TCREUR_Public/061019.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

         Thursday, October 19, 2006, Vol. 7, No. 208

                           Headlines

A U S T R I A

BEHRENS EUROLIFT: Creditors' Meeting Slated for Nov. 15
MC-CASH LLC: Claims Registration Period Ends October 23
MOEWE4MOEBELWERKSTATT LLC: St. Poelten Court Shuts Down Business
O-KONSULT LLC: Wels Court Orders Business Shutdown


B E L G I U M

GOODYEAR TIRE: Labor Strike Cues S&P to Put Rating on Watch Neg.
RED PRAIRIE: Moody's Assigns Loss-Given-Default Rating
SERENA SOFTWARE: Moody's Assigns Loss-Given-Default Rating
VWR INTERNATIONAL: Moody's Assigns Loss-Given-Default Ratings


C Y P R U S

TMK OAO: TMK Steel Limited Gains Full Ownership


C Z E C H   R E P U B L I C

HEXION SPECIALTY: Moody's Rates New Second Lien Notes at B3
LG.PHILIPS DISPLAYS: Posts CZK8.4-Billion Losses in 2005


D E N M A R K

HARLAN SPRAGUE: Moody's Assigns Loss-Given-Default Ratings
IMAX CORP: Moody's Assigns LGD4 Rating to 9-5/8% Senior Notes


F R A N C E

ALCATEL SA: Inks LatAm Network Solutions Deal with Telefonica
COREL CORP: Moody's Assigns Loss-Given-Default Rating
EUROTUNNEL GROUP: Sets Oct. 31 as Target Date for Agreement
EUROTUNNEL GROUP: Third Quarter Total Revenue Up to GBP149.5 Mln
NUANCE COMMS: Moody's Assigns Loss-Given-Default Rating

PROTECTION ONE: Moody's Assigns Loss-Given-Default Ratings
RHODIA SA: BNP Paribas Buys 8.17% Stake from Sanofi for EUR183MM
RHODIA S.A.: Majority of Noteholders Tender Notes
SCIENTIFIC GAMES: Moody's Assigns Loss-Given-Default Ratings
SERVICE CORPORATION: Moody's Assigns Loss-Given-Default Ratings

WEIGHT WATCHERS: Moody's Assigns Loss-Given-Default Ratings


G E R M A N Y

ALLEGHENY TECHNOLOGIES: Moody's Gives Loss-Given-Default Rating
ANCORA VERSICHERUNGS: Claims Registration Ends October 27
B+B TRANSPORT: Claims Registration Ends October 25
CHANNEL WELL: Claims Registration Ends October 25
CONVERIUM RUECKVERSICHERUNG: Moody's Rates US$200M Notes at Ba1

GOEBENSTRASSE 3: Creditors' Meeting Slated for October 26
GOTTSCHALKSTRASSE WOHNEN: Creditors' Meeting Slated for Oct. 26
HC SUHL 99: Claims Registration Ends October 30
ICP GESELLSCHAFT: Claims Registration Ends October 27
J. STEHLE & SOEHNE: Claims Registration Ends October 27

MARKT KONZEPT: Claims Registration Ends October 30
NOVELIS INC: Moody's Assigns Loss-Given-Default Ratings
RENE SCHULZ: Claims Registration Ends October 30
RICHARD PRIEN: Claims Registration Ends October 23
SERVICE CORPORATION: Moody's Assigns Loss-Given-Default Ratings


G R E E C E

WEIGHT WATCHERS: Moody's Assigns Loss-Given-Default Ratings


I C E L A N D

CENTURY ALUMINUM: Moody's Assigns Loss-Given-Default Ratings


I R E L A N D

CENTRAL PARKING: Moody's Assigns Loss-Given-Default Ratings
SS&C TECHNOLOGIES: Moody's Assigns Loss-Given-Default Rating


I T A L Y

DA VINCI SYNTHETIC: Fitch Gives BB+ Rating on EUR15.6-Mln Notes
EFIBANCA: Merger Prompts Moody's to Review Ratings & May Upgrade
HILTON HOTELS: Moody's Assigns Loss-Given-Default Ratings
POPOLARE ITALIANA: Moody's Reviews D Financial Strength Rating


K A Z A K H S T A N

ARDAGER-RODNIK: Akmola Court Opens Bankruptcy Proceedings
ECOLINE ENTERPRISES: Creditors Must File Claims by Nov. 10
ICEBERG: Proof of Claim Deadline Slated for Nov. 8
IVIKON KURYLYS: Creditors Must File Claims by Nov. 10
MADINA: Proof of Claim Deadline Slated for Nov. 8

MUNAISHY-SERVICE: Claims Registration Ends Nov. 10
POKROVOSKOYE: Kostanai Court Begins Bankruptcy Proceedings
SHIPA SERVICE: Mangistau Court Starts Bankruptcy Procedure
TECHNICOM LTD: Creditors' Claims Due Nov. 10


K Y R G Y Z S T A N

MURAT AGROTRADING: Proof of Claim Deadline Slated for Nov. 24


L A T V I A

BALTIC BANK: Moody's May Upgrade Ba2 Covered Bond Rating


N E T H E R L A N D S

BASELL AF: Fitch Rates Senior Secured Facilities at BB+
CORUS GROUP: Confirms Tata Steel's GBP4.1-Bln Takeover Proposal
LAURUS NV: Recommends Jan H. Ozinga as Supervisory Director
LG.PHILIPS DISPLAYS: Czech Unit Posts CZK8.4-Bln Losses in 2005
SCIENTIFIC GAMES: Moody's Assigns Loss-Given-Default Ratings

SS&C TECHNOLOGIES: Moody's Assigns Loss-Given-Default Rating
SYNIVERSE TECHNOLOGIES: Moody's Gives Loss-Given-Default Ratings


N O R W A Y

AKER KVAERNER: Wins NOK100-Million Mooring Systems Contracts


R U S S I A

ALUMINIUM BUILDING: Samara Court Starts Bankruptcy Supervision
ANNINSKIY: Voronezh Court Names S. Khomin as Insolvency Manager
BUILDER CJSC: Court Names I. Borzov as Insolvency Manager
EAR CJSC: Altay Bankruptcy Hearing Slated for Feb. 19
INVEST-TRANS-SERVICE: Court Names O. Feldman to Manage Assets

LUKOIL OAO: Environment Ministry Probes Deeper into Violations
LYUBIMSKOYE FUEL: Yaroslavl Bankruptcy Hearing Slated for Nov. 1
METAL-INVEST-SERVICE: Court Names V. Gusev as Insolvency Manager
MILLING MACHINE: Court Names N. Aksenov as Insolvency Manager
NORWOOD ENTERPRISE: Asset Sale Slated for October 30

NOVGOROD-AVIA: Court Names A. Tsybin as Insolvency Manager
OGK-5 JSC: Moody's Assigns Ba3 Corporate Family Rating
RUSSIAN CAR: Moody's Assigns (P)Ba2 Rating to Class C Notes
SERGIEVY GORKI: Vladimir Bankruptcy Hearing Slated for Dec. 19
SIBROSS-INVEST: Court Names L. Prikhodko as Insolvency Manager

SUDISLAVSKIY DIARY: Court Starts Bankruptcy Supervision
TMK OAO: TMK Steel Limited Gains Full Ownership
USEC INC: Moody's Assigns Loss-Given-Default Rating
VYATSKAYA: Kirov Court Names K. Volkov as Insolvency Manager
YUGRA-TRUST: Court Names V. Belonogov as Insolvency Manager

YUKOS OIL: Deutsche Bank Eyes Controlling Stake, Chairman Says


S E R B I A   &   M O N T E N E G R O

TUBE CITY: Moody's Assigns Loss-Given-Default Ratings
U.S. STEEL: Moody's Assigns Loss-Given-Default Rating


S L O V A K   R E P U B L I C

TUBE CITY: Moody's Assigns Loss-Given-Default Ratings
U.S. STEEL: Moody's Assigns Loss-Given-Default Rating


S P A I N

ASPECT SOFTWARE: Moody's Assigns Loss-Given-Default Ratings
HARLAN SPRAGUE: Moody's Assigns Loss-Given-Default Ratings
TELCORDIA TECHNOLOGIES: Moody's Gives Loss-Given-Default Ratings


S W E D E N

EPICOR SOFTWARE: Moody's Assigns Loss-Given-Default Rating
GOODYEAR TIRE: Labor Strike Cues S&P to Put Rating on Watch Neg.


S W I T Z E R L A N D

CONVERIUM AG: Moody's Reviews Baa1 Financial Strength Rating
CONVERIUM HOLDING: Inks US$295-Mln Sale Agreement With NICO
CONVERIUM HOLDING: Moody's May Upgrade B2 Rating on Sale Deal
HEXION SPECIALTY: Moody's Rates New Second Lien Notes at B3
TOWN SPORTS: Moody's Assigns Loss-Given-Default Ratings


T U R K E Y

AKBANK T.A.S.: Citigroup to Buy 20% Stake for US$3.1 Billion
IMAX CORP: Moody's Assigns LGD4 Rating to 9-5/8% Senior Notes


U K R A I N E

ALFA TELEKOM: Court Names Svitlana Bikova as Insolvency Manager
MAYORSKIJ REINFORCED: Court Names I. Strashnov as Liquidator
PETROVSKE REPAIR-TRANSPORT: A. Vinnik to Liquidate Assets
SOBORNIJ: Herson Court Names Mr. Kosovskij as Liquidator
VITREN: Donetsk Court Starts Bankruptcy Supervision Procedure

VSEUKRAINSKY AKTSIONERNY: Fitch Assigns B- Issuer Default Rating
YUZHSPECEXPORT LLC: Court Names V. Kosovskij V. as Liquidator
ZHVANETS REPAIR-TRANSPORT: Sergij Shishkin to Manage Assets


U N I T E D   K I N G D O M

ACCESS DEVICES: For Sale as a Going Concern
ALLEGHENY TECHNOLOGIES: Moody's Gives Loss-Given-Default Rating
AMARO PROFESSIONAL: Brings In KPMG to Administer Assets
ASCOT BLACK: Moody's Rates Class E Credit Default Swap at (P)Ba2
ASPECT SOFTWARE: Moody's Assigns Loss-Given-Default Ratings

BLIGHTS BUILDERS: Brings In Administrators from Bishop Fleming
BRITISH AIRWAYS: Launches Competition to Address Pension Deficit
CAIRNSERVE GROUP: BDO Stoy Hayward Selling Fast Food Operator
CHALLENGE BUSINESS: Grant Thornton Selling Yachting Firm
CORUS GROUP: Confirms Tata Steel's GBP4.1-Bln Takeover Proposal

ELONEX LIMITED: Taps Vantis to Administer Assets
EURACH PARC: Brings In KPMG as Joint Administrators
EUROSAIL 2006-2: Fitch Gives B Rating on GBP1.538 Mln Notes
EUROTUNNEL GROUP: Sets Oct. 31 as Target Date for Agreement
EUROTUNNEL GROUP: Third Quarter Total Revenue Up to GBP149.5 Mln

EXMOOR TEDDY: Brings In Laurence Russell as Administrator
FORD MOTOR: Anthony Bamford Withdraws Plans to Buy Jaguar
GLASS HOUSES: Names William Antony Batty as Administrator
HILTON HOTELS: Moody's Assigns Loss-Given-Default Ratings
HIT ENTERTAINMENT: Moody's Affirms Low-B Ratings on Amendments

INSTRUMENT TECHNOLOGY: Vacuum Hardware Manufacturer Up for Sale
ISLE OF CAPRI: Moody's Assigns Loss-Given-Default Ratings
LAMDA POLYTECH: Appoints Martin Dominic Pickard as Administrator
MAINE OFFICE: Appoints Baker Tilly as Joint Administrators
MIDLAND TOYS: PricewaterhouseCoopers Selling Toy Retailer

NOVELIS INC: Moody's Assigns Loss-Given-Default Ratings
OCEAN GOLD: Fish Products Supplier up for Sale
PPC SUPPLIES: Appoints Administrators from RSM Robson Rhodes
PROFILE WRAPPERS: Taps Joint Administrators from KPMG
SANA FOR LIFE: Brings In Begbies Traynor to Administer Assets

SEA CONTAINERS: Gets Authority to Employ BMC as Claims Agent
SECURE COMPUTING: Moody's Assigns Loss-Given-Default Rating
SFX ENTERTAINMENT: Moody's Assigns Loss-Given-Default Ratings
VECTA SOFTWARE: Appoints KPMG to Administer Assets
SKYEPHARMA PLC: Posts GBP26.4 Mln Net Loss in 2nd Quarter 2006

WORLD GAMING: Creditors Appoint UHY Hacker as Administrators
YMD REALISATIONS: Creditors' Meeting Slated for October 26

* Moody's Sees Modest Credit Quality Improvement in 3rd Quarter
* Fitch Identifies Levels of Risk on European Cable Market

* Upcoming Meetings, Conferences and Seminars

                            *********

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


BEHRENS EUROLIFT: Creditors' Meeting Slated for Nov. 15
-------------------------------------------------------
Creditors owed money by LLC behrens eurolift (FN 113961s) are
encouraged to attend the creditors' meeting at 9:00 a.m. on
Nov. 15 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Ried im Innkreis
         Halll 101
         1st Floor
         Ried im Innkreis, Austria

Headquartered in Innkreis, Austria, the Debtor declared
bankruptcy on Sept. 7 (Bankr. Case No. 17 S 31/06z).  Robert
Mayrhofer serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Robert Mayrhofer
         Kapuzinerberg 2
         4910 Ried im Innkreis, Austria
         Tel: 07752 / 82661
         Fax: 07752 / 80370
         E-mail: dr.mayrhofer-dr.koepplinger@utanet.at


MC-CASH LLC: Claims Registration Period Ends October 23
-------------------------------------------------------
Creditors owed money by LLC Mc-Cash (FN 214523a) have until
Oct. 23 to file written proofs of claims to court-appointed
property manager Eva Riess at:

         Dr. Eva Riess
         c/o Dr. Leopold Riess
         Zeltgasse 3/13
         1080 Vienna, Austria
         Tel: 402 57 01-0
         Fax: 402 57 01-21
         E-mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Nov. 6 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 7 (Bankr. Case No. 3 S 128/06b).


MOEWE4MOEBELWERKSTATT LLC: St. Poelten Court Shuts Down Business
----------------------------------------------------------------
The Land Court of St. Poelten entered an order Sept. 6 shutting
down the business of LLC moewe4moebelwerkstatt (FN 218400b).
Court-appointed property manager Franz Hofbauer recommended the
business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Dr. Franz Hofbauer
         Main Place 6
         3370 Ybbs an der Donau, Austria
         Tel: 07412/52731
         Fax: 07412/52731
         E-mail: dr.hofbauer@wibs.at

Headquartered in Persenbeug, Austria, the Debtor declared
bankruptcy on Aug. 29 (Bankr. Case No. 14 S 136/06z).


O-KONSULT LLC: Wels Court Orders Business Shutdown
--------------------------------------------------
The Land Court of Wels entered an order on Sept. 6 shutting down
the business of LLC O-Konsult (FN 219953k).  Court-appointed
property manager Clemens Krabatsch recommended the business
shutdown after determining that the continuing operations would
reduce the value of the estate.

The property manager can be reached at:

         Mag. Clemens Krabatsch
         Hafergasse 7
         4600 Wels, Austria
         Tel: 07242/35264
         Fax: 07242/35264-14
         E-mail: kanzlei.krabatsch@merlin.at

Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Aug. 30 (Bankr. Case No. 20 S 105/06a).


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


GOODYEAR TIRE: Labor Strike Cues S&P to Put Rating on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on Goodyear Tire & Rubber Co. on CreditWatch with
negative implications because of the potential for business
disruptions and earnings pressures that could result from the
ongoing labor dispute at some of its North American operations.
Goodyear has total debt (including the present value of
operating leases and underfunded employee benefit liabilities)
of about US$7 billion.

About 15,000 employees at 14 plants in the U.S. and Canada went
on strike on Oct. 5.  The United Steel Workers (USW) represents
the employees.  Goodyear's contract with the USW expired on July
22 although negotiations for a new contract continued until
early October.  The company's main priorities for a new labor
contract are to lower legacy costs, reduce its high cost
footprint, and improve productivity, while the union is focused
on preserving job security protections and employee benefits.

Since the strike began, Goodyear has borrowed almost
US$1 billion under a revolving credit facility to enhance
liquidity should the strike persist.  The company had about
US$1.3 billion in cash before the start of the strike.
Goodyear's liquidity should be more than adequate to allow the
company to comfortably meet its cash requirements for at least
the next several months. But the business and financial costs to
the company will rise over time.  Goodyear currently is able to
meet most customer requirements through existing inventory, but
as inventory is depleted, the company would experience shortages
that could damage customer relationships.

"Ultimately, we expect the two parties to reach an agreement
that should help Goodyear to lower its burdensome cost position
in North America.  The ratings could be lowered, however, if it
appears that the strike is likely to strain the company's credit
profile for the near to medium term," said Standard & Poor's
credit analyst Martin King.


RED PRAIRIE: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors last week,
the rating agency confirmed its B2 Corporate Family Rating for
Red Prairie Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$20 million
   Senior Secured
   Revolving Credit
   Facility due
   5 years                B2        B1      LGD3      36%

   US$150 million
   Senior Secured
   First Lien
   due 6 years            B2        B1      LGD3      36%

   US$45 million
   Senior Secured
   Second Lien
   due 6.5 years         Caa1      Caa1     LGD5      86%

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
alphanumeric 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%).


SERENA SOFTWARE: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors last week,
the rating agency confirmed its B2 Corporate Family Rating for
Serena Software, 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:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$75 Million
   Senior Secured
   Revolving Credit
   Facility due 2012      B1       B1      LGD3       33%
   US$400 Million
   Senior Secured
   First Lien
   due 2013               B1       B1      LGD3       33%

   US$200 Million
   Senior Subordinated
   Note due 2016         Caa1     Caa1     LGD5       87%

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
alphanumeric
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 San Mateo, California, Serena Software, Inc. --
http://www.serena.com/-- is a software provider focused solely
on the design, development, marketing and support of software
used to manage and control change in organizations.

The company has European offices in Belgium, France, Germany,
Italy, Switzerland, the Netherlands and the United Kingdom.


VWR INTERNATIONAL: 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 the Healthcare Service and Distribution
sectors, the rating agency confirmed its B2 Corporate Family
Rating for VWR 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:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. EURO
   Term Loan            B2       Ba3      LGD2     24%

   Sr. Sec. Guaranteed
   US Dollar Term Loan
   due 2011             B2       Ba3      LGD2     24%

   Sr. Sec. Guaranteed
   Revolver
   due 2009             B2       Ba3      LGD2     24%

   Sr. Unsec.
   Guaranteed Notes
   due 2012             B3       B3       LGD4     67%

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

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

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

Headquartered in West Chester, Pennsylvania, VWR International,
-- http://www.vwr.com-- is engaged in the distribution of
scientific products.  It serves more than 250,000 customers in
the life science, industrial, governmental, health care and
educational markets, and also offers Production Supplies and
Services for electronic and pharmaceutical production.  The
company offers more than 750,000 products, from more than 5,000
manufacturers, to over 250,000 customers throughout North
America and Europe.  In Europe, VWR International maintains
operations in Austria, Belgium, Sweden, Ireland, Portugal,
Italy, Germany and the United Kingdom.


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


TMK OAO: TMK Steel Limited Gains Full Ownership
-----------------------------------------------
TMK Steel Ltd. has acquired Dalecone Ltd.'s 33% stake in Russian
pipe manufacturer OAO TMK, RIA Novosti says.

With the acquisition and consolidation, TMK became a wholly
owned unit of TMK Steel, controlled by TMK CEO Dmitry
Pumpyansky.

TMK is also planning to launch an initial public offering of
global depositary receipts and common shares both on Russian and
international trading floors.

According to RIA Novosti, Russian companies, which are thought
to be heavily undercapitalized, have been selling or planning to
sell their shares in the public to create much-needed funds to
compete with foreign groups.

                          About TMK

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

                        *     *     *

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

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


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


HEXION SPECIALTY: Moody's Rates New Second Lien Notes at B3
-----------------------------------------------------------
Moody's Investors Service assigned B3 ratings to the new
guaranteed senior secured second lien notes due 2014 of Hexion
Specialty Chemicals Inc.  The company expects to issue roughly
US$825 million of notes split (55/45) between fixed and floating
rate notes.

The new notes will be used to refinance roughly US$625 million
of existing second lien notes and partially fund a US$500
million dividend to existing shareholders.  A US$375 million
increase in the company's existing guaranteed senior secured
first lien term loan to US$2 billion, rated Ba3, will fund the
remainder of the extraordinary dividend.

Moody's also affirmed Hexion's other long-term debt ratings and
its SGL-2 speculative grade liquidity rating.  As a result of
this refinancing, the LGD assessment rates have changed.  The
outlook is stable and the ratings on the existing second lien
notes will be withdrawn upon successful completion of the
refinancing.

New ratings assigned:

Hexion Specialty Chemicals Inc.

   -- Floating Rate Gtd Second Lien Sr Sec Notes
      due 2014: B3, LGD5, 75%

   -- Fixed Rate Gtd Second Lien Sr Sec Notes
      due 2014: B3, LGD5, 75%

Ratings affirmed with revised LGD rates:

   -- US$225 million Gtd Sr Sec Revolving Credit Facility
      due 5/2011: Ba3, LGD2, 24% from 29%

   -- US$50 million Gtd Sr Sec Letter of Credit Facility
      due 5/2011: Ba3, LGD2, 24% from 29%

   -- US$1,625 million Gtd Sr Sec Term Loan
      due 5/2013: Ba3, LGD2, 24% from 29%*

   -- US$300 million Flt Rate Gtd Second Lien Sr Sec Notes
      due 7/2010: B3, LGD5, 75% from 77%**

   -- US$325 million 9.0% Gtd Second Lien Sr Sec Notes
      due 7/2014: B3, LGD5, 75% from 77%**

   -- US$34 million Pollution Control Revenue Bonds Series 1992
      due 12/2009: B3, LGD5, 75% from 77%

Ratings affirmed:

Hexion Specialty Chemicals Inc.

   -- Corporate Family Rating, B2

   -- Probability of Default Rating, B2

   -- US$114.8 million 9.2% Sr. Unsec Debentures
      due 3/2021: Caa1, LGD6, 94%

   -- US$246.8 million 7.875% Sr. Unsec Notes
      due 2/2023: Caa1, LGD6, 94%

   -- US$78 million 8.375% S.F. Sr. Unsec Debentures
      due 4/2016: Caa1, LGD6, 94%

* Facility size will increase to US$2 billion upon successful
completion of the refinancing

** Ratings will be withdrawn is the tender offer is successfully
completed; if any stub bonds remain, the rating could be lowered
by more than one notch

The B3 ratings on Hexion's second lien notes reflect:

   -- elevated leverage on a historical EBITDA basis,

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

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

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

Moody's notes that if the company were to significantly increase
the size of the secured first lien term loan, as permitted under
the indenture for the secured second lien notes, this could
cause a downgrade of the ratings on the second lien notes.

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

The ratings benefit from:

   -- the company's size,

   -- product diversity,

   -- global operations, and

   -- the anticipation of significant additional synergies

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

The company's metrics would map to the cusp of the "Ba" and "B"
rating category using Moody's Chemical Industry ratings
methodology, versus the B2 corporate family ratings.  However,
given the limited historical data, the pro forma averages may
not adequately reflect the company's through-the-cycle
performance.

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

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


LG.PHILIPS DISPLAYS: Posts CZK8.4-Billion Losses in 2005
--------------------------------------------------------
LG.Philips Displays Czech Republic s.r.o. released its financial
results for the year ended Dec. 31, 2005, Czech News Agency
reports.

LG.Philips posted recorded CZK8.4 billion in losses on CZK5.03
billion in revenues for 2005, compared with CZK437.5 million in
net income on CKZ9.2 billion in revenues for the same period in
2004.

The company planned to manufacture 3.36 million cathode ray
tubes in 2005, but production stood at 2 million.

"The collapse of the market and subsequent decline in prices by
50 percent resulted in an operating loss of CZK1.4 billion,"
Zuzana Fojtikova, spokeswoman for LG.Philips, told CTK.  "The
firm also had to create adjustments worth CZK6.6 billion for
production technology and some properties at the recommendation
of the auditor."

Around CZK400 million of the adjustments were for claims against
the company's bankrupt parent and sister groups.

                  About LG.Philips Displays

Headquartered in Hranice, Czech Republic, LG.Philips Displays
Czech Republic manufactures cathode ray tubes used in
televisions and computer monitors.  LG.Philips Displays Czech
Republic s.r.o. is the Czech unit of LG.Philips Displays Holding
B.V., the European holding company for LG.Philips Displays.

The company's parent, LG.Philips Display Holding B.V. filed for
insolvency protection on Jan. 27, along with its Dutch
subsidiary, LG.Philips Displays Netherlands B.V., and its German
subsidiary in Aachen.  LG.Philips plans to stop production of
cathode ray tube screens within three-to-four years following a
significant decline in the market for CRT, especially in Europe,
and a rising market preference to the more modern LCD
televisions.

                        *     *     *

As reported in TCR-Europe on June 21, LG.Philips Displays Czech
Republic is trying to settle 30% of its EUR230 million debt
within the next 18 months as it seeks for a strategic partner in
a stab to prolong its existence.

LG.Philips, advised by PricewaterhouseCoopers, is currently
holding talks with 15 potential strategic partners, mostly
liquid crystal display makers and car manufacturers looking for
facilities in the region, the paper relates.  According to CBW,
LG.Philips expects to find a partner by late 2006 or early 2007.

The Company has also filed a EUR70-million settlement claim at
the Regional Court in Ostrava, North Moravia.  Philips, the
group's Dutch parent, as well as major creditors, has welcomed
the settlement claim, CBW says.  The Court might be forced to
declare LG.Philips bankrupt if the settlement fails to push
through.


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


HARLAN SPRAGUE: 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 Healthcare Service and Distribution sectors,
the rating agency confirmed its B2 Corporate Family Rating for
Harlan Sprague Dawley 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 Dollar-Denominated
   Sr. Sec. Revolver
   due 2010             B2       B1       LGD3     33%

   Euro-Denominated
   Sr. Sec. Revolver
   due 2010             B2       B1       LGD3     33%

   First Lien Sec.
   Term Loan
   due 2011             B2       B1       LGD3     33%

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
alphanumeric 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 Indianapolis, Indiana, Harlan Sprague Dawley
Inc. -- http://www.harlan.com-- is engaged in the commercial
production and supply of animal models.  In Europe it serves
customers throughout the continent via their operations in
Denmark, France, Germany, Italy, the Netherlands, Spain,
Switzerland and the United Kingdom.  Harlan now produces over
250 stocks and strains of laboratory animals.


IMAX CORP: Moody's Assigns LGD4 Rating to 9-5/8% Senior Notes
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, the rating
agency confirmed IMAX Corp.'s B3 Corporate Family Rating.

Moody's also downgraded the Company's probability-of-default
rating on its 9-5/8% Senior Notes due 2010 to Caa1 from B3.
Additionally, Moody's assigned an LGD4 rating to these notes,
suggesting noteholders will experience a 58% loss in the event
of a default.

Moody's 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 its 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
alphanumeric 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

IMAX Corporation -- http://www.imax.com/-- founded in 1967 and
headquartered jointly in New York City and Toronto, Canada, is
an entertainment technology company, with particular emphasis on
film and digital imaging technologies including 3D, post-
production, and digital projection.  IMAX also designs and
manufactures cameras, projectors and consistently commits
significant funding to ongoing research and development.
The IMAX Theatre Network currently consists of more than 270
IMAX affiliated theatres in 38 countries including Bulgaria,
Czech Republic, Denmark, France, Germany, Italy, The
Netherlands, Poland, Russia, Spain, Sweden, Switzerland, Turkey
and the United Kingdom.


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


ALCATEL SA: Inks LatAm Network Solutions Deal with Telefonica
-------------------------------------------------------------
Alcatel S.A. has been selected by Telefonica S.A. to provide
solutions for its access, Metro Ethernet, IP edge and optical
transport networks in Latin America, enabling Telefonica to
offer new high-bandwidth interactive services to its residential
and corporate customers.

The integrated and flexible solutions, reflecting different
stages of deployment in each of these countries, will provide
higher bandwidth capacity per end-user, with unique
differentiated quality of services.  This, in turn, will enable
the simultaneous delivery of personalized multimedia services
such as IPTV, video on demand and HDTV to residential customers
and advanced virtual private network services to enterprise
customers.

"Our selection of Alcatel as technological partner is based on
their broadband, optical and IP service routing market
leadership and experience as well as their long-term
collaboration with our Group," Horacio Acerbi, Director Services
Technology, Telefonica Internacional (Telefonica Latin America),
said.  "They inspire us with the confidence we need to ensure
that our clients can enjoy the new services demanded with the
required quality and reliability."

"Telefonica is leveraging Alcatel's unparalleled experience in
triple play deployments worldwide," Michel Rahier, President of
Alcatel's fixed communications activities, said.  "Our network
infrastructure, based on IP-based industry-leading solutions, is
reinforcing Telefonica's worldwide leadership in advanced
communication and entertainment services. This success also
strengthens our position as partner of choice in such strategic
network transformations".

                        About Telefonica

Headquartered in Madrid, Spain, Telefonica S.A. --
http://www.telefonica.es/-- provides a range of services mainly
in Spain and 13 countries in Latin America.

                        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.


COREL CORP: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the United States Technology Software sectors
last week, the rating agency confirmed its Caa1 Corporate Family
Rating for Corel Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$75 Million
   Senior Secured
   Revolving Credit
   Facility due 2011      B3       B3      LGD3       33%

   US$90 Million
   Senior Secured
   First Lien
   due 2012               B3       B3      LGD3       33%

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
alphanumeric
umeric 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 Ottawa, Ontario, Corel Corporation
(NASDAQ:CREL) (TSX:CRE) -- http://www.corel.com/-- is a
packaged software  company with an estimated installed base of
over 40 million users.  The company provides productivity,
graphics and digital imaging software.  Its products are sold in
over 75 countries through a scalable distribution platform
comprised of original equipment manufacturers, Corel's
international websites, and a global network of resellers and
retailers.  The company's product portfolio features
CorelDRAW(R) Graphics Suite, Corel(R) WordPerfect(R) Office,
WinZip(R), Corel(R) Paint Shop(R) Pro, and Corel Painter(TM).

In Europe, the company maintains operations in France, Germany,
Italy, the Netherlands, and the United Kingdom.


EUROTUNNEL GROUP: Sets Oct. 31 as Target Date for Agreement
-----------------------------------------------------------
Negotiations between Eurotunnel Group and its creditor
committees are moving forward as they set to come up with an
agreement before Oct. 31, Marcel Michelson writes for Reuters
citing unidentified sources.

Eurotunnel has established Oct. 31 as the target date because
Nov. 1 is a public holiday in Europe.  The company's
administrators have until Nov. 2 to come up with a restructuring
plan.

"There is a general will to arrive at a solution, and talks are
being stepped up with an aim to get to a deal before the end of
the month," Reuters quoted a source close to the matter as
saying.

According to Reuters, Eurotunnel spokeswoman Mady Chabrier
disclosed meetings had recently been resumed between the various
parties and talks were taking place.  The company held good
hopes to be able to arrive at a deal, she said.

"[Chairman and CEO Jacques] Jacques Gounon, assisted by the
administrators, is talking to the various groups in order to be
able to present a plan, or at least a synthesis of viewpoints,
to the Tribunal before the end of the month," Ms. Chabrier told
Reuters.

The Paris Commercial Court will then determine whether the plan
is balanced and equitable to all stakeholders, before soliciting
consents from the creditor committees.

Ms. Chabrier said that Eurotunnel's proposed restructuring
agreement remain as basis for the talks.

As reported in TCR-Europe on Sept 11, the court administrators
sent out letters to registered holders of bank debt on Aug. 2,
informing them to their appointment to a committee of bank debt
holders.  This committee will get to vote on Eurotunnel's
restructuring plan.

Under the French legal proceedings, Eurotunnel creditors have
until Oct. 1 to file their claims with the court; administrators
have until Nov. 1 to present a restructuring proposal.

This plan would have to be circulated to bondholders by Nov. 15
and creditors would have 15 days to vote on it, the company
said.  According to Eurotunnel, the Paris Commercial Court
should give its decision at the end of 2006, or at the latest,
at the beginning of 2007.

                     Restructuring Proposals

Under Gounon's latest plans, shareholders would receive at least
13% of Eurotunnel's equity after a restructuring.  Junior
bondholders were offered GBP75 million in cash and some warrants
in exchange for their GBP1.9 billion of debt.

"At the moment there is an attitude of 'we have to save the
company' -- but we can't just accept everything," the source
close to the bondholders told Reuters.

Eurotunnel had turned down, on June 27, a restructuring plan
prepared by a group of secured bondholders led by Deutsche Bank
AG asserting that it requires too much debt and gives too much
to bondholders.

The bondholders' restructuring plan, which values the company at
EUR7.99 billion, aimed to reduce 60% of total debt to EUR3.7
billion and issue a EUR2.175 billion convertible hybrid note
with a 4% coupon.

The plan rivaled the preliminary restructuring agreement backed
by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and
Barclays PLC.  The plan dated May 23, valued the company at
around EUR7.03 billion and included a EUR1.5 billion hybrid
issue with a 6% to 9% coupon and would reduce debt by 54%.

Under the agreement, bondholders will get a GBP75 million return
for their GBP1.9 billion bond holdings.

On July 12, Eurotunnel presented an ultimate proposal to reach a
compromise between the May 23 preliminary restructuring
agreement and the demands made by its subordinated creditors
represented by ARCO.

The company claimed that the majority of these demands were
satisfied by the substantial efforts jointly made by the company
and the Ad Hoc Committee, which represents the group's senior
creditors.  The subordinated creditors, led by Deutsche Bank,
rejected this final attempt to reach a consensual deal.

Absent a final agreement, the Group may default in January 2007
under a 1998 debt agreement.

                        About the Company

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        *     *     *

                       Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.


EUROTUNNEL GROUP: Third Quarter Total Revenue Up to GBP149.5 Mln
----------------------------------------------------------------
Eurotunnel Group reported growth in activities for the third
quarter of 2006.  The group disclosed GBP149.5 million in total
revenue for 2006 a 7% increase compared with GBP140.1 million
total revenue for the same quarter in 2005.

"I would like to thank our customers for their loyalty and our
teams for their commitment," Jacques Gounon, Chairman and Chief
Executive of Eurotunnel disclosed.  "They have enabled us to
achieve remarkable performance levels this summer.  These
successes must nevertheless be viewed in context which remains
worrying: it is my responsibility to point out that Eurotunnel
cannot continue much longer in this course, unless the very
serious uncertainty which weighs on its future is removed.  Only
a vote in favor of the Safeguard plan, which will be put to
creditors before the end of the month, can remove this
uncertainty."

                             Revenue

Eurotunnel's revenue, which results from transport and non-
transport activities, totaled GBP149.5 million for the third
quarter of 2006.  At constant exchange rates, this represents a
7% increase over the same period in the previous year.

Shuttle services -- Eurotunnel's core activities -- are the
principal drivers of this growth.  Revenue from these activities
grew by 12% to EUR87.3 million.

The Truck service is showing the benefit of the restoration of
direct control by Eurotunnel over the sales network.

Revenues from the Railways increased slightly to GBP59.8 million
for the third quarter in 2006 from GBP58.5 million for the same
period in 2005.  They include payments under the Minimum Usage
Charge, which represented GBP15.4 million for the period; this
arrangement will cease at the end of November 2006.  Revenue
from non-transport activities remains marginal, with a decrease
due to a non-recurring item recorded during the summer of 2005.

                             Traffic

The number of trucks transported on Eurotunnel's Freight Shuttle
service increased by 4%, to 305,850.

Eurotunnel's Passenger Shuttles carried 625,862 cars and 17,295
coaches.

In the third quarter of 2006, 2,152,063 people chose to travel
through the tunnel by Eurostar representing a 10% increase over
the same period in 2005, during which traffic growth slowed
following attacks on London.

Trains operated by the Railways carried 371,910 tonnes of
freight in the third quarter of 2006, 3% more than in 2005.
Despite this progression, traffic levels remain very much lower
than the original forecasts and below the capacity of the
Channel Tunnel.

                       Safeguard Procedure

Eurotunnel obtained on Aug. 2 an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).

Under the French legal proceedings, Eurotunnel creditors have
until Oct. 1 to file their claims with the court; administrators
have until Nov. 1 to present a restructuring proposal.

This plan would have to be circulated to bondholders by Nov. 15
and creditors would have 15 days to vote on it, the company
said.  According to Eurotunnel, the Paris Commercial Court
should give its decision at end of 2006, or at the latest, at
the beginning of 2007.

                       About the Company

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        *     *     *

                       Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.


NUANCE COMMS: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its B2 Corporate Family Rating for
Nuance Communications, 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:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$75 Million
   Senior Secured
   Revolving Credit
   Facility due 2012      B1       B1      LGD3       30%

   US$355 Million
   Senior Secured
   First Lien
   due 2013               B1       B1      LGD3       30%

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
alphanumeric 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%).

Nuance Communications, Inc., formerly ScanSoft, Inc., is a
provider of speech and imaging solutions for business and
consumers around the world.  Its technologies, applications and
services seek to improve user experiences by changing the way
people access, share, manage and use information.

The company has offices in The Netherlands, Germany,
Switzerland, Hungary, Iceland, and the United Kingdom, among
others.


PROTECTION ONE: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer services sector, the rating
agency confirmed its B2 Corporate Family Rating for Protection
One, 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:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$25 million
   Sr. sec.
   Revolver              B2       B1       LGD3     36%

   US$300 million
   Sr. Sec. Term
   Loan                  B2       B1       LGD3     36%

   US$110 million
   Sr. Sub. notes        Caa1     Caa1     LGD5     89%

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
alphanumeric 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 Wichita, Kansas, Protection One --
http://www.protectionone.com/-- provides installation,
maintenance and monitoring of fire and burglar alarm systems.
Network Multifamily, the Company's wholly owned subsidiary, is a
security provider to the multifamily housing market.  Protection
One's 2,300 professionals serve its customers from more than 64
branch offices and three monitoring facilities.  The company
operates in France.


RHODIA SA: BNP Paribas Buys 8.17% Stake from Sanofi for EUR183MM
----------------------------------------------------------------
Sanofi-Aventis S.A. sold its remaining 8.17% stake in Rhodia
S.A. to BNP Paribas S.A. for EUR183 million, Nicolas Johnson and
Marthe Fourcade writes for Bloomberg.

Sanofi-Aventis spokesman Jean-Marc Podvin told Bloomberg that
the company dropped its holding because it didn't fit with
Rhodia's focus on drugs.

Headquartered in Paris, France, Rhodia SA (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  Rhodia employs around 19,500
people worldwide.   Rhodia is listed on Euronext Paris and the
New York Stock Exchange.

                           *     *     *

As reported in TCR-Europe on Oct. 4, Moody's Investors Service
assigned (P)B2 rating on the proposed EUR1.1 billion senior
unsecured floating rate notes that are to be raised by the
Company to fund the refinancing.  Outlook is stable.  Upon the
refinancing of the tendered notes the ratings on these notes
will be withdrawn.

Standard & Poor's Rating Services assigned Oct. 4, its B- rating
to Rhodia's new EUR1.1 billion senior unsecured issue maturing
in 2013.  At the same time, Standard & Poor's affirmed its B+/B
long and short-term corporate credit ratings on Rhodia.  The
Outlook is stable.

Standard & Poor's Ratings Services raised, in July 2006, its
long-term corporate credit rating on France-based chemical
producer Rhodia S.A. to 'B+' from 'B'.  At the same time, the
'B' short-term rating was affirmed and the rating on senior
unsecured and subordinated bonds was raised to 'B-' from 'CCC+'.
S&P said the outlook is stable.


RHODIA S.A.: Majority of Noteholders Tender Notes
-------------------------------------------------
Rhodia S.A. disclosed the preliminary results and pricing of its
cash tender offer and consent solicitation previously launched
on Oct. 2.  At the Consent Deadline, Rhodia has received valid
offers to tender as:

   -- 10.50% Senior Notes due 2010: EUR116,241,000 or 99% of the
      outstanding amount;

   -- 8.00% Senior Notes due 2010: EUR601,658,000 or 86% of the
      outstanding amount; and

   -- 7.625% Senior Notes due 2010: US$196,938,000 or 98% of the
      outstanding amount.

The company passed the voting thresholds required to facilitate
the Proposed Amendments.

At 3:00 p.m., London time on October 16, 2006, the Notes were
priced as follows:

   Security         Reference       Fixed       Tender
   Description      Security Yield  Spread      Offer Yield
   -----------      --------------  ------      -----------
   EUR117,650,000   3.701%          50bps       4.201%
   10.50% Senior
   Notes due 2010

   EUR700,000,000   3.601%          50bps       4.101%
   8.00% Senior
   Notes due 2010

   US$200,000,000   5.081%          50bps       5.581%
   7.625% Senior
   Notes due 2010


   Security         Total           Consent     Tender
   Description      Consideration   Payment     Consideration*
   -----------      --------------  ------      -----------
   EUR117,650,000   EUR1,209.52     EUR30.00    EUR1,179.52
   10.50% Senior                    per
   Notes due 2010                   EUR1,000
                                    principal
                                    amount

   EUR700,000,000   EUR1,062.64     EUR30.00    EUR1,032.64
   8.00% Senior                     per
   Notes due 2010                   EUR1,000
                                    principal
                                    amount

   US$200,000,000   US$1,049.08     US$30.00    US$1,019.08
   7.625% Senior                    per
   Notes due 2010                   US$1,000
                                    Principal
                                    amount

   * Total Consideration minus the Consent Payment

Holders who tendered their Notes before the Consent Deadline
will receive the Total Consideration on the Early Settlement
Date on Oct. 17.

Holders who will tender their Notes after the Consent Deadline
will be eligible to receive the Tender Consideration on the
Final Settlement Date, which is expected to be on Oct. 31.  The
tender offer is scheduled to expire at 3:00 p.m., London time,
on Oct. 30, unless extended.

The tender offer and the consent solicitation are being made
pursuant to an Offer to Purchase and Consent Solicitation
Statement dated Oct. 2 and conducted electronically via the
Clearing Systems, in the case of bonds held on Euroclear and
Clearstream, and via DTC for bonds held on DTC.

Headquartered in Paris, France, Rhodia SA (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  Rhodia employs around 19,500
people worldwide.   Rhodia is listed on Euronext Paris and the
New York Stock Exchange.

                           *     *     *

As reported in TCR-Europe on Oct. 4, Moody's Investors Service
assigned (P)B2 rating on the proposed EUR1.1 billion senior
unsecured floating rate notes that are to be raised by the
Company to fund the refinancing.  Outlook is stable.  Upon the
refinancing of the tendered notes the ratings on these notes
will be withdrawn.

Standard & Poor's Rating Services assigned Oct. 4, its B- rating
to Rhodia's new EUR1.1 billion senior unsecured issue maturing
in 2013.  At the same time, Standard & Poor's affirmed its B+/B
long and short-term corporate credit ratings on Rhodia.  The
Outlook is stable.

Standard & Poor's Ratings Services raised, in July 2006, its
long-term corporate credit rating on France-based chemical
producer Rhodia S.A. to 'B+' from 'B'.  At the same time, the
'B' short-term rating was affirmed and the rating on senior
unsecured and subordinated bonds was raised to 'B-' from 'CCC+'.
S&P said the outlook is stable.


SCIENTIFIC GAMES: 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 Gaming, Lodging & Leisure sector, the rating
agency confirmed Scientific Games Corp.'s B2 Corporate Family
Rating.

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
   ----------           -------  -------  ------   ----------
   Gtd Sr Sec
   Revolving
   Credit Facility
   due 2009             Ba2      Baa3     LGD2     21%

   Gtd Sr Sec
   Term Loan C
   due 2009             Ba2      Baa3     LGD2     21%

   Gtd Sr Sec
   Term Loan D
   due 2009             Ba2      Baa3     LGD2     21%

   Sr Sub 6 1/4% Notes
   due 2012             B1       Ba3      LGD5     76%

Moody's 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 its 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
alphanumeric 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

Scientific Games Corp. -- http://www.scientificgames.com/--
is the leading integrated supplier of instant tickets, systems
and services to lotteries, and the leading supplier of wagering
systems and services to pari-mutuel operators.  The Company is
also a licensed pari-mutuel gaming operator in Connecticut and
the Netherlands and is a leading supplier of prepaid phone cards
to telephone companies.  Scientific Games' customers are in the
United States and more than 60 other countries including the
United Kingdom, Austria, Germany, France and The Netherlands.


SERVICE 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 the U.S. consumer services sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Service
Corporation International.  Additionally, Moody's confirmed its
probability-of-default ratings and assigned new loss-given-
default ratings on these bond issues:

                                                   Projected
                                 POD      LGD      Loss-Given
   Debt Issue                    Rating   Rating   Default
   ----------                    -------  ------   ----------
   US$195 mln
   6.5% notes
   due 2008                      B1      LGD4       67%

   US$342 mln
   7.7% notes
   due 2009                      B1      LGD4       67%

   US$56 mln
   7.875% debentures
   due 2013                      B1      LGD4       67%

   US$250 mln
   6.75% notes
   due 2016                      B1      LGD4       67%

   US$300 mln
   7.0% notes
   due 2017                      B1      LGD4       67%

   US$250 mln
   Sr. Unsec. notes
   due 2014                      B1      LGD4       67%

   US$250 mln
   Sr. Unsec. notes
   due 2018                      B1      LGD4       67%

   Sr. Unsec.
   shelf registration            B1      LGD4       67%

   Sr. Sub.,
   Subordinated, and
   Jr. Sub.
   shelf registrations           B1      LGD4       67%

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
alphanumeric 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 Kansas, Texas, U.S.A. Service Corporation
International -- http://www.sci-corp.com/-- provides death-care
products and services, with a network of funeral homes and
cemeteries. At December 31, 2005, the Company operated 1,058
funeral service locations, 358 cemeteries and 130 crematoria
throughout North America, France, Germany and Singapore.


WEIGHT WATCHERS: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer services sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Weight
Watchers International, Inc.

Additionally, Moody's confirmed its probability-of-default
ratings and assigned new loss-given-default ratings on these
loan obligations:

   Issuer: Weight Watchers International, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500 million
   Sec. Revolver
   due 2011             Ba1      Ba1      LGD3       32%

   US$350 million
   Sec. term loan
   due 2011             Ba1      Ba1      LGD3       32%

   Issuer: WeightWatchers.com

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$159 million
   1st lien
   term loan
   due 2010              Ba3      Ba2      LGD3     38%

   US$45 million
   2nd lien
   term loan
   due 2011              B1       B2       LGD5     89%

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
alphanumeric 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 New York, U.S.A., Weight Watchers International
-- http://www.weightwatchersinternational.com/-- provides of
weight management services, with a presence in 30 countries
around the world.  The Company serves its customers through
Weight Watchers branded products and services, including
meetings conducted by Weight Watchers International and its
franchisees.


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


ALLEGHENY TECHNOLOGIES: Moody's Gives 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 last
week, the rating agency confirmed its Ba2 Corporate Family
Rating for Allegheny Technologies Inc. and its B1 rating on the
company's US$300 million issue of 8.375% senior unsecured notes
due 2011.  Moody's also assigned an LGD6 rating to those bonds,
suggesting noteholders will experience a 90% loss in the event
of a default.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on Allegheny
Ludlum Corporation's and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 Million
   Gtd. Debentures
   due 2025               Ba2      Ba2     LGD4       53%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in 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
alphanumeric
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 Pittsburgh, Pennsylvania, Allegheny
Technologies Inc. -- http://www.alleghenytechnologies.com/-- is
a specialty stainless steel and alloy producer.  The company has
international locations in India, France, Germany, the United
Kingdom, Australia, Korea, Singapore, and Malaysia, among
others.


ANCORA VERSICHERUNGS: Claims Registration Ends October 27
---------------------------------------------------------
Creditors of Ancora Versicherungs-Aktiengesellschaft have until
Oct. 27 to register their claims with court-appointed
provisional administrator Burckhardt Reimer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Dec. 18 at the same
venue.

The District Court of Hamburg opened bankruptcy proceedings
against Ancora Versicherungs-Aktiengesellschaft on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Ancora Versicherungs-Aktiengesellschaft
         Monkedamm 15
         20457 Hamburg, Germany

The administrator can be contacted at:

         Burckhardt Reimer
         Domstrasse 15
         20095 Hamburg, Germany
         Tel: 41522416
         Fax: 41522411


B+B TRANSPORT: Claims Registration Ends October 25
--------------------------------------------------
Creditors of B+B Transport GmbH have until Oct. 25 to register
their claims with court-appointed provisional administrator Axel
Raap.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Nov. 19 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder), Germany

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

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against B+B Transport GmbH on Sept. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         B+B Transport GmbH
         Bahnhofstrasse 13
         15328 Manschnow, Germany

The administrator can be contacted at:

         Axel Raap
         Marburger Road 2
         10789 Berlin, Germany


CHANNEL WELL: Claims Registration Ends October 25
-------------------------------------------------
Creditors of Channel Well Technology (Europe) GmbH have until
Oct. 25 to register their claims with court-appointed
provisional administrator Gerrit Hoelzle.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Dec. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C315
         3rd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, 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 Duisburg opened bankruptcy proceedings
against Channel Well Technology (Europe) GmbH on Sept. 5.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Channel Well Technology (Europe) GmbH
         Dr.-Alfred-Herrhausen-Avenue 61
         47228 Duisburg, Germany

         Attn: Hsiu-Hua Pan Yang, Manager
         3rd FL-2
         888 Jing-Gwo Road
         ROC-Taoyuan City, Taiwan

The administrator can be contacted at:

         Dr. Gerrit Hoelzle
         Rheinstrasse 75
         47623 Kevelaer, Germany


CONVERIUM RUECKVERSICHERUNG: Moody's Rates US$200M Notes at Ba1
---------------------------------------------------------------
Moody's Investors Service placed the Baa1 insurance financial
strength rating of Converium AG and all related ratings as
detailed below on review for possible upgrade.

Commenting on its decision, Moody's said that Converium's
announcement earlier [Tues]day that it had reached a definitive
agreement to sell its North American operations to National
Indemnity Company represents an important landmark on
Converium's road to recovery.  Completion of this transaction
will materially reduce uncertainty relating to reserve adequacy,
free up management time to focus on steering the Group's ongoing
business, as well as improve the financial leverage and fixed
charge coverage ratios.

Moody's also said that profitability in the first half of 2006
was excellent, with combined ratio at 97.9% despite reduced
premium volumes compared to prior years and hence a higher
administration expense ratio.  Moody's expects that the expense
ratio will decline over the next 12 -- 18 months as the
improvement in Converium's franchise will manifest itself in
higher volumes of new business.

The review will focus on the successful completion of the sale
of North American operations and Converium's ability to achieve
further improvement in its franchise through good business
renewals at year-end, as well as to maintain strong levels of
capitalisation and a conservative financial leverage profile, as
evidenced by financial leverage ratio in the high teens.
Moody's also expects the Group to report a combined ratio of
less than 100% and ROE of 10% both across the reinsurance cycle
and in 2006.

The date of the preceding rating action was April 27 when the
outlook on Converium's ratings was changed from negative to
stable.

Converium AG, based in Zurich, Switzerland, is the main
operating company of Converium Holding AG, Zug, Switzerland.
Converium Holding AG reported consolidated Gross Premiums
Written of US$1,994.3 million in 2005 and shareholders' equity
of US$1,796.1 million as of 30 June 2006.

Ratings placed on review for possible upgrade:

Converium AG

    * insurance financial strength rating of Baa1;

Converium Rueckversicherung (Deutschland) AG

    * insurance financial strength rating of Baa1; and

    * US$200 million 8.25% guaranteed subordinated notes
      due December 2032 (callable in 2007) issued by
      Converium Finance S.A., a wholly owned subsidiary
      of Converium Holding AG -- subordinated debt rating
      of Ba1.


GOEBENSTRASSE 3: Creditors' Meeting Slated for October 26
---------------------------------------------------------
The court-appointed provisional administrator Goebenstrasse 3 KG
KIBUS Geschaftsfuehrungs-GmbH & Co., Christoph Schulte-
Kaubruegger, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:20 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 9:10 a.m. on Jan. 18, 2007, at the
same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Goebenstrasse 3 KG KIBUS Geschaftsfuehrungs-
GmbH & Co. on Sept. 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Goebenstrasse 3 KG KIBUS Geschaftsfuehrungs-GmbH & Co.
         Brabanter Str. 18-20
         10713 Berlin, Germany

The administrator can be reached at:

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


GOTTSCHALKSTRASSE WOHNEN: Creditors' Meeting Slated for Oct. 26
---------------------------------------------------------------
The court-appointed provisional administrator Gottschalkstrasse
Wohnen GmbH & Co. KG, Christoph Rosenmueller, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:25 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 9:15 a.m. on Jan. 18, 2007, at the
same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Gottschalkstrasse Wohnen GmbH & Co. KG on
Sept. 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Gottschalkstrasse Wohnen GmbH & Co. KG
         Bundesplatz 8
         10715 Berlin, Germany

The administrator can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin, Germany


HC SUHL 99: Claims Registration Ends October 30
-----------------------------------------------
Creditors of HC Suhl 99 e.V. have until Oct. 30 to register
their claims with court-appointed provisional administrator Rolf
Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 22 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Meiningen
         Hall A 0208
         Linden Avenue 15
         Meiningen, Germany

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

The District Court of Meiningen opened bankruptcy proceedings
against HC Suhl 99 e.V. on Aug. 28.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         HC Suhl 99 e.V.
         Ringbergstr. 77
         98528 Suhl, Germany

The administrator can be contacted at:

         Rolf Rombach
         Magdeburger Avenue 159
         99086 Erfurt, Germany


ICP GESELLSCHAFT: Claims Registration Ends October 27
-----------------------------------------------------
Creditors of ICP Gesellschaft fuer International Cards
Processing mbH have until Oct. 27 to register their claims with
court-appointed provisional administrator Hendrik Gittermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 24 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against ICP Gesellschaft fuer International Cards Processing mbH
on Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         ICP Gesellschaft fuer International Cards
         Processing mbH
         Attn: Volker Nast, Manager
         Wilhelm-Stein-Weg 24
         22339 Hamburg, Germany

The administrator can be contacted at:

         Hendrik Gittermann
         Sandtorkai 62
         20457 Hamburg, Germany
         Tel: (040) 306969-10


J. STEHLE & SOEHNE: Claims Registration Ends October 27
-------------------------------------------------------
Creditors of J. Stehle & Soehne GmbH have until Oct. 27 to
register their claims with court-appointed provisional
administrator Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 27 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Esslingen
         Hall 1
         1st Floor
         Ritterstr. 5
         Esslingen, 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 Esslingen opened bankruptcy proceedings
against J. Stehle & Soehne GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         J. Stehle & Soehne GmbH
         Attn: Beatrix Gross, Manager
         Waldstr. 26-28
         73773 Aichwald, Germany

The administrator can be contacted at:

         Steffen Beck
         Breitscheidstr. 10
         70174 Stuttgart, Germany
         Tel: 0711/252566-0
         Fax: 0711/252566-66


MARKT KONZEPT: Claims Registration Ends October 30
--------------------------------------------------
Creditors of Markt Konzept GmbH have until Oct. 30 to register
their claims with court-appointed provisional administrator
Holger-Rene Bruckhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 11:22 a.m. on Nov. 30 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 14
         Ground Floor
         Luxemburger Road 101
         50939 Cologne, Germany

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

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

The Debtor can be contacted at:

         Markt Konzept GmbH
         Hansaring 4
         50670 Cologne, Germany

         Attn: Dirk Dott, Manager
         Frankstrasse 37
         50996 Cologne, Germany

The administrator can be contacted at:

         Holger-Rene Bruckhoff
         Theodor-Heuss-Ring 19-21
         50668 Cologne, Germany


NOVELIS INC: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors last
week, the rating agency confirmed its B1 Corporate Family
Rating for Novelis 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: Novelis Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500 million
   Gtd. Sr. Secured
   Revolving Credit
   Facility               Ba3      Ba2      LGD2      24%

   US$312 million
   Gtd. Sr. Secured
   Term Loan B            Ba3      Ba2      LGD2      24%

   US$1.4 billion
   7.25% Gtd. Senior
   Unsecured Notes
   due 2015               B2       B3       LGD5      76%

Issuer: Novelis Corporation

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$543 million
   Gtd. Sr. Secured
   Term Loan B           Ba3      Ba2      LGD2      24%

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
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

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

Headquartered in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL)
(TSX: NVL) -- http://www.novelis.com/-- provides customers with
a regional supply of technologically sophisticated rolled
aluminum products throughout Asia, Europe, North America, and
South America.  The company operates in 11 countries and has
approximately 13,000 employees.  Through its advanced production
capabilities, the company supplies aluminum sheet and foil to
the automotive and transportation, beverage and food packaging,
construction and industrial, and printing markets.  In Europe,
the company  maintains operations in France, Germany,
Luxembourg, Switzerland  and the United Kingdom.


RENE SCHULZ: Claims Registration Ends October 30
------------------------------------------------
Creditors of Rene Schulz Fras- und Strahltechnik GmbH have until
Oct. 30 to register their claims with court-appointed
provisional administrator Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Nov. 30 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against Rene Schulz Fras- und Strahltechnik GmbH on
Sept. 5.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Rene Schulz Fras- und Strahltechnik GmbH
         Brauhausstr. 5
         13086 Berlin, Germany

The administrator can be contacted at:

         Rolf Rattunde
         Kurfuerstendamm 212
         10719 Berlin, Germany


RICHARD PRIEN: Claims Registration Ends October 23
--------------------------------------------------
Creditors of Richard Prien Baugesellschaft mbH have until
Oct. 23 to register their claims with court-appointed
provisional administrator Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 7 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 17
         Kiel, 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 Kiel opened bankruptcy proceedings against
Richard Prien Baugesellschaft mbH on Sept. 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Richard Prien Baugesellschaft mbH
         Attn: Hans Richard Prien, Manager
         Buergermeister-Schade-Str. 24
         24232 Schoenkirchen, Germany

The administrator can be contacted at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg, Germany


SERVICE 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 the U.S. consumer services sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Service
Corporation International.  Additionally, Moody's confirmed its
probability-of-default ratings and assigned new loss-given-
default ratings on these bond issues:

                                                   Projected
                                 POD      LGD      Loss-Given
   Debt Issue                    Rating   Rating   Default
   ----------                    -------  ------   ----------
   US$195 mln
   6.5% notes
   due 2008                      B1      LGD4       67%

   US$342 mln
   7.7% notes
   due 2009                      B1      LGD4       67%

   US$56 mln
   7.875% debentures
   due 2013                      B1      LGD4       67%

   US$250 mln
   6.75% notes
   due 2016                      B1      LGD4       67%

   US$300 mln
   7.0% notes
   due 2017                      B1      LGD4       67%

   US$250 mln
   Sr. Unsec. notes
   due 2014                      B1      LGD4       67%

   US$250 mln
   Sr. Unsec. notes
   due 2018                      B1      LGD4       67%

   Sr. Unsec.
   shelf registration            B1      LGD4       67%

   Sr. Sub.,
   Subordinated, and
   Jr. Sub.
   shelf registrations           B1      LGD4       67%

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
alphanumeric 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 Kansas, Texas, U.S.A. Service Corporation
International -- http://www.sci-corp.com/-- provides death-care
products and services, with a network of funeral homes and
cemeteries. At December 31, 2005, the Company operated 1,058
funeral service locations, 358 cemeteries and 130 crematoria
throughout North America, France, Germany and Singapore.


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


WEIGHT WATCHERS: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer services sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Weight
Watchers International, Inc.

Additionally, Moody's confirmed its probability-of-default
ratings and assigned new loss-given-default ratings on these
loan obligations:

   Issuer: Weight Watchers International, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500 million
   Sec. Revolver
   due 2011             Ba1      Ba1      LGD3       32%

   US$350 million
   Sec. term loan
   due 2011             Ba1      Ba1      LGD3       32%

   Issuer: WeightWatchers.com

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$159 million
   1st lien
   term loan
   due 2010              Ba3      Ba2      LGD3     38%

   US$45 million
   2nd lien
   term loan
   due 2011              B1       B2       LGD5     89%

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
alphanumeric 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 New York, U.S.A., Weight Watchers International
-- http://www.weightwatchersinternational.com/-- provides of
weight management services, with a presence in 30 countries
around the world.  The Company serves its customers through
Weight Watchers branded products and services, including
meetings conducted by Weight Watchers International and its
franchisees.


=============
I C E L A N D
=============


CENTURY ALUMINUM: 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 Metals & Mining sectors last
week, the rating agency confirmed its Ba3 Corporate Family
Rating for Century Aluminum Company.  Additionally, Moody's
revised or held its probability-of-default ratings and assigned
loss-given-default ratings on the company's bond debt
obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$250 million
   7.5% Gtd. Senior
   Unsecured Notes
   due 2014               Ba3      B1      LGD5      77%

   US$175 million
   1.75% Convertible
   Gtd. Sr. Unsecured
   Notes due 2024         Ba3      B1      LGD5      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 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
alphanumeric 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 Monterey, California, Century Aluminum Company
(NASDAQ:CENX) -- http://www.centuryca.com/-- owns and operates
a 244,000 mtpy plant at Hawesville, Kentucky; a 170,000 mtpy
plant at Ravenswood, West Virginia; and a 90,000 mtpy plant at
Grundartangi, Iceland.  The company also owns a 49.67% interest
in a 222,000 mtpy reduction plant at Mt. Holly, South Carolina.
ALCOA Inc. owns the remainder of the plant and is the operating
partner.  Century also holds a 50% share of the 1.25 million
mtpy Gramercy Alumina refinery in Gramercy, Louisiana and
related bauxite assets in Jamaica.


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


CENTRAL PARKING: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer services sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Central
Parking Corporation.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given-default
ratings on these loan obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$74-million
   Sec. term loan
   due 2010              Ba3      Baa3     LGD2     15%

   US$225 million
   Sec. revolver
   due 2008              Ba3      Baa3     LGD2     15%

   US$78 million
   5.25% convertible
   trust issued
   preferred securities  B2       B2       LGD6     93%

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
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

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

                      About Central Parking

Headquartered in Nashville, Tennessee, U.S.A., Central Parking
Corporation -- http://www.parking.com/operates 3,399 parking
facilities containing 1,564,356 spaces in 37 states, the
District of Columbia, Canada, Puerto Rico, Mexico, Chile,
Colombia, Peru, Venezuela, the United Kingdom, the Republic of
Ireland, Spain, Germany, Poland, Greece and Switzerland.
The Company operates or manages multi-level parking facilities
and surface lots.  It also provides ancillary services,
including parking consulting, shuttle bus, valet, parking meter
collection, and enforcement and billing services.  Central
Parking operates parking facilities under three general types of
arrangements: management contracts, leases and fee ownership.


SS&C TECHNOLOGIES: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its B2 Corporate Family Rating for
SS&C Technologies, 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:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$75 Million
   Senior Secured
   Revolving Credit
   Facility due 2012      B2       Ba3     LGD2       28%

   US$200 Million
   Senior Secured
   First Lien
   due 2013               B2       Ba3     LGD2       28%

   US$205 Million
   Senior
   Subordinated
   Note due 2016         Caa1     Caa1     LGD5       83%

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
alphanumeric 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 Windsor, Connecticut, SS&C Technologies, Inc.
-- http://www.ssctech.com/-- provides software and outsourcing
solutions for the financial services industry.  The company has
international offices in Malaysia, Singapore, Japan, Ireland,
Australia and the Netherlands, among others.


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


DA VINCI SYNTHETIC: Fitch Gives BB+ Rating on EUR15.6-Mln Notes
---------------------------------------------------------------
Fitch Ratings assigned expected ratings to Da Vinci Synthetic
Plc's credit-linked notes due 2018:

   -- EUR25.9 million Class A notes: A;
   -- EUR20.8 million Class B notes: BBB; and
   -- EUR15.6 million Class C notes: BB+.

The final ratings are contingent upon receipt of final documents
conforming to information already received and legal opinions
satisfactory to Fitch.

The transaction is a synthetic securitization of a portfolio of
financial leases and loans secured on aircraft.  It will
refinance the portfolio of Leonardo Synthetic Plc, which was
redeemed on Sept. 20.  Replenishment and substitution of the
portfolio is allowed for three years, subject to rating
confirmation and compliance with certain criteria.

The expected ratings reflect the quality of the reference
portfolio, the available credit enhancement provided by
subordination, the credit rating of Merrill Lynch International
Bank as provider of the credit default swap, the credit rating
of Merrill Lynch & Co as guarantor for the CDS, Bank Intesa
S.p.A.  as originator and servicer and the transaction's sound
financial and legal structure.

MLI will enter into a hedging swap with BI selling protection on
a reference portfolio of US$650 million.  MLI will buy
protection on the reference portfolio under three CDS, dividing
up the risk of the portfolio in the first loss piece tranche of
US$26 million, mezzanine tranche of EUR62.3 million and a senior
tranche of US$545.8 million.  The mezzanine CDS is bought by the
issuer, which in turn issued CLNs to protect itself.

The issuer will issue the notes to fund the collateral required
under the mezzanine CDS for a total notional of EUR62.3 million.
The proceeds of the notes collateral will be placed into a
deposit account held by the issuer at BI, the deposit bank.
Appropriate rating downgrade provisions will apply if the rating
of the deposit bank is below the minimum required rating of F1.

Should a credit event occur on a reference claim in the
portfolio, a realized loss will be established.  Losses up to a
threshold amount of US$26 million will be allocated first to the
first loss piece.  Collaterals will be released to settle the
losses in excess of the threshold amount.  The reduction of
collateral will be allocated to the notes in reverse order of
seniority.


EFIBANCA: Merger Prompts Moody's to Review Ratings & May Upgrade
----------------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade the A2 long-term and Prime-1 short-term senior debt
and bank deposit ratings of Banco Popolare di Verona e Novara,
as well as its C+ financial strength rating, following the
announcement that BPVN's proposal to merge with Banca Popolare
Italiana has been approved by BPI's board of directors.

At the same time, Moody's placed on review for possible upgrade
BPI's Baa2 long-term and Prime-2 short-term bank deposit and
debt ratings and its D financial strength rating, as well as the
Baa3/Prime-3/D ratings of Efibanca, BPI's medium- and long-term
lending and investment banking subsidiary.

According to the proposed transaction, BPVN and BPI will merge
to create a new cooperative banking group named Gruppo Bancario
Popolare, which will become the third largest bank in Italy by
number of branches.  The combined bank will have market shares
of around 10% in Northern Italy, as well as becoming the
country's largest cooperative bank.  The transaction is subject
to various approvals including that of each bank's board of
directors as well as regulatory and shareholder approval.  The
plan is for this process to be completed by the end of the first
quarter of 2007.  Detailed industrial plans are due to be drawn
up in the coming months, but Moody's understands that synergies
of EUR500 million are targeted, to be split for EUR220 million
of cost synergies and EUR280 million revenue synergies.

The new group has stated that it will have its legal
headquarters in Verona, and its operating headquarters in Verona
and Lodi.

Moody's said that its review process on BPVN will focus on:

   -- the detailed industrial integration plan;

   -- the impact that the merger will have on BPVN's credit
      and risk profile considering BPI's substantial
      scale within the new group and its slowly improving
      but still fragile credit and risk profile; and

   -- the challenges in merging and integrating the
      group considering its organizational complexity
      while taking into account the good track record of
      BPVN's management in integrating with other
      modestly performing banks.

Commenting on the review for possible upgrade of BPI's ratings,
Moody's said that this reflects the expectation of improvement
in the bank's modest credit and financial profile thanks to its
merger with a stronger banking group.  The rating agency added
that the review process will focus on BPI's strategic
integration within the new group and the extent to which the new
group will be able to restore and improve its risk and financial
performance.

Moody's added that the review for possible upgrade also affects
the ratings of BPI's investment banking subsidiary Efibanca
given the significant strategic and operational integration of
this subsidiary within the BPI group.  The review on Efibanca
will focus on the same elements as for BPI with a particular
focus on assessing the strategic role of Efibanca within the new
banking group.

Moody's noted that the review period may be longer than the
normal three month period given the proposed timetable for the
transactions.

Ratings placed on review for possible downgrade:

Banco Popolare di Verona e Novara:

    * long-term debt and deposits at A2
    * short-term deposit and debt ratings at Prime-1
    * commercial paper rating at Prime-1
    * subordinated debt at A3; junior subordinated debt at A3
    * Tier 3 debt at Baa1

Banco Popolare di Verona e Novara, London:

    * short-term deposit and debt ratings at P-1

Ratings placed on review for possible upgrade:

Banca Popolare Italiana:

    * Long-term debt and deposit ratings at Baa2
    * Short-term debt and deposit ratings at Prime-2
    * Financial Strength Rating at D
    * subordinated debt rating at Baa3
    * junior subordinated debt at Ba1
    * Tier III debt at Ba2

Banca Popolare di Lodi Investor Trust III:

    * non-cumulative guaranteed Trust Preferred Securities
      at Ba2

Efibanca:

    * Long-term deposit rating at Baa3

    * Short-Term deposit rating at Prime-3
    * Financial Strength Rating at D
    * backed long-term debt at Baa2
    * backed subordinated debt at Baa3

Headquartered in Verona, Italy, Banco Popolare di Verona e
Novara had consolidated total assets of EUR65.3 billion as at
the end of June 2006.

Headquartered in Lodi, Italy, Banca Popolare Italiana had
consolidated total assets of EUR45.8 billion as at the end of
June 2006.

Headquartered in Rome, Italy, Efibanca had consolidated total
assets of EUR5.7 billion as at the end of December 2005.


HILTON HOTELS: 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 gaming, lodging and leisure sectors, the
rating agency confirmed its Ba2 Corporate Family Rating for
Hilton Hotels Corp.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Notes
   with an average
   rate of 8.1%
   due 2007 - 2031       Ba2      Ba2      LGD4       53%

   Chilean inflation
   indexed note
   effective rate
   7.65% due 2009        Ba2      Ba2      LGD4       53%

   3.375%
   Contingently
   convertible
   senior notes
   due 2023              Ba2      Ba2      LGD4       53%

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

   Term Loan A
   at adjustable
   rates due 2011        Ba2      Ba2      LGD4       53%

   Term Loan B
   at adjustable
   rates due 2013        Ba2      Ba2      LGD4       53%

   Revolving loans
   at adjustable
   rates, due 2011       Ba2      Ba2      LGD4       53%

   Senior unsecured
   debt shelf            (P)Ba2   (P)Ba2   LGD4       53%

   Subordinate debt
   Shelf                 (P)Ba3   (P)B1    LGD6       97%

   Preferred             (P)B1    (P)B1    LGD6       97%

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
alphanumeric 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 Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally.
In Europe, Hilton Hotels operates in the United Kingdom,
Germany, Belgium, Estonia, Lithuania, Norway, Denmark, Finland,
Italy, The Netherlands and Sweden.


POPOLARE ITALIANA: Moody's Reviews D Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade the A2 long-term and Prime-1 short-term senior debt
and bank deposit ratings of Banco Popolare di Verona e Novara,
as well as its C+ financial strength rating, following the
announcement that BPVN's proposal to merge with Banca Popolare
Italiana has been approved by BPI's board of directors.

At the same time, Moody's placed on review for possible upgrade
BPI's Baa2 long-term and Prime-2 short-term bank deposit and
debt ratings and its D financial strength rating, as well as the
Baa3/Prime-3/D ratings of Efibanca, BPI's medium- and long-term
lending and investment banking subsidiary.

According to the proposed transaction, BPVN and BPI will merge
to create a new cooperative banking group named Gruppo Bancario
Popolare, which will become the third largest bank in Italy by
number of branches.  The combined bank will have market shares
of around 10% in Northern Italy, as well as becoming the
country's largest cooperative bank.  The transaction is subject
to various approvals including that of each bank's board of
directors as well as regulatory and shareholder approval.  The
plan is for this process to be completed by the end of the first
quarter of 2007.  Detailed industrial plans are due to be drawn
up in the coming months, but Moody's understands that synergies
of EUR500 million are targeted, to be split for EUR220 million
of cost synergies and EUR280 million revenue synergies.

The new group has stated that it will have its legal
headquarters in Verona, and its operating headquarters in Verona
and Lodi.

Moody's said that its review process on BPVN will focus on:

   -- the detailed industrial integration plan;

   -- the impact that the merger will have on BPVN's credit
      and risk profile considering BPI's substantial
      scale within the new group and its slowly improving
      but still fragile credit and risk profile; and

   -- the challenges in merging and integrating the
      group considering its organizational complexity
      while taking into account the good track record of
      BPVN's management in integrating with other
      modestly performing banks.

Commenting on the review for possible upgrade of BPI's ratings,
Moody's said that this reflects the expectation of improvement
in the bank's modest credit and financial profile thanks to its
merger with a stronger banking group.  The rating agency added
that the review process will focus on BPI's strategic
integration within the new group and the extent to which the new
group will be able to restore and improve its risk and financial
performance.

Moody's added that the review for possible upgrade also affects
the ratings of BPI's investment banking subsidiary Efibanca
given the significant strategic and operational integration of
this subsidiary within the BPI group.  The review on Efibanca
will focus on the same elements as for BPI with a particular
focus on assessing the strategic role of Efibanca within the new
banking group.

Moody's noted that the review period may be longer than the
normal three month period given the proposed timetable for the
transactions.

Ratings placed on review for possible downgrade:

Banco Popolare di Verona e Novara:

    * long-term debt and deposits at A2
    * short-term deposit and debt ratings at Prime-1
    * commercial paper rating at Prime-1
    * subordinated debt at A3; junior subordinated debt at A3
    * Tier 3 debt at Baa1

Banco Popolare di Verona e Novara, London:

    * short-term deposit and debt ratings at P-1

Ratings placed on review for possible upgrade:

Banca Popolare Italiana:

    * Long-term debt and deposit ratings at Baa2
    * Short-term debt and deposit ratings at Prime-2
    * Financial Strength Rating at D
    * subordinated debt rating at Baa3
    * junior subordinated debt at Ba1
    * Tier III debt at Ba2

Banca Popolare di Lodi Investor Trust III:

    * non-cumulative guaranteed Trust Preferred Securities
      at Ba2

Efibanca:

    * Long-term deposit rating at Baa3

    * Short-Term deposit rating at Prime-3
    * Financial Strength Rating at D
    * backed long-term debt at Baa2
    * backed subordinated debt at Baa3

Headquartered in Verona, Italy, Banco Popolare di Verona e
Novara had consolidated total assets of EUR65.3 billion as at
the end of June 2006.

Headquartered in Lodi, Italy, Banca Popolare Italiana had
consolidated total assets of EUR45.8 billion as at the end of
June 2006.

Headquartered in Rome, Italy, Efibanca had consolidated total
assets of EUR5.7 billion as at the end of December 2005.


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


ARDAGER-RODNIK: Akmola Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Ardager-Rodnik on
Sept. 4.

LLP Ardager-Rodnik is located at:

         Kokshetau
         Akmola Region
         Kazakhstan


ECOLINE ENTERPRISES: Creditors Must File Claims by Nov. 10
----------------------------------------------------------
LLP Ecoline Enterprises has declared insolvency.  Creditors have
until Nov. 10 to submit written proofs of claim to:

         LLP Ecoline Enterprises
         Kazybek bi Str. 17a
         Taraz
         Jambyl Region
         Kazakhstan


ICEBERG: Proof of Claim Deadline Slated for Nov. 8
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Iceberg into compulsory
liquidation.

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

         LLP Iceberg
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


IVIKON KURYLYS: Creditors Must File Claims by Nov. 10
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Ivikon Kurylys insolvent on Aug. 25.

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

         LLP Ivikon Kurylys
         Office 74, 75
         Kazybek bi Str. 50
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-12-50
              8 (3272) 72-18-09


MADINA: Proof of Claim Deadline Slated for Nov. 8
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region entered an order placing LLP Madina into compulsory
liquidation.

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

         LLP Madina
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


MUNAISHY-SERVICE: Claims Registration Ends Nov. 10
--------------------------------------------------
LLP Munaishy-Service has declared insolvency.  Creditors have
until Nov. 10 to submit written proofs of claim to:

         LLP Munaishy-Service
         Auezov Str.1/2
         Sarykemer
         Baizak District
         Jambyl Region
         Kazakhstan


POKROVOSKOYE: Kostanai Court Begins Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceedings against LLP Agro Firm
Pokrovoskoye on Aug. 28.

LLP Pokrovoskoye is located at:

         Pokrovka
         Taran District
         Kostanai Region
         Kazakhstan


SHIPA SERVICE: Mangistau Court Starts Bankruptcy Procedure
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceedings against LLP Shipa
Service on Sept. 5.

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

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


TECHNICOM LTD: Creditors' Claims Due Nov. 10
--------------------------------------------
LLP Technicom Ltd. has declared insolvency.  Creditors have
until Nov. 10 to submit written proofs of claim to:

         LLP Technicom Ltd.
         Korchagin Str. 100-99
         Rudnyi
         Kostanai Region
         Kazakhstan


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


MURAT AGROTRADING: Proof of Claim Deadline Slated for Nov. 24
-------------------------------------------------------------
LLC Murat Agrotrading has declared insolvency.  Creditors have
until Nov. 24 to submit written proofs of claim.

Inquiries can be addressed to (0-502) 22-57-84.


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


BALTIC BANK: Moody's May Upgrade Ba2 Covered Bond Rating
--------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the Ba2 rating of Covered Bonds issued by Baltic Trust Bank.

This Rating Action follows the review for possible upgrade of
BTB's long-term foreign currency deposit rating.

The Covered Bond Rating addresses the expected loss posed to
investors by the legal final maturity.

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.


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


BASELL AF: Fitch Rates Senior Secured Facilities at BB+
-------------------------------------------------------
Fitch Ratings assigned European chemical producer Basell AF SCA
an Issuer Default rating of BB- with Stable Outlook and a Short-
term rating of B.  At the same time, Fitch has assigned Basell's
senior secured facilities at BB+ rating and its US$615 million
and EUR500 million 8.375% senior notes due 2015 a B+ rating.

The BB- IDR reflects Basell's position as a leading
international polyolefin producer and its degree of financial
leverage following the LBO in May 2005.  Although Basell is
exposed to cyclical effects in its core polyolefins market, the
company accrues some degree of stability from its high margin,
non-cyclical process technology division.

The BB+ rating on the senior secured facilities reflects the
above-average recovery prospects for this instrument upon
default based on its ranking, security package and average
senior leverage.  The B+ rating on the senior notes reflects
their contractual subordination and subordinated collateral
package and therefore the more limited recoveries expected for
this instrument.

"Overall Basell should be well-placed to sustain its current
financial structure through the cyclical downturn expected in
2008/9, although further debt prepayments would enhance the
company's financial flexibility," Matthias Volkmer, Associate
Director in Fitch's Leveraged Finance team disclosed.
"Nonetheless, relative to its leveraged peers, Basell's leverage
is moderate and supports the BB- rating level."

The largely debt-funded LBO of Basell has resulted in the
requirement for strong cash flow generation and somewhat limits
its headroom to maneuver in adverse market conditions.  As per
June 2006, net debt-to-adjusted LTM EBITDA was 3.5x, pension-
adjusted net leverage was 4.2x and lease-adjusted interest
coverage was 4x.

The company's comfortable cash position of EUR479 million at
H106 allowed management to announce an additional voluntary
senior debt prepayment of EUR150 million, which reduced gross
financial leverage by approximately 0.2x as of August 2006.
Further debt prepayments from excess cashflow are anticipated in
2007.

In addition to commodity polyolefins, the company operates the
world's largest compounding capacity for advanced polyolefins
and its process technology division sells catalysts and licenses
process technology to other polyolefin producers.

Sales from these divisions typically exhibit higher and more
stable margins than the more standard polyolefin products, which
are exposed to both cyclical demand and volatile feedstock
prices.  In addition, process technology supports Basell's
expansion into joint ventures, which in turn enables the company
to establish a presence in growth markets such as the Middle
East.

Basell was formed in 2000 when its previous shareholders BASF
and Shell combined their respective polypropylene businesses
with their existing polyethylene joint venture.  Following the
LBO, affiliated companies of Access Industries Group, a New York
private equity firm own the group.


CORUS GROUP: Confirms Tata Steel's GBP4.1-Bln Takeover Proposal
--------------------------------------------------------------
Corus Group Plc confirmed a GBP4.1 billion approach from India's
Tata Steel, BBC reports.

Corus said Tata offered to acquire the company for 455p per
share, noting that the Indian group has yet to submit a full
offer.

Corus and Tata are currently holding talks over the matter, the
company said in a statement.

The offer, BBC notes, is below Corus' share price.  Corus shares
were trading a 479 pence apiece Monday in London.  Analysts had
said that Tata has to cough out up to GBP5.6 billion, or 580
pence per share, to acquire Corus, BBC reports.

As reported in TCR-Europe on Oct. 11, Tata Steel was set to
launch a GBP5 billion takeover bid for Corus Group.  According
to The Times, speculations on the possible takeover bid rose
after Tata told the Stock Exchange that it was considering a
number of takeover opportunities, including Corus.  It is also
believed that Tata may choose Corus's option of a joint venture
rather than a full takeover.  Tata had prepared a GBP3.5 billion
financing deal to make the acquisition, BBC cited the Sunday
Telegraph.

If the deal materializes, a merger would form the world's fift
largest steelmaker.

                        About Tata Steel

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

                        About Corus Group

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

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

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

                          *     *     *

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

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

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

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

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

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

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


LAURUS NV: Recommends Jan H. Ozinga as Supervisory Director
-----------------------------------------------------------
Laurus N.V.'s Supervisory Board will recommend the appointment
of Jan H. Ozinga as Supervisory Director of Laurus at the
Extraordinary General Meeting of Shareholders to be held on
Nov. 3.  The Board's recommendations followed Jacques P.M.J.
Tierny's resignation as member of the Supervisory Board
effective July 11.

In accordance with the existing corporate governance agreement,
Mr. Ozinga has been nominated for appointment by major
shareholder, Casino.  The works council has declared that it
will not recommend persons for appointment in the Supervisory
Board.

A Dutch citizen, Mr. Ozinga, 41 years old, has been Casino's
Executive Vice-President in International Development since
2004.

The recommended appointment fits the draft profile drawn up for
the Supervisory Board and contributes to the required levels of
expertise and capabilities within the Supervisory Board.

Headquartered in AD's-Hertogenbosch, the Netherlands, Laurus
N.V. -- http://www.laurus.nl/-- operates 700 supermarket & off-
license stores, employs about 24,000 workers and holds a 14.3%
market share in 2005.  Laurus was formed on Oct. 30, 1998,
through a merger of De Boer Unigro N.V. and Vendex Food Groep
B.V.

In January, the company disclosed its intention to sell its Edah
and Konmar Superstores operations in order to focus on its Super
de Boer format.  Super de Boer counts 400 supermarkets, half of
it is owned by Laurus and the other half is run by affiliated
retailers.

                        *     *     *

Laurus told Ian Bickerton of the Financial Times in September
that the company was renegotiating financing arrangements with
its banks, after it warned creditors that the company would
breach loan covenants and be loss-making this year.

In 2004, Laurus suffered a net loss of EUR128 million, a sharp
reversal compared with 2003, when the positive net result of
EUR9 million marked an -- albeit modest -- return to
profitability for the first time in several years.  In fighting
the price war, which broke out in October 2003 and continued
unabated in 2004, Laurus implemented substantial price cuts
within all three retail formats, which, combined with the
reduced sales volume, had a major negative impact on the result.
In 2005, the company posted a EUR66 million net loss against
EUR273 million in gross profits.


LG.PHILIPS DISPLAYS: Czech Unit Posts CZK8.4-Bln Losses in 2005
---------------------------------------------------------------
LG.Philips Displays Czech Republic s.r.o. released its financial
results for the year ended Dec. 31, 2005, Czech News Agency
reports.

LG.Philips posted recorded CZK8.4 billion in losses on CZK5.03
billion in revenues for 2005, compared with CZK437.5 million in
net income on CKZ9.2 billion in revenues for the same period in
2004.

The company planned to manufacture 3.36 million cathode ray
tubes in 2005, but production stood at 2 million.

"The collapse of the market and subsequent decline in prices by
50 percent resulted in an operating loss of CZK1.4 billion,"
Zuzana Fojtikova, spokeswoman for LG.Philips, told CTK.  "The
firm also had to create adjustments worth CZK6.6 billion for
production technology and some properties at the recommendation
of the auditor."

Around CZK400 million of the adjustments were for claims against
the company's bankrupt parent and sister groups.

                  About LG.Philips Displays

Headquartered in Hranice, Czech Republic, LG.Philips Displays
Czech Republic manufactures cathode ray tubes used in
televisions and computer monitors.  LG.Philips Displays Czech
Republic s.r.o. is the Czech unit of LG.Philips Displays Holding
B.V., the European holding company for LG.Philips Displays.

The company's parent, LG.Philips Display Holding B.V. filed for
insolvency protection on Jan. 27, along with its Dutch
subsidiary, LG.Philips Displays Netherlands B.V., and its German
subsidiary in Aachen.  LG.Philips plans to stop production of
cathode ray tube screens within three-to-four years following a
significant decline in the market for CRT, especially in Europe,
and a rising market preference to the more modern LCD
televisions.

                        *     *     *

As reported in TCR-Europe on June 21, LG.Philips Displays Czech
Republic is trying to settle 30% of its EUR230 million debt
within the next 18 months as it seeks for a strategic partner in
a stab to prolong its existence.

LG.Philips, advised by PricewaterhouseCoopers, is currently
holding talks with 15 potential strategic partners, mostly
liquid crystal display makers and car manufacturers looking for
facilities in the region, the paper relates.  According to CBW,
LG.Philips expects to find a partner by late 2006 or early 2007.

The Company has also filed a EUR70-million settlement claim at
the Regional Court in Ostrava, North Moravia.  Philips, the
group's Dutch parent, as well as major creditors, has welcomed
the settlement claim, CBW says.  The Court might be forced to
declare LG.Philips bankrupt if the settlement fails to push
through.


SCIENTIFIC GAMES: 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 Gaming, Lodging & Leisure sector, the rating
agency confirmed Scientific Games Corp.'s B2 Corporate
Family Rating.

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
   ----------           -------  -------  ------   ----------
   Gtd Sr Sec
   Revolving
   Credit Facility
   due 2009             Ba2      Baa3     LGD2     21%

   Gtd Sr Sec
   Term Loan C
   due 2009             Ba2      Baa3     LGD2     21%

   Gtd Sr Sec
   Term Loan D
   due 2009             Ba2      Baa3     LGD2     21%

   Sr Sub 6 1/4% Notes
   due 2012             B1       Ba3      LGD5     76%

Moody's 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 its 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
alphanumeric 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

Scientific Games Corp. -- http://www.scientificgames.com/--
is the leading integrated supplier of instant tickets, systems
and services to lotteries, and the leading supplier of wagering
systems and services to pari-mutuel operators.  The Company is
also a licensed pari-mutuel gaming operator in Connecticut and
the Netherlands and is a leading supplier of prepaid phone cards
to telephone companies.  Scientific Games' customers are in the
United States and more than 60 other countries including the
United Kingdom, Austria, Germany, France and The Netherlands.


SS&C TECHNOLOGIES: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its B2 Corporate Family Rating for
SS&C Technologies, 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:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$75 Million
   Senior Secured
   Revolving Credit
   Facility due 2012      B2       Ba3     LGD2       28%

   US$200 Million
   Senior Secured
   First Lien
   due 2013               B2       Ba3     LGD2       28%

   US$205 Million
   Senior
   Subordinated
   Note due 2016         Caa1     Caa1     LGD5       83%

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
alphanumeric 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 Windsor, Connecticut, SS&C Technologies, Inc.
-- http://www.ssctech.com/-- provides software and outsourcing
solutions for the financial services industry.  The company has
international offices in Malaysia, Singapore, Japan, Ireland,
Australia and the Netherlands, among others.


SYNIVERSE TECHNOLOGIES: Moody's Gives Loss-Given-Default Ratings
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its Ba3 Corporate Family Rating for
Syniverse Technologies, 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:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$42 Million
   Senior Secured
   Revolving Credit
   Facility due 2011      Ba3      Ba1     LGD2       24%

   US$240 Million
   Senior Secured
   First Lien             Ba3      Ba1     LGD2       24%

   US$175 Million
   Senior Subordinated
   Note due 2013          B2       B1      LGD5       80%

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
alphanumeric 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%).

Based in Tampa, Florida, Syniverse Technologies, Inc. --
http://www.syniverse.com/-- provides technology outsourcing to
wireless telecommunications carriers.  In Europe, the company
maintains operations in Slovakia, Netherlands, France, Italy,
and the United Kingdom.


===========
N O R W A Y
===========


AKER KVAERNER: Wins NOK100-Million Mooring Systems Contracts
------------------------------------------------------------
Aker Kvaerner has been awarded contracts for the delivery of
advanced mooring systems with a total contract value of NOK200
million.  The contracts comprise deliveries both to the offshore
and marine industry.

The work is undertaken by the Aker Kvaerner subsidiary Aker
Kvaerner Pusnes in Arendal.

The awards include delivery to the two advanced Aker Drilling
H6e semi-submersible rigs to be built at Aker Kvaerner Stord and
to five deepwater semi-submersible rigs to be built at Jurong's
shipyard in Singapore.

"Strong markets and competitive solutions have further given
Aker Kvaerner Pusnes marine deck machinery orders for 60 new
merchant vessels in the third quarter of 2006," Leif Haukom,
president of Aker Kvaerner Pusnes, said.  "Delivery will mainly
be to yards in Korea and China.  On yearly basis, Aker Kvaerner
Pusnes supplies deck machinery to more than 160 ships worldwide.

"These awards confirm Aker Kvaerner's strong position in the
global market for advanced offshore products and technologies"
Mads Andersen, Executive Vice President in Aker Kvaerner, said.

Manufacturing of the equipment will take place in Europe and
Asia. The delivery dates are scheduled from 2007 to 2009.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                        *     *     *

As reported in TCR-Europe on April 26, Moody's Investors Service
upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


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


ALUMINIUM BUILDING: Samara Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Samara Region commenced bankruptcy
supervision procedure on OJSC Aluminium Building Constructions.
The case is docketed under Case No. A55-9997/2006.

The Temporary Insolvency Manager is:

         A. Fomin
         Post User Box 161
         Sretenskiy Avenue 5
         107045 Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Aluminium Building Constructions
         Building 64
         Alma-Atinskaya 29
         443051 Samara Region
         Russia


ANNINSKIY: Voronezh Court Names S. Khomin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. S. Khomin
as Insolvency Manager for CJSC Combine Of Building Materials And
Constructions Anninskiy (OGRN 1023600510438).  He can be reached
at:

         S. Khomin
         Post User Box 4
         Post Office 63
         394063 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-4563/2006/135/27b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         CJSC Combine of Building Materials and Constructions
         Anninskiy
         Vatutina Str. 194
         Anna
         Voronezh Region
         Russia


BUILDER CJSC: Court Names I. Borzov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed
Mr. I. Borzov as Insolvency Manager for CJSC Builder.  He can be
reached at:

         I. Borzov
         Bagaeva Str. 17-207
         153000 Ivanovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-11897/2006-27-576.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Builder
         Sovkhoznaya Str. 13-1
         Sosnovskoye
         Nizhniy Novgorod Region
         Russia


EAR CJSC: Altay Bankruptcy Hearing Slated for Feb. 19
-----------------------------------------------------
The Arbitration Court of Altay Region will convene at 2:30 p.m.
on Feb. 19, 2007 to hear the bankruptcy supervision procedure on
CJSC Ear.  The case is docketed under Case No. A03-10881/06-B.

The Temporary Insolvency Manager is:

         Y. Rodionov
         Post User Box 2153
         Barnaul
         656037 Altay Region
         Russia

The Debtor can be reached at:

         CJSC Ear
         Smolenskoye
         Smolenskiy Region
         659600 Altay Region
         Russia


INVEST-TRANS-SERVICE: Court Names O. Feldman to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. O. Feldman as
Insolvency Manager for CJSC Invest-Trans-Service (TIN
7728195277).  He can be reached at:

         O. Feldman
         Post User Box 53
         109156 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-44459/06-44-968 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Invest-Trans-Service
         Krzhizhanovskogo Str. 6
         117292 Moscow Region
         Russia


LUKOIL OAO: Environment Ministry Probes Deeper into Violations
--------------------------------------------------------------
The Ministry of Natural Resources of the Russian Federation has
asked Federal Tax Service to divulge information on OAO Lukoil's
tax payments for its oilfields, BBC News says.

Oleg Mitvol, who heads a special commission tasked to uncover
environmental violations by companies, requested for information
on Lukoil's 398 licenses to "continue the probe into the
activities of [the company's] subsidiaries."

"We have requested the information on how Lukoil paid subsoil
use and mineral resource taxes on these licences," Nikolai
Gudkov, spokesman for the Environment Ministry, told BBC News.
"The logic is if the taxes are not paid or delayed, it means
that there are problems with fulfilling licensing agreements."

As reported in TCR-Europe on Oct. 18, the Federal Service for
the Oversight of Natural Resources has recommended the
revocation of OAO Lukoil's production and extraction licenses
following inspection of the company'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.

Analysts, BBC reports, believed the probe could be an attempt to
regain control of the projects, following the path that led to
the collapse of OAO Yukos Oil.

Natural Resources Minister Yury Trutnev, however, assured the
probe is a "normal process" affecting "all oil companies,
including LUKoil, Rosneft and TNK-BP."

                        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.


LYUBIMSKOYE FUEL: Yaroslavl Bankruptcy Hearing Slated for Nov. 1
----------------------------------------------------------------
The Arbitration Court of Yaroslavl Region will convene at 10:00
a.m. on Nov. 1 to hear the bankruptcy supervision procedure on
OJSC Lyubimskoye Fuel Enterprise.  The case is docketed under
Case No. A82-5990/06-30-B/208.

The Temporary Insolvency Manager is:

         D. Pelevin
         S-Shedrina Str. 30
         150014 Yaroslavl Region
         Russia

The Debtor can be reached at:

         OJSC Lyubimskoye Fuel Enterprise
         Krasnoarmeyskaya Str. 59
         Lyubim
         Yaroslavl Region
         Russia


METAL-INVEST-SERVICE: Court Names V. Gusev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. V. Gusev
as Insolvency Manager for LLC Metal-Invest-Service (TIN
3442057626, KPP 344201001).  He can be reached at:

         V. Gusev
         N. Kachuevskoy Str. 2D
         400002 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-9112/06-s58.

The Debtor can be reached at:

         LLC Metal-Invest-Service
         Lenina Pr. 92
         400005 Volgograd Region
         Russia


MILLING MACHINE: Court Names N. Aksenov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. N. Aksenov
as Insolvency Manager for CJSC Factory of Milling Machine.  He
can be reached at:

         N. Aksenov
         Post User Box 3073
         Barnaul
         656015 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-9836/06-B.

The Debtor can be reached at:

         CJSC Factory of Milling Machine
         Galbshtadt
         Nemetskiy Natsionalnyj Region
         Altay Region
         Russia


NORWOOD ENTERPRISE: Asset Sale Slated for October 30
----------------------------------------------------
Sergey Borisovich Matyugin, Insolvency Manager for OJSC Norwood
Enterprise, opened a public auction for the company's properties
at 4:00 p.m. on Oct. 30 at:

         Office 56
         Building 1
         K. Marksa 31
         Arkhangelsk Region
         Russia

The starting price for the auctioned assets is RUR50 million.

To participate, bidders have until noon on Oct. 27 to deposit an
amount equivalent to five percent of the starting price to:

         IP Sergey Borisovich Matyugin
         Settlement Account 40802810300143013517
         Arkhangelskiy OJSC Sobinbank
         Arkhangelsk Region
         BIK 041117724
         Correspondent Account 30101810100000000724

and submit bidding documents to:

         Sergey Borisovich Matyugin, Insolvency Manager
         Office 56
         Building 1
         K. Marksa 31
         Arkhangelsk Region
         Russia

The Debtor can be reached at:

         Dvinskaya Str. 1
         Severodvinsk
         Arkhangelsk Region
         Russia


NOVGOROD-AVIA: Court Names A. Tsybin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
A. Tsybin as Insolvency Manager for OJSC Novgorod-Avia (TIN
5321105340).  He can be reached at:

         A. Tsybin
         Yuryevskoye Shosse 2
         173007 Velikiy Novgorod Region
         Russia
         Tel./Fax: 88162-738-779

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A44-585/2006-4-K.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Novgorod-Avia
         Yuryevskoye Shosse 2
         173007 Velikiy Novgorod Region
         Russia
         Tel./Fax: 88162-738-779


OGK-5 JSC: Moody's Assigns Ba3 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
to JSC OGK-5, a Russian thermal electricity generator.  The
rating outlook is stable.

At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, assigned a Aa3.ru national scale
credit rating to the company.  This is the first time that
Moody's has assigned ratings to OGK-5.

According to Moody's and Moody's Interfax, the Ba3 global scale
rating reflects the company's global default and loss
expectation, while the Aa3.ru NSR reflects the standing of the
company's credit quality relative to its domestic peers.

In assigning the ratings to OGK-5, Moody's has considered the
company as a transitioning Government-Related Issuer (GRI),
reflecting the Russian state's deep involvement both in the
electricity sector and in the company, albeit indirectly through
RAO UES of Russia, OGK-5's parent.  In the course of the
on-going restructuring of the electricity sector, OGK-5 is to be
separated from RAO UES via a pro-rata spin-off, with the state's
direct stake in the company to be reduced to 25% plus one share
by the end of 2007.  As the state is expected to decrease its
stake and may finally dispose it in the consequent years,
Moody's will closely monitor any changes to the company's GRI
status.

The company's Ba3 Corporate Family Rating reflect the
combination of a Baseline Credit Assessment (BCA) of 14
(on the scale of 1 to 21 where 1 represents the equivalent risk
of a Aaa, 2 of a Aa1 etc.), the Baa2 local currency rating of
the Russian state, a high dependence and medium support.  The
overall credit enhancement applied to the BCA that results from
the GRI status is limited to one notch.

The BCA of 14 -- equivalent to a B1 rating for companies without
state support - reflects:

   -- electricity consumption growth outpacing that
      of electricity supply in the company's target markets;

   -- sustainable market positions in the target regions
      of Central Russia and Urals;

   -- an acceptable financial profile;

   -- opportunity to increase revenues and margins
      via operations in the emerging competitive segment of
      the wholesale market, and

   -- to attract a large strategic investor in the course
      of the forthcoming privatization.

At the same time, the company's BCA is constrained by:

   -- uncertainties associated with the restructuring process
      of the Russian energy sector;

   -- the company's sole focus on the power generation business;

   -- a relatively high level of outdated assets and large
      capex program;

   -- exposure to politically-sensitive regulated
      tariffs, operating cash flow volatility and
      possible shifts in debt burden;

   -- expected increase in exposure to rising fuel
      prices largely dominated by its key supplier, Gazprom;

   -- lack of a track record of standalone operations; and

   -- risks of operating in Russia's relatively
      vulnerable economic and regulatory environment, where
      OGK-5's financial performance largely depends on
      the balance it has to find between its position
      vis-a-vis the regulator on the one hand affecting
      its ability to increase tariffs and vis-a-vis Gazprom
      on the other hand affecting its operating expenses.

The current BCA does not incorporate any change in the concept
or the general time frame of the restructuring process, which
could materially affect OGK-5's creditworthiness.

High dependence reflects the fact that OGK-5 is a domestic
electricity generator, which revenues are driven and will remain
mainly driven in the mid-term by regulated tariffs.  If the
state were in a financial distress, this could seriously damage
the company's business and its financial profile.

Medium support reflects the state's involvement in the
electricity sector, which is strategically important for the
country, as well as OGK-5's position of a major generator in the
Central Russia and Urals and of a pilot generation business to
be separated from RAO UES and attract private investments.

Moody's implies the medium-level support within a limited time
horizon of about two years.  Within this period, the state is
likely to keep a stake in the company and/or largely keep the
company under its wing, given the market liberalization at an
initial stage, necessity to encourage private investors stepping
in the under-invested Russian electricity generation sector, and
power shortage expected in an increasing number of Russian
regions.

OGK-5 has sustainable positions in the in attractive markets, in
particular in the Urals and in the central Russia, which is very
close to the Moscow region.  These regions are highly urbanized,
well developed and wealthy, demonstrating a rapidly growing
demand for electricity and are expected to face a growing
electricity shortage in the near future.  With no large overall
capacity additions scheduled in these regions in the mid-term,
the company's market positions remain sustainable.

However, though the company's good market positions positively
influence its business risk profile, Moody's regards the latter
as high.  This opinion takes into account OGK's position as a
pure generator without its own distribution business.  In the
mid term, OGK-5's activities are expected to remain largely
regulated and thus exposed to the politically sensitive tariff
regulation in Russia, which has focused on protecting consumers
from higher prices and therefore may allow some financial
deterioration of the utility businesses.

Regulated tariffs, though based on a cost-plus principle, do not
provide for cost recovery including sufficient provision for
depreciation for the Russian energy sector to be able to
maintain or improve its asset quality.  Cost pass-through of
fuel price increases may be limited, creating a pressure on the
company's margins.  The company's ability to benefit from the
electricity demand outpacing supply in its target markets will
largely depend on the pace of the wholesale market
liberalization.  However, there are risks that the
liberalization process may be slower than initially targeted and
expected by the Russian authorities.

The company's currently low debt and acceptable debt protection
metrics are under pressure from its large capital expenditure
programme up to 2010 of approximately RUR60 billion.  About 40%
of the capex is to support maintenance and modernization of the
existing facilities.  The other part is to finance new capacity
construction to meet growing electricity demand.  The company
has some flexibility regarding its capex associated with new
capacity additions.  However, delays in investments in new
capacity construction may damage OGK-5's market positions in the
long run.  Under a relatively conservative forecast of the
market liberalization and free market prices, the company plans
to finance a larger part of the program from its cash flow and
proceeds from the upcoming IPO.  Moody's expects OGK-5 to
finance its growth while maintaining its total debt to EBITDA
level below 3x.

The rating outlook remains stable as Moody's expects the company
to benefit from its sustainable positions in the Urals and
Moscow region in the course of the market liberalization.  The
company's financial profile is expected to accommodate
increasing debt if the company is successful in attracting funds
though the planned IPO and improving margins by increasing
operations in the free market segment.

Should the market liberalization and on-going sector
restructuring result in material improvements in the operating
environment for OGK-5, this could have a positive impact on the
ratings.  Should the company establish a positive track record
of increasing margins and cash flow generation ahead of its
projections as the market is liberalized, this may also
positively influence the rating.

A negative shift in the regulatory regime affecting cash flows
and the company's credit metrics will likely prompt Moody's to
revisit the ratings.  A negative pressure on the rating may
result from the leverage exceeding the maximum target level of
total debt to EBITDA ratio of 3x.

Due to the combination of the high dependency and medium support
attributed to OGK-5 under the GRI methodology, the company's Ba3
rating is largely driven by its BCA.  Moody's also notes that a
one notch upgrade or downgrade in the sovereign rating would not
have an impact on OGK-5's ratings.

Headquartered in the city of Moscow, JSC OGK-5 was the first
wholesale generation company established as part of the
restructuring of RAO UES of Russia, the Russian dominant
integrated electricity group controlled by the state.  OGK-5 has
four fossil-fuel-fired plants with total installed capacity of
8.7GW located in the central part of Russia (close to the Moscow
region), in the Urals and in the south of the country.  The
company generates more than 90% of its revenues from sales of
its electricity output.  Currently 87.67%-owned by RAO UES, OGK-
5 is a pilot entity that will be separated from RAO UES via a
pro-rata spin-off and will see the state's stake reduced to 25%
plus one share in 2007.  Further decrease in that stake is
expected in the consequent years.


RUSSIAN CAR: Moody's Assigns (P)Ba2 Rating to Class C Notes
-----------------------------------------------------------
Moody's Investors Service assigned provisional ratings to these
classes of asset-backed notes issued by Russian Car Loans
No. 1 S.A.:

   -- EUR[133.75] million Class A Senior Asset Backed
      Floating Rate Notes due 2017: (P)Baa1

   -- EUR[35] million Class B Mezzanine Asset Backed
      Floating Rate Notes due 2017: (P)Baa1; and

   -- EUR[51.25] million Class C Junior Asset Backed
      Floating Rate Notes due 2017: (P)Ba2.

Russian Car Loans No. 1 S.A. is Russian Standard Bank's second
securitisation after Russian Consumer Finance No.1 S.A. that
closed in April 2006.  This transaction is backed by a portfolio
of fixed rate, Rouble denominated auto-loans issued by Russian
Standard Bank.  During the three-year revolving period,
additional pools may be sold into the structure if they meet
certain strict eligibility criteria, including:

   -- Each loan must have made 2 payments or more; and

   -- Each loan must be current at the time of sale and
      must have not missed more than two payments in
      the previous six months.

Unlike Russian Consumer Finance No.1 S.A., the current
transaction benefits from a balance guaranteed swap, which
removes any exposure to interest rate or exchange rate
fluctuations.  This is the second Russian ABS transaction
Moody's has rated which includes such protection.

Although the initial average yield on the assets is [13.5%],
this could reduce as higher yielding assets pre-pay or default
and lower yielding assets are substituted.  The subordinated
loan is dynamically sized to protect the structure from such
spread compression and there is an early amortization event if
the average net spread over the preceding three months falls
below [3%].

The Russian legal and operating environment is still developing
and has not yet reached stability.  Moody's has reviewed Russian
legal opinions in connection with this transaction and is
satisfied that these risks are commensurate with the rating
levels assigned to the notes.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings represent Moody's preliminary
credit opinions only.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavour
to assign definitive ratings to the Notes.  A definitive rating
may differ from a provisional rating.  A rating is not a
recommendation to purchase, sell or invest in any securities.

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
at par on or before the rated 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.


SERGIEVY GORKI: Vladimir Bankruptcy Hearing Slated for Dec. 19
--------------------------------------------------------------
The Arbitration Court of Vladimir Region will convene at 2:00
p.m. on Dec. 19 to hear the bankruptcy supervision procedure on
LLC Flax Manufacture Sergievy Gorki.  The case is docketed under
Case No. A11-6868/2006-K1-432B.

The Temporary Insolvency Manager is:

         R. Morgunov
         Post User Box 79
         600000 Vladimir Region
         Russia

The Arbitration Court of Vladimir Region is located at:

         Oktyabrskiy Pr. 14
         600025 Vladimir Region
         Russia

The Debtor can be reached at:

         LLC Flax Manufacture Sergievy Gorki
         Vyznikovskiy Region
         Vladimir Region
         Russia


SIBROSS-INVEST: Court Names L. Prikhodko as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. L. Prikhodko
as Insolvency Manager for CJSC Sibross-Invest.  He can be
reached at:

         L. Prikhodko
         Post User Box 3077
         Barnaul
         656015 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-7680/06-B.

The Debtor can be reached at:

         L. Prikhodko
         Post User Box 3077
         Barnaul
         656015 Altay Region
         Russia


SUDISLAVSKIY DIARY: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Kostroma Region commenced bankruptcy
supervision procedure on LLC Sudislavskiy Diary.  The case is
docketed under Case No. A31-3231/2006-12.

The Temporary Insolvency Manager is:

         T. Litvinova
         Moskovskaya Str. 55
         156000 Kostroma Region
         Russia
         Tel./Fax: 8(4942)53-46-62

The Debtor can be reached at:

         LLC Sudislavskiy Diary
         Zavolzhskaya Str. 1
         Sudislavl
         Kostroma Region
         Russia


TMK OAO: TMK Steel Limited Gains Full Ownership
-----------------------------------------------
TMK Steel Ltd. has acquired Dalecone Ltd.'s 33% stake in Russian
pipe manufacturer OAO TMK, RIA Novosti says.

With the acquisition and consolidation, TMK became a wholly
owned unit of TMK Steel, controlled by TMK CEO Dmitry
Pumpyansky.

TMK is also planning to launch an initial public offering of
global depositary receipts and common shares both on Russian and
international trading floors.

According to RIA Novosti, Russian companies, which are thought
to be heavily undercapitalized, have been selling or planning to
sell their shares in the public to create much-needed funds to
compete with foreign groups.

                          About TMK

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

                        *     *     *

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

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


USEC INC: 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 last
week, the rating agency confirmed its B1 Corporate Family
Rating for USEC 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:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 million
   6.75% Senior
   Unsecured Notes
   due 2009               B2       B3      LGD5      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
alphanumeric 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%).


VYATSKAYA: Kirov Court Names K. Volkov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kirov Region appointed Mr. K. Volkov as
Insolvency Manager for CJSC Vyatskaya Agro-Industrial Company.
He can be reached at:

         K. Volkov
         Building 2
         Nevzorovykh 89
         603024 N. Novgorod
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-309/06-213/24.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         CJSC Vyatskaya Agro-Industrial Company
         Bolshevikov Str. 91 A
         Kirov Region
         Russia


YUGRA-TRUST: Court Names V. Belonogov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Tyumen Region appointed Mr. V.
Belonogov as Insolvency Manager for CJSC Yugra-Trust.  He can be
reached at:

         V. Belonogov
         Post User Box 57
         Nefteyugansk-10
         628310 Tyumen Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A75-6188/2006.

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Yugra-Trust
         Nefteyuganskiy Region
         628300 Tyumen Region
         Russia


YUKOS OIL: Deutsche Bank Eyes Controlling Stake, Chairman Says
--------------------------------------------------------------
Deutsche Bank is in talks about acquiring a controlling stake in
OAO Yukos Oil Co. and redeeming the company's debts, Yukos
chairman Viktor Geraschenko told Kommersant.

Mr. Geraschenko confirmed reports that Deutsche Bank and its
Russian subsidiary, Deutsche UFG, have been eyeing Yukos assets.
He said that he received a letter from Deutsche UFG head Ilya
Shcherbovich expressing the bank's interest in purchasing
"Yukos's controlling stock" and "is ready to undertake"
redeeming the company's debts, Kommersant relates.

"We suggested [Deutsche Bank] address Group MENATEP director Tim
Osborne, and gave all his contacts to them.  I do not know
whether any talks were held.  Yet, amicable agreement is always
possible," Mr. Gerashchenko said.

According to the report, Mr. Gerashchenko said he does not know
on whose behalf Deutsche Bank acts.

Investment analysts speculate that both Gazprom and Rosneft have
reasons to buy what was once Russia's largest oil producer's
controlling stake and avoid the company's sell-out by redeeming
its debts, Kommersant reports.

Eduard Rebgun, Yukos bankruptcy manager, said no official offer
has yet been received from Deutsche Bank.

                         About Yukos

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Government sold its main production unit Yugansk, to
a little-known firm Baikalfinansgroup for US$9.35 billion, as
payment for US$27.5 billion in tax arrears for 2000- 2003.
Yugansk eventually was bought by state-owned Rosneft, which is
now claiming more than US$12 billion from Yukos.

On March 10, a 14-bank consortium led by Societe Generale filed
a bankruptcy suit in the Moscow Arbitration Court in an attempt
to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, court-appointed external manager Eduard Rebgun
filed a chapter 15 petition in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 06-
0775), in an attempt to halt the sale of Yukos' 53.7% ownership
interest in Lithuanian AB Mazeikiu Nafta.

On May 26, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On July 25, Yukos creditors voted to liquidate the oil firm
after rejecting a management rescue plan, which valued the
company's assets at about US$30 billion.  This would have
permitted Yukos to continue its operations and attempt to pay
off US$18 billion in debts through asset sales.

On Aug. 1, the Hon. Pavel Markov of the Moscow Arbitration Court
upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.  The
expected court ruling paves the way for the company's
liquidation and auction.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


TUBE CITY: 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 Metals & Mining sectors, the
rating agency confirmed its B1 Corporate Family Rating for Tube
City IMS Corp.

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   US$326.4 million
   Gtd. Sr. Secured
   First Lien Term
   Loan B                    B1       B1      LGD3      43%

   US$50 million
   Gtd. Sr. Secured
   Second Lien Term Loan     B3       B3      LGD5      86%

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
alphanumeric 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 Glassport, Pennsylvania, Tube City IMS Corp.
provides raw materials procurement, scrap optimization, material
handling and scrap management, equipment rentals, and machine
shop/field services to the North American steel industry.   The
company has steel mills in Slovakia and Serbia, and an
increasing global presence.


U.S. STEEL: 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 last
week, the rating agency confirmed its Ba1 Corporate Family
Rating for United States Steel Corp.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$348 million
   10.75% Senior
   Unsecured Notes
   due 2008               Ba1      Ba1     LGD4      64%

   US$49 million
   10% Senior
   Unsecured Quarterly
   Income Debt
   Securities due 2031    Ba1      Ba1     LGD4      64%

   US$378 million
   9.75% Senior
   Unsecured Notes
   due 2010               Ba1      Ba1     LGD4      64%

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
alphanumeric 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 Delaware, United States Steel Corp. --
http://www.ussteel.com/-- through its domestic operations, is
engaged in the production, sale and transportation of steel mill
products, coke, and iron-bearing taconite pellets; the
management of mineral resources; real estate development; and
engineering and consulting services and, through its European
operations, which include U. S. Steel Kosice, located in
Slovakia, and U. S. Steel Balkan located in Serbia, in the
production and sale of steel mill products.  Certain business
activities are conducted through joint ventures and partially
owned companies.


=============================
S L O V A K   R E P U B L I C
=============================


TUBE CITY: 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 Metals & Mining sectors, the
rating agency confirmed its B1 Corporate Family Rating for Tube
City IMS Corp.

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   US$326.4 million
   Gtd. Sr. Secured
   First Lien Term
   Loan B                    B1       B1      LGD3      43%

   US$50 million
   Gtd. Sr. Secured
   Second Lien Term Loan     B3       B3      LGD5      86%

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
alphanumeric 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 Glassport, Pennsylvania, Tube City IMS Corp.
provides raw materials procurement, scrap optimization, material
handling and scrap management, equipment rentals, and machine
shop/field services to the North American steel industry.   The
company has steel mills in Slovakia and Serbia, and an
increasing global presence.


U.S. STEEL: 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 last
week, the rating agency confirmed its Ba1 Corporate Family
Rating for United States Steel Corp.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$348 million
   10.75% Senior
   Unsecured Notes
   due 2008               Ba1      Ba1     LGD4      64%

   US$49 million
   10% Senior
   Unsecured Quarterly
   Income Debt
   Securities due 2031    Ba1      Ba1     LGD4      64%

   US$378 million
   9.75% Senior
   Unsecured Notes
   due 2010               Ba1      Ba1     LGD4      64%

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
alphanumeric 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 Delaware, United States Steel Corp. --
http://www.ussteel.com/-- through its domestic operations, is
engaged in the production, sale and transportation of steel mill
products, coke, and iron-bearing taconite pellets; the
management of mineral resources; real estate development; and
engineering and consulting services and, through its European
operations, which include U. S. Steel Kosice, located in
Slovakia, and U. S. Steel Balkan located in Serbia, in the
production and sale of steel mill products.  Certain business
activities are conducted through joint ventures and partially
owned companies.


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


ASPECT SOFTWARE: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors last week,
the rating agency confirmed its B2 Corporate Family Rating for
Aspect Software 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:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$50 Million
   Senior Secured
   Revolving Credit
   Facility due 2010      B2       Ba3     LGD3       32%

   US$775 Million
   Senior Secured
   First Lien
   due 2011               B2       Ba3     LGD3       32%

   US$385 Million
   Senior Secured
   Second Lien
   due 2012              Caa1     Caa1     LGD5       85%

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
alphanumeric 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 Westford, Massachusetts, Aspect Software Inc.
develops, markets, licenses and supports an end-to-end,
integrated and unified suite of contact center software
applications.  In Europe, the company maintains operations in
France, Germany, Spain, The Netherlands, and the United Kingdom.


HARLAN SPRAGUE: 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 Healthcare Service and Distribution sectors,
the rating agency confirmed its B2 Corporate Family Rating for
Harlan Sprague Dawley 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 Dollar-Denominated
   Sr. Sec. Revolver
   due 2010             B2       B1       LGD3     33%

   Euro-Denominated
   Sr. Sec. Revolver
   due 2010             B2       B1       LGD3     33%

   First Lien Sec.
   Term Loan
   due 2011             B2       B1       LGD3     33%

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
alphanumeric 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 Indianapolis, Indiana, Harlan Sprague Dawley
Inc. -- http://www.harlan.com-- is engaged in the commercial
production and supply of animal models.  In Europe it serves
customers throughout the continent via their operations in
Denmark, France, Germany, Italy, the Netherlands, Spain,
Switzerland and the United Kingdom.  Harlan now produces over
250 stocks and strains of laboratory animals.


TELCORDIA TECHNOLOGIES: Moody's Gives Loss-Given-Default Ratings
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors last week,
the rating agency confirmed its B1 Corporate Family Rating for
Telcordia Technologies, 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:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 Million
   Senior Secured
   Revolving Credit
   Facility due 2011      B1       Ba3     LGD3       31%

   US$570 Million
   Senior Secured
   First Lien
   due 2012               B1       Ba3     LGD3       31%

   US$300 Million
   Senior
   Subordinated
   Notes due 2013         B3       B3      LGD5       86%

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
alphanumeric 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 Piscataway, New Jersey, Telcordia Technologies,
Inc. -- http://www.telcordia.com/-- provides operations systems
support software and network systems products for
telecommunications providers.  In Europe, the company maintains
operations in France, Germany, Italy, Spain and the United
Kingdom.


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


EPICOR SOFTWARE: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors, the rating
agency confirmed its B2 Corporate Family Rating for Epicor
Software Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 Million
   Senior Secured
   Revolving Credit
   Facility due 2009      B1       Ba3     LGD2       27%

   US$100 Million
   Senior Secured
   First Lien
   due 2012               B1       Ba3     LGD2       27%

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
alphanumeric 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 Irvine, California, Epicor Software Corporation
is a provider of enterprise resource planning, customer
relationship management, and supply chain management software
and solutions to mid-market companies worldwide including Czech
Republic, Finland, Germany, Lithuania, Sweden, and the United
Kingdom.


GOODYEAR TIRE: Labor Strike Cues S&P to Put Rating on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on Goodyear Tire & Rubber Co. on CreditWatch with
negative implications because of the potential for business
disruptions and earnings pressures that could result from the
ongoing labor dispute at some of its North American operations.
Goodyear has total debt (including the present value of
operating leases and underfunded employee benefit liabilities)
of about US$7 billion.

About 15,000 employees at 14 plants in the U.S. and Canada went
on strike on Oct. 5.  The United Steel Workers (USW) represents
the employees.  Goodyear's contract with the USW expired on July
22 although negotiations for a new contract continued until
early October.  The company's main priorities for a new labor
contract are to lower legacy costs, reduce its high cost
footprint, and improve productivity, while the union is focused
on preserving job security protections and employee benefits.

Since the strike began, Goodyear has borrowed almost
US$1 billion under a revolving credit facility to enhance
liquidity should the strike persist.  The company had about
US$1.3 billion in cash before the start of the strike.
Goodyear's liquidity should be more than adequate to allow the
company to comfortably meet its cash requirements for at least
the next several months. But the business and financial costs to
the company will rise over time.  Goodyear currently is able to
meet most customer requirements through existing inventory, but
as inventory is depleted, the company would experience shortages
that could damage customer relationships.

"Ultimately, we expect the two parties to reach an agreement
that should help Goodyear to lower its burdensome cost position
in North America.  The ratings could be lowered, however, if it
appears that the strike is likely to strain the company's credit
profile for the near to medium term," said Standard & Poor's
credit analyst Martin King.


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


CONVERIUM AG: Moody's Reviews Baa1 Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service placed the Baa1 insurance financial
strength rating of Converium AG and all related ratings as
detailed below on review for possible upgrade.

Commenting on its decision, Moody's said that Converium's
announcement earlier [Tues]day that it had reached a definitive
agreement to sell its North American operations to National
Indemnity Company represents an important landmark on
Converium's road to recovery.  Completion of this transaction
will materially reduce uncertainty relating to reserve adequacy,
free up management time to focus on steering the Group's ongoing
business, as well as improve the financial leverage and fixed
charge coverage ratios.

Moody's also said that profitability in the first half of 2006
was excellent, with combined ratio at 97.9% despite reduced
premium volumes compared to prior years and hence a higher
administration expense ratio.  Moody's expects that the expense
ratio will decline over the next 12 -- 18 months as the
improvement in Converium's franchise will manifest itself in
higher volumes of new business.

The review will focus on the successful completion of the sale
of North American operations and Converium's ability to achieve
further improvement in its franchise through good business
renewals at year-end, as well as to maintain strong levels of
capitalisation and a conservative financial leverage profile, as
evidenced by financial leverage ratio in the high teens.
Moody's also expects the Group to report a combined ratio of
less than 100% and ROE of 10% both across the reinsurance cycle
and in 2006.

The date of the preceding rating action was April 27 when the
outlook on Converium's ratings was changed from negative to
stable.

Converium AG, based in Zurich, Switzerland, is the main
operating company of Converium Holding AG, Zug, Switzerland.
Converium Holding AG reported consolidated Gross Premiums
Written of US$1,994.3 million in 2005 and shareholders' equity
of US$1,796.1 million as of 30 June 2006.

Ratings placed on review for possible upgrade:

Converium AG

    * insurance financial strength rating of Baa1;

Converium Rueckversicherung (Deutschland) AG

    * insurance financial strength rating of Baa1; and

    * US$200 million 8.25% guaranteed subordinated notes
      due December 2032 (callable in 2007) issued by
      Converium Finance S.A., a wholly  owned subsidiary
      of Converium Holding AG -- subordinated debt rating
      of Ba1.


CONVERIUM HOLDING: Inks US$295-Mln Sale Agreement With NICO
-----------------------------------------------------------
Converium Holding AG has signed a definitive agreement to sell
its North American operations to National Indemnity Co., a
Berkshire Hathaway company, for US$295 million comprised of
US$95 million in cash and US$200 million in assumption of debt.

Converium has not provided any guarantee or indemnity in respect
of the reserves of the North American operations.  The
transaction is subject to regulatory approvals and customary
closing conditions.

Inga Beale, Converium's Chief Executive Officer, said: "With
this transaction we have successfully delivered on our promise
to achieve finality regarding Converium's U.S. operations
through a clean-cut sale.  We can now fully concentrate on
building Converium's future, with our business strategy focused
on markets outside the U.S."

Inga Beale continued: "I would like to thank the North American
team for an excellent job in running-off and commuting a major
portion of Converium's North American liabilities prior to
today's announcement.  Our North American colleagues have
exceeded expectations both in terms of the pace and the
profitability of our run-off operations."

Upon the closing of the sale, Converium will reduce its exposure
significantly as National Indemnity Company will assume all of
the North American operations' reinsurance liabilities
(US$1.06 billion as of June 30, 2006) as well as US$200 million
of debt issued by Converium Holdings (North America) Inc.  The
sale will result in a decrease in shareholders' equity of US$135
million.

Paolo De Martin, Converium's Chief Financial Officer, said:
"Even after adjusting the June 30, 2006 shareholders' equity to
US$1.66 billion to account for the sale, we maintain a strong
financial position, while further de-risking our balance sheet.
The clean-cut agreement to sell our North American operations
meets a crucial condition for an improved financial strength
rating."

Converium will provide further details on the transaction on
Nov. 7 when the Company reports on the financial results for the
third quarter of 2006.

                         About Converium

Headquartered in Zug, Switzerland, Converium Holding AG --
http://www.converium.com/-- provides treaty and individual
coverage for risks including accident and health, credit and
surety, e-commerce, third party and professional liability,
life, and special casualty.  Converium employs about 600 people
in 20 offices around the globe and is organized into four
business segments: Standard Property & Casualty Reinsurance,
Specialty Lines and Life & Health Reinsurance, which are based
principally on ongoing global lines of business, as well as the
Run-Off segment, which primarily comprises the business from
Converium Reinsurance (North America) Inc., excluding the U.S.
originated aviation business portfolio.

                        *     *     *

Following its publication of its 2005 year-end results, restated
financial information for the periods 1998 to 2004, and for each
quarter from March 31, 2003, to June 2005, Fitch Ratings
affirmed Converium AG's Insurer Financial Strength BBB- rating
and removed it from Rating Watch Negative on which it had been
placed since Nov. 4, 2005.

Fitch also affirmed other ratings within Converium group and
also withdrawn them from RWN:

  a) Converium AG IFS affirmed at BBB-;
  b) Converium AG IDR affirmed at BBB-;
  c) Converium Insurance Limited affirmed at IFS BBB-;
  d) Converium Ruckversicherungs AG affirmed at IFS BBB-;
  e) Converium Holding AG IDR affirmed at BB; and
  f) Converium Finance S.A.'s USD 200 million subordinated debt
     due 2032 affirmed at BB+.


CONVERIUM HOLDING: Moody's May Upgrade B2 Rating on Sale Deal
-------------------------------------------------------------
Moody's Investors Service placed the B2 senior unsecured debt
rating of Converium Holdings (North America) Inc. (CHNA) on
review for possible upgrade following [Tues]day's announcement
by its parent company, Converium Holding AG (Converium), that it
will sell CHNA and its U.S. subsidiaries to National Indemnity
Company, a subsidiary of Berkshire Hathaway Inc.

Moody's has also placed the B2 insurance financial strength
rating of Converium Reinsurance (North America) Inc. (CRNA), a
subsidiary of CHNA, on review for possible upgrade.  The review
for possible upgrade will focus on the nature of Berkshire
Hathaway's support for CHNA and its subsidiaries.

Under the terms of the agreement, Berkshire Hathaway will
inherit the debt obligations of CHNA, which consists of
US$200 million, 7.125% unsecured senior notes due October 2023,
albeit Berkshire Hathaway will not be providing an explicit
guarantee for these securities.

Future debt service at CHNA will continue to rely largely on the
support provided by the parent organization, given that CRNA has
lacked the ability to provide dividends to CHNA in the recent
past and is unlikely to be able to do so in the foreseeable
future.  In this regard, Berkshire Hathaway, which has a long-
term issuer rating of Aaa, is expected to afford bondholders and
policyholders greater support than that afforded by Converium
(subordinated debt rating of Ba1), given its stronger credit
profile.

Moody's decision to review the rating of CRNA for possible
upgrade also acknowledges the progress that the company has made
in running off and commuting its liabilities.  Its NAIC
risk-based capital ratio has improved to 303% at year-end 2005
compared to 162% at year-end 2004.  Further, the ratio of its
loss reserves-to-surplus has declined to 1.99 at mid-year 2006
compared to 5.07 at year-end 2004.  However, the pace of
commutations will likely slow under Berkshire's ownership, given
that Berkshire will have less incentive to commute claims.

The sale is expected to close by year-end 2006, at which time
Moody's expects to conclude the review for possible upgrade
based on the level of support that is to be expected from
Berkshire Hathaway and the risk-adjusted capitalization of
CHNA's subsidiaries.

The last rating action on CHNA occurred on April 27 when Moody's
changed the outlook on ratings of Converium AG and affiliates to
stable from negative.

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

    * US$200 million 7.125% unsecured senior notes
      due October 2023, senior debt rating of B2;

    * Converium Reinsurance (North America) Inc.,
      insurance financial strength rating of B2.

Converium Holdings (North America) Inc. is the U.S. intermediate
holding company of Converium AG, based in Zurich, Switzerland.
Converium AG is the main operating company of Converium Holding
AG, Zug, Switzerland.


HEXION SPECIALTY: Moody's Rates New Second Lien Notes at B3
-----------------------------------------------------------
Moody's Investors Service assigned B3 ratings to the new
guaranteed senior secured second lien notes due 2014 of Hexion
Specialty Chemicals Inc.  The company expects to issue roughly
US$825 million of notes split (55/45) between fixed and floating
rate notes.

The new notes will be used to refinance roughly US$625 million
of existing second lien notes and partially fund a US$500
million dividend to existing shareholders.  A US$375 million
increase in the company's existing guaranteed senior secured
first lien term loan to US$2 billion, rated Ba3, will fund the
remainder of the extraordinary dividend.

Moody's also affirmed Hexion's other long-term debt ratings and
its SGL-2 speculative grade liquidity rating.  As a result of
this refinancing, the LGD assessment rates have changed.  The
outlook is stable and the ratings on the existing second lien
notes will be withdrawn upon successful completion of the
refinancing.

New ratings assigned:

Hexion Specialty Chemicals Inc.

   -- Floating Rate Gtd Second Lien Sr Sec Notes
      due 2014: B3, LGD5, 75%

   -- Fixed Rate Gtd Second Lien Sr Sec Notes
      due 2014: B3, LGD5, 75%

Ratings affirmed with revised LGD rates:

   -- US$225 million Gtd Sr Sec Revolving Credit Facility
      due 5/2011: Ba3, LGD2, 24% from 29%

   -- US$50 million Gtd Sr Sec Letter of Credit Facility
      due 5/2011: Ba3, LGD2, 24% from 29%

   -- US$1,625 million Gtd Sr Sec Term Loan
      due 5/2013: Ba3, LGD2, 24% from 29%*

   -- US$300 million Flt Rate Gtd Second Lien Sr Sec Notes
      due 7/2010: B3, LGD5, 75% from 77%**

   -- US$325 million 9.0% Gtd Second Lien Sr Sec Notes
      due 7/2014: B3, LGD5, 75% from 77%**

   -- US$34 million Pollution Control Revenue Bonds Series 1992
      due 12/2009: B3, LGD5, 75% from 77%

Ratings affirmed:

Hexion Specialty Chemicals Inc.

   -- Corporate Family Rating, B2

   -- Probability of Default Rating, B2

   -- US$114.8 million 9.2% Sr. Unsec Debentures
      due 3/2021: Caa1, LGD6, 94%

   -- US$246.8 million 7.875% Sr. Unsec Notes
      due 2/2023: Caa1, LGD6, 94%

   -- US$78 million 8.375% S.F. Sr. Unsec Debentures
      due 4/2016: Caa1, LGD6, 94%

    * Facility size will increase to US$2 billion upon
      successful completion of the refinancing

   ** Ratings will be withdrawn is the tender offer is
      successfully completed; if any stub bonds remain, the
      rating could be lowered by more than one notch

The B3 ratings on Hexion's second lien notes reflect:

   -- elevated leverage on a historical EBITDA basis,

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

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

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

Moody's notes that if the company were to significantly increase
the size of the secured first lien term loan, as permitted under
the indenture for the secured second lien notes, this could
cause a downgrade of the ratings on the second lien notes.

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

The ratings benefit from:

   -- the company's size,

   -- product diversity,

   -- global operations, and

   -- the anticipation of significant additional synergies

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

The company's metrics would map to the cusp of the "Ba" and "B"
rating category using Moody's Chemical Industry ratings
methodology, versus the B2 corporate family ratings.  However,
given the limited historical data, the pro forma averages may
not adequately reflect the company's through-the-cycle
performance.

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

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


TOWN SPORTS: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer services sector, the rating
agency confirmed its B2 Corporate Family Rating for Town Sports
International Holdings, Inc.

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

   Issuer: Town Sports International Holdings, Inc.,

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$138 million
   Sr. Unsec.
   discount notes
   due 2014              Caa2      Caa1     LGD5     89%

   Issuer: Town Sports International, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$75 million
   Sec. Revolver
   due 2008              B1       Ba2      LGD1       3%

   US$170 million
   9.63% Sr. Unsec.
   notes due 2011        B2       B2       LGD3      44%

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
alphanumeric 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 New York, U.S.A., Town Sports International
Holdings, Inc. -- http://www.mysportsclubs.com/-- owns and
operates fitness clubs in the northeast and Mid-Atlantic regions
of the United States, and in Switzerland.


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


AKBANK T.A.S.: Citigroup to Buy 20% Stake for US$3.1 Billion
------------------------------------------------------------
Citigroup and Akbank T.A.S. have signed a definitive agreement
under which Citigroup will purchase a 20 percent equity position
in Akbank for approximately US$3.1 billion, at a price of
YTL9.50 per 100 shares.

Sabanci Holding, a 34 percent owner of Akbank shares, together
with its subsidiaries, which own an additional block of shares
in Akbank, have granted Citigroup a right of first refusal or
first offer over the sale of any of their Akbank shares in the
future.  In addition, Citigroup has granted a right of first
refusal or first offer over its Akbank shares to Sabanci.
Subject to a number of exceptions, including purchases from
Sabanci Holding and its subsidiaries, Citigroup has agreed not
to acquire additional shares in Akbank.  The transaction will be
accretive to Citigroup's earnings in year one.

The agreement also establishes a strategic collaboration between
Citigroup and Akbank to pursue new commercial activities,
referral arrangements and joint ventures and to share certain
expertise and technology.  The terms also grant Citigroup the
right to appoint one non-executive director to Akbank's nine-
person Board, and the Sabanci Group the right to appoint one
non-executive director to the Board of Citigroup's Turkey
subsidiary.

"The Sabancis are one of the most highly respected and leading
business families in Turkey.  Akbank is an ideal partner for
Citigroup; it is a premier institution in the fast growing and
dynamic Turkish market, led by a highly skilled management team
that has achieved a superior record of performance," said
Charles O. Prince, Citigroup Chairman and Chief Executive
Officer.  "What made this transaction particularly attractive is
our strategic collaboration, which provides opportunities to
broaden our international distribution capabilities and extend
the availability of world-class financial products and services
to individuals and institutions."

"This alliance brings together the most valuable financial
institutions in the world and in Turkey, in a long-term
strategic partnership.  We strongly believe that this alliance
will solidify Akbank's leading position in the rapidly growing
Turkish Banking Sector.  We look forward to the strategic
synergies this partnership with Citigroup will bring to further
our business objectives and growth aspirations," said Erol
Sabanci, Chairman of the Board of Akbank.

"Turkey has great strategic importance and financial prospects
for Citigroup," said Sir Win Bischoff, Chairman, Citigroup
Europe.  "Our existing operations allied to a significant stake
in Akbank, a pre-eminent financial institution with excellent
management and an outstanding reputation, will allow us to
strengthen and accelerate our position in this vital market."

Zafer Kurtul, Chief Executive Officer of Akbank added: "In the
last five years Akbank has implemented a very successful change
program and consolidated its leading position in the Turkish
Banking Sector.  As Turkey is becoming an increasingly
attractive market for financial institutions, we anticipate that
with Citigroup's contribution, Akbank will enter a new era of
expansion and growth."

Citigroup will obtain its shares in Akbank through:

     (a) the purchase of 28 billion shares from Sabanci family
         members and Sabanci Holding subsidiaries at YTL9.50 per
         100 shares; and

     (b) the issuance of 20 billion new Akbank shares at the
         same price through a reserved capital increase in favor
         of Citigroup.

The transaction, subject to shareholder and regulatory
approvals, is expected to close in 60-90 days.

With its widely recognized strong brand name, Akbank currently
has 674 branches and 1,551 ATMs and enjoys the number one
position in auto and housing loans, the number two position in
commercial loans and the number three position in deposits.
Approximately 65 percent of Akbank's revenues in the first half
of 2006 came from its retail bank and thirteen percent of its
revenues derive from its commercial and corporate bank.

Citigroup has had operations in Turkey since 1975 and has more
than 2,000 employees on the ground serving corporate, commercial
and retail clients through 47 branches and 68 ATMs.  Citigroup
is currently the 19th largest bank in Turkey by assets with
approximately US$2.1 billion in assets and US$1.6 billion in
deposits.

                      About Citigroup

Citigroup (NYSE: C) -- http://www.citigroup.com/-- has some 200
million customer accounts and does business in more than 100
countries, providing consumers, corporations, governments and
institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, and wealth management.
Major brand names under Citigroup's trademark red umbrella
include Citibank, CitiFinancial, Primerica, Smith Barney and
Banamex.

                        About Akbank

Headquartered in Istanbul, Turkey, Akbank T.A.S. --
http://www.akbank.com/-- offers a wide range of retail,
commercial, corporate, private banking, international trade
finance and capital markets services.  Akbank is a premier,
full-service retail, commercial, corporate and private bank in
Turkey, with assets of US$35.8 billion, loans of US$17.7 billion
and a deposit base of US$22.7 billion. It is the third largest
bank by assets and the most profitable banking institution in
the country.

                        *     *     *

As reported in TCR-Europe on July 6, Fitch Ratings affirmed
Akbank T.A.S.' foreign currency Issuer Default rating at BB- and
local currency IDR at BB+.  The Outlook is Positive.  At the
same time, the agency affirmed the Short-term foreign and local
currency ratings at B, Individual rating at C, Support rating at
4 and National Long-term rating at AA.  The Outlook on the
National rating is Stable.


IMAX CORP: Moody's Assigns LGD4 Rating to 9-5/8% Senior Notes
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, the rating
agency confirmed IMAX Corp. 's B3 Corporate Family Rating.

Moody's also downgraded the Company's probability-of-default
rating on its 9-5/8% Senior Notes due 2010 to Caa1 from B3.
Additionally, Moody's assigned an LGD4 rating to these notes,
suggesting noteholders will experience a 58% loss in the event
of a default.

Moody's 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 its 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
alphanumeric 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

IMAX Corporation -- http://www.imax.com/-- founded in 1967 and
headquartered jointly in New York City and Toronto, Canada, is
an entertainment technology company, with particular emphasis on
film and digital imaging technologies including 3D, post-
production, and digital projection.  IMAX also designs and
manufactures cameras, projectors and consistently commits
significant funding to ongoing research and development.
The IMAX Theatre Network currently consists of more than 270
IMAX affiliated theatres in 38 countries including Bulgaria,
Czech Republic, Denmark, France, Germany, Italy, The
Netherlands, Poland, Russia, Spain, Sweden, Switzerland, Turkey
and the United Kingdom.


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


ALFA TELEKOM: Court Names Svitlana Bikova as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Sevastopol appointed Svitlana Bikova as
Liquidator/Insolvency Manager for LLC Alfa Telekom (code EDRPOU
30889475).  She can be reached at:

         Svitlana Bikova
         V. Kuchera Str. 13/6
         Sevastopol
         AR Krym Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 7.  The case is docketed
under Case No. 5/048.

The Economic Court of Sevastopol is located at:

         Pavlichenko Str. 5
         Sevastopol
         99011 AR Krym Region
         Ukraine

The Debtor can be reached at:

         LLC Alfa Telekom
         Shosta Basionna Str. 46/612
         Sevastopol
         AR Krym Region
         Ukraine


MAYORSKIJ REINFORCED: Court Names I. Strashnov as Liquidator
------------------------------------------------------------
The Economic Court of Donetsk Region appointed Mr. I. Strashnov
as Liquidator/Insolvency Manager for Enterprise Mayorskij
Reinforced Metal Plant (code EDRPOU 23117325).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 7.  The case is docketed
under Case No. 42/159 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         Enterprise Mayorskij Reinforced Metal Plant
         Miru Str. 42
         Gorlivka
         Donetsk Region
         Ukraine


PETROVSKE REPAIR-TRANSPORT: A. Vinnik to Liquidate Assets
---------------------------------------------------------
The Economic Court of Harkiv Region appointed Mr. A. Vinnik as
Liquidator/Insolvency Manager for OJSC Petrovske Repair-
Transport Enterprise (code EDRPOU 00909549).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 5.  The case is docketed
under Case No. B-39/98-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Petrovske Repair-Transport Enterprise
         Druzhbi Str. 19
         Petrovske
         Balakliya District
         Harkiv Region
         Ukraine


SOBORNIJ: Herson Court Names Mr. Kosovskij as Liquidator
--------------------------------------------------------
The Economic Court of Herson Region appointed Mr. V. Kosovskij
as Liquidator/Insolvency Manager for LLC Trade House Sobornij
(code EDRPOU 31653210).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 7.  The case is docketed
under Case No. 6/160-B-06.

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         LLC Trade House Sobornij
         Perekopska Str. 153/27.
         Herson Region
         Ukraine


VITREN: Donetsk Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on LLC Vitren (code EDRPOU 31906150) on
July 26.  The case is docketed under Case No. 27/125 B.

The Temporary Insolvency Manager is:

         Ivan Popov
         Tayozhna Str. 1
         Makiyivka
         86123 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Vitren
         Lati Str. 103
         Snizhne
         86500 Donetsk Region
         Ukraine


VSEUKRAINSKY AKTSIONERNY: Fitch Assigns B- Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings assigned Ukraine-based Vseukrainsky Aktsionerny
Bank's ratings of Issuer Default B- with Stable Outlook, Short-
term B, Support 5 and Individula D/E.

The ratings reflect VABank's small size by international
standards, risks associated with rapid loan book growth and high
concentrations on both sides of the balance sheet as well as
significant liquidity risk exposure.  The ratings also
acknowledge the bank's currently reasonable asset quality and
capitalization.

Increasing operating costs, driven by retail franchise and
network expansion, have weighed heavily on VABank's bottom line
profitability.  This resulted in zero profits during H106.
Fitch expects the bank to stay marginally profitable before it
manages to build up its retail franchise and capture some of the
market's upside potential.

A successful franchise expansion, accompanied by declining
business concentration, may put an upward pressure on the
ratings.  Downward pressure on the ratings might arise from
asset quality problems driven by rapid loan growth and/or
potential liquidity shortfalls.

VABank is a medium-sized universal bank holding a small 1.3% of
system assets and operating through a network of 110 outlets in
Ukraine.  TBIF, a Dutch investment company with active
operations in financial services sector across Eastern Europe
and Russia, completed its 48.65% acquisition in H106.

Sergey Maximov, a Russian entrepreneur and members of his family
ultimately control another 48.65%.  Currently TBIF controls half
of the supervisory board, has its own representative in the
headquarter-based credit committee with veto right and asset
liability commission.  It also plays an active role in
developing the risk management and treasury management functions
at the bank.


YUZHSPECEXPORT LLC: Court Names V. Kosovskij V. as Liquidator
-------------------------------------------------------------
The Economic Court of Herson Region appointed Mr. V. Kosovskij
V. as Liquidator/Insolvency Manager for LLC Yuzhspecexport (code
EDRPOU 24961081).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 5.  The case is docketed
under Case No. 6/166-B-06.

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         LLC Yuzhspecexport
         Illich Str. 78/19
         Herson Region
         Ukraine


ZHVANETS REPAIR-TRANSPORT: Sergij Shishkin to Manage Assets
-----------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Sergij
Shishkin as Liquidator/Insolvency Manager for OJSC Zhvanets
Repair-Transport Enterprise (code EDRPOU 03079054).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 7.  The case is docketed
under Case No. 13/105-B.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         OJSC Zhvanets Repair-Transport Enterprise
         Zhvanets
         Kamyanets-Podilskij District
         Hmelnitskij Region
         Ukraine


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


ACCESS DEVICES: For Sale as a Going Concern
-------------------------------------------
R. W. L. Horton, A. Murphy and R. Tulloch, the Joint
Administrators of Access Devices Digital Limited, offer the
business and assets of the company for sale as a going concern

Features:

   -- research-and-development-led technology company, designing
      and supplying digital television equipment for Digital
      Terrestrial Broadcast Television (DVB-T), in the business-
      to-business market;

   -- operating from leasehold premises in Ealing, London;

   -- diverse product range, including basic DVB-T set-top
      boxes, set-top boxes with Digital Video Recorders (DVR)
      and PCMCIA cards;

   -- products sold across the U.K. and European markets for
      large global brands and leading U.K. and European
      retailers; and

   -- sales revenues of approximately GBP11 million in 2005.

Inquiries can be addressed to:

         Darren Fanthorpe or Alexandra Morales
         Smith & Williamson Limited
         No.1 Bishops Wharf
         Walnut Tree Close
         Guildford
         Surrey GU1 4RA
         United Kingdom
         Tel: 01483 407 100
         Fax: 01483 407 187
         E-mail: df10@smith.williamson.co.uk
                 avm2@smith.williamson.co.uk

Smith & Williamson -- http://www.smith.williamson.co.uk/--
provide investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.


ALLEGHENY TECHNOLOGIES: Moody's Gives 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 last
week, the rating agency confirmed its Ba2 Corporate Family
Rating for Allegheny Technologies Inc. and its B1 rating on the
company's US$300 million issue of 8.375% senior unsecured notes
due 2011.  Moody's also assigned an LGD6 rating to those bonds,
suggesting noteholders will experience a 90% loss in the event
of a default.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on Allegheny
Ludlum Corporation's and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 Million
   Gtd. Debentures
   due 2025               Ba2      Ba2     LGD4       53%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in 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
alphanumeric
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 Pittsburgh, Pennsylvania, Allegheny
Technologies Inc. -- http://www.alleghenytechnologies.com/-- is
a specialty stainless steel and alloy producer.  The company has
international locations in India, France, Germany, the United
Kingdom, Australia, Korea, Singapore, and Malaysia, among
others.


AMARO PROFESSIONAL: Brings In KPMG to Administer Assets
-------------------------------------------------------
Mark Granville Firmin and Richard Dixon Fleming of KPMG LLP were
appointed joint administrators of Amaro Professional
Distribution Ltd. (Company Number 04500498) on Oct. 4.

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.

Headquartered in Gateshead, United Kingdom, Amaro Professional
Distribution Ltd. distributes professional brochures and
leaflets.


ASCOT BLACK: Moody's Rates Class E Credit Default Swap at (P)Ba2
----------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
six classes of credit default swaps to be entered into by
Lloyd's TSB and the respective credit protection sellers in
relation to the Ascot Black CLO transaction:

   -- GBP866,500,000 Senior Credit Default Swap: (P) Aaa;
   -- GBP28,000,000 Class A Credit Default Swap: (P) Aaa;
   -- GBP30,500,000 Class B Credit Default Swap: (P) Aa2;
   -- GBP29,500,000 Class C Credit Default Swap: (P) A2;
   -- GBP13,000,000 Class D Credit Default Swap: (P) Baa2; and
   -- GBP22,000,000 Class E Credit Default Swap: (P) Ba2.

Moody's has not assigned a rating to the threshold amount.

In this transaction LTSB is buying credit protection on a
reference portfolio of GBP1 billion consisting of loans granted
to small and medium sized clients of LTSB in the U.K.  LTSB
enters into six classes of credit default swaps with the
respective credit default swap counterparties as credit
protection sellers.  The senior credit default swap and the
class A to class E swaps benefit from a threshold amount and a
synthetic excess spread feature.

Loss allocation is done in reverse sequential order starting
with the threshold amount, which is replenished on the annual
excess spread payment dates by synthetic excess spread after the
loss allocation has taken place.

The reference portfolio can be replenished until and including
October 2012, subject to certain portfolio criteria and certain
stop replenishment triggers not being breached.  After the
replenishment period, the notional amount reduction on the
credit default swaps is done on a pro rata basis as long as the
stop pro rata trigger is not breached -- thereafter the notional
amount reduction of the credit default swaps is done in full
sequential order.

According to Moody's the ratings take account of, among other
factors:

   -- The senior credit default swap as well as the class A
      to class E swaps benefit from the subordination of
      the respective lower tranches and a synthetic
      excess spread feature is providing additional
     credit enhancement to the rated credit default swaps.

   -- Moody's was not provided with collateral data on
      the reference portfolio.  Additionally, no hard
      minimum collateralization ratio must be
      fulfilled throughout the revolving period as a
      condition to replenish.  Restrictions on the LTSB
      expected loss severity as well as a haircut on
      the recovery rate assumption in the modeling
      partially mitigate these weaknesses.

   -- The reference portfolio can be replenished until
      October 2012.  The additional loss potential stemming
      from the replenishment of the portfolio is
      partially mitigated by the inclusion of stop
      replenishment triggers and eligibility criteria.

   -- The realized loss definition includes interest accrued
      in addition to principal losses, which increases
      the potential credit protection amount to be paid by
      the credit default swap counterparties.  This wider
      loss definition is incorporated into Moody's analysis
      as the loss/recovery data analysed by Moody's include
      the accrued interest.

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

The ratings address the expected loss posed to investors by the
legal final maturity of the credit default swaps.  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.

Moody's will monitor this transaction on an ongoing basis.


ASPECT SOFTWARE: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its B2 Corporate Family Rating for
Aspect Software 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:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$50 Million
   Senior Secured
   Revolving Credit
   Facility due 2010      B2       Ba3     LGD3       32%

   US$775 Million
   Senior Secured
   First Lien
   due 2011               B2       Ba3     LGD3       32%

   US$385 Million
   Senior Secured
   Second Lien
   due 2012              Caa1     Caa1     LGD5       85%

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
alphanumeric 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 Westford, Massachusetts, Aspect Software Inc.
develops, markets, licenses and supports an end-to-end,
integrated and unified suite of contact center software
applications.  In Europe, the company maintains operations in
France, Germany, Spain, The Netherlands, and the United Kingdom.


BLIGHTS BUILDERS: Brings In Administrators from Bishop Fleming
--------------------------------------------------------------
J. A. O'Sullivan and S. J. Talby of Bishop Fleming were
appointed joint administrators of Blights Builders Ltd. (Company
Number 4813957) on Oct. 2.

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.

Blights Builders Ltd. can be reached at:

         13 Silver Street
         Barnstaple
         Devon EX32 8HR
         United Kingdom
         Tel: 01392 278436


BRITISH AIRWAYS: Launches Competition to Address Pension Deficit
----------------------------------------------------------------
British Airways Plc has launched a competition for new long-haul
aircraft by issuing tender documents to aircraft and engine
manufacturers.

The competition, called a request for proposal (RFP), is the
first step in a lengthy process before the airline makes a
decision on fleet growth and replacement for the next decade.

Airbus and Boeing, and engine manufacturers, Engine Alliance,
General Electric and Rolls Royce plus other key component
suppliers, have been invited to bid.

"For the past four years, we have grown capacity by using our
aircraft more efficiently," British Airways' chief executive,
Willie Walsh, said.  "In order to continue to grow our long-haul
business we now need additional long-haul aircraft.  We remain
committed to generating an economic return for our shareholders.

"Launching the competition highlights the need for us to address
our GBP2.1 billion pension deficit.  It is a major blocker to
growth and investment in our business but I am confident we will
resolve it.

"With a combination of firm orders and options, we are planning
for both growth and fleet replacement into the next decade.
Environmental performance will be one of the key criteria in our
choice ensuring greater fuel efficiency, reduced noise and
emissions.  The first aircraft to be replaced are the 20 Boeing
747s and 14 Boeing 767s, which will be around 25 years old," he
said.

Subject to the outcome of the RFP competition, orders are
expected to be placed during next year.

The aircraft being considered for the airline's long-haul fleet
are the Airbus A330, A350, A380 and Boeing 787, B777 and B747-8.

                     About the Company

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.

                        *     *     *

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


CAIRNSERVE GROUP: BDO Stoy Hayward Selling Fast Food Operator
-------------------------------------------------------------
Shay Bannon and Tony Nygate, Joint Administrators of the
Cairnserve Group, are offering to sell the business and assets
of the fast food operator.

The assets for sale include over 60 restaurants nationwide,
certain leasehold properties and an experienced management team.
It reports a current annual turnover of GBP31.8 million and a
current annual EBITDA of GBP880,000.

Inquiries can be addressed to:

         Mark Longbottom
         BDO Stoy Hayward LLP
         8 Baker Street
         London W1U 3LL
         United Kingdom
         Tel: 020 7486 5888
         Fax: 020 7487 3686
         Tel: 020 7893 2279
         E-mail: mark.longbottom@bdo.co.uk

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.


CHALLENGE BUSINESS: Grant Thornton Selling Yachting Firm
--------------------------------------------------------
Nigel Morrison and Richard Hawes, in their capacity as joint
administrators for The Challenge Business International Limited,
are offering to sell the company's business and assets.

The assets for sale features:

   -- widely recognized and respected yachting business;

   -- large corporate blue chip client base;

   -- fleet of 67' and 72' ocean going yachts;

   -- a portfolio of sailing events;

   -- High demand adventure sailing program;

   -- servicing facility for large yachts in Plymouth; and

   -- runs and participates in a number of other yachting events
      such as the Round Britain and Ireland Challenge, Transat
      Challenge, entering yachts in the Rolex Fastnet Race, and
      organizing corporate yachting events.

Inquiries can be addressed to:

         Sarah Gould
         Grant Thornton U.K. LLP
         Lees House
         21 Dyke Road
         Brighton BN1 3GD
         United Kingdom
         Tel: 0870 991 2454,
         Fax: 0870 991 2454
         E-mail: sarah.gould@gtuk.com

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.


CORUS GROUP: Confirms Tata Steel's GBP4.1-Bln Takeover Proposal
--------------------------------------------------------------
Corus Group Plc confirmed a GBP4.1 billion approach from India's
Tata Steel, BBC reports.

Corus said Tata offered to acquire the company for 455p per
share, noting that the Indian group has yet to submit a full
offer.

Corus and Tata are currently holding talks over the matter, the
company said in a statement.

The offer, BBC notes, is below Corus' share price.  Corus shares
were trading a 479 pence apiece Monday in London.  Analysts had
said that Tata has to cough out up to GBP5.6 billion, or 580
pence per share, to acquire Corus, BBC reports.

As reported in TCR-Europe on Oct. 11, Tata Steel was set to
launch a GBP5 billion takeover bid for Corus Group.  According
to The Times, speculations on the possible takeover bid rose
after Tata told the Stock Exchange that it was considering a
number of takeover opportunities, including Corus.  It is also
believed that Tata may choose Corus's option of a joint venture
rather than a full takeover.  Tata had prepared a GBP3.5 billion
financing deal to make the acquisition, BBC cited the Sunday
Telegraph.

If the deal materializes, a merger would form the world's fift
largest steelmaker.

                        About Tata Steel

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

                        About Corus Group

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

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

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

                          *     *     *

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

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

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

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

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

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

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


ELONEX LIMITED: Taps Vantis to Administer Assets
------------------------------------------------
Geoffrey Paul Rowley and Simon Elliott Glyn of Vantis were
appointed joint administrators of Elonex Ltd. (Company Number
05854738) on Oct. 2.

Headquartered in West Sussex, Vantis PLC --
http://www.vantisplc.com/-- provides accounting, business and
tax advisory services in the United Kingdom.

Elonex Ltd. can be reached at:

         2 Apsley Way
         Brent
         London NW2 7LF
         United Kingdom
         Tel: 020 8452 4444
         Fax: 020 8452 6422


EURACH PARC: Brings In KPMG as Joint Administrators
---------------------------------------------------
Dave Costley-Wood and Brian Green of KPMG LLP were appointed
joint administrators of Eurach Parc Cyf (Company Number
04570301) on Oct. 2.

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.

Headquartered in Gaerwen, United Kingdom, Eurach Parc Cyf
develops and sells real estate.


EUROSAIL 2006-2: Fitch Gives B Rating on GBP1.538 Mln Notes
-----------------------------------------------------------
Fitch Ratings assigned Eurosail 2006-2 BL Plc's GBP615 million-
equivalent mortgage-backed floating-rate notes final ratings:

   -- GBP equivalent 258,300,000 Class A1, due 2030: AAA;
   -- GBP equivalent 269,062,500 Class A2, due 2044: AAA;
   -- GBP equivalent 27,675,000 Class B1, due 2044: AA;
   -- GBP equivalent 27,675,000 Class C1, due 2044: A;
   -- GBP equivalent 23,370,000 Class D1, due 2044: BBB;
   -- GBP equivalent 7,380,000 Class E1c, due 2044: BB; and
   -- GBP equivalent 1,538,000 Class F1c, due 2044: B.

This transaction is a securitization of sub-prime and near prime
residential mortgages originated and located in the U.K.  The
ratings are based on the quality of the collateral, available
credit enhancement, the underwriting criteria  of Preferred
Mortgage Limited, the servicing capabilities of Preferred, rated
RPS3+UK (Prime) and RPS3+UK (Subprime) for primary servicing and
RSS3+UK for special servicing, the servicing capabilities of
Capstone, rated RPS2+UK and RPS2+UK, standby servicer Homeloan
Management Limited rated RPS2+UK (Prime and Subprime) and the
transaction's sound legal structure.

Credit enhancement for the Class A notes is initially 14.35%,
provided by the subordination of the Class B1 notes (4.50%), the
Class C1 notes (4.50%), the Class D1 notes (3.80%), the Class E
notes (1.20%), the Class F1 notes (0.25%) and an initial and
target reserve fund of 0.10%.


EUROTUNNEL GROUP: Sets Oct. 31 as Target Date for Agreement
-----------------------------------------------------------
Negotiations between Eurotunnel Group and its creditor
committees are moving forward as they set to come up with an
agreement before Oct. 31, Marcel Michelson writes for Reuters
citing unidentified sources.

Eurotunnel has established Oct. 31 as the target date because
Nov. 1 is a public holiday in Europe.  The company's
administrators have until Nov. 2 to come up with a restructuring
plan.

"There is a general will to arrive at a solution, and talks are
being stepped up with an aim to get to a deal before the end of
the month," Reuters quoted a source close to the matter as
saying.

According to Reuters, Eurotunnel spokeswoman Mady Chabrier
disclosed meetings had recently been resumed between the various
parties and talks were taking place.  The company held good
hopes to be able to arrive at a deal, she said.

"[Chairman and CEO Jacques] Jacques Gounon, assisted by the
administrators, is talking to the various groups in order to be
able to present a plan, or at least a synthesis of viewpoints,
to the Tribunal before the end of the month," Ms. Chabrier told
Reuters.

The Paris Commercial Court will then determine whether the plan
is balanced and equitable to all stakeholders, before soliciting
consents from the creditor committees.

Ms. Chabrier said that Eurotunnel's proposed restructuring
agreement remain as basis for the talks.

As reported in TCR-Europe on Sept 11, the court administrators
sent out letters to registered holders of bank debt on Aug. 2,
informing them to their appointment to a committee of bank debt
holders.  This committee will get to vote on Eurotunnel's
restructuring plan.

Under the French legal proceedings, Eurotunnel creditors have
until Oct. 1 to file their claims with the court; administrators
have until Nov. 1 to present a restructuring proposal.

This plan would have to be circulated to bondholders by Nov. 15
and creditors would have 15 days to vote on it, the company
said.  According to Eurotunnel, the Paris Commercial Court
should give its decision at the end of 2006, or at the latest,
at the beginning of 2007.

                     Restructuring Proposals

Under Gounon's latest plans, shareholders would receive at least
13% of Eurotunnel's equity after a restructuring.  Junior
bondholders were offered GBP75 million in cash and some warrants
in exchange for their GBP1.9 billion of debt.

"At the moment there is an attitude of 'we have to save the
company' -- but we can't just accept everything," the source
close to the bondholders told Reuters.

Eurotunnel had turned down, on June 27, a restructuring plan
prepared by a group of secured bondholders led by Deutsche Bank
AG asserting that it requires too much debt and gives too much
to bondholders.

The bondholders' restructuring plan, which values the company at
EUR7.99 billion, aimed to reduce 60% of total debt to EUR3.7
billion and issue a EUR2.175 billion convertible hybrid note
with a 4% coupon.

The plan rivaled the preliminary restructuring agreement backed
by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and
Barclays PLC.  The plan dated May 23, valued the company at
around EUR7.03 billion and included a EUR1.5 billion hybrid
issue with a 6% to 9% coupon and would reduce debt by 54%.

Under the agreement, bondholders will get a GBP75 million return
for their GBP1.9 billion bond holdings.

On July 12, Eurotunnel presented an ultimate proposal to reach a
compromise between the May 23 preliminary restructuring
agreement and the demands made by its subordinated creditors
represented by ARCO.

The company claimed that the majority of these demands were
satisfied by the substantial efforts jointly made by the company
and the Ad Hoc Committee, which represents the group's senior
creditors.  The subordinated creditors, led by Deutsche Bank,
rejected this final attempt to reach a consensual deal.

Absent a final agreement, the Group may default in January 2007
under a 1998 debt agreement.

                        About the Company

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        *     *     *

                       Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.


EUROTUNNEL GROUP: Third Quarter Total Revenue Up to GBP149.5 Mln
----------------------------------------------------------------
Eurotunnel Group reported growth in activities for the third
quarter of 2006.  The group disclosed GBP149.5 million in total
revenue for 2006 a 7% increase compared with GBP140.1 million
total revenue for the same quarter in 2005.

"I would like to thank our customers for their loyalty and our
teams for their commitment," Jacques Gounon, Chairman and Chief
Executive of Eurotunnel disclosed.  "They have enabled us to
achieve remarkable performance levels this summer.  These
successes must nevertheless be viewed in context which remains
worrying: it is my responsibility to point out that Eurotunnel
cannot continue much longer in this course, unless the very
serious uncertainty which weighs on its future is removed.  Only
a vote in favor of the Safeguard plan, which will be put to
creditors before the end of the month, can remove this
uncertainty."

                             Revenue

Eurotunnel's revenue, which results from transport and non-
transport activities, totaled GBP149.5 million for the third
quarter of 2006.  At constant exchange rates, this represents a
7% increase over the same period in the previous year.

Shuttle services -- Eurotunnel's core activities -- are the
principal drivers of this growth.  Revenue from these activities
grew by 12% to EUR87.3 million.

The Truck service is showing the benefit of the restoration of
direct control by Eurotunnel over the sales network.

Revenues from the Railways increased slightly to GBP59.8 million
for the third quarter in 2006 from GBP58.5 million for the same
period in 2005.  They include payments under the Minimum Usage
Charge, which represented GBP15.4 million for the period; this
arrangement will cease at the end of November 2006.  Revenue
from non-transport activities remains marginal, with a decrease
due to a non-recurring item recorded during the summer of 2005.

                             Traffic

The number of trucks transported on Eurotunnel's Freight Shuttle
service increased by 4%, to 305,850.

Eurotunnel's Passenger Shuttles carried 625,862 cars and 17,295
coaches.

In the third quarter of 2006, 2,152,063 people chose to travel
through the tunnel by Eurostar representing a 10% increase over
the same period in 2005, during which traffic growth slowed
following attacks on London.

Trains operated by the Railways carried 371,910 tonnes of
freight in the third quarter of 2006, 3% more than in 2005.
Despite this progression, traffic levels remain very much lower
than the original forecasts and below the capacity of the
Channel Tunnel.

                       Safeguard Procedure

Eurotunnel obtained on Aug. 2 an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).

Under the French legal proceedings, Eurotunnel creditors have
until Oct. 1 to file their claims with the court; administrators
have until Nov. 1 to present a restructuring proposal.

This plan would have to be circulated to bondholders by Nov. 15
and creditors would have 15 days to vote on it, the company
said.  According to Eurotunnel, the Paris Commercial Court
should give its decision at end of 2006, or at the latest, at
the beginning of 2007.

                       About the Company

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        *     *     *

                       Company Crisis

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faced
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.


EXMOOR TEDDY: Brings In Laurence Russell as Administrator
---------------------------------------------------------
Laurence Russell of Albert Goodman was appointed administrator
of The Exmoor Teddy Bear Company Ltd. (Company Number 4881166)
on Oct. 6.

The administrators can be reached at:

         Albert Goodman
         Mary Street House
         Mary Street
         Taunton
         Somerset TA1 3NW
         United Kingdom
         Tel: 01823 286096
         Fax: 01823 257319

Headquartered in Bridgwater, United Kingdom, The Exmoor Teddy
Bear Company Ltd. retails teddy bears.


FORD MOTOR: Anthony Bamford Withdraws Plans to Buy Jaguar
---------------------------------------------------------
Anthony Bamford, JC Bamford Excavators Ltd.'s chairman of the
board, has abandoned plans of buying the Jaguar brand from Ford
Motor Co., the Associated Press reports.  Mr. Bamford had
signaled his interest for the luxury car brand in August.

"Sir Anthony had always expressed an interest in Jaguar alone
and it appears that it is not for sale," JCB spokesman Daniel
Ward was quoted by AP as saying.

In a TCR-Europe report on Sept. 29, Lewis Booth, head of Ford of
Europe and the Premier Automotive Group, revealed that it has no
plans of selling its Jaguar brand at the moment.

According to Mr. Bamford, cited in the Financial Times, Ford was
only interested in selling the Jaguar brand together with the
profitable Land Rover operations.

"I am not interested in buying the two together and am therefore
not getting involved," Mr. Bamford said.

JC Bamford is a U.K.-based construction-machinery company.  Mr.
Bamford previously said that the brand has potential although
Jaguar needs to cut ties with Land Rover for him to consider his
plans further.

Ford has explored strategic options for its Aston Martin sports-
car unit in August, with particular emphasis on a potential sale
of all or a portion of the unit.  Last week, the company also
put Automobile Protection Corp., its extended warranty service,
on the auction block.

Jaguar is part of the Premier Automotive Group -- the
organization under which all of Ford's European brands are
grouped -- which includes other brands like Volvo, Land Rover
and Aston Martin.  In Ford's second quarter results, the segment
incurred US$180 million net loss.  The Company's management said
the decline in earnings in the PAG segment primarily reflected
unfavorable currency exchange related to the expiration of
favorable hedges, adjustments to warranty accruals for prior
model-year vehicles, mainly at Land Rover and Jaguar, and lower
market share at Volvo associated with new model changeovers,
offset partially by favorable product and market mix and lower
overhead costs.

                     European Restructuring

Ford of Europe President and CEO John Fleming disclosed in early
September that Ford Motor's strategic overhaul will not lead to
a big revamp in its profitable European operations, Reuters
reported.

"We will continue to do what we always do -- we continue to
refine our weight and get efficiencies year over year -- but not
a major reorganization," Mr. Fleming said.

Reuters said the company has already reduced the number of
European assembly plants to seven from 11 and cut 9,300 jobs
since 2000, while increasing output.  Ford's plants now operate
at over 100 percent capacity, and employs around 66,000 staff
including joint ventures.

In August 2006, sales of Ford brand vehicles in 21 European
countries decreased 400 units to 95,300 vehicles and year-to-
date sales increased 17,000 units to nearly 1.14 million units.

In 2005, Ford of Europe earned US$129 million.

As reported in TCR-Europe on Sept. 18, Ford Motor disclosed
plans to further reduce its capacity and work force, and ramp up
new product introductions as it accelerates its North America
"Way Forward" turnaround plan.

Ford will cut its North American salaried-related work force by
about a third and offer buyout packages to all Ford and
Automotive Components Holdings hourly employees in the U.S.  The
reductions will contribute significantly to reducing ongoing
annual operating costs by about US$5 billion.  In addition, Ford
will renew 70% of its North American product lineup by volume by
the end of 2008.

                       About Ford Motor

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

                        *     *     *

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

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

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

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

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

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

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

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


GLASS HOUSES: Names William Antony Batty as Administrator
---------------------------------------------------------
William Antony Batty of Antony Batty & Company was named
administrator of Glass Houses Ltd. (Company Number 03053782) on
Sept. 27.

The administrator can be reached at:

         Antony Batty & Company
         3 Field Court
         Grays Inn
         London WC1R 5EF
         United Kingdom
         Tel: 020 7831 1234
         Fax: 020 7430 2727
         E-mail: antonybatty@hotmail.com

Headquartered in Norwich, United Kingdom, Glass Houses Ltd. --
http://www.glass-houses.com/-- designs, manufactures and
installs conservatories.


HILTON HOTELS: 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 gaming, lodging and leisure sectors, the
rating agency confirmed its Ba2 Corporate Family Rating for
Hilton Hotels Corp.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Notes
   with an average
   rate of 8.1%
   due 2007 - 2031       Ba2      Ba2      LGD4       53%

   Chilean inflation
   indexed note
   effective rate
   7.65% due 2009        Ba2      Ba2      LGD4       53%

   3.375%
   Contingently
   convertible
   senior notes
   due 2023              Ba2      Ba2      LGD4       53%

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

   Term Loan A
   at adjustable
   rates due 2011        Ba2      Ba2      LGD4       53%

   Term Loan B
   at adjustable
   rates due 2013        Ba2      Ba2      LGD4       53%

   Revolving loans
   at adjustable
   rates, due 2011       Ba2      Ba2      LGD4       53%

   Senior unsecured
   debt shelf            (P)Ba2   (P)Ba2   LGD4       53%

   Subordinate debt
   Shelf                 (P)Ba3   (P)B1    LGD6       97%

   Preferred             (P)B1    (P)B1    LGD6       97%

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
alphanumeric 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 Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally.
In Europe, Hilton Hotels operates in the United Kingdom,
Germany, Belgium, Estonia, Lithuania, Norway, Denmark, Finland,
Italy, The Netherlands and Sweden.


HIT ENTERTAINMENT: Moody's Affirms Low-B Ratings on Amendments
--------------------------------------------------------------
Moody's affirmed all HIT Entertainment's ratings and stable
outlook, following the company's request for credit agreement
amendments, which allows the company more flexibility under its
covenants.  The proposed amendments adjust for HIT's lower
EBITDA growth compared to original projections and higher
investments going forward, as the company takes a greater share
of toy manufacturing in house.

HIT's corporate family rating continues to reflect its high
leverage, sizable annual programming expenses and competitive
operating environment, offset by attractive assets with strong
brand value and good growth opportunities.  While in Moody's
view, HIT's increased capital investment should enhance the
company's value over the long term, in the short to medium term
it increases risk to HIT's lenders.

The company presents relatively high financial risk, as its
leverage remained elevated at 5.7 times debt-to-EBITDA in 2006.
While HIT had modest positive free cash flow in the last year,
Moody's expects negative free cash flow in 2007 given the
current plans for investments in the new ToyCo.

Ratings affirmed:

    * Corporate Family Rating, B1

    * Probability of Default Rating, B1

    * Senior Secured First Lien Bank Credit Facility,
      Ba3, LGD3, 34%

    * Senior Secured Second Lien Loan, B3, LGD5, 87%

The rating outlook is stable.

HIT Entertainment, with offices in London, Dallas and New York,
is a leading pre-school entertainment company with a portfolio
of properties including Bob the Builder, Thomas the Tank Engine,
and Barney the Dinosaur.  HIT's annual revenues are
approximately US$260 million.  The company has operations in the
U.K., U.S., Canada, Japan and Germany.  Business segments
include home entertainment, consumer products, television and
live events as well as a U.S. digital pre-school channel.


INSTRUMENT TECHNOLOGY: Vacuum Hardware Manufacturer Up for Sale
---------------------------------------------------------------
Andrew Stoneman and Paul Clark of Menzies Corporate
Restructuring, in their capacities as joint administrators of
Instrument Technology Limited, are offering to sell the
company's business and assets as a going concern.

The company manufactures and distributes Vacuum Hardware and
reports a GBP10 million turnover per year.  Its customer base
includes those from the industrial and research sectors.

The assets for sale include:

   -- approved to quality standards ISO9001:2000

   -- high output precision CNC facility with two leasehold
      premises in Hastings; and

   -- around 100 employees.

Inquiries can be addressed to:

         Peter Hart or Oliver Carter
         Menzies Corporate Restructuring
         17-19 Foley Street
         London W1W 6DW
         United Kingdom
         Tel: 020 7487 7240
         Fax: 020 7487 7299
         E-mail: phart@menzies.co.uk
                 ocarter@menzies.co.uk

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.


ISLE OF CAPRI: 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 Gaming, Lodging & Leisure sector, the rating
agency confirmed Isle of Capri Casinos, Inc.'s Ba3 Corporate
Family Rating.

Additionally, Moody's upgraded its probability-of-default
ratings and assigned loss-given-default ratings on these debts:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Revolver    Ba2      Ba1      LGD2     18%

   Sr. Sec. Term Loan   Ba2      Ba1      LGD2     18%

   7% Sr. Sub. Notes    B2       B1       LGD5     76%

   9% Sr. Sub. Notes    B2       B1       LGD5     76%

Moody's 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 its 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
alphanumeric 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

Based in Biloxi, Miss., Isle of Capri Casinos, Inc.
(Nasdaq: ISLE)-- http://www.islecorp.com/-- a developer and
owner of gaming and entertainment facilities, operates 16
casinos in 14 locations.  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,
Florida.


LAMDA POLYTECH: Appoints Martin Dominic Pickard as Administrator
----------------------------------------------------------------
Martin Dominic Pickard of Mazars LLP was appointed administrator
of Lamda Polytech Ltd. (Company Number 03987084) on Oct. 2.

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

Headquartered in Brackley, United Kingdom, Lamda Polytech Ltd. -
- http://www.lamdapolytech.co.uk/-- manufactures optical and
photographic equipment.


MAINE OFFICE: Appoints Baker Tilly as Joint Administrators
----------------------------------------------------------
M. J. Wilson and Geoff Carton-Kelly of Baker Tilly were
appointed joint administrators of Maine Office Ltd. (Company
Number 05007856) on Oct. 2.

Headquartered in Birmingham, United Kingdom, Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of
chartered accountants and business advisers in the United
Kingdom. The firm's annual fee income is over GBP168 million and
is part of a global network, which has 122 member firms in 85
countries as an independent member of Baker Tilly International.

Headquartered in Kings Langley, United Kingdom, Maine Office
Ltd. manufactures metal filing cabinets.


MIDLAND TOYS: PricewaterhouseCoopers Selling Toy Retailer
---------------------------------------------------------
Robert Hunt and Mark Hopkins, in their capacities as joint
administrative receivers of Midland Toys Ltd., are offering to
sell the company's business and assets.

Established since 1978, Midland Toys Ltd. retails toys, gifts
and other household goods.  It trades as Carols Megastore in
Cannock and Carols Superstore in Lichfield.  The company employs
around 130 workers and reports a GBP10 million turnover
annually.

Inquiries can be addressed to:

         Val Taylor
         PricewaterhouseCoopers LLP
         Cornwall Court
         19 Cornwall Street
         Birmingham B3 2DT
         United Kingdom
         Tel: 0121 265 5677
         Fax: 0121 265 5651.
         E-mail: val.taylor@uk.pwc.com

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


NOVELIS INC: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors last
week, the rating agency confirmed its B1 Corporate Family
Rating for Novelis 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: Novelis Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500 million
   Gtd. Sr. Secured
   Revolving Credit
   Facility               Ba3      Ba2      LGD2      24%

   US$312 million
   Gtd. Sr. Secured
   Term Loan B            Ba3      Ba2      LGD2      24%

   US$1.4 billion
   7.25% Gtd. Senior
   Unsecured Notes
   due 2015               B2       B3       LGD5      76%

Issuer: Novelis Corporation

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$543 million
   Gtd. Sr. Secured
   Term Loan B           Ba3      Ba2      LGD2      24%

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
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

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

Headquartered in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL)
(TSX: NVL) -- http://www.novelis.com/-- provides customers with
a regional supply of technologically sophisticated rolled
aluminum products throughout Asia, Europe, North America, and
South America.  The company operates in 11 countries and has
approximately 13,000 employees.  Through its advanced production
capabilities, the company supplies aluminum sheet and foil to
the automotive and transportation, beverage and food packaging,
construction and industrial, and printing markets.  In Europe,
the company maintains operations in France, Germany, Luxembourg,
Switzerland and the United Kingdom.


OCEAN GOLD: Fish Products Supplier up for Sale
----------------------------------------------
Rob Sadler and Michael Saville, in their capacities as joint
administrative receivers of Ocean Gold Seafoods Limited, are
offering to sell the whole of the company's business and assets.

Ocean Gold Seafoods Limited is a leading producer of coated fish
portions, fish fillets and formed fish cakes and burgers.  It
supplies to trade and supermarkets from its production center in
a freehold property in Hull.  The company reports approximately
GBP4 million in sales turnover in 2005/2006.

Inquiries can be addressed to:

         Paul Beardsley
         Begbies Traynor
         9th Floor
         Bond Court
         Leeds LS1 2JZ
         United Kingdom
         Tel: 0113 244 0044
         Fax: 0113 244 5820
         E-mail: paul.beardsley@begbies-traynor.com

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


PPC SUPPLIES: Appoints Administrators from RSM Robson Rhodes
------------------------------------------------------------
David Michael Riley and Simon Peter Bower of RSM Robson Rhodes
LLP were appointed joint administrators of PPC Supplies Ltd.
(Company Number 01383531) on Oct. 4.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a
U.K. partnership of chartered accountants and management
consultants, providing a wide range of auditing, assurance,
advisory and compliance services for both private and public
sectors.  The firm is a member of the RSM International, the
world's sixth largest international organization of accountants
and business advisers.

PPC Supplies Ltd. can be reached at:

         Unit 9
         Bermondsey Trading Estate
         Rotherhithe New Road
         London, SE16 3LL
         United Kingdom
         Tel: 020 7231 2302


PROFILE WRAPPERS: Taps Joint Administrators from KPMG
-----------------------------------------------------
Allan Watson Graham and Mark Jeremy Orton of KPMG LLP were
appointed joint administrators of Profile Wrappers Ltd. (Company
Number 04660905) on Oct. 5.

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.

Profile Wrappers Ltd. can be reached at:

         Marlborough House
         Marlborough Way
         Tamworth
         Staffordshire B77 2HA
         United Kingdom
         Tel: 01827 262 024
         Fax: 01827 262 024


SANA FOR LIFE: Brings In Begbies Traynor to Administer Assets
-------------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder of Begbies
Traynor (South) LLP were appointed joint administrators of Sana
for Life Ltd. (Company Number 04935360) on Oct. 5.

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

Sana For Life Ltd. can be reached at:

         The Chestnuts
         Hinxworth
         Baldock
         Hertfordshire SG7 5HF
         United Kingdom
         Tel: 01923 812900
         Fax: 01923 812999


SEA CONTAINERS: Gets Authority to Employ BMC as Claims Agent
------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates sought and
obtained the United States Bankruptcy Court for the District of
Delaware's authority to employ BMC Group to act as their
noticing, claims, solicitation and balloting agent, nunc pro
tunc to the Petition Date, pursuant to Section 156(c) of the
Judiciary Code, Rule 2002 of the Federal Rules of Bankruptcy
Procedure, and Local Rule 2002-1(f).

Although the Debtors haven't filed their schedules of assets and
liabilities, they expect that there will be hundreds of entities
that they will be required to serve with various notices,
pleadings and other documents.  The Debtors believe that BMC's
appointment will expedite the distribution of notices and
relieve the Clerk's office of the administrative burden of
processing those notices.  The Debtors' estates and creditors
will also benefit from BMC's experience and cost-effective
methods, Robert S. Brady, Esq., at Young, Conaway, Stargatt &
Taylor, LLP, says.

As Claims Agent, BMC will:

   (a) assist the Debtors by performing administrative tasks in
       the preparation and filing of the Debtors' schedules and
       statement of financial affairs;

   (b) notify all potential creditors of the filing of the
       Chapter 11 petitions and of the setting of the first
       meeting of creditors, pursuant to Section 341 of the
       Bankruptcy Code;

   (c) file affidavits of service for all mailings, including a
       copy of each notice, a list of persons to whom that
       notice was mailed, and the date mailed;

   (d) maintain an official copy of the Debtors' Schedules, and
       a list of creditors and amounts owed;

   (e) furnish a notice of the last date of the filing of proofs
       of claim and a form for filing a proof of claim to
       creditors and parties-in-interest;

   (f) docket all claims filed and maintain the official claims
       register on behalf of the Clerk and provide to the Clerk
       an exact duplicate of that register;

   (g) specify in the claims register for each claim docket (i)
       the claim number assigned, (ii) the date received, (iii)
       the name and address of the claimant, (iv) the filed
       amount of the claim, if liquidated, and (v) the allowed
       amount of the claim;

   (h) record all transfers of claims and provide notices of the
       transfer as required pursuant to Bankruptcy Rule 3001(e);

   (i) maintain the official mailing list for all entities who
       have filed proofs of claim;

   (j) mail the Debtors' disclosure statement, plan, ballots,
       and any other related solicitation materials to holders
       of impaired claims and equity interests;

   (k) receive and tally ballots, and respond to inquiries
       respecting voting procedures and the solicitation of
       votes on the plan;

   (l) establish, maintain, and update a Web site dedicated to
       providing information on the Debtors' restructuring to
       various parties-in-interest;

   (m) establish a call center to address vendor, customer and
       employee inquiries regarding the Debtors' reorganization;
       and

   (n) provide any other distribution services as are necessary
       or required.

The Debtors will pay BMC's standard prices for its services,
expenses and supplies.  BMC agrees to cap its fees at US$150,000
for any services performed in connection with the preparation of
the Debtors' Schedules and Statements.  The Debtors will provide
BMC with a US$40,000 advance payment retainer.  The Debtors will
keep the retainer "evergreen" by making monthly payments in an
amount necessary to restore the balance of the retainer to
US$25,000.

Tinamarie Feil, president of BMC Group, assures the Court that
neither her firm nor any of its employee is connected with the
Debtors, their creditors, other parties-in-interest or the
United States Trustee or any person employed by the Office of
the U.S. Trustee.

A full-text copy of the Debtors' Agreement with BMC is available
for free at http://bankrupt.com/misc/sea_BMCagreement.pdf

                    About Sea Containers Ltd.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.


SECURE COMPUTING: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors last week,
the rating agency confirmed its B3 Corporate Family Rating for
Secure Computing Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$20 Million
   Senior Secured
   Revolving Credit
   Facility due 2012      B2       B2      LGD3       31%

   US$90 Million
   Senior Secured
   First Lien
   due 2013               B2       B2      LGD3       31%

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
alphanumeric
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 San Jose, California, Secure Computing
Corporation -- http://www.securecomputing.com/-- is a provider
of enterprise security products.  The company has its
international headquarters in Hong Kong, and the United Kingdom.


SFX ENTERTAINMENT: 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 Gaming, Lodging & Leisure sector, the rating
agency confirmed SFX Entertainment Inc.'s B1 Corporate
Family Rating.

Additionally, Moody's confirmed its probability-of-default
ratings and assigned loss-given-default ratings on these debts:

                                            Projected
                          POD      LGD      Loss-Given
   Debt Issue             Rating   Rating   Default
   ----------             -------  ------   ----------
   senior secured
   revolver due 2012      B1       LGD3     48%

   senior secured
   term loan due 2013     B1       LGD3     48%

Moody's 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 its 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
alphanumeric 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

SFX Entertainment Inc. is a diversified promoter, producer and
venue operator for live entertainment events.  In addition, SFX
is a fully integrated sports marketing and management company
specializing in the representation of sports athletes and
broadcasters, integrated event management, television
programming and production and marketing consulting services.
SFX operates 92 venues used principally for music concerts and
other live entertainment events in 31 of the top 50 markets.
These venues include 17 amphitheaters in the top 10 markets, and
nine venues principally used for theatrical presentations. In
addition, SFX owns or operates 28 international venues used
primarily for theatrical presentations, principally in the
United Kingdom.  SFX operates in four major business segments
within the live entertainment industry: music, theater, sports
and family entertainment and other.


VECTA SOFTWARE: Appoints KPMG to Administer Assets
--------------------------------------------------
Richard John Hill and David John Crawshaw of KPMG LLP were
appointed joint administrators of Vecta Software Corp. Ltd.
(Company Number 2860340) on Oct. 2.

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.

Vecta Software Corporation Ltd. can be reached at:

         Vecta House
         Edmund Halley Road
         Oxford Science Park
         Oxford
         Oxfordshire OX4 4GB
         United Kingdom
         Tel: 01865 381 700


SKYEPHARMA PLC: Posts GBP26.4 Mln Net Loss in 2nd Quarter 2006
--------------------------------------------------------------
SkyePharma PLC announces financial results for the six months
ended June 30, 2006.

                       Operating Highlights

Marketed products:

  -- Sales of royalty-earning products reported by SkyePharma's
     partners have largely met or exceeded its expectations,

  -- Pipeline progress:

     * DepoDur(TM) approved in UK,
     * DepoCyt(R) approved in Australia,
     * zileuton CR filed by Critical Therapeutics,
     * Lodotra(TM) filed by Nitec,
     * Flutiform(TM) commenced Phase III trials, and
     * Foradil(R) Certihaler(TM) successfully modified and
       modifications filed with the FDA.

New corporate agreements:

  -- Flutiform(TM) licensed to Kos Pharmaceuticals for USA,
  -- Flutiform(TM) licensed to Mundipharma for Europe,
  -- DepoBupivacaine(TM) rights regained from Mundipharma,
  -- Development of nisoldipine CR for Sciele Pharma, and
  -- Negotiations ongoing to divest the Injectables unit.

Financial highlights

  -- Revenue GBP25.6 million (2005: GBP36 million)
  -- Royalties GBP11.5 million (2005: GBP12 million)
  -- R&D spend GBP19.2 million (2005: GBP10.9 million)
  -- Gross Profit GBP12 million (2005: GBP21.4 million)
  -- Loss before tax GBP26.4 million (2005: GBP12.8 million)
  -- Loss per share GBP3.5 (2005: GBP2.1)
  -- Net cash GBP21.8 million (2005: GBP19.0 million)

"SkyePharma has made significant progress on the strategic
objectives put forward this year.  With our new management team
in place, we have licensed Flutiform(TM), our major pipeline
asset, in both the USA and Europe," Frank Condella, chief
executive officer, commented.

"We have also expanded our development pipeline while improving
our operational efficiency.  Throughout the remainder of this
year we look forward to continue executing on our strategic
plan, including the divestiture of our injectables unit as an
outright sale or under the possible alternative scenario of the
out-licensing of DepoBupivacaine.

"We continue to believe that if we deliver on our strategic
objectives we will reach sustainable profitability and create
value for shareholders."

                      Chairman's Statement

Dr. Jerry Karabelas, the Company's non-executive chairman, said
that SkyePharma has made substantial progress on executing its
strategic plan announced earlier this year.

SkyePharma's founder Ian Gowrie-Smith resigned from the Board in
January and Dr. Karabelas was appointed non-executive chairman
in his place.  A new executive management team has also been
appointed with Frank Condella as chief executive officer and
Dr. Ken Cunningham as chief operating officer.  Both have now
joined the Board.

This is a stand-alone operation in San Diego with its own
management team, manufacturing facilities for marketed products
(DepoCyt(R) and DepoDur(TM)), and R&D activities with a pipeline
of products including DepoBupivacaine(TM) and several
therapeutic proteins.

The Company retained UBS as its investment bank to manage the
divestment process.  The Company is in active negotiations with
several parties interested in acquiring the entire business
unit, with terms likely to include a combination of upfront and
milestone payments and royalties on product sales.

In addition, a number of parties have expressed their interest
in licensing DepoBupivacaine(TM), the major pipeline asset.  The
Company is therefore in parallel negotiations regarding a
potential license.

Under this option, the Company would expect an upfront payment
and full funding of further development of DepoBupivacaine(TM),
milestone payments and a longer-term royalty stream.  Should it
pursue the license option, the Company would plan to reduce the
size of the unit, minimizing the ongoing cash burn, and pursue
the future divestment of the remaining components of this
business unit.  The Company aims to complete a transaction
before the end of the year.

The Company will continue Phase III for Flutiform(TM) and out-
license Phase III trials started in February as planned.  This
represents its major R&D expenditure until anticipated
completion in mid-2007.

The 12-month safety study is ongoing and the three pivotal
studies have also commenced recently, all on track for its
target of filing with the FDA in the second half of 2007 and in
Europe in 2008.

In May, the Company granted exclusive U.S. marketing rights for
Flutiform(TM) to Kos Pharmaceuticals, a US specialty
pharmaceutical company with a highly successful sales record and
experience in the respiratory market.

The Company is convinced that Kos has an ideal profile to
optimize sales of Flutiform(TM) in the key U.S. market, and the
Company is gratified by its obvious commitment to the product.
The Company recently announced a partnership with Mundipharma
for Europe and other territories.

                        Clinical Trials

In June, SkyePharma's Business Review disclosed that it is about
to enter clinical trials in two new projects: a treatment for
pain and inflammation and a novel approach to the treatment of
sleep disorders.

The Company also announced one new partnered project (a
controlled release version of Sular(R) (nisoldipine), the lead
product of Sciele Pharma, the Company's U.S. partner for
Triglide(TM)), and two late-stage products that have now been
filed: a controlled release version of the oral asthma drug
Zyflo(R) for Critical Therapeutics and Lodotra(TM), a delayed
release formulation of an anti-inflammatory drug for rheumatoid
arthritis for Nitec.

The Company is seeking additional complementary projects to
reinforce its pipeline.

The Company has been reviewing all costs, but remain committed
to prudent R&D expenditure as it is the future of the company.
Having completed a survey of the London market, the Company has
found the rent of its existing offices to be highly competitive.
Regardless, it has reduced its space requirements and halved the
costs of its London head office.  Also, it is vacating its U.S.
office in New York, which will further reduce overheads.  The
Company has reviewed overall staffing levels and reduced the
number of personnel at its plant in Lyon.  Finally, it has
restructured its investor relations, legal, and company
secretarial functions.

Dr. Karabelas said that he is confident that the strategy the
Company has adopted will enable it to maximize the potential of
Flutiform(TM) and other pipeline products, to become profitable
and to deliver long-term value for shareholders.

                         Financial Review

The Group's revenues are sensitive to the timing and recognition
of milestone payments and up-front payments received on the
signing of new agreements.  Revenues for the first six months of
2006, at GBP25.6 million, were 29% below the GBP36.0 million
reported in the first half of 2005, primarily due to the phasing
of recognition of up-front revenues received in 2006 for the US
marketing and distribution rights for Flutiform(TM).

Contract development and licensing revenue in the half year
decreased by GBP9.3 million to GBP10.2 million, compared with
GBP19.5 million in 2005.  Revenues recognized from milestone
payments and up-front payments received on the signing of
agreements amounted to GBP8.3 million in the first half of 2006
compared with GBP17.6 million in 2005, primarily due to
differences in revenue recognition for up-front payments
received.

Under SkyePharma's accounting policy for revenue recognition,
up-front payments are generally deferred and recognized over the
period of development up to filing.  Consequently, while
SkyePharma received GBP13.4 million ($25 million) in May 2006
from Kos for the US marketing rights to Flutiform(TM), only
GBP2.9 million was recognized in the first half of 2006.

By contrast, in the first half of 2005, the Company was able to
recognize GBP10.7 million from the payment from Sciele Pharma
for the approval of Triglide(TM).  Research and development
costs recharged remained constant at GBP1.9 million.

The recent up-front payment of GBP10.1 million (EUR15.0 million)
received on signature of a licensing transaction with
Mundipharma for European rights to Flutiform(TM) will result in
a significant increase in the total revenue in respect of
Flutiform(TM) that can be recognized in the second half of 2006,
compared with the 2.9 million pounds recognized in the first
half of 2006.

Royalty income decreased slightly to GBP11.5 million compared
with GBP12.0 million in the first half of 2005.  During the
early part of 2005 the Company received royalties based on
GlaxoSmithKline's budgeted sales of Paxil CR(TM) while the
product was temporarily off the market as a result of GSK's
suspension of production at their Cidra plant in Puerto Rico.
The slight decrease in 2006 was due to a 48% fall in Paxil
CR(TM) royalty income: although the product returned to the
market in June 2005, continuing supply constraints mean that
sales have not fully recovered to the pre-withdrawal level.
This was largely offset in 2006 by an increase in royalty income
from DepoCyt(R), Triglide(TM), Xatral(R), and Coruno (R).

Excluding Paxil CR(TM), royalties for the balance of
SkyePharma's other products grew by 50% in the first half of
2006 compared with the first half of 2005.

Manufacturing and distribution revenue decreased by GBP600,000
in the first half to GBP3.9 million, compared with GBP4.5
million in the first half of 2005, primarily due to a fall in
the production of clinical trial material for Novartis in
respect of QAB 149 following the withdrawal of Foradil(R)
Certihaler(TM) from the market.

                        Going Concern Doubt

As reported in the Troubled Company Reporter on Aug. 1, 2006,
PricewaterhouseCoopers LLP in London, disclosed that there is
uncertainty as to when Skyepharma PLC's certain strategic
initiatives may be concluded and their effect on the Company's
working capital requirements.  PwC said that this raises
substantial doubt on the Company's ability to continue as a
going concern.  PwC disclosed this explanatory paragraph after
auditing the Company's financial statement for the year ended
Dec. 31, 2005.

                       About SkyePharma PLC

Headquartered in London, United Kingdom, SkyePharma PLC (Nasdaq:
SKYE; LSE: SKP) -- http://www.skyepharma.com/-- develops
pharmaceutical products benefiting from world-leading drug
delivery technologies that provide easier-to-use and more
effective drug formulations.  There are now twelve approved
products incorporating SkyePharma's technologies in the areas of
oral, injectable, inhaled and topical delivery, supported by
advanced solubilization capabilities.


WORLD GAMING: Creditors Appoint UHY Hacker as Administrators
------------------------------------------------------------
World Gaming PLC's secured creditor appointed Andrew Andronikou
and Peter Kubik of UHY Hacker Young as the company's joint
administrators following the Board's notification of the
discontinuation of its U.S. operations.

The company's secured creditor concluded that administration
will achieve a better result for the Company's creditors than a
company being wounded up.

                     Board Resignations

At a board meeting on Oct. 13, Daniel Moran resigned as the
company's chief executive officer.  Chief Financial Officer
David Naismith also resigned from his post while Jonathan Moss
and Michael Cumming also gave up their seats as directors.

World Gaming requested Oct. 9 the suspension of trading of the
company's shares with immediate effect due to uncertainty over
its ability to continue trading.  Subsequently, the Financial
Times Stock Exchange delisted the company's shares at the FTSE
AIM.


World Gaming plc -- http://www.worldgaming.com/-- is a U.K.-
based holding company whose subsidiaries participate in Internet
gaming software licensing and operations.  The World Gaming
Group is an international developer, licensor, and provider of
online gaming products, including casino, sportsbook, and pari-
mutuel betting.


YMD REALISATIONS: Creditors' Meeting Slated for October 26
----------------------------------------------------------
Creditors of YMD Realisations Limited formerly known as Yoo
Media Dating Limited (Company Number 02792947) will meet at
11:00 a.m. on Oct. 26 at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         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:

         Peter Alan Kubik and Ladislav Hornan
         Joint Administrators
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159


* Moody's Sees Modest Credit Quality Improvement in 3rd Quarter
--------------------------------------------------------------
Corporate credit quality improved modestly in the third quarter
of 2006, with the ratio of credit rating upgrades to downgrades
at 1.16 during the quarter, Moody's Investors Service says in
its latest quarterly update of rating actions, reviews and
outlooks.  The upgrade-to-downgrade ratio was lower this quarter
than it was in the previous two quarters.

There was a marked increase in both upgrades and downgrades of
bond ratings during the quarter, but much of the increase in
rating activity was due to the rating changes accompanying the
introduction of loss given default (LGD) assessments and
probability of default (PD) ratings to the obligations of the
North American speculative-grade issuers.  A large share of all
rating actions were, therefore, concentrated in the speculative-
grade range of Moody's rating spectrum.

Regional variations in credit-quality trends continued, with
upgrades slightly exceeding downgrades in North America, after
being fairly balanced in the second quarter. The Asia-Pacific
region continued to see many more upgrades than downgrades -- 24
upgrades compared to only 9 downgrades -- in third quarter 2006,
but the torrid pace of upgrades seen in the past few quarters
has slowed down, according to Moody's.

The Latin America region also saw more upgrades than downgrades.
In Europe, average credit quality declined modestly, with 3.2%
of the issuers downgraded, compared to 1.0% of issuers that were
upgraded.  This decline in credit quality is in contrast to the
credit quality improvements observed in Europe over the past
several quarters.

"Certain sectors like hotels and leisure, media, entertainment
and consumer products saw strong credit quality improvements,"
says Moody's vice president, Praveen Varma, author of the
report, "with many more issuers upgraded than downgraded."  On
the other hand, industries like automotive, forest products,
metals and mining experienced more downgrades than upgrades,
with a high number of negative outlooks in industries like
aerospace, automotive, healthcare and forest products.

Among all issuers globally, 9.4% had negative outlooks at the
end of the quarter, compared to 7.8% with positive outlooks.
The ratio of negative outlooks to positive outlooks was even
more lopsided within the speculative-grade sector.


* Fitch Identifies Levels of Risk on European Cable Market
----------------------------------------------------------
Fitch Ratings disclosed that the European leveraged cable market
exhibits a broad array of risk profiles.  The agency has
identified levels of operational risk across the major European
cable markets, and notes that high levels of operational risk
are not always accompanied by low levels of financial risk.

"Cable operators across Europe vary considerably in their
competitive positioning, network reach and quality, and capital
structure," comments Michelle De Angelis, Director in Fitch's
Leveraged Finance team.  "These first two factors depend to an
extent on external legacy factors, namely the national market in
which they operate and how that has developed over time."

Although a number of industry risks face every cable operator
regardless of nationality, Fitch concludes that the Europe-wide
cable market is best examined on a country-by-country basis
before arriving at operator-specific analysis.

Fitch describes its "tiering" of each of the major European
cable markets based on their level of relative operational risk.
Tier 1 countries, including Belgium, the Netherlands and
Switzerland, have low levels of operational risk and are
characterized by cable operators with very high household
penetration, strong positions in broadband and a foothold in the
telephony market.

Tier 2 countries, including Germany, Spain and the U.K., have
moderate levels of operational risk and experience a greater
degree of competition and lower household penetration, and may
not have such wide geographical coverage.

Tier 3 countries, i.e. France, have high levels of operational
risk and are characterized by relatively low household
penetration, less than full geographical coverage and cable
operator with a weaker position in a highly competitive market
environment.

The respective country tier does not dictate a cable operator's
rating, but rather is a key factor in determining whether an
individual operator qualifies for "second incumbent status".

Fitch considers a cable operator to have "second incumbent"
status if it can compete on equal or almost equal terms with the
national incumbent.  Classification as a "second incumbent"
largely follows the country tiers already mentioned, for
instance, Belgium's Telenet is considered a "second incumbent"
within its Flemish-speaking franchise areas, as is Switzerland's
Cablecom, as the only significant alternative network operator
in Switzerland, despite accounting for only 83% of the cable
market.

However, other operators may have the potential to become
"second incumbents" with the passage of time and further
investment, for example ONO or KDG.

"Second incumbent" status does not in itself determine a cable
operator's issuer default rating, but serves as an indicator of
the relative degree of operational risk in the market and
therefore informs Fitch's view of the relative level of
financial risk that can be sustained in each market, for each
operator.  However, differing levels of operational risk across
the cable sector do not necessarily bear an inverse relationship
to the level of financial risk.

At one end of the scale, Telenet in Belgium has low operational
risk and low financial risk: a very strong competitive position,
a fully upgraded network, and low net leverage at 3.8x.  At the
other extreme, Unity Media in Germany has high operational risk
and high financial risk: lower TV penetration, minimal levels of
telephony and broadband penetration, a network that requires
significant further investment and high net leverage at 7x.

An unproven business model, in the context of its DFL Bundesliga
football rights, adds further risk.  This exemplifies the rather
broad array of risk profiles in Fitch-rated cable transactions
in Europe, ranging from BB- for Telenet and KDG to B-.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
Risks,
      Latest Decisions
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com
         240-629-3300

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

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com
         240-629-3300

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

                           *********

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

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

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

                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *