TCREUR_Public/061106.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

           Monday, November 6, 2006, Vol. 7, No. 220    

                           Headlines


A U S T R I A

ATLANTIS LLC: Creditors' Meeting Slated for November 16
BOWLING-ANLAGEN: Creditors' Meeting Slated for November 14
C.A.V. LLC: Creditors' Meeting Slated for November 16
D.A.F. TRANSPORT: Creditors' Meeting Slated for November 9
NOBLEPRINT LLC: Creditors' Meeting Slated for November 13

PICTURE+SOUND: Creditors' Meeting Slated for November 15
PLATINGTECH KOLLMANN: Creditors' Meeting Slated for November 15
TOP CONCEPT: Creditors' Meeting Slated for November 13
WEBVERTIZER IDENTITY: Creditors' Meeting Slated for November 9


B U L G A R I A

JETFINANCE INT'L: Moody's Assigns B2/NP Ratings on MTN Program


C R O A T I A

AGROKOR: Moody's Assigns (P)B2 Rating to Proposed Senior Notes


D E N M A R K

INVERNESS MEDICAL: S&P Assigns Junk Subordinated Debt Rating
KOPPERS HOLDINGS: Dr. Whittle to Retire as Europe Gen. Manager
NOVOLIPETSK STEEL: Earns RUR19 Billion for Third Quarter 2006


F R A N C E

COREL CORP: Acquisition Plan Spurs S&P to Affirm B Debt Ratings
EUROTUNNEL GROUP: Sends Draft Safeguard Plan to Creditors


G E R M A N Y

B.S.A. BETONSTAHLVERARBEITUNG: Claims Registration Ends Nov. 15
BERLIN-ESSENER: Claims Registration Ends November 8
BI & KA HOLZBAU: Creditors' Meeting Slated for November 7
BUCKEYE TECHNOLOGIES: S&P Revises Rating Outlook to Stable
COMPUTER TELEFONIE: Claims Registration Ends November 13

CONCEPT BAU: Claims Registration Ends November 14
DCS DIRECT: Claims Registration Ends November 13
DEUTSCHE POSTBANK: Fitch Keeps Individual Rating at C
DFF DATENBANK: Claims Registration Ends November 10
FOTOSHOP BRANDENBURG: Claims Registration Ends November 9

IESY HESSEN: S&P Rates EUR100-Million Sr. Secured Term Loan at B
INVERNESS MEDICAL: S&P Assigns Junk Subordinated Debt Rating
KERKHOFF DENTAL: Claims Registration Ends November 10
NORGE HOCH: Claims Registration Ends November 10
PRIME 2006-1: Fitch Assigns BB Rating to EUR13-Mln Class E Notes

PRIME 2006: S&P Assigns BB Rating on EUR13-Mln Class E Notes
WEISSHEIMER GMBH: Claims Registration Ends November 10


I R E L A N D

ELAN CORP: Posts US$123.3 Million in Losses for Third Quarter
EUROMAX V: Fitch Assigns BB- Rating on EUR5-Mln Class B2 Notes


I T A L Y

COREL CORP: Acquisition Plan Spurs S&P to Affirm B Debt Ratings
FIAT SPA: Board of Directors Unveils Incentive Plan
FIAT SPA: Moody's Changes Rating Outlook on Improved Performance


K A Z A K H S T A N

ASTANA GOLF: Creditors Must File Claims by Dec. 8
BAS LLP: Proof of Claim Deadline Slated for Dec. 6
BN-MANGISTAU LLP: Creditors Must File Claims by Dec. 6
KAZBUSINESSSTROY LLP: Creditors' Claims Due Dec. 8
KAZOVOSHPRODUCT OJSC: Creditors' Claims Due Dec. 6

KHANSUNKAR TELECOM: Claims Registration Ends Dec. 6
SULU MADINE: Karaganda Court Opens Bankruptcy Proceedings
ZAVOD STENOVIH: Claims Filing Period Ends Dec. 8


K Y R G Y Z S T A N

TCO-SERVICE LLC: Creditors' Claims Due Dec. 15
TEYSI AGRO: Claims Registration Ends Dec. 15


L U X E M B O U R G

NORTEL NETWORKS: Secures US$7.7 Million NRC Maintenance Contract
VNU GROUP: Names James Cuminale EVP & Chief Legal Officer


N E T H E R L A N D S

ALFA BANK: Korean Bank Hikes Credit Line to US$100 Million
ALFA BANK: Partners with General Motors to Form GM Finance


R U S S I A

ALFA BANK: Korean Bank Hikes Credit Line to US$100 Million
ALFA BANK: Partners with General Motors to Form GM Finance
BASH-FRUIT-IMPORT: Court Names R. Yusupov as Insolvency Manager
CHERSKAYA CJSC: Court Names A. Trifonov as Insolvency Manager
DONSKAYA TRANSPORT: Court Names E. Pavlyuk as Insolvency Manager

ELISTA-AGRO-PROM-KHIMIYA: Names I. Sandzhiev to Manage Assets
ENERGY CJSC: Court Names E. Polyakov as Insolvency Manager
GENERAL MOTORS: Denies Plan to Give Avtovaz Joint Venture Stake
GENERAL MOTORS: Partners with Alfa Bank to Form GM Finance
GOR-GAS: Volgograd Court Starts Bankruptcy Supervision Procedure

KUSHEVSKIY OJSC: Court Names A. Radionov as Insolvency Manager
LEON OJSC: Krasnodar Court Names N. Khuazhev to Manage Assets
LOGOS CJSC: Kalmykiya Court Names M. Kamolov as to Manage Assets
LUKOIL OAO: Hikes Hydrocarbon Supply for Nine Months 2006
MONZA-DREV LLC: Vologda Bankruptcy Hearing Slated for Jan. 16

NORTH-WOOD CJSC: Court Names K. Ipatov as Insolvency Manager
NOVATEK OAO: Hikes Gas Production in January-September 2006
OBJECTIVE OJSC: Court Starts Bankruptcy Supervision Procedure
PROGRESS OJSC: Court Starts Bankruptcy Supervision Procedure
ROSNEFT OIL: Banks Commit US$24.5-Bln Loan for Yukos's Assets

SEMENOVSKAYA SEL-KHOZ-TEKHNIKA: Assets Sale Slated for Nov. 13
TAT-TAYZ CJSC: Tatarstan Bankruptcy Hearing Slated for Dec. 21
TNK-BP HOLDING: Hikes Investment Budget to US$3.4 Bln in 2007
VIMPELCOM OJSC: Third Russian Court Upholds URS Takeover Deal
VNESHPROMBANK: Moody's Assigns E+ Financial Strength Rating

YUKOS OIL: Rosneft Wins US$24.5-Bln Loan Pledges From Bank Group
YUKOS OIL: Yukos Capital Files US$4.8-Bln Claim Against Parent


S P A I N

MADRID RMBS: Moody's Rates EUR7-Mln Series E Notes at (P)Ba2
MADRID RMBS: Fitch Puts BB+ Rating on EUR21-Mln Series E Notes
MADRID RMBS: S&P Assigns BB Rating on EUR21-Mln Class E Notes


T U R K E Y

BOTAS PETROLEUM: Energy Minister Rules Out Bankruptcy Rumors


U K R A I N E

BAZALIYA FOOD: Hmelnitskij Court Starts Bankruptcy Supervision
DNIPRODZERZHINSK ELECTRICAL: Court Starts Bankruptcy Supervision
IZOLYATOR PLANT: Kyiv Court Starts Bankruptcy Supervision
LEZNIKIVSKIJ QUARRY: Kyiv Court Starts Bankruptcy Supervision
NAFTOGAZ OJSC: Fitch Keeps B+/RR4 Ratings on US$500-Mln Eurobond

OKSAMIT LLC: Kyiv Court Starts Bankruptcy Supervision
PKT UKRSPECBUD: Court Names Olena Zorina as Insolvency Manager
TNK-BP HOLDING: Hikes Investment Budget to US$3.4 Bln in 2007
TRANSLINE LLC: Court Commences Bankruptcy Supervision Procedure
VIMPELCOM OJSC: Third Russian Court Upholds URS Takeover Deal

VISLA CJSC: Court Names U. Ignatchenko as Insolvency Manager


U N I T E D   K I N G D O M

A.R.C PLASTICS: Taps Liquidators from Elwell Watchorn & Saxton
ADORN DECO: M. D. Hardy Leads Liquidation Procedure
AML SYSTEMS: Creditors' Meeting Slated for November 10
AZTEC CONSERVATORY: Taps Poppleton & Appleby as Administrators
BEACH STOP: Appoints Claire L. Dwyer as Liquidator

BENEDORMS LIMITED: Hires Liquidator from Bishop Fleming
CABOUCHON COLLECTION: Appoints PwC to Administer Assets
CASA JULIA: Taps A. J. Clark to Liquidate Assets
COLLINS & AIKMAN: Can Pay Severance Fees to Laid-Off Workers
COLLINS & AIKMAN: Can Reject Four GECC Lease Schedules

DLC MANCHESTER: Names Liquidator from UHY Hacker Young
DOVETAIL SYSTEMS: Appoints Administrators from Fisher Partners
DURA AUTOMOTIVE: Fitch Places 2 CDOs on Rating Watch Negative
EAD GROUNDWORKS: Hires Peter O'Hara to Liquidate Assets
EGG BANKING: Moody's Downgrades Financial Strength Rating to D

ENVELOPES U.K.: Brings In Berg Kaprow to Administer Assets
ESS FM: Hires Poppleton & Appleby to Administer Assets
EUROTUNNEL GROUP: Sends Draft Safeguard Plan to Creditors
EVERGREEN INT'L: S&P Lifts Rating on Successful Debt Refinancing
EXPERT U.K.: Names Duncan Roderick Morris as Administrator

FLO-LINE STAINLESS: SME Invoice Taps P.R. Boyle as Receiver
FORD MOTOR: Reducing Health Care Benefits of Salaried Employees
FORD MOTOR: Shows Improvement in October Sales Figures
GENERAL MOTORS: Denies Plan to Give Avtovaz Joint Venture Stake
GENERAL MOTORS: Partners with Alfa Bank to Form GM Finance

GLAZTEKNOLOGY U.K.: Creditors' Meeting Slated for November 20
GLOBALCRAFT LIMITED: Names Robert Edward Caunce Cook Liquidator
HAMPTON HOUSE: Creditors' Meeting Slated for November 14
INFONXX INC: S&P Junks Proposed US$125-Mln Second-Lien Facility
INTERBEAM LTD: Claims Filing Period Ends Dec. 21

JAMES BARRON: Taps Tenon Recovery to Administer Assets
M W HARRIS: Appoints Liquidator from Begbies Traynor
M&S LIMITED: Brings In Administrators from Tenon Recovery
MANSARD MORTGAGES: Fitch Rates GBP20-Mln Class B2a Notes at BB
MCPC SYSTEMS: Creditors' Claims Due Dec. 7

NCO GROUP: Earns US$11.4 Million in 2006 Third Quarter
NEWGATE 2006-3: Moody's Rates GBP5.9-Mln Class E Notes at Ba2
NOVENS CONVERTERS: Appoints Administrators from KPMG
PEARLMOUNT LTD: Nominates Andreas Kakouris as Liquidator
PERFECTRONICS LIMITED: Names Andrew David Rosler Liquidator

PERIOD TIMBER: Joint Liquidators Take Over Operations
PHUTAWAN THAI: Hires Liquidator from ICS (North East) Limited
REFCO INC: Court Gives Final Nod on Amended Disclosure Statement
REFCO INC: Court Sets Dec. 15 Joint Plan Confirmation Hearing
REFCO INC: Court Clarifies Subsidiaries' Nov. 15 Claims Bar Date

SITE SAFE: Brings In Liquidator from Valentine & Co.
SPECULATION U.K.: Liquidator Sets Nov. 29 Claims Bar Date
SPOYLT LIMITED: Appoints Gerald Edelman as Joint Administrators
STATUSLINE LIMITED: Calls In Liquidator from Sale Smith & Co.
TEN ACRE: Brings In KPMG as Joint Administrators

TI AUTOMOTIVE: S&P Cuts Corporate Credit Rating to B
TOM SOYA: Brings In RSM Robson to Administer Assets
TRADEWINDS FISH: Filippa Connor Leads Liquidation Procedure
U.K. CAN: Appoints Liquidators from Mercer & Hole
UTOPIA OF BATH: Brings In Liquidators from KPMG

WATERFRONT CORP.: Taps Joint Administrators from RSM Robson
WILD ORCHID: Hires Stephen L. Conn to Liquidate Assets
Y M NEWMARK: Brings In Administrators from Poppleton & Appleby

                            *********

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A U S T R I A
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ATLANTIS LLC: Creditors' Meeting Slated for November 16
-------------------------------------------------------
Creditors owed money by LLC Atlantis (FN 259713g) are encouraged
to attend the creditors' meeting at 9:50 a.m. on Nov. 16 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 14 (Bankr. Case No. 2 S 140/06k).  Guenther Hoedl
serves as the court-appointed property manager of the bankrupt
estate.  Andrea Simma represents Dr. Hoedl in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Guenther Hoedl
         c/o Dr. Andrea Simma
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 16 55
         E-mail: Hoedl@anwaltsteam.at  


BOWLING-ANLAGEN: Creditors' Meeting Slated for November 14
----------------------------------------------------------
Creditors owed money by LLC Bowling-Anlagen (FN 243698f) are
encouraged to attend the creditors' meeting at 11:30 a.m. on
Nov. 14 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of St. Poelten
         Room 216
         2nd Floor
         St. Poelten, Austria

Headquartered in Purgstall an der Erlauf, Austria, the Debtor
declared bankruptcy on Sept. 13 (Bankr. Case No. 14 S 145/06y).  
Christian Kies serves as the court-appointed property manager of
the bankrupt estate.  

The property manager can be reached at:

         Mag. Christian Kies
         Rathausplatz 8
         3270 Scheibbs, Austria
         Tel: 07482/44222
         Fax: 07482/44222-4
         E-mail: christian.kies@aon.at


C.A.V. LLC: Creditors' Meeting Slated for November 16
-----------------------------------------------------
Creditors owed money by LLC C.A.V. (FN 274697t) are encouraged
to attend the creditors' meeting at 10:10 a.m. on Nov. 16 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 14 (Bankr. Case No. 2 S 141/06g).  Gerhard Bauer serves
as the court-appointed property manager of the bankrupt estate.  

The property manager can be reached at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna, Austria
         Tel: 512 97 06
         E-mail: ra-g.bauer@aon.at  


D.A.F. TRANSPORT: Creditors' Meeting Slated for November 9
----------------------------------------------------------
Creditors owed money by LLC D.A.F. Transport & Handel (FN
232852f) are encouraged to attend the creditors' meeting at
10:00 a.m. on Nov. 9 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 13 (Bankr. Case No. 5 S 129/06i).  Wolfgang Pitzal
serves as the court-appointed property manager of the bankrupt
estate.  Hannelore Pitzal represents Dr. Pitzal in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Wolfgang Pitzal
         c/o Dr. Hannelore Pitzal
         Paulanergasse 9
         1040 Vienna, Austria
         Tel: 587 31 11
         Fax: 587 87 50-50
         E-mail: office@heller-pitzal.at


NOBLEPRINT LLC: Creditors' Meeting Slated for November 13
---------------------------------------------------------
Creditors owed money by LLC Nobleprint (FN 242204h) are
encouraged to attend the creditors' meeting at 10:40 a.m. on
Nov. 13 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         2nd Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck, Austria

Headquartered in Kufstein, Austria, the Debtor declared
bankruptcy on Sept. 13 (Bankr. Case No19 S 90/06t).  Erik R.
Kroker serves as the court-appointed property manager of the
bankrupt estate.  Waldbauer & Paumgarten & Naschberger
Partnerschaft represents the Debtor in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Erik R. Kroker
         Schmerlingstrasse 2
         6020 Innsbruck, Austria
         Tel: 0512/583074
         Fax: 0512/58307418
         E-mail: kroker@law-office.co.at  

The Debtor's representative can be reached at:

         Waldbauer & Paumgarten & Naschberger Partnerschaft
         Josef Egger-Strasse 3
         6330 Kufstein, Austria
         Tel: 05372/62144


PICTURE+SOUND: Creditors' Meeting Slated for November 15
--------------------------------------------------------
Creditors owed money by LLC picture+sound Pretterhofer (FN
243221d) are encouraged to attend the creditors' meeting at
10:00 a.m. on Nov. 15 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall IV
         1st Floor
         Leoben, Austria

Headquartered in Spielberg bei Knittelfeld, Austria, the Debtor
declared bankruptcy on Sept. 13 (Bankr. Case No. 17 S 67/06f).  
Heinz Pichler serves as the court-appointed property manager of
the bankrupt estate.  

The property manager can be reached at:

         Dr. Heinz Pichler
         Burggasse 61
         8750 Judenburg, Austria
         Tel: 03572-82372
         Fax: 03572-82372-19
         E-mail: kanzlei-j@pichler-schuetz.at


PLATINGTECH KOLLMANN: Creditors' Meeting Slated for November 15
---------------------------------------------------------------
Creditors owed money by LLC Platingtech Kollmann & Co (FN
100468y) are encouraged to attend the creditors' meeting at
10:20 a.m. on Nov. 15 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall IV
         1st Floor
         Leoben, Austria

Headquartered in Niklasdorf, Austria, the Debtor declared
bankruptcy on Sept. 13 (Bankr. Case No. 17 S 68/06b).  Norbert
Scherbaum serves as the court-appointed property manager of the
bankrupt estate.  

The property manager can be reached at:

         Dr. Norbert Scherbaum
         Einspinnergasse 3
         2nd Floor
         8010 Graz, Austria
         Tel: 0316-832460-0
         Fax: 0316-832460-10
         E-mail: office@scherbaum-seebacher.at


TOP CONCEPT: Creditors' Meeting Slated for November 13
------------------------------------------------------
Creditors owed money by LLC Top Concept (FN 220099a) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Nov. 13 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 13 (Bankr. Case No. 28 S 51/06p).  Horst Winkelmayr
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Mag. Horst Winkelmayr
         Porzellangasse 22A/7
         1090 Vienna, Austria
         Tel: 532 47 77
         Fax: 532 47 77 50
         E-mail: rae@kniwi.at


WEBVERTIZER IDENTITY: Creditors' Meeting Slated for November 9
--------------------------------------------------------------
Creditors owed money by LLC webvertizer Identity + Design (FN
208006t) are encouraged to attend the creditors' meeting at 9:30
a.m. on Nov. 9 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

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

Headquartered in Breitenfurt bei Wien, Austria, the Debtor
declared bankruptcy on Sept. 13 (Bankr. Case No. 10 S 69/06k).  
Maria-Christina Nau serves as the court-appointed property
manager of the bankrupt estate.  Guenther Viehboeck represents
Mag. Nau in the bankruptcy proceedings.

The property manager and her representative can be reached at:

         Mag. Maria-Christina Nau
         c/o Dr. Guenther Viehboeck
         Bahnhofsplatz 1a/1/5
         2340 Moedling, Austria
         Tel: 02236/22050
         Fax: 02236/49239
         E-mail: maria-christina.nau@viehboeck.at  
                 office@viehboeck.at


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


JETFINANCE INT'L: Moody's Assigns B2/NP Ratings on MTN Program
--------------------------------------------------------------
Moody's Investors Service assigned B2/Non-Prime long- and short-
term ratings to senior unsecured foreign currency debt to be
issued by Bulgaria's JetFinance International under a
EUR250 million MTN program.  The rating is at the same level as
the company's long-term foreign currency issuer rating, and
reflects JFI's stand-alone creditworthiness.  All ratings carry
stable outlooks.

Moody's notes that index-linked notes, dual currency notes
(and any others with similar characteristics), issued under the
program, would have to be rated on a case-by-case basis.  The
assigned ratings refer only to the credit risk involved and do
not take into account the market risk and performance risk
inherent to this type of instrument.

Funds raised through the MTN program are to be used for general
corporate purposes including the retiring of secured borrowing,
in order to ensure compliance with the maximum 40% secured to
total debt ceiling prescribed under the terms of the program.
This would alleviate the bank's reliance on secured borrowing,
though as consumer finance companies are barred from accepting
deposits, JFI will remain reliant on bilateral borrowing.  
Though we do not foresee any imminent likelihood of such an
event, triggering of financial covenants governing JFI's
borrowings could set off accelerated repayment, potentially
resulting in a liquidity squeeze.

Moody's notes that the senior unsecured debt rating assigned to
JFI takes into account its small but successful consumer finance
franchise within Bulgaria's rapidly growing but also
increasingly competitive banking market.  Although AIG New
Europe fund has held a 51% stake in the company since 2004 and
is well represented on the board providing key strategic advice,
Moody's has not imputed external support in the rating.

At the same time the rating is constrained by:

   -- the lack of external supervision for such institutions
      in Bulgaria;

   -- JFI's short operating history;

   -- its narrow albeit expanding product range;

   -- the ongoing need to secure adequate funding; and

   -- pressures resulting from rapid growth and the
      inherent high risks of doing business in
      Bulgaria's nascent consumer credit market.

Headquartered in Sofia, Bulgaria, JFI reported total assets of
BGN98 million (US$63 million) at end-June 2006.


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C R O A T I A
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AGROKOR: Moody's Assigns (P)B2 Rating to Proposed Senior Notes
--------------------------------------------------------------
Moody's Investors Service assigned a (P)B2 rating to the
proposed issue of Senior Guaranteed Secured Notes by
Agrokor to refinance the existing bridge facility of
EUR150 million.  

The (P)B2 rating, at the same level as the corporate family
rating, reflects the fact that the bonds will rank pari passu
with the senior facilities under the terms of an intercreditor
agreement, notably the EUR325 million facilities drawn in June
2006 with a five year maturity, albeit the bonds will be
subordinated to a limited amount of secured debt.

The bonds will be joint and severally guaranteed by the
company's key subsidiaries, namely Jamnica, Ledo, Zvijezda and
Konzum, and will be secured by a pledge over the issuer's shares
in those companies.  The bonds further bear financial covenants
that stipulate a minimum interest coverage of 2.25x in 2006
rising to 3x in 2008; and maximum leverage of 4x in 2006 falling
to 3.75x as of 2007.

The bonds and the senior facilities will be effectively
subordinated to existing and acquired secured debt within the
group.  At the time of issuance this is expected to include the
EUR40 million facility agreement with the International Finance
Corporation, which is secured on certain fixed assets of PIK
Vbrovec and Belje, as well as secured indebtedness of
c.EUR21.2 million held at Agrokor and Frikom.  The terms of the
bond indenture allow for additional secured indebtedness to be
assumed through acquisitions, but the current rating for the
Notes assumes no significant increase in debt ranking ahead of
these.

The positive outlook for the corporate family rating reflects
largely the recent lengthening of the debt profile, as per
Moody's last rating action on Sept. 13.

The assigned rating assumes there will be no material variations
to the draft legal documentation reviewed by Moody's and assume
that these agreements are legally valid, binding and
enforceable.

Agrokor, based in Zagreb, Croatia, is the largest food producing
and retailing group in Croatia and the largest privately owned
company in the country.  Agrokor D.D., the parent and holding
company, is majority owned by Ivica Todoric, the founder of the
Group.  Since July 2006, the EBRD has been the sole external
shareholder, with an 8.33% stake in the company.  In the twelve
months to June 30, 2006, the company reported revenues of
HRK13.76 billion (EUR1.9 billion) and operating profits of
HRK987.8 million (c. EUR136 million).


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D E N M A R K
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INVERNESS MEDICAL: S&P Assigns Junk Subordinated Debt Rating
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and 'CCC+' subordinated debt rating for Inverness
Medical Innovations Inc. on CreditWatch with positive
implications.
     
"The CreditWatch action was taken in light of the company's
continued improvement in operating performance, its demonstrated
willingness and ability to access the equity markets to limit
borrowings, and the potential benefit of a still-to-be-agreed
upon joint venture with consumer products giant Procter & Gamble
Co.," said Standard & Poor's credit analyst David Lugg.
    
Waltham, Mass-based Inverness has grown its professional and
consumer diagnostics businesses through a series of acquisitions
that leveraged its key technology patents.  Over the last four
years, it has spent over US$300 million in cash for
acquisitions.  Still, during this period, adjusted debt has
risen only to US$237 million from US$212 million, as the company
privately placed some US$300 million in common stock.  EBITDA is
now about US$55 million on a rolling 12-month historic basis,
yielding a manageable debt to EBITDA of 3.3X, a figure that will
likely improve further.
     
Integration of these acquisitions has been an ongoing effort,
and coupled with an effective but expensive effort to defend its
intellectual property and chronic weakness in the noncore
nutritionals business, has yielded operating measure that often
disappointed, with adjusted operating margins (before D&A)
reaching a minimum of 6.8% in 2005.  For the quarter ended
Sept. 30, 2006, this measure had climbed to 12%.  Further
improvements are expected from an ongoing manufacturing and
facilities rationalization including a move to a low-cost
facility in China.
      
"Resolution of the CreditWatch listing will consider the
sustainability of the operating improvement along with
clarification of the terms of the proposed joint venture with
Procter & Gamble," Mr. Lugg said.


KOPPERS HOLDINGS: Dr. Whittle to Retire as Europe Gen. Manager
--------------------------------------------------------------
Koppers Holdings Inc. disclosed that Dr. David Whittle, vice
president and general manager, European Operations, will be
retiring effective March 31, 2007.

The Company said that Dr. Whittle has been responsible for
European operations since the Company acquired 100% ownership of
Tarconord A/S, now known as Koppers Europe, in May 2000.

The Company concurrently disclosed the appointment of James T.
Dietz to replace Dr. Whittle effective March 31, 2007.  Mr.
Dietz has more than 21 years of experience in the coal tar
distillation business, with a background in engineering and
operations.  Mr. Dietz is currently operations manager for
Koppers' North American Carbon Materials & Chemicals business.  
In his new capacity, Mr. Dietz will report to Kevin J.
Fitzgerald, who was named senior vice president, Global Carbon
Materials & Chemicals.

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

                         *     *     *

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


NOVOLIPETSK STEEL: Earns RUR19 Billion for Third Quarter 2006
-------------------------------------------------------------
Novolipetsk Steel released its financial results for the third
quarter of 2006, prepared according to Russian Accounting
Standards.

For the third quarter of 2006, NLMK posted RUR18.96 billion in
net profit on RUR40.04 billion in revenues, compared with
RUR6.46 billion in net profit on RUR27.04 billion in revenues
for the same period in 2006.

The company attributed the increase in revenue and net profit to
a strong pricing environment.  The sales volumes in third
quarter 2006 remained at the level of the previous quarter, but
the strong pricing environment primarily resulted in the growth
of major financial performance indicators.

The net income increase in third quarter 2006 compared to third
quarter 2005 is attributed to the divestment of KMA Ruda during
the reporting period.

                       About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                        *     *     *

As reported in the TCR-Europe on July 14, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russia-based steelmaker OJSC Novolipetsk Steel to 'BB+' from
'BB'.  S&P said the outlook is stable.  The Russia national
scale rating was also raised to 'ruAA+' from 'ruAA'.

"The upgrade reflects the company's continuing strong
performance and conservative financial policies," said Standard
& Poor's credit analyst Tatiana Kordyukova.


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


COREL CORP: Acquisition Plan Spurs S&P to Affirm B Debt Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and senior secured debt ratings on Canada-based
packaged software company, Corel Corp., following the company's
announcement to acquire California-based digital media software
vendor, InterVideo Inc.  

At the same time, Standard & Poor's affirmed its 'B' bank loan
rating, with a recovery rating of '3', on the company's US$265
million credit facility, which was increased by US$100 million
to partially finance the acquisition.  The '3' recovery rating
indicates a meaningful recovery of principal (50%-80%) by
lenders in the event of default. The outlook is positive.
    
The bank facility was increased to US$265 million from
US$165 million and now consists of a US$190 million term loan
due 2012 and a US$75 million revolver due 2011.  The US$100
million in incremental debt financing along with cash on hand
will be used to finance the US$195 million acquisition of
InterVideo.
     
The acquisition of InterVideo should provide additional product
diversity, broaden the company's distribution, and expand its
geographic presence in the Asia-Pacific growth markets.  
Although integration risks associated with the sizable
acquisition are a credit concern, Standard & Poor's notes that
Corel's track record of integrating acquisitions has improved in
recent years.  Nevertheless, InterVideo's low level of
profitability will remain a drag on Corel's otherwise healthy
operating margins in the near term.  

The ratings also reflect an aggressive financial policy given
Corel's desire to pursue additional debt-financed acquisitions
in the medium term.  Standard & Poor's notes the potential
conflict of interest given continuing majority ownership by
Vector Capital (72%) and Vector's potential use of Corel as a
feeder for divested software companies.

"The ratings on Corel reflect its weak market position within
the highly competitive packaged software industry, a limited
track record of profitability, and the short life span of
software products in general," said Standard & Poor's credit
analyst Madhav Hari.  "These factors are only partially offset
by Corel's brand recognition as a viable alternative to globally
dominant packaged software providers, a large and diverse
installed base, and a meaningful base of recurring revenue,"
added Mr. Hari.
     
The positive outlook is based on:

   -- Corel's strong operating momentum;
   -- improving product, customer, and geographic diversity; and
   -- adequate liquidity.

The positive outlook also reflects expectations of a successful
integration of InterVideo, including the realization of cost
synergies as targeted.  Increased profitability as well as
improved financial leverage and corresponding credit measures
could lead to an upgrade in the medium term.  Nevertheless, if
revenue growth and profitability stall because of competitive
forces, pricing pressures, integration challenges, or shifting
customer (original equipment manufacturers) buying behavior, the
outlook could be revised to stable.


EUROTUNNEL GROUP: Sends Draft Safeguard Plan to Creditors
---------------------------------------------------------
Eurotunnel Group sent out its Draft Safeguard Restructuring Plan
Proposals on Oct. 31, in accordance with the French Safeguard
Procedure, and within the calendar defined by the Paris
Commercial Court, as approved by the Board and which creditors
will be required to vote upon.

The plan was reached through dialogue with the principal
creditors and with the support of the court-appointed
representatives.  It took account of the final observations made
by the creditors.  Representing the best equilibrium possible
between all the stakeholders, the plan aimed to guarantee the
future integrity of the current concessionaires.

The court-appointed representatives are responsible for
consulting the creditors.  They will set the details and timing
of the vote.

As reported in the TCR-Europe on Oct. 27, the Board of
Eurotunnel, approved on Oct 26 proposals for a draft "Safeguard"
restructuring plan, put forward by the company with the support
of the representatives nominated by the Paris Commercial Court.

                      Terms of the Plan

The principal elements of the proposals include:

   1) the creation of a new company, Groupe Eurotunnel, which
      will launch an Exchange Tender Offer (ETO) to Eurotunnel's
      current shareholders.  The shareholders will hold a
      minimum 13% of the equity in Groupe Eurotunnel;

   2) Groupe Eurotunnel will subscribe to a new long-term loan
      of GBP2.840 billion (less than half of the current debt)
      from an international banking consortium;

   3) Groupe Eurotunnel will issue GBP1.275 billion of
      convertible hybrid notes.  The hybrid notes will be
      convertible over a maximum of three years and one month.
      Approximately 61.7% of the hybrids are redeemable by the
      company.

   4) current Eurotunnel shareholders, who subscribe to the ETO,
      will hold a minimum of 13% of the equity in Groupe
      Eurotunnel.  They can subscribe directly to the hybrid, up
      to a value of GBP60 million (EUR87.7 million) and will
      benefit from free warrants.  The redemption of hybrid
      notes by the company would allow them to increase their
      share of the equity from 13% to 67%.

                        About the Company

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

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

                       Company Crisis

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

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


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


B.S.A. BETONSTAHLVERARBEITUNG: Claims Registration Ends Nov. 15
---------------------------------------------------------------
Creditors of B.S.A. Betonstahlverarbeitung GmbH have until
Nov. 15 to register their claims with court-appointed
provisional administrator Wolfgang Weber.

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

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Lueneburg opened bankruptcy proceedings
against B.S.A. Betonstahlverarbeitung GmbH on Sept. 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         B.S.A. Betonstahlverarbeitung GmbH
         Attn: Herbert Simeon, Manager
         Lueneburger Str. 85
         21395 Tespe, Germany

The administrator can be contacted at:

         Wolfgang Weber
         Lauenburger Str. 15
         21493 Schwarzenbek, Germany
         Tel: 04151/84040
         Fax: 04151/840430
         

BERLIN-ESSENER: Claims Registration Ends November 8
---------------------------------------------------
Creditors of Berlin-Essener Vermoegensverwaltungsgesellschaft
mbH i.L. have until Nov. 8 to register their claims with court-
appointed provisional administrator Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 23 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 186
         1st Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, 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 Essen opened bankruptcy proceedings
against Berlin-Essener Vermoegensverwaltungsgesellschaft mbH
i.L. on Sept. 22.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Berlin-Essener Vermoegensverwaltungsgesellschaft
         mbH i.L.
         Moltkeplatz 63
         45138 Essen, Germany

         Attn: Friedhelm Kavalirek, Liquidator
         Kreuzplatz 19
         A-4920 Bad Ischl, Germany

The administrator can be contacted at:

         Bernd Depping
         Alfredstr. 108-112
         45131 Essen, Germany
         Tel: (0201) 879040
         Fax: (0201) 8790412
         

BI & KA HOLZBAU: Creditors' Meeting Slated for November 7
---------------------------------------------------------
The court-appointed provisional administrator for Bi & Ka
Holzbau GmbH, Joachim Heitsch, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:25 a.m. on Nov. 7.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:15 a.m. on Feb. 20, 2007, at the
same venue.

Creditors have until Dec. 20 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Bi & Ka Holzbau GmbH on Sept. 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bi & Ka Holzbau GmbH
         Granatenstrasse 7
         13409 Berlin, Germany

The administrator can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin, Germany


BUCKEYE TECHNOLOGIES: S&P Revises Rating Outlook to Stable
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Memphis, Tenn.-based Buckeye Technologies Inc. to stable from
negative.  At the same time all ratings were affirmed, including
our 'BB-' corporate credit rating on the company.
     
"The outlook revision reflects our view that Buckeye has taken
steps that will strengthen its credit metrics to a level
appropriate for the current rating," said Standard & Poor's
credit analyst John Kennedy.  "The successful implementation of
price increases in its specialty fibers, fluff pulp, and
nonwoven products to offset higher input costs is improving the
company's profitability and cash flow.  Furthermore, Buckeye has
reconfigured its manufacturing capabilities to become a lower
lower-cost producer.  We could revise the outlook to negative if
earnings and cash flow fall below current levels.  It is not
likely we would revise the outlook to positive in the next two
years, given the company's need to strengthen its financial
profile for the current rating."
    
Buckeye is a leading producer of absorbent products and
specialty pulps that serve a wide variety of end uses.
     
"In fiscal 2007, we expect Buckeye's product mix and overall
financial performance to improve because of the conversion of
the company's Americana plant in Brazil to a market facility
from toll manufacturing and the closure of its high-cost
facility in Glueckstadt, Germany," Mr. Kennedy said.


COMPUTER TELEFONIE: Claims Registration Ends November 13
--------------------------------------------------------
Creditors of Computer Telefonie Media Training GmbH have until
Nov. 13 to register their claims with court-appointed
provisional administrator Frank Nikolaus.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.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 Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, 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 Essen opened bankruptcy proceedings
against Computer Telefonie Media Training GmbH on Sept. 21.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Computer Telefonie Media Training GmbH
         Gabelsberger Str. 21
         46238 Bottrop, Germany

         Attn: Stefan Weitzel, Liquidator
         Hasselbruchstr. 37
         45701 Herten, Germany

The administrator can be contacted at:

         Dr. Frank Nikolaus
         Alfredstr. 108-112
         45131 Essen, Germany
         Tel: 87 90 40
         

CONCEPT BAU: Claims Registration Ends November 14
-------------------------------------------------
Creditors of Concept Bau GmbH have until Nov. 14 to register
their claims with court-appointed provisional administrator Bert
Buske.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 14 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 Neuruppin
         Hall 325
         Karl Marx Road 18a
         16816 Neuruppin, 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 Neuruppin opened bankruptcy proceedings
against Concept Bau GmbH on Sept. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Concept Bau GmbH
         Attn: Heinz-Ulrich Kasch, Manager
         Martin-Ebell-Str. 19
         16816 Neuruppin, Germany

The administrator can be contacted at:

         Bert Buske
         Nowawes 67
         14482 Potsdam, Germany
         

DCS DIRECT: Claims Registration Ends November 13
------------------------------------------------
Creditors of DCS Direct-Carpet Service GmbH have until Nov. 13
to register their claims with court-appointed provisional
administrator Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Dec. 13 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany              
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against DCS Direct-Carpet Service GmbH on Sept. 19.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         DCS Direct-Carpet Service GmbH
         Attn: Jens-Peter Hoege and Wilbert Slebos, Managers
         Ottensener Road 1-5
         22525 Hamburg, Germany

The administrator can be contacted at:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg, Germany


DEUTSCHE POSTBANK: Fitch Keeps Individual Rating at C
-----------------------------------------------------
Fitch Ratings affirmed Germany-based Deutsche Postbank AG's
ratings at Issuer Default A with Stable Outlook, Short-term F1,
Individual C, and Support 1.  Additionally, Fitch affirmed the
unsecured debt issue by the former DSL Bank at AA, based on the
grandfathered, legally binding, and deficiency guarantee from
the Federal Republic of Germany.

DPB acquired DSL in 1999 when it was privatized.  The AA ratings
relate to obligations from the period prior to its
privatization.

DPB's ratings reflect its leading domestic market position, its
good franchise in German retail banking, its extensive retail
deposit base and a relatively low credit risk profile.  Under
Basel II, DPB should substantially benefit from its granular
loan portfolio and its investments in highly rated securities.

The ratings also factor in its weakened capitalization following
two acquisitions and its moderate, but improving, profitability
by international standards.  The Stable Outlook reflects Fitch's
view on DPB's ability to manage the integration processes of its
two acquired businesses in 2005.

"Through better penetration of its retail customer base, DPB has
steadily improved its performance.  With a shift towards retail
mortgage lending, accelerated through the acquisition of BHW
Holding AG in 2005, DPB is steadily developing its retail
lending franchise in Germany," Michael Steinbarth, Director of
Fitch's Financial Institutions team disclosed.

"However, this acquisition as well as the purchase of a
portfolio of DPB branches have weakened capitalization.  The
bank's eligible capital ratio was 5.8% at end-H106, which Fitch
considers moderate, but in line with the risk profile," he
added.

Fitch's definition of eligible capital focuses on core
shareholders' equity, subject to various analytical adjustments,
plus an amount of eligible hybrid equity.  Fitch uses a flat 30%
limit on the share of eligible capital that can be represented
by hybrid securities.  DPB's eligible capital base has been
adjusted for the goodwill arising from the acquisition of BHW,
which Fitch has deducted in full.

In contrast, Fitch takes into account in its analysis of the
acquisition of the Postbank Centres that the goodwill arising
from consolidation can be substantiated, at least to some
extent, through contractual cash flows.

Downside pressure on the ratings would arise if DPB failed to
restore capitalization to a level adequate for its rating level
and risk profile.  However, continued improvement in
capitalization and performance without materially changing the
risk profile may support a positive rating action.  Credit
quality remains relatively sound although the volume of problem
loans is rising in line with loan growth.

DPB, listed since June 2004, is Germany's largest private retail
bank and part of DPWN, Germany's postal service.  It has access
to Germany's largest domestic retail franchise for a single bank
through DPWN's network of post offices.  At end-H106, DPB owned
more than 98% of BHW and has complemented its distribution
capabilities through the purchase of 850 of DPWN's largest
branches.


DFF DATENBANK: Claims Registration Ends November 10
---------------------------------------------------
Creditors of DFF Datenbank fuer Firmenfoerderung Beteiligungs-
und Verwaltungsgesellschaft GmbH have until Nov. 10 to register
their claims with court-appointed provisional administrator
Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Dec. 13 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany         
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against DFF Datenbank fuer Firmenfoerderung Beteiligungs- und
Verwaltungsgesellschaft GmbH on Sept. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         DFF Datenbank fuer Firmenfoerderung Beteiligungs- und
         Verwaltungsgesellschaft GmbH
         Attn: Hartmut Gruenheid, Manager        
         Wendenstrasse 4
         20097 Hamburg, Germany

The administrator can be contacted at:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg, Germany
         

FOTOSHOP BRANDENBURG: Claims Registration Ends November 9
---------------------------------------------------------
Creditors of Fotoshop Brandenburg GmbH i.G. have until Nov. 9 to
register their claims with court-appointed provisional
administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 14 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder), Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Fotoshop Brandenburg GmbH i.G. on Sept. 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Fotoshop Brandenburg GmbH i.G.
         Kiefernweg 5
         17268 Petznick, Germany

The administrator can be contacted at:

         Hartwig Albers
         Luetzowstrasse 100
         10785 Berlin, Germany
         

IESY HESSEN: S&P Rates EUR100-Million Sr. Secured Term Loan at B
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' loan rating
to iesy Hessen GmbH & Co. KG's EUR100 million senior secured
term loan due 2011.  

At the same time, the loan was assigned a recovery rating of
'2', indicating our expectation of substantial recovery (80%-
100%) of principal for senior secured lenders in the event of a
payment default.
    
The new EUR100 million loan ranks pari passu with the existing
EUR1.35 billion senior secured floating-rate notes due 2013,
which are also rated 'B' with a recovery rating of '2'.  The
ratings on both the new loan and the floating-rate notes are
based on the expectation that subsidiary Arena Sport Rechte and
Marketing GmbH will be able to renew its German football
broadcast rights from 2009 onward.
     
Additional term-loan borrowers include the other subsidiaries of
iesy's ultimate parent Unity Media GmbH, ish NRW GmbH and Arena.
     
The loan replaces the credit facility at Tele Columbus GmbH &
Co. KG and will be used for general corporate purposes and
potential acquisitions of Level 4 (customer-facing) cable assets
in the iesy and ish regions.  Of the former Tele Columbus
subsidiaries operating in these regions, those with about 23% of
Tele Columbus users are now restricted subsidiaries of iesy and
Unity Media after the sale of the remaining 77% share,
increasing assets available to lenders.
  
                      Recovery Analysis

In common with the floating-rate notes, the term loan is secured
by a comprehensive security package including share pledges and
first-ranking charges over substantially all of the group's
assets.  Other debt includes a EUR130 million revolving credit
facility, which, although ranking pari passu with the
EUR100 million loan and floating-rate notes for the purpose of
enforcement, has a super-priority lien insofar as lenders are
entitled to the first proceeds of any recoveries.  All assets
are located in Germany, a jurisdiction that Standard & Poor's
considers relatively friendly for secured creditors.  The
sharing of certain technical and network facilities with
Deutsche Telekom AG could, however, cause some complications in
the event of a default.
     
Documentation is in line with that of the EUR130 million
revolving credit facility, but--as with the floating-rate
notes -- there are no maintenance covenants or restrictions on
capital expenditures.  Restrictions on acquisitions, disposals,
and additional indebtedness are centered around incurrence tests
for total leverage of 7x EBITDA and 5x senior leverage (falling
to 6x and 4x, respectively, from mid-2007).
     
To assess the recovery prospects of both the loan and the
floating-rate notes, Standard & Poor's simulates a default
scenario.  It valued the business as a going concern because it
believes that a default would be more likely due to overleverage
than to business issues.  As a result, it has assumed that, with
a restructured balance sheet, Unity Media's cable network would
still provide a competitive business model over other
alternative existing and new TV distribution systems in Germany.
     
Under its hypothetical default scenario, Standard & Poor's
factored in these key risks:      

   -- declining revenues from the core cable business
      amid pressures from a more competitive environment and
      the inability to fully mitigate such pressures
      with incremental revenues from the Internet and TV
      product lines.
     
   -- accelerated capital expenditure investment in
      network upgrades coming through from 2007.
     
   -- failure to achieve material football subscriber
      growth beyond the levels achieved under the
      recently expired contract arrangements.  Behind
      this outcome is the assumption that demand for
      football subscriptions proves to be relatively
      inelastic, even with lower subscription prices over
      the current contract horizon.
  
   -- increased interest rates to cover potential increases
      in market rates, costs of seeking covenant waivers,
      or increased margins resulting from weak performance.
  
Given the bullet structure of the notes, there will have been no
reduction in total debt levels at the point of default, assumed
to be in 2008.  The level of recovery is calculated after
treating a fully drawn revolving credit facility as a priority
liability.  Using a mixture of discounted cash flow valuation
and market multiple valuation, Standard & Poor's estimates that
recovery prospects for the senior lenders would be substantial,
in the range of 80%-100%, hence the recovery rating of '2'.  
This level of coverage also takes into consideration the
potential uncertainty tied to the sharing of facilities with DT.


INVERNESS MEDICAL: S&P Assigns Junk Subordinated Debt Rating
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and 'CCC+' subordinated debt rating for Inverness
Medical Innovations Inc. on CreditWatch with positive
implications.
     
"The CreditWatch action was taken in light of the company's
continued improvement in operating performance, its demonstrated
willingness and ability to access the equity markets to limit
borrowings, and the potential benefit of a still-to-be-agreed
upon joint venture with consumer products giant Procter & Gamble
Co.," said Standard & Poor's credit analyst David Lugg.
    
Waltham, Mass-based Inverness has grown its professional and
consumer diagnostics businesses through a series of acquisitions
that leveraged its key technology patents.  Over the last four
years, it has spent over US$300 million in cash for
acquisitions.  Still, during this period, adjusted debt has
risen only to US$237 million from US$212 million, as the company
privately placed some US$300 million in common stock.  EBITDA is
now about US$55 million on a rolling 12-month historic basis,
yielding a manageable debt to EBITDA of 3.3X, a figure that will
likely improve further.
     
Integration of these acquisitions has been an ongoing effort,
and coupled with an effective but expensive effort to defend its
intellectual property and chronic weakness in the noncore
nutritionals business, has yielded operating measure that often
disappointed, with adjusted operating margins (before D&A)
reaching a minimum of 6.8% in 2005.  For the quarter ended
Sept. 30, 2006, this measure had climbed to 12%.  Further
improvements are expected from an ongoing manufacturing and
facilities rationalization including a move to a low-cost
facility in China.
      
"Resolution of the CreditWatch listing will consider the
sustainability of the operating improvement along with
clarification of the terms of the proposed joint venture with
Procter & Gamble," Mr. Lugg said.


KERKHOFF DENTAL: Claims Registration Ends November 10
-----------------------------------------------------
Creditors of Kerkhoff Dental-Handels AG have until Nov. 10 to
register their claims with court-appointed provisional
administrator Hubertus Bange.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Nordhorn
         Hall 42
         Seilerbahn 15
         48529 Nordhorn, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Nordhorn opened bankruptcy proceedings
against Kerkhoff Dental-Handels AG on Sept. 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Kerkhoff Dental-Handels AG
         Attn: Rainer Kerkhoff, Manager
         Ursulastrasse 20
         48529 Nordhorn, Germany

The administrator can be contacted at:

         Hubertus Bange
         Kardinal-von-Galen-Str. 5
         48268 Greven, Germany
         Tel: 02571/8650
         Fax: 02571/8645


NORGE HOCH: Claims Registration Ends November 10
------------------------------------------------
Creditors of Norge Hoch- und Tiefbau GmbH have until Nov. 10 to
register their claims with court-appointed provisional
administrator Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting at 3:30 p.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 Amberg
         Room 115
         Meeting Room V
         1 Stick
         Baustadelgasse 1
         Amberg, 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 Amberg opened bankruptcy proceedings
against Norge Hoch- und Tiefbau GmbH on Sept. 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Norge Hoch- und Tiefbau GmbH
         Viktor-Koch-Str. 10
         92521 Schwarzenfeld, Germany

The administrator can be contacted at:

         Andreas Schenk
         Franz-Mehring-Str. 15
         08058 Zwickau, Germany
         Tel: 0375/2118570
         Fax: 0375/21185728


PRIME 2006-1: Fitch Assigns BB Rating to EUR13-Mln Class E Notes
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to PRIME 2006-1 Funding
Limited Partnership issue of EUR181.5 million of collateralized
loan obligation floating- and fixed-rate notes:

   -- EUR119,600,000 Class A: AAA;
   -- EUR15,000,000 Class B: AA;
   -- EUR20,000,000 Class C: A;
   -- EUR13,900,000 Class D: BBB; and
   -- EUR13,000,000 Class E: BB.

The final ratings are contingent upon the receipt of final
documents conforming to information already received.  The
expected ratings of the Class A notes address the timely payment
of interest and the ultimate repayment of principal.  The
expected ratings of the Class B to Class E notes address the
ultimate payment of interest and principal according to the
terms of the notes.

The expected ratings are based on the quality of the collateral,
the available credit enhancement, the priority of payments, and
the sound legal and financial structure of the transaction.
Credit enhancement for the Class A to E notes is provided by
subordination and available excess spread.

This transaction is a cash securitization of two different types
of profit participation agreements to German small and medium-
sized enterprises.  The issuer is incorporated as a special-
purpose vehicle in Jersey and will issue EUR186.5 million of
notes.  Together with the proceeds from the limited partner loan
of EUR9.99 million and the limited partners' capital
contribution of EUR0.01 million, the note proceeds are used to
enter into a portfolio of SME participation agreements, which
will remain static after closing.

The portfolio companies are selected by the originating banks:
HSH Nordbank AG, Landesbank Baden-Wurttemberg and Haspa
Beteilungsgesellschaft fur den Mittelstand mbH.  The scheduled
maturity of all Classes of notes is August 2013, and the legal
maturity is August 2015.

The portfolio quality was assessed by a mapping approach.  Based
on the mapping, the weighted average portfolio quality is deemed
to be equal to a Fitch rating of BBB-/BB+.  Repayment of the
notes is contingent on the cash flows generated by the SME loan
portfolio and the priority of payments, as determined in the
transaction documents.

Compared with other German mezzanine CLOs rated by Fitch, this
transaction shows the lowest number of assets and the largest
single obligor concentrations.  Each of the six largest assets
accounts for 7.6% of the portfolio amount.  Fitch has therefore
applied a combination of its standard CDO methodology and a
concentration approach to capture the risks resulting from the
lumpiness of the portfolio.


PRIME 2006: S&P Assigns BB Rating on EUR13-Mln Class E Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR181.5 million fixed- and floating-rate
notes to be issued by PRIME 2006-1 Funding Limited Partnership,
a limited partnership incorporated under Jersey limited
partnership law.  At the same time, Prime 2006 will issue
EUR5 million of unrated notes.
  
Prime 2006 is the third securitization of payment claims arising
from participation rights to be rated by Standard & Poor's.
  
The structure uses the limited partnership concept under Jersey
law.  The partnership is composed of Prime General Partner Ltd.
incorporated with limited liability in Jersey and HSH Nordbank
AG, Landesbank Baden-Wuerttemberg, and Hamburger Sparkasse as
limited partners, incorporated in Germany.  The issuer is
incorporated in Jersey.
  
A EUR10 million capital contribution provided by the limited
partners and the general partner will serve as further
subordination to the notes and will rank pari passu with the
unrated class F notes and will, together with the notes,
refinance the purchase of the EUR196.5 million portfolio of
participation rights.
  
Prime 2006 will issue five classes of rated notes and the
unrated class F notes.  The notes constitute direct,
unsubordinated obligations of the issuer.  The class A notes are
the most senior class of rated notes, followed by the class B,
C, D, E and the class F notes, in that order.  Each class of
notes ranks pari passu among themselves.
  
The issuer will use the issuance proceeds to buy the
participation rights granted to the 29 portfolio companies from
the original lenders:  Haspa Beteiligungsgesellschaft fuer den
Mittelstand, HSH, or LBBW.  

The issuer selected the portfolio companies based on the
portfolio manager's recommendations.  The recommendations are
based on the portfolio companies' credit quality (that is,
probability of default) and diversification, both in terms of
industry and geography.  All companies are German SMEs, and each
has entered into a participation right agreement with Haspa BGM,
HSH, or LBBW.  Most of them have a long-standing customer
relationship with their original lender.
  
                     Ratings List
       PRIME 2006-1 Funding Limited Partnership
    EUR186.5 Million Fixed- And Floating-Rate Notes

                       Prelim.        Prelim.
        Class          rating         amount (Mil. EUR)
        -----          ------         -----------------
        A1/A2          AAA               119.6
        B1/B2          AA                15
        C1/C2          A                 20
        D1/D2          BBB               13.9
        E1/E2          BB                13
        F              NR                 5
  
        NR-Not rated.


WEISSHEIMER GMBH: Claims Registration Ends November 10
------------------------------------------------------
Creditors of Weissheimer GmbH have until Nov. 10 to register
their claims with court-appointed provisional administrator Jens
Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Mayen
         Hall 17
         St. Veit-Road 38
         56727 Mayen, 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 Mayen opened bankruptcy proceedings
against Weissheimer GmbH on Sept. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Weissheimer GmbH
         Attn: Helmut Weissheimer, Manager
         Schaarstrasse 1
         56626 Andernach, Germany

The administrator can be contacted at:

         Jens Lieser
         Josef-Gorres-Place 5
         56068 Koblenz, Germany
         Tel: 0261/304790
         Fax: 0261/9114729
         E-mail: info@lieser-rombach.de


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


ELAN CORP: Posts US$123.3 Million in Losses for Third Quarter
-------------------------------------------------------------
Elan Corporation, plc disclosed of its financial results for the
third quarter 2006.

For the third quarter of 2006, Elan posted US$117 million in net
losses against US$123.3 million in revenues, compared with
US$67.1 million in net losses against US$128.6 million in
revenues for the same period in 2005.

"The third quarter provided further evidence of progress in key
areas," Kelly Martin, Elan's President and Chief Executive
Officer, said.  "We are encouraged by the initial results in the
relaunch of Tysabri for MS in the U.S. market and the launch in
the European markets.  As patients and physicians seek greater
efficacy and therapeutic options for combating the degenerative
nature of this disease, we remain confident that Tysabri will
play a significant role in the treatment of MS moving forward.  
We plan to file for Crohn's in the U.S. by the end of this year.  
In our scientific pipeline, we recently announced a new
collaboration in the area of Alzheimer's with Transition
Therapeutics and are working together to advance this Phase 1
small molecule program.  We are pleased to report that we have
started dosing patients with ELND-001, an oral compound from our
autoimmune program."

"We remain focused on maintaining a disciplined approach in all
areas of our business and on advancing our pipeline in order to
enable patients to choose from a range of therapeutically
relevant choices that may meet their unmet medical needs," Mr.
Martin added.

"We are pleased with the overall outcome for the third quarter,"
Shane Cooke, Elan's Executive Vice President and Chief Financial
Officer, said.  "We successfully launched Tysabri for MS in a
number of EU countries and re-introduced it in the U.S., marking
an important step in our drive towards a return to
profitability.  License fees payable in relation to the
expansion of our pipeline of innovative Alzheimer's therapeutics
together with temporary supply shortages of Maxipime impacted
our third quarter results and led to increased losses."

"We are confident that revenues for 2006, excluding any revenues
from Tysabri, will exceed Us$500 million," Mr. Cooke added.  "We
also expect EBITDA losses for the year to be less then
previously guided due to solid revenue growth and improved
operating margins, and we look forward to the future with
confidence and enthusiasm."

                      About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                        *     *     *

As reported in the TCR-Europe on June 19, Moody's Investors
Service revised the outlook on the of Elan to stable
from negative.  At the same time, Moody's affirmed Elan's
ratings, including the B3 corporate family rating.

These rating actions follow the FDA decision to approve Tysabri
for resumed marketing in the U.S.  The stable outlook reflects
Moody's current assumption that with a reasonably successful
Tysabri re-launch, Elan is more likely to meet its 2008 debt
maturities with a combination of internal funds and refinancing
in the event of a shortfall.

Moody's expects that the market acceptance of Tysabri will be a
critical factor driving any future changes in Elan's credit
rating.

Ratings affirmed:

Elan Corporation, plc

   -- B3 corporate family rating

Elan Finance plc

   -- B3 fixed-rate senior notes of US$850 million due 2011
      (guaranteed by Elan Corporation, plc and subsidiaries)

   -- B3 floating rate senior notes of US$300 million due 2011
      (guaranteed by Elan Corporation, plc and subsidiaries)

Athena Neurosciences Finance, LLC

   -- B3 senior notes of US$613 million due 2008 (guaranteed by
      Elan Corporation, plc and subsidiaries)


EUROMAX V: Fitch Assigns BB- Rating on EUR5-Mln Class B2 Notes
--------------------------------------------------------------
Fitch Ratings assigned Euromax V ABS PLC's upcoming issue of
EUR307.5 million floating-rate notes expected ratings.  The
transaction is a securitization of structured finance assets
including primarily residential and commercial mortgage-backed
securities:

   -- EUR4.5 million Class X floating-rate note due 2012: AAA;
   -- EUR210 million Class A1 floating-rate note due 2095: AAA;
   -- EUR20 million Class A2 floating-rate note due 2095: AAA;
   -- EUR18 million Class A3 floating-rate note due 2095: AA;
   -- EUR21.5 million Class A4 floating-rate note due 2095: A;
   -- EUR22 mln Class B1 floating-rate note due 2095: BBB-; and
   -- EUR5 mln Class B2 floating-rate note due 2095: BB-.

The expected ratings of the Class X, A1, A2 and A3 notes address
the ultimate repayment of principal at maturity and the timely
payment of interest when due, according to the terms of the
notes.  For the Class A4, B1 and B2 notes, which can defer
interest, the expected rating address the ultimate payment of
principal and interest, including deferred interest, at
maturity.  The final ratings are contingent upon receipt of
final documents conforming to information already received.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, Collineo Asset Management GmbH, subject to the
guidelines outlined in the collateral management agreement.

The guidelines limit the collateral manager's portfolio
allocations with respect to obligor, industry and asset type.
Collineo will actively manage the collateral over the six-year
reinvestment period.  Collineo's CDO Asset Manager rating of CAM
2 was affirmed on Oct. 27.

The ratings are also based on the credit enhancement provided to
the various Classes of notes in the form of subordination,
structural protection and excess spread.  Credit enhancement, in
the form of subordination, for the A1 notes will total 30%, of
which 6.7% will be provided by the A2 notes, 6% by the A3 notes,
7.2% by the A4 notes, 7.3% by the B1 notes, 1.7% by the B2 notes
and 1.17% by the unrated subordinated C notes.

Some of the EUR6.5 million proceeds from the subordinated notes
will be used to pay certain initial expenses of the issuer
rather than to purchase collateral and therefore will not be
available for subordination.

Euromax V ABS PLC is a limited liability company incorporated
under the laws of Ireland.  At the closing date, the issuer is
expected to have purchased at least 70% of the target portfolio;
the remainder will be purchased over the following 270 days.

Fitch expects Euromax V ABS PLC to issue combination notes that
will comprise components of the rated notes as well as the Class
C notes.  The interest and principal cash flows on the combo
notes will be derived from the interest and principal cash flows
on their respective components.  At the time of writing, the
detailed composition of the combo note issuance had not been
finalized.


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


COREL CORP: Acquisition Plan Spurs S&P to Affirm B Debt Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and senior secured debt ratings on Canada-based
packaged software company, Corel Corp., following the company's
announcement to acquire California-based digital media software
vendor, InterVideo Inc.  

At the same time, Standard & Poor's affirmed its 'B' bank loan
rating, with a recovery rating of '3', on the company's US$265
million credit facility, which was increased by US$100 million
to partially finance the acquisition.  The '3' recovery rating
indicates a meaningful recovery of principal (50%-80%) by
lenders in the event of default. The outlook is positive.
    
The bank facility was increased to US$265 million from
US$165 million and now consists of a US$190 million term loan
due 2012 and a US$75 million revolver due 2011.  The US$100
million in incremental debt financing along with cash on hand
will be used to finance the US$195 million acquisition of
InterVideo.
     
The acquisition of InterVideo should provide additional product
diversity, broaden the company's distribution, and expand its
geographic presence in the Asia-Pacific growth markets.  
Although integration risks associated with the sizable
acquisition are a credit concern, Standard & Poor's notes that
Corel's track record of integrating acquisitions has improved in
recent years.  Nevertheless, InterVideo's low level of
profitability will remain a drag on Corel's otherwise healthy
operating margins in the near term.  

The ratings also reflect an aggressive financial policy given
Corel's desire to pursue additional debt-financed acquisitions
in the medium term.  Standard & Poor's notes the potential
conflict of interest given continuing majority ownership by
Vector Capital (72%) and Vector's potential use of Corel as a
feeder for divested software companies.

"The ratings on Corel reflect its weak market position within
the highly competitive packaged software industry, a limited
track record of profitability, and the short life span of
software products in general," said Standard & Poor's credit
analyst Madhav Hari.  "These factors are only partially offset
by Corel's brand recognition as a viable alternative to globally
dominant packaged software providers, a large and diverse
installed base, and a meaningful base of recurring revenue,"
added Mr. Hari.
     
The positive outlook is based on:

   -- Corel's strong operating momentum;

   -- improving product, customer, and geographic diversity; and

   -- adequate liquidity.

The positive outlook also reflects expectations of a successful
integration of InterVideo, including the realization of cost
synergies as targeted.  Increased profitability as well as
improved financial leverage and corresponding credit measures
could lead to an upgrade in the medium term.  Nevertheless, if
revenue growth and profitability stall because of competitive
forces, pricing pressures, integration challenges, or shifting
customer (original equipment manufacturers) buying behavior, the
outlook could be revised to stable.


FIAT SPA: Board of Directors Unveils Incentive Plan
---------------------------------------------------
The Board of Directors of Fiat S.p.A. met Nov. 3 and discussed
the procedures for implementation of the incentive plan
authorized by the Stockholders Meeting of May 3.  On the basis
of the recommendation of the Nominating and Compensation
Committee and in view of current capital market conditions, the
Board approved a stock options plan as a replacement for the
plan originally envisaged.

With this resolution, the Board confirmed the importance of a
greater involvement of executives who hold key positions in
pursuing objectives relating to the Company's and Group's
operating performance, in order to promote retention and align
their interests with those of stockholders.

The incentive plan will have a duration of eight years, with a
four years lock up period, and will be based on a maximum of 20
million underlying Fiat ordinary shares offered at a strike
price of EUR13.37, equal to the arithmetical average of the
official prices posted on the Borsa Italiana S.p.A.'s market in
the past thirty days.

The stock options have a four-year vesting period in equal
annual quotas.  Grantees of the plan are the Chief Executive
Officer of Fiat S.p.A. Sergio Marchionne, for 10 million stock
options corresponding to an equal number of ordinary shares, and
for an additional 10 million stock options, more than 300
executives who have a significant impact on business results.

According to the specific provisions of the plan, the granting
of the stock options and their exercise is predicated in large
measure on the achievement of predetermined financial targets by
the Group in the 2007-2010 period.

The Board exercised the powers granted to it pursuant to Article
2443 of the Italian Civil Code for the capital increase to
service the incentive plan.  The capital increase is reserved to
employees of the Company and/or its subsidiaries, within a limit
of 1% of the capital stock, i.e. for a maximum of EUR50,000,000
through the issue of a maximum of 10,000,000 ordinary shares
with a par value of EUR5 each, corresponding to 0.78% of the
capital stock and 0.92% of the ordinary capital, at the
abovementioned price of EUR13.37.  

Execution of this capital increase is subject to the approval by
the Stockholders Meeting of the incentive plan and the
satisfaction of its conditions.  The remainder of the plan will
be covered by shares previously issued to be purchased over the
duration of the plan in accordance with the law.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                          *     *     *

As reported in the TCR-Europe on Oct. 4, Fitch Ratings affirmed
Fiat S.p.A.'s Issuer Default and senior unsecured ratings at BB-
and Short-term rating at B.  This follows Fiat's exercise of its
call option to buy back 29% of Ferrari's capital from a
consortium led by Mediobanca.  Fitch said the Outlook is
Positive.

On Aug. 8, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Fiat S.p.A. to 'BB' from 'BB-'.   
At the same time, Standard & Poor's affirmed its 'B' short-term
rating on Fiat.  S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

On Aug. 7, Fitch Ratings changed Fiat S.p.A.'s Outlook to
Positive from Stable.  Its Issuer Default rating and senior
unsecured rating are affirmed at BB-.  The Short-term rating is
affirmed at B. Around EUR6 billion of debt is affected by this
rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.


FIAT SPA: Moody's Changes Rating Outlook on Improved Performance
----------------------------------------------------------------
Moody's Investors Service changed the outlook on Fiat SpA's Ba3
Corporate Family Rating to positive from stable and affirmed the
long-term senior unsecured ratings as well as the short-term
non-Prime rating.

Falk Frey, Vice-President -- Senior Credit Officer and the lead
analyst at Moody's for the European automotive sector, said:
"The outlook-change to positive reflects the continued improving
trend of Fiat's operating performance, with group trading
profitability now restored to positive levels; Fiat Auto has
been turned around into a positive trading profit since Q4 2005
and we expect further sustainable improvements at least over the
near term."  

Furthermore, the outlook change to positive is based on the
expectation that Fiat's consolidated industrial operations will
generate a positive free cash flow in 2006, notwithstanding
continued commercial and economic pressures facing the group, as
well as a sizable reduction in industrial net debt.

Outlook Actions:

Issuer: Fiat Finance & Trade Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Canada Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Luxembourg S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance North America Inc.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat France S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat S.p.A.

    * Outlook, Changed To Positive From Stable

Fiat's Ba3/non-Prime ratings continue to reflect

   -- Fiat Group's scope and geographically
      well spread operations,

   -- the solid market position of Case New Holland and
      its potential to improve its highly indebted
      financial profile, and

   -- Iveco's stable market share in the European truck
      markets.

The Ba3 rating also anticipates that CNH, Iveco and Fiat Auto
should continue to improve operating profit margins and cash
flows over the period to end-2007, and also should achieve a
positive free cash flow on a group basis, without the benefit of
exceptional items.  This should facilitate further debt
reduction and lead to an improved overall financial flexibility,
which despite continued management efforts remains tight in
absolute terms and in the context of the auto industry.

An upgrade in Fiat's ratings would be triggered by evidence of a
further strengthening of the Group's overall financial profile
in 2007 and beyond, as evidenced by

   -- a sustained and movement of adjusted RCF to net
      adjusted debt notably above 10%,

   -- a reduction in leverage towards a Debt/ EBITDA multiple
      of 5x (based on Moody's adjustments), and

   -- a positive adjusted EBIT Margin close to 2% in
      2006 trending towards 3.5% in 2007.

Such an improvement is challenged by the company's ability to:

   -- successfully launch new passenger car models beyond
      the Grande Punto, in particular a new C-segment
      model within Fiat Auto,

   -- re-organize sales channels across its key geographies
      and by

   -- the success of recently announced ventures
      and associations with other auto groups helping to
      shape Fiat Auto's profile and capacity utilization.

Furthermore, the need to improve the operating performance of
CNH in an increasingly difficult industry environment and the
ability to maintain the upward positive earnings trend at Iveco
would be essential components for any Fiat upgrade.

Moody's last rating action on Fiat was an affirmation of the Ba3
ratings and a change in the outlook to stable from negative on
Jan. 30.

Fiat S.p.A., headquartered in Turin, is one of the largest
industrial groups in Italy and the fourth largest European-based
automobile manufacturer, with revenues of approximately EUR38
billion generated for the 9-month period as at Sept. 30, 2006.
The company is also a leading European-based manufacturer of
commercial vehicles and one of the largest producers of
agricultural equipment in the world.


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


ASTANA GOLF: Creditors Must File Claims by Dec. 8
-------------------------------------------------
LLP Company Astana Golf Club has declared insolvency.  Creditors
have until Dec. 8 to submit written proofs of claim to:

         LLP Astana Golf Club
         Irchenko Str. 14
         Saryarka District
         Astana, Kazakhstan


BAS LLP: Proof of Claim Deadline Slated for Dec. 6
--------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Bas insolvent on Sept. 11.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Dec. 6 to submit written proofs of claim
to:

         LLP Bas
         Tekstilshikov Ave. 15/1-101
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 57-33-41


BN-MANGISTAU LLP: Creditors Must File Claims by Dec. 6
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP BN-Mangistau insolvent on Sept. 11.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Dec. 6 to submit written proofs of claim
to:

         LLP BN-Mangistau
         Micro District 27, 67-7
         Aktau
         Mangistau Region
         Kazakhstan
         Tel/Fax: 8 (3292) 41-00-42


KAZBUSINESSSTROY LLP: Creditors' Claims Due Dec. 8
--------------------------------------------------
LLP Construction Company Kazbusinessstroy has declared
insolvency.  Creditors have until Dec. 8 to submit written
proofs of claim to:

         LLP Kazbusinessstroy
         Satpaev Str. 5a-27
         Almaty, Kazakhstan
         Tel: 8 (3272) 65-10-86


KAZOVOSHPRODUCT OJSC: Creditors' Claims Due Dec. 6
--------------------------------------------------
OJSC Kazovoshproduct (RNN 091300211086) has declared insolvency.  
Creditors have until Dec. 6 to submit written proofs of claim
to:

         OJSC Kazovoshproduct
         Jeleznodorojnaya Str. 25
         Kapshagai
         Almaty Region
         Kazakhstan


KHANSUNKAR TELECOM: Claims Registration Ends Dec. 6
---------------------------------------------------
LLP Khansunkar Telecom has declared insolvency.  Creditors have
until Dec. 6 to submit written proofs of claim to:

         LLP Khansunkar Telecom
         Micro District 4, 37/2, VP-1
         Almaty District
         Astana, Kazakhstan


SULU MADINE: Karaganda Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Sulu Madine
(RNN 240200003727).

LLP Sulu Madine is located at:

         Krasnaya Polyana
         Shet District
         Karaganda Region
         Kazakhstan


ZAVOD STENOVIH: Claims Filing Period Ends Dec. 8
------------------------------------------------
LLP Burundaisky Wall Materials Plant Zavod Stenovih Materialov
has declared insolvency.  Creditors have until Dec. 8 to submit
written proofs of claim to:

         LLP Zavod Stenovih Materialov
         Aerodromnaya Str. 1a
         Boraldai
         Ilyi District
         Almaty Region
         Kazakhstan


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


TCO-SERVICE LLC: Creditors' Claims Due Dec. 15
----------------------------------------------
LLC TCO-Service has declared insolvency.  Creditors have until
Dec. 15 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 65-65-82.


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

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


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


NORTEL NETWORKS: Secures US$7.7 Million NRC Maintenance Contract
--------------------------------------------------------------
Nortel Government Solutions, a company wholly owned by Nortel
Networks, has been selected by the U.S. Nuclear Regulatory
Commission to operate and maintain its digital courtroom systems
in Rockville, Maryland and Las Vegas, Nevada.

Nortel Government Solutions will provide the services under an
agreement estimated at US$7.7 million over four years.  The
agreement also includes support for NRC hearings, as well as
application development and testing.

The systems were developed by Nortel Government Solutions and
delivered to the NRC earlier this year.  They provide electronic
evidence presentation, digital audio and video transcripts, and
electronic capture and display of evidence.  This enables
immediate electronic access to documents, and live video and
audio feeds to ensure the widest possible public access to NRC
proceedings.

The digital courtroom systems are designed to help the NRC's
Atomic Safety and Licensing Board Panel simplify proceedings
ranging from routine cases to more complicated hearings
involving nuclear reactor licenses.

The Company says that one of the proceedings is the potential
adjudication regarding a U.S. Department of Energy license
application for a commercial nuclear reactor waste storage
facility at Nevada's Yucca Mountain, located 100 miles northwest
of Las Vegas, which is expected to last three to four years as
mandated by Congress and could become one of the largest and
most complex administrative hearings in U.S. history.  The
digital database available to the two courtrooms is capable of
storing and providing electronic access to the millions of pages
of evidence and thousands of hours of testimony that may
accumulate.

"These showcase systems integrate everything into one multimedia
system with real-time access to information for all
participants," Chuck Saffell, chief executive officer, Nortel
Government Solutions, said.  "Our operations and maintenance
services will help the NRC to achieve and sustain the highest
performance, efficiency, security and reliability from its
electronic courtrooms."

               About Nortel Government Solutions

Based in Fairfax, Virginia, Nortel Government Solutions --
http://www.nortelgov.com/-- is a network-centric integrator,  
providing the services expertise, mission-critical systems and
secure communications that empower government to ensure the
security, livelihood, and well being of its citizens.  The
company is a provider for solutions designed to improve
workforce productivity, reduce operating costs, and streamline
inter-agency communications.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Limited
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology  
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband.
Nortel does business in more than 150 countries.

                          *    *    *

As reported in the Troubled Company Reporter on July 10, 2006,
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd- 5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

As reported in the Troubled Company Reporter on June 20, 2006,
Moody's Investors Service affirmed the B3 corporate family
rating of Nortel; assigned a B3 rating to the proposed US$2
billion senior note issue; downgraded the US$200 million 6.875%
Senior Notes due 2023 and revised the outlook to stable from
negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
$2 billion notes.  The outlook is stable.


VNU GROUP: Names James Cuminale EVP & Chief Legal Officer
---------------------------------------------------------
VNU Group B.V. named James W. Cuminale executive vice president
and chief legal officer, succeeding Earl H. Doppelt, the
company's long-time general counsel.

Mr. Cuminale joins VNU from PanAmSat Corporation, a Greenwich,
Connecticut-based global satellite communications company, where
he was executive vice president -- corporate development,
general counsel and secretary, responsible for the company's
legal and regulatory affairs as well as corporate strategy and
transactions.  In his new role, he will report to David L.
Calhoun, chairman and chief executive officer of VNU.

"Jim is a welcome addition to VNU's senior leadership team,"
said Mr. Calhoun.  "He is a first-rate attorney with extensive
experience handling legal and regulatory issues and corporate
strategy and transactions within the information industry.  We
are fortunate to have someone of his caliber join our team.

"At the same time, I would like to thank Earl Doppelt for his
many years of superb service to VNU.  Earl has provided expert
legal advice and business leadership through three complex
ownership transitions, and oversaw our successful legal strategy
during more than 10 years of litigation involving our ACNielsen
business.  We were disappointed by Earl's decision to leave VNU
after the sale of the company, but we respect his decision and
appreciate greatly his willingness to stay on while we recruited
his successor."

Mr. Doppelt spent the last 12 years with VNU, ACNielsen and The
Dun & Bradstreet Corporation.  He was general counsel of D&B
when it was broken up into three separate companies in 1996, and
became general counsel of one of those companies, the publicly
traded ACNielsen Corporation, until VNU acquired ACNielsen in
2001.  He was then named executive vice president and chief
legal officer of VNU.  Mr. Doppelt joined D&B in 1994 from
Paramount Communications, where he handled all legal matters for
the company and its Paramount Pictures and Simon & Schuster
units.  Earlier, Mr. Doppelt was a litigator specializing in
antitrust and securities matters for the New York firm of Paul,
Weiss, Rifkind, Wharton and Garrison.

Mr. Cuminale joined PanAmSat as general counsel in 1995,
following a 16-year career with the law firm of Ivey, Barnum &
O'Mara in Greenwich, Connecticut.  He later added responsibility
for the company's regulatory, corporate governance and
compliance matters as corporate secretary of the public company,
and later oversaw all corporate strategy and transactions as
head of corporate development.  PanAmSat, which recently merged
with Intelsat, was a publicly held company until its acquisition
in 2004 by private-equity investors, including Kohlberg Kravis
Roberts & Co. and The Carlyle Group, two of VNU's current
owners.

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers   
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.

                        *     *     *

As reported in the TCR-Europe on July 20, Moody's Investors
Service downgraded the Corporate Family Rating of VNU NV to B2
from B1 and its senior unsecured debt ratings to Caa1 from B1.  
This concludes Moody's review of VNU's ratings, which was last
continued on May 26.

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

   -- 2.5% Yen MT Notes due 2011, the floating rate Euro MT
      Notes due 2010;

   -- 5.625% GBP MT Notes due 2010/17;

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

   -- Nielsen Media Research Inc.'s 7.6% Notes due 2009
      guaranteed by VNU.

In a TCR-Europe report on July 19, Standard & Poor's Ratings
Services has lowered its long-term corporate credit rating on
Dutch media group VNU N.V. to 'B' from 'B+', and affirmed its
'B' short-term corporate credit rating.

All ratings have been removed from CreditWatch, where they were
placed with negative implications on Oct. 12, 2005.  S&P said
the outlook is negative.


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


ALFA BANK: Korean Bank Hikes Credit Line to US$100 Million
----------------------------------------------------------
Alfa Bank and Export-Import Bank of Korea signed an agreement to
increase a credit line to US$100 million from US$80 million.

The credit line was opened to Alfa Bank to finance sales of
Korean merchandise, equipment and services to Russian customers,
to confirm letters of credit and to issue guarantees.  The
credit line provides for short-term financing of up to one year,
as well as long-term export financing of up to 10 years.

According to Maxim Topper, Head of International Banking and
Financial Institutions at Alfa Bank, the agreement backs both
financing of durable equipment and consumer goods, including
cars, household equipment and chemicals.

"The enduring joint work with Export-Import Bank of Korea has
made it possible for us to achieve leading positions in
servicing of foreign-trade operations between Russia and the
Republic of Korea", Mr. Topper said.

Export-Import Bank of Korea is a special-purpose state bank
established to assist Korean companies in international markets
through financing of export-import transactions and guarantees.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key   
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

As reported in the TCR-Europe on Oct. 6, Fitch Ratings assigned
Alfa MTN Issuance Limited's US$400 million 7.875% notes issue
due October 2009 a Long-term BB- rating.  The proceeds from the
issue will be on-lent to Alfa Bank, rated Issuer Default BB-
/Outlook Stable, Short-term B, Support 4, Individual C/D, and
National Long-term A+/Outlook Stable.

As reported in the TCR-Europe on Sept. 12, Fitch Ratings
upgraded Russia-based Alfa Bank's ratings to Issuer Default BB-
from B+, Individual C/D from D and National Long-term to A+ from
A.  The Outlooks on the Issuer Default and National Long-term
ratings remain Stable.  Alfa's other ratings are affirmed at
Short-term B and Support 4.

Alfa's outstanding senior unsecured debt issues are also
upgraded to BB- from B+ and its subordinated debt issue due
December 2015 to B+ from B-.  The two-notch upgrade of the
subordinated debt reflects the rules-based, rather than
recoveries-based, approach to assigning Recovery Ratings to
issues of entities rated BB- and above.

As reported in the TCR-Europe on July 17, Moody's Investors
Service upgraded Alfa Bank's Financial Strength Rating to D from
D- and changed its outlook to stable from positive.

At the same time, the bank's Ba2 long-term foreign currency
deposit and senior unsecured debt ratings have been affirmed
with their corresponding outlooks changed to stable.  The bank's
Not-Prime short-term foreign currency deposit and debt ratings
and their outlook remain unchanged.


ALFA BANK: Partners with General Motors to Form GM Finance
----------------------------------------------------------
Alfa Bank and General Motors CIS have formed a partnership to
sell GM vehicles on credit by official GM dealers throughout
Russia.

Alfa Bank was selected by GM CIS to be the official
representative for the "GM Finance" program on the basis of its
client-oriented services and advanced technology, competitive
and innovative products, large network in Russia capable of
covering the GM dealership network, and support for sales of GM
brands.  The key advantages of the program include competitive
lending terms and conditions, rapid and high-quality service,
and convenient and prompt provision of loans.  The two partners
are also teaming up to maintain "GM Finance" special programs
and promotional campaigns throughout Russia.

"General Motors CIS, whose market share has grown significantly
and whose brand Chevrolet is the number one automobile brand in
Russia, was looking for a partner that will support its efforts
to strengthen leading positions on the market by means of a
strong retail lending program," Jacek Gorsky, Commercial
Director of General Motors CIS, said.

The success of consumer financing and retail banking in Moscow
and the regions has underscored the great potential of this
business and prompted Alfa Bank to enter the auto lending market
in 2006.  The Bank's auto lending portfolio has grown in size to
more than US$120 million, with 70% of loans extended in the
regions.  The Bank provides services to retail clients, auto
dealers and automakers through its 900 points of sale in more
than 50 Russian cities.

"Alfa Bank aims to boost its auto loan portfolio to US$500
million in 2007. Together with GM we are establishing efforts to
capture a 20% share of the fast growing auto lending market in
Russia", Sergey Silantiev, the Head of Alfa Bank's Auto Lending
Department, said.

                      About General Motors

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

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key   
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

As reported in the TCR-Europe on Oct. 6, Fitch Ratings assigned
Alfa MTN Issuance Limited's US$400 million 7.875% notes issue
due October 2009 a Long-term BB- rating.  The proceeds from the
issue will be on-lent to Alfa Bank, rated Issuer Default BB-
/Outlook Stable, Short-term B, Support 4, Individual C/D, and
National Long-term A+/Outlook Stable.

As reported in the TCR-Europe on Sept. 12, Fitch Ratings
upgraded Russia-based Alfa Bank's ratings to Issuer Default BB-
from B+, Individual C/D from D and National Long-term to A+ from
A.  The Outlooks on the Issuer Default and National Long-term
ratings remain Stable.  Alfa's other ratings are affirmed at
Short-term B and Support 4.

Alfa's outstanding senior unsecured debt issues are also
upgraded to BB- from B+ and its subordinated debt issue due
December 2015 to B+ from B-.  The two-notch upgrade of the
subordinated debt reflects the rules-based, rather than
recoveries-based, approach to assigning Recovery Ratings to
issues of entities rated BB- and above.

As reported in the TCR-Europe on July 17, Moody's Investors
Service upgraded Alfa Bank's Financial Strength Rating to D from
D- and changed its outlook to stable from positive.

At the same time, the bank's Ba2 long-term foreign currency
deposit and senior unsecured debt ratings have been affirmed
with their corresponding outlooks changed to stable.  The bank's
Not-Prime short-term foreign currency deposit and debt ratings
and their outlook remain unchanged.


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


ALFA BANK: Korean Bank Hikes Credit Line to US$100 Million
----------------------------------------------------------
Alfa Bank and Export-Import Bank of Korea signed an agreement to
increase a credit line to US$100 million from US$80 million.

The credit line was opened to Alfa Bank to finance sales of
Korean merchandise, equipment and services to Russian customers,
to confirm letters of credit and to issue guarantees.  The
credit line provides for short-term financing of up to one year,
as well as long-term export financing of up to 10 years.

According to Maxim Topper, Head of International Banking and
Financial Institutions at Alfa Bank, this agreement backs both
financing of durable equipment and consumer goods, including
cars, household equipment and chemicals.

"The enduring joint work with Export-Import Bank of Korea has
made it possible for us to achieve leading positions in
servicing of foreign-trade operations between Russia and the
Republic of Korea", Mr. Topper said.

Export-Import Bank of Korea is a special-purpose state bank
established to assist Korean companies in international markets
through financing of export-import transactions and guarantees.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key   
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

As reported in the TCR-Europe on Oct. 6, Fitch Ratings assigned
Alfa MTN Issuance Limited's US$400 million 7.875% notes issue
due October 2009 a Long-term BB- rating.  The proceeds from the
issue will be on-lent to Alfa Bank, rated Issuer Default BB-
/Outlook Stable, Short-term B, Support 4, Individual C/D, and
National Long-term A+/Outlook Stable.

As reported in the TCR-Europe on Sept. 12, Fitch Ratings
upgraded Russia-based Alfa Bank's ratings to Issuer Default BB-
from B+, Individual C/D from D and National Long-term to A+ from
A.  The Outlooks on the Issuer Default and National Long-term
ratings remain Stable.  Alfa's other ratings are affirmed at
Short-term B and Support 4.

Alfa's outstanding senior unsecured debt issues are also
upgraded to BB- from B+ and its subordinated debt issue due
December 2015 to B+ from B-.  The two-notch upgrade of the
subordinated debt reflects the rules-based, rather than
recoveries-based, approach to assigning Recovery Ratings to
issues of entities rated BB- and above.

As reported in the TCR-Europe on July 17, Moody's Investors
Service upgraded Alfa Bank's Financial Strength Rating to D from
D- and changed its outlook to stable from positive.

At the same time, the bank's Ba2 long-term foreign currency
deposit and senior unsecured debt ratings have been affirmed
with their corresponding outlooks changed to stable.  The bank's
Not-Prime short-term foreign currency deposit and debt ratings
and their outlook remain unchanged.


ALFA BANK: Partners with General Motors to Form GM Finance
----------------------------------------------------------
Alfa Bank and General Motors CIS have formed a partnership to
sell GM vehicles on credit by official GM dealers throughout
Russia.

Alfa Bank was selected by GM CIS to be the official
representative for the "GM Finance" program on the basis of its
client-oriented services and advanced technology, competitive
and innovative products, large network in Russia capable of
covering the GM dealership network, and support for sales of GM
brands.  The key advantages of the program include competitive
lending terms and conditions, rapid and high-quality service,
and convenient and prompt provision of loans.  The two partners
are also teaming up to maintain "GM Finance" special programs
and promotional campaigns throughout Russia.

"General Motors CIS, whose market share has grown significantly
and whose brand Chevrolet is the number one automobile brand in
Russia, was looking for a partner that will support its efforts
to strengthen leading positions on the market by means of a
strong retail lending program," Jacek Gorsky, Commercial
Director of General Motors CIS, said.

The success of consumer financing and retail banking in Moscow
and the regions has underscored the great potential of this
business and prompted Alfa Bank to enter the auto lending market
in 2006.  The Bank's auto lending portfolio has grown in size to
more than US$120 million, with 70% of loans extended in the
regions.  The Bank provides services to retail clients, auto
dealers and automakers through its 900 points of sale in more
than 50 Russian cities.

"Alfa Bank aims to boost its auto loan portfolio to US$500
million in 2007. Together with GM we are establishing efforts to
capture a 20% share of the fast growing auto lending market in
Russia", Sergey Silantiev, the Head of Alfa Bank's Auto Lending
Department, said.

                      About General Motors

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

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key   
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

As reported in the TCR-Europe on Oct. 6, Fitch Ratings assigned
Alfa MTN Issuance Limited's US$400 million 7.875% notes issue
due October 2009 a Long-term BB- rating.  The proceeds from the
issue will be on-lent to Alfa Bank, rated Issuer Default BB-
/Outlook Stable, Short-term B, Support 4, Individual C/D, and
National Long-term A+/Outlook Stable.

As reported in the TCR-Europe on Sept. 12, Fitch Ratings
upgraded Russia-based Alfa Bank's ratings to Issuer Default BB-
from B+, Individual C/D from D and National Long-term to A+ from
A.  The Outlooks on the Issuer Default and National Long-term
ratings remain Stable.  Alfa's other ratings are affirmed at
Short-term B and Support 4.

Alfa's outstanding senior unsecured debt issues are also
upgraded to BB- from B+ and its subordinated debt issue due
December 2015 to B+ from B-.  The two-notch upgrade of the
subordinated debt reflects the rules-based, rather than
recoveries-based, approach to assigning Recovery Ratings to
issues of entities rated BB- and above.

As reported in the TCR-Europe on July 17, Moody's Investors
Service upgraded Alfa Bank's Financial Strength Rating to D from
D- and changed its outlook to stable from positive.

At the same time, the bank's Ba2 long-term foreign currency
deposit and senior unsecured debt ratings have been affirmed
with their corresponding outlooks changed to stable.  The bank's
Not-Prime short-term foreign currency deposit and debt ratings
and their outlook remain unchanged.


BASH-FRUIT-IMPORT: Court Names R. Yusupov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. R.
Yusupov as Insolvency Manager for CJSC Bash-Fruit-Import (TIN
0274047900).  He can be reached at:

         R. Yusupov
         Post User Box 163
         450096 Ufa Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-15600/06-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:

         R. Yusupov
         Post User Box 163
         450096 Ufa Region
         Russia


CHERSKAYA CJSC: Court Names A. Trifonov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Pskov Region appointed Mr. A. Trifonov
as Insolvency Manager for CJSC Agricultural Company Cherskaya.  
He can be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A52-6806/05/4.

The Debtor can be reached at:

         CJSC Agricultural Company Cherskaya
         Vernyavino
         Palkinskiy Region
         Pskov Region
         Russia


DONSKAYA TRANSPORT: Court Names E. Pavlyuk as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. E. Pavlyuk
as Insolvency Manager for OJSC Donskaya Transport Air Company
(TIN/KPP 6166019893/613301001).  He can be reached at:

         E. Pavlyuk
         Office 201
         Krasnoarmeyskaya Str. 109
         344010 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov Region is located at:

         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Donskaya Transport Air Company
         Vasilyevka
         Tarasovskiy Region
         Rostov Region
         Russia


ELISTA-AGRO-PROM-KHIMIYA: Names I. Sandzhiev to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Kalmykiya Republic appointed Mr. I.
Sandzhiev as Insolvency Manager for OJSC Elista-Agro-Prom-
Khimiya (TIN 0814046653).  He can be reached at:

         I. Sandzhiev
         Apartment 2
         Ilishkina Str. 1
         Elista
         358000 Kalmykiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A22-1158/06/1-150.

The Debtor can be reached at:

         I. Sandzhiev
         Apartment 2
         Ilishkina Str. 1
         Elista
         358000 Kalmykiya Republic
         Russia


ENERGY CJSC: Court Names E. Polyakov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. E.
Polyakov as Insolvency Manager for CJSC Energy (TIN 2626000748,
KPP 262601001).  He can be reached at:

         E. Polyakov
         Office 501
         Vokzalnaya Str. 16
         357600 Essentuki Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-10574/2006-S5.

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         CJSC Energy
         Batalinskaya Str. 19
         Essentuki
         Stavropol Region
         Russia


GENERAL MOTORS: Denies Plan to Give Avtovaz Joint Venture Stake
---------------------------------------------------------------
General Motors is not selling its 50% stake in General Motors-
Avtovaz joint venture to Avtovaz OAO, RIA Novosti cites GM
Russian Director Warren Brown.

Mr. Brown stressed that the two companies have positive
relations, thus no reason for change.

General Motors, Avtovaz and the European Bank for Reconstruction
and Development inked a deal to form the US$338-million joint
venture, which opened in September 2002.

                          About Avtovaz

Headquartered in Toliatti, Russia, Avtovaz OAO --
http://www.lada-auto.ru/-- manufactures passenger cars under  
brand names LADA, VAZ and NIVA.  Through its subsidiaries and
associates, the Company manufactures automobile components,
distributes automobiles and spare parts and operates automobile
service centers.

                      About General Motors

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

                           *     *     *

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

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

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

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


GENERAL MOTORS: Partners with Alfa Bank to Form GM Finance
----------------------------------------------------------
Alfa Bank and General Motors CIS have formed a partnership to
sell GM vehicles on credit by official GM dealers throughout
Russia.

Alfa Bank was selected by GM CIS to be the official
representative for the "GM Finance" program on the basis of its
client-oriented services and advanced technology, competitive
and innovative products, large network in Russia capable of
covering the GM dealership network, and support for sales of GM
brands.  The key advantages of the program include competitive
lending terms and conditions, rapid and high-quality service,
and convenient and prompt provision of loans.  The two partners
are also teaming up to maintain "GM Finance" special programs
and promotional campaigns throughout Russia.

"General Motors CIS, whose market share has grown significantly
and whose brand Chevrolet is the number one automobile brand in
Russia, was looking for a partner that will support its efforts
to strengthen leading positions on the market by means of a
strong retail lending program," Jacek Gorsky, Commercial
Director of General Motors CIS, said.

The success of consumer financing and retail banking in Moscow
and the regions has underscored the great potential of this
business and prompted Alfa Bank to enter the auto lending market
in 2006.  The Bank's auto lending portfolio has grown in size to
more than US$120 million, with 70% of loans extended in the
regions.  The Bank provides services to retail clients, auto
dealers and automakers through its 900 points of sale in more
than 50 Russian cities.

"Alfa Bank aims to boost its auto loan portfolio to US$500
million in 2007. Together with GM we are establishing efforts to
capture a 20% share of the fast growing auto lending market in
Russia", Sergey Silantiev, the Head of Alfa Bank's Auto Lending
Department, said.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key   
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                      About General Motors

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

                           *     *     *

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

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

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

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


GOR-GAS: Volgograd Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Volgograd Region commenced bankruptcy
supervision procedure on LLC Gor-Gas.  The case is docketed
under Case No. A12-15235/06-s50.

The Temporary Insolvency Manager is:

         S. Orlov
         Post User Box 28
         4000137 Volgograd Region
         Russia

The Debtor can be reached at:

         LLC Gor-Gas
         Zavdoskaya Str. 6
         Kalach-na-Donu
         404520 Volgograd Region
         Russia


KUSHEVSKIY OJSC: Court Names A. Radionov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. A.
Radionov as Insolvency Manager for OJSC Food Combine Kushevskiy.  
He can be reached at:

         A. Radionov
         2nd Floor
         Arkaveriskaya Str. 37
         Eysk
         353680 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A32-37016/2005-38/505-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Food Combine Kushevskiy
         Kubanskiy Per. 88
         Kushevskaya St.
         Krasnodar Region
         Russia


LEON OJSC: Krasnodar Court Names N. Khuazhev to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. N.
Khuazhev as Insolvency Manager for OJSC Leon.  He can be reached
at:

         N. Khuazhev
         Zh. Popova Str. 104
         Maykop
         Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-15431/2006-44/920-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Leon
         Tikhoretsk
         Krasnodar Region
         Russia  


LOGOS CJSC: Kalmykiya Court Names M. Kamolov as to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Kalmykiya Republic appointed Mr. M.
Kamolov as Insolvency Manager for CJSC Company Logos.  He can be
reached at:

         M. Kamolov
         Yubileynyj Per. 8
         Elista
         358001 Kalmykiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A22-1160/06/1-159.

The Debtor can be reached at:

         M. Kamolov
         Yubileynyj Per. 8
         Elista
         358001 Kalmykiya Republic
         Russia


LUKOIL OAO: Hikes Hydrocarbon Supply for Nine Months 2006
---------------------------------------------------------
Lukoil Group -- subsidiary companies and Lukoil's share in
output by affiliated companies -- disclosed that total
hydrocarbon production available for sale reached 2.14 million
boe per day in the first nine months of 2006, up 13.1% year-on-
year.

Crude oil output of LUKOIL Group totaled 1.92 million bpd* (up
6.6% year-on-year) or 71.134 million tons.  Lukoil subsidiary
companies produced 68.391 million tons of crude, up 6.9% year-
on-year. Oil production from international projects increased by
54.5% year-on-year as Nelson Resources Limited was acquired at
the end of 2005.

Average flow rate per oil well reached 11.21 tons per day, up
1.5% year-on-year.

Natural and associated gas output of LUKOIL Group available for
sale was 9.98 bcm, which is 2.5 times more than in nine months
of 2005.  Natural gas output available for sale was 7.23 bcm,
which is almost 6 times as much as in nine months of 2005.

Lukoil refined 39.61 million tons of crude at the Company's
owned and third party refineries, up 7% year-on-year.
Throughputs at the Company's owned refineries grew by 2.4% year-
on-year up to 35.91 million tons.  The decrease of throughputs
at the foreign refineries due to the Odessa refinery shutdown
for a large-scale upgrade was almost fully offset by the growth
of throughputs at the Burgas refinery.

                        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.


MONZA-DREV LLC: Vologda Bankruptcy Hearing Slated for Jan. 16
-------------------------------------------------------------
The Arbitration Court of Vologda Region will convene at 2:00
p.m. on Jan. 16, 2007, to hear the bankruptcy supervision
procedure on LLC Monza-Drev.  The case is docketed under Case
No. A13-9933/2006-25.

The Temporary Insolvency Manager is:

         A. Novitskiy
         Post User Box 34
         160009 Vologda Region
         Russia

The Arbitration Court of Vologda Region is located at:

         Hall 4
         Gertsena Str. 1a
         Vologda Region
         Russia

The Debtor can be reached at:

         LLC Monza-Drev
         Vokhtoga
         Gryazovetskiy Region
         Vologda Region
         Russia


NORTH-WOOD CJSC: Court Names K. Ipatov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Murmansk Region appointed Mr. K. Ipatov
as Insolvency Manager for CJSC North-Wood.  He can be reached
at:

         K. Ipatov
         Metallurgov Pr. 2 A
         Monchegorsk
         184500 Murmansk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A42-4795/2006.

The Arbitration Court of Murmansk Region is located at:

         Knipovicha Str. 20
         Murmansk Region
         Russia

The Debtor can be reached at:

         CJSC North-Wood
         Zelenoborskiy
         Murmansk Region
         Russia


NOVATEK OAO: Hikes Gas Production in January-September 2006
-----------------------------------------------------------
OAO Novatek reported preliminary production data for the third
quarter and nine months 2006.

Gross production for the third quarter totaled 7.19 billion
cubic meters of natural gas and 628,000 tons of liquids (gas
condensate and crude oil).  Natural gas production increased by
948 million cubic meters, or by 15.2%, whereas gross liquids
production increased by 45,000 tons, or by 7.8%, as compared
with the corresponding gross production in the third quarter
2005.

In the third quarter 2006, Novatek processed 530,000 tons of
unstable gas condensate at the Purovsky Gas Condensate
Processing Plant (Purovsky Plant) and produced 4.2,000 tons of
polymer from OAO Novatek-Polymer.

In the nine months 2006, gross production for Novatek totaled
21.51 billion cubic meters of natural gas and 1.90 million tons
of liquids. Natural gas production increased by 2.59 billion
cubic meters, or by 13.7%, whereas gross liquids production
increased by 226,000 tons, or by 13.5% as compared with the
corresponding gross production in the nine months 2005
(excluding asset disposals).

In the nine months 2006, Novatek processed 1.56 million tons of
unstable gas condensate at the Purovsky Plant and produced
12.9,000 tons of polymer from OAO Novatek-Polymer.

                        About Novatek

Headquartered in Moscow, OAO Novatek (RTS: NVTK; LSE: NVTK;
NASDAQ: NVATY) is Russia's second largest gas company after
state-controlled Gazprom, and the largest of the country's
independent gas producers.

For the first half of 2006, Novatek posted RUR7.2 billion in
net profit on RUR23.5 billion in revenues, compared to RUR7.9
billion in net profit on RUR17.4 billion in revenues for the
same period in 2005.   As of June 30, 2006, OAO Novatek had
RU80.5 billion in total assets, RUR17.2 billion in total
liabilities and RUR63.3 billion in total equity.

                        *     *     *

As reported in the TCR-Europe on March 21, Standard & Poor's
Services assigned its 'BB-' long-term corporate credit rating to
OAO Novatek, Russia's largest independent gas producer.  S&P
said the outlook is stable.


OBJECTIVE OJSC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Pskov Region commenced bankruptcy
supervision procedure on OJSC Factory Objective (TIN
6010000160).  The case is docketed under Case No. A52-1549/
2006/4.

The Temporary Insolvency Manager is:

         A. Dzhamaldaev
         Konnaya Str. 2
         180007 Pskov Region
         Russia

The Debtor can be reached at:

         OJSC Factory Objective
         Pushkina Str. 125
         Novorzhev
         182440 Pskov Region
         Russia


PROGRESS OJSC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Samara Region commenced bankruptcy
supervision procedure on OJSC Progress.  The case is docketed
under Case No. A55-10234/06-40.

The Temporary Insolvency Manager is:

         I. Teleshinin
         Post User Box 41
         Syzran
         446001 Samara Region
         Russia

The Debtor can be reached at:

         OJSC Progress
         R. Volozhka Str. 1
         Syzran
         Samara Region
         Russia


ROSNEFT OIL: Banks Commit US$24.5-Bln Loan for Yukos's Assets
-------------------------------------------------------------
OAO Rosneft Oil Co. received up to US$24.5 billion in loan
commitments from a bank consortium, which include Citigroup Inc.
and Morgan Stanley, to finance the purchase of bankrupt OAO
Yukos Oil Co.'s remaining assets, Cecile Gutscher and Todd
Prince write for Bloomberg News.

Bloomberg states that Rosneft has made no decision on borrowing,
citing spokesman Nikolai Manvelov as saying.

According to data compiled by Bloomberg, the financing would be
the biggest-ever to a Russian company and the fourth largest for
Europe.  

Bankers familiar with the deal told Bloomberg that:

   -- ABN Amro Holding NV,
   -- Barclays Plc,
   -- Credit Agricole SA's Calyon,
   -- Citigroup,
   -- Goldman Sachs Group Inc.,
   -- JPMorgan Chase & Co., and
   -- Morgan Stanley

have each offered US$3.5 billion to Rosneft, which would be
repaid with proceeds from debt and equity sales in 2007.

The bankers said the lenders are offering Rosneft cheaper rates
than it paid six months ago, with the funding split into parts
maturing in six months, one year and 18 months, Bloomberg
relates.  The interest payments on the longer dated loans,
Bloomberg adds, will increase if they're not repaid within a
year.  

                        Sale Auction

Yukos-RM CJSC President Sergey Tregub revealed that the assets
of Yukos Oil may be auctioned off in April-May 2007, noting that
the company is still under inventory procedure.

"The procedure will be completed on Jan. 19.  The results will
be summarized in 45-50 days, upon which the tenders will be
held.  It will be in April-May roughly.  The tenders will be
open," Mr. Tregub was cited by AK&M as saying.

As reported in the TCR-Europe on Oct. 26, Yukos's assets may be
sold at a discount after a consortium of five appraisers assess
the value of the company's properties.

                         About Yukos

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

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

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

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

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

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

                         About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft --
http://www.rosneft.ru/eng-- produces and markets petroleum    
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

Standard & Poor's assigned BB ratings to Rosneft's long-term and
local foreign issuer credit in 2006, while Fitch assigned BB+
ratings to the Company's foreign currency and local currency
long-term debt in 2005.


SEMENOVSKAYA SEL-KHOZ-TEKHNIKA: Assets Sale Slated for Nov. 13
--------------------------------------------------------------
S. Illarionov, the bidding organizer for OJSC Semenovskaya Sel-
Khoz-Tekhnika, opened a public auction for the company's
properties at 2:00 p.m. on Nov. 13 at:

         S. Illarionov
         Promyshlennaya Str. 9
         Semenov
         Nizhniy Novgorod Region
         Russia

The company has set a RUR20,500,000 starting price for the
auctioned assets.

To participate, bidders must submit their bids until 4:00 p.m.
on Nov. 9 to:

         Dzerzhinskogo Pr. 5
         Zavolzhye
         Gorodetskiy Region
         Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Semenovskaya Sel-Khoz-Tekhnika
         Promyshlennaya Str. 9
         Semenov
         Nizhniy Novgorod
         Russia


TAT-TAYZ CJSC: Tatarstan Bankruptcy Hearing Slated for Dec. 21
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic will convene at 2:30
p.m. on Dec. 21 to hear the bankruptcy supervision procedure on
CJSC Company Tat-Tayz.  The case is docketed under Case No.  
A65-15479/2006-SG4-40.

The Temporary Insolvency Manager is:

         F. Gayfutdinov
         Post User Box 174
         Kazan
         420054 Tatarstan Republic
         Russia

The Arbitration Court of Tatarstan Republic is located at:

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

The Debtor can be reached at:

         CJSC Company Tat-Tayz
         Nizhnekamsk
         Tatarstan Republic
         Russia


TNK-BP HOLDING: Hikes Investment Budget to US$3.4 Bln in 2007
-------------------------------------------------------------
TNK-BP Holding OAO will increase its investment program by 30%
to US$3.4 billion in 2007, AK&M cites company president Robert
Dadly as saying.

The company will invest:

   -- 80% in production segment,
   -- 15% in the marketing and oil processing segment, and
   -- 5% to corporate purposes.

Mr. Dadly, AK&M reports, said the program excludes future asset
acquisition costs.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding OAO --
http://www.tnk-bp.com/-- operates six refineries in Russia and
Ukraine, and markets products through 2,100 retail service
stations operating under TNK and BP brand.  TNK owns 56.5% of
TNK-BP Holding, and Onako and Sidanco hold 6.8% and 30.9%,
respectively. The other 5.8% belongs to TNK-BP shareholders.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.
                          *     *     *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned BB+/Positive foreign currency rating to TNK-BP on
Feb. 13, 2006, and BB+/Positive local currency rating on Aug.
24, 2005.


VIMPELCOM OJSC: Third Russian Court Upholds URS Takeover Deal
-------------------------------------------------------------
The Federal Arbitration Court of the Moscow District has ruled
in favor of Open Joint Stock Company Vimpel-Communications in
one of the lawsuits filed by Telenor East Invest AS.  

The court's decision upheld the validity of the September 2005
shareholder vote, which approved the acquisition of CJSC
Ukrainian Radio Systems as an interested party transaction.   
This is the third Russian court that has ruled in VimpelCom's
favor on this particular lawsuit.

As reported in the TCR-Europe on June 28, the Moscow Arbitration
Court has ruled on June 26 in favor of VimpelCom in the second
of the three lawsuits filed by Telenor East Invest AS.

The latest court ruling is subject to appeal to the Supreme
Arbitration Court of the Russian Federation.

                      About VimpelCom

Headquartered in Moscow, Russia, VimpelCom --
http://www.vimpelcom.com/-- provides mobile telecommunications   
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in the TCR-Europe on Oct. 12, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russia-based mobile telecommunications operator Vimpel-
Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


VNESHPROMBANK: Moody's Assigns E+ Financial Strength Rating
-----------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Russia's Foreign Economic Industrial Bank Vneshprombank:

   -- B3 long-term and Not-Prime short-term foreign
      currency deposit ratings; and

   -- an E+ financial strength rating.

The outlook for all ratings is stable.  

At the same time, Moody's Interfax Rating Agency assigned a
Baa3.ru long-term national scale credit rating to Vneshprombank.

According to Moody's and Moody's Interfax, the B3/NP/E+ global
scale ratings reflect global default and loss expectation, while
the Baa3.ru national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.

Moody's notes that Vneshprombank's ratings reflect its small
size and limited franchise, which result in very high
concentration levels on the both sides of the balance sheet.
They also reflect the rating agency's concerns as to whether the
bank, like many of its peers, will be able to successfully
withstand competition in the longer term due to its
opportunistic strategy, as well as succession risks caused by
significant reliance on the owners to acquire franchise,
together with high risk appetite and potentially significant
credit risks arising from the recent rapid growth.
The ratings also reflect the bank's modest capitalization
(albeit improved) for the risks taken.  Supporting the rating is
the bank's currently adequate liquidity, no significant asset
quality problems to date, adequate profitability and its proven
history of acquiring additional franchise.

The B3/NP foreign currency deposit ratings do not incorporate
possible support from the bank's owners.  In Moody's view,
although such support cannot be ruled out, its scope and
timeliness are rather uncertain.  Given the bank's size and
market position, any support from the Russian financial
authorities is unlikely.

Moody's notes that significant development of the bank's
franchise accompanied by improved financial fundamentals would
be likely to drive the foreign currency ratings up, although
this is not expected in the near term.  Vneshprombank's ratings
could be downgraded if any significant asset quality problem
should appear, causing deterioration in capitalization levels or
liquidity problems.  In addition, loss of competitive advantage
either from fiercer competition or from loss of the owners'
power to acquire franchise could lead to a negative rating
action.

Vneshprombank is headquartered in Moscow, Russian Federation.
The bank reported total consolidated assets of US$174 million
and total equity of US$15 million under IFRS as at end-1H2006,
and ranked 188th by assets among Russian banks as of
June 30, 2006, according to Interfax.


YUKOS OIL: Rosneft Wins US$24.5-Bln Loan Pledges From Bank Group
----------------------------------------------------------------
OAO Rosneft Oil Co. received up to US$24.5 billion in loan
commitments from a bank consortium, which include Citigroup Inc.
and Morgan Stanley, to finance the purchase of bankrupt OAO
Yukos Oil Co.'s remaining assets, Cecile Gutscher and Todd
Prince write for Bloomberg News.

Bloomberg states that Rosneft has made no decision on borrowing,
citing spokesman Nikolai Manvelov as saying.

According to data compiled by Bloomberg, the financing would be
the biggest-ever to a Russian company and the fourth largest for
Europe.  

Bankers familiar with the deal told Bloomberg that:

   -- ABN Amro Holding NV,
   -- Barclays Plc,
   -- Credit Agricole SA's Calyon,
   -- Citigroup,
   -- Goldman Sachs Group Inc.,
   -- JPMorgan Chase & Co., and
   -- Morgan Stanley

have each offered US$3.5 billion to Rosneft, which would be
repaid with proceeds from debt and equity sales in 2007.

The bankers said the lenders are offering Rosneft cheaper rates
than it paid six months ago, with the funding split into parts
maturing in six months, one year and 18 months, Bloomberg
relates.  The interest payments on the longer dated loans,
Bloomberg adds, will increase if they're not repaid within a
year.  

                        Sale Auction

Yukos-RM CJSC President Sergey Tregub revealed that the assets
of Yukos Oil may be auctioned off in April-May 2007, noting that
the company is still under inventory procedure.

"The procedure will be completed on Jan. 19.  The results will
be summarized in 45-50 days, upon which the tenders will be
held.  It will be in April-May roughly.  The tenders will be
open," Mr. Tregub was cited by AK&M as saying.

As reported in the TCR-Europe on Oct. 26, Yukos's assets may be
sold at a discount after a consortium of five appraisers assess
the value of the company's properties.

                         About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft --
http://www.rosneft.ru/eng-- produces and markets petroleum    
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                         About Yukos

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

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

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

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

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

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


YUKOS OIL: Yukos Capital Files US$4.8-Bln Claim Against Parent
--------------------------------------------------------------
OAO Yukos Oil Co. is facing a lawsuit for US$4.8 billion in
debts filed by Yukos Capital, its Luxembourg-based subsidiary,
The Moscow Times cited Nikolai Lashkevich, a spokesman for Yukos
court-appointed receiver Eduard Rebgun.

Analysts doubt that the case would succeed at the trial given
the ongoing probe of the executives of Yukos Capital and GML,
formerly known as Group Menatep, for fraud charges, Anatoly
Medetsky of The Moscow Times reports.  The Moscow City
Arbitration Court will convene a hearing on Nov. 27 to hear the
suit.

According to Steven Dashevsky, head of research at Aton
brokerage, Yukos Capital could win the case only if it agrees to
sell the debt to Gazprom once the court rules in its favor, the
paper relates.

Up to US$22 billion (RUR586.6 billion) in claims have been
asserted against Yukos Oil by 54 registered creditors as of
Nov. 2, among others:

         Creditor               Claim
         --------               -----
         Federal Tax Service    US$11.6 billion (RUR312 billion)
         OAO Rosneft Oil Co.    US$9.6 billion (RUR259 billion)

Yukos Capital filed for debt recovery on Oct. 11 to reclaim more
than US$4.79 billion (RUR128 billion) in loans.  Claire
Davidson, a spokeswoman for Yukos' London-based managers, said
Yukos Capital extended the loans to its bankrupt parent to
finance the development of Yuganskneftegaz, The Moscow Times
relates.  Yugansk is the former main production unit of Yukos
now owned by Rosneft.

The Arbitration Court, RIA Novosti says, is yet to decide on
whether to include other claimants in the Yukos creditor
register in the near future.

                         About Yukos

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

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

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

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

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

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


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


MADRID RMBS: Moody's Rates EUR7-Mln Series E Notes at (P)Ba2
------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
six series of "Bonos de Titulizacion de Activos" to be issued by
Madrid RMBS I Fondo de Titulizacion de Activos, a Spanish asset
securitisation fund that has been created by Titulizacion de
Activos, S.G.F.T, S.A.:

   -- EUR460 million Series A1 notes: (P)Aaa;
   -- EUR1,340 million Series A2 notes: (P)Aaa;
   -- EUR70 million Series B notes: (P)Aa2;
   -- EUR75 million Series C notes: (P)A2;
   -- EUR34 million Series D notes: (P)Baa2; and
   -- EUR7 million Series E notes: (P)Ba2.

The products being securitized are first-lien mortgage loans
granted to individuals (all of whom will use these loans to
acquire properties located in Spain), originated by Caja Madrid,
which will continue to service them.

As of October 2006, the provisional portfolio comprised 13,434
loans for a total amount of EUR2,407,124,489.  The original
weighted average loan-to-value (WALTV) is 98.03%.  The current
WALTV is 95.34%. The average loan size is EUR179,182.  The loans
were originated between 2000 and 2006, with a weighted average
seasoning of 1.64 years.  The pool is concentrated in the Madrid
(70%) and Catalonia (9%).

To hedge the potential mismatch risk derived from the fact that
the index reference rates on the assets side and the notes side
are different, or the risk derived from any amendment in the
terms of the mortgage agreements, the "Fondo" will enter into a
swap agreement with Caja Madrid.

Moody's provisional ratings address the expected loss posed to
investors by the legal final maturity.  The rating agency
believes that the structure of the Madrid RMBS I notes allows
for timely payment of interest and ultimate payment of principal
at par, on or before the final legal maturity date and not at
any other expected maturity date.  The ratings do not address
the full redemption of the notes on the expected maturity date.
Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

Moody's bases its ratings on:
   
   (1) an evaluation of the underlying portfolio of
       mortgage loans securing the structure, and

   (2) the transaction's structural protections, which
       include the subordination, the strength of the
       cash flows (including the reserve fund) and any
       excess spread available to cover losses.

According to Moody's, this deal benefits from strong features,
including:

   (1) strong underwriting and risk control criteria
      (including a robust in-house scoring system);

   (2) a reserve fund that is fully funded upfront to cover
       a potential shortfall in interest and principal;

   (3) a six-month artificial write-off mechanism; and

   (4) the fact that 100% of the loans are secured
       by residential mortgages.

However, Moody's notes that the deal also has a number of
weaknesses, including:

   (1) the collateral consists exclusively of loans with an
       LTV greater than 80%;

   (2) the poolcut has a very strong concentration in Madrid;

   (3) the deferral of interest payments on each of Series B,
       C, D and E increases the expected loss on
       these subordinated series;

   (4) the Reserve Fund amortization trigger is slightly
       above the standard figures for the Spanish market;

   (5) the renegotiation limit of the loans on which
       the maturity can be extended is 15%, compared to
       the standard figure of 10% in the Spanish market and

   (6) pro-rata amortization of the Series B, C, D and E
       notes leads to reduced credit enhancement of the
       senior series in absolute terms.  These increased
       risks were reflected in Moody's credit
       enhancement calculation.

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


MADRID RMBS: Fitch Puts BB+ Rating on EUR21-Mln Series E Notes
--------------------------------------------------------------
Fitch Ratings placed expected ratings to Madrid RMBS I, Fondo de
Titulizacion de Activos' notes totaling EUR2 billion due in
June 2049:

   -- EUR460 million Series A1: AAA;
   -- EUR1.34 billion Series A2: AAA;
   -- EUR70 million Series B: AA;
   -- EUR75 million Series C: A;
   -- EUR34 million Series D: BBB; and
   -- EUR21 million Series E: BB+.

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

This transaction is a cash-flow securitization of a EUR2 billion
static pool of residential mortgage loans granted by Caja de
Ahorros y Monte de Piedad de Madrid.

The expected ratings are based on the quality of the collateral,
the underwriting and servicing of the mortgage loans, available
credit enhancement and the sound legal and financial structures.
Initial credit enhancement for the Class A notes, totaling
13.55%, will be provided by subordination of the Class B notes,
the Class C notes, the Class D notes, the Class E notes and an
initial reserve fund.  

Initial CE will be 10.05% for the Class B notes, 6.3% for the
Class C notes and 4.6% for the Class D notes and will be
provided by the notes subordinated to that Class and by the
reserve fund.  Initial CE for the Class E notes will be 3.55%
and will be provided by the reserve fund.

The expected ratings address payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Class B, Class C, Class D
and Class E notes, as well as the repayment of principal at
legal maturity.

This is the first securitization transaction brought to the
market by Caja Madrid.  Caja Madrid's operations are centered on
its home region of Madrid.  Its core activities are deposit
taking, mortgage and corporate lending.


MADRID RMBS: S&P Assigns BB Rating on EUR21-Mln Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR2 billion mortgage-backed floating-rate
notes to be issued by MADRID RMBS I, Fondo de Titulizacion de
Activos, a special purpose entity.
  
In this transaction, Caja de Ahorros y Monte de Piedad de Madrid  
will securitize part of its expanding residential mortgage
lending book with a LTV ratio higher than 80%.  The loans,
originated mainly in Madrid, feature a first-ranking security
and are for property acquisition.
  
This is Caja Madrid's fourth mortgage-backed securitization and
the second where it is the only originator in the fund. The
previous transaction was issued in 1998.  The savings bank is
also an experienced participant of ABS, structured, and plain
"vanilla" covered bonds transactions.
  
Caja Madrid will be the originator, servicer, paying agent, and
the interest swap counterparty.
  
Caja Madrid is one of 46 savings banks belonging to the
Confederacion Espanola de Cajas de Ahorros, a national
association for the Spanish savings banks.  It is the
second-largest savings bank and the fourth-largest financial
entity in Spain.  One of its main business strengths is an
outstanding regional presence in its original home market of
Madrid.  Its primary business is directed mainly at retail.
  
As with other Spanish transactions, interest and principal are
combined into a single priority of payments with triggers in the
payment of the interest on the subordinated notes to protect the
senior class.
  
                       Ratings List
        MADRID RMBS I, Fondo de Titulizacion de Activos
       EUR2 Billion Mortgage-Backed Floating-Rate Notes
  
                         Prelim.       Prelim.
          Class          rating        amount (Mil. EUR)
          -----          ------        ------  
          A1             AAA           460
          A2             AAA           1,340
          B              AA            70
          C              A             75
          D              BBB           34
          E              BB            21


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


BOTAS PETROLEUM: Energy Minister Rules Out Bankruptcy Rumors
------------------------------------------------------------
Turkish Energy Minister Hilmi Guler dismissed claims from some
local papers that state-owned Botas Petroleum Pipeline Corp. is
about to go bankrupt, saying that the reports were "exaggerated,
untrue and baseless," Cihan News Agency relates.

"There is no need to worry.  Suspension of gas flow is out of
question," Mr. Guler told reporters Tuesday.

According to reports, Botas does not have enough cash to pay for
natural gas, suggesting that there may not be available gas in
the winter due to a possible cut in the gas flow from Iran and
Russia.

In a letter dated Oct. 16, Botas told the energy ministry that
it could not add to its YTL1.7 billion (US$1.2 billion) loan to
pay debts to Russia, Iran, Algeria and Nigeria, Vatan newspaper
earlier said.

The company has sought the ministry's help to recover up to YTL9
billion in outstanding receivables from its debtors.  Mr. Guler
said some talks on the repayment of these debts are ongoing,
Bloomberg News reports citing Hurriyet daily as its source.

Headquartered in Ankara, Turkey, Botas Petroleum Pipeline Corp.
-- http://www.botas.gov.tr/eng-- was established as an  
affiliated company of Turkish Petroleum Corporation on Aug. 15,
1974, in order to transport Iraqi crude oil to the Gulf of
Iskenderun.  In 1995, the company was restructured as a State
Economic Enterprise considering the company's task at present
and in future.  

Botas's business in transportation of crude oil by pipelines has
expanded to cover the natural gas transportation and trade
activities since 1987.


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


BAZALIYA FOOD: Hmelnitskij Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
supervision procedure on LLC Bazaliya Food Products Plant (code
EDRPOU 23836899) on Aug. 17.  The case is docketed as 17/197-B.

The Temporary Insolvency Manager is:

         I. Gerasimenko
         Miru Str. 8/63
         Kamyanets-Podilskij
         Hmelnitskij Region Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         LLC Bazaliya Food Products Plant
         Lenin Str. 43
         Bazaliya
         Teofipolskij District
         30600 Hmelnitskij Region
         Ukraine


DNIPRODZERZHINSK ELECTRICAL: Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on OJSC Dniprodzerzhinsk Electrical
Executing Mechanisms Plant (code EDRPOU 04776246).

The Temporary Insolvency Manager is:

         Vasil Lenger
         Karl Marks Avenue 113/23
         49000 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Dniprodzerzhinsk Electrical Executing
         Mechanisms Plant
         Industrialna Str. 9
         Dniprodzerzhinsk
         Dnipropetrovsk Region
         Ukraine


IZOLYATOR PLANT: Kyiv Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Plant Izolyator (code EDRPOU
31997274) on Sept. 20.  The case is docketed under Case No.
229/11b-06.

The Temporary Insolvency Manager is:

         U. Ignatchenko
         V. Zhitomirska Str. 24
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Plant Izolyator
         Ofitserska Str. 1
         Bila Tserkva
         09100 Kyiv Region
         Ukraine


LEZNIKIVSKIJ QUARRY: Kyiv Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on OJSC Leznikivskij Quarry (code EDRPOU
00292468).  The case is docketed as 43/504.

The Temporary Insolvency Manager is:

         Viktor Petrusenko
         Chehovskij Lane 10/15
         Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Leznikivskij Quarry
         Shors Str. 29
         01133 Kyiv Region
         Ukraine


NAFTOGAZ OJSC: Fitch Keeps B+/RR4 Ratings on US$500-Mln Eurobond
----------------------------------------------------------------
Fitch Ratings affirmed OJSC Naftogaz of Ukraine's local and
foreign currency Issuer Default ratings at B+ and removed them
from Rating Watch Negative.  A Stable Outlook is assigned.  

The senior unsecured rating on the company's US$500 million
eurobond maturing in 2009 is also removed from RWN and affirmed
at B+ and the issue's Recovery Rating is affirmed at RR4.

Fitch placed Naftogaz on RWN on Oct. 26 following the
announcement that Ukraine is to pay US$130 per thousand cubic
meters of gas in 2007 compared to US$95/mcm in 2006.

The ratings are affirmed after Fitch received information from
Naftogaz outlining a plan to deal with its rising imported gas
cost base.  This includes raising domestic gas prices by 35%-36%
in 2007, in line with the recently announced import gas price
increase, and is consistent with the decree from the Cabinet of
Ministers in April 2006 that allows the company to raise tariffs
to economically justified levels in 2007.

Furthermore, Naftogaz also provided Fitch with an explanation of
the new tariff structure recently passed by parliament, which
allows for a 20% reduction for households not using gas for
heating purposes, but implements a progressive tariff structure
for more intensive gas consumers.  The result is an increase in
net earnings for Naftogaz of approximately US$80 million.  
Fitch, therefore, does not expect the financial impact on the
company due to rising import prices to be as severe in 2007 as
it has been in 2006.

Despite the abovementioned support from the state, Fitch does
not view that the government would be forthcoming with any
direct liquidity injection in the event that Naftogaz is unable
to discharge its liabilities as they become due.  The Fuel and
Energy Ministry has, however, written a comfort letter to
Naftogaz's syndicated bank lenders stating that it will support
the company by means of supporting any actions aimed at
improving Naftogaz's financial position and at the prevention of
its bankruptcy.

The Stable Outlook foresees an end to the threat of large-scale
wholesale import price increases for natural gas in the short
term.  Additionally, Naftogaz has negotiated a four-year
contractual volume supply agreement, which should allow the
company to better plan its corporate business activities.

Contractual arrangements fixing the transportation tariff across
the territory of Ukraine until 2011 also ensure steady revenue
generation.  Naftogaz's ratings could, however, come under
pressure if the company's liquidity position deteriorates
considerably as a result of financial losses incurred from the
higher import cost for natural gas.

In April 2006, Fitch downgraded Naftogaz's IDRs and senior
unsecured rating as information became available about its
deteriorating financial condition following the price increase
to US$95/mcm from US$50/mcm in 2005.  Additionally, in this new
2007 gas importation agreement, RosUkrEnergo, the offshore gas
distributor, will sell all its gas to UkrGazEnergo, the onshore
gas distributor, which means Naftogaz has now effectively lost
its dominant position in the Ukrainian domestic gas market.


OKSAMIT LLC: Kyiv Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Oksamit (code EDRPOU 22930857).  
The case is docketed as 43/459.

The Temporary Insolvency Manager is:

         O. Sherban
         a/b 157
         01030 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Oksamit
         Rejtarska Str. 35-a
         01034 Kyiv Region
         Ukraine


PKT UKRSPECBUD: Court Names Olena Zorina as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Olena Zorina as
Liquidator/Insolvency Manager for LLC PKT Ukrspecbud (code
EDRPOU 33148198).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 22.  The case is docketed
under Case No. 43/616.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC PKT Ukrspecbud
         Verbitskij Str. 1
         02068 Kyiv Region
         Ukraine


TNK-BP HOLDING: Hikes Investment Budget to US$3.4 Bln in 2007
-------------------------------------------------------------
TNK-BP Holding OAO will increase its investment program by 30%
to US$3.4 billion in 2007, AK&M cites company president Robert
Dadly.

The company will invest:

   -- 80% in production segment,
   -- 15% in the marketing and oil processing segment, and
   -- 5% to corporate purposes.

Mr. Dadly, AK&M reports, said the program excludes future asset
acquisition costs.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding OAO --
http://www.tnk-bp.com/-- operates six refineries in Russia and
Ukraine, and markets products through 2,100 retail service
stations operating under TNK and BP brand.  TNK owns 56.5% of
TNK-BP Holding, and Onako and Sidanco hold 6.8% and 30.9%,
respectively. The other 5.8% belongs to TNK-BP shareholders.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.
                          *     *     *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned BB+/Positive foreign currency rating to TNK-BP on
Feb. 13, 2006, and BB+/Positive local currency rating on Aug.
24, 2005.


TRANSLINE LLC: Court Commences Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Transline (code EDRPOU 30502535) on
Sept. 21.  The case is docketed as B 29/233-06.

The Temporary Insolvency Manager is:

         N. Fedko
         Orenburgska Str. 120
         49074 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Transline
         Novoorlovska 7
         49000 Dnipropetrovsk Region
         Ukraine


VIMPELCOM OJSC: Third Russian Court Upholds URS Takeover Deal
-------------------------------------------------------------
The Federal Arbitration Court of the Moscow District has ruled
in favor of Open Joint Stock Company Vimpel-Communications in
one of the lawsuits filed by Telenor East Invest AS.  

The court's decision upheld the validity of the September 2005
shareholder vote, which approved the acquisition of CJSC
Ukrainian Radio Systems as an interested party transaction.   
This is the third Russian court that has ruled in VimpelCom's
favor on this particular lawsuit.

As reported in the TCR-Europe on June 28, the Moscow Arbitration
Court has ruled on June 26 in favor of VimpelCom in the second
of the three lawsuits filed by Telenor East Invest AS.

The latest court ruling is subject to appeal to the Supreme
Arbitration Court of the Russian Federation.

                      About VimpelCom

Headquartered in Moscow, Russia, VimpelCom --
http://www.vimpelcom.com/-- provides mobile telecommunications   
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in the TCR-Europe on Oct. 12, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russia-based mobile telecommunications operator Vimpel-
Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


VISLA CJSC: Court Names U. Ignatchenko as Insolvency Manager
------------------------------------------------------------
The Economic Court of Kyiv Region appointed U. Ignatchenko as
Liquidator/Insolvency Manager for Ukrainian-Polish CJSC Visla
(code EDRPOU 23153663).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 14.  The case is docketed
under Case No. 43/902.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         Ukrainian-Polish CJSC Visla
         Melnikov Str. 12
         Kyiv Region
         Ukraine


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


A.R.C PLASTICS: Taps Liquidators from Elwell Watchorn & Saxton
--------------------------------------------------------------
John Michael Munn and Joseph Gordon Maurice Sadler of Elwell
Watchorn & Saxton LLP were appointed Joint Liquidators of
A.R.C Plastics Ltd. on Oct. 26 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         A.R.C Plastics Ltd.
         Unit 6
         Kingsmead Industrial Estate
         Payne Street
         Derby
         Derbyshire DE223AZ
         United Kingdom
         Tel: 01332 204 908
         Fax: 01332 367 334


ADORN DECO: M. D. Hardy Leads Liquidation Procedure
---------------------------------------------------
M. D. Hardy of Poppleton & Appleby was appointed Liquidator of
Adorn Deco Design Limited on Oct. 25 for the creditors'
voluntary winding-up procedure.

Headquartered in Walsall, England, Adorn Deco Design Limited
retails women's clothing.


AML SYSTEMS: Creditors' Meeting Slated for November 10
------------------------------------------------------
Creditors of AML Systems.co.uk Ltd. (Company Number 04663922)
will meet at 3:00 p.m. on Nov. 10 at:

         Alexander Lawson Jacobs
         1 Kings Avenue
         Winchmore Hill
         London N21 3NA
         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. 9 at:

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


AZTEC CONSERVATORY: Taps Poppleton & Appleby as Administrators
--------------------------------------------------------------
Stephen James Wainwright and Stephen Lord of Poppleton & Appleby
were appointed joint administrators of Aztec Conservatory Roof
Systems Ltd. (Company Number 04024600) on Oct. 17.

The administrators can be reached at:

         Stephen James Wainwright and Stephen Lord
         Poppleton & Appleby
         32 High Street
         Manchester
         Greater Manchester M4 1QD
         United Kingdom
         Tel: 0161 834 7025
         Fax: 0161 833 1548
         E-mail: insol@pandamanchester.co.uk

Aztec Conservatory Roof Systems Ltd. can be reached at:

         Unit 8 Haydock Lane
         Haydock
         St. Helens
         Merseyside WA11 9XE
         United Kingdom
         Tel: 01942 720 044
         Fax: 01942 720 066


BEACH STOP: Appoints Claire L. Dwyer as Liquidator
--------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
Liquidator of Beach Stop Limited on Oct. 26 for the creditors'
voluntary winding-up procedure.

Headquartered in Manchester, England, Beach Stop Limited retails
beachwear and accessories.


BENEDORMS LIMITED: Hires Liquidator from Bishop Fleming
-------------------------------------------------------
Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed
Liquidator of Benedorms Limited (formerly Techfleet Limited) on
Oct. 26 for the creditors' voluntary winding-up procedure.

Headquartered in Glastonbury, England, Benedorms Limited is a
Chinese restaurant.


CABOUCHON COLLECTION: Appoints PwC to Administer Assets
-------------------------------------------------------
Colin Michael Trevethyn Haig, Anthony Victor Lomas, Robert
Nicholas Lewis and David Christian Chubb of
PricewaterhouseCoopers LLP were appointed on Oct. 13, as joint
administrators of:

   -- The Cabouchon Collection Ltd. (Company Number 05216635),
   -- Cabouchon International Ltd. (Company Number 05216591)
   -- Cabouchon Ltd. (Company Number 05216615),
   -- EHR 18 Ltd. (Company Number 05425740),
   -- EHR 19 Ltd. (Company Number 05425753),
   -- Kleeneze TV Ltd. (Company Number 05225772), and
   -- The Costume Jewellery Co. Ltd. (Company Number 05216648)

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.  

The Cabouchon Collection Ltd., Cabouchon International Ltd.,
Cabouchon Ltd., EHR 18 Ltd., EHR 19 Ltd., Kleeneze TV Ltd., and
The Costume Jewellery Co. Ltd. can be reached at:

         Farepack House
         Westmead Industrial Estate
         Westlea
         Swindon
         Wiltshire SN5 7YZ
         United Kingdom


CASA JULIA: Taps A. J. Clark to Liquidate Assets
------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of Casa
Julia South Limited on Oct. 24 for the creditors' voluntary
winding-up procedure.

Headquartered in London, England, Casa Julia South Limited
wholesales beverages.


COLLINS & AIKMAN: Can Pay Severance Fees to Laid-Off Workers
------------------------------------------------------------
The U.S Bankruptcy Court for the Eastern District of Michigan
authorized Collins & Aikman Corporation and its debtor-
affiliates to pay severance benefits in connection with their
planned reduction-in-force.

As part of their ongoing efforts to cut costs and increase
operational efficiency, the Debtors determined, in consultation
with JPMorgan Chase Bank, N.A., the administrative agent for
their senior, secured prepetition lenders, and the Official
Committee of Unsecured Creditors, to implement the RIF.  In
particular, the Debtors plan to reduce the number of salaried
employees by approximately 125, representing approximately
US$7,600,000 in annual base salaries.

As reported in the Troubled Company Reporter on Oct. 17, 2006,
the Debtors want to provide severance benefits to employees
affected by the RIF.  For these employees, the Debtors intend to
give, upon execution of a release acceptable to the Debtors:

   (a) a severance package equivalent to (i) up to four weeks of
       base salary and (ii) any accrued and unused vacation; and

   (b) continued employee benefits for up to four weeks.

The base salary component of the Severance Benefits would be
subject to an aggregate limit of US$650,000.

The cap does not include any payments to employees of non-
debtors that may be affected by the RIF.

Should additional reductions-in-force become necessary to
complete their restructuring process, the Debtors intend to
return to the Court for approval of severance-related benefits.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 44;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Can Reject Four GECC Lease Schedules
------------------------------------------------------
The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for
the Eastern District of Michigan authorizes Collins & Aikman
Corporation and its debtor-affiliates to reject, as of Sept. 22,
2006, four lease schedules under their May 7, 1993 Master Lease
Agreement with General Electric Capital Corporation.

As reported in the Troubled Company Reporter on Oct. 4, 2006,
the Debtors sought to reject these lease schedules:

   (1) Schedule No. 5, Serial Nos. 96386 to 96390;
   (2) Schedule No. 16, Serial No. 299;
   (3) Schedule No. 7, Serial Nos. 96407, 96354, and 96353; and
   (4) Schedule No. 19, Serial No. 96381.

The U.S. District Court for the Eastern District of Michigan,
Southern Division, recently denied GECC's appeal with regard to
the Bankruptcy Court's ruling concerning the Master Lease
Agreement.

GECC had informed the Bankruptcy Court that it will take an
appeal to the District Court from the order denying its request
to compel payments under its master lease agreements with the
Debtors.

GECC wanted the District Court to determine whether:

   a. the Bankruptcy Court erred in denying GECC's request to
      compel payments first due at least 60 days after the
      Petition Date under certain master lease agreements; and

   b. the Bankruptcy Court erred by, over GECC's objection,
      instituting a procedure to rule on the relief requested in
      the Request when:

      (1) the procedure resulted in the denial of the Motion and
          the continued use by the Debtors of the equipment
          leased under the Products Leases without any evidence
          or suggestion that the Debtors will have the financial
          wherewithal to pay the accrued and accruing
          obligations under the Products Leases by which the
          Debtors remain bound;

      (2) the procedure is not contemplated by the Bankruptcy
          Code or the Federal Rules of Bankruptcy Procedure; and

      (3) the procedure denied GECC due process of law in
          violation of Article V of the Constitution in that it
          did not (a) afford GECC the opportunity to submit a
          brief, (b) allow GECC to conduct discovery, (c) allow
          GECC to depose the Debtors' witnesses, or (d) allow
          GECC to cross examine the Debtors' witnesses at the
          hearing.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 44;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DLC MANCHESTER: Names Liquidator from UHY Hacker Young
------------------------------------------------------
Robert Edward Caunce Cook of UHY Hacker Young turnaround and
recovery was appointed Liquidator of DLC (Manchester) Limited on
Oct. 26 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         DLC (Manchester) Limited
         56 Talbot Road
         Old Trafford
         Manchester
         Lancashire M16 0PL
         United Kingdom
         Tel: 0161 877 9199   


DOVETAIL SYSTEMS: Appoints Administrators from Fisher Partners
--------------------------------------------------------------
Stephen M. Katz and David Birne of Fisher Partners were
appointed joint administrators of Dovetail Systems Ltd. (Company
Number 3935309) on Oct. 17.

The administrators can be reached at:

         Stephen M. Katz and David Birne
         Fisher Partners
         Acre House
         11/15 William Road
         London NW1 3ER
         United Kingdom
         Tel: 020 7388 7000
         Fax: 020 7380 4900
         E-mail: skatz@hwfisher.co.uk

Headquartered in London, England, Dovetail Systems Ltd. develops
software.


DURA AUTOMOTIVE: Fitch Places 2 CDOs on Rating Watch Negative
-------------------------------------------------------------
Fitch Ratings placed one tranche from one public collateralized
debt obligation and one tranche from private CDO on Rating Watch
Negative following Dura Automotive Corp.'s filing for protection
under Chapter 11.

Fitch has identified eight European deals and 32 U.S. deals,
with a total portfolio notional exposure to Dura of more than
EUR2.588 billion equivalent.  Fitch will resolve the Rating
Watch Negative status on all CDOs as and when final valuations
for Dura in each transaction are made available.

Transactions with synthetic exposure to Dura, which have not
been placed on Rating Watch Negative, are expected to have
sufficient credit enhancement to withstand the impact of Dura's
default.  In performing this analysis, Fitch applied a 25%
recovery rate assumption for senior debt and assumed total loss
for subordinate positions.  These estimates were based on
conservative market value estimates.

The majority of the U.S. cash CDOs containing exposure to Dura
are high-yield bond CDOs.  They have already experienced rating
downgrades due to the previous credit cycle downturn of 2001 and
2002.  

Dura's bankruptcy alone may not be sufficient to cause further
rating volatility as excess spread and de-leveraging may offset
the loss of par value.  Fitch will review these transactions
individually to determine the effect of the loss on each CDO.

Fitch placed these tranches on Rating Watch Negative:

U.S. CDOs:

Sutter CBO 1998-1 Ltd.

   -- Class B at B-/DR1.

   ** One privately rated tranche from one European CDO was
      placed on Rating Watch Negative.


EAD GROUNDWORKS: Hires Peter O'Hara to Liquidate Assets
-------------------------------------------------------
Peter O'Hara of O'Hara & Co. was appointed Liquidator of
EAD Groundworks Limited on Oct. 25 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         EAD Groundworks Limited
         24 Stonecliffe Drive
         Middlestown
         Wakefield
         West Yorkshire WF4 4QD
         United Kingdom
         Tel: 01924 280 533


EGG BANKING: Moody's Downgrades Financial Strength Rating to D
--------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of Egg Banking plc to D, with a negative outlook, from
D+, with a stable outlook.  The A3/Prime-2 bank deposit ratings
are affirmed with their existing stable outlook reflecting the
expectation of support from its parent, Prudential plc.

Moody's said that the downgrade of the financial strength rating
reflects the expectation that the bank's profitability in the
second half of 2006 will be significantly lower than previously
forecasted.  This further reduction in profitability is the
result of these two main factors:

   -- the deteriorating conditions in the U.K. for
      unsecured lending, exacerbated by the increase in
      debt repayment programs which is leading to a further
      rise in provisioning costs, and

   -- the reduced focus on the sale of unsecured personal
      loans and the resultant fall in commission income
      from sale of related insurance products covering
      personal loan repayments.

The negative outlook on the D financial strength rating reflects
the high levels of indebtedness of the U.K. consumer and the
less favorable conditions within the U.K. market for unsecured
lending and the effect that this may have on the financial
fundamentals of Egg, as well as the risk involved in moving
Egg's business model away from unsecured personal lending.

Moody's noted that the integration of the bank into
Prudential U.K. has continued in a much more significant manner
than in the past and this closer co-operation may unlock further
potential and could lead to improvements in the bank's cost
efficiency and asset quality.  An increase in generating
synergies and a track record of further integration with
Prudential could also have positive implications for the deposit
ratings.  Further downward pressure on the financial strength
rating would be likely if the bank was to experience a further
deterioration in asset quality or if the bank does not return to
profitability in 2007.

Egg Banking plc, is headquartered in London, United Kingdom and
had assets of GBP10.8 billion (EUR18.5 billion) at end-December
2005.


ENVELOPES U.K.: Brings In Berg Kaprow to Administer Assets
----------------------------------------------------------
James Preston Bradney and Stewart Trevor Bennett of Berg Kaprow
Lewis were appointed joint administrators of Envelopes U.K. Ltd.
(Company Number 02956555) on Oct. 16.

The administrators can be reached at:

         James Preston Bradney and Stewart Trevor Bennett
         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW
         United Kingdom
         Tel: 020 8922 9222
         Fax: 020 8922 9223
         Enquiry Line: 020 8922 9121

Headquartered in Aylesford, England, Envelopes U.K. Ltd.
manufactures paper stationery.


ESS FM: Hires Poppleton & Appleby to Administer Assets
------------------------------------------------------
M. D. Hardy and A. Turpin Poppleton & Appleby were appointed
joint administrators of ESS FM Ltd. (Company Number 05400224) on
Oct. 18.

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

ESS FM Ltd. can be reached at:

         Innsworth Technology Park
         Innsworth Lane
         Gloucester
         Gloucestershire GL3 1DL
         United Kingdom
         Tel: 0121 200 2962


EUROTUNNEL GROUP: Sends Draft Safeguard Plan to Creditors
---------------------------------------------------------
Eurotunnel Group sent out its Draft Safeguard Restructuring Plan
Proposals on Oct. 31, in accordance with the French Safeguard
Procedure, and within the calendar defined by the Paris
Commercial Court, as approved by the Board and which creditors
will be required to vote upon.

The plan was reached through dialogue with the principal
creditors and with the support of the court-appointed
representatives.  It took account of the final observations made
by the creditors.  Representing the best equilibrium possible
between all the stakeholders, the plan aimed to guarantee the
future integrity of the current concessionaires.

The court-appointed representatives are responsible for
consulting the creditors.  They will set the details and timing
of the vote.

As reported in the TCR-Europe on Oct. 27, the Board of
Eurotunnel, approved on Oct 26 proposals for a draft "Safeguard"
restructuring plan, put forward by the company with the support
of the representatives nominated by the Paris Commercial Court.

                      Terms of the Plan

The principal elements of the proposals include:

   1) the creation of a new company, Groupe Eurotunnel, which
      will launch an Exchange Tender Offer (ETO) to Eurotunnel's
      current shareholders.  The shareholders will hold a
      minimum 13% of the equity in Groupe Eurotunnel;

   2) Groupe Eurotunnel will subscribe to a new long-term loan
      of GBP2.840 billion (less than half of the current debt)
      from an international banking consortium;

   3) Groupe Eurotunnel will issue GBP1.275 billion of
      convertible hybrid notes.  The hybrid notes will be
      convertible over a maximum of three years and one month.
      Approximately 61.7% of the hybrids are redeemable by the
      company.

   4) current Eurotunnel shareholders, who subscribe to the ETO,
      will hold a minimum of 13% of the equity in Groupe
      Eurotunnel.  They can subscribe directly to the hybrid, up
      to a value of GBP60 million (EUR87.7 million) and will
      benefit from free warrants.  The redemption of hybrid
      notes by the company would allow them to increase their
      share of the equity from 13% to 67%.

                        About the Company

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

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

                       Company Crisis

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

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


EVERGREEN INT'L: S&P Lifts Rating on Successful Debt Refinancing
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Evergreen International Aviation Inc. to 'B' from 'B-'
and removed the rating from CreditWatch with positive
implications, where it was placed on July 21.  

At the same time, Standard & Poor's affirmed the company's 'B+'
bank loan rating and withdrew the 'CCC+' senior secured debt
rating.  The rating actions reflect the successful completion of
Evergreen's debt refinancing, in which the company replaced
existing debt with new bank debt.  The outlook is now stable.
      
"The upgrade reflects the favorable near-term operating outlook
for most of the company's businesses and its improved liquidity
position," said Standard & Poor's credit analyst Lisa Jenkins.
The ratings also reflect the company's participation in a
cyclical, competitive, and capital-intensive industry and its
highly leveraged capital structure.
     
Evergreen derives the majority of its revenues and operating
profits from Evergreen International Airlines, its airfreight
transportation subsidiary.  The company also provides ground
logistics services, aircraft maintenance and repair services,
helicopter and small aircraft services, and aviation sales and
leasing.  Demand for most of Evergreen's services has been
healthy over the past year and is expected to remain so for at
least the next few years.  Although the company has recently
experienced profit pressures in its aircraft maintenance
business, its airfreight business is continuing to benefit from
strong military demand and healthy commercial demand, driven by
U.S. imports from China.  A recently signed agreement to provide
transportation related to manufacturing of Boeing's new 787
aircraft should give a significant boost to revenues and
earnings in coming years.
     
The refinancing of Evergreen's debt has given the company more
flexibility under its covenants and a greater ability to
reinvest in the business.  However, debt service requirements
remain significant, with annual interest expense and
amortization totaling close to US$38 million.  This will
continue to consume much of the company's cash flow, as will
ongoing capital expenditure requirements.  Credit risk is
heightened by the cyclical and competitive nature of the
industry in which Evergreen competes, the capital intensity of
its airline operations, its private ownership which limits
capital raising options, and its financial history which
includes a payment default a number of years ago and various
subsequent covenant defaults.   

Evergreen is expected to benefit from favorable operating
prospects over the near to intermediate term.  However, an
outlook change to positive is unlikely, given the onerous debt
service requirements the company faces.  If liquidity were to
come under pressure, either as a result of weaker-than-expected
market conditions or greater-than-expected investment spending,
the outlook would likely be changed to negative; the rating
could also be lowered, depending upon the degree of
deterioration.


EXPERT U.K.: Names Duncan Roderick Morris as Administrator
----------------------------------------------------------
Duncan Roderick Morris of The Till Morris Partnership was named
administrator of Expert U.K. Ltd. (Company Number 3194082) on
Oct. 19.

The administrator can be reached at:

         Duncan Roderick Morris
         The Till Morris Partnership
         2 Church Street
         Warwick
         Warwickshire CV34 4AB
         Tel: 01926 497 722
         Fax: 01926 497 733
         E-mail: duncan.morris@tillmorris.co.uk

Expert U.K. Ltd. can be reached at:

         Unit 1
         Wickmans Drive
         Coventry
         West Midlands CV4 9XA
         United Kingdom
         Tel: 024 7642 8500  


FLO-LINE STAINLESS: SME Invoice Taps P.R. Boyle as Receiver
-----------------------------------------------------------
SME Invoice Finance Ltd. appointed P.R. Boyle of Harrisons
administrative receiver of Flo-Line Stainless Steels Ltd.
(Company Number 01882759) on Oct. 27.

Headquartered in Reading, England, Harrisons --
http://www.harrisons.uk.com/-- provides advice and solutions to  
professional advisors who found their clients experiencing
financial difficulties.  Originally trading from offices in
Reading and has added London, Manchester, Bristol and Derby and
has associate offices in Grantham and Stockton on Tees.  

Flo-Line Stainless Steels Ltd. can be reached at:

         24 Monks Brook Industrial Park
         School Close
         Chandlers Ford
         Eastleigh
         Hampshire SO53 4RA
         United Kingdom
         Tel: 023 8026 7313
         Fax: 023 8026 8145


FORD MOTOR: Reducing Health Care Benefits of Salaried Employees
---------------------------------------------------------------
Ford Motor Co. plans to reduce expenses for U.S. salaried
workers by abolishing merit-pay raises, requiring bigger
payments for health benefits and reducing health-care payouts
for retirees, Bill Koenig and John Lippert at Bloomberg News
report.

The changes will take effect June 1, 2007, company spokeswoman
Marcey Evans said in the report.

Ford will require active salaried workers to increase monthly
health-care contributions and pay higher deductibles, Ms. Evans
told Bloomberg.  Specifics will vary because the company offers
those employees five health-care plans, she explained.

Ford also will now provide salaried retirees and their spouses
65 and older US$1,800 each for health-care expenses.  The
automaker currently provides the employees company-paid
supplemental health insurance beyond U.S. Medicare benefits.  
The affected retirees can use the US$1,800 payments to purchase
supplemental insurance, the source said, citing Ms. Evans.

In addition, Ms. Evans noted that Ford will no longer provide
supplemental health insurance for dependent children of retirees
older than 65.

Ms. Evans also noted that Ford would cut merit-pay increases to
active salaried employees and will reinstate matching
contributions for the salaried employee 401(k) retirement plans.

Ford had suspended such matching payments in July 2005.  The
company will pay 60 cents for each dollar employees contribute
for the first 5 percent of a worker's base pay, Bloomberg
relates.

                        About Ford Motor

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 25,
Moody's Investors Service disclosed that Ford's very weak third
quarter performance, with automotive operations generating a
pre-tax loss of 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.

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

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

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.


FORD MOTOR: Shows Improvement in October Sales Figures
------------------------------------------------------
Ford Motor Company's dealers delivered 215,985 vehicles to U.S.
customers in October, up 8 percent compared with a year ago.  It
is the second monthly sales increase for the company, which
posted a 5-percent increase in September.

October car sales were up 22 percent as sales for the company's
new mid- size cars (Ford Fusion, Mercury Milan and Lincoln MKZ)
were more than double a year ago.  The Ford Focus and the
outgoing Ford Taurus also posted sharply higher sales.

Truck sales were up 1 percent, led by gains for the new 2007-
model Expedition and Navigator, which now are on sale in
dealerships.

Expedition sales were 8,553 (up 41 percent), and Navigator sales
were 2,066 (up 44 percent).

Ford's F-Series pickup also was up three percent, and the Ford
Econoline full-size van was up 31 percent.

October sales for the Ford Escape (9,603) lifted the vehicle's
lifetime sales to more than 1 million.  The Escape has been the
best-selling small utility vehicle in the United States since it
was introduced in late 2000.  Cumulative sales now total
1,001,186.

           U.S. Inventories Lower At the end of October,

Ford, Lincoln and Mercury inventories were estimated at 622,000
units.  This level is 107,000 units lower than a year ago and
30,000 units lower than at the end of September.  The company
estimates three- quarters of the present inventory is new 2007
models.

"We are very serious about aligning inventories with demand,"
said Al Giombetti, president, Ford and Lincoln Mercury sales and
marketing.  "Our dealers did an outstanding job with the 2006
model sell-down program, and we took a painful but necessary
action to reduce fourth-quarter production."

                        About Ford Motor

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

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 25,
Moody's Investors Service disclosed that Ford's very weak third
quarter performance, with automotive operations generating a
pre-tax loss of 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.

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

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

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.


GENERAL MOTORS: Denies Plan to Give Avtovaz Joint Venture Stake
---------------------------------------------------------------
General Motors is not selling its 50% stake in General Motors-
Avtovaz joint venture to Avtovaz OAO, RIA Novosti cites GM
Russian Director Warren Brown.

Mr. Brown stressed that the two companies have positive
relations, thus no reason for change.

General Motors, Avtovaz and the European Bank for Reconstruction
and Development inked a deal to form the US$338-million joint
venture, which opened in September 2002.

                          About Avtovaz

Headquartered in Toliatti, Russia, Avtovaz OAO --
http://www.lada-auto.ru/-- manufactures passenger cars under  
brand names LADA, VAZ and NIVA.  Through its subsidiaries and
associates, the Company manufactures automobile components,
distributes automobiles and spare parts and operates automobile
service centers.

                      About General Motors

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

                           *     *     *

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

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

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

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


GENERAL MOTORS: Partners with Alfa Bank to Form GM Finance
----------------------------------------------------------
Alfa Bank and General Motors CIS have formed a partnership to
sell GM vehicles on credit by official GM dealers throughout
Russia.

Alfa Bank was selected by GM CIS to be the official
representative for the "GM Finance" program on the basis of its
client-oriented services and advanced technology, competitive
and innovative products, large network in Russia capable of
covering the GM dealership network, and support for sales of GM
brands.  The key advantages of the program include competitive
lending terms and conditions, rapid and high-quality service,
and convenient and prompt provision of loans.  The two partners
are also teaming up to maintain "GM Finance" special programs
and promotional campaigns throughout Russia.

"General Motors CIS, whose market share has grown significantly
and whose brand Chevrolet is the number one automobile brand in
Russia, was looking for a partner that will support its efforts
to strengthen leading positions on the market by means of a
strong retail lending program," Jacek Gorsky, Commercial
Director of General Motors CIS, said.

The success of consumer financing and retail banking in Moscow
and the regions has underscored the great potential of this
business and prompted Alfa Bank to enter the auto lending market
in 2006.  The Bank's auto lending portfolio has grown in size to
more than US$120 million, with 70% of loans extended in the
regions.  The Bank provides services to retail clients, auto
dealers and automakers through its 900 points of sale in more
than 50 Russian cities.

"Alfa Bank aims to boost its auto loan portfolio to US$500
million in 2007. Together with GM we are establishing efforts to
capture a 20% share of the fast growing auto lending market in
Russia", Sergey Silantiev, the Head of Alfa Bank's Auto Lending
Department, said.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key   
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                      About General Motors

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

                           *     *     *

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

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

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

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


GLAZTEKNOLOGY U.K.: Creditors' Meeting Slated for November 20
-------------------------------------------------------------
Creditors of Glazteknology (Glaztek) U.K. Limited (Company
Number 03803449) will meet at noon on Nov. 20 at:

         Poppleton & Appleby
         32 High Street
         Manchester M4 1QD
         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. 17 at:

         Stephen James Wainwright and Stephen Lord
         Joint Administrators
         Poppleton & Appleby
         32 High Street
         Manchester
         Greater Manchester M4 1QD
         United Kingdom
         Tel: 0161 834 7025
         Fax: 0161 833 1548

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


GLOBALCRAFT LIMITED: Names Robert Edward Caunce Cook Liquidator
---------------------------------------------------------------
Robert Edward Caunce Cook of UHY Hacker Young turnaround and
recovery was appointed Liquidator of Globalcraft Limited on
Oct. 27 for the creditors' voluntary winding-up proceeding.

         Globalcraft Limited
         The Clacton Covered Market
         Rosemary Road
         Clacton-On-Sea
         Essex CO15 1PB
         United Kingdom
         Tel: 01255 470874   


HAMPTON HOUSE: Creditors' Meeting Slated for November 14
--------------------------------------------------------
Creditors of Hampton House Furniture Ltd. (Company Number
03113581) will meet at 2:00 p.m. on Nov. 14 at:

         BDO Stoy Hayward
         One Victoria Street
         Bristol BS1 6AA
         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:

         G. D. Randall
         Joint Administrator
         BDO Stoy Hayward
         Fourth Floor
         One Victoria Street
         Bristol BS1 6AA
         United Kingdom
         Tel: 0117 934 2800
         Fax: 0117 922 5191

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.


INFONXX INC: S&P Junks Proposed US$125-Mln Second-Lien Facility
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' corporate
credit rating to Bethlehem, Pa.-based INFONXX, Inc., a
privately-held, noncarrier provider of directory assistance,
with operations in the U.S. and Europe.  The outlook is
positive.

Standard & Poor's assigned a bank loan rating of 'B' and a
recovery rating of '3' to the company's proposed US$475 million
first-lien credit facilities, indicating expectations for a
meaningful (50%-80%) recovery of principal in the event of a
payment default.  The first-lien credit facilities are comprised
of a US$200 million revolving credit facility and a
US$275 million term loan B.

A 'CCC+' bank loan rating and '5' recovery rating were assigned
to the proposed US$125 million second-lien facility, reflecting
expectations for a negligible (0%-25%) recovery of principal in
the event of a payment default.  The ratings are assigned based
on preliminary documentation and are subject to review of final
documents.  Proceeds of US$520 million will be used to fund a
US$300 million dividend to private equity investors and
refinance US$215 million of existing debt.

"The ratings reflect INFONXX's vulnerable business position
resulting from its dependence on the retail directory assistance
business in Europe, a service which could experience a decline
in consumer demand if technological advances in the provisioning
of DA change the way consumers obtain directory assistance,"
said Standard & Poor's credit analyst Susan Madison.

Other rating concerns include:

   -- the potential for margin compression in the
      company's wholesale U.S. business because of
      increasing automation,

   -- the limited size and scale of the company's
      overall operations, and

   -- an aggressive financial profile.  

Tempering factors include:

   -- a demonstrated history of profitability in the
      U.S. wholesale and U.K. retail DA markets,

   -- an experienced management team,

   -- strong brand identity in key European markets, and

   -- low ongoing capital requirements.


INTERBEAM LTD: Claims Filing Period Ends Dec. 21
------------------------------------------------
Creditors of Interbeam Ltd. have until Dec. 21 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 Helen Phillips at:

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

The company can be reached at:

         Interbeam Ltd.
         Ramsden House
         Jordans Close
         Ramsden
         Chipping Norton
         Oxfordshire OX7 3AX
         United Kingdom
         Tel: 01993 868 842


JAMES BARRON: Taps Tenon Recovery to Administer Assets
------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of James Barron Jewellers Ltd.
(Company Number 03403383) on Sept. 28.

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

James Barron Jewellers Ltd. can be reached at:

         3 Fleet Street
         Torquay
         Devon TQ1 1BX
         United Kingdom
         Tel: 023 8064 6464
         Fax: 023 8064 6666


M W HARRIS: Appoints Liquidator from Begbies Traynor
----------------------------------------------------
James P. N. Martin and W. John Kelly of Begbies Traynor were
appointed Joint Liquidators of M W Harris Associates Limited on
Oct. 26 for the creditors' voluntary winding-up proceeding.

Headquartered in Birmingham, England, M W Harris Associates
Limited provides business and management consultancy services.


M&S LIMITED: Brings In Administrators from Tenon Recovery
---------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint administrators of M&S (Mailing and Support) Ltd. (Company
Number 02634115) on Oct. 19.

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

M&S (Mailing & Support) Ltd. can be reached at:

         Unit 17/18
         Royce Road
         Crawley
         West Sussex RH10 9NX
         United Kingdom
         Tel: 012 9352 7711
         Fax: 012 9352 7713


MANSARD MORTGAGES: Fitch Rates GBP20-Mln Class B2a Notes at BB
--------------------------------------------------------------
Fitch Ratings assigned Mansard Mortgages 2006-1 PLC's GBP500
million residential mortgage-backed floating-rate notes due in
2048 final ratings:

   -- GBP157.5 million Class A1a notes: AAA;
   -- GBP217.5 million Class A2a notes: AAA;
   -- GBP65 million Class M1a notes: AA;
   -- GBP27.5 million Class M2a notes: A;
   -- GBP12.5 million Class B1a notes: BBB; and
   -- GBP20 million Class B2a notes: BB.

The collateral underlying the notes in this transaction consists
solely of Rooftop Mortgage Limited originations.  RML is jointly
owned by The Bear Stearns Companies Inc. and Crown Asset
Management Ltd.

The final ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of
Rooftop Mortgages and the sound legal structure of the
transaction.  The 25.75% credit enhancement for the Class A
notes is provided by the subordination of the Class M1a, Class
M2a, Class B1a, Class B2a notes, excess spread and a reserve
fund with an initial balance of 0.75% and a target balance of
0.8% of the total outstanding note balance as of closing.

There is also a liquidity facility available to meet income
deficiencies, including interest shortfalls on the Class A
notes.  However, it will not be available to fund any periodic
principal deficiencies.

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.

This issuance marks RML's third foray into the U.K. non-
conforming market, although some of its loans also previously
formed part of the collateral for the Bluestone Securities plc
transaction, which closed in December 2004.


MCPC SYSTEMS: Creditors' Claims Due Dec. 7
------------------------------------------
Creditors of MCPC Systems Limited have until Dec. 7 to send
their names and addresses with particulars of the debts or
claims, to appointed Joint Liquidator David Moore at:

         Begbies Traynor
         No. 1 Old Hall Street
         Liverpool L3 9HF
         United Kingdom

Creditors may prove their debts or claims by notice in writing,
personally or by their Solicitors.

The company can be reached at:

         MCPC Systems Limited
         43 Hawarden Road
         Penyffordd
         Chester
         Cheshire CH4 0JD
         United Kingdom
         Tel: 01244 663 510
         Fax: 01244 546 889


NCO GROUP: Earns US$11.4 Million in 2006 Third Quarter
------------------------------------------------------
NCO Group, Inc., reported net income of US$11.4 million,
including special charges of US$3.6 million, net of taxes for
the third quarter of 2006.  This compares to net income of
US$7.6 million in the third quarter of 2005; including special
charges of US$2.2 million, net of taxes.

The special charges are associated with the restructuring of the
Company's legacy operations to streamline the Company's cost
structure, the integration of recent acquisitions, and costs
associated with the Company's proposed merger.  The special
charges for 2005 also included the impact from Hurricane
Katrina. The restructuring charges are included as a separate
line item under operating costs and expenses, and the
integration, merger, and Hurricane Katrina charges are included
in payroll and related expenses, and selling, general and
administrative expenses.

NCO is organized into four divisions that include Accounts
Receivable Management North America, Customer Relationship
Management, Portfolio Management, and Accounts Receivable
Management International.

Overall revenue in the third quarter of 2006 was US$301.6
million, an increase of 21.0%, or US$52.4 million, from revenue
of US$249.2 million in the third quarter of 2005.

For the third quarter of 2006, ARM North America's revenue was
US$205.7 million as compared to US$186.8 million in the third
quarter of 2005.  The increase was primarily attributable to the
acquisition of Risk Management Alternatives, Inc., which was
completed on Sept. 12, 2005, and an US$8.7 million increase in
inter-company revenue from Portfolio Management, which is
eliminated in consolidation.  During the quarter, this division
recorded approximately US$3.4 million, net of taxes, of
restructuring charges, costs associated with integration of the
Company's recent acquisitions, and merger costs.

For the third quarter of 2006, CRM's revenue was US$62.8 million
as compared to US$44.9 million in the third quarter of 2005.  
The increase was primarily attributable to new clients ramping
up business during the end of 2005 and during 2006.  While these
new contracts have allowed this division to expand its revenue
base in 2006, the deployment of large numbers of seats on an
expedited schedule adversely impacts near-term profitability
because the operating expenses are incurred in advance of the
revenue growth.

Partially offsetting the revenue from new clients in the third
quarter of 2006 was the reduction in revenue from a major client
where NCO ceased providing certain services when the client
exited the consumer long-distance business due to changes in
telecommunications laws.  During the quarter this division
recorded approximately US$133,000, net of taxes, of
restructuring and integration charges.

For the third quarter of 2006, Portfolio Management's revenue
was US$55.3 million compared to US$35.1 million in the third
quarter of 2005.  The increase included additional revenue from
portfolio assets acquired as part of two business combinations
at the end of the third quarter of 2005.  Portfolio Management
recorded US$13.1 million of revenue during the third quarter of
2006 from the sale of portions of several older portfolios with
little or no remaining carrying value, as compared to US$2.8
million during the third quarter of 2005.

For the third quarter of 2006, ARM International's revenue was
approximately US$8.4 million compared to US$3.5 million in the
third quarter of 2005.  The increase in revenue was primarily
attributable to the acquisition of the international operations
of RMA.  During the quarter this division recorded approximately
US$80,000, net of taxes, of restructuring and integration
charges.

NCO Group, Inc. -- http://www.ncogroup.com/-- 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.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 2, 2006,
Moody's Investors Service assigned a B3 rating to NCO Group,
Inc.'s proposed US$165 million senior unsecured notes and a Caa1
rating to its proposed US$200 million of senior subordinated
notes, which are intended to replace a proposed US$365 million
senior subordinated notes offering that was cancelled.

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


NEWGATE 2006-3: Moody's Rates GBP5.9-Mln Class E Notes at Ba2
-------------------------------------------------------------
Moody's Investors Service assigned these definitive long-term
credit ratings to the Notes to be issued by Newgate 2006-3:

   -- EUR95,200,000 Class A1b Mortgage Backed Floating
      Rate Notes due December 2050: Aaa;

   -- US$271,000,000 Class A1c Mortgage Backed Floating
      Rate Notes due December 2050: Aaa;

   -- GBP177,450,000 Class A2 Mortgage Backed Floating
      Rate Notes due December 2050: Aaa;

   -- GBP108,800,000 Class A3a Mortgage Backed Floating
      Rate Notes due December 2050: Aaa;

   -- EUR80,000,000 Class A3b Mortgage Backed Floating
      Rate Notes due December 2050: Aaa;

   -- EUR24,300,000 Class Mb Mortgage Backed Floating Rate
      Notes due December 2050: Aa1;

   -- GBP10,000,000 Class Ba Mortgage Backed Floating Rate
      Notes due December 2050: Aa3;

   -- EUR44,000,000 Class Bb Mortgage Backed Floating Rate
      Notes due December 2050: Aa3;

   -- EUR36,800,000 Class Cb Mortgage Backed Floating Rate
      Notes due December 2050: A3;

   -- GBP5,000,000 Class Da Mortgage Backed Floating Rate
      Notes due December 2050: Baa3;

   -- EUR15,800,000 Class Db Mortgage Backed Floating Rate
      Notes due December 2050: Baa3;

   -- GBP5,900,000 Class E Mortgage Backed Floating Rate
      Notes due December 2050: Ba2; and

   -- Mortgage Early Repayment Certificates due December 2050:  
      Aaa.

Moody's assigned provisional ratings for the above classes of
Notes on 16 October 2006.  The Class T and Class Q Notes are not
rated by Moody's.

The Issuer, Newgate Funding plc, is a special purpose vehicle
incorporated in England and Wales, which is ultimately owned by
a charitable trust.  The Issuer is a multi-issuance vehicle and
this transaction represents the third series to be issued under
its MTN style Program.  The Issuer will fund the purchase price
of the series mortgage portfolio using the proceeds of the
Notes.

This transaction is the tenth securitization of non-conforming
and impaired credit mortgage loans originated by entities
belonging to the Mortgages Group trading under the name of
"Mortgages PLC".  As in the prior Mortgages plc securization,
the assets supporting the Notes are sub-prime and non-conforming
first residential mortgage loans originated by entities trading
under the name of Mortgages PLC and secured on residential
properties in England, Wales, Northern Ireland and Scotland.  

A part of underlying loan portfolio (approximately 49%) consists
of loans to borrowers classified by the originator as "near
prime" or "near prime plus", with stricter criteria for adverse
credit compared to non-conforming mortgage loans.  Mortgages PLC
will be responsible for the day-to-day servicing of the loans,
handling arrears cases and approving further advances and
product conversions.

The ratings of the Notes are based upon an analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the issue.  The credit enhancement
available in the deal is provided in the form of excess spread,
reserve fund fully funded at 1.3% of the original note,
subordination of the Class M 2.51%, Class B 6.08%, Class C
3.80%, Class D 2.40% and Class E 0.91% Notes.  The Class A1
Notes represent 32.01%, the Class A2 Notes represent 27.30% and
the Class A3 Notes represent 25.00%).  Subject to certain
conditions being met, the reserve fund may amortize up to a
floor of 0.50% of the original note balance.

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

The Mortgage Early Repayment Certificates (MERC) are backed
solely by mortgage early redemption charges that may become
payable by borrowers in the pool on early redemption of their
loans within a certain period.  The Aaa rating on the MERC's
addresses the likelihood of receipt by MERC holders of such
amounts if they are received by the Issuer.  It assumes, without
any independent investigation, that payment of the mortgage
early redemption charges under the mortgage loans is legally
valid, binding and enforceable, and that such amounts are
actually collected from borrowers and received by the Issuer.
The amount receivable by MERC holders also depends on prepayment
rates within the pool.  The rating does not address such
prepayment rates.


NOVENS CONVERTERS: Appoints Administrators from KPMG
----------------------------------------------------
Jane Bronwen Moriarty and Myles Antony Halley of KPMG LLP were
appointed joint administrators of Novens Converters Ltd.
(Company Number 02606125) on Oct. 19.

Headquartered in London, England, KPMG LLP --
http://www.kpmg.co.uk/-- in the U.K. is part of a strong global  
network of member firms with 9,500 partners and staff working in
22 offices across the U.K. providing audit, tax and advisory
services.

Novens Converters Ltd. can be reached at:

         Europa House
         Victory Park
         Trident Close
         Medway City Estate
         Rochester
         Kent ME2 4ER
         United Kingdom
         Tel: 01634 716 346
         Fax: 01634 290 427


PEARLMOUNT LTD: Nominates Andreas Kakouris as Liquidator
--------------------------------------------------------
Andreas Georgiou Kakouris was nominated Liquidator of Pearlmount
Ltd. on Oct. 27 for the creditors' voluntary winding-up
procedure.

Headquartered is London, England, Pearlmount Ltd. is a shoe
retailer.


PERFECTRONICS LIMITED: Names Andrew David Rosler Liquidator
-----------------------------------------------------------
Andrew David Rosler of ICS (North East) Limited was appointed
Liquidator of Perfectronics Limited (formerly Tynetronics
Limited) on Oct. 20 for the creditors' voluntary winding-up
procedure.

Headquartered in Blaydon-On-Tyne, England, Perfectronics Limited
manufactures electrical transformers.


PERIOD TIMBER: Joint Liquidators Take Over Operations
-----------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators of Period Timber Limited on
Oct. 19 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Period Timber Limited
         Rempstone Road
         Normanton On Soar
         Loughborough
         Leicestershire LE125EW
         United Kingdom
         Tel: 01509 842863
         Fax: 01509 842863


PHUTAWAN THAI: Hires Liquidator from ICS (North East) Limited
-------------------------------------------------------------
Andrew David Rosler of ICS (North East) Limited was appointed
Liquidator of Phutawan Thai Restaurant Limited on Oct. 20 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Phutawan Thai Restaurant Limited
         94-96 Parkgate
         Darlington
         County Durham DL1 1RS
         United Kingdom
         Tel: 01325 361717   


REFCO INC: Court Gives Final Nod on Amended Disclosure Statement
----------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York has issued a final written
order approving Refco Inc. and its debtor-affiliates' Disclosure
Statement, as modified, with respect to its First Amended Plan
of Reorganization.

Judge Drain found that the Disclosure Statement contains
"adequate information" as that term is defined in Section 1125
of the Bankruptcy Code.

Judge Drain ruled that the Disclosure Statement may be amended
and modified from time to time to incorporate immaterial
modifications, fill in blanks, and reflect any modifications
that the Debtors determine to be appropriate, which do not
materially change the Disclosure Statement or affect any rights
of a party-in-interest

All objections, to the extent not withdrawn or resolved, are
overruled.

The Debtors are authorized and empowered to take all steps and
perform acts as may be necessary to implement and effectuate the
Disclosure Statement Order.

                    Amended Disclosure Statement

As reported in the Troubled Company Reporter on Oct. 11, 2006,
the Debtors filed with the Court their Amended Plan of
Reorganization and accompanying Disclosure Statement, with Marc
Kirschner, the Chapter 11 trustee for Refco Capital Markets,
Ltd.; the Official Committee of Unsecured Creditors; and the
Additional Committee of Unsecured Creditors as co-proponents.

The Amended Plan contemplates that on or prior to the effective
date of the plan, the RCM Chapter 11 Case will be converted to a
case under subchapter III of Chapter 7 of the Bankruptcy Code,
unless the Debtors and the RCM Trustee agree that there is a
compelling reason for the RCM Estate to be administered under
Chapter 11.  In the event of a conversion to Chapter 7, the Plan
will constitute a settlement and compromise between the RCM
Estate and the Debtors' Estates, on one hand, and among the
Estates of the various Debtors and certain creditors, on the
other hand, for which approval is sought simultaneously with the
confirmation of the Plan.

               Creditor Recovery Under Amended Plan

The Amended Plan separately classifies Claims against and
Interests in:

   * Refco and its 24 affiliates -- Contributing Debtors,
   * Refco Capital, Markets, Ltd., and
   * Refco F/X Associates, LLC.

Administrative and Priority Tax Claims against the Contributing
Debtors, RCM, and FXA are not classified under the Plan.
Administrative and Priority Tax Claims will be paid in full in
cash.

The Amended Plan groups Claims against and Interest in the
Contributing Debtors into eight classes:

                                       Estimated     Estimated
   Class  Description                  Claim Amount  % Recovery
   -----  -----------                  ------------  ----------
    1     Non-Tax Priority Claims        US$3,000,000     100.0%
    2     Other Secured Claims             US$700,000     100.0%
    3     Secured Lender Claims        US$704,000,000     100.0%
    4     Sr Subordinated Note Claims  US$397,400,000      83.4%
    5(a)  Contributing Debtors Gen.
             Unsecured Claims          US$522,700,000      23.0%
    5(b)  Related Claims                          -       0.0%
    6     RCM Intercompany Claims                 -       N/A
    7     Subordinated Claims                     -       0.0%
    8     Old Equity Interests                    -       0.0%

The Class 3 Secured Lender Claims against the Contributing
Debtors will be allowed and paid to the extent provided in the
Early Payment Order.

RCM will be entitled to an additional Claim if, at the
conclusion of the claims reconciliation process:

   (x) the total Allowed Contributing Debtors General Unsecured
       Claims are less than US$394,000,000; and

   (y) the Distributions to be made to Holders of Allowed
       Contributing Debtors General Unsecured Claims would
       result in a recovery for the Holders in excess of 35%
       from the sum of the Contributing Debtors Distributive
       Assets and the Contributing Debtors' portion of the RGL
       FXCM Distribution.

Specifically, RCM will be entitled to an additional Claim equal
to the positive difference between US$394,000,000 minus the
amount of the Allowed Contributing Debtors General Unsecured
Claims.  The Additional RCM Claim will participate pro rata in
all Distributions from Contributing Debtors Distributive Assets
and the Contributing Debtors' portion of the RGL FXCM
Distribution to Holders of Allowed Contributing Debtors General
Unsecured Claims that exceed the 35% recovery threshold.  The
Additional RCM Claim, however, will not be subject to the 40%
limit on Distributions set forth in the Contributing Debtors
General Unsecured Claim Distribution.

The Amended Plan groups Claims against FXA into seven classes:

                                       Estimated     Estimated
   Class  Description                  Claim Amount  % Recovery
   -----  -----------                  ------------  ----------
    1     FXA Non-Tax Priority Claims      US$165,000     100.0%
    2     FXA Other Secured Claims         US$120,000     100.0%
    3     FXA Secured Lender Claims    US$704,000,000       N/A
    4     FXA Sr Sub. Note Claims      US$397,400,000       N/A
    5(a)  FXA Gen. Unsecured Claims    US$140,700,000
                                    to US$180,700,000      35.0%
    5(b)  Related Claims                          -       0.0%
    6     FXA Convenience Claims        US$12,500,000      40.0%
    7     FXA Subordinated Claims                 -       0.0%

The Amended Plan provides that Class 5(a) FXA General Unsecured
Claims less than or equal to US$10,000, or greater than
US$10,000 but, with respect to which, Holder voluntarily reduces
the Claim to US$10,000, will be treated as Class 6 FXA
Convenience Claims.

The aggregate amount of Distributions to Class 6 FXA Convenience
Claims is limited to US$5,000,000.  To the extent that the
amount of Class 5(a) FXA General Unsecured Claims electing to
receive a Class 6 FXA Convenience Claim causes the aggregate
amount to exceed the cap, the Holders of Claims permitted to
elect the treatment will be determined by reference to the
amount of the Claim, with the Claim in the lowest amount being
selected first and the next largest claim being selected
thereafter until the cap is reached.

The ranges of claims and recoveries for Holders of FXA General
Unsecured Claims are subject to material deviations and may be
significantly lower due to:

   (i) alleged administrative expenses incurred in trading
       activity post-bankruptcy; and

  (ii) a dispute with a related entity in Japan concerning
       ownership of a significant portion of FXA cash.

FXA has commenced a turnover action against Japan KK to require
it to turn certain cash assets over to FXA.

The Amended Plan groups RCM Claims into seven classes:

                                       Estimated     Estimated
   Class  Description                  Claim Amount  % Recovery
   -----  -----------                  ------------  ----------
    1     RCM Non-Tax Priority Claims       US$90,000     100.0%
    2     RCM Other Secured Claims     US$110,400,000     100.0%
    3     RCM FX/Unsecured Claims      US$985,600,000      37.6%
    4     RCM Securities Customer
             Claims                  US$2,793,800,000      85.4%
    5     RCM Leuthold Metals Claims    US$15,600,000     100.0%
    6     Related Claims                          -       0.0%
    7     RCM Subordinated Claims                 -       0.0%

Holders of Allowed Related Claims will be subordinated and will
receive no Distribution unless all Holders of Allowed RCM
FX/Unsecured Claims, Allowed RCM Securities Customer Claims and
Allowed RCM Leuthold Metals Claims have been paid in full.

To the extent that a Non-Debtor Affiliate has an Intercompany
Claim against RCM, the Claim will be resolved by:

   (a) the netting of the Claim against any Claim held by the
       Contributing Debtors or RCM against the Non-Debtor
       Affiliate; or

   (b) to the extent that a distribution is made by RCM on
       account of the Claim, the Contributing Debtors will
       reimburse RCM for payments from any amounts the
       Contributing Debtors receive directly or indirectly from
       any Non-Debtor Affiliate.

Holders of Claims under these classes are impaired and entitled
to vote on the Amended Plan:

   -- Class 4 Senior Subordinated Note Claims, Class 5(a)
      Contributing Debtors General Unsecured Claims, Class 5(b)
      Related Claims and Class 6 RCM Intercompany Claims,
      against or more of the Contributing Debtors;

   -- Class 4 FXA Senior Subordinated Note Claims, Class 5(a)
      FXA General Unsecured Claims, Class 5(b) Related Claims,
      and Class 6 FXA Convenience Claims, against FXA; and

   -- Class 3 RCM FX/Unsecured Claims, Class 4 RCM Securities
      Customer Claims, Class 5 Leuthold Metals Claims and Class
      6 Related Claims, against RCM.

                    BAWAG Proceeds Allocation

On October 5, 2006, the Court approved a partial allocation of
the proceeds of a settlement agreement among the Debtors, the
Creditors Committee and BAWAG P.S.K. Bank fur Arbeit und
Wirtschaft und Osterreichische Postsparkasse Aktiengesellschaft.

The BAWAG Allocation Order provides that US$100,000,000 of the
BAWAG Guaranteed Proceeds was indefeasibly allocated to Refco
Group Ltd., LLC, for payment to the Senior Secured Lenders.

The consideration given by BAWAG, aside from the US$100,000,000
already earmarked for RGL, will be allocated this way:

   * US$150,000,000 will be allocated to the Contributing
     Debtors for payment to the Holders of Senior Subordinated
     Note Claims;

   * US$56,250,000 -- plus 100% of up to US$150,000,000 in the
     form of the BAWAG Contingent Payment -- will be allocated
     to the Contributing Debtors for payment to the Holders of
     Allowed Contributing Debtors General Unsecured Claims;

   * US$200,000,000 will be allocated to RCM for payment to the
     Holders of RCM Securities Customer Claims and RCM
     FX/Unsecured Claims; and

   * the value of each release granted by BAWAG in favor of each
     of the Debtors and RCM would be allocated to each of the
     Debtors and RCM, as applicable, without any resulting
     transfer of Cash or other Distribution.

On September 21, 2006, BAWAG wired US$337,500,000 to the Debtors
and US$337,500,000 to the U.S. government.  The Debtors expect
to receive US$168,700,000 of the amount transferred by BAWAG to
the U.S. government prior to confirmation of the Plan.

The BAWAG Settlement Agreement provides that:

   -- any creditor who voluntarily elects to receive any portion
      of the BAWAG Proceeds must release BAWAG from all claims
      or actions arising from or related to the Debtors; and

   -- any portion of the BAWAG Proceeds that would have been
      allocated to any creditor that elects not to provide the
      required release must be returned to BAWAG.

The Amended Plan provides that Holders of Allowed Claims against
the Contributing Debtors and RCM can, if they affirmatively
elect, opt out of the BAWAG settlement and thereby return their
share of BAWAG Proceeds to BAWAG in lieu of agreeing to release
BAWAG from liability.

Opting out, however, will significantly reduce the aggregate
recoveries to be received by the Creditors under the Plan:

                                Estimated Plan   Estimated Plan
                                Recovery With    Recovery Minus
   Creditor Class               BAWAG Proceeds   BAWAG Proceeds
   --------------               --------------   --------------
   Senior Subordinated
      Note Claims                    83.4%            45.7%

   Contributing Debtors General
      Unsecured Claims               23.0%            12.2%

   RCM Securities
      Customer Claims                85.4%            80.6%

   RCM FX/Unsecured Claims           37.6%            30.9%

                   US$140,000,000,000 Claim Pile

As of September 29, 2006, the Debtors' claims agent, Omni
Management Group, LLC, had received approximately 14,000 timely
filed proofs of claim in the Debtors' Chapter 11 cases asserting
more than US$140,000,000,000 in the aggregate, not including
claims asserted in unliquidated amounts.  The Debtors and their
professionals have been engaged in the process of evaluating the
proofs of claim to determine whether objections seeking
disallowance, reclassification or reduction of certain asserted
claims should be filed.  The Debtors expect to seek disallowance
of approximately US$130,000,000,000 of the claims.

                 Administration of Refco Estates

The Joint Sub-Committee of the Official Creditors Committees
will designate an entity to serve as Plan Administrator for both
Reorganized Refco and Reorganized FXA.  The Joint Sub-Committee
will also select a trustee for the Litigation Trust to be
established under the Plan.

The Litigation Trust will be structured in a manner that
provides for a senior Tranche A and a junior Tranche B.  No
Distributions of Litigation Trust Interests will be made in
respect of Tranche B until Tranche A has been fully and
indefeasibly paid.  However, Holders of Allowed Old Equity
Interests may receive recoveries directly from 10% of the IPO
Underwriter Claims Recovery in Tranche A.

The Litigation Trust will have an initial five-year term, which
may be extended for one or more one-year terms.  The Trust may
be terminated earlier than its scheduled termination if:

   -- the Bankruptcy Court has entered a final order closing all
      of or the last of the Chapter 11 cases and the RCM Chapter
      11 case to the extent the RCM Chapter 11 case was
      converted to Chapter 7;  and

   -- the Litigation Trustee has administered all the Trust
      assets and performed all other duties required under the
      Plan.

The RCM Trustee will retain his rights, powers and duties
necessary to carry out his responsibilities with respect to the
RCM Estate.

A blacklined copy of the Debtors' Amended Disclosure Statement
is available for free at http://ResearchArchives.com/t/s?132f

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a   
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000).


REFCO INC: Court Sets Dec. 15 Joint Plan Confirmation Hearing
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
set Dec. 15, 2006, at 10:00 a.m., as the hearing to consider
confirmation of the First Amended Joint Plan of Reorganization
filed by Refco Inc. and its debtor-affiliates; the Official
Committee of Unsecured Creditors of Refco and the Additional
Committee; and Marc Kirschner, the Chapter 11 Trustee for Refco
Capital Markets, Ltd.

The Confirmation Hearing may be continued from time to time by
announcing it in open court, without further notice to parties-
in-interest.

The Court also set:

   * December 1, 2006, at 4:00 p.m., as the deadline for filing
     and serving objections to Plan confirmation;

   * November 20, 2006, at 4:00 p.m., as the deadline for filing
     and serving objections to claims solely for purposes of
     voting on the Plan, which deadline will not apply to Claims
     Objections that may be asserted for purposes other than
     voting on the Plan;

   * December 5, 2006, at 4:00 p.m., as the deadline for filing
     and serving motions pursuant to Rule 3018(a) of the Federal
     Rules of Bankruptcy Procedure seeking temporary allowance
     of claims for voting purposes; and

   * December 8, 2006, at 5:00 p.m., as the deadline for
     submitting ballots to Financial Balloting Group LLC, the
     Debtors' special voting agent.

Claimholders whose claims are subject to an objection that was
served after the Claims Objection Deadline will not be subject
to the Rule 3018(a) Motion Deadline.

Pursuant to Sections 105(a) and 502(a) of the Bankruptcy Code,
any claim as to which an objection has been filed before the
Claims Objection Deadline will be ineligible to vote on the
Plan, and that claim will not be counted in determining whether
the Section 1126(c) requirements have been met with respect to
the Plan:

   (i) unless the claim has been temporarily allowed for voting
       purposes pursuant to Rule 3018(a); or

  (ii) except to the extent that the objection to that claim has
       been resolved in favor of the creditor asserting the
       claim.

Holders of claims in Contributing Debtors Classes 4, 5(a), 5(b)
and 6; FXA Classes 4, 5(a), 5(b) and 6; and RCM Classes 3, 4, 5,
6, 7 and 8 are impaired and entitled to vote on the Plan.  
Failure of a claimholder to timely deliver a properly executed
Ballot will be deemed to constitute an abstention by that holder
with respect to voting on the Plan, and that abstention will not
be counted as a vote for or against the Plan.

The Honorable Robert D. Drain fixed Oct. 16, 2006, as the record
date for purposes of determining creditors and equity holders
entitled to receive Solicitation Packages and related materials,
if any; and creditors entitled to vote to accept or reject the
Plan and elect certain treatment.

Judge Drain directed the Debtors to mail to all of their known
creditors, the Senior Subordinated Note Indenture Trustee and
equity security holders as of the Record Date, and all other
entities required to be served under Rules 2002 and 3017, notice
of, inter alia, the Confirmation Hearing, within Oct. 25, 2006.

Furthermore, Judge Drain ruled that each Senior Subordinated
Note Claimholder will receive BAWAG Proceeds as a component of
its pro rata share of the Senior Subordinated Note Holder
Distribution, unless that Noteholder opts out of the BAWAG
Settlement.

Only the Senior Subordinated Note Claimholders who vote to
reject the Plan will be eligible to elect not to receive Senior
Subordinated Note Holder BAWAG Proceeds.  Election by any Senior
Subordinated Note Claimholder who votes to accept the Plan will
be disregarded.

Holders of Class 3 RCM FX/Unsecured Claims and Class 4 RCM
Securities Customer Claims under the Plan will be deemed to have
agreed to:

   (i) assign their RCM Related Claims against the Debtors to
       the Litigation Trust;

  (ii) affirm their understandings that their RCM Related
       Claims against any Contributing Non-Debtor Affiliate will
       be subordinated pursuant to the Plan, as of each
       applicable Contributing Non-Debtor Affiliate Trigger
       Date, to all other existing claims against and equity
       interests in the applicable Contributing Non-Debtor
       Affiliate; and

(iii) release the Secured Lenders from the Secured Lender
       Released Claims, if any, unless the holders elect not to
       accept that treatment.

The Ballots for Class 6 FXA Convenience Claims, Class 6 RCM
FX/Unsecured Convenience Claims and Class 7 RCM Securities
Customer Convenience Claims will contain the same Ballot
elections as the Ballots for Class 5(a) FXA General Unsecured
Claims, Class 3 RCM FX/Unsecured Claims, and Class 4 RCM
Securities Customer Claims.  However, the Ballot elections made
on a particular Convenience Class Ballot will be effective only
if Convenience Class treatment is denied to the claimant making
the Ballot elections due to oversubscription of the applicable
Convenience Class.

Parties-in-interest are entitled to request that the Debtors
demonstrate cause for any instance in which:

   (a) a Ballot was withdrawn;

   (b) a vote was changed by the filing of a superseding Ballot;
       or

   (c) the Voting Deadline was extended.

The deadline for filing and serving a Request for Cause will be
December 14, 2006, at 12:00 noon.

Notwithstanding Local Rule 3018-1(b), the Debtors' voting agents
will serve by December 12, 2006, notice to any claimholder who
is permitted to make an election with respect to a claim
treatment, but whose election is deemed ineffective or otherwise
is not counted.

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a   
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000).


REFCO INC: Court Clarifies Subsidiaries' Nov. 15 Claims Bar Date
----------------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York clarified that in the case of
Refco Capital Markets Ltd., the bar date for administrative
claims will apply whether RCM is being administered in Chapter
11 or Chapter 7 of the Bankruptcy Code.

The Bankruptcy Court previously set November 15, 2006, as the
deadline for filing administrative expense payment requests in
Refco Inc. and its debtor-affiliates' chapter 11 cases.

The Court also set a subsequent Administrative Bar Date for
claims that accrue from November 1, 2006, through the effective
date of the Debtors' Chapter 11 Plan of Reorganization.  That
deadline will be on the 30th calendar day following the Plan
Effective Date.

Judge Drain ruled that these claims do not require filing of
Administrative Expense Payment Requests on or before the
Administrative Bar Dates:

   -- postpetition claims of professionals retained in the
      Debtors' cases for compensation for postpetition fees and
      Expenses;

   -- postpetition claims based on goods or services provided in
      the ordinary course of business, which are paid or remain
      payable according to typical and customary business terms.

Failure to file requests for payment of Ordinary Course of
Business Claims by the Administrative Bar Dates will not bar
payment of claims in the ordinary course of business.

Judge Drain further ruled that the Ad Hoc Committee of Equity
Security Holders, Bank of America, N.A., and the Debtors'
prepetition secured lenders under the August 2004 credit
agreement are exempted from the Initial Administrative Bar Date.

Man Financial Inc. will have until November 27, 2006, to file
all of its Administrative Expense Payment Requests.

Any Administrative Expense Claimholder against the Debtors who
is required, but fails to file an Administrative Expense Payment
Request on or before the Administrative Bar Dates or the date,
as to Man, will:

   (i) be forever barred, estopped, and permanently enjoined
       from asserting Administrative Expense Claim against the
       Debtors, their successors, or their property; and

  (ii) not be entitled to receive further notices regarding the
       Administrative Expense Claims.

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a   
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000).


SITE SAFE: Brings In Liquidator from Valentine & Co.
----------------------------------------------------
Mark Reynolds of Valentine & Co. was appointed Liquidator of
Site Safe Supplies Limited on Oct. 24 for the creditors'
voluntary winding-up procedure.

Headquartered in Letchworth, England, Site Safe Supplies Limited
wholesales and retails industrial safety and protective
clothing.


SPECULATION U.K.: Liquidator Sets Nov. 29 Claims Bar Date
---------------------------------------------------------
Creditors of Speculation U.K. Limited (formerly Ching Ching
Limited) have until Nov. 29 to send in their full names, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their Solicitors (if any)
to appointed Liquidator Alison M. Byrne at:

         Byrne Associates
         Suite 3
         Farleigh House
         Farleigh Court
         Old Weston Road
         Flax Bourton BS48 1UR
         United Kingdom

The company can be reached at:

         Speculation U.K. Limited
         Bunters Cottage
         Heytesbury
         Warminster
         Wiltshire BA120HL
         United Kingdom
         Tel: 01985 840 614


SPOYLT LIMITED: Appoints Gerald Edelman as Joint Administrators
---------------------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman of Gerald Edelman
Business Recovery were appointed joint administrators of Spoylt
Ltd. (Company Number 03864670) on Oct. 12.

Headquartered in Ashford, England, Gerald Edelman --
http://www.geraldedelman.com/-- is registered to carry on audit  
work by the Institute of Chartered Accountants in England and
Wales and is authorized and regulated by the Financial Services
Authority. Gerald Edelman Financial Solutions Ltd. is an
appointed representative of Independent Solutions Group Ltd. who
is regulated by the Financial Services Authority.

Headquartered in London, England, Spoylt Ltd. designs,
manufactures and sells lingerie accessories to retailers online.


STATUSLINE LIMITED: Calls In Liquidator from Sale Smith & Co.
------------------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of Statusline Limited on Oct. 23 for the creditors'
voluntary winding-up proceeding.

Headquartered in Bridgnorth, England, Statusline Limited --
http://www.statuslineltd.com/-- provides a full range of  
kitchen installation services including made to measure
kitchens, bespoke rigid carcass units, kitchen design and
fitting services as well as replacement kitchen unit doors.


TEN ACRE: Brings In KPMG as Joint Administrators
------------------------------------------------
Richard Dixon Fleming of Brian Green of KPMG LLP were appointed
joint administrators of Ten Acre Ltd. (Company Number 91092) on
Oct. 18.

KPMG LLP -- http://www.kpmg.co.uk/-- in the U.K. is part of a  
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.

Ten Acre Ltd. can be reached at:

         Suites 41/42 Victoria House
         26 Main Street
         Gibraltar
         United Kingdom
         Tel: 0161 838 4000
         Fax: 0161 838 4040


TI AUTOMOTIVE: S&P Cuts Corporate Credit Rating to B
----------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K.-based automotive supplier
TI Automotive Ltd. to 'B' from 'BB-'.  The outlook is stable.
    
At the same time, Standard & Poor's lowered its debt rating on
TI Auto's senior secured term loan to 'B+' from 'BB'.
     
"The downgrade reflects our increased concerns that TI Auto will
not be able to strengthen its credit measures in line with
previous expectations over the medium term," said Standard &
Poor's credit analyst Barbara Castellano.
     
At the end of 2005, TI Auto's credit protection measures
weakened and were lower than those normally associated with a
'BB-' rating.  At that time, Standard & Poor's expected to see
an improvement resulting from the restructuring efforts that
took place in 2005.
     
In the first nine months of 2006, revenues were almost flat, but
the company's reported EBITDA shrank by about 12% compared with
the same period last year.  There was no reduction in reported
net debt and, given expectations of negative cash generation,
Standard & Poor's expects debt to increase at year-end 2006
from end-2005 levels.
     
In the fourth quarter, the cuts in production announced by North
American OEMs are expected to hit auto suppliers' activity more
seriously than in the first nine months of the year.  Standard &
Poor's remains concerned about the risk of further deterioration
in TI Auto's operating profits and cash generation in the next
months given the company's exposure in North America to
Ford Motor Co., General Motors Corp., and DaimlerChrysler AG.  
In 2005, TI Auto derived 27% of its total revenues from General
Motors, Ford, and DaimlerChrysler in North America.
     
The rating agency expects that TI Auto's performance will meet
our target ratios.  Specifically, it expects funds from
operations to net debt, including preference shares, to be about
10% and the EBITDA interest coverage ratio, including noncash
dividends, to be 1.5x.
     
"The outlook could be revised to negative if there is clear
evidence that these targets will not be met by 2007," Ms.
Castellano added.  "A positive outlook revision would require
additional financial improvements beyond the set target ratios."


TOM SOYA: Brings In RSM Robson to Administer Assets
---------------------------------------------------
M.J. Hore and C.W.A. Escott of RSM Robson Rhodes LLP were
appointed joint administrators of Tom Soya Ltd. (Company Number
03985164) on Oct. 19.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/--  
provides a wide range of auditing, assurance, advisory and
compliance services for both private and public sectors.  The
firm is a member of the RSM International, the world's sixth
largest international organization of accountants and business
advisers.

Tom Soya Ltd. can be reached at:

         36 First Avenue
         Deeside Industrial Park
         Deeside
         Clwyd CH5 2NU
         United Kingdom
         Tel: 01244 289 001


TRADEWINDS FISH: Filippa Connor Leads Liquidation Procedure
-----------------------------------------------------------
Filippa Connor of B & C Associates was appointed Liquidator of
Tradewinds (Fish & Meat) Limited (formerly U.K. Seafoods
Limited) on Oct. 25 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Tradewinds (Fish & Meat) Limited
         Lanterns Court
         Millharbour
         Tower Hamlets
         London E14 9TU
         United Kingdom
         Tel: 020 7538 5206


U.K. CAN: Appoints Liquidators from Mercer & Hole
-------------------------------------------------
Christopher Laughton and John Anthony Dickinson of Mercer & Hole
were appointed Joint Liquidators of U.K. Can Limited on Oct. 26
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         U.K. Can Limited
         Dragon Parc
         Abercanaid
         Merthyr Tydfil
         Mid Glamorgan CF481PQ
         United Kingdom
         Tel: 01685 354 400
         Fax: 01685 721 468


UTOPIA OF BATH: Brings In Liquidators from KPMG
-----------------------------------------------
Jonathan Scott Pope and Richard John Hill of KPMG were appointed
Joint Liquidators of Utopia of Bath Limited on Oct. 25 for the
creditors' voluntary winding-up proceeding.

Headquartered in Bath, England, Utopia of Bath Limited retails
jewelry and giftware.


WATERFRONT CORP.: Taps Joint Administrators from RSM Robson
-----------------------------------------------------------
M.J. Hore and C.W.A. Escott of RSM Robson Rhodes LLP were
appointed joint administrators of Waterfront Corp. Ltd. (Company
Number 03579302) on Oct. 19.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/--  
provides a wide range of auditing, assurance, advisory and
compliance services for both private and public sectors.  The
firm is a member of the RSM International, the world's sixth
largest international organization of accountants and business
advisers.

Waterfront Corp. Ltd. can be reached at:

         36 First Avenue
         Deeside Industrial Park
         Deeside
         Clwyd CH5 2NU
         United Kingdom
         Tel: 01244 289 001
         Fax: 01244 289 002


WILD ORCHID: Hires Stephen L. Conn to Liquidate Assets
------------------------------------------------------
Stephen L. Conn of Begbies Traynor was appointed Liquidator of
Wild Orchid (JMK) Ltd. on Oct. 24 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Wild Orchid (JMK) Ltd.
         2 Firwood Close
         Stockport
         Cheshire SK2 5BN
         United Kingdom
         Tel: 0161 292 0616


Y M NEWMARK: Brings In Administrators from Poppleton & Appleby
--------------------------------------------------------------
Stephen Lord and Stephen James Wainwright of Poppleton & Appleby
were appointed joint administrators of Y M Newmark Ltd. (Company
Number 5503207) on Oct. 17.

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

Y M Newmark Ltd. can be reached at:

         Armytage Road
         Brighouse
         West Yorkshire HD6 1QF
         United Kingdom
         Tel: 01484 401770  

                           *********

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
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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-
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Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
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Copyright 2006.  All rights reserved.  ISSN 1529-2754.

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