TCREUR_Public/061026.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 26, 2006, Vol. 7, No. 213

                            Headlines


A U S T R I A

ANNA STABRAWA: Claims Registration Period Ends October 27
GERHARD OSWIRT: Claims Registration Period Ends October 30
MORINA BEKIM: Vienna Court Orders Business Shutdown


B E L A R U S

VALEANT PHARMA: 10-Q Filing Delay Spurs S&P's Watch Negative


B E L G I U M

FERRO CORP: Ends Talks on Specialty Plastics Business Sale
FERRO CORP: Earns US$16.2 Million in Year Ended Dec. 31, 2005


B U L G A R I A

IMAX CORP: S&P Removes B- Rating from Developing Watch


D E N M A R K

SUN MICROSYSTEMS: Moody's Assigns Loss-Given-Default Ratings


F R A N C E

BORALEX INVESTMENT: Moody's Rates US$80-Mln Term Loan at Ba3
XEROX CORP: Earns US$536 Million in Quarter Ended September 30
XEROX CORPORATION: Moody's Assigns Loss-Given-Default Ratings


G E R M A N Y

ALLCO ALLRATH: Claims Registration Ends November 1
AUTOHAUS SIEBELS: Claims Registration Ends November 1
B.B. BAU: Claims Registration Ends October 31
BOMBARDIER INC: Slashes Jet Production Rates & Cuts Workforce
CLUB IN FORM: Claims Registration Ends November 1

CREATIV OPTIC: Claims Registration Ends October 31
ELEKTRO-BUEHRING: Claims Registration Ends November 1
MEDIEN VERTRIEB: Claims Registration Ends Nov. 1
MOBATEC GMBH: Claims Registration Ends October 31
MODEBOUTIQUE FREESTYLE: Claims Registration Ends Nov. 1

MSB-HOCHBAU: Claims Registration Ends October 31
NOTO BPCE: Creditors' Meeting Slated for October 31
OKAY EDV: Claims Registration Ends October 31
OSTERHOFF TRANSPORT: Claims Registration Ends Nov. 1
R. BOETEL: Claims Registration Ends November 1

SCHREITERER HEIZUNGSANLAGENBAU: Claims Registration Ends Nov. 1
SPH-ELEKTROTECHNIK: Claims Registration Ends November 1
VALEV BAUTRAGER: Creditors' Meeting Slated for October 31
W & S DRUCK: Claims Registration Ends November 1
WESTLB AG: Moody's Changes Outlook on D- FSR to Positive

WILLI SCHACHT: Claims Registration Ends November 1


G R E E C E

TECHNICAL OLYMPIC: Moody's Cuts Rating on Sr. Unsec. Notes


I R E L A N D

WESTLB AG: Moody's Changes Outlook on D- FSR to Positive


I T A L Y

ALITALIA SPA: Eyes Alliance with Air France-KLM, Reports Say
FERRO CORP: Ends Talks on Specialty Plastics Business Sale
FERRO CORP: Earns US$16.2 Million in Year Ended Dec. 31, 2005
PARMALAT SPA: 35,000 Plaintiffs to Join Parma Civil Suit


K A Z A K H S T A N

AINABULAK LLP: East Kazakhstan Court Starts Bankruptcy Procedure
AKRAB KOMHOZ: Creditors Must File Claims by Nov. 22
AMETA LLP: Proof of Claim Deadline Slated for Nov. 21
INJENERNO-STROITELNAYA: Creditors' Claims Due Nov. 17
JANA JOL: Karaganda Court Opens Bankruptcy Proceedings

NADEJDA-98 LLP: Kostanai Court Begins Bankruptcy Proceedings
SPES LLP: Proof of Claim Deadline Slated for Nov. 17
TRANSIT TRANS: Almaty Court Commences Bankruptcy Proceedings
TUTYNUSHY SAUDA: Claims Filing Period Ends Nov. 21


K Y R G Y Z S T A N

INTER TRADE: Proof of Claim Deadline Slated for Dec. 13


N E T H E R L A N D S

DALRADIAN EUROPEAN: S&P Rates EUR13.13-Mln Class E Notes at BB-


P O R T U G A L

INTERTAPE POLYMER: Provides Update on Ongoing Cost Reductions


R O M A N I A

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


R U S S I A

BALASHOVSKIY: Court Names S. Khoryukov as Insolvency Manager
BUILDER LLC: Court Names A. Nikolskiy as Insolvency Manager
BUILDING COMPANY: Court Starts N. Shalaev as Insolvency Manager
DOROGOBUZHSKIY CHEESE: Court Names S. Prudnikov to Manage Assets
ENGINEERING OIL: Court Names S. Vinnik as Insolvency Manager

KASHIN-AGRO-PROM-KHIMIYA: Bankruptcy Hearing Slated for Dec. 13
KURKINSKIY REFINERY: Court Names V. Kozlov as Insolvency Manager
LANSKIY WOOD-PROM-KHOZ: Court Names S. Vinnik to Manage Assets
LYAGUSHKINSKOYE CJSC: Bankruptcy Hearing Slated for Jan. 17
MIKHAYLOVSKIY MEAT: Altay Bankruptcy Hearing Slated for Feb. 5

RODINSKIY CHEESE: Court Names V. Pitsun as Insolvency Manager
SEVERSTAL OAO: Launches Global Stock Offering
SIBACADEMFINANCE PLC: Moody's Assigns Low-B Debt Ratings
STEPNOYE OJSC: Novosibirsk Bankruptcy Hearing Slated for Jan. 29
TAGANKA CAR: Moody's Puts Ba2 Rating on US54.8-Mln Class C Notes

TOMARINSKAYA TIMBER: Court Names L. Sorokina to Manage Assets
VARNENSKIY BUTTER: Court Names V. Dubovoy as Insolvency Manager
VNESHTORGBANK JSC: Earns US$576 Million for First Half 2006
VNESHTORGBANK JSC: To Tackle Promstroybank Takeover Next Month
YUKOS OIL: Valuer Says Assets Could Be Sold at 10%-90% Discount

ZENIT CAPITAL: Fitch Gives Final B Rating to US$200 Mln-Notes

* Fitch Rates Nizhniy Novgorod Region at Foreign Currency B+


S L O V E N I A

VALEANT PHARMA: 10-Q Filing Delay Spurs S&P's Watch Negative


S P A I N

ALLIANCE ATLANTIS: Completes Strategic Review of MPD Holding
ALLIANCE ATLANTIS: Moody's Puts Low-B Ratings Under Review
FONDO DE TITULIZACION: Fitch Junks EUR19.8 Mln Class E Notes
GC FTGENCAT: Fitch Junks EUR4.5 Million Class D Notes

ASPEON INC.: Auditor Expresses Going Concern Doubt


S W E D E N

IKON OFFICE: Moody's Assigns Loss-Given-Default Ratings


T U R K E Y

IMAX CORP: S&P Removes B- Rating from Developing Watch


U K R A I N E

BITRADE: Kyiv Court Names LLC Sigma-Resurs as Liquidator
DELTAFIN: Court Names Volodimir Barantsov as Liquidator
FINMARKET: Court Names Volodimir Barantsov as Insolvency Manager
FODOSIJSKA TOBACCO: AR Krym Court Starts Bankruptcy Supervision
NEOO LLC: Court Names Volodimir Barantsov as Insolvency Manager

ORION LLC: Odessa Court Starts Bankruptcy Supervision Procedure
PRAVEX-BANK: Moody's Assigns B2 Rating on UAH50-Mln Bond Issue
RADAR LV: Lviv Court Starts Bankruptcy Supervision Procedure
SCIENTIFIC-PRODUCTION COMPLEX: Bankruptcy Supervision Starts
VTORMET-SERVICE: Court Names Volodimir Barantsov as Liquidator


U N I T E D   K I N G D O M

AMARANTH ADVISORS: Cuts 370 Jobs as Shutdown Progresses
AMITY EUROPE: Creditors' Meeting Slated for October 31
BARRINGTONS FURNITURE: Creditors' Meeting Slated for Oct. 30
BATTERY SPECIALIST: Claims Filing Period Ends Nov. 11
BEESAFE PROJECTS: Liquidator Sets Dec. 7 Claims Bar Date

BENJAMIN HALL: Appoints H. J. Sorsky to Liquidate Assets
BOMBARDIER INC: Slashes Jet Production Rates & Cuts Workforce
CHALLENGE BUSINESS: Appoints Grant Thornton as Administrators
CHARTLEY STONE: Taps Liquidator from Barringtons Limited
DAB2 LIMITED: Appoints Paul Michael McConnel as Administrator

DMM CONTRACTING: Claims Registration Ends Nov. 7
DIRECT CARS: Hires Eileen T. F. Sale to Liquidate Assets
DOLLAR ROSE: Joint Liquidators Take Over Operations
ETON ROAD: Creditors' Claims Due Nov. 30
FORD MOTOR: Ditches Fidelity Magellan from 401(k) Plan

FORD MOTOR: S&P Puts ABS Transaction Ratings on Watch Negative
FORD MOTOR: DBRS Comments on Q3 Results & May Cut Ratings
FRITH CONTENT: Brings In Joint Administrators from KPMG
GENERAL MOTORS: Posts US$115 Million Net Loss in Third Quarter
GOODYEAR TIRE: S&P Places B- Ratings on CreditWatch Negative

INCO LTD: Companhia Vale do Rio Doce Acquires 75.7% Stake
INTERIOR SYSTEMS: Names Eileen T. F. Sale to Liquidate Assets
ISOFT GROUP: AIDB to Investigate Former Auditor RSM Robson
KRIMSON LIMITED: Creditors Confirm Liquidator's Appointment
LADBROKES PLC: S&P Removes BB Debt Ratings from Watch Negative

LONGMANOR PROJECTS: Creditors' Meeting Slated for October 30
LOOK 2: Creditors Confirm Liquidators' Appointment
MANSARD MORTGAGES: Moody's Rates Class B2 Notes at (P)Ba2
NORMAN OFFER: Appoints Rothman Pantall as Administrators
NPR LIMITED: Names Gerald Irwin as Administrator

SEAGATE TECHNOLOGY: Moody's Assigns Loss-Given-Default Ratings
SEVERSTAL OAO: Launches Global Stock Offering
SMITH & SAMUEL: K. B. Stout Leads Liquidation Procedure
STUDLEY CONTRACTORS: Taps Poppleton & Appleby as Administrators
SWINFAST LIMITED: Creditors' Meeting Slated for October 31

VEDARLO LIMITED: Taps Joint Administrators from Cresswell
VISION CORPORATION: Appoints Mark Reynolds as Liquidator
VNESHTORGBANK JSC: Earns US$576 Million for First Half 2006
VNESHTORGBANK JSC: To Tackle Promstroybank Takeover Next Month
WATERSHED LIMITED: Appoints Vantis to Administer Assets

XEROX CORP: Earns US$536 Million in Quarter Ended September 30
XEROX CORPORATION: Moody's Assigns Loss-Given-Default Ratings

* Upcoming Meetings, Conferences and Seminars

                            *********

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


ANNA STABRAWA: Claims Registration Period Ends October 27
---------------------------------------------------------
Creditors owed money by LLC Anna Stabrawa (FN 130935b) have
until Oct. 27 to file written proofs of claims to court-
appointed property manager Christian Bachmann at:

         Dr. Christian Bachmann
         c/o Dr. Eva-Maria Bachmann-Lang
         Opernring 8
         1010 Vienna, Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Nov. 9 to consider the
adoption of the rule by revision.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 12 (Bankr. Case No. 5 S 128/06t).  Eva-Maria Bachmann-
Lang represents Dr. Bachmann in the bankruptcy proceedings.


GERHARD OSWIRT: Claims Registration Period Ends October 30
----------------------------------------------------------
Creditors owed money by LLC Gerhard Oswirt taraflex (FN 169311m)
have until Oct. 30 to file written proofs of claims to court-
appointed property manager Otto Werschitz at:

         Dr. Otto Werschitz
         Neutorgasse 47/1
         8010 Graz, Austria
         Tel: 0316/820620-0
         Fax: 0316/820620-4
         E-mail: officecgo@masseverwaltung.at

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

The meeting of creditors will be held at:

         The Land Court of Graz
         Hall K
         Room 205
         2nd Floor
         Graz, Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Sept. 12 (Bankr. Case No. 40 S 43/06f).


MORINA BEKIM: Vienna Court Orders Business Shutdown
---------------------------------------------------
The Trade Court of Vienna entered an order Sept. 11 shutting
down the business of KEG Morina Bekim (FN 251630w).  Court-
appointed property manager Eberhard Wallentin 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. Eberhard Wallentin
         Porzellangasse 4-6
         1090 Vienna, Austria
         Tel: 313 74-0
         Fax: 313 74-80
         E-mail: office@dsw.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 4 (Bankr. Case No. 45 S 47/06z).


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


VALEANT PHARMA: 10-Q Filing Delay Spurs S&P's Watch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Costa
Mesa, CA.-based Valeant Pharmaceuticals International, including
Valeant's 'BB-' corporate credit rating, on CreditWatch with
negative implications.

"The rating actions follow the specialty pharmaceutical
company's announcement that it does not expect to file its Form
10-Q for third-quarter 2006 by the filing date," said Standard &
Poor's credit analyst Arthur Wong.  "The delay is attributed to
the company's need to restate its financials, possibly as far
back as 1997, due to errors in accounting for stock option
grants."

A Valeant board of directors-appointed special committee is
still conducting its review, and the magnitude of the
restatements has not yet been determined.  Valeant was already
subject to an informal SEC probe regarding the issue.

The failure to file its Form 10-Q on time would constitute a
default of reporting requirements under its convertible and
high-yield note agreements that if not cured in 60 days could
result in an acceleration of the amounts outstanding under those
notes.

"Standard & Poor's will monitor the cost and ability of Valeant
to cope with this situation before resolving the CreditWatch
listing," Mr. Wong said.


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


FERRO CORP: Ends Talks on Specialty Plastics Business Sale
----------------------------------------------------------
Ferro Corp. has discontinued discussions with Wind Point
Partners regarding the sale of its Specialty Plastics business.

"We did not feel that we could reach an agreement that provided
Ferro shareholders with the full value of this business," said
James Kirsch, Ferro President and Chief Executive Officer.  "We
will continue to operate the Specialty Plastics business, and
expect it to remain a positive contributor to Ferro's
operations.  As we go forward, we will continue to pursue
portfolio realignment activities that we believe best serve the
interests of our shareholders and the growth objectives of the
Company."

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

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

                        *     *     *

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


FERRO CORP: Earns US$16.2 Million in Year Ended Dec. 31, 2005
-------------------------------------------------------------
Ferro Corporation reported US$16.2 million of net income for the
year ended Dec. 31, 2005, compared to US$24.9 million of net
income earned in the prior year.

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

The Company's balance sheet at Dec. 31, 2005, showed US$1.66
billion in total assets, US$1.17 billion in total liabilities,
total shareholders' equity of US$468,091 and Series A
convertible preferred stock of US$20.4 million.

At Dec. 31, 2005, the Company had a US$300 million revolving
credit facility that was scheduled to expire in September 2006,
as well as US$200 million of senior notes and US$155 million of
debentures outstanding with varying maturities, the majority of
which extended beyond 2010.  The Company also had an accounts
receivable securitization facility under which the Company could
receive advances of up to US$100 million, subject to the level
of qualifying accounts receivable.

Subsequent to Dec. 31, 2005, the Company replaced or modified
its existing facilities to secure future financial liquidity.
The US$300 million revolving credit facility was replaced by a
US$700 million credit facility, consisting of a US$250 million
multi-currency senior revolving credit facility expiring in 2011
and a US$450 million senior delayed-draw term loan facility
expiring in 2012.  In addition, the Company extended its US$100
million accounts receivable securitization facility for up to
three additional years.

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

A full-text copy of the Company's annual report is available for
free at http://researcharchives.com/t/s?1362

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

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

                        *     *     *

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


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


IMAX CORP: S&P Removes B- Rating from Developing Watch
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B-' corporate credit rating, on IMAX Corp. and
removed them from CreditWatch, where they were placed on
March 10 with developing implications.

The outlook is negative.  As of June 30, 2006, the company had
US$160 million of debt.

"The rating action is based on management having discounted the
likelihood of IMAX being acquired by a strategic buyer," said
Standard & Poor's credit analyst Tulip Lim.  "However, the
company is continuing talks with financial buyers."

As a result, Standard & Poor's no longer sees the potential for
an upgrade arising from a strategic transaction, and the
possibility of a downgrade now appears less likely given that
management has been reviewing offers for a while without
concluding a transaction.

The rating reflects the modest size and uncertain long-term
earnings potential of the company's niche market relative to its
debt burden, weak discretionary cash flow, and limited
liquidity.  These concerns overshadow:

   -- IMAX's position as a specialized provider of
      giant-screen projection, camera, and sound systems;

   -- the recurring revenue provided by the installed base
      of about 280 IMAX theater systems; and

   -- a measure of near-term revenue visibility provided by
      the company's backlog of pending system installations.


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


SUN MICROSYSTEMS: 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 Hardware sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Sun
Microsystems Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings to these
securities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$550 million
   Sr. Unsec. Notes     Ba1      Ba1       LGD5     76%

   Shelf-Sr Unsec.     (P)Ba1    (P)Ba1    LGD5     76%

   Shelf-Subordinated  (P)Ba2    (P)Ba2    LGD6     99%

   Shelf-Preferred     (P)Ba3    (P)Ba2    LGD6     99%

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 Santa Clara, California, Sun Microsystems Inc.
-- http://www.sun.com/-- provides network computing
infrastructure solutions that include computer systems, data
management, support services and client solutions and
educational services. It sells networking solutions, including
products and services, in most major markets worldwide through a
combination of direct and indirect channels.  In Europe, the
company maintains maintains operations facilities and/or
sales offices in the United Kingdom, Hungary, Iceland, Sweden,
Turkey, Ukraine, Croatia, Czech Republic, Denmark, Slovakia,
Slovenia, Switzerland, and The Netherlands.


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


BORALEX INVESTMENT: Moody's Rates US$80-Mln Term Loan at Ba3
------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Boralex
Investment LP's proposed US$80 million senior secured term loan
due October 2013.  The rating outlook is stable.

Proceeds from the proposed term loan will be used to fund a
12-month debt service reserve account (US$6.8 million); a
maintenance reserve (US$5 million); and planned capital
expenditures at Boralex's Livermore Falls biomass facility
(US$15 million); as well as to repay existing indebtedness at
Boralex's Stratton biomass facility (US$4.5 million) and pay
transaction fees and expenses (US$6.7 million).  Remaining
proceeds may be distributed by Boralex to its Canadian-based
parent Boralex Inc. or used for general corporate purposes in
the U.S. or abroad.  The term loan is non-recourse to Boralex
Inc.

The Ba3 rating acknowledges Boralex's diversified portfolio of
power stations and revenue stream.  The portfolio consists of
five wood-residue generating facilities (the biomass facilities)
with 186 megawatts of aggregate generating capacity and five
hydroelectric facilities with 22.7 megawatts of aggregate
generating capacity.  These facilities are located in Maine and
New York and support the sale of power and ancillary services to
three established and distinct power markets (NYISO, NEPOOL and
the Maritimes Control Area).

These facilities are operational, have life cycles that extend
beyond the tenor of the proposed financing, and have
demonstrated reasonably reliable operating histories.
Furthermore the assets are unencumbered from restrictions that
would prevent Boralex from utilizing the cash generated through
operation of these assets.

Boralex's biomass facilities primarily use wood chips and mill
residue as feed stocks and qualify through December 31, 2009 for
Production Tax Credits (PTC's).  As part of this proposed
transaction, Boralex will monetize the PTCs with an Aa2 rated
financial institution.  The monetization is expected to generate
approximately US$30 million of cash flow in the aggregate
through Dec 31, 2009 of which US$15 million will be paid upon
closing of the transaction.  The PTC cash flows, excluding the
US$15 million paid upfront, will be deposited into a restricted
revenue account and flow through a waterfall structure for the
benefit of Boralex's lenders.

Other sources of revenue include the sale of power under
existing purchase power agreements, the sale of renewable energy
credits (REC's), the sale of capacity and the sale of power into
wholesale power markets.

The primary purchase power agreement is with a subsidiary of WPS
Resources Corporation for power generated by two of Boralex's
biomass facilities with a combined generated capacity of
76 megawatts.  These facilities are located in Maine and the WPS
subsidiary uses the purchased power to meet its obligations as a
standard offer provider in Northern Maine.  The involved parties
are currently finalizing negotiations to extend the power
purchase agreement beyond Dec. 31.

An important element of Boralex's business plan is to be an
approved renewable energy producer and to generate incremental
revenue by selling allotted REC's.  The only Boralex facility to
generate revenue through the sale of REC's, both on a spot basis
and under contractual arrangements, is the Stratton facility.
Moody's expects that the Chateaugay and Livermore Falls
facilities will generate REC revenue during the tenor of the
financing.  That being said, the ultimate price received for
REC's is highly dependent on developing markets that to date
have shown considerable variability in pricing.

In assigning the rating, Moody's also considered structural
features, including a US$6.8 million cash funded debt service
reserve account that will be sized to provide 12-months of debt
service, a US$5 million cash funded maintenance reserve account
and an annual 85% cash sweep of excess cash flow (decreasing to
75% after Dec. 31, 2009) with proceeds to be used for debt
prepayment above the scheduled amortization of 1% per annum.
Moody's views these structural features positively, as they
provide some degree of protection against fluctuations in
commodity prices and costs associated with unexpected outages.

Limiting factors for the rating include a modest amount of
contractual cash flow relative to the generating capacity of the
portfolio, the reliance on cash flow from the sale of un-
contracted energy and capacity, and the biomass facilities'
relatively high cost of production.  Furthermore, the cost for
wood residue has been increasing due to a combination of higher
transportation costs and tightened supply.  Boralex's wood
residue purchasing position is largely unhedged beyond 2007.

Boralex's biomass facilities require on average 1.6-1.7 tons of
wood residue to generate a megawatt hour of electricity.  At an
average cost of US$23.00 per ton of wood residue, the biomass
facilities need power prices to be approximately US$40 per
megawatt hour to cover production costs.  While current market
conditions for power prices in the northeast United States are
generally favorable, one facility was temporarily mothballed as
recently as 2004 due to poor market conditions.

Boralex's base case financial forecast model, which assumes
relatively robust market prices for power and capacity, shows
full repayment by 2010.  The actual size of refinancing however
will largely be determined by the prevailing market prices for
the sale of Boralex's un-contracted capacity and energy.

Moody's analysis focused on historical cash flow generation,
assumed a likelihood of extension of certain existing power
purchase agreements, and assessed scenarios for the timing and
pricing of renewable energy credits and a gradual decline in
power prices.  Analysis that assumed gradual decline in the
wholesale power market and increased REC revenue suggests that
the refinancing need in 2013 is likely to be manageable, given
the expected cash flow generation from the hydroelectric
facilities.

Moody's analysis considered the risk that Boralex could be drawn
into bankruptcy in the event of a bankruptcy filing by its
parent Boralex Inc., through substantive consolidation or a
voluntary filing.  The ratings considered that Boralex is a
separate legal entity whose assets, cash receipts, records, and
accounting are to be maintained separately from those of Boralex
Inc.  One of the three managers constituting the Board of
Control is required to be independent, and an affirmative vote
of the independent director will be required for certain
actions, including a voluntary bankruptcy filing.

The stable outlook reflects currently favorable market
conditions and expected cash flows associated with the
monetization of PTC's.

The rating is predicated upon the expectation that final
documentation will be consistent with Moody's current
understanding of the transaction structure.

Boralex Investment LP is a wholly owned subsidiary of Boralex
Inc.  Boralex Inc. is based in Montreal, Canada, and owns and
operates 20 power generation sites in the northeastern United
States, Canada and France that have a combined installed
capacity of 315 megawatts.


XEROX CORP: Earns US$536 Million in Quarter Ended September 30
--------------------------------------------------------------
Xerox Corporation reported third-quarter 2006 net income of
US$536 million, compared with US$63 million of net income earned
in the equivalent prior year quarter ended Sept. 30, 2005.  The
company's third-quarter earnings this year include a previously
announced tax benefit of 45 cents per share partially offset by
restructuring of 7 cents per share and a litigation charge of 7
cents per share.

"Through earnings expansion, annuity growth and a strong
financial position that allows for stock buyback and
acquisitions, we exceeded our expectations this quarter and are
delivering on our commitment to build shareholder value," said
Anne M. Mulcahy, Xerox chairman and chief executive officer.

Total revenue of US$3.8 billion grew 2% in the third quarter.
Post-sale and financing revenue, which represents about 75% of
Xerox's total revenue, increased 3%, largely driven by 4% post-
sale growth from digital systems.

Total revenue and post-sale revenue included a currency benefit
of 1 percentage point.  "The leading indicators of our growth
strategy - which is all about boosting our annuity stream
through growth in digital, services and color - continued to
trend positively in the third quarter," added Ms. Mulcahy.
"Install activity was up for Xerox digital systems in key
markets like office multifunction and production color.  Our
expertise in document management flowed through to post-sale
growth of 7% from global services.  And, our broad portfolio of
color technology fueled a 16% increase in post-sale revenue from
color."

About 48% of the company's equipment sales in the third quarter
were from color products, a year-over-year increase of 7 points.
Total revenue from Xerox's industry-leading color systems grew
16% in the third quarter and now represents 36% of the company's
revenue, up 4 points from a year ago.  The number of pages
printed on Xerox color systems grew 35% in the quarter.

While equipment sale revenue was down 1% in the third quarter
including a 1 point benefit from currency, installs of key
products like the Xerox iGen3 Digital Production Press and
DocuColor systems as well as WorkCentre multifunction systems
drove up activity, fueling future gains in the company's post-
sale revenue.

Signings for document management services were up 16% year to
date and were about flat in the third quarter as the company
experienced longer lead times for finalizing multi-year
contracts.

Xerox's production business provides commercial printers and
document-intensive industries with high-speed digital printing
and services that enable on-demand, personalized printing.
Total production revenue increased 3% in the third quarter
including a 2 point currency benefit.  Installs of production
black-and-white systems declined 6% with growth in light
production only partially offsetting declines in higher-end
production printing.  Production color installs grew 107%,
reflecting accelerated activity for the iGen3 and continued
strong demand for the DocuColor 5000 and 7000/8000 series as
well as the DocuColor 240/250 multifunction system.

Earlier this month, Xerox made several announcements that
strengthen its leadership in the production market including the
acquisition of XMPie, a leading provider of variable information
software; advanced finishing capabilities for the iGen3 and
DocuTech 180 Highlight Color system; and a dual-engine printer
that sets a new speed record for two-sided, cut-sheet black-and-
white printing.

Xerox's office business provides document technology and
services for businesses of any size.  Total office revenue was
flat in the third quarter including a 2 point currency benefit.
Installs of office black-and-white systems were up 10%, largely
driven by 19% growth from Xerox's mid-range line of WorkCentre
multifunction products.  In office color, installs of
multifunction systems were up 46% reflecting strong demand for
the color WorkCentre systems launched in May and the continued
success of the office version of the DocuColor 240/250.
Expanding its competitive offerings for small and medium-sized
businesses, Xerox launched in September the WorkCentre 4150, its
fastest-ever desktop multifunction system.

The company also cited continued improvement in its developing
markets operations.  Total revenue grew 7% in DMO.  Gross
margins were 40.2% in the third quarter, a year-over-year
decline of 1.1 points.  The decline was primarily due to product
mix and equipment pricing as well as lower margins in Xerox's
global services business as the company incurred upfront costs
to support new multi-year managed services contracts.  Selling,
administrative and general expenses were 25.6% of revenue, a
year-over-year improvement of 1.3 points.

Xerox generated operating cash flow of US$530 million in the
third quarter and closed the quarter with US$1.5 billion in cash
and short-term investments.  Since launching its stock buyback
program last October, the company has repurchased about 78
million shares, totaling US$1.1 billion of the US$1.5 billion
program through the third quarter of this year.  Also during the
quarter, Xerox closed on the US$175 million cash acquisition of
Amici LLC, a provider of electronic-discovery services that
support litigation and regulatory compliance.

In early October, Xerox announced the US$54 million cash
acquisition of XMPie, which is expected to close in the next few
weeks.  Xerox expects fourth-quarter 2006 earnings in the range
of 21-24 cents per share, including restructuring charges of
about 13 cents per share. Excluding restructuring, Xerox expects
fourth-quarter adjusted EPS of 34-37 cents per share.

"We expect our fourth-quarter performance will keep us on track
to deliver our full-year earnings expectations," said Ms.
Mulcahy.

                            About Xerox

Headquartered in Stamford, Connecticut, Xerox Corporation
(NYSE: XRX) -- http://www.xerox.com/-- develops, manufactures,
markets, services, and finances document equipment, software,
solutions, and services worldwide.  It offers digital monochrome
and color systems for customers in the graphic communications
industry and enterprises, as well as various prepress and post-
press options.  Xerox Corporation markets its products through
direct sales force, as well as through a network of independent
agents, dealers, value-added resellers, and systems integrators.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 10, 2006,
Fitch upgraded Xerox Corp.'s Issuer Default Rating to 'BBB-'
from 'BB+', Senior unsecured debt to 'BBB-' from 'BB+' and Trust
preferred securities to 'BB' from 'BB-'.  In addition, Fitch
affirmed the senior unsecured bank credit facility at 'BBB-' and
withdrawn the secured term loan rating of 'BBB-' since the
secured term loan was repaid and the secured bank facility
terminated concurrently with the effectiveness of the new
unsecured credit facility.  The Rating Outlook is Stable.

As reported in the Troubled Company Reporter on March 3, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on Stamford, Connecticut-based Xerox Corp. and related
entities to 'BB+' from 'BB-', and removed it from CreditWatch,
where it was placed with positive implications on Jan. 26, 2006.
The upgrade reflected substantial recent debt reductions, good
cash flow and growth in equipment sales.  The outlook is stable.

As reported in the Troubled Company Reporter on Sept. 21, 2005,
Moody's Investors Service revised the rating outlook of Xerox
Corporation and supported subsidiaries to positive from stable.
Moody's previously raised the senior implied rating of Xerox and
its financially supported subsidiaries to Ba1 from Ba3.  The
action was prompted by Xerox's significant debt and leverage
reduction over the last year, stable operating profit and free
cash flow generation, and the prospects for further
strengthening of its credit metrics and overall financial
flexibility.


XEROX 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. Technology Hardware sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Xerox Corp.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings to these securities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$700 million
   Sr. Notes
   due 2016             Ba2      Ba1      LGD3     48%

   US$620 million
   9.75% Sr. Notes
   due 2009             Ba2      Ba1      LGD3     48%

   US$688 million
   7.125% Sr. Notes
   due 2010             Ba2      Ba1      LGD3     48%

   US$542 million
   7.625% Sr. Notes
   due 2013             Ba2      Ba1      LGD3     48%

   US$50 million
   6.875% Sr. Notes
   due 2011             Ba2      Ba1      LGD3     48%

   US$1.25 billion
   Unsec.
   Revolving
   Credit Facility      Ba2      Ba1      LGD3     48%

   US$752 million
   Sr. Notes
   due 2011             Ba2      Ba1      LGD3     48%

   US$251 million
   Notes due 2016       Ba2      Ba1      LGD3     48%

   US$255 million
   Yen Notes
   due 2007             Ba2      Ba1      LGD3     48%

   US$75 million
   Notes due 2012       Ba2      Ba1      LGD3     48%

   US$60 million
   Notes due 2013       Ba2      Ba1      LGD3     48%

   US$50 million
   Notes due 2014       Ba2      Ba1      LGD3     48%

   US$25 million
   Notes dye 2018       Ba2      Ba1      LGD3     48%

   US$27 million
   Notes due 2008       Ba2      Ba1      LGD3     48%

   US$260 million
   Euro Senior
   Notes due 2009       Ba2      Ba1      LGD3     48%

   Medium Term Notes
   US$166 million       Ba2      Ba1      LGD3     48%

   Trust Preferred      Ba3      Ba2      LGD6     94%

   Shelf-Sr. Unsec.    (P)Ba2   (P)Ba1    LGD3     48%

   Shelf-Subordinated  (P)Ba3   (P)Ba2    LGD6     94%

   Shelf-Preferred     (P)B1    (P)Ba2    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 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 Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/ -- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  In Europe, Xerox maintains operations in Albania,
Austria, Cyprus, Estonia, France, Germany, Turkey, Italy, The
Netherlands, the United Kingdom, among others.


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


ALLCO ALLRATH: Claims Registration Ends November 1
--------------------------------------------------
Creditors of ALLCO Allrath & Klingbeil GmbH have until Nov. 1 to
register their claims with court-appointed provisional
administrator Hendrik A. Koenemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 1 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 Schwarzenbek
         Hall 3
         Moellner Str. 20
         Schwarzenbek, 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 Schwarzenbek opened bankruptcy proceedings
against ALLCO Allrath & Klingbeil GmbH on Sept. 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ALLCO Allrath & Klingbeil GmbH
         Attn: Uwe Allrath and Jan Klingbeil, Managers
         Lichterfelder Road 5 A
         21502 Geesthacht, Germany

The administrator can be contacted at:

         Hendrik A. Koenemann
         Marie-Curie-Road 12
         21337 Lueneburg, Germany


AUTOHAUS SIEBELS: Claims Registration Ends November 1
-----------------------------------------------------
Creditors of Autohaus Siebels e.K. have until Nov. 1 to register
their claims with court-appointed provisional administrator
Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 a.m. on Dec. 1 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 Aurich
         Room 018
         Schlossplatz 2
         26603 Aurich, 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 Aurich opened bankruptcy proceedings
against Autohaus Siebels e.K. on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Siebels e.K.
         Attn: Thomas Siebels, Manager
         Emder Road 5
         26605 Aurich, Germany

The administrator can be contacted at:

         Uwe Kuhmann
         Schuesselkorb 3
         D-28195 Bremen, Germany
         Tel: 0421/330610
         Fax: 0421/3306110


B.B. BAU: Claims Registration Ends October 31
---------------------------------------------
Creditors of B.B. Bau GmbH have until Oct. 31 to register their
claims with court-appointed provisional administrator Jochen
Draenkow.

Creditors and other interested parties are encouraged to attend
the meeting at 8:55 a.m. on Nov. 22 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Area 283
         2nd Floor
         Main House (New Building)
         Heinitzstrasse 42
         58097 Hagen, 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 Hagen opened bankruptcy proceedings
against B.B. Bau GmbH on Sept. 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         B.B. Bau GmbH
         Attn: Zeljko Predojevic, Manager
         Breslauer Str. 8
         58762 Altena, Germany

The administrator can be contacted at:

         Jochen Draenkow
         Friedrichstr. 10
         58507 Luedenscheid, Germany
         Tel: 0235167274419
         Fax: 0235167274444


BOMBARDIER INC: Slashes Jet Production Rates & Cuts Workforce
-------------------------------------------------------------
Bombardier Aerospace, a unit of Borbardier Inc., is adjusting
its regional aircraft production rates to reflect current market
demand.

As a result, the production rate for its CRJ700/900 regional
jets will be reduced.  This will be partly offset by an increase
in the Q400 turboprop production level in response to the
growing need for this type of cost efficient regional airliner,
which is ideally suited to short-haul routes.  Bombardier will
adjust its workforce level accordingly.

Total Bombardier aircraft deliveries for the current fiscal year
2006/07 are expected to remain at a similar level to that of
last fiscal year 2005/06 (year ending Jan. 31, 2006), but with a
different product mix.

"We lead the regional aircraft market with 1,376 deliveries of
our CRJ Series and 749 deliveries of our Q-Series regional
aircraft, including more than 320 deliveries of our CRJ700/900
regional jets and over 350 deliveries of Q300/400 turboprop
aircraft as of July 31, 2006," Pierre Beaudoin, President and
Chief Operating Officer of Bombardier Aerospace, said.  "Recent
orders for both our larger 90-passenger CRJ900 aircraft from
Northwest Airlines and My Way Airlines and 70-seat Q400 aircraft
from Frontier Airlines and Luxair demonstrate that we have the
right products for operators looking to take advantage of our
regional aircraft's competitive operating economics."

"The restructuring of the airline industry continues, with
relatively few orders for regional jets in the 70- to 90-seat
jet category being awarded in recent years," Mr. Beaudoin added.
This situation should improve as attested by the numerous sales
campaigns we are actively pursuing.  However, we must be prudent
and manage proactively our CRJ700/900 jets production schedule
in the short term to ensure we achieve our goal of increased
profitability and our success in the long term.  This means
making difficult but necessary decisions.  We recognize the
impact this decision will have on our affected employees and we
will treat them fairly and with respect."

                   Production Rates Adjustment

   -- for the 70-passenger CRJ700 and 90-seat CRJ900 regional
      jets, starting November 2006, a reduction to a rate of one
      aircraft produced every five days from a rate of one
      aircraft every three days, or a total of approximately 65
      deliveries in the current fiscal year 2006/07 (year ending
      Jan. 31, 2007) and approximately 50 deliveries in the next
      fiscal year 2007/08 (year ending Jan. 31, 2008).

   -- for the Q-Series turboprop family, which includes the
      Q200, Q300 and Q400 airliners, starting in October 2006,
      the increase in the Q400 production level will result in a
      total of approximately 50 Q-Series deliveries in the
      current fiscal year 2006/07 and approximately 65 Q-Series
      deliveries in the next fiscal year 2007/08.

                       Impact on Manpower

By the end of the current fiscal year 2006/07, the workforce
level at Bombardier's Toronto facility where the Q-Series and
Global aircraft are manufactured will have risen by over 800
employees to reflect the increase in production levels.

However, the company expects that the adjustment in the
CRJ700/900 regional jets production rate will result in a
workforce reduction of approximately 1,330 employees, including
management, at its Montr,al-area facilities and at its Belfast
site over a nine-month period starting October 2006.

Total Bombardier Aerospace employment as of July 2006 was
approximately 26,900.  The overall workforce level has remained
at a similar level since January 2004.

Impact on Manpower Level by

   Site                  Layoffs          Employees to leave
   ----                  -------          ------------------
   Belfast               645              Starting January 2007

   Montreal-area         485              Starting late November

   Management and
   other salaried
   employees in
   Canada                200              Starting October 2006

   Total               1,330

Severance costs associated with the layoffs will total
approximately US$31 million US and the majority of these costs
will be expensed through the normal course of operations in the
third quarter of the current fiscal year 2006/07 (year ending
Jan. 31, 2007).

While the order level for larger regional jets is still
challenging, the order book for turboprops is growing.
Furthermore, orders and deliveries of business aircraft continue
to rise year over year.  Bombardier is ideally positioned in
corporate aviation, with the broadest and most modern line-up of
business aircraft to meet strong demand in North America and
Europe and growing interest in the Asia-Pacific region.
According to the latest General Aviation Manufacturer
Association (GAMA) figures for the first half of 2006,
Bombardier is a leader with 30 per cent of all business jet
deliveries.

                        About Bombardier

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.  The company is a global
corporation.  In Europe, it maintains operations in Northern
Ireland, United Kingdom, Germany, Switzerland, Sweden, and
Austria.  Its revenues for the fiscal year ended Jan. 31, 2006
were US$14.7 billion and its shares are traded in the Toronto
Stock Exchange.

                        *     *     *

As reported in the TCR-Europe on Oct. 25, Fitch Ratings placed
the debt and Issuer Default Ratings for both Bombardier Inc. and
Bombardier Capital Inc. on Rating Watch Negative.  The existing
ratings are:

Bombardier Inc.

   -- IDR BB;
   -- Senior unsecured debt BB;
   -- Bank facilities BB; and
   -- Preferred stock B+.

Bombardier Capital Inc.

   -- IDR BB; and
   -- Senior unsecured debt BB.

These ratings cover approximately US$4.2 billion of outstanding
debt and preferred stock.  Due to the existence of a support
agreement and demonstrated support by the parent, BC's ratings
are linked to those of BI.

Bombardier Inc.'s 6.3% Notes due 2014 also carry Moody's
Investor Service's Ba2 rating and Standard & Poors' and Fitch
Ratings' BB ratings.


CLUB IN FORM: Claims Registration Ends November 1
-------------------------------------------------
Creditors of Club in Form GbR have until Nov. 1 to register
their claims with court-appointed provisional administrator
Reinhard Titz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 29 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 Club in Form GbR on Sept. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Club in Form GbR
         Attn: Timo Habighorst and Gordon Wriedt, Managers
         Stuhlrohrstrasse 10
         21029 Hamburg, Germany

The administrator can be contacted at:

         Reinhard Titz
         Speersort 4/6
         20095 Hamburg, Germany


CREATIV OPTIC: Claims Registration Ends October 31
--------------------------------------------------
Creditors of Creativ Optic GmbH have until Oct. 31 to register
their claims with court-appointed provisional administrator
Justus von Buchwaldt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 17 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         City Hall Avenue 80
         22846 Norderstedt, Germany

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

The District Court of Norderstedt opened bankruptcy proceedings
against Creativ Optic GmbH on Sept. 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Creativ Optic GmbH
         Kroegerskoppel 23
         24558 Henstedt-Ulzburg, Germany

         Attn: Stephan Angenendt, Manager
         Therese-Giehse-Road 6
         24568 Kaltenkirchen, Germany

The administrator can be contacted at:

         Justus von Buchwaldt
         Curienstrasse 2
         20095 Hamburg, Germany


ELEKTRO-BUEHRING: Claims Registration Ends November 1
-----------------------------------------------------
Creditors of Elektro-Buehring Fachmarkt GmbH have until Nov. 1
to register their claims with court-appointed provisional
administrator Olaf Boerner.

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

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Dec. 14, at the same
venue.

The District Court of Kassel opened bankruptcy proceedings
against Elektro-Buehring Fachmarkt GmbH on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Elektro-Buehring Fachmarkt GmbH
         Attn: Guenther Damm, Manager
         Warburger Road 38
         34246 Vellmar, Germany

The administrator can be contacted at:

         Olaf Boerner
         Brueder-Grimm-Place 4
         D-34117 Kassel, Germany
         Tel: 0561/71200-25
         Fax: 0561/71200-69
         E-mail: boerner@branomo.de


MEDIEN VERTRIEB: Claims Registration Ends Nov. 1
------------------------------------------------
Creditors of Medien Vertrieb Nordheide David Markgraf e.K. have
until Nov. 1 to register their claims with court-appointed
provisional administrator Rembert Kuebel-Heising.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 23 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg, Germany

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

The District Court of Lueneburg opened bankruptcy proceedings
against Medien Vertrieb Nordheide David Markgraf e.K. on
Sept. 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Medien Vertrieb Nordheide David Markgraf e.K.
         Hittfelder Kirchweg 21
         21220 Seevetal, Germany

The administrator can be contacted at:

         Rembert Kuebel-Heising
         Winsener Road 14
         21376 Salzhausen, Germany
         Tel: 04172/90900
         Fax: 04172/909011


MOBATEC GMBH: Claims Registration Ends October 31
-------------------------------------------------
Creditors of MOBATEC GmbH have until Oct. 31 to register their
claims with court-appointed provisional administrator Holger
Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 8:10 a.m. on Nov. 15 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn, 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 Nordhorn opened bankruptcy proceedings
against MOBATEC GmbH on Sept. 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         MOBATEC GmbH
         Foehnstrasse 28
         48465 Schuettorf, Germany

         Attn: Raymond Petzold, Manager
         Bonhoefferstr. 36
         48493 Wettringen, Germany

The administrator can be contacted at:

         Holger Zbick
         Marktplatz 2-4
         48712 Gescher, Germany
         Tel: 02542/9178-10
         Fax: 02542/9178-28
         E-mail: insO@zbick-deckert.de


MODEBOUTIQUE FREESTYLE: Claims Registration Ends Nov. 1
-------------------------------------------------------
Creditors of Modeboutique Freestyle GmbH have until Nov. 1 to
register their claims with court-appointed provisional
administrator Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Dec. 13 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, 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 Dresden opened bankruptcy proceedings
against Modeboutique Freestyle GmbH on Sept. 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Modeboutique Freestyle GmbH
         Spinnerei 8
         01705 Freital, Germany

The administrator can be contacted at:

         Bettina Schmudde
         Koenigstrasse 1
         01097 Dresden, Germany
         Web: http://www.whitecaseinso.de/


MSB-HOCHBAU: Claims Registration Ends October 31
------------------------------------------------
Creditors of MSB-Hochbau GmbH have until Oct. 31 to register
their claims with court-appointed provisional administrator
Andreas Grund.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Nov. 22 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Area 283
         2nd Floor
         Main House (New Building)
         Heinitzstrasse 42
         58097 Hagen, 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 Hagen opened bankruptcy proceedings
against MSB-Hochbau GmbH on Sept. 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         MSB-Hochbau GmbH
         Attn: Erika Henkel, Manager
         Op Kerstingskamp 83
         58644 Iserlohn, Germany

The administrator can be contacted at:

         Andreas Grund
         Grabenstr. 28
         58095 Hagen, Germany
         Tel: 02331-397656
         Fax: +4923313976570


NOTO BPCE: Creditors' Meeting Slated for October 31
---------------------------------------------------
The court-appointed provisional administrator NOTO BPCE GmbH,
Hermann Wittebrock, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:00 a.m. on Oct. 31.

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

         The District Court of Saarbruecken
         Meeting Room 24
         2nd Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach, Germany

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

Creditors have until Nov. 13 to register their claims with the
court-appointed provisional administrator.

The District Court of Saarbruecken opened bankruptcy proceedings
against NOTO BPCE GmbH on Sept. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         NOTO BPCE GmbH
         Attn: Antonio Noto, Manager
         Kaiserstrasse 90
         66386 St. Ingbert, Germany

The administrator can be reached at:

         Hermann Wittebrock
         Pestelstrasse 4
         66119 Saarbruecken, Germany


OKAY EDV: Claims Registration Ends October 31
---------------------------------------------
Creditors of OKAY EDV-Vertriebs GmbH have until Oct. 31 to
register their claims with court-appointed provisional
administrator Robert Fliegner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Dec. 5 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 Wuppertal
         Meeting Room A234
         2nd Floor
         Isle 2
         42103 Wuppertal, 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 Wuppertal opened bankruptcy proceedings
against OKAY EDV-Vertriebs GmbH on Sept. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         OKAY EDV-Vertriebs GmbH
         Attn: Abdulkemal Kuvvet, Manager
         Tiefendickerstr. 10
         42719 Solingen, Germany

The administrator can be contacted at:

         Robert Fliegner
         Gruenewalder Str. 29-31
         42657 Solingen, Germany


OSTERHOFF TRANSPORT: Claims Registration Ends Nov. 1
----------------------------------------------------
Creditors of Osterhoff Transport GmbH have until Nov. 1 to
register their claims with court-appointed provisional
administrator Matthias Lorenzen.

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

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Area B.031
         Law Courts
         Boostedter Road 26
         Neumuenster, 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 Neumuenster opened bankruptcy proceedings
against Osterhoff Transport GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Osterhoff Transport GmbH
         Attn: Heinrich Osterhoff, Manager
         Lentfoehrdener Road 12
         24576 Weddelbrook, Germany

The administrator can be contacted at:

         Matthias Lorenzen
         Walkerdamm 17
         24103 Kiel, Germany


R. BOETEL: Claims Registration Ends November 1
----------------------------------------------
Creditors of R. Boetel Messebau GmbH have until Nov. 1 to
register their claims with court-appointed provisional
administrator Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, Germany

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

The District Court of Cologne opened bankruptcy proceedings
against R. Boetel Messebau GmbH on Sept. 5.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         R. Boetel Messebau GmbH
         Attn: Ralph-Dieter Boetel, Manager
         Breibacher Way 110
         51515 Kuerten, Germany

The administrator can be contacted at:

         Karl-Dieter Sommerfeld
         Hammerweg 3
         51766 Engelskirchen, Germany


SCHREITERER HEIZUNGSANLAGENBAU: Claims Registration Ends Nov. 1
---------------------------------------------------------------
Creditors of Schreiterer Heizungsanlagenbau GmbH have until
Nov. 1 to register their claims with court-appointed provisional
administrator Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on Nov. 22 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, Germany

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

The District Court of Potsdam opened bankruptcy proceedings
against Schreiterer Heizungsanlagenbau GmbH on Sept. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Schreiterer Heizungsanlagenbau GmbH
         Attn: Horst Schreiterer, Manager
         Benzstrasse 25
         14482 Potsdam, Germany

The administrator can be contacted at:

         Rolf Rattunde
         Kurfuerstendamm 212
         10719 Berlin, Germany


SPH-ELEKTROTECHNIK: Claims Registration Ends November 1
-------------------------------------------------------
Creditors of SPH-Elektrotechnik GmbH have until Nov. 1 to
register their claims with court-appointed provisional
administrator Stephan Poppe.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Nov. 29 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle, 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 Halle-Saalkreis opened bankruptcy
proceedings against SPH-Elektrotechnik GmbH on Sept. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         SPH-Elektrotechnik GmbH
         Otto-Brosowski-Schacht
         06308 Siersleben, Germany

The administrator can be contacted at:

         Stephan Poppe
         Emil-Eichhorn-Str. 1
         06114 Halle, Germany
         Tel: 0345/530490
         Fax: 0345/5304926


VALEV BAUTRAGER: Creditors' Meeting Slated for October 31
---------------------------------------------------------
The court-appointed provisional administrator OF VALEV Bautrager
und Immobilien Verwaltungs GmbH, Christoph Rosenmueller, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:10 a.m. on Oct. 31.

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 Feb. 13, 2007, at the
same venue.

Creditors have until Dec. 14 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against VALEV Bautrager und Immobilien Verwaltungs
GmbH on Sept. 14.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         VALEV Bautrager und Immobilien Verwaltungs GmbH
         Podbielskiallee 40
         14195 Berlin, Germany

The administrator can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin, Germany


W & S DRUCK: Claims Registration Ends November 1
------------------------------------------------
Creditors of W & S Druck GmbH have until Nov. 1 to register
their claims with court-appointed provisional administrator Jana
Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 30 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, Germany

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

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

The Debtor can be contacted at:

         W & S Druck GmbH
         Attn: Margarete Wiener and Horst Ahl, Managers
         Niehler Str. 254
         50735 Cologne, Germany

The administrator can be contacted at:

         Jana Dettmer
         Weyerstrasse 54
         50676 Cologne, Germany


WESTLB AG: Moody's Changes Outlook on D- FSR to Positive
--------------------------------------------------------
Moody's Investors Service changed the outlook on WestLB AG's
D- financial strength rating to positive from stable based on an
updated assessment of the bank's financial and strategic
positioning and approach.

The A1 long-term debt and deposit ratings for WestLB AG's
unsecured and unsubordinated obligations in domestic and foreign
currency, the Aa2 rating for liabilities qualifying for the
"grandfathering" of the economic benefits of the legal
guarantees of Anstaltslast and Gewaehrtraegerhaftung, which were
abolished in July 2005, and the Prime-1 short-term rating were
affirmed and continue to carry stable outlooks.

Moody's also adjusted the long-term debt and deposit ratings for
WestLB Covered Bond Bank's unsecured and unsubordinated
obligations in domestic and foreign currency to A1 from Aa3 in
order to align these ratings with those of WestLB AG.  The Aaa
ratings for WestLB Covered Bond Bank's asset covered securities,
the Prime-1 short-term rating and C- FSR were affirmed.  The
outlook for the unsecured debt and deposit ratings is stable.

Moody's said that its decision to change the outlook on WestLB's
D- FSR to positive was based upon its assessment of the bank's
strategic and financial shortcomings, but also the options and
opportunities available to its solid management team and the
latter's emphasis on developing over time a client-driven
business and franchise, consistent with WestLB's competitive
advantages.

The rating agency added that the positive rating action equally
recognized the generally more risk-averse culture that the new
management and shareholders have been promoting and the
meaningful progress achieved by WestLB in managing its credit,
market, operational and participation risks.

Simultaneously, WestLB has significantly reduced its risk
profile -- notably with regard to major concentration risks --
by terminating its Principal Finance activities and by divesting
most of its holdings in corporates and financial institutions,
most recently through the sale of its stake in HSH Nordbank,
with positive implications for its tail risks and economic
capital consumption.

Moody's also views positively for WestLB its efforts to
strengthen the links with the Sparkassen in North Rhine-
Westphalia and their significant base of retail and SME
customers, but it cautioned that the benefits of such a closer
co-operation were split asymmetrically between WestLB and the
Sparkassen and that the financial impact of this long-term
project would probably be moderate.

With regard to WestLB AG's financial profile, Moody's
acknowledged that management has effectively stabilized its
performance and has taken key measures to strengthen its asset
quality as well as its economic and regulatory capitalization,
both by de-risking and de-leveraging the balance sheet and by
successfully raising fresh equity from its shareholders and
hybrid capital from third-party investors.  Notwithstanding
these improvements and WestLB's brightening financial and
strategic prospects, the rating agency pointed out that it
continued to regard WestLB as a bank in transition and its
financial fundamentals as weak and potentially vulnerable, as
captured by the D- FSR.

In this respect, Moody's particularly emphasized the high
operating cost base and the constraints it implies for WestLB's
operating efficiency, profitability and internal capital
generation and the currently low cost of risk which it does not
believe to be sustainable - factors which suggest that the pace
in strengthening in WestLB's financial fundamentals would be
gradual.  Moody's noted positively that WestLB already
identified meaningful cost savings, which it would seek to
achieve in the medium term.  In addition, the rating agency
stressed that the quality of WestLB's earnings -- driven
primarily by capital markets and the group's asset/liability
management -- and capital leave further room for progress.

Moody's said that the positive outlook is contingent upon WestLB
successfully implementing over time its strategic objective of
building a client-driven franchise in its home market and in
selected international capital markets, leveraging the
opportunities offered by the regional Sparkassen and their
retail and SME customers in terms of origination and
distribution channels.  In quantitative terms, the positive
outlook is based upon expected future improvements in WestLB's
operating efficiency and profitability and a better quality of
earnings.  The rating agency said that the bank would also have
to strengthen the level and quality of its economic capital over
the medium term.

Moody's concluded by commenting on WestLB Covered Bond Bank plc,
which it continues to view as being of lesser strategic
importance for WestLB.  In light of the unconditional and
irrevocable guarantee that WestLB AG has granted for the benefit
of all of WestLB Covered Bond Bank's obligations, Moody's has
aligned the long- and short-term ratings for the Irish bank's
unsecured and unsubordinated liabilities to those of WestLB AG
at A1-P-1.  The rating agency noted that the guarantee would
become void when and if WestLB AG ceased to be a shareholder of
WestLB Covered Bond Bank.  The guarantee would, however, remain
in full force and effect with respect to any obligations and
liabilities incurred prior to such expiry.

Headquartered in Duesseldorf, Germany, WestLB AG was established
in 2002 through the split of former Westdeutsche Landesbank
Girozentrale.  The private-law bank is largely owned by the
State of North Rhine-Westphalia (48.69% held directly and
indirectly) and the associations RSGV and WLSGV (25.48% each),
which represent the Sparkassen in the region.  At the end of
June 2006, WestLB had total assets of EUR283.1 billion and
equity of EUR6.1 billion.

WestLB Covered Bond Bank plc is based in Dublin, Ireland and a
wholly owned subsidiary of WestLB AG.  At the end of 2005, it
reported total assets of EUR15.4 billion and equity of
EUR209 million.


WILLI SCHACHT: Claims Registration Ends November 1
--------------------------------------------------
Creditors of Willi Schacht GmbH have until Nov. 1 to register
their claims with court-appointed provisional administrator
Helmut Gattermann.

Creditors and other interested parties are encouraged to attend
the meeting at noon on Dec. 15 at which time the administrator
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Area B.126
         Law Courts
         Boostedter Road 26
         Neumuenster, 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 Neumuenster opened bankruptcy proceedings
against Willi Schacht GmbH on Sept. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Willi Schacht GmbH
         Attn: Klaus-Dieter Schacht, Manager
         Ehndorfer Road 52a
         24537 Neumuenster, Germany

The administrator can be contacted at:

         Helmut Gattermann
         Heilwigstr. 75
         20249 Hamburg, Germany


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


TECHNICAL OLYMPIC: Moody's Cuts Rating on Sr. Unsec. Notes
----------------------------------------------------------
Moody's Investors Service lowered the rating on the senior
unsecured notes of Technical Olympic USA, Inc. to Ba3 from Ba2
and the LGD assessment and rate to LGD4, 53% from LGD3, 35% due
to changes in the priority of claim in the company's capital
structure.  TOA changed its US$800 million revolving credit
facility to secured from unsecured.  The company's corporate
family rating of Ba3 and the B2 rating on its senior
subordinated notes remain unchanged at the current time,
although all of the company's ratings remain on review for
downgrade.

The granting of security to the banks in the credit facility was
prompted by a material adverse change with respect to TOUSA
Homes, L.P., which is one of TOA's guarantor subsidiaries
holding the company's investment in the Transeastern joint
venture.

The credit agreement was primarily amended to:

   -- provide collateral to secure obligations under the
      credit agreement;

   -- change the definition of material adverse change; and

   -- alter the definition of borrowing base.

The changes to the credit agreement may increase the company's
borrowing capacity modestly and provide additional liquidity.
Moody's notes that the existing terms and pricing of the credit
agreement are anticipated to remain intact.

The company is currently assessing the possible impairment
charges related to the Transeastern JV.  A pre-tax charge of as
much as US$141 million could be required if it were to be
determined that TOA's investments in and receivables from the JV
were impaired.

Moody's placed TOA's ratings under review for downgrade on
Sept. 27.  In its review, Moody's continues to focus on TOA's
support, if any, for the joint venture beyond its current
investment in and loans to the joint venture of approximately
US$141 million; the write down or write off potential at TOA as
the joint venture considers various restructuring possibilities;
and the effects on TOA's consolidated homebuilding operations in
Florida.  The review also focuses on TOA's ability to cut home
production in order to meet the reduced demand in the market
place and avoid inventory build up.

Headquartered in Hollywood, Florida, Technical Olympic USA, Inc.
builds and sells single-family homes largely for the move-up
homebuyer.  It also operates captive mortgage origination and
title insurance service companies.  It is 67%- owned by
Technical Olympic S.A.  Revenues and net income for 2005 were
approximately US$2.5 billion and US$218 million, respectively.


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


WESTLB AG: Moody's Changes Outlook on D- FSR to Positive
--------------------------------------------------------
Moody's Investors Service changed the outlook on WestLB AG's
D- financial strength rating to positive from stable based on an
updated assessment of the bank's financial and strategic
positioning and approach.

The A1 long-term debt and deposit ratings for WestLB AG's
unsecured and unsubordinated obligations in domestic and foreign
currency, the Aa2 rating for liabilities qualifying for the
"grandfathering" of the economic benefits of the legal
guarantees of Anstaltslast and Gewaehrtraegerhaftung, which were
abolished in July 2005, and the Prime-1 short-term rating were
affirmed and continue to carry stable outlooks.

Moody's also adjusted the long-term debt and deposit ratings for
WestLB Covered Bond Bank's unsecured and unsubordinated
obligations in domestic and foreign currency to A1 from Aa3 in
order to align these ratings with those of WestLB AG.  The Aaa
ratings for WestLB Covered Bond Bank's asset covered securities,
the Prime-1 short-term rating and C- FSR were affirmed.  The
outlook for the unsecured debt and deposit ratings is stable.

Moody's said that its decision to change the outlook on WestLB's
D- FSR to positive was based upon its assessment of the bank's
strategic and financial shortcomings, but also the options and
opportunities available to its solid management team and the
latter's emphasis on developing over time a client-driven
business and franchise, consistent with WestLB's competitive
advantages.

The rating agency added that the positive rating action equally
recognised the generally more risk-averse culture that the new
management and shareholders have been promoting and the
meaningful progress achieved by WestLB in managing its credit,
market, operational and participation risks.

Simultaneously, WestLB has significantly reduced its risk
profile -- notably with regard to major concentration risks --
by terminating its Principal Finance activities and by divesting
most of its holdings in corporates and financial institutions,
most recently through the sale of its stake in HSH Nordbank,
with positive implications for its tail risks and economic
capital consumption.

Moody's also views positively for WestLB its efforts to
strengthen the links with the Sparkassen in North Rhine-
Westphalia and their significant base of retail and SME
customers, but it cautioned that the benefits of such a closer
co-operation were split asymmetrically between WestLB and the
Sparkassen and that the financial impact of this long-term
project would probably be moderate.

With regard to WestLB AG's financial profile, Moody's
acknowledged that management has effectively stabilized its
performance and has taken key measures to strengthen its asset
quality as well as its economic and regulatory capitalization,
both by de-risking and de-leveraging the balance sheet and by
successfully raising fresh equity from its shareholders and
hybrid capital from third-party investors.  Notwithstanding
these improvements and WestLB's brightening financial and
strategic prospects, the rating agency pointed out that it
continued to regard WestLB as a bank in transition and its
financial fundamentals as weak and potentially vulnerable, as
captured by the D- FSR.

In this respect, Moody's particularly emphasized the high
operating cost base and the constraints it implies for WestLB's
operating efficiency, profitability and internal capital
generation and the currently low cost of risk which it does not
believe to be sustainable - factors which suggest that the pace
in strengthening in WestLB's financial fundamentals would be
gradual.  Moody's noted positively that WestLB already
identified meaningful cost savings, which it would seek to
achieve in the medium term.  In addition, the rating agency
stressed that the quality of WestLB's earnings -- driven
primarily by capital markets and the group's asset/liability
management -- and capital leave further room for progress.

Moody's said that the positive outlook is contingent upon WestLB
successfully implementing over time its strategic objective of
building a client-driven franchise in its home market and in
selected international capital markets, leveraging the
opportunities offered by the regional Sparkassen and their
retail and SME customers in terms of origination and
distribution channels.  In quantitative terms, the positive
outlook is based upon expected future improvements in WestLB's
operating efficiency and profitability and a better quality of
earnings.  The rating agency said that the bank would also have
to strengthen the level and quality of its economic capital over
the medium term.

Moody's concluded by commenting on WestLB Covered Bond Bank plc,
which it continues to view as being of lesser strategic
importance for WestLB.  In light of the unconditional and
irrevocable guarantee that WestLB AG has granted for the benefit
of all of WestLB Covered Bond Bank's obligations, Moody's has
aligned the long- and short-term ratings for the Irish bank's
unsecured and unsubordinated liabilities to those of WestLB AG
at A1-P-1.  The rating agency noted that the guarantee would
become void when and if WestLB AG ceased to be a shareholder of
WestLB Covered Bond Bank.  The guarantee would, however, remain
in full force and effect with respect to any obligations and
liabilities incurred prior to such expiry.

Headquartered in Duesseldorf, Germany, WestLB AG was established
in 2002 through the split of former Westdeutsche Landesbank
Girozentrale.  The private-law bank is largely owned by the
State of North Rhine-Westphalia (48.69% held directly and
indirectly) and the associations RSGV and WLSGV (25.48% each),
which represent the Sparkassen in the region.  At the end of
June 2006, WestLB had total assets of EUR283.1 billion and
equity of EUR6.1 billion.

WestLB Covered Bond Bank plc is based in Dublin, Ireland and a
wholly owned subsidiary of WestLB AG.  At the end of 2005, it
reported total assets of EUR15.4 billion and equity of
EUR209 million.


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


ALITALIA SPA: Eyes Alliance with Air France-KLM, Reports Say
------------------------------------------------------------
Alitalia S.p.A. is eyeing a to strengthen its link-up with Air
France-KLM after the company's board of directors mandated CEO
Giancarlo Cimoli to find a partner for the carrier, says AFX
News citing local newspapers.

According to La Stampa, Alitalia and Air France have been
meeting regularly over a possible merger.  The Italian
government, however, preferred an alliance with an Asian
carrier, Il Sore 24 Ore says.

An Alitalia-Air France alliance, daily Corriere della Sera
reports, would be controlled by a joint holding company.  The
Italian government, which currently holds a 49% stake in
Alitalia, would control 30% of the holding company.

Jean-Cyril Spinetta, Chief Executive of Air France, said a link-
up would not materialize until Alitalia completes its financial
restructuring.

Meanwhile, Corriere della Sera reports that Mr. Cimoli is
drafting a restructuring plan aimed at wooing Air France.

According to Corriere della Sera, the plan mulls:

   -- the sale of ground operations;

   -- redesign of network, adding more activities at Rome's
      Fiumicino Airport, and making Milan's Malpensa Airport as
      center for low-cost operations; and

   -- job cuts: 1,000 job flight staff and 300 ground
      personnel with Italy to shoulder part of the redundancy
      costs.

A separate report in L'Espresso weekly suggests that the
government plans to split Alitalia with a business carrier based
in Milan and a tourist airline in Rome.

According to AFX News, Alitalia is also considering a
partnership with Lufthansa, the Emirates Airline, and Tod's
S.p.A.

                         About Alitalia

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

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


FERRO CORP: Ends Talks on Specialty Plastics Business Sale
----------------------------------------------------------
Ferro Corp. has discontinued discussions with Wind Point
Partners regarding the sale of its Specialty Plastics business.

"We did not feel that we could reach an agreement that provided
Ferro shareholders with the full value of this business," said
James Kirsch, Ferro President and Chief Executive Officer.  "We
will continue to operate the Specialty Plastics business, and
expect it to remain a positive contributor to Ferro's
operations.  As we go forward, we will continue to pursue
portfolio realignment activities that we believe best serve the
interests of our shareholders and the growth objectives of the
Company."

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

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

                        *     *     *

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


FERRO CORP: Earns US$16.2 Million in Year Ended Dec. 31, 2005
-------------------------------------------------------------
Ferro Corporation reported US$16.2 million of net income for the
year ended Dec. 31, 2005, compared to US$24.9 million of net
income earned in the prior year.

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

The Company's balance sheet at Dec. 31, 2005, showed US$1.66
billion in total assets, US$1.17 billion in total liabilities,
total shareholders' equity of US$468,091 and Series A
convertible preferred stock of US$20.4 million.

At Dec. 31, 2005, the Company had a US$300 million revolving
credit facility that was scheduled to expire in September 2006,
as well as US$200 million of senior notes and US$155 million of
debentures outstanding with varying maturities, the majority of
which extended beyond 2010.  The Company also had an accounts
receivable securitization facility under which the Company could
receive advances of up to US$100 million, subject to the level
of qualifying accounts receivable.

Subsequent to Dec. 31, 2005, the Company replaced or modified
its existing facilities to secure future financial liquidity.
The US$300 million revolving credit facility was replaced by a
US$700 million credit facility, consisting of a US$250 million
multi-currency senior revolving credit facility expiring in 2011
and a US$450 million senior delayed-draw term loan facility
expiring in 2012.  In addition, the Company extended its US$100
million accounts receivable securitization facility for up to
three additional years.

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

A full-text copy of the Company's annual report is available for
free at http://researcharchives.com/t/s?1362

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

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

                        *     *     *

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


PARMALAT SPA: 35,000 Plaintiffs to Join Parma Civil Suit
--------------------------------------------------------
The Hon. Judge Domenico Truppa of the Court of Parma, Italy is
allowing 35,000 plaintiffs to participate in a civil case filed
against Parmalat S.p.A., Agence France Presse says.

Judge Truppa selected 35,000 plaintiffs from 42,000 applicants
to represent some 135,000 investors who lost around EUR14
billion when Parmalat collapsed in December 2003.

The civil case charges 64 defendants, including Parmalat founder
Calisto Tanzi, former Chief Financial Officer Fausto Tonna,
accountants, auditors and bankers and former board members, of
fraudulent bankruptcy and false accounting, AFP relates.

The proceedings related to Parmalat's collapse began on June 5,
2006.

Mr. Tanzi and his co-accused are also under trial in Milan for
stock price manipulation and releasing false information.

Judge Truppa slated the next preliminary hearing for Nov. 22.

                         About Parmalat

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

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

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

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


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


AINABULAK LLP: East Kazakhstan Court Starts Bankruptcy Procedure
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against LLP Ainabulak on
Sept. 15.


AKRAB KOMHOZ: Creditors Must File Claims by Nov. 22
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared JSC Akrab Komhoz insolvent.

Creditors have until Nov. 22 to submit written proofs of claim
to:

         JSC Akrab Komhoz
         Altynsarina Str. 31
         Aktobe
         Aktube Region
         Kazakhstan
         Tel: 8 (3132) 21-30-32


AMETA LLP: Proof of Claim Deadline Slated for Nov. 21
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Investing Company Ameta insolvent on July 28.

Creditors have until Nov. 21 to submit written proofs of claim
to:

         LLP Ameta
         Post Office Box 1
         JSC Kazpochta
         Post Office 57
         050057 Almaty, Kazakhstan
         Tel: 8 (3272) 37-03-31


INJENERNO-STROITELNAYA: Creditors' Claims Due Nov. 17
-----------------------------------------------------
The Tax Committee of Almaty Region entered an order placing
LLP Engineering-Construction Company Injenerno-Stroitelnaya
Kompaniya (RNN 090400018741) into compulsory liquidation.

Creditors have until Nov. 17 to submit written proofs of claim
to:

         LLP Injenerno-Stroitelnaya Kompaniya
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty Region
         Kazakhstan
         Tel: 8 (32822) 24-19-77


JANA JOL: Karaganda Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Jana Jol
(RNN 300800002284).


NADEJDA-98 LLP: Kostanai Court Begins Bankruptcy Proceedings
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceedings against LLP Nadejda-98 on
Sept. 18.


SPES LLP: Proof of Claim Deadline Slated for Nov. 17
----------------------------------------------------
The Tax Committee of Almaty Region entered an order placing
LLP Spes (RNN 0904000013069) into compulsory liquidation.

Creditors have until Nov. 17 to submit written proofs of claim
to:

         LLP Spes
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty Region
         Kazakhstan
         Tel: 8 (32822) 24-19-77


TRANSIT TRANS: Almaty Court Commences Bankruptcy Proceedings
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Company Transit
Trans (RNN 600400506408) on Sept. 11.


TUTYNUSHY SAUDA: Claims Filing Period Ends Nov. 21
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Tutynushy Sauda insolvent on Aug. 31.

Creditors have until Nov. 21 to submit written proofs of claim
to:

         LLP Tutynushy Sauda
         Tereshkova Str. 10
         Zarya
         Taldykorgan
         Almaty Region
         Kazakhstan
         Tel: 8 (3282) 22-90-39
              8 (3003) 62-50-46


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


INTER TRADE: Proof of Claim Deadline Slated for Dec. 13
-------------------------------------------------------
LLC Inter Trade has declared insolvency.  Creditors have until
Dec. 13 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 61-17-63.


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


DALRADIAN EUROPEAN: S&P Rates EUR13.13-Mln Class E Notes at BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR312.69 million (equivalent) floating-
rate notes to be issued by Dalradian European CLO II B.V., a
special purpose entity.  At the same time, Dalradian II will
issue EUR37.31 million of unrated notes.

The collateral manager will be Elgin Capital LLP.  Dalradian II
is the second CLO to be managed by Elgin.

At closing, Dalradian II will issue EUR250 million of notes and
invest the proceeds in a portfolio of predominantly senior
secured loans.  At the same time, the issuer will enter into a
revolving loan facility agreement (revolver) under which it may
draw up to EUR100 million (equivalent) in euros, British pounds
sterling, and U.S. dollars.

The issuer may, from time to time, refinance all or a portion of
the revolver and issue class A1 refinancing notes, which will be
consolidated and form a single series and rank pari passu with
the class A1 notes then outstanding.  Issuance of the class A1
refinancing notes will be subject to Standard & Poor's
confirmation that the additional issue will not have an adverse
impact on the then-current ratings on the notes.

                          Ratings List
                 Dalradian European CLO II B.V.
         EUR350 Million (Equivalent) Floating-Rate Notes

                                       Prelim.
                          Prelim.      amount
         Class            rating       (Mil. EUR equivalent)
         -----            ------       --------------------
         A1               AAA          76.50
         Revolving loan
         facility(1)      AAA          100.00
         A2               AAA           51.80
         B                AA            27.85
         C                A             20.83
         D                BBB-          22.58
         E                BB-           13.13
         F(2)             NR            37.31

   (1) The revolving loan facility may be denominated in
       British pounds sterling, U.S. dollars, or euros.

   (2) Subordinated.

       NR-Not rated.


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


INTERTAPE POLYMER: Provides Update on Ongoing Cost Reductions
-------------------------------------------------------------
Intertape Polymer Group Inc. expects to record a non-cash
goodwill impairment charge and is updating the status of its
cost reduction initiatives.

In accordance with applicable accounting requirements, the
Company is performing an impairment test as at Sept. 30, 2006 on
its goodwill.  This analysis is expected to result in a non-cash
impairment charge to operating expenses of approximately
US$120 million to be recorded in the third quarter.  This
impairment relates to goodwill recorded at the time of various
acquisitions during the period from 1996 through 2000 in light
of current economic and market conditions.

                   Cost Reduction Update

The closing date of the Brighton, Colorado facility is expected
to be achieved ahead of schedule on Nov. 1, 2006 versus the
originally scheduled date of Jan. 1, 2007.  As a result of
productivity improvements at its other facilities, the Company
has determined that it does not need to relocate certain
Brighton equipment resulting in an additional non-cash write off
US$10.4 million to be recorded in the third quarter of 2006.

The previously estimated cash outlay of US$4.2 million in
capital expenditures and US$3.8 million in equipment relocation
costs will therefore not be incurred.  The annual cost savings
from this revised initiative are now estimated to be US$8.9
million as compared to the previously announced US$7.3 million.
These savings will begin to be realized in the fourth quarter of
2006.

The Company's corporate aircraft is contracted for sale.  The
transaction is expected to close by the end of October with
estimated annual savings of approximately US$2 million to begin
in the fourth quarter of 2006.

In addition to these previously announced initiatives, Intertape
disclosed further annual cost reductions of approximately
US$7.4 million, principally in selling, general and
administrative expenses.  These further planned cost reductions
will result in additional severance costs of approximately
US$4.4 million to be realized in the fourth quarter of 2006 and
the first quarter of 2007.

In total, the Company has announced annualized cost reductions
in excess of US$20 million that will begin to take effect in the
fourth quarter of 2006.  These programs are intended to align
the Company's cost structure with its current revenue base.

                     Improved Cash Position

Intertape continues to focus on improving the utilization of its
working capital.  As at Sep. 30, 2006 the Company's cash balance
was US$15.5 million, as compared with US$8 million as at
June 30, 2006.  The Company believes that it has the ability to
generate sufficient working capital, now and for the foreseeable
future, to meet the requirements of its day to day operations,
given its anticipated operating margins and expected results.
The Company believes it has sufficient liquidity to meet its
business requirements for the foreseeable future.

"Intertape remains dedicated to providing its customers with a
complete range of products to meet their requirements, including
the launch of its new ICushion air pillow system and Clarity
display films.  This, coupled with the adjustments we are making
to align our cost base with the changes in the marketplace, in
addition to our focus on working capital management and the
resulting improvement in our cash balances, position the Company
to continue as an industry leader," stated Interim CEO Dale
McSween.

The Company is requesting an amendment to its Credit Facilities
to modify certain financial covenants and other provisions
contained therein.  Specifically, the Company is requesting that
the lenders under the Credit Facilities temporarily relax the
interest coverage, leverage ratio and fixed charges covenants
and waive the non-cash goodwill impairment charge.

Finally, the Company reports that while its CEO search process
has been successful in identifying well qualified candidates,
the Board of Directors is deferring the selection decision until
the outcome of the previously announced strategic alternatives
process becomes better defined.

                     About Intertape Polymer

Intertape Polymer Group -- http://www.intertapepolymer.com/--
develops and manufactures specialized polyolefin plastic and
paper based packaging products and complementary packaging
systems for industrial and retail use.  Headquartered in
Montreal, Quebec and Sarasota/Bradenton, Florida, the Company
employs approximately 2450 employees with operations in 18
locations, including 13 manufacturing facilities in North
America and one in Europe.

                        *     *     *

As reported in the TCR-Europe on Oct. 6, Standard & Poor's
Ratings Services placed its ratings, including its 'B+'
corporate credit rating, on Intertape Polymer Group Inc. on
CreditWatch with negative implications.  The CreditWatch
placement follows the company's recent announcement that its
Board of Directors will initiate a process to explore various
strategic and financial alternatives.  The nature of options
being explored and the timeline of the exercise have not been
announced, but the culmination of such an exercise could result
in a change of ownership.


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


QUANTUM CORP: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Hardware sector this week,
the rating agency confirmed its B3 Corporate Family Rating for
Quantum Corp.

Moody's also revised and held its probability-of-default ratings
and assigned loss-given-default ratings on these two loans and a
bond issue:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 million
   Sr. Sec. Revolver
   due 2009             B2       Ba3      LGD2     24%

   US$225 million
   Sr. Sec.
   First Lien Facility
   due 2012             B2       Ba3      LGD2     24%

   US$160 million
   Subordinated
   convertible notes
   due 2010             Caa2     Caa2     LGD6     91%

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%).

Headquatered in San Jose, California, Quantum Corp. --
http://www.quantum.com/-- is a global leader in storage,
delivers highly reliable backup, recovery and archive solutions
that meet demanding requirements for data integrity and
availability with superior price/performance and comprehensive
service and support.  Quantum offers customers of all sizes an
unparalleled range of solutions, from leading tape drive and
media technologies, autoloaders and libraries to disk-based
backup systems.  In Europe, the company maintains operations in
Denmark, Czech Republic, Romania, Portugal, France, Germany, and
the United Kingdom.


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


BALASHOVSKIY: Court Names S. Khoryukov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. S.
Khoryukov as Insolvency Manager for OJSC Meat-Packing Combine
Balashovskiy.  He can be reached at:

         S. Khoryukov
         Room 2
         Michurina Str. 50
         410056 Saratov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-57-69B/06-31.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Meat-Packing Combine Balashovskiy
         Tikhiy Per. 9
         Balashov
         Saratov Region
         Russia


BUILDER LLC: Court Names A. Nikolskiy as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Ryazan Region appointed Mr. A.
Nikolskiy as Insolvency Manager for LLC Builder.  He can be
reached at:

         A. Nikolskiy
         Tsyurupy Str. 22-1-101
         117418 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-2838/2006 s 20.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         LLC Builder
         Ryazan Region
         Russia


BUILDING COMPANY: Court Starts N. Shalaev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Mr. N.
Shalaev as Insolvency Manager for CJSC Building Company.  He can
be reached at:

         N. Shalaev
         Komsomolskiy Pr. 11-82
         454008 Chelyabinsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-7173/2006-52-53.

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Building Company
         Trekhgornyj
         Chelyabinsk Region
         Russia


DOROGOBUZHSKIY CHEESE: Court Names S. Prudnikov to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Smolensk Region appointed Mr. S.
Prudnikov as Insolvency Manager for OJSC Dorogobuzhskiy Cheese.
He can be reached at:

         S. Prudnikov
         Post User Box 98
         214031 Smolensk-31
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A62-2176/2006.

The Debtor can be reached at:

         OJSC Dorogobuzhskiy Cheese
         Dorogobuzh
         215720 Smolensk Region
         Russia


ENGINEERING OIL: Court Names S. Vinnik as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy Autonomous Region
appointed Mr. S. Vinnik as Insolvency Manager for CJSC
Engineering Oil Company.  He can be reached at:

         S. Vinnik
         Post User Box 2699
         Central Post Office
         644099 Omsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A75-5876/2006.

The Arbitration Court of Khanty-Mansiyskiy Autonomous Region is
located at:

         Lenina Str. 54/1
         Khanty-Mansiysk Autonomous Region
         Russia

The Debtor can be reached at:

         CJSC Engineering Oil Company
         Mira Str. 36
         Nizhnevartovsk
         Khanty-Mansiyskiy Autonomous Region
         Russia


KASHIN-AGRO-PROM-KHIMIYA: Bankruptcy Hearing Slated for Dec. 13
---------------------------------------------------------------
The Arbitration Court of Tver Region will convene on Dec. 13 to
hear the bankruptcy supervision procedure on OJSC Kashin-Agro-
Prom-Khimiya.  The case is docketed under Case No. A66-6878/
2006.

The Temporary Insolvency Manager is:

         P. Tarasov
         Post User Box 19
         OPS-100
         Tver Region
         Russia

The Debtor can be reached at:

         OJSC Kashin-Agro-Prom-Khimiya
         Stroiteley Str. 1
         Kashin
         Tver Region
         Russia


KURKINSKIY REFINERY: Court Names V. Kozlov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. V. Kozlov as
Insolvency Manager for LLC Kurkinskiy Refinery.  He can be
reached at:

         V. Kozlov
         Office 403
         Sovetskaya Str. 112
         300041 Tula Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-549/B-06.

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         LLC Kurkinskiy Refinery
         Savelyevskiy
         Volgodonskiy Region
         Tula Region
         Russia


LANSKIY WOOD-PROM-KHOZ: Court Names S. Vinnik to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy Autonomous Region
appointed Mr. S. Vinnik as Insolvency Manager for OJSC Lanskiy
Wood-Prom-Khoz.  He can be reached at:

         S. Vinnik
         Post User Box 2699
         Central Post Office
         644099 Omsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A75-5909/2006.

The Arbitration Court of Khanty-Mansiyskiy Autonomous Region is
located at:

         Lenina Str. 54/1
         Khanty-Mansiysk Autonomous Region
         Russia

The Debtor can be reached at:

         OJSC Lanskiy Wood-Prom-Khoz
         Sergino-2
         Oktyabrskiy Region
         Khanty-Mansiyskiy Autonomous Region
         Russia


LYAGUSHKINSKOYE CJSC: Bankruptcy Hearing Slated for Jan. 17
-----------------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene at 3:30
p.m. on Jan. 17, 2007, to hear the bankruptcy supervision
procedure on CJSC Lyagushkinskoye.  The case is docketed under
Case No. A45-12214/06-10/274.

The Temporary Insolvency Manager is:

         I. Rak
         Apartment 62
         Block 15 20
         Kuybyshev
         632382 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Lyagushkinskoye
         Lyagushye
         Kupinskiy Reiogn
         Novosibirsk Region
         Russia


MIKHAYLOVSKIY MEAT: Altay Bankruptcy Hearing Slated for Feb. 5
--------------------------------------------------------------
The Arbitration Court of Altay Region will convene at 11:00 a.m.
on Feb. 5, 2007, to hear the bankruptcy supervision procedure on
OJSC Mikhaylovskiy Meat Combine.

The Temporary Insolvency Manager is:

         V. Pitsun
         Post User Box 25
         Central Post Office
         Slavgorod
         658820 Altay Region
         Russia

The Debtor can be reached at:

         OJSC Mikhaylovskiy Meat Combine
         Mikhaylovskoye
         Mikhaylovskiy Region
         Altay Region
         Russia


RODINSKIY CHEESE: Court Names V. Pitsun as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. V. Pitsun as
Insolvency Manager for OJSC Rodinskiy Cheese Factory.  He can be
reached at:

         V. Pitsun
         Post User Box 25
         Central Post Office
         Slavgorod
         658820 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-2648/06-B.

The Debtor can be reached at:

         OJSC Rodinskiy Cheese Factory
         Lenina Str. 351
         Rodino
         Rodinskiy Region
         Altay Region
         Russia


SEVERSTAL OAO: Launches Global Stock Offering
---------------------------------------------
OAO Severstal launched and commenced investor meetings of the
global offering of its ordinary shares and Global Depositary
Receipts, each GDR representing one ordinary share.

                      The Global Offering

The Global Offering will comprise an offering by Frontdeal
Limited (Selling Shareholder) of existing ordinary shares
including in the form of GDRs to international institutional and
professional investors outside of the Russian Federation,
including to qualified institutional buyers in the United States
under Rule 144A, and an offering of ordinary shares in the
Russian Federation.

Severstal is currently approximately 90% owned by Alexey
Mordashov through several entities, including the Selling
Shareholder.  Mr. Mordashov intends to sell a share of his
current holding in connection with the Global Offering with a
view to increase the post IPO free float to up to 25%.

Immediately following the Global Offering, Severstal intends to
undertake a capital increase through an open subscription for
newly-issued ordinary shares, for which the shareholder entities
controlled by Mr. Mordashov (including the Selling Shareholder)
intend to subscribe in proportion to their existing holdings
exercising their pre-emption rights, using some of the proceeds
of the Global Offering.

In addition, the Selling Shareholder has granted the Joint
Global Coordinators an over-allotment option to purchase
existing ordinary shares in the forms of GDRs, representing up
to 15% of the total number of existing shares in the form of
GDRs to be sold in the Global Offering.

Severstal intends to use the gross proceeds of this capital
increase to continue improving the quality of its production
facilities and improve operating efficiencies throughout its
global operating platform, and to take advantage of potential
opportunities to expand its core business in line with its
corporate strategy, including the funding of potential
acquisitions of assets and participation in joint ventures.

Citigroup, Deutsche Bank and UBS Investment Bank are Joint
Global Coordinators and Joint Bookrunners for the Global
Offering.

                  Corporate Governance Code

In line with previous announcements, Severstal's Board of
Director's approved the new Corporate Governance Code on
Oct. 20.  As part of the new corporate governance arrangements,
Severstal is arranging for its 10-member Board to be chaired by
an Independent Non-Executive Chairman and for one half of its
Board to be comprised of Independent Non-Executive Directors.

"Interest at this stage in the offering process has been very
encouraging and it is clear that there is already a high regard
for Severstal in the international investment community," Alexey
Mordashov, CEO of OAO Severstal, said.  "I now look forward to
meeting investors to underline the unique strengths of
Severstal's business, our focus on growth and value creation and
our commitment to U.K. corporate governance standards."

                        About Severstal

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

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

                        *     *     *

As reported in the TCR-Europe on Oct. 12, Moody's Investor's
Service upgraded the corporate family rating of OAO Severstal
from B1 to Ba3 and the rating for the Loan Participation Notes
totaling US$700 million from B2 to B1.  Moody's said the outlook
on all ratings is stable.

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

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

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


SIBACADEMFINANCE PLC: Moody's Assigns Low-B Debt Ratings
--------------------------------------------------------
Moody's Investors Service assigned B1 and B2 long-term foreign
currency debt ratings to the Loan Participation Notes to be
issued under an EMTN program on a limited-recourse basis by
Sibacademfinance plc, a special purpose vehicle incorporated
under the laws of Ireland, for the sole purpose of financing,
respectively, senior unsecured and subordinated loans to
Sibacadembank.

The notes may be issued denominated in various currencies, while
some of the tranches may fall under the 144A rule.  The amount,
tenor and the price of the notes will be determined by market
conditions.  The outlook for the ratings is positive in line
with that for SAB's E+ Financial Strength Rating.

At the same time, Moody's has rated at B1 (positive outlook) the
first drawdown of senior unsecured Loan Participation Notes
under SAB's EMTN Program.  Moody's notes that the rating for the
Notes is based on fundamental credit quality of SAB, as the
ultimate obligor under the transaction.  According to Moody's,
the B1 long-term foreign currency rating for the Notes does not
incorporate any outside support from the bank's shareholders in
the event of distress, although such support cannot be ruled
out.

According to Moody's, the underlying loan agreement contains a
set of covenants such as negative pledge, limitation on mergers
and disposals as well as on transactions with affiliates.
Moody's cautions that the transaction also has an embedded
rating trigger whereby the LPNs may become payable in the event
that SAB's rating is downgraded following a reorganization
event.

As one of the financial covenants, SAB is obliged to maintain a
ratio of capital to risk-weighted assets at a pre-specified
level inversely related to SAB's ratings.  Moody's notes that,
while the likelihood of any of the covenants being triggered is
relatively low, any such occurrence could potentially have
adverse liquidity implications for SAB and might exert
additional downward pressure on its ratings.

Sibacadembank is headquartered in Novosibirsk, Russia, and
reported total consolidated assets of RUR28,718 million
(US$998 million) and total shareholder equity of RUR2,802
million (US$97.4 million) in accordance with IFRS as at Dec. 31,
2005.


STEPNOYE OJSC: Novosibirsk Bankruptcy Hearing Slated for Jan. 29
----------------------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene at
10:00 a.m. on Jan. 29, 2007, to hear the bankruptcy supervision
procedure on OJSC Stepnoye.  The case is docketed under Case No.
A45-15650/06-54/410.

The Temporary Insolvency Manager is:

         Y. Gomerov
         Post User Box 325
         Krasnoobsk
         630501 Novosibirsk Region
         Russia
         Tel: 348-60-77

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Stepnoye
         Andreevka
         Baganskiy Region
         Novosibirsk Region
         Russia


TAGANKA CAR: Moody's Puts Ba2 Rating on US54.8-Mln Class C Notes
----------------------------------------------------------------
Moody's Investors Service assigned ratings to these three
classes of asset-backed notes issued by Taganka Car Loan Finance
PLC:

   -- US$270.9 million Class A Senior Asset Backed
      Floating Rate Notes due 2013: Baa1;

   -- US$77.4 million Class B Mezzanine Asset Backed
      Floating Rate Notes due 2013: Baa2; and

   -- US$54.8 million Class C Junior Asset Backed
      Floating Rate Notes due 2013: Ba2.

This is the second securitization of auto loans originated in
Russia and the first securitization transaction for MDM Bank.
The securitized assets are U.S. Dollar and Rouble-denominated
fixed rate auto loans to customers domiciled in Russia
originated by MDM Bank since 2002.  This is a static amortizing
transaction and collections on the portfolio will be swept daily
from the Collection Rouble Account or the Collection Dollar
Account to an Issuer Rouble Account or Issuer Dollar Account.
The main sources of credit enhancement are the subordination of
the Class B and Class C Notes, overcollateralization provided by
the subordinated loan, reserve fund and excess spread.

During its analysis, Moody's noted that the structure benefits
from a notification trigger that is set to occur upon the
withdrawal or the downgrade of the long-term rating of MDM Bank
below Ba3.  In addition, Russian Standard Bank is appointed as
Back-up Servicer at closing and will replace MDM Bank as
servicer in the event of a Servicer Termination Event.

There is furthermore a contingency reserve of US$750,000 that
will be funded upon a loss of Ba2 by MDM Bank, which will
facilitate the transfer of servicing duties and protect the
assets of the Issuer in case a Servicer Termination Event.
Finally, credit loss arising from commingling has been mitigated
in this transaction by way of a commingling loss liquidity
facility provided by a suitable entity with a long-term rating
of Aaa and the notification and payment redirection trigger set
at loss of Ba3 by MDM Bank.

There remains however uncertainties in respect of the legal
environment in Russia given that the transaction relies on key
legal concepts which may not have been tested in judicial
proceedings or in practice.  Given the uncertainties, the
ratings of the Notes are likely to be affected in case the
creditworthiness of MDM Bank should deteriorate.

In addition, whilst this is the first securitization of domestic
assets in Russia that benefits from a balance guaranteed swap,
the swap will terminate on the Scheduled Maturity Date in 2011,
thereby exposing cashflows arising thereafter to significant
foreign exchange volatility.  The swap will also terminate upon
the occurrence of any event, which has the effect of preventing
the transfer of foreign currencies from Russia to a jurisdiction
outside of Russia or the conversion of Roubles into certain
foreign currencies.

Furthermore, as approximately 33% of the loans are denominated
in U.S. Dollars and many borrowers' income are at least in part
denominated in Roubles, the cashflows arising from the
U.S. Dollar-denominated auto loan contracts are exposed to the
risk that the Russian government may redenominated foreign
currency assets into Roubles in case of a financial crisis.
Finally, Moody's notes that the aggressive growth of MDM Bank's
auto loan portfolio has resulted in an increasing trend in
losses.

The ratings address the expected loss posed to investors by the
legal final maturity.  As there is no liquidity cover in the
transaction in respect of the Class C Notes, 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 in respect of the Class A Notes and Class B Notes
and allows for the ultimate payment of interest and principal at
par on or before the rated final legal maturity date in respect
of the Class C Notes.  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.


TOMARINSKAYA TIMBER: Court Names L. Sorokina to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Sakhalin Region appointed Ms. L.
Sorokina as Insolvency Manager for CJSC Tomarinskaya Timber
Company.  She can be reached at:

         L. Sorokina
         Komsomolskaya Str. 310-53
         Yuzhno-Sakhalinsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A59-2910/06-S9.

The Debtor can be reached at:

         CJSC Tomarinskaya Timber Company
         Pobedy Str. 26-11
         Krasnogorsk
         Sakhalin Region
         Russia


VARNENSKIY BUTTER: Court Names V. Dubovoy as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Mr. V.
Dubovoy as Insolvency Manager for OJSC Varnenskiy Butter
Factory.  He can be reached at:

         V. Dubovoy
         Bolshevistskaya 4
         454038 Chelyabinsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-14860/2006-52-144.

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         OJSC Varnenskiy Butter Factory
         Zavalishina Str. 15a
         Varna
         Varnenskiy Region
         Chelyabinsk Region
         Russia


VNESHTORGBANK JSC: Earns US$576 Million for First Half 2006
-----------------------------------------------------------
Vneshtorgbank JSC released its consolidated financial results
for the first half ended June 30, 2006.

For the first six months of 2006, VTB posted a 295% increase in
net profit to US$576 million on a 96% increase in revenues to
US$1.753 billion.  For the January-June 2006 period, the
company's net interest income rose 75.2% while net fee and
commission income hiked more than 100%.

Credits and advances to clients rose 18.9% to US$23.7 billion
while the value of client accounts rose 45.6%.

VTB attributed the rise in operating volumes and profit to its
acquisition of Promstroybank and European banks previously owned
by the Bank of Russia.

As of June 30, 2006, VTB had US$45.3 billion in total assets,
US$39.5 in total liabilities and US$4.3 billion in shareholders'
equity.

                        Profit Forecast

The company expects to post RUR30 billion (US$1.1 billion) in
net profit this year, says RIA Novosti citing Chief Executive
Andrei Kostin.

"That is considerably higher than last year," Mr. Kostin said.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

As reported in the TCR-Europe on July 31, following the recent
upgrade of the Russian sovereign foreign and local currency IDRs
to BBB+ from BBB, Fitch ratings lifted Vneshtorgbank and
Vnesheconombank ratings at:

Vnesheconombank:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

Vneshtorgbank:

   -- Upgraded to foreign currency and local currency IDR BBB+
      from BBB with a Stable Outlook;

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


VNESHTORGBANK JSC: To Tackle Promstroybank Takeover Next Month
--------------------------------------------------------------
JSC Vneshtorgbank will decide in November whether to commence a
takeover of Industry & Construction Bank of St. Petersburg
(Promstroybank), RIA Novosti reports citing Chief Executive
Andrei Kostin as its source.

VTB currently owns 75% plus three shares of Promstroybank.  The
company has increased in operating volumes and profit in the
first half of 2006 after its acquisition of Promstroybank.  The
regional bank's shareholders has already voted in favor of a
takeover deal by VTB.

Once a decision for takeover is reached, VTB will apply for
approval from the Russian government.

Headquartered in St. Petersburg, Russia, Industry and
Construction Bank -- http://www.icbank.ru/-- engages in in
universal banking with a special franchise in corporate finance
and investment banking.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

As reported in TCR-Europe on July 31, following the recent
upgrade of the Russian sovereign foreign and local currency IDRs
to BBB+ from BBB, Fitch ratings lifted Vneshtorgbank and
Vnesheconombank ratings at:

Vnesheconombank:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

Vneshtorgbank:

   -- Upgraded to foreign currency and local currency IDR BBB+
      from BBB with a Stable Outlook;

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


YUKOS OIL: Valuer Says Assets Could Be Sold at 10%-90% Discount
---------------------------------------------------------------
The assets of bankrupt OAO Yukos Oil Co. may be sold at a
discount after a consortium of appraisers assess the value of
the company's properties, according to published reports.

"The greatest difficulty for us is to determine a discount of
the market value to the liquidation cost," Yevgeny Neiman,
general director of Roseco, one of the five valuers in the
consortium, said.

"The discount on the liquidation price will depend on which
asset we are valuing.  The discount could be 10 percent or it
could be 90 percent," Mr. Neiman added.

According to Yukos bankruptcy receiver Eduard Rebgun, 48
creditors have filed claims against what was once Russia's
biggest oil producer for RUR586 billion (US$21.8 billion).
Anatoly Sobinevsky, Mr. Rebgun's representative, said that the
asset sale could start after initial valuations are done and
would include Yukos's foreign properties, AFX News relates.

Mr. Rebgun, however, refused to forecast when the first auction
for Yukos's assets would be, AK&M discloses.

The consortium expects to complete the appraisal of Yukos's
assets by the end of January 2007.  Mr. Neiman said that a list
of all Yukos assets has been drawn up and divided into four
groups with 30-40 assets.  RosBusinessConsulting reports that
inventory in each field will begin next week.

                         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.


ZENIT CAPITAL: Fitch Gives Final B Rating to US$200 Mln-Notes
-------------------------------------------------------------
Fitch Ratings assigned Zenit Capital PLC's three-year US$200
million 8.75% loan participation notes due Oct. 27, 2009, a
Long-term B rating and a Recovery Rating RR4.

The notes are to be used for the sole purpose of funding a loan
to Russia-based Bank Zenit, which is rated Issuer Default B with
Stable Outlook, Short-term B, Individual D, Support 5 and
National Long-term BBB- with Stable Outlook.

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

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

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

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


* Fitch Rates Nizhniy Novgorod Region at Foreign Currency B+
------------------------------------------------------------
Fitch Ratings assigned National Long-term A rating to the
Russian Nizhniy Novgorod region's forthcoming RUB2 billion
domestic five-year bond issue.  The region's other ratings are
Long-term foreign and local currency B+ ratings and a Short-term
B rating.  All rating Outlooks are Stable.

The ratings reflect the strong local economy, which provides
ongoing tax revenue increases.  This allows the region to
strengthen both its budgetary performance and debt structure.
However, the ratings factor in Nizhniy Novgorod's high degree of
budget rigidity with transfers dominating its operating
spending.

They also take into account the region's high debt burden.  The
Stable Outlook reflects Fitch's expectations that the economic
expansion will drive revenue growth, further improving budgetary
performance and debt burden reduction.

The region's budgetary performance has been improving over the
last three years with the operating and current margins rising
to 8.6% and 6.1% respectively in 2005 from 4% and 2.3% in 2003.
The improvement of the budgetary performance is attributed to
faster operating revenue growth over operating expenditure
growth during 2004-2005.

The region has repaid all formerly defaulted eurobonds and total
debt as a proportion of current revenue significantly decreased
to 29% in 2005 from 44.6% in 2001 and is expected to decline
further to 24.1% in 2006.

At the same time the region's debt servicing remains high at an
average of 31% of current revenue over the last three years
while the average maturity of debt is low at two to three years.
The region is exposed to significant refinancing risk with
short-term bank loans representing 38% of the total direct debt
in 2006 while significant debt amortizations are scheduled in
2007 and 2008.

The region's budget is characterized by a high degree of
rigidity since transfers amounted to 74.1% of total spending in
2005, while staff expenditure contributed another 15.1% of
operating expenditure.  The region's capital expenditure has
been unstable during 2001-2005.

Despite a recent increase to 9.4% in 2005 from 6% in 2004, total
spending is still insufficient to compensate for the high level
of infrastructure deterioration, which reportedly accounted for
60%-70% of infrastructural companies' fixed assets.

Nizhniy Novgorod region is located in the central part of the
Russian Federation.  The region contributed 1.82% of the RF's
gross domestic product in 2005 and accounted for 2.4% of
country's population.


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


VALEANT PHARMA: 10-Q Filing Delay Spurs S&P's Watch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Costa
Mesa, CA.-based Valeant Pharmaceuticals International, including
Valeant's 'BB-' corporate credit rating, on CreditWatch with
negative implications.

"The rating actions follow the specialty pharmaceutical
company's announcement that it does not expect to file its Form
10-Q for third-quarter 2006 by the filing date," said Standard &
Poor's credit analyst Arthur Wong.  "The delay is attributed to
the company's need to restate its financials, possibly as far
back as 1997, due to errors in accounting for stock option
grants."

A Valeant board of directors-appointed special committee is
still conducting its review, and the magnitude of the
restatements has not yet been determined.  Valeant was already
subject to an informal SEC probe regarding the issue.

The failure to file its Form 10-Q on time would constitute a
default of reporting requirements under its convertible and
high-yield note agreements that if not cured in 60 days could
result in an acceleration of the amounts outstanding under those
notes.

"Standard & Poor's will monitor the cost and ability of Valeant
to cope with this situation before resolving the CreditWatch
listing," Mr. Wong said.


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


ALLIANCE ATLANTIS: Completes Strategic Review of MPD Holding
------------------------------------------------------------
Alliance Atlantis Communications Inc. has completed the
strategic review of its holding in Motion Picture Distribution
LP and intends to explore ownership alternatives.

"During the course of our review we have identified many
opportunities for broadcasters and motion picture distributors
in this environment of evolving delivery technologies," said
Phyllis Yaffe, Chief Executive Officer.  "We believe these new
technologies are enhancing and facilitating consumer access to
content and are growing the market for content owners.  But,
following a thorough analysis and review, we have concluded it
is not necessary for AACI to own an interest in MPD in order for
us to benefit from MPD's content and create value for our core
broadcasting business."

"In light of this conclusion, we will be exploring ownership
alternatives; including selling some or all of our holding in
MPD, on acceptable financial terms and with appropriate long-
term commercial arrangements in place," said David Lazzarato,
Executive Vice President and Chief Financial Officer.

AACI has engaged RBC Capital Markets and Bennett Jones LLP as
its financial and legal advisors, respectively, and will work
with the Trustees of Movie Distribution Income Fund and their
advisors to establish a process to achieve these objectives.
AACI intends to provide an update during its third quarter
conference call expected the second week of November 2006.

There can be no assurance that any such process will result in a
sale by AACI of its interest in MPD in whole or in part.  As
previously disclosed in public filings, the MPD Securityholders'
Agreement provides that each of AACI and MDIF requires the
approval of the other with respect to a sale of its holdings.

           About Alliance Atlantis Communications

Based in Toronto, Ontario, Alliance Atlantis Communications Inc.
-- http://www.allianceatlantis.com/-- offers Canadians 13 well-
branded specialty channels boasting targeted, high-quality
programming.  The Company also co-produces and distributes the
hit CSI franchise and indirectly holds a 51% limited partnership
interest in Motion Picture Distribution LP, a leading
distributor of motion pictures in Canada, with a growing
presence in motion picture distribution in the United Kingdom
and Spain.  The Company's common shares are listed on the
Toronto Stock Exchange-trading symbols AAC.A and AAC.NV.B.


ALLIANCE ATLANTIS: Moody's Puts Low-B Ratings Under Review
----------------------------------------------------------
Moody's Investors Service placed the Ba2 Corporate Family, Ba1
Senior Secured and Ba3 Probability of Default ratings of
Alliance Atlantis Communications Inc. under review for possible
upgrade.

The rating action follows AA's recent announcement that it will
explore ownership alternatives for its 51% interest in Motion
Picture Distribution LP.  The initiation of the review also
reflects the reasonably strong performance of AA's core
broadcasting and CSI franchise assets, which are producing
meaningful free cash flow in relation to debt levels.

The rating review will focus on:

    1) Moody's expectation for the sale of MPD to occur in
       whole or in part,

    2) AA's plans for any resulting cash proceeds in context
       of the company's stated capital structure target range
       of 1.5x to 2.5x net debt to EBITDA,

    3) the future prospects for AA's core broadcasting and
       CSI TV franchise assets, and

    4) Moody's expectations that management may divert cash
       to shareholders via continued share buy backs or
       through the implementation of a dividend.

Ratings placed under review for possible upgrade:

    * Ba2 Corporate Family Rating

    * Ba3 Probability-of-Default rating

    * Ba1 Senior Secured rating

    * LGD2 (26%) Loss-Given-Default rating for
      Senior Secured debt

Alliance Atlantis Communications Inc., headquartered in Toronto,
Canada, is specialty channel broadcaster with a 50% ownership
interest in the CSI TV franchise.


FONDO DE TITULIZACION: Fitch Junks EUR19.8 Mln Class E Notes
------------------------------------------------------------
Fitch Ratings assigned ratings to Fondo de Titulizacion de
Activos, UCI 16 EUR1.82 billion mortgage-backed floating-rate
notes due in June 2049:

   -- EUR430 million Class A1: AAA;
   -- EUR1.248 billion Class A2: AAA;
   -- EUR72 million Class B: A;
   -- EUR41.4 million Class C: BBB;
   -- EUR9 million Class D: BB+; and
   -- EUR19.8 million Class E: CCC.

This transaction is a cash flow securitization of a EUR1.8
billion static pool of first- and second-ranking residential
mortgages loans and personal loans granted to individuals in
Spain to finance the purchase of a residential property by Union
de Creditos Inmobiliarios E.F.C. S.A., which will continue to
service the collateral.

The ratings are based on the quality of the collateral,
available credit enhancement, the legal and financial structure
of the deal, the underwriting and servicing of the collateral
and the Santander de Titulizacion S.A. S.G.F.T.'s administrative
capabilities.

The ratings of the Class A1 to D notes address payment of
interest on the notes according to the terms and conditions of
the documentation, subject to a deferral trigger on the Class B,
C and D notes, as well as the repayment of principal by the
legal final maturity for each note.

The Class E notes will be issued to finance the cash reserve
fund.  The Class E notes are ultimately likely to default, and
their ratings are supported by the expected recovery rate for
noteholders, that is, the amounts investors are likely to
receive during the life of the transaction.

UCI 16 will be regulated by Spanish Securitisation Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to
transform a portfolio of mortgage participations, mortgage
certificates and personal loans into fixed-income securities.

The fund will be legally represented and managed by Santander de
Titulizacion S.A. S.G.F.T., a limited liability company
incorporated under Spanish law, the activities of which are
limited to the management of securitization funds.

Of the global pool by value, 28.8% benefits from a mortgage
insurance guarantee provided by Genworth Financial Mortgage
Insurance Limited.

This is UCI's 15th securitization and the third rated by Fitch.
UCI is an established monoline mortgage lending company, equally
owned by Banco Santander Central Hispano and BNP Paribas.  As in
previous transactions, the collateral incorporates variable-rate
loans with features such as initial fixed interest rates, lower
initial installments and payment options.


GC FTGENCAT: Fitch Junks EUR4.5 Million Class D Notes
-----------------------------------------------------
Fitch Ratings assigned GC FTGENCAT Caixa Sabadell 1, Fondo de
Titulizacion de Activos' notes totaling EUR304.5 million due in
October 2040 final ratings.

   -- EUR113.5 million Class A (S): AAA;
   -- EUR163 million Class A (G): AAA;
   -- EUR11.7 million Class B: A+;
   -- EUR11.8 million Class C: BBB-; and
   -- EUR4.5 million Class D: CCC.

The ratings address payment of interest on the notes according
to the terms and conditions of the documentations, subject to a
deferral trigger on the Class B and C notes, as well as the
repayment of principal by legal final maturity date.  The Class
D notes have been issued to finance the creation of the reserve
fund at closing.

The good performance of the Class D notes depends on very
favorable conditions for the collateral backing the Class A to C
notes, and therefore its rating is supported by the recovery
rate that noteholders are likely to receive during the life of
the transaction.  The Autonomous Community of Catalonia
guarantees ultimate payment of interest and principal on the
class A (G) notes.

This transaction is a cash flow securitization of a EUR300
million revolving pool of secured and unsecured loans granted by
Caixa d'Estalvis de Sabadell to small- and medium-sized
enterprises in Spain and specifically in the region of Cataluna.

Caixa Sabadell has participated in a number of securitization
programs, especially collateralized debt obligation of Cedulas
Hipotecarias.  This transaction, however, represents Caixa
Sabadell's first single seller SME securitization.

Static pool transactions are standard in the Spanish SME
collateralized debt obligation market; however, this transaction
has a 30-month revolving period after which the notes will
amortize sequentially.  Breach of certain triggers during the
revolving period will lead to early amortization of the notes.

Based on the dynamic and static delinquency data presented by
Caixa Sabadell, Fitch verified that the performance triggers
applicable during the revolving phase should be able to maintain
the credit profile and financial quality of the collateral until
the beginning of the amortization phase.


ASPEON INC.: Auditor Expresses Going Concern Doubt
--------------------------------------------------
Larry O'Donnell CPA, PC, expressed substantial doubt about
Aspeon Inc.'s ability to continue as a going concern after
auditing the company's financial statements for the fiscal years
ended June 30, 2006 and 2005.  The auditor pointed to the
company's significant losses from operations, net capital
deficit, and no ongoing source of income.

At June 30, 2006, the company's balance sheet showed
US$8.1 million in stockholders' deficit, compared with a US$7.9
million deficit at June 30, 2005.

                Liquidity and Capital Resources

"As of June 30, 2006, we had US$7 cash on hand, US$195 of
assets, no operating business or other source of income,
outstanding liabilities of approximately US$8.1 million, a
stockholders' deficit of approximately US$8.1 million and a
lawsuit brought against us by certain of our shareholders," the
company disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission.

The company said it is dependent on raising additional equity or
debt to fund any negotiated settlements with its outstanding
creditors and meet its ongoing operating expenses.

                      Bankruptcy Threat

"If we were to be subject to any further appeal, which may be
made in respect of the lawsuit brought against us by certain of
our shareholders, it is unlikely that the proceeds from our
Directors' and Officers' insurance policy would be sufficient to
meet the damages assessed and we would have no alternative but
to file for bankruptcy," the company warned.

Headquartered in Irvine, California, Aspeon, Inc. --
http://www.aspeon.com/-- designs, manufactures and markets open
system touch screen point-of-sale computers.  During the year,
the company established subsidiaries in United Kingdom,
Singapore and Australia.


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


IKON OFFICE: 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 Hardware sector, the rating
agency confirmed its Ba2 Corporate Family Rating for IKON Office
Solutions.

Moody's also downgraded its probability-of-default ratings and
assigned loss-given-default ratings to these four bond issues:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$14 million
   Sr. Unsec. Notes
   due 2008             Ba2     Ba3       LGD4     64%

   US$260 million
   Sr. Unsec. Notes
   due 2025             Ba2     Ba3       LGD4     64%

   US$95 million
   Sr. Unsec. Notes
   due 2027             Ba2     Ba3       LGD4     64%

   US$225 million
   Sr. Unsec. Notes
   due 2015             Ba2     Ba3       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 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 Malvern, Pennsylvania, IKON Office Solutions
(NYSE:IKN) -- http://www.ikon.com/-- integrates imaging systems
and services that help businesses manage document workflow and
increase efficiency.  As the world's largest independent
distribution channel for copier and printer technologies, IKON
offers best-in-class systems from leading manufacturers such as
Canon, Ricoh and HP and service support through its team of
6,000 service professionals worldwide.  The Company's two units,
IKON North America (INA) and IKON Europe (IE), were formed by
integrating IKON's business services, managed services and
captive finance subsidiaries.  In Europe, IKON maintains
operations in Spain, Denmark, Switzerland, United Kingdom,
Sweden, The Netherlands, Italy, and Germany.


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


IMAX CORP: S&P Removes B- Rating from Developing Watch
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B-' corporate credit rating, on IMAX Corp. and
removed them from CreditWatch, where they were placed on
March 10 with developing implications.

The outlook is negative.  As of June 30, 2006, the company had
US$160 million of debt.

"The rating action is based on management having discounted the
likelihood of IMAX being acquired by a strategic buyer," said
Standard & Poor's credit analyst Tulip Lim.  "However, the
company is continuing talks with financial buyers."

As a result, Standard & Poor's no longer sees the potential for
an upgrade arising from a strategic transaction, and the
possibility of a downgrade now appears less likely given that
management has been reviewing offers for a while without
concluding a transaction.

The rating reflects the modest size and uncertain long-term
earnings potential of the company's niche market relative to its
debt burden, weak discretionary cash flow, and limited
liquidity.  These concerns overshadow:

   -- IMAX's position as a specialized provider of
      giant-screen projection, camera, and sound systems;

   -- the recurring revenue provided by the installed base
      of about 280 IMAX theater systems; and

   -- a measure of near-term revenue visibility provided by
      the company's backlog of pending system installations.


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


BITRADE: Kyiv Court Names LLC Sigma-Resurs as Liquidator
--------------------------------------------------------
The Economic Court of Kyiv Region appointed LLC Sigma-Resurs as
Liquidator for LLC BITRADE (code EDRPOU 31812356).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
24/592-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Bitrade
         Patris Lumumba Str. 15-A
         Kyiv Region
         Ukraine


DELTAFIN: Court Names Volodimir Barantsov as Liquidator
-------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Volodimir
Barantsov as Liquidator/Insolvency Manager for LLC Deltafin
(code EDRPOU 32543277).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 19.  The case is docketed
under Case No. 10/451/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         LLC Deltafin
         Potyomkinska Str. 26
         Mikolaiv Region
         Ukraine


FINMARKET: Court Names Volodimir Barantsov as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Volodimir
Barantsov as Liquidator/Insolvency Manager for LLC Finmarket
(code EDRPOU 33250350).  He can be reached at:

         Volodimir Barantsov
         Persha Slobidska Str. 8-a
         54055 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 19.  The case is docketed
under Case No. 10/447/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         LLC Finmarket
         Privilna Str. 158/1
         Mikolaiv Region
         Ukraine


FODOSIJSKA TOBACCO: AR Krym Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on LLC Production Association Fodosijska
Tobacco Factory (code EDRPOU 32294439).  The case is docketed
under Case No. 2-29/11345-2006.

The Temporary Insolvency Manager is:

         I. Gerasimov
         Simferopol,
         95043 AR Krym Region Ukraine
         Gagarin Str. 36/52

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         LLC Production Association Fodosijska Tobacco Factory
         Druzhbi Str. 62
         Feodosiya
         98111 AR Krym Region
         Ukraine


NEOO LLC: Court Names Volodimir Barantsov as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Volodimir
Barantsov as Liquidator/Insolvency Manager for LLC Neoo (code
EDRPOU 32996816).  He can be reached at:

         Volodimir Barantsov
         Persha Slobidska Str. 8-a
         54055 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 19.  The case is docketed
under Case No. 1/450/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         LLC Neoo
         Geroiv Staligradu Avenue 107/53
         Mikolaiv Region
         Ukraine


ORION LLC: Odessa Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on LLC Orion (code EDRPOU 22452783).  The
case is docketed under Case No. 7/252-06-8226.

The Temporary Insolvency Manager is:

         O. Sharmonov
         Shevchenko Avenue 31
         65058 Odessa Region
         Ukraine

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Orion
         Shevchenko Avenue 31
         65058 Odessa Region
         Ukraine


PRAVEX-BANK: Moody's Assigns B2 Rating on UAH50-Mln Bond Issue
--------------------------------------------------------------
Moody's Investors Service, Inc. assigned a B2 global local
currency long-term senior unsecured debt rating as well as an
A3.ua long-term National Scale Rating to the local currency
(hryvnia) denominated bonds to be issued by Pravex-Bank, which
will represent a senior unsecured claim on the bank.  The
planned issue size is UAH50 million (around US$10 million) with
a final maturity of three years.  The outlook for the global
rating is stable, while the NSR carries no specific outlook.

According to Moody's, the B2 global scale local currency rating
reflects global default and loss expectation and is not
constrained by any foreign currency transfer risk, while the
A3.ua NSR reflects the standing of the bank's credit quality
relative to its domestic peers.

Moody's B2 rating for the bonds is based on Pravex-Bank's
fundamental credit quality and factors in the bank's ability to
fulfil its long-term obligations.  They include those associated
with the put option that the bondholders will, according to the
terms of the issue, be able to exercise in order to sell the
bonds back to the bank on the first and second anniversaries of
the issue.  Moody's notes that if the bank's credit quality were
to deteriorate at these times, exercise of the put options might
exert additional pressure on its financial condition.

The obligations of Pravex-Bank to make payments under the bonds
will rank at all times at least pari-passu with the claims of
all other unsecured and unsubordinated creditors of the bank,
save for those claims that are preferred by any relevant law.
According to Ukrainian legislation, accounts of individuals
(71% of Pravex's total liabilities at end-December 2005) are
ranked senior in right of payment to the claims of the
bondholders.  The bonds' prospectus contains a
cross-acceleration clause.

Headquartered in Kiev (Ukraine), Pravex-Bank reported total IFRS
assets of US$394 million as at year-end 2005 and net profit of
US$2.4 million for the year 2005.


RADAR LV: Lviv Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on LLC Radar LV (code EDRPOU 31362350) on
Sept. 19.  The case is docketed under Case No. 6/151-8/234.

The Temporary Insolvency Manager is:

         Yaroslav Onushkanich
         Strijska Str. 71b/3
         Lviv Region
         Ukraine

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Radar LV
         Lesya Ukrainka 7
         79000 Lviv Region
         Ukraine


SCIENTIFIC-PRODUCTION COMPLEX: Bankruptcy Supervision Starts
------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Scientific-Production Complex (code
EDRPOU 31779431) on Aug. 9.  The case is docketed under Case No.
23/333-b.

The Temporary Insolvency Manager is:

         Oleksandr Snizhko
         40-richya Zhovtnya Avenue 126/18
         03127 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Scientific-Production Complex
         Gutchenko Str. 26-A
         83059 Donetsk Region
         Ukraine


VTORMET-SERVICE: Court Names Volodimir Barantsov as Liquidator
--------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Volodimir
Barantsov as Liquidator/Insolvency Manager for LLC Vtormet-
Service (code EDRPOU 31096447).  He can be reached at:

         Volodimir Barantsov
         Persha Slobidska Str. 8-a
         54055 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 28.  The case is docketed
under Case No. 10/385/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         LLC Vtormet-Service
         Ternopilska Rozvilka Str. 1
         Mikolaiv Region
         Ukraine


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


AMARANTH ADVISORS: Cuts 370 Jobs as Shutdown Progresses
-------------------------------------------------------
Amaranth Advisors terminated about 350 of its employees as the
company proceeds with the shut down of its business operations
in March 2007, The Chicago Tribune reports.

In a letter written and sent to a Connecticut Department of
Labor unit that monitors business closures, Nicholas Maounis,
founder of Amaranth, stated that the Company's failure to sell
part or all of its business to an outside investor made layoffs
unavoidable.

Moreover, the paper recounts that the Connecticut officials are
looking for potential employers who can hire Amaranth employees
and keep them in the state.  Steve Bruce, Amaranth spokesman,
has disclosed that at least 1,000 jobs may fit for the Company's
employees in the rival hedge funds and financial firms.

Mr. Maounis has sent a letter to investors stating that the fund
was suspending all redemptions for Sept. 30 and Oct. 31, to
enable the Amaranth funds to generate liquidity for investors in
an orderly fashion.  The letter also disclosed that Amaranth has
lost US$6.4 billion and assets were down 65% to 70% for the
month and 55% to 60% for the year.

Amaranth Advisors, based in Greenwich, Connecticut with offices
in Toronto, Canada, London, England and Singapore, is an
investment management firm.  Amaranth specializes in a broad
spectrum of alternative investments and trading strategies,
through a multi-strategy investment fund and fund dedicated to
long-short equities.

                           *     *     *

Amaranth faces multiple regulatory probes and possible lawsuits
after disclosing in September that it had lost 35%, or
approximately $6 billion, of the value of its natural gas bets
due to a dramatic move in gas prices.  Amaranth transferred its
energy portfolio to Citadel Investment Group and J.P. Morgan
Chase & Co. following the loss announcement.


AMITY EUROPE: Creditors' Meeting Slated for October 31
------------------------------------------------------
Creditors of Amity Europe Limited (Company Number 05922586) will
meet at noon on Oct. 31 at:

         Vantis
         Stoughton House
         Harborough Road
         Oadby
         Leicester LE2 4LP
         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. 30 at:

         Nicholas Hugh O'Reilly
         Joint Administrator
         Vantis
         PO Box 2653
         66 Wigmore Street
         London W1A 3RT
         United Kingdom
         Tel: 020 7467 4000
         Fax: 020 7284 4995

Headquartered in London, England, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.


BARRINGTONS FURNITURE: Creditors' Meeting Slated for Oct. 30
------------------------------------------------------------
Creditors of Barringtons Furniture Store Limited (t/a Furniture
2 Go) (Company Number 03776490) will meet at 11:00 a.m. on
Oct. 30 at:

         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         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. 27 at:

         Ian William Kings
         Administrator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom
         Tel: 0191 511 5000
         Fax: 0191 511 5001

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.


BATTERY SPECIALIST: Claims Filing Period Ends Nov. 11
-----------------------------------------------------
Creditors of Battery Specialist Shropshire Ltd. (formerly
Danestar Limited) have until Nov. 11 to send in their names and
addresses, particulars of their debts or claims, and the names
and addresses of their Solicitors (if any) to appointed
Liquidator David Halstead Bottomley at:

         Bottomley & Co.
         3 Chapel Court
         42 Holly Walk
         Leamington Spa
         Warwickshire CV32 4YS
         United Kingdom

The company can be reached at:

         Battery Specialist Shropshire Ltd.
         Creative House 111-113
         Watling Street
         Wellington
         Telford
         Shropshire TF1 2NJ
         United Kingdom
         Tel: 01952 243 947
         Fax: 01952 245 250


BEESAFE PROJECTS: Liquidator Sets Dec. 7 Claims Bar Date
--------------------------------------------------------
Creditors of Beesafe Projects Ltd. have until Dec. 7 to send in
their full names, their addresses of their Solicitors (if any)
to appointed Liquidator Helen Timothe Phillips at:

         Phillips & Co.
         21-23 Station Road
         Gerrards Cross
         Buckinghamshire SL9 8ES
         United Kingdom

Headquartered in Southall, United Kingdom, Beesafe Projects Ltd.
-- http://www.beesafe.org.uk/-- is a scheme that provides a
real practical service to the most vulnerable members of the
community.  Beesafe carries out improvements to the home
security of pensioners, registered disabled and other sections
of society on fixed income for only the cost of the materials.


BENJAMIN HALL: Appoints H. J. Sorsky to Liquidate Assets
--------------------------------------------------------
H. J. Sorsky was appointed Liquidator of Benjamin Hall Ltd. on
Oct. 16 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Benjamin Hall Ltd.
         121 Gloucester Place
         London W1U 6JY
         United Kingdom
         Tel: 020 7486 1866


BOMBARDIER INC: Slashes Jet Production Rates & Cuts Workforce
-------------------------------------------------------------
Bombardier Aerospace, a unit of Borbardier Inc., is adjusting
its regional aircraft production rates to reflect current market
demand.

As a result, the production rate for its CRJ700/900 regional
jets will be reduced.  This will be partly offset by an increase
in the Q400 turboprop production level in response to the
growing need for this type of cost efficient regional airliner,
which is ideally suited to short-haul routes.  Bombardier will
adjust its workforce level accordingly.

Total Bombardier aircraft deliveries for the current fiscal year
2006/07 are expected to remain at a similar level to that of
last fiscal year 2005/06 (year ending Jan. 31, 2006), but with a
different product mix.

"We lead the regional aircraft market with 1,376 deliveries of
our CRJ Series and 749 deliveries of our Q-Series regional
aircraft, including more than 320 deliveries of our CRJ700/900
regional jets and over 350 deliveries of Q300/400 turboprop
aircraft as of July 31, 2006," Pierre Beaudoin, President and
Chief Operating Officer of Bombardier Aerospace, said.  "Recent
orders for both our larger 90-passenger CRJ900 aircraft from
Northwest Airlines and My Way Airlines and 70-seat Q400 aircraft
from Frontier Airlines and Luxair demonstrate that we have the
right products for operators looking to take advantage of our
regional aircraft's competitive operating economics."

"The restructuring of the airline industry continues, with
relatively few orders for regional jets in the 70- to 90-seat
jet category being awarded in recent years," Mr. Beaudoin added.
This situation should improve as attested by the numerous sales
campaigns we are actively pursuing.  However, we must be prudent
and manage proactively our CRJ700/900 jets production schedule
in the short term to ensure we achieve our goal of increased
profitability and our success in the long term.  This means
making difficult but necessary decisions.  We recognize the
impact this decision will have on our affected employees and we
will treat them fairly and with respect."

                   Production Rates Adjustment

   -- for the 70-passenger CRJ700 and 90-seat CRJ900 regional
      jets, starting November 2006, a reduction to a rate of one
      aircraft produced every five days from a rate of one
      aircraft every three days, or a total of approximately 65
      deliveries in the current fiscal year 2006/07 (year ending
      Jan. 31, 2007) and approximately 50 deliveries in the next
      fiscal year 2007/08 (year ending Jan. 31, 2008).

   -- for the Q-Series turboprop family, which includes the
      Q200, Q300 and Q400 airliners, starting in October 2006,
      the increase in the Q400 production level will result in a
      total of approximately 50 Q-Series deliveries in the
      current fiscal year 2006/07 and approximately 65 Q-Series
      deliveries in the next fiscal year 2007/08.

                       Impact on Manpower

By the end of the current fiscal year 2006/07, the workforce
level at Bombardier's Toronto facility where the Q-Series and
Global aircraft are manufactured will have risen by over 800
employees to reflect the increase in production levels.

However, the company expects that the adjustment in the
CRJ700/900 regional jets production rate will result in a
workforce reduction of approximately 1,330 employees, including
management, at its Montr,al-area facilities and at its Belfast
site over a nine-month period starting October 2006.

Total Bombardier Aerospace employment as of July 2006 was
approximately 26,900.  The overall workforce level has remained
at a similar level since January 2004.

Impact on Manpower Level by

   Site                  Layoffs          Employees to leave
   ----                  -------          ------------------
   Belfast               645              Starting January 2007

   Montreal-area         485              Starting late November

   Management and
   other salaried
   employees in
   Canada                200              Starting October 2006

   Total               1,330

Severance costs associated with the layoffs will total
approximately US$31 million US and the majority of these costs
will be expensed through the normal course of operations in the
third quarter of the current fiscal year 2006/07 (year ending
Jan. 31, 2007).

While the order level for larger regional jets is still
challenging, the order book for turboprops is growing.
Furthermore, orders and deliveries of business aircraft continue
to rise year over year.  Bombardier is ideally positioned in
corporate aviation, with the broadest and most modern line-up of
business aircraft to meet strong demand in North America and
Europe and growing interest in the Asia-Pacific region.
According to the latest General Aviation Manufacturer
Association (GAMA) figures for the first half of 2006,
Bombardier is a leader with 30 per cent of all business jet
deliveries.

                        About Bombardier

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.  The company is a global
corporation.  In Europe, it maintains operations in Northern
Ireland, United Kingdom, Germany, Switzerland, Sweden, and
Austria.  Its revenues for the fiscal year ended Jan. 31, 2006
were US$14.7 billion and its shares are traded in the Toronto
Stock Exchange.

As reported in the TCR-Europe on Oct. 25, Fitch Ratings placed
the debt and Issuer Default Ratings for both Bombardier Inc. and
Bombardier Capital Inc. on Rating Watch Negative.  The existing
ratings are:

Bombardier Inc.

   -- IDR BB;
   -- Senior unsecured debt BB;
   -- Bank facilities BB; and
   -- Preferred stock B+.

Bombardier Capital Inc.

   -- IDR BB; and
   -- Senior unsecured debt BB.

These ratings cover approximately US$4.2 billion of outstanding
debt and preferred stock.  Due to the existence of a support
agreement and demonstrated support by the parent, BC's ratings
are linked to those of BI.

Bombardier Inc.'s 6.3% Notes due 2014 also carry Moody's
Investor Service's Ba2 rating and Standard & Poors' and Fitch
Ratings' BB ratings.


CHALLENGE BUSINESS: Appoints Grant Thornton as Administrators
-------------------------------------------------------------
Nigel Morrison and Richard Hawes of Grant Thornton U.K. LLP were
appointed joint administrators of The Challenge Business
International Ltd. (Company Number 03208058) and The Challenge
Business Limited (Company Number 02316408) on Oct. 9.

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.

The Challenge Business International Ltd. and The Challenge
Business Ltd. can be reached at:

         7 Ocean Way
         Southampton
         Hampshire SO14 3TJ
         United Kingdom
         Tel: 023 8071 5300


CHARTLEY STONE: Taps Liquidator from Barringtons Limited
--------------------------------------------------------
Philip Barrington Wood of Barringtons Limited was appointed
Liquidator of Chartley Stone Limited on Oct. 10 for the
creditors' voluntary winding-up procedure.

Headquartered in Stafford, England, Chartley Stone Limited
engages in stone masonry.


DAB2 LIMITED: Appoints Paul Michael McConnel as Administrator
-------------------------------------------------------------
Paul Michael McConnell of Monahans was appointed administrator
of DAB2 Ltd. (Company Number 05387789) on Oct. 11.

The administrator can be reached at:

         Paul Michael McConnell
         Monahans
         38-42 Newport Street
         Swindon
         Wiltshire SN1 3DR
         United Kingdom
         Tel: 01793 521231
         Fax: 01793 512188
         E-mail: paulm@monahans.co.uk

Headquartered in Bath, England, DAB2 Ltd. manufactures
electrical equipment.


DMM CONTRACTING: Claims Registration Ends Nov. 7
------------------------------------------------
Creditors of Dmm Contracting Limited have until Nov. 7 to send
in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Liquidator
Carl S. Jackson at:

         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire SO53 3TZ
         United Kingdom

The company can be reached at:

         Dmm Contracting Limited
         4 The Pickfords Building
         16-22 Priory Avenue Prittlewell
         Grays
         Essex RM17 6BG
         United Kingdom
         Tel: 01375 383 383
         Fax: 01375 372 771


DIRECT CARS: Hires Eileen T. F. Sale to Liquidate Assets
--------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of Direct Cars 2 Limited on Oct. 11 for the
creditors' voluntary winding-up procedure.

Headquartered in Crewe, United Kingdom, Direct Cars 2 Limited
operates taxicabs.


DOLLAR ROSE: Joint Liquidators Take Over Operations
---------------------------------------------------
Edward Terence Kerr and Ian James Gould of PKF (U.K.) LLP were
appointed Joint Liquidators of Dollar Rose Limited on Oct. 9 for
the creditors' voluntary winding-up procedure.

Headquartered in Nottingham, England Dollar Rose Limited offers
screen printing services.


ETON ROAD: Creditors' Claims Due Nov. 30
----------------------------------------
Creditors of Eton Road Limited have until Nov. 30 to send in
their full names and addresses, full particulars of their debts
or claims, and the names and addresses of their Solicitors (if
any) to appointed Liquidator William Antony Batty at:

         Antony Batty & Co.
         Third Floor
         3 Field Court
         Gray's Inn
         London WC1R 5EF
         United Kingdom

The company can be reached at:

         Eton Road Limited
         Oakley Wood Road
         Bishops Tachbrook
         Leamington Spa
         Warwickshire CV339QE
         United Kingdom
         Tel: 01926 451 450


FORD MOTOR: Ditches Fidelity Magellan from 401(k) Plan
------------------------------------------------------
Ford Motor will drop the Fidelity Magellan Fund from the 401(k)
retirement plan it offers to employees, The Wall Street Journal
reports.

Apart from Magellan, the automaker is also nixing Domini Social
Investments' Social Equity Fund; Morgan Stanley's Institutional
Fund Inc. Global Value Equity Portfolio; and Vanguard Group's
Explorer Fund (Admiral Class), CNN Money says.

Jane J. Kim at The Journal reports that Ford will close the
funds to new investments on Nov. 6.  Next year, existing
balances left in the funds will be transferred to the company's
stable-value fund.  According to CNN Money, Ford won't replace
the four that were dropped.

                         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 the Troubled Company Reporter-Europe on Oct. 25,
Moody's Investors Service disclosed that Ford's very weak third
quarter performance, with automotive operations generating a
pre-tax loss of $1.8 billion and a negative operating cash flow
of $3 billion, was consistent with the expectations which led to
the September 19 downgrade of the company's long-term rating to
B3.

Standard & Poor's Ratings Services has placed its 'B' senior
unsecured debt issue ratings on Ford Motor Co. on CreditWatch
with negative implications.  At the same time, S&P affirmed all
other ratings on Ford, Ford Motor Credit Co., and related
entities, except the rating on Ford Motor Co. Capital Trust II
6.5% cumulative convertible trust preferred securities, which
was lowered to 'CCC-' from 'CCC.'

Fitch Ratings has also placed Ford Motor Company's 'B+/RR3'
senior unsecured debt on Rating Watch Negative reflecting Ford's
intent to raise secured financing that would impair the position
of unsecured debtholders.  Under Fitch's recovery rating
scenario it was estimated that unsecured holders would recover
approximately 68% in a bankruptcy scenario, equating to a
Recovery Rating of 'RR3' (50-70% recovery).


FORD MOTOR: S&P Puts ABS Transaction Ratings on Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on eight
U.S. single-issue synthetic ABS transactions related to
Ford Motor Co. on CreditWatch with negative implications.  In
addition, the rating on one U.S. single-issue ABS transaction
related to Ford Motor Co. Capital Trust II is lowered to 'CCC-'
from 'CCC'.

The Oct. 23 placement of the senior unsecured debt ratings on
Ford on CreditWatch with negative implications and the downgrade
of Ford Motor Co. Capital Trust II do not have any immediate
rating impact on the Ford-related ABS supported by collateral
pools of consumer auto loans or auto wholesale loans.

Each of the eight securitizations with ratings placed on
CreditWatch negative is weak-linked to Ford's senior unsecured
debt.  The lowered rating on STEERS Credit-Backed Trust Series
2002-3 F is weak-linked to the rating on Ford Motor Co. Capital
Trust II's preferred stock.  Either Ford or Ford Motor Co.
Capital Trust II provides the underlying collateral or
referenced obligations in the affected securitizations, as
indicated below.

The Oct. 23 placement of the ratings on Ford on CreditWatch
negative and the downgrade of Ford Motor Co. Capital Trust II
reflect the potential for unsecured creditors to be
disadvantaged if Ford were to incur a material amount of secured
borrowings.

            Ratings Placed On Creditwatch Negative

   * Corporate Backed Trust Certificates Ford Motor Co.
     Debenture-Backed Series 2001-36 Trust

                    Rating
                    ------

   Class    To               From   Role of Ford
   -----    --               ----   ------------
   A-1      B/Watch Neg      B      Underlying collateral
   A-2      B/Watch Neg      B      Underlying collateral

   * Corporate Backed Trust Certificates Ford Motor Co.
     Note-Backed Series 2003-6 Trust

                   Rating
                   ------

   Class    To               From   Role of Ford
   -----    --               ----   ------------
   A-1      B/Watch Neg      B      Underlying collateral

   * CorTS Trust for Ford Debentures

                   Rating
                   ------

   Class    To               From   Role of Ford
   -----    --               ----   ------------
   Certs    B/Watch Neg      B      Underlying collateral

   * CorTS Trust II for Ford Notes

                   Rating
                   ------

   Class    To               From   Role of Ford
   -----    --               ----   ------------
   Certs    B/Watch Neg      B      Underlying collateral

   * Freedom Certificates US Autos Series 2004-1 Trust

                   Rating
                   ------

   Class    To               From   Role of Ford
   -----    --               ----   ------------
   A        B/Watch Neg      B      Underlying collateral
   X        B/Watch Neg      B      Underlying collateral

   * PPLUS Trust Series FMC-1

                  Rating
                  ------

   Class    To               From   Role of Ford
   -----    --               ----   ------------
   Certs    B/Watch Neg      B      Underlying collateral

   * PreferredPLUS Trust Series FRD-1

                  Rating
                  ------

   Class    To               From   Role of Ford
   -----    --               ----   ------------
   Certs    B/Watch Neg      B      Underlying collateral

   * SATURNS Trust No. 2003-5

                  Rating
                  ------

   Class    To               From   Role of Ford
   -----    --               ----   ------------
   Units    B/Watch Neg      B      Underlying collateral

   * Trust Certificates (TRUCs) Series 2002-1 Trust

                  Rating
                  ------

   Class   To                From   Role of Ford
   -----   --                ----   ------------
   A-1     B/Watch Neg       B      Underlying collateral

                      Rating Lowered

   * STEERS Credit-Backed Trust Series 2002-3 F

                       Rating

   Class   To     From       Role of Ford Motor Co. Capital
   -----   --     ----       ------------------------------
   Trust II
   Certs   CCC-   CCC        Referenced obligation


FORD MOTOR: DBRS Comments on Q3 Results & May Cut Ratings
---------------------------------------------------------
Dominion Bond Rating Service notes that Ford Motor Company
reported that it plans to restate previous financial results
from 2001 through to the second quarter of 2006 to correct the
accounting for certain derivative transactions under Statement
of Financial Accounting Standards (FAS) 133.

DBRS believes that the restatements will not have a material
impact on the financial profile of the Company and, hence,
does not warrant any rating actions at this time.  Although the
restatements would affect the net income reported in those
periods, the transactions are non-cash and the restatements, on
a net basis, are not expected to have a notable impact on the
Company's financial position.  More importantly, the
restatements do not affect the availability of the majority of
the Company's committed credit facilities.  As at the end of
September 30, 2006, the Company has about $6 billion of
contractually committed credit facilities with financial
institutions.

DBRS notes that the accounting error occurred at Ford Motor
Credit Company, Ford's wholly owned finance subsidiary.  Ford
Credit had incorrectly accounted for certain interest rate swaps
which it used to hedge against the interest rate risk inherent
in certain long-term fixed rate debt.  Ford has indicated that
the restatements will have no impact on the Company's cash. The
restatements will affect the Company's preliminary financial
results for the 2006 third quarter announced today and will
improve the Company's results in 2002 materially.

However, the impact of the restatements on the other affected
periods cannot be determined at this time.  Ford expects to
finalize the restatement amounts by the time of the filing of
the Quarterly Reports on Form 10-Q for the quarter ended
September 30, 2006, usually within 45 days after the period end.
DBRS expects the Company to file its restated statements to
compile statutory requirements.  However, if the Company is not
able to file its restated financial statement on time, DBRS will
assess the situation and will take appropriate rating actions at
that time.

In addition, DBRS notes that, during a discussion of the third
quarter results, the Company has indicated that it may tap the
secured market in the future.  If the Company were to issue
secured debt, DBRS, in accordance with policy, would assign the
most senior rating of Ford, which is currently B with a Negative
trend, to the secured debt.

Consequently, the ratings of the unsecured debts of Ford would
be lowered by at least one notch to B (low) with a Negative
trend.  Additionally, the unsecured debt ratings of Ford Motor
Credit Company and Ford Credit Canada Limited would be lowered
accordingly to maintain the one rating differential between the
credit company and the parent company.

DBRS notes that the weak third quarter results announced by
Ford today are in line with expectations.  Although the costs
associated with accelerating the "Way Forward" plan are higher
than anticipated, DBRS believes that the Company should have
sufficient liquidity on hand to fund the initiatives as well as
ongoing operating needs.  However, the Company continues to face
significant headwinds to turn itself around.

In addition, the Company has much less financial flexibility
going forward due to a shrinking cash position from expected
negative cash flow from operations through 2008 and cash outlays
related to the restructuring initiatives.  DBRS believes that
the Company may face liquidity problems if there are delays or
problems in executing the "Way Forward" plan.  Hence, DBRS may
take rating action if progress in cost reduction is stalled or
the new products fail to support the Company's effort to achieve
the market share target.


FRITH CONTENT: Brings In Joint Administrators from KPMG
-------------------------------------------------------
Richard John Hill and David John Crawshaw of KPMG LLP were
appointed joint administrators of Frith Content Ltd. (Company
Number 03842886) on Oct. 11.

KPMG LLP -- 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.

Frith Content Ltd. can be reached at:

         Friths Barn Larkhams Farm
         The Street
         Teffont
         Salisbury
         Wiltshire SP3 5QP
         United Kingdom
         Tel: 01722 716 376
         Fax: 01722 716 886


GENERAL MOTORS: Posts US$115 Million Net Loss in Third Quarter
--------------------------------------------------------------
General Motors Corp. reported a net loss of US$115 million for
the third quarter of 2006, compared with a loss of US$1.7
billion for the year-ago quarter.  The net loss for this year's
third quarter included US$644 million in charges for special
items, including goodwill impairment at General Motors
Acceptance Corp. and an increase to the charge associated with
Delphi Corp.'s reorganization.

GM reported 2006 third-quarter adjusted net income, excluding
special items, of US$529 million on revenue of US$48.8 billion.
These results represent a US$1.6 billion improvement from the
year-ago loss of US$1.1 billion.  GM's global automotive
operations almost fully accounted for the improvement, while
lower GMAC results were more than offset by benefits associated
with certain tax matters.

As a result of progress in ongoing discussions regarding the
bankruptcy filing by Delphi and updated estimates related to
certain benefit guarantees, GM has significantly narrowed the
range of its estimated potential exposure related to this
filing. The new range is between US$6 and US$7.5 billion pre-
tax, as compared to a previously disclosed range of US$5.5 to
US$12 billion.  GM believes the more likely amount of the
liability is at the lower end of this new range.

Reflecting these updated estimates, GM has also increased the
reserve for its contingent liability for Delphi by US$500
million in the third quarter, bringing the total charges taken
to date to
US$6 billion pre-tax.  In addition to these charges, the final
agreement with Delphi may result in GM agreeing to reimburse
Delphi for certain labor expenses to be incurred upon and after
Delphi 's emergence from bankruptcy.  The initial payment in
2007 is not expected to exceed approximately US$400 million pre-
tax, and the ongoing expenses would be of limited duration and
estimated to average less than US$100 million pre-tax annually.
GM expects these payments to be far exceeded by anticipated
reductions in Delphi material cost premiums.

"Our third quarter results again reflect significant progress in
our fast-paced initiatives to turn around our business and
create a company that is leaner, faster and positioned for long-
term sustainable growth," said Chairman and Chief Executive
Officer Rick Wagoner.  "Our turnaround efforts in North America
and Europe are well underway, and having a large impact on the
bottom line, as evidenced by the US$1.6 billion improvement for
the quarter.  This improvement in North America and Europe,
combined with the strong sales growth and earnings performance
we see in Asia and Latin America, confirm that our plan is on
track.  We have more work to do, and we remain focused on
continuing progress in the quarters to come.

"In addition to the automotive turnaround, our near-term
priorities include the successful resolution of the Delphi
negotiations and closing the GMAC transaction," said Mr.
Wagoner.  "While a number of important issues still remain to be
resolved, we are encouraged by the progress we have made on
Delphi, and remain optimistic that we can achieve a consensual
agreement. Regarding GMAC, we have completed several key
milestones in the process and continue to work toward a fourth-
quarter close."

                  GM Automotive Operations

Net income from global automotive operations improved by US$1.5
billion year-over-year, posting a loss of US$116 million on an
adjusted basis, excluding special items (reported net loss of
US$62 million).  This improvement is due primarily to
significant improvement in North America, along with continued
strong performance in other regions.

GM's global market share in the third quarter was 13.9%, up
slightly from the second quarter market share of 13.7%, but down
from 14.4% in the third quarter of 2005.  The change in market
share is largely attributable to the company's strategy of
reducing sales of low-margin daily rental vehicles in North
America and Europe.  GM share in the U.S., however, set a
stronger pace in the third quarter at 25.1%, its highest
quarterly result in 2006.

GM North America posted an adjusted net loss of US$367 million
in the third quarter of 2006 (reported net loss of US$374
million), a US$1.3 billion improvement year-over-year, despite a
decrease in production of 96,000 units.  This significant
progress largely reflects improvements in structural costs, as
the company executes the pension, health care and manufacturing
cost reduction initiatives related to its North American
turnaround plan.  The structural cost reductions, which are on
track to total US$6 billion in 2006, far offset the impact of
the lower production for the quarter.

"There continues to be excellent progress in North America, with
over US$3.4 billion of net income improvement in the first nine
months of the year.  We are encouraged by the results, but we
recognize that there is still more work to be done," Mr. Wagoner
said.  "We are on track to meet the structural cost reduction
target of US$9 billion on an average annual running rate basis
by the end of 2006.  Just as important, our aggressive new
product launch program, a result of our increased capital
spending, continues this fall with the introduction of our all-
new Chevrolet Silverado and GMC Sierra pickups and the Saturn
Outlook and GMC Acadia crossovers."

GM Europe posted an adjusted net loss for the quarter of
US$16 million (reported net loss of US$103 million) reflecting
an improvement of US$105 million from the prior year's loss of
US$121 million.  The results reflect continued execution of the
GME restructuring plan, emphasizing both structural cost
reductions and improved quality of sales.

"Our turnaround in Europe is in full gear.  The region continues
to make strides in cost reduction, augmented by pricing
improvements arising from a focused sales and marketing strategy
including lower rental fleet volume," Mr. Wagoner said.  "We are
seeing strong results from our Chevrolet brand, which posted
record sales in Europe for the quarter.  And, the newly launched
Opel/Vauxhall Corsa is on track to exceed its 2006 objectives,
with approximately 130,000 orders already placed in Europe."

GM Asia Pacific posted adjusted net earnings of US$83 million
for the third quarter (reported net earnings of US$231 million),
down from last year's earnings of US$188 million.  The
difference primarily reflects the loss of income from Suzuki
following the reduction in GM's equity interest in Suzuki and
costs associated with launching the important all-new Holden
Commodore and Statesman models in Australia.  Strong sales
performance in the region continued as market share increased to
6.2% from 5.9%, driven primarily by growth in Korea and China.
GM products continue to gain strong acceptance in the fast-
growing China market, with record third quarter sales of 192,000
units, up 17% over the same period last year.  GM's global sales
of GM Daewoo products exceeded 276,000 units in the third
quarter, up 21% over third quarter 2005.

GM Latin America, Africa and Middle East posted strong adjusted
and reported net earnings of US$184 million for the third
quarter, which reflects an improvement of US$153 million from
the year-ago period.  The results primarily reflect an increase
in volume generated by new product launches throughout the
region.  Market share in the region increased to 17.3% from
16.7% in the year-ago period as a result of strong sales in
Brazil, South Africa, Colombia and the Middle East.

"Our Latin America, Africa and Middle East region posted their
best quarterly financial results in nine years," said Mr.
Wagoner. "We are seeing strong performance and growth in
virtually every market in the region - - a great example of
leveraging our global product portfolio in key growth markets."

                               GMAC

GMAC Financial Services earned adjusted net income of US$346
million in the third quarter of 2006, as compared to record net
income in the year-ago period of US$654 million.  GMAC's
reported net loss for the quarter totaled US$349 million, which
included non-cash goodwill impairment charges of US$695 million
after-tax related to GMAC's Commercial Finance business.

GMAC's financing operations earned US$136 million for the third
quarter, as compared to US$139 million earned in the year-ago
period.  These results include an expense of US$135 million
related to GMAC's successful third quarter offer to repurchase
US$1 billion worth of certain zero coupon bonds, which will
result in improved earnings in future quarters.  Auto Finance
results otherwise benefited from an increase in net financing
revenue as a result of strong retail financing penetration as
well as lower provisions for credit losses.

ResCap's net income was US$76 million in the third quarter of
2006, down from US$282 million earned in the third quarter of
2005.  The decrease in earnings was attributable to the
challenging U.S. mortgage market that has negatively impacted
margins and credit performance despite year-over-year increases
in production.  Mortgage originations totaled US$51.5 billion
for the quarter, representing a slight increase from US$51.3
billion in the same period in the prior year.

GMAC's Insurance operations generated record quarterly net
income of US$191 million in the third quarter, up US$102 million
from earnings of US$89 million in the year-ago period, primarily
attributable to a combination of favorable loss performance and
higher capital gains.

Excluding the goodwill impairment charge, GMAC's Other segment,
which includes the Commercial Finance business unit and GMAC's
equity investment of approximately 22% in Capmark Financial
Group Inc. (Capmark), incurred an adjusted loss of US$57 million
(reported net loss of US$752 million including the goodwill
impairment charge), compared to US$144 million earned in the
same period last year.  This decline results partially from
GMAC's reduction in ownership interest of Capmark as a result of
the first quarter sale.  In addition, it includes the negative
impact of higher credit provisions at Commercial Finance.

GMAC paid GM a US$500 million dividend in the third quarter,
resulting in 2006 year-to-date cash dividends of US$1.9 billion.

GMAC continues to maintain adequate liquidity, while prudently
reducing its excess levels of cash to more moderate levels with
cash reserve balances at Sept. 30, 2006 of US$14.1 billion,
including US$9.1 billion in cash and cash equivalents and US$5
billion invested in marketable securities.  This compares with
cash balances of approximately US$23 billion at June 30, 2006.

                       Cash and Liquidity

Cash, marketable securities, and readily available assets of the
Voluntary Employees' Beneficiary Association trust totaled
US$20.4 billion at Sept. 30, 2006, down from US$22.9 billion on
June 30, 2006, but up from US$19.2 billion on Sept. 30, 2005.
GM withdrew US$2 billion from the VEBA trust in the third
quarter to fund health care.

                      About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries and its vehicles are sold in 200 countries.

                           *     *     *

As reported in the TCR-Europe on Oct. 11, Standard & Poor's
Ratings Services said that its 'B' long-term and 'B-3' short-
term corporate credit ratings on General Motors Corp. would
remain on CreditWatch with negative implications, where they
were placed March 29, 2006.

As reported in the Troubled Company Reporter on July 27, 2006,
Dominion Bond Rating Service downgraded the long-term debt
ratings of General Motors Corporation and General Motors of
Canada Limited to B.  The commercial paper ratings of both
companies are also downgraded to R-3 (low) from R-3.

As reported in the Troubled Company Reporter on June 22, 2006,
Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'
to General Motor's new US$4.48 billion senior secured bank
facility.  The 'RR1' is based on the collateral package and
other protections that are expected to provide full recovery in
the event of a bankruptcy filing.

In a TCR-Europe report on June 22, Moody's Investors Service
assigned a B2 rating to the secured tranches of the amended and
extended secured credit facility of up to US$4.5 billion being
proposed by General Motors Corporation, affirmed the company's
B3 corporate family and SGL-3 speculative grade liquidity
ratings, and lowered its senior unsecured rating to Caa1 from
B3.  Moody's said the rating outlook is negative.


GOODYEAR TIRE: S&P Places B- Ratings on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' ratings on
Corporate Backed Trust Certificates Goodyear Tire & Rubber
Note-Backed Series 2001-34 Trust's class A-1 and A-2
certificates on CreditWatch with negative implications.

The CreditWatch placements follow the Oct. 16 placement of the
ratings assigned to Goodyear Tire & Rubber Co. on CreditWatch
with negative implications.

Corporate Backed Trust Certificates Goodyear Tire & Rubber
Note-Backed Series 2001-34 Trust is a swap-independent synthetic
transaction that is weak-linked to the underlying securities,
Goodyear Tire & Rubber Co.'s 7% notes due March 15, 2028.


INCO LTD: Companhia Vale do Rio Doce Acquires 75.7% Stake
---------------------------------------------------------
Companhia Vale do Rio Doce reveals that 174,623,019 common
shares of Inco Limited have been validly deposited to CVRD's
offer to purchase for cash all of the outstanding common shares
of Inco.

CVRD has taken up and accepted for payment all shares tendered,
which represent 75.66% of the issued and outstanding Inco common
shares on a fully diluted basis.

CVRD also extended the expiry date of the CVRD Offer to enable
the remaining Inco shareholders to receive prompt payment of the
CDN$86.00 per share consideration under the CVRD Offer.  The
CVRD Offer will now expire at midnight (Toronto time) on Nov. 3,
2006.

"Inco's Board and management believe that combining CVRD and
Inco presents a great opportunity to create value," said Scott
Hand, Inco's Chairman and Chief Executive Officer.  "We plan to
assist CVRD in every way we can to ensure a smooth integration
of our two companies, to create a new global leader in the
metals and mining industry."

"Inco has a long and storied history and our employees can take
can great pride in what we have achieved," Mr. Hand added. "Now
we're looking forward to an exciting new phase in our history."

                           About CVRD

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

                        About Inco Ltd.

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

                          *     *     *

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


INTERIOR SYSTEMS: Names Eileen T. F. Sale to Liquidate Assets
-------------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of Interior Systems By Design Limited (formerly
Dysart Services Limited and ADM Interior Systems Limited) on
Oct. 13 for the creditors' voluntary winding-up procedure.

Headquartered in Milton Keynes, England, Interior Systems By
Design Limited -- http://www.interiorsystems.co.uk/-- is a
specialist interior design and contracting company, with
experience in obtaining the best use of space for all types of
premises.  Interior Systems offers a package to cover all
aspects within the working office, manufacturing area, or
business environment, centralizing on several key areas.  The
company's services include partitioning, communication wiring,
data wiring, carpeting, office seating, storage systems,
electrical trunking, lighting, heating and air conditioning,
alarm systems, among others.


ISOFT GROUP: AIDB to Investigate Former Auditor RSM Robson
----------------------------------------------------------
The Accountancy Investigation and Discipline Board intends to
investigate RSM Robson Rhodes LLP in relation to the firm's
audit on iSOFT Group plc's financial statements for the years
ended April 30, 2003, April 30, 2004, and April 30, 2005.  The
AIDB is also investigating the company's executive or non-
executive directors, who are members of the accountancy bodies
that support the AIDB, in the relevant periods.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
independent investigation into possible accounting
irregularities conducted by the company's current auditors,
Deloitte & Touche, in July 2006 did not uncover evidence that
any of the current non-executive directors had any knowledge of
any irregularities.

The company believes that the AIDB investigation is likely to
cover similar matters to the investigation by the FSA that is
already underway and will of course give its cooperation to the
investigation.

                         About iSoft

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                          *     *     *

An initial probe, conducted by Deloitte & Touche and Eversheds
LLP, found evidence of accounting irregularities affecting the
financial years ended April 30, 2004, and April 30, 2005.  The
group submitted the findings, which contained grounds for a more
formal investigation, to the Financial Services Authority, a
British regulator.  According to the company, Deloitte was
appointed as the group's auditor in July 2005 and was not
therefore acting for the group during the period covered by the
investigation.  After the initial review, the board suspended
Steve Graham, the group's commercial director, pending the
outcome of the formal investigation.

The investigation concerns several contracts where it would
appear that revenues have been recognized earlier than they
should have been in the financial years 2004 and 2005 in
accordance with the accounting policy in force at that time.
The irregularities uncovered to date do not appear to have
affected the group's cash position.


KRIMSON LIMITED: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Creditors of Krimson Limited confirmed Oct. 13 the appointment
of Stephen Franklin of Panos Eliades, Franklin & Co. as the
company's Liquidator.

The company can be reached at:

         Krimson Limited
         86 Highgate High Street
         Haringey
         London N6 5HX
         United Kingdom
         Tel: 020 8340 6712


LADBROKES PLC: S&P Removes BB Debt Ratings from Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' ratings on
the senior unsecured debt of U.K.-based gaming operator
Ladbrokes PLC and its guaranteed subsidiary Ladbrokes Group
Finance PLC, and removed the ratings from CreditWatch with
negative implications.

Ladbrokes has five bond issues outstanding under its
GBP2 billion Euro MTN program, which amounted to
GBP825.4 million at June 30, 2006.  The ratings on these issues
have been on CreditWatch with negative implications since the
Feb. 23 downgrade of Ladbrokes (formerly Hilton Group PLC).
They have remained on CreditWatch due to an outstanding
requirement for additional information on the structure of
priority claims within the new group, following the sale of
Ladbrokes' former hotels business to Hilton Hotels Corp..

"Ladbrokes has now provided the information required and the
conclusion of our analysis is that the amount of priority claims
at June 30, 2006, did not require the ratings on the senior
unsecured debt to be notched down under our structural
subordination methodology," said Standard & Poor's credit
analyst Philip Temme.

The ratings on Ladbrokes continue to reflect the group's market
leadership in the stable and regulated U.K. betting industry,
and moderate financial profile.  Ladbrokes' 2,129 U.K. betting
shops and telephone-betting operations make it one of the two
U.K. market leaders in fixed-odds betting, with a market share
of about one-quarter, close to that of the other large operator,
William Hill PLC.

Ladbrokes has a good national spread of betting shops, the
majority of which have been refurbished in recent years.  The
group combines a nationwide presence with a strong brand name,
and benefits from relatively stable earnings owing to the
averaging-out effect of a very large number of small bets.  The
group's strategy of fully using its free cash flow, selected
international expansion, and stated intention to return to the
casino business will likely limit future potential for
decreasing financial leverage.


LONGMANOR PROJECTS: Creditors' Meeting Slated for October 30
------------------------------------------------------------
Creditors of Longmanor Projects Limited (Company Number
05227938) will meet at 11:00 a.m. on Oct. 30 at:

         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TB
         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. 27 at:

         T. Papanicola
         Administrator
         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TG
         United Kingdom
         Tel: 020 8444 2000
         Fax: 020 8444 3400


LOOK 2: Creditors Confirm Liquidators' Appointment
--------------------------------------------------
Creditors of Look 2 Training Limited confirmed Oct. 13 the
appointment of Mark Peter George Roach and Graham David Randall
of BDO Stoy Hayward LLP as Joint Liquidators.

The company can be reached at:

         Look 2 Training Limited
         Unit 37
         Teignbridge Business Centre
         Cavalier Road
         Heathfield Industrial Estate
         Newton Abbot
         Devon TQ12 6TZ
         United Kingdom
         Tel: 01626 834441


MANSARD MORTGAGES: Moody's Rates Class B2 Notes at (P)Ba2
---------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
these classes of Notes issued by Mansard Mortgages 2006-1PLC:

   -- GBP[157,500,000] Class A1 Mortgage Backed
      Floating Rate Notes due [2048]: (P)Aaa,

   -- GBP[217,500,000] Class A2 Mortgage Backed
      Floating Rate Notes due [2048]: (P)Aaa;

   -- GBP[65,000,000] Class M1 Mortgage Backed
      Floating Rate Notes due [2048]: (P)Aa2,

   -- GBP[27,500,000] Class M2 Mortgage Backed
      Floating Rate Notes due [2048]: (P)A2,

   -- GBP[12,500,000] Class B1 Mortgage Backed
      Floating Rate Notes due [2048]: (P)Baa2, and

   -- GBP[20,000,000] Class B2 Mortgage Backed
      Floating Rate Notes due [2048]: (P)Ba2.

This transaction represents the third securitization of mortgage
loans originated by Rooftop Mortgages Limited and the first
under the Mansard Mortgages program.  The assets supporting the
Notes are near prime and non-conforming mortgage loans secured
on residential properties in United Kingdom, Wales and Scotland.

The total debt raised by Mansard Mortgages 2006-1 plc will be
used to purchase a portfolio of mortgage loans and will be split
as follows: [75.00]% Class A Notes, [13.00]% Class M1 Notes,
[5.50]%, Class M2 Notes, [2.50]% Class B1 Notes and [4.00]%
Class B2 Notes.  The reserve fund will be [0.75%] of the initial
transaction amount at closing with a target of [0.80]% of the of
the initial transaction amount.

The ratings of the Notes are based upon the analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the issue.

The ratings address the expected loss posed to investors by the
legal final maturity.  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 the yield to investors.

Rooftop Mortgages Limited, with delegation to Crown Mortgage
Management Limited is the day-to-day servicer for the mortgage
loans.  Vertex Mortgage Services Limited will be the Standby
Servicer for the pool, if the appointment of CMM as servicer is
terminated.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive rating to the Notes.  A final rating may
differ from a provisional rating.


NORMAN OFFER: Appoints Rothman Pantall as Administrators
--------------------------------------------------------
R. D. Smailes and S. B. Ryman of Rothman Pantall & Co. were
appointed joint administrators of Norman Offer Ltd. (Company
Number 05460581).

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

Headquartered in Eastleigh, England, Norman Offer Ltd. is
engaged in freight transport by road.


NPR LIMITED: Names Gerald Irwin as Administrator
------------------------------------------------
Gerald Irwin of Irwin & Company was named administrator of NPR
(U.K.) Ltd. (Company Number 4838761) on Oct. 6.

The administrator can be reached at:

         Gerald Irwin
         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         Birmingham
         West Midlands B72 1TU
         United Kingdom
         Tel: 08700 111812
         Fax: 08700 111813
         E-mail: mail@irwinuk.net

NPR (U.K.) Ltd. can be reached at:

         158 Warstones Road
         Penn
         Wolverhampton
         West Midlands WV4 4LH
         United Kingdom
         Tel: 01902 455 475
         Fax: 08454 585 246


SEAGATE TECHNOLOGY: 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 Hardware sector, the rating
agency confirmed its Ba1 Corporate Family Rating for
Seagate Technology.

Moody's also confirmed its probability-of-default ratings and
assigned loss-given-default ratings on these bond issues:

                                          Projected
                        POD      LGD      Loss-Given
   Debt Issue           Rating   Rating   Default
   ----------           -------  -------  ----------
   US$300 million
   Senior Notes
   due 2009             Ba1      LGD4      56%

   US$600 million
   Senior Notes
   due 2011             Ba1      LGD4      56%

   US$600 million
   Senior Notes
   due 2016             Ba1      LGD4      56%

   US$230 million
   6.8% Convertible
   Senior Notes
   due 2010             Ba1      LGD4      56%

   US$60 million
   5.75% Convertible
   Subordinated
   Debentures
   due 2012             Ba2      LGD6       96%

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

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

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

Headquartered in Scotts Valley, California, Seagate Technology,
-- http://www.seagate.com/-- designs, manufactures and markets
rigid disc drives (disc drives or hard drives), which are used
as the primary medium for storing electronic information in
systems ranging from desktop and notebook computers, and
consumer electronics devices to data centers delivering
information over corporate networks and the Internet. Seagate
Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore.  Manufacturing and customer service
sites are located in: California, Colorado, Minnesota, Oklahoma,
Northern Ireland, China, Malaysia, Singapore and Thailand.


SEVERSTAL OAO: Launches Global Stock Offering
---------------------------------------------
OAO Severstal launched and commenced investor meetings of the
global offering of its ordinary shares and Global Depositary
Receipts, each GDR representing one ordinary share.

                      The Global Offering

The Global Offering will comprise an offering by Frontdeal
Limited (Selling Shareholder) of existing ordinary shares
including in the form of GDRs to international institutional and
professional investors outside of the Russian Federation,
including to qualified institutional buyers in the United States
under Rule 144A, and an offering of ordinary shares in the
Russian Federation.

Severstal is currently approximately 90% owned by Alexey
Mordashov through several entities, including the Selling
Shareholder.  Mr. Mordashov intends to sell a share of his
current holding in connection with the Global Offering with a
view to increase the post IPO free float to up to 25%.

Immediately following the Global Offering, Severstal intends to
undertake a capital increase through an open subscription for
newly-issued ordinary shares, for which the shareholder entities
controlled by Mr. Mordashov (including the Selling Shareholder)
intend to subscribe in proportion to their existing holdings
exercising their pre-emption rights, using some of the proceeds
of the Global Offering.

In addition, the Selling Shareholder has granted the Joint
Global Coordinators an over-allotment option to purchase
existing ordinary shares in the forms of GDRs, representing up
to 15% of the total number of existing shares in the form of
GDRs to be sold in the Global Offering.

Severstal intends to use the gross proceeds of this capital
increase to continue improving the quality of its production
facilities and improve operating efficiencies throughout its
global operating platform, and to take advantage of potential
opportunities to expand its core business in line with its
corporate strategy, including the funding of potential
acquisitions of assets and participation in joint ventures.

Citigroup, Deutsche Bank and UBS Investment Bank are Joint
Global Coordinators and Joint Bookrunners for the Global
Offering.

                  Corporate Governance Code

In line with previous announcements, Severstal's Board of
Director's approved the new Corporate Governance Code on
Oct. 20.  As part of the new corporate governance arrangements,
Severstal is arranging for its 10-member Board to be chaired by
an Independent Non-Executive Chairman and for one half of its
Board to be comprised of Independent Non-Executive Directors.

"Interest at this stage in the offering process has been very
encouraging and it is clear that there is already a high regard
for Severstal in the international investment community," Alexey
Mordashov, CEO of OAO Severstal, said.  "I now look forward to
meeting investors to underline the unique strengths of
Severstal's business, our focus on growth and value creation and
our commitment to U.K. corporate governance standards."

                        About Severstal

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

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

                        *     *     *

As reported in the TCR-Europe on Oct. 12, Moody's Investor's
Service upgraded the corporate family rating of OAO Severstal
from B1 to Ba3 and the rating for the Loan Participation Notes
totaling US$700 million from B2 to B1.  Moody's said the outlook
on all ratings is stable.

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

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

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


SMITH & SAMUEL: K. B. Stout Leads Liquidation Procedure
-------------------------------------------------------
K. B. Stout was appointed Liquidator of Smith & Samuel
Construction Limited on Oct. 15 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Smith & Samuel Construction Limited
         38 Redden Court Road
         Romford
         Essex RM3 0XA
         United Kingdom
         Tel: 01708 342 240
         Fax: 01708 371 6616


STUDLEY CONTRACTORS: Taps Poppleton & Appleby as Administrators
---------------------------------------------------------------
M. D. Hardy and M. T. Coyne of Poppleton & Appleby were
appointed joint administrators of Studley Contractors Ltd.
(Company Number 4053773) on Oct. 9.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors

Studley Contractors Ltd. can be reached at:

         Crooks Lane
         Studley
         Warwickshire B80 7QX
         United Kingdom
         Tel: 01527 850 031
         Fax: 01527 857 822


SWINFAST LIMITED: Creditors' Meeting Slated for October 31
----------------------------------------------------------
Creditors of Swinfast (Chiswick) Limited (Company Number
04918011) (t/a The World's End Distillery & Restaurant) will
meet at noon on Oct. 31 at:

         Harris Lipman LLP
         New Broad Street House
         35 New Broad Street
         London EC2M 1NH
         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. 30 at:

         F. Khalastchi
         Joint Administrator
         Harris Lipman LLP
         New Broad Street House
         35 New Broad Street
         London EC1M 1NH
         United Kingdom
         Tel: 0845 3385292

Harris Lipman LLP -- http://www.harrislipman.co.uk/-- is a firm
of chartered accountants and licensed insolvency practitioners.
It trades as a limited liability partnership since April 1,
2005.


VEDARLO LIMITED: Taps Joint Administrators from Cresswell
---------------------------------------------------------
Gordon Craig and Daniel Paul Hennessy of Cresswell Associates
Ltd. were appointed joint administrators of Vedarlo Ltd.
(Company Number 01442809) (t/a Don Antonio Limited) on Oct. 6.

The administrators can be reached at:

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

Vedarlo Limited can be reached at:

         85-87 Red Bank Road
         Blackpool
         Lancashire FY2 9HZ
         United Kingdom
         Tel: 01253 352 440


VISION CORPORATION: Appoints Mark Reynolds as Liquidator
--------------------------------------------------------
Mark Reynolds of Valentine & Co. was appointed Liquidator of
The Vision Corporation (U.K.) Limited on Oct. 12 for the
creditors' voluntary winding-up proceeding.

Headquartered Wokingham, United Kingdom, The Vision Corporation
(U.K.) Limited retails computer, audio and visual equipment.


VNESHTORGBANK JSC: Earns US$576 Million for First Half 2006
-----------------------------------------------------------
Vneshtorgbank JSC released its consolidated financial results
for the first half ended June 30, 2006.

For the first six months of 2006, VTB posted a 295% increase in
net profit to US$576 million on a 96% increase in revenues to
US$1.753 billion.  For the January-June 2006 period, the
company's net interest income rose 75.2% while net fee and
commission income hiked more than 100%.

Credits and advances to clients rose 18.9% to US$23.7 billion
while the value of client accounts rose 45.6%.

VTB attributed the rise in operating volumes and profit to its
acquisition of Promstroybank and European banks previously owned
by the Bank of Russia.

As of June 30, 2006, VTB had US$45.3 billion in total assets,
US$39.5 in total liabilities and US$4.3 billion in shareholders'
equity.

                        Profit Forecast

The company expects to post RUR30 billion (US$1.1 billion) in
net profit this year, says RIA Novosti citing Chief Executive
Andrei Kostin.

"That is considerably higher than last year," Mr. Kostin said.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

As reported in the TCR-Europe on July 31, following the recent
upgrade of the Russian sovereign foreign and local currency IDRs
to BBB+ from BBB, Fitch ratings lifted Vneshtorgbank and
Vnesheconombank ratings at:

Vnesheconombank:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

Vneshtorgbank:

   -- Upgraded to foreign currency and local currency IDR BBB+
      from BBB with a Stable Outlook;

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


VNESHTORGBANK JSC: To Tackle Promstroybank Takeover Next Month
--------------------------------------------------------------
JSC Vneshtorgbank will decide in November whether to commence a
takeover of Industry & Construction Bank of St. Petersburg
(Promstroybank), RIA Novosti reports citing Chief Executive
Andrei Kostin as its source.

VTB currently owns 75% plus three shares of Promstroybank.  The
company has increased in operating volumes and profit in the
first half of 2006 after its acquisition of Promstroybank.  The
regional bank's shareholders has already voted in favor of a
takeover deal by VTB.

Once a decision for takeover is reached, VTB will apply for
approval from the Russian government.

Headquartered in St. Petersburg, Russia, Industry and
Construction Bank -- http://www.icbank.ru/-- engages in in
universal banking with a special franchise in corporate finance
and investment banking.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

As reported in TCR-Europe on July 31, following the recent
upgrade of the Russian sovereign foreign and local currency IDRs
to BBB+ from BBB, Fitch ratings lifted Vneshtorgbank and
Vnesheconombank ratings at:

Vnesheconombank:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

Vneshtorgbank:

   -- Upgraded to foreign currency and local currency IDR BBB+
      from BBB with a Stable Outlook;

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


WATERSHED LIMITED: Appoints Vantis to Administer Assets
-------------------------------------------------------
Frank Wessely and Peter James Hughes-Holland of Vantis PLC were
appointed joint administrators of The Watershed (London) Ltd.
(Company Number 03156686) on Oct. 11.

Headquartered in London, England, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The Watershed London Ltd. can be reached at:

         Church Street
         Croydon
         Surrey CR0 1RH
         United Kingdom
         Fax: 020 8649 9282


XEROX CORP: Earns US$536 Million in Quarter Ended September 30
--------------------------------------------------------------
Xerox Corporation reported third-quarter 2006 net income of
US$536 million, compared with US$63 million of net income earned
in the equivalent prior year quarter ended Sept. 30, 2005.  The
company's third-quarter earnings this year include a previously
announced tax benefit of 45 cents per share partially offset by
restructuring of 7 cents per share and a litigation charge of 7
cents per share.

"Through earnings expansion, annuity growth and a strong
financial position that allows for stock buyback and
acquisitions, we exceeded our expectations this quarter and are
delivering on our commitment to build shareholder value," said
Anne M. Mulcahy, Xerox chairman and chief executive officer.

Total revenue of US$3.8 billion grew 2% in the third quarter.
Post-sale and financing revenue, which represents about 75% of
Xerox's total revenue, increased 3%, largely driven by 4% post-
sale growth from digital systems.

Total revenue and post-sale revenue included a currency benefit
of 1 percentage point.  "The leading indicators of our growth
strategy - which is all about boosting our annuity stream
through growth in digital, services and color - continued to
trend positively in the third quarter," added Ms. Mulcahy.
"Install activity was up for Xerox digital systems in key
markets like office multifunction and production color.  Our
expertise in document management flowed through to post-sale
growth of 7% from global services.  And, our broad portfolio of
color technology fueled a 16% increase in post-sale revenue from
color."

About 48% of the company's equipment sales in the third quarter
were from color products, a year-over-year increase of 7 points.
Total revenue from Xerox's industry-leading color systems grew
16% in the third quarter and now represents 36% of the company's
revenue, up 4 points from a year ago.  The number of pages
printed on Xerox color systems grew 35% in the quarter.

While equipment sale revenue was down 1% in the third quarter
including a 1 point benefit from currency, installs of key
products like the Xerox iGen3 Digital Production Press and
DocuColor systems as well as WorkCentre multifunction systems
drove up activity, fueling future gains in the company's post-
sale revenue.

Signings for document management services were up 16% year to
date and were about flat in the third quarter as the company
experienced longer lead times for finalizing multi-year
contracts.

Xerox's production business provides commercial printers and
document-intensive industries with high-speed digital printing
and services that enable on-demand, personalized printing.
Total production revenue increased 3% in the third quarter
including a 2 point currency benefit.  Installs of production
black-and-white systems declined 6% with growth in light
production only partially offsetting declines in higher-end
production printing.  Production color installs grew 107%,
reflecting accelerated activity for the iGen3 and continued
strong demand for the DocuColor 5000 and 7000/8000 series as
well as the DocuColor 240/250 multifunction system.

Earlier this month, Xerox made several announcements that
strengthen its leadership in the production market including the
acquisition of XMPie, a leading provider of variable information
software; advanced finishing capabilities for the iGen3 and
DocuTech 180 Highlight Color system; and a dual-engine printer
that sets a new speed record for two-sided, cut-sheet black-and-
white printing.

Xerox's office business provides document technology and
services for businesses of any size.  Total office revenue was
flat in the third quarter including a 2 point currency benefit.
Installs of office black-and-white systems were up 10%, largely
driven by 19% growth from Xerox's mid-range line of WorkCentre
multifunction products.  In office color, installs of
multifunction systems were up 46% reflecting strong demand for
the color WorkCentre systems launched in May and the continued
success of the office version of the DocuColor 240/250.
Expanding its competitive offerings for small and medium-sized
businesses, Xerox launched in September the WorkCentre 4150, its
fastest-ever desktop multifunction system.

The company also cited continued improvement in its developing
markets operations.  Total revenue grew 7% in DMO.  Gross
margins were 40.2% in the third quarter, a year-over-year
decline of 1.1 points.  The decline was primarily due to product
mix and equipment pricing as well as lower margins in Xerox's
global services business as the company incurred upfront costs
to support new multi-year managed services contracts.  Selling,
administrative and general expenses were 25.6% of revenue, a
year-over-year improvement of 1.3 points.

Xerox generated operating cash flow of US$530 million in the
third quarter and closed the quarter with US$1.5 billion in cash
and short-term investments.  Since launching its stock buyback
program last October, the company has repurchased about 78
million shares, totaling US$1.1 billion of the US$1.5 billion
program through the third quarter of this year.  Also during the
quarter, Xerox closed on the US$175 million cash acquisition of
Amici LLC, a provider of electronic-discovery services that
support litigation and regulatory compliance.

In early October, Xerox announced the US$54 million cash
acquisition of XMPie, which is expected to close in the next few
weeks.  Xerox expects fourth-quarter 2006 earnings in the range
of 21-24 cents per share, including restructuring charges of
about 13 cents per share. Excluding restructuring, Xerox expects
fourth-quarter adjusted EPS of 34-37 cents per share.

"We expect our fourth-quarter performance will keep us on track
to deliver our full-year earnings expectations," said Ms.
Mulcahy.

                            About Xerox

Headquartered in Stamford, Connecticut, Xerox Corporation
(NYSE: XRX) -- http://www.xerox.com/-- develops, manufactures,
markets, services, and finances document equipment, software,
solutions, and services worldwide.  It offers digital monochrome
and color systems for customers in the graphic communications
industry and enterprises, as well as various prepress and post-
press options.  Xerox Corporation markets its products through
direct sales force, as well as through a network of independent
agents, dealers, value-added resellers, and systems integrators.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 10, 2006,
Fitch upgraded Xerox Corp.'s Issuer Default Rating to 'BBB-'
from 'BB+', Senior unsecured debt to 'BBB-' from 'BB+' and Trust
preferred securities to 'BB' from 'BB-'.  In addition, Fitch
affirmed the senior unsecured bank credit facility at 'BBB-' and
withdrawn the secured term loan rating of 'BBB-' since the
secured term loan was repaid and the secured bank facility
terminated concurrently with the effectiveness of the new
unsecured credit facility.  The Rating Outlook is Stable.

As reported in the Troubled Company Reporter on March 3, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on Stamford, Connecticut-based Xerox Corp. and related
entities to 'BB+' from 'BB-', and removed it from CreditWatch,
where it was placed with positive implications on Jan. 26, 2006.
The upgrade reflected substantial recent debt reductions, good
cash flow and growth in equipment sales.  The outlook is stable.

As reported in the Troubled Company Reporter on Sept. 21, 2005,
Moody's Investors Service revised the rating outlook of Xerox
Corporation and supported subsidiaries to positive from stable.
Moody's previously raised the senior implied rating of Xerox and
its financially supported subsidiaries to Ba1 from Ba3.  The
action was prompted by Xerox's significant debt and leverage
reduction over the last year, stable operating profit and free
cash flow generation, and the prospects for further
strengthening of its credit metrics and overall financial
flexibility.


XEROX 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. Technology Hardware sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Xerox Corp.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings to these securities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$700 million
   Sr. Notes
   due 2016             Ba2      Ba1      LGD3     48%

   US$620 million
   9.75% Sr. Notes
   due 2009             Ba2      Ba1      LGD3     48%

   US$688 million
   7.125% Sr. Notes
   due 2010             Ba2      Ba1      LGD3     48%

   US$542 million
   7.625% Sr. Notes
   due 2013             Ba2      Ba1      LGD3     48%

   US$50 million
   6.875% Sr. Notes
   due 2011             Ba2      Ba1      LGD3     48%

   US$1.25 billion
   Unsec.
   Revolving
   Credit Facility      Ba2      Ba1      LGD3     48%

   US$752 million
   Sr. Notes
   due 2011             Ba2      Ba1      LGD3     48%

   US$251 million
   Notes due 2016       Ba2      Ba1      LGD3     48%

   US$255 million
   Yen Notes
   due 2007             Ba2      Ba1      LGD3     48%

   US$75 million
   Notes due 2012       Ba2      Ba1      LGD3     48%

   US$60 million
   Notes due 2013       Ba2      Ba1      LGD3     48%

   US$50 million
   Notes due 2014       Ba2      Ba1      LGD3     48%

   US$25 million
   Notes dye 2018       Ba2      Ba1      LGD3     48%

   US$27 million
   Notes due 2008       Ba2      Ba1      LGD3     48%

   US$260 million
   Euro Senior
   Notes due 2009       Ba2      Ba1      LGD3     48%

   Medium Term Notes
   US$166 million       Ba2      Ba1      LGD3     48%

   Trust Preferred      Ba3      Ba2      LGD6     94%

   Shelf-Sr. Unsec.    (P)Ba2   (P)Ba1    LGD3     48%

   Shelf-Subordinated  (P)Ba3   (P)Ba2    LGD6     94%

   Shelf-Preferred     (P)B1    (P)Ba2    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 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 Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/ -- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  In Europe, Xerox maintains operations in Albania,
Austria, Cyprus, Estonia, France, Germany, Turkey, Italy, The
Netherlands, the United Kingdom, among others.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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
   BEARD AUDIO CONFERENCES
      KERPs and Bonuses under BAPCPA
         New Legal Strategies for Retaining Executives at Troubled
            Companies
               Contact: 240-629-3300;
               http://www.beardaudioconferences.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 * * *