TCREUR_Public/061102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, November 2, 2006, Vol. 7, No. 218    

                            Headlines


A U S T R I A

BOX LLC: Claims Registration Period Ends November 13
C.A.S.E. LLC: Claims Registration Period Ends November 7
ELEKTRIM SA: Repaid Debt Prompts Court to Deny Bankruptcy Motion
FRANZ JOSEFS: Creditors' Meeting Slated for November 8
GALVANIA PRODUKTIONS: Distributes 10% Allocation to Creditors

HASIC LLC: Linz Court Orders Business Shutdown
KERSCHNER LLC: Property Manager Declares Insufficient Assets
M. & L. LLC: Creditors' Meeting Slated for November 14
STURM GRAZ: Former League Champions File for Insolvency


D E N M A R K

TDC A/S: Posts DKK641 Million Net Income in 2006 Third Quarter


F R A N C E

ACXIOM CORP: Earns US$21.7 Million for Second Quarter 2007
BEARINGPOINT INC: Launches Corp. Performance Management System
BORALEX INC: US Subsidiary to Secure US$80 Mil. Debt Financing
COREL CORP: Pending Acquisition Spurs Moody's to Affirm Ratings
TCL MULTIMEDIA: Restructuring European Operations to Cut Losses

TCL MULTIMEDIA: TCL Corp Releases Thomson S.A. from Lockup


G E R M A N Y

BALL CORP: Earns US$101.5 Million for Third Quarter 2006
BALL CORP: Declares US$0.10 Per Share Cash Dividend
BALTICA MARINE: Claims Registration Ends November 10
BREMER LANDESBANK: Fitch Affirms Individual Rating at C
K & K DEUTSCHLAND: Claims Registration Ends November 10

LANDESBANK SAAR: Fitch Affirms Individual Rating at C
MITSUBISHI MOTORS: Posts JPY16.1 Billion in First Half 2006
MODEHAUS SCHEDLER: Claims Registration Ends November 9
RFS DEKORBODEN: Claims Registration Ends November 12
RSS GMBH: Claims Registration Ends November 8

SEGGEWIES BAUAUSFUEHRUNG: Claims Registration Ends November 6


H U N G A R Y

HUNTSMAN CORP: Moody's Rates Unit's Planned US$400MM Notes at B3


I T A L Y

ALITALIA SPA: Hikes Net Debt by EUR91 Million in September
MARK IV: Moody's Lowers Corporate Family Rating to B2
MAVERICK TUBE: Tenaris Deal Prompts Moody's to Withdraw Ratings
TCL MULTIMEDIA: Restructuring European Operations to Cut Losses
TCL MULTIMEDIA: TCL Corp Releases Thomson S.A. from Lockup

UNITED TEST: Moody's Assigns (P)Ba3 Corporate Family Rating
UNITED TEST: S&P Assigns BB- Rating on Proposed US$200-Mln Bonds


K A Z A K H S T A N

AL-BEREKE LLP: Creditors Must File Claims by Nov. 26
ALMATY GLOBAL: Proof of Claim Deadline Slated for Nov. 29
ARGUMENT LLP: Creditors Must File Claims by Nov. 26
ASTANA FINANCE: Moody's Puts Ba1 Rating on Sr. Unsecured Notes
JIRENBAI LLP: Proof of Claim Deadline Slated for Nov. 26

KARAGANDINSKYI METALLURGICHESKYI: Creditors' Claims Due Nov. 29
KAZGYU COMMERCE: Claims Registration Ends Dec. 1
KOKTEM-4 LLP: Creditors' Claims Due Nov. 26
TEMIRYAZEVSKOYE LLP: Kostanai Court Starts Bankruptcy Procedure
TRIK LLP: Claims Registration Ends Nov. 26


K Y R G Y Z S T A N

ARSEN TRADE: Creditors' Claims Due Dec. 15
KYRGYZ AIR: Creditors' Meeting Slated for Nov. 10


L U X E M B O U R G

GELDILUX-TS-2003: Fitch Affirms BB Rating on Class D Notes


N E T H E R L A N D S

ASTANA FINANCE: Moody's Puts Ba1 Rating on Sr. Unsecured Notes
DALRADIAN EUROPEAN: Moody's Rates Class E Notes at (P)Ba3


P O L A N D

ELEKTRIM SA: Repaid Debt Prompts Court to Deny Bankruptcy Motion


R O M A N I A

BANCA COMERCIALA: Fitch Affirms C/D Individual Rating


R U S S I A

ALLIANCE OF BUILDERS-A: Court Starts Bankruptcy Supervision
BSPB FINANCE: Moody's Rates Loan Participation Notes at B1
BUILDING MATERIALS: Court Names N. Surtaev as Insolvency Manager
DIVMET-METALLIST: Court Names M. Polyakov as Insolvency Manager
FLORA OJSC: Tatarstan Bankruptcy Hearing Slated for January 16

GAZPROMBANK ZAO: Gazprom Exchanges Stake for Mosenergo Holdings
KARASEVSKIY CERAMIC: Bankruptcy Hearing Slated for January 23
KRITOVSKOYE OJSC: Court Names A. Timoshkevich to Manage Assets
LOGOVSKOYE CJSC: Altay Bankruptcy Hearing Slated for Feb. 26
MIBEKS OJSC: Court Names V. Yumanov as Insolvency Manager

NIVA CJSC: Court Names A. Nesterov as Insolvency Manager
PBB LPN: Fitch Assigns B-/RR4 Ratings to US$20-Mln Notes Issue
PROGRESS CJSC: Krasnoyarsk Bankruptcy Hearing Slated for Jan. 31
ROTOR CENTRE: Court Names S. Piskarev as Insolvency Manager
SEVERO-ZADONSKIY CONDENSER: Names A. Baranov to Manage Assets

TAT-OIL-GAS-STROY: Court Names M. Basyrov as Insolvency Manager
WIRELESS COMMUNICATION: Court Starts Bankruptcy Supervision


T U R K E Y

TURKIYE GARANTI: Fitch Affirms Default Rating at BB


U K R A I N E

ASTRABUD LLC: Court Names Viktor Denisenko as Insolvency Manager
CHAJKA SANITARY: Court Names Radion Kravcheno as Liquidator
DNIPROPETROVSK SILICATE: Viktoriya Androsova to Manage Assets
GRIFIN LLC: Court Names Radion Kravcheno as Insolvency Manager
ITM LLC: Sumi Court Names Boris Krivenko as Insolvency Manager

IVANIVSKE: Court Names Oksana Venska as Insolvency Manager
KRASILIV MACHINE: Court Commences Bankruptcy Supervision
LOTOS CJSC: Kyiv Court Starts Bankruptcy Supervision
NEVA PLANT: Hmelnnitskij Court Starts Bankruptcy Supervision
SLOVYANETS ENTERPRISE: Oleksandr Shevich to Liquidate Assets

TEHELEKTROSERVICE JSCCT: Volodimir Glyadchenko to Manage Assets
ZORYANIJ LLC: Court Names Viktor Denisenko as Insolvency Manager


U N I T E D   K I N G D O M

ACXIOM CORP: Earns US$21.7 Million for Second Quarter 2007
ALLEN CIVIL: Brings In Liquidators from Lines Henry
ASTRAL CONSERVATORY: Taps Chantrey Vellacott as Administrators
BUNDLES LIMITED: Creditors' Meeting Slated for November 6
CARNEY PRINT: Names David Paul Hudson Liquidator

CB RICHARD: Inks Deal to Acquire Trammell Crow for US$2.2 Bln
CB RICHARD: Acquisition Deal Spurs Moody's to Affirm Ba1 Ratings
CB RICHARD: S&P Puts BB+ Ratings on CreditWatch Negative
CIVIL COMMUNICATIONS: Taps Abbott Fielding as Administrators
COACH COMPANIONS: Taps Robert Charles Millichap as Administrator

CORUS GROUP: Confirms Issuance of Ordinary Shares and Bonds
EASTMAN KODAK: Posts US$37 Million Third Quarter GAAP Net Loss
EGRET CAPITAL: S&P Rates EUR12.25-Mln Class E Notes at BB-
EXYCO LIMITED: Taps Peter Sargent to Liquidate Assets
G.B.M. PARTS: Joint Liquidators Take Over Operations

GB FRICTIONS: Creditors Confirm Voluntary Liquidation
GENERAL MOTORS: Receiving 10,000 Tons of Steel from Usinas
INCO LTD: CVRD Brings In New Board Following Purchase Completion
INFONXX INC: Moody's Junks US$125-Mln Sec. Second Lien Term Loan
INTERNATIONAL EXTENSION: Appoints Stephen M. Rout as Liquidator

MANSARD MORTGAGES: Moody's Rates GBP20-Mln Class B2 Notes at Ba2
MOSAIC CO: Tender Offers Unlikely to Affect Rating, Moody's Says
NCO GROUP: Moody's Junks Proposed US$200-Mln Sr. Sub. Notes
NOWFIRST LTD: Claims Filing Period Ends Nov. 29
NWSG LTD.: Appoints Bridgestones as Joint Administrators

PICKERING FINANCIAL: Hires Martin Henry Linton as Administrator
PLANET MICRO: Names David Alexander Hole Liquidator
SEA CONTAINERS: Wants Court Nod on Uniform Compensation Protocol
SEA CONTAINERS: Moves to Employ Ordinary Course Professionals
SECAL GROUP: Brings In BDO Stoy to Administer Assets

SHERRIFF SECURITY: Creditors Confirm Liquidator's Appointment
SKYEPHARMA PLC: UBS AG No Longer Holds Notifiable Interest
STEALTH PRECISION: Hires Liquidator from Campbell Crossley
SUPERIOR ENERGY: SESI LLC Begins Exchange for 6-7/8% Sr. Notes
TAVISTOCK PRESS: Creditors' Claims Due Nov. 19

U.K. TILAPIA: Appoints Joint Administrators from PwC
VISTEON CORP: Weak Earnings Forecast Cues S&P to Cut Rating to B
WAINFLEET MOTOR: Brings In Tenon Recovery to Administer Assets
WORLDWIDE HEALTHCARE: Creditors' Meeting Slated for November 7

* European Auto Suppliers Face Sector Consolidation - Fitch

* Upcoming Meetings, Conferences and Seminars

                            *********

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


BOX LLC: Claims Registration Period Ends November 13
----------------------------------------------------
Creditors owed money by LLC Box (FN 33643a) have until Nov. 13
to file written proofs of claims to court-appointed property
manager Annemarie Kosesnik-Wehrle at:

         Dr. Annemarie Kosesnik-Wehrle
         c/o Dr. Stefan Langer
         Oelzeltgasse 4/6
         1030 Vienna, Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: annemarie.kosesnik-wehrle@kosesnik-langer.at  
                 stefan.langer@kosesnik-langer.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Nov. 27 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 15 (Bankr. Case No. 45 S 63/06b).  Stefan Langer
represents Dr. Kosesnik-Wehrle in the bankruptcy proceedings.     


C.A.S.E. LLC: Claims Registration Period Ends November 7
--------------------------------------------------------
Creditors owed money by LLC C.A.S.E. (FN 96665f) have until
Nov. 7 to file written proofs of claims to court-appointed
property manager Wolfgang Leitner at:

         Dr. Wolfgang Leitner
         c/o Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Vienna, Austria
         Tel: 533 19 39
         E-mail: kanzlei@lp-law.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Nov. 21 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 15 (Bankr. Case No. 2 S 142/06d).  Helmut Platzgummer
represents Dr. Leitner in the bankruptcy proceedings.


ELEKTRIM SA: Repaid Debt Prompts Court to Deny Bankruptcy Motion
----------------------------------------------------------------
A Court in Warsaw rejected the motions for bankruptcy of
Elektrim S.A. filed by the company's creditors and Elektrim
Telekomunikacja following a partial repayment of the company's
debt, Polish News Bulletin says.

Under an option agreement, Elektrim sold its 48% stake in Polska
Telefonia Cyfrowa to Deutsche Telekom for EUR604 million.  
Deutsche Telekom, however, paid the amount to a Vienna
arbitration court.  On Oct. 26, Elektrim received EUR525 million
of the amount and used it to repay its bondholders.  The partial
repayment prompted the Warsaw Court on Oct. 27 to dismiss the
bankruptcy petition.

"We know that court disputes are not over yet, but we have an
important stage behind us," Piotr Nurowski, Elektrim Chief
Executive, told Poland A.M.

The Vienna court has yet to decide whether to release the
remaining EUR79 million to Elektrim.  Zygmunt Solorz-Zak, the
company main shareholder, said Elektrim would use the remaining
funds to invest in the power sector and land around Port Praski.

The planned investment, Elektrim's spokespeople said, may be
impeded by the current legal conflict between the company and
Vivendi and Polish unit ET -- over the group's stake in PTC.  
Vivendi and PTC are protesting Elektrim's stake sale to Deutsche
Telekom.  A Vienna arbitration court, however ruled in June 2006
in favor of Elektrim, but Vivendi refused to acknowledge the
court's decision.

Mr. Solorz-Zak also revealed that Elektrim has filed two damage
suits against Vivendi and ET and ruled out an amicable
settlement.

Elektrim, however, also has to pay the bondholders of its
residual value -- pegged at 25% of the company's worth above
EUR160 million.  Estimates place the company's value at up to
PLN3.7 billion.

"We do not know yet whether there is any further obligation
towards the bondholders," lawyer Jerzy Modrzejewski, who pleads
for Elektrim, said.  "This will depend on a valuation of the
company."

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and  
telecommunication businesses.  In addition to its core business
activities, Elektrim also manufactures sells cables, and
provides data transmission services.

As reported in the TCR-Europe on Oct. 4, Elektrim filed a
bankruptcy petition with the possibility of an arrangement on
Sept. 29, five days before its creditors were set to launch a
lawsuit over the bankruptcy.  Creditors are demanding the
company's liquidation and the introduction of an official
bankruptcy assignee since they have not received payments from
the company for nearly two years.

As reported in the TCR-Europe on April 26, Law Debenture Trust
Corp., in its capacity as Elektrim's bond trustee, was granted
an enforcement clause, allowing bondholders to take possession
of the group's assets, against which the debts have been
secured.

Elektrim bondholders' spokesperson Kamila Gorecka said the debt
claims against the company could be satisfied through the sale
of the bankrupt estate.  She stressed that debt collectors must
prioritize the bondholders' claims once Elektrim is declared
bankrupt.  Ms. Gorecka, however, noted that Elektrim's
properties could be seized regardless of the bankruptcy
proceedings.


FRANZ JOSEFS: Creditors' Meeting Slated for November 8
------------------------------------------------------
Creditors owed money by LLC Franz Josefs-Stueberl (FN 81737b)
are encouraged to attend the creditors' meeting at 11:00 a.m. on
Nov. 8 to consider the inventory of the Debtor's property and
compulsory payment of the compensation.

Creditors will recover 20% of their claims.  The quota will be
paid within two years after the adoption of the compensation
project.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 14, 2005 (Bankr. Case No. 4 S 62/05b).  Alexander Gruber
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Dr. Alexander Gruber
         Wipplingerstrasse 20
         1010 Vienna, Austria
         Tel: 533 14 17
         Fax: 533 14 17 18
         E-mail: gruberkeg@law-mediation.at


GALVANIA PRODUKTIONS: Distributes 10% Allocation to Creditors
-------------------------------------------------------------
The Land Court of Ried im Innkreis allowed Sept. 14 the free
distribution of 10% allocation to non-banking creditors of LLC
Galvania Produktions (FN 198683g).

Headquartered in St. Pantaleon, Austria, the Debtor declared
bankruptcy on Sept. 20, 2005 (Bankr. Case No. 17 S 65/05y).  
Hans Estermann serves as the court-appointed property manager of
the bankrupt estate.  Michaela Speer represents Dr. Estermann in
the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Hans Estermann
         c/o Mag. Michaela Speer
         Stadtplatz 6
         5230 Mattighofen, Austria
         Tel: 07742 / 2319
         Fax: 07742 / 4984
         E-mail: dr.estermann-partner@aon.at    


HASIC LLC: Linz Court Orders Business Shutdown
----------------------------------------------
The Land Court of Linz entered an order Sept. 14 shutting down
the business of LLC HASIC (FN 247854t).  Court-appointed
property manager Martin Hengstschlager recommended the business
shutdown after determining that the continuing operations would
reduce the value of the estate.

The property manager can be reached at:

         Mag. Martin Hengstschlager
         Fadingerstrasse 9/2
         4020 Linz, Austria
         Tel: 78 40 80 -0
         Fax: 78 40 80-4
         E-mail: office@hengstschlaeger-lindner.at  

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Sept. 7 (Bankr. Case No. 38 S 41/06t).


KERSCHNER LLC: Property Manager Declares Insufficient Assets
------------------------------------------------------------
Dr. Gerhard Taufner, the court-appointed property manager for
LLC Kerschner (FN 176231p), declared Sept. 14 that the Debtor's
property is insufficient to cover creditors' claims.

The Land Court of St. Poelten is yet to rule on the property
manager's claim.

Headquartered in St. Leonhard, Austria, the Debtor declared
bankruptcy on April 25 (Bankr. Case No. 14 S 69/06x).  

The property manager can be reached at:

         Dr. Gerhard Taufner
         Bahnhofstrasse 5
         3390 Melk, Austria
         Tel: 02752/52466
         Fax: 02752/52574
         E-mail: rechtsanwalt.taufner@taufner.at


M. & L. LLC: Creditors' Meeting Slated for November 14
------------------------------------------------------
Creditors owed money by LLC M. & L. (FN 219638 y) are encouraged
to attend the creditors' meeting at 11:25 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 St. Poelten
         Room 216
         2nd Floor
         Old Building
         St. Poelten, Austria

Headquartered in Gaming, Austria, the Debtor declared bankruptcy
on Dec. 1, 2003 (Bankr. Case No. 27 S 509/03v).  Christian Kies
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Mag. Christian Kies
         Rathausplatz 8
         3270 Scheibbs, Austria
         Tel: 07482/44222
         E-mail: christian.kies@utanet.at


STURM GRAZ: Former League Champions File for Insolvency
-------------------------------------------------------
Austrian Bundesliga club Sturm Graz declared insolvency on
Oct. 23 after accumulating up to EUR8.6 million in debts.  The
club has sought court permission to continue fulfilling their
domestic fixtures.

"We filed for insolvency as well as for partial discharge of our
debts and for a permit to continue playing," a club employee
declining to be named told Reuters.

In November 2005, the club disclosed that it needed to plug a
EUR2 million hole this year amid debts of about EUR5.7 million,
after spending heavily on players during the Champions League
from 1998 to 2001.

Sturm Graz President Hannes Kartnig admitted the club had spent
a lot of money, mentioning the transfer of Ghanaian Charles
Amoah.  The midfielder, Reuters relates, became Graz's record
signing after he received around EUR3.9 million to secure his
move from St. Gallen in Switzerland in 2001.

Mr. Kartnig disclosed that he would be ready to step down once
the club's future was secured.

"I am not going to leave a sinking ship," Mr. Kartnig told a
news conference last week.  "I hope we will get out of that cul-
de-sac."

Headquartered in Graz, Styria, SK Sturm Graz --
http://www.sksturm.at/-- is an Austrian football club playing  
in the Austrian Bundesliga.  So far, Sturm Graz has won the
Austrian Football Championship twice (1998 and 1999) and
participated several times in the UEFA Champions League and UEFA
Cup under the management of Ivica Osim.


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


TDC A/S: Posts DKK641 Million Net Income in 2006 Third Quarter
--------------------------------------------------------------
TDC A/S reported a DKK641 million net income on DKK12 billion
net revenues for the third quarter ended Oct. 31, 2006, compared
to a DKK1.2 billion net income on DKK11.9 billion net revenues
in the same period in 2005.

At Oct. 31, 2006, the Company's balance sheet showed
DKK79.4 billion in total assets and DKK77.3 billion in total
liabilities, resulting in a DKK2 billion stockholder's equity.

The Company's Oct. 31 balance sheet also showed strained
liquidity with DKK13.3 billion in total current assets available
to pay DKK13.7 billion in total current liabilities coming due
within the next 12 months.

All of TDC's operating companies have experienced growth in
earnings, and continued stringent cost control has been
obtained.  In Denmark and Switzerland, TDC has attracted more
broadband and mobile customers, and the influx of new customers
continues in the international mobile companies, such as
Talkline and Bite, and in TDC Cable TV.  TDC now has 15.9
million customers, which is 1.2 million more than at the same
time last year.

"The financial statements which we present today are
satisfactory.  On a highly competitive market, TDC attracts many
new customers every day and, at the same time, we maintain
strict cost control.  Therefore, it is a financially healthy TDC
which I can now pass on to my successor," retiring President and
CEO Henning Dyremose says.

The expectations for the 2006 revenue are adjusted downward by
DKK700 million, but, at the same time, the expectations for the
gross profit ratio are adjusted upward due to cost reductions
and, therefore, the expectations for EBITDA and net income for
the year are maintained.

                          About TDC

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.com/-- provides communications solutions in
Denmark and is the second-largest telecommunications provider on
the Swiss market.  It has a presence in a number of select
markets in Northern and Central Europe due to its shareholdings
in major companies.

                        *     *     *

As reported in the TCR-Europe on May 11, Fitch affirmed TDC
A/S's Issuer Default Rating at BB- with Stable Outlook and
senior secured bank facilities at BB+.

The various notes issued under TDC's EMTN program are affirmed
at BB-.

EMTN bonds rated BB-:

   -- DEM 5.0% notes due 2008;
   -- JPY 1.28% notes due 2008;
   -- EUR 5.625% notes due 2009; and
   -- EUR 6.5% notes due 2012.


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


ACXIOM CORP: Earns US$21.7 Million for Second Quarter 2007
----------------------------------------------------------
Acxiom Corp. reported financial results for the second quarter
of fiscal 2007 ended Sept. 30, 2006.  Consolidated net earnings
for the quarter increased 204% to US$21.7 million.  Gross margin
increased to 27.5% from 26.2% in the same quarter a year ago.
Second-quarter revenue totaled US$348.3 million, an increase of
5.4% over the same quarter last year.

"We are pleased that Acxiom delivered another solid performance
in the second quarter and remains on track to meet the fiscal
2007 targets we communicated at our Sept. 27 analysts' meeting
in New York," Company Leader Charles D. Morgan said.  "We
continue to execute the fundamentals of our business and are
delivering the results that we expected.  I believe we are well
positioned for a successful second half of the fiscal year."

                         Highlights:

   -- revenue of US$348.3 million, up 5.4% from US$330.5 million
      in the second quarter a year ago.

   -- income from operations of US$41.9 million, a 123% increase
      compared to US$18.8 million in the second quarter last
      year.  Last year's second-quarter results included the
      impact of net pretax charges of US$15.8 million associated
      with restructuring, the sale of non-strategic operations
      and other unusual items.  Excluding the impact of those
      charges, income from operations would have been up 21%.  

   -- diluted earnings per share of US$.25, a 213% increase
      compared to US$.08 in the second quarter of fiscal 2006.
      The impact of the net charges described above reduced
      diluted EPS by US$.12 for the second quarter last year.
      Excluding this impact, diluted earnings per share
      increased 25%.

   -- operating cash flow of US$64.4 million and free cash flow
      available to equity of US$15.3 million.

   -- gross margin of 27.5% compared to 26.2 percent in the same
      quarter last year.

   -- computer, communications and other equipment expense
      equaling 20.9% of revenue compared to 23.1 percent of
      revenue in the second quarter of fiscal 2006.

"The improvement in our earnings and margins -- assisted by
reduced computer expense as a percentage of revenue -- shows the
increasing strength of our business and the results of our
initiatives to improve operational efficiencies," Mr. Morgan
said.

Mr. Morgan also noted that Acxiom recently completed new
contracts with Procter & Gamble Co., E*TRADE FINANCIAL Corp.,
D&B and Safety-Kleen Systems, Inc.

Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM)
-- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.  Acxiom has a team of specialists with sales and business
development associates based in the largest Latin American
markets: Brazil, Argentina and Mexico.  In Europe, Acxiom has
operations in France, Germany, the Netherlands, Portugal, Spain,
and the United Kingdom.  

                        *    *    *

Standard & Poor's Ratings Services assigned on Sept. 6, 2006,
its loan and recovery ratings to Little Rock, Arkansas-based
Acxiom Corp.'s proposed US$800 million secured first-lien
financing.  The first-lien facilities consist of a US$200
million revolving credit facility and a US$600 million term
loan.  They are rated 'BB' with a recovery rating of '2'.

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Moody's Investors Service assigned a Ba2 rating to Acxiom
Corporation's US$800 million senior secured credit facilities,
while affirming its corporate family rating of Ba2.  Moody's
said the rating outlook is stable.


BEARINGPOINT INC: Launches Corp. Performance Management System
--------------------------------------------------------------
BearingPoint Inc. leveraged its 10-year commitment to developing
innovative corporate performance management systems to unveil
Corporate Performance Management, a premier global services
solution integrated with Oracle Business Intelligence.

According to a recent study, business intelligence ranks second
behind security on the CIO's list of top 10 priorities.  In
today's changing business environment, CEOs and CFOs of leading
organizations need more insight into their business.  The
pressure to deliver results while shouldering responsibility for
compliance compels them to demand greater return on investments
in enterprise resource planning systems, business intelligence
applications and compliance tools.  BearingPoint CPM is
designed to help companies improve return on investment, enhance
timely and accurate information delivery, and improve reporting
and corporate governance, while increasing efficiency and
effectiveness.

"BearingPoint's solution enables businesses to leverage the
costs associated with streamlining business processes to help
meet regulatory and governance mandates, such as Basel II,
gaining value and competitive advantage from their investment,"
said Greg Molley, managing director, for BearingPoint's
Oracle Business Intelligence Practice.  "We've strategically
aligned our resources with Oracle to make the connections needed
for the development and delivery of innovative business
transformation solutions.  Our cross-competency teams have been
working together extensively, giving us more experience on
Oracle technologies, greatly reducing client risk.  We were the
first to consolidate both the Oracle and PeopleSoft practices
and added the Siebel Practice to our global integrated community
as of January 2006.  Because of this, we're more closely aligned
with Oracle and its development process and have contributed to
the development and roll-out of upgrades and Oracle's Business
Intelligence strategy leveraging Oracle SOA."

BearingPoint's CPM provides the business insight executives
require, delivering in high value, business transformation
through:

   -- seasoned practitioners with cross-industry and
      cross-functional business process knowledge, as well as
      Oracle and non-Oracle technology experience;

   -- repeatable implementation practices to help companies
      manage risk and deliver predictable, value-added outcomes;

   -- reusable tools and project accelerators that are tailored
      to individual client needs through a collaborative
      delivery approach;

   -- specialized vertical solutions to meet the needs of the
      company's financial services clients; and

   -- specialized domain solutions for helping companies to meet
      their compliance needs and drive focused process
      improvement.

"BearingPoint was a very early partner in embracing our larger
BI strategy and working with our development team to understand
our strategy.  They communicated this strategy to our clients
and built out a solution we recognized this week with a Titan
Award.  BearingPoint moved quickly to align its practice to
capitalize on the opportunity," said Robert Stackowiak, vice
president, Business Intelligence Oracle Corporation Technology
Business Unit.  "BearingPoint's CPM solution leverages its
significant Oracle technology expertise with industry expertise,
business process and change management to help their clients
deliver solid business results.  The company's leadership in
developing innovative solutions has made it a valuable Oracle
partner for many years and they are well positioned to deliver
our Fusion business intelligence solutions as they are
introduced."

"BearingPoint takes a holistic approach in applying strategy,
business process industry expertise, and change management to
help increase our clients' return on investment," said Mr.
Molley.  "With the power of Oracle Business Intelligence at the
core, our teams focus on developing an integrated view of the
data locked in customers' information systems. With our CPM
solution, we can offer a global network of professionals
providing implementations, upgrades and strategic solutions
across the entire suite of Oracle products."

As a Certified Advantage Partner in the Oracle Partner Network,
BearingPoint has completed more than 2,000 Oracle
implementations and upgrades in more than 50 countries. To date,
it supports the evolution of Oracle Fusion Applications,
Oracle's initiative to protect customer investments while
extending and evolving the functionality of its Oracle,
PeopleSoft, JD Edwards, Siebel and emerging product lines.

"BearingPoint has been a trusted advisor to our organization for
many years," said Jennifer Fancher, first vice president,
Washington Mutual, Inc.  "We have clearly benefited from their
strategic vision, and the business acumen, project management,
and technical skills they bring to their teams to make the
visioning a reality.  Their work on our Corporate Performance
Management Solution has allowed us to manage our company more
effectively.  This is why BearingPoint continues to be one of
our key strategic partners."

                      About the Company

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management  
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations in Australia, Austria, Brazil,
China, France, India, Indonesia, Japan, Mexico, Portugal,
Singapore, Thailand, and the United Kingdom, among others.

                         *     *     *

As reported in the TCR-Europe on Oct. 11, Moody's
downgraded and placed these ratings on review for further
possible downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

   * US$250 million series A subordinated convertible bonds due
     2024 --downgraded to B3 from B2

   * US$200 million series B subordinated convertible bonds due
     2024 --downgraded to B3 from B2.


BORALEX INC: US Subsidiary to Secure US$80 Mil. Debt Financing
--------------------------------------------------------------
Boralex Industries Inc., the U.S. subsidiary of Boralex Inc.,
anticipates securing an US$80 million debt financing.  

The financing would have a term of seven years, and would be
secured by the US hydro assets and US biomass assets of Boralex
Industries, as well as certain payments made under the
monetization of its US production tax credits described below.  
Proceeds from the financing would be used to retire US$5 million
of existing debt and for general corporate purposes.

Boralex also disclosed that it is continuing to pursue
transaction described which would result in the monetization of
the renewable energy US production tax credits to which Boralex
Industries is entitled over the period beginning at closing of
the transaction and concluding on Dec. 31, 2009 (the date of the
conclusion of the program).  The Transaction would result in the
transfer to investors of indirect equity interests in the US
biomass facilities, and the receipt by Boralex Industries of
US$15 million cash at closing and a US$13.3 million contingent
payment note.

Boralex Industries has call rights to buy back the biomass
assets at certain times and for certain amounts exercisable
following the repayment of the contingent note.  Boralex would
operate the biomass facilities pursuant to an operation and
maintenance agreement.

Boralex anticipates closing the transactions by the end of
November 2006, subject to the completion of definitive
documentation and the satisfaction of customary closing
conditions.

Boralex Inc. -- http://www.boralex.com/-- focuses on four types  
of power generation: hydroelectric power, thermal or
cogeneration power from natural gas or wood residue, and wind
power.  Boralex employs about 277 workers and owns 20 power
stations in Quebec, the United States and France, with an
installed capacity of 315 MW.  Boralex also owns an urban wood
processing and recycling center located in Montreal.  In
addition, Boralex holds a 23% interest in Boralex Power Income
Fund which owns 10 power stations in Quebec and the United
States with an installed capacity of close to 190 MW.  
Management of the Fund's assets is provided by Boralex.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 30,
Standard & Poor's Ratings Services assigned its preliminary 'B+'
rating and a '4' recovery rating to Boralex Investment L.P.'s
proposed US$80 million secured term loan B due on the seventh
anniversary of closing in 2013.  Boralex Investment L.P. is a
wholly owned subsidiary of Boralex Inc.

As reported in the TCR-Europe on Oct. 26, 2006, Moody's
Investors Service assigned a Ba3 rating to Boralex Investment
LP's proposed US$80 million senior secured term loan due October
2013.  Moody's said the rating outlook is stable.


COREL CORP: Pending Acquisition Spurs Moody's to Affirm Ratings
---------------------------------------------------------------
Moody's Investors Service affirmed the B3 corporate family
rating and B3 senior secured bank loan ratings of Corel Corp.
after reviewing Corel's pending US$195 million acquisition of
InterVideo, Inc.  The acquisition will be financed with cash on
hand and the proceeds from a proposed offering of up to
US$100 million senior secured term loan, which is rated B3 as
well.

The change in outlook to positive reflects Moody's view that a
successful integration of InterVideo coupled with continued
growth in revenue and profits could position Corel for an
increased rating.

While Moody's remains concerned about Corel's reliance on
technical information sharing from its two primary competitors,
Microsoft Corporation and Adobe Systems, Moody's views the
addition of InterVideo with its successful line of video
editing, burning and playback software (WinDVD) as a positive
diversification to Corel's existing portfolio of software
products, a diversification which could ultimately lead to a
higher rating.

The benefits of this product diversification as well as the
access to InterVideo's large customer base and number of OEM
partnerships are somewhat tempered by the integration risks
associated with acquiring a company of InterVideo's size which
at US$109 million in revenue for fiscal year 2005 is comparable
to Corel's US$164 million in revenue for fiscal year 2005.
Moody's notes however, Corel's recent successful acquisition and
integration of two smaller software companies, Jasc Software,
Inc. and WinZip, as indicative of their capabilities.

The ratings are also tempered by InterVideo's recent loss of
Hewlett Packard's consumer computer business as a major customer
for their WinDVD product line.  While the acquisition will
increase Corel's leverage marginally above 3x (prior to any
synergies for the combined companies), Moody's views this
leverage as manageable and is offset by the increase in
diversification from InterVideo's portfolio of consumer and
pro-sumer software titles.  Additionally, Moody's expects that
Corel will continue to make debt financed acquisitions but does
not expect leverage levels to exceed 3x for long periods of
time, although there will continue to be meaningful amounts of
debt.

Corel Corporation is a global packaged software company.  It
provides products in the areas of office productivity, graphics,
and digital imaging software.  The company is headquartered in
Ottawa, Canada.


TCL MULTIMEDIA: Restructuring European Operations to Cut Losses
---------------------------------------------------------------
TCL Multimedia Technology Holdings Limited, Thomson S.A., TTE
Corporation, and TTE Europe SAS have agreed to restructure the
European operation of TCL Multimedia Technology Holdings
Limited.  

The agreement includes, among others, variation of certain terms
in some existing agreements between TTE Corporation and Thomson
S.A. and settlement with Thomson of certain receivables and
payables between the Thomson Group and the Group.

The restructuring and turnaround of TTE's Europe operations are
expected to result in the amicable wind-down of the current
activities of TTE Europe SAS and a business transition to a new
business model.  The process will commence in late October/early
November 2006.

TCL Multimedia Technology Holdings Limited has recorded
substantial losses as a result of the poor business performance
of its operations in Europe.  It is estimated that the
accumulated losses of the Group's investment in Europe as at
Sept. 30, 2006 amounted to EUR203 million (HK$2.034 billion).  
Hence, it has been the top priority of the Company to take
measures to drastically restructure its European operation in
order to minimize incurring further losses.

           Europe Restructuring and New Business Model

Recently, a major breakthrough has been made for the Europe
restructuring as a result of an agreement reached between
Thomson S.A., a substantial shareholder of the Company (having
shares of the Company representing about 29.3% of the issued
share capital thereof), TTE Corporation, a direct wholly owned
subsidiary of the Company, TTE Europe SAS, an indirect wholly
owned subsidiary of the Company, and the Company.  The Term
sheet describes the basic framework making possible the amicable
wind-down of current activities of TTE Europe and the re-launch
of the Company's business in Europe under a new business model.  

The Term Sheet was signed on Oct. 12, 2006, but was only binding
on the parties and effective from Oct. 26, 2006, the date on
which TTE Europe, together with its employee representatives,
launched its restructuring plan.

The process for the amicable wind-down of the activities of
TTE Europe, the most important subsidiary of the Group in
Europe, is expected to commence in late October/early
November 2006 and to include, among others, restructuring of the
majority of TTE Europe's current employee base in Europe devoted
to Europe commercial activities and winding-up of most of its
current operations.  The wind-down covers substantially all the
activities related to sale and marketing of TV products
(excluding OEM business) of the Group in Europe.  

As part of the process, some other subsidiaries of the Group in
Europe, such as the six sales subsidiaries of TTE Europe, in:

   -- Czech Republic,
   -- Germany,
   -- Hungary,
   -- Italy,
   -- Spain, and
   -- Sweden,

should also undergo a restructuring in the future.  

Assets and inventories of the Group in Europe will also be
disposed of in due course.  Should any agreement be concluded,
such may result in a notifiable transaction for the Company
under Chapter 14 of the Rules Governing the Listing of
Securities on the Stock Exchange of Hong Kong Limited, further
announcement will be made as and when appropriate.

To maintain the Group's presence in Europe, the Group will
pursue a new business model that will expand the Group's
existing OEM business serving European customers.  Compared to
the old business model, this will be a huge simplification of
operation.  The new operation will have a much simpler supply
chain and lean and efficient organization in Europe.

It is planned that the majority of support services will be
based in Hong Kong and PRC.  As a result of the restructuring
process, revenues of the Group in Europe will decline in 2007
(compared to 2006), but should rise again in 2008.  The scaled-
down operation of the Group in Europe and the new business model
will reduce operating costs drastically.

It is expected that the business of the Group in areas other
than Europe, such as the PRC and North America, will not be
affected as a result of the restructuring of TTE Europe in
Europe.

                    Term Sheet with Thomson

The Term Sheet is structured to help TTE Europe to carry out
restructuring, wind-down and transition to new business model.  
It represents the efforts of the Company to find an appropriate
restructuring plan for TTE in Europe and also to ensure that the
Group's market presence in Europe will be maintained.  
Implementation of this plan will also require settlement with
other creditors of TTE Europe.  So far TTE Europe has only
discussed with TTE, the Company and Thomson (all being its major
creditors) on its restructuring plan and has obtained their
assistance and concessions in terms as set out in the Term
Sheet.  TTE Europe has yet been in detailed discussion with
other creditors.  

In light of major creditors having already agreed to the plan,
the board of directors of the Company is confident that other
creditors will also cooperate and the restructuring of the
European operations will be implemented as planned.

The Term Sheet modifies certain existing arrangements and
agreements between the Group and Thomson Group which are
continuing connected transactions of the Company under Chapter
14A of the Listing Rules.  Changes made to the Trademark License
Agreement and New Angers Agreement are the more significant
changes which will affect the future operation of the Group.

Under the Trademark License Agreement between Thomson and TTE to
use certain Thomson's registered trademarks for manufacture and
sale of TV products in certain countries in the North America,
Europe and other regions in return for a royalty fee based on
the TTE's net sales of TV products.  There is a minimum sales
target for TTE to meet, the failure of which will entitle
Thomson to terminate the Trademark License Agreement.

Due to poor performance in Europe, TTE has not been able to meet
the minimum sales target as stipulated.  Following the
discussions between Thomson and the Group, the parties have
decided to amend the Trademark License Agreement.  TTE will
continue to have the right to use Thomson Trademark in Europe
for the next two years and no payment of the royalty fee is
required for the said use.  For Russia, Ukraine, and Kazakhstan,
with payment of royalty fee as agreed in the Trademark License
Agreement, TTE can still use the Thomson Trademark for 7 more
years up to late 2013.  All the terms of the Trademark License
Agreement remain unchanged.

Under the New Angers Agreement between Thomson and TTE, Thomson
sub-contracts its factory in Angers, France, to TTE at a certain
hourly rate for manufacturing of TV products, sub-assemblies and
modules and supply of rework services at the Angers Factory.  In
return, TTE guarantees a minimum order of such sub-contracting
services in terms of hours and if such minimum hours are not
observed, Thomson will invoice TTE for the difference not
ordered on the same terms and conditions as the quantity
ordered.

TTE's orders to the Angers factory have from time to time fallen
below the minimum as stipulated in the agreement.  In light of
the restructuring of Europe activities, the Term Sheet
significantly reduces the minimum hours, which TTE must order,
to 150,000 hours for year 2007 and to 75,000 hours for year
2008.  This represents an average 61% reduction in 2007 and 78%
reduction in 2008 of the contracted loads.  The subcontracting
arrangement will end at the end of 2008 instead of 30 July 2009
as originally agreed.  As a result, financial commitment on part
of TTE under the New Angers Agreement has been greatly reduced.  
In addition, the Term Sheet states that Thomson will proceed by
January 2007, subject to certain conditions, with the payment of
certain payables to TTE in relation to assets of the Angers
factory that will not be transferred to TTE.

The Term Sheet will render the transaction value to be involved
under the aforesaid two agreements much lower than the proposed
annual caps approved by the shareholders of the Company on
Aug. 18, 2005 for those continuing connected transactions.

Thomson will repay, subject to certain conditions, certain sum
prepaid by the Group in relation to filing and management of
certain intellectual property rights.  Further, for an effective
re-launch of the Company's business in Europe under a new
business model, TTE commits to support the working capital needs
of TTE Europe up to a maximum of EUR13 million (HK$130 million).

The Board is of the view that the terms as stated in the Term
Sheet are pre-requisites that make possible the restructuring
for European operation and the best way to resolve the loss
making trend for the Group in Europe.

                        Financial Impact

Turnover of the Group's European operation for the nine months
ended Sept. 20, 2006, amounted to EUR328 million (around
HK$3.275 billion), accounting for about 15% of the Group's
turnover.  

Net loss of the European operation for the nine months ended
Sept. 30, 2006, amounted to EUR159 million (HK$1.591 billion)
while the Group recorded a net loss of HK$1,519 million for the
period.  Total assets of the European operation as at Sept. 30,
2006, amounted to EUR132 million (HK$1.323 million),
representing about 10% of the Group's total assets.

The restructuring costs is estimated to be in the region of
EUR45 million (HK$450 million) covering primarily the provision
for the redundancy payment or retrenchment benefits to the
employees and certain other warranty costs or costs associated
with termination of services.  Part of it will be financed by
the net cash-in-flow contributed by Thomson after netting off
various payables and receivables between the Group and Thomson
Group.  

It is estimated that after taking into account of the Term
Sheet, the cash-out-flow on part of the Company as a result of
the restructuring plan, if fully implemented as planned, will
amount to about EUR24 million (HK$240 million, which may be
higher if the restructuring costs are higher than expected) plus
the working capital required for the re-launch of a new business
model in Europe, part of which will be financed by realization
of assets of the Group in Europe and the balance by the working
capital of the Company.  

As the restructuring is now only at its early stage, the exact
impact on the Company's profit and loss for the year ending
Dec. 31, 2006, is yet to be determined.  It is expected that the
exact impact will only be available when the Company finalizes
its accounts for the year ended 31 December 2006 and the
Company will state the exact impact in the results announcement
for the year then ended.

The Board believes that the overall restructuring plan will pave
the way for the Company to reach profitability in Europe by
2008.  In view of the current economic climate and the financial
drain on the Group by the European operation, the Board
considers it would be beneficial for the Group to substantially
scale down its operation in Europe in order to stop incurring
further loss and pave its way for recovery.

As noted in the unaudited consolidated financial statements of
the Company for the nine months ended Sept. 30, 2006, the
operation in North America continued to improve whilst operating
performance in Emerging Markets and Strategic OEM business
demonstrated improvement and the customer base has been expanded
consistently.  

The Board believes that Europe restructuring will benefit the
Group as a whole, as much less funding will be required for its
European operation and the Group can focus and utilize its
resources in other geographical regions in which it operates.  
Reduction of the loss in Europe and turnaround of the Group's
operation in Europe is the critical step in the Group's recovery
and ability to post a profit in the forthcoming short term.

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclcom.com/--  
designs, manufactures and sells electronic products like colored
TV, DVD players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology products,
refrigerators and washing machines.  Its other activity includes
trading electronic parts and components used in the production
of color television sets.

                        *     *     *

On Aug. 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company posted CNY763 million losses of TCL
Multimedia Technology Holdings Limited's European operations,
which caused losses of the TCL Corp. group to widen to CNY737.56
million.

TCR-Asia Pacific recounts that in 2004, TCL acquired the TV unit
of French electronics firm Thomson, which uses the Thomson brand
in Europe and RCA in North America.  TCL grouped all its TV
businesses under TMT.


TCL MULTIMEDIA: TCL Corp Releases Thomson S.A. from Lockup
----------------------------------------------------------
TCL Multimedia Technology Holdings Limited reveals that TCL
Corporation has released Thomson S.A. from the Lockup.  

Thomson and TCL Corporation entered into the Shareholders'
Covenants Agreement to regulate their rights and obligations in
the Company on Aug. 10, 2005, when Thomson first became a
Shareholder of the Company after exchanging its shares in TTE
upon exercise of the Exchange Option under the Exchange Option
Agreement for a total of 1,144,182,095 Shares representing about
29.32% of the issued share capital in the Company.

Under the Shareholders' Covenants Agreement, both Thomson and
TCL Corporation, are subject to the Lockup.

The main provisions are:

   -- neither Thomson nor TCL Corporation may transfer any of
      its shares in the Company in the first three years after
      the Closing Date;

   -- each of Thomson and TCL Corporation may subsequently sell
      down gradually its respective Shares in the Company; and

   -- after the fifth anniversary of the Closing Date, neither
      Thomson nor TCL Corporation will be subject to the Lock
      Up.

The Company became aware of the arrangement or agreement between
Thomson and TCL Corporation on the release of the Lockup in
about early October 2006.  The Company is not a party to the
agreement for the release of Lockup, which is an agreement
between the two substantial Shareholders of the Company and the
Company has no role to play in the agreement.

The Company was of the view that the release was merely an
agreement at the Shareholders' level and thus no announcement
was made at that time.  After learning that TCL Corporation had
announced on Oct. 31, 2006 that it had released Thomson from the
Lockup, the Board considers that the Company should make an
announcement to inform its Shareholders of the same.

To the best knowledge of the Company, the release of the Lockup
is a part of the global arrangement between the two substantial
Shareholders of the Company in their efforts to simplify and
clarify the general framework of their relationship.

To the best knowledge of the Company, TCL Corporation, the
controlling shareholder currently indirectly holds 1,512,121,289
Shares, representing about 38.74% of the issued share capital in
the Company, is still subject to the Lockup.

Upon the release of the Lockup, Thomson is now free to dispose
of any of its Shares in the Company.  As the release of Lockup
concerns only the right of the two substantial Shareholders
under the Lockup provision, it is not expected that the release
will affect the operation of the Company.

The Company is not aware of the current intentions of Thomson
regarding its Shares in the Company following the release of the
Lockup.  If Thomson finally decides to dispose of its Shares in
the Company through open market, it is expected that the public
float of the Shares will be substantially increased.

Under the Shareholders' Covenants Agreement, Thomson will no
longer be entitled to nominate two directors out of 11 directors
to the Board if its shareholding in the Company is less than
13.25%.

                           About TCL

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,  
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology products,
refrigerators and washing machines.  Its other activity includes
trading electronic parts and components used in the production
of color television sets.

                          *     *     *

On Aug. 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company posted CNY763 million losses of TCL
Multimedia Technology Holdings Limited's European operations,
which caused losses of the TCL Corp. group to widen to CNY737.56
million.

TCR-Asia Pacific recounts that in 2004, TCL acquired the TV unit
of French electronics firm Thomson, which uses the Thomson brand
in Europe and RCA in North America.  TCL grouped all its TV
businesses under TMT.


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


BALL CORP: Earns US$101.5 Million for Third Quarter 2006
--------------------------------------------------------
Ball Corp. reported third quarter earnings of US$101.5 million,
on sales of US$1.82 billion, compared with US$79.3 million, on
sales of US$1.58 billion in the third quarter of 2005.

For the first nine months of 2006, Ball Corp.'s saw earnings of
US$278.8 million, on sales of US$5.03 billion, compared with
US$216.9 million on sales of US$4.46 billion in the first three
quarters of 2005.

Ball Corp.'s 2006 results include a gain of US$2.8 million
(US$1.7 million after tax) in the third quarter and US$76.9
million (US$46.9 million after tax) in the first nine months for
insurance recovery from a fire that occurred April 1 at a
beverage can manufacturing plant in Germany.  The 2005 third
quarter results include net after-tax costs of US$12.5 million,
connected with debt refinancing and with a program to streamline
the company's beverage can end manufacturing processes.  The
nine-month 2005 results included net after-tax costs of US$18.4
million, related to business consolidation and debt refinancing
activities.

R. David Hoover -- the chairperson, president and chief
executive officer of Ball Corp. -- said, "Overall, we were
pleased with our third quarter results, especially considering
the increased cost pressures we continue to experience
throughout the corporation.  We are making progress on profit
improvement and pricing initiatives that are essential to our
achieving acceptable returns.  We also are making good progress
on integrating the acquisitions we made earlier this year and on
completing important projects to improve operating
efficiencies."

                 Metal Beverage Packaging

Americas

Earnings in the quarter for the metal beverage packaging
Americas segment were US$63.7 million, on sales of US$659.6
million, compared with US$49.4 million, including a US$19.3
million charge for costs associated with streamlining can end
manufacturing processes, on sales of US$636.1 million in the
third quarter of 2005.  For the first nine months segment
earnings were US$182.9 million on sales of US$1.99 billion,
compared with US$177.4 million, including the US$19.3 million
charge, on sales of US$1.85 billion in the first three quarters
of 2005.  Inventory adjustment had a negative effect of US$9.3
million on segment earnings in the third quarter of 2006,
compared with US$2.7 million in 2005.

Mr. Hoover notes, "We made further progress on our project to
streamline our beverage can end manufacturing.  We expect to
cease end manufacturing at our Reidsville, N.C., plant in the
fourth quarter.  We will supply those ends from other facilities
and as a result should begin to realize in 2007 some of the
savings anticipated from this multi-year, multi-plant project."

Europe/Asia

Third quarter earnings in the metal beverage packaging
Europe/Asia segment were US$66 million, including US$2.8 million
in property insurance gains, on sales of US$425.1 million,
compared with US$56.7 million on sales of US$366.1 million in
the third quarter of 2005.  For the first nine months segment
earnings were US$235.7 million, including US$76.9 million in
property insurance gains, on sales of US$1.16 billion, compared
with US$145 million on sales of US$1.06 billion in the same
period in 2005.

Mr. Hoover stated, "The loss of production volume resulting from
the April 1 fire made for an extremely tight beverage can supply
situation for us in Europe this summer.  Our new plant in Serbia
and improved performance at other facilities helped bridge a
portion of the volume gap, but that contribution was partially
offset by higher material, freight and energy costs.  In China,
the demand for beverage cans continues to grow and we continue
to work through a year where high raw material prices have hurt
results, but where stringent cost controls have been put in
place and plant performance has improved."

       Metal Food & Household Products Packaging, Americas

Earnings for the third quarter in the metal food and household
products packaging Americas segment were US$19.4 million on
sales of US$381.3 million, compared with US$10.1 million on
sales of US$292.2 million in the third quarter of 2005.  For the
first nine months of 2006, earnings were US$33.2 million,
including a US$1.7 million charge for costs to shut down a food
can manufacturing line in Whitby, Ontario, on sales of US$884.8
million, compared to US$16.7 million, including a US$8.8 million
charge to shut down a food can manufacturing plant in Quebec, on
sales of US$655.5 in the same period in 2005.  Ball Corp.
acquired U.S. Can Corporation on March 27, 2006, and results
from the acquired business have been included in the metal food
and household products packaging segment since that date.

Mr. Hoover said, "We continue to consolidate the assets acquired
from U.S. Can with those of our legacy metal food can
operations.  Those activities led to our announced decision to
close plants in Alliance, Ohio, and Burlington, Ontario, later
this year with anticipated annual cost savings of approximately
US$8 million."
                 
                Plastic Packaging, Americas

Earnings for the third quarter in the plastic packaging Americas
segment were US$8.3 million on sales of US$185.9 million,
compared with US$4.2 million on sales of US$124.7 million in the
third quarter of 2005.  Through the first three quarters of
2006, segment earnings were US$17.1 million on sales of US$486.8
million, compared with US$12.2 million on sales of US$373.9 in
the first three quarters of 2005.  The 2006 results include
those of assets acquired from Alcan on March 28, 2006.

Mr. Hoover noted, "We have completed the relocation of some of
the equipment acquired from Alcan Plastics into other plants and
have consolidated the R&D functions associated with the acquired
business into our overall packaging R&D operations in Colorado.  
Some of the activities from the Alliance plant will be
consolidated into one of the facilities we acquired from Alcan
Plastics as part of the ongoing integration of our manufacturing
assets."

                Aerospace and Technologies

Earnings were US$15.6 million on sales of US$170.4 million
during the third quarter of 2006 in the aerospace and
technologies segment, compared with US$15.2 million on sales of
US$164.8 million in the third quarter of 2005.  For the first
three quarters, earnings were US$33.4 million on sales of
US$505.7 million, compared with US$39 million on sales of
US$527.5 in the first three quarters of 2005.

Mr. Hoover said, "Excellent performance on several fixed price
programs that ended in the quarter helped boost third quarter
results in aerospace and technologies.  That kind of continued
performance, along with some hopeful signs we are beginning to
see in the awarding and funding of certain scientific and
defense contracts, we believe bode well for this segment as we
look to next year."

                          Outlook

Raymond J. Seabrook, executive vice president and chief
financial officer, said he anticipates full-year free cash flow
to be in the range of US$250 million.

Mr. Seabrook stated, "The seasonal working capital build we have
seen through the first nine months will be largely eliminated in
the fourth quarter.  We will continue our focus on free cash
flow generation in the future as some of the major capital
spending projects we have been engaged in wind down and we begin
to realize the benefits from them.  At mid-year we said we
expected results for the second half of 2006 would be better
than those of the first half, excluding property insurance
recovery related to the fire in Germany.  Our solid third
quarter results now make us confident of that outcome."  

"The cost recovery initiatives we have and will continue to
implement throughout our reporting segments will be critical to
sustaining and improving our performance in 2007.  Some of those
initiatives have been announced and already are being
implemented, and others are being discussed and developed with
suppliers and customers," Mr. Hoover noted.

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

                        *    *    *

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

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

Standard & Poor's Ratings Services also affirmed its 'BB+'
corporate credit rating on Ball Corp. All ratings were placed by
S&P in March 2006.


BALL CORP: Declares US$0.10 Per Share Cash Dividend
---------------------------------------------------
Ball Corp.'s board of directors declared a cash dividend of 10
cents per share, payable Dec. 15, 2006, to shareholders of
record on Dec. 1, 2006.

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

                        *    *    *

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

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

Standard & Poor's Ratings Services also affirmed its 'BB+'
corporate credit rating on Ball Corp.  All ratings were placed
by S&P in March 2006.


BALTICA MARINE: Claims Registration Ends November 10
----------------------------------------------------
Creditors of Baltica Marine Wassersportartikel GmbH have until
Nov. 10 to register their claims with court-appointed
provisional administrator Hendrik Gittermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 12 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Area B 031
         Law Courts
         Boostedter Road 26
         Neumuenster, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Neumuenster opened bankruptcy proceedings
against Baltica Marine Wassersportartikel GmbH on Sept. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Baltica Marine Wassersportartikel GmbH
         Attn: Martin Kauffmann, Manager         
         Neu-Revensdorf 2
         24214 Lindau, Germany

The administrator can be contacted at:

         Hendrik Gittermann
         Sandtorkai 62
         20457 Hamburg, Germany


BREMER LANDESBANK: Fitch Affirms Individual Rating at C
-------------------------------------------------------
Fitch Ratings affirmed Bremer Landesbank Kreditanstalt Oldenburg
Girozentrale's ratings at Issuer Default A with Stable Outlook,
Short-term F1, Individual C, and Support 1.  At the same time,
the Long-term rating for BLB's guaranteed obligations is
affirmed at AAA.

The Issue Default, Short-term and Support ratings are based on
the extremely high potential support from the two states in
which BLB operates and which are its direct and indirect owners.

BLB's Individual rating reflects its moderate profitability and
reliance on dated hybrid Tier 1 capital.  BLB's Tier 1 ratio
includes a significant proportion of hybrid capital, mainly
subscribed by its state entities and indirect owners.  

Although, Fitch has only given very limited equity credit to the
bank's EUR607 million silent participations, the agency notes
that these are held by BLB's owners.  The rating also takes into
account BLB's moderate risk profile and the advantages the bank
derives from its regional focus.

The bank's performance continued to improve, although this was
driven by lower loan loss provisions due to a healthier local
economy.  In H106 these were below the expected standard risk
costs.  Net interest revenues are growing roughly in line with
business volumes.  The steadily increasing net commission income
benefited from credit structuring fees and, in H106, from the
securities business in particular.

BLB's asset quality is sound.  However, taking only the loan
book into account and excluding the large share of interbank and
public sector assets, the quality is only moderate due to the
volume of problem exposures.

BLB is one of Germany's smaller Landesbanks.  The majority of
its business is concentrated in and around the northern port and
city state of Bremen, the city of Oldenburg, and north-western
Lower Saxony, where it acts as banker to the state and as a
clearing bank for 15 savings banks in the region.  

The bank is focusing on ship, wind energy and real estate
financing and lending to its local small- and medium-sized
enterprise customers.


K & K DEUTSCHLAND: Claims Registration Ends November 10
-------------------------------------------------------
Creditors of K & K Deutschland GmbH have until Nov. 10 to
register their claims with court-appointed provisional
administrator Eberhard Stock.

Creditors and other interested parties are encouraged to attend
the meeting at 10:04 a.m. on Nov. 17 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         1st Floor         
         Nordwall 131
         47798 Krefeld, Germany
      
The Court will also verify the claims set out in the
administrator's report at 9:30 a.m. on Jan. 12, 2007, at the
same venue.

The District Court of Krefeld opened bankruptcy proceedings
against K & K Deutschland GmbH on Aug. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         K & K Deutschland GmbH
         Attn: Pieter van Dommele, Manager
         Prinsenwwer 60
         NLD-3366 jk Sliedrecht, Netherlands

The administrator can be contacted at:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld, Germany


LANDESBANK SAAR: Fitch Affirms Individual Rating at C
-----------------------------------------------------
Fitch Ratings upgraded Landesbank Saar's Issuer Default rating
to A+ from A and its Short-term rating to F1+ from F1.  At the
same time, SaarLB's Individual and Support ratings are affirmed
at C and 1 respectively and SaarLB's guaranteed obligations are
affirmed at Long-term AAA.  The Outlook on the IDR remains
Stable.

The IDR upgrade reflects Fitch's view that the probability of
support from its majority owner Bayerische Landesbank in case of
need is extremely high, justifying an equalization of both
banks' IDRs.  Following discussion with SaarLB's owners Fitch
now places higher emphasis on a strong public support statement
in the form of a declaration of backing, underpinning the
commitment by the parent bank towards its subsidiary.  

The Short-term rating of 'F1+' also factors in the additional
propensity to support due to the large proportion of liabilities
on SaarLB's balance sheet benefiting from the grandfathered
guarantee.  The latter effect will disappear over time as the
grandfathered debt matures.

SaarLB's Individual rating reflects the bank's low risk profile
and further improvement of common equity, as well as its limited
franchise and relatively low operating profitability by
international comparison.  The bank's Tier 1 capital ratio
according to German banking law should stand at around 7.8% at
end-2006, a comfortable level given the bank's risk profile.
However, the quality of Tier 1 capital is weakened through a
high proportion of hybrid Tier 1 capital, which Fitch only
partly recognises as equity.

The Long-term rating on SaarLB's guaranteed obligations is based
on the grandfathering of the guarantee provided by its owners
BayernLB and the state of Saarland.  Obligations entered into up
until July 18, 2005 and maturing before end-2015 remain covered
by a guarantee in the form of Gewaehrtraegerhaftung.

Within the BayernLB group, SaarLB focuses on its home market,
the Saarland, as well as neighboring regions, with a particular
emphasis on France.  SaarLB services mainly small and medium-
sized corporate customers and institutional clients, but also
benefits from BayernLB's international network and sophisticated
product range to cover the needs of its larger customers.

In property finance, the bank concentrates on commercial real
estate in its home region and participating in syndications
elsewhere, but also provides small mortgage loans to private
individuals in Germany through the internet.  

SaarLB is a public law bank and the smallest of Germany's
Landesbanks.  It is the main banker to the state of Saarland and
is a clearing bank for the seven savings banks in Saarland.


MITSUBISHI MOTORS: Posts JPY16.1 Billion in First Half 2006
-----------------------------------------------------------
Mitsubishi Motors reported first-half results for fiscal year
2006, ending March 31, 2007, and outlined its forecasts for the
full year.

               Fiscal Year 2006 First-Half Results

(1) Performance overview

Mitsubishi Motors posted consolidated net sales of JPY1.01
trillion for the first half of fiscal year 2006 (April 1 through
September 30, 2006), an increase of JPY14.1 billion over the
same period last year (JPY991.3 billion).  This increase was
partially due to exchange rates despite lower sales volume in
Asia and other regions and reduced OEM supply volume in non-
domestic markets.

The company posted an operating loss of JPY5.5 billion, an
improvement of JPY14.3 billion over the same period last year
despite lower global sales volume.  Factors contributing to the
improvement were mainly improved sales and model profitability
mix in Japan and North America, improvement of earnings in the
U.S. financial service operation, and effects of a weaker yen.

Mitsubishi Motors posted an ordinary loss of JPY13.2 billion, a
year-on-year improvement of JPY20.4 billion, and a net loss of
JPY16.1 billion, a year-on-year improvement of JPY47.7 billion
yen.  The improvement in net loss resulted from lower asset
impairment charges taken in Japan compared to that taken in
fiscal year 2005, the absence of restructuring charges booked
last year, and extraordinary gains from the dissolution of a
special purpose entity related to monetization of real estate
assets in Japan.


(2) Sales volume

Global retail sales volume in the first half of fiscal year 2006
totaled 599,000 units, a reduction of 60,000 compared to 659,000
in the same period last year.

Despite falling demand in Japan, Mitsubishi Motors sales volume
grew 6,000 vehicles to 114,000.  Seventeen consecutive months of
year-on-year increases (since May 2005) underscore this
achievement, showing steady growth.

In North America, the company's policy to strengthen the
dealers' sales capabilities is gradually bearing fruit.  Volume
in the region grew 3,000 vehicles to 84,000, the first half
fiscal year period of year-on-year growth since the first half
of fiscal 2002 (eight periods).

In Europe, volume in Germany, the UK and other markets fell
slightly year-on-year.  However, in addition to continued robust
sales in Russia, sales volume doubled in the Ukraine, bringing
the total for the region to 142,000 vehicles, 11,000 more than
the same period last year.

In Asia and other regions, markets in Latin America, the Middle
East, and Africa showed increased sales volume.  However, sales
fell in Indonesia on high fuel prices due to elimination of
government subsidies and tighter credit conditions. Sales also
fell in Malaysia, where shipments of production parts and
components to Proton Holdings Berhad were reduced, and in Taiwan
where overall demand fell.  Overall volume on the whole was down
80,000 vehicles to 259,000.

The company's investor presentation summarizes the results as
follows (in 100 million, JPY):

                             FY05 1H     FY06 1H     Change   
                            ---------   ---------   ---------

      Revenue                  9,913      10,054       +141
      Operating Income          -198         -55       +143
      Ordinary Income           -336        -132       +204
      Net Income                -638        -161       +477
      Unit Volume (Retail)       659         599        -60

                        Full-Year Forecast

Despite severe market conditions, the first half of fiscal year
2006 showed year-on-year improvement in net sales and distinct
improvement in earnings.  Although targets for net sales and
unit sales volume did not meet the figures announced at the
beginning of the financial year, losses were reduced in excess
of targets.

While the sales climate is expected to remain difficult in the
coming period, by steadily executing measures in the second
half, the company will strive to achieve net sales and earnings
goals as announced on April 27, 2006.

However, as a result of reviewing the unit sales volume targets
by region, the company has opted to revise its fiscal 2006 sales
volume to 1,322,000 vehicles, a reduction of 86,000 compared to
the April 27th figure.  In Japan, reflecting the fact that unit
sales volume was below forecast in the first half, the company
has opted to revise volume to 281,000 vehicles, a reduction of
21,000 compared to the April 27th figure.  In North America, the
company has revised volume up 7,000 vehicles to 188,000
reflecting the effect of new model launches in the second half.  
Sales in Europe's growth markets are expected to grow as they
did in the first half; the company has revised volume up 9,000
vehicles to 280,000 for the region.  On the other hand, in Asia
and other regions, the company has revised volume downward
81,000 vehicles to 573,000 reflecting the severe environment and
uncertain outlook for markets in the region.

Operational initiatives for the second half of FY2006 (by
region)

(1) Japan

   -- Introduce the fully redesigned Pajero and DelicaD:5, as
      well non-turbo versions of "i"

   -- Increase dealer traffic through a new advertising campaign

   -- Strengthen sales capabilities together with dealers

   -- Build a new organizational structure, continue revamping
      the sales operation
  
(2) North America

   -- Increase buyer appeal and sales through introduction of
      the new Outlander and Lancer models

   -- Reinforce sales capabilities via dealer training

   -- Effective advertising focusing on Mitsubishi's 25 years in
      the U.S. market

   -- Enhance sales through effective use of financial service
      operations

   -- Improve productivity at the Illinois plant
  
(3) Europe

   -- Strengthen lineup through consecutive launch of new SUV
      models (new L200, Pajero, Outlander)

   -- Expand sales in Russia and the Ukraine
   
(4) Asia and other regions

   -- China:  Expand sales of Mitsubishi brand vehicles after
      the recent equity investment in South East (Fujian) Motor
      Co., Ltd and reinforce the lineup of vehicles exported
      from Japan

   -- Thailand:  Secure stable profitability through expansion
      of Triton/L200 1-ton pickup exports

   -- Latin America, the Middle East and Africa:  Sustain
      momentum through introduction of the new Pajero

   -- Australia: Launch 3 new models (Triton, Pajero,
      Outlander)

                    About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few      
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the "Mitsubishi
Motors Revitalization Plan" on January 28, 2005, as its three-
year business plan covering fiscal 2005 through 2007, after
investor DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                        *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Sept. 29, Standard & Poor's Ratings Services raised its long-
term  corporate credit and senior unsecured debt ratings on
Mitsubishi Motors Corp. to B- from CCC+, reflecting progress in
the company's revitalization efforts and reduced downside risks
in its earnings and financial profile.  S&P said the outlook on
the long-term rating is stable.

As reported by the Troubled Company Reporter - Asia Pacific on
August 4, 2006, Rating & Investment Information Inc. has
upgraded its issuer rating on Mitsubishi Motors Corp. from CCC+
to B with a stable outlook and its commercial paper rating from
c to b, and has removed the rating from its monitor at the same
time.

As reported by the Troubled Company Reporter - Asia Pacific on
July 19, 2006, Japan Credit Rating Agency, Ltd. upgraded the
rating of Mitsubishi Motors Corp.'s senior debts to BB- from B-,
with a stable outlook.  The agency also affirmed the NJ rating
on CP program of the company, while upgrading its rating on the
Euro Medium Term Note Program of MMC and subsidiaries Mitsubishi
Motors Credit of America, Inc. and MMC International Finance
(Netherlands) B.V. to B+ from CCC.


MODEHAUS SCHEDLER: Claims Registration Ends November 9
------------------------------------------------------
Creditors of Modehaus Schedler Twachtmann & Motog GmbH have
until Nov. 9 to register their claims with court-appointed
provisional administrator Juergen Sander.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 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 Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke, 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 Syke opened bankruptcy proceedings against
Modehaus Schedler Twachtmann & Motog GmbH on Aug. 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Modehaus Schedler Twachtmann & Motog GmbH
         Attn: Heidrun Twachtmann and Ute Motog, Managers
         George Route 7-8
         31582 Nienburg, Germany

The administrator can be contacted at:

         Dr. Juergen Sander
         Beeke 22
         28844 Weyhe, Germany
         Tel: 0421/806666
         Fax: 0421/8066611


RFS DEKORBODEN: Claims Registration Ends November 12
----------------------------------------------------
Creditors of RFS Dekorboden GmbH have until Nov. 12 to register
their claims with court-appointed provisional administrator
Peter Houben.

Creditors and other interested parties are encouraged to attend
the meeting at 9:02 a.m. on Nov. 17 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         1st Floor         
         Nordwall 131
         47798 Krefeld, Germany
      
The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Jan. 5, 2007, at the same
venue.

The District Court of Krefeld opened bankruptcy proceedings
against RFS Dekorboden GmbH on Aug. 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         RFS Dekorboden GmbH
         Niersweg 74-76
         47877 Willich, Germany

         Attn: Ralf Staniek, Manager
         Schlossstr. 13
         41238 Monchengladbach, Germany

         Ingo Kreuzer, Manager
         Friedrich-Ebert-Str. 172
         41236 Monchengladbach, Germany

The administrator can be contacted at:

         Peter Houben
         Sternstrasse 58
         40479 Duesseldorf, Germany


RSS GMBH: Claims Registration Ends November 8
---------------------------------------------
Creditors of RSS GmbH -- Industrieverpackungen have until Nov. 8
to register their claims with court-appointed provisional
administrator Karl Schlotterbeck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 29 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Road 28
         Ludwigsburg, 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 Ludwigsburg opened bankruptcy proceedings
against RSS GmbH -- Industrieverpackungen on Aug. 29.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         RSS GmbH -- Industrieverpackungen
         Attn: Peter Kuechenmeister and
         Johanna Buckenleib, Managers
         Daimlerstr. 35-37
         70825 Korntal-Muenchingen, Germany

The administrator can be contacted at:

         Dr. Karl Schlotterbeck
         Danneckerstrasse 37
         70182 Stuttgart, Germany
         Tel: 0711/244819
         
         
SEGGEWIES BAUAUSFUEHRUNG: Claims Registration Ends November 6
-------------------------------------------------------------
Creditors of Seggewies Bauausfuehrung GmbH have until Nov. 6 to
register their claims with court-appointed provisional
administrator Leo Schoofs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 27 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Room 106 C
         Gerichtsstr. 2-6
         48149 Muenster, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Muenster opened bankruptcy proceedings
against Seggewies Bauausfuehrung GmbH on Sept. 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Seggewies Bauausfuehrung GmbH
         Attn: Ludger Seggewies, Manager
         Aue 14
         46342 Velen, Germany

The administrator can be contacted at:

         Dr. Leo Schoofs
         Salierstr. 4
         46395 Bocholt, Germany


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


HUNTSMAN CORP: Moody's Rates Unit's Planned US$400MM Notes at B3
----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Huntsman
International LLC's, a wholly owned subsidiary of Huntsman
Corporation, proposed US$400 million senior subordinated notes.
Moody's also assigned Loss Given Default Assessment of LGD6 to
these notes in accordance with its Loss-Given-Default rating
methodology that was initially implemented at the end of
September 2006.

Proceeds from the private offering of the proposed US dollar and
euro denominated notes will be used to redeem part of the
company's outstanding 10 1/8% senior subordinated notes due
2009. The corporate family ratings of B1 for both HI and HC were
affirmed and the rating outlooks for both companies remain
developing.

These summarizes the ratings activity:

   * Huntsman International LLC

     -- Proposed Sr. Sub Notes, US$400 million, due 2013 and
        2014, B3, LGD6, 91%

The proposed transaction is a modest credit positive for HC as
it will reduce the company's interest expense by redeeming high
coupon debt.  The rating outlook was changed to developing from
positive in March 2006 after HC's management announced plans to
separate HC's Base Chemicals and Polymer segments from HC's
differentiated segments.

The developing outlook reflects the possibility of additional
transactions, over the medium term, to further separate the
company.  The outlook also reflects that the ratings may change
subject to the development of a more formal debt structure and
financial philosophy for the remaining businesses to be held at
the differentiated segments.  

Moody's believes the decision to pursue a split by HC's
management was prompted by ongoing concern over stock price
valuation along with the receipt of an indication of interest
from an outside party, occurring in late 2005, regarding an
acquisition of all of the outstanding stock of HC.  Moody's
continues to believe that objectives for incremental debt
reduction approaching US$1.45 billion by the end of 2007 are
possible.  Upon completion of debt reduction with proceeds of
the proposed sale of Huntsman's European Commodities Business to
SABIC, the ratings outlook may move to positive.

The notching of the proposed senior subordinated notes at B3 and
LGDA of LGD6 take into consideration the unconditional
guarantees, on a subordinated basis, from all of HI's domestic
subsidiaries and certain foreign subsidiaries.  

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

Huntsman Corporation is a global manufacturer of differentiated
and commodity chemical products.  Huntsman's products are used
in a wide range of applications, including those in the
adhesives, aerospace, automotive, construction products, durable
and non-durable consumer products, electronics, medical,
packaging, paints and coatings, power generation, refining and
synthetic fiber industries.  Huntsman had revenues for the
twelve months ended September 30, 2006 of US$11 billion (after
UK Base Chemical and Polymer Divestiture).


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


ALITALIA SPA: Hikes Net Debt by EUR91 Million in September
----------------------------------------------------------
The Group's net debt as of Sept. 30, 2006, amounted to EUR1.023
billion, showing an increase in net indebtedness of EUR91
million (+9.8%) compared to the situation on Aug. 31, 2006.

The increase is generated by specific external items:

   -- cash inflows seasonality (as usual mainly wired to the
      Company from travel agents in the month following ticket  
      sales); September cash inflows were negatively affected by
      lower Italian industrial activities in August;    

   -- September cash outflows showed, altogether with cash
      outflows related to the same month, cash outflows related
      to the previous month of August due to usual slower
      payments to the main Company suppliers.   

The Group's cash-to-hand and short-term financial credits as of
Sept. 30, 2006, amounted to EUR720 million while the parent
company Alitalia as of the same date amounted to EUR747 million.  
This available liquidity altogether with future cash flows
generation of the Company are enough to cover Group's financial
needs over the next 12 months and thereafter.   

It should be noted that as of Sept. 30, 2006, there were several
leasing contracts at the Group level -- referring almost
entirely to fleet aircraft mostly held by the parent company
amounting to EUR139 million -- whose capital share, including
lease closure value, amounted to EUR155 million, of which EUR21
million represent the current capital share falling due within
twelve months of the reference date, with EUR19 million held by
the parent company.

By comparison, the same figure as of Aug. 31, 2006, amounted to
EUR158 million -- of which EUR24 million euros falling due in
the twelve months from the reference date; the corresponding
figures for the parent company on Aug. 31, 2006, amounted to
EUR142 and EUR21 million respectively.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal. None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.  During September 2006, repayments were made of
medium/long-term financing amounting to about EUR13 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Sept. 31, 2006, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on Sept. 30, 2006,
both for the parent company and for other Group companies,
except for those relating to disputed situations.

Regarding the latter, there were outstanding sums owed to some
airport management companies for disputed debts amounting to a
total of 90 million euros as of Sept. 30, 2006.  

In addition, decisions are still pending for the petitions filed
by Alitalia regarding:

In addition, decisions are still pending for the petitions filed
by Alitalia regarding:

   -- injunctions issued by an airport management company for
      a total of about EUR14 million (5 decrees);

   -- a further injunction has been issued by an IT
      services supplier for about EUR812,000 (1 decree);

   -- another injunction has been issued by a professional
      studio for EUR534,000;

   -- a contractor for restructuring work has issued an
      injunction for about EUR635,000; and

   -- there are injunctions issued by two suppliers for a total
      of around EUR40,000.

Except for the above, there are no other injunction orders or
executive actions undertaken by creditors notified as of
Sept. 30, 2006, nor are there any threats by suppliers to
suspend operations.

                         About Alitalia

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

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


MARK IV: Moody's Lowers Corporate Family Rating to B2
-----------------------------------------------------
Moody's Investors Service lowered the corporate family rating of
Mark IV Industries Inc. to B2 from B1, and the rating on the
guaranteed second lien senior secured term loan at Dayco
Products LLC to B3 from B2.

At the same time, Moody's affirmed the ratings of the guaranteed
senior secured credit facility at Ba3 and maintained the
negative rating outlook.

The ratings reflect worsening credit protection measures
resulting from declining margins in several of the company's
businesses as well as increased debt levels.  Performance in its
electronic toll collections business has been weaker than
expected because of delayed shipments to government agencies,
although the company expects to make up the shortfall in the
second half of fiscal year 2007.  Its automotive OEM segment has
suffered from lower production volumes, pricing concessions and
rising raw material costs.  

For the last twelve months ended Aug. 31, 2006, Debt/EBITDA
(using Moody's standard adjustments) rose to 6.2x, EBIT/cash
interest was approximately 1.3x.  Free cash flow was
approximately negative US$50 million, driven by lower
profitability and higher working capital usage.  Moody's noted
in its prior rating action that the company's credit metrics
were already weak for it ratings.  The company's progress to
date makes the achievement of solid B1 credit metrics highly
unlikely in the near term.

The negative outlook continues to reflect Moody's belief that
challenging conditions in the North American automotive
industry, including lowered production levels and continued
pricing pressures, will persist in the near term.  Mark IV
derives approximately 25% of its revenues from North American
automotive OEMs.  Additionally, the heavy duty truck segment,
one of Mark IV's higher margin businesses, is expected to face
an industry-wide downturn in 2007 as new emission standards take
effect.

Moody's is also concerned that negotiations on the part of
government toll road agencies will likely result in reduced
transponder toll tag pricing, as this business matures.  These
factors, combined with the company's remaining required pension
contribution of US$42 million in fiscal year 2007, may result in
increasing leverage during FY 2007.  Liquidity as of
Aug. 31, 2006, was comprised of US$85.7 million of cash on hand
and approximately US$62 million of availability (as restricted
by covenants) under its revolving credit facility.

Ratings lowered:

Mark IV Industries, Inc.

    * Corporate Family Rating, to B2 from B1

    * Probability of Default Rating, to B2 from B1

    * US$150 million senior secured second lien term loan
      due 2011, to B3 (LGD5, 71%) from B2 (LGD5, 71%)

Ratings affirmed:

Dayco Products, LLC

    * Ba3 (LGD3, 31%) rating for the guaranteed senior
      secured credit facilities consisting of:

    * US$150 million US/European revolving credit facility
      due 2010 (up to US$50 million-equivalent to be
      available in Euros)

    * US$747 million 7-year US term loan B due 2011

Dayco Europe SrL

    * US$100 million- (US$91 million remaining balance)
      equivalent Euro denominated European term loan A
      due 2010

The last rating action was on Sept. 22 when Mark IV's issue
ratings were raised with the LGD Methodology implementation.

Future events that have the potential to drive Mark IV's ratings
lower include:

   -- evidence that the company is unable to maintain
      the technological leadership necessary to hold its
      leading market positions in its higher margin
      product lines;

   -- declines in production volumes of the company's
      North American and European OEM customers;

   -- annual price concessions to OEM customers that are
      not substantially offset by cost-cutting efforts or
      by sufficiently profitable new business awards;

   -- material increases in raw materials prices that cannot
      be passed on to customers; or

   -- deteriorating liquidity.

Consideration for a lower rating could arise if any combination
of these factors results in leverage approaching 7.0 x or
reduces EBIT/cash interest coverage to 1.0x or lower.

Future events that have the potential to drive Mark IV's outlook
or ratings higher include:

   -- growth in the company's higher margin products
      and continued improvement of the company's operations;

   -- the generation of material new business awards
      with sufficient margins to offset negotiated
      price concessions;

   -- meaningful debt reduction from operating cash flows or
      an incremental equity contribution or IPO.

Consideration for a higher outlook or rating could arise if any
combination of these factors were to increase EBIT/Interest
coverage to over 1.9x or reduce leverage to 4.0x.

Mark IV is a diversified manufacturer of engineered systems and
components utilizing radio frequency identification, information
display system, small diesel engines, mechanical power
transmission, air admission, fuel and fluid handling and other
technologies that serve industrial, transportation and
automotive markets.  Mark IV manages and reports its operations
into two categories: (i) Industrial/Distribution and (ii)
Automotive OEM.  Annual revenues approximate US$1.8 billion.


MAVERICK TUBE: Tenaris Deal Prompts Moody's to Withdraw Ratings
---------------------------------------------------------------
Moody's Investors Service confirmed and will subsequently
withdraw the ratings for Maverick Tube Corp.  Moody's will
subsequently withdraw the Ba3 rated corporate family rating, the
Ba3 LGD assessment, the B1 and the LGD 5 (73%) ratings on the
1.875% convertible senior subordinated notes.  The outlook is
stable.  Moody's does not rate the other notes of Maverick.

The ratings are being confirmed and will subsequently be
withdrawn because Maverick has been fully acquired by Tenaris SA
and consequently, the notes are not expected to remain
outstanding since they are expected to be converted to cash
within the next month and receive a make-whole premium as per
the terms of the indenture.  Moody's also does not currently
rate Tenaris or any of its subsidiaries.

Headquartered Chesterfield, Missouri, Maverick Tube Corp. --
http://www.tenaris.com/-- produces welded tubular steel  
products used in the oil and natural gas industry and for
various electrical applications.  The energy products line
consists of oil country tubular goods, couplings and coiled
tubing which are used in newly drilled oil and natural gas
wells, line pipe used in transporting oil and natural gas and
coiled tubing used in well workover and subsea applications
throughout the United States, Canada, Argentina, Brazil, China,
Colombia, Italy, Japan, and Venezuela.


TCL MULTIMEDIA: Restructuring European Operations to Cut Losses
---------------------------------------------------------------
TCL Multimedia Technology Holdings Limited, Thomson S.A., TTE
Corporation, and TTE Europe SAS have agreed to restructure the
European operation of TCL Multimedia Technology Holdings
Limited.  

The agreement includes, among others, variation of certain terms
in some existing agreements between TTE Corporation and Thomson
S.A. and settlement with Thomson of certain receivables and
payables between the Thomson Group and the Group.

The restructuring and turnaround of TTE's Europe operations are
expected to result in the amicable wind-down of the current
activities of TTE Europe SAS and a business transition to a new
business model.  The process will commence in late October/early
November 2006.

TCL Multimedia Technology Holdings Limited has recorded
substantial losses as a result of the poor business performance
of its operations in Europe.  It is estimated that the
accumulated losses of the Group's investment in Europe as at
Sept. 30, 2006 amounted to EUR203 million (HK$2.034 billion).  
Hence, it has been the top priority of the Company to take
measures to drastically restructure its European operation in
order to minimize incurring further losses.

           Europe Restructuring and New Business Model

Recently, a major breakthrough has been made for the Europe
restructuring as a result of an agreement reached between
Thomson S.A., a substantial shareholder of the Company (having
shares of the Company representing about 29.3% of the issued
share capital thereof), TTE Corporation, a direct wholly owned
subsidiary of the Company, TTE Europe SAS, an indirect wholly
owned subsidiary of the Company, and the Company.  The Term
sheet describes the basic framework making possible the amicable
wind-down of current activities of TTE Europe and the re-launch
of the Company's business in Europe under a new business model.  

The Term Sheet was signed on Oct. 12, 2006, but was only binding
on the parties and effective from Oct. 26, 2006, the date on
which TTE Europe, together with its employee representatives,
launched its restructuring plan.

The process for the amicable wind-down of the activities of
TTE Europe, the most important subsidiary of the Group in
Europe, is expected to commence in late October/early
November 2006 and to include, among others, restructuring of the
majority of TTE Europe's current employee base in Europe devoted
to Europe commercial activities and winding-up of most of its
current operations.  The wind-down covers substantially all the
activities related to sale and marketing of TV products
(excluding OEM business) of the Group in Europe.  

As part of the process, some other subsidiaries of the Group in
Europe, such as the six sales subsidiaries of TTE Europe, in:

   -- Czech Republic,
   -- Germany,
   -- Hungary,
   -- Italy,
   -- Spain, and
   -- Sweden,

should also undergo a restructuring in the future.  

Assets and inventories of the Group in Europe will also be
disposed of in due course.  Should any agreement be concluded,
such may result in a notifiable transaction for the Company
under Chapter 14 of the Rules Governing the Listing of
Securities on the Stock Exchange of Hong Kong Limited, further
announcement will be made as and when appropriate.

To maintain the Group's presence in Europe, the Group will
pursue a new business model that will expand the Group's
existing OEM business serving European customers.  Compared to
the old business model, this will be a huge simplification of
operation.  The new operation will have a much simpler supply
chain and lean and efficient organization in Europe.

It is planned that the majority of support services will be
based in Hong Kong and PRC.  As a result of the restructuring
process, revenues of the Group in Europe will decline in 2007
(compared to 2006), but should rise again in 2008.  The scaled-
down operation of the Group in Europe and the new business model
will reduce operating costs drastically.

It is expected that the business of the Group in areas other
than Europe, such as the PRC and North America, will not be
affected as a result of the restructuring of TTE Europe in
Europe.

                    Term Sheet with Thomson

The Term Sheet is structured to help TTE Europe to carry out
restructuring, wind-down and transition to new business model.  
It represents the efforts of the Company to find an appropriate
restructuring plan for TTE in Europe and also to ensure that the
Group's market presence in Europe will be maintained.  
Implementation of this plan will also require settlement with
other creditors of TTE Europe.  So far TTE Europe has only
discussed with TTE, the Company and Thomson (all being its major
creditors) on its restructuring plan and has obtained their
assistance and concessions in terms as set out in the Term
Sheet.  TTE Europe has yet been in detailed discussion with
other creditors.  

In light of major creditors having already agreed to the plan,
the board of directors of the Company is confident that other
creditors will also cooperate and the restructuring of the
European operations will be implemented as planned.

The Term Sheet modifies certain existing arrangements and
agreements between the Group and Thomson Group which are
continuing connected transactions of the Company under Chapter
14A of the Listing Rules.  Changes made to the Trademark License
Agreement and New Angers Agreement are the more significant
changes which will affect the future operation of the Group.

Under the Trademark License Agreement between Thomson and TTE to
use certain Thomson's registered trademarks for manufacture and
sale of TV products in certain countries in the North America,
Europe and other regions in return for a royalty fee based on
the TTE's net sales of TV products.  There is a minimum sales
target for TTE to meet, the failure of which will entitle
Thomson to terminate the Trademark License Agreement.

Due to poor performance in Europe, TTE has not been able to meet
the minimum sales target as stipulated.  Following the
discussions between Thomson and the Group, the parties have
decided to amend the Trademark License Agreement.  TTE will
continue to have the right to use Thomson Trademark in Europe
for the next two years and no payment of the royalty fee is
required for the said use.  For Russia, Ukraine, and Kazakhstan,
with payment of royalty fee as agreed in the Trademark License
Agreement, TTE can still use the Thomson Trademark for 7 more
years up to late 2013.  All the terms of the Trademark License
Agreement remain unchanged.

Under the New Angers Agreement between Thomson and TTE, Thomson
sub-contracts its factory in Angers, France, to TTE at a certain
hourly rate for manufacturing of TV products, sub-assemblies and
modules and supply of rework services at the Angers Factory.  In
return, TTE guarantees a minimum order of such sub-contracting
services in terms of hours and if such minimum hours are not
observed, Thomson will invoice TTE for the difference not
ordered on the same terms and conditions as the quantity
ordered.

TTE's orders to the Angers factory have from time to time fallen
below the minimum as stipulated in the agreement.  In light of
the restructuring of Europe activities, the Term Sheet
significantly reduces the minimum hours, which TTE must order,
to 150,000 hours for year 2007 and to 75,000 hours for year
2008.  This represents an average 61% reduction in 2007 and 78%
reduction in 2008 of the contracted loads.  The subcontracting
arrangement will end at the end of 2008 instead of 30 July 2009
as originally agreed.  As a result, financial commitment on part
of TTE under the New Angers Agreement has been greatly reduced.  
In addition, the Term Sheet states that Thomson will proceed by
January 2007, subject to certain conditions, with the payment of
certain payables to TTE in relation to assets of the Angers
factory that will not be transferred to TTE.

The Term Sheet will render the transaction value to be involved
under the aforesaid two agreements much lower than the proposed
annual caps approved by the shareholders of the Company on
Aug. 18, 2005 for those continuing connected transactions.

Thomson will repay, subject to certain conditions, certain sum
prepaid by the Group in relation to filing and management of
certain intellectual property rights.  Further, for an effective
re-launch of the Company's business in Europe under a new
business model, TTE commits to support the working capital needs
of TTE Europe up to a maximum of EUR13 million (HK$130 million).

The Board is of the view that the terms as stated in the Term
Sheet are pre-requisites that make possible the restructuring
for European operation and the best way to resolve the loss
making trend for the Group in Europe.

                        Financial Impact

Turnover of the Group's European operation for the nine months
ended Sept. 20, 2006, amounted to EUR328 million (around
HK$3.275 billion), accounting for about 15% of the Group's
turnover.  

Net loss of the European operation for the nine months ended
Sept. 30, 2006, amounted to EUR159 million (HK$1.591 billion)
while the Group recorded a net loss of HK$1,519 million for the
period.  Total assets of the European operation as at Sept. 30,
2006, amounted to EUR132 million (HK$1.323 million),
representing about 10% of the Group's total assets.

The restructuring costs is estimated to be in the region of
EUR45 million (HK$450 million) covering primarily the provision
for the redundancy payment or retrenchment benefits to the
employees and certain other warranty costs or costs associated
with termination of services.  Part of it will be financed by
the net cash-in-flow contributed by Thomson after netting off
various payables and receivables between the Group and Thomson
Group.  

It is estimated that after taking into account of the Term
Sheet, the cash-out-flow on part of the Company as a result of
the restructuring plan, if fully implemented as planned, will
amount to about EUR24 million (HK$240 million, which may be
higher if the restructuring costs are higher than expected) plus
the working capital required for the re-launch of a new business
model in Europe, part of which will be financed by realization
of assets of the Group in Europe and the balance by the working
capital of the Company.  

As the restructuring is now only at its early stage, the exact
impact on the Company's profit and loss for the year ending
Dec. 31, 2006, is yet to be determined.  It is expected that the
exact impact will only be available when the Company finalizes
its accounts for the year ended 31 December 2006 and the
Company will state the exact impact in the results announcement
for the year then ended.

The Board believes that the overall restructuring plan will pave
the way for the Company to reach profitability in Europe by
2008.  In view of the current economic climate and the financial
drain on the Group by the European operation, the Board
considers it would be beneficial for the Group to substantially
scale down its operation in Europe in order to stop incurring
further loss and pave its way for recovery.

As noted in the unaudited consolidated financial statements of
the Company for the nine months ended Sept. 30, 2006, the
operation in North America continued to improve whilst operating
performance in Emerging Markets and Strategic OEM business
demonstrated improvement and the customer base has been expanded
consistently.  

The Board believes that Europe restructuring will benefit the
Group as a whole, as much less funding will be required for its
European operation and the Group can focus and utilize its
resources in other geographical regions in which it operates.  
Reduction of the loss in Europe and turnaround of the Group's
operation in Europe is the critical step in the Group's recovery
and ability to post a profit in the forthcoming short term.

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclcom.com/--  
designs, manufactures and sells electronic products like colored
TV, DVD players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology products,
refrigerators and washing machines.  Its other activity includes
trading electronic parts and components used in the production
of color television sets.

                        *     *     *

On Aug. 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company posted CNY763 million losses of TCL
Multimedia Technology Holdings Limited's European operations,
which caused losses of the TCL Corp. group to widen to CNY737.56
million.

TCR-Asia Pacific recounts that in 2004, TCL acquired the TV unit
of French electronics firm Thomson, which uses the Thomson brand
in Europe and RCA in North America.  TCL grouped all its TV
businesses under TMT.


TCL MULTIMEDIA: TCL Corp Releases Thomson S.A. from Lockup
----------------------------------------------------------
TCL Multimedia Technology Holdings Limited reveals that TCL
Corporation has released Thomson S.A. from the Lockup.  

Thomson and TCL Corporation entered into the Shareholders'
Covenants Agreement to regulate their rights and obligations in
the Company on Aug. 10, 2005, when Thomson first became a
Shareholder of the Company after exchanging its shares in TTE
upon exercise of the Exchange Option under the Exchange Option
Agreement for a total of 1,144,182,095 Shares representing about
29.32% of the issued share capital in the Company.

Under the Shareholders' Covenants Agreement, both Thomson and
TCL Corporation, are subject to the Lockup.

The main provisions are:

   -- neither Thomson nor TCL Corporation may transfer any of
      its shares in the Company in the first three years after
      the Closing Date;

   -- each of Thomson and TCL Corporation may subsequently sell
      down gradually its respective Shares in the Company; and

   -- after the fifth anniversary of the Closing Date, neither
      Thomson nor TCL Corporation will be subject to the Lock
      Up.

The Company became aware of the arrangement or agreement between
Thomson and TCL Corporation on the release of the Lockup in
about early October 2006.  The Company is not a party to the
agreement for the release of Lockup, which is an agreement
between the two substantial Shareholders of the Company and the
Company has no role to play in the agreement.

The Company was of the view that the release was merely an
agreement at the Shareholders' level and thus no announcement
was made at that time.  After learning that TCL Corporation had
announced on Oct. 31, 2006 that it had released Thomson from the
Lockup, the Board considers that the Company should make an
announcement to inform its Shareholders of the same.

To the best knowledge of the Company, the release of the Lockup
is a part of the global arrangement between the two substantial
Shareholders of the Company in their efforts to simplify and
clarify the general framework of their relationship.

To the best knowledge of the Company, TCL Corporation, the
controlling shareholder currently indirectly holds 1,512,121,289
Shares, representing about 38.74% of the issued share capital in
the Company, is still subject to the Lockup.

Upon the release of the Lockup, Thomson is now free to dispose
of any of its Shares in the Company.  As the release of Lockup
concerns only the right of the two substantial Shareholders
under the Lockup provision, it is not expected that the release
will affect the operation of the Company.

The Company is not aware of the current intentions of Thomson
regarding its Shares in the Company following the release of the
Lockup.  If Thomson finally decides to dispose of its Shares in
the Company through open market, it is expected that the public
float of the Shares will be substantially increased.

Under the Shareholders' Covenants Agreement, Thomson will no
longer be entitled to nominate two directors out of 11 directors
to the Board if its shareholding in the Company is less than
13.25%.

                           About TCL

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,  
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology products,
refrigerators and washing machines.  Its other activity includes
trading electronic parts and components used in the production
of color television sets.

                          *     *     *

On Aug. 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company posted CNY763 million losses of TCL
Multimedia Technology Holdings Limited's European operations,
which caused losses of the TCL Corp. group to widen to CNY737.56
million.

TCR-Asia Pacific recounts that in 2004, TCL acquired the TV unit
of French electronics firm Thomson, which uses the Thomson brand
in Europe and RCA in North America.  TCL grouped all its TV
businesses under TMT.


UNITED TEST: Moody's Assigns (P)Ba3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3
corporate family rating to United Test and Assembly Center Ltd.
and a provisional (P)Ba3 senior unsecured rating to UTAC's
proposed US$200M convertible bonds due 2013.  The ratings
outlook is stable.  This is the first time that Moody's has
assigned ratings to UTAC.

The bonds proceeds will be used to repay the company's
US$175 million bridge loan for the acquisition of NS Electronics
Bangkok, a transaction completed in June 2006, while the balance
will be used for general corporate purposes.

Moody's expects to affirm the ratings and remove them from their
provisional status upon completion of the convertible bonds
issuance.

"The Ba3 ratings reflect the company's unique market position in
memory and MSLP (mixed signal & logic products)-testing
services.  It enjoys strong sales growth and profitability -
against the industry average - due to its test-centric business
model," says Moody's Ken Chan, an AVP/Analyst and lead analyst
for the company.

"UTAC has an experienced management team, which shows financial
discipline, operational synergies from the NSEB acquisition, and
an improving sales mix that should help buffer it against
industry cyclicality.  Such positive attributes are consistent
with a Ba credit profile," Chan adds.

"However, due to the company's aggressive growth plan, coupled
with high capital expenditures, we expect it to generate
negative free cash flow in the near term which better positions
it at the Ba3 rating when compared with its global peers," says
Chan.

The ratings further reflect UTAC's exposure to the competitive
and volatile semiconductor back-end outsourcing assembly and
test industry, especially given its limited operating track
record.  Meanwhile, the high capex nature of its business model
-- albeit discretionary -- together with its high operational
leverage and relatively small cash buffer translate into cash
flow pressure and a likelihood of reliance on external facility
lines over the next two years.

The ratings outlook is stable, reflecting the expectation that
UTAC will continue with its prudent financial policy as it
executes its business plan and maintains its competitiveness in
the medium term.

The ratings could experience upward pressure if the company:
   
   (1) demonstrates a longer track record for
       successfully implementing its business model
       and sustaining its competitiveness against its
       global peers in full turnkey solutions and
       mixed-signal logic products;

   (2) generates positive FCF to fund organic business
       growth and for debt reduction, such that
       TD/Cap < 25-30% and EBIT/Int > 4.5-5.0x on a
       sustained basis, and

   (3) builds up its cash holding and maintains a strong
       level of balance sheet liquidity to buffer
       against industry cyclicality.

On the other hand, downward ratings pressure could evolve if:

    (1) evidence emerges that UTAC's business model is
        losing traction, leading to a material weakening in
        its competitiveness against its global peers;

   (2) an industry downturn emerges, and which
       materially impairs its debt-servicing ability; and

   (3) an aggressive financial policy emerges, and
       which includes a material debt-funded acquisition,
       such that TD/Cap > 40-45%, EBIT/Int < 2.5-3.0x over
       the cycle.

United Test and Assembly Center Ltd, based in Singapore and
listed on the Singapore Stock Exchange since 2004, is an
independent provider of test and assembly services for
semiconductor devices, including memory, mixed-signal and logic
integrated circuits.  The company has manufacturing facilities
in Singapore, China (Shanghai), Taiwan and Thailand, and a
global sales network in Singapore, Thailand, Taiwan, the US,
Italy, Korea and Japan.


UNITED TEST: S&P Assigns BB- Rating on Proposed US$200-Mln Bonds
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Singapore's United Test And Assembly Center
Ltd., the world's sixth-largest outsourced semiconductor
assembly and test company.  The outlook is stable.  At the same
time, Standard & Poor's assigned its 'BB-' rating to UTAC's
proposed US$200 million convertible bonds due 2013.
     
"The rating on UTAC factors in its favorable position in the
semiconductor test market, moderate leverage, and robust growth
prospects for the global outsourced semiconductor test and
assembly market," said Standard & Poor's credit analyst Raymond
Hsu.  "Nevertheless, the rating on UTAC is constrained by high
industry risks, the company's relatively weak semiconductor
assembly operations, and negative free cash flow due to its
relatively aggressive expansion plan."
     
UTAC became the world's sixth-largest outsourced semiconductor
assembly and test service provider after its acquisition of UTAC
Thai Ltd., previously known as NS Electronics Bangkok (1993)
Ltd.  The acquisition was completed in June 2006.  Semiconductor
test services accounted for 61% of UTAC's revenue in the first
half of 2006.  UTAC also provides assembly services for a broad
range of leadframe and array packages, partly through turnkey
services.  About 39% of UTAC's revenues were derived from
semiconductor assembly in the first half of 2006.  UTAC operated
1,010 wire bonders and 747 testers in its facilities in
Singapore, Taiwan, Thailand, and China as at June 30, 2006.
     
The issue proceeds from the proposed convertible bonds will be
primarily used to repay the company's US$175 million bridge loan
for the acquisition of UTL, pay down other debt and for general
corporate purposes.  The acquisition of UTL has broadened UTAC's
customer base, enhanced its position in the semiconductor
assembly market, and diversified its product mix away from the
volatile dynamic random access memory (DRAM) market.
     
UTAC's liquidity is adequate. At June 30, 2006, the company had
cash and cash equivalent of US$84 million, compared with current
debt of US$38 million.  The company also has unused committed
credit facilities of US$135 million.
     
"The stable outlook reflects our view that UTAC will continue to
maintain its favorable position in the semiconductor test
market, as well as moderate leverage despite expected high
capital spending," said Mr. Hsu.  "The rating has factored in
the expected impact of the proposed bond issue on UTAC's credit
measures.  The rating also takes into account integration risks
relating to the UTL acquisition."


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


AL-BEREKE LLP: Creditors Must File Claims by Nov. 26
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Al-Bereke insolvent on Sept. 7.  
Subsequently, bankruptcy proceedings were introduced at the
company.

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

         LLP Al-Bereke
         Floor 3
         Sutushev Str. 58
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


ALMATY GLOBAL: Proof of Claim Deadline Slated for Nov. 29
---------------------------------------------------------
LLP Almaty Global has declared insolvency.  Creditors have until
Nov. 29 to submit written proofs of claim to:

         LLP Almaty Global
         Office 44
         Kurmangazy Str. 180
         050009 Almaty, Kazakhstan


ARGUMENT LLP: Creditors Must File Claims by Nov. 26
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Argument insolvent on Sept. 20.

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

         LLP Argument
         Room 321
         Baitursynov Str. 95
         Kostanai
         Kostanai Region
         Tel: 8 (3142) 54-59-36


ASTANA FINANCE: Moody's Puts Ba1 Rating on Sr. Unsecured Notes
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 long-term foreign
currency debt rating to the senior unsecured foreign currency
notes expected to be issued by Astana Finance B.V.
(Netherlands), a wholly owned subsidiary of Kazakhstan's
JSC Astana Finance.  

The issue is planned to be jointly and severally unconditionally
and irrevocably guaranteed by Kazakhstan's JSC Astana Finance
and JSC Leasing Company Astana-Finance.  The outlook is stable.  
The rating is subject to a review of the final documentation for
the transaction.

Moody's said that, according to the offering memorandum, the
holders of the notes will be relying for repayment solely and
exclusively on JCS Astana Finance's ability to make payments.
The Ba1 rating incorporates a high level of support from the
City of Astana based on:

   -- its position as a non-controlling but key shareholder
      as well as an important creditor of JSC Astana Finance
     (on more favorable than arm's length conditions);

   -- the city's successive capital injections in order
      to remain a key shareholder, and its presence and
      active participation on the Board of Directors;

   -- the City of Astana's declared unconditional support in
      the event that JSC Astana Finance were unable to meet
      its obligations; and

   -- the role still played by JSC Astana Finance in the
      city's economic and social development.

JSC Astana Finance's obligations under the guarantee agreement
will rank at all times at least pari-passu with the claims of
all other unsecured and unsubordinated creditors of the company,
save for those claims that are preferred by any relevant law.
The terms and conditions of the notes contain a
cross-acceleration clause for the issuer and JSC Astana Finance.

Under the terms of the bond issue, both the issuer and the
guarantors must comply with certain covenants, such as negative
pledge, the limitation on payment of dividends, merge and
consolidation, sale of assets and related party transactions.  
In addition, they stipulate that JSC Astana Finance should not
permit consolidated tangible net worth to be less then
US$15 million, it should not permit consolidated liquid assets
as a percentage of consolidated short-term liabilities to be
less than 30% and it is obliged to maintain its financial assets
at a proportion of no less than 70% of total assets.  Moody's
notes that in the event that these financial indicators approach
the minimum triggers defined in such covenants then
JSC Astana Finance's ratings would become unstable and
significant downward rating pressures may ensue.

According to Moody's, the notes might be eligible for early
redemption by the noteholders in the event of:

   -- a merger event resulting in a rating downgrade;

   -- an asset sale resulting in a rating downgrade; and

   -- the City of Astana ceases to own at least 25% of
      the issued voting share capital of JCS Astana Finance.

In addition, if 75% or more of the principal amount of the notes
shall have been redeemed the issuer may redeem the rest of the
notes.

JSC Astana Finance, incorporated in the Kazakh capital Astana,
reported total assets of US$684 million and total capital funds
of US$63 million under IFRS as of June 30, 2006.


JIRENBAI LLP: Proof of Claim Deadline Slated for Nov. 26
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Jirenbai insolvent on Aug. 29.  
Subsequently, bankruptcy proceedings were introduced at the
company.

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

         LLP Jirenbai
         Myzy Str. 2/1-214
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-34-77


KARAGANDINSKYI METALLURGICHESKYI: Creditors' Claims Due Nov. 29
---------------------------------------------------------------
LLP Karaganda Metallurgical Institute Karagandinskyi
Metallurgicheskyi Institute has declared insolvency.

Creditors have until Nov. 29 to submit written proofs of claim
to:

         LLP Karagandinskyi Metallurgicheskyi Institute
         Respublika Ave. 30
         Temirtau
         Karaganda Region
         Tel/Fax: 8 (3213) 91-56-26


KAZGYU COMMERCE: Claims Registration Ends Dec. 1
------------------------------------------------
LLP Kazgyu Commerce has declared insolvency.  Creditors have
until Dec. 1 to submit written proofs of claim to:

         LLP Kazgyu Commerce
         Abai Str. 52v
         Almaty, Kazakhstan
         Tel: 8 (3272) 33-04-39


KOKTEM-4 LLP: Creditors' Claims Due Nov. 26
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Koktem-4 insolvent on Sept. 6.

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

         LLP Koktem-4
         Room 321
         Baitursynov Str. 95
         Kostanai   
         Kostanai Region
         Kazakhstan
         Tel: 8 (3142) 54-59-36


TEMIRYAZEVSKOYE LLP: Kostanai Court Starts Bankruptcy Procedure
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
commenced bankruptcy proceedings against LLP Temiryazevskoye on
Sept. 22.

LLP Temiryazevskoye is located at:

         Rabochaya Str. 5
         Sarykol
         Sarykol District
         Kostanai Region
         Kazakhstan


TRIK LLP: Claims Registration Ends Nov. 26
------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Trik insolvent on Sept. 7.  Subsequently,
bankruptcy proceedings were introduced at the company.

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

         LLP Trik
         Myzy Str. 2/1-214
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-34-77


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


ARSEN TRADE: Creditors' Claims Due Dec. 15
------------------------------------------
LLC Arsen Trade has declared insolvency.  Creditors have until
Dec. 15 to submit written proofs of claim to:

         LLC Arsen Trade
         Turusbekov Str. 47-33
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 62-21-00


KYRGYZ AIR: Creditors' Meeting Slated for Nov. 10
-------------------------------------------------
The temporary insolvency manager of LLC Kyrgyz Air will discuss
his final report at a creditors' meeting at 10:00 a.m. on
Nov. 10 at:

         Room 5
         3rd Floor
         Building of the Academy of Sciences
         Chui Ave. 265a
         Bishkek, Kyrgyzstan

The conditions of the world agreement between the Government of
Kyrgyz Republic and LLC Kyrgyz Air founder Finrep will also be
discussed.

Proxies must have authorization to vote.  

Inquiries can be addressed to (+996 312) 24-39-23.


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


GELDILUX-TS-2003: Fitch Affirms BB Rating on Class D Notes
----------------------------------------------------------
Fitch Ratings affirmed Geldilux-TS-2003 S.A.'s EUR1.4 billion
secured floating-rate notes due 2007 as:

   -- EUR1.33 billion Class A (ISIN DE000A0AB412): AAA;
   -- EUR18.9 million Class B (ISIN DE000A0AB420): A;
   -- EUR23.1 million Class C (ISIN DE000A0AB438): BBB; and
   -- EUR7 million Class D (ISIN DE000A0AB446): BB.

The affirmation is based on the transaction's stable performance
to date.  The transaction has not incurred any losses or
delinquencies since close.  The portfolio remains at the maximum
portfolio balance and is well in compliance with all its
portfolio guidelines.  The transaction is currently in its
replenishment period, which ends in December 2006.

The portfolio profile is almost identical to that at closing.
The largest industry concentration is in the real estate sector,
and the loans are predominately located in Bavaria.  Since close
the weighted average term has remained at around 60 days.

The current weighted average term is 51.64 days, according to
the trustee report dated 15 September 2006.  On average loans
are around 28% secured, above a minimum threshold of 25%.

The transaction represents a true sale, cash flow securitization
of short-term loans to German borrowers.  Geldilux is a public
limited liability company incorporated under the laws of the
Grand Duchy of Luxembourg.  Geldilux issued Class A1 liquidity
notes and A, B, C, D and unrated E floating-rate notes.

The net issue proceeds of the A to E notes were used to purchase
the initial loan portfolio, and the proceeds of the A1 notes
were used to fund the interest reserve account.  The liquidity
notes have since been paid in full and the reserve account is
being maintained at the maximum balance using excess spread.


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


ASTANA FINANCE: Moody's Puts Ba1 Rating on Sr. Unsecured Notes
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 long-term foreign
currency debt rating to the senior unsecured foreign currency
notes expected to be issued by Astana Finance B.V.
(Netherlands), a wholly owned subsidiary of Kazakhstan's
JSC Astana Finance.  

The issue is planned to be jointly and severally unconditionally
and irrevocably guaranteed by Kazakhstan's JSC Astana Finance
and JSC Leasing Company Astana-Finance.  The outlook is stable.  
The rating is subject to a review of the final documentation for
the transaction.

Moody's said that, according to the offering memorandum, the
holders of the notes will be relying for repayment solely and
exclusively on JCS Astana Finance's ability to make payments.
The Ba1 rating incorporates a high level of support from the
City of Astana based on:

   -- its position as a non-controlling but key shareholder
      as well as an important creditor of JSC Astana Finance
     (on more favorable than arm's length conditions);

   -- the city's successive capital injections in order
      to remain a key shareholder, and its presence and
      active participation on the Board of Directors;

   -- the City of Astana's declared unconditional support in
      the event that JSC Astana Finance were unable to meet
      its obligations; and

   -- the role still played by JSC Astana Finance in the
      city's economic and social development.

JSC Astana Finance's obligations under the guarantee agreement
will rank at all times at least pari-passu with the claims of
all other unsecured and unsubordinated creditors of the company,
save for those claims that are preferred by any relevant law.
The terms and conditions of the notes contain a
cross-acceleration clause for the issuer and JSC Astana Finance.

Under the terms of the bond issue, both the issuer and the
guarantors must comply with certain covenants, such as negative
pledge, the limitation on payment of dividends, merge and
consolidation, sale of assets and related party transactions.  
In addition, they stipulate that JSC Astana Finance should not
permit consolidated tangible net worth to be less then
US$15 million, it should not permit consolidated liquid assets
as a percentage of consolidated short-term liabilities to be
less than 30% and it is obliged to maintain its financial assets
at a proportion of no less than 70% of total assets.  Moody's
notes that in the event that these financial indicators approach
the minimum triggers defined in such covenants then
JSC Astana Finance's ratings would become unstable and
significant downward rating pressures may ensue.

According to Moody's, the notes might be eligible for early
redemption by the noteholders in the event of:

   -- a merger event resulting in a rating downgrade;

   -- an asset sale resulting in a rating downgrade; and

   -- the City of Astana ceases to own at least 25% of
      the issued voting share capital of JCS Astana Finance.

In addition, if 75% or more of the principal amount of the notes
shall have been redeemed the issuer may redeem the rest of the
notes.

JSC Astana Finance, incorporated in the Kazakh capital Astana,
reported total assets of US$684 million and total capital funds
of US$63 million under IFRS as of June 30, 2006.


DALRADIAN EUROPEAN: Moody's Rates Class E Notes at (P)Ba3
---------------------------------------------------------
Moody's assigned provisional ratings to these six classes of
notes and a revolving facility issued by Dalradian European CLO
II B.V., a bankruptcy remote special purpose vehicle
incorporated in the Netherlands:

   -- EUR76,500,000 Class A-1 Senior Secured Floating
      Rate Notes: (P)Aaa;

   -- EUR100,000,000 Revolving Loan Facility: (P)Aaa;

   -- EUR51,800,000 Class A-2 Senior Secured Floating
      Rate Notes: (P)Aaa;

   -- EUR27,850,000 Class B Deferrable Secured Floating
      Rate Notes: (P)Aa2;

   -- EUR20,830,000 Class C Deferrable Secured Floating
      Rate Notes: (P)A2;

   -- EUR22,580,000 Class D Deferrable Secured Floating
      Rate Notes: (P)Baa3; and

   -- EUR13,130,000 Class E Deferrable Secured Floating
      Rate Notes: (P)Ba3.

The ratings of the notes address the expected loss posed to
investors by the legal maturity of each class in 2022.

These provisional ratings are based upon:

   -- an assessment of the credit quality and of
      the diversification of the assets in the
      initial portfolio;

   -- an assessment of the eligibility criteria applicable
      to the future additions to the portfolio;

   -- the overcollateralization of the notes;

   -- the protection against losses through the subordination
      of the Class A-2, B, C, D, E notes and the
      EUR37,310,000 subordinated notes and the excess
      spread available in the transaction;

   -- the analysis of the foreign currency risk involved in
      the transaction; and

   -- the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a portfolio of senior loans, mezzanine loans, second
lien loans and high yield bonds.  This portfolio is dynamically
managed by Elgin Capital LLP.  This is the second European
arbitrage CLO transaction managed by Elgin.  This portfolio will
be partially acquired at closing and ramped-up over the first
[12] months of the transaction.  

Upon conclusion of the ramp-up, the portfolio shall comply among
others with these tests subject to Moody's matrices:

   -- a diversity score greater than 31,

   -- a weighted average rating factor lower than 2,300
      and weighted average spread greater than 2.65%, and

   -- a weighted average recovery rate greater than 56%.  

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.

This transaction features a multi-currency revolving facility
that can be drawn either in Euros, in Sterling or in US Dollar
up to EUR35 million equivalent.  Initially, Sterling
or US Dollar drawings will be used to purchase Sterling
or US Dollar denominated assets.  Should such non-euro assets
default, Sterling or US Dollar advances would not be fully
collateralized by Sterling or US Dollar assets and therefore
Euro proceeds may need to be converted into Sterling or US
Dollar in order to redeem non-euro advances, thus creating a
foreign exchange risk exposure.  This currency risk is partially
mitigated with foreign currency options purchased by the Issuer
at closing and has been considered in Moody's analysis.

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


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


ELEKTRIM SA: Repaid Debt Prompts Court to Deny Bankruptcy Motion
----------------------------------------------------------------
A Court in Warsaw rejected the motions for bankruptcy of
Elektrim S.A. filed by the company's creditors and Elektrim
Telekomunikacja following a partial repayment of the company's
debt, Polish News Bulletin says.

Under an option agreement, Elektrim sold its 48% stake in Polska
Telefonia Cyfrowa to Deutsche Telekom for EUR604 million.  
Deutsche Telekom, however, paid the amount to a Vienna
arbitration court.  On Oct. 26, Elektrim received EUR525 million
of the amount and used it to repay its bondholders.  The partial
repayment prompted the Warsaw Court on Oct. 27 to dismiss the
bankruptcy petition.

"We know that court disputes are not over yet, but we have an
important stage behind us," Piotr Nurowski, Elektrim Chief
Executive, told Poland A.M.

The Vienna court has yet to decide whether to release the
remaining EUR79 million to Elektrim.  Zygmunt Solorz-Zak, the
company main shareholder, said Elektrim would use the remaining
funds to invest in the power sector and land around Port Praski.

The planned investment, Elektrim's spokespeople said, may be
impeded by the current legal conflict between the company and
Vivendi and Polish unit ET -- over the group's stake in PTC.  
Vivendi and PTC are protesting Elektrim's stake sale to Deutsche
Telekom.  A Vienna arbitration court, however ruled in June 2006
in favor of Elektrim, but Vivendi refused to acknowledge the
court's decision.

Mr. Solorz-Zak also revealed that Elektrim has filed two damage
suits against Vivendi and ET and ruled out an amicable
settlement.

Elektrim, however, also has to pay the bondholders of its
residual value -- pegged at 25% of the company's worth above
EUR160 million.  Estimates place the company's value at up to
PLN3.7 billion.

"We do not know yet whether there is any further obligation
towards the bondholders," lawyer Jerzy Modrzejewski, who pleads
for Elektrim, said.  "This will depend on a valuation of the
company."

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and  
telecommunication businesses.  In addition to its core business
activities, Elektrim also manufactures sells cables, and
provides data transmission services.

As reported in the TCR-Europe on Oct. 4, Elektrim filed a
bankruptcy petition with the possibility of an arrangement on
Sept. 29, five days before its creditors were set to launch a
lawsuit over the bankruptcy.  Creditors are demanding the
company's liquidation and the introduction of an official
bankruptcy assignee since they have not received payments from
the company for nearly two years.

As reported in the TCR-Europe on April 26, Law Debenture Trust
Corp., in its capacity as Elektrim's bond trustee, was granted
an enforcement clause, allowing bondholders to take possession
of the group's assets, against which the debts have been
secured.

Elektrim bondholders' spokesperson Kamila Gorecka said the debt
claims against the company could be satisfied through the sale
of the bankrupt estate.  She stressed that debt collectors must
prioritize the bondholders' claims once Elektrim is declared
bankrupt.  Ms. Gorecka, however, noted that Elektrim's
properties could be seized regardless of the bankruptcy
proceedings.


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


BANCA COMERCIALA: Fitch Affirms C/D Individual Rating
-----------------------------------------------------
Fitch Ratings assigned Banca Comerciala Romana's RON200-million
bond issue an expected A- rating.  At the same time Fitch has
assigned BCR a local currency Issuer Default rating of A-.  
BCR's foreign currency IDR, Short-term, Individual and Support
ratings are affirmed at A-, F2, C/D, and 1 respectively.

The final rating of the bond is contingent on the receipt of
final documents conforming to information already received.

BCR's Issuer Default, Short-term and Support ratings reflect the
extremely high potential support available to it from its
majority shareholder, Austria-based Erste Bank der
oesterreichischen Sparkassen.

The bond issue will have a maturity of three years.  The notes
are to rank equally among themselves and at least equally with
all other present and future unsecured obligations of BCR save
for such obligations as may be preferred by law.

BCR is the largest bank in Romania and accounts for
approximately 26% of the banking system's assets.  Erste Bank
completed the acquisition of 61.9% of BCR in October 2006.  
Private Romanian investment companies and employees of BCR own
the remaining shares.


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


ALLIANCE OF BUILDERS-A: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Novosibirsk Region commenced bankruptcy
supervision procedure on CJSC Alliance of Builders-A.  The case
is docketed under Case No. A60-16408/05-10/269.

The Temporary Insolvency Manager is:

         A. Saranin
         Post User Box 113
         634050 Tomsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Alliance of Builders-A
         Kommunalnaya Str. 1
         Balta
         Moshkovskiy Region
         Novosibirsk Region
         Russia


BSPB FINANCE: Moody's Rates Loan Participation Notes at B1
----------------------------------------------------------
Moody's Investors Service has assigned a B1 long-term foreign
currency debt rating to the upcoming issue of Loan Participation
Notes to be issued on a limited-recourse basis by BSPB Finance
plc, a special purpose vehicle incorporated under the laws of
Ireland, for the sole purpose of financing senior unsecured loan
to Bank Saint-Petersburg (BSPB).  The notes will be denominated
in US dollars, while the amount, tenor and the price of the
notes will be determined by market conditions.  The outlook for
the rating is positive, in line with that for BSPB's long-term
foreign currency deposit rating.

Moody's notes that the rating for the LPNs is based on the
fundamental credit quality of BSPB, the ultimate obligor under
the transaction.  The loan to the bank, which is the only source
of repayment for the notes, will rank at least pari passu with
the claims of all of BSPB's other unsecured creditors, save
those whose claims are preferred by any bankruptcy, insolvency,
liquidation or similar laws of general application.

Moody's notes that, the underlying loan agreement contains a
standard set of covenants such as negative pledge, limitations
on mergers, disposals, transactions with affiliates, restricted
payments and maintenance of capital adequacy.  The rating agency
stated that the likelihood of any of the above covenants being
triggered is relatively low.  However, if such were to occur, it
could potentially have adverse liquidity implications for the
bank and might exert severe downward pressure on its ratings.

Moody's cautions that the transaction also has an embedded
rating trigger whereby the notes will become payable if, during
the three months after the occurrence of change of control of
BSPB, its ratings are downgraded by one or more notches.  
Moody's notes that the occurrence of change of control of BSPB
will be viewed as a risk factor - if the noteholders' put option
were to be exercised, this could result in the need to repay a
sizeable obligation, thus putting a burden on the bank's
financial resources and potentially destabilizing the bank's
ratings further.

Bank Saint-Petersburg is headquartered in Saint Petersburg,
Russia and, according to IFRS accounts for the first six months
of 2006 (reviewed by auditors), reports total assets of
US$1.467 billion.


BUILDING MATERIALS: Court Names N. Surtaev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. N.
Surtaev as Insolvency Manager for LLC Building Materials.  He
can be reached at:

         N. Surtaev
         Diksona Str. 1-203
         660020 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-15040/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

        LLC Building Materials
        S. Lazo Str. 28-259
        Krasnoyarsk Region
        Russia


DIVMET-METALLIST: Court Names M. Polyakov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. M. Polyakov
as Insolvency Manager for CJSC Divmet-Metallist.  He can be
reached at:

         M. Polyakov
         Post User Box 130
         Vorovskogo Str. 140
         656002 Barbaul Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-10211/06-B.

The Debtor can be reached at:

         CJSC Divmet-Metallist
         Depovskaya Str. 39
         Novoaltaysk
         658080 Altay Region


FLORA OJSC: Tatarstan Bankruptcy Hearing Slated for January 16
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic will convene at 2:00
p.m. on Jan. 16, 2007, to hear the bankruptcy supervision
procedure on OJSC City Green Household Flora.  The case is
docketed under Case No. A65-17243/2006-SG4-27.

The Temporary Insolvency Manager is:

         Y. Bolotov
         Post User Box 392
         OPS 10
         Zelenodolsk
         422540 Tatarstan Republic
         Russia

The Arbitration Court of Tatarstan Republic is located at:

         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan Republic
         Russia

The Debtor can be reached at:

         OJSC City Green Household Flora
         Ostrovskogo Str. 46
         Zelenodolsk
         422540 Tatarstan Republic
         Russia


GAZPROMBANK ZAO: Gazprom Exchanges Stake for Mosenergo Holdings
---------------------------------------------------------------
OAO Gazprom will exchange its 24.9% stake in Gazprombank ZAO for
non-state pension fund Gazfond's 19.87% stake in AO Mosenergo

The company's Executive Committee will make relevant adjustments
to Gazprom's 2006 budget to supplement the deal.  The companies
did not disclose of the deal amount.

                        About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX:
GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of
the country's natural gas, controls 25% of the world's reserves,
and is also the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.   

                     About Gazprombank

Headquartered in Moscow, Russian Federation, Gazprombank --
http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom,
offers services primarily to the gas industry.  It offers
syndicated loans, participation loans, factoring, lease
financing, cash and settlement services, money transfers and
credit cards.

                        *     *     *

As reported in the TCR-Europe on Oct. 25, Standard & Poor's
Ratings Services raised its long-term counterparty credit rating
on Russia-based Gazprombank to 'BB+' from 'BB', and its Russia
national scale rating to 'ruAA+' from 'ruAA'.  At the same time,
the 'B' short-term counterparty credit rating was affirmed.  S&P
said the outlook is stable.

On Dec. 22, 2005, Moody's Investors Service upgraded
Gazprombank's Financial Strength Rating to D- from E+; the
bank's Baa2/Prime-2 long-term and short-term foreign currency
deposits ratings as well as its Baa1 long-term senior debt
rating remain unchanged.  Moody's said the outlook for the
ratings is stable.


KARASEVSKIY CERAMIC: Bankruptcy Hearing Slated for January 23
-------------------------------------------------------------
The Arbitration Court of Moscow Region will convene at 10:00
a.m. on Jan. 23, 2007, to hear the bankruptcy supervision
procedure on CJSC Karasevskiy Ceramic Factory.  The case is
docketed under Case No. A41-K2-15664/06.

The Temporary Insolvency Manager is:

         V. Kofnov
         Apartment 221
         Velozavodskaya Str. 9
         109280 Moscow
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Karasevskiy Ceramic Factory
         Lesnoy
         Kolomenskiy Region
         140451 Moscow Region
         Russia


KRITOVSKOYE OJSC: Court Names A. Timoshkevich to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. A.
Timoshkevich as Insolvency Manager for OJSC Kritovskoye.  He can
be reached at:

         A. Timoshkevich
         Post User Box 16795
         660074 Krasnoyarsk-74
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-8479/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Kritovskoye
         Kritovo
         Bogotolskiy Region
         Krasnoyarsk Region
         Russia


LOGOVSKOYE CJSC: Altay Bankruptcy Hearing Slated for Feb. 26
------------------------------------------------------------
The Arbitration Court of Altay Region will convene on Feb. 26,
2007, to hear the bankruptcy supervision procedure on CJSC
Logovskoye.  The case is docketed under Case No. A03-8761/06-B.

The Temporary Insolvency Manager is:

         G. Suslin
         Post User Box 3471
         Barnaul
         656049 Altay Region
         Russia

The Debtor can be reached at:

         CJSC Logovskoye
         Titova Str. 9
         Kogovskoye
         Pervomayskiy Region
         658070 Altay Region
         Russia


MIBEKS OJSC: Court Names V. Yumanov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. V.
Yumanov as Insolvency Manager for OJSC Mibeks.  He can be
reached at:

         V. Yumanov
         Post User Box 11940
         660028 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-14697/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Mibeks
         Zheleznodorozhnikov Str. 18v
         660099 Krasnoyarsk Region
         Russia


NIVA CJSC: Court Names A. Nesterov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. A.
Nesterov as Insolvency Manager for CJSC Niva.  He can be reached
at:

         A. Nesterov
         Post User Box 20647
         660017 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-11622/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Niva
         Pobedy Str. 1
         Kazantsevo
         Shushenskiy Region
         662721 Krasnoyarsk Region
         Russia


PBB LPN: Fitch Assigns B-/RR4 Ratings to US$20-Mln Notes Issue
--------------------------------------------------------------
Fitch Ratings assigned PBB LPN Issuance Ltd.'s upcoming US$20
million notes issue, due in May 2008, an expected Recovery
rating of RR4 and an expected Long-term rating of B-.  The notes
are issued under the US$100 million loan participation program
established in July 2005.

The proceeds from the notes are to be used solely for financing
a loan to Russia's JSC Probusinessbank, which is rated Long-term
Issuer Default B- with Stable Outlook, Short-term B, Individual
D, Support 5, and National Long-term BB+/Stable Outlook.

The final rating of the issue is contingent upon receipt of
final documentation conforming materially to information already
received.

The notes are limited recourse obligations of the issuer and
noteholders will be relying solely on PBB meeting its
obligations under the loan agreement.  

PBB is a medium-sized Russia's bank, with consolidated
(unaudited) assets of RUR27.5 billion at end-H106.  The bank's
activities are concentrated on SME lending and retail lending
with a focus on the middle and upper middle class retail
segment.

Headquartered in Moscow, the bank has implemented a strategy
focusing on the regional development of its franchise, both
through organic growth and acquisitions.  Through acquisitions
PBB has strengthened its positions in the Volga region and
Yekaterinburg.


PROGRESS CJSC: Krasnoyarsk Bankruptcy Hearing Slated for Jan. 31
----------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region will convene at
11:00 a.m. on Jan. 31, 2007, to hear the bankruptcy supervision
procedure on CJSC Progress.  The case is docketed under Case No.
A33-14902/2006.

The Temporary Insolvency Manager is:

         E. Sapozhnikova
         Post User Box 1162
         660016 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         CJSC Progress
         Rudyanoye
         Kanskiy Region
         Krasnoyarsk Region
         Russia


ROTOR CENTRE: Court Names S. Piskarev as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. S.
Piskarev as Insolvency Manager for CJSC Rotor Centre (TIN
3442046889).  He can be reached at:

         S. Piskarev
         Ardatovskaya Str. 29
         4000120 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-7708/06-s55.

The Debtor can be reached at:

         CJSC Rotor Centre
         Lenina Pr. 71
         Volgograd Region
         Russia


SEVERO-ZADONSKIY CONDENSER: Names A. Baranov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. A. Baranov as
Insolvency Manager for OJSC Severo-Zadonskiy Condenser Factory
(TIN 7114000381).  He can be reached at:

         A. Baranov
         Balaklavskiy Pr. 3-419
         177639 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-33/B-06.

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Severo-Zadonskiy Condenser Factory
         Michurina Str. 1
         Severo-Zadonsk Location
         Donskoy
         301790 Tula Region
         Russia


TAT-OIL-GAS-STROY: Court Names M. Basyrov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. M.
Basyrov as Insolvency Manager for OJSC Tat-Oil-Gas-Story.  He
can be reached at:

         M. Basyrov
         Post User Box 104
         Kazan
         420126 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-8408/2006-SG4-26.

The Arbitration Court of Tatarstan Republic is located at:

         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan Republic
         Russia

The Debtor can be reached at:

         OJSC Tat-Oil-Gas-Story
         Pushkina Str. 66
         Almetyevsk
         423450 Tatarstan Republic
         Russia


WIRELESS COMMUNICATION: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Novosibirsk Region commenced bankruptcy
supervision procedure on CJSC Wireless Communication.  The case
is docketed under Case No. A45-20566/05-10/322.

The Temporary Insolvency Manager is:

         A. Saranin
         Post User Box 113
         634050 Tomsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Wireless Communication
         Skopin
         391830 Novosibirsk Region
         Russia


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


TURKIYE GARANTI: Fitch Affirms Default Rating at BB
---------------------------------------------------
Fitch Ratings affirmed Turkiye Garanti Bankasi A.S.'s foreign
currency Issuer Default rating at BB.  At the same time the
agency has affirmed Garanti's other ratings at local currency
IDR BB+, Short-term foreign and local currency B, Individual C,
Support 3, and National Long-term AA.  The Outlooks on the IDRs
are Positive and the Outlook on the National rating is Stable.

The ratings reflect Garanti's improved asset quality, enhanced
profitability, diversified funding and support from General
Electric Consumer Finance.  In December 2005, Dogus Holding,
then the majority shareholder of Garanti, sold a 25.5% stake in
the bank to GECF.  The two principal shareholders now also have
equal board representation.

Garanti's management has remained in place.  Although GECF has
purchased a minority stake, it has made clear that its
investment in Turkey is strategic and has begun to enter joint
ventures with the bank so that each can benefit from the other's
product and market expertise.

Consolidated pre-tax earnings totaled TRY680.2 million during
H106, a 45% increase over H105.  Garanti benefited from gains in
net fees and commissions, cost control and a reduction in
impairment losses.  This was partially offset by slower
expansion in net interest income caused by a reduction in real
loan growth, elimination of retail revenues and a net FX loss
sustained on the bank's open position during H106 as a result of
the depreciation of the Turkish Lira.

Capital ratios deteriorated due to a common dividend and a
substantial increase in risk-weighted assets as the loan
portfolio grew 51% during H106.  Consolidated capital was 11.46%
at end-June 2006.  Tier 2 capital diminished due to downward
mark-to-market of available-for-sale reserves.  Due to improved
profits, equity has started to recover in Q306.  NPLs improved
to 2.3% of loans with significantly better reserve coverage of
97%.

Garanti is Turkey's third largest private commercial bank by
assets and provides a full range of corporate, commercial and
retail banking services.  At end-H106, 28% of the shares were
held by Dogus Group, which is engaged in automotive,
construction, tourism, media and financial services.

GECF is a wholly owned subsidiary of General Electric Company,
which is active in commercial finance, real estate, aviation,
consumer finance, insurance, equipment and other services.


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


ASTRABUD LLC: Court Names Viktor Denisenko as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Kyiv Region appointed Viktor Denisenko as
Liquidator/Insolvency Manager for LLC Astrabud (code EDRPOU
32984575).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 27.  The case is docketed
under Case No. 43/698.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Astrabud
         Degtyarivska Str. 31
         04119 Kyiv Region
         Ukraine


CHAJKA SANITARY: Court Names Radion Kravcheno as Liquidator
-----------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Radion
Kravcheno as Liquidator/Insolvency Manager for LLC Childrens
Sanitary Center Chajka (code EDRPOU 32298077).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 5.  The case is docketed
under Case No. 21/82/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Childrens Sanitary Center Chajka
         Bahchisarajska Str. 5
         Energodar
         Zaporizhya Region
         Ukraine


DNIPROPETROVSK SILICATE: Viktoriya Androsova to Manage Assets
-------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Viktoriya
Androsova as Liquidator/Insolvency Manager for OJSC
Dnipropetrovsk Silicate Plant.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 25.  The case is docketed
under Case No. B 26/8/02.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Dnipropetrovsk Silicate Plant
         Komisar Kirilov Str. 1-b
         49000 Dnipropetrovsk Region
         Ukraine


GRIFIN LLC: Court Names Radion Kravcheno as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Radion
Kravcheno as Liquidator/Insolvency Manager for LLC GRIFIN (code
EDRPOU 32407245).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 4.  The case is docketed
under Case No. 21/82/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Grifin
         Komsomolska Str. 55/109
         Energodar
         Zaporizhya Region
         Ukraine


ITM LLC: Sumi Court Names Boris Krivenko as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Sumi Region appointed Boris Krivenko as
Liquidator/Insolvency Manager for LLC ITM (code EDRPOU
14004734).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 24.  The case is docketed
under Case No. 8/374-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC ITM
         Lenin Str. 16-A
         Stetskivka
         Sumi District
         42303 Sumi Region
         Ukraine


IVANIVSKE: Court Names Oksana Venska as Insolvency Manager
----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Oksana
Venska as Liquidator/Insolvency Manager for LLC Ivanivske (code
EDRPOU 30506236).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 12.  The case is docketed
under Case No. B 26/94/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Ivanivske
         Ivanivka
         Mezhevskij District
         52952 Dnipropetrovsk Region
         Ukraine


KRASILIV MACHINE: Court Commences Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
supervision procedure on OJSC Krasiliv Machine Building Plant
(code EDRPOU 14310394) on Sept. 27.  The case is docketed under
Case No. 13/143-B.

The Temporary Insolvency Manager is:

         Oleg Sinishin
         Dragomirov Str. 10-a/29
         01103 Kyiv Region
         Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         OJSC Krasiliv Machine Building Plant
         Centralna Str. 16
         Krasiliv
         31000 Hmelnitsij Region
         Ukraine


LOTOS CJSC: Kyiv Court Starts Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on Agrarian-Production CJSC Lotos (code
EDRPOU 24210104).  The case is docketed under Case No. 275/
2b-2006.

The Temporary Insolvency Manager is:

         Nina Dovgal
         Nauki Avenue 86/38
         03083 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         Agrarian-Production CJSC Lotos
         Roza Luksemburg Str. 102
         Tarasha
         09500 Kyiv Region
         Ukraine


NEVA PLANT: Hmelnnitskij Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Hmelnnitskij Region commenced bankruptcy
supervision procedure on OJSC Plant Neva (code EDRPOU 14307972)
on Sept. 27.  The case is docketed under Case No. 13/193-B.

The Temporary Insolvency Manager is:

         Oleg Barabash
         Tiha Str. 25
         Hmelnitskij Region
         Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         OJSC Plant Neva
         Kurchatov Str. 6
         29025 Hmelnitskij Region
         Ukraine


SLOVYANETS ENTERPRISE: Oleksandr Shevich to Liquidate Assets
------------------------------------------------------------
The Economic Court of Sumi Region appointed Oleksandr Shevich as
Liquidator/Insolvency Manager for Joint Ukrainian-Bulgarian
Enterprise Slovyanets (code EDRPOU 05381834).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 14.  The case is docketed
under Case No. 7/150-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         Joint Ukrainian-Bulgarian Enterprise Slovyanets
         Konotoo, Virivska Str. 64
         Sumi Region
         Ukraine


TEHELEKTROSERVICE JSCCT: Volodimir Glyadchenko to Manage Assets
---------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Volodimir
Glyadchenko as Liquidator/Insolvency Manager for JSCCT
Scientific-Production Enterprise Tehelektroservice (code
EDRPOU24443280).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 27.  The case is docketed
under Case No. B 15/165-06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         JSCCT Scientific-Production Enterprise
         Tehelektroservice
         Zaporizke Shose 2A/26
         49107 Dnipropetrovsk Region
         Ukraine


ZORYANIJ LLC: Court Names Viktor Denisenko as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Kyiv Region appointed Viktor Denisenko as
Liquidator/Insolvency Manager for LLC Trade House Zoryanij (code
EDRPOU 32994491).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 27.  The case is docketed
under Case No. 43/697.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Trade House Zoryanij
         Tankova Str. 4
         04112 Kyiv Region
         Ukraine


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


ACXIOM CORP: Earns US$21.7 Million for Second Quarter 2007
----------------------------------------------------------
Acxiom Corp. reported financial results for the second quarter
of fiscal 2007 ended Sept. 30, 2006.  Consolidated net earnings
for the quarter increased 204% to US$21.7 million.  Gross margin
increased to 27.5% from 26.2% in the same quarter a year ago.
Second-quarter revenue totaled US$348.3 million, an increase of
5.4% over the same quarter last year.

"We are pleased that Acxiom delivered another solid performance
in the second quarter and remains on track to meet the fiscal
2007 targets we communicated at our Sept. 27 analysts' meeting
in New York," Company Leader Charles D. Morgan said.  "We
continue to execute the fundamentals of our business and are
delivering the results that we expected.  I believe we are well
positioned for a successful second half of the fiscal year."

                         Highlights:

   -- Revenue of US$348.3 million, up 5.4% from US$330.5 million
      in the second quarter a year ago.

   -- Income from operations of US$41.9 million, a 123% increase
      compared to US$18.8 million in the second quarter last
      year.  Last year's second-quarter results included the
      impact of net pretax charges of US$15.8 million associated
      with restructuring, the sale of non-strategic operations
      and other unusual items.  Excluding the impact of those
      charges, income from operations would have been up 21%.  

   -- Diluted earnings per share of US$.25, a 213% increase
      compared to US$.08 in the second quarter of fiscal 2006.
      The impact of the net charges described above reduced
      diluted EPS by US$.12 for the second quarter last year.
      Excluding this impact, diluted earnings per share
      increased 25%.

   -- Operating cash flow of US$64.4 million and free cash flow
      available to equity of US$15.3 million.

   -- Gross margin of 27.5% compared to 26.2 percent in the same
      quarter last year.

   -- Computer, communications and other equipment expense
      equaling 20.9% of revenue compared to 23.1 percent of
      revenue in the second quarter of fiscal 2006.

"The improvement in our earnings and margins -- assisted by
reduced computer expense as a percentage of revenue -- shows the
increasing strength of our business and the results of our
initiatives to improve operational efficiencies," Mr. Morgan
said.

Mr. Morgan also noted that Acxiom recently completed new
contracts with Procter & Gamble Co., E*TRADE FINANCIAL Corp.,
D&B and Safety-Kleen Systems, Inc.

Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM)
-- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.  Acxiom has a team of specialists with sales and business
development associates based in the largest Latin American
markets: Brazil, Argentina and Mexico.  In Europe, Acxiom has
operations in France, Germany, the Netherlands, Portugal, Spain,
and the United Kingdom.  

                        *    *    *

Standard & Poor's Ratings Services assigned on Sept. 6, 2006,
its loan and recovery ratings to Little Rock, Arkansas-based
Acxiom Corp.'s proposed US$800 million secured first-lien
financing.  The first-lien facilities consist of a US$200
million revolving credit facility and a US$600 million term
loan.  They are rated 'BB' with a recovery rating of '2'.

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Moody's Investors Service assigned a Ba2 rating to Acxiom
Corporation's US$800 million senior secured credit facilities,
while affirming its corporate family rating of Ba2.  Moody's
said the rating outlook is stable.


ALLEN CIVIL: Brings In Liquidators from Lines Henry
---------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators of Allen Civil Engineering Contractors Limited
on Oct. 17 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Allen Civil Engineering Contractors Limited
         Crown House
         High Street
         Tyldesley
         Manchester
         Lancashire M29 8AL
         United Kingdom
         Tel: 01942 796 363
         Fax: 01942 796 339


ASTRAL CONSERVATORY: Taps Chantrey Vellacott as Administrators
--------------------------------------------------------------
David John Oprey and John Charles Heath of Chantrey Vellacott
DFK LLP were appointed joint administrators of Astral
Conservatory Systems Ltd. (Company Number 03101569) on Oct. 16.

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.

Astral Conservatories Systems Ltd. can be reached at:

         Leatherhead Road
         Chessington
         Surrey KT9 2HN
         United Kingdom
         Tel: 01372 741 371
         Fax: 01372 741 372


BUNDLES LIMITED: Creditors' Meeting Slated for November 6
---------------------------------------------------------
Creditors of Bundles Limited (t/a Mortgagebundles.com) (Company
Number 05212728) will meet at 11:00 a.m. on Nov. 6 at:

         Tenon House
         Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Nov. 3 at:

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

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


CARNEY PRINT: Names David Paul Hudson Liquidator
------------------------------------------------
David Paul Hudson of Begbies Traynor was appointed Liquidator of
Carney Print Limited (formerly Cope Printers Limited) on Oct. 17
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Carney Print Limited
         141 New Bedford Road
         Luton
         Bedfordshire LU3 1LF
         United Kingdom
         Tel: 015 8273 7082
         Fax: 01582 402608
         United Kingdom


CB RICHARD: Inks Deal to Acquire Trammell Crow for US$2.2 Bln
-------------------------------------------------------------
Richard Ellis Group Inc. has entered into a definitive agreement
to acquire Trammell Crow Company for US$49.51 per share of
common stock in cash.

The acquisition will expand CB Richard Ellis' global leadership
and strengthen its ability to provide integrated account
management and outsourcing solutions.

The transaction is valued at approximately US$2.2 billion,
including the assumption of Trammell Crow Company's corporate
debt as well as transaction and integration costs.

It is expected to close either in late 2006 or early 2007,
subject to approval by Trammell Crow Company's shareholders and
federal regulatory agencies as well as other customary
conditions.

Upon completion of the transaction, the Company will have
combined pro-forma 2006 revenues of approximately US$4.4 billion
and 21,000 employees.

It would be the first commercial real estate services company to
qualify for the FORTUNE 500 list of the largest U.S.
corporations. The combination of the two companies is expected
to generate meaningful net expense synergy savings.

"Our strategic objective has long been to create the market-
leading commercial real estate services firm delivering
comprehensive solutions to our clients.  Well targeted
acquisitions have played a pivotal role in our strategy," CB
Richard Ellis' president and chief executive officer Brett White
said.

"With the acquisition of Insignia in 2003, we achieved
preeminence in our transaction business.  Now the acquisition of
Trammell Crow Company creates the best-in-class corporate
outsourcing and institutional property management business, and
further augments our transaction business.

"Trammell Crow Company is one of the premier service companies
in our industry, with a rich history, dedicated employees and
strong management, a stellar client base and core competencies
that are highly complementary to our own."

Trammell Crow Company provides integrated outsourcing solutions
for a stable of prestigious corporate clients, and the combined
company will provide services to more than 85% of the Fortune
100.

As a result of the transaction, CB Richard Ellis' contractual
revenues associated with outsourcing activities are anticipated
to increase from approximately 8% to 18% of total revenues,
based on 2006 expected results.

Upon completion of the transaction, Trammell Crow Company's
Development and Investment business will be run as a wholly
owned but independently operated subsidiary.

It will retain the highly valued Trammell Crow Company brand
name. Robert E. Sulentic, chairman and chief executive officer
of Trammell Crow Company, will join CB Richard Ellis as Group
President with responsibility for the Development and Investment
business as well as the Company's EMEA and Asia-Pacific
operations.

"We are excited about having the Trammell Crow Company team join
with ours and its service offerings becoming a valuable part of
our platform," Cal Frese, CB Richard Ellis' president, Americas
Region, said.

"Importantly, both companies have very similar and proud
heritages that are embedded in their corporate cultures, and
which highly value integrity, work ethic and customer service
excellence," Mr. Frese said.

"We've had terrific success with integrating large service
companies in the past, based on the idea of adopting the best
people, processes and ideas of both companies, and we believe
this integration will also succeed because of the similar
cultures and business fit."

The Company plans to issue US$2.2 billion of term loans to
finance the transaction, and will also amend or refinance its
existing US$600 million revolving credit facility.

In addition, the Company plans to sell Trammell Crow Company's
approximately 20% ownership interest in Savills, plc, a real
estate services provider in the United Kingdom.

The Company's initial view, to be refined at a later date, is
that on a pro-forma basis, assuming the transaction had been
completed on Jan. 1, 2006, and after giving effect to the first-
year expected net expense synergy savings and excluding one-time
transaction and integration costs, the transaction would
generate incremental percentage earnings accretion per share in
the low teens.

Headquartered in Los Angeles, California, CB Richard Ellis
Group, Inc. (NYSE: CBG) -- http://www.cbre.com/-- a FORTUNE  
1000 company, is the world's largest commercial real estate
services firm (in terms of 2005 revenue).  With approximately
14,500 employees, the Company serves real estate owners,
investors, and occupiers through more than 200 offices worldwide
(excluding affiliate and partner offices).  

CB Richard Ellis offers strategic advice and execution for
property sales and leasing; corporate services; property,
facilities and project management; mortgage banking; investment
management; appraisal and valuation; research and consulting.  
Founded in 1906, CB Richard Ellis marks a century of excellence
in real estate services this year.


CB RICHARD: Acquisition Deal Spurs Moody's to Affirm Ba1 Ratings
----------------------------------------------------------------
Moody's Investors Service affirmed the senior debt ratings of CB
Richard Ellis Services, Inc. at Ba1 with a stable outlook
following the announcement that CBRE will acquire Trammell Crow
Company in a transaction valued at US$2.2 billion.  This
transaction will solidify CB Richard Ellis' leadership position
as a commercial real estate services provider in the U.S.
market, and materially shift its services platform to less
volatile business lines.  

CBRE's property and facilities management business currently
contributes 8% of total revenue, and should shift to 18% after
closing.  Tempering these positive attributes is the fully
leveraged nature of this transaction.  CB Richard Ellis plans to
fund the Trammell Crow acquisition with US$2.2 billion of term
loan debt, which will increase initial net debt to EBITDA to
between 2.5x and 3.0x.  

The stable rating outlook reflects Moody's expectation that CBRE
will paydown acquisition debt with operating cash flow over the
next few years without incurring additional debt, while
successfully integrating Trammell Crow and sustaining its EBITDA
margins in the high-teens.

Ratings improvement is dependent upon CBRE's ability to further
develop its worldwide franchise with at least equal shares of
revenue from the Americas, EMEA (Europe, Middle East and Africa)
and Asia-Pacific, while growing and stabilizing its EBITDA
margins to at least 18%.  Alternatively, ratings could be
upgraded should at least 40% of its recurring operating cash
flow be contributed by its less volatile business lines,
including investment, property and facilities management.
Sustained deterioration in operating performance resulting in a
drop in margins below 12%, or a change to a permanent (rather
than transitional) leverage capital strategy, would likely
result in a downgrade.

Ratings affirmed:

CB Richard Ellis Services, Inc.

    * senior secured bank credit facility at Ba1; and
    * senior unsecured debt at Ba1.

In April 2006, Moody's raised the senior debt ratings of CB
Richard Ellis Services, Inc. to Ba1, from Ba3.

CB Richard Ellis Services, Inc. [NYSE: CBG] is the largest
global provider of commercial real estate services.  Services it
provides include property sales/leasing brokerage, property
management, corporate services and facilities management,
capital markets advice and execution, appraisal/valuation
services, research and consulting.  CB Richard Ellis is
headquartered in Los Angeles, California, USA, and has
approximately 14,500 employees and over 200 offices across more
than 50 countries.

Trammell Crow Company [NYSE: TCC] is a diversified commercial
real estate services company providing brokerage, project
management, building management, and development and investment
services to both investors in and users of commercial real
estate.


CB RICHARD: S&P Puts BB+ Ratings on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
CB Richard Ellis Services Inc., including its 'BB+' long-term
counterparty credit rating, on CreditWatch with negative
implications.
      
"We took this rating action in response to the company's
announced acquisition of Trammel Crow Co.," explained Standard &
Poor's credit analyst Robert B. Hoban Jr.  "Although we believe
that Trammel is a good strategic fit for CB Richard Ellis, the
financing of the acquisition with debt will greatly increase
debt leverage and reduce interest coverage."

In addition, the transaction will result in substantial negative
tangible equity, which becomes an issue given management's plans
to continue Trammel's direct real estate investment operations.
Standard & Poor's will be meeting with the company to fully
assess the acquisition and determine the final ratings outcome.
If the rating agency determines that the amount of credit and
market risk being taken on is significant, the ratings could be
lowered.
     
The ratings on CB Richard Ellis reflect the company's results
being dependent on cyclical commercial real estate sales and
leasing transaction volume, moderate interest coverage, and high
debt leverage.  Although management had been aggressively paying
down debt and recovering from negative tangible equity from past
acquisitions, this acquisition will reverse the trend.  Pro
forma end-of-year total recourse debt is a very high 2x capital,
and negative tangible equity slides to negative Us$2.3 billion.
These pro forma figures assume that CB Richard Ellis will
successfully tender one existing debt issue and that the company
is able to sell a Trammel minority interest.
    
CB Richard Ellis is the operating subsidiary of CB Richard Ellis
Group Inc., a publicly traded company.  The company is based in
Los Angeles, Calif., and is a recognized leader in the
commercial real estate sales and services industry, with
trailing-12-month revenue through the third quarter of about
US$2.9 billion.  The company is the largest commercial real
estate services company in the U.S., which is its largest
market, and has a strong market position in U.S. and European
sales and leasing, property management, mortgage brokerage, and
investment advising.


CIVIL COMMUNICATIONS: Taps Abbott Fielding as Administrators
------------------------------------------------------------
Andrew John Tate and Nedim Patrick Ailyan of Abbott Fielding
were appointed joint administrators of Civil Communications Ltd.
(Company Number 05401404) on Oct. 13.

The administrators can be reached at:

         Andrew John Tate and Nedim Patrick Ailyan
         Abbott Fielding
         Nexus House
         2 Cray Road
         Sidcup
         Kent DA14 5DB
         United Kingdom
         Tel: 020 8302 4344
         Fax: 020 3248 4035

Civil Communications Ltd. can be reached at:

         Low Heath Cottage
         Low Heath
         Petworth
         West Sussex GU28 0HG
         United Kingdom
         Tel: 017 9834 4772
         Fax: 017 9834 3841


COACH COMPANIONS: Taps Robert Charles Millichap as Administrator
----------------------------------------------------------------
Robert Charles Millichap of Little Badnage were appointed joint
administrators of Coach Companions Ltd. (Company Number 3012257)
on Oct. 11.

The administrator can be reached at:

         Robert Charles Millichap
         Little Badnage
         Badnage Lane
         Tillington
         Herefordshire HR4 8LP
         United Kingdom

Coach Companions Ltd. can be reached at

         12 St. Botolphs Green
         Leominster
         Herefordshire HR6 8ER
         United Kingdom
         Tel: 01568 620 279
         Fax: 01568 616 906


CORUS GROUP: Confirms Issuance of Ordinary Shares and Bonds
-----------------------------------------------------------
In accordance with Rule 2.10 of the City Code on Takeovers and
Mergers, Corus Group plc confirmed that as at close of business
on Oct. 30, it had these relevant securities in issue (including
any ordinary shares represented by American Depositary Shares
but excluding any ordinary shares held in treasury):

   -- 898,369,355 ordinary shares of 50p each
      under ISIN code GB00B127GF29.

   -- 3.0% guaranteed convertible unsubordinated bonds
      due 2007 amounting to EUR307,000,000 convertible
      into 46,870,230 ordinary shares of Corus Group plc.
      
      The ISIN code for these securities is XS0140136523.

   -- 4.625% convertible subordinated bonds due 2007
      amounting to NLG345,000,000 convertible into
      19,338,687 ordinary shares of Corus Group plc.
      
      The ISIN code for these securities is NL0000183184.

Each American Depositary Share represents two ordinary shares of
the company.

                      About Corus Group

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

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

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

                          *     *     *

Moody's Investors Service placed all ratings of Corus Group plc
under review with direction uncertain following the
recommendation of the board of Corus Group in favor of the
proposed acquisition of the entire capital of Corus Group by
Tata Steel Limited.

If the bondholders exercised the put option or the bonds were
tendered for above par as part of a refinancing, Moody's is
likely to withdraw the ratings for the bonds.  Similarly, a
refinancing of the rated bank loans would also result in a
likely withdrawal of the ratings for the credit facilities.  At
that juncture, Moody's remaining rating at Corus Group will be
the corporate family rating.

Ratings affected:

Corus Group plc

    * Ba2 Corporate Family Rating;

    * Ba1 Rating on EUR800 million Secured
      Bank Facilities maturing July 2008;

    * B1 Rating on EUR800 million Unsecured Notes due 2011; and

    * B1 Rating on GBP200 million in Unsecured Notes due 2008.

Moody's last rating action on Corus was the upgrade to
Ba2/Ba1/B1 on May 8.

Fitch Ratings changed the Rating Watch on Corus Group PLC's
Issuer Default and senior unsecured BB- and Short-term B ratings
to Negative from Positive.  This follows the recommendation by
the CS Board of an offer from India-based Tata Steel Ltd. valued
at GBP4.3 billion.

The RWN also applies to these debt instruments issued by CS:

   -- CS EUR800 million 7.5% senior notes;
   -- CS EUR307 million 3% convertible bonds; and
   -- Corus Finance Plc GBP200 million 6.75% guaranteed bonds.

Fitch will resolve the Rating Watch following publication of
CS's 2006 results, further details on the level of synergies and
operational benefits that could accrue under the transaction,
and the closure of the deal.

Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on U.K.-based steel consortium Corus
Group PLC on CreditWatch with positive implications following
the announcement by Corus concerning a possible recommended
offer for the company from Tata Steel Ltd., India's second
largest integrated steel company.

At the same time, Standard & Poor's placed its 'BB+' senior
secured bank loan ratings on Corus and its 'BB-' senior
unsecured debt ratings on Corus and related entity Corus Finance
PLC on CreditWatch with positive implications.  The 'B' short-
term corporate credit rating on Corus was also placed on
CreditWatch with positive implications.


EASTMAN KODAK: Posts US$37 Million Third Quarter GAAP Net Loss
--------------------------------------------------------------
Eastman Kodak Company reported a GAAP earnings improvement of
US$877 million for the third quarter of 2006, on sales of
US$3.204 billion, largely as the result of the recording of a
tax valuation charge in the year-ago quarter of US$778 million.  
The company also delivered a US$98 million increase in digital
earnings, driven by wider gross profit margins, from strong
earnings performance in the Graphic Communications and Consumer
Digital businesses, and the result of the company's global cost-
reduction initiatives.

Based on its third-quarter 2006 performance, the company is
confident of achieving its 2006 cash and digital earnings goals,
and expects digital revenue growth somewhat below its 10%
target, as a result of the company's focus on margin expansion.  
This corresponds to a total revenue decline of approximately 6%.

"Our business transformation is on track," said Antonio M.
Perez, Chairman and Chief Executive Officer, Eastman Kodak
Company.  "I am encouraged by our third-quarter results,
especially because they reinforce our confidence in our full-
year performance, which is the basis on which I manage the
company."

"We measure our progress against three important metrics - cash
generation, digital earnings, and digital revenue.  Our year-
over-year digital revenues were down slightly during the
quarter, reflecting our strong focus on margin expansion and
willingness to pursue more profitable sales, the universe of
which expands as our cost structure improves.  Our digital
earnings were vastly improved this quarter and our cash balance
continues to exceed US$1 billion.  While I am fully aware of the
challenges to largely complete our restructuring by the end of
next year, this performance represents clear progress toward our
goals and gives us good momentum to carry into the fourth
quarter and 2007."

For the third quarter of 2006:

    * Sales totaled US$3.204 billion, a decrease of 10% from
      US$3.553 billion in the third quarter of 2005, largely
      attributable to a 19% decline in traditional sales.  
      Third-quarter traditional revenue totaled US$1.402
      billion, compared to US$1.725 billion in the year-ago
      quarter, while digital revenue totaled US$1.793 billion,
      as compared to US$1.814 billion in the year-ago quarter.

    * The company's earnings from continuing operations in the
      quarter, before interest, other income (charges), net, and
      income taxes, were US$2 million, compared with a loss from
      operations of US$123 million in the year-ago quarter.

    * On the basis of generally accepted accounting principles
      in the U.S. (GAAP), the company reported a third-quarter
      net loss of US$37 million, which includes after-tax
      restructuring costs of US$202 million.  By comparison, the
      third quarter 2005 GAAP net loss was US$914 million.  The
      difference is largely driven by the inclusion in last
      year's third quarter of a US$778 million, non-cash charge
      to record a valuation allowance against the net deferred
      tax assets in the U.S.

    * Digital earnings were US$105 million, compared with US$7
      million in the year-ago quarter, marking the first time
      that the company's quarterly digital earnings growth
      exceeded the quarterly decline in traditional earnings.  
      This performance was primarily due to operational
      improvements throughout the digital portfolio, the impact
      of a non-recurring licensing arrangement within the
      Consumer Digital Group, and strong results in the Graphic
      Communications Group.   

Other third-quarter 2006 details:

    * For the quarter, net cash provided by operating activities
      on a GAAP basis was US$329million, compared with US$370
      million in the year-ago quarter.  Investable cash flow for
      the quarter was US$237 million, compared with US$216
      million in the year-ago quarter.

    * Kodak held US$1.102 billion in cash on its balance sheet
      as of Sept. 30, 2006, compared with US$610 million on
      Sept. 30, 2005.  This is consistent with the company's
      stated desire to maintain approximately US$1.0 billion of
      cash on hand.

    * Debt decreased US$192 million from the second-quarter
      level, to US$3.339 billion as of Sept. 30, 2006, and was
      down US$244 million from the Dec. 31, 2005 level of
      US$3.583 billion.  The company intends to reduce debt by
      approximately US$800 million in 2006.

    * Gross Profit was 27.3% in the current quarter, up from
      25.9% in the prior year quarter, primarily because of
      reductions in manufacturing costs and the favorable impact
      of the previously noted licensing arrangement, offset by
      volume declines in traditional product sales.

    * Selling, General and Administrative expenses declined by
      US$105 million in the third quarter, to US$565 million,
      compared with US$670 million for the prior-year quarter.  
      As a percentage of sales, SG&A decreased from 18.9% in the
      prior-year quarter to 17.6% in the third quarter of 2006.

                            2006 Goals

Kodak continues to expect net cash provided by operating
activities this year of US$800 million to US$1.0 billion, which
corresponds with investable cash flow of US$400 million to
US$600 million.  Accordingly, the company expects a GAAP loss
from continuing operations before interest, other income
(charges), net, and income taxes for the full year of US$400
million to US$600 million, which includes approximately US$1.0
billion in pre-tax restructuring charges.  This corresponds to
digital earnings from operations this year in a range of US$350
million to US$450 million. The company forecasts 2006 digital
revenue growth somewhat below 10%, reflecting the company's
focus on targeted participation in the consumer digital market.  
Total 2006 revenue is expected to be down approximately 6%.

                     About Eastman Kodak Co.

Headquartered in Rochester, New York, Eastman Kodak Co. --
http://www.kodak.com/-- engages in the development,
manufacturing, and marketing of digital and traditional imaging
products, services, and solutions to consumers, businesses, the
graphic communications market, the entertainment industry,
professionals, healthcare providers, and other customers.

                        *     *     *

As reported in the TCR-Europe on Aug. 11, Moody's Investors
Service placed Eastman Kodak Company on review for possible
downgrade.  Ratings under review include the Company's B1
Corporate Family Rating; B2 Senior Unsecured Rating; and Ba3
rating on the Senior Secured Credit Facilities.

Moody's review continues to focus on the company's potential
sale of the Kodak Health Group as well as the fundamental
operating performance of the company.

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Standard & Poor's Ratings Services placed its ratings on Eastman
Kodak Co. (B+/Watch Neg/--) on CreditWatch with negative
implications.  The Rochester, New York-based imaging company had
US$3.5 billion in debt as of June 30, 2006.


EGRET CAPITAL: S&P Rates EUR12.25-Mln Class E Notes at BB-
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR378.9 million floating-rate notes to be
issued by Egret Funding CLO I PLC.  At the same time, Egret
Funding CLO I will issue EUR43 million of unrated notes.
  
At closing, Egret Funding CLO I will invest the issuance
proceeds in a portfolio of predominantly senior-secured,
second-lien, and mezzanine leveraged loans.  The transaction has
a six-year reinvestment period and the collateral manager will
be Egret Capital LLP.
  
This is Egret Capital's, a wholly owned subsidiary of Societe
Generale, first European cash flow CLO to be rated by
Standard & Poor's.
  
The collateral that will secure the rated notes consists of a
minimum of 80% senior secured loans and eligible investments,
and a maximum 20% of second-liens, mezzanine loans, and
high-yield investments.  It is intended that the collateral pool
will comprise primarily European leveraged loans.  The portfolio
must also comply with a set of portfolio profile tests.
  
The ratings reflect commensurate credit enhancement in the form
of overcollateralization and subordination, and a diversified
collateral pool of loans.
  
                       Ratings List
                  Egret Funding CLO I PLC
            EUR421.9 Million Floating-Rate Notes
  
                         Prelim.        Prelim.
          Class          rating         amount (Mil. EUR)
          -----          ------         ------
          A              AAA            288.75
          B              AA              30.20
          C              A               24.60
          D              BBB-            23.10
          E              BB-             12.25
          M              NR              43.00
  
          NR-Not rated.


EXYCO LIMITED: Taps Peter Sargent to Liquidate Assets
-----------------------------------------------------
Peter Sargent of Begbies Traynor was appointed Liquidator of
Exyco Limited on Oct. 23 for the creditors' voluntary winding-up
procedure.

Headquartered in Halifax, England, Exyco Limited --
http://www.exyco.co.uk/-- provides exhibition services that  
include design, manufacture, installation, organizer liaison,
planning and regulation approval, health and safety
requirements, site services and logistics.


G.B.M. PARTS: Joint Liquidators Take Over Operations
----------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill Gerald Edelman Business
Recovery were appointed Joint Liquidators of G.B.M. Parts
Limited on Oct. 20 for the creditors' voluntary winding-up
proceeding.

Headquartered in King's Lynn, England, G.B.M. Parts Limited
sells motor vehicle parts.


GB FRICTIONS: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------
Creditors of GB Frictions Limited confirmed on Oct. 18 the
resolutions for voluntary liquidation and the appointment of
John Russell and Andrew Philip Wood of The P&A Partnership as
Joint Liquidators.

The company can be reached at:

         GB Frictions Limited
         Unit 6
         16 Jubilee Way
         Shipley
         West Yorkshire BD18 1QG
         United Kingdom
         Tel: 01274 580580   


GENERAL MOTORS: Receiving 10,000 Tons of Steel from Usinas
----------------------------------------------------------
General Motors' unit in Rio Grande do Sul, Brazil, will be
receiving a total of 10,000 tons of steel a month from Usinas
Siderurgicas de Minas Gerais SA, the latter told Business News
Americas.

Usinas Siderurgicas posted on its Web site that it will expand
by 38% flat steel shipments to General Motors.

                 About Usinas Siderurgicas

Headquartered in Minas Gerais, Brazil, Usiminas is among the
world's 20 largest steel manufacturing complexes, with a
production capacity of approximately 10 million tons of steel.  
Usiminas System companies produces galvanized and non-coated
flat steel products for the automotive, small and large diameter
pipe, civil construction, hydro-electronic, rerolling,
agriculture, and road machinery industries.  Brazil consumes 80%
of its products and the company's largest export markets are the
US and Latin America.

                      About General Motors

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

                           *     *     *

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

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

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

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


INCO LTD: CVRD Brings In New Board Following Purchase Completion
----------------------------------------------------------------
Following the acquisition by CVRD Canada Inc. of 174,624,019 of
Inco Limited's common shares, representing approximately 75.66%
of Inco's issued and outstanding common shares, each of the
members of Inco's Board of Directors has resigned, with the
exception of Scott Hand.

CVRD Canada is a wholly owned indirect subsidiary of Companhia
Vale do Rio Doce.

The vacancies left by the departure of the incumbent directors
have been filled with CVRD nominees:

   -- Roger Agnelli (Chief Executive Officer, CVRD),

   -- Jose Auto Lancaster Oliveira (Executive Director, Non-
      Ferrous Minerals, CVRD),

   -- Murilo Pinto de Oliveira Ferreira (Executive Director,
      Equity Holdings and Business Development, CVRD),

   -- Fabio de Oliveira Barbosa (Chief Financial Officer, CVRD),

   -- Gabriel Stoliar (Executive Director, Planning, CVRD), and

   -- independent directors Michael Phelps, Mel Leiderman,
      Stephen Wallenstein and Stanley Greig.  

Roger Agnelli will serve as chair of the Board of Directors.

CVRD Canada has asked incumbent Inco Chief Executive Officer,
Scott Hand, to remain with Inco to help oversee operations
during the transition period.

Inco also reported that it intends to withdraw its common shares
from listing on the New York Stock Exchange and from
registration under Section 12(b) of the U.S. Securities Exchange
Act of 1934, as amended.  Inco expects that the delisting will
become effective in 20 days and that the deregistration will
become effective in 100 days.  The Company has not arranged for
listing on any other U.S. national securities exchange or for
quotation of the common shares in any quotation medium.  Inco
also intends to delist its common shares from the Toronto Stock
Exchange as soon as it is in a position to do so.

CVRD Canada has previously disclosed that it intends to acquire
100% of the Inco common shares by way of either a "compulsory
acquisition" or a "subsequent acquisition transaction" and to
cause Inco to effect deregistration and to cease reporting under
the Exchange Act once the number of Inco security holders is
sufficiently reduced.  In light of these facts, Inco's Board of
Directors authorized the withdrawal of Inco common shares from
listing on the NYSE and from registration under Section 12(b) of
the Exchange Act.

Effective immediately, Inco will satisfy its reporting
obligations under the Exchange Act by filing reports with the
SEC on the forms available for use by foreign private issuers,
instead of those used by U.S. domestic reporting companies,
which it has historically used on a voluntary basis.

                        About Inco Ltd.

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

                        *     *     *

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


INFONXX INC: Moody's Junks US$125-Mln Sec. Second Lien Term Loan
----------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
to InfoNXX, Inc.  InfoNXX is undertaking a recapitalization to
repay existing debt of US$215.1 million, pay a dividend to
shareholders of US$300 million, and pay fees and expenses.  

The transaction is being financed with proposed credit
facilities that include a US$200 million senior secured first
lien revolver (of which approximately US$120 million will be
drawn at close), a US$275 million senior secured first lien term
loan, and a US$125 million senior secured second lien term loan.  

Moody's assigned these first-time ratings to the proposed
capital structure:

   -- US$200 million senior secured first lien revolver
      maturing 12/31/2010, B1 (LGD3, 35%)

   -- US$275 million senior secured first lien term loan B
      due 2012, B1 (LGD3, 35%)

   -- US$125 million senior secured second lien term loan
      due 2013, Caa1 (LGD5, 85%)

   -- Corporate family rating, B2

   -- Probability of default rating, B2

The ratings outlook is stable.

The ratings reflect significant leverage subsequent to the
proposed recapitalization.  Pro forma for the recapitalization
and after application of Moody's standard adjustments, total
debt to adjusted EBITDA at Sept. 30, 2006 was approximately
4.8 times, adjusted free cash flow to debt was about 7%, and
adjusted EBIT coverage of interest expense was about 1.7 times.
EBITDA has been adjusted to reflect the expected pro forma
effects of the company's recent France and Italy launches, two
acquisitions, and the addition of a large customer account in
the U.S.  The key factors limiting InfoNXX's credit ratings are
the significant amount of adjustments made to pro forma EBITDA
and the company's lack of a track record operating at its
current size and leverage.

Moody's views InfoNXX's business profile as entailing certain
risks.  Rapid growth in the past two years, including two
acquisitions in 2006, raises uncertainty and integration risk.

Other risks include:

   -- significant customer concentration in the U.S.,

   -- technology risk regarding potential automated
      directory assistance,

   -- the possibility of wireless customers bringing
      their directory assistance services in-house, and

   -- competitive pricing practices in Europe.

Strengths in InfoNXX's business profile include:

   -- its substantial market share and brand recognition in
      the U.K., France, and Ireland;

   -- long-term relationships and contracts with its
      largest corporate customers; and

   -- moderately high switching costs.

The B1 rating on the senior secured first lien credit facility
reflects the facility's priority position in the capital
structure and a Loss Given Default assessment of LGD3.  Domestic
borrowings under the first lien credit facility benefit from a
first priority perfected lien on all tangible and intangible
assets of the domestic borrower, InfoNXX, Inc., and the capital
stock of its subsidiaries.  Foreign borrowings under the first
lien credit facility benefit from a first priority perfected
lien on all tangible and intangible assets of the foreign
borrowers, Carbone S.A.R.L., The Number UK Limited, and
InfoNXX Lux.

The rating on the first lien facility benefits from the loss
absorption provided by the second lien term loan.  Domestic
borrowings are guaranteed by each existing and future domestic
subsidiary of the domestic borrower, and foreign borrowings are
guaranteed by the domestic borrower, the domestic guarantors,
certain foreign subsidiaries, and each existing and future
foreign subsidiary of the domestic borrower. A debt allocation
mechanism exists under which lenders of the first lien
facilities would share losses in the event of a default. The
security and guarantees are subject to customary exceptions and
limitations.

The Caa1 and LGD5 ratings assigned to the US$125 million senior
secured second lien term loan reflect its subordination to the
sizable amount of first lien debt.  The second lien has the same
borrowers and guarantees as the first lien facility, has a
second priority claim on the same collateral, and also contains
a loss-sharing mechanism.

The stable ratings outlook reflects Moody's expectation that
InfoNXX will successfully integrate its recent acquisitions and
maintain solid EBITDA, free cash flow and operating margins.

The outlook or ratings could be lowered if InfoNXX loses a
significant customer, experiences integration inefficiencies, or
encounters other operational difficulties that result in a
sustained shortfall in EBITDA below current expectations causing
adjusted debt to EBITDA to rise above 5.8 times and adjusted
EBIT to interest expense to fall below 1.5 times.  A track
record of sustained operating performance that results in
adjusted debt to EBITDA of less than 4.6 times and EBIT interest
coverage above 1.9 times would likely result in a positive
change in the outlook or ratings.

InfoNXX, Inc. is the leading non-carrier provider of directory
assistance services in the U.S. and Europe.  In the U.S., which
comprised approximately one-third of third quarter 2006 revenue,
wireless carriers outsource directory assistance calls to
InfoNXX under long-term customer agreements.  In Europe, the
directory assistance market is deregulated and InfoNXX markets
its brand and telephone numbers directly to the end user.
Revenue for the twelve months ended Sept. 30, 2006 was
approximately US$429 million.


INTERNATIONAL EXTENSION: Appoints Stephen M. Rout as Liquidator
---------------------------------------------------------------
Stephen M. Rout of Stephen M. Rout & Company was appointed
Liquidator of International Extension College on Oct. 20 for the
creditors' voluntary winding-up proceeding.

Headquartered in Cambridge, England, International Extension
College -- http://www.iec.ac.uk/-- is a not-for-profit  
organization established in 1971 to help set up and sustain
educational initiatives in developing countries.  IEC is
committed to increasing equitable access to quality education
for disadvantaged and marginalized people, through partnership,
collaboration and research.  It specializes in the area of open
and distance learning.


MANSARD MORTGAGES: Moody's Rates GBP20-Mln Class B2 Notes at Ba2
----------------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to these classes of Notes issued by Mansard Mortgages
2006-1PLC:

   -- GBP157,500,000 Class A1 Mortgage Backed Floating
      Rate Notes due 2048: Aaa;

   -- GBP217,500,000 Class A2 Mortgage Backed Floating
      Rate Notes due 2048: Aaa;

   -- GBP65,000,000 Class M1 Mortgage Backed Floating
      Rate Notes due 2048: Aa2;

   -- GBP27,500,000 Class M2 Mortgage Backed Floating
      Rate Notes due 2048: A2;

   -- GBP12,500,000 Class B1 Mortgage Backed Floating
      Rate Notes due 2048: Baa2; and

   -- GBP20,000,000 Class B2 Mortgage Backed Floating
      Rate Notes due 2048: Ba2.

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

The total debt raised by Mansard Mortgages 2006-1 plc will be
used to purchase a portfolio of mortgage loans and will be split
as follows: 75.00% Class A Notes, 13.00% Class B Notes, 5.50%,
Class C Notes, 2.50% Class D1 Notes and 4.00% Class E1c Notes.
The reserve fund will be 0.75% of the initial transaction amount
at closing with a target of 0.80% of the initial transaction
amount.

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

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

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


MOSAIC CO: Tender Offers Unlikely to Affect Rating, Moody's Says
----------------------------------------------------------------
Moody's Investors Service comments that the Mosaic Co.'s
announcement that it has commenced tender offers to purchase a
material portion of the senior notes issued by its subsidiaries
Mosaic Global Holdings, Inc. and Phosphate Acquisition Partners
LP is not expected to result in a change in Mosaic's Ba3
Corporate Family Rating.

It is anticipated that the tender offers and consent
solicitations will be financed from the proceeds of a
combination of new loans under The Mosaic Company's amended and
restated credit facilities and the proceeds from offerings of
new senior notes.  As part of these financing transactions, The
Mosaic Company is expected to refinance outstanding borrowings
under its existing term loan B facility.  

The proposed refinancing is viewed as a credit positive given a
lowered interest burden and the extension of debt maturities.  
However, in the event that the combined refinancing includes a
substantial increase in the amount of secured debt relative to
Mosaic's current mix of secured and unsecured debt the current
ratings and LGD assessments of Mosaics secured debt and other
debt instruments may be negatively impacted by as much as a
notch.  Moody's will monitor the proposed refinancing effort and
rate the new securities as appropriate.


NCO GROUP: Moody's Junks Proposed US$200-Mln Sr. Sub. Notes
-----------------------------------------------------------
Moody's Investors Service assigned a B3 rating to NCO Group,
Inc.'s proposed US$165 million senior unsecured notes and a
Caa1 rating to its proposed US$200 million of senior
subordinated notes, which are intended to replace a proposed
US$365 million senior subordinated notes offering that was
cancelled.  

Concurrently, Moody's withdrew the Caa1 rating assigned to the
discussed US$365 million of senior subordinated notes.  Pro-
forma for the aforementioned capital mix changes, Moody's
affirmed the B2 corporate family rating and the Ba3 rating on
the US$565 million senior secured credit facility.  The rating
outlook is stable.

On July 21, NCO entered into a definitive agreement to be
acquired by an entity controlled by One Equity Partners, with
participation by certain members of senior management.  The
transaction is expected to close in the fourth quarter of 2006
and is subject to customary closing conditions including the
approval of NCO's shareholders.  Upon closing of this
transaction, NCO's stock will no longer be publicly traded.

The transaction is expected to be funded with a US$465 million
term loan, US$200 million of senior subordinated notes,
US$165 million of senior unsecured floating rate notes,
US$365 million of cash equity contributed by OEP and
US$23 million of rollover equity.

The ratings benefit from solid pro forma credit metrics for the
rating category, high levels of EBIT, leading market positions
in receivables management and portfolio management business
lines and a good track record of profitability and cash flow
generation.  The ratings are constrained by the potential for
profitability erosion due to increasing competition in portfolio
management business, sensitivity of receivable collection trends
to a weakening economy and moderate revenue concentration.

The Ba3 rating on the senior secured credit facility reflects an
LGD2 loss given default assessment as this facility is secured
by a pledge of the assets of the guarantor subsidiaries
(which comprise about 60% of consolidated EBITDA for the
June 30, 2006 LTM period) and 65% of the stock of foreign
subsidiaries.  The LGD 2 assessment benefits from a significant
amount of junior debt in the capital structure (40% of debt
capitalization assuming 75% of the committed revolver is drawn).
The B3 rating on the senior unsecured notes reflects an LGD4
loss given default assessment given that it is effectively
subordinated to the secured credit facility but benefits from
US$200 million of junior ranking subordinated notes.  The Caa1
rating on the senior subordinated notes reflects an LGD6 loss
given default assessment given that it is effectively
subordinated to the secured credit facility and the senior
unsecured notes.

The SGL-2 rating reflects a good liquidity position pro forma
for the recapitalization transaction.

Moody's took these rating actions:

   -- assigned US$165 million senior unsecured floating
      rate notes at B3 (LGD4, 63%);

   -- assigned US$200 million senior subordinated notes
      at Caa1 (LGD6, 90%);

   -- withdrew US$365 million senior subordinated notes,
      rated Caa1 (LGD5, 82%);

   -- affirmed US$465 million 7 year senior secured term loan
      at Ba3 (to LGD2, 29% from LGD2, 26%);

   -- affirmed US$100 million 5 year senior secured revolver
      at Ba3 (to LGD2, 29% from LGD2, 26%);

   -- affirmed corporate family rating at B2;

   -- affirmed probability-of-default rating at B2; and

   -- affirmed speculative grade liquidity rating at SGL-2.

The stable outlook anticipates moderate revenue and EBIT growth
over the next 12-18 months.  Cash flow from operations is
expected to be used to fund capital expenditures of about
US$30-US$40 million per year, niche acquisitions which
complement existing business segments, and required term loan
amortization.

The ratings could be upgraded if financial performance improves
such that EBIT coverage of interest and free cash flow to total
debt can be sustained at over 1.7 times and 7%, respectively.

Given the company's solid position in the rating category, a
moderate increase in pricing trends in the portfolio management
segment or decline in accounts receivable collection rates will
be unlikely to pressure the ratings.  However, a sharp downturn
in the business which results in EBIT coverage of interest and
free cash flow to debt that are expected to sustained at under 1
time and 0%, respectively, could lead to a downgrade.  A
significant debt financed acquisition that substantially weakens
credit metrics and liquidity could also pressure the rating.

Based in Horsham, Pennsylvania, NCO is a global provider of
business process outsourcing services, primarily focused on
accounts receivable management and customer relationship
management.  The company also purchases and manages past due
consumer accounts receivable (PM or portfolio management
business) from consumer creditors such as banks, finance
companies, retail merchants, utilities, healthcare companies,
and other consumer-oriented companies.  The company reported
revenues of about US$1.1 billion for the twelve-month period
ending June 30, 2006.


NOWFIRST LTD: Claims Filing Period Ends Nov. 29
-----------------------------------------------
Creditors of Nowfirst Ltd. have until Nov. 29 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 Adelle Firestone
at:

         Firestones
         Ground Floor
         Taunton House
         Waterside Court
         Medway City Estate
         Rochester
         Kent ME2 4NZ
         United Kingdom

Headquartered in Maidstone, England, Nowfirst Ltd. fabricates
architectural iron and metalwork.


NWSG LTD.: Appoints Bridgestones as Joint Administrators
--------------------------------------------------------
Jonathan Guy Lord and Robert Lochmohr Cooksey of Bridgestones
were appointed joint administrators of NWSG Ltd. (Company Number
5393528) on Oct. 13.

The administrators can be reached at:

         Jonathan Guy Lord and Robert Lochmohr Cooksey
         Bridgestones
         125-127 Union Street
         Oldham
         Lancashire OL1 1TE
         United Kingdom
         Tel: 0161 785 3700
         Fax: 0161 785 3701
         E-mail: rlc@bridgestones.co.uk

NWSG Ltd. can be reached at:

         Gilbert Wakefield House
         67 Bewsey Street
         Warrington
         Cheshire WA2 7JQ
         United Kingdom
         Tel: 01925 419 102
         Fax: 01925 415 508


PICKERING FINANCIAL: Hires Martin Henry Linton as Administrator
---------------------------------------------------------------
Martin Henry Linton of Leigh & Co. was appointed administrator
of Pickering Financial Services Ltd. (Company Number 5205217) 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  

Headquartered in Manchester, England, Pickering Financial
Services Ltd. is engaged in accounting, auditing and tax
consultancy.


PLANET MICRO: Names David Alexander Hole Liquidator
---------------------------------------------------
David Alexander Hole was appointed Liquidator of Planet Micro
Limited on Oct. 23 for the creditors' voluntary winding-up
proceeding.

Headquartered in Manchester, England, Planet Micro Limited  
retails hardware and software, computer systems and components.


SEA CONTAINERS: Wants Court Nod on Uniform Compensation Protocol
----------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to establish
uniform procedures for:

   (i) the allowance of interim compensation and reimbursement
       of expenses of professionals retained by court order; and

  (ii) the reimbursement of expenses incurred by the members of
       the Official Committee of Unsecured Creditors.

The Debtors have filed or intend to file applications to employ:

   (a) Sidley Austin LLP as general reorganization and
       bankruptcy counsel,

   (b) Young Conaway Stargatt & Taylor, LLP, as Delaware
       counsel,

   (c) PricewaterhouseCoopers LLP as financial advisor,

   (d) Kirkland & Ellis LLP as special conflicts litigation
       counsel,

   (e) Carter Ledyard & Milburn LLP as special counsel for U.S.
       corporate matters, and

   (f) Richards Butler LLP as special counsel for foreign legal
       matters.

The Debtors expect to hire other estate professionals in their
Chapter 11 cases.  The Creditors' Committee will likely seek to
retain its own professionals as well.

The Debtors want to streamline the professional compensation
process and enable the Court and all parties-in-interest to more
effectively monitor the fees incurred by the Professionals.  The
procedures will also reduce the financial burdens imposed on the
Professionals while awaiting final approval of their fees and
expenses.

Specifically, the Debtors propose that:

   (1) No earlier than the 25th day of each month following the
       month for which compensation is sought, each Professional
       seeking interim allowance of its fees and expenses may
       file an application and serve a copy of that application
       to:

          (a) the Office of the United States Trustee
              for the District of Delaware
              J. Caleb Boggs Federal Building, Rome 2207
              844 N. King Street
              Wilmington, DE 19801
              Attn: David Buchbinder, Esq.

          (b) the Debtors
              Sea Containers, Ltd.
              c/o Sea Containers Services Ltd.
              20 Upper Ground
              London SE1 9PF, United Kingdom
              Attn: Edwin S. Hetherington, Esq.

          (c) counsel to the Debtors
              Sidley Austin LLP
              One South Dearborn
              Chicago, IL 60603
              Attn: Larry J. Nyhan, Esq., and
                    Brian J. Lohan, Esq.

              -- and --

              Young Conaway Stargatt & Taylor, LLP
              The Brandywine Building
              1000 West Street
              Wilmington, DE 19801
              Attn: Robert S. Brady, Esq.  

          (d) counsel to the official committee

   (2) Each Notice Party will have 20 days to object to a
       Monthly Fee Application.  If there are no objections, the
       Debtors will be allowed to pay 80% of the Professional's
       fees and 100% of the expenses requested.  If objections
       are filed, the Debtors will be allowed to pay 80% of the
       undisputed fees and 100% of the undisputed expenses.  The
       first Monthly Fee Application will cover the period from
       the Petition Date through and including October 31, 2006.

   (3) The parties are encouraged to resolve timely objections
       filed.  If unsuccessful, the parties may seek a Court
       ruling on the Objection.  The Professionals may seek
       payment of the difference, if any, between the Maximum
       Interim Payment and the Actual Interim Payment made, or
       forego payment of the Incremental Amount until the next
       quarter fee application request hearing or final fee
       application hearing, at which time the Court will
       consider and rule on the Objection, if requested by the
       parties.

   (4) Beginning with the approximate three-month period from
       the Petition Date and ending on December 31, 2006, and at
       the end of each three-month period thereafter, each
       Professional must file with the Court and serve on the
       Notice Parties a notice requesting interim Court approval
       and allowance of compensation for services rendered and
       reimbursement of expenses sought in the Monthly Fee
       Applications filed during that period.  Each Quarterly
       Fee Application Request will be filed and served by no
       later than 45 days after the end of the applicable
       Interim Fee Period.  The first Interim Fee Application
       Deadline will be February 14, 2007.

   (5) The Debtors will ask the Court to schedule a hearing on
       Quarterly Fee Application Requests at least once every
       six months or at other intervals as the Court deems
       appropriate.

   (6) The pendency of an Objection will not disqualify a
       Professional from future payment.

   (7) All fees and expenses paid to Professionals in accordance
       with the Compensation Procedures are subject to
       disgorgement until final allowance by the Court.

The Debtors further ask the Court to allow each Committee Member
to submit statements of expenses and supporting vouchers to
counsel to the applicable Committee, who will collect and submit
those requests for reimbursement in accordance with the
Compensation Procedures as if that Committee Member were a
Professional.

                      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: Moves to Employ Ordinary Course Professionals
-------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates regularly utilize
the services of various attorneys, accountants, financial
advisors, and other professionals in the ordinary course of
their business operations.  

The OCPs provide services to the Debtors in a variety of
discrete matters unrelated to the Debtors' Chapter 11 cases,
including, but not limited to, general litigation, employment
and labor law, intellectual property law, general corporate and
securities law, accounting, auditing, financial advisory, and
tax matters.  Other OCPs have been, or may be, utilized by the
Debtors from time to time.

A list of the Debtors' OCPs is available for free at:

           http://bankrupt.com/misc/seacon_ocplist.pdf

The Debtors seek the Court's permission to continue to utilize
the services of the OCPs postpetition without the necessity of
filing formal applications for the employment and compensation
of each OCP pursuant to Sections 327, 328, 329, 330, and 331 of
the Bankruptcy Code.

Due to the number and geographic diversity of the OCPs that they
utilized, the Debtors note that it would be costly and
administratively burdensome to both the Debtors and the Court to
ask each OCP to apply separately for approval of its employment
and compensation.

The Debtors want to employ the OCPs on terms substantially
similar to those in effect before the Petition Date, but subject
to certain terms and conditions.  The Debtors represent that:

   (a) they wish to employ the OCPs as necessary for the day-to-
       day operations of the Debtors' businesses;

   (b) the fees and expenses incurred by the OCPs will be kept
       to a minimum; and

   (c) the OCPs will not perform substantial services relating
       to bankruptcy matters without Court permission.

The Debtors propose to implement uniform procedures for the
retention and compensation of OCPs:

   (1) After an OCP submits an affidavit and a monthly invoice,
       the OCP will be allowed to offset the invoiced amount
       against any unapplied prepetition retainer, and if there
       are unsatisfied postpetition fees and expenses related to
       that invoice, the Debtors will be allowed to pay 100% of
       the postpetition fees and expenses incurred; provided
       that the fees do not exceed:

          * GBP40,000 per month on average over the previous
            rolling three-month period to the extent that the
            OCP has historically been paid in pounds sterling,
            or

          * US$40,000 per month on average over the previous
            rolling three-month period to the extent that the
            OCP has historically been paid in U.S. dollars.

   (2) If the fees incurred and invoiced exceed the monthly cap,
       the OCP must seek Court approval of the fees; provided
       that the OCP will be entitled to a net interim offset and
       payment of up to US$40,000 or GBP40,000.

   (3) Each OCP will file with the Court and serve on the Office
       of the United States Trustee, counsel to the Debtors, and
       counsel to the Official Committee, an Affidavit within 30
       days of commencing postpetition services to the Debtors.  
       The OCP Affidavit will include information like services
       to be rendered, the hourly rates to be charged by the
       OCP, and a disclosure of its disinterestedness.

   (4) The Notice Parties have 10 days to object to the OCP
       Affidavit.  Objections not resolved will be brought
       before the Court.

   (5) Beginning with the fiscal quarter ending December 31,
       2006, within 15 days following the end of each fiscal
       quarter in which the Debtors' Chapter 11 cases are
       pending, the Debtors will file with the Court and serve
       on the Notice Parties a statement containing:

       -- the name of the OCP,
       -- the total amounts paid during the previous quarter,
          and
       -- a general description of the services rendered.

   (6) The Debtors reserve the right to supplement the OCP List.

The Debtors note that while some of the OCPs may wish to
continue to represent them on an ongoing basis, others may be
unwilling to do so if they are forced to apply for payment of
fees and expenses through the formal application process.  If
the knowledge and expertise of any OCP with respect to the
particular areas and matters for which it was responsible before
the Petition Date are lost, the Debtors say they will
undoubtedly incur additional and unnecessary expenses as other
professionals without that background and expertise will have to
be retained to assist the Debtors with their business
operations.

The Debtors believe the OCP Procedures will allow them to avoid
any disruption in the professional services required in the day-
to-day operation of their businesses.

As the OCPs will provide professional services in connection
with the Debtors' ongoing business operations, the Debtors do
not believe the OCPs are "professionals," as that term is used
in Section 327 of the Bankruptcy Code, whose retention must be
approved by the Court.  Nevertheless, the Debtors seek the
Court's approval to avoid any subsequent controversy regarding
their employment and compensation of the OCPs during the
pendency of their Chapter 11 cases.


SECAL GROUP: Brings In BDO Stoy to Administer Assets
----------------------------------------------------
C. K. Rayment and M. Dunham of BDO Stoy Hayward LLP were
appointed joint administrators of Secal Group Ltd. (Company
Number 02896412) on Oct. 13.

Headquartered in Manchester, 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.

Secal Group Ltd. can be reached at:

         Halesfield 19
         Telford
         Shropshire TF7 4QT
         United Kingdom
         Tel: 01952 686 550
         Fax: 01952 684 088


SHERRIFF SECURITY: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------------
Creditors of Sherriff Security (Southern) Limited confirmed
Oct. 16 the appointment of Mark Stephen Goldstein as Liquidator.

The company can be reached at:

         Sherriff Security (Southern) Limited
         56 Spital Street
         Dartford
         Kent DA1 2DT
         United Kingdom
         Tel: 01634 226586


SKYEPHARMA PLC: UBS AG No Longer Holds Notifiable Interest
----------------------------------------------------------
SkyePharma PLC, in a regulatory filing with the U.S. Securities
and Exchange Commission on Oct. 27, disclosed that UBS AG and
its subsidiaries, as a result of a reclassification of their
shareholding on becoming a market maker in the Ordinary Shares
of the Company, no longer hold a notifiable interest in the
Company's Ordinary Shares.

                       About SkyePharma PLC

Headquartered in London, England, 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.


STEALTH PRECISION: Hires Liquidator from Campbell Crossley
----------------------------------------------------------
Richard Ian Williamson of Campbell Crossley and Davis was
appointed Liquidator of Stealth Precision Components Limited on
Oct. 18 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Stealth Precision Components Limited
         Block H
         Billington Road
         Billington Road Industrial Estate
         Burnley
         Lancashire BB11 5UB
         Tel: 01282 413927
         Fax: 01282 413953


SUPERIOR ENERGY: SESI LLC Begins Exchange for 6-7/8% Sr. Notes
--------------------------------------------------------------
Superior Energy Services Inc. disclosed that SESI, L.L.C., its
wholly owned subsidiary, has commenced an exchange offer for its
outstanding 6-7/8% Senior Notes due 2014.  

These notes originally were issued in a May 22, 2006 private
offering in an aggregate principal amount of US$300,000,000.  
Holders of these notes may exchange them for a like principal
amount of a new issue of 6-7/8% Senior Notes due 2014 pursuant
to an effective registration statement on Form S-4 filed with
the Securities and Exchange Commission.  Terms of the new notes
are substantially identical to those of the original notes,
except that the transfer restrictions and registration rights
relating to the original notes do not apply to the new notes.  
Original notes that are not exchanged will continue to be
subject to transfer restrictions.  The new registered notes will
not be subject to transfer restrictions.

The exchange offer will expire at 5:00 p.m., New York City time,
on Nov. 27, 2006, unless extended.  Tenders of the original
notes must be made before the exchange offer expires and may be
withdrawn at any time before the exchange offer expires.  
Documents describing the terms of the exchange offer, including
the prospectus and transmittal materials for making tenders, can
be obtained from the exchange agent in connection with the
exchange offer at:

          The Bank of New York Trust Co., N.A.
          The Bank of New York Corporate Trust Operations -          
          Reorganization Unit
          101 Barclay Street - 7 East
          New York, NY 10286
          Fax: (212) 298-1915

                      About the Company

Superior Energy Services, Inc., is headquartered in Harvey,
Louisiana.  The company has operations in the United States,
Trinidad and Tobago, Australia, the United Kingdom, and
Venezuela, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2006,
Moody's Investors Service affirmed Superior Energy Services
Inc., LLC's ratings (Ba3 Corporate Family Rating and B1 rated
US$300 million senior unsecured notes guaranteed by Superior
Energy Services, Inc., and changed the rating outlook to
negative from stable following Superior's announcement that it
had signed a merger agreement to acquire Warrior Energy Services
Corp.

In May 2006, Standard & Poor's Ratings Services affirmed its
'BB' corporate credit rating on Superior Energy Services Inc.
and assigned its 'BB-' senior unsecured rating to the US$300
million senior unsecured notes issued by Superior Energy and
guaranteed by Superior, due 2014.  S&P said the outlook is
stable.


TAVISTOCK PRESS: Creditors' Claims Due Nov. 19
----------------------------------------------
Creditors of Tavistock Press (Bedford) Ltd. have until Nov. 19
to send in their names and addresses, with particulars of their
debts or claims, to appointed Joint Liquidator Graham Bushby at:

         Baker Tilly
         5th Floor
         Exchange House
         446 Midsummer Boulevard
         Milton Keynes MK9 2EA
         United Kingdom

The company can reached at:

         Tavistock Press (Bedford) Ltd.
         Unit 1/2
         Manton Lane
         Manton Industrial Estate
         Bedford
         Bedfordshire MK41 7PG
         United Kingdom
         Tel: 01234 346045
         Fax: 01234 269078


U.K. TILAPIA: Appoints Joint Administrators from PwC
----------------------------------------------------
Stephen Mark Oldfield and Colin Michael Trevethyn Haig of
PricewaterhouseCoopers LLP were appointed joint administrators
of U.K. Tilapia Ltd. (Company Number 04693777) on Oct. 18.

Headquartered in London, England, PricewaterhouseCoopers LLP --
http://www.pwcglobal.com/-- provides auditing services,  
accounting advice, tax compliance and consulting, financial
consulting and advisory services to clients in a variety of
industries.  

U.K. Tilapia Ltd. can be reached at:

         Witcham Road
         Mepal
         Ely
         Cambridgeshire CB6 2AF
         United Kingdom
         Tel: 01353 775 200


VISTEON CORP: Weak Earnings Forecast Cues S&P to Cut Rating to B
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Visteon Corp. to 'B' from 'B+' and
its short-term rating to 'B-3' from 'B-2'.  

These actions stem from the company's weaker-than-expected
earnings and cash flow generation, caused by:

   -- vehicle production cuts,
   -- inefficiencies at several plant locations,
   -- sharply lower aftermarket product sales,
   -- continued pressure from high raw material costs, and
   -- several unusual items that will impact 2006 results.
     
Visteon, a global manufacturer of automotive components, has
total debt of about US$4 billion, including US$1.7 billion of
underfunded employee benefit obligations.  The rating outlook is
negative.
    
Visteon has lowered its earnings and cash flow expectations for
2006 to reflect its business challenges.  Earnings, as measured
by EBIT before restructuring costs, are expected to be
US$40 million - US$50 million, down from previous expectations
of US$170 million - US$200 million.  Visteon now forecasts
negative free cash flow at about US$100 million, down from
earlier expectations of positive US$50 million of free cash
flow.

Lower vehicle production from the company's major customers
account are a major factor, and had been expected by
Standard & Poor's.  But several other factors have combined to
make the earnings and cash flow forecast significantly lower
than our expectations.  Included among these are:

   -- Labor disruptions in Europe that have resulted
      in production inefficiencies and premium freight costs;

   -- A 25% drop in aftermarket sales to Ford Motor Co., and
      a rise in aftermarket production costs as the
      company shifts manufacturing to Mexico;
     
   -- Higher-than-expected materials costs as commodity
      prices remain high, volumes are low, and certain
      sub-suppliers experience financial distress; and
     
   -- One-time financing and litigation costs.


WAINFLEET MOTOR: Brings In Tenon Recovery to Administer Assets
--------------------------------------------------------------
Dilip K. Dattani and Patrick B. Ellward of Tenon Recovery were
appointed joint administrators of Wainfleet Motor Services Ltd.
(Company Number 00371976) on Oct. 18.

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

Wainfleet Motor Services Ltd. can be reached at:

         Oaston Road
         Nuneaton
         Warwickshire CV11 6JX
         United Kingdom
         Fax: 024 7638 3160


WORLDWIDE HEALTHCARE: Creditors' Meeting Slated for November 7
--------------------------------------------------------------
Creditors of Worldwide Healthcare Staffing Services Limited
(Company Number 04055663) will meet at 11:00 a.m. on Nov. 7 at:

         Leonard Curtis
         One Great Cumberland Place
         Marble Arch
         London W1H 7LW
         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. 6 at:

         N. A. Bennett
         Joint Administrator
         Leonard Curtis & Co
         One Great Cumberland Place
         Marble Arch
         London W1H 7LW
         United Kingdom
         Tel: 020 7535 7000
         Fax: 020 7723 6059
         E-mail: solutions@leonardcurtis.co.uk

Leonard Curtis -- http://www.leonardcurtis.co.uk-- provides a  
national business turnaround and corporate recovery service
through our principal offices in London, Birmingham and
Manchester, utilizing the resources of over one hundred
specialist recovery team members and eight directors.  


* European Auto Suppliers Face Sector Consolidation - Fitch
-----------------------------------------------------------
Fitch Ratings reported that it expects Mergers & Acquisitions-
and Leveraged Buy-Out-related event risk to rise in the European
automotive supplier sector as trade buyers and private equity
firms drive further consolidation in the industry.

"While some sub-sectors such as electronic brake-systems are
already fairly consolidated, the overall industry structure is
still quite fragmented and will face further consolidation in
view of ongoing industry globalization," Markus Leitner,
Director in Fitch's European Industrials team disclosed.  

"The integration of smaller suppliers into larger groups will
ensure the necessary funding for their R&D programs and the
global expansion required by OEMs.  This would in turn safeguard
the innovation-led approach carried out by these suppliers to
defend their market positions," he added.

Fitch expects M&A activity to be particularly driven by
suppliers keen to expand their geographical scope or acquire
complementary high-quality assets to extend their technological
footprint.  Recent examples include Continental AG's (rated
BBB+/F2/Stable) acquisition of the automotive electronics
business of Motorola Inc. for US$1 billion, which followed the
acquisition of Phoenix in 2004.

Fitch also expects Continental to pursue further acquisitions in
the short to medium term.  At the same time the agency notes
that Continental was the recent target of a private equity
investor for a potential takeover bid.  While this process has
been terminated by mutual agreement, LBO risks remain present.

In early 2006, Robert Bosch GmbH ("Bosch", rated F1+) together
with Mann+Hummel acquired the Purolator filter business from
ArvinMeritor Inc. (rated BB/Negative).  In addition, Bosch
intends to buy Australian brake manufacturer Pacifica Group
Ltd., which has an estimated transaction value of approximately
EUR300 million, subject to various conditions.

On the other hand, conglomerate ThyssenKrupp AG (rated
BBB+/F2/Rating Watch Negative) recently sold its struggling body
and chassis operations in North America to Canadian supplier
Martinrea International Inc., which accounted for sales of
approximately EUR1 billion.

The current U.S. supplier crisis, which has been affecting many
prominent players such as Delphi Corporation, Visteon
Corporation (rated CCC/Negative) and Dana Corporation, could
represent an opportunity for leading European suppliers with
strong balance sheets and ample financial firepower to expand
rapidly into the North American markets.

Such transactions would enable them to boost growth in what are
otherwise fairly mature Western car markets.  To date, however,
most European players have only been in a standby position,
closely monitoring U.S. developments and seeking information
about the quality of available assets.

Alliances are proving to be another attractive form of sector
consolidation.  Suppliers are increasingly willing to bundle
their complementary expertise and resources in co-operative
agreements and share the increasing costs of operations and
related risks.  An example is the co-operation between
Continental and automotive drive and chassis technology supplier
ZF Friedrichshafen AG to develop hybrid technology systems.

The joint ventures of Hella KGaA Hueck & Co., a supplier of
automotive lighting and electronics components and systems, and
Behr GmbH & Co. KG, a vehicle air-conditioning and engine-
cooling specialist, are other examples of successful co-
operations.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 2, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA UK Annual Conference
         Millennium Gloucester Hotel, London, UK
            Contact: http://www.turnaround.org/

November 2-3, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Third Annual Conference on Physician Agreements & Ventures
      Successful Strategies for Medical Transactions and
      Investments
         The Millennium Knickerbocker Hotel - Chicago
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 3, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Breakfast Program
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

November 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 7-8, 2006
   EUROMONEY
      5th Annual Distressed Debt Investment Symposium
         Hyatt Regency, London, UK
            Contact: http://www.euromoneyplc.com/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon & Guest Speaker, Joel Naroff to
      discuss the economy, lending and M&A markets
         Davio's Northern Italian Steakhouse, Philadelphia, PA
            Contact: http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia National Conference
         Sydney, Australia
            Contact: http://www.turnaround.org/

November 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Webinar "Second Lien Financing or Investing: Are
      There Opportunities for You?"
         TMA HQ, Chicago, IL
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program
         St. Louis, Missouri
            Contact: 815-469-2935 or http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program - Cost Containment Strategies
         St. Louis, MO
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Cocktail Reception Honoring the
      Bankruptcy Benches of the Southern &
      Eastern Districts of New York and New Jersey
      Association of the Bar of the City of New York
         New York, NY
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Reception with NYIC/NYTMA
         TBA, New York
            Contact: 908-575-7333 or http://www.turnaround.org/  

November 15, 2006
   LI TMA Formal Event
      TMA Australia National Conference
         Long Island, New York
            Contact: http://www.turnaround.org/  

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

November 15-16, 2006
   EUROMONEY INSTITUTIONAL INVESTOR
      Asia Capital Markets Forum
         Island Shangri-La, Hong Kong
            Contact: http://www.euromoneyplc.com/

November 16, 2006
   BEARD AUDIO CONFERENCES
      KERPs and Bonuses under BAPCPA
         New Legal Strategies for Retaining Executives at
Troubled
            Companies
               Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, WA
            Contact: 403-294-4954 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Life in the Bankruptcy Court with BAPCPA,
      A View from The Bench
         Oxford Hotel, Denver, CO
            Contact: http://www.turnaround.org/

November 16-17, 2006
   STRATEGIC RESEARCH INSTITUTE
      8th Annual West Distressed Debt Investing Forum
         Venetian Resort Hotel Casino, Las Vegas, NV
            Contact: http://www.srinstitute.com

November 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Harry Nolan, Author of
         Airline without a Pilot - Lessons in Leadership
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

November 23-24, 2006
   EUROMONEY CONFERENCES
      5th Annual China Conference
         China World Hotel
         Beijing, China
            Contact: http://www.euromoneyconferences.com/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint TMA Florida/ACG Tampa Bay Luncheon
      Buying and Selling a Troubled Company
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30, 2006
   EUROMONEY CONFERENCES
      Euromoney/DIFC Annual Conference
      Managing superabundant liquidity
         Madinat Jumeirah, Dubai
            Contact: http://www.euromoneyconferences.com/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 5, 2006
   EUROMONEY CONFERENCES
      CFO Forum
         Hyatt Regency, Hangzhou, China
            Contact: http://www.euromoneyconferences.com/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Cash Management After The Storm:
      Near-Term Planning for Long-Term Business Success
         Sheraton, Metairie, LA
            Contact: http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800; http://www.abiworld.org/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/  

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;           
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price        
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;  
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy  
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing  
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com/  
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
Risks,          
      Latest Decisions
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
Discovery
      and Records Management for Bankruptcy Practitioners and   
      Litigators
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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