TCREUR_Public/061103.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

           Friday, November 3, 2006, Vol. 7, No. 219

                           Headlines


A U S T R I A

ASS TRANSPORT: Claims Registration Ends November 6
BBV BEDBURGER: Claims Registration Ends November 6
IFT GESELLSCHAFT: Claims Registration Ends November 9
KABARETT DIE KIEBITZENSTEINER: Claims Registration Ends Nov. 8
KARNTNERHOF VERWALTUNGS: Creditors' Meeting Slated for Nov. 6

MARKEER FELD: Claims Registration Ends November 8
WEINHAUS MOEHLE: Claims Registration Ends November 8


B E L G I U M

ADVANCED MICRO: Moody's Assigns Loss-Given-Default Ratings
ARMSTRONG WORLD: Requests for Payment Deadline Set for Nov. 16
ARMSTRONG WORLD: Sept. 30 Balance Sheet Upside-Down by US$1.2BB
GREIF INC: Moody's Assigns Loss-Given-Default Rating


B U L G A R I A

JETFINANCE INT'L: S&P Rates EUR250-Million EMTN Program at B


F I N L A N D

INTERGRAPH CORP: S&P Assigns B Rating on Proposed Bank Facility


F R A N C E

INFONXX INC: Recapitalization Cues Moody's to Place B2 Rating
RBS GLOBAL: Moody's Assigns Loss-Given-Default Rating
SUPERIOR ESSEX: Moody's Assigns Loss-Given-Default Rating
WELLMAN INC: Moody's Reviews Low-B Ratings & May Downgrade
WELLMAN INC: S&P Lowers Ratings to B- on Weak Operating Earnings


G E R M A N Y

ABI TEAK: Korneuburg Court Orders Closing of Business
ALLGEMEINE HYPOTHEKENBANK: S&P Cuts Rating on New Business Model
LAUSCHA & CO.: Vienna Court Orders Business Shutdown
LUNZ OEG: Steyr Court Orders Business Closure
NICOLA BOSTELMANN: Claims Registration Period Ends November 6

PHOTRONICS INC: Moody's Assigns Loss-Given-Default Ratings
PORTRAIT CORP: Claims Bar Date Slated for November 28
RED HAT: Begins US$325-Mln Stock & Debenture Repurchase Program
SANIERUNGS-UND SCHULDNERBERATUNG: Meeting Slated for Nov. 20
TKH LLC: Claims Registration Period Ends November 6

VITAL PLUS: Creditors' Meeting Slated for November 9


G R E E C E

INTERGRAPH CORP: S&P Assigns B Rating on Proposed Bank Facility


H U N G A R Y

BANTA CORP: Inks US$1.3-Bln Acquisition Deal With RR Donnelley
BANTA CORP: Moody's May Upgrade Ratings on Acquisition Offer


I R E L A N D

BENCHMARK ELECTRONICS: Acquisition Deal Spurs S&P's BB- Rating
COMMSCOPE INC: Earns US$43.6 Million Net Income in Third Quarter
INFONXX INC: Recapitalization Cues Moody's to Place B2 Rating
VALASSIS COMMS: Earns US$6.6 Million in Third Quarter 2006
WELLMAN INC: Moody's Reviewing Low-B Ratings & May Downgrade

WELLMAN INC: S&P Lowers Ratings to B- on Weak Operating Earnings


I T A L Y

ROYAL & SUN: Shareholders Approve U.S. Operations Disposal
ROYAL & SUN: Ends ADR Program & Delists Stock from NYSE
SEVERSTAL OAO: Names Alexei Mordashov as General Director
THERMADYNE HOLDINGS: Moody's Assigns Loss-Given-Default Rating


K A Z A K H S T A N

AKORD-LTD LLP: Creditors Must File Claims by Nov. 29
ATF BANK: Moody's Assigns Ba3 Rating on Loan Participation Notes
AVTOTORGSERVICE LLP: Proof of Claim Deadline Slated for Nov. 26
FERROHROM JSC: Claims Registration Ends Nov. 29
J. YRYS: Creditors' Filing Period Ends Nov. 29

KONYS COMPANY: Aktube Court Opens Bankruptcy Proceedings
MIRSAT LLP: Aktube Court Begins Bankruptcy Proceedings
MOSTOSTROY LLP: Creditors Must File Claims by Dec. 5
PETROSNABSERVICE LLP: Creditors' Claims Due Nov. 26
PROD WEST: Proof of Claim Deadline Slated for Nov. 26


K Y R G Y Z S T A N

SAILYK-RESOURCE LLC: Creditors' Claims Due Dec. 15
TEYSI MARKET: Claims Registration Ends Dec. 15


N E T H E R L A N D S

BANTA CORP: Inks US$1.3-Bln Acquisition Deal With RR Donnelley
BANTA CORP: Moody's May Upgrade Ratings on Acquisition Offer
CAIRN CLO: S&P Assigns BB- Rating on EUR10.5-Mln Class E Notes
HARBOURMASTER CLO 4: Keeps BB Ratings on EUR10MM Class B2 Notes
HEXION SPECIALTY: Eliminates Certain Defaults on Notes

HEXION SPECIALTY: Extends Tender Offer for Sr. Notes to Nov. 13
HEXION SPECIALTY: Prices Tender Offer for 9% Senior Notes


P O L A N D

GETIN FINANCE: Fitch Rates US$150-Million Bond Issue at BB


P O R T U G A L

WOLVERINE TUBE: Soliciting Consents to Exchange New Equity Notes
WOLVERINE TUBE: Moody's Lowers Ratings on Restructuring Program
WOLVERINE TUBE: Proposed Exchange Offer Spurs S&P to Cut Ratings


R U S S I A

BEREZNIKOVSKIY FACTORY: Court Names S. Volkov to Manage Assets
BUSINESS PARTNER: Court Starts Bankruptcy Supervision Procedure
COAL 95: Primorye Court Names S. Pisarets as Insolvency Manager
ERMAKOVSKIY WOODWORKING: Court Names I. Gorn to Manage Assets
ILISHEVSKIY ELEVATOR: Court Names Z. Kamalova to Manage Assets

KHABAROVSKIY FACTORY: Court Starts Reorganization Process
LADA LLC: Primorye Court Names A. Sotnikov as Insolvency Manager
LUKOIL OIL: Earns RUR51 Billion for January-September 2006
LUKOIL OAO: Inks Cooperation Agreement with Rostekhnadzor
MARSHAL: Tatarstan Court Names V. Shevelev as Insolvency Manager

MIYAKINSKIY MANUFACTURING: Names T. Nikolaeva to Manage Assets
NIZHNEKAMSKNEFTEKHIM OAO: Fitch Keeps B+ Issuer Default Rating
PRESS-PRINT: Moscow Bankruptcy Hearing Slated for December 25
RUSSIA OJSC: Court Starts Bankruptcy Supervision Procedure
SEVERSTAL OAO: Names Alexei Mordashov as General Director

SITRONICS JSC: Earns US$33.11 Million for First Half 2006
SPASSKIY MEAT: Court Names A. Khayrutdinov to Manage Assets
SOLNECHNAYA POLYANA: Bankruptcy Hearing Slated for February 7
STEEL-CONSTRUCTION: Court Names I. Bashmakova to Manage Assets
TROLLEYBUS FACTORY: Asset Sale Slated for on November 9


S P A I N

BLYTH INC: Moody's Assigns Loss-Given-Default Ratings


S W E D E N

ARMSTRONG WORLD: Requests for Payment Deadline Set for Nov. 16
ARMSTRONG WORLD: Sept. 30 Balance Sheet Upside-Down by US$1.2BB
STENA AB: Improved Financial Profile Cues S&P to Revise Outlook


U K R A I N E

ALFA BANK: Moody's Assigns B1 Rating on Series B and C Bonds
ASTRA-TRANS: Mikolaiv Court Names Vira Fomenko as Liquidator
MARKET-TRADE: Court Names Andrij Kulakov as Insolvency Manager
NADIYA LLC: Court Names V. Bolhovitin as Insolvency Manager
SITRONICS JSC: Earns US$33.11 Million for First Half 2006

TEHELEKTROSERVICE: Creditors Must Submit Claims by Nov. 11
TRANSINFOKOM LLC: Volodimir Glyadchenko to Liquidate Assets
URAN-2000: Court Names Mikola Lukashuk as Insolvency Manager


U N I T E D   K I N G D O M

ADEPT FIELD: Claims Filing Period Ends Dec. 11
AMERICAN GREETINGS: Moody's Assigns Loss-Given-Default Ratings
BOBCAT PLANT: Creditors' Claims Due Dec. 31
BRITISH BATA: Taps Liquidators from Grant Thornton
BROOKLANDS EURO: Fitch Keeps BB Rating on EUR15-Million Notes

BUTTERFLY PRESS: H. J. Sorsky Leads Liquidation Procedure
COOPER-STANDARD: S&P Lowers Corporate Credit Rating to B
CORPORATE INTERNET: Creditors Confirm Liquidator's Appointment
DIAMOND CONTRACT: Taps BDO Stoy as Joint Administrators
DIRECT DOOR: Appoints M. C. Hepworth to Liquidate Assets

EUROPEAN SPARES: Hires Liquidator from Moore Stephens
FAREPAK FOOD: Brings In BDO Stoy to Administer Assets
FORD MOTOR: Closes Production at Atlanta Assembly Plant
G. BRIDGEHOUSE: Names Gerard Keith Rooney as Administrator
GANDALF ASIA: Appoints Leigh & Co to Administer Assets

GETTY IMAGES: Earns US$37.6 Million in Third Quarter 2006
GETTY IMAGES: Sees Job Cuts, Staff Restructuring
HYDAWAYS FARMING: Appoints Joint Administrators from Kroll
IBALL WHOLESALE: Names Terry Christopher Evans Liquidator
KRISPY KREME: Grants 420,000 Common Shares to Executives

LINCOLN CASTINGS: Creditors' Meeting Slated for November 14
LOGIC SYSTEMS: Brings In Ninos Koumettou as Administrator
LUDGATE FUNDING: Fitch Puts Low-B Ratings on Two Note Classes
M N L PHARMA: Appoints PwC to Administer Assets
MARBLE ARCH: Moody's Assigns Ba1 Rating on GBP25.2-Mln Notes

MAYFIELD LEISURE: Hires Administrators from Portland Business
MILLENNIUM MILLION: Brings In Administrator from Little Badnage
NCO GROUP: Special Shareholders' Meeting Set for November 9
NCO GROUP: Moody's Junks Proposed $200 Million Senior Notes
NCO GROUP: S&P Assigns B- Rating on US$165-Mln Sr. Unsec. Notes

OCA RESTAURANTS: Taps Tomlinsons to Administer Assets
ONETV PLC: Appoints Mark S. Goldstein as Administrator
P4PROPERTY LIMITED: Hires BDO Stoy as Joint Administrators
PEMBRIDGE SQUARE: Fitch Assigns BB+ Rating on EUR16-Mln Notes
PHOTRONICS INC: Moody's Assigns Loss-Given-Default Ratings

PORTRAIT CORP: Claims Bar Date Slated for November 28
REGENTREALM LTD: S&P Revises Outlook & Removes Ratings
RIMTEX LIMITED: Creditors Confirm Liquidator's Appointment
SAFRA EASTERN: Liquidators Set Dec. 1 Claims Bar Date
SANDHU MENSWEAR: Names Simon Gwinnutt as Administrator

SYNTECH SUPPORT: Claims Registration Ends Dec. 13
SYNITA LIMITED: Taps Kroll as Joint Administrators
UNITED BISCUITS: S&P Withdraws Ratings After Bond Redemption
VEDARIO LIMITED: Taps Administrators from Cresswall Associates
WOLVERINE TUBE: Soliciting Consents to Exchange New Equity Notes

WOLVERINE TUBE: Moody's Lowers Ratings on Restructuring Program
WOLVERINE TUBE: Proposed Exchange Offer Spurs S&P to Cut Ratings

* BOOK REVIEW: The Managerial Mystique: Restoring Leadership in
               Business

                            *********

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


ASS TRANSPORT: Claims Registration Ends November 6
--------------------------------------------------
Creditors of ASS Transport-Logistik-Lagerung Ltd. have until
Nov. 6 to register their claims with court-appointed provisional
administrator Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 27 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4 Floor
         Court Route 6
         33602 Bielefeld, Germany

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

The District Court of Bielefeld opened bankruptcy proceedings
against ASS Transport-Logistik-Lagerung Ltd. on Sept. 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         ASS Transport-Logistik-Lagerung Ltd.
         60 Kensington Church Street
         GBR-W8 4 DB London
         United Kingdom

         Attn: Mike Horst Jansen, Manager
         Schlehenstr. 9
         33803 Steinhagen, Germany

The administrator can be contacted at:

         Dr. Frank Kebekus
         Liboriberg 21
         33098 Paderborn, Germany


BBV BEDBURGER: Claims Registration Ends November 6
--------------------------------------------------
Creditors of BBV Bedburger Baustahl Vertriebs GmbH have until
Nov. 6 to register their claims with court-appointed provisional
administrator Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Dec. 6 at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Cologne opened bankruptcy proceedings
against BBV Bedburger Baustahl Vertriebs GmbH on Sept. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         BBV Bedburger Baustahl Vertriebs GmbH
         Hauptstr. 19
         50859 Cologne, Germany

         Attn: Vincenzo La Cognata, Manager
         Turmstr. 4 f
         50859 Cologne, Germany

The administrator can be contacted at:

         Jana Dettmer
         Weyerstrasse 54
         50676 Cologne, Germany


IFT GESELLSCHAFT: Claims Registration Ends November 9
-----------------------------------------------------
Creditors of IFT Gesellschaft fuer Unternehmens- und
Managementberatung mbH have until Nov. 9 to register their
claims with court-appointed provisional administrator Klaus
Knetter.

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

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4 Floor
         Court Route 6
         33602 Bielefeld, Germany

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

The District Court of Bielefeld opened bankruptcy proceedings
against IFT Gesellschaft fuer Unternehmens- und
Managementberatung mbH on Sept. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         IFT Gesellschaft fue Unternehmens- und
         Managementberatung mbH
         Brunnenbauerweg 3b
         33659 Bielefeld, Germany

         Attn: Wolfgang Schoen and Wolfgang Gruen, Managers
         Brinkheide 8
         49214 Bad Rothenfelde, Germany

The administrator can be contacted at:

         Klaus Knetter
         Otto-Brenner-Str. 186
         33604 Bielefeld, Germany


KABARETT DIE KIEBITZENSTEINER: Claims Registration Ends Nov. 8
--------------------------------------------------------------
Creditors of Kabarett "Die Kiebitzensteiner" GmbH have until
Nov. 8 to register their claims with court-appointed provisional
administrator Dieter Kuehne.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle, Germany

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

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Kabarett "Die Kiebitzensteiner" GmbH on
Sept. 8.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Kabarett "Die Kiebitzensteiner" GmbH
         Grosse Ulrichstr. 7-9
         06108 Halle, Germany

         Attn: Ulf Herden, Manager
         Karl-Liebknecht-Str. 21
         06114 Halle, Germany

The administrator can be contacted at:

         Dr. Dieter Kuehne
         Walter-Koehn-Road 1b
         D-04356 Leipzig, Germany
         Tel: 0341/339890
         Fax: 0341/3398929
         E-mail: www.kuebler-gbr.de


KARNTNERHOF VERWALTUNGS: Creditors' Meeting Slated for Nov. 6
-------------------------------------------------------------
The court-appointed provisional administrator for Karntnerhof
Verwaltungs-GmbH, Rolf Rattunde, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:00 a.m. on Nov. 6.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Feb. 12, 2007, at the
same venue.

Creditors have until Dec. 11 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Karntnerhof Verwaltungs-GmbH on Sept. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Karntnerhof Verwaltungs-GmbH
         Grunewaldstrasse 11 A
         12165 Berlin, Germany

The administrator can be reached at:

         Rolf Rattunde
         Kurfuerstendamm 212
         10719 Berlin, Germany


MARKEER FELD: Claims Registration Ends November 8
-------------------------------------------------
Creditors of Markeer Feld- & Gartensaaten Service GmbH have
until Nov. 8 to register their claims with court-appointed
provisional administrator Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 20 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Potsdam opened bankruptcy proceedings
against Markeer Feld- & Gartensaaten Service GmbH on Sept. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Markeer Feld- & Gartensaaten Service GmbH
         Attn: Roland Borchert, Manager
         Bredower Way 1
         14641 Markee, Germany

The administrator can be contacted at:

         Rolf Rattunde
         Kurfuerstendamm 212
         10719 Berlin, Germany


WEINHAUS MOEHLE: Claims Registration Ends November 8
----------------------------------------------------
Creditors of Weinhaus Moehle GmbH have until Nov. 8 to register
their claims with court-appointed provisional administrator
Martin Kienitz.

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 Bielefeld
         Hall 4065
         4 Floor
         Court Route 6
         33602 Bielefeld, Germany

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

The District Court of Bielefeld opened bankruptcy proceedings
against Weinhaus Moehle GmbH on Sept. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Weinhaus Moehle GmbH
         Attn: Juergen Robaczek, Manager
         Weinstr. 38
         32549 Bad Oeynhausen, Germany

The administrator can be contacted at:

         Martin Kienitz
         Ruegenweg 14
         32427 Minden, Germanyf


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B E L G I U M
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ADVANCED MICRO: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. technology semiconductor and
distributor sector, the rating agency affirmed its Ba3 corporate
family rating on Advanced Micro Devices, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$600 Mil. senior
   unsecured notes         B1      Ba3     LGD4        59%

   Shelf - Sr.
   Unsecured Notes         B1      Ba3     LGD4        59%

   Shelf - Subor.          B2       B2     LGD6        97%

   Shelf - Preferred       B3       B2     LGD6        97%

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

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

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

Headquartered in Sunnyvale, California, Advanced Micro Devices,
Inc., -- http://www.amd.com/-- designs and manufactures
microprocessors and other semiconductor products.  The company
has a facility in Singapore.  It also has sales offices in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.


ARMSTRONG WORLD: Requests for Payment Deadline Set for Nov. 16
--------------------------------------------------------------
Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, reminds the U.S. Bankruptcy Court for the
District of Delaware that on Oct. 2, 2006, Armstrong World
Industries Inc.'s Fourth Amended Plan of Reorganization became
effective.

As of the Effective Date, the Plan discharges the Debtor and its
estate, assets, properties and interests in property, as
provided in Section 1141 of the Bankruptcy Code and the
Confirmation Order.

The Plan also binds the Debtor and all creditors and parties-in-
interest; revests property of the Debtor's estate in Reorganized
AWI free and clear of all Claims, Equity Interests, Encumbrances
and other interests unless otherwise stated; voids any judgment
against the Debtor; and operates as an injunction with respect
to any debt discharged.

The Asbestos PI Channeling Injunction and the Claims Trading
Injunction are in full force and effect, Mr. Madron states.

All entities seeking payment for services rendered or
reimbursement of expenses incurred through and including the
Effective Date under Section 330, or allowance of Administrative
Expenses arising under Sections 503(b)(2), 503(b)(3), 503(b)(4),
or 503(b)(5) must file a request by Nov. 16, 2006.

Any distribution under the Plan that is unclaimed after 180 days
following the distribution date will be deemed not to have been
made and will be transferred to Reorganized AWI, free and clear
of any claims or interests of any entities, including any claims
or interests of any governmental unit under escheat principles.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of  Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world including Belgium and Sweden.

The Company and its debtor-affiliates filed for chapter 11
protection on December 6, 2000 (Bankr. Del. Case No. 00-04469).
Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C. Silberglied, Esq., at Richards, Layton & Finger,
P.A., represent the Debtors in their restructuring efforts.  The
Debtors tapped the Feinberg Group for analysis, evaluation, and
treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

When the Debtors filed for protection from their creditors, they
listed US$4,032,200,000 in total assets and US$3,296,900,000 in
liabilities.  The Bankruptcy Court confirmed AWI's plan on
Nov. 18, 2003.  The District Court Judge Robreno confirmed AWI's
Modified Plan on Aug. 14, 2006.  The Clerk entered the formal
written confirmation order on Aug. 18, 2006.  AWI emerged from
Chapter 11 protection on Oct. 2, 2006.  (Armstrong Bankruptcy
News, Issue No. 103; Bankruptcy Creditors' Service,Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


ARMSTRONG WORLD: Sept. 30 Balance Sheet Upside-Down by US$1.2BB
---------------------------------------------------------------
Armstrong World Industries Inc. reported third quarter 2006 net
sales of US$973.6 million that were 4% higher than third quarter
net sales of US$937.0 million in 2005, including a US$13 million
favorable impact from foreign exchange rates.  Reported
operating income for the quarter increased to US$67.4 million
from US$66.5 million in the third quarter of 2005.  Adjusted
operating income for the quarter of US$82.5million increased 27%
compared with adjusted operating income of US$65.2 million in
the prior year quarter.

At Sept. 30, 2006, Armstrong World's balance sheet reflected a
stockholder's deficit of US$1,189,500,000.

Adjusted numbers exclude spending on restructuring charges and
related costs, impacts from legal settlements, environmental
charges, foreign exchange and certain other gains and losses to
allow meaningful comparisons of operating performance.

The year-over-year growth in third quarter 2006 adjusted
operating income benefited from price increases in excess of
manufacturing cost inflation, improved product mix in European
businesses, improved direct manufacturing costs in all
businesses, and lower manufacturing period expense in our floor
businesses.  Increased earnings in our WAVE joint venture also
contributed to the growth.  Notably, the growth was achieved
despite significant volume declines in North American resilient
business where vinyl declines offset laminate growth.

Resilient Flooring net sales were US$304.8 million in the third
quarter of 2006 and US$311.5 million in the same period of 2005.
Excluding the favorable impact of foreign exchange rates, net
sales decreased 4%.  The decline was primarily due to decreased
volume for vinyl products in North America.  A reported
operating loss of US$2.9 million in the quarter compared with
reported income in the third quarter of 2005 of US$7.7 million.
Adjusted operating income of US$4.5 million compared with US$5.9
million on the same basis in the prior year period.  The decline
is primarily attributable to lower sales.  The benefits of
increased manufacturing efficiency were greater than the impact
of cost inflation in the period.

Wood Flooring net sales of US$217.2 million in the current
quarter declined 1% from US$220.2 million in the prior year as
weakness in the U.S. housing markets drove volume declines in
both engineered and solid wood floors.  Reported operating
income of US$16.5 million in the quarter was below the US$25.7
million reported in the third quarter of 2005.  The reduction in
operating income was due to the sales volume decline combined
with higher lumber prices and increased promotional spending.
Production costs improved during the period.

Textiles and Sports Flooring net sales in the third quarter of
2006 increased to US$86.3 million from US$79.7 million.
Excluding the effects of favorable foreign exchange rates of
US$3.9 million, sales grew 3% primarily on higher volume in
carpet tiles and better price realization in broadloom
carpet.  Reported operating income of US$4.2 million in 2006
increased from US$3.2 million in 2005 on the growth in sales.

Building Products net sales of US$304.5 million in the current
quarter increased from US$268.2 million in the prior year.
Excluding the effects of favorable foreign exchange rates of
US$5.0 million, sales increased by 12%, primarily due to price
increases made to offset inflationary pressures, and improved
product mix in both the U.S. and European markets.  Volume
increased in North America and the Pacific Rim.  Reported
operating income increased to US$59.7 million from operating
income of US$43.1 million in the third quarter of 2005.  The
growth was driven by improved price realization, better product
mix and increased equity earnings in WAVE.

Cabinets net sales in the third quarter of 2006 of US$60.8
million increased 6% from US$57.4 million in 2005 on higher
selling prices and improved product mix.  Volume decreased
slightly.  Reported operating income for the third quarter of
US$3.8 million improved from the prior year's US$0.3
million operating loss, primarily driven by the sales growth,
and lower SG&A spending.

                    Year-to-Date Results

For the nine-month period ended Sept. 30, 2006, net sales were
US$2,795.7 million compared with US$2,696.7 million reported for
the first nine months of 2005.  Excluding the US$10.4 million
impact from unfavorable foreign exchange rates, net sales
increased by 4%.  The sales growth was due to improved price and
product mix on flat volume, and all segments grew sales except
Resilient Flooring.

Operating income in the first nine months of 2006 was US$188.1
million compared with operating income of US$110.2 million for
the same period in 2005.  Adjusted operating income of US$209.9
million increased 59% compared with adjusted operating income of
US$131.9 million in the prior year period.  The improvement in
operating income was primarily due to higher sales, improved
manufacturing productivity and reduced SG&A expenses.

                          Outlook

For the fourth quarter of 2006, commercial markets are expected
to remain strong, while the decline in the U.S. housing market
will continue to reduce volumes in our residential businesses.
On a consolidated basis, improved prices are anticipated to
continue to offset cost inflation, and reductions in direct
manufacturing costs will be sustained.

Due to fresh start reporting adjustments associated with our
Oct. 2, 2006, emergence from Chapter 11, reported fourth quarter
operating income would not be comparable to prior periods. The
following outlook table includes adjusted operating income on a
pre-fresh start reporting basis to facilitate comparison to 2005
fourth quarter adjusted operating income.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.  The company has operation in Colombia, Costa Rica,
Greece Iceland and Asia among others.

The Company and its affiliates filed for chapter 11 protection
on December 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell C.
Silberglied, Esq., at Richards, Layton & Finger, P.A., represent
the Debtors in their restructuring efforts.  The Company and its
affiliates tapped the Feinberg Group for analysis, evaluation,
and treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The Company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.  (Armstrong
Bankruptcy News, Issue No. 103; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 9, 2006
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the Company's emergence from bankruptcy on
Oct. 2, 2006.  S&P said the outlook is stable.


GREIF INC: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its Ba2 Corporate Family Rating for Greif Inc. as well
as revised its rating on the company's US$250 million 8.875%
senior subordinate notes due 2012 to Ba3 from B1.  Those
debentures were assigned an LGD5 rating suggesting lenders will
experience an 82% loss in the event of default.

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

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

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

Headquartered in Delaware, Ohio, Greif, Incorporated, -
http://www.greif.com- is engaged in industrial packaging
products and services. The company has operations in Australia,
Argentina, Brazil, Belgium, China, Malaysia, among others.


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


JETFINANCE INT'L: S&P Rates EUR250-Million EMTN Program at B
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
senior unsecured debt rating to the first tranche of notes to be
issued by JetFinance International AD in November 2006, under
its EUR250 million EMTN program.  At the same time,
Standard & Poor's assigned its 'B' short-term and senior
unsecured debt ratings to the EUR250 million EMTN program.

The ratings on JetFinance reflect:

   -- its concentrated business in the developing and
      fast-growing consumer finance market in Bulgaria,
      which generically has a high risk/reward nature;

   -- its short operating track record; and

   -- funding constraints.

Positive rating factors include:

   -- the company's good market position,

   -- an efficient and well-run business model, and

   -- strong profitability and capitalization,
      although capitalization is being eroded by rapid
      asset growth.

JetFinance's performance also benefits from positive economic
trends.  However, after a rapid buildup of consumer debt in
Bulgaria recently, delinquency levels are starting to increase,
but remain at manageable levels.


=============
F I N L A N D
=============


INTERGRAPH CORP: S&P Assigns B Rating on Proposed Bank Facility
---------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B' corporate
credit rating to Huntsville, Alabama-based Intergraph Corp., a
global supplier of spatial information management software.  The
outlook is positive.

"At the same time, we assigned our 'B' bank loan rating, with a
recovery rating of '2', to the company's proposed US$465 million
first priority senior secured bank facility, which will consist
of a US$390 million term loan (due 2014) and a US$75 million
revolving credit facility (due 2012), indicating that lenders
can expect a substantial (80%-100%) recovery of principal in the
event of a payment default," said Standard & Poor's credit
analyst David Tsui.

The rating agency assigned its 'CCC+' bank loan rating, with a
recovery rating of '4', to the proposed US$275 million second
priority senior secured bank facility, which will consist of a
US$275 million term loan (due 2014), indicating that lenders can
expect a marginal (25%-50%) recovery of principal in the event
of a payment default.  All ratings are based on preliminary
offering statements and are subject to review upon final
documentation.

Proceeds from the US$390 million first priority and
US$275 million second priority senior secured credit facility,
along with US$60 million PIK loan secured by certain non-
operating assets and around US$425 million of equity, will be
used to fund the purchase of Intergraph by the sponsors group.

The rating on Intergraph reflects the highly competitive and
consolidating government IT services industry, a short track
record at current profitability levels, and high leverage.
These factors are partly offset by recurring and predictable
revenue stream stemming from long-term contracts and entrenched
customer relationships.


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


INFONXX INC: Recapitalization Cues Moody's to Place B2 Rating
-------------------------------------------------------------
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, 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
      Dec. 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 around 4.8 times,
adjusted free cash flow to debt was about 7%, and adjusted EBIT
coverage of interest expense was about 1.7x.

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 U.K. 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 the domestic borrower,
the domestic guarantors, certain foreign subsidiaries, and each
existing and future foreign subsidiary of the domestic borrower
guarantee foreign borrowings.  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 5.8x 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 4.6x and EBIT interest
coverage above 1.9x would likely result in a positive change in
the outlook or ratings.

InfoNXX, Inc. is a non-carrier provider of directory assistance
services in the U.S. and Europe particularly in the United
Kingdom, France and Ireland.  In the U.S., which comprised
around 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 September 30, 2006 was
around US$429 million.


RBS GLOBAL: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the B2 Corporate Family Rating for RBS Global Inc., as
well as the Caa1 rating on the company's US$300 million 11.75%
Senior Subordinate Notes due 2016 LGD6, 91%.  Those debentures
were assigned an LGD6 rating suggesting noteholders will
experience a 91% loss in the event of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150m Revolver
   due 2012               B1       Ba2     LGD2       20%

   US$610m Term Loan
   Facility due 2013      B1       Ba2     LGD2       20%

   US$485m 9.50% Sr.
   Notes due 2014         B3       B3      LGD4       66%

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

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

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

Headquartered in Milwaukee, Wisconsin, RBS Global Inc. --
http://www.rexnord.com/-- is engaged in the manufacture of
motion technology products that includes gears, couplings,
industrial bearings, flattop chain and modular conveyor belts,
special components, industrial chain and aerospace bearings and
seals.  The company has locations in Brazil, France, Australia
and China.


SUPERIOR ESSEX: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the B2 Corporate Family Rating for Superior Essex
Communications LLC, as well as the B3 rating on the company's
US$257.1 Million 9.% Senior Unsecured Notes due 2012.  Those
debentures were assigned an LGD5 rating suggesting noteholders
will experience a 76% loss in the event of default.

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

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

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

Headquartered in Atlanta, Georgia, Superior Essex Communications
LLC -- http://www.superioressex.com/-- is a manufacturer of
data communications, cables magnet wire, winding wire and
electrical insulations.  The company has operations in China,
Mexico, and France.


WELLMAN INC: Moody's Reviews Low-B Ratings & May Downgrade
----------------------------------------------------------
Moody's Investors Service downgraded Wellman Inc.'s corporate
family rating to B3 from B2.  The ratings on Wellman's first
lien term loan due 2009 and second lien term loan due 2010 were
downgraded to B1 and Caa1 from Ba3 and B3, respectively.  The
company's ratings were also placed under review for further
possible downgrade.

Ratings changes:

    * Corporate family rating, B3 from B2

    * US$185 million First lien term loan due 2009,
      B1 from Ba3, LGD2, 29%

    * US$265 million Second lien term loan due 2010,
      Caa1 from B3, LGD5, 77%

The downgrade of the corporate family rating reflects Wellman's
low raw material margins, operating losses in each quarter of
2006, lack of free cash flow in 2006 and elevated leverage.  The
company has been subject to rising and volatile feedstock prices
and has not been able to raise prices to maintain sufficient
margins.  Additionally, volumes in its fiber business continue
to decline.

The PET resin industry has suffered from Asian import
competition and capacity additions that have limited producers
ability to maintain adequate margins, conditions that are likely
to worsen in 2007.  Funds from operations during 2006 have not
been sufficient to meet the company's elevated capital
expenditures associated with the PET resin capacity expansion at
its Pearl River, MS plant, sizeable working capital growth as a
result of higher raw material costs and the startup of new
capacity, and hurricane Katrina costs, resulting in an increase
in debt of over US$100 million.

The continuing review will consider the impact of deteriorating
market conditions on the company's cash flows and its ability to
maintain compliance with its financial covenant in its revolver
over the next 12 months.  Furthermore, it will examine the
timing of several one-time cash in-flows that are expected to
occur over the next 12 months that may improve the company's
liquidity.  The company expects to reduce costs and raise cash
through the restructuring of its U.S. fibers operations and
working capital reductions.  It is also exploring strategic
alternatives for its European operations.  Additionally,
insurance proceeds covering hurricane Katrina costs could
benefit liquidity.

Wellman manufactures and markets PET (polyethylene
terephthalate) packaging resins under the PermaClear brand name
and polyester staple fibers under the Fortrel brand name and
engineering resins under the Wellamid Ecolon brand name. Wellman
operates five manufacturing sites - three in the U.S., one in
Ireland and one in the Netherlands.  Wellman is headquartered in
Fort Mill, South Carolina and had revenues of US$1.4 billion for
the LTM ended Sept. 30, 2006.


WELLMAN INC: S&P Lowers Ratings to B- on Weak Operating Earnings
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Wellman Inc. by two notches, including its corporate credit
rating, to 'B-' from 'B+'.  The outlook is negative.

"The downgrade follows Wellman's release of its third-quarter
2006 results and reflects significantly weaker-than-expected
operating earnings and cash flow, resulting in the deterioration
of liquidity and key credit protection measures," said
Standard & Poor's credit analyst David Bird.

While adverse working capital trends could reverse with lower
raw material costs in the months ahead, Standard & Poor's
expects business conditions to remain challenging, and Wellman's
overall financial profile has weakened beyond expectations at
the previous ratings.  The rating agency is also concerned that
Wellman's liquidity position, previously a supporting factor,
could deteriorate further if raw material prices unexpectedly
move against the company.  Wellman continues to face an
unfavorable supply and demand balance in PET resins because of
recent capacity additions and ongoing cost pressures from Asian
imports.

The ratings on Shrewsbury, N.J.-based Wellman reflect a
vulnerable business profile that recognizes the company's
leading positions in the fragmented PET resin and polyester
staple fiber segments of the polyester market, offset by
inherent industry cyclicality, considerable competitive pressure
from foreign producers primarily in Asia, and exposure to
volatile raw material costs, which have remained high throughout
2006.

Wellman, with about US$1.4 billion in annual revenues, is a
narrowly focused U.S.-based chemical company.  The company
produces polyester staple fibers primarily for the home
furnishing, fiberfill, and apparel markets, and is the second-
largest producer of PET resins used in beverage bottles and food
containers.  Despite Wellman's solid market share of the U.S.
market, the company lacks the diversity of some of its
competitors and industry peers, which meaningfully heightens its
exposure to industry downturns in the PET resins segment.

Reduced liquidity and an onerous debt maturity profile during
the next several years pressure Wellman's credit quality,
particularly if business conditions continue to weaken.  The
ratings could be lowered further if PET resin markets fail to
stabilize as expected because of increasing pressure from
imports or if continued raw material price volatility results in
further pressure on liquidity.


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

ABI TEAK: Korneuburg Court Orders Closing of Business
-----------------------------------------------------
The Land Court of Korneuburg entered an order Sept. 20 closing
the business of LLC ABI Teak Concept (FN 258684v).  Court-
appointed property manager Georg Freimueller recommended the
business closure after determining that the Debtor's continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Dr. Georg Freimueller
         c/o Dr. Erwin Senoner
         Alser Road 21
         1080 Vienna, Austria
         Tel: 01/406 05 51
         Fax: 01/406 96 01
         E-mail: kanzlei@jus.at

Headquartered in Klosterneuburg, Austria, the Debtor declared
bankruptcy on July 28 (Bankr. Case No. 36 S 87/06w).  Erwin
Senoner represents Dr. Freimueller in the bankruptcy
proceedings.


ALLGEMEINE HYPOTHEKENBANK: S&P Cuts Rating on New Business Model
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Germany-based Allgemeine
HypothekenBank Rheinboden AG to 'BB' from 'BB+', following the
review of the new business model the bank has recently started
to implement.  At the same time, the 'B' short-term rating was
affirmed.  The outlook remains negative.

"The rating action reflects Standard & Poor's expectation that
the adoption of the new business model will require an extended
length of time, during which AHBR's earnings prospects are
likely to remain dim," said Standard & Poor's credit analyst
Volker von Kruechten.  "In addition, the intended exclusive
focus on commercial real estate operations in the difficult and
competitive German market in the future, and AHBR's weak track
record of its operating and risk management performance in
recent years leave considerable uncertainties whether the
reshaping can be successfully finalized."

The planned far-reaching adjustments to AHBR's strategic focus
will substantially alter the bank's business profile --
Standard & Poor's has factored into the rating the expectation
that AHBR will finally succeed in selling its public sector
financing and retail mortgage business.  This could create the
chance to ultimately develop a viable business model.  After a
rebranding to "Corealcredit" scheduled for 2007, the bank will
have to prove, however, that it can restore its weakened
capital-market reputation, underwrite profitable new business,
and gain sufficient expertise to raise profitability and the
relative importance of fee income by sales of new and
sophisticated advisory services.

"The negative outlook reflects Standard & Poor's view that AHBR
remains confronted with significant execution risks during its
restructuring and repositioning process, taking into
consideration its moderate market position, poor business and
earnings diversification, and considerable investment needs to
develop a high level of expertise in profitable business areas
required to cope with strong competition and an ongoing
challenging domestic real estate market environment," said Mr.
von Kruechten.

Standard & Poor's would lower the ratings if the restructuring
were to face major operational obstacles that would adversely
affect AHBR's profitability, capitalization, and liquidity, or
if asset quality were to deteriorate significantly against the
expectation of a continued stabilization of German real estate
markets.  If Lone Star did not comply with its commitment to
provide AHBR with adequate capitalization, implications would
also be negative.

Standard & Poor's would raise the ratings if AHBR were able to
establish a favorable track record through the new business
model with positive implications for the bank's profitability on
a risk-adjusted basis and on its capital strength.


LAUSCHA & CO.: Vienna Court Orders Business Shutdown
----------------------------------------------------
The Trade Court of Vienna entered an order Sept. 20 shutting
down the business of KEG Lauscha & Co. (FN 251638g).  Court-
appointed property manager Andrea Prochaska 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. Andrea Prochaska
         Wassergasse 33/12
         1030 Vienna, Austria
         Tel: 718 77 50
         Fax: 718 77 50 15
         E-mail: anwalt@andrea-prochaska.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 24 (Bankr. Case No. 3 S 116/06p).


LUNZ OEG: Steyr Court Orders Business Closure
---------------------------------------------
The Land Court of Steyr entered an order Sept. 20 closing the
business of OEG Lunz (FN 247854t).  Court-appointed property
manager Julius Bitter recommended the business closure after
determining that the Debtor's continuing operations would reduce
the value of the estate.

The property manager can be reached at:

         Dr. Julius Bitter
         Schmideggstrasse 5
         4560 Kirchdorf/Krems, Austria
         Tel: 07582/60040
         E-mail: ra.bitter@aon.at

Headquartered in Micheldorf, Austria, the Debtor declared
bankruptcy on Sept. 11 (Bankr. Case No. 14 14 S 49/06p).


NICOLA BOSTELMANN: Claims Registration Period Ends November 6
-------------------------------------------------------------
Creditors owed money by LLC Nicola Bostelmann & Sohn (FN
186713d) have until Nov. 6 to file written proofs of claims to
court-appointed compensation manager Annemarie Kosesnik-Wehrle
at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Nov. 20 to consider the
adoption of the rule by compensation.

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. 20 (Bankr. Case No. 45 Sa 6/06w).


PHOTRONICS INC: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. technology semiconductor and
distributor sector, the rating agency affirmed its B1 corporate
family rating on Photronics, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$190MM 4.75%
   Convertible
   Subordinated Notes
   due 2006                B3      B2       LGD5      73%

   US$150MM 2.25%
   Convertible
   Subordinated Notes
   due 2008                B3      B2       LGD5      73%

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

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

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

Photronics, Inc. -- http://www.photronics.com/-- is a worldwide
manufacturer of photomasks.  Photomasks are high precision
quartz plates that contain microscopic images of electronic
circuits.  A key element in the manufacture of semiconductors
and flat panel displays, photomasks are used to transfer circuit
patterns onto semiconductor wafers and flat panel substrates
during the fabrication of integrated circuits, a variety of flat
panel displays and, to a lesser extent, other types of
electrical and optical components.  They are produced in
accordance with product designs provided by customers at
strategically located manufacturing facilities in Europe, North
America, and Asia.  In Europe, the company maintains operations
in Dresden, Germany and Manchester, U.K.


PORTRAIT CORP: Claims Bar Date Slated for November 28
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
set 5:00 p.m., eastern time, on Nov. 28, 2006, as the last day
for persons owed money by Portrait Corp. of America Inc. and its
debtor-affiliates to file their proofs of claim against the
Debtors.

The Bar Date applies to claims that arose on or prior to
Aug. 31, 2006.

The Proofs Of Claim must be received on or before the Bar Date
by:

   a) if by mail:

      The U.S. Bankruptcy Court
      Southern District of New York
      Attn: Portrait Corp. of America Claims Processing
      Bowling Green Station
      P.O. Box 5074
      New York, NY 10274-5074

   b) if by messenger or overnight courier:

      Office of the Clerk
      The U.S. Bankruptcy Court
      Southern District of New York
      Re: Portrait Corp. of America Claims Processing
      One Bowling Green, New York, NY 10274

                    About Portrait Corporation

Portrait Corporation of America, Inc. -- http://pcaintl.com/--
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany and the United Kingdom.  The Company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for
Chapter 11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case No.
06-22541).  John H. Bae, Esq., at Cadwalader Wickersham & Taft
LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' Financial Advisor
and Investment Banker.  At June 30, 2006, the Debtor had total
assets of $153,205,000 and liabilities of $372,124,000.

                     Going Concern Doubt

Eisner LLP raised substantial doubt about Portrait Corp. of
America, Inc.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Jan. 29, 2006.  The auditor pointed to the Company's
substantial net loss, negative working capital, stockholders'
deficiency, default of certain obligations, which were due on
June 15, 2006, and insufficient liquidity to meet those
obligations.


RED HAT: Begins US$325-Mln Stock & Debenture Repurchase Program
---------------------------------------------------------------
Red Hat Inc.'s Board of Directors has authorized a US$325
million Stock and Debenture Repurchase Program.

Under the program, the company is authorized to repurchase in
aggregate up to US$250 million of the company's common stock and
in aggregate up to US$75 million of the company's 0.5%
Convertible Senior Debentures due 2024.

Repurchases of common stock and Convertible Debentures may be
effected, from time to time, either on the open market or in
privately negotiated transactions, as applicable.

Red Hat Inc. -- http://www.redhat.com/-- provides open source
software solutions to the enterprise, including its core
enterprise operating system platform, Red Hat Enterprise Linux,
as well as other Red Hat enterprise technologies.  It employs an
open source software development and licensing model that uses
the collaborative input of an international community of
contributors to develop and enhance software.  The company has
offices in Singapore, Germany, and Argentina.

                        *     *     *

As reported in the TCR-Europe on Oct. 30, Standard & Poor's
Ratings Services revised its outlook on Raleigh, N.C.-based
operating systems provider Red Hat Inc. to stable from positive,
and affirmed its 'B+' corporate credit rating.


SANIERUNGS-UND SCHULDNERBERATUNG: Meeting Slated for Nov. 20
------------------------------------------------------------
Creditors owed money by LLC Sanierungs - und Schuldnerberatung
(FN 264834m) are encouraged to attend the creditors' meeting at
9:30 a.m. on Nov. 20 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Krems an der Donau
         Hall A
         2nd Floor
         Krems an der Donau, Austria

Headquartered in Krems an der Donau, Austria, the Debtor
declared bankruptcy on Sept. 20 (Bankr. Case No. 9 S 47/06v).
Alexander Riel serves as the court-appointed property manager of
the bankrupt estate.

The property manager can be reached at:

         Dr. Alexander Riel
         Utzstrasse 7
         3500 Krems, Austria
         Tel: 02732/79 5 20
         Fax: 02732/79 5 20-11
         E-mail: brenner-riel@ktv-krems.at


TKH LLC: Claims Registration Period Ends November 6
---------------------------------------------------
Creditors owed money by LLC TKH (FN 91293f) have until Nov. 6 to
file written proofs of claims to court-appointed property
manager Michael Ludwig Lang at:

         Mag. Michael Ludwig Lang
         Maria Theresien-Road 9/4
         1090 Vienna
         Tel: 3193260
         Fax: 31932609
         E-mail: lang@brandlang.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Nov. 20 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 1607
         16th Floor
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 20 (Bankr. Case No. 28 S 52/06k).


VITAL PLUS: Creditors' Meeting Slated for November 9
----------------------------------------------------
Creditors owed money by LLC Vital Plus For Women (FN 238692v)
are encouraged to attend the creditors' meeting at 9:00 a.m. on
Nov. 9 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Feldkirch
         Hall 45
         1st Floor
         Feldkirch, Austria

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on Sept. 20 (Bankr. Case No. 13 S 45/06g).  Klaus
Fischer serves as the court-appointed property manager of the
bankrupt estate.  Susanne Fink represents Dr. Fischer in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Klaus Fischer
         c/o Mag. Susanne Fink
         Marktstrasse 12
         6850 Dornbirn, Austria
         Tel: 05572/25871
         Fax: 05572/25871-2
         E-mail: office@fischer-walla-matt.at


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


INTERGRAPH CORP: S&P Assigns B Rating on Proposed Bank Facility
---------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B' corporate
credit rating to Huntsville, Alabama-based Intergraph Corp., a
global supplier of spatial information management software.  The
outlook is positive.

"At the same time, we assigned our 'B' bank loan rating, with a
recovery rating of '2', to the company's proposed US$465 million
first priority senior secured bank facility, which will consist
of a US$390 million term loan (due 2014) and a US$75 million
revolving credit facility (due 2012), indicating that lenders
can expect a substantial (80%-100%) recovery of principal in the
event of a payment default," said Standard & Poor's credit
analyst David Tsui.

The rating agency assigned its 'CCC+' bank loan rating, with a
recovery rating of '4', to the proposed US$275 million second
priority senior secured bank facility, which will consist of a
US$275 million term loan (due 2014), indicating that lenders can
expect a marginal (25%-50%) recovery of principal in the event
of a payment default.  All ratings are based on preliminary
offering statements and are subject to review upon final
documentation.

Proceeds from the US$390 million first priority and US$275-mln
second priority senior secured credit facility, along with US$60
million PIK loan secured by certain non-operating assets and
around US$425 million of equity, will be used to fund the
purchase of Intergraph by the sponsors group.

The rating on Intergraph reflects the highly competitive and
consolidating government IT services industry, a short track
record at current profitability levels, and high leverage.
These factors are partly offset by recurring and predictable
revenue stream stemming from long-term contracts and entrenched
customer relationships.


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


BANTA CORP: Inks US$1.3-Bln Acquisition Deal With RR Donnelley
--------------------------------------------------------------
R.R. Donnelley & Sons Company and Banta Corporation have signed
a definitive agreement pursuant to which RR Donnelley will
acquire Banta, a provider of printing, supply chain management
and related services.

The all-cash deal is valued at around US$1.3 billion, or
US$36.50 per share after the special dividend of US$16.00 per
share already declared by Banta.  The agreement has been
unanimously approved by the Boards of Directors of both
companies and is expected to close in the first quarter of 2007.
The acquisition is expected to be accretive to RR Donnelley's
earnings in the first full year after the closing of the
transaction and is subject to customary closing conditions,
including regulatory approval and approval of Banta
shareholders.

The combination will enable RR Donnelley to expand the range of
products and services it offers customers, while at the same
time enhancing its services to the magazine, catalog, book and
direct marketing segments.  Banta, with operations in the United
States, Europe and Asia, will significantly enhance RR
Donnelley's geographic footprint and create opportunities for
additional scale in locations where RR Donnelley is already
present.

Banta has annual revenues of around US$1.5 billion and provides
comprehensive printing and digital imaging solutions to leading
publishers and direct marketers, including advanced digital
content management and e-business services.  Banta also provides
a wide range of procurement management and other outsourcing
capabilities to the world's largest technology companies.

"Banta is an exceptional fit with RR Donnelley," Mark A.
Angelson, RR Donnelley's Chief Executive Officer, said.  "This
combination will create immediate cross-selling opportunities
with our blue-chip customers as well as offer substantial
synergies in our procurement, manufacturing and services
operations.  We are delighted to have the opportunity to better
serve our customers by expanding the flexibility of our combined
global manufacturing and service platforms.  The addition of
Banta furthers our goal of increasing long-term shareholder
value and we look forward to maximizing the benefits for our
customers, employees and investors."

"RR Donnelley's innovative, customer-centered approach, broad
product and service mix and emphasis on developing value-added
solutions mirrors Banta's," Stephanie A. Streeter, Banta's
Chairman and Chief Executive Officer, said.  "Joining these two
highly successful, complementary companies will result in a
combined organization that creates new and exciting
opportunities for our customers and employees moving forward.
Together, the companies will offer enhanced capabilities and an
increased array of options to our customers and I look forward
to working closely with RR Donnelley's management to ensure a
smooth transition."

"Our publishing, catalog and direct marketing customers, in
particular, will benefit from combined resources that will allow
us to craft even more innovative and responsive solutions," John
Paloian, RR Donnelley Group President, Publishing & Retail
Services, added.  "From digital prepress capabilities through
sophisticated logistics, our enhanced flexibility will allow us
to address our customers' needs more quickly for cost-effective
and compelling communications."

Also, RR Donnelley reaffirmed its previously announced 2006 full
year non-GAAP net earnings per diluted share from continuing
operations earnings guidance to be in the range of US$2.45 to
US$2.50, but trending toward the high end of the range.  GAAP
net earnings per diluted share from continuing operations in
2006 may include restructuring, impairment and integration
charges, the resolution of certain tax items and other items
that are not currently determinable, but may be significant. For
that reason, the company is unable to provide full-year GAAP net
earnings estimates at this time.

Goldman, Sachs & Co. served as financial advisor to RR Donnelley
and Sullivan & Cromwell LLP provided legal counsel.  UBS
Securities LLC served as financial advisor to Banta and Foley &
Lardner LLP provided legal counsel.

                        About RR Donnelley

Headquartred in Chicago, IL, R.R. Donnelley & Sons Company --
http://www.rrdonnelley.com/-- provides print and related
services, including document-based business process outsourcing.
Founded more than 140 years ago, the company provides solutions
in commercial printing, direct mail, financial printing, print
fulfillment, labels, forms, logistics, call centers,
transactional print-and-mail, print management, online services,
digital photography, color services, and content and database
management to customers in the publishing, healthcare,
advertising, retail, technology, financial services and many
other industries.

                           About Banta

Headquartered in Menasha, Wisconsin, Banta Corporation --
http://www.banta.com/-- provides printing and supply-chain
management services.  It provides a comprehensive combination of
printing, binding and digital imaging solutions to leading
publishers and direct marketers.  The group operates in Ireland,
Hungary, The Netherlands, U.K., Singapore, Hong Kong and China.

                         *     *     *

As reported in the TCR-Europe on Oct. 31, Standard & Poor's
Ratings Services assigned its 'BB' corporate credit rating to
Banta Corp., a Menasha, Wis.-based printing and supply chain
management services company.

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

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

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


BANTA CORP: Moody's May Upgrade Ratings on Acquisition Offer
------------------------------------------------------------
Moody's Investors Service affirmed the Baa2 Senior Unsecured and
P-2 short-term ratings of RR Donnelley and Sons Co., while
placing the Ba2 Corporate Family Rating, Ba2 Senior Secured
rating, Ba3 Probability of Default and LGD3 (39%) Loss-Given-
Default rating of Banta Corp. under review for possible upgrade.
The SGL-1 liquidity rating of Banta remains unchanged.  This
action reflects the announcement that RRD has made a US$900
million all-cash acquisition offer for Banta US$36.50/share),
which has been approved by Banta's Board.  Banta will also pay
an extraordinary dividend of around US$400 million to its
shareholders (US$16/share).  The outlook for RRD's ratings
remains negative.

The affirmation of RRD's long term rating reflects Moody's
belief that the acquisition, if consummated, will not negatively
affect RRD's credit metrics by 2008, assuming, importantly, that
the company dedicates all of its expected cash flow towards debt
reduction.  Moody's expects an immediate deterioration of credit
metrics, but the rating has been maintained because Moody's
believes the company is likely to focus on debt reduction
following the Banta acquisition.  Moody's expects Debt/EBITDA to
increase around of a turn towards 3X, pro-forma for 2006
(after Moody's standard adjustments), before reducing back
towards 2x by 2008.  Moody's also assumes that there will be
some synergy benefits to come from this acquisition by 2008,
after usual interim integration and restructuring costs are
incurred in 2007.

The outlook for RRD's ratings remains negative because of
Moody's concerns over the continuing difficult conditions in the
printing industry, as well as both acquisition risk and the
potential for share buybacks.  RRD has been acquisitive over the
past several years and although Moody's has concluded that the
proposed acquisition of Banta can be accommodated within the
existing Baa2 rating, the risk remains that RRD will undertake
one or more future acquisitions that will collectively cause a
deterioration of expected 2008 credit metrics.  As well, even
though Moody's is currently assuming that RRD will dedicate all
cash flow to debt reduction following the proposed acquisition,
the company has nevertheless recently authorized a
US$350 million share buyback program.

The review of Banta's ratings will focus on the likelihood of
the acquisition closing, the potential for RRD to refinance
Banta's debt, and the impact on its standalone operating
performance and credit metrics caused by its pending ownership
by RRD.

Rating actions:

Issuer: Banta Corporation

    * Corporate Family Rating, Placed on Review for
      Possible Upgrade, currently Ba2

    * Outlook, Changed To Rating Under Review From Stable

RR Donnelley and Sons Co., the world's largest commercial
printer with revenue of over US$9 billion, is headquartered in
Chicago, Illinois.  Banta Corp., a commercial printer with
revenue of around US$1.5 billion, is headquartered in Menasha,
Wisconsin.


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


BENCHMARK ELECTRONICS: Acquisition Deal Spurs S&P's BB- Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit rating on Angleton, Texas-based Benchmark Electronics
Inc. on CreditWatch with positive implications following the
company's announcement that it will acquire Pemstar Inc. in a
stock transaction valued at about US$300 million.

Pemstar is an electronics manufacturing service company that has
good penetration in adjacent markets to Benchmark.  Pemstar
reported revenues of US$871 million for the fiscal year ended
March 31, 2006, around 46% of which (excluding a turnkey sales
arrangement) is derived from industrial equipment programs,
nearly double Benchmark's revenue contribution from that
segment.  Profitability has been suppressed by restructuring
actions and an unprofitable contract that is being evaluated to
determine strategic alternatives.

"The acquisition will broaden Benchmark's market reach in higher
margin, stable programs in industrial equipment as well as
augmenting low cost manufacturing capacity," said Standard &
Poor's credit analyst Lucy Patricola.  The acquisition will
increase Benchmark's revenue by over 30% and enhance its
business position, which has been a limiting factor for its
ratings.  While Benchmark retains sufficient liquidity to
extinguish Pemstar debt of about US$100 million, leverage would
remain low, under 1x, if the debt remains outstanding.

The rating agency will meet with management to discuss and
evaluate the enhanced business prospects of the combined
companies, as well as any restructuring costs and their impact,
to determine the final impact on the rating.


COMMSCOPE INC: Earns US$43.6 Million Net Income in Third Quarter
----------------------------------------------------------------
CommScope Inc. disclosed its third quarter results for the
period ended Sept. 30, 2006.  The company reported record third
quarter sales of US$466.1 million and net income of US$43.6
million.  The reported net income includes after-tax charges of
US$1.9 million related to restructuring costs.  Excluding this
special item, adjusted third quarter earnings were US$45.5
million.

For the third quarter of 2005, CommScope reported sales of
US$345.6 million and net income of US$11.5 million.  The
reported net income included total after-tax charges of US$11.2
million, primarily for equipment impairment related to global
manufacturing initiatives.  Excluding these special items,
adjusted earnings were US$22.7 million.

"We delivered record third-quarter results fueled by the
expanding global demand for bandwidth," said Frank M. Drendel,
CommScope Chairman and Chief Executive Officer.  "We believe our
performance demonstrates we are executing our strategy well and
are strongly positioned for success in 2007."

"We posted strong sales growth in all segments," added Mr.
Drendel.  "Business enterprises are upgrading their Local Area
Networks and data centers.  Broadband service providers and
telecommunication carriers are investing in their infrastructure
to provide the 'quadruple play' of video, data, voice and
mobility.  CommScope's expanding portfolio of infrastructure
solutions continues to enable a host of new and exciting
communications services."

                          Sales Overview

Sales for the third quarter of 2006 increased 34.9% year over
year, primarily driven by increased customer demand and price
increases in response to higher raw material costs.

Enterprise sales rose 41.6% year over year to US$237.7 million.
Sales rose across essentially all geographic regions with
particular strength in the European region.  The strong third
quarter growth is primarily due to unusually strong orders
received during the second quarter and price increases resulting
from increased commodity prices.  The Enterprise segment
continued to experience organic growth as businesses moved
toward consolidated data centers and updated their Local Area
Networks to support bandwidth intensive applications.

Broadband segment sales rose to US$143.8 million, up 17.6% year
over year, as a result of higher prices for coaxial cable
products, increased global sales volumes in all regions and a
product line acquisition announced earlier this year.  Broadband
sales continued to be positively affected by competition between
cable television operators and telephone companies.

Carrier sales rose 52.9% year over year to US$85.0 million due
to substantially increased demand for Integrated Cabinet
Solutions products.  ICS sales increased as domestic telephone
companies continued investing in their infrastructure to support
video and high-speed data services.

Total international sales rose 22.0% year over year to US$137.1
million, or around 29.4% of total company sales.

Overall orders booked in the third quarter of 2006 were US$392.6
million, up 6.6% from the year-ago quarter.

                 Global Manufacturing Initiatives

CommScope's third quarter 2006 results reflect net pretax
restructuring charges of US$3.0 million ($1.9 million after tax)
primarily for equipment relocation costs associated with the
company's global manufacturing initiatives.

The company has essentially completed the Enterprise portion of
these initiatives.  The Broadband portion of these initiatives
is expected to be completed in the first quarter of 2007.

Other Third Quarter 2006 Highlights

   -- CommScope's SYSTIMAX(R) SolutionsTM joined the Cisco
      Technology Developer Program as an IP Communications
      Participant Partner.  The Cisco Technology Developer
      Program sets criteria for interoperability testing by
      independent third parties and enables leading product and
      services firms to deploy innovative business solutions.
      This program provides enterprise or service provider
      customers with information regarding Cisco Technology
      Developer Partner products and services that an
      independent testing facility has tested and found to
      interoperate with Cisco networking technology.

   -- gross margin for the third quarter rose to 30.0%, up more
      than 250 basis points year over year and up more than 350
      basis points sequentially.  The gross margin improvements
      were primarily due to higher sales volume and selling
      prices, favorable product mix and the positive impact of
      the Company's global manufacturing initiatives.

   -- SG&A for the third quarter of 2006 was US$62.8 million or
      13.5% of sales, compared to US$51.3 million or 14.8% of
      sales in the year-ago quarter.  SG&A declined as a
      percentage of sales primarily due to higher sales levels.

   -- third quarter 2006 results include US$1.3 million of
      pretax equity-based compensation expense accounted for in
      accordance with SFAS No. 123(R).

   -- operating income for the third quarter of 2006 was US$64.9
      million or 13.9% of sales.  Excluding restructuring costs,
      operating income would have been US$67.9 million or 14.6%
      of sales.  In the year-ago quarter, operating income was
      US$19.9 million or 5.8% of sales.  Excluding special
      items, operating income would have been US$33.9 million or
      9.8% of sales for the quarter.

   -- total depreciation and amortization expense was US$13.4
      million for the third quarter, which included US$3.2
      million of intangibles amortization.

   -- net cash provided by operating activities in the third
      quarter was US$34.8 million, up 22% year over year.
      Capital spending in the quarter was US$7.6 million.

CommScope also recently reported that its wholly owned
subsidiary, Connectivity Solutions Manufacturing Inc. had closed
on a previously announced agreement to sell real estate
consisting of around 70 acres and a 580,000-sq. ft. building at
the CSMI manufacturing facility located in Omaha, Nebraska.  The
sales price for the land and building was around US$11 million.
The sale will be recorded in the fourth quarter of 2006.

                   Fourth Quarter 2006 Guidance

   * for the fourth quarter of 2006, revenue is expected to be
     US$370-$385 million and operating margin is expected to be
     9%-10%, excluding special items;

   * effective tax rate of around 30%-34%; and

   * capital spending of around US$5-$8 million.

Based on the fourth quarter 2006 guidance, sales for calendar
year 2006 are expected to be around US$1.60-$1.62 billion, up
20% year over year.  Operating margin for calendar year 2006 is
estimated to be around 10.5%, excluding special items.

                    Calendar Year 2007 Guidance

   * for calendar year 2007, revenue is expected to be in the
     range of US$1.70-$1.75 billion and operating margin is
     expected to be 11.5% or better, excluding special items.

   * effective tax rate of around 30%-34%;

   * depreciation and amortization expense of around
     US$50 million; and

   * capital spending of around US$30-$40 million.

"As we move into the seasonally slower fourth quarter, we expect
a greater than normal sequential sales decline due primarily to
strong shipments in the third quarter," said Executive Vice
President and Chief Financial Officer Jearld L. Leonhardt.

"Our calendar year 2007 sales guidance is based on our
assumption of relatively constant raw material costs, modest
volume growth and a stable business environment," noted
Leonhardt.  "Based upon this revenue outlook, we believe we can
deliver another year of good earnings growth."

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV)
-- http://www.commscope.com/-- designs and manufactures "last
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications. Backed by strong research and
development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability -
including those in China, Brazil, Australia and Ireland -- to
provide customers with high-performance wired or wireless
cabling solutions.

                         *     *     *

Moody's Investors Service confirmed its Ba2 Corporate
Family Rating for CommScope Inc. and upgraded its B1 rating on
the company's US$250 million Senior Subordinated Note due 2024
to Ba3 in connection with Moody's implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.  Moody's assigned those debentures an LGD5 rating
suggesting noteholders will experience a 73% loss in case of
default.


INFONXX INC: Recapitalization Cues Moody's to Place B2 Rating
-------------------------------------------------------------
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, 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
      Dec. 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 around 4.8 times,
adjusted free cash flow to debt was about 7%, and adjusted EBIT
coverage of interest expense was about 1.7x.

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 U.K. 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 5.8x 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 4.6x and EBIT interest
coverage above 1.9x would likely result in a positive change in
the outlook or ratings.

InfoNXX, Inc. is a non-carrier provider of directory assistance
services in the U.S. and Europe particularly in the United
Kingdom, France and Ireland.  In the U.S., which comprised
around 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 September 30, 2006 was
around US$429 million.


VALASSIS COMMS: Earns US$6.6 Million in Third Quarter 2006
----------------------------------------------------------
Valassis Communications Inc.'s revenues decreased 6.5% to
US$248.9 million in the third quarter 2006, compared with the
same period of 2005.

Valassis Communications' third-quarter net earnings were US$6.6
million.  Earnings prior to US$10.1 million (net of tax) in
charges related to the proposed acquisition of ADVO and the
subsequent lawsuit to rescind the agreement and US$2.3 million
(net of tax) of non-recurring charges taken in the third quarter
were US$19.0 million.

Alan F. Schultz -- Valassis Communications chairperson,
president and chief executive officer, said, "While we have made
important progress in some areas of our business, year-to-date,
our 2006 performance has fallen short of expectations.  Clearly,
the freestanding insert industry continues to be very price
competitive, and in fact, the revenue and profit decline in this
segment of our business in Q3 (third quarter) is entirely
attributable to pricing.  This competitive pricing environment
will also negatively impact 2007 FSI revenue and profitability."

"Accordingly, we have refocused our efforts on our Strategic
Growth Initiative, which has been geared toward attaining
sustainable growth and the enhancement of shareholder value. We
are confident in and committed to this plan for growth, which
addresses four key strategies designed to: grow and diversify
our revenue base; restore and enhance profit margins across
all business units; leverage data, technology and analytics to
enhance our competitive advantage; and enrich and evolve our
strong traditions and culture," Mr. Schultz stated.

                   Financial Highlights

   -- selling, general and administrative expense for the third
      quarter of 2006 includes US$6.4 million in costs related
      to the close-down of both the French agency business and
      the eSettlement business unit of NCH and expenses related
      to the proposed ADVO acquisition and subsequent efforts to
      rescind the merger agreement.  Without these charges,
      selling, general and administrative expense decreased 3.9%
      to US$32.2 million compared to the third quarter of 2005
      due to reductions in headcount and incentive compensation
      expenses, partially offset by the inclusion of US$1.4
      million in stock option expense in accordance with
      FAS123R.

   -- cash and auction-rate securities at the end of the
      quarter were US$167.5 million.

   -- the company's debt position, net of cash and
      auction-rate securities, was US$92.4 million at
      quarter-end.

   -- on Oct. 2, 2006, the company paid a cash settlement in the
      amount of US$11.3 million in connection with the
      termination of a US$400 million interest-rate swap
      contract.  The company did not exercise its US$400 million
      interest-rate swaption contract that expired on
      Sept. 28, 2006, for which it paid a premium of US$1.0
      million.  Both of these contracts were entered into as a
      bridge hedge for a portion of the acquisition financing
      related to the proposed ADVO transaction pursuant to a
      merger agreement which the company is now seeking to
      rescind.  These charges have been included in interest
      expense during the quarter ended Sept. 30, 2006.  On
      Sept. 28, 2006, the company replaced its bridge hedge by
      entering into a new US$400 million swaption contract.  The
      premium paid for the new swaption was around US$2.1
      million, representing the maximum cost to be recognized as
      interest expense as the swaption is marked to market over
      the reporting period through Feb. 28, 2007.

   -- capital expenditures through the first nine months of
      2006 were US$8.4 million in comparison to US$22.0 million
      for the first nine months of 2005.  The company expects
      capital expenditures to be substantially less than the
      US$20 million level originally forecasted for 2006.

               Business Segment Discussion

   -- Market Delivered Free-standing Insert (FSI):

      Co-op FSI revenues for the third quarter were US$105.9
      million, down 7.1% from the third quarter of 2005.  This
      decrease was due to a reduction in FSI pricing compared
      to the third quarter of 2005.  As expected, Valassis'
      FSI market share during the third quarter of 2006 was up
      modestly versus the first half of 2006.  Management noted
      that FSI cost of goods sold was down by around 3%
      for the quarter on a cost per thousand (CPM) basis due to
      reductions in media insertion rates and the cost of paper.

   -- Market Delivered Run of Press (ROP):

      ROP revenues, generated from the brokering of advertising
      space on behalf of newspapers, were down 17.4% in the
      third quarter to US$24.6 million due to a change in mix to
      more fee-based business versus margin-based business.
      While ROP revenues were down, the company earned US$4.4
      million in profit for ROP for the quarter, an increase of
      104.4% over the third quarter of 2005.

   -- Neighborhood Targeted Products (Cluster Targeted):

      Neighborhood Targeted product revenues decreased 10.0% for
      the quarter to US$79.0 million.  This segment continued to
      be affected by a pullback in spending due to industry
      consolidations in the telecommunications and appliance
      manufacturing industries, and the reduction in spending of
      a specialty retail customer.  As expected, the company had
      a strong quarter in the sampling business.

   -- Household Targeted Products (1 to 1):

      Household Targeted product revenues were flat for the
      third quarter at US$12.6 million, as a result of securing
      new business to offset the loss of revenue associated with
      the discontinuance of PreVision's agency business.  The
      Household Targeted product segment continued to be
      profitable.

   -- International & Services:

      International & Services revenues are comprised of NCH
      Marketing Services, Valassis Canada and Promotion Watch.
      International & Services reported revenues of US$26.8
      million for the third quarter, up 22.4%, driven by
      increased revenue from the French media business and
      Valassis Canada.  During the quarter, the company
      recognized a US$1.7 million non-recurring charge, net of
      tax, related to the close-down of the French agency
      business as it continues to transition to a media-based
      business model.  The company also closed down the
      eSettlement unit of NCH with an associated US$0.6 million
      non-recurring charge, net of tax.

                           Outlook

"Regarding our current 2006 EPS guidance range of US$1.60 to
US$1.80 per share, we still have some selling time left in the
year and some hard work to do to get to the low end of this
range, excluding transaction costs and other, one-time charges,"
said Mr. Schultz.

"Additionally, several factors, including the pending outcome of
the ADVO litigation and continuing negotiations of the remaining
FSI business to be contracted for 2007, suggest that now is not
the best time to provide 2007 EPS guidance.  At the same time,
we believe existing contracts and those currently in negotiation
are expected to lead to a pricing decline next year, similar to
the one experienced in 2006, which is around 10 percent," Mr.
Schultz concluded.

Headquartered in Livonia, Michigan, Valassis Communications Inc.
-- http://www.valassis.com/-- offers a wide range of marketing
services to consumer-packaged goods manufacturers, retailers,
technology companies and other customers with operations in the
United States, France, Mexico and Canada.

                        *    *    *

As reported in the TCR-Europe on Nov. 1, Moody's Investors
Service downgraded Valassis Communications, Inc.'s senior
unsecured note ratings to Ba1 from Baa3.  Moody's also assigned
a Ba1 Corporate Family Rating, Ba1 Probability of Default
Rating, and LGD4 loss given default assessments to Valassis'
debt securities.  The ratings remain on review for downgrade.

Standard & Poor's Ratings Services lowered on July 9, 2006, its
corporate credit and senior unsecured ratings on Valassis
Communications Inc. to 'BB' from 'BB+' and left the ratings on
CreditWatch with negative implications.


WELLMAN INC: Moody's Reviewing Low-B Ratings & May Downgrade
------------------------------------------------------------
Moody's Investors Service downgraded Wellman, Inc.'s corporate
family rating to B3 from B2.  The ratings on Wellman's first
lien term loan due 2009 and second lien term loan due 2010 were
downgraded to B1 and Caa1 from Ba3 and B3, respectively.  The
company's ratings were also placed under review for further
possible downgrade.

Ratings changes:

    * Corporate family rating, B3 from B2

    * US$185 million First lien term loan due 2009,
      B1 from Ba3, LGD2, 29%

    * US$265 million Second lien term loan due 2010,
      Caa1 from B3, LGD5, 77%

The downgrade of the corporate family rating reflects Wellman's
low raw material margins, operating losses in each quarter of
2006, lack of free cash flow in 2006 and elevated leverage.  The
company has been subject to rising and volatile feedstock prices
and has not been able to raise prices to maintain sufficient
margins.  Additionally, volumes in its fiber business continue
to decline.

The PET resin industry has suffered from Asian import
competition and capacity additions that have limited producers
ability to maintain adequate margins, conditions that are likely
to worsen in 2007.  Funds from operations during 2006 have not
been sufficient to meet the company's elevated capital
expenditures associated with the PET resin capacity expansion at
its Pearl River, MS plant, sizeable working capital growth as a
result of higher raw material costs and the startup of new
capacity, and hurricane Katrina costs, resulting in an increase
in debt of over US$100 million.

The continuing review will consider the impact of deteriorating
market conditions on the company's cash flows and its ability to
maintain compliance with its financial covenant in its revolver
over the next 12 months.  Furthermore, it will examine the
timing of several one-time cash in-flows that are expected to
occur over the next 12 months that may improve the company's
liquidity.  The company expects to reduce costs and raise cash
through the restructuring of its U.S. fibers operations and
working capital reductions.  It is also exploring strategic
alternatives for its European operations.  Additionally,
insurance proceeds covering hurricane Katrina costs could
benefit liquidity.

Wellman manufactures and markets PET (polyethylene
terephthalate) packaging resins under the PermaClear brand name
and polyester staple fibers under the Fortrel brand name and
engineering resins under the Wellamid Ecolon brand name. Wellman
operates five manufacturing sites - three in the U.S., one in
Ireland and one in the Netherlands.  Wellman is headquartered in
Fort Mill, South Carolina and had revenues of US$1.4 billion for
the LTM ended Sept. 30, 2006.


WELLMAN INC: S&P Lowers Ratings to B- on Weak Operating Earnings
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Wellman Inc. by two notches, including its corporate credit
rating, to 'B-' from 'B+'.  The outlook is negative.

"The downgrade follows Wellman's release of its third-quarter
2006 results and reflects significantly weaker-than-expected
operating earnings and cash flow, resulting in the deterioration
of liquidity and key credit protection measures," said
Standard & Poor's credit analyst David Bird.

While adverse working capital trends could reverse with lower
raw material costs in the months ahead, Standard & Poor's
expects business conditions to remain challenging, and Wellman's
overall financial profile has weakened beyond expectations at
the previous ratings.  The rating agency is also concerned that
Wellman's liquidity position, previously a supporting factor,
could deteriorate further if raw material prices unexpectedly
move against the company.  Wellman continues to face an
unfavorable supply and demand balance in PET resins because of
recent capacity additions and ongoing cost pressures from Asian
imports.

The ratings on Shrewsbury, N.J.-based Wellman reflect a
vulnerable business profile that recognizes the company's
leading positions in the fragmented PET resin and polyester
staple fiber segments of the polyester market, offset by
inherent industry cyclicality, considerable competitive pressure
from foreign producers primarily in Asia, and exposure to
volatile raw material costs, which have remained high throughout
2006.

Wellman, with about US$1.4 billion in annual revenues, is a
narrowly focused U.S.-based chemical company.  The company
produces polyester staple fibers primarily for the home
furnishing, fiberfill, and apparel markets, and is the
second-largest producer of PET resins used in beverage bottles
and food containers.  Despite Wellman's solid market share of
the U.S. market, the company lacks the diversity of some of its
competitors and industry peers, which meaningfully heightens its
exposure to industry downturns in the PET resins segment.

Reduced liquidity and an onerous debt maturity profile during
the next several years pressure Wellman's credit quality,
particularly if business conditions continue to weaken.  The
ratings could be lowered further if PET resin markets fail to
stabilize as expected because of increasing pressure from
imports or if continued raw material price volatility results in
further pressure on liquidity.


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


ROYAL & SUN: Shareholders Approve U.S. Operations Disposal
----------------------------------------------------------------
An Extraordinary General Meeting of Royal & Sun Alliance
Insurance Group plc, unanimously approved the disposal of the
company's U.S. operations.

The decision of the attending shareholders was endorsed by the
proxy votes cast.

Summary of the proxy votes:

        For          Discretionary     Against      Withheld
   -------------     -------------     -------     ----------
   1,868,875,131      1,978,186        359,786     15,592,395

Issued ordinary share capital as at Nov. 1, 2006: 2,961,858,493

The resolution was supported by a majority (99.99%) of the proxy
votes cast (for votes plus discretionary).

The disposal is subject to regulatory approvals and completion
is targeted for yearend.

                    About Royal & Sun Alliance

Headquartered in London, United Kingdom, Royal & Sun Alliance
Insurance Group Plc -- http://www.royalsunalliance.com/--
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International.  The group operates in the U.K.,
Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China,
Colombia, Denmark, Egypt, France, Germany, Hong Kong, India,
Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland
Antilles, the Netherlands, Norway, Oman, Saudi Arabia,
Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela.

                           *    *    *

As reported in the TCR-Europe on Sept. 29, A.M. Best Co. has
placed the financial strength ratings of C++ (Marginal) and the
issuer credit ratings of "b" of the Royal & SunAlliance U.S.A.
Insurance Pool and Royal Surplus Lines Insurance Company under
review with developing implications pending the completion of
the proposed sale of these operations to Arrowpoint Capital, a
new company formed by the existing management team of these
operations.  All the above companies are domiciled in
Wilmington, Delaware.  R&SAUS and RSLIC are U.S. subsidiaries of
Royal & Sun Alliance Insurance Group plc (London, England).

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services lowered its counterparty credit and insurer
financial strength ratings on Royal & Sun Alliance Insurance
Group PLC's U.S. insurance operations (RSA USA) to 'BB' from
'BB+'.  S&P said the outlook remains negative.  At the same
time, the ratings were withdrawn at the request of the
companies' management.


ROYAL & SUN: Ends ADR Program & Delists Stock from NYSE
-------------------------------------------------------
Royal & Sun Alliance Insurance Group plc has terminated its
American Depositary Receipt program and voluntarily delisted
from the New York Stock Exchange.

Although ADR holders are no longer able to trade in the ADRs,
they have until Nov. 30, 2006, to instruct Citigroup N.A., the
Depositary, to exchange ADRs for R&SA ordinary shares.

Holders who wish to exchange their ADRs for R&SA ordinary shares
can call the Depositary on:

      Tel: 877 248 4237 (U.S.)
           +1 781 575 4555 (outside U.S.)

Any ADRs in existence after Nov. 30, 2006, will be cancelled by
the Depositary, who will then sell the R&SA ordinary shares
underlying those ADRs, with ADR holders being entitled to the
sale proceeds net of the Depositary's expenses and other costs.
The Depositary's usual charges will apply to all exchanges of
ADRs.

In order to terminate R&SA's registration with the U.S.
Securities and Exchange Commission and suspend SEC reporting
obligations, R&SA must certify that there are less than 300 US
holders of each relevant class of security, whether held
directly or indirectly.  On Oct. 26, 2006, R&SA shareholders
approved a resolution to amend R&SA's Articles of Association to
include provisions conferring upon the Board the power to
require any US holder to sell securities.  R&SA subsequently
announced that US holders with an interest in less than 250,000
R&SA ordinary shares (equivalent to 50,000 ADRs) would be
required to sell their R&SA ordinary shares by not later than
Nov. 17, 2006.

Further to the notices sent out, ADR holders are reminded that
if they exchange their ADRs for R&SA ordinary shares their
holdings will be subject to this sale process if:

   -- they hold less than 50,000 ADRs;

   -- are U.S. resident;

   -- appear to the Board to be U.S. resident;

   -- fail to respond to inquiries as to their status as U.S.
      residents; or

   -- fail to prove to R&SA's satisfaction that they are not
      U.S. residents.

                    About Royal & Sun Alliance

Headquartered in London, United Kingdom, Royal & Sun Alliance
Insurance Group Plc -- http://www.royalsunalliance.com/--
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International.  The group operates in the U.K.,
Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China,
Colombia, Denmark, Egypt, France, Germany, Hong Kong, India,
Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland
Antilles, the Netherlands, Norway, Oman, Saudi Arabia,
Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela.

                           *    *    *

As reported in the TCR-Europe on Sept. 29, A.M. Best Co. has
placed the financial strength ratings of C++ (Marginal) and the
issuer credit ratings of "b" of the Royal & SunAlliance U.S.A.
Insurance Pool and Royal Surplus Lines Insurance Company under
review with developing implications pending the completion of
the proposed sale of these operations to Arrowpoint Capital, a
new company formed by the existing management team of these
operations.  All the above companies are domiciled in
Wilmington, Delaware.  R&SAUS and RSLIC are U.S. subsidiaries of
Royal & Sun Alliance Insurance Group plc (London, England).

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services lowered its counterparty credit and insurer
financial strength ratings on Royal & Sun Alliance Insurance
Group PLC's U.S. insurance operations (RSA USA) to 'BB' from
'BB+'.  S&P said the outlook remains negative.  At the same
time, the ratings were withdrawn at the request of the
companies' management.


SEVERSTAL OAO: Names Alexei Mordashov as General Director
---------------------------------------------------------
The Board of Directors of OAO Severstal has appointed Alexei
Mordashov as General Director, starting Dec. 16, 2006, RIA
Novosti says.

Mr. Mordashov currently serves as Chairman of Severstal's Board
of Directors and General Director of parent company Severstal
Shareholder Group.  He also holds a 90% stake in Severstal
through his family-owned companies, Frontdeal Limited.

Mr. Mordashov is offering 15% of the company's shares from his
stake, effectively cutting his holdings from 90% to 75%.

The company will commence its road show for the listing on
Oct. 30.  Severstal has acquired the service of Citigroup Inc.,
UBS AG and Deutsche Bank AG as joint coordinators and bookrunner
for the London listing.

                        About Severstal

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

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

                        *     *     *

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

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

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


THERMADYNE HOLDINGS: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the Caa1 Corporate Family Rating for Thermadyne
Holdings Corporation, as well as the Caa2 rating on the
company's US$175 Million 9.25% Senior Subordinate Notes due
Feb. 1, 2014.  Those debentures were assigned an LGD5 rating
suggesting noteholders will experience a 73% loss in the event
of default.

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

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

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

Headquartered in St. Louis Missouri, Thermadyne Holdings
Corporation -- http://www.thermadyne.com/-- is a multi-national
manufacturer of welding and cutting products.  The company has
operations in Indonesia, Malaysia, Singapore, Philippines,
Italy, Mexico and Brazil.


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


AKORD-LTD LLP: Creditors Must File Claims by Nov. 29
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Akord-Ltd insolvent on Sept. 5.
Subsequently, bankruptcy proceedings were introduced at the
company.

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

         LLP Akord-Ltd
         Room 8
         2nd Floor
         Building of Rail Road Station
         Micro District 28
         Aktau
         Kazakhstan
         Tel: 8 (3292) 41-15-89
              8 (7017) 75-79-29


ATF BANK: Moody's Assigns Ba3 Rating on Loan Participation Notes
----------------------------------------------------------------
Moody's Investors Service assigned a long-term foreign currency
debt rating of Ba3 to the upcoming issue of subordinated loan
participation notes to be issued on a limited recourse basis by
ATF Capital B.V. for the sole purpose of funding a subordinated
loan to Kazakhstan's ATFBank.  These notes and the underlying
loan will qualify as junior subordinated debt as per Moody's
classification.  The amount of the issue has yet to be
determined.  The final rating will be assigned upon receipt and
review of the final documentation.  The outlook for the rating
is stable.

The rating is based on Moody's assessment of ATFBank's
fundamental credit quality which incorporates, apart from the
bank's intrinsic financial strength, potential support from the
Kazakhstani authorities in the event of need, in reflection of
ATFBank's importance to the national banking system as the
country's fourth-largest bank with an 8% market share in terms
of banking assets as at Dec. 31, 2005.

The Tier I securities will be undated perpetual, but will be
callable by the issuer commencing from the 10th anniversary from
the date of the issue (subject to regulatory approval).  The
rating also takes account of the relative ranking of the Tier I
securities, which will stand senior to equity and preferred
stock holders, on a par with unsecured, perpetual, non-
cumulative, subordinated obligations, but behind most of the
senior unsecured and dated non-perpetual subordinated
obligations, in case of liquidation.  Moody's also notes that
the rating factors in the bank's mandatory obligation to suspend
non-cumulative interest payments (in full or in part) on the
underlying loan and on the notes, if it were in breach of local
prudential capital adequacy requirements or if the payment
results in such breach.

In evaluating the securities for equity consideration as per
Moody's baskets, the agency noted that the securities qualify
for basket A (100% debt) based on the callable feature of the
notes, the relatively weak trigger for ceasing coupon payments,
as well as the securities' ranking in liquidation.

ATFBank is headquartered in Almaty, Kazakhstan and reported
total consolidated assets of KZT359.1 billion (US$2.7 billion)
and total shareholders' equity of KZT27.5 billion
(US$206 million) under IFRS as at year-end 2005.


AVTOTORGSERVICE LLP: Proof of Claim Deadline Slated for Nov. 26
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Avtotorgservice insolvent on Sept. 19.

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

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


FERROHROM JSC: Claims Registration Ends Nov. 29
-----------------------------------------------
The Trade Union Organization of JSC Ferrohrom has declared
insolvency.  Creditors have until Nov. 29 to submit written
proofs of claim to:

         The Trade Union Organization Of JSC Ferrohrom
         Industrial Zone of JSC TNK Kazhrom
         Aktobe
         Aktube Region
         Kazakhstan
         Tel/Fax: 8 (3132) 50-15-41


J. YRYS: Creditors' Filing Period Ends Nov. 29
----------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP J. Yrys insolvent on Aug. 29.  Subsequently,
bankruptcy proceedings were introduced at the company.

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

         LLP J. Yrys
         Side Street 3 Avtomobilnyi, 16
         Taraz
         Jambyl Region
         Kazakhstan
         Tel: 8 (3262) 31-60-44


KONYS COMPANY: Aktube Court Opens Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Company Konys on
Sept. 19.


MIRSAT LLP: Aktube Court Begins Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Mirsat on Sept. 20.


MOSTOSTROY LLP: Creditors Must File Claims by Dec. 5
----------------------------------------------------
LLP Joint Kazah-Ukrainian Enterprise Mostostroy has declared
insolvency.  Creditors have until Dec. 5 to submit written
proofs of claim to:

         LLP Mostostroy
         Motrosov Str. 3
         Arshaly
         Arshaly District
         Akmola Region
         Kazakhstan


PETROSNABSERVICE LLP: Creditors' Claims Due Nov. 26
---------------------------------------------------
LLP Petrosnabservice has declared insolvency.  Creditors have
until Nov. 26 to submit written proofs of claim to:

         LLP Petrosnabservice
         Abylhair han Ave. 9- 41
         Aktobe
         Aktube Region
         Kazakhstan


PROD WEST: Proof of Claim Deadline Slated for Nov. 26
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Prod West insolvent on Sept. 7.

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

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


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


SAILYK-RESOURCE LLC: Creditors' Claims Due Dec. 15
--------------------------------------------------
LLC Sailyk-Resource has declared insolvency.  Creditors have
until Dec. 15 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 61-20-47.


TEYSI MARKET: Claims Registration Ends Dec. 15
----------------------------------------------
LLC Teysi Market has declared insolvency.  Creditors have until
Dec. 15 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 61-20-47.


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


BANTA CORP: Inks US$1.3-Bln Acquisition Deal With RR Donnelley
--------------------------------------------------------------
R.R. Donnelley & Sons Company and Banta Corporation have signed
a definitive agreement pursuant to which RR Donnelley will
acquire Banta, a provider of printing, supply chain management
and related services.

The all-cash deal is valued at around US$1.3 billion, or
US$36.50 per share after the special dividend of US$16.00 per
share already declared by Banta.  The agreement has been
unanimously approved by the Boards of Directors of both
companies and is expected to close in the first quarter of 2007.
The acquisition is expected to be accretive to RR Donnelley's
earnings in the first full year after the closing of the
transaction and is subject to customary closing conditions,
including regulatory approval and approval of Banta
shareholders.

The combination will enable RR Donnelley to expand the range of
products and services it offers customers, while at the same
time enhancing its services to the magazine, catalog, book and
direct marketing segments.  Banta, with operations in the United
States, Europe and Asia, will significantly enhance RR
Donnelley's geographic footprint and create opportunities for
additional scale in locations where RR Donnelley is already
present.

Banta has annual revenues of around US$1.5 billion and provides
comprehensive printing and digital imaging solutions to leading
publishers and direct marketers, including advanced digital
content management and e-business services.  Banta also provides
a wide range of procurement management and other outsourcing
capabilities to the world's largest technology companies.

"Banta is an exceptional fit with RR Donnelley," Mark A.
Angelson, RR Donnelley's Chief Executive Officer, said.  "This
combination will create immediate cross-selling opportunities
with our blue-chip customers as well as offer substantial
synergies in our procurement, manufacturing and services
operations.  We are delighted to have the opportunity to better
serve our customers by expanding the flexibility of our combined
global manufacturing and service platforms.  The addition of
Banta furthers our goal of increasing long-term shareholder
value and we look forward to maximizing the benefits for our
customers, employees and investors."

"RR Donnelley's innovative, customer-centered approach, broad
product and service mix and emphasis on developing value-added
solutions mirrors Banta's," Stephanie A. Streeter, Banta's
Chairman and Chief Executive Officer, said.  "Joining these two
highly successful, complementary companies will result in a
combined organization that creates new and exciting
opportunities for our customers and employees moving forward.
Together, the companies will offer enhanced capabilities and an
increased array of options to our customers and I look forward
to working closely with RR Donnelley's management to ensure a
smooth transition."

"Our publishing, catalog and direct marketing customers, in
particular, will benefit from combined resources that will allow
us to craft even more innovative and responsive solutions," John
Paloian, RR Donnelley Group President, Publishing & Retail
Services, added.  "From digital prepress capabilities through
sophisticated logistics, our enhanced flexibility will allow us
to address our customers' needs more quickly for cost-effective
and compelling communications."

Also, RR Donnelley reaffirmed its previously announced 2006 full
year non-GAAP net earnings per diluted share from continuing
operations earnings guidance to be in the range of US$2.45 to
US$2.50, but trending toward the high end of the range.  GAAP
net earnings per diluted share from continuing operations in
2006 may include restructuring, impairment and integration
charges, the resolution of certain tax items and other items
that are not currently determinable, but may be significant. For
that reason, the company is unable to provide full-year GAAP net
earnings estimates at this time.

Goldman, Sachs & Co. served as financial advisor to RR Donnelley
and Sullivan & Cromwell LLP provided legal counsel.  UBS
Securities LLC served as financial advisor to Banta and Foley &
Lardner LLP provided legal counsel.

                        About RR Donnelley

Headquartred in Chicago, IL, R.R. Donnelley & Sons Company --
http://www.rrdonnelley.com/-- provides print and related
services, including document-based business process outsourcing.
Founded more than 140 years ago, the company provides solutions
in commercial printing, direct mail, financial printing, print
fulfillment, labels, forms, logistics, call centers,
transactional print-and-mail, print management, online services,
digital photography, color services, and content and database
management to customers in the publishing, healthcare,
advertising, retail, technology, financial services and many
other industries.

                           About Banta

Headquartered in Menasha, Wisconsin, Banta Corporation --
http://www.banta.com/-- provides printing and supply-chain
management services.  It provides a comprehensive combination of
printing, binding and digital imaging solutions to leading
publishers and direct marketers.  The group operates in Ireland,
Hungary, The Netherlands, U.K., Singapore, Hong Kong and China.

                         *     *     *

As reported in the TCR-Europe on Oct. 31, Standard & Poor's
Ratings Services assigned its 'BB' corporate credit rating to
Banta Corp., a Menasha, Wis.-based printing and supply chain
management services company.

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

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

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


BANTA CORP: Moody's May Upgrade Ratings on Acquisition Offer
------------------------------------------------------------
Moody's Investors Service affirmed the Baa2 Senior Unsecured and
P-2 short-term ratings of RR Donnelley and Sons Co., while
placing the Ba2 Corporate Family Rating, Ba2 Senior Secured
rating, Ba3 Probability of Default and LGD3 (39%) Loss-Given-
Default rating of Banta Corp. under review for possible upgrade.

The SGL-1 liquidity rating of Banta remains unchanged.  This
action reflects the announcement that RRD has made a US$900
million all-cash acquisition offer for Banta US$36.50/share),
which has been approved by Banta's Board.  Banta will also pay
an extraordinary dividend of around US$400 million to its
shareholders (US$16/share).  The outlook for RRD's ratings
remains negative.

The affirmation of RRD's long term rating reflects Moody's
belief that the acquisition, if consummated, will not negatively
affect RRD's credit metrics by 2008, assuming, importantly, that
the company dedicates all of its expected cash flow towards debt
reduction.  Moody's expects an immediate deterioration of credit
metrics, but the rating has been maintained because Moody's
believes the company is likely to focus on debt reduction
following the Banta acquisition.  Moody's expects Debt/EBITDA to
increase around 3/4 of a turn towards 3X, pro-forma for 2006
(after Moody's standard adjustments), before reducing back
towards 2x by 2008.  Moody's also assumes that there will be
some synergy benefits to come from this acquisition by 2008,
after usual interim integration and restructuring costs are
incurred in 2007.

The outlook for RRD's ratings remains negative because of
Moody's concerns over the continuing difficult conditions in the
printing industry, as well as both acquisition risk and the
potential for share buybacks.  RRD has been acquisitive over the
past several years and although Moody's has concluded that the
proposed acquisition of Banta can be accommodated within the
existing Baa2 rating, the risk remains that RRD will undertake
one or more future acquisitions that will collectively cause a
deterioration of expected 2008 credit metrics.  As well, even
though Moody's is currently assuming that RRD will dedicate all
cash flow to debt reduction following the proposed acquisition,
the company has nevertheless recently authorized a
US$350 million share buyback program.

The review of Banta's ratings will focus on the likelihood of
the acquisition closing, the potential for RRD to refinance
Banta's debt, and the impact on its standalone operating
performance and credit metrics caused by its pending ownership
by RRD.

Rating actions:

Issuer: Banta Corporation

    * Corporate Family Rating, Placed on Review for
      Possible Upgrade, currently Ba2

    * Outlook, Changed To Rating Under Review From Stable

RR Donnelley and Sons Co., the world's largest commercial
printer with revenue of over US$9 billion, is headquartered in
Chicago, Illinois.  Banta Corp., a commercial printer with
revenue of around US$1.5 billion, is headquartered in Menasha,
Wisconsin.


CAIRN CLO: S&P Assigns BB- Rating on EUR10.5-Mln Class E Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the secured variable funding and floating-rate
notes to be issued by Cairn CLO I B.V., a special purpose
entity.

The collateral comprises senior and mezzanine leveraged loans,
high-yield bonds, and structured finance securities.  The
transaction has a six-year reinvestment period, and the
investment manager will be Cairn Financial Products Ltd.

This will be the first European CLO transaction managed by Cairn
Financial Products.  The class A-1 notes are variable funding
notes (VFNs), and the noteholder will comply with Standard &
Poor's criteria.

At closing the issuer will enter into a VFN purchase agreement
under which it will be entitled to draw on a VFN, at any time,
up to an amount equal to a maximum of 10% of the capitalization.
Amounts drawn under the VFN may be denominated in sterling or
euros.

                       Ratings List
                      Cairn CLO I B.V.
             EUR333.46 Million and GBP11.45 Million
       Secured Variable Funding And Floating-Rate Notes

                                       Prelim.
                                       amount and
                        Prelim.        currency
         Class          rating         (Mil.)
         -----          ------         ----------
         A1-VFN         AAA            EUR35
         A2             AAA            EUR169.75
         A3             AAA            GBP11.45
         A4             AAA            EUR11.7
         B              AA             EUR30
         C              A              EUR23
         D              BBB-           EUR21.5
         E              BB-            EUR10.5
         M Subordinated NR             EUR32.01

         NR-Not rated.


HARBOURMASTER CLO 4: Keeps BB Ratings on EUR10MM Class B2 Notes
---------------------------------------------------------------
Fitch Ratings affirmed Harbourmaster CLO 4 B.V. notes following
a satisfactory performance review:

   -- EUR337,000,000 Class A1 floating-rate notes
      (XS0203060339): AAA;

   -- EUR28,000,000 Class A2E floating-rate notes
      (XS0203060925): AAA;

   -- EUR40,000,000 Class A2F fixed-rate notes (XS0203061063):
      AAA;

   -- EUR32,000,000 Class A3 floating-rate notes (XS0203061493):
      AA;

   -- EUR16,000,000 Class A4 floating-rate notes (XS0203061659):
      A;

   -- EUR11,000,000 Class B1 floating-rate notes (XS0203061907):
      BBB;

   -- EUR4,000,000 Class B2E floating-rate notes (XS0203063945):
      BB;

   -- EUR6,000,000 Class B2F fixed-rate notes (XS0203062467):
      BB;

   -- EUR50,000,000 Class S1 combination notes: AAA;

   -- EUR6,000,000 Class S2 combination notes: BBB-; and

   -- EUR5,000,000 Class S3 combination notes: WD.

Harbourmaster 4 is arbitrage cash CLO backed by a diversified
portfolio of leveraged loans.

The affirmation reflects the consistent credit quality of the
portfolio, as well as the available credit enhancement in the
structure to date.  The transaction is in compliance with
portfolio guidelines and satisfies Fitch's coverage tests.

The credit quality is stable with a current weighted average
rating factor of 25.1 compared to 25.2 when ramped-up, both
WARFs being equivalent to a B+/B rating.  Around 41% of the
underlying assets are loans to B rated corporate entities. There
have been no defaults since closing.

The ratings of the Class A1 and A2 notes address ultimate
repayment of principal at maturity and timely payment of
interest when due.  For all other Classes of notes, the ratings
address ultimate payment of principal and interest, including
deferred interest, at maturity.

The ratings on the S1 and S3 combo notes address the ultimate
payment of principal from funds received on their components,
while for the S2 combo notes, the rating addresses the ultimate
payment of principal and interest at a coupon rate of EURIBOR.
Fitch has withdrawn the rating for Class S3 combination notes as
the notes have been absorbed back into the original notes.

Harbourmaster 4 is the fourth European CLO managed by
Harbourmaster Capital Limited.  The CDO Asset Manager is rated
CAM2 based on strong credit underwriting and workout experience.

The transaction constitutes a securitization of primarily senior
secured loans and the underlying assets will be replenished in
accordance to portfolio guidelines and various financial
covenants with respect to obligor, industry and asset type
concentration.

The issuer can also enter into a sub-participation agreement
with financial institutions rated A or above, subject to
restrictions.  The issuer, Harbourmaster 4, is a limited
liability company incorporated under the laws of the
Netherlands.


HEXION SPECIALTY: Eliminates Certain Defaults on Notes
------------------------------------------------------
Hexion Specialty Chemicals Inc.'s wholly owned finance
subsidiaries, Hexion U.S. Finance Corp. and Hexion Nova Scotia
Finance, ULC, entered into a third supplemental indenture to the
Indenture dated as of Aug. 12, 2004 and a supplemental indenture
to the Indenture dated as of May 20, 2005.

The third supplemental indenture dated as of Oct. 26, 2006, to
the Indenture dated as of Aug. 12, 2004, by and among Hexion
U.S. Finance Corp., Hexion Nova Scotia Finance, ULC, each of the
guarantors party thereto, and Wilmington Trust Company, as
Trustee, pursuant to which the Second-Priority Senior Secured
Floating Rate Notes due 2010 and the 9% Second-Priority Senior
Secured Notes due 2014 were issued.

The supplemental indenture dated as of Oct. 26, 2006, to the
Indenture dated as of May 20, 2005, by and among Hexion U.S.
Finance Corp., Hexion Nova Scotia Finance, ULC, each of the
guarantors party thereto, and Wilmington Trust Company, as
Trustee, pursuant to which the Second-Priority Senior Secured
Floating Rate Notes due 2010 were issued.

The 2004 Notes Supplemental Indenture and 2005 Notes
Supplemental Indenture were entered into in connection with the
Company's tender offers and consent solicitations with respect
to the 2004 Floating Rate Notes, the 9% Notes and the 2005
Floating Rate Notes, which were commenced Oct. 12, 2006.  The
Supplemental Indentures amend the terms governing the Notes to,
among other things, eliminate most of the restrictive covenants
and certain events of default, and delete all references to
collateral in the 2004 Notes Indenture and the 2005 Notes
Indenture.

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
company has 86 manufacturing and distribution facilities in
18 countries.  The company's European headquarters is located at
Rotterdam in The Netherlands.

                          *     *     *

As reported in TCR-Europe on Oct. 19, Moody's Investors Service
assigned B3 ratings to the new guaranteed senior secured second
lien notes due 2014 of Hexion Specialty Chemicals Inc.  The
company expects to issue roughly US$825 million of notes split
(55/45) between fixed and floating rate notes.

As reported in the Troubled Company Reporter on May 4, Standard
& Poor's Ratings Services assigned its 'B+' rating and its
recovery rating of '3' to Hexion Specialty's US$1.675 billion
senior secured term loan and synthetic letter of credit
facilities.

The rating on the existing US$225 million revolving credit
facility was lowered to 'B+' with a recovery rating of '3', from
'BB-' with a recovery rating of '1', to reflect the similar
security package as the new term loan and synthetic letter of
credit facility.

The ratings on the existing senior second secured notes were
raised to 'B', with a recovery rating of '3', from 'B-' with a
recovery rating of '5'.  The ratings on the senior second
secured notes reflect the amount of priority claims of the
revolving facility and the first-lien term loan lenders.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating on Hexion and revised the outlook to stable from
negative.


HEXION SPECIALTY: Extends Tender Offer for Sr. Notes to Nov. 13
---------------------------------------------------------------
Hexion Specialty Chemicals Inc. has extended the expiration date
of its cash tender offers, for any and all of the outstanding 9%
Second-Priority Senior Secured Notes due 2014 and the Second-
Priority Senior Secured Floating Rate Notes due 2010 issued by
Hexion U.S. Finance Corp. and Hexion Nova Scotia Finance, ULC,
to 5:00 p.m., New York City time, on Nov. 13, 2006, unless
further extended.  In connection with the extension of the
tender offers Hexion is changing the Price Determination Date
for the 9% Notes which shall now be Oct. 30, 2006.

As of Oct. 24, 2006, tenders and consents had been received with
respect to 100% of the outstanding principal amounts of the
Notes.  The tender offers and consent solicitations are subject
to the terms and conditions set forth in Hexion's Offer to
Purchase and Consent Solicitation Statement dated Oct. 12, 2006,
and the related Consent and Letter of Transmittal.

Hexion has retained Credit Suisse Securities (USA) LLC to act as
Dealer Manager in connection with the tender offer and consent
solicitation.  Questions about the tender offer and consent
solicitation may be directed to:

          Credit Suisse Securities (USA) LLC
          Tel: (800) 820-1653 (toll free)
               (212) 325-7596 (collect)

Copies of the Offer Documents and other related documents may be
obtained from the information agent for the tender offer and
consent solicitation at:

          D.F. King & Co., Inc.
          Tel: (800) 290-6426 (toll free)
               (212) 269-5550 (collect)

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
company has 86 manufacturing and distribution facilities in
18 countries.  The company's European headquarters is located at
Rotterdam in The Netherlands.

                          *     *     *

As reported in TCR-Europe on Oct. 19, Moody's Investors Service
assigned B3 ratings to the new guaranteed senior secured second
lien notes due 2014 of Hexion Specialty Chemicals Inc.  The
company expects to issue roughly US$825 million of notes split
(55/45) between fixed and floating rate notes.

As reported in the Troubled Company Reporter on May 4, Standard
& Poor's Ratings Services assigned its 'B+' rating and its
recovery rating of '3' to Hexion Specialty's US$1.675 billion
senior secured term loan and synthetic letter of credit
facilities.

The rating on the existing US$225 million revolving credit
facility was lowered to 'B+' with a recovery rating of '3', from
'BB-' with a recovery rating of '1', to reflect the similar
security package as the new term loan and synthetic letter of
credit facility.

The ratings on the existing senior second secured notes were
raised to 'B', with a recovery rating of '3', from 'B-' with a
recovery rating of '5'.  The ratings on the senior second
secured notes reflect the amount of priority claims of the
revolving facility and the first-lien term loan lenders.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating on Hexion and revised the outlook to stable from
negative.


HEXION SPECIALTY: Prices Tender Offer for 9% Senior Notes
---------------------------------------------------------
Hexion Specialty Chemicals Inc. disclosed the consideration to
be paid in its cash tender offer and consent solicitation for
any and all of the outstanding 9% Second-Priority Senior Secured
Notes due 2014, issued by Hexion U.S. Finance Corp. and Hexion
Nova Scotia Finance, ULC.  The tender offer and consent
solicitation is subject to the terms and conditions set forth in
Hexion's Offer to Purchase and Consent Solicitation Statement
dated Oct. 12, 2006, and the related Consent and Letter of
Transmittal.

The total consideration for the 9% Notes which will be payable
in respect of 9% Notes accepted for payment that were validly
tendered with consents delivered and not withdrawn on or prior
to 5:00 p.m., New York City time, on Oct. 24, 2006, will be
US$1,133.84 per US$1,000 principal amount of 9% Notes.  Hexion
currently expects to accept for payment, subject to conditions
set forth in the Offer Documents, all of the validly tendered 9%
Notes on Nov. 3, 2006; accordingly, the total consideration for
the 9% Notes was determined assuming payment on such date.  In
addition to the total consideration, which includes a consent
payment of US$30 per US$1,000 principal amount of 9% Notes,
Hexion will pay accrued and unpaid interest up to but not
including the payment date for 9% Notes purchased in the Tender
Offer.

The tender offer by Hexion will expire at 5:00 p.m., New York
City time, on Nov. 13, 2006, unless extended or earlier
terminated by Hexion.  In the event that the Expiration Date is
extended, new pricing terms may be determined.  Information
regarding the pricing, tender and delivery procedures and
conditions to the tender offer and consent solicitation relating
to the 9% Notes is contained in the Offer Documents.

Hexion's tender offer is subject to the conditions set forth in
the Offer Documents including, among other things, Hexion
obtaining the financing necessary to pay for the Notes and
consents in accordance with the terms of the tender offer and
consent solicitation.

Hexion has retained Credit Suisse Securities (USA) LLC to act as
Dealer Manager in connection with the tender offer and consent
solicitation.  Questions about the tender offer and consent
solicitation may be directed to:

          Credit Suisse Securities (USA) LLC
          Tel: (800) 820-1653 (toll free)
               (212) 325-7596 (collect)

Copies of the Offer Documents and other related documents may be
obtained from the information agent for the tender offer and
consent solicitation at:

          D.F. King & Co., Inc.
          Tel: (800) 290-6426 (toll free)
               (212) 269-5550 (collect).

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
company has 86 manufacturing and distribution facilities in
18 countries.  The company's European headquarters is located at
Rotterdam in The Netherlands.

                          *     *     *

As reported in TCR-Europe on Oct. 19, Moody's Investors Service
assigned B3 ratings to the new guaranteed senior secured second
lien notes due 2014 of Hexion Specialty Chemicals Inc.  The
company expects to issue roughly US$825 million of notes split
(55/45) between fixed and floating rate notes.

As reported in the Troubled Company Reporter on May 4, Standard
& Poor's Ratings Services assigned its 'B+' rating and its
recovery rating of '3' to Hexion Specialty's US$1.675 billion
senior secured term loan and synthetic letter of credit
facilities.

The rating on the existing US$225 million revolving credit
facility was lowered to 'B+' with a recovery rating of '3', from
'BB-' with a recovery rating of '1', to reflect the similar
security package as the new term loan and synthetic letter of
credit facility.

The ratings on the existing senior second secured notes were
raised to 'B', with a recovery rating of '3', from 'B-' with a
recovery rating of '5'.  The ratings on the senior second
secured notes reflect the amount of priority claims of the
revolving facility and the first-lien term loan lenders.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating on Hexion and revised the outlook to stable from
negative.


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


GETIN FINANCE: Fitch Rates US$150-Million Bond Issue at BB
----------------------------------------------------------
Fitch Ratings assigned Getin Finance Plc's US$150 million bond
issue an expected BB rating.  The bonds are issued under GF's
EUR1 billion debt issuance program and are unconditionally and
irrevocably guaranteed by Getin Bank SA.  GB's ratings are
affirmed at Issuer Default BB with Stable Outlook, Short-term B,
Individual D and Support 5.

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

The bond issue will have a maturity of two years.  Both the
bonds and the guarantee of GB have senior status.  The net
proceeds of the issue will be used to fund GB.

GF is a SPV created by GB for the purpose of the above-mentioned
debt issuance program.  GB is 99.3%-owned by Getin Holding, a
privately owned integrated financial group quoted on the Warsaw
Stock Exchange.  At end-H106 the banks' total assets amounted to
PLN8.6 billion (US$2.7 billion).

Getin Bank's business model is based on targeting the rapidly
growing Polish retail banking market and leveraging third-party
distribution channels.


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


WOLVERINE TUBE: Soliciting Consents to Exchange New Equity Notes
----------------------------------------------------------------
Wolverine Tube Inc. filed a Registration Statement on Form S-4
with the U.S. Securities and Exchange Commission for an exchange
offer and consent solicitation to exchange newly issued equity
and a new issue of secured notes for the Company's Senior Notes,
subject to certain conditions, including a minimum tender
condition and the SEC's declaring the Registration Statement
effective.

If the Company does proceed with the exchange offer but
conditions to the exchange offer and consent solicitation are
not satisfied, the Company intends to pursue other alternatives,
including, if certain conditions are met, a prepackaged plan of
reorganization of Wolverine and certain of its subsidiaries.
The Registration Statement filed Wednesday therefore includes
solicitation for a Prepackaged Plan under Chapter 11 of the
Bankruptcy Code.

As previously disclosed, the Company and its advisors have been
evaluating refinancing and restructuring alternatives in
anticipation of the upcoming maturities of the Company's Secured
Revolving Credit Facility and Receivables Sale Facility in 2008
and its outstanding 7.375% Senior Notes and 10.5% Senior Notes
in 2008 and 2009, as well as its future projected short-term
liquidity needs.  As part of that process, Wolverine continues
to be engaged in discussions with representatives of its
bondholders and other groups as to the most appropriate
transaction, if any, to reduce debt and maintain value for its
shareholders.

If pursued, the Prepackaged Plan would generally provide
substantially the same consideration to the holders of the
Senior Notes as would the consummation of the exchange offer and
consent solicitation.  Further, under the contemplated
Prepackaged Plan, all administrative claims, priority claims,
secured claims and general unsecured claims (other than with
respect to the Senior Notes), including trade claims, would be
paid in full, and holders of existing common stock would receive
a pro rata share of a percentage of the new common stock in
certain circumstances.  No assurance can be given that either an
exchange offer and consent solicitation or a consensual plan
will be pursued and agreed upon.

Chip Manning, Wolverine's President and Chief Executive Officer
stated, "[Wednes]day's filing is another step in the Company's
efforts to improve its overall financial health.  It is
important to note that we are still continuing to explore a
range of alternatives, and no decision has been made on which
course of action the Company will ultimately take."

Manning added, "We continue to believe that liquidity is
sufficient to sustain our operations in the near- to mid-term.
The Company's restructuring process should have no impact on our
day-to-day operations and our customers and vendors can continue
to rely on the same high quality service and relationships with
Wolverine that they have come to expect."

Wolverine Tube, Inc. is a world-class quality partner, providing
its customers with copper and copper alloy tube, fabricated
products and metal joining products.

                     About the Company

Headquartered in Hunstville, Alabama, Wolverine Tube, Inc. --
http://www.wlv.com/-- provides customers with copper and copper
alloy tube, fabricated products, brazing alloys, fluxes and
lead-free solder, as well as copper and copper alloy rod, bar
and other products.  The company has manufacturing facilities in
Ontario, Mexico, Portugal and China.  It maintains sales and
marketing offices in the United Kingdom and The Netherlands.

                      *      *      *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector in September 2006,
the rating agency confirmed the Caa1 Corporate Family Rating for
Wolverine Tube Inc., as well as the Caa2 ratings on the
company's 7.375% Senior Unsecured Notes due 2008 and the 10.5%
Senior Unsecured Notes due 2009.  Those debentures were assigned
an LGD4 rating suggesting noteholders will experience a 61% loss
in the event of default.


WOLVERINE TUBE: Moody's Lowers Ratings on Restructuring Program
---------------------------------------------------------------
Moody's downgraded the ratings of Wolverine Tube, Inc.'s senior
unsecured notes to Caa3 from Caa2 and its corporate family
rating to Caa2 from Caa1.  The outlook for the company remains
negative.  This action was prompted by Wolverine's announcement
of a restructuring and reorganization program that will involve
a debt for equity exchange to the company's current noteholders.
If the company does not receive enough support for this offer,
Wolverine intends to pursue a prepackaged bankruptcy plan.

The downgrade reflects Moody's opinion concerning the impact of
the restructuring program on noteholders' ultimate recovery as
well as the overall financial strength of Wolverine.  Industry
competitive dynamics, volatility of raw material prices, and
Wolverine's liquidity were also considered in the assessment of
the company's ratings and rating outlook.

Ratings downgraded:

    * Corporate Family Rating, to Caa2 from Caa1

    * Gtd. Sr. Unsec. 7.375% notes, US$135 million due 2008,
      to Caa3 from Caa2 (LGD4 -- 62%)

    * Gtd. Sr. Unsec. 10.5% notes, US$99 million due 2009,
      to Caa3 from Caa2 (LGD4 -- 62%)

Moody's previous rating action on Wolverine was the April 27
downgrade of its long-term debt ratings to Caa2 from Caa1 and
its corporate family rating to Caa1 from B3.

Wolverine is a North American manufacturer and distributor of
copper and copper alloy tube, fabricated products and metal
joining products, headquartered in Huntsville, Alabama.
Wolverine generated US$1.1 billion in revenues and a net loss of
US$45.3 million, for the nine months ended Oct. 1, 2006 as
compared to revenues of US$636 million and a net loss of
US$19.4 million realized in the same period earlier.


WOLVERINE TUBE: Proposed Exchange Offer Spurs S&P to Cut Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Huntsville, Ala.-based Wolverine Tube Inc., to 'CC'
from 'CCC+', following Wolverine's exchange offer and
solicitation of consent filed [Wednes]day with the SEC.  The
ratings on the company's senior unsecured notes were also
lowered to 'C' from 'CCC'.

"The lower ratings on the notes reflect the distressed nature of
the proposed exchange and our belief that the value of the
exchange offer, if completed, is not equivalent to the value of
the original contracted amounts," said Standard & Poor's credit
analyst Lisa Tilis.

At the same time, Standard & Poor's placed all of the ratings on
CreditWatch with negative implications pending the outcome of
the proposed restructuring, which could involve a Chapter 11
bankruptcy filing.

Wolverine proposes to offer a combination of newly issued common
stock and convertible preferred stock and new secured notes to
current holders of its US$135 million 7.375% senior notes due
August 2008 and US$99 million 10.5% senior notes due April 2009.
The exchange offer and consent solicitation is subject to
certain conditions, including a minimum tender condition.
The exchange offer and consent solicitation is intended to
reduce debt and position Wolverine to continue its operational
restructuring efforts.  Also, if the requirements of the
exchange offer are not met, the company is simultaneously
soliciting acceptances of a prepackaged plan of reorganization
under Chapter 11.  The proposed terms for noteholders under the
prepackaged plan are substantially the same as under the
exchange offer and consent solicitation.

Wolverine is also continuing to explore other alternative
refinancing and restructuring options.  Standard & Poor's
believes that it is unlikely that the company will be able to
secure such financing in the absence of waivers for its current
indentures because of its very high debt leverage and weak
operating results.

If the distressed exchange is completed, the corporate credit
rating will be lowered to 'SD', or selective default, and the
ratings on the exchanged notes will be lowered to 'D'.  Also, if
any interest payments are missed while the company is preparing
to effect the exchange or considering its financing options, the
relevant issue rating would be lowered to 'D', with no likely
impact on the corporate credit rating.  Alternatively, if the
prepackaged plan of bankruptcy is filed, all ratings will be
lowered to 'D'.


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


BEREZNIKOVSKIY FACTORY: Court Names S. Volkov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. S. Volkov as
Insolvency Manager for LLC Bereznikovskiy Factory of Reinforced
Concrete Construction.  He can be reached at:

         S. Volkov
         Post User Box 6952
         614068 Perm Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 50-5112/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Bereznikovskiy Factory Of Reinforced Concrete
         Construction
         Lenina Pr. 82
         Berezniki
         618400 Perm Region
         Russia


BUSINESS PARTNER: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Udmurtiya Republic commenced bankruptcy
supervision procedure on LLC Financial Company Business Partner.
The case is docketed under Case No. A71-006563/2006-G2.

The Temporary Insolvency Manager is:

         S. Olin
         Karla Libknekhta 65
         Izhevsk
         426063 Udmurtiya Republic
         Russia

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         LLC Financial Company Business Partner
         Svobody Str. 202
         Izhevsk
         426057 Udmurtiya Republic
         Russia


COAL 95: Primorye Court Names S. Pisarets as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Primorye Region appointed Mr. S.
Pisarets as Insolvency Manager for CJSC Coal 95.  He can be
reached at:

         S. Pisarets
         Svetlanovskaya Str. 145-1
         Vladivostok Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-6868/2000 15-64b.

The Debtor can be reached at:

         CJSC Coal 95
         Novoshakhtinskij
         Mikhaylovskiy Region
         Primorye Region
         Russia


ERMAKOVSKIY WOODWORKING: Court Names I. Gorn to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. I.
Gorn as Insolvency Manager for OJSC Ermakovskiy Woodworking
Combine.  He can be reached at:

         I. Gorn
         Post User Box 2513
         634045 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-11623/2006.

The Debtor can be reached at:

         OJSC Ermakovskiy Woodworking Combine
         Promyshlennaya Str. 4
         Ermakovskoye
         Ermakovskiy Region
         663820 Krasnoyarsk Region
         Russia


ILISHEVSKIY ELEVATOR: Court Names Z. Kamalova to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Ms. Z.
Kamalova as Insolvency Manager for Municipal Unitary Enterprise
Ilishevskiy Elevator.  She can be reached at:

         Z. Kamalova
         Post User Box of Ms. Z. Kamalova
         Central Post Office
         Centre
         Ufa
         450000 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-07-40456/04-G-ADM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         Z. Kamalova
         Post User Box of Ms. Z. Kamalova
         Central Post Office
         Centre
         Ufa
         450000 Bashkortostan Republic
         Russia


KHABAROVSKIY FACTORY: Court Starts Reorganization Process
---------------------------------------------------------
The Arbitration Court of Khabarovsk Region commenced external
management bankruptcy procedure on OJSC Khabarovskiy Factory of
Heating Equipment.  The case is docketed under Case No.
A 73-17766/2005.

The External Insolvency Manager is:

         T. Semenova
         Post User Box 4227
         GOS-13
         680013 Khabarovsk Region
         Russia

The Debtor can be reached at:

         OJSC Khabarovskiy Factory of Heating Equipment
         Sivorova Str. 73
         680015 Khabarovsk Region
         Russia


LADA LLC: Primorye Court Names A. Sotnikov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Primorye Region appointed Mr. A.
Sotnikov as Insolvency Manager for LLC Furniture Factory Lada.
He can be reached at:

         A. Sotnikov
         Abrekskaya Str. 5
         690001 Vladivostok Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A51-6534/06 26-143.

The Debtor can be reached at:

         LLC Furniture Factory Lada
         Tatarkaya Str. 11
         690000 Vladivostok Region
         Russia


LUKOIL OIL: Earns RUR51 Billion for January-September 2006
----------------------------------------------------------
OAO Lukoil released its financial results for the first nine
months of 2006, prepared according to Russian Accounting
Standards.

For the January-September 2006, Lukoil's net profit dipped 26.8%
year-on-year, to RUR51.09 billion.

For the third quarter of 2006, the company's net profit slid
42.5% quarter-on-quarter, to RUR7.9 billion.

Lukoil blamed lower revenues from its units for the slide in net
profit.

                        About Lukoil

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

                        *     *     *

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

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

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


LUKOIL OAO: Inks Cooperation Agreement with Rostekhnadzor
---------------------------------------------------------
Vagit Alekperov, President of OAO Lukoil, and Konstantin
Pulikovsky, Head of the Federal Service on Environmental,
Technological and Nuclear Supervision, signed a cooperation
agreement between the company and Rostekhnadzor.

The aim of the agreement is to facilitate cooperation of the
parties in the field of enhanced industrial and environmental
safety in OAO Lukoil.

The parties agreed to cooperate on:

   -- improve industrial safety supervision systems within the
      Lukoil Group, develop integrated industrial safety, labor
      protection and environmental protection supervision
      systems;

   -- participate in improvement of regulations for industrial
      safety and environmental protection;

   -- develop and introduce effective forms and techniques of
      state supervision over safe operation of hazardous
      production facilities, including development and
      implementation of integrated industrial safety, labor
      protection and environmental protection supervision
      systems within the Lukoil Group;

   -- ensure efficient cooperation of Rostekhnadzor and its
      territorial bodies with the Lukoil Group organizations,
      aimed at a higher quality of preliminary design and
      project documentation for construction, reconstruction,
      re-equipment, conservation and liquidation of hazardous
      production facilities, reduced time of design data
      consideration, including unlimited application of modern
      information technologies;

   -- develop proposals and recommendations for mid- and long-
      term planning of the LUKOIL Group organizations in the
      field of industrial and environmental safety, and
      conservation of mineral resources.

The Parties are to set up a working group to implement
provisions of the Agreement. The Agreement is valid for three
years after it is signed.

                        About Lukoil

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

                        *     *     *

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

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

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


MARSHAL: Tatarstan Court Names V. Shevelev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. V.
Shevelev as Insolvency Manager for CJSC Automobile Company
Marshal.  He can be reached at:

         V. Shevelev
         Post User Box 75
         Kazan
         420021 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-8440/2006-SG4-27.

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:

         CJSC Automobile Company Marshal
         Polkovaya Str. 4
         Vysokaya Gora
         Vysokogorskiy Region
         422700 Tatarstan Republic
         Russia


MIYAKINSKIY MANUFACTURING: Names T. Nikolaeva to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Ms. T.
Nikolaeva as Insolvency Manager for OJSC Miyakinskiy
Manufacturing Combine (TIN 0238002371).  She can be reached at:

         T. Nikolaeva
         Gvardeyskaya Str. 37
         Ufa
         450069 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-56455/05-G-RKhM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Miyakinskiy Manufacturing Combine
         Shosseynaya Str. 3
         Kirziz-Miyaki
         Miyakinskiy Region
         452080 Bashkortostan Republic
         Russia


NIZHNEKAMSKNEFTEKHIM OAO: Fitch Keeps B+ Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings affirmed Russia-based petrochemicals producer OAO
Nizhnekamskneftekhim's ratings at Issuer Default B+, senior
unsecured B+, and Short-term B.  The National Long-term rating
is affirmed at A.  The Outlooks on the Issuer Default and
National ratings are Stable.

The ratings continue to reflect NKNK's position as the largest
petrochemicals producer in Russia, leadership in select
products, balanced geographic revenue diversification and
adequate profitability.  The company also benefits from being
included in the Republic of Tatarstan's strategic development
program of the oil, gas and petrochemicals industry.

Fitch notes that in March 2006 Tatarstan's government entrusted
its shareholding in NKNK along with treasury shares to TAIF for
five years.  TAIF now has 80% of NKNK.  However, the government
continues to have a golden share, which gives it veto rights on
certain decisions taken at the shareholder meeting and by the
board of directors.

TAIF is a major investment company in Tatarstan with holdings in
more than 50 companies.  In FY05 TAIF achieved a profit of
around RUR12.7 billion and the number of employees in TAIF-
controlled companies exceeds 40,000.

NKNK is carrying out a sizeable capital expenditure program
totaling US$724 million on 12 projects over the period of 2006-
2010, thereby putting considerable pressure on free cash flow
generation.  Moreover, the size of some of these projects
implies significant execution risk.

Nonetheless, this should allow NKNK to further improve
integration, increase scale and facilitate the launch of higher
value-added products.  The Stable Outlook reflects Fitch's
expectation that the progressive shift in favor of higher value-
added products will support stable cash flow generation and a
balanced capital structure over the medium term.

NKNK's H106 results prepared according to Russian accounting
standards showed revenues increase 8.7% year on year to RUR23
billion, as prices were increased to compensate for higher raw
material costs.  Profit before tax rose 19.4% year on year to
RUR2.5 billion.

In FY05, revenues increased 24.5% to RUR48.1 billion, due mostly
to price increases in the company's main product range.
However, price increases were not sufficient to offset an
anticipated drop in EBITDAR margin to 12.2% in FY05 from 15.2%
in FY04 due to lower margins for the export commodity chemicals.
Nonetheless, NKNK's wide range of products has allowed it to
maintain a reasonably stable gross margin of around 26% in the
past three years.

Following the US$200 million eurobond issue in December 2005,
NKNK's capital structure has changed, with total adjusted debt
accounting for around 43% of total adjusted capitalization.

Major credit metrics at FYE05 were adequate for the rating
level, with adjusted net debt/operating EBITDAR at 1.9x.  Fitch
anticipates the company to start de-leveraging from 2007
onwards.

Coverage ratios have deteriorated with funds from
operations/gross interest decreasing to 4.1x in 2005 from 7.1x
in 2004.  NKNK has indicated that it does not plan any
significant new borrowing in 2006-2007.


PRESS-PRINT: Moscow Bankruptcy Hearing Slated for December 25
-------------------------------------------------------------
The Arbitration Court of Moscow Region will convene on Dec. 25
to hear the bankruptcy supervision procedure on OJSC Press-Print
(TIN 5045029426).  The case is docketed under Case No.
A41-K2-12750/06.

The Temporary Insolvency Manager is:

         L. Ponomareva
         Post User Box 600
         603000 N. Novgorod Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Press-Print
         Stupino
         142800 Moscow Region
         Russia


RUSSIA OJSC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Khakasiya Republic commenced bankruptcy
supervision procedure on OJSC Breeding Factory Russia.  The case
is docketed under Case No. A74-3379/2006.

The Temporary Insolvency Manager is:

         I. Domolego
         Sogrinskaya Str. 45
         Abakan
         655007 Khakasiya Republic
         Russia

The Debtor can be reached at:

         OJSC Breeding Factory Russia
         Mira Str. 17
         Novorossiyskoye
         655665 Khakasiya Republic
         Russia


SEVERSTAL OAO: Names Alexei Mordashov as General Director
---------------------------------------------------------
The Board of Directors of OAO Severstal has appointed Alexei
Mordashov as general director effective Dec. 16, 2006, RIA
Novosti says.

Mr. Mordashov currently serves as Chairman of Severstal's Board
of Directors and general director of parent company Severstal
Shareholder Group.  He also holds a 90% stake in Severstal
through his family-owned companies, Frontdeal Limited.

Mr. Mordashov is offering 15% of the company's shares from his
stake, effectively cutting his holdings from 90% to 75%.

The company commenced its road show for the listing on Oct. 30.
Severstal has acquired the service of Citigroup Inc., UBS AG and
Deutsche Bank AG as joint coordinators and bookrunner for the
London listing.

                        About Severstal

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

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

                        *     *     *

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

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

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


SITRONICS JSC: Earns US$33.11 Million for First Half 2006
---------------------------------------------------------
JSC Sitronics released its financial results for the first six
months of 2006, prepared according to U.S. Generally Accepted
Accounting Principles.

For the first six months of 2006, Sitronics posted US$33.11
million in net profit, 26.9% lower than the same period in 2005.
The company also posted US$699.44 million in revenues for the
January-June period, 65.68% higher than the same interval in
2005.

The company's operating profit went down 36.77% to US$62.8
billion and operating income before depreciation and
amortization fell 18.5% to US$85.3 million.

                         About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.  The company also operates in
Russia, CIS countries, Eastern Europe, Middle East, Africa and
North America.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 20,
Moody's Investors Service assigned a provisional (P)B3 corporate
family rating to the Joint Stock Company Sitronics.

Concurrently, Moody's assigned a provisional (P)B3 rating to the
proposed notes of up to US$200 million to be issued by Sitronics
Finance S.A.  Moody's said the outlook on the ratings is stable.

On Feb. 16, TCR-Europe reported that Fitch Ratings gave Concern
Sitronics JSC a Long-term IDR rating of B- with a Stable Outlook
and an expected rating of B- to Sitronics' guaranteed up to
US$200 million bond with a maturity of three years.  The
assignment of the final bond rating is contingent on receipt of
final documents conforming to information already received.

The ratings take into account that Sitronics is Russia and the
CIS region's largest technology group, and its small scale on a
global perspective.  Sitronics benefits from support of Sistema
Joint Stock Financial Corp, its dominant shareholder.  Although
it does not guarantee Sitronics' obligations, Sitronics is its
second largest subsidiary and its default would trigger a cross-
default of Sistema's bonds.

The Stable Outlook reflects an expectation that although
Sitronics' businesses will continue to grow at strong rates, the
company is likely to remain a niche player and will not be able
to materially improve its competitive position vis-a-vis its
larger rivals.


SPASSKIY MEAT: Court Names A. Khayrutdinov to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. A.
Khayrutdinov as Insolvency Manager for OJSC Spasskiy Meat
Combine (TIN 1637000339).  He can be reached at:

         A. Khayrutdinov
         Post User Box 70
         Kazan
         420111 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-12985/2006-SG4-16.

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:

         A. Khayrutdinov
         Post User Box 70
         Kazan
         420111 Tatarstan Republic
         Russia


SOLNECHNAYA POLYANA: Bankruptcy Hearing Slated for February 7
-------------------------------------------------------------
The Arbitration Court of Krasnodar Region will convene at 2:15
p.m. on Feb. 7, 2007, to hear the bankruptcy supervision
procedure on Federal State Unitary Enterprise Sanatorium
Solnechnaya Polyana (TIN 2325008172).  The case is docketed
under Case No. A32-18262/2006-2/1243-B.

The Temporary Insolvency Manager is:

         K. Kovalenko
         Yufimtseva Str. 14
         Rostov-na-Donu
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         Federal State Unitary Enterprise Sanatorium Solnechnaya
         Polyana
         Apsheronsk
         Krasnodar Region
         Russia


STEEL-CONSTRUCTION: Court Names I. Bashmakova to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Sakhalin Region appointed Ms. I.
Bashmakova as Insolvency Manager for LLC Steel-Construction.
She can be reached at:

         I. Bashmakova
         Dzerzhinskogo Str. 28
         680000 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A59-3135/06-S9.

The Debtor can be reached at:

         LLC Steel-Construction
         Kryukova Str. 168A
         Yuzhno-Sakhalinsk
         Russia


TROLLEYBUS FACTORY: Asset Sale Slated for on November 9
-------------------------------------------------------
LLC Consult Service, the bidding organizer for OJSC Trolleybus
Factory, opened a public auction for the company's properties at
3:40 p.m. on Nov. 9 at:

         OJSC Trolleybus Factory
         Assembly Hall
         2nd Floor
         Administrative Building
         Engels
         413105 Saratov Region
         Russia

The Starting Price for the auctioned assets is RUR28,633,800.

To participate, bidders have until 3:30 p.m. on Nov. 9 to
deposit an amount equivalent to five percent of the starting
price to:

         LLC Consult Service
         Settlement Account 40702810200000003808
         OJSC NVKbank
         Saratov Region
         TIN/KPP 6452090339/645201001
         Correspondent Account 3010181010000000751
         BIK 046311751

Bidding documents must be submitted to:

         Room 38
         2nd Floor
         Administrative Building
         OJSC Trolleybus Factory
         Engels
         413105 Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Trolleybus Factory
         Engels
         413105 Saratov Region
         Russia


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


BLYTH INC: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer products sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Blyth, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$125M senior
   unsecured bonds
   due 2009               Ba3      Ba3     LGD4        55%

   US$100M senior
   unsecured bonds
   due 2013               Ba3      Ba3     LGD4        55%

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

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

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

Headquartered in Greenwich, Connecticut, Blyth Inc. designs,
manufactures and markets a line of candles and home fragrance
products, tabletop heating products, candle accessories and home
decor and giftware products.  The company has operations in
Italy, Spain, Hong Kong, China, and Australia.


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


ARMSTRONG WORLD: Requests for Payment Deadline Set for Nov. 16
--------------------------------------------------------------
Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, reminds the U.S. Bankruptcy Court for the
District of Delaware that on Oct. 2, 2006, Armstrong World
Industries Inc.'s Fourth Amended Plan of Reorganization became
effective.

As of the Effective Date, the Plan discharges the Debtor and its
estate, assets, properties and interests in property, as
provided in Section 1141 of the Bankruptcy Code and the
Confirmation Order.

The Plan also binds the Debtor and all creditors and parties-in-
interest; revests property of the Debtor's estate in Reorganized
AWI free and clear of all Claims, Equity Interests, Encumbrances
and other interests unless otherwise stated; voids any judgment
against the Debtor; and operates as an injunction with respect
to any debt discharged.

The Asbestos PI Channeling Injunction and the Claims Trading
Injunction are in full force and effect, Mr. Madron states.

All entities seeking payment for services rendered or
reimbursement of expenses incurred through and including the
Effective Date under Section 330, or allowance of Administrative
Expenses arising under Sections 503(b)(2), 503(b)(3), 503(b)(4),
or 503(b)(5) must file a request by Nov. 16, 2006.

Any distribution under the Plan that is unclaimed after 180 days
following the distribution date will be deemed not to have been
made and will be transferred to Reorganized AWI, free and clear
of any claims or interests of any entities, including any claims
or interests of any governmental unit under escheat principles.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of  Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world including Belgium and Sweden.

The Company and its debtor-affiliates filed for chapter 11
protection on December 6, 2000 (Bankr. Del. Case No. 00-04469).
Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C. Silberglied, Esq., at Richards, Layton & Finger,
P.A., represent the Debtors in their restructuring efforts.  The
Debtors tapped the Feinberg Group for analysis, evaluation, and
treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

When the Debtors filed for protection from their creditors, they
listed US$4,032,200,000 in total assets and US$3,296,900,000 in
liabilities.  The Bankruptcy Court confirmed AWI's plan on
Nov. 18, 2003.  The District Court Judge Robreno confirmed AWI's
Modified Plan on Aug. 14, 2006.  The Clerk entered the formal
written confirmation order on Aug. 18, 2006.  AWI emerged from
Chapter 11 protection on Oct. 2, 2006.  (Armstrong Bankruptcy
News, Issue No. 103; Bankruptcy Creditors' Service,Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


ARMSTRONG WORLD: Sept. 30 Balance Sheet Upside-Down by US$1.2BB
---------------------------------------------------------------
Armstrong World Industries Inc. reported third quarter 2006 net
sales of US$973.6 million that were 4% higher than third quarter
net sales of US$937.0 million in 2005, including a US$13 million
favorable impact from foreign exchange rates.  Reported
operating income for the quarter increased to US$67.4 million
from US$66.5 million in the third quarter of 2005.  Adjusted
operating income for the quarter of US$82.5million increased 27%
compared with adjusted operating income of US$65.2 million in
the prior year quarter.

At Sept. 30, 2006, Armstrong World's balance sheet reflected a
stockholder's deficit of US$1,189,500,000.

Adjusted numbers exclude spending on restructuring charges and
related costs, impacts from legal settlements, environmental
charges, foreign exchange and certain other gains and losses to
allow meaningful comparisons of operating performance.

The year-over-year growth in third quarter 2006 adjusted
operating income benefited from price increases in excess of
manufacturing cost inflation, improved product mix in European
businesses, improved direct manufacturing costs in all
businesses, and lower manufacturing period expense in our floor
businesses.  Increased earnings in our WAVE joint venture also
contributed to the growth.  Notably, the growth was achieved
despite significant volume declines in North American resilient
business where vinyl declines offset laminate growth.

Resilient Flooring net sales were US$304.8 million in the third
quarter of 2006 and US$311.5 million in the same period of 2005.
Excluding the favorable impact of foreign exchange rates, net
sales decreased 4%.  The decline was primarily due to decreased
volume for vinyl products in North America.  A reported
operating loss of US$2.9 million in the quarter compared with
reported income in the third quarter of 2005 of US$7.7 million.
Adjusted operating income of US$4.5 million compared with US$5.9
million on the same basis in the prior year period.  The decline
is primarily attributable to lower sales.  The benefits of
increased manufacturing efficiency were greater than the impact
of cost inflation in the period.

Wood Flooring net sales of US$217.2 million in the current
quarter declined 1% from US$220.2 million in the prior year as
weakness in the U.S. housing markets drove volume declines in
both engineered and solid wood floors.  Reported operating
income of US$16.5 million in the quarter was below the US$25.7
million reported in the third quarter of 2005.  The reduction in
operating income was due to the sales volume decline combined
with higher lumber prices and increased promotional spending.
Production costs improved during the period.

Textiles and Sports Flooring net sales in the third quarter of
2006 increased to US$86.3 million from US$79.7 million.
Excluding the effects of favorable foreign exchange rates of
US$3.9 million, sales grew 3% primarily on higher volume in
carpet tiles and better price realization in broadloom
carpet.  Reported operating income of US$4.2 million in 2006
increased from US$3.2 million in 2005 on the growth in sales.

Building Products net sales of US$304.5 million in the current
quarter increased from US$268.2 million in the prior year.
Excluding the effects of favorable foreign exchange rates of
US$5.0 million, sales increased by 12%, primarily due to price
increases made to offset inflationary pressures, and improved
product mix in both the U.S. and European markets.  Volume
increased in North America and the Pacific Rim.  Reported
operating income increased to US$59.7 million from operating
income of US$43.1 million in the third quarter of 2005.  The
growth was driven by improved price realization, better product
mix and increased equity earnings in WAVE.

Cabinets net sales in the third quarter of 2006 of US$60.8
million increased 6% from US$57.4 million in 2005 on higher
selling prices and improved product mix.  Volume decreased
slightly.  Reported operating income for the third quarter of
US$3.8 million improved from the prior year's US$0.3 million
operating loss, primarily driven by the sales growth, and lower
SG&A spending.

                    Year-to-Date Results

For the nine-month period ended Sept. 30, 2006, net sales were
US$2,795.7 million compared with US$2,696.7 million reported for
the first nine months of 2005.  Excluding the US$10.4 million
impact from unfavorable foreign exchange rates, net sales
increased by 4%.  The sales growth was due to improved price and
product mix on flat volume, and all segments grew sales except
Resilient Flooring.

Operating income in the first nine months of 2006 was US$188.1
million compared with operating income of US$110.2 million for
the same period in 2005.  Adjusted operating income of US$209.9
million increased 59% compared with adjusted operating income of
US$131.9 million in the prior year period.  The improvement in
operating income was primarily due to higher sales, improved
manufacturing productivity and reduced SG&A expenses.

                            Outlook

For the fourth quarter of 2006, commercial markets are expected
to remain strong, while the decline in the U.S. housing market
will continue to reduce volumes in our residential businesses.
On a consolidated basis, improved prices are anticipated to
continue to offset cost inflation, and reductions in direct
manufacturing costs will be sustained.

Due to fresh start reporting adjustments associated with our
Oct. 2, 2006, emergence from Chapter 11, reported fourth quarter
operating income would not be comparable to prior periods. The
following outlook table includes adjusted operating income on a
pre-fresh start reporting basis to facilitate comparison to 2005
fourth quarter adjusted operating income.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.  The company has operation in Colombia, Costa Rica,
Greece Iceland and Asia among others.

The Company and its affiliates filed for chapter 11 protection
on December 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell C.
Silberglied, Esq., at Richards, Layton & Finger, P.A., represent
the Debtors in their restructuring efforts.  The Company and its
affiliates tapped the Feinberg Group for analysis, evaluation,
and treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The Company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.  (Armstrong
Bankruptcy News, Issue No. 103; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 9, 2006
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the Company's emergence from bankruptcy on
Oct. 2, 2006.  S&P said the outlook is stable.


STENA AB: Improved Financial Profile Cues S&P to Revise Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Sweden-based conglomerate Stena AB to stable from negative,
reflecting the group's improved financial profile and solid
operating performance.

At the same time, Standard & Poor's affirmed its 'BB+' long-term
corporate credit rating and 'BB-' senior unsecured debt rating
on Stena.

"The outlook revision reflects the gradual restoration of the
group's financial profile, which, combined with Stena's solid
operating performance, should improve the group's credit
measures back to within expectations for the ratings," said
Standard & Poor's credit analyst Andreas Kindahl.

The ratings on Stena continue to reflect the group's aggressive
financial profile and investment policies, as well as its
exposure to industries regarded as having worse than average
risk characteristics due to significant volatility and high
capital intensity.  These factors are balanced by the group's
experienced management team and diversified business portfolio.
In addition, the relatively low risk in Stena's real estate
division, solid financial flexibility provided by a substantial
amount of liquid assets, and reputation as a quality operator in
its shipping-related segments are supporting rating factors.

Standard & Poor's expects Stena's cash flow protection measures
will remain satisfactory for the rating category, because the
group's operating performance should remain relatively stable
due to its diversification and the contractual nature of parts
of its businesses (especially real estate).  Standard & Poor's
also expects Stena to remain committed to a disciplined growth
strategy, under which any major investments are expected to be
financed in such a way that the group's financial profile would
not materially weaken from expected levels.

Ratings upside is limited due to Stena's aggressive investment
strategies and financial policies, which are unlikely to change.
Downside risk is largely connected to investment and market
risk, especially if individual or several large investments are
unsuccessful in conjunction with shipping and drilling market
recession.


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


ALFA BANK: Moody's Assigns B1 Rating on Series B and C Bonds
------------------------------------------------------------
Moody's Investors Service Inc. assigned a B1 global local
currency long-term senior unsecured debt rating as well as an
Aa2.ua long-term National Scale Rating to the Series "B" and "C"
of local currency- (hryvnia) denominated bonds issued by
Alfa Bank Ukraine, which represent a senior unsecured claim on
the bank.

A Not-Prime short-term global local currency rating has also
been assigned to Series "B" given the embedded put option, which
could be exercised quarterly by the bondholders throughout the
issue's life.  The issue size is UAH25 million for Series "B"
and UAH50 million for Series "C".  The outlook for the global
ratings is stable, while the NSR carries no specific outlook.

According to Moody's, the B1 global scale local currency rating
reflects the global default and loss expectation and is not
constrained by any foreign currency transfer risk, while the
Aa2.ua NSR reflects the standing of the bank's credit quality
relative to its domestic peers.

Moody's B1 and Not-Prime ratings for the bonds are based on
ABU's fundamental credit quality and factors in the bank's
ability to fulfill both its long-term and short-term
obligations.  The latter obligations include those associated
with the put option that the bondholders will, according to the
terms of the issue, be able to exercise in order to sell the
bonds back to the bank quarterly of the Series "B" and on the
first, second, third and fourth anniversaries of the Series "C"
issues.  Moody's notes that, if the bank's credit quality were
to deteriorate on these dates, the exercise of the put options
might exert additional pressure on its financial condition.

Headquartered in Kiev, Ukraine, ABU reported unaudited total
IFRS assets of US$641.8 million as at Aug. 31, 2006, and net
unaudited profit of US$1.75 million for the eight months ended
Aug. 31, 2006.


ASTRA-TRANS: Mikolaiv Court Names Vira Fomenko as Liquidator
------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Vira Fomenko as
Liquidator/Insolvency Manager for OJSC Astra-Trans (code EDRPOU
05441022).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 13.  The case is docketed as
10/402/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Astra-Trans
         Kosmonavtiv Str. 89
         54028 Mikolaiv Region
         Ukraine


MARKET-TRADE: Court Names Andrij Kulakov as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Andrij
Kulakov as Liquidator/Insolvency Manager for LLC Market-Trade
(code EDRPOU 32633106).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 19.  The case is docketed as
B 24/80/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Market-Trade
         Televizijna Str. 5
         Krivij Rig
         50086 Dnipropetrovsk Region
         Ukraine


NADIYA LLC: Court Names V. Bolhovitin as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Mr. V.
Bolhovitin as Liquidator/Insolvency Manager for Agricultural LLC
Nadiya (code EDRPOU 30870255).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 7.  The case is docketed as
5/291-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Nadiya
         Kuzmentsi
         Bar District
         23040 Vinnitsya Region
         Ukraine


SITRONICS JSC: Earns US$33.11 Million for First Half 2006
---------------------------------------------------------
JSC Sitronics released its financial results for the first six
months of 2006, prepared according to U.S. GAAP.

For the first six months of 2006, Sitronics posted US$33.11
million in net profit, 26.9% lower than the same period in 2005.
The company also posted US$699.44 million in revenues for the
January-June period, 65.68% higher than the same interval in
2005.

The company's operating profit went down 36.77% to US$62.8
billion and operating income before depreciation and
amortization fell 18.5% to US$85.3 million.

                         About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.  The company also operates in
Russia, CIS countries, Eastern Europe, Middle East, Africa and
North America.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 20,
Moody's Investors Service assigned a provisional (P)B3 corporate
family rating to the Joint Stock Company Sitronics.

Concurrently, Moody's assigned a provisional (P)B3 rating to the
proposed notes of up to US$200 million to be issued by Sitronics
Finance S.A.  Moody's said the outlook on the ratings is stable.

On Feb. 16, TCR-Europe reported that Fitch Ratings gave
Sitronics JSC a Long-term IDR rating of B- with a Stable Outlook
and an expected rating of B- to Sitronics' guaranteed up to
US$200 million bond with a maturity of three years.  The
assignment of the final bond rating is contingent on receipt of
final documents conforming to information already received.

The ratings take into account that Sitronics is Russia and the
CIS region's largest technology group, and its small scale on a
global perspective.  Sitronics benefits from support of Sistema
Joint Stock Financial Corp, its dominant shareholder.  Although
it does not guarantee Sitronics' obligations, Sitronics is its
second largest subsidiary and its default would trigger a cross-
default of Sistema's bonds.

The Stable Outlook reflects an expectation that although
Sitronics' businesses will continue to grow at strong rates, the
company is likely to remain a niche player and will not be able
to materially improve its competitive position vis-a-vis its
larger rivals.


TEHELEKTROSERVICE: Creditors Must Submit Claims by Nov. 11
----------------------------------------------------------
Creditors of JSCCT Scientific-Production Enterprise
Tehelektroservice (code EDRPOU 24443280) have until Nov. 6 to
submit written proofs of claim to:

         Volodimir Glyadchenko
         Liquidator/Insolvency Manager
         Kirov Avenue 96/13
         49055 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region commenced bankruptcy
proceedings against the company after finding it insolvent on
Sept. 27.  The case is docketed as 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


TRANSINFOKOM LLC: Volodimir Glyadchenko to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Volodimir
Glyadchenko as Liquidator/Insolvency Manager for LLC
Transinfokom (code EDRPOU 32859966).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 21.  The case is docketed as
B 26/119-06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Transinfokom
         Livarna Str. 17.
         49000 Dnipropetrovsk Region
         Ukraine


URAN-2000: Court Names Mikola Lukashuk as Insolvency Manager
------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Mikola
Lukashuk as Liquidator/Insolvency Manager for LLC Uran-2000
(code EDRPOU 30659908).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 26.  The case is docketed as
B 29/23-06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Uran-2000
         Chkalov Str. 127
         Chkalovka
         Krivij Rig District
         53020 Dnipropetrovsk Region
         Ukraine


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


ADEPT FIELD: Claims Filing Period Ends Dec. 11
----------------------------------------------
Creditors of Adept Field Marketing Limited have until Dec. 11 to
detail their names and addresses and Solicitors, if applicable,
together with particulars of their debts or claims, in writing,
or in person, to appointed Liquidator Duncan R. Beat at:

         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex CM2 6JB
         United Kingdom

Headquartered in Ashford, England, Adept Field Marketing Limited
-- http://www.adeptfm.com/-- provides cost-effective services
including direct sales, brand development and promotion,
database management, market research and product trials, and
campaign planning.


AMERICAN GREETINGS: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer products sector, the rating
agency confirmed its Ba1 Corporate Family Rating for American
Greetings Corporation.  Additionally, Moody's revised or held
its probability-of-default ratings and assigned loss-given-
default ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$300M sr. sec delay
   draw term loan
   due 2013               Ba1      Baa3    LGD2       28%

   US$350M senior secured
   revolving credit
   facility due 2011      Ba1      Baa3    LGD2       28%

   US$200M senior unsecured
   notes due 2016         Ba2      Ba2     LGD5       81%

   US$22.7M senior unsecured
   notes due 2028         Ba2      Ba2     LGD5       81%

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

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

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

Cleveland, Ohio-based American Greetings Corporation (NYSE: AM)
-- http://corporate.americangreetings.com/-- manufactures
social expression products.  American Greetings also
manufactures and sells greeting cards, gift wrap, party goods,
candles, balloons, stationery and giftware throughout the world,
primarily in Canada, the United Kingdom, Mexico, Australia, New
Zealand and South Africa.


BOBCAT PLANT: Creditors' Claims Due Dec. 31
-------------------------------------------
Creditors of Bobcat Plant Hire (UK) Limited have until Dec. 31
to send in their full names and addresses, together with full
particulars of their debts or claims, to appointed Liquidator
Peter O'Duffy at:

         IP Services Ltd.
         9 Woodhill Road
         Portishead
         Bristol BS20 7EU
         United Kingdom

Headquartered in Bristol, England, Bobcat Plant Hire (UK)
Limited -- http://www.bobcat.co.uk/-- supplies new and used
compact machines and attachments from market leaders Komatsu,
Bobcat Messersi and Kanga.  The company also offers on-site
repairs and maintenance as well as service contracts to its
customers.


BRITISH BATA: Taps Liquidators from Grant Thornton
--------------------------------------------------
Anthony Norman Flynn and Andrew David Conquest of Grant Thornton
U.K. LLP were appointed Joint Liquidators of The British Bata
Shoe Company Limited on Oct. 11 for the creditors' voluntary
winding-up procedure.

Headquartered in Tilbury, England, The British Bata Shoe Company
Limited is a holding company for a group engaged in the
manufacture of footwear, overseas trading and also a U.K.
property company.


BROOKLANDS EURO: Fitch Keeps BB Rating on EUR15-Million Notes
-------------------------------------------------------------
Fitch Ratings affirmed Brooklands Euro Reference Linked Notes
2005-1 Limited's collateralized debt obligations:

   -- EUR50,000,000 Class A1: AAA;
   -- EUR50,000,000 Class A2: AAA;
   -- EUR19,000,000 Class B: AA;
   -- EUR15,000,000 Class C: A;
   -- EUR13,500,000 Class D1: BBB;
   -- EUR7,500,000 Class D2: BBB; and
   -- EUR15,000,000 Class E: BB.

The affirmation reflects the transaction's relatively stable
performance and adequate credit enhancement levels.  The
Weighted Average Fitch Factor has remained within the BBB/BBB-
rating category, although it has deteriorated slightly to 4.47
from 3.91 in September 2005.  The speculative-grade entities
represent 10% of the portfolio compared to 3.25% last year.

The stable credit enhancement and equity coupon provided by the
class F, which serves as a first loss protection, however, has
mitigated this increased credit risk in the underlying
portfolio.  There has been no credit event date.  As of the
September 2006 trustee report, the portfolio comprised 99
entities compared to 81 in September 2005.

Brooklands is a special purpose vehicle incorporated under the
laws of the Cayman Islands.  Brooklands entered into a credit
default swap with UBS AG, London Branch and issued the notes
listed above.  These notes are collateralized by AAA-rated
securities purchased pursuant to a repurchase agreement with
UBS.

Under the credit default swap, Brooklands agreed to make
payments to UBS for losses on a substitutable portfolio of
corporate reference entities and ABS reference securities with a
notional amount of EUR1 billion.


BUTTERFLY PRESS: H. J. Sorsky Leads Liquidation Procedure
---------------------------------------------------------
H. J. Sorsky was appointed Liquidator of Butterfly Press Limited
on Oct. 17 for the creditors' voluntary winding-up procedure.

Headquartered in Aldershot, England, Butterfly Press Limited
-- http://www.butterfly-cp.co.uk/-- runs a complete full color
printing, finishing and design studio.  The company specializes
in corporate brochures and magazines.


COOPER-STANDARD: S&P Lowers Corporate Credit Rating to B
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Novi, Mich.-based Cooper-Standard Automotive Inc. to
'B' from 'B+' and removed the rating from CreditWatch with
negative implications, where it was placed Aug. 21 following
Ford Motor Co.'s announcement of sharp fourth quarter production
cuts.  The outlook is stable.

"The downgrade reflects our view that Cooper-Standard will not
reach and sustain credit measures expected for the 'B+' rating
in the year ahead.  This is because of the company's
vulnerability to Ford's planned vehicle production cuts,
combined with ongoing tough industry conditions," said
Standard & Poor's credit analyst Nancy Messer.

Ford platforms provide about 35% of Cooper-Standard's total
revenue, and sales of the Ford F-series truck are a significant
contributor to Cooper-Standard's earnings.  These production
cuts come at a time when Cooper-Standard's financial profile is
already weak because of poor 2005 results and the company's
February 2006 acquisition of ITT Industries Inc.'s
fluid-handling systems business, which left it aggressively
leveraged.


CORPORATE INTERNET: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------------
Creditors of Corporate Internet Limited confirmed on Oct. 18 the
appointment of E. J. Stonham of Stonham.Co as the company's
Liquidator.

Headquartered in London, England, Corporate Internet Limited --
http://www.corporateinternet.com/-- provides business-focused
products and services which enable organizations to effectively
and measurably maximize their investment in Internet
technologies.  The company's services include web
design/redesign, accessibility, web development and management,
E-commerce solutions and application development, content
management systems, business analysis, corporate e-mail
governance capabilities, business outsourcing, and E-security.


DIAMOND CONTRACT: Taps BDO Stoy as Joint Administrators
-------------------------------------------------------
A. H. Beckingham and M. Thompson of BDO Stoy Hayward LLP were
appointed joint administrators of Diamond Contract Services Ltd.
(Company Number 02925203) on Oct. 18.

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.

Diamond Contract Services Ltd. can be reached at:

         Unit 1 Blendworth Studios
         Blendworth
         Waterlooville
         Hampshire PO8 0AG
         United Kingdom
         Tel: 023 9257 1524
         Fax: 023 9259 5621


DIRECT DOOR: Appoints M. C. Hepworth to Liquidate Assets
--------------------------------------------------------
M. C. Hepworth of Hepworth Joyce Associates Ltd. was appointed
Liquidator of Direct Door Panels (Brighouse) Limited on Oct. 23
for the creditors' voluntary winding-up proceeding.

Headquartered in Brighouse, England, Direct Door Panels
(Brighouse) Limited -- http://www.directdoorpanels.com/--
specializes in the manufacturing of uPVC door panels containing
traditional, leaded brass lights, Bevels, Colored or Textured
glass encapsulated in triple glazed units.


EUROPEAN SPARES: Hires Liquidator from Moore Stephens
-----------------------------------------------------
Colin Andrew Prescott of Moore Stephens LLP was appointed
Liquidator of European Spares Limited on Oct. 23 for the
creditors' voluntary winding-up proceeding.

Headquartered in Tewkesbury, England, European Spares Limited --
http://www.europeanspares.com/-- sells a range of boiler parts,
shower spares and water heaters.


FAREPAK FOOD: Brings In BDO Stoy to Administer Assets
-----------------------------------------------------
Martha H Thompson and Shagun Dubey of BDO Stoy Hayward LLP were
appointed joint administrators of Farepak Food & Gifts Ltd.
(Company Number 04740401), Farepak Hampers Ltd. (Company Number
03498710), Farepak Holdings Ltd. (Company Number 04935220), and
Farepak Mail Order Ltd. (Company Number 00300110) on Oct. 13.

Headquartered in Reading, 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.

Farepak Food & Gifts Ltd., Farepak Hampers Ltd., Farepak
Holdings Ltd., and Farepak Mail Order Ltd. can be reached at:

         Farepack House
         Westmead Industrial Estate
         Westlea
         Swindon
         Wiltshire SN5 7YZ
         United Kingdom
         Tel: 01793 486 441


FORD MOTOR: Closes Production at Atlanta Assembly Plant
-------------------------------------------------------
Production ended at Ford Motor Company's Atlanta Assembly Plant
on Friday, Oct. 27, at 7 a.m. when the company produced its last
Ford Taurus.

Ford produced 7.5 million Taurus units since the sedan was
introduced in 1985.  From 1992 to 1996, Taurus was the best-
selling car in the United States.  Its peak year was 1992 with
409,751 units sold.  Ford produced Taurus at two assembly plants
-- Atlanta and Chicago -- until 2004 when Chicago Assembly began
production of Ford Five Hundred, Freestyle and Mercury Montego.

The Atlanta Assembly opened in 1947 and built a variety of
historical models including the light trucks, Ford Fairlane,
Fairmont, Falcon, Galaxie, Grananda, LTD, Rachero, Torino,
Thunderbird, Marquis, Sable and Taurus.

For the past five years Atlanta Assembly has ranked among the
top 10 most productive assembly plants in North America, as
reported by Harbour Consulting.  In the 2005 report, Atlanta
ranked number one in productivity.

Atlanta Assembly employed 1,950 workers, including 1,800 hourly
and 150 salaried. The hourly employees, like all UAW-represented
Ford employees in the U.S., can select among eight separation,
educational and retirement packages.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 24, 2006,
Standard & Poor's Ratings Services placed its 'B' senior
unsecured debt issue ratings on Ford Motor Co. on CreditWatch
with negative implications.  At the same time, S&P affirmed all
other ratings on Ford, Ford Motor Credit Co., and related
entities, except the rating on Ford Motor Co. Capital Trust II
6.5% cumulative convertible trust preferred securities, which
was lowered to 'CCC-' from 'CCC.'

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

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


G. BRIDGEHOUSE: Names Gerard Keith Rooney as Administrator
----------------------------------------------------------
Gerard Keith Rooney of Rooney Associates was named administrator
of G. Bridgehouse & Co. Ltd. (Company Number 00783334) on
Oct. 19.

The administrator can be reached at:

         Gerard Keith Rooney
         Rooney Associates
         2nd Floor
         19 Castle Street
         Liverpool L2 4SX
         United Kingdom
         Tel: 0151 236 9999
         Fax: 0151 236 9777
         Web: http://www.rooney.co.uk/
         E-mail: mail@rooney.co.uk

G. Bridgehouse & Co. Ltd. can be reached at:

         30 Knowl Street
         Stalybridge
         Cheshire SK15 3AJ
         United Kingdom
         Tel: 0161 303 8812
         Fax: 0161 338 4115


GANDALF ASIA: Appoints Leigh & Co to Administer Assets
------------------------------------------------------
Martin Henry Linton of Leigh & Co. was appointed administrator
of Gandalf Asia Ltd. (Company Number 5144866) 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 Richmond, England, Gandalf Asia Ltd. wholesales
computers.


GETTY IMAGES: Earns US$37.6 Million in Third Quarter 2006
---------------------------------------------------------
Getty Images Inc. reported US$37.6 million of net income for the
third quarter ended Sept. 30, 2006, up 3% compared to US$39.3
million in the third quarter of 2005.

Revenue grew 7.4% to US$198.1 million from US$184.5 million in
the third quarter of 2005.  Excluding the effects of changes in
currency exchange rates, revenue grew 5.3%. As a percentage of
revenue, cost of revenue was 25.4% an improvement from 25.7% in
the prior year.

"Our third quarter results reflect the dynamic changes that are
occurring in our industry, "said Jonathan Klein, co-founder and
chief executive officer.  "We are announcing a vision that will
capitalize on the industry evolution, which is as exciting and
as innovative as anything we have done in the past.  We will
manage aggressively through this transformation, directing
resources to areas that provide the most compelling growth
opportunities, thereby, setting the foundation for a new stage
of growth.  Sustained growth will be driven by continuous
innovation and a dedication to serve our customers."

Income from operations was US$54.7 million, compared to
US$58.7 million in the third quarter of 2005.  Excluding stock-
based compensation, income from operations was US$59 million in
the third quarter of 2006, consistent with the third quarter of
2005.  Excluding stock-based compensation, the operating margin
was 29.8% compared to 32.0% in the third quarter last year.

Net cash provided by operating activities was US$181.5 million
and the acquisition of property and equipment totaled US$49.6
million in the first nine months of 2006.

Cash balances were US$290.7 million at Sept. 30, 2006, up from
US$259.5 million at June 30, 2006.

For the fourth quarter of 2006, the company expects to report
revenue of around US$196 million.  For 2006, the company expects
to report revenue of around US$800 million.

The company has announced a realignment of resources that will
result in a charge of around US$5 million in the fourth quarter
of the year for employee related costs and a possible additional
charge for consolidating certain office space of around US$4
million. Full year and fourth quarter guidance excludes these
charges.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.

                         *     *     *

Moody's Investors Service upgraded the credit ratings of Getty
Images, Inc. and changed the ratings outlook to stable from
positive.  The upgrade in the corporate family rating to Ba1
from Ba2 reflected Getty's leading market position, improving
credit metrics, impressive operating margins and good secular
growth trends in the stock imagery market.  Moody's also
upgraded its rating on the company's US$265 million series B
convertible subordinated notes due 2023, to Ba2 from Ba3.


GETTY IMAGES: Sees Job Cuts, Staff Restructuring
------------------------------------------------
Getty Images Inc. plans to lay off some of its employees as it
proceeds with a staff restructuring, Kim Peterson at the Seattle
Times reports.

News of the proposed layoffs came in the wake of the company's
third quarter results that analysts say fell short of revenue
estimates, the Associated Press writes.  The company reported
US$37.6 million of net income for the third quarter ended
Sept. 30, 2006, versus US$39.3 million in the third quarter of
2005.

Getty's chief executive officer Jonathan Klein said in the
Seattle Times article that increased competition from cheaper
image providers is hurting the company.  The company expects to
improve its finances by, among other things, placing its sales
team in direct contact with its key costumers.  Andrea James, a
Seattle Post-Intelligencer reporter, said the staff
restructuring would include a six-fold increase in the company's
market development executive staff.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.

                         *     *     *

Moody's Investors Service upgraded the credit ratings of Getty
Images, Inc. and changed the ratings outlook to stable from
positive.  The upgrade in the corporate family rating to Ba1
from Ba2 reflected Getty's leading market position, improving
credit metrics, impressive operating margins and good secular
growth trends in the stock imagery market.  Moody's also
upgraded its rating on the company's US$265 million series B
convertible subordinated notes due 2023, to Ba2 from Ba3.


HYDAWAYS FARMING: Appoints Joint Administrators from Kroll
----------------------------------------------------------
R. A. H. Maxwell and S. C. E. Mackellar of Kroll were appointed
joint administrators of Hydaways Farming Ltd. (Company Number
04004059) on Oct. 20.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Hydaways Farming Ltd. can be reached at:

         Hanover Court
         5 Queen Street
         Lichfield
         Staffordshire WS13 6QD
         United Kingdom
         Tel: 0161 838 4500


IBALL WHOLESALE: Names Terry Christopher Evans Liquidator
---------------------------------------------------------
Terry Christopher Evans was appointed Liquidator of Iball
(Wholesale) Limited on Oct. 20 for the creditors' voluntary
winding-up procedure.

Headquartered in Romsey, England, Iball (Wholesale) Limited
wholesales garden supplies.


KRISPY KREME: Grants 420,000 Common Shares to Executives
--------------------------------------------------------
The Compensation Committee of the Board of Directors of Krispy
Kreme Doughnuts Inc. approved grants of stock options for an
aggregate of 900,000 shares of the Company's common stock,
including grants to its executive officers.

The Company disclosed that the grants included:

      Executive Officer                      No. of Shares
      ----------------                       -------------
      Jeffrey L. Jervik                         150,000
      Executive Vice President - Operations

      Douglas R. Muir                           120,000
      Chief Accounting Officer

      Michael C. Phalen                         150,000
      Chief Financial Officer

The Company also disclosed that the date of grant will be the
second trading day following the filing of its Annual Report on
Form 10-K for the fiscal year ended Jan. 29, 2006.  The grants
will be made under the Company's 2000 Stock Incentive Plan and a
Nonqualified Stock Option Agreement.  The exercise price of the
options will be the closing price of the Company's common stock
on the New York Stock Exchange on the date of the grant.

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.
Freedom Rings operates six out of the approximately 360 Krispy
Kreme stores and 50 satellites located worldwide.  The Company
filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del.
Case No. 05-14268).  M. Blake Cleary, Esq., Margaret B.
Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it estimated $10 million to $50 million in
assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for
chapter 11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No.
06-00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately $10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between $10 million to $50
million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


LINCOLN CASTINGS: Creditors' Meeting Slated for November 14
-----------------------------------------------------------
Creditors of Lincoln Castings Limited (Company Number 01419988)
will meet at 11:00 a.m. on Nov. 14 at:

         Norton Lodge Conference Centre
         Old Harbour Farm
         Norton Disney
         Lincoln
         Lincolnshire LN6 9JR
         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. 13 at:

         Simon Allport and Ian Best
         Joint Administrators
         Ernst & Young LLP
         100 Barbirolli Square
         Manchester M2 3EY
         United Kingdom
         Tel: +44 [0] 161 333 3000
         Fax: +44 [0] 161 333 3001

Ernst & Young -- http://www.ey.com/-- is global organization
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.


LOGIC SYSTEMS: Brings In Ninos Koumettou as Administrator
---------------------------------------------------------
Ninos Koumettou of Alexander Lawson Jacobs was appointed
administrator of Logic Systems Management Ltd. (Company Number
03549166) on Oct. 16.

The administrator can be reached at:

         Ninos Koumettou
         Alexander Lawson Jacobs
         1 Kings Avenue
         Winchmore Hill
         London EC1V 2NJ
         United Kingdom
         Tel: 0845 260 0590

Logic Systems Management Ltd. can be reached at:

         17 Queensway
         Enfield
         Middlesex EN3 4SA
         United Kingdom
         Tel: 020 7246 8649
         Fax: 020 8344 1359


LUDGATE FUNDING: Fitch Puts Low-B Ratings on Two Note Classes
-------------------------------------------------------------
Fitch Ratings assigned expected ratings to Ludgate Funding Plc's
Series 2006 FF1 GBP377.8 million-equivalent mortgage-backed
medium-term notes due 2060:

   -- GBP-equivalent 114.35 million Class A1: AAA;
   -- GBP-equivalent 233.95 million Class A2: AAA;
   -- GBP-equivalent 12 million Class B: AA;
   -- GBP-equivalent 7.65 million Class C: A;
   -- GBP-equivalent 4.8 million Class D: BBB;
   -- GBP-equivalent 2.25 million Class E: BB; and
   -- GBP-equivalent 2.8 million Class S: BB-.

The final ratings are contingent upon receipt of final documents
conforming to information already received.

This transaction is a securitization of sub-prime residential
mortgages originated and located in the U.K.  The expected
ratings are based on the quality of the collateral, available
credit enhancement, the underwriting criteria and the servicing
capabilities of Mortgages PLC, and the back up servicing of
capabilities of Homeloan Management Limited and the
transaction's sound legal structure.

Credit enhancement for the Class A notes totals 7.52% and will
be provided by the subordination of the Class B notes, the Class
C notes, the Class D notes, the Class E notes and an initial and
target reserve fund of 0.4%.

Interest on the Class S notes will be paid after the
replenishment of the reserve fund, if needed, and before
principal on the Class S

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its U.K. Residential Mortgage
Default Model III.  The agency also modeled cash flows using the
results of the default model, with structural stresses including
various prepayment and interest rate scenarios.

The cash flow tests showed that each Class of notes could
withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.


M N L PHARMA: Appoints PwC to Administer Assets
-----------------------------------------------
David J. Blenkarn and Stephen A. Ellis of PricewaterhouseCoopers
LLP were appointed joint administrators of M N L Pharma Ltd.
(Company Number 03638599) on Oct. 19.

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.

Headquartered in Aberystwyth, England, M N L Pharma Ltd. --
http://www.mnlpharma.com/-- is engaged in research and
development on natural sciences and engineering.


MARBLE ARCH: Moody's Assigns Ba1 Rating on GBP25.2-Mln Notes
------------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to these classes of Notes issued by Marble Arch
Residential Securitization No. 4 PLC:

   -- US$201,400,000 Class A1b Mortgage Backed
      Floating Rate Notes due 2023: Aaa;

   -- GBP145,000,000 Class A1c Mortgage Backed
      Floating Rate Notes due 2023: Aaa;

   -- US$250,500,000 Class A2b Mortgage Backed
      Floating Rate Notes due 2040: Aaa;

   -- GBP56,000,000 Class A2c Mortgage Backed
      Floating Rate Notes due 2040: Aaa;

   -- GBP231,000,000 Class A3c Mortgage Backed
      Floating Rate Notes due 2040: Aaa;

   -- Detachable A3c Coupons: Aaa;

   -- EUR36,400,000 Class B1a Mortgage Backed
      Floating Rate Notes due 2040: Aa3;

   -- US$27,100,000 Class B1b Mortgage Backed
      Floating Rate Notes due 2040: Aa3;

   -- GBP20,000,000 Class B1c Mortgage Backed
      Floating Rate Notes due 2040: Aa3;

   -- EUR43,450,000 Class C1a Mortgage Backed
      Floating Rate Notes due 2040: A2;

   -- GBP15,000,000 Class C1c Mortgage Backed
      Floating Rate Notes due 2040: A2;

   -- EUR20,700,000 Class D1a Mortgage Backed
      Floating Rate Notes due 2040: Baa1;

   -- GBP26,000,000 Class D1c Mortgage Backed
      Floating Rate Notes due 2040: Baa1; and

   -- GBP25,200,000 Class E1c Mortgage Backed
      Floating Rate Notes due 2040: Ba1.

This transaction represents the fourth securitization of
mortgage loans originated by Matlock Bank Limited and also
includes loans originated by Langersal No. 2 Limited, Southern
Pacific Personal Loans Limited and Southern Pacific Mortgage
Limited under the brand names "London Mortgage Company" and
"London Personal Loans".  The assets supporting the Notes are
near prime and non-conforming mortgage loans secured on
residential properties in England and Wales.

The total debt raised by Marble Arch Residential Securitization
No.4 plc will be used to purchase a portfolio of mortgage loans
and will be split as follows: 80.00% Class A Notes, 7.00% Class
B Notes, 5.25%, Class C Notes, 4.75% Class D1 Notes and 3.00%
Class E1c Notes.  The reserve fund will be fully funded at
closing and will be 1.50% 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.

Capstone Mortgage Services Limited, with delegation to Vertex
Mortgage Services Ltd. and Lightfoots Solicitors, is the master
servicer for the mortgage loans.  SMS Mortgage Services Ltd.
will be the Standby Servicer for the pool, if the appointment of
Capstone as servicer is terminated.


MAYFIELD LEISURE: Hires Administrators from Portland Business
-------------------------------------------------------------
Michael Robert Fortune and James Richard Tickell of Portland
Business & Financial Solutions Ltd. were appointed joint
administrators of Mayfield Leisure Ltd. (Company Number 2333346)
on Oct. 19.

The administrators can be reached at:

         Michael Robert Fortune and James Richard Tickell
         Portland Business & Financial Solutions Ltd.
         Unit B
         The Outlook
         Ling Road
         Poole
         Dorset BH12 4PY
         United Kingdom
         Tel: 012 0271 2810

Mayfield Leisure Ltd. can be reached at:

         26 32 Cobham Road
         Ferndown Industrial Estate
         Wimborne
         Dorset BH21 7NP
         United Kingdom
         Tel: 01202 855 222
         Fax: 01202 892 666


MILLENNIUM MILLION: Brings In Administrator from Little Badnage
---------------------------------------------------------------
Robert Charles Millichap of Little Badnage was appointed
administrator of Millennium Million Ltd. (formerly Sport Italia
Limited) (Company Number: 03600569) on Oct. 20.

The administrator can be reached at:

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

Millennium Million Ltd. can be reached at:

         Cheltenham Road East
         Gloucester
         Gloucestershire GL2 9QL
         United Kingdom
         Tel: 01452 858 080
         Fax: 01452 858 081


NCO GROUP: Special Shareholders' Meeting Set for November 9
-----------------------------------------------------------
NCO Group Inc. has established a record date and special meeting
date for its shareholders to consider and vote on a proposal to
adopt the previously announced merger agreement providing for
the acquisition of NCO by an entity controlled by One Equity
Partners and its affiliates with participation by Michael J.
Barrist, Chairman, President and Chief Executive Officer of NCO
and certain other members of executive management who will be
given an opportunity to participate.

NCO shareholders of record at the close of business on Friday,
Oct. 13, 2006, will be entitled to notice of the special meeting
and to vote on the proposal.  The special meeting will be held
on Nov. 9, 2006 at 10:00 a.m., local time, at Philadelphia
Marriott West, 111 Crawford Avenue in West Conshohocken,
Pennsylvania.

NCO Group, Inc. -- http://www.ncogroup.com/news/-- provides
business process outsourcing services including accounts
receivable management, customer relationship management and
other services.  NCO provides services through 90 offices in the
United States, Canada, the United Kingdom, Australia, India, the
Philippines, the Caribbean and Panama.


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

Concurrently, Moody's withdrew the Caa1 rating assigned to the
discussed $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 $565
million senior secured credit facility.

The rating outlook is stable.

On July 21, 2006, 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 $465 million
term loan, $200 million of senior subordinated notes, $165
million of senior unsecured floating rate notes, $365 million of
cash equity contributed by OEP and $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
LGD 2 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.

The B3 rating on the senior unsecured notes reflects an LGD 4
loss given default assessment given that it is effectively
subordinated to the secured credit facility but benefits from
$200 million of junior ranking subordinated notes.

The Caa1 rating on the senior subordinated notes reflects an LGD
6 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 $165 million senior unsecured floating rate notes
      at B3 (LGD 4, 63%)

   -- Assigned $200 million senior subordinated notes at Caa1
      (LGD 6, 90%)

   -- Withdrew $365 million senior subordinated notes, rated
      Caa1 (LGD 5, 82%)

   -- Affirmed $465 million 7 year senior secured term loan at
      Ba3 (to LGD 2, 29% from LGD 2, 26%)

   -- Affirmed $100 million 5 year senior secured revolver at
      Ba3 (to LGD 2, 29% from LGD 2, 26%)

   -- Affirmed corporate family rating at B2

   -- Affirmed probability-of-default rating at B2

   -- 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
$30-$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 1.7x 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 $1.1 billion for the
twelve month period ending June 30, 2006.


NCO GROUP: S&P Assigns B- Rating on US$165-Mln Sr. Unsec. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to
the US$165 million senior unsecured floating rate notes issued
by NCO Group Inc.

Standard & Poor's previously assigned a 'B+' long-term
counterparty credit rating to NCO, as well as a bank loan rating
of 'B+' and a recovery rating of '3' to the company's
US$465 million senior secured bank loan and US$100 million
revolver.  NCO's senior subordinated notes, which were reduced
to US$200 million from US$365 million were rated 'B-'.
The outlook remains stable.

The ratings on NCO are based in part on its

   -- high leverage and poor capitalization
     (negative tangible equity),

   -- marginal cash flow coverage, and

   -- high level of operational risk.

The company's modest profitability, driven in part by its
sensitivity to changing market dynamics, is also a primary
driver of the rating.

Other considerations include:

   -- NCO's strong niche market position in
      accounts receivable and collection services,

   -- well-established client relationships, and

   -- multiple sourcing channels for the purchase of
      distressed receivables.


OCA RESTAURANTS: Taps Tomlinsons to Administer Assets
-----------------------------------------------------
A. H. Tomlinson of Tomlinsons was appointed administrator of OCA
Restaurants Ltd. (Company Number 5126320) on Oct. 11.

Headquartered Manchester, England, Tomlinsons --
http://www.tomlinsons.co.uk/-- is an independent firm of
Licensed Insolvency Practitioners with offices in Manchester,
Blackburn and London.  It specializes in all types of business
recovery and insolvency procedures, as well as offering advice
to companies and individuals who believe they may be heading
towards, or are already in, financial difficulty.

Headquartered in Salford, England, OCA Restaurants Ltd. is
engaged in restaurant operations.


ONETV PLC: Appoints Mark S. Goldstein as Administrator
------------------------------------------------------
Mark S. Goldstein of DCM Insolvency Services Ltd. was appointed
administrator of OneTV PLC (Company Number 05281243) on Oct. 18.

The administrator can be reached at:

         Mark S. Goldstein
         DCM Insolvency Service Ltd.
         Kingswood Court
         1 Hemlock Close
         Kingswood
         Surrey KT20 6QW
         United Kingdom
         Tel: 01737 830763
         Fax: 01737 83081
         E-mail: markmga@aol.com

Headquartered in London, England, OneTV PLC is engaged in
television broadcasting.


P4PROPERTY LIMITED: Hires BDO Stoy as Joint Administrators
----------------------------------------------------------
Martha H. Thompson and Dermot B. Coakley of BDO Stoy Hayward LLP
were appointed joint administrators of P4Property (Wallingford)
Ltd. (Company Number 05412271) on Oct. 18.

Headquartered in Reading, England, BDO Stoy Hayward --
http://www.bdo.co.uk/-- focuses on business assurance (audit),
corporate advisory, tax, and investment management services,
specializing in such industries as charities, educational
institutions, family businesses, financial services, leisure,
and hospitality.  The company is the U.K. arm of BDO
International and has offices in more than 15 cities throughout
the U.K.

Headquartered in London, England, P4Property (Wallingford) Ltd.
is engaged in land acquisition and property development.


PEMBRIDGE SQUARE: Fitch Assigns BB+ Rating on EUR16-Mln Notes
-------------------------------------------------------------
Fitch Ratings assigned ratings to Pembridge Square Finance Ltd.
floating-rate credit-linked notes, which were issued on
Oct. 19, 2006:

   -- EUR17,000,000 class A1 due 2041 AAA;
   -- EUR80,000,000 class A2 due 2041 AAA;
   -- EUR70,000,000 class B due 2041 AA+;
   -- EUR60,000,000 class C due 2041 AA;
   -- EUR50,000,000 class D due 2041 AA-;
   -- EUR40,000,000 class E due 2041 A;
   -- EUR25,000,000 class F due 2041 A-;
   -- EUR22,000,000 class G due 2041 BBB; and
   -- EUR16,000,000 class H due 2041 BB+;

Pembridge Square Finance Limited is a fully managed synthetic
CDO that references a EUR2 billion diversified portfolio.  The
portfolio consists of primarily investment grade corporate
obligations referenced via direct investments and through 10
inner tranche credit default swaps as well as of various
investment grade ABS.

The transaction is designed to provide credit protection for
realized losses on the reference portfolio through a master
credit default swap between the issuer and the swap
counterparty, KBC Investments Cayman Islands V, Ltd.

The legal maturity date of the CDS is January 2041, but this
trade is scheduled to amortize on or after January 2017.  The
rating of the notes addresses the likelihood that investors will
receive full and timely payments of interest and ultimate
receipt of principal by the scheduled maturity date.

Pembridge Square provides protection to the swap counterparty
via a CDS that is collateralized with the issuance proceeds of
the notes.  The issuer will enter into a guaranteed investment
contract agreement with KBC Investments Hong Kong Limited, which
will allow it to redeem collateral at the purchase price of the
principal amounts on the maturity date.

Under the GIC agreement, the issuer will pay to the GIC
counterparty an amount equal to the net proceeds of issuance of
the notes to be used for the purchase of the collateral.
Pembridge Square pays the swap counterparty for any losses due
to credit events experienced in the portfolio above the first
loss amount for each class up to the balance on the notes by
liquidating collateral.

Any reference obligations in the portfolio can be traded at the
discretion of the portfolio swap counterparty, KBC, subject to
trading guidelines and portfolio criteria restrictions.

While KBC bears no fiduciary responsibility to noteholders, the
capital structure of the transaction aligns interests of the
portfolio manager with those of the investors through an
exclusively subordinate management fee and equity holdings,
among other features.

The ratings are based upon the structure of the issuer, the
financial strength and abilities of KBC as the portfolio swap
counterparty, and KBC Bank NV as GIC guarantor.


PHOTRONICS INC: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. technology semiconductor and
distributor sector, the rating agency affirmed its B1 corporate
family rating on Photronics, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$190MM 4.75%
   Convertible
   Subordinated Notes
   due 2006                B3      B2       LGD5      73%

   US$150MM 2.25%
   Convertible
   Subordinated Notes
   due 2008                B3      B2       LGD5      73%

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

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

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

Photronics, Inc. -- http://www.photronics.com/-- is a worldwide
manufacturer of photomasks.  Photomasks are high precision
quartz plates that contain microscopic images of electronic
circuits.  A key element in the manufacture of semiconductors
and flat panel displays, photomasks are used to transfer circuit
patterns onto semiconductor wafers and flat panel substrates
during the fabrication of integrated circuits, a variety of flat
panel displays and, to a lesser extent, other types of
electrical and optical components.  They are produced in
accordance with product designs provided by customers at
strategically located manufacturing facilities in Europe, North
America, and Asia.  In Europe, the company maintains operations
in Dresden, Germany and Manchester, U.K.


PORTRAIT CORP: Claims Bar Date Slated for November 28
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
set 5:00 p.m., eastern time, on Nov. 28, 2006, as the last day
for persons owed money by Portrait Corp. of America Inc. and its
debtor-affiliates to file their proofs of claim against the
Debtors.

The Bar Date applies to claims that arose on or prior to
Aug. 31, 2006.

The Proofs Of Claim must be received on or before the Bar Date
by:

   a) if by mail:

      The U.S. Bankruptcy Court
      Southern District of New York
      Attn: Portrait Corp. of America Claims Processing
      Bowling Green Station
      P.O. Box 5074
      New York, NY 10274-5074

   b) if by messenger or overnight courier:

      Office of the Clerk
      The U.S. Bankruptcy Court
      Southern District of New York
      Re: Portrait Corp. of America Claims Processing
      One Bowling Green, New York, NY 10274

                    About Portrait Corporation

Portrait Corporation of America, Inc. -- http://pcaintl.com/--
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany and the United Kingdom.  The Company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for
Chapter 11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case No.
06-22541).  John H. Bae, Esq., at Cadwalader Wickersham & Taft
LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' Financial Advisor
and Investment Banker.  At June 30, 2006, the Debtor had total
assets of $153,205,000 and liabilities of $372,124,000.

                     Going Concern Doubt

Eisner LLP raised substantial doubt about Portrait Corp. of
America, Inc.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Jan. 29, 2006.  The auditor pointed to the Company's
substantial net loss, negative working capital, stockholders'
deficiency, default of certain obligations, which were due on
June 15, 2006, and insufficient liquidity to meet those
obligations.


REGENTREALM LTD: S&P Revises Outlook & Removes Ratings
------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
implications of its ratings on U.K.-based biscuits and snacks
manufacturer United Biscuits Finance PLC, and its direct
subsidiary Regentrealm Ltd., to developing from positive and
then removed all its ratings on the group.

The withdrawal of the ratings is being made at the request of
United Biscuits, following the recent redemption of its senior
subordinated notes due 2011.  The group no longer has any rated
debt outstanding.

The ratings were on CreditWatch with positive implications,
where they placed on July 10 following an expected improvement
to United Biscuit's pro forma financial profile due to proceeds
from the divestiture of the group's Southern European business.

The group recently announced, however, that its shareholders
have agreed to sell United Biscuits to a consortium made up of
The Blackstone Group and PAI, raising the concern of possible
higher leverage and related pressure on the ratings.  The
CreditWatch implications were consequently revised to developing
before the ratings were withdrawn.


RIMTEX LIMITED: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------
Creditors of Rimtex Limited (formerly PJC 2000 Limited)
confirmed Oct. 20 the appointment of Ian William Kings of Tenon
Recovery as the company's Liquidator.

Headquartered in North Shields, England, Rimtex Limited
manufactures men's and boys' suits and coats.


SAFRA EASTERN: Liquidators Set Dec. 1 Claims Bar Date
-----------------------------------------------------
Unsecured creditors of Safra Eastern Europe Fixed Income Fund,
Ltd., Clariden Eastern Europe Debt Fund, Ltd., and Indosuez
Eastern Europe Fixed Income Fund Ltd. have until Dec. 1, 2006,
to submit their proofs of debts to Joint Official Liquidator
Nigel James Hamilton at:

         Nigel James Hamilton
         Ernst & Young LLP
         1 More London Place
         London SE1 2AF
         United Kingdom

Joint Official Liquidators N. J. Hamilton and W. St. C
Hutchinson intend to declare a first dividend to unsecured
creditors within the period of one month from Dec. 1, 2006.


SANDHU MENSWEAR: Names Simon Gwinnutt as Administrator
------------------------------------------------------
Simon Gwinnutt of Smith Cooper was named administrator of Sandhu
Menswear Co. Ltd. (Company Number 03023986) on Oct. 17.

The administrator can be reached at:

         Simon Gwinnutt
         Smith Cooper
         Wilmot House
         St James Court
         Friar Gate
         Derby
         Derbyshire DE1 1BT
         United Kingdom
         Tel: 01332 332021
         Fax: 01332 290439
         E-mail: smg@smithcooper.co.uk

Sandhu Menswear Co. Ltd. can be reached at:

         1 Castings Road
         Derby
         Derbyshire DE23 8YL
         United Kingdom
         Tel: 01332 207 960
         Fax: 01332 207 957


SYNTECH SUPPORT: Claims Registration Ends Dec. 13
-------------------------------------------------
Creditors of Syntech Support Services Limited have until Dec. 13
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
Martin Henry Linton at:

         Leigh & Co.
         Brentmead House
         Britannia Road
         London N12 9RU
         United Kingdom

The company can be reached at:

         Syntech Support Services Limited
         51 Uckfield Road
         Enfield
         Middlesex EN3 6AS
         United Kingdom
         Tel: 01992 765 656


SYNITA LIMITED: Taps Kroll as Joint Administrators
--------------------------------------------------
R. A. H. Maxwell and S. C. E. Mackellar of Kroll Ltd. were
appointed joint administrators of Synita Ltd. (Company Number
05265238) on Oct. 20.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Synita Ltd. can be reached at:

         569 Bradford Road
         Bradford
         West Yorkshire BD12 7EJ
         United Kingdom


UNITED BISCUITS: S&P Withdraws Ratings After Bond Redemption
------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch
implications of its ratings on U.K.-based biscuits and snacks
manufacturer United Biscuits Finance PLC, and its direct
subsidiary Regentrealm Ltd., to developing from positive and
then removed all its ratings on the group.

The withdrawal of the ratings is being made at the request of
United Biscuits, following the recent redemption of its senior
subordinated notes due 2011.  The group no longer has any rated
debt outstanding.

The ratings were on CreditWatch with positive implications,
where they placed on July 10 following an expected improvement
to United Biscuit's pro forma financial profile due to proceeds
from the divestiture of the group's Southern European business.

The group recently announced, however, that its shareholders
have agreed to sell United Biscuits to a consortium made up of
The Blackstone Group and PAI, raising the concern of possible
higher leverage and related pressure on the ratings.  The
CreditWatch implications were consequently revised to developing
before the ratings were withdrawn.


VEDARIO LIMITED: Taps Administrators from Cresswall Associates
--------------------------------------------------------------
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Ltd. were appointed joint administrators of Vedario Ltd.
(Company Number 01442809) (t/a Don Antonio Limited) on Oct. 6.

The administrators can be reached at:

         Cresswall Associates Ltd.
         West Lancashire Investment Centre
         Maple View
         Whitemoss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom
         Tel: 01695 712683

Vedario Ltd. can be reached at:

         52 Portland Street
         Manchester
         Lancashire M1 4QU
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WOLVERINE TUBE: Soliciting Consents to Exchange New Equity Notes
----------------------------------------------------------------
Wolverine Tube Inc. filed a Registration Statement on Form S-4
with the U.S. Securities and Exchange Commission for an exchange
offer and consent solicitation to exchange newly issued equity
and a new issue of secured notes for the Company's Senior Notes,
subject to certain conditions, including a minimum tender
condition and the SEC's declaring the Registration Statement
effective.

If the Company does proceed with the exchange offer but
conditions to the exchange offer and consent solicitation are
not satisfied, the Company intends to pursue other alternatives,
including, if certain conditions are met, a prepackaged plan of
reorganization of Wolverine and certain of its subsidiaries.
The Registration Statement filed Wednesday therefore includes
solicitation for a Prepackaged Plan under Chapter 11 of the
Bankruptcy Code.

As previously disclosed, the Company and its advisors have been
evaluating refinancing and restructuring alternatives in
anticipation of the upcoming maturities of the Company's Secured
Revolving Credit Facility and Receivables Sale Facility in 2008
and its outstanding 7.375% Senior Notes and 10.5% Senior Notes
in 2008 and 2009, as well as its future projected short-term
liquidity needs.  As part of that process, Wolverine continues
to be engaged in discussions with representatives of its
bondholders and other groups as to the most appropriate
transaction, if any, to reduce debt and maintain value for its
shareholders.

If pursued, the Prepackaged Plan would generally provide
substantially the same consideration to the holders of the
Senior Notes as would the consummation of the exchange offer and
consent solicitation.  Further, under the contemplated
Prepackaged Plan, all administrative claims, priority claims,
secured claims and general unsecured claims (other than with
respect to the Senior Notes), including trade claims, would be
paid in full, and holders of existing common stock would receive
a pro rata share of a percentage of the new common stock in
certain circumstances.  No assurance can be given that either an
exchange offer and consent solicitation or a consensual plan
will be pursued and agreed upon.

Chip Manning, Wolverine's President and Chief Executive Officer
stated, "[Wednes]day's filing is another step in the Company's
efforts to improve its overall financial health.  It is
important to note that we are still continuing to explore a
range of alternatives, and no decision has been made on which
course of action the Company will ultimately take."

Manning added, "We continue to believe that liquidity is
sufficient to sustain our operations in the near- to mid-term.
The Company's restructuring process should have no impact on our
day-to-day operations and our customers and vendors can continue
to rely on the same high quality service and relationships with
Wolverine that they have come to expect."

Wolverine Tube, Inc. is a world-class quality partner, providing
its customers with copper and copper alloy tube, fabricated
products and metal joining products.

                     About the Company

Headquartered in Hunstville, Alabama, Wolverine Tube, Inc. --
http://www.wlv.com/-- provides customers with copper and copper
alloy tube, fabricated products, brazing alloys, fluxes and
lead-free solder, as well as copper and copper alloy rod, bar
and other products.  The company has manufacturing facilities in
Ontario, Mexico, Portugal and China.  It maintains sales and
marketing offices in the United Kingdom and The Netherlands.

                      *      *      *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector in September 2006,
the rating agency confirmed the Caa1 Corporate Family Rating for
Wolverine Tube Inc., as well as the Caa2 ratings on the
company's 7.375% Senior Unsecured Notes due 2008 and the 10.5%
Senior Unsecured Notes due 2009.  Those debentures were assigned
an LGD4 rating suggesting noteholders will experience a 61% loss
in the event of default.


WOLVERINE TUBE: Moody's Lowers Ratings on Restructuring Program
---------------------------------------------------------------
Moody's downgraded the ratings of Wolverine Tube, Inc.'s senior
unsecured notes to Caa3 from Caa2 and its corporate family
rating to Caa2 from Caa1.  The outlook for the company remains
negative.  This action was prompted by Wolverine's announcement
of a restructuring and reorganization program that will involve
a debt for equity exchange to the company's current noteholders.
If the company does not receive enough support for this offer,
Wolverine intends to pursue a prepackaged bankruptcy plan.

The downgrade reflects Moody's opinion concerning the impact of
the restructuring program on noteholders' ultimate recovery as
well as the overall financial strength of Wolverine.  Industry
competitive dynamics, volatility of raw material prices, and
Wolverine's liquidity were also considered in the assessment of
the company's ratings and rating outlook.

Ratings downgraded:

    * Corporate Family Rating, to Caa2 from Caa1

    * Gtd. Sr. Unsec. 7.375% notes, US$135 million due 2008,
      to Caa3 from Caa2 (LGD4 -- 62%)

    * Gtd. Sr. Unsec. 10.5% notes, US$99 million due 2009,
      to Caa3 from Caa2 (LGD4 -- 62%)

Moody's previous rating action on Wolverine was the April 27
downgrade of its long-term debt ratings to Caa2 from Caa1 and
its corporate family rating to Caa1 from B3.

Wolverine is a North American manufacturer and distributor of
copper and copper alloy tube, fabricated products and metal
joining products, headquartered in Huntsville, Alabama.
Wolverine generated US$1.1 billion in revenues and a net loss of
US$45.3 million, for the nine months ended Oct. 1, 2006 as
compared to revenues of US$636 million and a net loss of
US$19.4 million realized in the same period earlier.


WOLVERINE TUBE: Proposed Exchange Offer Spurs S&P to Cut Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Huntsville, Ala.-based Wolverine Tube Inc., to 'CC'
from 'CCC+', following Wolverine's exchange offer and
solicitation of consent filed [Wednes]day with the SEC.  The
ratings on the company's senior unsecured notes were also
lowered to 'C' from 'CCC'.

"The lower ratings on the notes reflect the distressed nature of
the proposed exchange and our belief that the value of the
exchange offer, if completed, is not equivalent to the value of
the original contracted amounts," said Standard & Poor's credit
analyst Lisa Tilis.

At the same time, Standard & Poor's placed all of the ratings on
CreditWatch with negative implications pending the outcome of
the proposed restructuring, which could involve a Chapter 11
bankruptcy filing.

Wolverine proposes to offer a combination of newly issued common
stock and convertible preferred stock and new secured notes to
current holders of its US$135 million 7.375% senior notes due
August 2008 and US$99 million 10.5% senior notes due April 2009.
The exchange offer and consent solicitation is subject to
certain conditions, including a minimum tender condition.
The exchange offer and consent solicitation is intended to
reduce debt and position Wolverine to continue its operational
restructuring efforts.  Also, if the requirements of the
exchange offer are not met, the company is simultaneously
soliciting acceptances of a prepackaged plan of reorganization
under Chapter 11.  The proposed terms for noteholders under the
prepackaged plan are substantially the same as under the
exchange offer and consent solicitation.

Wolverine is also continuing to explore other alternative
refinancing and restructuring options.  Standard & Poor's
believes that it is unlikely that the company will be able to
secure such financing in the absence of waivers for its current
indentures because of its very high debt leverage and weak
operating results.

If the distressed exchange is completed, the corporate credit
rating will be lowered to 'SD', or selective default, and the
ratings on the exchanged notes will be lowered to 'D'.  Also, if
any interest payments are missed while the company is preparing
to effect the exchange or considering its financing options, the
relevant issue rating would be lowered to 'D', with no likely
impact on the corporate credit rating.  Alternatively, if the
prepackaged plan of bankruptcy is filed, all ratings will be
lowered to 'D'.


* BOOK REVIEW: The Managerial Mystique: Restoring Leadership in
               Business
---------------------------------------------------------------
Author:     Abraham Zaleznik
Publisher:  Beard Books
Paperback:  320 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982811/internetbankrupt

"Business in America has lost its way ... desperately needing
leadership to face worldwide economic competition."

Zaleznik wrote these words in 1989 when The Managerial Mystique
was first published.  But his observation remains as true today
as it was then.

In 1989, the problems included high debt and the decline of
major industries such as steel and automobiles.  To these
problems can now be added outsourcing and the growing economic
power of China and India.  Zaleznik primarily attributes the
weakened condition of American business to errors in business
management.

"The causes of this decline in competitiveness are complex, but
at the forefront is the attitude of American management," he
says. Mainly, management strayed from its critically important
role of encouraging, nurturing, and recognizing initiative and
creativity of individuals.

Instead, management concentrated myopically on restructuring,
lateral organization, communication, charismatic leadership, and
mergers and acquisitions.  While each of these strategies has a
place in the corporate world, they are not the basis for a
strong business that can compete effectively.  Zaleznik contends
that it is the relationship between management and employees
that count the most in generating the ideas, goals, cooperation,
and endurance that make a corporation competitive.

Zaleznik puts to good use his background in social psychology
and psychoanalysis to explore this essential, yet neglected,
area of business management.  Social psychology and
psychoanalysis are not normally associated with business
management.  However, the author applies these so-called "soft
sciences" to business organizational structures and processes.
He critiques business organizations and their activities and
management at all levels by looking at what has been excluded
that really accounts for the quality of a business.

Zaleznik points to some high-profile examples to illustrate what
is wrong with American management.  One is Harold Geneen, the
former chief executive officer of ITT, who, the author says,
epitomized a managerial approach that stifled company energy and
potential.

According to Zaleznik, Geneen is one of the many business
managers who "have put their faith in numbers, managed by
process, and formed elaborate structures to get people to do the
predictable thing."

Geneen's perspective fails to acknowledge that there are
differences between one business and another.  That such a
belief -- easily disproved by experience -- has come to be the
core principle of American business evidences, to Zaleznik's
mind, just how far off course American business has strayed.

Zaleznik offers a business approach that concentrates on
nurturing creativity and moral connections among employees.  He
recognizes employees as individuals and as a corrective to
business practices gone awry.  The values advocated by Zaleznik
should not be regarded as an alternative technique or peripheral
considerations.  They are the basis of a strategy that all
businesses need to compete effectively.

A professor emeritus of Harvard Business School and a certified
psychoanalyst, Abraham Zaleznik has an international reputation
for his studies and teaching on social psychology in the
business setting and the characteristics of managers and
leaders.

                           *********

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
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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
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Information contained herein is obtained from sources believed
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