D   K I N G D O M

AQUARIUM SUPERSTORE: Appoints Liquidators from CBA
ASPIRE LEISURE: Taps C. H. I. Moore to Liquidate Assets
BALL CORP: Closing Two North American Manufacturing Facilities
BALL CORPORATION: Moody's Assigns Loss-Given-Default Ratings
BERRIVALE LTD: Nominates Andreas Georgiou Kakouris as Liquidator

BETONSPORTS PLC: Has Not Paid Workers After Closure, Report Says
BOFLIN CONSTRUCTION: Claims Filing Period Ends Nov. 15
COLBYRNE PLANT: Creditors Confirm Voluntary Liquidation
COLLINS & AIKMAN: Submits Severance Package for Laid-Off Workers
COLLINS & AIKMAN: Wants Status Conference Held on October 26

CONSTELLATION BRANDS: Restates Certificate of Incorporation
CS PROPERTY: Hires Paul Appleton to Liquidate Assets
CT PACKAGING: Brings In UHY Hacker Young as Administrators
DAMOVO GROUP: Weak Performance Prompts Moody's Junk Ratings
DURA AUTOMOTIVE: Unit Unable to Make Interest Payment on Notes

DURA AUTOMOTIVE: Non-Payment of Interest Cues S&P's D Rating
EURAMAX INT'L: Moody's Assigns Loss-Given-Default Rating
EUROPEAN MICRO: Files 2001 Financials With Going Concern Opinion
FC RECOVERY: Creditors' Meeting Slated for October 19
GARRY HEINS: Creditors' Meeting Slated for October 19

HILMAX ENGINEERING: Appoints Administrators from Vantis
ISLE OF CAPRI: Modifies Agreement for Singapore Project
IWL COMMUNICATIONS: Moody's Assigns Loss-Given-Default Ratings
JFL AUTOMOTIVE: Creditors' Meeting Slated for October 24
LASHMORE EUROPEAN: Brings In Liquidator from Fisher Partners

LIBERTY CONTRACTS: Creditors Ratify Voluntary Liquidation
LIFE OF LEISURE: Taps Stephen Gordon Franklin as Administrator
LUXFER HOLDINGS: Inks Deal to Reorganize Balance Sheet
LUXFER HOLDINGS: Fin'l. Reorganization Cues Moody's Junk Ratings
MANDIS INFORMATION: Calls In Liquidators from Begbies Traynor

MANTAVOGUE LIMITED: Liquidators Set Nov. 2 Claims Bar Date
MARBLE ARCH: Fitch Assigns BB Rating to GBP25.2 Million Notes
MORPHEUS PLC: Fitch Affirms BB- Rating on GBP12.4 Million Notes
NEWGATE 2006-3: Moody's Assigns (P)Ba2 Rating on Class E Notes
ON-TIME EUROPEAN: Taps David Acland to Liquidate Assets

OPEN TEXT: Closes Hummingbird Equity Purchase for US$489 Million
PHOENIX COMPUTER: Hires Liquidator from Begbies Traynor
POWERED ACCESS: Calls In Liquidators from Rimmer Higson
REFCO INC: Court Gives Tentative Nod on Disclosure Statement
REFCO INC: Unit's Case Summary & 53 Largest Unsecured Creditors

REGALI RICCHI: Names Liquidators from Harrisons
REKRI8 LIMITED: Bank of Scotland Appoints Joint Receivers
ROOTS ASSOCIATES: Creditors' Meeting Slated for October 20
SANDERSON PRECISION: Brings In Paul Webb to Administer Assets
SANDUSKY WALMSLEY: Creditors' Meeting Slated for October 20

SCRIBES LIMITED: Creditors Confirm Liquidator's Appointment
SIRVA WORLDWIDE: Operating Pressures Spur Moody's to Cut Ratings
SOUTHERN COUNTY: E. J. Stonham Leads Liquidation Procedure
SOUTHERN DRILLING: Appoints Fisher Partners as Administrators
SPLASH OF PAINT: Brings In Bishop Fleming to Administer Assets

SPORTINGBET PLC: Sells U.S. Business to Jazette Ent. for US$1
STEWART COOK: Creditors' Meeting Slated for October 23
SULLIVAN CONSTRUCTION: Names Timothy Calverley Liquidator
TANKERTON BATHROOM: Hires Liquidator from Fisher Partners
TIPTOP RUNNERS: Creditors' Claims Due Nov. 17

TLS EUROPE: Creditors' Meeting Slated for October 24
VENTURE DISTRIBUTION: Taps Administrators from Fanshawe Lofts
VIA GELLIA: Hires F A Simms as Joint Administrators
WARDELL HURST: Nominates Liquidators from Abbott Fielding
WESTMINSTER HOSPITALITY: Names Zafar Igbal as Administrator

                            *********

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A U S T R I A
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DELLA MORE: Claims Registration Period Ends October 19
------------------------------------------------------
Creditors owed money by LLC Della More (FN 192530h) have until
Oct. 19 to file written proofs of claims to court-appointed
property manager Andreas Alzinger at:

         Dr. Andreas Alzinger
         Karntner Ring 12
         1010 Vienna, Austria
         Tel: 516 20
         Fax: 512 46 55
         E-mail: a.alzinger@baierlambert.com  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Nov. 2 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 5 (Bankr. Case No. 5 S 125/06a).  


EHRENBRANDNER LLC: Claims Registration Period Ends Oct. 31
----------------------------------------------------------
Creditors owed money by LLC Ehrenbrandner (FN 106572z) have
until Oct. 31 to file written proofs of claims to court-
appointed property manager Christian Ebmer at:

         Mag. Christian Ebmer
         Schillerstrasse 12
         4020 Linz, Austria
         Tel: 65 69 69
         Fax: 65 69 69-60
         E-mail: office@hep-co.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Nov. 14 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         5th Floor
         Linz, Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Sept. 5 (Bankr. Case No. 38 S 39/06y).  


OBERDA & ZEIDL: Claims Registration Period Ends October 31
----------------------------------------------------------
Creditors owed money by KEG Oberda & Zeidl (FN 223333g) have
until Oct. 31 to file written proofs of claims to court-
appointed property manager Maximilian Schludermann at:

         Dr. Maximilian Schludermann
         c/o Mag. Wolfgang Winkler
         Reisnerstrasse 32/12
         1030 Vienna, Austria
         Tel: 715 50 45
         Fax: 715 50 47 4
         E-mail: office@anwalt-vienna.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 p.m. on Nov. 14 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 5 (Bankr. Case No. 6 S 75/06f).  Wolfgang Winkler
represents Dr. Schludermann in the bankruptcy proceedings.


PETER SCHWITZER: Creditors' Meeting Slated for October 20
---------------------------------------------------------
Creditors owed money by LLC Peter Schwitzer (FN 42858b) are
encouraged to attend the creditors' meeting at 10:20 a.m. on
Oct. 20 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Hall N214
         2nd Floor
         New Building
         Maximilianstrasse 4
         A-6020 Innsbruck, Austria

Headquartered in Kirchbichl, Austria, the Debtor declared
bankruptcy on Sept. 5 (Bankr. Case No. 9 S 23/06s).  Ingrid
Hochstaffl-Salcher serves as the court-appointed property
manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Ingrid Hochstaffl-Salcher
         Hochstaffl & Rupprechter, Rechtsanwalte
         Bahnhofstrasse 37
         2nd Floor
         6300 Woergl, Austria
         Tel: 05332/71 800
         Fax: 05332/71 800 7
         E-mail: mail@hochstaffl-rupprechter.com   


WOBAG LLC: Property Manager Declares Insufficient Assets
--------------------------------------------------------
Dr. Georg Kahlig, the court-appointed property manager for LLC
Wobag (FN 68636k), declared Sept. 4 that the Debtor's property
is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 12 (Bankr. Case No. 5 S 100/06z).  Gerhard Stauder
represents Dr. Kahlig in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Georg Kahlig
         c/o Mag. Gerhard Stauder
         Siebensterngasse 42/3
         1070 Vienna, Austria
         Tel: 523 47 91-0
         Fax: 523 47 91 33
         E-mail: kahlig.partner@aon.at


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B E L G I U M
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GOODYEAR TIRE: Moody's Affirms Rating on Labor Negotiations
-----------------------------------------------------------
Moody's Investors Service affirmed Goodyear Tire & Rubber Co.'s
B1 Corporate Family rating, but changed the outlook to negative
from stable.  At the same time, the company's Speculative Grade
Liquidity rating was lowered to SGL-3 from SGL-2.  

These rating actions reflect the increased operating uncertainty
arising from the ongoing United Steelworkers strike at
Goodyear's North American facilities, and the company's decision
to increase cash on hand by drawing-down US$975 million under
its domestic revolving credit facility.

In the short-term, the extraordinary borrowing confirms liquid
resources at the company's disposal, but does so by increasing
gross leverage and carrying costs while labor negotiations in
its critical North American market remain unresolved.  
Goodyear's pro forma global cash position of US$2.3 billion
limits any near-term default probability, and the anticipated
investment of the revolver proceeds in money market securities
does not alter its net debt position.  

However, the uncertain outcome of any negotiations with the USW,
the resultant impact on Goodyear's North American cost structure
and competitive position, and the potential disruption to its
tire production and customer relationships create an additional
degree of near-term risk for Goodyear's credit stature.  In
Moody's view, the decision to draw under the credit facility may
reflect the extent of the gap between the parties and the time
frame in which a conclusion might be reached.

Should the USW negotiations be concluded in a timely and
constructive manner, it is likely that the rating outlook would
be changed to stable and the Speculative Grade Liquidity rating
raised to SGL-2.

Ratings affirmed:

Goodyear Tire & Rubber Co.

    * PDR: B1
    * first lien credit facility, Ba1, LGD2, 10%
    * second lien term loan, Ba3, LGD3, 35%
    * third lien secured term loan, B2, LGD4, 63%
    * 11% senior secured notes, B2, LGD4, 63%
    * floating rate senior secured notes, B2, LGD4, 63%
    * 9% senior notes, B2, LGD4, 63%
    * 6 5/8% senior notes, B3, LGD6, 94%
    * 8 1/2% senior notes, B3, LGD6, 94%
    * 6 3/8% senior notes, B3, LGD6, 94%
    * 7 6/7% senior notes, B3, LGD6, 94%
    * 7% senior notes, B3, LGD6, 94%
    * senior unsecured convertible notes, B3, LGD6, 94%

Goodyear Dunlop Tyres Europe

    * Euro revolving credit facilities, Ba1, LGD2, 10%
    * Euro secured term loan, Ba1, LGD2, 10%

Ratings changed:

Goodyear Tire & Rubber Co.

    * Speculative Grade Liquidity rating to SGL-3 from SGL-2

Goodyear's announcement of Oct. 13 will increase debt/EBITDA to
roughly 5.4 times on a pro forma basis from 5.0 times using
June 30 results.  Similarly, EBIT/interest would experience a
minor deterioration from the 1.5 times achieved at the end of
June.  However, such calculations would presume a forward run-
rate of earnings level with June LTM results.

Weak replacement tire demand in North America, challenges to
yield management from high and volatile commodity costs and
surplus industry capacity, and publicly unspecified rates at
which it can replenish tires sold from inventory while USW
workers are on strike underscore risks to assumptions for future
performance metrics.

Moody's would expect Goodyear's international operations, which
generate the preponderance of profits and cash flow, to continue
to perform well.  Any emerging changes to Goodyear's profile
must also be considered in the context of the qualitative and
quantitative progress the company has made over the last few
years, and the room established within the current rating
category for any immaterial relapse.

While Goodyear currently has tires to satisfy customer
requirements in North America, should that capacity diminish
over time, its North American enterprise value and cash flows
could deteriorate.  While these risks are not imminent, they
could appear on the horizon with greater certainty before year-
end.  A resolution of the labor negotiations could clarify the
company's prospects beyond the next few weeks, but the time
frame to expect an agreement is unknown.  As a precaution, the
outlook has been changed to negative.  This could quickly be
reversed should a resolution be announced, its terms assessed,
and revolver borrowings unwound.

The SGL-3 represents adequate liquidity over the next twelve
months.  The borrowing has substantially bolstered the company's
balance sheet resources, but internal cash flow beyond the next
few weeks is harder to predict.  A labor agreement satisfactory
to the company could also involve up-front restructuring
expenditures.  The trade-off to the increase in cash is the
effective exhaustion of remaining unused commitments under the
domestic revolving credit facility.

The company will have comfortable headroom under its two
financial covenants.  But, over time, unknown EBITDA generation
may start to erode this cushion.  A near-term resolution of the
labor dispute could also lead to a rapid change in the company's
liquidity profile.  Consequently, the Speculative Grade
Liquidity profile has been lowered to SGL-3.

Goodyear Tire & Rubber Co., headquartered in Akron, OH, is one
of the world's largest tire companies with more than 100
facilities in 29 countries around the world.  Products include
tires, engineered rubber products, and chemicals.  Revenues in
2005 were approximately US$20 billion.


JLG INDUSTRIES: Sells Business to Oshkosh for US$3.2 Bln in Cash
----------------------------------------------------------------
Oshkosh Truck Corp. has signed a definitive agreement to acquire
all outstanding shares of JLG Industries Inc. for US$28 per
share.  Total consideration, including transaction costs and
assumed debt, is US$3.2 billion in cash on a fully diluted
basis.  This transaction will create a US$6 billion global
specialty vehicle manufacturer.

"We have consistently executed strategies to grow this company,
creating significant shareholder value during the last decade,"
said Robert G. Bohn, Oshkosh's chairman, president and chief
executive officer.  "The acquisition of JLG is the latest broad-
based initiative in the continuing transformation of Oshkosh
Truck Corporation.  It is aligned with our historic acquisition
strategy as we expand into complementary markets and it will be
instrumental in building our global focus and scale that are
increasingly needed to continue to be successful.  It also meets
our major acquisition criteria, which include market leadership,
strong management, double digit growth opportunities and the
expectation of earnings in excess of our cost of capital."

JLG had US$2.3 billion in revenues during fiscal 2006 and has
estimated a 20 to 25 percent increase in sales in fiscal 2007.  
It has the top market position in North America and Europe for
aerial work platforms and is the top producer of telehandlers in
the United States. JLG placed 22nd on FORTUNE magazine's 2006
list of the 100 Fastest-Growing Companies.  The ranking was
based on three-year profit and sales growth through the first
quarter of 2006 and three-year total return to shareholders.

"This transaction is a good fit for JLG," stated William M.
Lasky, chairman, president and chief executive officer of JLG.  
"Oshkosh has a similar philosophy of offering premier products,
creating strong market positions and delivering after-sales
service and support.  For the JLG team, this combination offers
additional growth opportunities.  For our customers, JLG will
become an even stronger partner in their future success.  We
look forward to working with the Oshkosh management team to
ensure a rapid and seamless transition."

"We are excited about the addition of this market-leading,
global company and expect a smooth integration into the Oshkosh
family.  At the same time, we expect to realize substantial
purchasing and logistical synergies, while benefiting from JLG's
already outstanding manufacturing operations.  We have a long
history of successful acquisitions and expect to build on that
history," Mr. Bohn added.

                  Details of the Transaction

The transaction is expected to be modestly accretive to
Oshkosh's earnings per share in fiscal 2007 after giving effect
to estimated non-cash charges relating to amortization of
acquired intangibles and other one-time accounting and
transaction related costs.  

Oshkosh will finance the transaction with a US$3.5 billion
senior credit facility provided by Bank of America, N.A. and
JPMorgan Chase Bank, N.A. and retire most of JLG's currently
outstanding debt.  The acquisition has been approved by the
Board of Directors of each company and is subject to customary
closing conditions, including approval under Hart-Scott-Rodino
and similar laws outside the U.S. and the approval by the
shareholders of JLG.  The transaction is expected to be
completed within ninety days.

Upon completion of the transaction, JLG will become the largest
of four business segments of Oshkosh.  It continues the
diversification of the company.  In fiscal 2008, the first full
fiscal year of Oshkosh's expected ownership of JLG, Oshkosh
estimates that JLG will represent approximately 40 percent of
its consolidated sales and operating income.

"We are pleased to be bringing a solid company like JLG into
Oshkosh Truck.  Their product leadership and innovative culture
will be a great fit with our approach.  It is evident from the
strong reactions of both Boards that we have an opportunity to
do something very special," added Mr. Bohn.

                           About Oshkosh

Bases in Oshkosh, Wisconsin, Oshkosh Truck Corp. --
http://www.oshkoshtruckcorporation.com/-- designs,  
manufactures, and markets various specialty commercial, fire and
emergency, and military trucks; truck bodies; mobile and
stationary compactors, and transfer stations; and portable and
stationary concrete batch plants worldwide.

                       About JLG Industries

JLG Industries, Inc. -- http://www.jlg.com/-- produces access  
equipment (aerial work platforms and telehandlers) and highway-
speed telescopic hydraulic excavators.  JLG's manufacturing
facilities are located in the United States, Belgium, and
France, with sales and service operations on six continents.

                         *     *     *

As reported in the Troubled Company Reporter on May 24, Moody's
Investors Service upgraded the debt ratings of JLG Industries,
Inc. -- Corporate Family Rating to Ba3 from B1, Senior Unsecured
Notes to B1 from B2, and Senior Subordinate Notes to B2 from B3.  
The outlook is changed to stable from positive.


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F I N L A N D
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SANMINA-SCI: Needs to Restate Historical Financial Statements
-------------------------------------------------------------
Sanmina-SCI Corp. disclosed that the Special Committee of its
Board of Directors reported its findings after an investigation
into the company's stock option administration policies and
practices dating back to Jan. 1, 1997.

The Special Committee, comprised of disinterested, non-
management members of the Board, retained independent counsel
and forensic accountants to assist it in conducting the
investigation.  In the course of its four-month investigation,
the investigation team examined over one million electronic
documents and over 350,000 pages of hardcopy documents, and
conducted more than 40 interviews with current and former
employees, directors and advisors.

The Special Committee found that most stock option grants to
executives and other employees between 1997 and 2006 were not
correctly dated or accounted for and will require that the
company restate its historical financial results and record non-
cash compensation charges.  The investigation identified
concerns in particular regarding the actions of a former and a
current member of management involved in the authorization,
recording and reporting of stock option grants.  The company has
accepted the resignation of the current member of management.  
The Board of Directors and Special Committee have responded and
continue to respond to these issues and are taking appropriate
action, the details of which will be disclosed to the
appropriate regulatory authorities.

The Special Committee also made recommendations to the Board of
Directors regarding remediation of weaknesses in the company's
internal controls over its stock administration practices that
led to the issues identified, including, among other controls,
the following:

   -- Establishing fixed dates for the granting of all
      equity-based awards;

   -- Precluding officers, and certain other identified
      executives, from receiving equity-based awards during any
      black-out periods;

   -- Requiring auditable, verifiable evidence of the date of
      approval for routine new hire, promotion and certain
      discretionary grants; and

   -- Mandating approval of the Compensation Committee prior to
      issuance of all other grants.

Each of the recommendations was voted on by the Board of
Directors and unanimously adopted.  The recommendations are
effective immediately.

Commenting on the situation, Sanmina-SCI's Chief Executive
Officer, Jure Sola, stated, "I am pleased with the thoroughness
of the Special Committee's investigation and the recommendations
they have made to remediate, and help us insure that this never
happens again.  I regret that our stock options program was not
properly administered in the past and I apologize to our
stockholders, employees, and customers for any impact or
concerns these issues may have caused.  With this investigation
now behind us, we expect to refocus our management's attention
on servicing the needs of our customers and improving our
operating efficiencies."

The Sanmina-SCI's management has determined, and the audit
committee of the company's Board of Directors concurred,
restatement of the company's historical financial statements
will be necessary because the company will need to record
additional stock-based compensation expenses as a result of
the findings of the Special Committee.

Sanmina-SCI believes that substantially all of these charges
will be of a non-cash nature.  The company has, in consultation
with its independent auditors, submitted the proposed accounting
treatment for the charges to the Office of the Chief Accountant
of the Securities and Exchange Commission.  Because of the
pending OCA review, the company has not yet determined
conclusively the amount of such charges, the resulting tax
impact, or which periods may require restatement.  The company
expects to file its restated financial statements as soon as
reasonably practicable after the OCA responds to the company's
submission.  In addition, the company's management has met with
the Listings Qualification Panel of the Nasdaq Stock Market
regarding the company's plan for completing its late SEC filings
and returning to compliance with the listing qualification
requirements of the Nasdaq Stock Market.  The Listings
Qualification Panel has not yet ruled on the company's request.

Sanmina-SCI continues to cooperate with the SEC and the United
States Attorney's Office for the Northern District of California
in response to the Security and Exchange Commission's informal
inquiry and the United States Attorney's Office's grand jury
subpoena for documents relating to the company's past practices
for granting employee stock options.

Headquartered in San Jose, California, Sanmina-SCI Corporation
-- http://www.sanmina-sci.com/-- is one of the largest  
electronics contract manufacturing services companies providing
a full spectrum of integrated, value added solutions.  In
Europe, the company has operations in Finland, France, Ireland,
Germany, Sweden, Hungary, and Spain. In Latin America, it
operates in Brazil and Mexico.

                        *     *     *

As reported in TCR-Europe on Aug. 28, Fitch Ratings downgraded
Sanmina-SCI Corp.:

   -- Issuer Default Rating to 'B+' from 'BB-'

Fitch also placed Sanmina's IDR, as well as these ratings, on
Rating Watch Negative:

   -- Senior subordinated debt 'B+'
   -- First lien senior secured credit facility 'BB+'.


SANMINA-SCI: Inks US$600 Million Term Loan with Bank Syndicate
--------------------------------------------------------------
Sanmina-SCI Corporation entered into a credit agreement with:

   -- Bank of America, N.A., as Administrative Agent;

   -- Citibank, N.A., as Syndication Agent;

   -- Deutsche Bank AG Cayman Islands Branch, as Documentation
      Agent; and

   -- Banc of America Securities LLC, Citigroup Global Markets
      Inc. and Deutsche Bank Securities Inc., as Joint Book    
      Managers and Joint Lead Arrangers.

The Credit and Guaranty Agreement, dated as of Oct. 13, 2006,
provides for a US$600 million senior unsecured term loan, which
matures on Jan. 31, 2008.  The Company drew down the US$600
million term loan simultaneously with the closing of the
transaction.

A portion of the proceeds of the term loan were used on Oct. 13,
to effect, in accordance with the terms thereof, the
satisfaction and discharge of the Indenture, dated as of
March 15, 2000, by and between SCI Systems, Inc. and the
trustee, pursuant to which SCI Systems, Inc. issued its 3%
Convertible Subordinated Notes due 2007.

In connection with the satisfaction and discharge of the
Indenture, US$532,875,000 in cash was deposited with the
trustee, which amount is equal to the principal and interest
scheduled to be due and owing on the Notes on their maturity
date, which is March 15, 2007.  The Company intends to use the
remaining proceeds for working capital and general corporate
purposes.

Headquartered in San Jose, California, Sanmina-SCI Corporation
-- http://www.sanmina-sci.com/-- is one of the largest  
electronics contract manufacturing services companies providing
a full spectrum of integrated, value added solutions.  In
Europe, the company has operations in Finland, France, Ireland,
Germany, Sweden, Hungary, and Spain. In Latin America, it
operates in Brazil and Mexico.

                        *     *     *

As reported in TCR-Europe on Aug. 28, Fitch Ratings downgraded
Sanmina-SCI Corp.:

   -- Issuer Default Rating to 'B+' from 'BB-'

Fitch also placed Sanmina's IDR, as well as these ratings, on
Rating Watch Negative:

   -- Senior subordinated debt 'B+'
   -- First lien senior secured credit facility 'BB+'.


SANMINA-SCI: Stock Option Probe Cues Moody's to Put Ba2 Ratings
---------------------------------------------------------------
Moody's assigned a Ba2 rating to Sanmina-SCI Corp.'s proposed
US$600 million unsecured term loan facility due 2008.  The
proceeds of the proposed US$600 million term loan will be used
to finance US$525 million of Sanmina's 3% convertible
subordinated notes due 2007.

Sanmina's corporate family rating of Ba2 and all of its other
outstanding ratings will remain under review for possible
downgrade.  Likewise, the new Ba2 rating on the proposed term
loan facility will also be placed under review for possible
downgrade.

Moody's notes that Sanmina's debt ratings were placed under
review for possible downgrade on Aug. 14 following Sanmina's
announcement of the on-going investigation into its stock option
administration practices and its confirmation that Sanmina would
not be able to file with the Securities and Exchange Commission
its 10-Q for the quarter ended July 1, 2006, by the required
deadline as a result of the investigation.  

The ratings for the new facility reflects both the overall
probability of default of the company, to which Moody's assigned
a PDR of Ba2, and a loss given default of LGD3.

Sanmina announced on Oct. 12 that it has concluded its internal
investigation of its stock options practices and that most stock
option grants to executives and employees between 1997 and 2006
were not correctly dated.  As a result, Sanmina will restate its
financial statements for the past 9 fiscal years, though the
amount of restatement has not been quantified.  

Moody's understands that cash impact from the restatement is not
likely to be material.  Although the conclusion of its internal
investigation is an important step toward resolution, Moodys'
notes that Sanmina is still under SEC and DOJ investigation, and
has yet to file its financial statements for the July 1, 2006
quarter, a violation of its borrowing program covenant.

Sanmina has obtained consent waivers from all of its debt
holders, except for the holders of its 2007 subordinated
convertible notes, which will be refinanced from the proceeds of
the proposed term loan.  Until Sanmina is able to file its
financial statements within the waiver period granted by the
lenders, Moody's concern over potential liquidity will remain
and thus Sanmina's ratings continue to be under review for
possible downgrade.

Sanmina cited a general systemic controls failure as the cause
for options dating errors and plans to implement a number of
changes to improve internal control and accuracy of financial
accounting.  This controls failure raises concerns regarding the
quality of corporate governance and controls at Sanmina.
Assessment of these risks, as well as continued exposure to
regulatory, legal and litigation risk, will be integrated into
the ratings review.

Moody's could move the ratings down if further concerns
regarding weakness in internal controls, disclosure, or
accounting controls emerge, if legal or regulatory action
yielded material costs or effected senior management, or if
concerns over its liquidity were to surface.  Conversely, upon a
favorable resolution of the SEC and DOJ investigations, and
satisfactory liquidity coupled with the filing of the July 2006
quarterly report with non-material restatements within the
consent waiver period, Sanmina's ratings could be confirmed.

Leverage and credit metrics will not change as a result of the
current refinancing.  Pro forma this transaction, leverage is
expected to be about 3.8 times to EBITDA (pre-restatement) and
EBITDA to interest coverage about 3.4 times, again pre-
restatement.  Sanmina remains well positioned as a tier-one EMS
provider and plays a critical role in the electronics supply
chain.

Ratings/assessments assigned and placed under review for
downgrade:

    * US$600 million senior unsecured term loan due 2008
      at Ba2 (LGD3, 45%)

Ratings/assessments under review for downgrade include:

    * Corporate family rating at Ba2;

    * Probability-of-default rating at Ba2;

    * US$400 million senior subordinated notes due 2013
      at Ba3 (LGD5, 85%);

    * US$600 million senior subordinated notes due 2016
      at Ba3 (LGD5, 85%);

    * SCI Systems Inc.'s US$525 million 3% convertible
      subordinated notes due 2007 (guaranteed by Sanmina)
      at B1 (rating to be withdrawn upon refinancing); and

    * SGL-1 speculative grade liquidity rating.

Headquartered in San Jose, California, Sanmina-SCI Corp. is one
of the largest electronics contract manufacturing services
companies providing a full spectrum of integrated, value added
solutions.


SANMINA-SCI: Fitch Lowers Sr. Subordinated Debt to B/RR5
--------------------------------------------------------
Fitch Ratings downgraded Sanmina-SCI Corp.'s Senior subordinated
debt to B/RR5 from B+/RR4.  Fitch also assigned BB+/RR1 rating
to US$600 million term loan expiring on January 2008.

The ratings on senior secured, senior subordinated and these
ratings remain on Rating Watch Negative:

   -- Issuer Default Rating B+; and
   -- First lien senior secured credit facility BB+/RR1.

Fitch's action affects approximately US$1.6 billion of total
debt securities, pro forma for the issuance of the US$600
million term loan due January 2008 and redemption of US$525
million of subordinated convertible debentures due March 2007.

The senior subordinated downgrade reflects Sanmina layering
US$600 million of senior unsecured debt on top of the senior
subordinated debt, resulting in lower recovery prospects for the
subordinated debt.  

Fitch estimates recovery for the subordinated notes would
decline to 11%-30% from 31%-50% prior to the refinancing,
resulting in an RR5 recovery rating.  The BB+/RR1 ratings for
the senior unsecured term loan reflect Fitch's estimation that
the unsecured debt will recover 100% in a distressed scenario.

Fitch believes recovery parity between the senior unsecured and
senior secured debt is supported by the fact that the lending
group for the term loan is essentially the same as that of the
senior secured credit facility and maturity date of the term
loan, January 2008, is well ahead of the maturity of the credit
facility, December 2008.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Sanmina, and hence,
recovery rates for its creditors will be maximized in
liquidation rather than in restructuring.  

In estimating Sanmina's liquidation value under a distressed
scenario, Fitch applied advanced rates of 80%, 20% and 10% to
Sanmina's current balance of accounts receivable, inventory and
property, plant and equipment, respectively.  That leads to a
distressed enterprise value estimate of approximately US$1.2
billion, providing the basis for a waterfall analysis to
determine recovery ratings.

The Negative Rating Watch continues to reflect Sanmina's delayed
filing of its 10Q and compliance certificates for the quarter
ended July 1, 2006 and corresponding non-compliance with
NASDAQ's filing requirements as well as continuing
investigations by the SEC and a federal grand jury into the
company's stock option administration practices dating back to
Jan. 1, 1997.

Sanmmina recently announced the conclusion of its own internal
investigation, which determined that most options awarded
between 1997 and 2006 were not correctly dated and accounted
for.  Fitch believes that a resolution of the stock option
investigations and satisfactory filing of Sanmina's 10Q as well
as compliance certificates is likely to resolve the Negative
Rating Watch status.

Pro forma for the refinancing Fitch believes liquidity was
sufficient as of July 1, 2006 and supported by approximately
US$563 million of cash and equivalents and an undrawn US$500
million senior secured revolving credit facility due 2008, which
is not available for refinancing purposes.

Sanmina's US$200 million receivables sales facility due 2007
also supports liquidity.  Fitch estimates that total debt on a
pro forma basis is approximately US$1.6 billion and consists
primarily of:

   -- US$600 million senior unsecured term loan due January
      2008;

   -- US$400 million of 6.75% senior subordinated notes due
      March 2013 (callable in 2009); and

   -- US$600 million of 8.125% senior subordinated notes due
      March 2016; but excludes US$525 million of 3% convertible
      subordinated notes which are being redeemed.


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


ALCATEL SA: Inks Network Deal with Vimpelcom's Mobitel Unit
-----------------------------------------------------------
Alcatel S.A. has been awarded a contract by Mobitel, a unit of
OJSC Vimpel-Communications, to deploy a new mobile network in
Georgia.

The project will consist of covering the whole territory of
Georgia with a new mobile GSM/GPRS/EDGE network, while preparing
for the 3G/UMTS and/or WiMAX multi-standard introduction.  Once
the project will be completed Alcatel's mobile solutions will
enable Mobitel to provide advanced mobile communications
services to subscribers in Georgia.

Under the terms of this contract, Alcatel will deliver its
industry leading Alcatel Evolium GSM/GPRS/EDGE end-to-end
solutions, including Base Station Sub-systems (BSS), NGN-based
Mobile Switching Centers (NSS) as well as operation and
maintenance support services.  Alcatel will also deliver a high
availability IP/MPLS network based on the Alcatel 7710 Service
Router.

"We consider Georgia as one of the strategic mobile markets and
hope to win a leading position in this market," Sergey Avdeev,
executive vice-president and chief technical officer of
VimpelCom, said.  "To reach this objective, VimpelCom will do
everything required to commercially launch a new network within
a short time frame.  I am confident that Alcatel's rich
experience in wireless technologies will enable us to achieve
this challenging plan."

"This contract not only gives Alcatel a solid footprint in the
mobile market in Georgia but it also expands our long term
successful cooperation with VimpelCom and our presence in the
overall CIS market," Johan Vanderplaetse, vice-president for
Alcatel activities in the Commonwealth of Independent States,
said.  "The CIS High Growth Economies have proved to be a
dynamic region for mobile communication and we are committed to
enabling Mobitel to become a stronger competitive operator in
Georgia by introducing innovative services, whilst ensuring
long-term investment protection."

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications --
http://www.vimpelcom.com/-- provides mobile telecommunications    
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.  The group wholly owns Mobitel in Georgia.

                        About Alcatel

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

                         *     *     *

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

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


BALL CORP: Closing Two North American Manufacturing Facilities
--------------------------------------------------------------
Ball Corp. disclosed that by the end of the year it will close
two manufacturing facilities in North America, as part of the
realignment of Metal Food & Household Products, Americas -- a
segment of the company -- following the acquisition earlier this
year of US Can Corporation.

Ball Corp. will close a leased facility in Alliance, Ohio -- one
of the 10 manufacturing locations in the US acquired from US
Can.  The plant manufactures plastic pails, primarily for paints
and chemicals.  Equipment in the facility will be relocated to
other Ball plants in Ohio and Georgia.

Meanwhile, Ball Corp.'s Canadian subsidiary will close a metal
food can manufacturing plant in Burlington, Ont., which was part
of Ball Corp.'s metal food can operations prior to the
acquisition.  The facility produces three-piece steel food can
bodies and ends, and does metal cutting and coating.  Some
equipment from the plant will be relocated to other Ball Corp.
facilities, while the rest will be sold or scrapped.

The closure of the Alliance plant will be treated as an opening
balance sheet item related to the US Can acquisition.  Ball
Corp. will record a fourth quarter after-tax charge of
approximately US$25 million related to equipment disposal and
the Burlington closure.

John A. Friedery -- the senior vice president and chief
operating officer of Ball Packaging Products, Americas -- said
that the Alliance and Burlington closure costs will be cash flow
neutral after tax benefits and proceeds from the sale of fixed
assets and will reduce operating costs by US$8 million per
year, starting in 2007.

Mr. Friedery noted, "The opportunity to consolidate
manufacturing operations into fewer facilities is critical to us
realizing the synergies we knew were achievable following the
acquisition.  We are carefully studying our entire manufacturing
structure and expect there will be other opportunities to
improve efficiencies by further realigning production
capacities.  We anticipate work on our realignment plan to be
completed during the fourth quarter, with implementation
continuing in 2007."

Mr. Friedery said employees at the facilities being closed will
be paid severance and offered transition services.  The Alliance
plant has about 40 employees, while the Burlington plant has 300
workers.

Headquartered in Broomfield, Colorado, Ball Corp. --
http://www.ball.com/-- is a supplier of high-quality metal and  
plastic packaging products.  It owns Ball Aerospace &
Technologies Corp. -- a developer of sensors, spacecraft,
systems and components for government and commercial customers.  
Ball Corp. reported sales of US$5.7 billion in 2005 and the
company employs about 13,100 people worldwide, including
Argentina, Germany, France and the United Kingdom.

                        *    *    *

Moody's Investors Service assigned ratings to Ball Corp's
US$500 million senior secured term loan D, rated Ba1, and
US$450 million senior unsecured notes due 2016-2018, rated Ba2.
It also affirmed existing ratings, which include Ba1 Ratings on
US$1.475 billion senior secured credit facilities and US$550
million senior unsecured notes due Dec. 12, 2012.  Moody's said
the ratings outlook is stable.

Fitch affirmed Ball Corp.'s 'BB' issuer default rating, 'BB+'
senior secured credit facilities, and 'BB' senior unsecured
notes.

Standard & Poor's Ratings Services also affirmed its 'BB+'
corporate credit rating on Ball Corp.

All ratings were placed in March 2006.


BALL CORPORATION: 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 U.S. non-paper packaging sector this week, the
rating agency confirmed its Ba1 Corporate Family Rating for Ball
Corporation.

Additionally, Moody's 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$715 million
   sr. secured
   multi-currency
   revolver due 2011      Ba1     Ba1      LGD4       52%

   US$35 million
   sr. secured
   revolver due 2011      Ba1     Ba1      LGD4       52%

   US$157.2 million
   sr. secured term
   loan A due 2011        Ba1     Ba1      LGD4       52%

   US$447.7 million
   sr. secured term
   loan B due 2011        Ba1     Ba1      LGD4       52%

   US$133.5 million
   sr. secured term
   loan C due 2011        Ba1     Ba1      LGD4       52%

   US$500 million
   sr. secured term
   loan D due 2011        Ba1     Ba1      LGD4       52%

   US$550 million
   sr. unsecured
   6.875% notes
   due Dec 2012           Ba2     Ba1      LGD4       52%

   US$450 million
   sr. unsecured
   notes due Mar 2018     Ba2     Ba1      LGD4       52%

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 Broomfield, Colorado, Ball Corporation --
http://www.ball.com/-- offers metal and plastic packaging to  
the beverage and food industries worldwide. It offers aluminum
and steel beverage cans for carbonated soft drinks, beer, energy
drinks, and other beverages.


JLG INDUSTRIES: Sells Business to Oshkosh for US$3.2 Bln in Cash
----------------------------------------------------------------
Oshkosh Truck Corp. has signed a definitive agreement to acquire
all outstanding shares of JLG Industries Inc. for US$28 per
share.  Total consideration, including transaction costs and
assumed debt, is US$3.2 billion in cash on a fully diluted
basis.  This transaction will create a US$6 billion global
specialty vehicle manufacturer.

"We have consistently executed strategies to grow this company,
creating significant shareholder value during the last decade,"
said Robert G. Bohn, Oshkosh's chairman, president and chief
executive officer.  "The acquisition of JLG is the latest broad-
based initiative in the continuing transformation of Oshkosh
Truck Corporation.  It is aligned with our historic acquisition
strategy as we expand into complementary markets and it will be
instrumental in building our global focus and scale that are
increasingly needed to continue to be successful.  It also meets
our major acquisition criteria, which include market leadership,
strong management, double digit growth opportunities and the
expectation of earnings in excess of our cost of capital."

JLG had US$2.3 billion in revenues during fiscal 2006 and has
estimated a 20 to 25 percent increase in sales in fiscal 2007.  
It has the top market position in North America and Europe for
aerial work platforms and is the top producer of telehandlers in
the United States. JLG placed 22nd on FORTUNE magazine's 2006
list of the 100 Fastest-Growing Companies.  The ranking was
based on three-year profit and sales growth through the first
quarter of 2006 and three-year total return to shareholders.

"This transaction is a good fit for JLG," stated William M.
Lasky, chairman, president and chief executive officer of JLG.  
"Oshkosh has a similar philosophy of offering premier products,
creating strong market positions and delivering after-sales
service and support.  For the JLG team, this combination offers
additional growth opportunities.  For our customers, JLG will
become an even stronger partner in their future success.  We
look forward to working with the Oshkosh management team to
ensure a rapid and seamless transition."

"We are excited about the addition of this market-leading,
global company and expect a smooth integration into the Oshkosh
family.  At the same time, we expect to realize substantial
purchasing and logistical synergies, while benefiting from JLG's
already outstanding manufacturing operations.  We have a long
history of successful acquisitions and expect to build on that
history," Mr. Bohn added.

                  Details of the Transaction

The transaction is expected to be modestly accretive to
Oshkosh's earnings per share in fiscal 2007 after giving effect
to estimated non-cash charges relating to amortization of
acquired intangibles and other one-time accounting and
transaction related costs.  

Oshkosh will finance the transaction with a US$3.5 billion
senior credit facility provided by Bank of America, N.A. and
JPMorgan Chase Bank, N.A. and retire most of JLG's currently
outstanding debt.  The acquisition has been approved by the
Board of Directors of each company and is subject to customary
closing conditions, including approval under Hart-Scott-Rodino
and similar laws outside the U.S. and the approval by the
shareholders of JLG.  The transaction is expected to be
completed within ninety days.

Upon completion of the transaction, JLG will become the largest
of four business segments of Oshkosh.  It continues the
diversification of the company.  In fiscal 2008, the first full
fiscal year of Oshkosh's expected ownership of JLG, Oshkosh
estimates that JLG will represent approximately 40 percent of
its consolidated sales and operating income.

"We are pleased to be bringing a solid company like JLG into
Oshkosh Truck.  Their product leadership and innovative culture
will be a great fit with our approach.  It is evident from the
strong reactions of both Boards that we have an opportunity to
do something very special," added Mr. Bohn.

                           About Oshkosh

Bases in Oshkosh, Wisconsin, Oshkosh Truck Corp. --
http://www.oshkoshtruckcorporation.com/-- designs,  
manufactures, and markets various specialty commercial, fire and
emergency, and military trucks; truck bodies; mobile and
stationary compactors, and transfer stations; and portable and
stationary concrete batch plants worldwide.

                       About JLG Industries

JLG Industries, Inc. -- http://www.jlg.com/-- produces access  
equipment (aerial work platforms and telehandlers) and highway-
speed telescopic hydraulic excavators.  JLG's manufacturing
facilities are located in the United States, Belgium, and
France, with sales and service operations on six continents.

                         *     *     *

As reported in the Troubled Company Reporter on May 24, Moody's
Investors Service upgraded the debt ratings of JLG Industries,
Inc. -- Corporate Family Rating to Ba3 from B1, Senior Unsecured
Notes to B1 from B2, and Senior Subordinate Notes to B2 from B3.  
The outlook is changed to stable from positive.


METALDYNE CORP: Lockup Agreement Cues Moody's to Change Review
--------------------------------------------------------------
Moody's Investors Service changed the review of the ratings of
Metaldyne Corp. and its wholly owned subsidiary, Metaldyne
Company LLC, to direction uncertain from under review for
possible upgrade.  The change is prompted by published reports
that Metaldyne's 11% senior subordinated noteholders have
entered into an agreement which provides that its signatories
will not tender the notes nor provide any requested consent
absent an approval by 90% of the principal amount of the
signatories of the lockup agreement, and at least 2/3 of the
number of signatories of the lockup agreement.

Each of the signatories to the lockup agreement will be required
to tender or provide consents if a supermajority of the
signatories to the lockup agreement accepts a tender or provides
consent.  This agreement decreases Metaldyne's flexibility in
tendering or renegotiating the 11% senior subordinated notes in
its attempt to complete the earlier announced agreement for
Metaldyne to be acquired by Asahi Tec Corporation.

The ratings under review, direction uncertain are:

Metaldyne Corp.:

    * Corporate Family Rating, Caa1;

    * US$150 million of 10% guaranteed senior unsecured
      notes due November 2013, Caa2 (LGD4, 69%);

    * US$250 million of 11% guaranteed senior subordinated
      notes due June 2012, Caa3 (LGD6, 92%);

Metaldyne Co. LLC

    * B2 (LGD2, 25%) rating for Metaldyne LLC's
      guaranteed senior secured credit facilities,
      consisting of:

         -- US$400 million (approximately US$375
            million remaining) guaranteed senior secured
            tranche D term loans due December 2009;

         -- US$50 million guaranteed senior secured
            revolving credit facility due August 2011
            (or December 2009 if the term loan is not
            refinanced by October 2009); and

         -- US150 million Synthetic L/C Facility
            due August 2011 (or December 2009 if the
            term loan is not refinance by October 2009).

The last rating action was on Sept. 1 when the ratings were
placed under review for possible upgrade based on the
announcement that Metaldyne had signed an agreement to be
acquired by Asahi, and on the potential financial and strategic
benefits that might result from the transaction.

Moody's review noted, however, that the completion of the
transaction is subject to certain conditions including the
successful tender of a portion of the company's existing public
debt and the granting of waivers for the change of control
language in the bond indentures.  The decision by the holders of
the senior subordinated notes to enter into the lockup agreement
could increase the financial costs of proceeding with the
acquisition or could result in a failure to achieve the waivers
necessary for the transaction to proceed.

Moody's review will continue to consider the financial benefits
and strategic business opportunities, which could come to
Metaldyne under a business combination with Asahi Tec.  The
review will also consider the current adverse business
environment in the auto components sector, including recently
announced production cutbacks in North America.

Metaldyne Corp., headquartered in Plymouth, Michigan, is a
manufacturer of highly engineered products for the global light
vehicle market.  Metaldyne designs, engineers and assembles
metal-formed and engineered products used in transmissions,
engines and chassis of vehicles.  The company's annual revenues
currently approximate US$1.9 billion.  Ownership of Metaldyne is
controlled by private equity sponsor Heartland Industrial
Partners LP.


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


ALCATEL SA: Inks Network Deal with Vimpelcom's Mobitel Unit
-----------------------------------------------------------
Alcatel S.A. has been awarded a contract by Mobitel, a unit of
OJSC Vimpel-Communications, to deploy a new mobile network in
Georgia.

The project will consist of covering the whole territory of
Georgia with a new mobile GSM/GPRS/EDGE network, while preparing
for the 3G/UMTS and/or WiMAX multi-standard introduction.  Once
the project will be completed Alcatel's mobile solutions will
enable Mobitel to provide advanced mobile communications
services to subscribers in Georgia.

Under the terms of this contract, Alcatel will deliver its
industry leading Alcatel Evolium GSM/GPRS/EDGE end-to-end
solutions, including Base Station Sub-systems (BSS), NGN-based
Mobile Switching Centers (NSS) as well as operation and
maintenance support services.  Alcatel will also deliver a high
availability IP/MPLS network based on the Alcatel 7710 Service
Router.

"We consider Georgia as one of the strategic mobile markets and
hope to win a leading position in this market," Sergey Avdeev,
executive vice-president and chief technical officer of
VimpelCom, said.  "To reach this objective, VimpelCom will do
everything required to commercially launch a new network within
a short time frame.  I am confident that Alcatel's rich
experience in wireless technologies will enable us to achieve
this challenging plan."

"This contract not only gives Alcatel a solid footprint in the
mobile market in Georgia but it also expands our long term
successful cooperation with VimpelCom and our presence in the
overall CIS market," Johan Vanderplaetse, vice-president for
Alcatel activities in the Commonwealth of Independent States,
said.  "The CIS High Growth Economies have proved to be a
dynamic region for mobile communication and we are committed to
enabling Mobitel to become a stronger competitive operator in
Georgia by introducing innovative services, whilst ensuring
long-term investment protection."

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications --
http://www.vimpelcom.com/-- provides mobile telecommunications    
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.  The group wholly owns Mobitel in Georgia.  
The group wholly owns Mobitel in Georgia.

                        About Alcatel

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

                         *     *     *

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

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


VIMPEL-COMMUNICATIONS: Taps Alcatel to Set up Mobitel's Network
----------------------------------------------------------------
Mobitel, a unit of OJSC Vimpel-Communications, awarded Alcatel
S.A. a contract to deploy a new mobile network in Georgia.

The project will consist of covering the whole territory of
Georgia with a new mobile GSM/GPRS/EDGE network, while preparing
for the 3G/UMTS and/or WiMAX multi-standard introduction.  Once
the project will be completed Alcatel's mobile solutions will
enable Mobitel to provide advanced mobile communications
services to subscribers in Georgia.

Under the terms of this contract, Alcatel will deliver its
industry leading Alcatel Evolium GSM/GPRS/EDGE end-to-end
solutions, including Base Station Sub-systems (BSS), NGN-based
Mobile Switching Centers (NSS) as well as operation and
maintenance support services.  Alcatel will also deliver a high
availability IP/MPLS network based on the Alcatel 7710 Service
Router.

"We consider Georgia as one of the strategic mobile markets and
hope to win a leading position in this market," Sergey Avdeev,
executive vice-president and chief technical officer of
VimpelCom, said.  "To reach this objective, VimpelCom will do
everything required to commercially launch a new network within
a short time frame.  I am confident that Alcatel's rich
experience in wireless technologies will enable us to achieve
this challenging plan."

"This contract not only gives Alcatel a solid footprint in the
mobile market in Georgia but it also expands our long term
successful cooperation with VimpelCom and our presence in the
overall CIS market," Johan Vanderplaetse, vice-president for
Alcatel activities in the Commonwealth of Independent States,
said.  "The CIS High Growth Economies have proved to be a
dynamic region for mobile communication and we are committed to
enabling Mobitel to become a stronger competitive operator in
Georgia by introducing innovative services, whilst ensuring
long-term investment protection."

                        About Alcatel

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

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications --
http://www.vimpelcom.com/-- provides mobile telecommunications    
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.  The group wholly owns Mobitel in Georgia.

                        *     *     *

As reported in TCR-Europe on Oct. 12, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russia-
based mobile telecommunications operator Vimpel-Communications
(JSC) to 'BB+' from 'BB', reflecting the company's continuing
strong performance.  The outlook is stable.


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


ATRO GMBH: Claims Registration Ends October 27
----------------------------------------------
Creditors of ATRO GmbH have until Oct. 27 to register their
claims with court-appointed provisional administrator Gabriele
Czech.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 28 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Law Courts
         Meeting Room 162
         Alten Einlass 1
         86150 Augsburg, 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 Augsburg opened bankruptcy proceedings
against ATRO GmbH on Aug. 28.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         ATRO GmbH
         Attn: Franz Beese, Manager
         Grimmstr. 16
         86154 Augsburg, Germany

The administrator can be contacted at:

         Gabriele Czech
         Spicherer Str. 26
         86157 Augsburg, Germany


DIGITAL4U.DK-DEUTSCHLAND: Claims Registration Ends Oct. 25
----------------------------------------------------------
Creditors of Digital4u.dk-Deutschland GmbH have until Oct. 25 to
register their claims with court-appointed provisional
administrator Susanne Mueller-Heeg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:14 a.m. on Nov. 15 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Flensburg, 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 Flensburg opened bankruptcy proceedings
against Digital4u.dk-Deutschland GmbH on Aug. 24.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Digital4u.dk-Deutschland GmbH
         Industrieweg 35
         24955 Harrislee, Germany

         Attn: Tony Rahmeh, Manager
         Edelgavevej 26
         2765 Smorum, Denmark

The administrator can be contacted at:

         Susanne Mueller-Heeg
         Rathausstrasse 1
         24937 Flensburg, Germany


DURA AUTOMOTIVE: Unit Unable to Make Interest Payment on Notes
--------------------------------------------------------------
Dura Operating Corp., a wholly owned subsidiary of Dura
Automotive Systems Inc., will not make the US$17,250,000
interest payment due on Oct. 16, 2006 on Dura Operating's
outstanding 8-5/8% Senior Notes due 2012.

The Indenture relating to the Notes provides a 30-day grace
period before the nonpayment of interest due on the Notes will
constitute an event of default under the Indenture.  Upon any
event of default, BNY Midwest Trust Company, the Trustee under
the Indenture, or the holders of at least 25% in principal
amount of the outstanding Notes, would be entitled to declare
all of the Notes to be due and payable immediately.  In
addition, under the Indenture, following the thirty-day grace
period, the Trustee could pursue any available remedy to collect
the payment of principal and interest on the Notes or to enforce
the performance of any provision of the Notes or the Indenture.

Under the Indenture, the Dura Operating must pay interest on
overdue installments of interest without regard to any grace
period at the rate of 9-5/8% per annum.  Currently US$400
million in aggregate principal amount of the Notes is
outstanding.

                        Event of Default

The failure by Dura Operating to make the interest payment on
the Notes will constitute an immediate event of default under
Dura Operating's asset-based revolving credit facility.  The
failure by the Dura Operating to make the interest payment on
the Notes upon the expiration of the 30 day grace period will
also constitute an event of default under Dura Operating's
outstanding 9% Senior Subordinated Notes due 2009 and Second
Lien Term Loan.  Upon any such event of default, the applicable
trustee or administrative agent, as the case may be, or the
holders of at least 25% in principal amount of the outstanding
series of Senior Subordinated Notes or Second Lien Term Loan,
will be entitled to declare all such indebtedness to be due and
payable immediately.

Dura Automotive had previously said that it is evaluating its
capital structure with a focus on reducing its long-term debt.  
This financial restructuring would be in addition to the
comprehensive operational restructuring that Dura Automotive is
undertaking in response to challenging industry conditions.
Industry conditions continue to deteriorate, with announcements
over the past several weeks from all three North American OEMs
of additional significant production cuts.  In addition, raw
material prices have continued to be at or near record levels.  
Dura expects that the deterioration of industry conditions will
require it to undertake a debt restructuring in the near term.

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- designs and  
manufactures driver control systems, seating control systems,
glass systems, engineered assemblies, structural door modules
and exterior trim systems for the global automotive and
recreation & specialty vehicle industries.  DURA, which operates
in 63 locations, sells its products to every major North
American, Asian and European automotive original equipment
manufacturer and many leading Tier 1 automotive suppliers.  It
currently operates in 63 locations including joint venture
companies and customer service centers in 14 countries.  In
Europe, the company maintains operations in Germany, the United
Kingdom, France, Spain, Portugal, Czech Republic, Slovakia and
Romania.


DURA AUTOMOTIVE: Non-Payment of Interest Cues S&P's D Rating
------------------------------------------------------------
Standard & Poor's Ratings Services took the following rating
actions on Dura Automotive Systems Inc. and its subsidiary, Dura
Operating Corp., following the company's announcement that it
will not make a required bond interest payment that is due
[Mon]day:
   
   -- the corporate credit rating on Dura was lowered
      to 'D' from 'CCC';

   -- the rating on Dura Operating's US$400 million
      senior notes due 2012, for which the interest payment
      is due, was lowered to 'D' from 'CC';

   -- Dura's senior secured debt rating was lowered to 'CC'
      from 'CCC+' and placed on CreditWatch with
      negative implications.  The '1' recovery rating on
      the secured debt was affirmed; and
     
   -- Dura's 'CC' subordinated debt rating was placed
      on CreditWatch with negative implications.
     
Dura has suffered from poor operating results in recent years
because of:

   -- lower vehicle production from its large U.S. customers,

   -- unfavorable product mix,

   -- higher-than-expected raw material costs, pricing
      pressure,  and

   -- a bloated overhead cost structure relative to
      current revenue generation.  

Dura's recent financial results were substantially below prior-
year levels: During the second quarter, EBITDA was down US$29
million (60%) from last year, and the company's free cash flow
was negative US$50 million.  Although automotive industry
conditions were difficult during the second quarter, Dura's
performance was much worse than expected.  Industry pressures
have intensified since the second quarter, and Standard & Poor's
believes current financial performance has deteriorated further.
     
Dura is evaluating its capital structure in light of earnings
and cash flow pressures.  The company exercised its right to
defer dividend payments on its preferred stock earlier this
month to preserve cash.

"Dura has a 30-day grace period to make the interest payment on
its senior notes before default would occur, but we do not
expect the company to make the interest payment.  We believe the
risk of a bankruptcy filing in the next few weeks is high.  If
the company were to file for bankruptcy, the senior secured and
subordinated debt ratings on the company would be lowered to
'D'," said Standard & Poor's credit analyst Martin King.


ESTHERELL GMBH: Claims Registration Ends October 31
---------------------------------------------------
Creditors of Estherell GmbH have until Oct. 31 to register their
claims with court-appointed provisional administrator Georg
Welslau.

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 Bielefeld
         Hall 4065
         4 Floor
         Court Route 6
         33602 Bielefeld, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bielefeld opened bankruptcy proceedings
against Estherell GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Estherell GmbH
         Immanuelstr. 3
         32427 Minden, Germany

         Attn: Heinz Penning, Manager
         Lange Wand 5
         32425 Minden, Germany

The administrator can be contacted at:

         Georg Welslau
         Bismarckstr. 43
         32427 Minden, Germany
         

GFC GRUNDSTUECKSVERWALTUNGS: Creditors' Meeting Set for Oct. 26
---------------------------------------------------------------
The court-appointed provisional administrator for GFC
Grundstuecksverwaltungsgesellschaft mbH & Co.       
Nahversorgungszentrum Leuthoffstrasse KG, Christoph
Rosenmueller, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:00 a.m. on
Oct. 26.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:50 a.m. on Jan. 11, 2007, at the
same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against GFC Grundstuecksverwaltungsgesellschaft mbH
& Co. Nahversorgungszentrum Leuthoffstrasse KG on Sept. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GFC Grundstuecksverwaltungsgesellschaft mbH & Co.
         Nahversorgungszentrum Leuthoffstrasse KG
         Keithstrasse 26
         10787 Berlin, Germany

The administrator can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin, Germany


GREENBRIER COS: Buys Meridian Rail for US$227.5 Million Cash
------------------------------------------------------------
The Greenbrier Companies entered into a definitive agreement to
acquire the stock of Meridian Rail Holdings Corp., which
principally conducts business under the name Meridian Rail
Services, from Stamford, Conn.-based private equity firm,
Olympus Partners.  

The purchase price of the acquisition will be US$227.5 million
in cash, plus or minus working capital adjustments.  The
acquisition is subject to customary closing conditions and is
expected to close within the next 30 days.  It is expected to be
immediately accretive to Greenbrier's fiscal 2007 earnings.

Meridian is a leading supplier of wheel maintenance services to
the North American freight car industry, with over 25 years'
experience.  Operating from six strategically located wheel
facilities, Meridian supplies replacement wheel sets and axle
services to approximately 170 freight car maintenance locations
where worn or damaged wheels, axles, or bearings are replaced.  
Meridian also operates a coupler reconditioning facility and
performs railcar repair at one of its wheel services facilities.

With the addition of Meridian's facilities, Greenbrier believes
its expanded network of 10 strategically located wheelshops and
20 repair, refurbishment and replacement parts facilities
provides a competitive advantage and economies of scale.  The
combined entities will become the largest wheel service network
and one of the largest purchasers of wheels in North America.  
Together, the two companies' facilities will create an end-to-
end shop network spanning much of the continental United States
and Mexico.

As network partners over the past seven years, Meridian and
Greenbrier have provided certain customers total wheel set
inventory management, utilizing proprietary, web-enabled
transaction and reporting systems.  Through these systems,
Meridian's and Greenbrier's customers realize freight as well as
administrative savings on all types of components and procured
items.  Customers include various Class 1 railroads, the largest
of which is Union Pacific Railroad which, over the past seven
years, has outsourced all wheel services to Meridian in
partnership with Greenbrier.

Over the last 12 months Meridian has generated approximately
US$225 million in revenues.  Headed by chief executive officer,
Rick Turner, Meridian will maintain its current management team
and a workforce of approximately 300 personnel.  Mr. Turner will
become president of Greenbrier's Wheel Services group, reporting
to Tim Stuckey, president of Greenbrier's Rail Services group.  

"The Meridian acquisition further reinforces Greenbrier's
strategy to distinguish itself within the rail industry with an
integrated, diversified business model," William A. Furman,
Greenbrier's president and chief executive officer, said.  "The
acquisition, along with our recent acquisition of Railcar
America, supports our strategy to continue to grow our railcar
repair, refurbishment, maintenance and replacement parts
businesses, which are less cyclical and higher margin than our
new railcar manufacturing business.  In North America, large
customers in rail transportation are moving towards
relationships with fewer suppliers who can provide a
comprehensive set of freight railcar products and support
services.  The increased emphasis by railroads on velocity and
efficient capacity utilization will bring rapid change and favor
Greenbrier's business model."

Mr. Furman continued, "We believe with our integrated business
strategy and an expanded network of 30 repair shops, wheel
service centers, and replacement parts locations, there will be
meaningful economies of scale, as well as significant revenue
synergies and opportunities to grow our overall business.  As an
example, our parts business now consists of wheel sets, axles,
boxcar doors and roofs, end of car cushioning units, sideframes,
bolsters, couplers, and yokes.  We can now provide a more robust
and comprehensive set of parts and services throughout our
repair shop network, our new car manufacturing business, and by
serving our owned and managed fleet of 145,000 railcars.  
Similarly, we can also maximize value from recycled parts on
railcars which we reengineer, repair or refurbish."

Mr. Furman concluded, "The rail freight industry in North
America currently consumes approximately 1.5 million wheels a
year, and replacement demand has been growing steadily for many
years, even during railroad industry downturns.  We expect
demand for wheel services to remain strong.  Demand is forecast
to grow in the foreseeable future, driven by fundamental
economic forces that have driven growth in rail traffic, strong
equipment utilization, increased pressure on railroad service
design, and wear and tear on rolling stock.  Following the
Meridian acquisition, Greenbrier's Rail Services group is
expected to generate close to US$400 million in annual revenues,
nearly 4 times greater than fiscal 2006."

Tim Stuckey, president of Greenbrier's Rail Services group,
added, "Meridian and Greenbrier have been long-standing partners
in the wheel services business, serving key freight car
customers, such as Union Pacific Railroad, together over the
past seven years.  Meridian and Greenbrier will continue to
provide Union Pacific almost 130,000 wheel sets per year under a
multi-year contract.  We are excited to have Rick Turner and the
rest of the Meridian team join Greenbrier, bringing their
exceptional wheel shop capabilities to our Rail Services group."

Mark Rittenbaum, senior vice president and treasurer of
Greenbrier, noted, "Concurrent with this acquisition, Greenbrier
will increase its revolving line of credit with a US$275
million, five-year facility, led by Bank of America, to support
this acquisition and provide additional liquidity.  As part of
our financing strategy, we intend to monetize some of our
railcar leasing investments in fiscal 2007, as we reinvest these
proceeds in recent acquisitions.  We remain confident about
Greenbrier's strong financial position, and its ability to
generate significant operating cash flow and earnings growth
potential.  In the near term, we will continue to focus on
integrating our recent acquisitions, while also selectively
seeking opportunities to grow our business, both organically and
through acquisition."

Headquartered in Birmingham, Alabama, Meridian Rail Services
supplies both new and reconditioned wheel sets to railroads,
maintenance centers and repair shops across the U.S. and Mexico.  
It operates six full service freight car wheel facilities in
Chicago Heights, IL; Corsicana, TX; Kansas City, KS; Lewistown,
PA; San Bernardino, CA; and Mexico City, Mexico.  Meridian also
operates a coupler reconditioning facility in Chicago, IL and a
car repair facility in Mexico City, Mexico.  Greenbrier operates
four full service freight car wheel facilities in Tacoma, WA;
Pine Bluff, AR; Portland, OR; and Sahagun, Mexico.

Headquartered in Stamford, Conn., Olympus Partners --
http://www.olympuspartners.com/-- is a leading private equity  
firm managing US$1.7 billion of capital on behalf of corporate
pension funds, endowment funds and state-sponsored retirement
programs.  Olympus emphasizes investments in family businesses,
industries in upheaval and orphaned corporate divisions.

Headquartered in Lake Oswego, Oregon, The Greenbrier Companies
-- http://www.gbrx.com/-- supplies transportation equipment and  
services to the railroad industry.  The Company builds new
railroad freight cars in its manufacturing facilities in the
U.S., Canada, and Mexico and marine barges at its U.S. facility.
It also repairs and refurbishes freight cars and provides wheels
and railcar parts at 30 locations (post Meridian acquisition)
across North America.  Greenbrier builds new railroad freight
cars and refurbishes freight cars for the European market
through both its operations in Poland and various subcontractor
facilities throughout Europe.  Greenbrier owns approximately
9,000 railcars, and performs management services for
approximately 136,000 railcars.

                        *     *     *

As reported in the Troubled Company Reporter on May 18, 2006,
Standard & Poor's Ratings Services assigned its 'B+' rating to
The Greenbrier Companies Inc.'s proposed US$85 million
convertible note offering, which will mature in 2026.  At the
same time, Standard & Poor's affirmed its ratings on the Lake
Oswego, Oregon-based railcar manufacturer, including its 'BB-'
corporate credit rating.  S&P said the outlook is stable.


GREENBRIER COS: Acquisition Prompts Moody's to Review Ratings
-------------------------------------------------------------
Moody's Investors Service placed these ratings of The Greenbrier
Companies under review for possible downgrade:

   -- corporate family of Ba3,
   -- senior unsecured of B1, LGD4, and
   -- SGL-2.

The review is prompted by Greenbrier's announcement to acquire
Meridian Rail Holding Corp. for approximately US$227 million in
cash, which is in addition to the recent US$34 million purchase
of Rail Car America. Funding the Meridian purchase is expected
to increase Greenbrier's debt level by approximately
US$140 million to approximately US$540 million.  The remainder
of the purchase will be from cash on hand.  Pro-forma for both
acquisitions using company estimates of EBITDA and Moody's
standard adjustments, debt to EBITDA would be approximately 3.5x
(fiscal year ending Aug. 31, 2006).

As the amount and pace of acquisitions have exceeded Moody's
expectations of earlier in the year when Greenbrier raised
US$100 million of debt, the review will evaluate how this more
active acquisition profile could affect funding the expected
growth in the leasing portfolio.

Moody's review will consider management plans to control
potentially rapid asset growth during the company's expansion
phase, as continued acquisitions and increased leases could
result in even higher debt levels.  As well, Moody's will review
Greenbrier's plans to integrate these acquisitions into its now
considerably larger repair and maintenance business.

Greenbrier plans to increase its bank revolving credit facility
(to US$275 million), and Moody's speculative grade liquidity
rating will consider the company's ultimate capital structure,
the amount and quality of the committed bank facility and the
stability of cash from operations.

Moody's notes that the Meridian acquisition will improve
Greenbrier's market position in railcar wheel services, and is
expected to close at a competitive acquisition multiple of
approximately 6x EBITDA.  

Combining Meridian's extensive operations with those of
Greenbrier -- operations, which have operated in partnership for
several years -- will create the nation's largest wheel
servicing network for the railroad industry.  

In addition, the orders and backlog for new railcars for
Greenbrier's car building business are expected to remain strong
over the near term.  New rail car orders are highly cyclical,
however, and the cash flow from the now much expanded railcar
service business along with the portfolio of leases could be
helpful in easing some of the cyclical pressures over time, in
Moody's view.

The Greenbrier Companies, based in Lake Oswego, Oregon provides
services to Class I railroads including railcar manufacturing,
leasing and car repair.


KONZEPTA GRUNDSTUECKS: Creditors' Meeting Slated for Oct. 30
------------------------------------------------------------
The court-appointed provisional administrator for KONZEPTA
Grundstuecksgesellschaft mbH & Co. DRITTE Spitzkrug- Multi-
Center KG, Christoph Schulte-Kaubruegger, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:30 a.m. on Oct. 30.

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 7:09 a.m. on Jan. 15, 2007, at the
same venue.

Creditors have until Nov. 16 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against KONZEPTA Grundstuecksgesellschaft mbH & Co.
DRITTE Spitzkrug- Multi-Center KG on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         KONZEPTA Grundstuecksgesellschaft mbH & Co. DRITTE
         Spitzkrug- Multi-Center KG
         Menzelstr. 17
         14193 Berlin, Germany

The administrator can be reached at:

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

LACKIER- UND TROCKENANLAGEN: Claims Registration Ends October 31
----------------------------------------------------------------
Creditors of Lackier- und Trockenanlagen Ltd. have until Oct. 31
to register their claims with court-appointed provisional
administrator Peter Kiehl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Koblenz
         Hall 111
         Main Law Courts
         Karmeliterstrasse 14
         56068 Koblenz, 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 Koblenz opened bankruptcy proceedings
against Lackier- und Trockenanlagen Ltd. on Aug. 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Lackier- und Trockenanlagen Ltd.
         Bleichstrasse 22
         56130 Bad Ems, Germany

         Attn: Renate Herborn, Manager
         Kirchgasse 18
         56103 Bad Ems, Germany

The administrator can be contacted at:

         Peter Kiehl
         Rathausstrasse 129
         56203 Hoehr-Grenzhausen, Germany
         Tel: 02624/947036
         Fax: 02624/947037


LUXFER HOLDINGS: Inks Deal to Reorganize Balance Sheet
------------------------------------------------------
Luxfer Holdings Plc entered into an agreement for the
reorganization of its balance sheet with an informal group of
holders of the Company's 10.125% Senior Notes due May 1, 2009.
The Noteholder Group represents approximately 67% of the total
outstanding GBP131.4 million of Notes.  

The proposed reorganization, if it achieves the requisite
approvals, is expected to result in a significant reduction of
the Company's debt and interest expense and a consequent
reduction in financial risk.  

The Directors believe that the proposed reorganization will
provide the Group with a stable and strengthened capital
structure and provide additional free cash flow to invest in
targeted growth opportunities and cost saving projects.  

The Reorganization Agreement provides for the Company's
stakeholders to receive:

   -- Noteholders:

      Noteholders will be exchanging all of their existing
      unsecured Senior Notes, including the accrued interest
      thereon up to the date of the proposed reorganization, and
      investing GBP3.050 million of cash, in return for
      GBP71.575 million of new unsecured Senior Notes and 87% of
      the post reorganization share capital of the Company.   

      Noteholders will also receive GBP8.45 million in cash
      which they will use to buy out the shares of non-
      management shareholders.  The New Notes will have a new
      five-year maturity date and be priced with a cash element
      of Six Month LIBOR+450 basis points and a payment in kind
      element of 150 basis points accruing on a compound basis
      from Nov. 1, 2006.  The payment in kind element on the New
      Notes will step down to 100 basis points so long as the
      Company achieves a rating above CCC+ or Caa1.  

      The Company and Noteholder Group are in the process of
      agreeing the detailed documentation of the New Notes.  The
      New Notes will be non-callable for the first year after
      being issued and will be callable by the Company at 103%,
      102%, 101% and 100% of par in each subsequent year
      thereafter.  

   -- Shareholders:

      Shareholders other than certain management shareholders,
      holding approximately 85% of current share capital, will
      receive GBP8.45 million from Noteholders in return for
      their existing equity stake, equating to approximately
      7.4p per share, for both the Company's GBP0.6487
      preference and ordinary shares.  

   -- Management:

      Certain management will exchange their stake of
      approximately 15% of current share capital in the Company
      for 13% of the post reorganization share capital, with the
      economic benefit to a proportion of these shares being
      dependent on the Company's future success

   -- Five-percent Cumulative GBP0.6487 preference share
      capital:

      As part of the proposed reorganization, the five-percent
      cumulative preference share capital will be exchanged into
      a combination of new ordinary share capital and deferred
      shares, which under International Financial Reporting
      Standards will reduce the Company's balance sheet
      liabilities by GBP110.8 million, based on the accrued
      liability outstanding at June 30, 2006.  

The Group reported at the half year that it had incurred GBP1.4
million of advisory costs in relation to the proposed
reorganization.  The total cost for the proposed reorganization
has been projected to be approximately GBP5 million.  

The proposed reorganization will therefore eliminate the
preference share liability and achieve a reduction in the
Group's outstanding notes of GBP59.825 million, offset by an
increase in drawings on senior secured debt facilities of
approximately GBP10 million in order to meet the proposed
reorganization's funding requirements.  

The Group currently has a GBP45 million asset backed secured
bank facility with Bank of America.  Under the proposed
indenture terms for the New Notes, the Group will be permitted
to incur total senior secured debt of up to GBP60 million,
giving the Group the potential to raise a further GBP15 million
of liquidity.   

                     Plan Implementation

The proposed reorganization will affect no other category of
creditors.  It is intended that the proposed reorganization will
principally be implemented by way of a scheme of arrangement
under section 425 of the Companies Act 1985 between the Company
and the holders of its Notes and the proposed reorganization is
conditional upon, inter-alia, the Scheme becoming effective.  

The Noteholder Group includes representatives of nine different
institutions and fund managers, four of which comprise an ad hoc
committee, which has been in discussions with the Company since
April 2006.  All the members of the Noteholder Group and the
Company have entered into a reorganization agreement, which
includes undertakings to support and implement the Scheme and
the Reorganization and offers holders of Notes the opportunity
to subscribe for New Notes.  

Holders of Notes who are not yet party to the Reorganization
Agreement, but are interested in becoming so, are invited to
contact the legal advisers to the Ad Hoc Committee, Bingham
McCutchen LLP.  

A number of the Company's shareholders, including the two major
institutional shareholders, have entered into undertakings to
support the implementation of the Reorganization, which will
also involve a scheme of arrangement amongst the Company's
shareholders, and the Reorganization will also be conditional
upon that scheme becoming effective.  

It is expected that the proposed reorganization will be
completed at the end of the current financial year, or early in
2007, and further announcements will be made as appropriate.

"The terms of the proposed reorganization will greatly enhance
the Group's balance sheet and provide the basis of a solid and
stable capital structure," Brian Purves, Chief Executive,
commented.  "The substantial reduction in debt will increase the
Group's financial liquidity and thereby place Luxfer in a strong
position to develop its business through investing in exciting
growth opportunities, whilst continuing to provide the highest
possible level of service to its customers."

                        Trading Update

Luxfer has in recent years been burdened with high leverage
against a backdrop of volatile markets.  In response to these
pressures, Luxfer has been implementing a profit improvement
plan consisting of a series of cost saving projects and price
increases.  This new Group-wide initiative had been launched by
the executive management team in late 2005 and had targeted
profit improvement opportunities in 2006 of over GBP15 million
to offset significant cost increases.  

The unaudited interim financial results for the six months ended
June 30, 2006, which were released in August this year,
demonstrated improvement upon the unaudited six months ended
June 30, 2005.  The performance was in line with the Group's own
forecasts and the profit improvement plan.  The unaudited
EBITDA for the six months ended June 30, 2006 increased by
around GBP1.7 million to GBP13.8 million, an increase of
approximately 14% compared to the unaudited six months ended
June 30, 2005.  

The increase was mainly driven by sales growth and successful
implementation of cost reduction actions.  At the half year the
Group reported that higher raw material and U.K. energy costs
were a continued cause for concern and the Group had implemented
a series of price increases to recover a significant element of
these cost increases.  As at June 30, 2006 the unaudited interim
financial balance sheet reported drawings on senior secured
facilities of GBP12 million and GBP2.9 million of cash and short
term deposits.  

                      Financial Projections

In agreeing the Reorganization Term Sheet with the Noteholder
Group, financial projections were provided by Luxfer to the
Noteholder Group for the remainder of 2006 and for a further 30
months after the proposed reorganization completion date.  These
projections are subject to the risks associated with forward-
looking statements as further explained in the statement at the
end of this press release.  

For the half-year June 30, 2006, the Gas Cylinders and
Speciality Aluminium divisions had suffered from a significant
rise in aluminium costs, however the Elektron division had
increased its unaudited trading profit to GBP6.3 million, from
GBP3.7 million as reported in the first half year of 2005.  The
financial projections for the remainder of 2006 assumed this
improvement in the Elektron division continued, whilst the other
divisions were able to recover a significant element of the
aluminium cost increases through price increases, to enable the
Group to attain approximately GBP26 million EBITDA for the full
year.  Year to date trading is consistent with this forecast.  

Projections beyond 2006 were used to demonstrate the benefits of
potential growth opportunities, additional production automation
and the successful completion of the Group's profit improvement
plan.  The growth opportunities outlined were based on new
products the Group has been developing over the last few years,
which were described in its December 2005 Report to Noteholders.  
The financial projections anticipated that the Group would be
able to grow rolling last twelve months EBITDA to approximately
GBP32 million by 18 months after the Completion Date, increasing
to approximately GBP38 million LTM EBITDA after 30 months from
the Completion Date.  

The estimated EBITDA growth in the projections provided to the
Noteholder Group assumed the Group was able to increase its
sales revenue to approximately GBP245 million for the full year
to December 2006, approximately a 6.5% increase when compared to
the previous year.  The financial projections provided for
LTM revenue to grow to approximately GBP265 million by 18 months
from the Completion Date, and then to approximately GBP288
million after 30 months from the completion date.  Unaudited
group revenue for the first half of 2006 was approximately 8%
higher than the first half of 2005, driven by a mixture of
volume growth and increased selling prices.  The increase in
divisional revenues over the 30-month financial projection
period was roughly in line with proportions to 2005 Group
revenues, although the Elektron division's projections assumed a
slightly higher level of growth than the other divisions.  The
Gas Cylinders division remained the largest division by measure
of revenue.  

The financial projections were based on the average price of
aluminium and other major input costs remaining at current
levels, the US$:GBP exchange rates averaging US$1.78 in 2006,
then being US$1.75 for the 30-month period.  

Based upon such assumptions, over the 30 months following the
Completion Date the financial projections included approximately
GBP30 million of capital expenditure, with approximately GBP18
million of capital expenditure planned in the first 18 month
period following the Completion Date and approximately a further
GBP12 million planned for the following 12-month period.  The
total capital expenditure over the 30-month period was estimated
to include approximately an additional GBP14 million more than
would have been invested without the proposed reorganization.  

This increase in capital expenditure was required to support and
help generate the growth and cost saving opportunities
identified in Luxfer's two main divisions, Gas Cylinders and
Elektron.  Both these divisions are seen by Luxfer's senior
management to have some strong market positions and have been
developing new products over the past few years to target future
growth markets.  Given the growth opportunities being pursued,
the Group's manufacturing facilities would need to be expanded,
but under the current capital structure the Group is constrained
in its ability to meet these long-term capital expenditure
requirements with resources directed towards essential and high
priority projects only.  

The EBITDA growth of approximately GBP15 million in the
financial projections, from the 2005 result of GBP22.8 million
before exceptionals to the projection of approximately GBP38
million after 30 months, included further growth in earnings
from the Elektron division, with this division contributing to
just over half the Group's improvement through expansion of its
zirconium catalyst and magnesium sheet and alloy operations.  
Around half of the capital expenditure in the 30-month period
was assumed to be directed at the Elektron division to support
its expansion strategy.  

The Gas Cylinders division had planned to continue to invest in
its composite cylinder and superform operations, with the
proposed reorganization enabling it to also benefit from a
substantial increase in capital expenditure; slightly less than
that of the Elektron division.  The projections for the
Speciality Aluminium division included only modest levels of
additional capital expenditure and profit improvement.  

The financial projections include opportunities to modernise and
automate certain production processes, andover time, several
million pounds of cost savings are targeted through automation
projects; however the financial projections assumed that the
main contributions to increased levels of EBITDA were through
expanding sales revenue and production capacity in growth
markets.  

Based on the proposed Reorganized capital structure, the planned
capital expenditure and attainment of the projected EBITDA
levels above, the Group projected a cash flow before interest,
tax payments, reorganization costs and cash proceeds from the
Zitzmann disposal, of approximately GBP17 million for the year
ending December 2006, with the rolling LTM cash flow being
projected to be approximately GBP16 million 18 months from the
Completion Date and then rising to approximately GBP22 million
after 30 months from the Completion Date.  

The above EBITDA and cash flow projections had been prepared on
the assumption the Zitzmann die-casting business remained part
of the Elektron division, though it was highlighted to the
Noteholders as a potential strategic disposal, with the
objective of reinvesting the proceeds back into the Elektron
division to deliver at least a similar level of financial
return.  The Group sold the Zitzmann die-casting business in
early August 2006 with the proceeds being received in September
2006.  As yet the proceeds have not been reinvested, although
discussions are underway regarding a potential investment
opportunity.  

The improved financial status of the Group would also provide
other benefits to aid Luxfer's financial and commercial
performance, including a more stable platform for developing
long-term customer and supplier relationships, as well as the
ability to hedge its aluminium price risk.  In the past year the
Group had suffered from a lack of hedging capacity and at the
end of 2005 it had only hedged forward 16% of its 2006 aluminium
purchase requirements compared to 50% to 60% in previous years.   
The proposed reorganization should enable the Group to return to
a more robust level of aluminium price hedging.  

The cash flow projections did not include any significant
increase in the funding requirements of the Group's retirement
benefit schemes.  The Group's U.K. Pension Trustees have
commenced their triennial actuarial review of the Group's U.K.
defined benefit pension fund, the results of which are not
expected to be finalized by the Trustees and agreed with the
Group until early 2007.  Once agreed, a formal plan to remediate
any deficit has to be submitted and agreed with the U.K.
Pensions Regulator.  

As at June 30, 2006 the unaudited IAS 19 accounting deficit was
GBP18.5 million for this U.K. plan and the Group's total
unaudited IAS 19 accounting deficits totalled GBP23.9 million.   

In respect of the proposed reorganization the Company is
receiving financial advice from Close Brothers Corporate Finance
Limited and legal advice from Cleary Gottlieb Steen & Hamilton
LLP.  The Ad Hoc Committee is receiving financial advice from
Houlihan Lokey Howard & Zukin (Europe) Limited and legal
advice from Bingham McCutchen LLP.  

                         Conference Call

The company will be holding an investor conference call on the
proposed reorganization at 3:00 p.m. BST on Oct. 20.  

Headquartered in Manchester, United Kingdom, Luxfer Holdings PLC
-- http://www.luxfer.com/-- specializes in the design and  
manufacture of high-pressure aluminium gas cylinders, as well as
aluminium, zirconium, and magnesium based engineering products
for use in the aerospace, automotive, medical and general
engineering industries.  Luxfer has operations in the United
Kingdom, the United States, Australia, Germany, France and the
Czech Republic.


LUXFER HOLDINGS: Fin'l. Reorganization Cues Moody's Junk Ratings
----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Luxfer Holdings Plc to Caa3 from Caa2 following notice of
their financial reorganization.  Moody's concurrently downgraded
the rating on the 2009 notes issued by Luxfer to Ca from Caa3.
The outlook is stable.

The restructure is expected to be executed under a Scheme of
Arrangement.  Terms of the restructure include cancellation of
the existing 2009 notes and the accrued interest thereon to the
date of the proposed reorganization and the release of the
company from all obligations and liabilities, in exchange for
new notes of an aggregate amount of GBP68.525 million.  
Note holders will also subscribe in cash for additional new
notes for an aggregate of GBP3.050 million.

Note holders will receive GBP8.45 million in cash, which must be
applied to purchase 87% of the total equity in the company,
comprising existing ordinary and preference shares.  As part of
the reorganization the 5% cumulative preference share capital
will be exchanged into a combination of new ordinary share
capital and deferred shares.  Moody's note that under IFRS these
preference shares, totaling GBP110.8 million as at
June 30, 2006, would be removed from balance sheet liabilities.
The balance (13%) of equity will be retained by management and
be subject to restrictions.

Moody's classifies this reorganization as a default since note
holders will incur a shortfall on the par value of the existing
notes.  In this circumstance Moody's assumes a zero value for
equity exchanged for the cancellation of the notes.  With around
GBP130 million of notes on issue, this results in an expected
recovery of around 53% on the par value of existing notes.

On completion of the reorganization, leverage will be lower and
financial flexibility will be improved.  This will give the
company a stronger financial base and a lower credit risk
profile.  This should also assist to raise customers' view of
the company and add flexibility for re-investment in the
business.  Moody's will withdraw the rating on the existing 2009
notes once these have been cancelled.

The reorganization is conditional on the Scheme becoming
effective.  The reorganization will also require shareholder
approval.

Ratings actions:

Luxfer Holdings Plc

   -- corporate family rating, downgraded to Caa3 from Caa2; and
   -- 10.125% senior notes due 2009, downgraded to Ca from Caa3.

Headquartered in Manchester, United Kingdom, Luxfer specializes
in the design and manufacture of high-pressure aluminium gas
cylinders, as well as aluminium, zirconium, and magnesium based
engineering products for use in the aerospace, automotive,
medical and general engineering industries.  For the last twelve
months to June 30, 2006, Luxfer reported consolidated revenues
of around GBP240 million.


METALDYNE CORP: Lockup Agreement Cues Moody's to Change Review
--------------------------------------------------------------
Moody's Investors Service changed the review of the ratings of
Metaldyne Corp. and its wholly owned subsidiary, Metaldyne
Company LLC, to direction uncertain from under review for
possible upgrade.  The change is prompted by published reports
that Metaldyne's 11% senior subordinated noteholders have
entered into an agreement which provides that its signatories
will not tender the notes nor provide any requested consent
absent an approval by 90% of the principal amount of the
signatories of the lockup agreement, and at least 2/3 of the
number of signatories of the lockup agreement.

Each of the signatories to the lockup agreement will be required
to tender or provide consents if a supermajority of the
signatories to the lockup agreement accepts a tender or provides
consent.  This agreement decreases Metaldyne's flexibility in
tendering or renegotiating the 11% senior subordinated notes in
its attempt to complete the earlier announced agreement for
Metaldyne to be acquired by Asahi Tec Corporation.

The ratings under review, direction uncertain are:

Metaldyne Corp.:

    * Corporate Family Rating, Caa1;

    * US$150 million of 10% guaranteed senior unsecured
      notes due November 2013, Caa2 (LGD4, 69%);

    * US$250 million of 11% guaranteed senior subordinated
      notes due June 2012, Caa3 (LGD6, 92%);

Metaldyne Co. LLC

    * B2 (LGD2, 25%) rating for Metaldyne LLC's
      guaranteed senior secured credit facilities,
      consisting of:

         -- US$400 million (approximately US$375
            million remaining) guaranteed senior secured
            tranche D term loans due December 2009;

         -- US$50 million guaranteed senior secured
            revolving credit facility due August 2011
            (or December 2009 if the term loan is not
            refinanced by October 2009); and

         -- US150 million Synthetic L/C Facility
            due August 2011 (or December 2009 if the
            term loan is not refinance by October 2009).

The last rating action was on Sept. 1 when the ratings were
placed under review for possible upgrade based on the
announcement that Metaldyne had signed an agreement to be
acquired by Asahi, and on the potential financial and strategic
benefits that might result from the transaction.

Moody's review noted, however, that the completion of the
transaction is subject to certain conditions including the
successful tender of a portion of the company's existing public
debt and the granting of waivers for the change of control
language in the bond indentures.  The decision by the holders of
the senior subordinated notes to enter into the lockup agreement
could increase the financial costs of proceeding with the
acquisition or could result in a failure to achieve the waivers
necessary for the transaction to proceed.

Moody's review will continue to consider the financial benefits
and strategic business opportunities, which could come to
Metaldyne under a business combination with Asahi Tec.  The
review will also consider the current adverse business
environment in the auto components sector, including recently
announced production cutbacks in North America.

Metaldyne Corp., headquartered in Plymouth, Michigan, is a
manufacturer of highly engineered products for the global light
vehicle market.  Metaldyne designs, engineers and assembles
metal-formed and engineered products used in transmissions,
engines and chassis of vehicles.  The company's annual revenues
currently approximate US$1.9 billion.  Ownership of Metaldyne is
controlled by private equity sponsor Heartland Industrial
Partners LP.


NORDKALTE GMBH: Claims Registration Ends October 26
---------------------------------------------------
Creditors of Nordkalte GmbH Kalte- und Industriekalteanlagenbau
have until Oct. 26 to register their claims with court-appointed
provisional administrator Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Nov. 16 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Room 112 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 Nordkalte GmbH Kalte- und Industriekalteanlagenbau on
Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Nordkalte GmbH Kalte- und Industriekalteanlagenbau
         Aspastrasse 49
         59394 Nordkirchen, Germany

         Attn: Christiane Kronberg, Manager
         Fahlweg 9
         45711 Datteln, Germany

The administrator can be contacted at:

         Dr. Stephan Thiemann
         Lublinring 12
         48147 Muenster, Germany
         

OPTIMAT BLOM: Claims Registration Ends October 26
-------------------------------------------------
Creditors of Optimat Blom Kuechen GmbH have until Oct. 26 to
register their claims with court-appointed provisional
administrator Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Nov. 16 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4 Floor
         Court Route 6
         33602 Bielefeld, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bielefeld opened bankruptcy proceedings
against Optimat Blom Kuechen GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Optimat Blom Kuechen GmbH
         Herforder Str. 82
         32257 Buende, Germany

         Attn: Martinus Blom, Manager
         Wielstraat 9
         NLD-5171 RJ Kaatsheuvel, The Netherlands

The administrator can be contacted at:

         Hans-Achim Ernst
         Bunsenstr. 3
         32052 Herford, Germany


RAMBUS INC: Appoints David Shrigley as Independent Director
-----------------------------------------------------------
Rambus Inc. appointed David Shrigley as an independent director
to its board of directors.  Mr. Shrigley was also appointed to
the compensation committee of the Board.

"Dave brings exceptional sales and marketing expertise to the
Rambus board and we are delighted to have the benefit of his
insight," Kevin Kennedy, chairman of the board of directors,
said.  "Dave's accomplishments include helping Intel emerge as a
leading semiconductor company as well as being a key leader in
Bay Networks' rise in the networking space.  We look forward to
his input as execute on our strategy of bringing world-class
technology solutions to the marketplace."

Mr. Shrigley served as a general partner at Sevin Rosen Funds, a
venture capital firm, from 1999 to 2005.  Prior to which, he
held the position of executive vice president, Marketing, Sales
and Service at Bay Networks.  Mr. Shrigley served in various
executive positions during his 18 years at Intel, including vice
president and general manager of Asia Pacific Sales and
Marketing Operations based in Hong Kong, and vice president and
general manager, Corporate Marketing.

Mr. Shrigley holds a bachelor's degree from Franklin University
in Columbus, Ohio.  He also serves on the board of SPI Lasers
PLC.

Headquartered in Los Altos, California, Rambus Inc., (NASDAQ:
RMBS) -- http://www.rambus.com/--is a technology licensing  
company specializing in the invention and design of high-speed
chip interfaces.  The Company has regional offices in North
Carolina, India, Germany, Japan and Taiwan.

                        *     *     *

On Sept. 8, 2006, the company received a notice of purported
defaults from U.S. Bank National Association, trustee for the
Company's Zero Coupon Convertible Senior Notes due 2010.  The
Notice asserted that the Company's failure to file its Form 10-Q
for the quarter ended June 30, 2006 constituted defaults under
Sections 7.2 and 14.1 of the Indenture between the Company and
the Trustee governing the Notes.  The Notice indicated that if
the Company does not cure these purported defaults under the
Indenture within sixty days of Aug. 17, 2006 an Event of Default
would occur.  The Company believes that it is not in default
under the terms of the Indenture.


SIAM CUISINE: Creditors' Meeting Slated for October 25
------------------------------------------------------
The court-appointed provisional administrator for Siam Cuisine
GmbH, Joachim Heitsch, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:05
a.m. on Oct. 25.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:05 a.m. on Jan. 31, 2007, at the
same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Siam Cuisine GmbH on Sept. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Siam Cuisine GmbH
         Meierottostrasse 1
         10719 Berlin, Germany

The administrator can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin, Germany
         

SWL SCHRIFT: Claims Registration Ends October 25
------------------------------------------------
Creditors of SWL Schrift-Werbetechnik-Laatzen GmbH have until
Oct. 25 to register their claims with court-appointed
provisional administrator Nermin Sahin.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Nov. 22 at which time the
administrator will present her 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 SWL Schrift-Werbetechnik-Laatzen GmbH on Aug. 29.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SWL Schrift-Werbetechnik-Laatzen GmbH
         Attn: Regina Wostbrock, Manager
         Mergenthalerstrasse 12
         30880 Laatzen, Germany

The administrator can be contacted at:

         Nermin Sahin
         Theaterstr. 6
         30159 Hanover, Germany
         Tel: 0511/35771030
         Fax: 0511/35771059


SYRITAI AUSSENHANDELS: Creditors' Meeting Slated for Oct. 25
------------------------------------------------------------
The court-appointed provisional administrator for SYRITAI
Aussenhandels GmbH, Petra Hilgers, will present her first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:00 a.m. on Oct. 25.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:05 a.m. on Jan. 31, 2007, at the
same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against SYRITAI Aussenhandels GmbH on Sept. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SYRITAI Aussenhandels GmbH
         Lehderstr. 62
         13086 Berlin, Germany

The administrator can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


VOLKSWAGEN AG: Supports MAN AG Takeover Bid for Scania
------------------------------------------------------
The Supervisory Board of Volkswagen AG addressed the MAN AG/
Scania AB issue at its extraordinary meeting on Oct. 15.  The
Board is convinced that a solution acceptable to all sides could
only be the merger of MAN and Scania.

The following two resolutions by the Supervisory Board will
remain in force until its next regular meeting on Nov. 17:

   -- Volkswagen shall only offer its 34% of Scania's voting
      rights and 18.7% of Scania's equity to MAN AG if MAN has
      received commitments to tender representing at least
      71.31% of Scania's capital and at least 56.01% of Scania's
      voting rights; and

   -- Volkswagen would not support a counterbid by Scania at the
      present time.

According to Financial Times, Volkswagen's position meant MAN
would have to win over Investor AB, Scania's second biggest
shareholder.

"We welcome the decision of the Volkswagen supervisory board
that it is in favor of combining the two companies," MAN was
quoted by BBC, in response to VW's announcement.  "We continue
to make an effort to hold open and constructive discussions with
Scania."

Scania rejected MAN's latest EUR10.3 billion bid and a previous
bid of EUR9.6 billion, expressing that it sees its future as an
independent firm.

Scania planned to pay a special dividend of SEK7 billion, or
SEK35 a share as it continued to resist takeover by MAN,
Bloomberg reports.

Scania disclosed that a merger would hurt sales and threaten its
brand.

"If Scania continues to avoid constructive talks, Volkswagen and
MAN will probably find a way to make a hostile takeover happen,"
said Peter Metzger, an analyst at M.M. Warburg in Hamburg was
quoted by Bloomberg as saying.

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

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

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

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

                        *    *    *

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

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

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


W. BURRI: Claims Registration Ends October 23
---------------------------------------------
Creditors of W. Burri e.K. have until Oct. 23 to register their
claims with court-appointed provisional administrator Christina
Siegert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Nov. 16 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Munich opened bankruptcy proceedings
against W. Burri e.K. on Aug. 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         W. Burri e.K.
         Lehnerstr. 11
         84051 Essenbach, Germany

The administrator can be contacted at:

         Christina Siegert
         Oskar-von-Miller-Ring 34-36
         80333 Munich, Germany
         Tel: 089/24440930
         Fax: 089/244409365


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


BORSODCHEM NYRT: Withdraws Employee Shares to Reduce Capital
------------------------------------------------------------
The Extraordinary General Meeting of BorsodChem Nyrt. approved
these resolutions:

   -- election of three members of the Board of Directors:

         -- Dr. Istvan Szatmary, representing VCP Divestment AG;
         -- Ildiko Gazso, representing The Bank of New York;
         -- Dr. Edit Mate and Peter Lengyel as poll clerks.

   -- in accordance with 8.35 of the Articles of Association of
      the Company, the General Meeting resolves that in
      connection with the item on the agenda of the General
      Meeting regarding the amendment of the Articles of
      Association it shall vote on the draft amendments to the
      Articles of Association proposed by the Board of Directors
      jointly, in a single poll in order to facilitate the
      efficient management of the General Meeting;

   -- the General Meeting further resolves that it does not
      require that the Board of Directors explain each of its
      proposals for the amendment of the Articles of Association
      item by item with respect to the fact that in accordance
      with the applicable laws the Board of Directors made
      available its proposals to the shareholders before the
      date of the extraordinary general meeting and the
      shareholders were thus given appropriate opportunity to
      review the proposals;

   -- The General Meeting approves the proposals of the Board of
      Directors submitted in connection with the amendment of
      the Articles of Association and amends the Articles of
      Association with the text attached to this resolution in
      accordance with the proposals of the Board of Directors.

   -- The General Meeting resolves on the reduction of the
      registered capital of the Company by HUF640,951,050.  The
      reduction of the capital shall be implemented by the
      withdrawal of 3,173,025 employee shares with a reduction
      of the funds of the Company.  The purpose of the reduction
      of the capital is to make distribution to the holders of
      the employee shares.

      Pursuant to Section 5 Clause 1/C (i) of the Articles of
      the Company, due to the fact that the First Performance
      Criteria defined by the Articles has been fulfilled within
      deadline, the holders of the employee shares will be paid
      the nominal value of their shares in the course of the
      reduction of capital and withdrawal of the employee
      shares.

      The nominal value of the employee shares will be
      distributed after the Court of Registration has registered
      the reduction of the capital.

      Following the reduction of the capital, the registered
      capital of the Company will be HUF16,029,270,650 that
      will consist of:

         -- 76,179,800 ordinary shares with a nominal value of
            HUF202; and

         -- 3,173,025 employee shares with a nominal value of
            HUF202.

   -- with regard to the reduction of the registered capital of
      the Company, the General Meeting amends Section 4 Clause 1
      of the Articles of Association, with the effect of the
      registration of the capital reduction by the court:

      The amount of the Company's share capital is
      HUF16,029,270,650, which consists of:

         -- 76,179,800 dematerialized ordinary shares with
            HUF202 par value each, which form one series of
            shares; and

         -- l3,173,025 dematerialized employee shares each with
            a nominal value of HUF202, which form one series of
            shares.

      With regard to the reduction of the registered capital of
      the Company and the partial withdrawal of the employee
      shares, the General Meeting deletes Section 5 Clause 1/C
      (i) of the Articles of Association and it deletes the
      definitions "First Performance Criteria" and "Partial
      Withdrawal" contained in Section Clause 1/E of the
      Articles of Association, with the effect of the
      registration of the capital reduction by the Court of
      Registration.

   -- the General Meeting approves the amended Rules of
      Procedure of the Supervisory Board -- in accordance with
      the proposal of the Supervisory Board -- in the form
      attached to this resolution.

   -- by the proposal of the Board of Directors, the General
      Meeting of the Company elects:

         -- Dr. Christian Riener,
         -- Dr. Zoltan Varga, and
         -- Ms. Judit Banko

      to be members of the Audit Board for the duration their
      Supervisory Board membership, dating from the day of this
      present General Meeting until April 28, 2009.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.  The company also operates in
Poland as well as trades in the Polish stock market.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


INVITEL HOLDINGS: Launches EUR118-Mln Sr. PIK Notes Offering
------------------------------------------------------------
Invitel Holdings N.V., the ultimate parent company of Invitel
ZRt., disclosed an offering of Floating Rate Senior Pay-In-Kind
Notes.  The net proceeds from the Offering, which is expected to
be approximately EUR118 million, will be used to repurchase
certain of the Issuer's shares from its two major shareholders,
EEIF and GMT.

Key management will not participate in the share buyback and
following the completion of the Offering each of EEIF, GMT and
Invitel's senior management is expected to own 33.3% of the
Issuer.

The company expected the offering of the Notes to be completed
in the next several days.

Separately, Invitel reported that its preliminary, flash results
for the three months ended Sept. 30, 2006 were broadly flat on
the results for the prior quarter in terms of its revenue and
EBITDA performance in Forints.  Given movements in the Euro to
Forint exchange rates, Euro-denominated results for the quarter
ended Sept. 30, 2006 will be down compared with the second
quarter.

Headquartered in Budaors, Hungary, Invitel (fka Vivendi Telecom
Hungary) -- http://www.invitel.hu/-- is the second largest  
fixed-line telecommunications provider in Hungary.  For the six
months ending June 30, 2006, the company reported revenues and
EBITDA of approximately EUR87.7 million and EUR35.9 million,
respectively.


INVITEL HOLDINGS: Moody's Places B1 Rating Under Review
-------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
to Invitel Holdings N.V., an indirect holding company of Magyar
Telecom B.V. and Invitel Tavkozlesi Szolgaltato Rt.
Concurrently, Moody's has put the B1 rating on review for
possible downgrade following the company's announcement to issue
EUR125 million Floating Rate Senior PIK Notes due 2013.

Moody's is also reviewing the following ratings:

   -- EUR127.9 million senior secured facility at Ba3
   -- EUR142.0 million senior notes at B3

Moody's has also withdrawn a B1 corporate family rating
previously assigned at the level of Magyar Telecom B.V.

The review will focus on the company's anticipated operational
and financial performance in the context of increased debt
levels and its financial policy going forwards.

Headquartered in Budaors, Hungary, Invitel is the second largest
fixed-line telecommunications provider in Hungary.  For the six
months ending June 30, 2006, the company reported revenues and
EBITDA of approximately EUR87.7 million and EUR35.9 million,
respectively.


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


BANCA POPOLARE: Fitch Puts Individual C Rating on Watch Positive
----------------------------------------------------------------
Fitch Ratings placed Banco Popolare di Verona e Novara's A+
Issuer Default rating and B Individual rating on Rating Watch
Negative.  Its other ratings are affirmed at Short-term F1 and
Support 3.  

At the same time, the agency placed Banca Popolare Italiana's
BBB IDR, F3 Short-term and C Individual ratings on Rating Watch
Positive.  Its Support rating is affirmed at 3.

The rating action follows the announcement by BPI's board of
directors that it has accepted a merger offer by BPVN.  Fitch
will resolve the Rating Watches on completion of the merger,
expected for March 2007.

Fitch currently expects the IDR and Individual rating of the
merged entity not to be under BPVN's current ratings by more
than one notch.  On the merger, Fitch will also review the
Support rating of the resulting group and assess the relative
importance of the new entity within the Italian banking system,
which could lead to a change in the current Support rating.

In Fitch's opinion, the new group will be in a strong position
to compete effectively in the rapidly evolving Italian banking
sector.  It will become the largest co-operative bank in Italy
and the fifth largest Italian bank by loans and deposits with a
distribution network of over 2,100 branches concentrated in
wealthy northern Italy, where it will have attractive regional
market shares of between 7% and 14%.

The ratings of the new group will reflect its strong and
attractive franchise and significant size in the domestic
market.  They will also reflect merger execution risk, a
tightening in capital adequacy with an expected Tier 1 ratio of
around 6% at end-2007 and the need to improve the performance of
BPI's branch network, which in the past has performed less well
than its peers.  BPVN's strong record in integrating previous
acquisitions, most notably the merger with Banca Popolare di
Novara, should help mitigate integration risks.

Both BPI and BPVN will spin off their banking operations into
separate subsidiaries prior to the merger.  Following this spin-
off, both co-operative banks will merge into a bank holding
company, which will benefit from co-operative status and remain
listed on the Milan Stock Exchange.  The bank holding company
will have banks and product companies as subsidiaries.  

In addition, BPI will pay out a special dividend for around
EUR1.5 billion to its shareholders prior to the merger.  The
transaction as announced by the two banks is subject to approval
by both banks' board of directors and shareholders and by the
relevant authorities.

BPVN is the result of a merger between Banca Popolare di Verona
and BPN in 2002.  At end- 2005, BPVN was Italy's seventh largest
banking group by total assets.  It offers a full range of
banking services, predominantly to small- to medium sized
enterprises and private individuals, mainly in northern Italy.

BPVN's shares are widely held and listed on the Milan Stock
Exchange.  As a co-operative bank, voting rights are limited to
one vote per shareholder.  BPI, which changed its name from
Banca Popolare di Lodi in June 2005, is a cooperative bank based
in Lodi in Lombardy with a strong presence in Lombardy, Tuscany,
Liguria and Sicily.  

Following the arrival of new management in late 2005, BPI has
taken measures to strengthen procedures and controls and to
reduce risk exposure.  In July 2006, the bank raised EUR719
million of fresh capital in a rights issue.


PARMALAT: Court Permits Citibank to Pursue Actions from Oct. 31
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the stipulation between Citibank, N.A., and Citibank,
N.A. International Banking Facility, on one hand, and Dr. Enrico
Bondi, extraordinary administrator of Parmalat Finanziaria
S.p.A. and certain of its affiliates and CEO of Reorganized
Parmalat, on the other hand, stating that:

    a. at 5:00 p.m. New York time on Oct. 31, 2006, the
       Preliminary Injunction Order will automatically be deemed
       modified to permit Citibank to take any action to enforce
       its rights against Parmalat Paraguay S.A. or otherwise
       with respect to the obligations of Parmalat Paraguay to
       Citibank in Paraguay;

    b. during the Standstill Period, Reorganized Parmalat will
       provide Citibank, concerning Parmalat Paraguay and its
       subsidiaries, with:

       -- access to company management;

       -- access to their Paraguayan advisers;

       -- access to their books and records; and

       -- copies of and access to forecasts, budgets,
          restructuring plans, term sheets relating to a sale
          or other disposition of the assets, purchase and sale
          agreements, and correspondence relating to a sale or
          other disposition of assets or the restructuring of
          indebtedness; and

    c. during the Standstill Period, Reorganized Parmalat will
       not sell, transfer, encumber or incur new debt on any of
       the assets or shares of any of the Parmalat Paraguay
       Entities without Citibank's prior written consent.

The Court approves the parties' stipulation.

                         About Parmalat

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

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

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

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


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


ARGUMENT LLP: Kostanai Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceedings against LLP Argument on
Sept. 6.


ARKO LTD: Creditors Must File Claims by Nov. 15
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Arko Ltd. (RNN 600500034614) insolvent on Dec. 9, 2005.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Nov. 15 to submit written proofs of claim
to:

         LLP Arko Ltd.
         Micro District Mamyr-2, 4-24
         Almaty, Kazakhstan
         Tel: 8 (3272) 57-10-19
              8 (3335) 62-62-33


HAZAR-XXI: Aktube Court Begins Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Hazar-XXI on
Sept. 8.


KA-PEKS-STROY: Almaty Court Starts Bankruptcy Procedure
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Construction
Company Ka-Peks-Story (RNN 600500518603) on Sept. 8.


KAISAR: Almaty Court Commences Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Construction
Company Kaisar (RNN 600400506980) on Sept. 11.


KRATT INDUSTRIAL: Proof of Claim Deadline Slated for Nov. 17
------------------------------------------------------------
LLP Kratt Industrial Group has declared insolvency.  Creditors
have until Nov. 17 to submit written proofs of claim to:

         LLP Kratt Industrial Group
         Ratusnogo Str. 78
         Almaty, Kazakhstan
         Tel: 8 (3272) 94-20-02
              8 (3272) 94-20-06


PETROPAVLOVSK-FORT: Claims Registration Ends Nov. 14
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Petropavlovsk-Fort insolvent on
Sept. 5.

Creditors have until Nov. 14 to submit written proofs of claim
to:

         LLP Petropavlovsk-Fort
         Partizanskaya Str. 27
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan
         Tel: 8 (3152) 34-04-09


REMIX-R: Creditors' Claims Due Nov. 17
--------------------------------------
JSC Remix-R has declared insolvency.  Creditors have until
Nov. 17 to submit written proofs of claim to:

         JSC Remix-R
         Bekmahanov Str. 93
         Almaty, Kazakhstan
         Tel: 8 (3272) 44-91-44
              8 (3272) 50-72-74
         Fax: 8 (3272) 50-41-36


VEGA LLP: Almaty Court Begins Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Vega (RNN 600300093458) insolvent on April 11.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Nov. 15 to submit written proofs of claim
to:

         LLP Vega
         Micro District Mamyr-2, 4-24
         Almaty, Kazakhstan
         Tel: 8 (3272) 57-10-19
              8 (3335) 62-62-33


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


ARM STROY: Creditors Must File Claims by Nov. 24
------------------------------------------------
LLC Construction Company Arm Stroy has declared insolvency.  
Creditors have until Nov. 24 to submit written proofs of claim
to:

         LLP Arm Stroy
         Karpinskyi Str. 312
         Bishkek, Kyrgyzstan


SPORT LIFE: Proof of Claim Deadline Slated for Nov. 24
------------------------------------------------------
LLC Sport Life has declared insolvency.  Creditors have until
Nov. 24 to submit written proofs of claim to:

         LLC Sport Life
         Micro District 5, 4-28
         Bishkek, Kyrgyzstan


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


EVRAZ GROUP: Eyes Foreign Assets; Denies Merger Talks
-----------------------------------------------------
Evraz Group is eyeing assets outside Russia to complement the
exports from its local units, RIA Novosti cites Chief Financial
Officer Pavel Tatyanin as saying.

"As for our international operations, there are several
interesting units we are looking [to buy]," Mr. Tatyanin was
quoted by RIA Novosti as saying.  "These are units that fit into
our general down-stream acquisition logic, units complementary
to our export of slabs from Russian subsidiaries."

Mr. Tatyanin also revealed plans of consolidating its positions
in the European and U.S. steel roll markets and denied holding
merger talks with any local or foreign companies.  

"We are not looking at Russian assets as we are busy completing
our investment program at Russian metals units, and there is
enough to do here in terms of further cost-cutting," Mr.
Tatyanin said.

Mr. Tatyanin also forecasted Evraz to post profit exceeding the
figures for the past two years.

                           About Evraz

Headquartered in Luxembourg, Evraz Group S.A. --
http://www.evraz.com/-- manufactures and distributes steel and  
related products. In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in Sverdlovsk
region and two mills in Kemerovo region.  

                        *     *     *

As reported by TCR-Europe on Oct. 11, Fitch Ratings upgraded
Luxembourg-registered Evraz Group S.A.'s Issuer Default and
senior unsecured ratings to BB from BB-.  The agency also
upgraded Cyprus-registered subsidiary Mastercroft Limited's
Issuer Default rating and Evraz Securities S.A.'s senior
unsecured notes to BB from BB-.  

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

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


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


ARI NETWORK: July 31 Balance Sheet Upside-Down by US$300,000
------------------------------------------------------------
ARI Network Services Inc. reported increased revenues and net
income for the fiscal year ended July 31, 2006.

Full Year Fiscal 2006 Highlights

   -- Revenues were US$14 million for fiscal 2006, compared to
      revenues of US$13.7 million in fiscal 2005.

   -- Operating income was US$2.07 million for fiscal 2006,
      compared to operating income of US$2.15 million in the
      prior fiscal year.

   -- Net income was US$3.2 million for fiscal 2006, compared to
      net income of US$2.8 million in fiscal 2005.

Fourth Quarter Fiscal 2006 Highlights

   -- Revenues were US$3.4 million for the fourth quarter of
      fiscal 2006, compared to revenues of US$3.6 million for       
      the same period in the prior year.

   -- Operating income was US$540,000 for the fourth quarter of
      fiscal 2006, compared to operating income of US$524,000
      for the fourth quarter of fiscal 2005.

   -- Net income was US$725,000 for the fourth quarter of fiscal
      2006, compared to net income of US$1.4 million for the
      comparable prior period.

The Company's balance sheet at July 31, 2006 showed total assets
of US$9.4 million and total liabilities of US$9.7 million,
resulting in a total shareholders' deficit of US$300,000.

Brian E. Dearing, chairman and chief executive officer, said the
fourth quarter results were affected by a number of one-time
events including revenue reversals, recognition of deferred tax
assets based on updated forecasts of the Company's U.S.
operations, recognition of a gain related to a vendor contract
settlement, and reversal of accrued long-term bonuses related to
the departure of an executive.  "Excluding these events, our
results for the fourth quarter were basically flat," Mr. Dearing
said.

ARI Network Services Inc. (OTCBB:ARIS) builds and supports a
full suite of multi-media electronic catalog publishing and
viewing software for the Web or CD and provides expert catalog
publishing and consulting services to 71 equipment manufacturers
in the U.S. and Europe and approximately 29,000 dealers and
distributors in 89 countries in a dozen segments of the
equipment market including outdoor power, power sports, ag
equipment, recreation vehicle, floor maintenance, auto and truck
parts aftermarket, marine and construction.  The company's
European office is headquartered in the Netherlands.


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


BORSODCHEM NYRT: Withdraws Employee Shares to Reduce Capital
------------------------------------------------------------
The Extraordinary General Meeting of BorsodChem Nyrt. approved
these resolutions:

   -- election of three members of the Board of Directors:

         -- Dr. Istvan Szatmary, representing VCP Divestment AG;
         -- Ildiko Gazso, representing The Bank of New York;
         -- Dr. Edit Mate and Peter Lengyel as poll clerks.

   -- in accordance with 8.35 of the Articles of Association of
      the Company, the General Meeting resolves that in
      connection with the item on the agenda of the General
      Meeting regarding the amendment of the Articles of
      Association it shall vote on the draft amendments to the
      Articles of Association proposed by the Board of Directors
      jointly, in a single poll in order to facilitate the
      efficient management of the General Meeting;

   -- the General Meeting further resolves that it does not
      require that the Board of Directors explain each of its
      proposals for the amendment of the Articles of Association
      item by item with respect to the fact that in accordance
      with the applicable laws the Board of Directors made
      available its proposals to the shareholders before the
      date of the extraordinary general meeting and the
      shareholders were thus given appropriate opportunity to
      review the proposals;

   -- The General Meeting approves the proposals of the Board of
      Directors submitted in connection with the amendment of
      the Articles of Association and amends the Articles of
      Association with the text attached to this resolution in
      accordance with the proposals of the Board of Directors.

   -- The General Meeting resolves on the reduction of the
      registered capital of the Company by HUF640,951,050.  The
      reduction of the capital shall be implemented by the
      withdrawal of 3,173,025 employee shares with a reduction
      of the funds of the Company.  The purpose of the reduction
      of the capital is to make distribution to the holders of
      the employee shares.

      Pursuant to Section 5 Clause 1/C (i) of the Articles of
      the Company, due to the fact that the First Performance
      Criteria defined by the Articles has been fulfilled within
      deadline, the holders of the employee shares will be paid
      the nominal value of their shares in the course of the
      reduction of capital and withdrawal of the employee
      shares.

      The nominal value of the employee shares will be
      distributed after the Court of Registration has registered
      the reduction of the capital.

      Following the reduction of the capital, the registered
      capital of the Company will be HUF16,029,270,650 that
      will consist of:

         -- 76,179,800 ordinary shares with a nominal value of
            HUF202; and

         -- 3,173,025 employee shares with a nominal value of
            HUF202.

   -- with regard to the reduction of the registered capital of
      the Company, the General Meeting amends Section 4 Clause 1
      of the Articles of Association, with the effect of the
      registration of the capital reduction by the court:

      The amount of the Company's share capital is
      HUF16,029,270,650, which consists of:

         -- 76,179,800 dematerialized ordinary shares with
            HUF202 par value each, which form one series of
            shares; and

         -- l3,173,025 dematerialized employee shares each with
            a nominal value of HUF202, which form one series of
            shares.

      With regard to the reduction of the registered capital of
      the Company and the partial withdrawal of the employee
      shares, the General Meeting deletes Section 5 Clause 1/C
      (i) of the Articles of Association and it deletes the
      definitions "First Performance Criteria" and "Partial
      Withdrawal" contained in Section Clause 1/E of the
      Articles of Association, with the effect of the
      registration of the capital reduction by the Court of
      Registration.

   -- the General Meeting approves the amended Rules of
      Procedure of the Supervisory Board -- in accordance with
      the proposal of the Supervisory Board -- in the form
      attached to this resolution.

   -- by the proposal of the Board of Directors, the General
      Meeting of the Company elects:

         -- Dr. Christian Riener,
         -- Dr. Zoltan Varga, and
         -- Ms. Judit Banko

      to be members of the Audit Board for the duration their
      Supervisory Board membership, dating from the day of this
      present General Meeting until April 28, 2009.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.  The company also operates in
Poland as well as trades in the Polish stock market.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


GREENBRIER COS: Buys Meridian Rail for US$227.5 Million Cash
------------------------------------------------------------
The Greenbrier Companies entered into a definitive agreement to
acquire the stock of Meridian Rail Holdings Corp., which
principally conducts business under the name Meridian Rail
Services, from Stamford, Conn.-based private equity firm,
Olympus Partners.  

The purchase price of the acquisition will be US$227.5 million
in cash, plus or minus working capital adjustments.  The
acquisition is subject to customary closing conditions and is
expected to close within the next 30 days.  It is expected to be
immediately accretive to Greenbrier's fiscal 2007 earnings.

Meridian is a leading supplier of wheel maintenance services to
the North American freight car industry, with over 25 years'
experience.  Operating from six strategically located wheel
facilities, Meridian supplies replacement wheel sets and axle
services to approximately 170 freight car maintenance locations
where worn or damaged wheels, axles, or bearings are replaced.  
Meridian also operates a coupler reconditioning facility and
performs railcar repair at one of its wheel services facilities.

With the addition of Meridian's facilities, Greenbrier believes
its expanded network of 10 strategically located wheelshops and
20 repair, refurbishment and replacement parts facilities
provides a competitive advantage and economies of scale.  The
combined entities will become the largest wheel service network
and one of the largest purchasers of wheels in North America.  
Together, the two companies' facilities will create an end-to-
end shop network spanning much of the continental United States
and Mexico.

As network partners over the past seven years, Meridian and
Greenbrier have provided certain customers total wheel set
inventory management, utilizing proprietary, web-enabled
transaction and reporting systems.  Through these systems,
Meridian's and Greenbrier's customers realize freight as well as
administrative savings on all types of components and procured
items.  Customers include various Class 1 railroads, the largest
of which is Union Pacific Railroad which, over the past seven
years, has outsourced all wheel services to Meridian in
partnership with Greenbrier.

Over the last 12 months Meridian has generated approximately
US$225 million in revenues.  Headed by chief executive officer,
Rick Turner, Meridian will maintain its current management team
and a workforce of approximately 300 personnel.  Mr. Turner will
become president of Greenbrier's Wheel Services group, reporting
to Tim Stuckey, president of Greenbrier's Rail Services group.  

"The Meridian acquisition further reinforces Greenbrier's
strategy to distinguish itself within the rail industry with an
integrated, diversified business model," William A. Furman,
Greenbrier's president and chief executive officer, said.  "The
acquisition, along with our recent acquisition of Railcar
America, supports our strategy to continue to grow our railcar
repair, refurbishment, maintenance and replacement parts
businesses, which are less cyclical and higher margin than our
new railcar manufacturing business.  In North America, large
customers in rail transportation are moving towards
relationships with fewer suppliers who can provide a
comprehensive set of freight railcar products and support
services.  The increased emphasis by railroads on velocity and
efficient capacity utilization will bring rapid change and favor
Greenbrier's business model."

Mr. Furman continued, "We believe with our integrated business
strategy and an expanded network of 30 repair shops, wheel
service centers, and replacement parts locations, there will be
meaningful economies of scale, as well as significant revenue
synergies and opportunities to grow our overall business.  As an
example, our parts business now consists of wheel sets, axles,
boxcar doors and roofs, end of car cushioning units, sideframes,
bolsters, couplers, and yokes.  We can now provide a more robust
and comprehensive set of parts and services throughout our
repair shop network, our new car manufacturing business, and by
serving our owned and managed fleet of 145,000 railcars.  
Similarly, we can also maximize value from recycled parts on
railcars which we reengineer, repair or refurbish."

Mr. Furman concluded, "The rail freight industry in North
America currently consumes approximately 1.5 million wheels a
year, and replacement demand has been growing steadily for many
years, even during railroad industry downturns.  We expect
demand for wheel services to remain strong.  Demand is forecast
to grow in the foreseeable future, driven by fundamental
economic forces that have driven growth in rail traffic, strong
equipment utilization, increased pressure on railroad service
design, and wear and tear on rolling stock.  Following the
Meridian acquisition, Greenbrier's Rail Services group is
expected to generate close to US$400 million in annual revenues,
nearly 4 times greater than fiscal 2006."

Tim Stuckey, president of Greenbrier's Rail Services group,
added, "Meridian and Greenbrier have been long-standing partners
in the wheel services business, serving key freight car
customers, such as Union Pacific Railroad, together over the
past seven years.  Meridian and Greenbrier will continue to
provide Union Pacific almost 130,000 wheel sets per year under a
multi-year contract.  We are excited to have Rick Turner and the
rest of the Meridian team join Greenbrier, bringing their
exceptional wheel shop capabilities to our Rail Services group."

Mark Rittenbaum, senior vice president and treasurer of
Greenbrier, noted, "Concurrent with this acquisition, Greenbrier
will increase its revolving line of credit with a US$275
million, five-year facility, led by Bank of America, to support
this acquisition and provide additional liquidity.  As part of
our financing strategy, we intend to monetize some of our
railcar leasing investments in fiscal 2007, as we reinvest these
proceeds in recent acquisitions.  We remain confident about
Greenbrier's strong financial position, and its ability to
generate significant operating cash flow and earnings growth
potential.  In the near term, we will continue to focus on
integrating our recent acquisitions, while also selectively
seeking opportunities to grow our business, both organically and
through acquisition."

Headquartered in Birmingham, Alabama, Meridian Rail Services
supplies both new and reconditioned wheel sets to railroads,
maintenance centers and repair shops across the U.S. and Mexico.  
It operates six full service freight car wheel facilities in
Chicago Heights, IL; Corsicana, TX; Kansas City, KS; Lewistown,
PA; San Bernardino, CA; and Mexico City, Mexico.  Meridian also
operates a coupler reconditioning facility in Chicago, IL and a
car repair facility in Mexico City, Mexico.  Greenbrier operates
four full service freight car wheel facilities in Tacoma, WA;
Pine Bluff, AR; Portland, OR; and Sahagun, Mexico.

Headquartered in Stamford, Conn., Olympus Partners --
http://www.olympuspartners.com/-- is a leading private equity  
firm managing US$1.7 billion of capital on behalf of corporate
pension funds, endowment funds and state-sponsored retirement
programs.  Olympus emphasizes investments in family businesses,
industries in upheaval and orphaned corporate divisions.

Headquartered in Lake Oswego, Oregon, The Greenbrier Companies
-- http://www.gbrx.com/-- supplies transportation equipment and  
services to the railroad industry.  The Company builds new
railroad freight cars in its manufacturing facilities in the
U.S., Canada, and Mexico and marine barges at its U.S. facility.
It also repairs and refurbishes freight cars and provides wheels
and railcar parts at 30 locations (post Meridian acquisition)
across North America.  Greenbrier builds new railroad freight
cars and refurbishes freight cars for the European market
through both its operations in Poland and various subcontractor
facilities throughout Europe.  Greenbrier owns approximately
9,000 railcars, and performs management services for
approximately 136,000 railcars.

                        *     *     *

As reported in the Troubled Company Reporter on May 18, 2006,
Standard & Poor's Ratings Services assigned its 'B+' rating to
The Greenbrier Companies Inc.'s proposed US$85 million
convertible note offering, which will mature in 2026.  At the
same time, Standard & Poor's affirmed its ratings on the Lake
Oswego, Oregon-based railcar manufacturer, including its 'BB-'
corporate credit rating.  S&P said the outlook is stable.


GREENBRIER COS: Acquisition Prompts Moody's to Review Ratings
-------------------------------------------------------------
Moody's Investors Service placed these ratings of The Greenbrier
Companies under review for possible downgrade:

   -- corporate family of Ba3,
   -- senior unsecured of B1, LGD4, and
   -- SGL-2.

The review is prompted by Greenbrier's announcement to acquire
Meridian Rail Holding Corp. for approximately US$227 million in
cash, which is in addition to the recent US$34 million purchase
of Rail Car America. Funding the Meridian purchase is expected
to increase Greenbrier's debt level by approximately
US$140 million to approximately US$540 million.  The remainder
of the purchase will be from cash on hand.  Pro-forma for both
acquisitions using company estimates of EBITDA and Moody's
standard adjustments, debt to EBITDA would be approximately 3.5x
(fiscal year ending Aug. 31, 2006).

As the amount and pace of acquisitions have exceeded Moody's
expectations of earlier in the year when Greenbrier raised
US$100 million of debt, the review will evaluate how this more
active acquisition profile could affect funding the expected
growth in the leasing portfolio.

Moody's review will consider management plans to control
potentially rapid asset growth during the company's expansion
phase, as continued acquisitions and increased leases could
result in even higher debt levels.  As well, Moody's will review
Greenbrier's plans to integrate these acquisitions into its now
considerably larger repair and maintenance business.

Greenbrier plans to increase its bank revolving credit facility
(to US$275 million), and Moody's speculative grade liquidity
rating will consider the company's ultimate capital structure,
the amount and quality of the committed bank facility and the
stability of cash from operations.

Moody's notes that the Meridian acquisition will improve
Greenbrier's market position in railcar wheel services, and is
expected to close at a competitive acquisition multiple of
approximately 6x EBITDA.  

Combining Meridian's extensive operations with those of
Greenbrier -- operations, which have operated in partnership for
several years -- will create the nation's largest wheel
servicing network for the railroad industry.  

In addition, the orders and backlog for new railcars for
Greenbrier's car building business are expected to remain strong
over the near term.  New rail car orders are highly cyclical,
however, and the cash flow from the now much expanded railcar
service business along with the portfolio of leases could be
helpful in easing some of the cyclical pressures over time, in
Moody's view.

The Greenbrier Companies, based in Lake Oswego, Oregon provides
services to Class I railroads including railcar manufacturing,
leasing and car repair.


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


AGIDEL: Court Names N. Mutallapov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. N.
Mutallapov as Insolvency Manager for LLC Shipping Company Agidel
(TIN 0274061598).  He can be reached at:

         N. Mutallapov
         Post User Box 1193
         Ufa
         450000 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-17828/06-G-ADM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         LLC Shipping Company Agidel
         Kooperativnaya Str. 65a
         Ufa
         450000 Bashkortostan Republic
         Russia


BAKERY LLP: Penza Court Names P. Milov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. P. Milov as
Insolvency Manager for LLC Bakery.  He can be reached at:

         P. Milov
         Shmidta Str. 4
         440039 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-4126/2006-383b/10.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         LLC Bakery
         Patsaeva Str. 46
         M. Serdoba
         Penza Region
         Russia


BRICKWORKS LLC: Court Names P. Milov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
P. Milov as Insolvency Manager for LLC Brickworks.  He can be
reached at:

         P. Milov
         Shmidta Str. 4
         440039 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-7653/2005 36-314.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         LLC Brickworks
         Lenina Str. 10
         Satis
         Diveevskiy Region
         Nizhniy Novgorod Region
         Russia


CHAINSAYA AGRO: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Tomsk Region commenced bankruptcy
supervision procedure on OJSC Chainsaya Agro Industrial Company.
The case is docketed under Case No. A67-5650/06.

The Temporary Insolvency Manager is:

         Y. Chigarev
         Office 10
         Komsomolskiy Pr. 58
         Tomsk Region
         Russia

The Debtor can be reaced at:

         OJSC Chainsaya Agro Industrial Company
         Ostrovskogo Str. 20
         Podgornoye
         Chainskiy Region
         Tomsk Region
         Russia


EVRAZ GROUP: Eyes Foreign Assets; Denies Merger Talks
-----------------------------------------------------
Evraz Group is eyeing assets outside Russia to complement the
exports from its local units, RIA Novosti cites Chief Financial
Officer Pavel Tatyanin as saying.

"As for our international operations, there are several
interesting units we are looking [to buy]," Mr. Tatyanin was
quoted by RIA Novosti as saying.  "These are units that fit into
our general down-stream acquisition logic, units complementary
to our export of slabs from Russian subsidiaries."

Mr. Tatyanin also revealed plans of consolidating its positions
in the European and U.S. steel roll markets and denied holding
merger talks with any local or foreign companies.  

"We are not looking at Russian assets as we are busy completing
our investment program at Russian metals units, and there is
enough to do here in terms of further cost-cutting," Mr.
Tatyanin said.

Mr. Tatyanin also forecasted Evraz to post profit exceeding the
figures for the past two years.

                           About Evraz

Headquartered in Luxembourg, Evraz Group S.A. --
http://www.evraz.com/-- manufactures and distributes steel and  
related products. In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in Sverdlovsk
region and two mills in Kemerovo region.  

                        *     *     *

As reported by TCR-Europe on Oct. 11, Fitch Ratings upgraded
Luxembourg-registered Evraz Group S.A.'s Issuer Default and
senior unsecured ratings to BB from BB-.  The agency also
upgraded Cyprus-registered subsidiary Mastercroft Limited's
Issuer Default rating and Evraz Securities S.A.'s senior
unsecured notes to BB from BB-.  

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

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


GLASS AND FINANCES: Court Names P. Tumbasov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. P. Tumbasov as
Insolvency Manager for CJSC Glass and Finances (TIN 7727138484).  
He can be reached at:

         P. Tumbasov
         Post User Box 31
         125468 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-33285/06-44-437B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Glass and Finances
         Administration Building
         Sevastopolskiy Pr. 34
         117461 Moscow Region
         Russia


ISETSKIY: Court Names I. Ulmatov as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Sverdlovsk Region appointed Mr.
Sverdlovsk as Insolvency Manager for CJSC Diary Isetskiy (TIN
6606013979).  He can be reached at:

         I. Ulmatov
         Post User Box 9
         GOS-9
         Neftekamsk
         452689 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-9148/06-S11.

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         CJSC Diary Isetskiy
         Gasheva Str. 2-a
         Sredneuralsk
         624070 Sverdlovsk Region
         Russia


IVANOVSKIY FACTORY: Bankruptcy Hearing Slated for Feb. 21
---------------------------------------------------------
The Arbitration Court of Ivanovo Region will convene on Feb. 21,
2007, to hear the bankruptcy supervision procedure on OJSC
Ivanovskiy Factory Of Textile Mechanical Engineering.  The case
is docketed under Case No. A17-1837/06-1-B.

The Temporary Insolvency Manager is:

         A. Konstantinov
         Office 38
         8th Marta Str. 32
         153037 Ivanovo Region
         Russia

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         OJSC Ivanovskiy Factory Of Textile Mechanical
         Engineering
         Kalashnikova Str. 28
         153043 Ivanovo Region
         Russia


KLIMA CJSC: Court Names N. Mutallapov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. N.
Mutallapov as Insolvency Manager for CJSC Building Company Klima
(TIN 0274050109).  He can be reached at:

         N. Mutallapov
         Post User Box 1193
         Ufa
         450000 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-17833/06-G-MOG.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         CJSC Building Company Klima
         Mendeleeva Str. 201b
         Ufa
         450000 Bashkortostan Republic
         Russia


LOMONOSOVSKOYE TRANSPORT: I. Babenko to Manage Insolvency Assets
----------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. I. Babenko as Insolvency Manager for CJSC
Lomonosovskoye Transport Enterprise.  He can be reached at:

         I. Babenko
         Post User Box 6
         194214 St. Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-51196/05.

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

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

The Debtor can be reached at:

         CJSC Lomonosovskoye Transport Enterprise
         K. Flota Str. 23A
         Lomonosov
         St. Petersburg Region
         Russia


LUKOIL OAO: License Revocation on Komi & Siberian Sites Looms
-------------------------------------------------------------
The Federal Service for the Oversight of Natural Resources has
recommended the revocation of OAO Lukoil's production and
extraction licenses, Ria Novosti says.

A special commission headed by Oleg Mitvol inspected Lukoil's
eight production sites in West Siberia, operated by units
Nazymgeodobycha and Khantymansiiskneftegasgeologiya, and 11
extraction sites in the Komi Republic.

In a report submitted to the Ministry of Natural Resources of
the Russian Federation, the commission said Lukoil failed to
comply with oil production licensing agreements and requirements
for developing oil extraction sites.

The Ministry gave Lukoil up to six months to settle the
violations or face revocations.

"If our directives are not carried out, the licenses will be
revoked," the Ministry said.

The Ministry has revoked 80 licenses Russia since the start of
the year.

                        About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX,
RTS: LKOH) -- http://www.lukoil.com/-- explores and produces  
oil & gas, petroleum products and petrochemicals, and markets
the outputs.  Most of the Company's exploration and production
activity is located in Russia, and its main resource base is in
Western Siberia.

                        *     *     *

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

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

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


N.A.S.A. CJSC: Court Names P. Tarasov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. P. Tarasov as Insolvency Manager for CJSC Building
Company N.A.S.A.  He can be reached at:

         P. Tarasov
         Post User Box 19
         Office 100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-26277/2006.

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

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

The Debtor can be reached at:

         CJSC Building Company N.A.S.A.
         Raumskaya Str. 1
         Kolpino
         St. Petersburg Region
         Russia


NORD LTD: Yaroslavl Court Names P. Tarasov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Yaroslavl Region appointed Mr. P.
Tarasov as Insolvency Manager for OJSC Insurance Company Nord
Ltd.  He can be reached at:

         P. Tarasov
         Post User Box 19
         Post Office 100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A82-7754/2006-56-B/403.

The Debtor can be reached at:

         OJSC Insurance Company Nord Ltd.
         Mendeleeva Str. 2
         Pereslavl-Zalesskiy
         152025 Yaroslavl Region
         Russia


PROMSVYAZBANK JSCB: Earns RUR3.28 Bln for January-September 2006
----------------------------------------------------------------
JSC Promsvyazbank has released its results for the January-
September 2006 period.

Promsvyazbank posted RUR3.28 billion in net profit for the first
nine months of 2006, compared with RUR638 million in net profit
for the same period in 2005.

The bank's loan portfolio increased 66.3% to RUR112.3 billion
for the first nine months of 2006.  The bank's client base also
expanded, with corporate accounts growing by 28.2% to RUR61.4
billion household accounts hiking by 49.8% to RUR17.3 billion.

As of Sept. 30, 2006, Promsvyazbank had RUR150 billion in total
assets, RUR134.8 billion in total liabilities and RUR15.2
billion in total equity.

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

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

                        *     *     *

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

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

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

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


RIGHT WAY: Moscow Court Names A. Lyutyj as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Lyutyj as
Insolvency Manager for CJSC Tourist Company Right Way.  He can
be reached at:

         A. Lyutyj
         Post User Box 103
         119415 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-29793/06-101-343B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Tourist Company Right Way
         Blagoveshenskiy Per. 12
         103104 Moscow Region
         Russia


STERLIBASH-MOL-ZAVOD: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
bankruptcy supervision procedure on LLC Sterlibash-Mol-Zavod
(TIN 0241003752, OGRN 1030201590737).  The case is docketed
under Case No. A07-15963/06-G-ADM.

The Temporary Insolvency Manager is:

         R. Khaliulin
         Komarova Str. 23
         453851 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         LLC Sterlibash-Mol-Zavod
         Tukaeva Str. 2
         Sterlibashevo
         Sterlibashevskiy Region
         453180 Bashkortostan Republic
         Russia


STUD AZINSKIY: Perm Bankruptcy Hearing Slated for Jan. 12
---------------------------------------------------------
The Arbitration Court of Perm Region will convene on Jan. 12 to
hear the bankruptcy supervision procedure on Federal State
Unitary Enterprise Breeding Stud Azinskiy.  The case is docketed
under Case No. A50-11742/2006-B.

The Temporary Insolvency Manager is:

         M. Leongardt
         Post User Box 6088
         614000 Perm Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         Federal State Unitary Enterprise Breeding Stud
         Azinskiy
         Budennogo Str. 23
         Azinskiy
         Chernushinskiy Region
         617834 Perm Region
         Russia


VIMPEL-COMMUNICATIONS: Taps Alcatel to Set up Mobitel's Network
----------------------------------------------------------------
Mobitel, a unit of OJSC Vimpel-Communications, awarded Alcatel
S.A. a contract to deploy a new mobile network in Georgia.

The project will consist of covering the whole territory of
Georgia with a new mobile GSM/GPRS/EDGE network, while preparing
for the 3G/UMTS and/or WiMAX multi-standard introduction.  Once
the project will be completed Alcatel's mobile solutions will
enable Mobitel to provide advanced mobile communications
services to subscribers in Georgia.

Under the terms of this contract, Alcatel will deliver its
industry leading Alcatel Evolium GSM/GPRS/EDGE end-to-end
solutions, including Base Station Sub-systems (BSS), NGN-based
Mobile Switching Centers (NSS) as well as operation and
maintenance support services.  Alcatel will also deliver a high
availability IP/MPLS network based on the Alcatel 7710 Service
Router.

"We consider Georgia as one of the strategic mobile markets and
hope to win a leading position in this market," Sergey Avdeev,
executive vice-president and chief technical officer of
VimpelCom, said.  "To reach this objective, VimpelCom will do
everything required to commercially launch a new network within
a short time frame.  I am confident that Alcatel's rich
experience in wireless technologies will enable us to achieve
this challenging plan."

"This contract not only gives Alcatel a solid footprint in the
mobile market in Georgia but it also expands our long term
successful cooperation with VimpelCom and our presence in the
overall CIS market," Johan Vanderplaetse, vice-president for
Alcatel activities in the Commonwealth of Independent States,
said.  "The CIS High Growth Economies have proved to be a
dynamic region for mobile communication and we are committed to
enabling Mobitel to become a stronger competitive operator in
Georgia by introducing innovative services, whilst ensuring
long-term investment protection."

                        About Alcatel

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

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications --
http://www.vimpelcom.com/-- provides mobile telecommunications    
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.  The group wholly owns Mobitel in Georgia.

                        *     *     *

As reported in TCR-Europe on Oct. 12, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russia-
based mobile telecommunications operator Vimpel-Communications
(JSC) to 'BB+' from 'BB', reflecting the company's continuing
strong performance.  The outlook is stable.


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


GOODYEAR TIRE: Moody's Affirms Rating on Labor Negotiations
-----------------------------------------------------------
Moody's Investors Service affirmed Goodyear Tire & Rubber Co.'s
B1 Corporate Family rating, but changed the outlook to negative
from stable.  At the same time, the company's Speculative Grade
Liquidity rating was lowered to SGL-3 from SGL-2.  

These rating actions reflect the increased operating uncertainty
arising from the ongoing United Steelworkers strike at
Goodyear's North American facilities, and the company's decision
to increase cash on hand by drawing-down US$975 million under
its domestic revolving credit facility.

In the short-term, the extraordinary borrowing confirms liquid
resources at the company's disposal, but does so by increasing
gross leverage and carrying costs while labor negotiations in
its critical North American market remain unresolved.  
Goodyear's pro forma global cash position of US$2.3 billion
limits any near-term default probability, and the anticipated
investment of the revolver proceeds in money market securities
does not alter its net debt position.  

However, the uncertain outcome of any negotiations with the USW,
the resultant impact on Goodyear's North American cost structure
and competitive position, and the potential disruption to its
tire production and customer relationships create an additional
degree of near-term risk for Goodyear's credit stature.  In
Moody's view, the decision to draw under the credit facility may
reflect the extent of the gap between the parties and the time
frame in which a conclusion might be reached.

Should the USW negotiations be concluded in a timely and
constructive manner, it is likely that the rating outlook would
be changed to stable and the Speculative Grade Liquidity rating
raised to SGL-2.

Ratings affirmed:

Goodyear Tire & Rubber Co.

    * PDR: B1
    * first lien credit facility, Ba1, LGD2, 10%
    * second lien term loan, Ba3, LGD3, 35%
    * third lien secured term loan, B2, LGD4, 63%
    * 11% senior secured notes, B2, LGD4, 63%
    * floating rate senior secured notes, B2, LGD4, 63%
    * 9% senior notes, B2, LGD4, 63%
    * 6 5/8% senior notes, B3, LGD6, 94%
    * 8 1/2% senior notes, B3, LGD6, 94%
    * 6 3/8% senior notes, B3, LGD6, 94%
    * 7 6/7% senior notes, B3, LGD6, 94%
    * 7% senior notes, B3, LGD6, 94%
    * senior unsecured convertible notes, B3, LGD6, 94%

Goodyear Dunlop Tyres Europe

    * Euro revolving credit facilities, Ba1, LGD2, 10%
    * Euro secured term loan, Ba1, LGD2, 10%

Ratings changed:

Goodyear Tire & Rubber Co.

    * Speculative Grade Liquidity rating to SGL-3 from SGL-2

Goodyear's announcement of Oct. 13 will increase debt/EBITDA to
roughly 5.4 times on a pro forma basis from 5.0 times using
June 30 results.  Similarly, EBIT/interest would experience a
minor deterioration from the 1.5 times achieved at the end of
June.  However, such calculations would presume a forward run-
rate of earnings level with June LTM results.

Weak replacement tire demand in North America, challenges to
yield management from high and volatile commodity costs and
surplus industry capacity, and publicly unspecified rates at
which it can replenish tires sold from inventory while USW
workers are on strike underscore risks to assumptions for future
performance metrics.

Moody's would expect Goodyear's international operations, which
generate the preponderance of profits and cash flow, to continue
to perform well.  Any emerging changes to Goodyear's profile
must also be considered in the context of the qualitative and
quantitative progress the company has made over the last few
years, and the room established within the current rating
category for any immaterial relapse.

While Goodyear currently has tires to satisfy customer
requirements in North America, should that capacity diminish
over time, its North American enterprise value and cash flows
could deteriorate.  While these risks are not imminent, they
could appear on the horizon with greater certainty before year-
end.  A resolution of the labor negotiations could clarify the
company's prospects beyond the next few weeks, but the time
frame to expect an agreement is unknown.  As a precaution, the
outlook has been changed to negative.  This could quickly be
reversed should a resolution be announced, its terms assessed,
and revolver borrowings unwound.

The SGL-3 represents adequate liquidity over the next twelve
months.  The borrowing has substantially bolstered the company's
balance sheet resources, but internal cash flow beyond the next
few weeks is harder to predict.  A labor agreement satisfactory
to the company could also involve up-front restructuring
expenditures.  The trade-off to the increase in cash is the
effective exhaustion of remaining unused commitments under the
domestic revolving credit facility.

The company will have comfortable headroom under its two
financial covenants.  But, over time, unknown EBITDA generation
may start to erode this cushion.  A near-term resolution of the
labor dispute could also lead to a rapid change in the company's
liquidity profile.  Consequently, the Speculative Grade
Liquidity profile has been lowered to SGL-3.

Goodyear Tire & Rubber Co., headquartered in Akron, OH, is one
of the world's largest tire companies with more than 100
facilities in 29 countries around the world.  Products include
tires, engineered rubber products, and chemicals.  Revenues in
2005 were approximately US$20 billion.


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


FOSTER WHEELER: Moody's Changes Rating on Credit Facility to Ba1
----------------------------------------------------------------
Moody's Investors Service changed the rating on Foster Wheeler
LLC's new US$350 million, senior secured domestic credit
facility to Ba1 from Ba3.  The change in rating results from
Moody's implementation of its LGD rating methodology following
the company's successful closing of its new facility.

The LGD rating methodology enhances 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.

The credit facility consists of a five-year US$200 million
senior secured revolving credit facility and a five-year
US$150 million synthetic letter of credit facility.  The rating
on the US$350 million facility reflects a loss given default of
LGD 1 (6% LGD rate).  In addition, Moody's affirmed all existing
ratings.  The rating outlook is positive.

This facility replaces FWC's existing US$250 million senior
secured credit facility and as a result, the Ba1 rating on this
facility will be withdrawn.

Moody's noted that substantially all the assets and capital
stock of Foster Wheeler Ltd. and its direct subsidiaries
(66% of the capital stock of certain foreign subsidiaries)
secure the new credit facility and that Foster Wheeler Ltd. and
certain domestic and foreign subsidiaries will provide
guarantees.  Financial covenants include a maximum leverage
ratio and a minimum interest coverage ratio.  Management has
indicated that is does not plan to draw the revolver in the near
term.

Further, Moody's noted that the Ba1 rating for the bank facility
incorporates the benefits and limitations of the collateral, as
well as the modest level of potential borrowing.  The facility
will represent virtually all of FWC's corporate debt upon close
and is expected to be highly collateralized, resulting in a
multiple-notch upgrade from the corporate family rating.

The key rating factors supporting the B1 corporate family rating
and positive outlook include:

   -- the completion FWC's debt reduction program, reducing
      debt to US$191 million during the second quarter of 2006,

   -- a significant improvement in global E&C market
      conditions and a stabilized global power outlook,
      enabling  FWC to more than double backlog to
      US$5 billion at June 30, 2006, and

   -- Moody's expectation of continued improvement in
      free cash flow generation enhanced by recent
      asbestos settlements with insurance companies.

Moody's previous rating action on FWC was the Sept. 22 upgrade
of the existing credit agreement to Ba1 from Ba3.

Foster Wheeler Ltd., headquartered in Hamilton, Bermuda, is a
leading industrial engineering, construction, maintenance, and
related technical service company.  Consolidated operating
revenues were US$2.2 billion in 2005.


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


SANMINA-SCI: Needs to Restate Historical Financial Statements
-------------------------------------------------------------
Sanmina-SCI Corp. disclosed that the Special Committee of its
Board of Directors reported its findings after an investigation
into the company's stock option administration policies and
practices dating back to Jan. 1, 1997.

The Special Committee, comprised of disinterested, non-
management members of the Board, retained independent counsel
and forensic accountants to assist it in conducting the
investigation.  In the course of its four-month investigation,
the investigation team examined over one million electronic
documents and over 350,000 pages of hardcopy documents, and
conducted more than 40 interviews with current and former
employees, directors and advisors.

The Special Committee found that most stock option grants to
executives and other employees between 1997 and 2006 were not
correctly dated or accounted for and will require that the
company restate its historical financial results and record non-
cash compensation charges.  The investigation identified
concerns in particular regarding the actions of a former and a
current member of management involved in the authorization,
recording and reporting of stock option grants.  The company has
accepted the resignation of the current member of management.  
The Board of Directors and Special Committee have responded and
continue to respond to these issues and are taking appropriate
action, the details of which will be disclosed to the
appropriate regulatory authorities.

The Special Committee also made recommendations to the Board of
Directors regarding remediation of weaknesses in the company's
internal controls over its stock administration practices that
led to the issues identified, including, among other controls,
the following:

   -- Establishing fixed dates for the granting of all
      equity-based awards;

   -- Precluding officers, and certain other identified
      executives, from receiving equity-based awards during any
      black-out periods;

   -- Requiring auditable, verifiable evidence of the date of
      approval for routine new hire, promotion and certain
      discretionary grants; and

   -- Mandating approval of the Compensation Committee prior to
      issuance of all other grants.

Each of the recommendations was voted on by the Board of
Directors and unanimously adopted.  The recommendations are
effective immediately.

Commenting on the situation, Sanmina-SCI's Chief Executive
Officer, Jure Sola, stated, "I am pleased with the thoroughness
of the Special Committee's investigation and the recommendations
they have made to remediate, and help us insure that this never
happens again.  I regret that our stock options program was not
properly administered in the past and I apologize to our
stockholders, employees, and customers for any impact or
concerns these issues may have caused.  With this investigation
now behind us, we expect to refocus our management's attention
on servicing the needs of our customers and improving our
operating efficiencies."

The Sanmina-SCI's management has determined, and the audit
committee of the company's Board of Directors concurred,
restatement of the company's historical financial statements
will be necessary because the company will need to record
additional stock-based compensation expenses as a result of
the findings of the Special Committee.

Sanmina-SCI believes that substantially all of these charges
will be of a non-cash nature.  The company has, in consultation
with its independent auditors, submitted the proposed accounting
treatment for the charges to the Office of the Chief Accountant
of the Securities and Exchange Commission.  Because of the
pending OCA review, the company has not yet determined
conclusively the amount of such charges, the resulting tax
impact, or which periods may require restatement.  The company
expects to file its restated financial statements as soon as
reasonably practicable after the OCA responds to the company's
submission.  In addition, the company's management has met with
the Listings Qualification Panel of the Nasdaq Stock Market
regarding the company's plan for completing its late SEC filings
and returning to compliance with the listing qualification
requirements of the Nasdaq Stock Market.  The Listings
Qualification Panel has not yet ruled on the company's request.

Sanmina-SCI continues to cooperate with the SEC and the United
States Attorney's Office for the Northern District of California
in response to the Security and Exchange Commission's informal
inquiry and the United States Attorney's Office's grand jury
subpoena for documents relating to the company's past practices
for granting employee stock options.

Headquartered in San Jose, California, Sanmina-SCI Corporation
-- http://www.sanmina-sci.com/-- is one of the largest  
electronics contract manufacturing services companies providing
a full spectrum of integrated, value added solutions.  In
Europe, the company has operations in Finland, France, Ireland,
Germany, Sweden, Hungary, and Spain. In Latin America, it
operates in Brazil and Mexico.

                        *     *     *

As reported in TCR-Europe on Aug. 28, Fitch Ratings downgraded
Sanmina-SCI Corp.:

   -- Issuer Default Rating to 'B+' from 'BB-'

Fitch also placed Sanmina's IDR, as well as these ratings, on
Rating Watch Negative:

   -- Senior subordinated debt 'B+'
   -- First lien senior secured credit facility 'BB+'.


SANMINA-SCI: Inks US$600 Million Term Loan with Bank Syndicate
--------------------------------------------------------------
Sanmina-SCI Corporation entered into a credit agreement with:

   -- Bank of America, N.A., as Administrative Agent;

   -- Citibank, N.A., as Syndication Agent;

   -- Deutsche Bank AG Cayman Islands Branch, as Documentation
      Agent; and

   -- Banc of America Securities LLC, Citigroup Global Markets
      Inc. and Deutsche Bank Securities Inc., as Joint Book    
      Managers and Joint Lead Arrangers.

The Credit and Guaranty Agreement, dated as of Oct. 13, 2006,
provides for a US$600 million senior unsecured term loan, which
matures on Jan. 31, 2008.  The Company drew down the US$600
million term loan simultaneously with the closing of the
transaction.

A portion of the proceeds of the term loan were used on Oct. 13,
to effect, in accordance with the terms thereof, the
satisfaction and discharge of the Indenture, dated as of
March 15, 2000, by and between SCI Systems, Inc. and the
trustee, pursuant to which SCI Systems, Inc. issued its 3%
Convertible Subordinated Notes due 2007.

In connection with the satisfaction and discharge of the
Indenture, US$532,875,000 in cash was deposited with the
trustee, which amount is equal to the principal and interest
scheduled to be due and owing on the Notes on their maturity
date, which is March 15, 2007.  The Company intends to use the
remaining proceeds for working capital and general corporate
purposes.

Headquartered in San Jose, California, Sanmina-SCI Corporation
-- http://www.sanmina-sci.com/-- is one of the largest  
electronics contract manufacturing services companies providing
a full spectrum of integrated, value added solutions.  In
Europe, the company has operations in Finland, France, Ireland,
Germany, Sweden, Hungary, and Spain. In Latin America, it
operates in Brazil and Mexico.

                        *     *     *

As reported in TCR-Europe on Aug. 28, Fitch Ratings downgraded
Sanmina-SCI Corp.:

   -- Issuer Default Rating to 'B+' from 'BB-'

Fitch also placed Sanmina's IDR, as well as these ratings, on
Rating Watch Negative:

   -- Senior subordinated debt 'B+'
   -- First lien senior secured credit facility 'BB+'.


SANMINA-SCI: Stock Option Probe Cues Moody's to Put Ba2 Ratings
---------------------------------------------------------------
Moody's assigned a Ba2 rating to Sanmina-SCI Corp.'s proposed
US$600 million unsecured term loan facility due 2008.  The
proceeds of the proposed US$600 million term loan will be used
to finance US$525 million of Sanmina's 3% convertible
subordinated notes due 2007.

Sanmina's corporate family rating of Ba2 and all of its other
outstanding ratings will remain under review for possible
downgrade.  Likewise, the new Ba2 rating on the proposed term
loan facility will also be placed under review for possible
downgrade.

Moody's notes that Sanmina's debt ratings were placed under
review for possible downgrade on Aug. 14 following Sanmina's
announcement of the on-going investigation into its stock option
administration practices and its confirmation that Sanmina would
not be able to file with the Securities and Exchange Commission
its 10-Q for the quarter ended July 1, 2006, by the required
deadline as a result of the investigation.  

The ratings for the new facility reflects both the overall
probability of default of the company, to which Moody's assigned
a PDR of Ba2, and a loss given default of LGD3.

Sanmina announced on Oct. 12 that it has concluded its internal
investigation of its stock options practices and that most stock
option grants to executives and employees between 1997 and 2006
were not correctly dated.  As a result, Sanmina will restate its
financial statements for the past 9 fiscal years, though the
amount of restatement has not been quantified.  

Moody's understands that cash impact from the restatement is not
likely to be material.  Although the conclusion of its internal
investigation is an important step toward resolution, Moodys'
notes that Sanmina is still under SEC and DOJ investigation, and
has yet to file its financial statements for the July 1, 2006
quarter, a violation of its borrowing program covenant.

Sanmina has obtained consent waivers from all of its debt
holders, except for the holders of its 2007 subordinated
convertible notes, which will be refinanced from the proceeds of
the proposed term loan.  Until Sanmina is able to file its
financial statements within the waiver period granted by the
lenders, Moody's concern over potential liquidity will remain
and thus Sanmina's ratings continue to be under review for
possible downgrade.

Sanmina cited a general systemic controls failure as the cause
for options dating errors and plans to implement a number of
changes to improve internal control and accuracy of financial
accounting.  This controls failure raises concerns regarding the
quality of corporate governance and controls at Sanmina.
Assessment of these risks, as well as continued exposure to
regulatory, legal and litigation risk, will be integrated into
the ratings review.

Moody's could move the ratings down if further concerns
regarding weakness in internal controls, disclosure, or
accounting controls emerge, if legal or regulatory action
yielded material costs or effected senior management, or if
concerns over its liquidity were to surface.  Conversely, upon a
favorable resolution of the SEC and DOJ investigations, and
satisfactory liquidity coupled with the filing of the July 2006
quarterly report with non-material restatements within the
consent waiver period, Sanmina's ratings could be confirmed.

Leverage and credit metrics will not change as a result of the
current refinancing.  Pro forma this transaction, leverage is
expected to be about 3.8 times to EBITDA (pre-restatement) and
EBITDA to interest coverage about 3.4 times, again pre-
restatement.  Sanmina remains well positioned as a tier-one EMS
provider and plays a critical role in the electronics supply
chain.

Ratings/assessments assigned and placed under review for
downgrade:

    * US$600 million senior unsecured term loan due 2008
      at Ba2 (LGD3, 45%)

Ratings/assessments under review for downgrade include:

    * Corporate family rating at Ba2;

    * Probability-of-default rating at Ba2;

    * US$400 million senior subordinated notes due 2013
      at Ba3 (LGD5, 85%);

    * US$600 million senior subordinated notes due 2016
      at Ba3 (LGD5, 85%);

    * SCI Systems Inc.'s US$525 million 3% convertible
      subordinated notes due 2007 (guaranteed by Sanmina)
      at B1 (rating to be withdrawn upon refinancing); and

    * SGL-1 speculative grade liquidity rating.

Headquartered in San Jose, California, Sanmina-SCI Corp. is one
of the largest electronics contract manufacturing services
companies providing a full spectrum of integrated, value added
solutions.


SANMINA-SCI: Fitch Lowers Sr. Subordinated Debt to B/RR5
--------------------------------------------------------
Fitch Ratings downgraded Sanmina-SCI Corp.'s Senior subordinated
debt to B/RR5 from B+/RR4.  Fitch also assigned BB+/RR1 rating
to US$600 million term loan expiring on January 2008.

The ratings on senior secured, senior subordinated and these
ratings remain on Rating Watch Negative:

   -- Issuer Default Rating B+; and
   -- First lien senior secured credit facility BB+/RR1.

Fitch's action affects approximately US$1.6 billion of total
debt securities, pro forma for the issuance of the US$600
million term loan due January 2008 and redemption of US$525
million of subordinated convertible debentures due March 2007.

The senior subordinated downgrade reflects Sanmina layering
US$600 million of senior unsecured debt on top of the senior
subordinated debt, resulting in lower recovery prospects for the
subordinated debt.  

Fitch estimates recovery for the subordinated notes would
decline to 11%-30% from 31%-50% prior to the refinancing,
resulting in an RR5 recovery rating.  The BB+/RR1 ratings for
the senior unsecured term loan reflect Fitch's estimation that
the unsecured debt will recover 100% in a distressed scenario.

Fitch believes recovery parity between the senior unsecured and
senior secured debt is supported by the fact that the lending
group for the term loan is essentially the same as that of the
senior secured credit facility and maturity date of the term
loan, January 2008, is well ahead of the maturity of the credit
facility, December 2008.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Sanmina, and hence,
recovery rates for its creditors will be maximized in
liquidation rather than in restructuring.  

In estimating Sanmina's liquidation value under a distressed
scenario, Fitch applied advanced rates of 80%, 20% and 10% to
Sanmina's current balance of accounts receivable, inventory and
property, plant and equipment, respectively.  That leads to a
distressed enterprise value estimate of approximately US$1.2
billion, providing the basis for a waterfall analysis to
determine recovery ratings.

The Negative Rating Watch continues to reflect Sanmina's delayed
filing of its 10Q and compliance certificates for the quarter
ended July 1, 2006 and corresponding non-compliance with
NASDAQ's filing requirements as well as continuing
investigations by the SEC and a federal grand jury into the
company's stock option administration practices dating back to
Jan. 1, 1997.

Sanmmina recently announced the conclusion of its own internal
investigation, which determined that most options awarded
between 1997 and 2006 were not correctly dated and accounted
for.  Fitch believes that a resolution of the stock option
investigations and satisfactory filing of Sanmina's 10Q as well
as compliance certificates is likely to resolve the Negative
Rating Watch status.

Pro forma for the refinancing Fitch believes liquidity was
sufficient as of July 1, 2006 and supported by approximately
US$563 million of cash and equivalents and an undrawn US$500
million senior secured revolving credit facility due 2008, which
is not available for refinancing purposes.

Sanmina's US$200 million receivables sales facility due 2007
also supports liquidity.  Fitch estimates that total debt on a
pro forma basis is approximately US$1.6 billion and consists
primarily of:

   -- US$600 million senior unsecured term loan due January
      2008;

   -- US$400 million of 6.75% senior subordinated notes due
      March 2013 (callable in 2009); and

   -- US$600 million of 8.125% senior subordinated notes due
      March 2016; but excludes US$525 million of 3% convertible
      subordinated notes which are being redeemed.


STRATOS GLOBAL: 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 Ba1 Corporate Family Rating for
Stratos Global Corp.  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
   ----------           -------  -------  ------   ----------
   US$25 million
   Sr. Sec. Revolver
   due 2011             B1       Ba2      LGD 2    23%

   US$20 million
   Sr. Sec.
   Term Loan A
   due 2012             B1       Ba2      LGD 2    23%

   US$225 million
   Sr. Sec.
   Term Loan B
   due 2011             B1       Ba2      LGD 2    23%

   US$150 million
   9.875% Sr. Unsec.
   Global Notes
   due 2013             B2       B3       LGD 5    77%

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%).

Stratos Global Corporation -- http://www.stratos.ca-- provides  
range of advanced mobile and fixed-site remote
telecommunications solutions for users operating beyond the
reach of traditional networks.  The Company serves the voice and
high-speed data connectivity requirements of a diverse array of
markets, including government, military, energy, industrial,
maritime, aeronautical, enterprise, media and recreational users
throughout the world.  In Europe, Stratos maintains operations
facilities and/or sales offices in Sweden, Russia, Scotland,
Turkey, United Kingdom and Germany.


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


FOSTER WHEELER: Moody's Changes Rating on Credit Facility to Ba1
----------------------------------------------------------------
Moody's Investors Service changed the rating on Foster Wheeler
LLC's new US$350 million, senior secured domestic credit
facility to Ba1 from Ba3.  The change in rating results from
Moody's implementation of its LGD rating methodology following
the company's successful close of its new facility.

The LGD rating methodology enhances 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.

The credit facility consists of a five-year US$200 million
senior secured revolving credit facility and a five-year
US$150 million synthetic letter of credit facility.  The rating
on the US$350 million facility reflects a loss given default of
LGD 1 (6% LGD rate).  In addition, Moody's affirmed all existing
ratings.  The rating outlook is positive.

This facility replaces FWC's existing US$250 million senior
secured credit facility and as a result, the Ba1 rating on this
facility will be withdrawn.

Moody's noted that substantially all the assets and capital
stock of Foster Wheeler Ltd. and its direct subsidiaries
(66% of the capital stock of certain foreign subsidiaries)
secure the new credit facility and that Foster Wheeler Ltd. and
certain domestic and foreign subsidiaries will provide
guarantees.  Financial covenants include a maximum leverage
ratio and a minimum interest coverage ratio.  Management has
indicated that is does not plan to draw the revolver in the near
term.

Further, Moody's noted that the Ba1 rating for the bank facility
incorporates the benefits and limitations of the collateral, as
well as the modest level of potential borrowing.  The facility
will represent virtually all of FWC's corporate debt upon close
and is expected to be highly collateralized, resulting in a
multiple-notch upgrade from the corporate family rating.

The key rating factors supporting the B1 corporate family rating
and positive outlook include:

   -- the completion FWC's debt reduction program, reducing
      debt to US$191 million during the second quarter of 2006,

   -- a significant improvement in global E&C market
      conditions and a stabilized global power outlook,
      enabling  FWC to more than double backlog to
      US$5 billion at June 30, 2006, and

   -- Moody's expectation of continued improvement in
      free cash flow generation enhanced by recent
      asbestos settlements with insurance companies.

Moody's previous rating action on FWC was the Sept. 22 upgrade
of the existing credit agreement to Ba1 from Ba3.

Foster Wheeler Ltd., headquartered in Hamilton, Bermuda, is a
leading industrial engineering, construction, maintenance, and
related technical service company.  Consolidated operating
revenues were US$2.2 billion in 2005.


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


DNIPROPETROVSK MEAT: Court Names Mihajlo Grishin as Liquidator
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Mihajlo
Grishin as Liquidator/Insolvency Manager for OJSC Dnipropetrovsk
Meat Combine (code EDRPOU 00443246).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 5.  The case is docketed
under Case No. B 26/10/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Dnipropetrovsk Meat Combine
         Molodogvardijska Str. 32
         49022 Dnipropetrovsk Region
         Ukraine


INTERAGROSERVICE: Court Names Sergij Yegorenkov as Liquidator
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Sergij Yegorenkov as
Liquidator/Insolvency Manager for LLC Interagroservice (code
EDRPOU 31010218).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 5.  The case is docketed
under Case No. 250/3b-05/11.

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 Interagroservice
         Stovpyagi
         Pereyaslav-Hmelnitskij District
         Kyiv Region
         Ukraine


INTURIST-SIMFEROPOL: Svitlana Tamashova to Liquidate Assets
-----------------------------------------------------------
The Economic Court of AR Krym Region appointed Svitlana
Tamashova as Liquidator/Insolvency Manager for State Enterprise
Inturist-Simferopol (code EDRPOU 02574509).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
2-31/12660-2006.

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         State Enterprise Inturist-Simferopol
         Gagarin Str. 5
         Simferopol
         95034 AR Krym Region
         Ukraine


KIROVSK AUTO 10923: Court Names Mikola Hajlo as Liquidator
----------------------------------------------------------
The Economic Court of Lugansk Region appointed Mikola Hajlo as
Liquidator/Insolvency Manager for OJSC Kirovsk Auto Transport
Enterprise 10923 (code EDRPOU 03113325).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 5.  The case is docketed
under Case No. 11/167 b.

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         OJSC Kirovsk Auto Transport Enterprise 10923
         Stepova Str. 1
         Kirovsk
         93800 Lugansk Region
         Ukraine


MAGISTR-LTD: Court Names Galina Yeryomenko as Liquidator
--------------------------------------------------------
The Economic Court of AR Krym Region appointed Galina Yeryomenko
as Liquidator/Insolvency Manager for LLC Production-Commercial
Firm Magistr-Ltd. (code EDRPOU 24028871).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 31.  The case is docketed
under Case No. 2-6/2674.1-2006.

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         LLC Production-Commercial Firm Magistr-Ltd
         Kirov Str. 79/36
         Kerch
         98300 AR Krym Region
         Ukraine


MARSH LLC: Kyiv Court Names Roman Sapelin as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed Roman Sapelin as
Liquidator/Insolvency Manager for LLC Marsh (code EDRPOU
31841172).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 15.  The case is docketed
under Case No. 43/230.

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 Marsh
         Oranzherejna Str. 3
         04112 Kyiv Region
         Ukraine


MIZYAKIVSKI-HUTORI: Court Names Artur Milovanov as Liquidator
-------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Artur Milovanov
as Liquidator/Insolvency Manager for Agricultural CJSC
Mizyakivski-Hutori (code EDRPOU 31760722).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 7.  The case is docketed
under Case No. 5/232-05.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Agricultural CJSC Mizyakivski-Hutori
         Pushkin Str. 16
         Vinnitsya District
         Vinnitsya Region
         Ukraine


RADIAL LLC: Lviv Court Starts Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on LLC Radial (code EDRPOU 20785492) on
Aug. 1.  The case is docketed under Case No. 6/133-29/215.

The Temporary Insolvency Manager is:

         Andrij Sibal
         Doroshenko Str. 61/5
         Lviv Region
         Ukraine

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Radial
         Sichovih Striltsiv Str. 10/17
         Novoyavorivsk
         81053 Lviv Region
         Ukraine


TAVRIYA: Zaporizhya Court Names O. Kretova as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Ms. O. Kretova
as Liquidator/Insolvency Manager for LLC Tavriya (code EDRPOU
31216590).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
25/147-21/161/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Tavriya
         Miru Str. 35-A
         Zelenivka
         Primorsk District
         72113 Zaporizhya Region
         Ukraine


TEP HOLDING: Kyiv Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on Joint Ukrainian-British JSCCT Tep
Holding Company Ukraine on Aug. 23.  The case is docketed under
Case No. 43/580.

The Temporary Insolvency Manager is:

         Ivan Gusar
         a/b 29
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         Joint Ukrainian-British JSCCT
         Tep Holding Company Ukraine
         Melnikov Str. 12
         04050 Kyiv Region
         Ukraine


WINNER GROUP: Kyiv Court Names Oleksandr Palshin as Liquidator
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Oleksandr Palshin as
Liquidator/Insolvency Manager for LLC Winner Group (code EDRPOU
33546135).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 15.  The case is docketed
under Case No. 24/380-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 Winner Group
         Shors Str. 29
         Kyiv Region
         Ukraine


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


AQUARIUM SUPERSTORE: Appoints Liquidators from CBA
--------------------------------------------------
Neil Charles Mooney and Neil Richard Gibson of CBA were
appointed Joint Liquidators of Aquarium Superstore Limited on
Oct. 5 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Aquarium Superstore Limited
         Unit 33
         Chequers Lane
         Derby
         Derbyshire DE21 6AW
         United Kingdom
         Tel: 01332 366277   


ASPIRE LEISURE: Taps C. H. I. Moore to Liquidate Assets
-------------------------------------------------------
C. H. I. Moore was appointed Liquidator of Aspire Leisure Trust
on Sept. 29 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Aspire Leisure Trust
         Southbury Leisure Centre
         192 Southbury Road
         Enfield
         Middlesex EN1 1YP
         United Kingdom
         Tel: 020 8245 3201


BALL CORP: Closing Two North American Manufacturing Facilities
--------------------------------------------------------------
Ball Corp. disclosed that by the end of the year it will close
two manufacturing facilities in North America, as part of the
realignment of Metal Food & Household Products, Americas -- a
segment of the company -- following the acquisition earlier this
year of US Can Corporation.

Ball Corp. will close a leased facility in Alliance, Ohio -- one
of the 10 manufacturing locations in the US acquired from US
Can.  The plant manufactures plastic pails, primarily for paints
and chemicals.  Equipment in the facility will be relocated to
other Ball plants in Ohio and Georgia.

Meanwhile, Ball Corp.'s Canadian subsidiary will close a metal
food can manufacturing plant in Burlington, Ont., which was part
of Ball Corp.'s metal food can operations prior to the
acquisition.  The facility produces three-piece steel food can
bodies and ends, and does metal cutting and coating.  Some
equipment from the plant will be relocated to other Ball Corp.
facilities, while the rest will be sold or scrapped.

The closure of the Alliance plant will be treated as an opening
balance sheet item related to the US Can acquisition.  Ball
Corp. will record a fourth quarter after-tax charge of
approximately US$25 million related to equipment disposal and
the Burlington closure.

John A. Friedery -- the senior vice president and chief
operating officer of Ball Packaging Products, Americas -- said
that the Alliance and Burlington closure costs will be cash flow
neutral after tax benefits and proceeds from the sale of fixed
assets and will reduce operating costs by US$8 million per
year, starting in 2007.

Mr. Friedery noted, "The opportunity to consolidate
manufacturing operations into fewer facilities is critical to us
realizing the synergies we knew were achievable following the
acquisition.  We are carefully studying our entire manufacturing
structure and expect there will be other opportunities to
improve efficiencies by further realigning production
capacities.  We anticipate work on our realignment plan to be
completed during the fourth quarter, with implementation
continuing in 2007."

Mr. Friedery said employees at the facilities being closed will
be paid severance and offered transition services.  The Alliance
plant has about 40 employees, while the Burlington plant has 300
workers.

Headquartered in Broomfield, Colorado, Ball Corp. --
http://www.ball.com/-- is a supplier of high-quality metal and  
plastic packaging products.  It owns Ball Aerospace &
Technologies Corp. -- a developer of sensors, spacecraft,
systems and components for government and commercial customers.  
Ball Corp. reported sales of US$5.7 billion in 2005 and the
company employs about 13,100 people worldwide, including
Argentina, Germany, France and the United Kingdom.

                        *    *    *

Moody's Investors Service assigned ratings to Ball Corp's
US$500 million senior secured term loan D, rated Ba1, and
US$450 million senior unsecured notes due 2016-2018, rated Ba2.
It also affirmed existing ratings, which include Ba1 Ratings on
US$1.475 billion senior secured credit facilities and US$550
million senior unsecured notes due Dec. 12, 2012.  Moody's said
the ratings outlook is stable.

Fitch affirmed Ball Corp.'s 'BB' issuer default rating, 'BB+'
senior secured credit facilities, and 'BB' senior unsecured
notes.

Standard & Poor's Ratings Services also affirmed its 'BB+'
corporate credit rating on Ball Corp.

All ratings were placed in March 2006.


BALL CORPORATION: 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 U.S. non-paper packaging sector this week, the
rating agency confirmed its Ba1 Corporate Family Rating for Ball
Corporation.

Additionally, Moody's 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$715 million
   sr. secured
   multi-currency
   revolver due 2011      Ba1     Ba1      LGD4       52%

   US$35 million
   sr. secured
   revolver due 2011      Ba1     Ba1      LGD4       52%

   US$157.2 million
   sr. secured term
   loan A due 2011        Ba1     Ba1      LGD4       52%

   US$447.7 million
   sr. secured term
   loan B due 2011        Ba1     Ba1      LGD4       52%

   US$133.5 million
   sr. secured term
   loan C due 2011        Ba1     Ba1      LGD4       52%

   US$500 million
   sr. secured term
   loan D due 2011        Ba1     Ba1      LGD4       52%

   US$550 million
   sr. unsecured
   6.875% notes
   due Dec 2012           Ba2     Ba1      LGD4       52%

   US$450 million
   sr. unsecured
   notes due Mar 2018     Ba2     Ba1      LGD4       52%

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 Broomfield, Colorado, Ball Corporation --
http://www.ball.com/-- offers metal and plastic packaging to  
the beverage and food industries worldwide. It offers aluminum
and steel beverage cans for carbonated soft drinks, beer, energy
drinks, and other beverages.


BERRIVALE LTD: Nominates Andreas Georgiou Kakouris as Liquidator
----------------------------------------------------------------
Andreas Georgiou Kakouris was nominated Liquidator of Berrivale
Ltd. on Oct. 6 for the creditors' voluntary winding-up
procedure.

Headquartered in London, United Kingdom, Berrivale Ltd.
wholesales men's fashionable clothing.


BETONSPORTS PLC: Has Not Paid Workers After Closure, Report Says
----------------------------------------------------------------
BetOnSports Plc has not paid its employees after it announced
the closure of its Costa Rica and Antigua units in August,
Inside Costa Rica reports.

Inside Costa Rica relates that BetOnSports was expected to make
the payment within weeks of closing.  The company has said it
would make good on its commitment to pay its workers.

However, almost two months have passed and no payment was made
to the workers, Inside Costa Rica notes.

Yohan Camacho, one of the former workers of BetOnSports, told La
Nacion, "As far as I know we are all in the same situation.  No
one has been paid.  When asked, we are told that no one knows
when payment will happen."

Some of the workers have decided to buy out assets in lieu of
payment as BetOnSports continues to liquidate.  Others are
considering legal options, Inside Costa Rica says, citing Mr.
Camacho as its source.

According to the report, former employees earned well working at
BetOnSports and finding another equal paying job is difficult or
impossible.  Some workers got into debt, buying vehicles, real
estate and running up their credit cards and now are struggling
to meet their obligations.

Franciso Conejo, the legal representative of BetOnSports, told
Inside Costa Rica that the firm will make good and pay everyone
but is asking for patience.  

BetOnSports is asking for 90 days and it hasn't even been 60
days since the closure, Inside Costa Rica says, citing Mr.
Conejo.  

The Ministerio de Trabajo, which has been in contact with
BetOnSports, confirmed to Inside Costa Rica that the company has
intentions to pay.  

The Ministerio de Trabajo told Inside Costa Rica that it has not
received any complaints from former workers.

BetonSports is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports' betting is illegal except in the
State of Nevada.  The group also has operations in Asia,
specifically China.


BOFLIN CONSTRUCTION: Claims Filing Period Ends Nov. 15
------------------------------------------------------
Creditors of Boflin Construction Services Limited have until
Nov. 15 to send in their full names, addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Liquidator
Simon Paterson at:

         Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent ME4 4QU
         United Kingdom

The company can be reached at:

         Boflin Construction Services Limited
         16 Common Road
         Chatham
         Kent ME5 9RG
         United Kingdom
         Tel: 01634 672 300


COLBYRNE PLANT: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of Colbyrne Plant Limited confirmed Oct. 4 the
resolutions for voluntary liquidation and the appointment of
John Russell and Andrew Philip Wood of The P&A Partnership as
Liquidators.

The company can reached at:

         Colbyrne Plant Limited
         Unit 14
         Abbey Way
         Sheffield
         South Yorkshire S25 4JL
         United Kingdom
         Tel: 019 0955 0991
         Fax: 01909 562288


COLLINS & AIKMAN: Submits Severance Package for Laid-Off Workers
----------------------------------------------------------------
Collins & Aikman Corporation and its debtor-affiliates seek
authority from the U.S Bankruptcy Court for the Eastern District
of Michigan to pay severance benefits in connection with their
planned reduction-in-force.

As part of their ongoing efforts to cut costs and increase
operational efficiency, the Debtors have determined, in
consultation with JPMorgan Chase Bank, N.A., the administrative
agent for their senior, secured prepetition lenders, and the
Official Committee of Unsecured Creditors, to implement the RIF.
In particular, the Debtors plan to reduce the number of salaried
employees by approximately 125, representing approximately
$7,600,000 in annual base salaries.

The Debtors want to provide severance benefits to employees
affected by the RIF.  For these employees, the Debtors intend to
give, upon execution of a release acceptable to the Debtors:

   (a) a severance package equivalent to (i) up to four weeks of
       base salary and (ii) any accrued and unused vacation; and

   (b) continued employee benefits for up to four weeks.

The base salary component of the Severance Benefits would be
subject to an aggregate limit of US$650,000.

The cap does not include any payments to employees of non-
debtors that may be affected by the RIF.

Should additional reductions-in-force become necessary to
complete their restructuring process, the Debtors intend to
return to the Court for approval of severance-related benefits.

Although the Severance Benefits may impose certain short-term
costs, these costs are appreciably less than the operating
losses associated with maintaining the corporate employees, Ray
C. Schrock, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois,
tells Judge Rhodes.

Furthermore, Mr. Schrock continues, the Debtors believe that
failing to provide the Severance Benefits would only diminish
employee morale at this critical time in their Chapter 11 cases,
which in turn would hinder their efforts to efficiently carry
out and complete the restructuring process.

Mr. Schrock assures the Court that the Severance Benefits have
been carefully structured to avoid unnecessary or excessive
expenditure.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the
Debtors filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 43;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Wants Status Conference Held on October 26
------------------------------------------------------------
Collins & Aikman Corporation and its debtor-affiliates strongly
believe that it is appropriate to update the U.S. Bankruptcy
Court for the Eastern District of Michigan regarding the status
of several negotiations with their six principal customers
regarding the global resolutions necessary to satisfy certain
conditions to confirmation and for the Debtors to emerge from
Chapter 11.

Accordingly, the Debtors ask the Court to schedule a conference
on Oct. 26, 2006, at 2:00 p.m., with the Official Committee of
Unsecured Creditors; JPMorgan Chase Bank, N.A., the
administrative agent for both their senior, secured prepetition
lenders, and senior secured postpetition lenders; and the United
States trustee.

Given the sensitive and confidential nature of the information
to be discussed, consistent with Section 107 of the Bankruptcy
Code, the Debtors propose that the status conference take place
in chambers or in a sealed courtroom.

The Debtors tell Hon. Steven Rhodes that they filed a Joint Plan
of Reorganization and an accompanying Disclosure Statement on
Aug. 30, 2006.

In September 2006, the Debtors obtained an extension of their
exclusive right to (a) propose and file a plan to Oct. 27, 2006,
and (b) solicit and obtain acceptances of that plan to Dec. 27,
2006.

The Debtors continue to be engaged in the negotiations.  In
addition, the Debtors and the unofficial steering committee for
the Debtors' senior secured prepetition lenders continue to be
engaged in a dialogue with the Official Committee of Unsecured
Creditors regarding a consensual plan.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the
Debtors filed for protection from their creditors, they listed
$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 43;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


CONSTELLATION BRANDS: Restates Certificate of Incorporation
-----------------------------------------------------------
Constellation Brands Inc. filed a Certificate of Elimination
with the Secretary of State for the State of Delaware effecting
the elimination from the Company's Restated Certificate of
Incorporation of all matters relative to its 5.75% Series A
Mandatory Convertible Preferred Stock set forth in the
Certificate of Designations.

The Company disclosed that no shares of the Preferred Stock were
issued and are outstanding following its automatic conversion
into shares of the Company's Class A Common Stock on Sept. 1,
2006.

The Company also disclosed that on Oct. 11, 2006 and following
the filing and effectiveness of the Certificate of Elimination,
it filed a Restated Certificate of Incorporation with the
Secretary of State of the State of Delaware, restating and
integrating, without further amending, the Company's Certificate
of Incorporation.

A full text-copy of the Certificate of Elimination of the 5.75%
Series A Mandatory Convertible Preferred Stock may be viewed at
no charge at http://ResearchArchives.com/t/s?1372

A full text-copy of the Restated Certificate of Incorporation of
Constellation Brands may be viewed at no charge at
http://ResearchArchives.com/t/s?1373

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

                         *     *     *

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

As reported in the Troubled Company Reporter on Aug. 14, 2006,
Moody's Investors Service assigned a (P)Ba2 rating to
Constellation Brands, Inc.'s new shelf and concurrently, a Ba2
rating to Constellation's new US$500 million senior unsecured
note, due 2016.  Constellation's existing ratings are not
affected by these actions, and have been affirmed.  The ratings
outlook remains negative.


CS PROPERTY: Hires Paul Appleton to Liquidate Assets
----------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed Liquidator
of CS Property Solutions Limited on Oct. 6 for the creditors'
voluntary winding-up procedure.

Headquartered in London, United Kingdom, CS Property Solutions
Limited provides plumbing and home maintenance services.


CT PACKAGING: Brings In UHY Hacker Young as Administrators
----------------------------------------------------------
Andrew Andronikou and Peter Kubik of UHY Hacker Young were
appointed joint administrators of CT Packaging (U.K.) Ltd.
(Company Number 05840445) on Sept. 25.

The administrators can be reached at:

         UHY Hacker Young
         St Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159

Headquartered in Wisbech, United Kingdom, CT Packaging (U.K.)
Ltd. is engaged in paper, printing and publishing.


DAMOVO GROUP: Weak Performance Prompts Moody's Junk Ratings
-----------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Damovo Group S.A. to Caa1 from B2 following weak Q2 results
and its announcement of a strategic review to address short-term
liquidity.  Moody's has concurrently downgraded the rating on
notes issued at Damovo III SA to Caa2 from B3.  Ratings have
been placed on review for possible further downgrade.  Ratings
had had a negative outlook.

Quarterly results to July 31, 2006 show that the company has
been unable to reverse the decline in its top line performance
and delays in Italian contract awards have continued.  The
company's liquidity position has deteriorated since Q1 and this
is a key driver for the ratings downgrade.

The company reported a cash balance at July 31, 2006 of
EUR 51.1 million, down from EUR59.1 million at April 30, 2006.
While cash receipts may tend to be seasonal with the second half
year favored, the company reported continuing procedural delays
in the approval by the Italian government of its receivables for
factoring and the collection by factoring banks of cash payments
due to them.  This has negatively impacted cash flows and the
company is now reviewing all options to improve short term
liquidity, including deferring interest payment on Notes and
other sources of finance whether or not permitted under existing
covenants.

Ratings have been placed on review for possible further
downgrade to reflect Moody's view that the company's credit
metrics and liquidity could weaken further and given uncertainty
surrounding the strategic review and possible implications for
note holders.  Moody's review will be concluded once these
matters have been clarified and assessed.

Ratings actions:

Damovo Group S.A.

   -- corporate family rating, downgraded to Caa1 from B2

Damovo III S.A.

   -- senior secured notes, downgraded to Caa2 from B3.

Headquartered in Glasgow, Scotland, Damovo is a provider of
information and communications technology (ICT) and services to
public service organizations and larger private sector
companies.  For the twelve months to July 31, 2006, the company
reported revenues of EUR483 million.


DURA AUTOMOTIVE: Unit Unable to Make Interest Payment on Notes
--------------------------------------------------------------
Dura Operating Corp., a wholly owned subsidiary of Dura
Automotive Systems Inc., will not make the US$17,250,000
interest payment due on Oct. 16, 2006 on Dura Operating's
outstanding 8-5/8% Senior Notes due 2012.

The Indenture relating to the Notes provides a 30-day grace
period before the nonpayment of interest due on the Notes will
constitute an event of default under the Indenture.  Upon any
event of default, BNY Midwest Trust Company, the Trustee under
the Indenture, or the holders of at least 25% in principal
amount of the outstanding Notes, would be entitled to declare
all of the Notes to be due and payable immediately.  In
addition, under the Indenture, following the thirty-day grace
period, the Trustee could pursue any available remedy to collect
the payment of principal and interest on the Notes or to enforce
the performance of any provision of the Notes or the Indenture.

Under the Indenture, the Dura Operating must pay interest on
overdue installments of interest without regard to any grace
period at the rate of 9-5/8% per annum.  Currently US$400
million in aggregate principal amount of the Notes is
outstanding.

                        Event of Default

The failure by Dura Operating to make the interest payment on
the Notes will constitute an immediate event of default under
Dura Operating's asset-based revolving credit facility.  The
failure by the Dura Operating to make the interest payment on
the Notes upon the expiration of the 30 day grace period will
also constitute an event of default under Dura Operating's
outstanding 9% Senior Subordinated Notes due 2009 and Second
Lien Term Loan.  Upon any such event of default, the applicable
trustee or administrative agent, as the case may be, or the
holders of at least 25% in principal amount of the outstanding
series of Senior Subordinated Notes or Second Lien Term Loan,
will be entitled to declare all such indebtedness to be due and
payable immediately.

Dura Automotive had previously said that it is evaluating its
capital structure with a focus on reducing its long-term debt.  
This financial restructuring would be in addition to the
comprehensive operational restructuring that Dura Automotive is
undertaking in response to challenging industry conditions.
Industry conditions continue to deteriorate, with announcements
over the past several weeks from all three North American OEMs
of additional significant production cuts.  In addition, raw
material prices have continued to be at or near record levels.  
Dura expects that the deterioration of industry conditions will
require it to undertake a debt restructuring in the near term.

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- designs and  
manufactures driver control systems, seating control systems,
glass systems, engineered assemblies, structural door modules
and exterior trim systems for the global automotive and
recreation & specialty vehicle industries.  DURA, which operates
in 63 locations, sells its products to every major North
American, Asian and European automotive original equipment
manufacturer and many leading Tier 1 automotive suppliers.  It
currently operates in 63 locations including joint venture
companies and customer service centers in 14 countries.  In
Europe, the company maintains operations in Germany, the United
Kingdom, France, Spain, Portugal, Czech Republic, Slovakia and
Romania.


DURA AUTOMOTIVE: Non-Payment of Interest Cues S&P's D Rating
------------------------------------------------------------
Standard & Poor's Ratings Services took the following rating
actions on Dura Automotive Systems Inc. and its subsidiary, Dura
Operating Corp., following the company's announcement that it
will not make a required bond interest payment that is due
[Mon]day:
   
   -- the corporate credit rating on Dura was lowered
      to 'D' from 'CCC';

   -- the rating on Dura Operating's US$400 million
      senior notes due 2012, for which the interest payment
      is due, was lowered to 'D' from 'CC';

   -- Dura's senior secured debt rating was lowered to 'CC'
      from 'CCC+' and placed on CreditWatch with
      negative implications.  The '1' recovery rating on
      the secured debt was affirmed; and
     
   -- Dura's 'CC' subordinated debt rating was placed
      on CreditWatch with negative implications.
     
Dura has suffered from poor operating results in recent years
because of:

   -- lower vehicle production from its large U.S. customers,

   -- unfavorable product mix,

   -- higher-than-expected raw material costs, pricing
      pressure,  and

   -- a bloated overhead cost structure relative to
      current revenue generation.  

Dura's recent financial results were substantially below prior-
year levels: During the second quarter, EBITDA was down US$29
million (60%) from last year, and the company's free cash flow
was negative US$50 million.  Although automotive industry
conditions were difficult during the second quarter, Dura's
performance was much worse than expected.  Industry pressures
have intensified since the second quarter, and Standard & Poor's
believes current financial performance has deteriorated further.
     
Dura is evaluating its capital structure in light of earnings
and cash flow pressures.  The company exercised its right to
defer dividend payments on its preferred stock earlier this
month to preserve cash.

"Dura has a 30-day grace period to make the interest payment on
its senior notes before default would occur, but we do not
expect the company to make the interest payment.  We believe the
risk of a bankruptcy filing in the next few weeks is high.  If
the company were to file for bankruptcy, the senior secured and
subordinated debt ratings on the company would be lowered to
'D'," said Standard & Poor's credit analyst Martin King.


EURAMAX INT'L: 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 North American Metals & Mining sectors, the
rating agency confirmed its B2 Corporate Family Rating for
Euramax International, Inc.

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

Issuer: Euramax International, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$80 Million
   Senior Secured
   First Lien Bank
   Facility due 2011      B2       B1      LGD3       34%

   US$319.3 Million
   Senior Secured
   First Lien Bank
   Facility due 2012      B2       B1      LGD3       34%

   US$190 Million
   Senior Secured
   Second Lien Bank
   Facility due 2013     Caa1     Caa1     LGD5       81%

Issuer: Euramax Holdings Limited

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   EUR 71.3 Million
   Senior Secured
   First Lien Bank
   Facility due 2012      B2       B1      LGD3       34%

   GBP US$14.9 Million
   Senior Secured
   First Lien Bank
   Facility due 2012      B2       B1      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%).

Headquartered in Norcross, Georgia, Euramax International Inc.
is an international producer of value-added aluminum, steel,
vinyl, and fiberglass products.


EUROPEAN MICRO: Files 2001 Financials With Going Concern Opinion
----------------------------------------------------------------
European Micro Holdings Inc. filed its annual report for the
year ended June 30, 2001, with the U.S. Securities and Exchange
Commission on Oct. 12, 2006.

The 2001 Annual Report carries Weinberg & Company P.A.'s going
concern opinion about the company's ability to continue as a
going concern after the firm audited its consolidated financial
statements for the year ended June 30, 2001.  The auditor
pointed to the Company's net losses, working capital deficiency,
and accumulated deficit.

For the year ended June 30, 2001, the Company reported an
US$8,976,000 net loss on US$94,093,000 of total net sales
compared with a US$3,207,000 net loss on US$115,493,000 of total
net sales for the same period in 2000.

At June 30, 2001, the Company's balance sheet showed
US$14,068,000 in total assets, US$12,001,000 in total current
liabilities, and US$2,067,000 in total shareholders' equity.

The Company had a US$6,556,000 accumulated deficit at June 30,
2001.

A full-text copy of the Company's 2001 Annual Report is
available for free at http://ResearchArchives.com/t/s?1371

European Micro Holdings Inc. was an independent distributor of
microcomputer products, including personal computers, memory
modules, disc drives and networking products, to customers
mainly in Western Europe and to customers and related parties in
the United States and Asia.  The Company's customers consisted
of value-added resellers, corporate resellers, retailers, direct
marketers and distributors.

During July 2001, the management approved a plan for the
liquidation and eventual sale or dissolution of the Company.
Accordingly, it is engaged in an ongoing orderly liquidation of
its assets.


FC RECOVERY: Creditors' Meeting Slated for October 19
-----------------------------------------------------
Creditors of FC Recovery Limited (Company Number 04785490) will
meet at 10:30 a.m. on Oct. 19 at:

         Smith & Williamson Limited
         No. 1 Bishops Wharf
         Walnut Tree Close
         Guildford
         Surrey GU1 4RA
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 18 at:

         Anthony Murphy
         Joint Administrator
         Smith & Williamson Limited
         No 1 Bishops Wharf
         Walnut Tree Close
         Guildford GU1 4RA
         United Kingdom
         Tel: 01483 407 100
         Fax: 01483 301 232

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.


GARRY HEINS: Creditors' Meeting Slated for October 19
-----------------------------------------------------
Creditors of Garry Heins Limited (Company Number 01058033) will
meet at 10:30 a.m. on Oct. 19 at:

         Bridgestones
         125-127 Union Street
         Oldham
         Lancashire OL1 1TE
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 18 at:

         Jonathan Guy Lord
         Joint Administrator
         Bridgestones
         125-127 Union Street
         Oldham
         Lancashire OL1 1TE
         United Kingdom
         Tel: 0161 785 3700
         Fax: 0161 785 3701


HILMAX ENGINEERING: Appoints Administrators from Vantis
-------------------------------------------------------
Peter Wastell and Geoff Rowley of Vantis were appointed joint
administrators of Hilmax Engineering Ltd. (Company Number
00733265) on Sept. 29.

Headquartered in West Sussex, Vantis PLC --
http://www.vantisplc.com/-- provides accounting, business and  
tax advisory services in the United Kingdom.

Hilmax Engineering Ltd. can be reached at:

         Unit 31
         Sedgewick Road
         North Luton Ind Est
         Luton
         Bedfordshire LU4 9DT
         United Kingdom
         Tel: 015 8257 3384
         Fax: 015 8250 8868


ISLE OF CAPRI: Modifies Agreement for Singapore Project
-------------------------------------------------------
Isle of Capri Casinos Inc. revised its agreement in connection
with the proposal of Eighth Wonder, a privately held company
engaged in resort development and based in Las Vegas, to build
an integrated resort complex on Sentosa Island in Singapore.

The Company disclosed that under the terms of the new
agreements, it 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, the Company's
equity contribution will be US$65 million.  It will also receive
a payment equal to 2% of casino gross revenues for a 15-year
period.

Timothy Hinkley, president and chief operating officer, said,
"Isle of Capri is pleased to continue our existing relationship
with Eighth Wonder as we move through the RFP process in
Singapore.  The addition of Melco PBL brings significant Asian
market gaming and hospitality expertise to the proposal and we
look forward to presenting an exciting proposal to the
Government of Singapore."

                         About PBL

PBL is a diversified media and entertainment group in Australia.
The group's core businesses are gaming and entertainment;
television production and broadcasting; magazine publishing and
distribution; and strategic investment in key digital media and
entertainment businesses.  Led by Executive Chairman James
Packer, PBL owns and operates the Crown Casino in Melbourne and
Burswood Casino in Perth.  It also owns the free-to-air
television network, the Nine Network, and the largest magazine
publisher, ACP Magazines.

                   About Melco International

Melco International Development Limited under the leadership of
Chairman & CEO Lawrence Ho, is a conglomerate with a major
business focus in Leisure, Gaming & Entertainment.  The Group
also operates the Jumbo Kingdom, with two other supporting lines
of business in Technology and Investment Banking.

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.

                         *     *     *

Isle of Capri Casinos Inc.'s 'BB-' corporate credit rating is on
Standard & Poor's Ratings Services' 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.


IWL COMMUNICATIONS: 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 B2 Corporate Family Rating for
IWL Communications Inc.  Additionally, Moody's revised or held
its probability-of-default ratings and assigned loss-given-
default ratings on these loans:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$30 million
   First Priority
   Sr. Sec.
   Revolving Facility   B2       Ba3      LGD 2    28%
                        
   US$93 million
   First Priority
   Sr. Sec. Term Loan   B2       Ba3      LGD 2    28%

   US$45 million
   Second Priority
   Sr. Sec. Term Loan   B3       B3       LGD 5    75%

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 Houston, Texas, IWL Communications Inc. (dba
CapRock Communications) -- http://www.caprock.com-- provides  
satellite communications services for miners in the Rockies and
rocket launchers in Iraq.  The company offers secure voice,
data, fax, and video conferencing services primarily to
customers that operate in remote locations and/or harsh
environments.  The company has a European office and network
facility in Aberdeen, Scotland.  


JFL AUTOMOTIVE: Creditors' Meeting Slated for October 24
--------------------------------------------------------
Creditors of JFL Automotive Limited (Company Number 00506874)
will meet at 10:00 a.m. on Oct. 24 at:

         KPMG LLP
         2 Cornwall Street
         Birmingham B3 2DL
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 23 at:

         Mark Jeremy Orton
         Joint Administrator
         KPMG LLP
         2 Cornwall Street
         Birmingham
         West Midlands B3 2DL
         United Kingdom
         Tel: 0121 232 3000
         Fax: 0121 232 3500

KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a  
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.


LASHMORE EUROPEAN: Brings In Liquidator from Fisher Partners
------------------------------------------------------------
Stephen M. Katz of Fisher Partners was appointed Liquidator of
Lashmore European Transport Limited on Oct. 4 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Lashmore European Transport Limited
         138 St. Osyth Road West
         Little Clacton
         Clacton-On-Sea
         Essex CO16 9NY
         United Kingdom
         Tel: 01255 862082


LIBERTY CONTRACTS: Creditors Ratify Voluntary Liquidation
---------------------------------------------------------
Creditors of Liberty Contracts Limited ratified on Oct. 3 the
resolutions for voluntary liquidation together with the
appointment of Alan H. Tomlinson as Liquidator.

The company can be reached at:

         Liberty Contracts Limited
         Unit 1 2 Rosehill Business Park 2
         10 St. Lukes Road
         Southport
         Merseyside PR9 0SH
         United Kingdom
         Tel: 01704 544 355


LIFE OF LEISURE: Taps Stephen Gordon Franklin as Administrator
--------------------------------------------------------------
Stephen Gordon Franklin of Panos Eliades Franklin & Co. was
appointed administrator of Life of Leisure Ltd. (Company Number
4136568) on Oct. 2.

The administrator can be reached at:

         Panos Eliades Franklin & Co.
         Albany House
         18 Theydon Road
         London E5 9NA
         United Kingdom
         Tel: 020 8815 4000
         Fax: 020 8815 4040

Life of Leisure Ltd. can be reached at:

         Unit 4 The Quadrant
         Alcester St
         Redditch
         Worcestershire B98 8AE
         United Kingdom
         Tel: 01527 591180  


LUXFER HOLDINGS: Inks Deal to Reorganize Balance Sheet
------------------------------------------------------
Luxfer Holdings Plc entered into an agreement for the
reorganization of its balance sheet with an informal group of
holders of the Company's 10.125% Senior Notes due May 1, 2009.
The Noteholder Group represents approximately 67% of the total
outstanding GBP131.4 million of Notes.  

The proposed reorganization, if it achieves the requisite
approvals, is expected to result in a significant reduction of
the Company's debt and interest expense and a consequent
reduction in financial risk.  

The Directors believe that the proposed reorganization will
provide the Group with a stable and strengthened capital
structure and provide additional free cash flow to invest in
targeted growth opportunities and cost saving projects.  

The Reorganization Agreement provides for the Company's
stakeholders to receive:

   -- Noteholders:

      Noteholders will be exchanging all of their existing
      unsecured Senior Notes, including the accrued interest
      thereon up to the date of the proposed reorganization, and
      investing GBP3.050 million of cash, in return for
      GBP71.575 million of new unsecured Senior Notes and 87% of
      the post reorganization share capital of the Company.   

      Noteholders will also receive GBP8.45 million in cash
      which they will use to buy out the shares of non-
      management shareholders.  The New Notes will have a new
      five-year maturity date and be priced with a cash element
      of Six Month LIBOR+450 basis points and a payment in kind
      element of 150 basis points accruing on a compound basis
      from Nov. 1, 2006.  The payment in kind element on the New
      Notes will step down to 100 basis points so long as the
      Company achieves a rating above CCC+ or Caa1.  

      The Company and Noteholder Group are in the process of
      agreeing the detailed documentation of the New Notes.  The
      New Notes will be non-callable for the first year after
      being issued and will be callable by the Company at 103%,
      102%, 101% and 100% of par in each subsequent year
      thereafter.  

   -- Shareholders:

      Shareholders other than certain management shareholders,
      holding approximately 85% of current share capital, will
      receive GBP8.45 million from Noteholders in return for
      their existing equity stake, equating to approximately
      7.4p per share, for both the Company's GBP0.6487
      preference and ordinary shares.  

   -- Management:

      Certain management will exchange their stake of
      approximately 15% of current share capital in the Company
      for 13% of the post reorganization share capital, with the
      economic benefit to a proportion of these shares being
      dependent on the Company's future success

   -- Five-percent Cumulative GBP0.6487 preference share
      capital:

      As part of the proposed reorganization, the five-percent
      cumulative preference share capital will be exchanged into
      a combination of new ordinary share capital and deferred
      shares, which under International Financial Reporting
      Standards will reduce the Company's balance sheet
      liabilities by GBP110.8 million, based on the accrued
      liability outstanding at June 30, 2006.  

The Group reported at the half year that it had incurred GBP1.4
million of advisory costs in relation to the proposed
reorganization.  The total cost for the proposed reorganization
has been projected to be approximately GBP5 million.  

The proposed reorganization will therefore eliminate the
preference share liability and achieve a reduction in the
Group's outstanding notes of GBP59.825 million, offset by an
increase in drawings on senior secured debt facilities of
approximately GBP10 million in order to meet the proposed
reorganization's funding requirements.  

The Group currently has a GBP45 million asset backed secured
bank facility with Bank of America.  Under the proposed
indenture terms for the New Notes, the Group will be permitted
to incur total senior secured debt of up to GBP60 million,
giving the Group the potential to raise a further GBP15 million
of liquidity.   

                     Plan Implementation

The proposed reorganization will affect no other category of
creditors.  It is intended that the proposed reorganization will
principally be implemented by way of a scheme of arrangement
under section 425 of the Companies Act 1985 between the Company
and the holders of its Notes and the proposed reorganization is
conditional upon, inter-alia, the Scheme becoming effective.  

The Noteholder Group includes representatives of nine different
institutions and fund managers, four of which comprise an ad hoc
committee, which has been in discussions with the Company since
April 2006.  All the members of the Noteholder Group and the
Company have entered into a reorganization agreement, which
includes undertakings to support and implement the Scheme and
the Reorganization and offers holders of Notes the opportunity
to subscribe for New Notes.  

Holders of Notes who are not yet party to the Reorganization
Agreement, but are interested in becoming so, are invited to
contact the legal advisers to the Ad Hoc Committee, Bingham
McCutchen LLP.  

A number of the Company's shareholders, including the two major
institutional shareholders, have entered into undertakings to
support the implementation of the Reorganization, which will
also involve a scheme of arrangement amongst the Company's
shareholders, and the Reorganization will also be conditional
upon that scheme becoming effective.  

It is expected that the proposed reorganization will be
completed at the end of the current financial year, or early in
2007, and further announcements will be made as appropriate.

"The terms of the proposed reorganization will greatly enhance
the Group's balance sheet and provide the basis of a solid and
stable capital structure," Brian Purves, Chief Executive,
commented.  "The substantial reduction in debt will increase the
Group's financial liquidity and thereby place Luxfer in a strong
position to develop its business through investing in exciting
growth opportunities, whilst continuing to provide the highest
possible level of service to its customers."

                        Trading Update

Luxfer has in recent years been burdened with high leverage
against a backdrop of volatile markets.  In response to these
pressures, Luxfer has been implementing a profit improvement
plan consisting of a series of cost saving projects and price
increases.  This new Group-wide initiative had been launched by
the executive management team in late 2005 and had targeted
profit improvement opportunities in 2006 of over GBP15 million
to offset significant cost increases.  

The unaudited interim financial results for the six months ended
June 30, 2006, which were released in August this year,
demonstrated improvement upon the unaudited six months ended
June 30, 2005.  The performance was in line with the Group's own
forecasts and the profit improvement plan.  The unaudited
EBITDA for the six months ended June 30, 2006 increased by
around GBP1.7 million to GBP13.8 million, an increase of
approximately 14% compared to the unaudited six months ended
June 30, 2005.  

The increase was mainly driven by sales growth and successful
implementation of cost reduction actions.  At the half year the
Group reported that higher raw material and U.K. energy costs
were a continued cause for concern and the Group had implemented
a series of price increases to recover a significant element of
these cost increases.  As at June 30, 2006 the unaudited interim
financial balance sheet reported drawings on senior secured
facilities of GBP12 million and GBP2.9 million of cash and short
term deposits.  

                      Financial Projections

In agreeing the Reorganization Term Sheet with the Noteholder
Group, financial projections were provided by Luxfer to the
Noteholder Group for the remainder of 2006 and for a further 30
months after the proposed reorganization completion date.  These
projections are subject to the risks associated with forward-
looking statements as further explained in the statement at the
end of this press release.  

For the half-year June 30, 2006, the Gas Cylinders and
Speciality Aluminium divisions had suffered from a significant
rise in aluminium costs, however the Elektron division had
increased its unaudited trading profit to GBP6.3 million, from
GBP3.7 million as reported in the first half year of 2005.  The
financial projections for the remainder of 2006 assumed this
improvement in the Elektron division continued, whilst the other
divisions were able to recover a significant element of the
aluminium cost increases through price increases, to enable the
Group to attain approximately GBP26 million EBITDA for the full
year.  Year to date trading is consistent with this forecast.  

Projections beyond 2006 were used to demonstrate the benefits of
potential growth opportunities, additional production automation
and the successful completion of the Group's profit improvement
plan.  The growth opportunities outlined were based on new
products the Group has been developing over the last few years,
which were described in its December 2005 Report to Noteholders.  
The financial projections anticipated that the Group would be
able to grow rolling last twelve months EBITDA to approximately
GBP32 million by 18 months after the Completion Date, increasing
to approximately GBP38 million LTM EBITDA after 30 months from
the Completion Date.  

The estimated EBITDA growth in the projections provided to the
Noteholder Group assumed the Group was able to increase its
sales revenue to approximately GBP245 million for the full year
to December 2006, approximately a 6.5% increase when compared to
the previous year.  The financial projections provided for
LTM revenue to grow to approximately GBP265 million by 18 months
from the Completion Date, and then to approximately GBP288
million after 30 months from the completion date.  Unaudited
group revenue for the first half of 2006 was approximately 8%
higher than the first half of 2005, driven by a mixture of
volume growth and increased selling prices.  The increase in
divisional revenues over the 30-month financial projection
period was roughly in line with proportions to 2005 Group
revenues, although the Elektron division's projections assumed a
slightly higher level of growth than the other divisions.  The
Gas Cylinders division remained the largest division by measure
of revenue.  

The financial projections were based on the average price of
aluminium and other major input costs remaining at current
levels, the US$:GBP exchange rates averaging US$1.78 in 2006,
then being US$1.75 for the 30-month period.  

Based upon such assumptions, over the 30 months following the
Completion Date the financial projections included approximately
GBP30 million of capital expenditure, with approximately GBP18
million of capital expenditure planned in the first 18 month
period following the Completion Date and approximately a further
GBP12 million planned for the following 12-month period.  The
total capital expenditure over the 30-month period was estimated
to include approximately an additional GBP14 million more than
would have been invested without the proposed reorganization.  

This increase in capital expenditure was required to support and
help generate the growth and cost saving opportunities
identified in Luxfer's two main divisions, Gas Cylinders and
Elektron.  Both these divisions are seen by Luxfer's senior
management to have some strong market positions and have been
developing new products over the past few years to target future
growth markets.  Given the growth opportunities being pursued,
the Group's manufacturing facilities would need to be expanded,
but under the current capital structure the Group is constrained
in its ability to meet these long-term capital expenditure
requirements with resources directed towards essential and high
priority projects only.  

The EBITDA growth of approximately GBP15 million in the
financial projections, from the 2005 result of GBP22.8 million
before exceptionals to the projection of approximately GBP38
million after 30 months, included further growth in earnings
from the Elektron division, with this division contributing to
just over half the Group's improvement through expansion of its
zirconium catalyst and magnesium sheet and alloy operations.  
Around half of the capital expenditure in the 30-month period
was assumed to be directed at the Elektron division to support
its expansion strategy.  

The Gas Cylinders division had planned to continue to invest in
its composite cylinder and superform operations, with the
proposed reorganization enabling it to also benefit from a
substantial increase in capital expenditure; slightly less than
that of the Elektron division.  The projections for the
Speciality Aluminium division included only modest levels of
additional capital expenditure and profit improvement.  

The financial projections include opportunities to modernise and
automate certain production processes, andover time, several
million pounds of cost savings are targeted through automation
projects; however the financial projections assumed that the
main contributions to increased levels of EBITDA were through
expanding sales revenue and production capacity in growth
markets.  

Based on the proposed Reorganized capital structure, the planned
capital expenditure and attainment of the projected EBITDA
levels above, the Group projected a cash flow before interest,
tax payments, reorganization costs and cash proceeds from the
Zitzmann disposal, of approximately GBP17 million for the year
ending December 2006, with the rolling LTM cash flow being
projected to be approximately GBP16 million 18 months from the
Completion Date and then rising to approximately GBP22 million
after 30 months from the Completion Date.  

The above EBITDA and cash flow projections had been prepared on
the assumption the Zitzmann die-casting business remained part
of the Elektron division, though it was highlighted to the
Noteholders as a potential strategic disposal, with the
objective of reinvesting the proceeds back into the Elektron
division to deliver at least a similar level of financial
return.  The Group sold the Zitzmann die-casting business in
early August 2006 with the proceeds being received in September
2006.  As yet the proceeds have not been reinvested, although
discussions are underway regarding a potential investment
opportunity.  

The improved financial status of the Group would also provide
other benefits to aid Luxfer's financial and commercial
performance, including a more stable platform for developing
long-term customer and supplier relationships, as well as the
ability to hedge its aluminium price risk.  In the past year the
Group had suffered from a lack of hedging capacity and at the
end of 2005 it had only hedged forward 16% of its 2006 aluminium
purchase requirements compared to 50% to 60% in previous years.   
The proposed reorganization should enable the Group to return to
a more robust level of aluminium price hedging.  

The cash flow projections did not include any significant
increase in the funding requirements of the Group's retirement
benefit schemes.  The Group's U.K. Pension Trustees have
commenced their triennial actuarial review of the Group's U.K.
defined benefit pension fund, the results of which are not
expected to be finalized by the Trustees and agreed with the
Group until early 2007.  Once agreed, a formal plan to remediate
any deficit has to be submitted and agreed with the U.K.
Pensions Regulator.  

As at June 30, 2006 the unaudited IAS 19 accounting deficit was
GBP18.5 million for this U.K. plan and the Group's total
unaudited IAS 19 accounting deficits totalled GBP23.9 million.   

In respect of the proposed reorganization the Company is
receiving financial advice from Close Brothers Corporate Finance
Limited and legal advice from Cleary Gottlieb Steen & Hamilton
LLP.  The Ad Hoc Committee is receiving financial advice from
Houlihan Lokey Howard & Zukin (Europe) Limited and legal
advice from Bingham McCutchen LLP.  

                         Conference Call

The company will be holding an investor conference call on the
proposed reorganization at 3:00 p.m. BST on Oct. 20.  

Headquartered in Manchester, United Kingdom, Luxfer Holdings PLC
-- http://www.luxfer.com/-- specializes in the design and  
manufacture of high-pressure aluminium gas cylinders, as well as
aluminium, zirconium, and magnesium based engineering products
for use in the aerospace, automotive, medical and general
engineering industries.  Luxfer has operations in the United
Kingdom, the United States, Australia, Germany, France and the
Czech Republic.


LUXFER HOLDINGS: Fin'l. Reorganization Cues Moody's Junk Ratings
----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Luxfer Holdings Plc to Caa3 from Caa2 following notice of
their financial reorganization.  Moody's concurrently downgraded
the rating on the 2009 notes issued by Luxfer to Ca from Caa3.
The outlook is stable.

The restructure is expected to be executed under a Scheme of
Arrangement.  Terms of the restructure include cancellation of
the existing 2009 notes and the accrued interest thereon to the
date of the proposed reorganization and the release of the
company from all obligations and liabilities, in exchange for
new notes of an aggregate amount of GBP68.525 million.  
Note holders will also subscribe in cash for additional new
notes for an aggregate of GBP3.050 million.

Note holders will receive GBP8.45 million in cash, which must be
applied to purchase 87% of the total equity in the company,
comprising existing ordinary and preference shares.  As part of
the reorganization the 5% cumulative preference share capital
will be exchanged into a combination of new ordinary share
capital and deferred shares.  Moody's note that under IFRS these
preference shares, totaling GBP110.8 million as at
June 30, 2006, would be removed from balance sheet liabilities.
The balance (13%) of equity will be retained by management and
be subject to restrictions.

Moody's classifies this reorganization as a default since note
holders will incur a shortfall on the par value of the existing
notes.  In this circumstance Moody's assumes a zero value for
equity exchanged for the cancellation of the notes.  With around
GBP130 million of notes on issue, this results in an expected
recovery of around 53% on the par value of existing notes.

On completion of the reorganization, leverage will be lower and
financial flexibility will be improved.  This will give the
company a stronger financial base and a lower credit risk
profile.  This should also assist to raise customers' view of
the company and add flexibility for re-investment in the
business.  Moody's will withdraw the rating on the existing 2009
notes once these have been cancelled.

The reorganization is conditional on the Scheme becoming
effective.  The reorganization will also require shareholder
approval.

Ratings actions:

Luxfer Holdings Plc

   -- corporate family rating, downgraded to Caa3 from Caa2; and

   -- 10.125% senior notes due 2009, downgraded to Ca from Caa3.

Headquartered in Manchester, United Kingdom, Luxfer specializes
in the design and manufacture of high-pressure aluminium gas
cylinders, as well as aluminium, zirconium, and magnesium based
engineering products for use in the aerospace, automotive,
medical and general engineering industries.  For the last twelve
months to June 30, 2006, Luxfer reported consolidated revenues
of around GBP240 million.


MANDIS INFORMATION: Calls In Liquidators from Begbies Traynor
-------------------------------------------------------------
Paul Finnity and Peter Blair of Begbies Traynor were appointed
Joint Liquidators of Mandis Information Services Limited on
Oct. 5 for the creditors' voluntary winding-up proceeding.

Headquartered in Nottingham, United Kingdom, Mandis Information
Services Limited -- http://www.mandis.co.uk/-- delivers a  
continuous flow of bulletins about companies experiencing change
- expanding, recruiting, investing, relocating or restructuring
that empowers an organization to identify new business
opportunities.


MANTAVOGUE LIMITED: Liquidators Set Nov. 2 Claims Bar Date
----------------------------------------------------------
Creditors of Mantavogue Limited have until Nov. 2 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
Richard Neville at:

         Neville & Co.
         10 & 11 Lynher Building
         Queen Anne's Battery
         Plymouth PL4 0LP
         United Kingdom

The company can be reached at:

         Mantavogue Limited
         The Warehouse
         Bilbury Street
         Plymouth
         Devon PL4 0BH
         United Kingdom
         Tel: 01752 600 150
         Fax: 01752 250 525


MARBLE ARCH: Fitch Assigns BB Rating to GBP25.2 Million Notes
-------------------------------------------------------------
Fitch Ratings assigned expected ratings to Marble Arch
Residential Securitization Limited 4's GBP equivalent 840
million mortgage-backed floating-rate notes due in 2040 as:

   -- GBP equivalent 252 million Class A1 due 2023: AAA;
   -- GBP equivalent 189 million Class A2 due 2040: AAA;
   -- GBP equivalent 231 million Class A3 due 2040: AAA;
   -- GBP equivalent 58.8 million Class B due 2040: AA;
   -- GBP equivalent 44.1 million Class C due 2040: A;
   -- GBP equivalent 39.9 million Class D1 due 2040: BBB-; and
   -- GBP equivalent 25.2 million Class E1 due 2040: BB.

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

The expected ratings are based on the quality of the collateral,
available credit enhancement, the underwriting processes of the
originators Matlock Bank Limited, Langersal No. 2 Limited,
Southern Pacific Mortgage Limited and Southern Pacific Personal
Loans.  

They also consider the servicing capabilities of both Vertex
Financial Services Limited and Lightfoots and the sound legal
structure of the transaction.  Credit enhancement for the Class
A notes is initially 21.5%, which is provided by the
subordination of the Class B notes, the Class C notes, Class D1
notes and the Class E1 notes.  The reserve fund is fully funded
at closing.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its U.K. Residential Mortgage
Default Model III.  The agency also modeled cash flows using the
results of the default model with structural stresses including
various prepayment and interest rate scenarios.

The cash flow tests showed that each Class of notes could
withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest
shortfall, and that it can retire the principal by legal final
maturity.


MORPHEUS PLC: Fitch Affirms BB- Rating on GBP12.4 Million Notes
---------------------------------------------------------------
Fitch Ratings affirmed Morpheus (European Loan Conduit No.19)
plc's commercial mortgage-backed floating rate notes due
November 2029 as:

   -- GBP233.8 million Class A (XS0198508110) at AAA;
   -- GBP27.4 million Class B (XS0198508896) at AA;
   -- GBP24.2 million Class C (XS0198509431) at A;
   -- GBP17.9 million Class D at BBB; and
   -- GBP12.4 million Class E at BB-.

The transaction is performing in line with Fitch's expectations.
The collateral pool currently consists of 254 commercial loans,
which are secured on 480 properties.  The outstanding balance of
the notes is currently GBP317.9 million compared with GBP581.9
million at issuance.  

The collateral balance has reduced following scheduled
amortization and significant prepayments applied to a modified
pro-rata structure.  This has resulted in a steady but continued
increase of credit enhancement levels.

The current weighted average interest coverage ratio of 1.92x
has improved since closing.  Likewise the weighted average loan-
to-value has improved to the current value of 64.85% from 73.25%
at closing.

In the past year the transaction has experienced an increased
level of arrears, with six loans classified as delinquent
totaling GBP1.8 million.  Furthermore the vacancy rate across
the pool has increased to 7.56% from 4% at closing.  It should
be noted, however, that the reporting of these figures had
changed during this period.  Since October 2005 these figures
have been based on the largest 50 loans, compared with the
largest 25 before.

The transaction includes a turbo amortization mechanism applied
to the Class E notes, which allows the transaction to use a
portion of excess spread to partially repay the Class E notes,
thus creating overcollaterization.

The Class D and E notes are subject to an available funds cap,
whereby interest shortfall on these notes in any one period
repayment will be written off.  The structure benefits from a
liquidity facility with an initial limit of GBP25 million to
cover temporary interest shortfall on the notes.


NEWGATE 2006-3: Moody's Assigns (P)Ba2 Rating on Class E Notes
--------------------------------------------------------------
Moody's Investors Service assigned these provisional long-term
credit ratings to the Notes to be issued by Newgate 2006-3:

   -- Class A1 Mortgage Backed Floating Rate Notes
      due Dec 2050: (P)Aaa;

   -- Class A2 Mortgage Backed Floating Rate Notes
      due Dec 2050: (P)Aaa;

   -- Class A3 Mortgage Backed Floating Rate Notes
      due Dec 2050: (P)Aaa;

   -- Class M Mortgage Backed Floating Rate Notes
      due Dec 2050: (P)Aa1;

   -- Class B Mortgage Backed Floating Rate Notes
      due Dec 2050: (P)Aa3;

   -- Class C Mortgage Backed Floating Rate Notes
      due Dec 2050: (P)A3;

   -- Class D Mortgage Backed Floating Rate Notes
      due Dec 2050: (P)Baa3;

   -- Class E Mortgage Backed Floating Rate Notes
      due Dec 2050: (P)Ba2; and

   -- 2006-3 Mortgage Early Repayment Certificates
      due December 2050: (P)Aaa.

The Class T and Class Q Notes are not rated by Moody's.  Classes
A1, A2, A3, M, B, C and D Notes may be issued in GBP, EUR or USD
depending on market demand.

The Issuer, Newgate Funding plc, is a special purpose vehicle
incorporated in England and Wales, which is ultimately owned by
a charitable trust.  The Issuer is a multi-issuance vehicle and
this transaction represents the third series to be issued under
its MTN style Program.  The Issuer will fund the purchase price
of the series mortgage portfolio using the proceeds of the
Notes.

This transaction is the tenth securitization of non-conforming
and impaired credit mortgage loans originated by entities
belonging to the Mortgages Group trading under the name of
"Mortgages PLC".  As in the prior Mortgages plc securitization,
the assets supporting the Notes are sub-prime and non-conforming
first residential mortgage loans originated by entities trading
under the name of Mortgages PLC and secured on residential
properties in United Kingdom, Wales, Northern Ireland and
Scotland.

A part of underlying loan portfolio (approximately 49%) consists
of loans to borrowers classified by the originator as "near
prime" or "near prime plus", with stricter criteria for adverse
credit compared to non-conforming mortgage loans.  Mortgages PLC
will be responsible for the day-to-day servicing of the loans,
handling arrears cases and approving further advances and
product conversions.

The ratings of the Notes are based upon an analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the issue.  

The credit enhancement available in the deal is provided in the
form of excess spread, reserve fund fully funded at [1.3]% of
the original note, subordination of the Class M [2.51]%, Class B
[6.08%], Class C [3.80%], Class D [2.40%] and Class E [0.91%]
Notes.  The Class A1 Notes represent [32.05%], the Class A2
Notes represent [27.2600%] and the Class A3 Notes represent
[25.00%]).  Subject to certain conditions being met, the reserve
fund may amortize up to a floor of [0.50%] of the original note
balance.

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

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
with respect to the Notes by the final legal maturity date.
Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

The Mortgage Early Repayment Certificates (MERC) are backed
solely by mortgage early redemption charges that may become
payable by borrowers in the pool on early redemption of their
loans within a certain period.  The (P)Aaa rating on the MERC's
addresses the likelihood of receipt by MERC holders of such
amounts if they are received by the Issuer.  It assumes, without
any independent investigation, that payment of the mortgage
early redemption charges under the mortgage loans is legally
valid, binding and enforceable, and that such amounts are
actually collected from borrowers and received by the Issuer.
The amount receivable by MERC holders also depends on prepayment
rates within the pool.  The rating does not address such
prepayment rates.


ON-TIME EUROPEAN: Taps David Acland to Liquidate Assets
-------------------------------------------------------
David Acland of Begbies Traynor was appointed Liquidator of
On-Time European Logistics Limited on Oct. 4 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         On-Time European Logistics Limited
         133 Milton Street
         Southport
         Merseyside PR9 7AP
         United Kingdom
         Tel: 01704 225 491


OPEN TEXT: Closes Hummingbird Equity Purchase for US$489 Million
----------------------------------------------------------------
Open Text Corporation and Hummingbird Ltd. closed the
transaction pursuant to which all of Hummingbird's common shares
were acquired by a wholly owned subsidiary of Open Text.

Open Text, through 6575064 Canada Inc., acquired all of the
issued and outstanding common shares of Hummingbird at a cash
price of US$27.85 per common share which, together with the
764,850 common shares of Hummingbird owned by Open Text prior to
the transaction, represent all of the issued and outstanding
shares of Hummingbird.  The transaction is valued at
approximately US$489 million and was disclosed by Open Text on
Aug. 4, 2006.

The transaction was completed pursuant to a plan of arrangement
under section 192 of the Canada Business Corporations Act and an
arrangement agreement made as of Aug. 4, 2006, which was amended
on Sept. 19, 2006, among 6575064 Canada Inc., Open Text and
Hummingbird.

Under the plan of arrangement Hummingbird's shareholders are
entitled to receive US$27.85 in cash for each Hummingbird common
share.

                        About Hummingbird

Based in Toronto, Ontario, Hummingbird Ltd. (NASDAQ:HUMC,
TSX:HUM) -- http://www.hummingbird.com/-- provides enterprise  
software solutions.  The Company's enterprise software solutions
fall into two principal categories: enterprise content
management solutions, and network connectivity solutions.  
Founded in 1984, Hummingbird employs over 1,400 people and
serves more than 33,000 customers, including 90% of Fortune 100.  
Hummingbird solutions are sold directly from 40 offices
worldwide and through an Alliance Network of partners and
resellers.

                        About Open Text

Headquartered in Waterloo, Ontario, Open Text Corporation
(NASDAQ:OTEX, TSX:OTC) -- http://www.opentext.com/-- provides  
Enterprise Content Management solutions that bring together
people, processes and information in global organizations.  The
company supports approximately 20 million seats across 13,000
deployments in 114 countries and 12 languages worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 18, 2006,
Moody's Investors Service assigns a first-time Ba3 rating to the
senior secured facilities and B1 rating to the corporate family
of Open Text Corp.  The ratings 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-2 for the senior
secured facilities.  Moody's also assigned a SGL-1 speculative
grade liquidity rating, reflecting very good liquidity.  Moody's
said the ratings outlook is stable.


PHOENIX COMPUTER: Hires Liquidator from Begbies Traynor
-------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Phoenix Computer Sales and Training Limited on Sept. 27 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Phoenix Computer Sales and Training Limited
         Chelford Court 37a
         Robjohns Road
         Chelmsford
         Essex CM1 3AG
         United Kingdom
         Tel: 01245 356 533
         Fax: 01245 356 534


POWERED ACCESS: Calls In Liquidators from Rimmer Higson
-------------------------------------------------------
Timothy Hargreaves of Rimmer Higson was appointed Liquidator of
Powered Access Haulage Limited on Oct. 4 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Powered Access Haulage Limited
         20 Bluebell Way
         Bamber Bridge
         Preston
         Lancashire PR5 6XQ
         United Kingdom
         Tel: 01772 338331  


REFCO INC: Court Gives Tentative Nod on Disclosure Statement
------------------------------------------------------------
The Hon. Robert Drain of the United States Bankruptcy Court for
the Southern District of New York granted Oct. 16, 2006, a
tentative approval on the modified Amended Disclosure Statement
explaining the Amended Joint Chapter 11 Plan of Refco, Inc., and
its debtor-affiliates, The Associated Press reports.

According to AP, Judge Drain said Refco still needed to fix a
few other deficiencies, including:

   (a) an explanation why its asset-distribution plan
       favors subordinated noteholders;

   (b) clarification on how Refco arrived at the allocation of
       proceeds obtained from a $506,000,000 settlement with
       Bawag P.S.K. Group; and

   (c) a detailed explanation on how Refco will resolve claims
       among its subsidiaries.

Judge Drain added that the Disclosure Statement should explain
why Refco Capital Markets, Ltd., "ends up with the only inter-
debtor, inter-company claims," AP reports.

AP states that Judge Drain hoped the request for new details
"does not lead to days of debate."  Judge Drain said the Debtors
"should be able to come up with these disclosures pretty
quickly," according to AP.

The Court will commence a hearing to consider confirmation of
the Debtors' Amended Plan on December 15, 2006.

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

The Plan Proponents intend that the Plan become effective no
later than December 31, 2006.

              Objections to Disclosure Statement

The Ad Hoc Committee of Equity Security Holders of Refco, Inc.,
had asked the Bankruptcy Court to deny approval of the Debtors'
Disclosure Statement because it describes a Plan that:

   (i) effectively consolidates parent level entities with other
       debt-laden, subsidiary estates without factual or legal
       basis;

  (ii) provides the parent equity holders with less than they
       would receive in a Chapter 7 liquidation; and

(iii) incorporates other improper provisions.

West Loop Associates, LLC, which asserts claims against the
Debtors in excess of $67,000,000, complained that the Debtors'
Disclosure Statement is devoid of any meaningful information
that would give unsecured creditors any basis for evaluating
their estimated recoveries under the Plan.

Kenneth Krys and Christopher Stride, as joint official
liquidators of SPhinX Managed Futures Fund SPC and 21 of its
affiliates, wanted the Debtors' Disclosure Statement revised to
address and clarify certain matters with respect to:

   (a) the Liquidators' investigation into the defense of a
       $312,000,000 preference action commenced by the Official
       Committee of Unsecured Creditors of Refco, Inc., et al.,
       against certain of the SPhinX Funds and the circumstances
       surrounding settlement of the action;

   (b) the Liquidators' interest in the Preferential Action
       settlement, in which SMFF agreed to pay Refco Capital
       Markets, Ltd., $263,000,000;

   (c) the Liquidators' request that the Bankruptcy Court
       reconsider its decision and order regarding the status of
       the SPhinX Funds' Cayman Islands liquidation proceeding
       as a "foreign non-main proceeding" contained in the
       Disclosure Statement and the Plan; and

   (d) releases, exculpation clauses and injunctions contained
       in the Disclosure Statement.

RH Capital Associates LLC, and Pacific Investment Management
Company LLC, are lead plaintiffs in a securities class action
entitled, In re Refco Inc. Securities Litigation, Case No.
05-Civ.-8626 (GEL), as amended, filed in the U.S. District Court
for the Southern District of New York.  RH Capital and Pacific
Investment complained that the Disclosure Statement and the Plan
are ambiguous and omit material facts that may mislead or
preclude holders of claims or interests from  making an informed
judgment about the Plan.

Russia Growth Fund Ltd., a "customer" of Refco Capital Markets,
Ltd., under Section 741(2) of the Bankruptcy Code, and a holder
of an RCM Securities Customer Claim under the Debtors' First
Amended Joint Plan of Reorganization, said that the Disclosure
Statement fails to provide any further information about the
likely conversion of RCM's case, which, obviously, is a critical
aspect of the Plan from the point of view of Class 4 RCM
Customer Claimholders.

Hillier Capital Management, LLC, and certain other related
creditors in the Debtors' Chapter 11 cases also asked the Court
to deny approval of the Debtors' Disclosure Statement because it
does not contain complete and accurate information with respect
to the essential terms of various proposed settlements, which
served as the foundation for formulating the Plan of
Reorganization.

The Ad Hoc Refco F/X Customer Committee echoed Hillier Capital's
sentiments and also also complained that the Disclosure
Statement lacked adequate information regarding FXA's decision
to waive its approximately $84,000,000 claim against RCM.

               Modified Disclosure Statement

To resolve various issues with regard to the Disclosure
Statement, the Debtors, the Creditors' Committee, the Additional
Creditors Committee, and the Chapter 11 trustee, had delivered
to the Court, on Oct. 13, a modified Disclosure Statement with
respect to their First Amended Plan.

The Modified Disclosure Statement incorporates the Plan
Proponents' consolidated response to the Disclosure Statement
Objections.

The Plan Proponents assert that a number of the Disclosure
Statement Objections are, in reality, objections to Plan
confirmation rather than to the adequacy of the disclosure.  
Those objections, if left unresolved through negotiations that
will no doubt take place between the parties after the
Disclosure Statement hearing, should be considered at the
proposed Plan confirmation hearing on December 15, 2006.


To obviate the need for formal objections, the Plan Proponents
encouraged parties-in-interest who had disclosure concerns to
communicate their concerns to the Plan Proponents informally.  
Thus, a number of potential objections were informally resolved
and the modified Disclosure Statement now contains language
reflecting those resolutions.  In addition, the Plan Proponents
modified in some instances the Disclosure Statement to correct
and update previously reported information.

None of the Objections to Plan confirmation lead to the
conclusion that it is impossible to confirm the Plan as written.  
Therefore, the Plan Proponents ask the Court to overrule all
Objections and approve the Modified Disclosure Statement.

A blacklined copy of the Modified Disclosure Statement is
available at no charge at http://ResearchArchives.com/t/s?1387

       Plan Proponents' Reply to FXA Customers' Objection

To provide full disclosure to the Refco F/X Associates, LLC
customers regarding the basis for their claims classification,
the Plan Proponents modified their Disclosure Statement to add
provisions supplementing the description of how FXA's business
operated and the relationship between FXA and FXCM and between
FXA and its customers.

According to J. Gregory St. Clair, Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, in New York, the Disclosure Statement
now clarifies that clients that trade in foreign currencies are
not protected in the same manner as customers that engage in
securities transactions with a stockbroker and are not granted a
statutory priority in the event of the liquidation of the
foreign exchange dealer.  The Disclosure Statement further notes
that customer deposits were not required to be, and were not,
segregated by FXA.

Accordingly, the Debtors contend that the FXA clients merely
hold general unsecured claims against the FXA estate.

                    Constructive Trust Action

Mr. St. Clair reminds Judge Drain that several parties also
objected that:

   -- there was not disclosure regarding a recent adversary
      proceeding that was brought on behalf of certain FXA
      clients alleging that the customers' deposits do not
      constitute the property of FXA or RCM or their bankruptcy
      estates;

   -- FXA and RCM have been unjustly enriched by those customer
      deposits; and

   -- the plaintiffs are entitled to the value of the customer
      deposits.

To address that issue, the Plan Proponents have included a new
provision that describes the allegations contained in the
Constructive Trust Action.  The Modified Disclosure Statement
also discloses that the Debtors dispute the allegations in the
Constructive Trust Action and all other assertions that the FXA
customers are anything other than holders of prepetition non-
priority general unsecured claims against FXA.

The Modified Disclosure Statement further includes:

   (i) the position of the RCM Trustee that any claim or cause
       of action asserting that any Assets in Place are not the
       property of RCM, including any claim or cause of action
       in the nature of constructive trust, is barred and can no
       longer be pursued against RCM, except where expressly
       reserved for in the orders entered in the Assets in Place
       Adversary Proceeding; and

   (ii) FXA's position that the constructive trust claim against
        RCM asserted in the constructive trust action belongs to
        FXA and not the FXA clients.

                       Other Modifications

The Plan Proponents state that the approximately 16 pages of
disclosure in the Disclosure Statement dedicated to describing
the "Settlements" embodied in the Plan is more than adequate of
disclosure related to the proposed waiver of FXA's intercompany
claim against RCM under the Plan.  Whether it is appropriate for
that release to be approved as part of the Plan is a matter that
will be decided as part of the confirmation hearing, Mr. St.
Clair says.

The Plan Proponents added a new section to the Disclosure
Statement that specifically addresses the issue of the lack of
any disclosure regarding Saeed Abdulrahman Alqahtani's
$5,800,000 administrative claim.  The Plan Proponents disclose
that they estimate that certain FXA customers had postpetition
net gains of approximately $10,000,000.

With respect to the FXA Japanese clients' objections, the Plan
Proponents have materially expanded their discussion regarding
the formation of RefcoFX Japan KK, the relationship between FXA,
FXCM, Refco Japan, the FXA Japanese clients, and the Hong Kong
Shanghai Banking Corp. bank account held by Refco Japan.  The
Plan Proponents have also provided additional disclosure
regarding the pending actions in Japan against Refco Japan, and
the turnover action recently commenced by FXA against FXCM,
Refco Japan, Hong Kong Shang Hai Banking Corp., and certain FXA
Japanese clients.

Moreover, the Plan Proponents have supplemented the Disclosure
Statement to reflect Russia Growth Fund's concerns.  However,
the Plan Proponents note that neither the Plan nor the RCM
Settlement Agreement contemplate different distribution
mechanics or economic terms as a result of RCM being
administered in either Chapter 7 or Chapter 11.

Mr. St. Clair explains that the Plan simply provides the option
for the Debtors and the RCM Trustee to choose an applicable
chapter of the Bankruptcy Code if they believe one to be more
likely to facilitate distributions.  Neither Russia Growth Fund
nor any RCM creditor has raised objections as to the disclosures
in respect of fundamental distribution or economic terms.  As
such, he says, it would appear that Russia Growth Fund,
regardless of the conversion issue, has sufficient information
to assess the Plan and potential corresponding recoveries.

With respect to the objections raised by the Ad Hoc Equity
Committee of Security Holders, Mr. St. Clair argues that the
Debtors' contribution toward a common settlement fund is not co-
extensive with "substantive consolidation" of the Debtors'
estates.  The Plan does not currently contemplate "substantive
consolidation," but instead, it is predicated on a "voluntary
pooling of assets" of Debtors that remain separate legal
entities, he says.

Mr. St. Clair further asserts that the Equity Committee
understates, and in many cases ignores, the liabilities existing
at Refco.

"Contrary to the Equity Committee's assertions, it is not the
case that Refco Inc. is a debt-free parent that owns all Refco-
related claims and is immune to all defenses or counterclaims
relating to [that] claim," Mr. St. Clair contends.

A summary of the Disclosure Statement Objections and the Plan
Proponents' corresponding responses is available at no charge at
http://ResearchArchives.com/t/s?1386

                        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 $16.5 billion in assets and $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. 46; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Unit's Case Summary & 53 Largest Unsecured Creditors
---------------------------------------------------------------
Lead Debtor: Refco Inc.
             One World Financial Center
             200 Liberty Street, Tower A
             New York, New York 10281

Bankruptcy Case No.: 05-60006

Debtor-affiliate filing separate chapter 11 petitions on
October 16, 2006:

      Entity                                     Case No.
      ------                                     --------
      Refco Commodity Management, Inc.           06-12436

Debtor-affiliates that filed separate chapter 11 petitions on
June 5, 2006:

      Entity                                     Case No.
      ------                                     --------
      Westminster-Refco Management LLC           06-11260
      Refco Managed Futures LLC                  06-11261
      Lind-Waldock Securities LLC                06-11262

Debtor-affiliates that filed separate chapter 11 petitions on
Oct. 17, 2005:

      Entity                                     Case No.
      ------                                     --------
      Refco Global Finance Ltd.                  05-60007
      Refco Information Services LLC             05-60008
      Bersec International LLC                   05-60009
      Refco Capital Management LLC               05-60010
      Refco Global Capital Management LLC        05-60011
      Marshall Metals LLC                        05-60012
      Refco Financial LLC                        05-60013
      New Refco Group Ltd., LLC                  05-60014
      Refco Regulated Companies LLC              05-60015
      Refco Finance Inc.                         05-60016
      Refco Capital Holdings LLC                 05-60017
      Refco Capital Markets, Ltd.                05-60018
      Kroeck & Associates, LLC                   05-60019
      Refco Administration, LLC                  05-60020
      Refco Mortgage Securities, LLC             05-60021
      Refco Capital LLC                          05-60022
      Refco F/X Associates LLC                   05-60023
      Refco Global Futures LLC                   05-60024
      Summit Management LLC                      05-60025
      Refco Capital Trading LLC                  05-60026
      Refco Group Ltd., LLC                      05-60027
      Refco Global Holdings LLC                  05-60028
      Refco Fixed Assets Management LLC          05-60029

Type of Business: The Debtors constitute a diversified financial
                  services organization with operations in 14
                  countries and a global institutional and
                  retail client base.  Refco Inc.'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, Paris and
                  Singapore.  In addition to its futures
                  brokerage activities, Refco Inc. and its
                  affiliates are major brokers 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.

Chapter 11 Petition Date: October 17, 2005

Court: Southern District of New York (Manhattan)

Judge: Robert D. Drain

Debtors' Counsel: J. Gregory Milmoe, Esq.
                  Sally M. Henry, Esq.
                  Skadden, Arps, Slate, Meagher & Flom LLP
                  Four Times Square
                  New York, New York 10036
                  Tel: (212) 735-3770
                  Fax: (917) 777-3770

Lead Debtor's Financial Condition as of August 31, 2005:

      Total Assets: US$16,500,000,000

      Total Debts:  US$16,800,000,000

Financial condition of debtor-affiliates that filed on
June 5, 2006:

   Entity                         Total Assets Total Debts
   ------                         ------------ --------------
Westminster-Refco Management LLC  US$1,918,030 US$1,032,386,039

Refco Managed Futures LLC                 US$0 US$1,035,345,960

Lind-Waldock Securities LLC               US$0 US$1,032,000,000

Financial condition of Refco Commodity Management, Inc.:

Estimated Assets: US$1 Million to US$10 Million

Estimated Debts:  US$50,000 to US$100,000

A. Refco Commodity Management, Inc.'s 3 Largest Unsecured
   Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Affiliates and subsidiaries   Intercompany          Unliquidated
of Refco Inc.
One World Financial Center
200 Liberty Street - Tower A
New York, New York 10281
Attn: Eric Simonsen

Gary L. Franzen, as Trustee   Litigation            Unliquidated
of the Gary L. Franzen
Declaration of Trust, et al.

Wachovia Securities, LLC      Trade Debt                  
US$9,000
901 East Byrd Street, WS2055
Richmond, Virginia 23219
Attn: Leah R. Wehinger

B. Debtors' Consolidated List of 50 Largest Unsecured Creditors:

   Entity                                         Claim Amount
   ------                                         ------------
Bawag International Finance                       US$451,158,506
BAWAG P.S.K.
Bank fur Arbeit und Wirtschaft und
Osterreichische Postsparkasse
Aktiengesellschaft Sietzergasse 2-4 A-1010
Vienna, Austria
P: +43/1/534 53/3 12 10
F: +43/1/534 53/ 2284

Wells Fargo                                       US$390,000,000
Corporate Trust Services
Mac N9303-120
Sixth & Marquette
Minneapolis, MN 55497
P: 612-3 16-47727
Attn: Julie J. Becker

VR Global Partners, LP                            US$380,149,056
Avora Business Park
77 Sadovnicheskaya NAB. Building 1
Moscow, Russia 115035

Rogers Raw Materials Fund                         US$287,436,182
c/o Beeland Management
141 West Jackson Boulevard, Suite 1340
Chicago, IL 60604
P: (312) 264-4375

Bancafe International Bank Ltd.                   US$176,006,738
Carrera 11 82-76
Segundo 2
Bogota, Colombia
P: 636-4349

     - and -

Bancafe International Bank Ltd.
801 Brickell Avenue Ph1
Miami, FL 33131
P: 305-372-9909
F: 305-372-1797

Markwood Investments                              US$110,056,725
Via Lovanio
#19 00198
Rome, Italy

Capital Management Select Fund                    US$109,009,282
Lynford Manor, Lynford Cay
Nassau, Bahamas

Leuthold Funds Inc                                US$107,264,868
Leuthold Industrial Metals, LP
100 North 6th Street Suite 412A
Minneapolis, MN 55403
P: 612-332-9141
F: 612-332-0797
Attn: David Cragg

Rietumu Banka                                     US$100,860,048
JSC Rietumu Banka
Reg. No. 40003074497
VAT No. LV40003074497
54 Brivibas str
Riga, LV-1011 LATVIA
P: +371-7025555
F: +371-7025588

Cosmorex Ltd.                                     US$91,393,820
CP 8057 28080
Madrid, Spain
P: +34-607-745-555
F: +34-667-706-622

BCO Hipotecario Inv. Turistic                     US$85,807,030
(Fidelicomiso Federal Forex Invest)
Av Venezuela
Torre Cremerca, Piso 2
Ofici B2 El Rosal
Caracas, VENEZUELA

VR Argentina Recovery Fund                        US$77,710,311
Avrora Business Park
77 Sadovnicheskayanab BLDG 1
Moscow, 115035 Russia

Rogers International Raw Materials                US$75,213,814
c/o Beeland Management
141 West Jackson Boulevard, Suite 1340
Chicago IL 60604
P: (312) 264-4375

Creative Finance Limited                          US$65,111,071
Marcy Building, Purcell Estate
P.O. Box 2416
Road Town, British Virgin Islands

Cargill                                           US$67,000,000
PO Box 9300
Minneapolis, MN 55440-9300
P: (952) 742-7575
F: (952) 742-7393

JWH Global Trust                                  US$50,576,912
c/o Refco Commodity Management Inc.
One World Financial Center
200 West Liberty St., 22nd Floor
New York, NY 10281

RB Securities Limited                             US$50,661,064
54 Brivibas Street
LV-1011 Riga, Lativa
P: + 371 702-52-84
F: + 371 702-52-26

Premier Trust Custody                             US$49,365,415
Abraham De Veerstraat 7-A
Curacao, Netherlands Antilles

London & Amsterdam Trust Company                  US$47,560,980
P.O. Box 10459 APO
3rd Floor
Century Yard
Cricket Square, Elgin Ave.
Grand Cayman, Cayman Island

Stilton International Holdings                    US$46,820,415
Trident Chambers, Wickhams Cay
P.O. Box 146
Road Town, British Virgin Islands                 

Refco Advantage Multi-Manager Fund Futures Series US$41,713,723
c/o Refco Alternative Investments Group
One World Financial Center
200 West Liberty St., 22nd Floor
New York, NY 10281

Banesco NY Banesco Banco Universal C.A.           US$39,596,609
Av Urdaneta, Esquina El Chorre, Torre Untbanca
Caracas Venezuela

Josefina Franco Sillier                           US$32,862,419
Carretera Mexico-Toluca No. 4000
Col. Cuajimalpa D.R. 0500 Mexico

Rovida                                            US$32,831,461
London & Amsterdam Trust Company
P.O. Box 10459 APO
3rd Floor
Century Yard, Cricket Sq.

Caja S.A.                                         US$30,950,115
Sarmiento 299 1 Subsuelo (1353)
Buenos Aires, Argentina
P: (54 11) 4317-8900
F: (54 11) 4317-8909

Global Management Worldwide                       US$28,976,612
Trident Corp.
Service Floor 1
Kings Court Bay St.
PO Box 3944
Nassau, Bahamas

Abadi & Co. Securities                            US$28,046,904
375 Park Avenue, Suite 3301
New York, NY 10152
P: (212) 319 -4135

Refco Winton Diversified Futures Fund             US$27,226,697
c/o Refco Global Finance
One World Financial Center
200 West Liberty Street, 22nd Floor
New York, NY 10281

Pioneer Futures, Inc.                             US$25,932,000
One North End Ave., Suite 1251
New York, NY 10282

Daichi Commodities Co., Ltd.                      US$24,894,833
10-10 Shinsen Cho, Shibuya-Ku
Tokyo, I5O-0045 JAPAN

GS Jenkins Portfolio LLC.                         US$24,631,959
c/o Refco Capital Markets
One World Financial Center
200 West Liberty Street, 22nd Floor
New York, NY 10281

Winchester Preservation                           US$23,349,765
c/o Joseph D, Freney
Christiana Bank & Trust Co.
3801 Kennett Pike, Suite 200
Greenville, DE 19807

Banco Agri Banco Agricola (PANAMA) S.A.           US$22,314,386
Edificio Global Bank
#17, Local F, Calle 50 PANAMA, PA

     - and -

Banco Agricola, S.A.
1RA. Cakke Pte. Y 67 AV. Norte
Final Blvd Constitucion #100
San Salvador, ES

Peak Partners Offshore Master Fund Limited        US$22,205,344
P.O. Box 2199
GT Grand Pavilion Commercial Center
802 West Bay Road
Grand Cayman, Cayman Islands

Arbat Equity Arbitrage Fund                       US$19,106,989
Trident Corporate Services
1st Floor Kings Court
Bay Street
P.O. Box N3944
Nassau, Bahamas

Renaissance Securities (Cyprus) Ltd.              US$17,820,709
2-4 Arch Makarios
111 Avenue Capital Center, 9th Floor
1505 Nicosia Cyprus

AQR Absolute Return                               US$17,482,100
c/o Caledonian Bank & Trust Ltd.
P.O. Box 1043
GT Caledonian House
Grand Cayman, Cayman Islands

Geshoa Fund                                       US$17,319,494
Corporate Center
West Bay Road
Po Box 31106 Smb
Grand Cayman

RK Consulting                                     US$14,074,345
7, Kountouriotou Street
14563 Kifissia
Greece

VR Capital Group Ltd.                             US$13,690,549
Avrora Business Park
Calendonian House Mary Street
NAB 77 Building 1
MOSCOW, RUSSIA 115035
P: +358 600 41 902

GTC Bank, INC.                                    US$12,971,439
Calle 55 Este
Torre World Trade Center
Piso 7
PANAMA GUATEMALA
P: (507) 265-7371
F: (507) 265-7396

Inversiones Concambi                              US$12,799,137
c/o AEROCAV 1029
P.O. BOX 02-5304
MIAMI, PL 33102

Miura Financial Services                          US$12,150,213
AV. Francisco De Miranda
TORRE LA
PRIMERA PISO 3
CARACAS VENEZUELA

NKB Investments Ltd.                              US$11,699,430
199 Arch Makarios Ave
196 Makarios III Avenue
Ariel Corner 3rd Floor
Office 301 3030
Limassol CYPRUS

Tokyo Forex Financial Inc                         US$11,689,354
Shinjyuku Oak Tower, 35th Floor
6-8-1 Nishishinjyuku
Shinjyuku-Ku, Tokyo JAPAN

Birmingham Merchant S.A.                          US$11,215,413
AV. ARGENTINA 4793
PISO 3
CALLAO PERU

BAC International                                 US$10,906,506
Calle 43 Qnquillo De Laguar
PANAMA
P: (507) 265-8289
F: 507-205-4031

Total Bank                                        US$10,657,732
Calle Guaicaipuro Entre
Av.Principalde
Ias Mercedes
Torre Alianza Piso 9
EL ROSAL, CAACAS, VENEZUELA
P: (0212) 264.72.54/49.42
F: (0212) 266.58.12

Reserve Invest (Cypress) Limited                  US$10,499,733
Maximos Plaza
3301 Block 3
3035 LIMASSOL
CYPRUS

Refco Commodity Futures Fund                      US$10,166,045
c/o Refco Alternative Investments Group
One World Financial Center
200 Liberty Street, 22nd Floor
New York, New York 10281
P: 877 538 8820
F: 877 229 0005


REGALI RICCHI: Names Liquidators from Harrisons
-----------------------------------------------
John C. Sallabank and Paul R. Boyle of Harrisons were appointed
Joint Liquidators of Regali Ricchi Limited on Oct. 3 for the
creditors' voluntary winding-up proceeding.

Headquartered in Chesterfield, United Kingdom, Regali Ricchi
Limited sells equestrian clothing.


REKRI8 LIMITED: Bank of Scotland Appoints Joint Receivers
---------------------------------------------------------
Bank of Scotland appointed Christopher Ratten and Thomas
Campbell Maclennan of Tenon Recovery joint administrative
receiver of Rekri8 Ltd. (Company Number 04054472) on Sept. 28.

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

Headquartered in Stockport, United Kingdom, Rekri8 Ltd. --
http://www.rekri8.co.uk/-- manufactures domestic gas products.


ROOTS ASSOCIATES: Creditors' Meeting Slated for October 20
----------------------------------------------------------
Creditors of Roots Associates Limited (Company Number 04705926)
will meet at 10:30 a.m. on Oct. 20 at:

         The Campanile Hotel
         20 Beverley Road
         Hull HU2 9AN
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 19 at:

         D. A. Willis
         Administrator
         Jacksons Jolliffe Cork
         Lowgate House
         Lowgate
         Hull HU1 1EL
         United Kingdom

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- was  
established in 1998.  It has offices in Doncaster, Harrogate,
Hull, Middlesbrough, Wakefield and York.  The firm is engaged
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.


SANDERSON PRECISION: Brings In Paul Webb to Administer Assets
-------------------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
appointed administrator of Sanderson Precision Products Ltd.
(Company Number 04775566) on Sept. 19.

The administrator can be reached at:

         Mayfields Insolvency Practitioners
         Church Steps House
         Queensway
         Halesowen
         West Midlands B63 4AB
         United Kingdom
         Tel: 0121 550 0011

Headquartered in Sheffield, United Kingdom, Sanderson Precision
Products Ltd. manufactures basic iron and steel.


SANDUSKY WALMSLEY: Creditors' Meeting Slated for October 20
-----------------------------------------------------------
Creditors of Sandusky Walmsley Limited (Company Number 03927308)
will meet at 11:00 a.m. on Oct. 20 at:

         Jury's Inn
         56 Great Bridgewater Street
         Manchester M1 5LE
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 19 at:

         M. Horrocks and R. S. Cash
         Joint Administrators
         PricewaterhouseCoopers LLP
         Benson House
         33 Wellington Street
         Leeds LS1 4JP
         United Kingdom
         Tel: [44] (113) 289 4000
         Fax: [44] (113) 289 4460

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.  


SCRIBES LIMITED: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Creditors of Scribes Limited confirmed Oct. 4 the appointment of
Roderick Graham Butcher of Butcher Woods as the company's
Liquidator.

Headquartered in Rugeley, United Kingdom, Scribes Limited --
http://www.scribes.ltd.uk/-- provides calligraphy,  
illustration, bookbinding and digital archiving services.  The
company's products include books of remembrance and condolence,
special presentations, scrolls for Freedom ceremonies, indoor
and outdoor plaques, wedding stationery, registers, and visitor
books.  Scribes also supplies display cabinets and chapel
furniture.


SIRVA WORLDWIDE: Operating Pressures Spur Moody's to Cut Ratings
----------------------------------------------------------------
Moody's Investors Service lowered the Corporate Family and
Probability of Default ratings of SIRVA Worldwide Inc. to B3
from B2.  Moody's affirmed the B2 senior secured and LGD-3
ratings, and reduced the Expected Loss Given Default Rate to 38%
from 46%.  Moody's will withdraw all SWI ratings due to Moody's
belief that it lacks adequate financial information to maintain
the ratings.

SIRVA, Inc., SWI's holding company parent, has yet to file a
Form 10-K for its fiscal year ended Dec. 31, 2005 nor Forms 10-Q
for any quarter beginning after Dec. 31, 2004.  In addition, on
Aug. 11, the company reiterated that it had concluded that its
annual financial statements filed for the years ended
Dec. 31, 2002 through 2004 and for all quarterly periods
beginning after Dec. 31, 2001 should not be relied upon because
of accounting errors in these financial statements.

SWI's bank credit agreement requires SWI to provide to lenders
the audited annual and unaudited quarterly financial statements
for each of SIRVA, Inc. and of SWI.  The Credit Agreement has
been amended to extend the filing requirement for the audited
annual financial statements for 2005 to Jan. 31, 2007.

The downgrades reflect Moody's belief that operating margins
will be pressured over the intermediate term due to:

   -- lower demand for SWI's moving services from a
      softening U.S. housing market,

   -- pricing pressure because of SWI's and its
      competitor's focus on maintaining respective
      market share, and

   -- pressure from corporate customers focused on
      cost reductions.

Moody's notes that SIRVA, Inc. has filed a Form 8-K dated August
15, 2006, with preliminary, unaudited financial statements for
2005 for both of SWI and SIRVA, Inc. The SWI financials reflect
weak credit metrics, including EBIT margin of 0.4%,
EBIT / Interest of 0.3x and Debt / EBITDA of 8.4x, and
meaningfully negative free cash flow.  Moody's anticipates some
improvement in EBITDA for 2006 due mainly to the ongoing
rationalization of SWI's global cost structure and lower non-
recurring expenses; however, Moody's believes the resultant
metrics will remain relatively weak.

Financial flexibility is also limited in Moody's view.  Negative
free cash flow is expected although breakeven free cash flow is
possible over the intermediate term if demand supports modest
growth in both net revenue and relocation initiations consistent
with the levels that SIRVA, Inc. discussed in its conference
call of Aug. 16.

In addition to the weak cash flow, SWI required an eighth
amendment to the Credit Agreement, to allow it more time to
comply with the requirements to provide quarterly and audited
annual financial statements.  Moody's believes the possibility
exists that SWI will not meet all of the filing due dates
required by the Eighth Amendment, and SIRVA may need additional
time to provide the required delinquent financial statements as
well as to return to timely reporting for current and future
periods.

Recently, SIRVA, Inc. did raise US$75 million of junior capital
and used the proceeds to reduce the term loan and some of the
outstanding revolver balance.  However, the commitment level of
the revolver was not reduced and remains at US$175 million with
over half of the commitment used.

The lowered corporate family rating reflects both a higher
overall probability of default and the expected degree of loss
if a default were to occur.  The notching up of the instrument
rating and the lower LGD Rate (improved expected recovery) on
the secured credit facility reflect the benefit of the new
US$75 million of convertible subordinated notes.  This junior
capital increases the amount of the first-loss absorbing junior
position in the family debt structure.

Sirva Worldwide, Inc.

Downgrades:

    * Corporate Family , to B3 from B2
    * Probability of Default, to B3 from B2

Upgrades:

    * Loss Given Default Rate, Senior Secured
      Bank Credit Facility, to 38 - LGD 3 from 46 - LGD 3

Ratings to be withdrawn:

    * Corporate Family, of B3

    * Probability of Default, of B3

    * Senior Secured, of B2

    * Loss Given Default Rate, Senior Secured
      Bank Credit Facility, of 38 - LGD 3

SIRVA Worldwide Inc., headquartered in Westmont, Illinois, and a
wholly owned operating subsidiary of SIRVA, Inc. is a leader in
providing relocation solutions and moving services to a diverse
global customer base.


SOUTHERN COUNTY: E. J. Stonham Leads Liquidation Procedure
----------------------------------------------------------
E. J. Stonham of Stonham.Co was appointed Liquidator of Southern
County Chillers Limited on Oct. 3 for the creditors' voluntary
winding-up proceeding.

Headquartered in Wokingham, United Kingdom, Southern County
Chillers Limited engages in sales, service and maintenance on
all refrigeration and air-conditioning products.


SOUTHERN DRILLING: Appoints Fisher Partners as Administrators
-------------------------------------------------------------
Stephen M. Katz and Brian Johnson of Fisher Partners were
appointed joint administrators of Southern Drilling Services
(and General Engineers) Ltd. (Company Number 02644888) on
Sept. 29.

The administrators can be reached at:

         Fisher Partners
         Acre House
         11/15 William Road
         London NW1 3ER
         United Kingdom
         Tel: 020 7388 7000
         Fax: 020 7380 4900
         E-mail: skatz@hwfisher.co.uk

Headquartered in Arundel, United Kingdom, Southern Drilling
Services (and General Engineers) Ltd. manufactures drilling
rigs.  The company also supplies and repairs parts for drilling
rigs.


SPLASH OF PAINT: Brings In Bishop Fleming to Administer Assets
--------------------------------------------------------------
Samuel Jonathan Talby and Jeremiah Anthony O'Sullivan of Bishop
Fleming were appointed joint administrators of Splash of Paint
Ltd. (Company Number 02494776) on Oct. 4.

With offices in Bristol, Exeter, London, Plymouth, Torbay and
Truro, United Kingdom, Bishop Fleming --
http://www.bishopfleming.co.uk/-- is one of the biggest firms  
of Chartered Accountants for South West U.K. businesses that
demand expert accounting and financial accounts management.

Splash of Paint Ltd. can be reached at:

         Larch House
         Sulhamstead
         Reading
         Berkshire RG7 4BB
         United Kingdom
         Tel: 0118 932 3566
         Fax: 0118 932 3252


SPORTINGBET PLC: Sells U.S. Business to Jazette Ent. for US$1
-------------------------------------------------------------
Sportingbet PLC has sold its U.S. business to Jazette Enterprises
Limited for US$1 on Oct. 13, hours before U.S. President George
W. Bush signed into law an act banning online gaming across the
country.

Sportingbet received the cash consideration for the shares and
related assets of the company's US operations, and has
discharged excess liabilities amounting to approximately US$13.2
million.  Had the business been closed, the Board estimated that
the cost of severance and closure would have amounted to
approximately US$14.0 million -- a total saving of about US$27.2
million.  

Following the disposal, neither Sportingbet, its Directors nor
related parties will have any interest, commercial or otherwise,
in JEL or the US operations.

The US Operations employed over 500 people and the Board
understands that JEL intends to preserve the operational
structure to all material extent.

Under the terms of the disposal, Sportingbet will retain the
URLs and intellectual property of wallstreet.com, aces.com and
sportingbetUSA.com though these will not be used for any US
gaming purpose.  In addition, JEL has agreed, for a period of
two years, not to take bets from non-US residents and for a
period of three years, not to take bets from customers outside
the Americas region.  Further, Sportingbet has retained the
details of all non-US resident customers currently registered
with the US operations.  Sportingbet will attempt to migrate
those customers to its ongoing European business.

"We are saddened to have to dispose of such a fantastic business
as a result of political actions in the US Congress," Andrew
McIver, Chief Executive designate, said.  "The sale however,
prevents significant closure costs which would have been both
expensive and time consuming.  It also preserves the employment
of those of our colleagues who have worked so hard to build the
US operations into the highly profitable business it is today.  
Sportingbet will now focus on developing its business in other
key markets of the world."

According to Simon Bowers of The Guardian, Sportingbet is
expected to make more than GBP300 million in losses in the
current financial year after it was forced to write off its U.S.
businesses.

Sportingbet's Paradise Poker business closed to U.S. customers
Friday, wiping out about two-thirds of divisional revenues at a
stroke, Mr. Bowers relates.

The company is scheduled to release its results for the twelve
months ended July 31, 2006, at 9:30 a.m. London time today.

                      About the Company

Headquartered in London, England, Sportingbet PLC is an e-gaming
operator traded on the London Stock Exchange's Alternative
Investment Market (symbol: SBT.L).  As of late September 2006,
Sportingbet had a market capitalization in excess of GBP750
million.  The company has offices in Ireland, Costa Rica, and
Australia.

On Sept. 7, SportingBet chairman Peter Dicks was detained in New
York City on a Louisiana warrant while traveling in the United
States on business unrelated to online gaming.  The arrest comes
two months after the arrest of David Carruthers, CEO of rival
betting company, BetOnSports.com.  On Sept. 29, Mr. Dicks was
released from US custody returned to the UK.


STEWART COOK: Creditors' Meeting Slated for October 23
------------------------------------------------------
Creditors of Stewart Cook Limited (Company Number 03520045) will
meet at 10:30 a.m. on Oct. 23 at:

         BDO Stoy Hayward LLP
         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton SO14 3TL
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 20 at:

         Graham Hunter Martin and Laurie Katherine Manson
         Joint Administrators
         BDO Stoy Hayward LLP
         Arcadia House
         Maritime Walk
         Ocean Village
         Southampton SO14 3TL
         United Kingdom

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.


SULLIVAN CONSTRUCTION: Names Timothy Calverley Liquidator
---------------------------------------------------------
Timothy Calverley of Haines Watts was appointed Liquidator of
Sullivan Construction Limited on Oct. 4 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Sullivan Construction Limited
         19 Philip Avenue
         Cleethorpes
         South Humberside DN359DL
         United Kingdom
         Tel: 01472 692 211


TANKERTON BATHROOM: Hires Liquidator from Fisher Partners
---------------------------------------------------------
Stephen M. Katz of Fisher Partners was appointed Liquidator of
Tankerton Bathroom & Fireplace Specialists Limited on Oct. 3 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Tankerton Bathroom & Fireplace Specialists Limited
         107 Tankerton Road
         Whitstable
         Kent CT5 2AJ
         United Kingdom
         Tel: 01227 266610
         Fax: 01227 266618  
         Web: http://www.specialistfireplaces.co.uk/


TIPTOP RUNNERS: Creditors' Claims Due Nov. 17
---------------------------------------------
Creditors of Tiptop Runners Ltd. have until Nov. 17 to send in
their names, addresses and the particulars of their debts and
claims to appointed Liquidator M. Arkin of Arkin & Co. at:

         Maple House
         High Street
         Potters Bar
         Hertfordshire EN6 5BS
         United Kingdom

Headquartered in London, United Kingdom, Tiptop Runners Ltd. --
http://www.tiptopmedia.co.uk/-- offers practical solution to  
staff shortages in and about the office with the supply of
freelance personnel.  The company also offers complete solutions
to storage needs in the workplace.


TLS EUROPE: Creditors' Meeting Slated for October 24
----------------------------------------------------
Creditors of TLS Europe Limited (Company Number 05115576) will
meet at 10:00 a.m. on Oct. 24 at:

         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 23 at:

         S. T. Bennett
         Joint Administrator
         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW
         United Kingdom
         Tel: 020 8922 9222
         Fax: 020 8922 9223
         Enquiry Line: 020 8922 9121


VENTURE DISTRIBUTION: Taps Administrators from Fanshawe Lofts
-------------------------------------------------------------
Antony Robert Fanshawe and Stephen John Adshead of Fanshawe
Lofts were appointed joint administrators of Venture
Distribution Ltd. (Company Number 04245120) on Sept. 28.

The administrators can be reached at:

         Fanshawe Lofts
         41 Castle Way
         Southampton
         Hampshire SO14 2BW
         United Kingdom
         Tel: 023 8023 3522
         Fax: 023 8023 3504
         E-mail: sa@fanshawe-lofts.co.uk  
                 arf@fanshawe-lofts.co.uk

Venture Distribution Ltd. can be reached at:

         Bilton Way
         Lutterworth
         Leicestershire LE17 4JA
         United Kingdom
         Tel: 01455 555 400
         Fax: 01455 555 401


VIA GELLIA: Hires F A Simms as Joint Administrators
---------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners PLC were appointed joint administrators of Via Gellia
Transport Ltd. (Company Number 2410852) on Sept. 25.

The administrators can be reached at:

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

Via Gellia Transport Ltd. can be reached at:

         Sandy Hill
         Middleton
         Matlock
         Derbyshire DE4 4LR
         United Kingdom
         Fax: 01629 825 662


WARDELL HURST: Nominates Liquidators from Abbott Fielding
---------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Joint Liquidators of Wardell Hurst Limited (fka Doriangrace
Limited) on Oct. 5 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Wardell Hurst Limited
         Unit 4
         Gaugemaster Way
         Ford
         Arundel
         West Sussex BN180RX
         United Kingdom
         Tel: 01903 882 303
         Fax: 01903 883 871


WESTMINSTER HOSPITALITY: Names Zafar Igbal as Administrator
-----------------------------------------------------------
Zafar Iqbal of Cooper Young was named administrator of
Westminster Hospitality & Events Ltd. (Company Number 04566746)
on Oct. 3.

The administrator can be reached at:

         Cooper Young
         Kirkdale House
         Kirkdale Road
         Leytonstone
         London E11 1HP
         United Kingdom
         Tel: 020 8539 0700  

Headquartered in Lambeth, United Kingdom, Westminster
Hospitality & Events Ltd. retails event tickets.

                           *********

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
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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-
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Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
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Copyright 2006.  All rights reserved.  ISSN 1529-2754.

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