TCREUR_Public/061031.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

            Tuesday, October 31, 2006, Vol. 7, No. 216

                            Headlines


A U S T R I A

A.H. TRANSPORT: Creditors' Meeting Slated for November 14
ALTHEIM, NELL: Creditors' Meeting Slated for November 13
HROVATH & CO.: Property Manager Places Property for Sale
MAKLERPOOL LLC: St. Poelten Court Orders Business Shutdown
PAUL RESCHL: Creditors' Meeting Slated for November 13

R 1 WILHELM: Creditors' Meeting Slated for November 9
SEMIRAMIS SOFTWARE: Declares Bankruptcy Amid Turnaround Plans


B E L G I U M

GOODYEAR TIRE: Closing Tire Manufacturing Plant in Tyler, Texas


B U L G A R I A

PETROL AD: Fitch Affirms B-/RR4 Ratings on EUR100-Mln Notes


D E N M A R K

KOPPERS HOLDINGS: Reports Problem at Monessen, Pa. Plant


F R A N C E

ALCATEL SA: Earns EUR155 Million for Third Quarter 2006
CONEXANT SYSTEMS: Moody's Assigns Caa1 Corp. Family Rating
CONEXANT SYSTEMS: S&P Lifts Rating to B on Improved Liquidity
INTERSHOP COMMUNICATIONS: Posts EUR1.6-Mln Losses for 3Q 2006
INTERSHOP COMMUNICATIONS: Michael Sauer Joins Supervisory Board

INTRAWEST CORP: S&P Withdraws Ratings After Debenture Redemption
KB HOME: Internal Stock Option Probe Delays Form 10-Q Filing
KB HOME: Receives Default Notice for 7-1/4% Sr. Notes Due 2018
KB HOME: Wants to Amend US$1.65-Billion Sr. Notes' Indenture
LEVEL 3: Fitch Affirms CCC Issuer Default Rating


G E R M A N Y

ALLINMOTION WERBESYSTEME: Claims Registration Ends November 5
AME ASSET: Claims Registration Ends November 5
BEST-CONNECT: Claims Registration Ends November 5
CONEXANT SYSTEMS: Moody's Assigns Caa1 Corp. Family Rating
CONEXANT SYSTEMS: S&P Lifts Rating to B on Improved Liquidity

CPE PROJEKT: Claims Registration Ends November 5
DURA AUTOMOTIVE: U.S. & Canadian Units File Chapter 11 Petitions
DURA AUTOMOTIVE: Case Summary & 30 Largest Unsecured Creditors
EDUCATE INC: Moody's Reviewing Ratings & May Downgrade
INTERSHOP COMMUNICATIONS: Posts EUR1.6-Mln Losses for 3Q 2006

INTERSHOP COMMUNICATIONS: Michael Sauer Joins Supervisory Board
KK STALLSANIERUNG: Claims Registration Ends November 9
NBG NIEDERSACHSISCHE: Claims Registration Ends November 8
NETBLUE GMBH: Claims Registration Ends November 3
OEXMANN GMBH: Claims Registration Ends November 2

PRO DEBET: Claims Registration Ends November 3
RAKS ELECTRONIC: Claims Registration Ends November 3
SEMIRAMIS SOFTWARE: Declares Bankruptcy Amid Turnaround Plans
SENSUS METERING: Moody's Assigns Loss-Given-Default Rating
VOLKSWAGEN AG: Earns EUR1.2 Billion for January-September 2006


G R E E C E

TIM HELLAS: Possible Sale Cues S&P's Developing Watch on Ratings


H U N G A R Y

BANTA CORP: Board Rejects Cenveo's Acquisition Proposal
BANTA CORP: Acquisition Spurs S&P to Place Ratings on Watch Neg.


I C E L A N D

NASH FINCH: Moody's Assigns Loss-Given-Default Ratings


I R E L A N D

CELF LOAN: Moody's Rates EUR19.5-Mln Class E Notes at Ba3
INDEPENDENT NEWS: Confirms AU$3.8-Bln Leveraged Buy-Out Approach
INDEPENDENT NEWS: Fitch Puts BB- IDR on Watch Evolving


I T A L Y

DA VINCI: S&P Rates EUR15.6-Million Class C Notes at BB+


K A Z A K H S T A N

AINUR LLP: Creditors Must File Claims by Nov. 26
ARDAGER-MUNAI LLP: Proof of Claim Deadline Slated for Nov. 26
ERASYLIK LLP: South Kazakhstan Court Starts Bankruptcy Procedure
KRASNUK LLP: East Kazakhstan Court Opens Bankruptcy Proceedings
MEYIR-K LLP: Court Begins Bankruptcy Proceedings

SHVABU-KA LLP: Court Commences Bankruptcy Proceedings
SNABSERVICE LLP: Creditors' Claims Due Nov. 26
STEPNOY-99 LLP: Claims Registration Ends Nov. 26
ZARS LLP: Claims Filing Period Ends Nov. 26


K Y R G Y Z S T A N

EVITA COMPANY: Proof of Claim Deadline Slated for Dec. 13
T.I.T. LOGISTICS: Creditors Must File Claims by Dec. 13
VESTA-TOKMOK LLC: Public Auction Scheduled for Nov. 6


L U X E M B O U R G

DOV PHARMACEUTICAL: Receives Delisting Notice from NASDAQ
ORCO PROPERTY: Moody's Assigns B2 Corporate Family Rating


N E T H E R L A N D S

HARBOURMASTER CLO: Fitch Keeps BB- Rating on EUR13.4-Mln Notes
KONINKLIJKE AHOLD: Dutch Anti-Trust Office Okays Konmar Takeover
KONINKLIJKE AHOLD: To Unveil Strategic Review Results on Nov. 6
LAURUS N.V.: Dutch Anti-Trust Office Okays Konmar Sale to Ahold
LAURUS N.V.: Inks New EUR170-Million Senior Credit Facility


N O R W A Y

AKER KVAERNER: Earns NOK414 Million for Third Quarter 2006
AKER KVAERNER: Inks US$80-Mln Riser Deal with Queiroz Galvao


P O L A N D

TVN S.A.: Moody's Upgrades Rating to Ba3 on Strong Performance


R U S S I A

ACHINSK-GRAIN-PRODUCT: Assets Sale Slated for November 15
ARMALIT OJSC: Krasnodar Bankruptcy Hearing Slated for Nov. 16
BSPB FINANCE: Fitch Assigns B/RR4 Ratings on Upcoming Eurobond
BUILDER-63 LLC: Court Names A. Trifonov as Insolvency Manager
BUSINESS-CENTRE: Court Names A. Trifonov as Insolvency Manager

DANS CJSC: Samara Court Starts Bankruptcy Supervision Procedure
DZHANGO LLC: Court Names S. Pavlish as Insolvency Manager
IZH-MET: Udmurtiya Court Names N. Gulyashikh to Manage Assets
KRASNYANSKOYE CJSC: Bankruptcy Hearing Slated for Jan. 17
OSTROGOZHSK-MILK: Court Names Y. Alferov as Insolvency Manager

SAMARA-BREAD: Court Names A. Titov as Insolvency Manager
SOUTHERN TELECOM: Alexander Anatolievich Joins Management Board
SVERDLOVSK-AGRO-SNAB: Orel Bankruptcy Hearing Slated for Nov. 29
TRANSPORT LEASING: Court Names S. Ogorodnikov to Manage Assets
TRAYLAND CJSC: Court Starts A. Trifonov as Insolvency Manager

VERKHNE-LYUBAZHSKIY: Kursk Bankruptcy Hearing Slated for Jan. 17
ZAKAMENSKIY BREWERY: Court Names M. Matkheeva to Manage Assets
ZALEGOSH-BEET: Orel Court Names R. Budin as Insolvency Manager


S P A I N

CODERE S.A.: Moody's Affirms B1 Corporate Family Rating
CODERE S.A.: S&P Affirms BB Rating on Increased Bond Issuance
GC FTPYME: Moody's Assigns (P)Ba3 Rating on Series E Notes
GC FTPYME: S&P Rates EUR12.6-Million Class E Notes at BB


U K R A I N E

AEGIR LLC: Harkiv Court Names Sergij Moroz as Insolvency Manager
ALFA LLC: Court Names Talana Rostislav as Insolvency Manager
NAFTOGAZ OJSC: Fitch Places B+ Default Ratings on Watch Negative
OANNES LLC: Harkiv Court Names Sergij Moroz as Liquidator
PEREMOGA LLC: Court Names Oleksij Ivanov as Insolvency Manager

PERMANENT LLC: Court Names Sergij Pyanov as Insolvency Manager
UKRZAHIDPOSTACH: Court Names Volodimir Temchishin as Liquidator
ZAGIRYA LLC: Court Names Sergij Pivovar as Insolvency Manager


U N I T E D   K I N G D O M

3 DOGS LIMITED: Brings In Tenon Recovery to Administer Assets
AKER KVAERNER: Earns NOK414 Million for Third Quarter 2006
AKER KVAERNER: Inks US$80-Mln Riser Deal with Queiroz Galvao
BLACK COUNTRY: Nominates Liquidators from Abott Fielding
BOMBARDIER INC: Moody's Rates EUR1.8-Bln Sr. Unsec. Notes at Ba2

BOMBARDIER INC: Operating Pressures Prompt S&P to Affirm Rating
BROOKLANDS ABS: Fitch Keeps B+ Rating on EUR22-Mln Class E Notes
CAPITAL PLANNING: Appoints Joint Administrators from RSM Rhodes
CARRIG ELECTRONICS: Names Simon James Bonney Liquidator
CELESTICA INC: Incurs US$42.1 Million Net Loss in Third Quarter

CODATE LIGHTING: Brings In Administrators from Grant Thornton
DEWCROSS TRADING: H. J. Sorsky Leads Liquidation Procedure
DIGITAL NETWORKS: Claims Filing Period Ends Jan. 27, 2007
DIRECT CONTRACT: Claims Registration Ends Jan. 16, 2007
DURA AUTOMOTIVE: U.S. & Canadian Units File Chapter 11 Petitions

DURA AUTOMOTIVE: Case Summary & 30 Largest Unsecured Creditors
E & P HOLDINGS: Cattles Invoice Taps CLB Coopers as Receivers
ELECTRIC SHOP: Appoints KPMG as Joint Administrators
EMI GROUP: Unearths Accounting Fraud at Brazilian Unit
FTI CONSULTING: Names James Crownover to Class II of the Board

HARBOURMASTER CLO: Fitch Keeps BB- Rating on EUR13.4-Mln Notes
HIGH ROLL: Names Gerald Maurice Krasner as Administrator
HOUSE OF STRATUS: Brings In Liquidators from Begbies Traynor
INDEPENDENT NEWS: Confirms AU$3.8 Bln Leveraged Buy-Out Approach
INDEPENDENT NEWS: Fitch Puts BB- IDR on Watch Evolving

INTERMEC INC: Moody's Assigns Loss-Given-Default Rating
KONINKLIJKE AHOLD: Dutch Anti-Trust Office Okays Konmar Takeover
KONINKLIJKE AHOLD: To Unveil Strategic Review Results on Nov. 6
LEVEL 3: Fitch Affirms CCC Issuer Default Rating
LIGARE LIMITED: Creditors' Claims Due Jan. 18, 2007

MALPASS BROS.: Appoints Philip Weinberg to Liquidate Assets
MATRIX R LTD: Hires Harrisons as Joint Administrators
MERLIN PROTECTION: Taps XL Business as Administrator
MIDDLEMOOR WATER: Taps Liquidator from Marriotts LLP
MONEY PARTNERS: Moody's Rates Class B2 Notes at (P)Ba2

MONEY PARTNERS: S&P Assigns BB Rating on GBP14.7-Million Notes
NEWAGE TRANSMISSIONS: Taps BDO Stoy as Joint Administrators
ONLINETICKETSHOP.COM: Taps B & C Associates as Administrators
PAB ELECTRONICS: Brings In BDO Stoy to Administer Assets
POP ONE: Hires Administrator from Bartfields

QUALITY MAINTENANCE: Hires A. Poxon to Liquidate Assets
SALON REVOLUTION: Liquidator Sets Dec. 31 Claims Bar Date
SEA CONTAINERS: Can Put Priority Status to Intercompany Claims
SEA CONTAINERS: Debtors To Employ on Sidney Austin as Counsel
SEA CONTAINERS: U.S. Trustee Appoints Unsec. Creditors Committee

SKYEPHARMA PLC: Aviva Acquires 5.53% of Issued Share Capital
SPECIALISED TRAINING: Appoints Andrew Rosler as Liquidator
STRETTON BUSINESS: Brings In Mazars to Administer Assets
SUN MICROSYSTEMS: Posts US$56 Million Net Loss in First Quarter
SYSKAL DISTRIBUTION: Appoints Leigh & Co as Administrator

TRAFFORD RUBBER: Hires Jones Lowndes as Administrator
UNITIVE LIMITED: Taps Chantrey Vellacott as Administrators
URSUS EPC: Fitch Affirms BB- Rating on GBP4.2-Mln Class E Notes
VOLKSWAGEN AG: Earns EUR1.2 Billion for January-September 2006
WAPENTAKE COMPANY: Appoints Mazars LLP as Administrators

WELLERS TRAVEL: Brings In F A Simms to Administer Assets
WESLEYAN HOTEL: Creditors' Meeting Slated for November 8

* Large Companies with Insolvent Balance Sheets

                            *********

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


A.H. TRANSPORT: Creditors' Meeting Slated for November 14
---------------------------------------------------------
Creditors owed money by LLC A.H. Transport (FN 216931t) are
encouraged to attend the creditors' meeting at 9:15 a.m. on
Nov. 14 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Wundschuh, Austria, the Debtor declared
bankruptcy on Sept. 13 (Bankr. Case No. 40 S 42/06h).  Axel
Reckenzaun serves as the court-appointed property manager of the
bankrupt estate.  Dr. Horst Brunner, Dr. Emilio Stock and Mag.
Gerhard Endstrasser represent the Debtor in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Axel Reckenzaun
         Annenstr. 10
         8020 Graz, Austria
         Tel: 0316/713353
         Fax: 0316/713353-30
         E-mail: office@boehm-reckenzaun.at

The Debtor's representatives can be reached at:

         Dr. Horst Brunner, Dr. Emilio Stock and
         Mag. Gerhard Endstrasser
         Jochbergerstr. 98
         6370 Kitzbuehel, Austria


ALTHEIM, NELL: Creditors' Meeting Slated for November 13
--------------------------------------------------------
Creditors owed money by LLC Altheim, Nell & Partner (FN 234036x)
are encouraged to attend the creditors' meeting at 9:30 a.m. on
Nov. 13 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 13 (Bankr. Case No. 3 S 131/06v).  Kurt Bernegger
serves as the court-appointed property manager of the bankrupt
estate.  Waltraud Kohlfuerst represents Bernegger in the
bankruptcy proceedings.

The property manager can be reached at:

         Kurt Bernegger
         c/o Waltraud Kohlfuerst
         Jaquingasse 21
         1030 Vienna, Austria
         Tel: 01/799 15 80
         Fax: 01/796 59 14
         E-mail: kanzlei@bernegger-wt.com


HROVATH & CO.: Property Manager Places Property for Sale
--------------------------------------------------------
Dr. Rudolf Denzel, the court-appointed property manager for LLC
Hrovath & Co. (FN 240036w), declared Sept. 12 that the Debtor's
property is up for sale or rent.

Headquartered in Arnoldstein, Austria, the Debtor declared
bankruptcy on Aug. 2 (Bankr. Case No. 41 S 88/06y).  On Sept. 4,
the Land Court of Klagenfurt ordered the shutdown of the
Debtor's business.

The property manager can be reached at:

         Dr. Rudolf Denzel
         Moritschstrasse 1
         9500 Villach, Austria
         Tel: 04242/24915
         Fax: 04242/24069
         E-mail: office@denzel-patterer.at


MAKLERPOOL LLC: St. Poelten Court Orders Business Shutdown
----------------------------------------------------------
The Land Court of St. Poelten entered an order Sept. 11 shutting
down the business of LLC Maklerpool (FN 240438k).  Court-
appointed property manager Wolfgang Strasser 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. Wolfgang Strasser
         Hautplatz 11
         4300 St. Valentin, Austria
         Tel: 07435/52437
         Fax: 07435/52437-21
         E-mail: st-valentin@advocat24.at

Headquartered in St. Valentin, Austria, the Debtor declared
bankruptcy on Sept. 8 (Bankr. Case No. 14 S 140/06p).


PAUL RESCHL: Creditors' Meeting Slated for November 13
------------------------------------------------------
Creditors owed money by LLC Paul Reschl (FN 214991p) are
encouraged to attend the creditors' meeting at 9:45 a.m. on
Nov. 13 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 12 (Bankr. Case No. 28 S 50/06s).  Stefan Langer serves
as the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

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


R 1 WILHELM: Creditors' Meeting Slated for November 9
-----------------------------------------------------
Creditors owed money by KEG R 1 Wilhelm Dallos (FN 264902m) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Nov. 9 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Ternitz, Austria, the Debtor declared
bankruptcy on Sept. 12 (Bankr. Case No. 10 S 79/06f).  Michael
Kadlicz serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Mag. Michael Kadlicz
         Domplatz 16
         2700 Wiener Neustadt, Austria
         Tel: 02622/81624
         Fax: 02622/81624-2
         E-mail: auer-kadlicz@aon.at


SEMIRAMIS SOFTWARE: Declares Bankruptcy Amid Turnaround Plans
-------------------------------------------------------------
Germany-based Semiramis Software AG and Semiramis Software GmbH
in Austria filed for bankruptcy protection after failing to
agree on a turnaround plan, John Blau writes for IDG News
Service.

KTW Software & Consulting, the companies' Austria-based owner,
will retain the rights to the Semiramis name and an option to
continue developing the Semiramis software under a deal
previously agreed by the parties in the event of a bankruptcy.

According to Robert W. Smith of heise online, the Debtors have
not been paying wages on time and that the Debtors' almost 50
employees might be taken over by KTW in Kirchichl.

Semiramis has also been struggling to make a profit as
competition mounts in the small and medium-sized market for
Enterprise Resource Planning technology.

The group's chief software architect, Egon Steinkasserer,
earlier revealed plans to leave the company at the end of the
year, Mr. Blau relates.

Semiramis Software AG -- http://www.semiramis.com/-- was
founded in Hanover as C.I.S. AG in 1995 and it is the
manufacturer of the 100% Java-based business software solution
with the same name - Semiramis.  Semiramis Software AG is a 100%
subsidiary of Semiramis Software GmbH located in
Kirchbichl/Tyrol, Austria and the affiliated, internationally
active KTW Group -- http://www.ktw-group.net/-- with offices in
Germany, Austria, Italy, Switzerland, the Czech Republic and
Malta.


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


GOODYEAR TIRE: Closing Tire Manufacturing Plant in Tyler, Texas
---------------------------------------------------------------
The Goodyear Tire & Rubber Company reports the planned closure
of its tire manufacturing facility in Tyler, Texas, as part of
its previously announced strategy to exit certain segments of
the private label tire business.

At the time of its June private label announcement, Goodyear
said that the decision would require a corresponding reduction
in North American Tire's manufacturing capacity and that plant
performance, capabilities, cost savings opportunity and the
focus on serving NAT customers would dictate capacity reduction.

"We must take the steps necessary to reduce our costs and
improve our competitive position," said Jon Rich, president,
North American Tire.  "While this is an extremely difficult
decision for everyone involved, it was required to help turn
around our North American business."

Mr. Rich said the timing of the action would be coordinated to
minimize the impact on Goodyear's customers.

Goodyear previously announced to investors an aggressive
strategy to reduce costs by more than US$1 billion by 2008,
including reduction in high-cost tire manufacturing capacity.
The Tyler plant principally produces small diameter passenger
tires, a segment that has been under considerable pressure from
low cost imports.

The action is expected to eliminate about 1,100 positions,
create annual savings of approximately US$50 million after tax,
and result in a restructuring charge of between US$155 million
and US$165 million after tax.  The cash portion of these charges
is estimated to be between US$40 million and US$50 million.

Opened in 1962, the plant has produced approximately 25,000
passenger and light truck tires per day.

                      About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.
It has marketing operations in almost every country around the
world.  Goodyear employs more than 80,000 people worldwide.  It
has marketing operations in almost every country around the
world, including Indonesia, Australia, China, India, Korea,
Malaysia, New Zealand, Philippines, Singapore, Taiwan, and
Thailand.  The company's European headquarters is based in
Brussels, Belgium.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2006,
Fitch Ratings placed The Goodyear Tire & Rubber Company on
Rating Watch Negative.  Goodyear's current debt and recovery
ratings are -- Issuer Default Rating (IDR) 'B'; US$1.5 billion
first lien credit facility 'BB/RR1'; US$1.2 billion second lien
term loan 'BB/RR1'; US$300 million third lien term loan 'B/RR4';
US$650 million third lien senior secured notes 'B/RR4'; Senior
Unsecured Debt 'CCC+/RR6'.

As reported in the Troubled Company Reporter on Oct. 19, 2006,
Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on Goodyear Tire & Rubber Co. on CreditWatch with
negative implications because of the potential for business
disruptions and earnings pressures that could result from the
ongoing labor dispute at some of its North American operations.
Goodyear has total debt of about US$7 billion.

As reported in the Troubled Company Reporter on Oct. 18, 2006,
Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's B1 Corporate Family rating, but changed the outlook to
negative from stable.  At the same time, the company's
Speculative Grade Liquidity rating was lowered to SGL-3 from
SGL-2.  These rating actions reflect the increased operating
uncertainty arising from the ongoing United Steelworkers strike
at Goodyear's North American facilities, and the company's
decision to increase cash on hand by drawing-down US$975 million
under its domestic revolving credit facility.


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


PETROL AD: Fitch Affirms B-/RR4 Ratings on EUR100-Mln Notes
-----------------------------------------------------------
Fitch Ratings affirmed Petrol AD's EUR100 million guaranteed
notes due in 2011 at senior unsecured B- and Recovery RR4.  This
follows Fitch's review of the final notes documentation.

Petrol AD is rated foreign currency Issuer Default B- with a
Stable Outlook.

Petrol AD is the leading fuel distributor in Bulgaria and
operates a retail and wholesale distribution business.


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


KOPPERS HOLDINGS: Reports Problem at Monessen, Pa. Plant
--------------------------------------------------------
Koppers Holdings Inc. reported an operational problem at its
coke facility in Monessen, Pennsylvania.

The Company disclosed that production at the plant was
interrupted on Oct. 20, 2006 due to a pipeline failure.  Repairs
have been completed and operations are in the process of
restarting; the Company expects production to be back to normal
today.

The Company also disclosed that the impact on fourth quarter
pre-tax earnings is expected to be approximately US$600,000 to
US$800,000.

Koppers Holdings Inc., (NYSE: KOP) -- http://www.koppers.com/--
with corporate headquarters and a research center in Pittsburgh,
Pennsylvania, is an integrated producer of carbon compounds and
treated wood products.  Including its joint ventures, Koppers
operates facilities in the United States, United Kingdom,
Denmark, Australia, China, the Pacific Rim and South Africa.

Koppers Holdings Inc.'s balance sheet at June 30, 2006 showed
total assets of US$625 million and total liabilities of US$733
million resulting in a total stockholders' deficit of US$108
million.  Total stockholders' deficit at Dec. 31, 2005 stood at
US$206 million.


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


ALCATEL SA: Earns EUR155 Million for Third Quarter 2006
-------------------------------------------------------
The Board of Directors of Alcatel S.A. reviewed and approved the
company's third quarter 2006 results.

Revenues were up by 1.4% at EUR3.335 billion compared with
EUR3.289 billion in the same period last year.  The gross margin
was 33.6%.

Operating profit amounted to EUR258 million, a 7.7% operating
margin.  Net income for the quarter was registered at EUR155
million.

                      Fixed communications

Third quarter revenue increased by 6.3% to EUR1.363 billion
compared with EUR1.282 billion in the same period in 2005.  The
IP network transformation continued to drive revenues and a
strong performance was registered in the access, IP carrier
data, and the terrestrial optical businesses.

Operating profit amounted to EUR151 million, representing an
11.1% operating margin with significant contributions coming
from the access, IP data and optical businesses.

                      Mobile Communications

Third quarter revenue decreased by 9.0% to EUR994 million
compared with EUR1.092 billion in the same period last year.
Revenues slightly declined in the 2G mobile radio business
reflecting Alcatel's commercial selectivity in an aggressive
pricing environment.  The Chinese market continued to register
good growth, even following a strong first half, to meet
continued net subscriber growth.

Operating profit amounted to EUR64 million, representing a 6.4%
operating margin, reflecting, in part, continuing investments in
the NGN/IMS core, 3G, Mobile TV and WiMAX product offering as
well as a competitive pricing environment.

                     Private Communications

Third quarter revenue increased by 7.9% to EUR1,001 million
compared with EUR928 million in the same period in 2005.
Revenue performance was satisfactory across all business
divisions with a strong performance in the enterprise and in the
rail communication businesses and with good revenues also
registered in the satellite business.

Operating profit amounted to EUR50 million, representing a 5.0%
operating margin, with a satisfactory performance coming from
all businesses.

"The third quarter once again confirmed Alcatel's leading
position in the transformation of networks toward a high
bandwidth, full IP architecture providing enhanced triple play
services to end users and reducing operating costs for the
carriers," Serge Tchuruk, Chairman and CEO, summarized the
Board's observations.

"In the wireline sector, this translated into increasing
traction for our IP, access, optical and applications solutions
in the carrier and enterprise markets where Alcatel's revenues
(excluding the seasonal submarine activity) grew by over 10%.
The strong inroads of Alcatel in the IP routing market were
again highlighted by a near doubling of revenues over the same
period last year.  Likewise, terrestrial optics as well as
enterprise applications revenues grew by over 20% and 30%
respectively, with Alcatel's product portfolio clearly outpacing
competition.

"This strong performance was partially offset by a decline in
our wireless revenues, whose annualized growth had averaged 25%
in eight successive quarters, and where the evolution toward IP
technologies and new video services is still at an early stage.
In the emerging countries where the number of 2G greenfield
deployment projects is diminishing, we maintained our selective
commercial policy, deliberately abstaining from large contracts
where risks are high in the medium term.  Furthermore, while
most customers have indicated their strong support for our
strategic moves with Lucent and Nortel, the materialization of
our currently active 3G projects will only occur once these
transactions are closed.  We are continuing our strong focus on
investment in next generation technologies such as NGN, IMS, and
WiMAX to secure a leading position in future network builds.

"We continue to make good progress toward our pending merger
with Lucent Technologies and believe we will complete a
successful closing before the end of the year.  Both the Thales
transaction and our acquisition of Nortel's UMTS radio access
business are also on track and we maintain our objective of
nearly simultaneous closings before yearend. While these
strategic moves are currently putting pressure on Alcatel's
organization as well as additional costs in our P&L, we are
today more than ever convinced that they will generate value for
the company.  Our objective will not only be to hold the number
one position in wireline, but also to be one of the very few
strategic suppliers to Tier 1 wireless players, making us the
key player for the fixed, mobile, and enterprise convergence.

"As stated last quarter, the structure of the company will
significantly change in the coming quarter, therefore we will
not be providing company specific guidance at this time."

                        About Alcatel

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

                         *     *     *

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

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


CONEXANT SYSTEMS: Moody's Assigns Caa1 Corp. Family Rating
----------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the senior
secured floating rate notes and a Caa1 rating to the corporate
family of Conexant Systems, Inc., a leading provider of
integrated circuits for the communications and broadband digital
home markets.  The ratings reflect both the overall probability
of default of the company under Moody's LGD framework using a
fundamental approach, to which Moody's assigns a PDR of Caa1,
and a loss-given-default of LGD-2 for the senior secured notes.

Moody's also assigned a SGL-3 speculative grade liquidity
rating, reflecting adequate liquidity.  Net proceeds from the
US$250 million note offering together with US$217 million of
balance sheet cash will be used to retire the outstanding
US$457 million 4% convertible subordinated notes maturing
February 2007.  The rating outlook is stable.

The Caa1 corporate family rating reflects Conexant's challenges,
given the company's high financial leverage and cost structure,
to withstand the dramatic swings inherent in the semiconductor
industry.  Conexant operates in a highly competitive operating
environment that is subject to cyclical factors and continuous
change.  Though limited, the company's financial flexibility
will improve following the planned refinancing of its
convertible notes maturing February 2007 and expected cash
receipts from the pending sale of its equity stake in Jazz
Semiconductor.

It is Moody's understanding that Conexant intends to use the
entire proceeds from the sale to reduce debt shortly after
receipt.  Nevertheless, Moody's believes Conexant remains
challenged to generate sufficient operating cash flow to
comfortably service its debt load during cyclical downturns.
The recent industry upturn coupled with growing demand for
Conexant's universal access, broadband access and broadband
media products, has resulted in gross margin expansion and has
helped the company to trim operating losses, however free cash
flow remains negative.  Excluding certain special charges and
expenses, Conexant has the propensity to deliver positive
operating cash flow.

Moody's believes the company's technological and product
strength, as well as its Tier 1 customer relationships, will
provide a base off of which it should be able to generate higher
revenues and profits once the company experiences rising market
share growth in its broadband media and wireless LAN (local area
networking) segments and after Conexant achieves the expected
cost reductions that are part of its most recent restructuring
efforts.

The stable outlook reflects our expectation that Conexant will
continue to demonstrate potential for improved market
penetration and favorable product mix driven by its ability to
achieve:

   -- design wins in the embedded wireless networking segment;

   -- the integration of its DSL and Wi-Fi capabilities into
      a single chip to capture higher volumes and higher
      price points; and

   -- the roll-out of new products targeting the
      residential VDSL gateway segment.

Coupled with expected cost savings from the recent
financial turnaround, this could help to improve Conexant's
profit profile.

Moody's notes that to the extent debt is not repaid as planned
from the Jazz Semi sale proceeds, the rating on the secured
notes would likely experience downward pressure.

The US$250 million senior secured floating rate notes are
secured by first priority liens on all of the company's tangible
and intangible assets (excluding the accounts receivable
facility), including:

   -- equity interests in Jazz Semi and Mindspeed Technologies;
   -- inter-company loans;
   -- real estate owned by the company; and
   -- intellectual property and contracts.

The secured notes also benefit from upstream guarantees from all
direct and indirect domestic subsidiaries.  Due to the
protection provided by the collateral package and the senior
position of the secured notes in the company's debt structure,
they are rated three notches higher than the CFR at B1 under
Moody's LGD framework, which assumes a 44% expected family
recovery rate.

Ratings assigned:

    * Corporate Family Rating: Caa1;

    * Probability of Default Rating: Caa1; and

    * US$250 million Senior Secured Floating Rate Notes
      due 2010: B1 (LGD-2, 19%); and

    * Speculative Grade Liquidity Rating: SGL-3.

Conexant Systems, Inc., headquartered in Newport Beach, CA, is a
leading provider of integrated circuits for the communications
and broadband digital home markets.  For the last twelve months
ended June 30, 2006, revenues were US$940 million.


CONEXANT SYSTEMS: S&P Lifts Rating to B on Improved Liquidity
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
and other ratings on Newport Beach, Calif.-based Conexant
Systems Inc., reflecting improved liquidity and operating
results.  The corporate credit rating was raised to 'B' from
'B-'.  The outlook was revised to stable from negative.

At the same time, Standard & Poor's assigned our 'B+' senior
secured rating and '1' recovery rating to the company's proposed
US$250 million senior secured floating rate notes due 2010,
indicating that investors can expect full (100%) recovery of
principal in the event of payment default.  The rating is based
on preliminary offering statements and is subject to review upon
final documentation.

Proceeds, along with cash on hand, will be used to refinance
US$457 million of debt maturing in February 2007.

"The ratings reflect volatile and competitive industry
conditions, the mature nature of its core modem business, and
still-high leverage," said Standard & Poor's credit analyst Lucy
Patricola.  "These factors are offset by good positions in its
key markets.  Conexant is a supplier of semiconductors used in
dial-up modems, set-top boxes, broadband access supporting DSL
connectivity, and wireless networking."

The outlook is stable.  The company's solid market position in
the steady dial-up modem business provides ratings support in
light of high leverage and modest free cash flow.  The outlook
could be revised to positive if the company is successful in
liquidating noncore assets and reducing debt, while maintaining
stable operations.  The outlook could be revised to negative if
the voice access business matures faster than anticipated, or if
the company's technological competitiveness in its remaining
core businesses is eroded.


INTERSHOP COMMUNICATIONS: Posts EUR1.6-Mln Losses for 3Q 2006
-------------------------------------------------------------
Intershop Communications AG released its financial results for
the third quarter ended Sept. 30, 2006.

Intershop reported EUR1.6 million in net loss in the third
quarter of 2006, compared with a net loss of EUR1.3 million in
the second quarter of 2006.  In comparison, Intershop's net loss
in the third quarter of 2005 was EUR1.5 million or a net loss of
EUR0.08 per share.

In the third quarter of 2006, total revenues were EUR4.9 million
compared with EUR4.3 million in Second quarter 2006 and EUR3.9
million in Third quarter 2005.  License revenues amounted to
EUR0.6 million in the third quarter of 2006, as against EUR1.0
million in Second quarter 2006 and EUR0.5 million in third
quarter 2005. Service revenues were EUR4.3 million in the third
quarter of 2006, compared with EUR3.2 million in Second quarter
2006 and EUR3.4 million in Third quarter 2005. Service revenues
in the third quarter of 2006 include online marketing revenues
amounting to EUR0.7 million.

Total operating costs (cost of revenues plus operating expenses)
including online marketing costs amounted to EUR6.4 million in
the third quarter of 2006, compared with EUR5.4 million in the
previous quarter and EUR5.1 million in the third quarter of
2005.

Total cash, including cash and cash equivalents, marketable
securities, and restricted cash fell from EUR13.5 million as of
December 31, 2005 to EUR12.8 million as of September 30, 2006.
The amount of unrestricted cash included in this total amounting
to EUR5.2 million as of September 30, 2006, compared to EUR7.3
million as of December 31, 2005. EUR0.8 million in cash and cash
equivalents was utilized in Third quarter 2006 to acquire
SoQuero GmbH's online marketing activities.

Operating Highlights

   -- Intershop's prominent customer base in the third quarter
      of 2006 included Deutsche Telekom, HP, Otto, and smart;

   -- the Company's long-standing customer KarstadtQuelle AG
      signed a further agreement on additional licenses and
      services in Third quarter;

   -- Intershop gained the Moscow-based cultural event marketing
      agency Ticket Agency 19-00 as well as the French
      electronics provider Thales as new customers in Europe;

   -- Widex, a leader provider of hearing aids in Denmark,
      successfully migrated to Intershop's current Enfinity
      Suite 6 standard software;

   -- in September 2006, Intershop made its first appearance as
      a provider of online marketing solutions at OMD, Germany's
      leading trade fair for digital marketing, and presented
      its new SoQuero product brand;

   -- as of Sept. 30, 2006, the company employed 244 full-time
      equivalent employees, as compared to 234 full-time
      equivalent employees as of June 30, 2006.

                         About Intershop

Headquartered in Jena, Germany, Intershop Communications AG --
http://www.intershop.com/-- provides software solutions that
help organizations evolve trading relationships with consumers
and business partners online.  Intershop Solutions enables
organizations to consolidate and manage unlimited online
commerce channels on a single platform.

Intershop also operates in France, U.K., Sweden, Czech Republic,
China, Australia, Singapore, South Korea, Taiwan and the U.S.A.

The Company has been posting annual losses since 2000: EUR87.5
million in 2000; EUR102.5 million in 2001; EUR59.7 million in
2002, EUR15.5 million in 2003; EUR14.3 million in 2004; and
EUR7.8 million in 2005.


INTERSHOP COMMUNICATIONS: Michael Sauer Joins Supervisory Board
---------------------------------------------------------------
Intershop Communications AG revealed that Supervisory Board
member Peter Mark Droste resigned at his own request for
personal reasons, effective Oct. 31, 2006.

At the request of the Company, Michael Sauer was appointed to
the Supervisory Board by order of the Jena local court as of
Nov. 1, 2006.

The owner of Cologne-based company Musicstore, Michael Sauer is
among the most successful European retailers and mail order
specialists for musical instruments.  After receiving his Abitur
-- school-leaving certificate granting entry into university
studies, -- he completed a commercial vocational traineeship and
began working in the music wholesale company owned by his father
Artur Sauer (Scandalli-Sauer), where he remained until he was
29.

In 1973, he started out on his own by taking over a small music
retailer in Cologne, which very quickly became the city's
largest music store.  It later evolved into one of Europe's
largest musical instrument mail order companies. Mr. Sauer today
has about 300 employees.

"I am convinced that, with such a good product range, Intershop
has met all the preconditions for business success in the
promising online market," Mr. Sauer said.

"Michael Sauer's expertise, particularly in the mail order
business, is an optimal addition to our Supervisory Board. I am
looking forward to working with him and to his contributions as
a member of the Supervisory Board," said Dr. Jürgen Schoettler,
Chairman of Intershop Communications AG's Management Board.

The Management Board and Supervisory Board of Intershop would
like to thank Mr. Droste for his valuable work and his
commitment while a member of Intershop Communications AG's
Supervisory Board and are looking forward to working
successfully together with the new member of the Supervisory
Board, Mr. Michael Sauer.

Mr. Droste had been a member of Intershop's Supervisory Board
since Nov. 28, 2002.  Hans W. Gutsch has been the Chairman of
the Supervisory Board since Sept. 30, 2005.

                         About Intershop

Headquartered in Jena, Germany, Intershop Communications AG --
http://www.intershop.com/-- provides software solutions that
help organizations evolve trading relationships with consumers
and business partners online.  Intershop Solutions enables
organizations to consolidate and manage unlimited online
commerce channels on a single platform.

Intershop also operates in France, U.K., Sweden, Czech Republic,
China, Australia, Singapore, South Korea, Taiwan and the U.S.A.

The Company has been posting annual losses since 2000: EUR87.5
million in 2000; EUR102.5 million in 2001; EUR59.7 million in
2002, EUR15.5 million in 2003; EUR14.3 million in 2004; and
EUR7.8 million in 2005.


INTRAWEST CORP: S&P Withdraws Ratings After Debenture Redemption
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew all its ratings,
including the 'BB-' long-term issuer credit rating, on Intrawest
Corp. following the company's announcement that it has been
acquired by a subsidiary of Fortress Group.

As a result, all of Intrawest's unsecured debentures
(CDN$125 million, notes due 2009, and US$575 million notes due
2013) have been tendered and redeemed.

At the time of withdrawal, the credit profile of the issue
outstanding continues to perform within the range of
expectations and assumptions incorporated into the current
ratings.


KB HOME: Internal Stock Option Probe Delays Form 10-Q Filing
------------------------------------------------------------
KB Home has delayed filing its Quarterly Report on Form 10-Q for
the fiscal third quarter ended Aug. 31, 2006 in order to gain
additional time to complete the review of historical stock
option grants and related accounting.

Members of the Audit and Compliance Committee of the KB Home
Board of Directors, in conjunction with outside legal counsel
and accountants, are conducting an internal review of the
company's stock option grants.

Although the internal review has not been concluded and no final
conclusions have been reached, the Sub-Committee has reached a
preliminary conclusion that the actual measurement dates for
financial accounting purposes of certain stock option grants
likely differ from the recorded grant dates.  As a result,
additional non-cash charges for stock based compensation
relating to these grants may need to be recorded.

Because the review is not yet complete, KB home has not yet
determined the aggregate amount or the materiality of additional
non-cash charges for such expense to be recorded in any specific
prior period or in any future period.  It has also not yet
determined the impact of any related tax consequences.  Until
conclusions are reached regarding the impact of the stock option
review on the financial statements, the company says it will not
be able to file the Third Quarter 10-Q.

According to KB Home, the delayed filing of the Third Quarter
10-Q and the unavailability of third quarter financial
statements may result in a default under the indentures
governing its senior and senior subordinated notes and credit
agreements.

The company is in the process of seeking extensions of time to
deliver third quarter financial statements to the banks under
each of its credit agreements.  The company intends to file the
Third Quarter 10-Q and to provide copies of that report to all
trustees under its indentures and to the banks under its credit
agreements on or before Dec. 24, 2006.

                       Unaudited Results

KB Home anticipates significant changes in its results of
operations for the fiscal three- and nine-month periods ended
Aug. 31, 2006 compared to its results in the corresponding
periods of 2005.

Total revenues for the quarter ended Aug. 31, 2006 reached
US$2.67 billion, an increase of 6% from US$2.53 billion in the
year-earlier quarter.  Total revenues for the nine months ended
Aug. 31, 2006 reached US$7.46 billion in 2006, up 19% from
US$6.29 billion in the nine months ended Aug. 31, 2005.

The increase in total revenues in the third quarter and first
nine months of 2006 was mainly due to growth in housing
revenues.  In the third quarter of 2006, the increase in housing
revenues was due to a higher average selling price compared to
the same period of 2005, partly offset by lower unit deliveries.
For the first nine months of 2006, housing revenue growth
resulted from increased unit deliveries and a higher average
selling price.

The company expects third quarter net income to decrease by
approximately 32%, from US$227.5 million in the third quarter of
2005 to US$155.3 million in the third quarter of 2006.

For the nine months ended Aug. 31, 2006, the company expects net
income to increase slightly, from US$531.8 million in the 2005
period to US$536.4 million in the 2006 period.

Despite higher revenues generated in the third quarter of 2006,
the company expects construction operating income to decrease by
approximately 36%, from US$373.8 million in the third quarter of
2005 to US$238.6 million in the third quarter of 2006, and
construction operating income margin to decrease by
approximately 6 percentage points, from 14.9% for the third
quarter of 2005 to 8.9% for the third quarter of 2006.  The
margin decrease resulted primarily from a lower housing gross
margin, charges associated with inventory impairments and the
abandonment of land purchase options it no longer plans to
pursue.

For the nine months ended Aug. 31, 2006, the Company expects
construction operating income to decrease by approximately 1%,
from US$864.2 million in the 2005 period to US$854.6 million in
the 2006 period.  Construction operating income margin for the
same nine-month period is expected to decrease by approximately
2.3 percentage points, from 13.8% for the 2005 period to 11.5%
for the 2006 period, due to a lower housing gross margin.

KB Home generated 5,989 net orders in the third quarter of 2006,
a decrease of 43% from 10,467 net orders in the year-earlier
quarter.  The decrease in third quarter net orders reflected a
53% decline in U.S. net orders, partially offset by a 9%
increase in France.  The company generated 24,616 net orders in
the first nine months of 2006, a decrease of 25% from 32,658 net
orders in the year-earlier period.  The decrease in net orders
for the first nine months reflected a 32% decline in U.S. net
orders, partially offset by a 12% increase in France.

Unit backlog totaled 23,878 units at Aug. 31, 2006 versus 27,744
units at Aug. 31, 2005.  The backlog value decreased 8% to
approximately US$6.53 billion at Aug. 31, 2006 from
approximately US$7.06 billion at Aug. 31, 2005. The year-over-
year decrease in backlog value resulted from decreases in all
U.S. regions, partly offset by an increase in France.

KB Home funds its business activities with cash flows generated
from operations and from debt financing, including the issuance
of publicly-traded notes and by entering into credit agreements
to borrow funds from banks and other financial institutions.

Currently, its primary credit agreement is a US$1.5 billion
unsecured revolving credit facility that allows the company to
draw funds as needed to support our business.  As of
Oct. 10, 2006, the company had US$600 million of outstanding
borrowings under its US$1.5 Billion Credit Facility and US$487
million of outstanding letters of credit, leaving US$413 million
of available capacity.

Headquartered in Los Angeles, California, KB Home (NYSE: KBH) --
http://www.kbhome.com/-- is a homebuilder with domestic
operating divisions in some of the fastest-growing regions and
states: West Coast-California; Southwest-Arizona, Nevada and New
Mexico; Central-Colorado, Illinois, Indiana and Texas; and
Southeast-Florida, Georgia, North Carolina and South Carolina.
Kaufman & Broad S.A., the Company's publicly traded French
subsidiary, a homebuilding company in France.  It also operates
KB Home Mortgage Company, a full-service mortgage company for
the convenience of its buyers.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 27,
Standard & Poor's Ratings Services placed its BB+ corporate
credit, BB+ senior unsecured, and BB- senior subordinated debt
ratings on KB Home on CreditWatch with negative implications.
The CreditWatch listings affect US$1.65 billion of senior notes
and US$750 million of senior subordinated notes.

As reported in the Troubled Company Reporter on Sept. 15, 2006,
Fitch Ratings affirmed and revised the Rating Outlook to Stable
from Positive for KB Home's Issuer Default Rating 'BB+', Senior
unsecured debt and revolving credit facility 'BB+' and Senior
subordinated debt 'BB-'.

As reported in the Troubled Company Reporter on July 14, 2006,
Moody's Investors Service affirmed all of the ratings of KB
Home, including its Corporate Family Rating of Ba1, senior debt
rating of Ba1, and senior subordinated debt rating of Ba2.
Moody's said the rating outlook is revised to stable, from
positive.


KB HOME: Receives Default Notice for 7-1/4% Sr. Notes Due 2018
--------------------------------------------------------------
KB Home received, on Oct. 26, 2006, a letter stating it serves
as a notice of default under the indenture related to its 7-1/4%
Senior Notes due 2018 from an entity claiming to manage funds
that beneficially own more than 25% of the 7-1/4% Senior Notes.
The letter states that KB Home is in default under the indenture
because it has not filed its Quarterly Report on Form 10-Q for
the quarter ended Aug. 31, 2006 with the Securities and Exchange
Commission.

Under the indenture for any series of its senior notes,
including the 7-1/4% Senior Notes, if KB Home fails to cure such
a default within the 60 days after notice is effectively given,
the default could become an "event of default" under the
indenture, allowing the Trustee or the holders of at least 25%
in aggregate outstanding principal amount of such senior notes
to accelerate the maturity of such series of senior notes.

The Company is soliciting consents from the holders of each
series of its senior notes, including the 7-1/4% Senior Notes,
to approve a proposed amendment to the indenture governing such
senior notes to extend the time for the Company to file its
Quarterly Report on Form 10-Q for the quarter ended Aug. 31,
2006.

Headquartered in Los Angeles, California, KB Home (NYSE: KBH) --
http://www.kbhome.com/-- is a homebuilder with domestic
operating divisions in some of the fastest-growing regions and
states: West Coast-California; Southwest-Arizona, Nevada and New
Mexico; Central-Colorado, Illinois, Indiana and Texas; and
Southeast-Florida, Georgia, North Carolina and South Carolina.
Kaufman & Broad S.A., the Company's publicly traded French
subsidiary, a homebuilding company in France.  It also operates
KB Home Mortgage Company, a full-service mortgage company for
the convenience of its buyers.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 27,
Standard & Poor's Ratings Services placed its BB+ corporate
credit, BB+ senior unsecured, and BB- senior subordinated debt
ratings on KB Home on CreditWatch with negative implications.
The CreditWatch listings affect US$1.65 billion of senior notes
and US$750 million of senior subordinated notes.

As reported in the Troubled Company Reporter on Sept. 15, 2006,
Fitch Ratings affirmed and revised the Rating Outlook to Stable
from Positive for KB Home's Issuer Default Rating 'BB+', Senior
unsecured debt and revolving credit facility 'BB+' and Senior
subordinated debt 'BB-'.

As reported in the Troubled Company Reporter on July 14, 2006,
Moody's Investors Service affirmed all of the ratings of KB
Home, including its Corporate Family Rating of Ba1, senior debt
rating of Ba1, and senior subordinated debt rating of Ba2.
Moody's said the rating outlook is revised to stable, from
positive.


KB HOME: Wants to Amend US$1.65-Billion Sr. Notes' Indenture
------------------------------------------------------------
KB Home is soliciting consents from the holders of its
US$1.65 billion of outstanding Senior Notes to approve a
proposed amendment to the indenture governing the Senior Notes
to allow the Company to file its Quarterly Report on Form 10-Q
for its fiscal quarter ended Aug. 31, 2006 a maximum of 60 days
after the current deadline.

Holders of the Senior Notes are referred to the Company's
Consent Solicitation Statement dated Oct. 25, 2006 and the
related Letter of Consent, which are being mailed to holders,
for the detailed terms and conditions of the Consent
Solicitation.

The Company is offering a consent fee of US$7.50 in cash for
each US$1,000 principal amount of Senior Notes, subject to the
terms of the Consent Solicitation.

The record date for determining the holders who are entitled to
consent is 5:00 p.m., New York City time, on Oct. 24, 2006.  The
Consent Solicitation will expire at 5:00 p.m., New York City
time, on Nov. 7, 2006, unless extended.

The Company has not yet filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q for the fiscal
quarter ended Aug. 31, 2006 in order to allow additional time to
complete an internal review of its historical stock option
grants and related accounting.  The Company intends to file the
Third Quarter 10-Q and to provide copies of that report
(including its third quarter financial statements) to the
trustee under the Indenture on or before Dec. 24, 2006, which
would be in time to cure any default that might be declared
under the Indenture as a result of the delayed filing of the
Third Quarter 10-Q.

Specifically, the Consent Solicitation proposes to amend the
Indenture to suspend until Feb. 23, 2007, the occurrence of
events of defaults under Sections 501(4) and 501(5) of the
Indenture caused by matters described in Part III of the 12b-25
Filing, matters, and matters incidental that are not material to
the Company, and to obtain the waiver of all defaults caused by
these matters prior to the effective date of the proposed
amendment.  The proposed amendment and waiver will become
effective promptly following execution of a supplemental
indenture to the Indenture, receipt of the requisite consents
and payment of the consent fee.

The Company has retained Global Bondholder Services Corporation
to serve as its information agent and tabulation agent for the
Consent Solicitation.  Requests for documents should be directed
to Global Bondholder Services at (866) 470-3800 or (212) 430-
3774.  The Company has also retained Banc of America Securities
LLC and Citigroup Corporate and Investment Banking as joint
solicitation agents for the Consent Solicitation.  Questions
concerning the terms of the Consent Solicitation should be
directed to Banc of America Securities LLC at (888) 292-0070 (US
toll-free) or (704) 388-4813 (collect) or Citigroup Corporate
and Investment Banking at (800) 558-3745 (US toll-free).

Headquartered in Los Angeles, California, KB Home (NYSE: KBH) --
http://www.kbhome.com/-- is a homebuilder with domestic
operating divisions in some of the fastest-growing regions and
states: West Coast-California; Southwest-Arizona, Nevada and New
Mexico; Central-Colorado, Illinois, Indiana and Texas; and
Southeast-Florida, Georgia, North Carolina and South Carolina.
Kaufman & Broad S.A., the Company's publicly traded French
subsidiary, a homebuilding company in France.  It also operates
KB Home Mortgage Company, a full-service mortgage company for
the convenience of its buyers.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 27,
Standard & Poor's Ratings Services placed its BB+ corporate
credit, BB+ senior unsecured, and BB- senior subordinated debt
ratings on KB Home on CreditWatch with negative implications.
The CreditWatch listings affect US$1.65 billion of senior notes
and US$750 million of senior subordinated notes.

As reported in the Troubled Company Reporter on Sept. 15, 2006,
Fitch Ratings affirmed and revised the Rating Outlook to Stable
from Positive for KB Home's Issuer Default Rating 'BB+', Senior
unsecured debt and revolving credit facility 'BB+' and Senior
subordinated debt 'BB-'.

As reported in the Troubled Company Reporter on July 14, 2006,
Moody's Investors Service affirmed all of the ratings of KB
Home, including its Corporate Family Rating of Ba1, senior debt
rating of Ba1, and senior subordinated debt rating of Ba2.
Moody's said the rating outlook is revised to stable, from
positive.


LEVEL 3: Fitch Affirms CCC Issuer Default Rating
------------------------------------------------
Fitch Ratings assigned a rating of B/RR1 to Level 3 Financing,
Inc.'s issuance of US$600 million of 9.25% senior notes due
2014.  In addition, Fitch affirmed the CCC Issuer Default Rating
and each issue rating for Level 3 Communications, Inc. and Level
3 Financing, Inc.  The Rating Outlook is Positive.

The Positive Rating Outlook continues to reflect Fitch's belief
that the company's acquisitions, including the recently
announced Broadwing Corporation acquisition, gives Level 3 a
firm path, if successfully integrated, toward de-leveraging its
credit profile and achieving positive free cash flow in 2008.

The timing of an upgrade of Level 3's IDR is linked to the
company's ability to improve free cash flow, materially reduce
leverage, generate positive organic revenue growth and improve
margins.  Additionally, the company will need to maintain
liquidity and financial flexibility.

The new notes will constitute purchase money indebtedness under
the indentures of Level 3.  The net proceeds can be used for
acquisitions or expansion of the company's infrastructure.  With
this offering, the company will have a fully drawn US$730
million secured term loan facility due 2011 as well as US$1.8
billion of senior unsecured notes at Level 3 Financing.

Fitch expects that the proceeds from this new offering will be
in part used for the company's acquisition of Broadwing.  The
total cash requirement in this transaction is US$744 million,
but only US$394 million when netted against second quarter 2006
outstanding cash at Broadwing.

The Broadwing acquisition is expected to close in first quarter
2007.  Level 3 continues to maintain strong liquidity and
finished third quarter 2006 with US$731 million of cash and
US$509 million of marketable securities.  Level 3's current
maturity schedule is US$2 million in 2007, US$138 million in
2008 and US$362 million in 2009.

Level 3's third quarter earnings results showed strong year-
over-year revenue and operating EBITDA growth in core
communications services due to both organic growth as well as
contributions from acquisitions.  Integration and capital
expenditures are expected to remain high for the next couple of
years, but with a steady trend of strengthening operating and
free cash flow.

Gross margins continued to strengthen in the third quarter
reaching 57% and this trend should continue as the low margin
SBC contract contribution continues to reduce and acquisitions
are integrated.  Fitch believes that acquisition activity at
Level 3 will be curtailed due to the outstanding amount of
integration effort, which is currently present.

Fitch also expects that Level 3 could take advantage of
opportunities to reduce interest expense in order to strengthen
its credit profile on a going forward basis.  Opportunities to
reduce interest expense could include the ability to convert
debt to equity, which is present at US$1.2 billion of senior
convertible notes that can convert at less than US$4 per share.
The company also has the ability to call over US$600 million of
high coupon debt due in 2010, in March 2007.

The following ratings are affirmed with a Positive Outlook:

Level 3 Communications, Inc.

   -- IDR CCC;
   -- Senior unsecured debt CCC-/RR5; and
   -- Subordinated debt CC/RR6.

Level 3 Financing, Inc.:

   -- IDR CCC;
   -- Senior secured term loan B/RR1; and
   -- Senior unsecured debt B/RR1.


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


ALLINMOTION WERBESYSTEME: Claims Registration Ends November 5
-------------------------------------------------------------
Creditors of allinmotion Werbesysteme GmbH have until Nov. 5 to
register their claims with court-appointed provisional
administrator Christian Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 allinmotion Werbesysteme GmbH on Sept. 12.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         allinmotion Werbesysteme GmbH
         Heinrichstr. 34
         50226 Frechen, Germany

         Attn: Michael Fleischer, Manager
         Rodderstr. 74
         53842 Troisdorf, Germany

         Norbert Kranen, Manager
         Heinrichstr. 23
         50226 Frechen, Germany

The administrator can be contacted at:

         Dr. Christian Frystatzki
         Sankt Augustiner Str. 94 a
         53225 Bonn, Germany


AME ASSET: Claims Registration Ends November 5
----------------------------------------------
Creditors of AME Asset Management und Entwicklungsgesellschaft
mbH & Co. KG have until Nov. 5 to register their claims with
court-appointed provisional administrator Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 AME Asset Management und Entwicklungsgesellschaft mbH &
Co. KG on Sept. 12.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         AME Asset Management und Entwicklungsgesellschaft
         mbH & Co. KG
         Attn: Dr. Rainer C. Kahrmann, Manager
         Oppenheimstr. 9
         50668 Cologne, Germany

The administrator can be contacted at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Cologne, Germany


BEST-CONNECT: Claims Registration Ends November 5
-------------------------------------------------
Creditors of Best-Connect Vertriebs GmbH have until Nov. 5 to
register their claims with court-appointed provisional
administrator Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Best-Connect Vertriebs GmbH on Sept. 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Best-Connect Vertriebs GmbH
         Attn: Okan Kaya Huerth, Manager
         Raiffeisenstr. 23
         50354 Huerth, Germany

The administrator can be contacted at:

         Dr. Ruediger Werres
         Friesenplatz 17 a
         50672 Cologne, Germany


CONEXANT SYSTEMS: Moody's Assigns Caa1 Corp. Family Rating
----------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the senior
secured floating rate notes and a Caa1 rating to the corporate
family of Conexant Systems, Inc., a leading provider of
integrated circuits for the communications and broadband digital
home markets.  The ratings reflect both the overall probability
of default of the company under Moody's LGD framework using a
fundamental approach, to which Moody's assigns a PDR of Caa1,
and a loss-given-default of LGD-2 for the senior secured notes.

Moody's also assigned a SGL-3 speculative grade liquidity
rating, reflecting adequate liquidity.  Net proceeds from the
US$250 million note offering together with US$217 million of
balance sheet cash will be used to retire the outstanding
US$457 million 4% convertible subordinated notes maturing
February 2007.  The rating outlook is stable.

The Caa1 corporate family rating reflects Conexant's challenges,
given the company's high financial leverage and cost structure,
to withstand the dramatic swings inherent in the semiconductor
industry.  Conexant operates in a highly competitive operating
environment that is subject to cyclical factors and continuous
change.  Though limited, the company's financial flexibility
will improve following the planned refinancing of its
convertible notes maturing February 2007 and expected cash
receipts from the pending sale of its equity stake in Jazz
Semiconductor.

It is Moody's understanding that Conexant intends to use the
entire proceeds from the sale to reduce debt shortly after
receipt.  Nevertheless, Moody's believes Conexant remains
challenged to generate sufficient operating cash flow to
comfortably service its debt load during cyclical downturns.
The recent industry upturn coupled with growing demand for
Conexant's universal access, broadband access and broadband
media products, has resulted in gross margin expansion and has
helped the company to trim operating losses, however free cash
flow remains negative.  Excluding certain special charges and
expenses, Conexant has the propensity to deliver positive
operating cash flow.

Moody's believes the company's technological and product
strength, as well as its Tier 1 customer relationships, will
provide a base off of which it should be able to generate higher
revenues and profits once the company experiences rising market
share growth in its broadband media and wireless LAN (local area
networking) segments and after Conexant achieves the expected
cost reductions that are part of its most recent restructuring
efforts.

The stable outlook reflects our expectation that Conexant will
continue to demonstrate potential for improved market
penetration and favorable product mix driven by its ability to
achieve:

   -- design wins in the embedded wireless networking segment;

   -- the integration of its DSL and Wi-Fi capabilities into
      a single chip to capture higher volumes and higher
      price points; and

   -- the roll-out of new products targeting the
      residential VDSL gateway segment.

Coupled with expected cost savings from the recent
financial turnaround, this could help to improve Conexant's
profit profile.

Moody's notes that to the extent debt is not repaid as planned
from the Jazz Semi sale proceeds, the rating on the secured
notes would likely experience downward pressure.

The US$250 million senior secured floating rate notes are
secured by first priority liens on all of the company's tangible
and intangible assets (excluding the accounts receivable
facility), including:

   -- equity interests in Jazz Semi and Mindspeed Technologies;
   -- inter-company loans;
   -- real estate owned by the company; and
   -- intellectual property and contracts.

The secured notes also benefit from upstream guarantees from all
direct and indirect domestic subsidiaries.  Due to the
protection provided by the collateral package and the senior
position of the secured notes in the company's debt structure,
they are rated three notches higher than the CFR at B1 under
Moody's LGD framework, which assumes a 44% expected family
recovery rate.

Ratings assigned:

    * Corporate Family Rating: Caa1;

    * Probability of Default Rating: Caa1; and

    * US$250 million Senior Secured Floating Rate Notes
      due 2010: B1 (LGD-2, 19%); and

    * Speculative Grade Liquidity Rating: SGL-3.

Conexant Systems, Inc., headquartered in Newport Beach, CA, is a
leading provider of integrated circuits for the communications
and broadband digital home markets.  For the last twelve months
ended June 30, 2006, revenues were US$940 million.


CONEXANT SYSTEMS: S&P Lifts Rating to B on Improved Liquidity
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
and other ratings on Newport Beach, Calif.-based Conexant
Systems Inc., reflecting improved liquidity and operating
results.  The corporate credit rating was raised to 'B' from
'B-'.  The outlook was revised to stable from negative.

At the same time, Standard & Poor's assigned our 'B+' senior
secured rating and '1' recovery rating to the company's proposed
US$250 million senior secured floating rate notes due 2010,
indicating that investors can expect full (100%) recovery of
principal in the event of payment default.  The rating is based
on preliminary offering statements and is subject to review upon
final documentation.

Proceeds, along with cash on hand, will be used to refinance
US$457 million of debt maturing in February 2007.

"The ratings reflect volatile and competitive industry
conditions, the mature nature of its core modem business, and
still-high leverage," said Standard & Poor's credit analyst Lucy
Patricola.  "These factors are offset by good positions in its
key markets.  Conexant is a supplier of semiconductors used in
dial-up modems, set-top boxes, broadband access supporting DSL
connectivity, and wireless networking."

The outlook is stable.  The company's solid market position in
the steady dial-up modem business provides ratings support in
light of high leverage and modest free cash flow.  The outlook
could be revised to positive if the company is successful in
liquidating noncore assets and reducing debt, while maintaining
stable operations.  The outlook could be revised to negative if
the voice access business matures faster than anticipated, or if
the company's technological competitiveness in its remaining
core businesses is eroded.


CPE PROJEKT: Claims Registration Ends November 5
------------------------------------------------
Creditors of CPE Projekt-Entwicklung AG have until Nov. 5 to
register their claims with court-appointed provisional
administrator Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Nov. 28 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 CPE Projekt-Entwicklung AG on Sept. 12.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         CPE Projekt-Entwicklung AG
         Oppenheimstr. 9
         50668 Cologne, Germany

         Attn: Dr. Rainer C. Kahrmann, Manager
         Ground Floor Flat
         38 Wilton Cres
         GBR-SW1X8RX London, Great Britain

The administrator can be contacted at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Cologne, Germany


DURA AUTOMOTIVE: U.S. & Canadian Units File Chapter 11 Petitions
----------------------------------------------------------------
DURA Automotive Systems Inc.'s U.S. and Canadian subsidiaries
have filed for protection under Chapter 11 of the U.S.
Bankruptcy Code with the U.S. Bankruptcy Court for the District
of Delaware.  DURA's European and other operations outside the
U.S. and Canada, accounting for approximately 51% of DURA's
revenue, are not part of the filing.

DURA's decision to pursue reorganization under Chapter 11 came
after evaluating all options to restructure its balance sheet to
reduce the company's indebtedness and interest expense.  DURA
elected to pursue a restructuring under court protection as it
will facilitate both a financial restructuring and ongoing
operational restructuring, the successful implementation of
which will help DURA overcome current financial and industry
pressures and position the company for long-term success.

                           DIP Financing

As part of the filing, DURA has arranged for approximately
US$300 million in Debtor-in-Possession financing from Goldman
Sachs, GE Capital, and Barclays, which will be used by DURA to
fund normal business operations and continue its operational
restructuring program initiated in February 2006.

The company has requested, and expects to receive, permission
from the Court to pay employee salaries, wages and benefits.
DURA has also asked for authority to pay certain critical pre-
petition vendor claims and will continue to pay its post-
petition obligations in the ordinary course of business.  DURA
said the steps it is taking would help ensure continuity of
supply to customers.

"With industry conditions tightening further, we concluded that
our capital structure is no longer appropriate," chairman and
chief executive officer of DURA Automotive Systems Larry Denton
said.

"The Chapter 11 process will enable us to work with our
creditors on a plan that will reduce our debt burden and align
the business to meet the challenges of tomorrow's automotive
marketplace.

"The entire North American automotive supply industry is at an
extremely difficult juncture," Mr. Denton continued.

"Pursuing a financial reorganization under court protections is
the prudent course of action and positioning us for long-term
sustainability.  This is in the best interest of our employees,
customers, vendors, and other business partners."

DURA said the accelerating deterioration of the North American
automotive industry, in particular, further production cuts by
the major U.S. OEMs and the escalating cost of raw materials,
adversely affected DURA's cash position prior to the filing.
The DIP financing will improve DURA's liquidity, providing the
company with sufficient working capital to continue normal
operations and fund its turnaround.

In February 2006, DURA initiated an operational restructuring
program, focused on improving quality, lowering production
costs, increasing EBITDA and rightsizing the business to account
for capacity reductions.  The operational restructuring program
is generating improvements today and will continue to generate
additional improvements throughout the bankruptcy process.

"Once our operational and financial programs are complete, we
believe that DURA will have improved its competitive position in
the automotive supply market, combining best-in-class quality
with best-in-cost production through our global lean-
manufacturing footprint," Mr. Denton said.

"DURA plans to continue to serve customers with innovative,
competitively priced products that meet the highest standards of
quality today and into the future."


                   About DURA Automotive Systems

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry. The company is also a leading supplier of
similar products to the recreation vehicle and specialty vehicle
industries. DURA sells its automotive products to every North
American, Japanese and European original equipment manufacturer
and many leading Tier 1 automotive suppliers.  It currently
operates in 63 locations including joint venture companies and
customer service centers in 14 countries.  In Europe, the
company maintains operations in Germany, the United Kingdom,
France, Spain, Portugal, Czech Republic, Slovakia and Romania.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 19,
Moody's Investors Service lowered the Probability of Default
rating of Dura Automotive Systems Inc. to D from Caa3.

Standard & Poor's Ratings Services has also lowered the
corporate credit rating of Dura Automotive Systems Inc. and its
subsidiary, Dura Operating Corp., to 'D' from 'CCC'.


DURA AUTOMOTIVE: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Dura Automotive Systems, Inc.
             aka Dura Automotive Holdings, Inc.
             aka MC Holding Corp.
             2791 Research Drive
             Rochester Hills, MI 48309-3575

Bankruptcy Case No.: 06-11202

Debtor-affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
   Dura Operating Corp.                          06-11203
   Adwest Electronics Inc.                       06-11204
   Atwood Automotive, Inc.                       06-11205
   Atwood Mobile Products, Inc.                  06-11206
   Automotive Aviation Partners, LLC             06-11207
   Creation Group Transportation, Inc.           06-11208
   Creation Group, Inc.                          06-11209
   Creation Windows, Inc.                        06-11210
   Creation Windows, LLC                         06-11211
   Creation Group Holdings, Inc.                 06-11212
   Dura Aircraft Operating Company, LLC          06-11213
   Dura Automotive Systems Cable Operations Inc. 06-11214
   Dura Automotive Systems of Indiana, Inc.      06-11215
   Dura Brake Systems, L.L.C.                    06-11216
   Dura Cables North LLC                         06-11217
   Dura Cables South LLC                         06-11218
   Dura Fremont L.L.C.                           06-11219
   Dura Gladwin L.L.C.                           06-11220
   Dura Global Technologies, Inc.                06-11221
   Dura G.P.                                     06-11222
   Dura Mancelona L.L.C.                         06-11223
   Dura Services L.L.C.                          06-11224
   Dura Shifter L.L.C.                           06-11225
   Dura Spicebright, Inc.                        06-11226
   Kemberly, Inc.                                06-11227
   Kemberly, LLC                                 06-11228
   Mark I Molded Plastics of Tennessee, Inc.     06-11229
   Patent Licensing Clearinghouse L.L.C.         06-11230
   Spec-Temp, Inc.                               06-11231
   Trident Automotive, L.L.C.                    06-11232
   Trident Automotive, L.P.                      06-11233
   Universal Tool & Stamping Company, Inc.       06-11234
   Dura Automotive Canada ULC                    06-11235
   Dura Automotive Systems (Canada), Ltd.        06-11236
   Dura Canada LP                                06-11237
   Dura Holdings Canada LP                       06-11238
   Dura Holdings ULC                             06-11239
   Dura Ontario, Inc.                            06-11240
   Dura Operating Canada LP                      06-11241
   Trident Automotive Canada Co.                 06-11242
   Trident Automotive Limited                    06-11243

Type of Business: The Debtors design and manufacture driver
                  control systems, seating control systems,
                  glass systems, engineered assemblies,
                  structural door modules, and exterior trim
                  systems for the global automotive industry.
                  The Debtors also supply similar products to
                  the recreation vehicle and specialty vehicle
                  industries.  The Debtors sell their automotive
                  products to every North American, Japanese,
and
                  European original equipment manufacturer and
                  many leading Tier 1 automotive suppliers.
                  See http://www.DURAauto.com/

Chapter 11 Petition Date: October 30, 2006

Court: District of Delaware

Judge: Kevin J. Carey

Debtors'
Lead Counsel:     Richard M. Cieri, Esq.
                  Marc Kieselstein, Esq.
                  Roger James Higgins, Esq.
                  Ryan Blaine Bennett, Esq.
                  Kirkland & Ellis LLP
                  200 East Randolph Drive
                  Chicago, IL 60601-6636
                  Tel: (312) 861-2000
                  Fax: (312) 861-2200

Debtors'
Co-Counsel:       Mark D. Collins, Esq.
                  Daniel J. DeFranseschi, Esq.
                  Jason M. Madron, Esq.
                  Richards Layton & Finger, P.A.
                  One Rodney Square
                  920 North King Street
                  Wilmington, DE 19801
                  Tel: (302) 651-7575
                  Fax: (302) 498-7575

Debtors' Special
Counsel:          Baker & McKenzie

Debtors'
Conflicts
Counsel:          Togut, Segal & Segal LLP

Debtors'
Investment
Banker:           Miller Buckfire & Co., LLC

Debtors'
Financial
Advisor:          Glass & Associates Inc.

Debtors'
Notice, Claims
and Balloting
Agent:            Kurtzman Carson Consultants LLC

Debtors'
Corporate
Communications
Consultants:      Brunswick Group LLC

Financial Condition as of July 2, 2006:

      Total Assets: $1,993,178,000

      Total Debts:  $1,730,758,000

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
U.S. Bank Trust Services         9% Senior Subd.   $523,530,000
60 Livingston Ave. EP-MN-WS3C    Notes
St. Paul, MN 55107
Attn: Richard Prokosch
Tel: (651) 495-3918
Fax: (651) 495-8097


BNY Midwest Trust Company        8.625% Senior     $400,000,000
2 N LaSalle Street, Suite 1020
Chicago, IL 60602
Attn: Roxanne J. Ellwanger
Tel: (312) 827-8574
Fax: (312) 827-8542

JP Morgan Trust Company          7.5% Convertible   $55,205,000
Institutional Trust Service
227 West Monroe, Suite 2600
Chicago, IL 60606
Attn: Sharon K. McGrath
Tel: (402) 496-1960
Fax: (402) 496-2014

Johnson Electric North America   Trade               $3,258,156
47660 Halyard Drive
Plymouth, MI 48101
Attn: Jessi Lamb
      Doug Eberle
      Doug Stange
Tel: (734) 392-5451
Fax: (734) 392-5480
     (734) 392-5388
     (734) 392-5386

ACH Glass                        Trade               $2,200,817
17333 Federal Drive, Suite 230
Allen Park, MI 48101
Attn: Dave Thompson
      Steve Ewing
Tel: (313) 755-3735
Fax: (313) 755-2285

HS Spring Group                  Trade               $1,969,900
25 Worchester Road
Toronto, ON M9W IK9
Canada

3805 Business Park Drive
Louisville, KY 40213
Attn: Kerry Pursley
      Paul Law
      Pamella Collins
Tel: (416) 675-9072
Fax: (416) 675-9074

Ready Rivet and Fastener Ltd.    Trade               $1,877,979
170 Hollinger Crescent
Kitchner, ON N2K 2Z3
Canada
Attn: Dan Collins
Tel: (519) 745-6119
Fax: (519) 745-9453

ACH Vidriocar                    Trade                 $837,881
Calle Miguel Calalan
# 420 Parque
Industrial Rio Bravo
Juarez, Chihuahua 32700
Mexico
Attn: Armando Galindo
Tel: (526) 566-295-153
Fax: (595) 021-501-617


MakSteel                         Trade                 $949,700
7615 Torbram Road
Mississauga, ON L4T 4A8
Canada
Attn: Norm Trudeau
      Bill Cooke
Tel: (905) 671-3000 x 2255
Fax: (905) 673-4976

Thompson IG LLC                  Trade                 $782,031
3196 Thompson Road
Fenton, MI 48430
Attn: Chris DeSonia
      Debbie Schultz
Tel: (810) 629-9558
Fax: (810) 629-0041

Fastco Industries Inc.           Trade                 $623,113
2685 Mullins Avenue NW
P.O. Box 141427
Grand Rapids, MI 49544
Attn: Craig Gill
      Marti Archibald
Tel: (616) 453-5428
Fax: (616) 791-0481

Astro Shapes Inc.                Trade                 $581,593
65 Main Street
P.O. Box 2
Struthers, OH 44471
Attn: Terri Michaud
      Alison Ritchie
Tel: (330) 755-1414
Fax: (330) 755-3641

Technical Services Inc.          Trade                 $540,704
57006 241st Street
Ames, IA 50010
Attn: Martin Simpson
Tel: (525) 232-3188
Fax: (515) 232-2953

Young Technology Inc.            Trade                 $527,091
332 Commerce Drive
Carol Stream, IL 60188
Attn: Eric Luhrs
      John Wenstrup
Tel: (630) 690-4320 ext. 20
Fax: (630) 690-9487

Royal Plastics Inc.              Trade                 $525,362
3765 Quincy Street
Hudsonville, MI 49426
Attn: Perry Franco
Tel: (616) 667-4155
Fax: (616) 896-0290

Worthington Steel                Trade                 $500,232
200 Old Wilson Bridge Road
Columbus, OH 43085
Attn: Tom Grabowski
      John Cummings
Tel: (614) 438-3210
Fax: (614) 840-3706

Camcar Textron CDN               Trade                 $495,869
87 Disco Road
Rexdale, ON M9W 6K2
Canada
Attn: Andrew Chubb
      Brian Erickson
Tel: (800) 268-4806
Fax: (416) 675-3762

White Rogers                     Trade                 $463,291
P.O. Box 93638
Chicago, IL 60673
Attn: Debbie Schmidt
Tel: (870) 793-3855
Fax: (870) 793-1822

Kilbank Metal Turning &          Trade                 $460,115
Forming Inc.
4 Barrie Boulevard
St. Thomas, ON N5P 4B9
Canada
Attn: Donna Dyson
      Steve Smith
Tel: (519) 631-4470
Fax: (519) 631-3152

PPG Industries                   Trade                 $441,408
One PPG Place
Pittsburgh, PA 15272
Attn: Karen Blaylock
      Jason Skeen
Tel: (412) 434-3131
Fax: (419) 526-7487

AGC Automotive Americas          Trade                 $426,018
1 Auto Glass Drive
P.O. Box 5000
Elizabethtown, KY 42701
Attn: Darryl Mezigian
Tel: (248) 324-5062
Fax: (270) 769-8295

Sturgis Molded Products          Trade                 $406,473
70343 Clark Street
P.O. Box 246
Sturgis, MI 49091
Attn: Rejean Schragg
      Pam Kain
Tel: 1-800-572-1786
Fax: (269) 651-4072

Freedom Technologies Corp.       Trade                 $373,596
10370 Citation Drive, Suite 200
Brighton, MI 48116
Attn: John Piatek
Tel: (810) 227-3737
Fax: (810) 227-3909

Carthage Wire Mill               Trade                 $358,129
1225 East Central Avenue
Carthage, MO 64836
Attn: Christian Lupo
Tel: 1-800-527-1786
Fax: (314) 567-7334

Indalex Aluminum Solutions       Trade                 $353,787
75 Tri-State International
Suite 450
Lincolnshire, IL 60069
Attn: Pat Wooley
      Connie Shinuald
Tel: (866) 576-0146
Fax: (847) 295-3851

McLaughlin Metal Sales Co.       Trade                 $338,998
12898 Pennridge Drive
Bridgeton, MO 63044
Attn: Wilson Allee
      Dan Gutos
Tel: (314) 567-8585
Fax: (314) 567-7334

Orchid Automation                Trade                 $338,005
331 Alden Road
Markham, ON L3R3L4
Canada
Attn: Darrell Corkum
Tel: (615) 661-4300
Fax: (615) 661-4359

Ford Motor Company               Trade                 $337,542
P.O. Box 6248
Dearborn, MI 48126
Attn: Steve Martin
      Jennifer Zinn
Tel: (313) 322-3000 ext. 9798
Fax: (313) 845-4089

SAIA - Burgess North America     Trade                 $336,283
801 Scholz Drive
Vandalia, OH 45377
Attn: Ron Rogers
      Chris Mullins
Tel: (937) 454-2345
Fax: (937) 898-8624

Pilkington-Clinton Plant         Trade                 $332,499
11700 Tecumseh-Clinton Road
Clinton, MI 49236
Attn: Terrance Gallagher
      Pat Gallagher
Tel: (517) 456-2167
Fax: (517) 456-4242


EDUCATE INC: Moody's Reviewing Ratings & May Downgrade
------------------------------------------------------
Moody's Investors Service placed the long-term debt ratings of
Educate, Inc. and the ratings on the senior secured credit
facilities of Educate Operating Company, LLC on review for a
possible downgrade.

Ratings affected:

Educate, Inc.

    * B1 rated Corporate Family Rating

Educate Operating Company, LLC

    * Ba3 (LGD2, 24%) US$30 million senior secured
      revolving credit facility due 2009; and

    * Ba3 (LGD2, 24%) US$159 million senior secured
      term loan B due 2012.

The review is prompted by the company's weakening cash
generation and earnings, which arose in part due to the
company's acquisition of a substantial number of franchise
centers and the resulting need for incremental training and
retention programs for learning center managers.

The review will also address indications of reduced lead
generation attributable to prior advertising and marketing
campaigns, the potential loss of operational focus as the
company considers the proposed management buyout announced on
Sept. 25 and, also, the likelihood that additional indebtedness
would be assumed by the company if this or a similar transaction
takes place.

As of June 30, 2006, of the US$30 million revolving credit
facility, about US$17 million was available to the company net
of US$12 million in advances and US$1 million in outstanding
letters of credit.  Revolver advances have since been repaid.
Moody's expects the company to seek covenant modifications to
ensure continued orderly access to the revolver.

Educate Operating Company, LLC, is the operating subsidiary of
Educate Inc.  The company, headquartered in Baltimore, Maryland,
is a leading education services company for students ranging
from pre-kindergarten through high school.  Its portfolio of
brands includes Sylvan Learning Centers, which provides
customized supplemental, remedial and enrichment programs in
reading, writing and mathematics; Hooked on Phonics, which
delivers early reading, math and study skills programs; and
Catapult Learning, a leading provider of educational services to
public and non-public schools.  Educate had revenue of
US$327 million for the twelve months ended September 30, 2006.


INTERSHOP COMMUNICATIONS: Posts EUR1.6-Mln Losses for 3Q 2006
-------------------------------------------------------------
Intershop Communications AG released its financial results for
the third quarter ended Sept. 30, 2006.

Intershop reported EUR1.6 million in net loss in the third
quarter of 2006, compared with a net loss of EUR1.3 million in
the second quarter of 2006.  In comparison, Intershop's net loss
in the third quarter of 2005 was EUR1.5 million.

In the third quarter of 2006, total revenues were EUR4.9 million
compared with EUR4.3 million in Second quarter 2006 and EUR3.9
million in Third quarter 2005.  License revenues amounted to
EUR0.6 million in the third quarter of 2006, as against EUR1.0
million in Second quarter 2006 and EUR0.5 million in third
quarter 2005. Service revenues were EUR4.3 million in the third
quarter of 2006, compared with EUR3.2 million in Second quarter
2006 and EUR3.4 million in Third quarter 2005. Service revenues
in the third quarter of 2006 include online marketing revenues
amounting to EUR0.7 million.

Total operating costs (cost of revenues plus operating expenses)
including online marketing costs amounted to EUR6.4 million in
the third quarter of 2006, compared with EUR5.4 million in the
previous quarter and EUR5.1 million in the third quarter of
2005.

Total cash, including cash and cash equivalents, marketable
securities, and restricted cash fell from EUR13.5 million as of
December 31, 2005 to EUR12.8 million as of September 30, 2006.
The amount of unrestricted cash included in this total amounting
to EUR5.2 million as of September 30, 2006, compared to EUR7.3
million as of December 31, 2005. EUR0.8 million in cash and cash
equivalents was utilized in Third quarter 2006 to acquire
SoQuero GmbH's online marketing activities.

Operating Highlights

   -- Intershop's prominent customer base in the third quarter
      of 2006 included Deutsche Telekom, HP, Otto, and smart;

   -- the Company's long-standing customer KarstadtQuelle AG
      signed a further agreement on additional licenses and
      services in Third quarter;

   -- Intershop gained the Moscow-based cultural event marketing
      agency Ticket Agency 19-00 as well as the French
      electronics provider Thales as new customers in Europe;

   -- Widex, a leader provider of hearing aids in Denmark,
      successfully migrated to Intershop's current Enfinity
      Suite 6 standard software;

   -- in September 2006, Intershop made its first appearance as
      a provider of online marketing solutions at OMD, Germany's
      leading trade fair for digital marketing, and presented
      its new SoQuero product brand;

   -- as of Sept. 30, 2006, the company employed 244 full-time
      equivalent employees, as compared to 234 full-time
      equivalent employees as of June 30, 2006.

                         About Intershop

Headquartered in Jena, Germany, Intershop Communications AG --
http://www.intershop.com/-- provides software solutions that
help organizations evolve trading relationships with consumers
and business partners online.  Intershop Solutions enables
organizations to consolidate and manage unlimited online
commerce channels on a single platform.

Intershop also operates in France, U.K., Sweden, Czech Republic,
China, Australia, Singapore, South Korea, Taiwan and the U.S.A.

The Company has been posting annual losses since 2000: EUR87.5
million in 2000; EUR102.5 million in 2001; EUR59.7 million in
2002, EUR15.5 million in 2003; EUR14.3 million in 2004; and
EUR7.8 million in 2005.


INTERSHOP COMMUNICATIONS: Michael Sauer Joins Supervisory Board
---------------------------------------------------------------
Intershop Communications AG revealed that Supervisory Board
member Peter Mark Droste resigned at his own request for
personal reasons, effective Oct. 31, 2006.

At the request of the Company, Michael Sauer was appointed to
the Supervisory Board by order of the Jena local court as of
Nov. 1, 2006.

The owner of Cologne-based company Musicstore, Michael Sauer is
among the most successful European retailers and mail order
specialists for musical instruments.  After receiving his Abitur
-- school-leaving certificate granting entry into university
studies, -- he completed a commercial vocational traineeship and
began working in the music wholesale company owned by his father
Artur Sauer (Scandalli-Sauer), where he remained until he was
29.

In 1973, he started out on his own by taking over a small music
retailer in Cologne, which very quickly became the city's
largest music store.  It later evolved into one of Europe's
largest musical instrument mail order companies. Mr. Sauer today
has about 300 employees.

"I am convinced that, with such a good product range, Intershop
has met all the preconditions for business success in the
promising online market," Mr. Sauer said.

"Michael Sauer's expertise, particularly in the mail order
business, is an optimal addition to our Supervisory Board. I am
looking forward to working with him and to his contributions as
a member of the Supervisory Board," said Dr. Jürgen Schoettler,
Chairman of Intershop Communications AG's Management Board.

The Management Board and Supervisory Board of Intershop would
like to thank Mr. Droste for his valuable work and his
commitment while a member of Intershop Communications AG's
Supervisory Board and are looking forward to working
successfully together with the new member of the Supervisory
Board, Mr. Michael Sauer.

Mr. Droste had been a member of Intershop's Supervisory Board
since Nov. 28, 2002.  Hans W. Gutsch has been the Chairman of
the Supervisory Board since Sept. 30, 2005.

                         About Intershop

Headquartered in Jena, Germany, Intershop Communications AG --
http://www.intershop.com/-- provides software solutions that
help organizations evolve trading relationships with consumers
and business partners online.  Intershop Solutions enables
organizations to consolidate and manage unlimited online
commerce channels on a single platform.

Intershop also operates in France, U.K., Sweden, Czech Republic,
China, Australia, Singapore, South Korea, Taiwan and the U.S.A.

The Company has been posting annual losses since 2000: EUR87.5
million in 2000; EUR102.5 million in 2001; EUR59.7 million in
2002, EUR15.5 million in 2003; EUR14.3 million in 2004; and
EUR7.8 million in 2005.


KK STALLSANIERUNG: Claims Registration Ends November 9
------------------------------------------------------
Creditors of KK Stallsanierung GmbH have until Nov. 9 to
register their claims with court-appointed provisional
administrator Klaus Niemeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 8 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 Bersenbrueck
         Area E 11
         Main Building
         Stiftshof 8
         49593 Bersenbrueck, 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 Bersenbrueck opened bankruptcy proceedings
against KK Stallsanierung GmbH on Sept. 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         KK Stallsanierung GmbH
         Borbecker Highway 2
         26215 Wiefelstede, Germany

         Attn: Jakob Vogel, Manager
         Weide 19
         49637 Menslage, Germany

The administrator can be contacted at:

         Klaus Niemeyer
         Schillerstrasse 20
         D-49074 Osnabrueck, Germany
         Tel: 0541/338500
         Fax: 0541/3385050


NBG NIEDERSACHSISCHE: Claims Registration Ends November 8
---------------------------------------------------------
Creditors of NBG Niedersachsische Buerobedarfs GmbH & Co. KG
have until Nov. 8 to register their claims with court-appointed
provisional administrator Jan Koerber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig, 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 Braunschweig opened bankruptcy proceedings
against NBG Niedersachsische Buerobedarfs GmbH & Co. KG on
Aug. 28.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         NBG Niedersachsische Buerobedarfs GmbH & Co. KG
         Attn: Andreas Hopmann, Manager
         Ziegenmarkt 6
         38100 Braunschweig, Germany

The administrator can be contacted at:

         Jan Koerber
         Museum Route 2
         D 38100 Braunschweig, Germany
         Tel: 0531/2409620
         Fax: 0531/2409670
         E-mail: rakoerber@ragassel.de


NETBLUE GMBH: Claims Registration Ends November 3
-------------------------------------------------
Creditors of netblue GmbH have until Nov. 3 to register their
claims with court-appointed provisional administrator Hans-Gerd
Jauch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 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 netblue GmbH on Sept. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         netblue GmbH
         Marsdorfer St. 76
         50858 Cologne, Germany

The administrator can be contacted at:

         Hans-Gerd Jauch
         Sachsenring 81
         50677 Cologne, Germany


OEXMANN GMBH: Claims Registration Ends November 2
-------------------------------------------------
Creditors of Oexmann GmbH & Co. KG have until Nov. 2 to register
their claims with court-appointed provisional administrator
Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Bielefeld
         Hall 4065
         4 Floor
         Court Route 6
         33602 Bielefeld, Germany

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

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

The Debtor can be contacted at:

         Oexmann GmbH & Co. KG
         Darmstadter Highway 199
         60598 Frankfurt, Germany

The administrator can be contacted at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke, Germany


PRO DEBET: Claims Registration Ends November 3
----------------------------------------------
Creditors of pro debet Finanz-Consulting & Debitoren-Service
GmbH have until Nov. 3 to register their claims with court-
appointed provisional administrator Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on Dec. 4 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 101
         Leipzig, Germany

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

The District Court of Leipzig opened bankruptcy proceedings
against pro debet Finanz-Consulting & Debitoren-Service GmbH on
Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         pro debet Finanz-Consulting & Debitoren-Service GmbH
         Attn: Ludger Zdarta, Manager
         Antonienstr. 20
         04229 Leipzig, Germany

The administrator can be contacted at:

         Dr. Lucas F. Floether
         Nikolaistrasse 3-5
         04109 Leipzig, Germany


RAKS ELECTRONIC: Claims Registration Ends November 3
----------------------------------------------------
Creditors of RAKS Electronic GmbH have until Nov. 3 to register
their claims with court-appointed provisional administrator
Fatma Kreft.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 28 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main, Germany

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

The District Court of Frankfurt/Main opened bankruptcy
proceedings against RAKS Electronic GmbH on Aug. 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         RAKS Electronic GmbH
         Attn: Iplikci Pulat, Manager
         Mainzer Highway 46
         60325 Frankfurt/Main, Germany

The administrator can be contacted at:

         Fatma Kreft
         Neue Mainzer Str. 84
         60311 Frankfurt/Main, Germany
         Tel: 069/6773677-0
         Fax: 069/6773677-20


SEMIRAMIS SOFTWARE: Declares Bankruptcy Amid Turnaround Plans
-------------------------------------------------------------
Germany-based Semiramis Software AG and Semiramis Software GmbH
in Austria filed for bankruptcy protection after failing to
agree on a turnaround plan, John Blau writes for IDG News
Service.

KTW Software & Consulting, the companies' Austria-based owner,
will retain the rights to the Semiramis name and an option to
continue developing the Semiramis software under a deal
previously agreed by the parties in the event of a bankruptcy.

According to Robert W. Smith of heise online, the Debtors have
not been paying wages on time and that the Debtors' almost 50
employees might be taken over by KTW in Kirchichl.

Semiramis has also been struggling to make a profit as
competition mounts in the small and medium-sized market for
Enterprise Resource Planning technology.

The group's chief software architect, Egon Steinkasserer,
earlier revealed plans to leave the company at the end of the
year, Mr. Blau relates.

Semiramis Software AG -- http://www.semiramis.com/-- was
founded in Hanover as C.I.S. AG in 1995 and it is the
manufacturer of the 100% Java-based business software solution
with the same name - Semiramis.  Semiramis Software AG is a 100%
subsidiary of Semiramis Software GmbH located in
Kirchbichl/Tyrol, Austria and the affiliated, internationally
active KTW Group -- http://www.ktw-group.net/-- with offices in
Germany, Austria, Italy, Switzerland, the Czech Republic and
Malta.


SENSUS METERING: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the B2 Corporate Family Rating for Sensus Metering
Systems Inc., as well as revised the rating on the company's
$275 Million 8.625% Senior Subordinate Notes due 2013 to B3 from
Caa1.  Those debentures were assigned an LGD5 rating suggesting
noteholders will experience a 77% loss in the event of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$40 Mil. Sr.
   Sec U.S.
   Revolver due 2009      B2       Ba3      LGD2       23%

   US$200 Mil. Sr.
   Sec U.S. term
   Loan Fac.
   due 2010               B2       Ba3      LGD2       23%

   US$30 Mil. Sr.
   Sec. European
   TL Fac. due 2010       B2       Ba3      LGD2       23%

   US$30 Mil. Sr. Sec.
   European Revolver
   Due 2009               B2       Ba3      LGD2       23%

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

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

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

Headquartered in Raleigh, North Carolina, Sensus Metering
Systems Inc. -- http://www.sensus.com/-- is a provider of
metering and Automatic Meter Reading (AMR) solutions for water,
gas, electric, and heat utilities as well as sub-metering
entities worldwide including China, Germany, Brazil and Chile,
among others.


VOLKSWAGEN AG: Earns EUR1.2 Billion for January-September 2006
--------------------------------------------------------------
Volkswagen AG released its financial report for the nine-month
period ending Sept. 30, 2006.

Highlights:

   -- increase in Volkswagen Group operating profit before
      special items of 62.0% year-on-year to EUR3.0 billion in
      the period January to September 2006, but still below
      medium-term Group target;

   -- Negative one-off effects mainly from restructuring
      expenses and positive one-off factors from the sale of
      equity investments reduced Automotive Division operating
      profit by a net EUR1.7 billion;

   -- at EUR628 million, Automotive Division operating profit
      after special items 43.9% lower than in previous year;
      Financial Services operating profit remains at high prior-
      year level;

   -- gain on sale of Europcar in the second quarter reported as
      profit from discontinued operations in the consolidated
      income statement; cash generated by the sale strengthens
      Automotive Division net liquidity;

   -- special items reduced consolidated pre-tax profit from
      continuing operations by 7.1% to EUR937 million year-on-
      year;

   -- consolidated profit after tax rises 76.6% year-on-year to
      EUR1.2 billion (previous year: EUR0.7 billion), even with
      an above-average tax rate for continuing activities due to
      substantial special items;

   -- ratio of investments in property, plant and equipment
      (capex) to sales revenue in the Automotive Division at
      3.1% (previous year: 4.4%);

   -- at EUR8.2 billion, net liquidity in the Automotive
      Division remains at a high level

   -- collective bargaining agreement reached for the
      restructuring of Volkswagen AG's six traditional plants

   -- new model initiative successfully continued:

   -- deliveries to customers worldwide up by 10.3% year-on-year
      to 4.3 million vehicles; market share in Germany and
      Western Europe increased;

   -- all Group brands record higher year-on-year sales figures;
      Audi, Bentley, Skoda, Lamborghini and Volkswagen
      Commercial Vehicles aiming for full-year delivery records;

   -- new models drive significant growth in deliveries to
      customers in the U.S.A. (+10.2%) and China (+28.7%);

   -- Volkswagen Eos records strong sales figures in cabriolet
      segment;

   -- Audi S3, S6 and S8 models and the TT Coupe successfully
      launched in the market

   -- SEAT presents the Leon Cupra at the London Motor Show;

   -- 12 world premieres of Group models at the Paris Motor Show
      and the IAA Commercial Vehicles

   -- Volkswagen acquires 15.06% stake in MAN Aktiengesellschaft
      as of Oct. 3

"Despite the difficult economic environment, the most important
automotive markets proved to be robust in the first nine months
of 2006 and recorded slight year-on-year growth," the company's
Board of Management said.  "Although oil prices have recently
fallen, we are not expecting any sustained easing of the
situation in the energy and commodity markets.  In combination
with the troubled situation in the Middle East, this will
continue to dampen growth.  We therefore believe that growth in
demand for passenger cars in the U.S.A., Western Europe and
Germany will only be moderate in 2006."

"We will continue our product rollout in the fourth quarter,
thus stabilizing this year's improved market position in Western
Europe and Germany.  The success of the new models in the US
market will be maintained and will bolster our market position
there.  We continue to expect growth in deliveries to customers
in China and South America/South Africa. Consequently we expect
overall year-on-year growth in worldwide delivery figures for
2006."

"We will achieve our goal of cutting material costs by at least
EUR1.0 billion in 2006.  Driven by the higher unit sales and the
success of ForMotionplus, full-year operating profit before
special items will be higher than in 2005.  We expect the
Automotive Division to record a positive net cash flow for the
full year and an improvement in net liquidity compared with Dec.
31, 2005.

Full-text copy of Volkswagen's nine-month results can be viewed
free-of-charge at http://researcharchives.com/t/s?142a

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

                        *     *     *

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

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

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


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


TIM HELLAS: Possible Sale Cues S&P's Developing Watch on Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit ratings on Greek mobile telecommunications
operator Tim Hellas Telecommunications S.A. and related entities
on CreditWatch with developing implications.  The CreditWatch
placement follows press reports that the group's private-equity
owners, Texas Pacific Group and Apax Partners, have put the
business up for sale with a bidding process already underway,
albeit at an early stage.

At the same time, Standard & Poor's placed its 'B' debt rating
on Hellas Telecommunications (Luxembourg) V and its 'B-' debt
rating on Hellas Telecommunications (Luxembourg) III on
CreditWatch with developing implications.

"The CreditWatch placement reflects material uncertainties
regarding the group's future leverage and the buyer's
creditworthiness if a sale materializes," said Standard & Poor's
credit analyst Melvyn Cooke.  "Although a sale to other private-
equity firms would likely result in similar or higher leverage
than at present, a trade sale to a potentially higher rated
entity may have positive implications for the ratings."

Standard & Poor's has no indications at this point of the
probability of a sale taking place.

The group is expected to post lease-adjusted net debt to EBITDA
of slightly less than 6x at year-end 2006 -- on the high side
for the current ratings--despite having repaid early about
EUR380 million (including accrued interest) of shareholder loans
in April 2006.  Synergies arising from the Q-Telecom acquisition
and management's successful turnaround of Tim Hellas' commercial
and financial performance have resulted in strong revenue and
EBITDA growth in the first half of 2006.

The group reported EUR1.080 million and EUR338 million of
revenues and EBITDA, respectively, for the 12 months to
June 30, 2006, representing a 9% and 23% increase in revenues
and EBITDA, respectively, on year-end 2005.  Standard & Poor's
expects continuing positive trends in subscriber numbers (up 13%
year on year to 2.5 million as of June 30, 2006) and average
revenues per user to enable the group to more than offset the
impact on revenues and profitability of regulatory cuts of about
20% in 2006.

"Standard & Poor's expects to resolve the CreditWatch status
once any potential sale of Tim Hellas is completed and a new
capital structure is implemented, or following a public
statement by the group's owners that they are no longer
contemplating a sale," Mr. Cooke added.


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


BANTA CORP: Board Rejects Cenveo's Acquisition Proposal
-------------------------------------------------------
Banta Corp.'s Board of Directors has unanimously rejected
Cenveo, Inc.'s unsolicited proposal to acquire Banta for
US$47 per share after consulting with its financial and legal
advisors.  The Board determined that the proposal is not in the
best interests of Banta shareholders or its other constituents.

The Board has also authorized management, in consultation with
its financial advisor, UBS Investment Bank, to explore all
potential strategies for further maximizing shareholder value,
including, but not limited to, remaining independent, joint
ventures, mergers, acquisitions, further return of capital, or
the sale of the Company.

Banta advised that there can be no assurances that the
evaluation will result in a transaction of any kind.  The
Company also advised that it does not intend to disclose
developments regarding its evaluation unless, and until, a final
decision is made.

Stephanie A. Streeter, Banta Chairman, President and Chief
Executive Officer, said, "After a thorough review with our
financial and legal advisors, our Board has rejected Cenveo's
proposal.  While the Board and management continue to have
complete confidence in Banta's current long-term strategy and
believe Banta is well positioned to thrive as an independent
company, the Board remains committed to continuing to seek
opportunities to further enhance value for all Banta
shareholders.  Consistent with that commitment and its fiduciary
obligations, the Board believes it is an appropriate time to
undertake a comprehensive process to identify and study all of
the value-creating options available to the Company."

The Company also disclosed that the unsolicited proposal from
Cenveo has automatically triggered the requirement to fund a
trust, which will hold restricted cash assets available to cover
payments, both immediate and long-term, due to certain retired
and active Banta employees.  These payments include deferred
compensation and retirement benefits already earned by these
employees, as well as potential compensation and benefits that
may become due to current employees in connection with a change
in control.

The requirement to irrevocably fund the trust, which was adopted
by Banta's Board in January 1990 and has been disclosed
regularly in SEC filings since then, was triggered solely by the
recent actions taken by Cenveo, and was not the result of any
action by the Banta Board of Directors.  Banta said that
approximately US$100 million has been used to fund the trust.
In the event that a change in control does not occur within the
time period provided under the trust, the trust assets will be
released by the trustee and returned to the control of Banta.

On Sept. 14, the Company provided guidance for continuing
operations for full-year 2006, 2007 and 2008.  The Company has
reaffirmed this prior guidance.

Headquartered in Menasha, Wisconsin, Banta Corp. --
http://www.banta.com/-- is a technology and market leader in
printing and supply-chain management services.  The company
focuses on five printing services markets: books, special-
interest magazines, catalogs, direct marketing and literature
management.  Its global supply-chain management business
provides a wide range of outsourcing capabilities to some of the
world's largest companies.  Services range from materials
sourcing, product configuration and customized kitting, to order
fulfillment and global distribution.  The company has operations
in Ireland, Hungary, The Netherlands, Scotland, Singapore and
China.

                         *     *     *

As reported in the TCR-Europe on Oct. 27, Moody's Investors
Service assigned a Ba2 rating to the proposed senior secured
bank credit facility of Banta Corp.  The majority of the
proceeds of the proposed facility will fund an approximately
US$390 million special shareholder dividend.

Moody's also assigned a Ba2 corporate family rating, a Ba3
probability of default rating, and an SGL-1 speculative grade
liquidity rating to Banta.  Moody's said the outlook is stable.


BANTA CORP: Acquisition Spurs S&P to Place Ratings on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' corporate
credit rating to Banta Corp., a Menasha, Wis.-based printing and
supply chain management services company.

At the same time, Standard & Poor's assigned its 'BB' bank loan
rating and '3' recovery rating to the company's US$515 million
senior secured credit facilities reflecting our expectation for
a meaningful (50%-80%) recovery of principal in the event of a
payment default.  Proceeds from the bank facilities will be
primarily used to fund a US$16 per share cash dividend (about
US$388 million), refinance certain existing debt, and for
general corporate purposes.

In addition, Standard & Poor's placed the ratings on Banta on
CreditWatch with negative implications.  The CreditWatch
placement reflects uncertainties surrounding the offer by Cenveo
Corp. to acquire Banta and its related exploration of strategic
alternatives to maximize shareholder value, which could extend
beyond the special dividend that is being financed with the new
bank facilities.

The Sept. 14 announcement by the company that it was paying a
special dividend to shareholders followed the receipt of an
offer by Cenveo to acquire Banta.  Banta's board of directors
has turned down both Cenveo's initial offer and revised one,
which is set to expire on Oct. 31.

In addition to the special dividend, Banta announced on Oct. 3
that its board has authorized management, in conjunction with
its financial advisor, to explore all potential strategies for
further maximizing shareholder value, including, but not limited
to, remaining independent, joint ventures, mergers,
acquisitions, further return of capital, or the sale of the
company.  Ratings could be lowered in the event the search for
strategic alternatives results in a sizable leveraging
transaction.


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


NASH FINCH: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US and Canadian Retail sector, the rating
agency confirmed its B1 Corporate Family Rating for Nash Finch
Company.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$125MM Gtd. Sr.
   Sec. Revolver        B1       B1       LGD4     54%

   US$175MM Gtd. Sr.
   Sec. Term Loan B     B1       B1       LGD4     54%

   US$150.1MM 3.5% Sr.
   Sub. Conv. Notes     B3       B3       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 Moody's
notching practices across industries and will improve the
transparency and accuracy of its 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%).

Nash Finch Company -- http://www.nashfinch.com/-- is a food
distribution company.  Nash Finch's core business, food
distribution, serves independent retailers and military
commissaries in 31 states, the District of Columbia, Europe,
Cuba, Puerto Rico, Iceland, the Azores and Honduras.  The
Company also owns and operates a base of retail stores,
primarily supermarkets under the Econofoods(R), Family Thrift
Center(R) and Sun Mart(R) trade names.


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


CELF LOAN: Moody's Rates EUR19.5-Mln Class E Notes at Ba3
---------------------------------------------------------
Moody's assigned definitive credit ratings to these notes issued
by CELF Loan Partners III Plc, an Irish special purpose company.
The ratings are as follows:

   -- EUR293,000,000 Class A-1 Senior Secured Floating
      Rate Notes due Nov. 1, 2023: Aaa;

   -- EUR52,000,000 Class A-2 Senior Secured Floating
      Rate Notes due Nov. 1, 2023: Aaa;

   -- EUR28,000,000 Class B-1 Senior Secured Deferrable
      Floating Rate Notes due Nov. 1, 2023: Aa2;

   -- EUR8,000,000 Class B-2 Senior Secured Deferrable
      Fixed Rate Notes due Nov. 1, 2023: Aa2;

   -- EUR31,500,000 Class C Senior Secured Deferrable
      Floating Rate Notes due Nov. 1, 2023: A2;

   -- EUR29,000,000 Class D Senior Secured Deferrable
      Floating Rate Notes due Nov. 1, 2023: Baa3;

   -- EUR19,500,000 Class E Senior Secured Deferrable
      Floating Rate Notes due Nov. 1, 2023: Ba3;

   -- EUR11,000,000 Class R Combination Notes due
      Nov. 1, 2023: A3;

   -- EUR6,000,000 Class S Combination Notes due
      Nov. 1, 2023: Aa2; and

   -- EUR3,000,000 Class V Combination Notes due
      Nov. 1, 2023: Baa3.

EUR41,500,000 Class F-1 Subordinated Notes and EUR5,000,000
Class F-2 Subordinated Notes will also be issued but not rated
by Moody's.

The Class R Combination Notes are combination notes, which
represent an ownership of a EUR8,000,000 principal amount of the
Class B-2 Senior Secured Deferrable Fixed Rate Notes, and of a
EUR3,000,000 principal amount of the Class F-1 Subordinated
Notes issued by CELF Loan Partners III Plc.

The Class S Combination Notes are combination notes, which
represent an ownership of a EUR5,000,000 principal amount of the
Class B-1 Senior Secured Deferrable Floating Rate Notes, and of
a EUR1,000,000 principal amount of the Class F-1 Subordinated
Notes issued by CELF Loan Partners III Plc.

The Class V Combination Notes are combination notes, which
represent an ownership of a EUR1,500,000 principal amount of the
Class D Senior Secured Deferrable Floating Rate Notes, and of a
EUR1,500,000 principal amount of the Class E Senior Secured
Deferrable Floating Rate Notes issued by CELF Loan Partners III
Plc.

The ratings of the Class A-1, A-2, B-1, B-2, C, D and E Notes
address the expected loss posed to investors by the legal final
maturity in November 2023.

The rating of the Class R Combination Notes addresses the
ultimate repayment of the Rated Balance and a coupon of 1.50% in
respect of such Combination Notes on or before the legal
maturity date (in November 2023), where the Rated Balance is
equal on any payment date to the Rated Balance on the preceding
payment date increased by the Rated Coupon of 1.50% per annum
and reduced by the aggregate of all payments made on such
payment date, either through interest or principal.

The ratings of the Class S Combination Notes and Class V
Combination Notes address the ultimate repayment of the Rated
Balance in respect of such Combination Notes on or before the
legal maturity date (in November 2023), where the "Rated
Balance" is equal, at any time, to the principal amount of such
Combination Notes on the Issue Date (being respectively
EUR6,000,000 for Class S and EUR3,000,000 for Class V) minus the
aggregate of all payments made from the issue date to such date,
either through interest or principal payments.  It is not an
opinion about the ability of the issuer to pay interest.

These ratings are based upon:

   -- An assessment of the eligibility criteria and
      portfolio  guidelines applicable to the future
      additions to the portfolio;

   -- The protection against losses through the subordination
      of the more junior classes of notes to the more
      senior classes of notes;

   -- The currency swap transactions, which insulate CELF
      Loan Partners III Plc from the volatility of the
      foreign currency exchange rates, for Non-Euro
      denominated obligations; and

   -- The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to an EUR500,000,000 portfolio of mostly European Senior
and Mezzanine loans (with a predominance of senior secured
loans).  This portfolio is dynamically managed by CELF
Investment Advisors Limited.  This portfolio will be partially
acquired at closing date and partially during the 12 months
ramp-up period in compliance with portfolio guidelines (which
include, among other tests, a diversity score test, a weighted
average rating factor test and a weighted average spread test).
Thereafter, the portfolio of loans will be actively managed and
the portfolio manager will have the option to direct the issuer
to buy or sell loans.  Any addition or removal of loans will be
subject to a number of portfolio criteria.


INDEPENDENT NEWS: Confirms AU$3.8-Bln Leveraged Buy-Out Approach
----------------------------------------------------------------
Independent News & Media PLC confirmed Oct. 26 that Providence
Equity Partners and other capital partners have approached the
Board of APN News & Media Ltd. regarding possible leveraged buy-
out of the entire share capital of APN at value of approximately
AU$3.8 billion.

If concluded, INM intended to reinvest a significant part of its
likely proceeds from the consortium's offer so that it retains,
indirectly, a 40% interest in APN on completion.  The balance of
the cash to be received by INM as a result of the Consortium's
offer will be applied towards the acceleration of the Group's
expansion in its global markets, to the maximization of
shareholder returns and to general corporate purposes.

The company envisaged that it would manage and run APN, which
will no longer be a subsidiary of INM but will be accounted for
as an associate company.  This preliminary approach is subject
to a number of conditions including due diligence,
implementation of the new media laws in Australia, and such
other regulatory and board approvals as may apply.

                        About the Company

Independent News & Media PLC (ticker: INWS.I; INWS.L) --
http://www.inmplc.com/-- is an international newspaper and
Communications group, with its main interests in Australia,
India, Ireland, New Zealand, South Africa and the United
Kingdom.  The Group publishes over 175 newspaper and magazine
titles and operates 132 radio stations.

The Group manages gross assets of EUR4 billion, revenue of
EUR1.8 billion and employs approximately 10,300 people
worldwide.


INDEPENDENT NEWS: Fitch Puts BB- IDR on Watch Evolving
------------------------------------------------------
Fitch Ratings placed Independent News & Media Plc's Issuer
Default Rating of BB- on Rating Watch Evolving following the
announcement of a leveraged buyout of its 41% subsidiary APN
News & Media Ltd.

Under the announced plan, Providence Private Equity Partners
will buy out all the share capital of APN for AU$3.8 billion
(EUR2.3 billion) using a leveraged acquisition vehicle.  IN&M
will then reinvest some of the proceeds of the share sale to
give it a 40% stake in the vehicle.  The transaction is expected
to release significant cash (approximately AU$600 million or
EUR360 million) to IN&M, which could be used for international
acquisitions, maximization of shareholder returns, or general
corporate purposes.

It is unclear whether the company has any plans to apply some of
this cash to de-leveraging, though this remains a possibility.
Following the deal, Fitch understands IN&M will manage and run
the entity, but will not retain control, leading to APN being
accounted for as an associate, rather than consolidated.

"There are sound strategic reasons for the move, though its
rating impact will depend very much on the structure of the deal
and the use to which the proceeds are put," says Alex Griffiths,
Director in Fitch's European TMT team.

"Operationally, the growth benefits of allowing the group to
pursue its international expansion strategy are diluted by some
loss of control of APN, which will become a higher risk asset,
and an increased risk profile for the group as a whole as its
exposure to emerging markets rises.  Using part of the cash to
de-leverage would offset some of this risk," he added.

The Evolving Watch reflects Fitch's view that, were this deal to
conclude, the rating could remain at its current level, or move
up or down.  Based on the current details of the deal, and
Fitch's expectations, there remains a strong possibility that
the rating will be affirmed at its current level, especially if
some of the proceeds are used to pay down existing debt.

Any rating action will reflect Fitch's methodology for the
group, which adjusts leverage metrics for IN&M's minority
ownership in APN by stripping out APN's earnings and debt from
the group's metrics and including only dividend streams.  This
gives a leverage, measured as net debt/EBITDA, on a Fitch basis,
of 4.4x in FY05, compared to 3.4x on a headline basis.

By its measure, IN&M's leverage is below its target for
consolidated net debt/EBITDA of 3x.  To the extent that the
deconsolidation of APN aligns management's target to Fitch's
methodology, this could lead to lower leverage expectations,
which would be rating positive.

The Evolving Watch will be resolved when the deal closes or is
abandoned.  The rating outcome will depend on the final
structure of the transaction, and the nature of debt issued by
the acquisition vehicle, and clarity on the group's use of
proceeds.

APN accounted for 60% of IN&M's consolidated EBITDA in FY05, and
contributed EUR24 million in dividends to the group.


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


DA VINCI: S&P Rates EUR15.6-Million Class C Notes at BB+
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR62.3 million secured credit-linked
floating-rate notes to be issued by Da Vinci Synthetic PLC, a
special purpose entity.

Senior to the 'A' rated class A notes is a senior CDS with a
notional of US$545.8 million.

The issued notes will be credit-linked to a reference portfolio
of loans made to airlines and backed by aircraft collateral.
The portfolio will have a current initial notional amount of
about US$575 million.

The issuer will sell credit protection to Merrill Lynch
International, which in turn will sell protection to Banca
Intesa SpA's under the CDS contracts linked to the reference
portfolio.  In return, Intesa will pay swap premiums quarterly
to MLI, which then pays swap premiums to the issuer.

Da Vinci 2006 is a refinancing of Intesa's 2001 transaction
Leonardo Synthetic PLC, with only three new reference loan
obligations added.  It is expected that the ratings in the
Leonardo transaction will be withdrawn at the closing of
the Da Vinci 2006 transaction.

                         Ratings List
                  Da Vinci Synthetic PLC
           EUR62.3 Million Secured Credit-Linked
              Floating-Rate Notes Due 2018

                         Prelim.        Prelim.
          Class          rating         amount (Mil. EUR)
          -----          ------         ------
          A              A              25.9
          B              BBB            20.8
          C              BB+            15.6


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


AINUR LLP: Creditors Must File Claims by Nov. 26
------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Firma Ainur insolvent on July 5.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Nov. 26 to submit written proofs of claim
to:

         LLP Ainur
         Lomov Str. 30-29
         Pavlodar
         Pavlodar Region
         Kazakhstan


ARDAGER-MUNAI LLP: Proof of Claim Deadline Slated for Nov. 26
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Ardager-Munai insolvent on Sept. 1.

Creditors have until Nov. 26 to submit written proofs of claim
to:

         LLP Ardager-Munai
         Auelbekov Str. 139a-228
         Kokshetau
         Akmola Region
         Kazakhstan
         Tel: 8 (3162) 25-79-32


ERASYLIK LLP: South Kazakhstan Court Starts Bankruptcy Procedure
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Erasylik.

The Debtor can be contacted at:

         LLP Erasylik
         Momysh-uly Str. 27
         Shymkent
         South Kazakhstan Region
         Kazakhstan


KRASNUK LLP: East Kazakhstan Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against LLP Krasnuk on
Aug. 25.

The juridical address is:

         Amurskaya Str. 4-65
         Ust-Kamenogorsk
         East Kazakhstan Region


MEYIR-K LLP: Court Begins Bankruptcy Proceedings
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Meyir-K.

The Debtor can be contacted at:

         LLP Meyir-K
         Momysh-uly Str. 27
         Shymkent
         South Kazakhstan Region
         Kazakhstan


SHVABU-KA LLP: Court Commences Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against LLP Shvabu-Ka on
Aug. 25.

The juridical address is:

         Mikoyan Str. 8-13
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


SNABSERVICE LLP: Creditors' Claims Due Nov. 26
----------------------------------------------
LLP Supply Service Snabservice has declared insolvency.
Creditors have until Nov. 26 to submit written proofs of claim
to:

         LLP Snabservice
         Stroitelnaya Str. 16-32
         Kostanai
         Kostanai Region
         Kazakhstan


STEPNOY-99 LLP: Claims Registration Ends Nov. 26
------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Stepnoy insolvent on Sept. 7.

Creditors have until Nov. 26 to submit written proofs of claim
to:

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


ZARS LLP: Claims Filing Period Ends Nov. 26
-------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Firma Zars insolvent on Aug. 31.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Nov. 26 to submit written proofs of claim
to:

         LLP Zars
         Micro District 28a, 6-79
         Aktau
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 40-22-19


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


EVITA COMPANY: Proof of Claim Deadline Slated for Dec. 13
---------------------------------------------------------
LLC Evita Company has declared insolvency.  Creditors have until
Dec. 13 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 54-86-90.



T.I.T. LOGISTICS: Creditors Must File Claims by Dec. 13
-------------------------------------------------------
LLC T.I.T. Logistics has declared insolvency.  Creditors have
until Dec. 13 to submit written proofs of claim to:

         LLC T.I.T. Logistics
         Bokonbaev Str. 104-47
         Bishkek, Kyrgyzstan


VESTA-TOKMOK LLC: Public Auction Scheduled for Nov. 6
-----------------------------------------------------
The bidding organizer and insolvency manager of LLC Vesta-Tokmok
will auction the company's knitting equipment complex to the
public at 10:00 a.m. on Nov. 6 at:

         Ovcharova Str. 39-a
         Tokmok, Kyrgyzstan

The starting price for the property is EUR347,817, which was
reduced by 75%.

The property is leased to a third person until 2014.

Interested bidders have until 2:00 p.m. on Nov. 3 to deposit an
amount equivalent to 10% of the starting price to:

         Settlement Account No. 1020002000271781
         Lenin Department
         OJSC Kyrgyzpromstroibank
         MFO 101002

or to the cashier of the LLC Vesta-Tokmok.

Participants may submit their bids at:

         Lineinaya Str. 67-58
         Bishkek, Kyrgyzstan
         Tel: (0-502) 55-11-97
              (+996 312) 62-42-04


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


DOV PHARMACEUTICAL: Receives Delisting Notice from NASDAQ
---------------------------------------------------------
DOV Pharmaceutical Inc. has received notification that the
NASDAQ Listing Qualifications Panel has determined to delist the
Company's securities, effective at the open of business on
Oct. 27, 2006.  The delisting is a result of the Company's
failure to meet the minimum market value of listed securities
requirement for continued listing.

The Company has been advised that its securities are immediately
eligible for quotation on the Pink Sheets, an electronic
quotation service for securities traded over-the-counter,
effective with the open of business on Oct. 27, 2006.  The
Company's common stock may, in the future, also be quoted on the
Over-the-Counter Bulletin Board maintained by the NASD, provided
that a market maker in the common stock files the appropriate
application with, and such application is cleared by, the NASD.
The Company anticipates disclosing further trading venue
information for its common stock once such information becomes
available.

The delisting of the Company's common stock represents a
"fundamental change" under the indenture governing the Company's
2.50% convertible subordinated debentures due 2025.  As a
result, the Company is obligated to offer to repurchase the
debentures.  The Company must make this offer to repurchase the
debentures on or prior to November 11, 2006.  The Company is
obligated to designate a repurchase date for the debentures that
is not less than twenty, nor more than thirty-five, business
days following the date of the Company's offer to repurchase.
Holders of the debentures will have the option, but not the
obligation, to require the Company to repurchase their
debentures at 100% of the principal amount of the debentures,
plus any accrued and unpaid interest.  There are currently US$70
million in aggregate principal amount of debentures outstanding.
The Company cannot predict the number of holders of debentures
that will exercise their option to require the Company to
repurchase their debentures.  The Company does not presently
have the capital necessary to repurchase all US$70 million of
the debentures if all holders of debentures exercise their
option to require the Company to repurchase the
debentures.

                      Bankruptcy Warning

The Company will continue to explore a variety of initiatives to
address its current capital structure issues and improve its
liquidity position.  The Company intends to initiate discussions
with its major stakeholders regarding the Company's strategic
alternatives, including potentially a consensual restructuring
of its capital structure.  As with any negotiations, no
assurance can be given as to when and if the Company will
succeed in concluding any such agreement with its stakeholders.
If the Company is unable to raise sufficient funds to repurchase
the requisite amount of debentures or restructure its
obligations under the debentures, it may be forced to seek
protection under the United States bankruptcy laws.

The Company has retained Houlihan Lokey Howard & Zukin Capital,
Inc. to serve as its financial advisor to assist with its
evaluation of strategic alternatives and restructuring efforts
with respect to the debentures.

The Company believes that its current cash-on-hand is adequate
to meet the day-to-day obligations of the business during the
restructuring process and its operations should not be affected
by the delisting and restructuring process.  The Company will
continue to focus its internal efforts on its Phase I and II
clinical and preclinical research programs for the development
and discovery of drugs to treat neuropsychiatric disorders and
advance the Company's later-stage drug development programs
through external partnerships and collaborations.

                     About DOV Pharmaceutical

DOV Pharmaceutical Inc. is a biopharmaceutical company focused
on the discovery, acquisition and development of novel drug
candidates for central nervous system disorders.  The Company's
product candidates address some of the largest pharmaceutical
markets in the world including depression, pain and insomnia.
The company also operates a subsidiary in Luxembourg.


ORCO PROPERTY: Moody's Assigns B2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a foreign currency corporate
family rating of B2 to Orco Property Group S.A., the Central and
Eastern European property company.  The outlook of the rating is
stable.

Moody's adds that the long-term national scale credit rating of
Orco is Baa3.cz, with stable outlook.  According to Moody's, the
B2 global scale rating reflects the company's global default and
loss expectation, while the Baa3.cz national scale rating
reflects the standing of the company's credit quality relative
to its domestic peers.

Orco's ratings are constrained by:

   -- its high business risk profile, reflecting its
      relatively small scale,

   -- a business mix that Moody's anticipates will be
      dominated by the cyclical homebuilding
      activity (characterized by relatively low barriers
      to entry, strong competition and exposure to
      intrinsically volatile macro-economic indicators), and

   -- the poor performance of group's the hospitality business.

At the same time, ratings are underpinned by:

   -- the solid brand and strong market position in Prague
      of Orco's residential development subsidiary,
      IPB Real, the favorable outlook for the
      residential property market in Central and Eastern Europe

   -- although the Czech market could be affected by
      the forthcoming change in VAT in 2008 --,

   -- the group's lower-risk rental activity and its
      overall good geographic and product diversification.

Ratings also reflect the company's high financial risk profile,
characterized by a current leverage of 58%, low cash flow
generation resulting in weak interest cover and debt to cash
flow metrics, the existence of a high proportion of secured debt
that may affect the operational and financial flexibility of the
group as well as Orco's aggressive M&A strategy, albeit
mitigated by a relatively conservative LTV target of 50%
together with a track-record of funding growth partially with
equity.  Moody's adds that Orco faces a significant refinancing
risk in December 2006 due to a rating trigger in the company's
CZK1.5 billion bond documentation.

The stable outlook balances the company's potential for strong
operational performance over the short- to medium-term -- as
evidenced by a backlog at the end of August 2006 of over 860
flats (equivalent to approximately EUR100 million of future
revenues) -- with its substantial refinancing risk, large
capital expenditure and working capital requirements, and the
possibility of further M&A activity.

In Moody's view, ratings could be upgraded by no more than one
notch provided that Orco:

   -- eliminates its refinancing risk and improves its
      liquidity position,

   -- delivers on its residential development projects,

   -- reduce its leverage below 55% and

   -- strengthens its cash-flow generation, translating
      into positive retained cash flow and interest cover
      above 2.0x.

Conversely, failure to generate positive operating profit
(excluding surplus arising from the re-valuation of investment
properties) over the next 12 months and to cover interest
expenses by at least 1.0x or a re-leveraging resulting from a
downturn in demand or further acquisitions and translating into
leverage above 60% would exert negative pressure on the ratings.

Based in Luxembourg, Orco Property Group S.A. ranks as the third
largest developer of residential housing units in Prague.  The
company also invests in commercial real estate throughout
Central and Eastern Europe.  In 2005, Orco generated revenues of
EUR50 million.


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


HARBOURMASTER CLO: Fitch Keeps BB- Rating on EUR13.4-Mln Notes
--------------------------------------------------------------
Fitch Ratings affirmed Harbourmaster CLO 5 BV's EUR764.5 million
notes due 2020:

   -- EUR490 million Class A1 floating-rate notes: AAA;
   -- EUR94.7 million Class A2E floating-rate notes: AAA;
   -- EUR37.3 million Class A2F notes: AAA;
   -- EUR32 million Class A3 floating-rate notes: AA;
   -- EUR9 million Class A4E floating-rate notes: A;
   -- EUR16 million Class A4F notes: A;
   -- EUR4 million Class B1E floating-rate notes: BBB;
   -- EUR15 million Class B1F notes: BBB;
   -- EUR8.3 million Class B2E floating-rate notes: BB;
   -- EUR6.7 million Class B2F notes: BB;
   -- EUR13.4 million Class S1 combination notes: BB-;
   -- EUR20 million Class S2 combination notes: A; and
   -- EUR25 million Class S3 combination notes: A.

The affirmation reflects the transaction's consistent
performance to date.  As of the September 2006 trustee report,
the transaction is in compliance with all the portfolio
guidelines and coverage tests.  There have been no defaults in
the portfolio to date.

The Weighted Average Fitch Factor is now 25.21 compared to 25.4
at close in July 2005.  The subordination in the capital
structure and excess spread generated by the portfolio are
sufficient to withstand the current rating stresses.

The ratings of the Class A1 and A2 notes address ultimate
repayment of principal at maturity and timely payment of
interest when due.  For all other Classes of notes, the ratings
address ultimate payment of principal and interest, including
deferred interest, at maturity.  The ratings assigned to the S1,
S2 and S3 combo notes addresses the ultimate payment of
principal from funds received on their components.

The transaction constitutes a securitization of primarily senior
secured and unsecured loans forming a portfolio managed by
Harbourmaster Capital Limited.  The issuer, Harbourmaster CLO 5
B.V., is a limited liability company incorporated under the laws
of the Netherlands.  The transaction completed the ramp-up
period in November 2005, following which it remains in the re-
investment period until September 2010.


KONINKLIJKE AHOLD: Dutch Anti-Trust Office Okays Konmar Takeover
----------------------------------------------------------------
Koninklijke Ahold N.V. received approval from the Dutch
competition authority (NMa) to take over 29 Konmar stores from
Laurus N.V.

A number of conditions have been linked to the NMa approval,
such as the sale of a number of Albert Heijn's own stores.
Ahold expects to be able to finalize the deal with Laurus within
a manageable timeframe.

Albert Heijn can now finalize its plans to renovate 23 of the
Konmar stores.  After the deal is completed, this renovation can
begin to take place.  Albert Heijn aims to complete the majority
of the renovation work in time for Christmas.  All Konmar stores
that are to be taken over by Albert Heijn will be converted to
Albert Heijn stores.

"We are very glad that we can now take the next step toward the
adoption of the Konmar stores," Dick Boer, Executive Board
President of Albert Heijn, said.  "With the renovation of all
these stores, our plan is to offer our customers a supermarket
with a very wide range of products, at an affordable price, and
with the trusted quality of the Albert Heijn name.  This is in
addition to the professionalism, enthusiasm and experience of
the former Konmar employees who will make the move over to
Albert Heijn."

                          About Laurus

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

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

                         About Ahold

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

                        *     *     *

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


KONINKLIJKE AHOLD: To Unveil Strategic Review Results on Nov. 6
---------------------------------------------------------------
Koninklijke Ahold N.V. confirmed it would announce the outcome
of its strategic retail review at 12:45 p.m. CET on Nov. 6.

A press conference will be held at 1:00 p.m. CET at:

         IJ-Toren
         Piet Heinkade 55
         1019 GM Amsterdam
         The Netherlands

The objective of the review is to develop recommendations to
accelerate the plans to drive and fund identical sales volume
growth across Ahold's global retail businesses.  The review will
include a comprehensive analysis of Ahold's portfolio of
businesses and initiatives to reduce costs.

The review was initiated by Ahold President and CEO Anders
Moberg and assigned to a team led by Dick Boer, President and
CEO of the Albert Heijn Arena and acting member of the Corporate
Executive Board.  The other members of the team are John
Rishton, Ahold CFO, and Lawrence Benjamin, President and CEO of
U.S. Foodservice.  The team is developing its recommendations in
close consultation with senior management from each of Ahold's
operating companies worldwide.

                         About Ahold

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

                        *     *     *

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


LAURUS N.V.: Dutch Anti-Trust Office Okays Konmar Sale to Ahold
---------------------------------------------------------------
Koninklijke Ahold N.V. received approval from the Dutch
competition authority (NMa) to take over 29 Konmar stores from
Laurus N.V.

A number of conditions have been linked to the NMa approval,
such as the sale of a number of Albert Heijn's own stores.
Ahold expects to be able to finalize the deal with Laurus within
a manageable timeframe.

Albert Heijn can now finalize its plans to renovate 23 of the
Konmar stores.  After the deal is completed, this renovation can
begin to take place.  Albert Heijn aims to complete the majority
of the renovation work in time for Christmas.  All Konmar stores
that are to be taken over by Albert Heijn will be converted to
Albert Heijn stores.

"We are very glad that we can now take the next step toward the
adoption of the Konmar stores," Dick Boer, Executive Board
President of Albert Heijn, said.  "With the renovation of all
these stores, our plan is to offer our customers a supermarket
with a very wide range of products, at an affordable price, and
with the trusted quality of the Albert Heijn name.  This is in
addition to the professionalism, enthusiasm and experience of
the former Konmar employees who will make the move over to
Albert Heijn."

                         About Ahold

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

                          About Laurus

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

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

                        *     *     *

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

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


LAURUS N.V.: Inks New EUR170-Million Senior Credit Facility
-----------------------------------------------------------
Laurus N.V. signed heads of terms for a new EUR170 million
Senior Credit Facility to be provided by its existing lenders,
ABN AMRO Bank N.V., ING Bank N.V. and Rabobank, and a EUR50
million Subordinated Credit Facility, which will be provided by
Laurus' largest shareholder, Casino, together with ABN AMRO Bank
N.V., ING Bank N.V. and Rabobank.

The new facilities will replace the company's existing senior
secured facilities, which expire on Jan. 30, 2007.  The new
facilities will be used to finance Laurus' operations within the
new business plan.

The two new financing arrangements in place are:

   -- the Subordinated Credit Facility, which is subordinated to
      Laurus' other unsecured obligations, has a term of 42
      months and an interest rate of 7.5% over EURIBOR; and

   -- the Senior Credit Facility is a secured facility with a
      term of 36 months.  Amounts owing under the facility are
      guaranteed by Laurus and certain of its subsidiaries.  The
      initial margin of the Senior Credit Facility is in line
      with the margin of the existing senior facilities.

The Senior Credit Facility will be available following the
satisfaction of customary conditions as well as the receipt of
the disposal proceeds from the sale of Konmar stores to Ahold,
which will be received by mid-December.  The facility will be
subject to certain covenants in line with the company's new
business plan.

The company also set its extraordinary general meeting on
Nov. 3, 2006.  The purpose of the meeting will be to inform
shareholders of Laurus' business plan and inform shareholders of
the terms of Laurus' new financing arrangements.

Key highlights include:

   -- Continuation of positioning in the full service segment of
      the food retail market with emphasis on fresh assortment
      and local market preferences and circumstances;

   -- A rationalized store portfolio with over 310 stores from
      current 356 stores.  The present balance between own and
      franchisee stores will remain;

   -- The annual consumer sales level will be approximately EUR2
      billion in 2007;

   -- The logistic network will be adjusted to the size of Super
      de Boer organization and serviced from Beilen,
      's-Hertogenbosch and Veenendaal; and

   -- The overhead organization will be reduced to 270 FTEs from
      535.

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

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

                        *     *     *

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

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


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


AKER KVAERNER: Earns NOK414 Million for Third Quarter 2006
----------------------------------------------------------
Aker Kvaerner ASA released its pro-forma operating results for
the third quarter of 2006.

Aker Kvaerner posted NOK414 million in net profit for the third
quarter of 2006, an increase of 70% compared with same period in
2005.  Consolidated operating revenues in the third quarter
totaled NOK13.4 billion, an increase of 33% compared with the
same quarter last year.  This reflects strong markets and high
activity in all reporting segments.

EBITDA for the third quarter was NOK822 million, an increase of
53% from NOK539 million in the third quarter 2005.  The
quarterly EBITDA margin was 6.1% compared to 5.4% in the third
quarter last year.  Year-to-date EBITDA of NOK2.265 billion
increased by 67% from NOK1.356 billion in the corresponding
period last year.  Year-to-date EBITDA margin is 5.8%.

The all-time high third-quarter order intake was NOK24.6
billion, which brings the order backlog to a solid NOK68.3
billion.

Cash flow from operating activities was NOK587 million in the
third quarter, reflecting a NOK196 million decrease in net
current operating assets.  Cash and bank deposits at the end of
September amounted to NOK6.8 billion.  The liquidity buffer,
including undrawn credit facilities of NOK2.2 billion, was a
comfortable NOK9 billion.

Aker Kværner is announcing an overall refinancing plan.  A group
of Nordic and international banks have underwritten the total
financing requirement of EUR850 million.  The new financing is
expected to be in place as of Dec. 1, 2006.  Through this
refinancing, the gross debt will be reduced by approximately
NOK1 billion.  The refinancing will increase the financial
flexibility of the company substantially.  Going forward,
interest costs will be reduced by approximately NOK180 million
per year, and there will be no dividend restrictions.

With the high capacity utilization in the industry, the focus
for Aker Kvaerner will continue to be selecting and executing
the right projects successfully.  The market is still expected
to be strong with attractive opportunities.

Metso's application for the clearance of its acquisition of Aker
Kvaerner's Pulping and Power businesses is currently subject to
phase II review under the EU merger regulation. Aker Kvaerner
expects closing to take place in the fourth quarter.

                      About Aker Kvaerner

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

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


AKER KVAERNER: Inks US$80-Mln Riser Deal with Queiroz Galvao
------------------------------------------------------------
Aker Kvaerner ASA has been awarded contracts to supply three
subsea drilling riser systems, featuring Aker Kvaerner's
innovative CLIP riser system, to Brazilian drilling company
Queiroz Galvao Oleo e Gas S.A.

The contracts have a value of around US$80 million.

The scope of work comprises three drilling riser systems,
including tools and flotation, designed for use in 700 meters,
2000 meters and 2400 meters water depth, respectively.
Deliveries of the risers will be completed from Aker Kvaerner's
new state-of-the-art facility in Rio das Ostras, Brazil, for
delivery within the next 17 to 30 months.

The drilling risers will be installed in three different rigs.
Two of the rigs will operate throughout the Brazilian offshore
coast serving long-term contracts between Queiroz Galvão and
Brazil's national oil company Petrobras.  The third is analyzing
opportunities to work either in Brazil or internationally.

"These awards represent another major milestone for Aker
Kvaerner's risers business, As the first company to manufacture
drilling risers in Brazil, Aker Kvaerner is supporting the
development of Rio de Janeiro state industry and reinforcing its
established position of strong supplier of subsea equipment in
Brazil," Raymond Carlsen, Executive Vice President Aker
Kvaerner, said.

The agreements are signed between the Aker Kvaerner Subsea
division of Aker Kvaerner Oil and Gas Brasil Ltda, Aker Kvaerner
Subsea AS and the Queiroz Galvao Group.

                      About Aker Kvaerner

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

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


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


TVN S.A.: Moody's Upgrades Rating to Ba3 on Strong Performance
--------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of TVN S.A. to Ba3 from B1 and the rating on the EUR235 million
senior unsecured notes due 2013, issued by TVN Finance
Corporation plc, to B1 from B2.  The outlook on the ratings is
positive.

Moody's said that the rating upgrades reflect TVN's continued
strong operational performance in 2006, which has resulted in an
enhancement in the company's credit metrics.  Specifically,
Adjusted Total Debt to Adjusted EBITDAR has improved from 3.5x
as of December 2005 to 3.1x as of H1 2006 (on an LTM basis).
The upgrades also reflect Moody's expectation that TVN will
remain on a deleveraging trajectory.

Moody's has noted that the company's acquisition of the internet
portal Onet from TVN's major shareholder ITI has resulted in a
slight deterioration in its credit metrics due to the cash
component of the transaction (PLN234 million related to the
public tender for the minority shareholders).  However, in the
rating agency's opinion, this transaction is overall credit-
positive given Onet's leading position in Poland and positive
earnings and cash flow generation, the sound strategic rationale
behind the acquisition and the resolution of the corporate
governance issues associated with the inter-company receivable
with ITI, which was cancelled as part of the transaction.

Moody's derives comfort from the fact that, following the
cancellation of the ITI Media bond in the context of the Onet
transaction and the suspension of the share buyback program,
cash leakage to minority shareholders will be reduced.  TVN
expects to start paying dividends in 2007 of about 30% to 50% of
annual net profit (in line with the restrictions imposed by the
bond indenture) depending on cash availability, debt covenants
and statutory distributable reserves.

The Ba3 rating positively reflects TVN's leading position in the
Polish broadcasting market, the company's solid and improving
advertising share in its key target group and Moody's
expectation of continued growth in the Polish advertising
market.  The ratings also factor the highly competitive nature
of the Polish TV broadcasting market, TVN's exposure to foreign
exchange movements (primarily the euro/zloty rate), the
company's dependence on the Polish market and the expectation of
continued investment in new channels.

Moody's also expects that the company will continue to seek
moderate expansion opportunities both in its domestic market and
in Eastern Europe and that it will use its annual free cash flow
generation to accommodate these plans; therefore debt, in
absolute terms is expected to remain stable at current levels.
Nevertheless, Moody's anticipates that credit metrics will
improve going forward as revenues and profitability continue to
grow.

Moody's views TVN's liquidity as adequate given the company's
operating cash flow generation and its cash balances of around
PLN60 million (following the cash consideration of the Onet
transaction), combined with limited debt amortization until the
maturity of the senior notes in 2013.  In addition, the company
has access to a EUR50 million multicurrency senior secured
credit facility, which was principally unused as at June 2006.

Upward pressure on the ratings would be likely in the event that
the company maintains its current operational performance, such
that a ratio of Adjusted Debt / EBITDA at or below 3.0x can be
achieved on a sustainable basis and visible amounts of free cash
flow (after dividends) are generated, whilst the company
continues to pursue a stable and conservative investment policy.
Although the covenants in the bond indenture allow for
significant financial flexibility for debt incurrence (Debt /
EBITDA covenant of 5.5x), it is Moody's expectation that the
company will continue to operate under a very conservative
financial strategy and will not deviate from current leverage
levels.

Whilst considered unlikely at this juncture, downward rating
pressure could materialize in the event that the company altered
its dividend/share buyback policy or invested more than
anticipated in new ventures and acquisitions.

The outlook for all ratings is positive, reflecting the
company's strong financial trends and the resultant potential
for upward rating pressure over the next 12 to 18 months.

Moody's previous rating action on TVN was on March 6, when the
outlook on the then B1 corporate family rating and B2 notes
rating was changed to positive from stable.

Registered in Poland, TVN S.A. is a leading television
broadcaster in Poland and a part of ITI Group. TVN and its
subsidiaries own and operate ten television channels (including
TVN, TVN 7 and TV 24).  or the year ended Dec. 31, 2005, the
company reported revenues of approximately PLN860 million.


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


ACHINSK-GRAIN-PRODUCT: Assets Sale Slated for November 15
---------------------------------------------------------
V. Stankevich, the insolvency manager and the bidding organizer
for OJSC Achinsk-Grain-Product, opened a public auction for the
company's property at 12:00 p.m. on Nov. 15 at:

         Partizana Zheleznyaka Str. 17
         Krasnoyarsk
         Russia

The company has set a RUR1,801,751 starting price for the
auctioned assets.

To participate, bidders have until Nov. 10 to deposit an amount
equivalent to 10% of the starting price to:

         OJSC Achinsk-Grain-Product
         Settlement Account 40702810700180100277
         ACB Enisey (OJSC) Krasnoyarsk
         Correspondent Account 30101810800000000795
         BIK 040407795

Bidding Documents must be submitted to:

         Zheleznyaka Str. 17
         660133 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Achinsk-Grain-Product
         1st Maya Str. 26
         Krymsk
         Krasnoyarsk Region
         Russia


ARMALIT OJSC: Krasnodar Bankruptcy Hearing Slated for Nov. 16
-------------------------------------------------------------
The Arbitration Court of Krasnodar Region will convene on
Nov. 16 to hear the bankruptcy supervision procedure on OJSC
Armalit (TIN 2302044576).  The case is docketed under Case No.
A-32-16163/2006-1/1004 B.

The Temporary Insolvency Manager is:

         V. Osadchuk
         Room 307
         Kolkhoznaya Str. 3
         350042 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Armalit
         K. Marksa Str. 86
         Armavir
         Krasnodar Region
         Russia


BSPB FINANCE: Fitch Assigns B/RR4 Ratings on Upcoming Eurobond
--------------------------------------------------------------
Fitch Ratings assigned BSPB Finance PLC's upcoming issue of
limited recourse loan participation notes expected ratings of
Recovery RR4 and Long-term B.

The notes are to be used solely for financing a loan to Russia-
based Bank Saint Petersburg, which is rated Issuer Default B
with Stable Outlook, Short-term B, Individual D, and Support 5.
The final ratings are contingent upon receipt of final
documentation conforming materially to information already
received.

BSPB Finance PLC, incorporated under the laws of Ireland, will
only pay noteholders principal and interest received from BSP
under the loan agreement.  It will charge certain rights and
interests to The Bank of New York for the benefit of the
noteholders under a trust deed and the loan agreement.

Its claims under the loan agreement will rank at least equally
with the claims of other senior unsecured creditors of BSP, save
those whose claims are preferred by any bankruptcy, insolvency,
liquidation or similar laws of general application.  Under
Russian law, the claims of retail depositors rank above those of
other senior unsecured creditors.  At end-H106, retail deposits
accounted for 30% of BSP's total liabilities, according to the
bank's IFRS accounts.

The loan agreement contains covenants restricting mergers and
disposals by BSP, and specifies that transactions between the
bank and its affiliates must be done on market terms, with an
independent appraiser to verify this in respect to transactions
of over US$20 million.  Dividend payments by the bank and its
subsidiaries are limited to 25% of net income for the year.

The loan agreement also contains a cross default clause, which
is triggered by overdue indebtedness of US$5 million or more,
and a negative pledge clause, which forbids any securing of the
bank's indebtedness.  BSP must ensure full compliance with the
all rules and regulations of the Central Bank of Russian
Federation, including the maximum credit risk per counterparty.
BSP shall ensure compliance to the CBR's capital adequacy ratios
and maintain a minimum Basel I total capital adequacy ratio of
10%.

BSP is a mid-sized Russian bank with a large presence in St.
Petersburg and the surrounding region.  The franchise is
currently focused primarily on serving local corporates, in part
by leveraging a close relationship with the St. Petersburg City
administration, although retail lending is also targeted to
grow.  The bank is ultimately controlled by senior management,
including the Chairman, Alexander Saveliev, with most of the
remainder owned by two groups of local investors.


BUILDER-63 LLC: Court Names A. Trifonov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Trifonov as Insolvency Manager for LLC Builder-
63.  He can be reached at:

         A. Trifonov
         Post User Box 383
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-30424/2006.

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

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

The Debtor can be reached at:

         LLC Builder-63
         Sverdlova Str. 12a
         Slantsy
         Leningrad Region
         Russia


BUSINESS-CENTRE: Court Names A. Trifonov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Murmansk Region appointed Mr. A.
Trifonov as Insolvency Manager for CJSC Business-Centre.  He can
be reached at:

         A. Trifonov
         Post User Box 383
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A42-4823/2006.

The Arbitration Court of Murmansk Region is located at:

         Knipovicha Str. 20
         Murmansk Region
         Russia

The Debtor can be reached at:

         CJSC Business-Centre
         Babikova 14
         Zapolyarnyj
         Murmansk Region
         Russia


DANS CJSC: Samara Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Samara Region commenced bankruptcy
supervision procedure on CJSC Dans.  The case is docketed under
Case No. A72-3773/06-21/30B.

The Temporary Insolvency Manager is:

         N. Ovchinnikova
         Office 314
         Komsomolskaya Str. 84A
         Tolyatti
         445009 Samara Region
         Russia

The Arbitration Court of Samara Region is located at:

         Avrory Str. 148
         Samara Region
         Russia

The Debtor can be reached at:

         CJSC Dans
         Kirova Str. 28
         432063 Ulyanovsk Region
         Russia


DZHANGO LLC: Court Names S. Pavlish as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Astrakhan Region appointed Mr. S.
Pavlish as Insolvency Manager for LLC Wood Processing Company
Dzhango.  She can be reached at:

         S. Pavlish
         Office 400
         7th Gvardeyskaya Str. 2A
         400005 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A06-13186/3-11/2006.

The Arbitration Court of Astrakhan Region is located at:

         Gubernatora A. Guzhvina Str. 6.
         Astrakhan Region
         Russia

The Debtor can be reached at:

         LLC Wood Processing Company Dzhango
         Ryleeva Str. 31
         Astrakhan
         Russia


IZH-MET: Udmurtiya Court Names N. Gulyashikh to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Udmurtiya Republic appointed Mr. N.
Gulyashikh as Insolvency Manager for CJSC Izh-Met (TIN/KPP
1832023516/183201001).  He can be reached at:

         N. Gulyashikh
         50 Let Oktyabrya Square 2
         Izhevsk
         426034 Udmurtiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-006418/2006-G2.

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         CJSC Izh-Met
         Mayakovskogo Str. 6
         Izhevsk
         426057 Udmurtiya Republic
         Russia


KRASNYANSKOYE CJSC: Bankruptcy Hearing Slated for Jan. 17
---------------------------------------------------------
The Arbitration Court of Voronezh Region will convene at 10:00
a.m. on Jan. 17, 2007, to hear the bankruptcy supervision
procedure on CJSC Krasnyanskoye.  The case is docketed under
Case No. A14-27221/2005 23/27b.

The Temporary Insolvency Manager is:

         T. Vodolazskaya
         Zavodskaya Str. 5
         Krasnoye Selo
         Novokhoperkiy Region
         397411 Voronezh Region
         Russia

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         CJSC Krasnyanskoye
         Zavodskaya Str. 5
         Krasnoye
         Novokhoperskiy Region
         Voronezh Region
         Russia


OSTROGOZHSK-MILK: Court Names Y. Alferov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. Y.
Alferov as Insolvency Manager for OJSC Ostrogozhsk-Milk.  He can
be reached at:

         Y. Alferov
         K. Marksa Str. 53
         Ostrogozhsk
         397853 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-8887-2005/93/20b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         Y. Alferov
         K. Marksa Str. 53
         Ostrogozhsk
         397853 Voronezh Region
         Russia


SAMARA-BREAD: Court Names A. Titov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. A. Titov as
Insolvency Manager for CJSC Samara-Bread (TIN 6384000856).  He
can be reached at:

         A. Titov
         Office 400
         7th Gvardeyskaya Str. 2A
         400005 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-8185/2006.

The Arbitration Court of Samara Region is located at:

         Avrory Str. 148
         Samara Region
         Russia

The Debtor can be reached at:

         CJSC Samara-Bread
         Khvorostyanka
         Samara Region
         Russia


SOUTHERN TELECOM: Alexander Anatolievich Joins Management Board
---------------------------------------------------------------
The Board of Directors of Southern Telecommunications Company
terminated the powers of the member of the Management Board
Kondrakov Denis Yurievich before the appointed time.

The Board of Directors also appointed Dobryakov Alexander
Anatolievich, Deputy Director General - Director for Economics
and Finance of UTK PJSC, as a member of the Company's Management
Board.

                       About the Company

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

                        *     *     *

As reported in the TCR-Europe on Oct. 30, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russia-based fixed-line telecommunications operator Southern
Telecommunications Co. (OJSC) to 'B-' from 'CCC+', in light of
the company's improving financial risk profile.  The outlook is
stable.

At the same time, Standard & Poor's raised its long-term Russia
national scale rating on STC to 'ruBBB' from 'ruBB'.  STC is the
incumbent fixed-line telecoms operator in the southern region of
Russia.

Southern Telecommunications carries Moody's Investors' Service's
Caa1 issuer rating and B3 long-term corporate family rating
since 2004.


SVERDLOVSK-AGRO-SNAB: Orel Bankruptcy Hearing Slated for Nov. 29
----------------------------------------------------------------
The Arbitration Court of Orel Region will convene on Nov. 29 to
hear the bankruptcy supervision procedure on OJSC Sverdlovsk-
Agro-Snab.  The case is docketed under Case No. A48-3329/06-20B.

The Temporary Insolvency Manager is:

         L. Titova
         Komsomolskaya Str. 386
         302010 Orel Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Sverdlovsk-Agro-Snab
         8th Marta Str. 9
         Zmievka
         303320 Orel Region
         Russia


TRANSPORT LEASING: Court Names S. Ogorodnikov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. S. Ogorodnikov as Insolvency Manager for CJSC
Transport Leasing Corporation.  He can be reached at:

         S. Ogorodnikov
         Post User Box 183
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-28340/2006.

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

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

The Debtor can be reached at:

         CJSC Transport Leasing Corporation
         Revolyutsii Shosse 84
         St. Petersburg Region
         Russia


TRAYLAND CJSC: Court Starts A. Trifonov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Trifonov as Insolvency Manager for CJSC
Building Company Trayland.  He can be reached at:

         A. Trifonov
         Post User Box 383
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-28671/2006.

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

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

The Debtor can be reached at:

         CJSC Building Company Trayland
         Kamenoostrovskiy Pr. 26/28
         St. Petersburg Region
         Russia


VERKHNE-LYUBAZHSKIY: Kursk Bankruptcy Hearing Slated for Jan. 17
----------------------------------------------------------------
The Arbitration Court of Kursk Region will convene at 11:20 a.m.
on Jan. 17, 2007, to hear the bankruptcy supervision procedure
on State Enterprise Verkhne-Lyubazhskiy Hemp Factory.  The case
is docketed under Case No. A35-5125/06 g.

The Temporary Insolvency Manager is:

         D. Churkin
         Post User Box 9
         394055 Voronezh Region
         Russia

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         State Enterprise Verkhne-Lyubazhskiy Hemp Factory
         Komsomolskaya Str. 29
         Verkhniy Lyubazh
         Fatezhskiy Region
         Kursk Region
         Russia


ZAKAMENSKIY BREWERY: Court Names M. Matkheeva to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Buryatiya Republic appointed Ms. M.
Matkheeva as Insolvency Manager for OJSC Zakamenskiy Brewery.
She can be reached at:

         M. Matkheeva
         Nakhimova Str. 18-2
         Uldan-Ude
         670033 Buryatiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A10-8849/05.

The Debtor can be reached at:

         OJSC Zakamenskiy Brewery
         Sedletskogo Str. 66
         Zakamensk
         671950 Buryatiya Republic
         Russia


ZALEGOSH-BEET: Orel Court Names R. Budin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. R. Budin as
Insolvency Manager for CJSC Zalegosh-Beet.  He can be reached
at:

         R. Budin
         Office 608
         Ryazanskaya Str. 1
         300026 Tula Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-19190/05-17b.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         CJSC Zalegosh-Beet
         Privokzalnyj
         Zalegoshenskiy Region
         Orel Region
         Russia


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


CODERE S.A.: Moody's Affirms B1 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service affirmed the existing ratings of
Codere S.A. following the announcement that the company plans to
issue an additional EUR150 million of senior notes on a pari
passu basis with the EUR500 million of senior notes issued by
Codere Finance S.A.  The outlook on the ratings is stable.

It is Moody's understanding that Codere will use the proceeds of
the notes to repay the amounts drawn under the existing
EUR45 million senior credit facility, the renewal fee for the
Argentine licenses, to acquire MAE, an AWP machine operator in
Mallorca, Spain and to pre-fund investments in 2007.

The rating affirmation principally reflects the fact that the
company is making use of the financial flexibility gained over
the past 12 months as a result of improved operating performance
and successful integration of acquisitions.  Credit metrics will
not be materially impacted, given that pro-forma June 2006 LTM
Adjusted Total Debt to Adjusted EBITDAR at 4.6x remains within
Moody's maximum leverage guidance for a B1 rating of 5.0x.
Moody's notes, however, that pro-forma Adjusted Total Debt to
Adjusted EBITDAR including the payment in kind (PIK) note issued
by Masampe Holding B.V. is higher at 5.3x, and therefore,
Codere's financial flexibility at this rating level has been
exhausted.

The rating affirmation also takes into account the increased
cost related to the renewal of bingo licenses in the Province of
Buenos Aires, which is expected to be higher than anticipated at
the beginning of the year.  Moody's has factored that the impact
of the renewal license fee will be in the region of ARS215
million (EUR54 million), payable half in 2006 and half in 2007.

Moody's has also factored a total canon surcharge attributable
to the licenses of approximately ARS500 million (EUR125
million), accrued and paid monthly within a five-year period
following the payment of the fixed renewal fee.  Although these
amounts are higher relative to Moody's expectations in the
beginning of the year, the rating agency believes that Codere
has enough financial flexibility under the current B1 rating to
accommodate these extraordinary payments, and the impact of the
license renewals will not result in a material weakening of
projected cash flow or leverage metrics.

In addition, Moody's notes that Codere will benefit from the
15-year extension period of the licenses, as well as enhanced
legal security, and potential enhancements which would improve
the attractiveness of the business (e.g. an expansion in the
number of districts in which bingo halls may be located thus
allowing for further relocation of bingo halls to potentially
more attractive and larger locations), which should help to
offset increased expected costs.

Moody's continues to monitor potential liquidity issues at the
shareholder level, given that the Martinez Sampedro family has
the obligation to pay the remaining installments associated with
their buy-out of the Franco brothers and ICIL stakes for an
aggregate purchase price of approximately EUR390 million.  The
second and third installments are due on April, 30, 2007 and
2008, respectively, subject to a six-month cure period.
However, Moody's also notes that cash leakage from the
restricted group is governed by the terms of the indenture
(restricted payments test and limitation on indebtedness) and
that liquidity issues at the shareholder level could accelerate
the IPO plans, which are currently on hold.

Ratings affirmed:

   -- Codere S.A.'s B1 corporate family rating

   -- The B2 rating on the EUR500 million senior notes
      due 2015 issued by Codere Finance S.A.

The outlook for all ratings is stable.

Headquartered in Madrid, Spain, Codere S.A. operates and invests
in diversified gaming operations in Spain, Latin America and
Italy.  Principal business segments include slot machines, bingo
halls, off-track betting and casino operations.  For the year
ended Dec. 31, 2005, the company reported revenues under IFRS of
EUR471.6 million.


CODERE S.A.: S&P Affirms BB Rating on Increased Bond Issuance
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Spanish-based gaming company Codere S.A.,
following news that the company is to increase its bond issuance
by EUR150 million, in the second issue of its kind this year.
The outlook remains stable.

At the same time, Standard & Poor's affirmed its 'B' senior
unsecured debt rating on related entity Codere Finance
(Luxembourg) S.A.'s existing bonds, which are guaranteed by
Codere.  The bonds are rated two notches below the corporate
credit rating, reflecting their structural subordination.

"The ratings on Codere continue to reflect the company's highly
leveraged financial profile; recent rapid growth; significant
exposure to volatile Latin American economies; high, albeit
partially hedged, exchange-rate risks; and changes in its
shareholding structure," said Standard & Poor's credit analyst
Philip Temme.  "These concerns are partly mitigated by the
stable and cash-generative nature of Codere's Spanish slots
business, its strong record of EBITDA growth in the Province of
Buenos Aires and Mexico (where it is the leader in both local
bingo markets), and favorable prospects for a fifteen-year
renewal of all the company's key Argentine bingo licenses."

Proceeds of the new issue will be used to fund a proportion of
these Argentine license renewal costs; to finance the
acquisition of an additional Spanish slot machine business in
Mallorca, which will usefully boost the group's European
earnings base; and to provide capital expenditure funding in
2007.  The ratings remain dependent on the anticipated
successful completion of the Argentine license renewal process.

In order to maintain the ratings and outlook, Standard & Poor's
expects Codere to successfully complete the renewal process for
its Argentine bingo licenses and to move quickly toward an
adjusted-debt-to-EBITDA ratio (including payment-in-kind [PIK]
notes) of less than 5.0x.

"There will be limited ratings upside until the group restores a
better balance between its European and Latin American earnings
and moves closer to being free cash flow positive," said Mr.
Temme.  "Failure to achieve forecast dividend payments from its
non-European businesses, higher-than-expected investment
activity, or an inability to cover interest expenses from
European earnings would likely trigger a negative rating
action."


GC FTPYME: Moody's Assigns (P)Ba3 Rating on Series E Notes
----------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the debt to be issued by GC FTPYME Pastor 4, FTA:

   -- EUR260 million Series A1 notes: (P)Aaa;
   -- EUR256.6 million Series A2 notes: (P)Aaa;
   -- EUR50.4 million Series A3G notes: (P)Aaa;
   -- EUR15.8 million Series B notes: (P)Aa2;
   -- EUR15.7 million Series C notes: (P)A2;
   -- EUR18.9 million Series D notes: (P)Baa3; and
   -- EUR12.6 million Series E notes: (P)Ba3.

GC FTPYME Pastor 4, FTA, a securitization of loans to small- and
medium-sized enterprises (SMEs) carried out by Banco Pastor,
S.A. under the FTPYME program, follows the Spanish Ministry of
Economy's allocation of a new guarantee budget for such
transactions for the current year.  In line with the reduction
observed in 2005, the amount assigned by the Ministry for 2006
is, at EUR800 million, significantly lower than the
EUR1.8 billion guarantee assigned in 2002, 2003 and 2004.

In Moody's view, strong features within this deal include, among
others:

   (1) the extensive historical default and recovery
       information provided by Banco Pastor;

   (2) an 18-month artificial write-off mechanism;

   (3) the guarantee of the Kingdom of Spain as regards
       the Series A3G notes;

   (4) a strong swap agreement guaranteeing an excess spread
       of 0.85% and covering the servicing fee should
       Banco Pastor be substituted as servicer of the pool; and

   (5) the fact that the management company will elect the
       loans from the provisional pool that will result in
       the least concentrated securitized pool.

Weaker features include:

   (1) geographical concentration in the region of Galicia;

   (2) the pro-rata amortization of the notes; and

   (3) the negative impact of the interest deferral trigger
       on the subordinated series.

These increased risks were reflected in the credit enhancement
calculation.

The provisional pool of underlying assets comprised, as of
October 2006, a portfolio of 6,136 loans granted to 5,514
borrowers, all of which are Spanish SMEs (66.5% being
enterprises and 33.5% self-employed individuals).  The loans
have been originated between 2000 and May 2006, with a weighted
average seasoning of 1.23 years and a weighted average remaining
life of 8.09 years.  The interest rate is floating for 86.5% of
the pool and fixed for the rest.  The weighted average interest
rate is 4.46%. 56% of the outstanding of the portfolio is
secured by a first-lien mortgage guarantee over different types
of properties (25% being residential properties), with a
weighted average loan to value equal to 60%.  Geographically the
pool is concentrated in Galicia (31%), a natural consequence of
the location of the originator, and is around 40% concentrated
in the "buildings and real estate" sector according to Moody's
industry classification.  At closing, up to 5% of the pool may
correspond to loans up to 45 days in arrears.  The rest of the
loans will not have amounts more than 30 days past due.

Moody's based the provisional ratings primarily on:

   -- an evaluation of the underlying portfolio of loans;

   -- historical performance information;

   -- the swap agreement hedging the interest rate risk;

   -- the credit enhancement provided through the
      GIC account, the excess spread, the reserve fund and
      the subordination of the notes; and

   -- the legal and structural integrity of the transaction.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only reflect Moody's
preliminary credit opinions regarding the transaction.  Upon a
conclusive review of the final pool of assets and the final
documentation, Moody's will endeavor to assign a definitive
rating to the notes.  A definitive rating, if any, may differ
from a provisional rating.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (July 2045).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal at par on or before the final
legal maturity date.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.

Moody's will monitor this transaction on an ongoing basis.


GC FTPYME: S&P Rates EUR12.6-Million Class E Notes at BB
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR630 million asset-backed floating-rate
notes to be issued by GC FTPYME Pastor 4, Fondo de Titulizacion
de Activos.

The originator is Banco Pastor, S.A.  At closing, Banco Pastor
will sell to GC FTPYME Pastor 4 a closed portfolio of secured
and unsecured loans of over EUR630 million granted mainly to
Spanish SMEs.

To fund this purchase on behalf of GC FTPYME Pastor 4, the
trustee, GestiCaixa, S.G.F.T., S.A., will issue seven classes of
floating-rate, quarterly paying notes.

GC FTPYME Pastor 4 is the sixth CLO to be completed by Banco
Pastor of its loans originated to SME clients and the 10th CLO
transaction to be managed by GestiCaixa.  This securitization
comprises a mixed pool of underlying mortgage-backed and other
guarantee assets.

The ratings on the notes reflect the class subordination, the
reserve fund, the presence of the interest rate swap (which
provides guaranteed excess spread of 85 bps), comfort provided
by various other contracts, the rating on Banco Pastor, and the
downgrade language in all of Banco Pastor's roles, including
that of servicer.

                        Ratings List
    GC FTPYME PASTOR 4, Fondo de Titulizacion de Activos
         EUR630 Million Asset-Backed Floating-Rate Notes

                          Prelim.        Prelim.
           Class          rating         amount (Mil. EUR)
           -----          ------         ------
           A1             AAA            260.0
           A2             AAA            256.6
           A3(G) (1)**    AAA             50.4
           B              AA              15.8
           C              A               15.7
           D              BBB             18.9
           E              BB              12.6

   (1) The class A3(G) notes will be protected by a
       guarantee from the Kingdom of Spain.

       The standalone preliminary rating on the
       class A3(G) notes is 'AAA'.


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


AEGIR LLC: Harkiv Court Names Sergij Moroz as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Harkiv Region appointed Sergij Moroz as
Liquidator/Insolvency Manager for LLC Aegir (code EDRPOU
33481906).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 19.  The case is docketed
under Case No. B-39/107-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Aegir
         Shevchenko Str. 235
         Harkiv Region
         Ukraine


ALFA LLC: Court Names Talana Rostislav as Insolvency Manager
------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Rostislav
Talana as Liquidator/Insolvency Manager for LLC ALFA (code
EDRPOU 32582062).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 26.  The case is docketed
under Case No. B 24/216-06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Alfa
         Robocha Str. 73/11
         49008 Dnipropetrovsk Region
         Ukraine


NAFTOGAZ OJSC: Fitch Places B+ Default Ratings on Watch Negative
----------------------------------------------------------------
Fitch Ratings placed OJSC Naftogaz of Ukraine's local and
foreign currency Issuer Default ratings of B+ on Rating Watch
Negative.

This follows the announcement that Ukraine is to pay US$130 per
thousand cubic meters (mcm) of gas in 2007 compared to US$95/mcm
in 2006.  The senior unsecured B+ rating on the company's US$500
million eurobond maturing in 2009 is also placed on RWN, while
the issue's Recovery rating is affirmed at RR4.

Fitch is waiting for information from Naftogaz regarding the
exact impact that the new pricing scheme is expected to have on
its business and financial profile.  The agency expects to
resolve the Rating Watch within the next business days.

In April 2006, Fitch downgraded Naftogaz's IDRs and senior
unsecured rating as information became available about its
deteriorating financial condition following the price increase
to US$95/mcm from US$50/mcm in 2005.  The announcement of an
additional price increase beginning in 2007 to US$130/mcm will
likely further negatively affect the company's financial
condition.

Additionally, this new 2007 agreement seems to indicate that
RosUkrEnergo, the offshore gas distributor, will sell all its
gas to UkrGazEnergo, the onshore gas distributor, leaving the
impression that Naftogaz has now lost its dominant position in
the Ukrainian domestic gas market.

Furthermore, while Naftogaz is a 100% state-owned company, which
allows for a degree of state support through the possible
increase of gas tariffs to economically justifiable levels in
2007, Fitch doubts there exists a strong political will for such
a move.

This is because parliament has recently voted to reverse some of
the gas price increases for households achieved in 2006.
Additionally, Fitch does not believe that the government would
be forthcoming with any direct liquidity injection in the event
that Naftogaz is unable to discharge its liabilities as they
become due.

The Fuel and Energy Ministry has, however, written a comfort
letter to Naftogaz's syndicated bank lenders in which it states
that it will support the company by means of supporting any
actions aimed at improving the company's financial position and
at the prevention of its bankruptcy.

In September 2006, Naftogaz released its 2005 audited IFRS
financial statements, in which the company's auditors disclosed
some concerning facts.  These included current liabilities in
excess of current assets in the amount of US41.8 billion, a
weakening of the company's business profile as a result of the
loss of industrial consumers to UkrGazEnergo, and the need for
Naftogaz to attract additional financing to fund working capital
and support operations, all of which further support today's RWN
placement.


OANNES LLC: Harkiv Court Names Sergij Moroz as Liquidator
---------------------------------------------------------
The Economic Court of Harkiv Region appointed for LLC Oannes
(code EDRPOU 33605991).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 20.  The case is docketed
under Case No. 30/109-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Oannes
         Shevchenko Str. 235
         Harkiv Region
         Ukraine


PEREMOGA LLC: Court Names Oleksij Ivanov as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Donetsk Region appointed Oleksij Ivanov as
Liquidator/Insolvency Manager for Agricultural LLC Peremoga
(code EDRPOU 30875918).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 14.  The case is docketed
under Case No. 5/52 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Peremoga
         Pobeda
         Starobeshevskij District
         87232 Donetsk Region
         Ukraine


PERMANENT LLC: Court Names Sergij Pyanov as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Harkiv Region appointed Sergij Pyanov as
Liquidator/Insolvency Manager for LLC Permanent (code EDRPOU
33163724).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 20.  The case is docketed
under Case No. B-50/133-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Permanent
         Pyatirichki Str. 15/33
         Drugoyi
         61007 Harkiv Region
         Ukraine


UKRZAHIDPOSTACH: Court Names Volodimir Temchishin as Liquidator
---------------------------------------------------------------
The Economic Court of Volinska Region appointed Volodimir
Temchishin as Liquidator for JSCCT Ukrzahidpostach (code EDRPOU
21744822).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 5.  The case is docketed
under Case No. 1/90-B.

The Debtor can be reached at:

         JSCCT Ukrzahidpostach
         Lutsk, Molodi Avenue 14
         43024 Volinska Region
         Ukraine

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk
         Volinska Region
         Ukraine


ZAGIRYA LLC: Court Names Sergij Pivovar as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Ternopil Region appointed for LLC Zagirya
(code EDRPOU 31966136).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 12.  The case is docketed
under Case No. 17/B-726.

The Economic Court of Ternopil Region is located at:

         Ostrozski Str. 14a
         46000 Ternopil Region
         Ukraine

The Debtor can be reached at:

         LLC Zagirya
         Zaliznichna Str. 5
         Zhovti Vodi
         52208 Dnipropetrovsk Region
         Ukraine


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


3 DOGS LIMITED: Brings In Tenon Recovery to Administer Assets
-------------------------------------------------------------
Martin A. Shaw and Charles M. Brook of Tenon Recovery were
appointed joint administrators of 3 Dogs Ltd. (Company Number
05285069) on Oct. 17.

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

3 Dogs Ltd. can be reached at:

         197 Kirkham Road
         Freckleton
         Preston
         Lancashire PR4 1HU
         United Kingdom
         Tel: 017 7263 1333
         Fax: 017 7263 1815


AKER KVAERNER: Earns NOK414 Million for Third Quarter 2006
----------------------------------------------------------
Aker Kvaerner ASA released its pro-forma operating results for
the third quarter of 2006.

Aker Kvaerner posted NOK414 million in net profit for the third
quarter of 2006, an increase of 70% compared with same period in
2005.  Consolidated operating revenues in the third quarter
totaled NOK13.4 billion, an increase of 33% compared with the
same quarter last year.  This reflects strong markets and high
activity in all reporting segments.

EBITDA for the third quarter was NOK822 million, an increase of
53% from NOK539 million in the third quarter 2005.  The
quarterly EBITDA margin was 6.1% compared to 5.4% in the third
quarter last year.  Year-to-date EBITDA of NOK2.265 billion
increased by 67% from NOK1.356 billion in the corresponding
period last year.  Year-to-date EBITDA margin is 5.8%.

The all-time high third-quarter order intake was NOK24.6
billion, which brings the order backlog to a solid NOK68.3
billion.

Cash flow from operating activities was NOK587 million in the
third quarter, reflecting a NOK196 million decrease in net
current operating assets.  Cash and bank deposits at the end of
September amounted to NOK6.8 billion.  The liquidity buffer,
including undrawn credit facilities of NOK2.2 billion, was a
comfortable NOK9 billion.

Aker Kværner is announcing an overall refinancing plan.  A group
of Nordic and international banks have underwritten the total
financing requirement of EUR850 million.  The new financing is
expected to be in place as of Dec. 1, 2006.  Through this
refinancing, the gross debt will be reduced by approximately
NOK1 billion.  The refinancing will increase the financial
flexibility of the company substantially.  Going forward,
interest costs will be reduced by approximately NOK180 million
per year, and there will be no dividend restrictions.

With the high capacity utilization in the industry, the focus
for Aker Kvaerner will continue to be selecting and executing
the right projects successfully.  The market is still expected
to be strong with attractive opportunities.

Metso's application for the clearance of its acquisition of Aker
Kvaerner's Pulping and Power businesses is currently subject to
phase II review under the EU merger regulation. Aker Kvaerner
expects closing to take place in the fourth quarter.

                      About Aker Kvaerner

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

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


AKER KVAERNER: Inks US$80-Mln Riser Deal with Queiroz Galvao
------------------------------------------------------------
Aker Kvaerner ASA has been awarded contracts to supply three
subsea drilling riser systems, featuring Aker Kvaerner's
innovative CLIP riser system, to Brazilian drilling company
Queiroz Galvao Oleo e Gas S.A.

The contracts have a value of around US$80 million.

The scope of work comprises three drilling riser systems,
including tools and flotation, designed for use in 700 meters,
2000 meters and 2400 meters water depth, respectively.
Deliveries of the risers will be completed from Aker Kvaerner's
new state-of-the-art facility in Rio das Ostras, Brazil, for
delivery within the next 17 to 30 months.

The drilling risers will be installed in three different rigs.
Two of the rigs will operate throughout the Brazilian offshore
coast serving long-term contracts between Queiroz Galvão and
Brazil's national oil company Petrobras.  The third is analyzing
opportunities to work either in Brazil or internationally.

"These awards represent another major milestone for Aker
Kvaerner's risers business, As the first company to manufacture
drilling risers in Brazil, Aker Kvaerner is supporting the
development of Rio de Janeiro state industry and reinforcing its
established position of strong supplier of subsea equipment in
Brazil," Raymond Carlsen, Executive Vice President Aker
Kvaerner, said.

The agreements are signed between the Aker Kvaerner Subsea
division of Aker Kvaerner Oil and Gas Brasil Ltda, Aker Kvaerner
Subsea AS and the Queiroz Galvao Group.

                      About Aker Kvaerner

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

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


BLACK COUNTRY: Nominates Liquidators from Abott Fielding
--------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abott Fielding were nominated
Joint Liquidators of Black Country Futures Limited on Oct. 13
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Black Country Futures Limited
         Unit 5
         Commercial Road
         Walsall
         West Midlands WS2 7NQ
         United Kingdom
         Tel: 01922 407080


BOMBARDIER INC: Moody's Rates EUR1.8-Bln Sr. Unsec. Notes at Ba2
----------------------------------------------------------------
Moody's Investors Service assigned its Ba2 rating to Bombardier
Inc.'s proposed EUR1.8 billion in new senior unsecured notes and
affirms all current ratings.

On Oct. 23, Bombardier opened its offer to tender for cash for
approximately EUR1 billion of its debt maturing in 2007 and
2008.  The tender offer will be funded with the proceeds of the
new debt issuances maturing in 2013 - 2016.  Proceeds will also
be utilized to support a cash collateral requirement (EUR860
million) associated with its proposed new bank letter of credit
facility.

The assignment of the Ba2 senior unsecured debt rating
considered that the new notes have a similar priority of claim
to the notes targeted for tender.  The exchange, if completed
will extend and smooth the company's debt maturity profile,
which previously included relatively large maturities in 2007
and 2008.  The issuance does not change the LGD assessment of
Bombardier's debt, and the new notes will carry the same LGD4,
54% assessment as the company's existing senior unsecured debt.

Bombardier's Ba2 debt rating considers its market share and
installed base in the business and regional jet aerospace
segment and improving results in the transportation sector.  The
combination of the debt issuance, the tender for the near term
maturing debt and completion of the renewal of the company's
bank lines of credit will add to the company's high debt levels
but will also will stabilize the company's liquidity profile and
reduce near term funding uncertainties.  On balance, Moody's
considers that the completion of these financial actions will be
modestly positive for the overall credit profile.

Bombardier's outlook remains negative and reflects business
uncertainties in the company's aerospace segment.  The
expectation is for continued weak demand for its regional jet
product highlighted by the recently announced reductions in
production rates.  Weakness in this important but problematic
segment is only partially offset by the favorable near term
business jet outlook and recent margin improvements in the
company's transportation segment.

Bombardier Inc., headquartered in Montreal, Quebec, is a
diversified company involved primarily in the aerospace,
transportation, and financial services markets.


BOMBARDIER INC: Operating Pressures Prompt S&P to Affirm Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit rating on Montreal, Que.-based Bombardier Inc.

At the same time, Standard & Poor's assigned its 'BB' issue
rating to Bombardier's proposed issuance of up to EUR1.8 billion
seven-to-ten-year multitranche senior unsecured notes.  The
notes are to be used to refinance EUR1.175 billion of debt
maturing on or before Feb. 22, 2008.  The remainder will form
part of the collateral required for a new LOC issuance credit
facility to be arranged after the completion of the bond issue.
The outlook is negative.

"The ratings on Bombardier reflect the competitive and operating
challenges it faces in its commercial aircraft business, the
company's volatile and somewhat unpredictable operating cash
flows, and the low profitability of its transportation
division," said Standard & Poor's credit analyst Greg Pau.

The ratings are supported by:

   -- the company's business aircraft segment,

   -- the slowly improving profitability at its
      transportation division,

   -- its relatively low capital expenditure requirements in
      the next few years, and

   -- its financial policies, which are focused on
      restoring balance-sheet stability.

"The ratings factor in our expectation that Bombardier will
successfully execute the proposed bond issuance.  Any material
delay or failure to complete the bond issuance could result in a
weaker liquidity position and trigger a review of the ratings,"
Mr. Pau added.

Bombardier's regional aircraft division continues to struggle,
and Standard & Poor's expects that the company's performance
will continue to suffer for the balance of the current year and
possibly in subsequent years.  The company's net orders and
backlog, particularly for regional jets, remain weak.  The
outlook continues to be uncertain, as the prospects for the U.S.
airline industry, Bombardier's principal market for regional
jets, remain unsettled and financing for expansion or fleet
renewal is still difficult to obtain.  The company's turboprop
division is providing some offset to this weakness, with a
better backlog and less exposure to the U.S. airline industry.
Strong business aircraft demand and improved cost efficiency in
the transportation segment partly offset the impact of the weak
regional aircraft division.

The outlook is negative, indicating the slow progress in
Bombardier's efforts to consistently generate free cash flow and
restore balance-sheet strength.

The ratings could be lowered if:

   -- the company's prospective liquidity position
      weakened;

   -- profit margins do not improve, resulting in
      expectations of weak free cash flow; or

   -- the company's balance sheet does not stabilize
     (which could be caused by weak free cash
      generation, expansion of aircraft program spending, or
      a widening pension deficit).

A near-term return to a stable outlook is considered unlikely
and would primarily require an improvement in prospects for the
commercial aerospace business while maintaining current
performance in the business jet and transportation divisions.
Although not currently contemplated by the company, a material
change in capital structure toward material reduction in
leverage through equity injection could be a positive
development that could trigger an outlook revision or an
upgrade.


BROOKLANDS ABS: Fitch Keeps B+ Rating on EUR22-Mln Class E Notes
----------------------------------------------------------------
Fitch Ratings affirmed Brooklands ABS Euro Reference-Linked
Notes 2001-1 following a satisfactory performance review:

   -- EUR50,000,000 Class A notes (ISIN XS0132520098): AAA;
   -- EUR50,000,000 Class B notes (ISIN XS0132520841): AA-;
   -- EUR32,000,000 Class C notes (ISIN XS0132521575): BBB;
   -- EUR12,500,000 Class D notes (ISIN XS0132521906): BBB-; and
   -- EUR22,000,000 Class E notes (ISIN XS0132525725): B+.

The affirmation reflects the transaction's relatively stable
performance and adequate credit enhancement levels.  The
Weighted Average Fitch Factor has remained within the BBB/BBB-
rating category although it has improved slightly to 6.25 from
6.48 in July 2005.

The speculative-grade entities represent 16.35% of the portfolio
compared to 12.6% last year in May 2005.  This deterioration,
however, has been mitigated by the stable credit enhancement and
increased seasoning of the transaction.  There have been no
credit events since WorldCom Inc. in January 2003.  As of the
September 2006 trustee report, the portfolio comprised 116
entities compared with 96 in July 2005.

The ratings of the Class A to D notes address the full and
timely payment of interest and ultimate payment of principal.
The rating of the Class E notes addresses a total return of
13.5%.

The issuer, Brooklands, is a special purpose vehicle
incorporated with limited liability under the laws of the Cayman
Islands.  Brooklands provides protection to UBS AG on a
portfolio of reference credits with a notional value of EUR1
billion.  Further to the WorldCom credit event that led to a
loss of EUR1.2875 million, the amount of credit protection
purchased has been reduced to EUR998,718,750.


CAPITAL PLANNING: Appoints Joint Administrators from RSM Rhodes
---------------------------------------------------------------
Charles William Anthony Escott and Gerald Clifford Smith of RSM
Robson Rhodes LLP were appointed joint administrators of Capital
Planning U.K. Ltd. (Company Number 04096728) on Oct. 12.

Headquartered in Leeds, United Kingdom, RSM Robson Rhodes LLP --
http://www.robsonrhodes.co.uk/-- provides a wide range of
auditing, assurance, advisory and compliance services for both
private and public sectors.  The firm is a member of the RSM
International, the world's sixth largest international
organization of accountants and business advisers.

Capital Planning U.K. Ltd. can be reached at:

         2 Stephen Street
         Camden
         London W1T 1EW
         United Kingdom
         Tel: 020 7916 8282
         Fax: 020 7916 8080


CARRIG ELECTRONICS: Names Simon James Bonney Liquidator
-------------------------------------------------------
Simon James Bonney of BN Jackson Norton was appointed Liquidator
of Carrig Electronics Limited (formerly Carrig Limited) on
Oct. 16 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Carrig Electronics Limited
         Carrig House
         5 Skyways
         Amy Johnson Way
         Blackpool
         Lancashire FY4 3RS
         United Kingdom
         Tel: 01253 345003


CELESTICA INC: Incurs US$42.1 Million Net Loss in Third Quarter
---------------------------------------------------------------
Celestica Inc. reported revenue of US$2.3 billion for the third
quarter ended Sept. 30, 2006, up 20% from US$1.9 billion in the
third quarter of 2005.

Net loss on a GAAP basis for the third quarter was US$42.1
million, compared to GAAP net loss of US$19.6 million for the
same period last year.  Included in GAAP net loss for the
quarter are charges of US$82 million associated with previously
announced restructuring plans. For the same period in 2005,
restructuring charges of US$41 million were incurred.

Adjusted net earnings for the quarter were US$40.5 million,
compared to US$27.1 million for the same period last year .
Adjusted net earnings is defined as net earnings before
amortization of intangible assets, gains or losses on the
repurchase of shares and debt, integration costs related to
acquisitions, option expense, option exchange costs and other
charges, net of tax and significant deferred tax write-offs.
These results compare with the company's guidance for the third
quarter, announced on July 27, 2006, of revenue of US$2.15 to
US$2.35 billion.

For the nine months ended Sept. 30, 2006, revenue was US$6,550
million compared to US$6,396 million for the same period in
2005. Net loss on a GAAP basis was US$89.8 million compared to
net loss of US$18.6 million for the same period last year.
Adjusted net earnings for the first nine months of 2006 were
US$87 million compared to adjusted net earnings of US$100.2
million for the same period in 2005.

"Revenues were very strong sequentially and year over year
driven primarily by the growth realized in our consumer segment.
Other segments were solid as well in this seasonally lower
quarter," said Steve Delaney, CEO, Celestica.  "I'm pleased with
the added diversification and the improvement in operating
margins, despite the setbacks we've had in the performance of
some of our facilities in the Americas and Eastern Europe.  We
remain focused on overcoming these challenges and accelerating
the improvement in our returns on capital."

For the fourth quarter ending Dec. 31, 2006, the company
anticipates revenue to be in the range of US$2.25 billion to
US$2.45 billion.

                        About Celestica

Headquartered in Toronto, Ontario, Celestica, Inc. (NYSE: CLS,
TSX: CLS/SV) -- http://www.celestica.com/-- is a world leader
in the delivery of innovative electronics manufacturing
services.  Celestica operates a highly sophisticated global
manufacturing network with operations in Asia, Europe and the
Americas, providing a broad range of integrated services and
solutions to original equipment manufacturers.  Celestica's
expertise in quality, technology and supply chain management,
enables the company to provide competitive advantage to its
customers by improving time-to-market, scalability and
manufacturing efficiency.  In Europe, the company maintains
operations in the Czech Republic, Ireland, Italy, Romania,
Spain, Switzerland and the United Kingdom.

                         *     *     *

As reported in the TCR-Europe on Oct. 6, Moody's has affirmed
its Ba3 Corporate Family Rating for Celestica International.

Celestica carries Fitch's 'BB-' issuer default and unsecured
credit facility ratings.  Fitch also assigned a 'B+' rating to
the Company's senior subordinated debt.  Fitch said the Rating
Outlook is Stable.

In February 2005, Moody's Investors Service lowered Celestica's
senior implied rating to Ba3 from Ba2, senior unsecured issuer
rating to B1 from Ba3 and the subordinated notes rating to B2
from Ba3.


CODATE LIGHTING: Brings In Administrators from Grant Thornton
-------------------------------------------------------------
Martin Gilbert Ellis and Daniel Robert Whiteley Smith of Grant
Thornton U.K. LLP were appointed joint administrators of Codate
Lighting Holdings Ltd. (Company Number 04944921) on Oct. 13.

Headquartered in London, England, 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.

Codate Lighting Holdings Ltd. can be reached at:

         Devonshire House
         60 Goswell Road
         Islington
         London EC1M 7AD
         United Kingdom
         Tel: 020 7383 5100
         Fax: 020 7383 4715


DEWCROSS TRADING: H. J. Sorsky Leads Liquidation Procedure
----------------------------------------------------------
H. J. Sorsky of SPW Poppleton & Appleby was appointed Liquidator
of Dewcross Trading Limited on Oct. 16 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Dewcross Trading Limited
         Merrick Road
         Southall
         Middlesex UB2 4AU
         United Kingdom
         Tel: 020 8574 4777


DIGITAL NETWORKS: Claims Filing Period Ends Jan. 27, 2007
---------------------------------------------------------
Creditors of Digital Networks International Ltd. have until
Jan. 27, 2007, to send in their names, addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any) to appointed
Joint Liquidator Peter Alan Kubik at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom

The company can be reached at:

         Digital Networks International Ltd.
         The Barn
         Kestrel Court
         Vyne Road
         Sherborne St. John
         Basingstoke
         Hampshire RG24 9HJ
         United Kingdom
         Tel: 01256 855600


DIRECT CONTRACT: Claims Registration Ends Jan. 16, 2007
-------------------------------------------------------
Creditors of Direct Contract Renovations Limited have until
Jan. 16, 2007, to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any) to appointed
Liquidator Timothy Alexander Close at:

         Milsted Langdon
         Winchester House
         Deane Gate Avenue
         Taunton TA1 2UH
         United Kingdom

The company can be reached at:

         Direct Contract Renovations Limited
         Hamp Industrial Estate
         Old Taunton Road
         Bridgwater
         Somerset TA6 3NT
         United Kingdom
         Tel: 01278 433 100


DURA AUTOMOTIVE: U.S. & Canadian Units File Chapter 11 Petitions
----------------------------------------------------------------
DURA Automotive Systems Inc.'s U.S. and Canadian subsidiaries
have filed for protection under Chapter 11 of the U.S.
Bankruptcy Code with the U.S. Bankruptcy Court for the District
of Delaware.  DURA's European and other operations outside the
U.S. and Canada, accounting for approximately 51% of DURA's
revenue, are not part of the filing.

DURA's decision to pursue reorganization under Chapter 11 came
after evaluating all options to restructure its balance sheet to
reduce the company's indebtedness and interest expense.  DURA
elected to pursue a restructuring under court protection as it
will facilitate both a financial restructuring and ongoing
operational restructuring, the successful implementation of
which will help DURA overcome current financial and industry
pressures and position the company for long-term success.

                           DIP Financing

As part of the filing, DURA has arranged for approximately
US$300 million in Debtor-in-Possession financing from Goldman
Sachs, GE Capital, and Barclays, which will be used by DURA to
fund normal business operations and continue its operational
restructuring program initiated in February 2006.

The company has requested, and expects to receive, permission
from the Court to pay employee salaries, wages and benefits.
DURA has also asked for authority to pay certain critical pre-
petition vendor claims and will continue to pay its post-
petition obligations in the ordinary course of business.  DURA
said the steps it is taking would help ensure continuity of
supply to customers.

"With industry conditions tightening further, we concluded that
our capital structure is no longer appropriate," chairman and
chief executive officer of DURA Automotive Systems Larry Denton
said.

"The Chapter 11 process will enable us to work with our
creditors on a plan that will reduce our debt burden and align
the business to meet the challenges of tomorrow's automotive
marketplace.

"The entire North American automotive supply industry is at an
extremely difficult juncture," Mr. Denton continued.

"Pursuing a financial reorganization under court protections is
the prudent course of action and positioning us for long-term
sustainability.  This is in the best interest of our employees,
customers, vendors, and other business partners."

DURA said the accelerating deterioration of the North American
automotive industry, in particular, further production cuts by
the major U.S. OEMs and the escalating cost of raw materials,
adversely affected DURA's cash position prior to the filing.
The DIP financing will improve DURA's liquidity, providing the
company with sufficient working capital to continue normal
operations and fund its turnaround.

In February 2006, DURA initiated an operational restructuring
program, focused on improving quality, lowering production
costs, increasing EBITDA and rightsizing the business to account
for capacity reductions.  The operational restructuring program
is generating improvements today and will continue to generate
additional improvements throughout the bankruptcy process.

"Once our operational and financial programs are complete, we
believe that DURA will have improved its competitive position in
the automotive supply market, combining best-in-class quality
with best-in-cost production through our global lean-
manufacturing footprint," Mr. Denton said.

"DURA plans to continue to serve customers with innovative,
competitively priced products that meet the highest standards of
quality today and into the future."


                   About DURA Automotive Systems

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry. The company is also a leading supplier of
similar products to the recreation vehicle and specialty vehicle
industries. DURA sells its automotive products to every North
American, Japanese and European original equipment manufacturer
and many leading Tier 1 automotive suppliers.  It currently
operates in 63 locations including joint venture companies and
customer service centers in 14 countries.  In Europe, the
company maintains operations in Germany, the United Kingdom,
France, Spain, Portugal, Czech Republic, Slovakia and Romania.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 19,
Moody's Investors Service lowered the Probability of Default
rating of Dura Automotive Systems Inc. to D from Caa3.

Standard & Poor's Ratings Services has also lowered the
corporate credit rating of Dura Automotive Systems Inc. and its
subsidiary, Dura Operating Corp., to 'D' from 'CCC'.


DURA AUTOMOTIVE: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Dura Automotive Systems, Inc.
             aka Dura Automotive Holdings, Inc.
             aka MC Holding Corp.
             2791 Research Drive
             Rochester Hills, MI 48309-3575

Bankruptcy Case No.: 06-11202

Debtor-affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
   Dura Operating Corp.                          06-11203
   Adwest Electronics Inc.                       06-11204
   Atwood Automotive, Inc.                       06-11205
   Atwood Mobile Products, Inc.                  06-11206
   Automotive Aviation Partners, LLC             06-11207
   Creation Group Transportation, Inc.           06-11208
   Creation Group, Inc.                          06-11209
   Creation Windows, Inc.                        06-11210
   Creation Windows, LLC                         06-11211
   Creation Group Holdings, Inc.                 06-11212
   Dura Aircraft Operating Company, LLC          06-11213
   Dura Automotive Systems Cable Operations Inc. 06-11214
   Dura Automotive Systems of Indiana, Inc.      06-11215
   Dura Brake Systems, L.L.C.                    06-11216
   Dura Cables North LLC                         06-11217
   Dura Cables South LLC                         06-11218
   Dura Fremont L.L.C.                           06-11219
   Dura Gladwin L.L.C.                           06-11220
   Dura Global Technologies, Inc.                06-11221
   Dura G.P.                                     06-11222
   Dura Mancelona L.L.C.                         06-11223
   Dura Services L.L.C.                          06-11224
   Dura Shifter L.L.C.                           06-11225
   Dura Spicebright, Inc.                        06-11226
   Kemberly, Inc.                                06-11227
   Kemberly, LLC                                 06-11228
   Mark I Molded Plastics of Tennessee, Inc.     06-11229
   Patent Licensing Clearinghouse L.L.C.         06-11230
   Spec-Temp, Inc.                               06-11231
   Trident Automotive, L.L.C.                    06-11232
   Trident Automotive, L.P.                      06-11233
   Universal Tool & Stamping Company, Inc.       06-11234
   Dura Automotive Canada ULC                    06-11235
   Dura Automotive Systems (Canada), Ltd.        06-11236
   Dura Canada LP                                06-11237
   Dura Holdings Canada LP                       06-11238
   Dura Holdings ULC                             06-11239
   Dura Ontario, Inc.                            06-11240
   Dura Operating Canada LP                      06-11241
   Trident Automotive Canada Co.                 06-11242
   Trident Automotive Limited                    06-11243

Type of Business: The Debtors design and manufacture driver
                  control systems, seating control systems,
                  glass systems, engineered assemblies,
                  structural door modules, and exterior trim
                  systems for the global automotive industry.
                  The Debtors also supply similar products to
                  the recreation vehicle and specialty vehicle
                  industries.  The Debtors sell their automotive
                  products to every North American, Japanese,
and
                  European original equipment manufacturer and
                  many leading Tier 1 automotive suppliers.
                  See http://www.DURAauto.com/

Chapter 11 Petition Date: October 30, 2006

Court: District of Delaware

Judge: Kevin J. Carey

Debtors'
Lead Counsel:     Richard M. Cieri, Esq.
                  Marc Kieselstein, Esq.
                  Roger James Higgins, Esq.
                  Ryan Blaine Bennett, Esq.
                  Kirkland & Ellis LLP
                  200 East Randolph Drive
                  Chicago, IL 60601-6636
                  Tel: (312) 861-2000
                  Fax: (312) 861-2200

Debtors'
Co-Counsel:       Mark D. Collins, Esq.
                  Daniel J. DeFranseschi, Esq.
                  Jason M. Madron, Esq.
                  Richards Layton & Finger, P.A.
                  One Rodney Square
                  920 North King Street
                  Wilmington, DE 19801
                  Tel: (302) 651-7575
                  Fax: (302) 498-7575

Debtors' Special
Counsel:          Baker & McKenzie

Debtors'
Conflicts
Counsel:          Togut, Segal & Segal LLP

Debtors'
Investment
Banker:           Miller Buckfire & Co., LLC

Debtors'
Financial
Advisor:          Glass & Associates Inc.

Debtors'
Notice, Claims
and Balloting
Agent:            Kurtzman Carson Consultants LLC

Debtors'
Corporate
Communications
Consultants:      Brunswick Group LLC

Financial Condition as of July 2, 2006:

      Total Assets: $1,993,178,000

      Total Debts:  $1,730,758,000

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
U.S. Bank Trust Services         9% Senior Subd.   $523,530,000
60 Livingston Ave. EP-MN-WS3C    Notes
St. Paul, MN 55107
Attn: Richard Prokosch
Tel: (651) 495-3918
Fax: (651) 495-8097


BNY Midwest Trust Company        8.625% Senior     $400,000,000
2 N LaSalle Street, Suite 1020
Chicago, IL 60602
Attn: Roxanne J. Ellwanger
Tel: (312) 827-8574
Fax: (312) 827-8542

JP Morgan Trust Company          7.5% Convertible   $55,205,000
Institutional Trust Service
227 West Monroe, Suite 2600
Chicago, IL 60606
Attn: Sharon K. McGrath
Tel: (402) 496-1960
Fax: (402) 496-2014

Johnson Electric North America   Trade               $3,258,156
47660 Halyard Drive
Plymouth, MI 48101
Attn: Jessi Lamb
      Doug Eberle
      Doug Stange
Tel: (734) 392-5451
Fax: (734) 392-5480
     (734) 392-5388
     (734) 392-5386

ACH Glass                        Trade               $2,200,817
17333 Federal Drive, Suite 230
Allen Park, MI 48101
Attn: Dave Thompson
      Steve Ewing
Tel: (313) 755-3735
Fax: (313) 755-2285

HS Spring Group                  Trade               $1,969,900
25 Worchester Road
Toronto, ON M9W IK9
Canada

3805 Business Park Drive
Louisville, KY 40213
Attn: Kerry Pursley
      Paul Law
      Pamella Collins
Tel: (416) 675-9072
Fax: (416) 675-9074

Ready Rivet and Fastener Ltd.    Trade               $1,877,979
170 Hollinger Crescent
Kitchner, ON N2K 2Z3
Canada
Attn: Dan Collins
Tel: (519) 745-6119
Fax: (519) 745-9453

ACH Vidriocar                    Trade                 $837,881
Calle Miguel Calalan
# 420 Parque
Industrial Rio Bravo
Juarez, Chihuahua 32700
Mexico
Attn: Armando Galindo
Tel: (526) 566-295-153
Fax: (595) 021-501-617


MakSteel                         Trade                 $949,700
7615 Torbram Road
Mississauga, ON L4T 4A8
Canada
Attn: Norm Trudeau
      Bill Cooke
Tel: (905) 671-3000 x 2255
Fax: (905) 673-4976

Thompson IG LLC                  Trade                 $782,031
3196 Thompson Road
Fenton, MI 48430
Attn: Chris DeSonia
      Debbie Schultz
Tel: (810) 629-9558
Fax: (810) 629-0041

Fastco Industries Inc.           Trade                 $623,113
2685 Mullins Avenue NW
P.O. Box 141427
Grand Rapids, MI 49544
Attn: Craig Gill
      Marti Archibald
Tel: (616) 453-5428
Fax: (616) 791-0481

Astro Shapes Inc.                Trade                 $581,593
65 Main Street
P.O. Box 2
Struthers, OH 44471
Attn: Terri Michaud
      Alison Ritchie
Tel: (330) 755-1414
Fax: (330) 755-3641

Technical Services Inc.          Trade                 $540,704
57006 241st Street
Ames, IA 50010
Attn: Martin Simpson
Tel: (525) 232-3188
Fax: (515) 232-2953

Young Technology Inc.            Trade                 $527,091
332 Commerce Drive
Carol Stream, IL 60188
Attn: Eric Luhrs
      John Wenstrup
Tel: (630) 690-4320 ext. 20
Fax: (630) 690-9487

Royal Plastics Inc.              Trade                 $525,362
3765 Quincy Street
Hudsonville, MI 49426
Attn: Perry Franco
Tel: (616) 667-4155
Fax: (616) 896-0290

Worthington Steel                Trade                 $500,232
200 Old Wilson Bridge Road
Columbus, OH 43085
Attn: Tom Grabowski
      John Cummings
Tel: (614) 438-3210
Fax: (614) 840-3706

Camcar Textron CDN               Trade                 $495,869
87 Disco Road
Rexdale, ON M9W 6K2
Canada
Attn: Andrew Chubb
      Brian Erickson
Tel: (800) 268-4806
Fax: (416) 675-3762

White Rogers                     Trade                 $463,291
P.O. Box 93638
Chicago, IL 60673
Attn: Debbie Schmidt
Tel: (870) 793-3855
Fax: (870) 793-1822

Kilbank Metal Turning &          Trade                 $460,115
Forming Inc.
4 Barrie Boulevard
St. Thomas, ON N5P 4B9
Canada
Attn: Donna Dyson
      Steve Smith
Tel: (519) 631-4470
Fax: (519) 631-3152

PPG Industries                   Trade                 $441,408
One PPG Place
Pittsburgh, PA 15272
Attn: Karen Blaylock
      Jason Skeen
Tel: (412) 434-3131
Fax: (419) 526-7487

AGC Automotive Americas          Trade                 $426,018
1 Auto Glass Drive
P.O. Box 5000
Elizabethtown, KY 42701
Attn: Darryl Mezigian
Tel: (248) 324-5062
Fax: (270) 769-8295

Sturgis Molded Products          Trade                 $406,473
70343 Clark Street
P.O. Box 246
Sturgis, MI 49091
Attn: Rejean Schragg
      Pam Kain
Tel: 1-800-572-1786
Fax: (269) 651-4072

Freedom Technologies Corp.       Trade                 $373,596
10370 Citation Drive, Suite 200
Brighton, MI 48116
Attn: John Piatek
Tel: (810) 227-3737
Fax: (810) 227-3909

Carthage Wire Mill               Trade                 $358,129
1225 East Central Avenue
Carthage, MO 64836
Attn: Christian Lupo
Tel: 1-800-527-1786
Fax: (314) 567-7334

Indalex Aluminum Solutions       Trade                 $353,787
75 Tri-State International
Suite 450
Lincolnshire, IL 60069
Attn: Pat Wooley
      Connie Shinuald
Tel: (866) 576-0146
Fax: (847) 295-3851

McLaughlin Metal Sales Co.       Trade                 $338,998
12898 Pennridge Drive
Bridgeton, MO 63044
Attn: Wilson Allee
      Dan Gutos
Tel: (314) 567-8585
Fax: (314) 567-7334

Orchid Automation                Trade                 $338,005
331 Alden Road
Markham, ON L3R3L4
Canada
Attn: Darrell Corkum
Tel: (615) 661-4300
Fax: (615) 661-4359

Ford Motor Company               Trade                 $337,542
P.O. Box 6248
Dearborn, MI 48126
Attn: Steve Martin
      Jennifer Zinn
Tel: (313) 322-3000 ext. 9798
Fax: (313) 845-4089

SAIA - Burgess North America     Trade                 $336,283
801 Scholz Drive
Vandalia, OH 45377
Attn: Ron Rogers
      Chris Mullins
Tel: (937) 454-2345
Fax: (937) 898-8624

Pilkington-Clinton Plant         Trade                 $332,499
11700 Tecumseh-Clinton Road
Clinton, MI 49236
Attn: Terrance Gallagher
      Pat Gallagher
Tel: (517) 456-2167
Fax: (517) 456-4242


E & P HOLDINGS: Cattles Invoice Taps CLB Coopers as Receivers
-------------------------------------------------------------
Cattles Invoice Finance Ltd. appointed Mark Terence Getliffe and
Diane Elizabeth Hill of CLB Coopers joint administrative
receivers of E & P Holdings Ltd. (Company Number 03472566) on
Oct. 10.

Headquartered in Manchester, England, CLB Coopers --
http://www.clb.co.uk/-- is an independent firm of accountants
and advisers.

E & P Holdings Ltd. can be reached at:

         Century House
         11 St Peters Square
         Manchester M2 3DN
         United Kingdom
         Tel: 0161-245-1000
         Fax: 0161-245-1001


ELECTRIC SHOP: Appoints KPMG as Joint Administrators
----------------------------------------------------
David John Crawshaw and Myles Antony Halley of KPMG LLP were
appointed joint administrators of The Electric Shop U.K. Ltd.
(Company Number 03663480) on Oct. 16.

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.

Headquartered in St. Albans, England, Electric Shop U.K. Limited
-- http://www.electricshop.com/-- retails electrical goods.


EMI GROUP: Unearths Accounting Fraud at Brazilian Unit
------------------------------------------------------
EMI Group Plc has discovered a one-off accounting fraud at its
Brazilian recorded music business, The Guardian reports.

The accounting fraud, EMI estimates, resulted in the
overstatement of EMI Music's revenues by around GBP12 million
and operating profits by around GBP9 million.

The Times reports that the scandal entails false booking of
stock as sold and shipped.  The Brazilian unit, headed by Marcos
Maynard, is understood to have been burdened with unexpected
stock, The Times adds.

"As a one-off hit, [the fraud] accounts for five percent of this
year's pre-tax profits and investors might fear there is the
risk of further problems," Richard Hitchcock, an analyst at
Numis Securities, said.

EMI said the impact of the scandal would be be reflected in the
financial results for the six months ended Sept. 30, 2006.

The recording company said it has launched a full investigation
and has suspended some members of the senior management team at
the Brazilian division.

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

                        *     *     *

Moody's Investors Service downgraded EMI Group plc's senior debt
and guaranteed debt ratings to Ba2 from Ba1.  At the same time
Moody's assigned a Ba2 Corporate Family Rating to EMI.  The
downgrade is based on Moody's expectation that EMI's debt
protection measurements will not improve near-term to a level
commensurate with the Ba1 rating category.  The rating outlook
is now stable.

Despite a visible improvement in operating performance during
the 2005/6 financial year EMI's cash-flow based measures of
indebtedness have remained relatively weak with Adj. RCF/Adj.
Net Debt at 8.3% while free cash flow (after capital
expenditures and dividends) was negative as it has been in four
out of the last five years.  While Moody's believes that EMI's
second half release schedule will help to compensate for a weak
first half performance (reported revenues -5%) during the
company's 2006/7 financial year, it will be challenging for EMI
to show meaningfully improved revenue and profits for the year
against the backdrop of a still struggling global market for
recorded music.


FTI CONSULTING: Names James Crownover to Class II of the Board
--------------------------------------------------------------
FTI Consulting Inc.'s Board of Directors appointed James W.
Crownover, an independent director, to the Class II of the
Board.  His term will expire at the Company's next annual
meeting in the spring of 2007.

Mr. Crownover had a 30-year career with McKinsey & Company,
Inc. when he retired in 1998.  He headed McKinsey's Southwest
practice for many years, and also co-headed the firm's worldwide
energy practice.  He served as a member of McKinsey's Board of
Directors and also served as director of Allied Waste
Industries, Inc., Chemtura Corporation and Weingarten Realty
Investors.  Mr. Crownover also is chairman of Rice University's
Board of Trustees.

Commenting on Mr. Crownover's appointment, Jack Dunn, president
and chief executive officer, said: "Jim brings to FTI and its
stockholders unquestioned integrity, a wealth of experience and
a tremendous amount of energy and enthusiasm for our mission.
We will benefit enormously from his addition to our Board."

FTI Consulting Inc. (NYSE:FCN) provides problem-solving
consulting and technology services to major corporations,
financial institutions and law firms when confronting critical
issues that shape their future and the future of their clients,
such as financial and operational improvement, major litigation,
complex investigations, mergers and acquisitions and regulatory
issues.  FTI's total workforce of more than 1,400 employees
includes numerous PhDs, MBAs, CPAs, CIRAs and CFEs, who are
committed to delivering the highest level of service to clients.
FTI Consulting has offices in the United States, the United
Kingdom, Australia, China, Hong Kong, Japan, and Singapore.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 19, 2006,
Standard & Poor's Ratings Services assigned its 'B+' rating to
FTI Consulting Inc.'s US$215 million senior notes due 2016.

At the same time, Standard & Poor's affirmed the corporate
credit rating of FTI at 'BB-' and revised the outlook to
positive from stable, based on strong earnings performance and
talent retention.

As reported in the Troubled Company Reporter on Sept. 18, 2006
Moody's Investors Service assigned a Ba2 rating to FTI
Consulting, Inc.'s proposed US$215 million of senior unsecured
notes and lowered the ratings on its US$150 million senior
subordinated convertible notes to B1 from Ba3.  Moody's affirmed
the Ba2 corporate family rating and the Ba2 rating on FTI's
existing senior unsecured notes.  Moody's said the rating
outlook remains stable.


HARBOURMASTER CLO: Fitch Keeps BB- Rating on EUR13.4-Mln Notes
--------------------------------------------------------------
Fitch Ratings affirmed Harbourmaster CLO 5 BV's EUR764.5 million
notes due 2020:

   -- EUR490 million Class A1 floating-rate notes: AAA;
   -- EUR94.7 million Class A2E floating-rate notes: AAA;
   -- EUR37.3 million Class A2F notes: AAA;
   -- EUR32 million Class A3 floating-rate notes: AA;
   -- EUR9 million Class A4E floating-rate notes: A;
   -- EUR16 million Class A4F notes: A;
   -- EUR4 million Class B1E floating-rate notes: BBB;
   -- EUR15 million Class B1F notes: BBB;
   -- EUR8.3 million Class B2E floating-rate notes: BB;
   -- EUR6.7 million Class B2F notes: BB;
   -- EUR13.4 million Class S1 combination notes: BB-;
   -- EUR20 million Class S2 combination notes: A; and
   -- EUR25 million Class S3 combination notes: A.

The affirmation reflects the transaction's consistent
performance to date.  As of the September 2006 trustee report,
the transaction is in compliance with all the portfolio
guidelines and coverage tests.  There have been no defaults in
the portfolio to date.

The Weighted Average Fitch Factor is now 25.21 compared to 25.4
at close in July 2005.  The subordination in the capital
structure and excess spread generated by the portfolio are
sufficient to withstand the current rating stresses.

The ratings of the Class A1 and A2 notes address ultimate
repayment of principal at maturity and timely payment of
interest when due.  For all other Classes of notes, the ratings
address ultimate payment of principal and interest, including
deferred interest, at maturity.  The ratings assigned to the S1,
S2 and S3 combo notes addresses the ultimate payment of
principal from funds received on their components.

The transaction constitutes a securitization of primarily senior
secured and unsecured loans forming a portfolio managed by
Harbourmaster Capital Limited.  The issuer, Harbourmaster CLO 5
B.V., is a limited liability company incorporated under the laws
of the Netherlands.  The transaction completed the ramp-up
period in November 2005, following which it remains in the re-
investment period until September 2010.


HIGH ROLL: Names Gerald Maurice Krasner as Administrator
--------------------------------------------------------
Gerald Maurice Krasner of Bartfields (U.K.) Ltd. was appointed
administrator of High Roll Ltd. (Company Number 5601289) on
Oct. 16.

The administrator can be reached at:

         Gerald Maurice Krasner
         Bartfields (U.K.) Limited
         Burley House
         12 Clarendon Road
         Leeds
         West Yorkshire LS2 9NF
         United Kingdom
         Tel: 0113 244 9051

High Roll Ltd. can be reached at:

         16 Chevin Terrace
         Otley
         West Yorkshire LS21 3JH
         United Kingdom
         Tel: 0113 242 0098


HOUSE OF STRATUS: Brings In Liquidators from Begbies Traynor
------------------------------------------------------------
Rob Sadler and Michael Edward George Saville of Begbies Traynor
were appointed Joint Liquidators of House Of Stratus Limited on
Oct. 17 for the creditors' voluntary winding-up procedure.

Headquartered in Thirsk, England, House of Stratus Limited is
engaged in book and magazine publishing.


INDEPENDENT NEWS: Confirms AU$3.8 Bln Leveraged Buy-Out Approach
----------------------------------------------------------------
Independent News & Media PLC confirmed Oct. 26 that Providence
Equity Partners and other capital partners have approached the
Board of APN News & Media Ltd. regarding possible leveraged buy-
out of the entire share capital of APN at value of approximately
AU$3.8 billion.

If concluded, INM intended to reinvest a significant part of its
likely proceeds from the consortium's offer so that it retains,
indirectly, a 40% interest in APN on completion.  The balance of
the cash to be received by INM as a result of the Consortium's
offer will be applied towards the acceleration of the Group's
expansion in its global markets, to the maximization of
shareholder returns and to general corporate purposes.

The company envisaged that it would manage and run APN, which
will no longer be a subsidiary of INM but will be accounted for
as an associate company.  This preliminary approach is subject
to a number of conditions including due diligence,
implementation of the new media laws in Australia, and such
other regulatory and board approvals as may apply.

                        About the Company

Independent News & Media PLC (ticker: INWS.I; INWS.L) --
http://www.inmplc.com/-- is an international newspaper and
Communications group, with its main interests in Australia,
India, Ireland, New Zealand, South Africa and the United
Kingdom.  The Group publishes over 175 newspaper and magazine
titles and operates 132 radio stations.

The Group manages gross assets of EUR4 billion, revenue of
EUR1.8 billion and employs approximately 10,300 people
worldwide.


INDEPENDENT NEWS: Fitch Puts BB- IDR on Watch Evolving
------------------------------------------------------
Fitch Ratings placed Independent News & Media Plc's Issuer
Default Rating of BB- on Rating Watch Evolving following the
announcement of a leveraged buyout of its 41% subsidiary APN
News & Media Ltd.

Under the announced plan, Providence Private Equity Partners
will buy out all the share capital of APN for AU$3.8 billion
(EUR2.3 billion) using a leveraged acquisition vehicle.  IN&M
will then reinvest some of the proceeds of the share sale to
give it a 40% stake in the vehicle.  The transaction is expected
to release significant cash (approximately AU$600 million or
EUR360 million) to IN&M, which could be used for international
acquisitions, maximization of shareholder returns, or general
corporate purposes.

It is unclear whether the company has any plans to apply some of
this cash to de-leveraging, though this remains a possibility.
Following the deal, Fitch understands IN&M will manage and run
the entity, but will not retain control, leading to APN being
accounted for as an associate, rather than consolidated.

"There are sound strategic reasons for the move, though its
rating impact will depend very much on the structure of the deal
and the use to which the proceeds are put," says Alex Griffiths,
Director in Fitch's European TMT team.

"Operationally, the growth benefits of allowing the group to
pursue its international expansion strategy are diluted by some
loss of control of APN, which will become a higher risk asset,
and an increased risk profile for the group as a whole as its
exposure to emerging markets rises.  Using part of the cash to
de-leverage would offset some of this risk," he added.

The Evolving Watch reflects Fitch's view that, were this deal to
conclude, the rating could remain at its current level, or move
up or down.  Based on the current details of the deal, and
Fitch's expectations, there remains a strong possibility that
the rating will be affirmed at its current level, especially if
some of the proceeds are used to pay down existing debt.

Any rating action will reflect Fitch's methodology for the
group, which adjusts leverage metrics for IN&M's minority
ownership in APN by stripping out APN's earnings and debt from
the group's metrics and including only dividend streams.  This
gives a leverage, measured as net debt/EBITDA, on a Fitch basis,
of 4.4x in FY05, compared to 3.4x on a headline basis.

By its measure, IN&M's leverage is below its target for
consolidated net debt/EBITDA of 3x.  To the extent that the
deconsolidation of APN aligns management's target to Fitch's
methodology, this could lead to lower leverage expectations,
which would be rating positive.

The Evolving Watch will be resolved when the deal closes or is
abandoned.  The rating outcome will depend on the final
structure of the transaction, and the nature of debt issued by
the acquisition vehicle, and clarity on the group's use of
proceeds.

APN accounted for 60% of IN&M's consolidated EBITDA in FY05, and
contributed EUR24 million in dividends to the group.


INTERMEC INC: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its Ba2 Corporate Family Rating for Intermec Inc., as
well as its Ba3 rating on the company's US$400 million Senior
Unsecured Shelf.  Those debentures were assigned an LGD5 rating
suggesting noteholders will experience an 85% loss in the event
of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100m 7% Sr.
   Unsec. Notes
   Due 2008               Ba3      Ba3     LGD5       85%

   US$400m Sub.
   Shelf                (P)B1     (P)B1    LGD6       97%

   US$400m Pref.
   Shelf                (P)B2     (P)B1    LGD6       97%

   US$400m Pref.
   Shelf                (P)B2     (P)B1    LGD6       97%

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

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's 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%).

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.  The company has locations in Australia,
Bolivia, Brazil, China, France, Hong Kong, Singapore and the
United Kingdom.


KONINKLIJKE AHOLD: Dutch Anti-Trust Office Okays Konmar Takeover
----------------------------------------------------------------
Koninklijke Ahold N.V. received approval from the Dutch
competition authority (NMa) to take over 29 Konmar stores from
Laurus N.V.

A number of conditions have been linked to the NMa approval,
such as the sale of a number of Albert Heijn's own stores.
Ahold expects to be able to finalize the deal with Laurus within
a manageable timeframe.

Albert Heijn can now finalize its plans to renovate 23 of the
Konmar stores.  After the deal is completed, this renovation can
begin to take place.  Albert Heijn aims to complete the majority
of the renovation work in time for Christmas.  All Konmar stores
that are to be taken over by Albert Heijn will be converted to
Albert Heijn stores.

"We are very glad that we can now take the next step toward the
adoption of the Konmar stores," Dick Boer, Executive Board
President of Albert Heijn, said.  "With the renovation of all
these stores, our plan is to offer our customers a supermarket
with a very wide range of products, at an affordable price, and
with the trusted quality of the Albert Heijn name.  This is in
addition to the professionalism, enthusiasm and experience of
the former Konmar employees who will make the move over to
Albert Heijn."

                          About Laurus

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

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

                         About Ahold

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

                        *     *     *

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


KONINKLIJKE AHOLD: To Unveil Strategic Review Results on Nov. 6
---------------------------------------------------------------
Koninklijke Ahold N.V. confirmed it would announce the outcome
of its strategic retail review at 12:45 p.m. CET on Nov. 6.

A press conference will be held at 1:00 p.m. CET at:

         IJ-Toren
         Piet Heinkade 55
         1019 GM Amsterdam
         The Netherlands

The objective of the review is to develop recommendations to
accelerate the plans to drive and fund identical sales volume
growth across Ahold's global retail businesses.  The review will
include a comprehensive analysis of Ahold's portfolio of
businesses and initiatives to reduce costs.

The review was initiated by Ahold President and CEO Anders
Moberg and assigned to a team led by Dick Boer, President and
CEO of the Albert Heijn Arena and acting member of the Corporate
Executive Board.  The other members of the team are John
Rishton, Ahold CFO, and Lawrence Benjamin, President and CEO of
U.S. Foodservice.  The team is developing its recommendations in
close consultation with senior management from each of Ahold's
operating companies worldwide.

                         About Ahold

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

                        *     *     *

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


LEVEL 3: Fitch Affirms CCC Issuer Default Rating
------------------------------------------------
Fitch Ratings assigned a rating of B/RR1 to Level 3 Financing,
Inc.'s issuance of US$600 million of 9.25% senior notes due
2014.  In addition, Fitch affirmed the CCC Issuer Default Rating
and each issue rating for Level 3 Communications, Inc. and Level
3 Financing, Inc.  The Rating Outlook is Positive.

The Positive Rating Outlook continues to reflect Fitch's belief
that the company's acquisitions, including the recently
announced Broadwing Corporation acquisition, gives Level 3 a
firm path, if successfully integrated, toward de-leveraging its
credit profile and achieving positive free cash flow in 2008.

The timing of an upgrade of Level 3's IDR is linked to the
company's ability to improve free cash flow, materially reduce
leverage, generate positive organic revenue growth and improve
margins.  Additionally, the company will need to maintain
liquidity and financial flexibility.

The new notes will constitute purchase money indebtedness under
the indentures of Level 3.  The net proceeds can be used for
acquisitions or expansion of the company's infrastructure.  With
this offering, the company will have a fully drawn US$730
million secured term loan facility due 2011 as well as US$1.8
billion of senior unsecured notes at Level 3 Financing.

Fitch expects that the proceeds from this new offering will be
in part used for the company's acquisition of Broadwing.  The
total cash requirement in this transaction is US$744 million,
but only US$394 million when netted against second quarter 2006
outstanding cash at Broadwing.

The Broadwing acquisition is expected to close in first quarter
2007.  Level 3 continues to maintain strong liquidity and
finished third quarter 2006 with US$731 million of cash and
US$509 million of marketable securities.  Level 3's current
maturity schedule is US$2 million in 2007, US$138 million in
2008 and US$362 million in 2009.

Level 3's third quarter earnings results showed strong year-
over-year revenue and operating EBITDA growth in core
communications services due to both organic growth as well as
contributions from acquisitions.  Integration and capital
expenditures are expected to remain high for the next couple of
years, but with a steady trend of strengthening operating and
free cash flow.

Gross margins continued to strengthen in the third quarter
reaching 57% and this trend should continue as the low margin
SBC contract contribution continues to reduce and acquisitions
are integrated.  Fitch believes that acquisition activity at
Level 3 will be curtailed due to the outstanding amount of
integration effort, which is currently present.

Fitch also expects that Level 3 could take advantage of
opportunities to reduce interest expense in order to strengthen
its credit profile on a going forward basis.  Opportunities to
reduce interest expense could include the ability to convert
debt to equity, which is present at US$1.2 billion of senior
convertible notes that can convert at less than US$4 per share.
The company also has the ability to call over US$600 million of
high coupon debt due in 2010, in March 2007.

The following ratings are affirmed with a Positive Outlook:

Level 3 Communications, Inc.

   -- IDR CCC;
   -- Senior unsecured debt CCC-/RR5; and
   -- Subordinated debt CC/RR6.

Level 3 Financing, Inc.:

   -- IDR CCC;
   -- Senior secured term loan B/RR1; and
   -- Senior unsecured debt B/RR1.


LIGARE LIMITED: Creditors' Claims Due Jan. 18, 2007
---------------------------------------------------
Creditors of Ligare Limited have until Jan. 18, 2007, 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 Antony Batty at:

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

The company can be reached at:

         Ligare Limited
         56a South Molton Street
         City Of Westminster
         London W1K 5SH
         United Kingdom
         Tel: 020 7491 0222


MALPASS BROS.: Appoints Philip Weinberg to Liquidate Assets
-----------------------------------------------------------
Philip Weinberg of Marks Bloom was appointed Liquidator of
Malpass Bros. Limited on Oct. 18 for the creditors' voluntary
winding-up proceeding.

Headquartered in Sevenoaks, England, Malpass Bros. Limited
retails meat and meat products.


MATRIX R LTD: Hires Harrisons as Joint Administrators
-----------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint administrators of Matrix R Ltd. (Company Number 02906622)
on Oct. 9.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.

Matrix R Ltd. can be reached at:

         12 High St.
         Thornbury
         Bristol
         Avon BS35 2AQ
         United Kingdom
         Tel: 014 5441 0588
         Fax: 014 5441 0599


MERLIN PROTECTION: Taps XL Business as Administrator
----------------------------------------------------
Jeremy Nicholas Bleazard of XL Business Solutions Ltd. was named
administrator of Merlin Protection Films Ltd. (Company Number
05511179) on Oct. 13.

The administrator can be reached at:

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

Merlin Protection Films Ltd. can be reached at:

         Birds Royd La
         Brighouse
         West Yorkshire HD6 1LQ
         United Kingdom
         Tel: 014 8472 1118
         Fax: 014 8472 1818


MIDDLEMOOR WATER: Taps Liquidator from Marriotts LLP
----------------------------------------------------
Kevin Thomas Brown of Marriotts LLP was appointed Liquidator of
Middlemoor Water Park Ltd. on Oct. 16 for the creditors'
voluntary winding-up proceeding.

Headquartered in Bridgwater, England, Middlemoor Water Park Ltd.
operates a watersports center that offers jet skiing among other
sports such as waterskiing, wakeboarding and windsurfing.


MONEY PARTNERS: Moody's Rates Class B2 Notes at (P)Ba2
------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
these classes of Notes issued by Money Partners Securities 4
Plc:

   -- Class A1 Notes with Ordinary A1 Coupons due 2032: (P)Aaa;
   -- Class A1 Detachable Coupons due 2009: (P)Aaa;
   -- Class A1 Detachable Coupons due 2012: (P)Aaa;
   -- Class M1 Notes due 2040: (P)Aa2;
   -- Class M2 Notes due 2040: (P)A2;
   -- Class B1 Notes due 2040: (P)Baa2;
   -- Class B2 Notes due 2040; (P)Ba2; and
   -- Mortgage Early Redemption Certificates, due 2040: (P)Aaa.

This transaction represents the fourth securitization of non-
conforming and impaired credit loans originated by Money
Partners Limited and Money Partners Loans Limited and purchased
on completion by Kensington Mortgage Company Limited (KMC). This
transaction, unlike previous MPS transactions, also includes
loans originated by KMC (representing approx. 28%).  The ratings
of the Notes are based upon an analysis of the characteristics
of the mortgage pool backing the Notes, the protection the Notes
receive from credit enhancement against defaults and arrears in
the mortgage pool, the legal and structural integrity of the
issue and a suitable standby servicer being appointed before
closing.

The credit enhancement available in the deal is provided in the
form of excess spread, reserve fund (1.35% at closing building
up to a target of 2.10% of original note balance), subordination
of the Class M1 (7.70%), M2 (4.50%), B1 (2.60%) and B2 Notes
(2.45%).  Subject to certain conditions being met, including the
reserve fund being equal to or greater than 4.20% of the current
note balance, the reserve fund may amortize subject to a floor
of 1.05% of the original note balance.  The A1 Notes represent
82.75% of the Notes.

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
at par on or before the rated final legal maturity date.
Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

The Class A1 IOs do not receive any payments of principal and
earn interest at a rate of 1.15% per annum calculated on the
outstanding balance of the Class A1 Notes from the first
interest payment date until the interest payment date on March
2012.  The ratings of the IOs address the Issuer's ability to
make the promised payment of interest.  However, they do not
address the size of balance used to calculate the amount due.

The Mortgage Early Redemption Certificates (MERCs) are backed
solely by mortgage early redemption charges that may become
payable by borrowers in the pool on early redemption of their
loans within a certain period.  The Aaa rating on the MERCs
addresses the likelihood of receipt by MERC holders of such
amounts if they are received by the Issuer.  It assumes, without
any independent investigation, that payment of the mortgage
early redemption charges under the mortgage loans is legally
valid, binding and enforceable, and that such amounts are
actually collected from borrowers and received by the Issuer.
The amount receivable by MERC holders also depends on prepayment
rates within the pool.  The rating does not address such
prepayment rates.


MONEY PARTNERS: S&P Assigns BB Rating on GBP14.7-Million Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the mortgage-backed floating-rate notes to be
issued by Money Partners Securities 4 PLC, a special purpose
entity.

The collateral comprises a pool of first- and second-ranking
mortgages secured over freehold, feuhold, and leasehold
residential properties in England, Scotland, and Wales.  The
originating agents are Money Partners Ltd. and
Money Partners Loans Ltd.

This is the second mortgage securitization in 2006 of MPL-
originated loans.  This transaction will also incorporate
collateral originated by Kensington Mortgage Co. Ltd.

The subordination payment structure, the liquidity facility, and
the cash reserve fund provide strong protection to the senior
notes.

The detachable coupons (DACs) have been reduced by over 50%
compared with previous Money Partners Securities transactions,
allowing more excess spread to flow in the transaction.

                         Ratings List
              Money Partners Securities 4 PLC
        GBP600 Million (Equivalent) Mortgage-Backed
                  Floating-Rate Notes

                                   Prelim.
                    Prelim.        amount
     Class          rating         (Mil. equiv. GBP)
     -----          ------         -----------------
     A1             AAA              496.5
     A1 DAC         AAA                N/A
     M1             AA                46.2
     M2             A-                27.0
     B1             BBB               15.6
     B2             BB                14.7
     C(1)           NR                 TBD
     MERCS(2)       AAA                N/A

   (1) The class C notes will be issued to fund the
       reserve fund.

   (2) The mortgage early redemption certificates
      (MERCs) constitute amounts payable to MERC holders
       from payments made to the issuer when borrowers
       repay their mortgages early.

       NR-Not rated.

       DAC-Detachable coupon.

       N/A-Not available.

       TBD-To be determined.


NEWAGE TRANSMISSIONS: Taps BDO Stoy as Joint Administrators
-----------------------------------------------------------
Christopher Kim Rayment and Shay Bannon of BDO Stoy Hayward LLP
were appointed joint administrators of Newage Transmissions Ltd.
(Company Number 04077866) on Oct. 13.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

Newage Transmissions Ltd. can be reached at:

         Barlow Road
         Aldermans Green Industrial Estate
         Coventry
         West Midlands CV2 2LD
         United Kingdom
         Tel: 024 7661 7141


ONLINETICKETSHOP.COM: Taps B & C Associates as Administrators
-------------------------------------------------------------
Filippa Connor and Jeffrey Mark Brenner of B & C Associates were
appointed joint administrators of The Onlineticketshop.com U.K.
Ltd. (Company Number 04771400) on Oct. 13.

The administrators can be reached at:

         Filippa Connor and Jeffrey Mark Brenner
         B & C Associates
         Trafalgar House
         Grenville Place
         Mill Hill
         London NW7 3SA
         United Kingdom
         Tel: 0208 906 7730
         E-mail: filippa@bcassociates.uk.com

The Onlineticketshop.Com U.K. Ltd. can be reached at:

         18 20 Southwark Street
         Southwark
         London SE1 1TJ
         United Kingdom
         Fax: 0208 906 7731


PAB ELECTRONICS: Brings In BDO Stoy to Administer Assets
--------------------------------------------------------
David Harry Gilbert and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of PAB Electronics Ltd. (Company
Number 01037331) on Oct. 11.

Headquartered in London, England, BDO Stoy Hayward --
http://www.bdo.co.uk/-- focuses on business assurance (audit),
corporate advisory, tax, and investment management services,
specializing in such industries as charities, educational
institutions, family businesses, financial services, leisure,
and hospitality.  The company is the U.K. arm of BDO
International and has offices in more than 15 cities throughout
the U.K.

Headquartered in Margate, United Kingdom, PAB Electronics Ltd.
manufactures electronic components.


POP ONE: Hires Administrator from Bartfields
--------------------------------------------
Gerald Maurice Krasner of Bartfields (U.K.) was appointed
administrator of Pop One Ltd. (Company Number 4753369) on
Oct. 16.

The administrator can be reached at:

         Gerald Maurice Krasner
         Bartfields (U.K.) Limited
         Burley House
         12 Clarendon Road
         Leeds
         West Yorkshire LS2 9NF
         United Kingdom
         Tel: 0113 244 9051

Pop One Ltd. can be reached at:

         3 Park Square East
         Leeds LS1 2NE
         United Kingdom
         Fax: 0113 242 0098


QUALITY MAINTENANCE: Hires A. Poxon to Liquidate Assets
-------------------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed Liquidator of
Quality Maintenance Services Limited on Oct. 13 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Quality Maintenance Services Limited
         92 96
         Wellington Road South
         Stockport
         Cheshire SK1 3TJ
         United Kingdom
         Tel: 0161 480 0482


SALON REVOLUTION: Liquidator Sets Dec. 31 Claims Bar Date
---------------------------------------------------------
Creditors of Salon Revolution Limited have until Dec. 31 to send
in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
Anthony Hyams at:

         Marriotts LLP
         Allan House
         10 John Princes Street
         London W1G 0AH
         United Kingdom

Headquartered in Olney, United Kingdom, Salon Revolution Limited
supplies hairdressing accessories.


SEA CONTAINERS: Can Put Priority Status to Intercompany Claims
--------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware grants, on an interim basis, Sea
Containers Inc. and its debtor-affiliates' request to accord
administrative priority expense status to all Intercompany
Claims against a Debtor by another Debtor arising after the
Petition Date as a result of an Intercompany Transaction,
pursuant to Sections 503(b)(1) and 364(b) of the Bankruptcy
Code.

Judge Carey grants the Debtors' request for 30 days, to ensure
that each individual Debtor will not fund, at the expense of its
creditors, the operations of another entity.

In the normal operations of their business, the Debtors engage
in intercompany transactions involving intercompany trade and
intercompany cash and capital needs.

As a result, there are numerous intercompany claims that reflect
intercompany receivables and payments made in the ordinary
course of the Debtors' businesses.  These Intercompany
Transactions include, but are not limited to expense allocation
and advances.

At any given time, there may be Intercompany Claims owing among
the Debtors.  The Debtors maintain records of all Intercompany
Transactions and can ascertain, trace and account for all
Intercompany Transactions.

If postpetition Intercompany Claims are accorded administrative
priority expense status, each entity will continue to bear
ultimate repayment responsibility for those ordinary course
transactions, Robert D. MacKenzie, president and chief executive
officer of Sea Containers, Ltd., and a director of Sea
Containers Services, Ltd., says.

                    About Sea Containers Ltd.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.


SEA CONTAINERS: Debtors To Employ on Sidney Austin as Counsel
-------------------------------------------------------------
The Debtors of Sea Containers, Ltd. sought the Court's authority
to employ Sidley Austin LLP as their general reorganization and
bankruptcy counsel, nunc pro tunc to the Petition Date.

Edwin S. Hetherington, vice president, general counsel and
secretary of Sea Containers, Ltd., states that in the months
leading up to the Petition Date, Sidley has been advising the
Debtors on restructuring and insolvency issues, including actors
pertinent to the commencement of the Debtors' Chapter 11 cases,
as well as on general corporate, banking and litigation matters.

Mr. Hetherington adds the Debtors' Chapter 11 cases are complex
and require counsel with extensive experience in bankruptcy,
insolvency and restructuring matters, including cross-border
insolvency issues, as well as specialized and substantial
experience in litigation, corporate, real estate, intellectual
property, employment, banking and tax law.

As the Debtors' general counsel, Sidley will:

   (a) provide legal advice with respect to the Debtors' powers
       and duties as debtors-in-possession in the continued
       operation of their businesses;

   (b) take all necessary action on the Debtors' behalf to
       protect and preserve the Debtors' estates, including
       prosecuting actions on the Debtors' behalf, negotiating
       any and all litigation in which the Debtors are involved,
       and objecting to claims filed against the Debtors'
       estates;

   (c) prepare, on the Debtors' behalf, all necessary motions,
       answers, orders, reports, and other legal papers in
       connection with the administration of the Debtors'
       estates;

   (d) attend meetings and negotiate with representatives of
       creditors and other parties-in-interest, attend court
       hearings, and advise the Debtors on the conduct of their
       Chapter 11 cases;

   (e) perform any and all other legal services for the Debtors
       in connection with their Chapter 11 cases and with the
       formulation and implementation of the Debtors' plan of
       reorganization;

   (f) advise and assist the Debtors regarding all aspects of
       the plan confirmation process, including, but not limited
       to, securing the approval of a disclosure statement,
       soliciting votes in support of plan confirmation, and
       securing confirmation of the plan;

   (g) provide legal advice and representation with respect to
       various obligations of the Debtors and their directors
       and officers;

   (h) provide legal advice and perform legal services with
       respect to matters involving the negotiation of the terms
       and the issuance of corporate securities, matters
       relating to corporate governance and interpretation,
       application or amendment of the Debtors' corporate
       documents, including their certificates or articles of
       incorporation, bylaws, material contracts, and matters
       involving the fiduciary duties of the Debtors and their
       officers and directors;

   (i) provide legal advice and legal services to directors and
       officers, including former directors and officers, of the
       Debtors with respect to the class action securities
       litigation;

   (j) provide legal advice and legal services with respect to
       litigation, tax and other general non-bankruptcy legal
       issues for the Debtors to the extent requested by the
       Debtors; and

   (k) render other services, as agreed upon by Sidley and the
       Debtors.

Mr. Hetherington relates that Sidley is a full-service law firm
with a national and international presence -- with lawyers in
major cities throughout the United States, Europe and Asia.  He
adds that the firm has experience and expertise in every major
substantive area of legal practice, and its clients include
leading public companies and privately held businesses in a
variety of industries and major nonprofit organizations.

Sidley intends to charge the Debtors for its legal services on
an hourly basis.  The firm's current hourly rates are:

   U.S.-based partners                    $415 - $850
   U.S.-based associates                  $190 - $495
   U.S.-based paraprofessionals            $25 - $240

   U.K.-based partners                  GBP450 - GBP550
   U.K.-based associates                GBP195 - GBP410
   U.K.-based paraprofessionals         GBP110 - GBP140

As of the Petition Date, Sidley held a $402,969 retainer.
Sidley received $5,663,079 in fees and $229,489 in expenses
within one year prior to the Petition Date.

Larry J. Nyhan, Esq., a partner at Sidley Austin LLP, assures
the Court that the firm does not hold or represent any interest
adverse to the Debtors' estates in matters upon which it is to
be engaged and it is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.

Mr. Hetherington also relates that Sidley represented and still
represents GE Capital Corporation and some of its subsidiaries
in matters unrelated to the Debtors or their Chapter 11 cases.
GE owns 50% of the outstanding equity interests of GE Seaco, of
which SCL is also a co-owner.  Mr. Hetherington says Sidley is
not precluded from representing the Debtors in all restructuring
and bankruptcy matters, and taking positions on SCL's behalf in
bankruptcy matters involving GE, both in negotiations and in
pleadings, including confirmation of a plan of reorganization.
Mr. Hetherington discloses the Debtors seek to employ Kirkland &
Ellis LLP as their special conflicts litigation counsel for the
sole and limited purpose of representing SCL in any litigation
or arbitration against or involving GE.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: U.S. Trustee Appoints Unsec. Creditors Committee
----------------------------------------------------------------
Kelly B. Stapleton, the United States Trustee for Region 3, has
appointed seven creditors willing to serve on the Official
Committee of Unsecured Creditors in Sea Containers, Ltd., and
its debtor-affiliates' Chapter 11 cases, in pursuant to Section
1102 (a)(1) of the Bankruptcy Code:

   1. Bank of New York
      101 Barclay Street-8 West
      New York, NY 10286
      Attn: Martin Feig, Vice President
      Phone: (212) 815-5385
      Fax: (732) 667-4767

   2. Sea Containers 1983 Pension Scheme Aspen Trustees, Ltd.
      303-306 High Holbern
      London WCIV 7J2, United Kingdom
      Attn: Jane Kathryn Fryer
      Phone: (44) 207-430-0734
      Fax: (44) 207-430-0525

   3. Sea Containers 1990 Pension Scheme
      c/o Ferrington Yates, Esq.
      Sonnenschein Nath & Rosenthal LLP
      1221 Avenue of the Americas
      New York, NY 10020
      Phone: (212) 768-6878
      Fax: (212) 768-6800

   4. HSH Nordbank AG
      Gerhart-Hauptmann-Platz 50
      Hamburg, Germany D20095
      Attn: Jorg-Rainer Kalz
      Phone: (9) 40-3333-13561
      Fax: (9) 40-3333-13561

   5. Trilogy Capital LLC
      2 Pickwick Plaza
      Greenwich, CT 06830
      Attn: Barry D. Kupferberg
      Phone: (203) 971-3420
      Fax: (203) 971-3499

   6. Dune Capital LLC
      c/o Dune Capital Management LP
      623 Fifth Avenue, 30th Floor
      New York, NY 10022
      Attn: Andrew B. Cohen
      Phone: (212) 301-8308
      Fax: (646) 885-2473

   7. Mariner Investment Group, Inc.
      500 Mamaroneck Avenue, Suite 101
      Harrison, NY 10528
      Attn: Adam S. Cohen
      Phone: (914) 798-4234
      Fax: (914) 777-3363

The trial attorney assigned to Sea Containers' case is David L.
Buchbinder, Esq.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SKYEPHARMA PLC: Aviva Acquires 5.53% of Issued Share Capital
------------------------------------------------------------
SkyePharma PLC in a regulatory filing with the U.S. Securities
and Exchange Commission on Oct. 25, 2006, disclosed that Aviva
PLC and its subsidiaries had acquired a beneficial interest in
20,802,221 ordinary shares in which it had previously held a
non-beneficial interest.

Accordingly, Aviva now has a beneficial interest in a total of
41,713,719 ordinary shares, representing 5.53% of the issued
share capital of the Company.

                       About SkyePharma PLC

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now twelve approved products
incorporating SkyePharma's technologies in the areas of oral,
injectable, inhaled and topical delivery, supported by advanced
solubilisation capabilities.

                        *     *     *

                      Going Concern Doubt

PricewaterhouseCoopers LLP in London, United Kingdom, disclosed
that there is uncertainty as to when Skyepharma PLC's certain
strategic initiatives may be concluded and their effect on the
Company's working capital requirements.  PwC said that this
raises substantial doubt on the Company's ability to continue as
a going concern.  PwC disclosed this explanatory paragraph after
auditing the Company's financial statement for the year ended
Dec. 31, 2005.


SPECIALISED TRAINING: Appoints Andrew Rosler as Liquidator
----------------------------------------------------------
Andrew Rosler of Ideal Corporate Solutions Limited was appointed
Liquidator of Specialised Training Services Limited on Oct. 17
for the creditors' voluntary winding-up proceeding.

Headquartered in Worcester, United Kingdom, Specialised Training
Services Limited -- http://www.specialisedtraining.com/--
provides a broad range of quality training solutions including:
a range of nationally recognized, accredited courses; a public
course program of some of our most popular courses; bespoke and
tailored course programs designed to address customer and
environment-specific needs; consultancy on all aspects of health
& safety, risk assessment and manual handling; and a range of
training publications including course handouts, distance
learning materials, online quizzes and trainer packs.


STRETTON BUSINESS: Brings In Mazars to Administer Assets
--------------------------------------------------------
Timothy Colin Hamilton Ball and Alistair Steven Wood of Mazars
LLP were appointed joint administrators of Stretton Business
Services Ltd. (Company Number 04395817) on Oct. 11.

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

Headquartered in Shrewsbury, United Kingdom, Stretton Business
Services Ltd. retails office and garden furniture.


SUN MICROSYSTEMS: Posts US$56 Million Net Loss in First Quarter
---------------------------------------------------------------
Sun Microsystems Inc. incurred a US$56 million net loss for its
fiscal first quarter ended Oct. 1, 2006, compared with a net
loss of US$123 million for the first quarter of fiscal 2006.

Net loss for the first quarter of fiscal 2007 included: US$21
million of restructuring and related impairment of asset charges
and a US$7 million benefit for related tax effects, US$58
million of stock-based compensation charges and US$79 million of
intangible asset amortization relating to recent acquisitions.

Revenues for the first quarter of fiscal 2007 were US$3.189
billion, an increase of 17% as compared with US$2.726 billion
for the first quarter of fiscal 2006.  Year over year revenue
increase resulted from both acquisitions and increasing
acceptance of the Solaris 10 Operating System, as well as growth
in the services business.  Computer Systems Products revenues
increased 15% year over year, the third consecutive quarter of
year over year revenue increase.

Cash generated from operations for the first quarter was
US$157 million, and cash and marketable debt securities balance
at the end of the quarter was US$4.671 billion.

"It's great to grow faster than the competition, maintain strong
gross margins and see continued adoption of Solaris on HP, Dell
and IBM computers," said Jonathan Schwartz, CEO of Sun
Microsystems.  "Customers across the world are turning to Sun as
the safe choice for open source innovation, for industry leading
identity and security management platforms and for the most eco-
responsible infrastructure to power the network."

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.

                           *     *     *

As reported in the TCR-Europe on Oct. 26, Moody's Investors
Service has confirmed its Ba1 Corporate Family Rating for Sun
Microsystems Inc. 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.

Sun Microsystems, Inc.'s 7-1/2% Senior Notes due Aug. 15, 2006,
and 7.65% Senior Notes due Aug. 15, 2009, carry Moody's
Investors Service's Ba1 rating and Standard & Poor's BB+ rating.


SYSKAL DISTRIBUTION: Appoints Leigh & Co as Administrator
---------------------------------------------------------
Martin Henry Linton of Leigh & Co. was appointed administrator
of Syskal Distribution Ltd. (Company Number 4545678) on Oct. 6.

The administrator can be reached at:

         Martin Henry Linton
         Leigh & Co.
         Brentmead House
         Britannia Road
         London N12 9RU
         United Kingdom
         Tel: 020 8446 6767

Syskal Distribution Ltd. can be reached at:

         The Works Business Centre
         5 Union Street
         Ardwick
         Manchester
         Lancashire M12 4JD
         United Kingdom
         Tel: 0161 277 7977


TRAFFORD RUBBER: Hires Jones Lowndes as Administrator
-----------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
administrator of Trafford Rubber Additives Ltd. (Company Number
04375305) on Oct. 13.

The administrator can be reached at:

         Claire L. Dwyer
         Jones Lowndes Dwyer LLP
         4 The Stables
         Wilmslow Road
         Disbury
         Manchester M20 5PG
         United Kingdom
         Tel: 0161 832 9454
         Fax: 0161 832 9455
         E-mail: clairedwyer@joneslowndesdwyer.co.uk

Trafford Rubber Additives Ltd. can be reached at:

         Alma Works
         Station Street
         Dukinfield
         Cheshire SK16 4SE
         United Kingdom
         Tel: 0161 339 8693


UNITIVE LIMITED: Taps Chantrey Vellacott as Administrators
----------------------------------------------------------
Kenneth W. Touhey and David J. Oprey of Chantrey Vellacott were
appointed joint administrators of Unitive Ltd. (Company Number
04271270) on Oct. 9.

Headquartered in Hove, United Kingdom, Chantrey Vellacott DFK --
http://www.cvdfk.com/-- is one of the oldest firms of chartered
accountants in the United Kingdom.  It provides accounting,
taxation and related advisory services.

Unitive Ltd. can be reached at:

         4B Brighton Road
         Horsham
         West Sussex RH13 5BA
         United Kingdom
         Tel: 01273 421200
         Fax: 01273 417330


URSUS EPC: Fitch Affirms BB- Rating on GBP4.2-Mln Class E Notes
---------------------------------------------------------------
Fitch Ratings affirmed Ursus EPC Plc's notes due 2012:

   -- GBP67.9 million Class A (XS0225923274): AAA;
   -- GBP10,000 Class X1 (XS0225925139): AAA;
   -- GBP5,000 Class X2 (XS0225928828): AAA;
   -- GBP5,000 Class X3 (XS0225930212): AAA;
   -- GBP5,000 Class X4 (XS0225931020): AAA;
   -- GBP7.6 million Class B (XS0225931889): AA;
   -- GBP7.6 million Class C (XS0225932697): A;
   -- GBP7.5 million Class D (XS0225933406): BBB; and
   -- GBP4.2 million Class E (XS0225934719): BB-.

The affirmation follows a satisfactory review of the latest
investor report as well as analysis of the deal's current
performance against Fitch's initial expectations.

Although the outstanding notes balance has reduced significantly
to GBP94.8 million from GBP149.5 million, Fitch notes there is a
negative trend in terms of two reported indicators for the pool:
weighted average loan-to-value ratio and weighted average
interest cover ratio.

While the slight drop in the WA LTV to 77% in July 2006 from
75.5% at closing can be explained by the full prepayments of two
loans in the pool, the Rangers portfolio and Kinnaird House
loan, the worsening of the WA ICR ratio is related mainly to the
major vacancy issues surrounding the Belsize Park loan.
However, following the repayment of the Pennine Centre the WA
LTV will return to 75.53%.

At issuance, the Belsize Park loan was secured on a single
asset, which consisted of two Victorian terraced houses located
in the residential suburb of Belsize Park in North London.  The
property was operating at the time as temporary refuge
accommodation, subject to a nominations agreement with the City
of Westminster.

Under the agreement, which had the right to be terminated with
as little as seven days' notice, the City of Westminster paid a
fee for the right to accommodate nominated people in the
property.  The short notice of the agreement was carefully
modeled into Fitch's initial analysis.

Two quarters ago, Fitch was informed that the nomination
agreement was broken by the City of Westminster, and the loan
was immediately placed on the servicer's watch list and has
since been transferred to the special servicer.

In the course of the following six months, the issues
surrounding the loan remained unresolved.  However, all payments
to the loan remain current.  During the last quarter it has also
been confirmed to Fitch that the borrower is actively seeking to
refinance the loan.

The situation is expected to be resolved within the next couple
of quarters.  The refinance project would give Fitch confidence
in the transaction's better performance in future.

All remaining loans in the portfolio are current and performing
as expected with no interest and principal repayments delays.
Fitch has, however, been informed about an early redemption of
the Pennine Centre loan, of which sale proceeds will be applied
in the next quarter.

This transaction is a securitization of eight U.K. commercial
mortgage loans originated by Principal Real Estate Funding
Corporation Limited and one mortgage loan originated by JPMorgan
Chase Bank.

The structure benefits from a GBP9 million liquidity facility
that may be drawn on to meet, among others, shortfalls of
interest on the loans.  The facility limit will decrease
according to a schedule, in line with the principal balance
outstanding on the notes, subject to a minimum of GBP1.8
million.


VOLKSWAGEN AG: Earns EUR1.2 Billion for January-September 2006
--------------------------------------------------------------
Volkswagen AG released its financial report for the nine-month
period ending Sept. 30, 2006.

                            Highlights

   -- increase in Volkswagen Group operating profit before
      special items of 62.0% year-on-year to EUR3.0 billion in
      the period January to September 2006, but still below
      medium-term Group target;

   -- Negative one-off effects mainly from restructuring
      expenses and positive one-off factors from the sale of
      equity investments reduced Automotive Division operating
      profit by a net EUR1.7 billion;

   -- at EUR628 million, Automotive Division operating profit
      after special items 43.9% lower than in previous year;
      Financial Services operating profit remains at high prior-
      year level;

   -- gain on sale of Europcar in the second quarter reported as
      profit from discontinued operations in the consolidated
      income statement; cash generated by the sale strengthens
      Automotive Division net liquidity;

   -- special items reduced consolidated pre-tax profit from
      continuing operations by 7.1% to EUR937 million year-on-
      year;

   -- consolidated profit after tax rises 76.6% year-on-year to
      EUR1.2 billion (previous year: EUR0.7 billion), even with
      an above-average tax rate for continuing activities due to
      substantial special items;

   -- ratio of investments in property, plant and equipment
      (capex) to sales revenue in the Automotive Division at
      3.1% (previous year: 4.4%);

   -- at EUR8.2 billion, net liquidity in the Automotive
      Division remains at a high level

   -- collective bargaining agreement reached for the
      restructuring of Volkswagen AG's six traditional plants

   -- new model initiative successfully continued:

   -- deliveries to customers worldwide up by 10.3% year-on-year
      to 4.3 million vehicles; market share in Germany and
      Western Europe increased;

   -- all Group brands record higher year-on-year sales figures;
      Audi, Bentley, Skoda, Lamborghini and Volkswagen
      Commercial Vehicles aiming for full-year delivery records;

   -- new models drive significant growth in deliveries to
      customers in the U.S.A. (+10.2%) and China (+28.7%);

   -- Volkswagen Eos records strong sales figures in cabriolet
      segment;

   -- Audi S3, S6 and S8 models and the TT Coupe successfully
      launched in the market

   -- SEAT presents the Leon Cupra at the London Motor Show;

   -- 12 world premieres of Group models at the Paris Motor Show
      and the IAA Commercial Vehicles

   -- Volkswagen acquires 15.06% stake in MAN Aktiengesellschaft
      as of Oct. 3

"Despite the difficult economic environment, the most important
automotive markets proved to be robust in the first nine months
of 2006 and recorded slight year-on-year growth," the company's
Board of Management said.  "Although oil prices have recently
fallen, we are not expecting any sustained easing of the
situation in the energy and commodity markets.  In combination
with the troubled situation in the Middle East, this will
continue to dampen growth.  We therefore believe that growth in
demand for passenger cars in the U.S.A., Western Europe and
Germany will only be moderate in 2006."

"We will continue our product rollout in the fourth quarter,
thus stabilizing this year's improved market position in Western
Europe and Germany.  The success of the new models in the US
market will be maintained and will bolster our market position
there.  We continue to expect growth in deliveries to customers
in China and South America/South Africa. Consequently we expect
overall year-on-year growth in worldwide delivery figures for
2006."

"We will achieve our goal of cutting material costs by at least
EUR1.0 billion in 2006.  Driven by the higher unit sales and the
success of ForMotionplus, full-year operating profit before
special items will be higher than in 2005.  We expect the
Automotive Division to record a positive net cash flow for the
full year and an improvement in net liquidity compared with Dec.
31, 2005.

Full-text copy of Volkswagen's nine-month results can be viewed
free-of-charge at http://researcharchives.com/t/s?142a

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

                        *    *    *

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

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

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


WAPENTAKE COMPANY: Appoints Mazars LLP as Administrators
--------------------------------------------------------
Philip Michael Lyon and Alistair Steven Wood of Mazars LLP were
appointed joint administrators of Wapentake Company Ltd.
(Company Number 03502522) on Oct. 12.

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

Wapentake Company Ltd. can be reached at:

         Wellington Street
         Sheffield
         South Yorkshire S1 4HF
         United Kingdom
         Tel: 0114 275 6077


WELLERS TRAVEL: Brings In F A Simms to Administer Assets
--------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners PLC were appointed joint administrators of Wellers
Travel Worldchoice (Company Number B1495391) on Oct. 9.

The administrators can be reached at:

         Richard Frank Simms and Martin Richard Buttriss
         F A Simms & Partners PLC
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire LE17 4AP
         United Kingdom
         Tel: 01455 557111
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

Wellers Travel Worldchoice can be reached at:

         8 Stratheden Parade
         London SE3 7SX
         United Kingdom
         Tel: 020 8858 2911
         Fax: 020 8305 1622


WESLEYAN HOTEL: Creditors' Meeting Slated for November 8
--------------------------------------------------------
Creditors of The Wesleyan Hotel Limited (Company Number
04439878) will meet at 11:00 a.m. on Nov. 8 at:

         Marriotts LLP
         4th Floor
         Allan House
         10 John Princes Street
         London W1G 0AH,
         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 Nov. 7 at:

         Kevin Thomas Brown
         Administrator
         Marriotts LLP
         Allan House
         10 John Princes Street
         London W1G 0JW
         United Kingdom
         Tel: 020 7495 2348


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141       19
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko              (2)         278     (509)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       70
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                      (1,031)       3,875      494
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)


                           *********

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.

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members of the same firm for the term of the initial
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information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *