TCREUR_Public/061108.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

          Wednesday, November 8, 2006, Vol. 7, No. 222

                            Headlines


A U S T R I A

C-BAU LLC: Creditors' Meeting Slated for November 17
CENTE LLC: Creditors' Meeting Slated for November 16
JAGER & KRONSTEINER: Creditors' Meeting Slated for November 14
QUICK PERSONALMANAGEMENT: Creditors' Meeting Slated for Nov. 16
WIR GRILLEN: Claims Registration Period Ends November 24


B E L G I U M

CARMEUSE LIME: Moody's Changes Outlook on Improved Performance
CHIQUITA BRANDS: Weak Performance Prompts Moody's to Cut Ratings
VOLKSWAGEN AG: Eyes 20% Job Cuts Outside Germany, Report Says
UNIVERSAL CORP: Declares US$0.44 Per Share Quarterly Dividend


C Z E C H   R E P U B L I C

AES CORP: Incurs US$340 Million Net Loss in 2006 Third Quarter
AES CORP: Unit Says Firm Complies with Regulations
AES CORP: Board Names John McLaren as Executive Vice President
KONINKLIJKE AHOLD: Unveils Strategy for Profitable Growth
KONINKLIJKE AHOLD: Fitch Affirms BB Ratings on Strategic Review


D E N M A R K

SHAMROCK CAPITAL: Moody's Assigns B1 Rating on Class G Notes
XEROX CORP: Moody's Reviewing Ratings and May Upgrade


F I N L A N D

AGCO CORP: Earns US$5.4 Million in Third Quarter 2006


F R A N C E

CA INC: Earns US$53 Million for Second Quarter 2007
CA INC: Names Bill Lipsin Sr. Vice Pres. of Worldwide Channels
CHURCH & DWIGHT: Declares US$0.07 Per Share Quarterly Dividend
OMNOVA SOLUTIONS: Moody's Affirms Low-B Ratings After Asset Sale


G E R M A N Y

ART DEPOT: Creditors Must Submit Claims by November 14
CAVAR TRANSPORT: Creditors Must Submit Claims by November 14
GATE 2006-1: Fitch Rates EUR15.3 Million Class E Notes at BB+
JUBLA GMBH: Proofs of Claim Deadline Slated for November 14
KUECHENSTUDIO HEINEVETTER: Creditors' Claims Due November 14

MECHANISCHE TRIKOTAGENFABRIK: Claims Filing Ends November 15
VOLKSWAGEN AG: Eyes 20% Job Cuts Outside Germany, Report Says
VOLKSWAGEN AG: Building New Site for Cheap Labor & High Demand
VOTORANTIM GROUP: Prices Tender Offer on 7.875% Guaranteed Notes


G R E E C E

ANAPTYXI 2006-1: Moody's Rates EUR225-Mln Class D Notes at Ba2


H U N G A R Y

AES CORP: Incurs US$340 Million Net Loss in 2006 Third Quarter
AES CORP: Unit Says Firm Complies with Regulations
AES CORP: Board Names John McLaren as Executive Vice President
BORSODCHEM NYRT: Financial Regulator Wants More Info on Buyout


I R E L A N D

AFFILIATED COMPUTER: Reports US$1.39 Billion Preliminary Revenue
AGCO CORP: Earns US$5.4 Million in Third Quarter 2006
SCOTTISH RE: Board Approves Senior Executive Success Plan


I T A L Y

ANDREW CORP: Agrees to Acquire EMS Wireless for US$50.5 Million
ANDREW CORP: Simplifying Price Structure for Cable Products
DA VINCI: Moody's Rates EUR15.6-Million Class C Notes at Ba2
FIAT SPA: Earns EUR195 Million for Third Quarter 2006
INTERNATIONAL PAPER: Completes US$5-Bln Forestland Sale to RMS


K A Z A K H S T A N

ALMA-PLAST LLP: Creditors Must File Claims by Dec. 3
ARGO TRADE: Proof of Claim Deadline Slated for Dec. 3
DANABANK JSC: Creditors Must File Claims by Nov. 29
DELTA PLUS-2: Proof of Claim Deadline Slated for Dec. 1
DUET LTD: Creditors Must Submit Claims by December 1

MATAY MARKET: Karaganda Court Opens Bankruptcy Proceedings
REAL TRANS: Creditors Must Submit Claims by December 3
SHAPAGAT-JER LLP: Creditors Must Submit Claims by December 1
SIMA ALMATY: Creditors Must Submit Claims by December 1
TARAZ KURYLYS: Creditors Must Submit Claims by December 3


K Y R G Y Z S T A N

BATKEN PHARMACY: Creditors' Claims Due Dec. 27
FASAL GLOBAL: Claims Registration Ends Dec. 27


N E T H E R L A N D S

GETRONICS N.V.: Issues Third Quarter 2006 Operating Results
KONINKLIJKE AHOLD: Unveils Strategy for Profitable Growth
KONINKLIJKE AHOLD: Fitch Affirms BB Ratings on Strategic Review
UNIVERSAL CORP: Declares US$0.44 Per Share Quarterly Dividend


P O L A N D

AFFILIATED COMPUTER: Reports US$1.39 Billion Preliminary Revenue
BORSODCHEM NYRT: Financial Regulator Wants More Info on Buyout
OMNOVA SOLUTIONS: Moody's Affirms Low-B Ratings After Asset Sale
TK ALUMINUM: S&P Holds Junk Rating on Developing Watch


R U S S I A

ARKH-AGRO-SERVICE: Court Names P. Tarasov as Insolvency Manager
BALTIC INVEST: Court Names S. Suvorov as Insolvency Manager
BUILDING ENTERPRISE 1: Court Names A. Fazlyev to Manage Assets
DANILOVSKIY FACTORY: Court Starts Reorganization Process
DEVELOP INVESTMENTS: Court Names S. Suvorov to Manage Assets

HOUSE-BUILDING COMPANY: Court Names S. Suvorov to Manage Assets
GRAIN-INVEST: Orel Court Starts Bankruptcy Supervision Procedure
LADYINO CJSC: Tver Court Names O. Akinshin as Insolvency Manager
MELENKI-SEL-KHOZ-KHIMYA: Bankruptcy Hearing Slated for Feb. 6
NADYMSKIY FACTORY: Court Names S. Suvorov as Insolvency Manager

OPTOMECHANICAL FACTORY: Court Names A. Fazlyev to Manage Assets
SERDOBSKIY ENGINEERING: Names E. Meshenkova to Manage Assets
VOLKSWAGEN AG: Building New Site for Cheap Labor & High Demand
ZDOROVYE CJSC: Court Names A. Fazlyev as Insolvency Manager
ZODCHIY CJSC: Vladimir Bankruptcy Hearing Slated for February 1


S L O V E N I A

BANKA KOPER: Fitch Affirms Individual Rating at C


S P A I N

CHURCH & DWIGHT: Declares US$0.07 Per Share Quarterly Dividend
GETRONICS N.V.: Issues Third Quarter 2006 Operating Results
VALENCIA HIPOTECARIO: Fitch Junks EUR10.4 Million Class D Notes


T U R K E Y

GENERAL NUTRITION: Parent Offers US$325-Million PIK Notes
GENERAL NUTRITION: Possible Sale Spurs S&P's Developing Watch
GENERAL NUTRITION: Parent Earns US$13.9 Million in Third Quarter


U K R A I N E

ALABIUS LLC: Court Names Sergij Benedyuk as Insolvency Manager
ALTAKOM LLC: Kyiv Court Names Sergij Benedyuk as Liquidator
CHECHELNIKRAJAGROTEHSERVICE OJSC: A. Milovanov to Manage Assets
HOTEL DNIPRO: Court Names Volodimir Sherepenko as Liquidator
IVP BOYARD: Court Names Sergij Benedyuk as Insolvency Manager

LANI UKRAINI: Creditors Must Submit Claims by November 10
LIBERTY MARKET: Oleksandr Chechelnitskij to Liquidate Assets
POLIPROM JSCCT: Court Names Oleksandr Polishuk as Liquidator
PROMKERAM LLC: Court Names R. Chernomaz as Insolvency Manager
SEJM LLC: Court Names Oleksandr Bandola as Insolvency Manager


U N I T E D   K I N G D O M

BRECONSHIRE HOSIERY: Joint Liquidators Take Over Operations
BRISTOL INN: BDO Stoy Hayward Selling Three-Star Hotel
BUILDSTAIR LIMITED: Hires Liquidator from Fisher Partners
CA INC: Earns US$53 Million for Second Quarter 2007
CA INC: Names Bill Lipsin Sr. Vice Pres. of Worldwide Channels

CHARLES OETEGENN: M. J. Ryan Leads Liquidation Procedure
CHELSEA SCAFFOLDING: Creditors Ratify Voluntary Liquidation
CNA INSURANCE: Rights Transfer Hearing Slated for Dec. 18
CX REINSURANCE: Rights Transfer Hearing Slated for Dec. 18
DURA AUTOMOTIVE: Wants Court Nod to Obtain US$300-Mln DIP Loan

DURA AUTOMOTIVE: Seeks Court Nod to Use All Cash Collateral
DURA AUTOMOTIVE: Ontario Court Recognizes Chapter 11 Case
DURA AUTOMOTIVE: Receives NASDAQ Delisting Notice
DV-COM LIMITED: Creditors Confirm Liquidators' Appointment
DUNNSPRINT LIMITED: Taps Liquidators from Fisher Partners

GENERAL MOTORS: Delphi Deal Coming Soon, Rick Wagoner Says
GENERAL MOTORS: Reduces Third Quarter Net Loss to US$91 Million
IMATE WINDOWS: Claims Filing Period Ends Dec. 27
JACKSON'S BASINGSTOKE: Car Dealer & Service Center Up for Sale
OCEAN DRIVE: Creditors Confirm Liquidator's Appointment

PENWRIGHT CONSTRUCTION: Names Liquidators from Abbott Fielding
QUANTUM ENVIRONMENTAL: Appoints J. M. Titley as Liquidator
SCOTTISH RE: Board Approves Senior Executive Success Plan
SERBHIS GROUP: Brings In Liquidators from O'Hara & Co.
SUPERIOR ENERGY: S&P Affirms BB Corporate Credit Rating

SUPERIOR ENERGY: Appoints Harold Bouillion as Board Director
TOM SOYA: RSM Robson Rhodes Selling Dairy Beverage Supplier
UPGRADE RECRUITMENT: Marriotts LLP Selling Human Resource Biz
VALENCIA HIPOTECARIO: Fitch Junks EUR10.4 Million Class D Notes
WATERFRONT CORP: Fruit-Based Beverage Supplier Up for Sale

XEROX CORP: Moody's Reviewing Ratings and May Upgrade

                            *********

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A U S T R I A
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C-BAU LLC: Creditors' Meeting Slated for November 17
----------------------------------------------------
Creditors owed money by LLC C-Bau (FN 207340m) are encouraged to
attend the creditors' meeting at 8:45 a.m. on Nov. 17 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Room 214
         2nd Floor
         Maximilianstrasse 4
         6020 Innsbruck, Austria

Headquartered in Pill, Austria, the Debtor declared bankruptcy
on Sept. 14 (Bankr. Case No. 7 S 30/06f).  Gernot Hofstadter
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Dr. Gernot Hofstadter
         Bozner Place 4
         6020 Innsbruck, Austria
         Tel: 0512/5373730
         Fax: 0512/56737315
         E-mail: hofstaedter@chg.at


CENTE LLC: Creditors' Meeting Slated for November 16
----------------------------------------------------
Creditors owed money by LLC Cente (FN 255848y) are encouraged to
attend the creditors' meeting at 9:30 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 139/06p).  Gerhard Stauder
serves as the court-appointed property manager of the bankrupt
estate.  Georg Kahlig represents Mag. Stauder in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Mag. Gerhard Stauder
         c/o Dr. Georg Kahlig
         Siebensterngasse 42
         1070 Vienna, Austria
         Tel: 523 47 91
         E-mail: kahlig.partner@aon.at


JAGER & KRONSTEINER: Creditors' Meeting Slated for November 14
--------------------------------------------------------------
Creditors owed money by LLC Jager & Kronsteiner Elektrotechnik
(FN 224850m) are encouraged to attend the creditors' meeting at
11:50 a.m. on Nov. 14 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Land Court of St. Poelten
         Room 216
         2nd Floor (Old Building)
         St. Poelten, Austria

Headquartered in Sieghartskirchen, Austria, the Debtor declared
bankruptcy on Sept. 14 (Bankr. Case No. 14 S 146/06w).  Ulla
Reisch serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Ulla Reisch
         Kremser Gasse 4
         3100 St. Poelten, Austria
         Tel: 02742/351 550
         Fax: 02742/351 550-5
         E-mail: office.st.poelten@ulsr.at


QUICK PERSONALMANAGEMENT: Creditors' Meeting Slated for Nov. 16
---------------------------------------------------------------
Creditors owed money by LLC Quick Personalmanagement (FN
243278m) are encouraged to attend the creditors' meeting at 3:15
p.m. on Nov. 16 to consider the adoption of the rule by revision
and accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Hall L
         Room 230
         2nd Floor
         Graz, Austria

Headquartered in Graz, Austria, the Debtor's bankruptcy case was
removed Aug. 25 from Land Court of Klagenfurt (Bankr. Case No.
40 S 67/06 b) to Land Court of Graz (Bankr. Case No. 25 S
81/06h).  Helmut Nestler replaced Dr. Arnulf Kracker-Semler as
court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Helmut Nestler
         Abstallerstrasse 41
         8052 Graz - Wetzelsdorf, Austria
         Tel: 0664/8334509
         Fax: 0316/285624-4
         E-mail: nestler.h@aon.at


WIR GRILLEN: Claims Registration Period Ends November 24
--------------------------------------------------------
Creditors owed money by LLC Wir grillen fuer Sie (FN 182744t)
have until Nov. 24 to file written proofs of claims to court-
appointed property manager Oliver Simoncic at:

         Mag. Oliver Simoncic
         Wiener Strasse 12
         3100 St. Poelten, Austria
         Tel: 02742/354 234
         Fax: 02742/351 448
         Email: office@plusjus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on Nov. 14 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         2nd Floor (Old Building)
         St. Poelten, Austria

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Sept. 14 (Bankr. Case No. 14 S 147/06t).


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B E L G I U M
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CARMEUSE LIME: Moody's Changes Outlook on Improved Performance
--------------------------------------------------------------
Moody's Investors Service changed the outlook on all ratings
assigned to Carmeuse Lime B.V. to positive from stable.

The change in the outlook to positive reflects:

   -- the operating and financial improvement realized at
      the Company in 2004-2005 which has bolstered margins
      and supported steady deleveraging underpinned by
      stronger EBITDA; as well as

   -- further consolidation of the group's ownership
      structure through acquisition of
      North American operations, acquiring control of its
      high-growth Central European assets and divestment
      of minority stakes with corresponding reduction in debt.

Moody's also notes that projected improvement in North American
operations is gathering momentum; these operations, however,
remain outside of the restricted group, while current ratings
remain to be focused on the performance of the restricted group.

In 1H 2006, operating performance of the group remained
resilient, while margins were affected by increasing energy
prices.  Carmeuse reported EUR481 million in revenues and
EUR98 million in recurring EBITDA for the 6 months of 2006
(Restricted group reported EUR242 million in revenues and
EUR61 million in recurring EBITDA).  With total debt at the
restricted group at EUR308 million at the end of 1H 2006,
Carmeuse restricted group leverage was maintained at x2.3 Total
Debt / EBITDA.

Looking forward, Moody's expects that current strategy for
pursuing profitable growth and building presence in high-growth
markets is likely to require additional investments in the
medium term to be financed from the stronger operating cash flow
of the group.  Taking into account improving fundamentals of the
business and its reduced leverage, Carmeuse is also well
positioned to capitalize on the on-going consolidation in the
lime sector, as well as to continue to strengthen its position
in its key operating areas.

In the absence of a material change in shareholders distribution
policy, Moody's sees some scope for upgrading the ratings should
the Company maintain a conservative leverage profile as
reflected in robust FFO / Interest coverage above 2 and strong
FCF / Total Debt sustained in middle-teen digits; while
expanding the scale and scope of the operations.

Ratings affected:

Carmeuse Lime B.V

    * Ba3 Corporate Family Ratings; and

    * Ba3 Senior Secured rating on 2012 eurobonds.

Carmeuse group, headquartered in Louvain-La-Neuve, Belgium, is
one of the world's leading producers of lime and lime-related
products with FY 2005 revenues of EUR0.8 billion.


CHIQUITA BRANDS: Weak Performance Prompts Moody's to Cut Ratings
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C., as well as for its parent Chiquita Brands
International, Inc.  The outlook on all ratings is stable.

This rating action follows the company's announcement that had
incurred a US$96 million net loss for its 2006 third quarter.
This weaker-than-expected operating performance results from a
number of factors including:

   -- continuing weak pricing in core European markets,

   -- losses in key secondary European banana trading markets,

   -- unexpected lower demand for bananas in some
      European markets and

   -- the resulting need to liquidate at a very low prices
      excess fruit, as well as

   -- a US$43 million non-cash impairment charge to
      write-off goodwill related to an underperforming
      European subsidiary.

Operations are also continuing to suffer from the impact of
recent e. coli discoveries in U.S/ fresh spinach products, which
during September and October had resulted in an FDA advisory and
industry-wide withdrawals of fresh spinach product by most
processors, and lower consumption of some salad products.
Continuing high fuel and other industry costs, as well as
unusually high costs to source fruit during shortages in late
2005/early 2006, have also pressured earnings and cash flow.
Given the company's weak operating performance, it is unlikely
that it will be able to meet the target credit metrics Moody's
had set out in order for it to maintain its prior rating.

The stable rating outlook reflects Moody's expectation that
Chiquita's operating performance will continue to be pressured
by fierce competition and margin pressure in its key European
banana markets as the industry adapts to the new banana
marketing regulations, which took effect in January 2006.  It is
Moody's view that Chiquita's ratings reflect the continuing
uncertainty surrounding how the company's operations will
ultimately be impacted by this new regulatory environment, and
the volatility in earnings and cash flow that is likely to exist
throughout the transition period.  Existing ratings also assume
that Chiquita is successful in negotiating an amendment to its
bank credit facilities in a manner, which provides ample
financial flexibility to the company.

Chiquita's existing ratings reflect a company with a good
qualitative profile, but with credit metrics, which have been
weakening due to a combination of leveraged acquisitions and
weaker than expected operating performance, resulting in an
overall B3 rating.

The key rating factors currently influencing Chiquita's ratings
and stable outlook are:

   -- The company is one of the largest global producers
      and marketers of fresh fruit and vegetables, with
      good geographic and product market diversity.

   -- Its franchise strength and growth potential are
      considered moderate, with good market share and
      volume growth in some segments, partially offset by
      the low margin commodity nature of much of its
      business which, at times, can lead to earnings and
      cash flow volatility.

   -- Liquidity under stress has been weak over the
      past year, as evidenced by the need to seek
      financial covenant relief.

   -- Overall credit metrics had been relatively strong for
      its rating category, but have been weakening due to
      a combination of higher debt from leveraged
      acquisitions and weak operating performance.

Chiquita's ratings could be further downgraded if its earnings
and cash flow remain weak - conceivably due to the impact of the
new EU banana regulations being more negative than anticipated,
the company's inability to successfully pass along higher energy
costs, or its liquidity becomes constrained as it seeks further
amendments to financial covenants from its lenders.
Specifically, Chiquita's ratings could be downgraded if three-
year average Debt/EBITDA (incorporating Moody's standard
analytic adjustments) rose above 6 times and was likely to rise
above 8 times on a lagging 12-month basis in a downturn, and/or
three year average EBIT/Interest fell below 1.4 times and were
likely to fall below 0.7 time on a lagging 12-month basis in a
downturn. Given the recent downgrade, a rating upgrade in the
near term is unlikely.

Over the intermediate term, however, upward rating pressure
would start to build if the company successfully adapts to the
new EU banana import regulations, its operating performance
improves, and it successfully negotiates amendments to its bank
facilities which provide it with ample financial flexibility.  A
ratings upgrade would also require Chiquita to be able to
sustain three-year average Debt/EBITDA below 5.5 times and
lagging 12-month Debt/EBITDA below 7 times in a downturn, and to
maintain three-year average EBIT/Interest above 1.5 times, with
lagging 12-month EBIT/Interest above 1 time in a downturn.

Ratings downgraded with a stable outlook:

Chiquita Brands LLC (operating subsidiary)

    * US200 million senior secured revolving credit to B1
     (LGD2, 26%) from Ba3 (LGD2, 26%)

    * US$24.5 million senior secured term loan B to B1
     (LGD2, 26%) from Ba3 (LGD2, 26%)

    * US$372.2 million senior secured term loan C to B1
     (LGD2, 26%) from Ba3 (LGD2, 26%)

Chiquita Brands International, Inc. (holding company parent)

    * US$250 million 7.50% senior unsecured notes due 2014
      to Caa2 (LGD 5, 89%) from Caa1 (LGD 5, 89%)

    * US$225 million 8.875% senior unsecured notes due 2015
      to Caa2 (LGD5, 89%) from (LGD 5, 89%)

    * Corporate family rating at B3

    * Probability of default rating at B3

With 2005 sales of US$3.9 billion, Cincinnati-based Chiquita is
one of the largest global producers and marketers of fresh fruit
and vegetables.


VOLKSWAGEN AG: Eyes 20% Job Cuts Outside Germany, Report Says
-------------------------------------------------------------
Volkswagen AG is planning to eliminate up to 2,400 jobs, or 20
percent of the workforce, in Belgium, Spain and Portugal,
according to published reports.

The carmaker planned to reduce its production capacity in the
three countries as it moves to boost its main operation in
Wolfsburg, Germany, Reuters states citing the Frankfurter
Allgemeine Zeitung as its source.

The paper discloses that VW's supervisory board will convene on
Nov. 17 to discuss production planning over the next few years.

Horst Neumann, VW's personnel director, told the local daily
that similar job cuts is planned at VW plants in West Europe
with restructuring talks scheduled to begin soon, Richard Milne
writes for the Financial Times.

VW disclosed in February that its restructuring program, which
aims to improve the carmaker's profitability, could affect up to
20,000 workers over the next three years, Reuters relates.

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

                        *     *     *

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


UNIVERSAL CORP: Declares US$0.44 Per Share Quarterly Dividend
-------------------------------------------------------------
Allen B. King -- chairperson, president, and chief executive
officer of Universal Corp. -- disclosed that the company's board
of directors has declared a quarterly dividend of US$.44 per
share on the common shares of the company, payable Feb. 12,
2007, to common shareholders of record at the close of business
on Jan. 8, 2007.

Mr. King noted, "This is our 36th consecutive annual dividend
increase, and we are proud of our record of delivering value to
shareholders."

Universal has raised its common dividend every year since 1971.

Universal Corp.'s board of directors declared a quarterly
dividend of US$16.875 per share on the Series B 6.75%
Convertible Perpetual Preferred Stock, payable Dec. 15, 2006, to
shareholders of record as of 5:00 p.m. Eastern Time on
Dec. 1, 2006.

Based in Richmond, Virginia, Universal Corp., (NYSE:UVV)
-- http://www.universalcorp.com/-- has operations in tobacco
and agri-products.  The company, through its subsidiaries, is
one of two leading independent tobacco merchants in the world.
Universal Corporation's gross revenues for the fiscal year that
ended on March 31, 2006, were around US$3.5 billion, which
included US$1.4 billion related to operations that were sold on
Sept. 1, 2006.

The company has operations in India, Brazil, Argentina, the
United States, Guatemala, the Netherlands, Belgium and other
countries in Europe.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its Ba1 Corporate Family Rating for Universal Corporation, and
downgraded its Ba1 rating to Ba2 on the company's US$563 million
MTN.  Additionally, Moody's assigned an LGD5 rating to the debt
obligation, suggesting noteholders will experience a 73% loss in
the event of a default.


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C Z E C H   R E P U B L I C
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AES CORP: Incurs US$340 Million Net Loss in 2006 Third Quarter
--------------------------------------------------------------
AES Corp. reported record revenues and net cash from operating
activities for the third quarter of 2006.  Revenues increased
14% to US$3.15 billion, compared with US$2.76 billion in the
third quarter of 2005, while net cash from operating activities
increased 35% to US$837 million, compared to
US$619 million last year.

                      Financial Restructuring

During the quarter, the Company completed a portion of a broad
financial restructuring of its Brazil businesses by selling part
of its interest in Eletropaulo, a regulated utility.  AES voting
control was unaffected by the sale, and the proceeds were used
in early October to repay in full US$608 million in debt and
accrued interest owed to the Brazilian National Development
Bank.  Refinancing of the remaining holding company debt is
expected to be completed later in the fourth quarter.

The restructuring resulted in a US$500 million after-tax,
non-cash charge, or US$0.76 diluted loss per share impact,
resulting in a third quarter 2006 GAAP loss and reducing year to
date GAAP earnings.  Included in the non-cash charge is a
US$0.07 per share favorable adjusted earnings per share benefit.
The charge and estimated impact was previously disclosed on the
Company's second quarter 2006 earnings conference call on
Aug. 7.  The loss related primarily to the non-cash realization
of cumulative currency translation losses associated with the
Eletropaulo share sale.

On a GAAP basis, which includes the one-time charge, the third
quarter 2006 net loss was US$340 million, while the net loss
from continuing operations was US$353 million.  These results
compare to third quarter 2005 net income of US$244 million, or
US$0.37 diluted earnings per share, net income from continuing
operations of US$214 million, or US$0.32 diluted earnings per
share, and adjusted earnings per share of US$0.31.

For the nine months ending Sept. 30, 2006 compared to the same
2005 period:

   -- Revenues increased 14% to US$9.17 billion from
      last year's US$8.05 billion.

   -- Net cash from operating activities increased 24% to
      US$1.81 billion from last year's US$1.46 billion.

   -- Net income was US$180 million, or US$0.27 diluted
      earnings per share, versus US$453 million, or
      US$0.68 diluted earnings per share.

   -- Net income from continuing operations was US$213 million,
      or US$0.32 diluted earnings per share, compared to
      US$423 million, or US$0.64 diluted earnings per share.

   -- Adjusted earnings per share were US$1.05 compared
      to US$0.59.

"This successful restructuring of our Brazil holding company
allows us to reduce subsidiary debt and to receive future
dividends from these businesses," said Paul Hanrahan, President
and Chief Executive Officer.  "During the quarter, we continued
to grow our business.  We signed a long-term power purchase
agreement and began construction in Texas of our largest wind
project to date.  We also signed a new power purchase agreement
for a coal and biomass-fired power plant in Canada and continued
to add quality projects to our business development pipeline."

Prior period results reflect the decision in the second quarter
of this year to dispose of two businesses and account for them
as discontinued operations.

                   Financial Highlights

The Company reported these highlights for the third quarter of
2006:

   -- The 14% revenue increase (approximately 12%
      excluding estimated foreign currency translation
      impacts) reflects higher prices in all segments,
      higher demand in Contract Generation and
      Regulated Utilities and consolidation of Itabo in
      Contract Generation.

   -- Gross margin increased 9% over the prior year due
      to higher demand, consolidation of Itabo and
      favorable foreign exchange rates in Brazil.
      Gross margin as a percent of revenue declined
      160 basis points to 30.9% driven by higher fuel
      and maintenance costs in both Contract Generation
      and Competitive Supply.

   -- General and administrative expense increased
      US$17 million, largely from higher business
      development spending and increased corporate staffing.
      The Company continues to strengthen its finance
      function in areas such as accounting and tax.

   -- The US$500 million after-tax, non-cash
      Brazil restructuring charge includes
      US$537 million recorded as loss on sale of
      subsidiary stock, US$18 million of foreign
      currency transaction losses related to a
      transaction-related hedge, US$121 million in favorable
      tax benefits, and US$66 million of minority
      interest expense.

   -- Income tax for the 2006 period includes a
      US$20 million unfavorable adjustment due to the
      recent identification and correction of an error on
      the 2004 income tax return.

   -- Net income for the third quarter includes
      US$13 million associated with discontinued
      operations including a US$5 million gain on the
      previously announced sale of our Indian Queens business
      in the U.K. and operating earnings from the
      discontinued operations.

   -- Free cash flow (a non-GAAP financial measure) increased
      to US$664 million from US$380 million in the third
      quarter of 2005.

The Company also reported these segment highlights for the third
quarter:

   -- Regulated Utilities segment revenues increased 13%,
      or approximately 7% excluding estimated foreign
      currency translation impacts, primarily driven by
      higher prices and demand in Latin America.
      Gross margin increased 29%, largely resulting from
      the increased revenues, while gross margin as a percent
      of revenue improved to 28.0% primarily due to
      lower transmission costs in Latin America and a
      favorable business tax settlement in Cameroon.
      Eletropaulo recorded an increase in labor
      contingencies which was offset by a correction
      to depreciation expense.

   -- Contract Generation segment revenues
      increased 20%.  Foreign currency translation was not
      a significant factor in the quarter.  The increase
      largely relates to consolidation of Itabo, a
      Dominican Republic business previously carried as
      an equity investment, and higher demand.  Gross margin
      was consistent with the prior quarter as higher
      emission allowance sales in Europe were offset by
      higher maintenance costs in Latin America and
      North America.  Gross margin as a percent of revenue
      fell to 36.1% due to higher fuel costs and
      maintenance expenses.

   -- Competitive Supply segment revenues grew 3%,
      or approximately 4% excluding the estimated impacts
      of foreign currency translation, primarily
      reflecting higher prices in Argentina and New York.
      Gross margin fell 20% and gross margin as a percent
      of revenues declined to 25.4% largely due to
      outage related costs in North America.

                      Earnings Guidance

The Company revised its guidance for earnings from continuing
operations to US$0.28 per share from US$1.05 per share
previously, largely reflecting the Brazil restructuring charge
impacts in the third and fourth quarters.  It increased its
adjusted earnings per share guidance to US$1.09 per share, which
includes an estimated US$0.05 per share non-recurring benefit
from the Brazil restructuring, from US$1.01 per share
previously.  The updated guidance also includes expected costs
associated with certain fourth quarter debt refinancing
transactions.  The operating scenario underlying this guidance
assumes a number of factors, including effective tax rate,
foreign exchange rates, commodity prices, interest rates, tariff
increases, new investments, and other significant factors, which
could make actual results vary from the guidance.

During the quarter, the Company continued to build a strong
business development pipeline that includes projects focusing on
platform expansion and greenfield investments that generally
follow the long-term contract generation business model,
complemented by continued growth in the alternative energy
business.  As of Sept. 30, 2006, the Company had almost 2,400 MW
of new generation capacity under construction or in advanced
engineering and design in Bulgaria, Chile, Panama, Spain, and
the U.S. including fossil fuel and renewable energy projects.
During the quarter the Company also acquired 73 MW of wind
generation assets in California.

                        About the Company

AES Corporation (NYSE: AES) -- http://www.aes.com/-- is a
global power company.  The Company operates in South America,
Europe, Africa, Asia and the Caribbean countries.  Generating
44,000 megawatts of electricity through 124 power facilities,
the Company delivers electricity through 15 distribution
companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Today, AES has
two distribution companies in Ukraine, which serve 1.2 million
customers and generation plants in the Czech Republic and
Hungary.  AES is also the leading company in biomass conversion
in Hungary, generating 37% of the nation's total renewable
generation in 2004.

                        *     *     *

As reported in the TCR-Europe on Oct. 23, Moody's Investors
Service affirmed its B1 Corporate Family Rating for AES Corp. in
connection with the implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology.
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on the company's loans
and bond debt obligations including the B1 rating on its senior
unsecured notes 7.75% due 2014, which was also given an LGD4
loss-given default rating, suggesting noteholders will
experience a 55% loss in the event of a default.


AES CORP: Unit Says Firm Complies with Regulations
--------------------------------------------------
"AES's purchase complied with all the norms of the regulatory
bodies.  There is no problem because it complies with all the
regulations," Julian Nebreda -- the executive president of
Electricidad de Caracas, AES Corp.'s unit in Venezuela -- told
reporters.

Reuters relates that the Supreme Court of Venezuela disclosed on
Oct. 30 that it would hear a lawsuit challenging AES Corp.'s
acquisition of a 71.3% stake in 2000 and questioning the
legality of a foreign firm controlling a public utility.

Electricidad de Caracas contested on Oct. 31 charges that AES
Corp.'s purchase of the controlling stake in the company was
illegal, Reuters notes.

The court will decide whether to continue with the lawsuit after
hearing testimony from the executives of Electricidad de Caracas
and Venezuela's parliament, Reuters states.

                About Electricidad de Caracas

Electricidad de Caracas is a vertically integrated utility in
Venezuela, operating in electricity distribution, transmission,
and generation in the capital city of Caracas and its
metropolitan area.  It is the largest private electric utility
in the country and is owned by U.S.-based AES Corp.
(B+/Positive/--).  Electricidad de Caracas reported net profits
of US$20.6 million from January to March, versus net losses of
US$26.9 the same period in 2005.

AES Corporation -- http://www.aes.com/-- is a global power
company.  The Company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the Company
delivers electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

As reported in the TCR-Europe on Oct. 23, Moody's Investors
Service affirmed its B1 Corporate Family Rating for AES Corp. in
connection with the implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology.
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on the company's loans
and bond debt obligations including the B1 rating on its senior
unsecured notes 7.75% due 2014, which was also given an LGD4
loss-given default rating, suggesting noteholders will
experience a 55% loss in the event of a default.


AES CORP: Board Names John McLaren as Executive Vice President
--------------------------------------------------------------
The AES Corp.'s board of directors appointed John McLaren as the
firm's Executive Vice President and Regional President of Europe
and Africa on Oct. 13, 2006.

Mr. McLaren served as:

   -- Vice President of Operations for AES Europe and
      Africa from 2003-2006 (and AES Europe, Middle East
      and Africa from May 2005-January 2006),

   -- AES Group Manager for Operations in Europe and
      Africa from 2002-2003,

   -- AES Project Director from 2000-2002, and

   -- Business Manager for AES Medway Operations Ltd.
      from 1997-2000.

Mr. McLaren joined the company in 1993.  The company has not
entered into an employment agreement with him in connection with
his appointment.

Mr. McLaren will assume the role of Regional President of Europe
and Africa from Shahzad Qasim.  Meanwhile, Mr. Qasim will
continue with the company as an Executive Vice President,
focusing on business development work.

AES Corporation -- http://www.aes.com/-- is a global power
company.  The Company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the Company
delivers electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

As reported in the TCR-Europe on Oct. 23, Moody's Investors
Service affirmed its B1 Corporate Family Rating for AES Corp. in
connection with the implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology.
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on the company's loans
and bond debt obligations including the B1 rating on its senior
unsecured notes 7.75% due 2014, which was also given an LGD4
loss-given default rating, suggesting noteholders will
experience a 55% loss in the event of a default.


KONINKLIJKE AHOLD: Unveils Strategy for Profitable Growth
---------------------------------------------------------
Koninklijke Ahold N.V. disclosed of plans and financial targets
resulting from its Retail Review, which began in May 2006.

The plans are designed to accelerate identical sales growth,
improve profit returns and strengthen the company's foundation
for future expansion, creating additional value for its
shareholders.

Highlights:

   -- divest U.S. Foodservice;

   -- appoint European Chief Operating Officer and U.S. Chief
      Operating Officer;

   -- reduce operating costs by EUR500 million by end 2009;

   -- cut Group Support Office costs by 50% by end 2008;

   -- divest Tops and retail operations in Poland and Slovakia;

   -- sell holding in Jeronimo Martins Retail;

   -- implement brand improvement and value repositioning;

   -- reaffirm targets as retail net sales growth of 5% and
      retail operating margin of 5%; and

   -- return around EUR2 billion to shareholders and reduce debt
      by around EUR2 billion, following divestments.

The new plans focus on Ahold's core retail businesses in the
United States and Europe, the continued roll-out of value
repositioning programs, and the reduction of operating costs by
EUR500 million by end 2009.

The company has also announced the appointment of new Chief
Operating Officers in the United States and Europe to lead its
restructured continental organizations.

"Since the crisis in 2003, we have completed a comprehensive
revitalization program," Anders Moberg, Ahold President and CEO,
said.  "We have substantially reduced debt, divested non-core
assets, transformed business and financial controls, and
resolved multiple investigations and litigation issues.  At the
same time, we have implemented a successful repositioning
program at Albert Heijn and ICA and recovered significant value
in U.S. Foodservice."

"It is now time for us to focus our efforts on strengthening our
retail competitive position, particularly in the United States.
We will apply our consumer insight much more actively to improve
our product, service and price offering in order to increase
customer loyalty."

"At the heart of our new continental structure is our commitment
to remaining a strong global team." Mr. Moberg continued.  "Our
new structure will enable us to execute our strategy more
effectively as a combined organization.  We will be able to
better drive operational synergies and leverage our retail
capabilities and talent across all of our businesses.  Our
people have always been and will continue to be our greatest
asset."

As part of new plans, [the company is] reaffirming [its] primary
targets.  Based on repositioning experience at Albert Heijn and
ICA, [the company] anticipates that margins and sales growth
will initially decline somewhat before recovering.  In addition,
there will be non-recurring profits and charges related to the
repositioning and disposal of companies.

   -- net sales growth:  Reaffirming of target to achieve a
      sustainable retail net sales growth of 5%.  Following the
      implementation of the company's repositioning plans, [the
      company] expects that this net sales growth will come
      mainly from identical sales growth;

   -- return on net sales: Reaffirming of target to
      achieve a sustainable retail operating margin of 5% on
      average for the retained retail banners.

   -- investment grade: Reaffirming of target to achieve
      investment grade.

Full-text copy of Ahold's growth strategy is available free-of-
charge at: http://researcharchives.com/t/s?149d

                         About Ahold

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

                        *     *     *

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


KONINKLIJKE AHOLD: Fitch Affirms BB Ratings on Strategic Review
---------------------------------------------------------------
Fitch Ratings affirmed Royal Ahold N.V.'s (nka Koninklijke Ahold
N.V.) ratings at Issuer Default and senior unsecured 'BB',
following the company's announcement of its strategic review.
The Outlook is Positive.

The strategic review entails a cost reduction program (EUR500
million by end-2009), a disposal of non-core assets (Poland,
Slovakia, Tops, holdings in JMR) and a divestment of U.S.
Foodservice.

"[The] announcement confirms that Ahold's credit profile is
evolving towards an upgrade.  Simplifying the business has long
been part of the Ahold management team's strategy and the
announced divestments are not a surprise as most of the retail
assets to be disposed of were under-performing," says Johnny Da
Silva, Director in Fitch's European RLCP team.

Once the disposals are completed, around EUR2 billion will be
returned to shareholders and another EUR2 billion will be
applied to debt reduction, a move which Fitch views as balanced
in terms of evenly benefiting shareholders and bondholders.
Should the company achieve its disposal program, its credit
profile will improve significantly with leverage on a pro-forma
basis of less than 3.5x (from 3.8x as of FY05).

As expected the group announced the disposal of some of its
Central European operations assets (Poland and Slovakia).  In
Q306, the unit reported a sharp 6.1% reduction of like- for-
like sales.  Fitch views positively this divestment as the
division did not contribute materially (H206 operating profit of
EUR7m) to the overall group performance and its operating
performance was low (0.7% operating margin).

Fitch reiterates that as the U.S. Foodservice does not carry
synergies with the retail operations, the divestment will enable
the group to be more focused.  "Divesting U.S. Foodservice will
enable the group to execute its strategy more effectively as a
combined organization, and strengthening the U.S. food retail
business is now key given intense retail competition and the
weaker U.S. economy," says Mr. Da Silva.

With regards to the U.S. retail operations, as of Q306,
Stop&Shop and Giant Landover (44% of the group retail division
sale) in the U.S. posted like- for- like sales decline of 1.3%
and 0.5% respectively, despite the implementation of the value
improvement programme aimed at repositioning the group in price,
promotion and private label.  Giant-Carliste /Top Arena
performance (10.6% of the retail sales) were mixed with good
growth sales trends at Giant-Carlisle (+4.8% lfl) but negative
at Tops (down 6.2% lfl).  The group announced in July its
intention to dispose 46 Tops stores in North East Ohio, leaving
the division with 73 remaining stores in New York and
Pennsylvania.  Tops will be entirely divested.


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


SHAMROCK CAPITAL: Moody's Assigns B1 Rating on Class G Notes
------------------------------------------------------------
Shamrock Capital Plc is a synthetic CDO referencing local
currency sovereign debt linked Notes (issued by Citigroup
Funding Inc.), managed by Sydbank A/S.  Shamrock Capital Plc is
unique in the transferring of foreign exchange rate risks to
investors in addition to the credit risk of the referenced
sovereign debt issuers.

Moody's assigned these ratings to Notes issued by Shamrock
Capital Plc:

   -- EUR60,000,000 Series 2006-01 Class A-1
      Supersenior Floating Rate Notes due 2009: Aaa;

   -- CZK175,500,000 Series 2006-01 Class A-2
      Supersenior Floating Rate Notes due 2009: Aaa;

   -- US$36,500,000 Series 2006-01 Class A-3
      Supersenior Floating Rate Notes due 2009: Aaa;

   -- US$40,000,000 Series 2006-01 Class B Floating Rate
      Notes due 2009: Aaa;

   -- US$20,000,000 Series 2006-01 Class C Floating Rate
      Notes due 2009: Aa2;

   -- EUR6,000,000 Series 2006-01 Class D-1 Floating Rate
      Notes due 2009: A2;

   -- CZK276,150,000 Series 2006-01 Class D-2 Floating
      Rate Notes due 2009: A2;

   -- EUR18,500,000 Series 2006-01 Class E-1 Floating Rate
      Notes due 2009: Baa2;

   -- CZK104,100,000 Series 2006-01 Class E-2 Floating
      Rate Notes due 2009: Baa2;

   -- US$20,000,000 Series 2006-01 Class F Floating Rate
      Notes due 2009: Ba2; and

   -- US$32,000,000 Series 2006-01 Class G Floating Rate
      Notes due 2009: B1.

The ratings of the Notes address the expected loss posed to
investors by the legal final maturity date of the notes in 2009.
It should be noted that the rating of Class G will not
monitored.

The ratings are primarily based upon:

   -- an assessment of the eligibility criteria applicable
      to the synthetic exposures to control the credit and
      the FX risk;

   -- the credit quality of the total return swap
      counterparty, being Citigroup Global Markets
      Ltd., guaranteed by Citigroup Inc.;

   -- protection against losses through the sequentiality
      of principal payments;

   -- additional protection provided through the diversion
      of the interest due on the Subordinated Notes;

   -- the quality of the management of the pool of
      underlying exposures provided by Sydbank A/S; and

   -- the legal and structural integrity of the issue.

In order to confirm that credit enhancement levels are
consistent with the different ratings of the Notes, Moody's
reviewed the eligibility criteria and that apply to the
underlying portfolio of exposures.  Moody's quantitative
analysis of this transaction is derived from two elements:

   -- the use of CDOROM in order to determine the
      loss distribution due to credit losses, assuming a
      flat U.S. dollar-adjusted recovery-in-default rate of 5%
      across all 50 entities included selection universe; and,

   -- A bootstrapping of the historical FX rates for
      similarly diversified portfolios, using the full
      universe of potential investments.


XEROX CORP: Moody's Reviewing Ratings and May Upgrade
-----------------------------------------------------
Moody's Investors Service placed the ratings of Xerox Corp. and
supported subsidiaries under review for possible upgrade.
Overall, Moody's believes that the combination of consistent
business execution, secured debt reduction, and positive
operating trends warrant the consideration of a rating upgrade.

Ratings under review for possible upgrade include:

Xerox Corp.:

    * Corporate Family Rating at Ba1
    * Senior unsecured at Ba1, LGD3, 48%
    * Senior unsecured shelf registration at (P) Ba1, LGD3, 48%
    * Subordinated at Ba2, LGD6, 94%
    * Subordinated shelf registration at (P) Ba2, LGD6, 94%
    * Preferred shelf registration at (P) Ba2, LGD6, 97%

Xerox Credit Corp.:

    * Senior unsecured at Ba1 (support agreement from
      Xerox Corp.), LGD3, 48%

The rating review will focus on the prospects for:

   (1) continued steady business execution, that
       includes equipment installation growth that provides
       the basis for ongoing post sale revenue streams,

   (2) overall modest revenue growth,

   (3) consistent operating profitability in the 8-9% range,

   (4) ongoing annual cash flow from operations in the US$1
       to US$1.5 billion range,

   (5) continued reduction of secured debt, which reduction
       Moody's expects should approximate US$1 billion annually

   (6) the maintenance of solid liquidity and
       continued discipline with respect to share
       repurchase activity which should funded with with
       free cash flow generation.

Since Moody's changed the ratings outlook to positive in
September 2005, Xerox has continued to demonstrate good
installation growth throughout its product offering and, with a
good product lineup.  At the same time, overall product mix has
shifted slightly downward, which has contributed to slight
pressure on gross margins, although they remain over 40%.
Consistent and well-managed operating expenses have contributed
to operating margins remaining in the 8% to 9% range.

Importantly, the company has continued to consistently reduce
the level of secured debt in its capital structure.  Since
June 2005, secured debt has been nearly cut in half to
US$2.3 billion and we expect that this trend should continue.
Liquidity remains solid, with cash balances of US$1.6 billion at
September 2006 plus access to a US$1.25 billion unsecured
revolving credit facility, for which covenant room is expected
to remain ample.

Xerox Corp., headquartered in Stamford, Connecticut, develops,
manufactures and markets document processing systems and related
supplies and provides consulting and outsourcing document
management services.


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


AGCO CORP: Earns US$5.4 Million in Third Quarter 2006
-----------------------------------------------------
AGCO Corp. reported net sales of US$1.18 billion and net income
of US$5.4 million for the third quarter of 2006.

Adjusted net income, excluding restructuring and other
infrequent expenses, was US$6.0 million for the third quarter of
2006.  For the third quarter of 2005, AGCO reported net sales of
US$1,233.6 million and net income of US$27.8 million.  Adjusted
net income, excluding restructuring and other infrequent income,
was US$27.7 million, or US$0.31 per share, for the third quarter
of 2005.

Net sales for the third quarter of 2006 were US$1.2 billion, a
decrease of around 4.3% compared to the same period in 2005.

"As we previously announced, our results were negatively
impacted by weaker markets in both our North American and
Asia/Pacific segments," Martin Rihenhagen -- chairperson,
president and chief executive officer of AGCO -- said.  "In
addition, the continued reduction of dealer inventories in North
America resulted in lower sales and operating income in the
region.  This reduction is part of our plan to reduce both
inventory and accounts receivable throughout the year.  As of
Sept. 30, 2006, our worldwide inventory and accounts receivable
were around US$250 million lower than September 2005 levels.
The working capital management also generated an improvement in
free cash flow for the first nine months of 2006 of around
US$200 million compared to the same period in 2005. While our
balance sheet focus has impacted our current results, we believe
these actions, along with our product and distribution
initiatives, will provide a foundation for better returns in the
future."

"AGCO's third quarter sales were led by continued strong
performance in the Europe/Africa/Middle East region.  Despite
relatively flat industry sales, our European revenues increased
around 7.5% in the third quarter of 2006, excluding currency
impacts, which demonstrates the value of our products and our
strong distribution network," Mr. Richenhagen stated.

                      Year-to-Date Results

For the first nine months of 2006, AGCO reported net sales of
US$3,801.2 million and net income of US$63.6 million.

AGCO's net sales decreased 4.3% for the third quarter and 6.5%
for the first nine months of 2006 compared to the same periods
in 2005.  Excluding the impact of currency translation, AGCO's
net sales decreased 7.6% during the third quarter and 7.0% for
the first nine months of 2006 compared to the same periods in
2005.  Net sales declined in the North America, South America
and Asia/Pacific regions, partially offset by sales increases in
the Europe/Africa/Middle East region.  In North America, net
sales were significantly lower during 2006 compared to 2005
primarily due to weaker market conditions and lower deliveries
to dealers resulting in a reduction in dealer inventory levels.
In the South America and Asia/Pacific regions, weaker market
conditions contributed to the sales decline.

Adjusted income from operations decreased US$25.7 million for
the third quarter of 2006 and US$61.5 million for the first nine
months of 2006 compared to 2005 resulting from the decrease in
net sales.  Gross margins in 2006 were slightly below 2005, due
to lower production levels, sales mix and currency impacts.
Unit production of tractors and combines for the first nine
months of 2006 was around 16% below 2005.

In AGCO's Europe/Africa/Middle East region, income from
operations increased US$2.6 million in the third quarter and
US$11.5 million for the first nine months of 2006 compared to
2005.  Income from operations in the third quarter and the first
nine months of 2006 increased due to an approximate 3% and 6%
increase in net sales, respectively, excluding currency impact,
resulting from stronger market conditions in key regions of
Europe, particularly in Germany.  Operating margins remained
strong due to new products and productivity improvements.

Income from operations in AGCO's South America region decreased
US$0.9 million for the third quarter and US$4.1 million for the
first nine months of 2006 compared to 2005.  Industry demand in
South America was below 2005 levels, resulting in a decline in
AGCO's net sales in South America, excluding currency impact, of
around 4% and 15% for the third quarter and first nine months of
2006, respectively.

In North America, income from operations decreased US$20.9
million in the third quarter and US$46.5 million for the first
nine months of 2006 compared to 2005.  Income from operations in
the third quarter and the first nine months of 2006 was lower
primarily due to an approximate 27% and 24% reduction in net
sales, respectively, excluding currency impact, compared to
2005.  The sales decline is a result of lower retail sales of
AGCO products due to weaker industry conditions as well as the
impact of dealer inventory reductions, which influence wholesale
sales levels.

Income from operations in the Asia/Pacific region decreased
US$4.1 million in the third quarter and US$12.0 million for the
first nine months of 2006 compared to 2005 primarily due to
lower sales in Australia, New Zealand and Asia.

                    Regional Market Results

North America

Industry retail demand softened considerably in the third
quarter of 2006.  Industry unit retail sales of tractors were
down nearly 8% and combines were down over 18% compared to the
third quarter of 2005.  Third quarter 2006 industry retail sales
of tractors over 100 horsepower were 24% below those in the
third quarter of 2005.  Industry unit retail sales of tractors
for the first nine months of 2006 decreased around 2% over the
comparable prior year period resulting from decreases in the
compact and high horsepower tractor segments, offset by a slight
increase in the utility tractor segment.  Industry unit retail
sales of combines for the first nine months of 2006 were around
8% lower than the prior year period.  AGCO's unit retail sales
of tractors and combines were also lower in the
third quarter and first nine months of 2006 compared to 2005.

Europe

Industry unit retail sales of tractors for the first nine months
of 2006 increased around 1% compared to the prior year period.
Retail demand declined in France, Italy, Finland and Spain, but
improved in Germany, the United Kingdom, Scandinavia and Central
and Eastern Europe.  AGCO's unit retail sales for the first nine
months of 2006 were higher when compared to
the prior year period.

South America

Industry unit retail sales of tractors and combines for the
first nine months of 2006 decreased around 8% and 40%,
respectively, compared to the prior year period.  Retail sales
in the major market of Brazil for tractors increased around 7%
compared to 2005 and declined around 47% for combines during the
first nine months of 2006 compared
to 2005.  AGCO's South American unit retail sales of tractors
and combines declined in the first nine months of 2006 compared
to 2005.

Rest of World Markets

Outside of North America, Europe and South America, AGCO's net
sales for the first nine months of 2006 were around 25% lower
than 2005 due to lower sales in Asia and the Middle East.

Mr. Richenhagen commented, "Global industry demand in the third
quarter showed mixed results.  In Europe, industry retail sales
improved slightly with increases in Germany and Scandinavia. In
North America, third quarter industry retail sales were down
sharply, especially in the large equipment sectors.  In South
America, industry demand remains weak overall with some recent
improvement in Brazil driven by the sugar cane, coffee, and
citrus sectors."

                          Outlook

Industry retail sales of farm equipment in 2006 in all major
markets are expected to be relatively flat or below 2005 levels.
In North America, 2006 farm income is projected to be below the
prior year resulting in lower demand for equipment.  In South
America, the strength of the Brazilian currency and high farm
debt levels are expected to continue to result in lower retail
sales.  Industry demand in Europe is expected to be flat to
slightly increased compared to 2005.

AGCO's net sales for the full year of 2006 are expected to
decline 2 to 3% versus 2005 based on lower industry demand and
planned dealer inventory reductions.  AGCO is targeting full
year earnings per share to be around US$1.00 per share.  In
addition, improved working capital utilization in 2006 is
expected to result in strong free cash flow.

AGCO Corp. is a global manufacturer and distributor of
agricultural equipment and related replacement parts.  The Co.
offers a full line of products under multiple brands through one
of the largest global distribution networks in the industry,
including more than 3,900 independent dealers and distributors
in more than 140 countries including Denmark, Finland, Germany,
Italy, France, Spain and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 29,
Moody's Investors Service's confirmed its Ba2 Corporate Family
Rating for AGCO Corp. in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Automotive and Equipment sector.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   1.750% Conv.
   Sr. Sub. Notes
   due 2033               B1       B1      LGD5       89%

   6.875% Sr. Sub.
   Notes due 2014         B1       B1      LGD5       89%

   Sr. Unsec. Shelf       Ba3      Ba3     LGD5       81%


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


CA INC: Earns US$53 Million for Second Quarter 2007
---------------------------------------------------
CA Inc. reported US$996 million revenue for the second quarter
of fiscal year 2007, ended Sept. 30, 2006.

                         Financial Overview
               (in millions of US$, except share data)

                               Q2FY07        Q2FY06      Change
                               ------        ------      ------
   Revenue                     US$ 996       US$ 950        5%
   GAAP Diluted EPS               0.09          0.08       13%
   Net Income                       53            46       15%
   GAAP Cash Flow from
   Operations                        6           299      (98%)
   Non-GAAP Operating EPS         0.25          0.25        0%

John Swainson, CA's president and chief executive officer,
commented, "Our second quarter total revenue, GAAP earnings per
share and non-GAAP earnings per share were at or above our
expectations.  However, a number of changes we implemented
associated with our sales organization affected our business
activity in the second quarter, and consequently caused a drag
on our bookings and associated billings.  While a lower-than-
anticipated level of bookings and billings had a negative effect
on cash flow in the quarter, changes in working capital --
including a lower cash collections rate and higher-than-expected
accounts payable disbursements -- were the primary factors in
our cash flow from operations decline compared with the second
quarter of fiscal year 2006."

"We believe the issues that affected our second quarter
performance are behind us and we are confident in our ability to
execute in the second half of our fiscal year.  While our full-
year cash flow from operations will be lower than expected, we
believe we are back on track and in a position to grow our
business going forward," Mr. Swainson said.

CA's revenue for the second quarter was US$996 million, an
increase of 5% over the US$950 million reported in the similar
period last year.  The increase in revenue was primarily
attributed to growth in subscription and professional services
revenues, partially offset by declines in maintenance and
software fees and other revenue.  North American revenue was up
8% while revenue from international operations was up 1%,
including a positive foreign exchange impact of US$15 million.

CA's subscription revenue for the second quarter increased 8% to
US$762 million, compared with the US$704 million reported in the
second quarter of last year, and was affected positively by
increases in new deferred subscription value from acquired
products.  Subscription revenue accounted for 77% of total
revenue in the quarter, increasing from the 74% reported in
the second quarter of fiscal year 2006.

CA expects subscription revenue to continue to become a larger
percentage of its total revenue as more contracts are renewed on
a subscription basis.  The company added that as it begins to
reach maturity on its model and based upon the timing of
remaining old business model contract renewals, the impact of
the transition to its new business model on revenues will
decline.

CA's total product and services bookings in the second quarter
decreased 10% to US$690 million, from the US$765 million
reported in the same period a year ago.  This decrease is
attributed to a decision to realign and restructure the sales
force to achieve lower cost of sales and higher productivity and
more discipline on contract renewals. Direct product bookings
declined 13% to US$498 million.  Indirect bookings grew 3% to
US$75 million.  Despite flat bookings performance in the first
half of the year, the company continues to expect total bookings
for the full year to grow.

Total expenses of CA for the second quarter increased 3% to
US$918 million, from the US$893 million reported in the similar
period last year.  The increase was mainly due to higher
selling, general and administrative expenses associated with
personnel costs from recent acquisitions and increased cost of
professional services related to higher revenues.  The
expense increase was offset partially by a decline in the
amortization of capitalized software costs and a gain from the
sale of marketable securities.  The company announced a
restructuring plan in August 2006 designed to eliminate US$200
million in costs on an annual basis by the end of fiscal year
2008.

CA recorded GAAP (Generally Accepted Accounting Principles) net
income US$53 million for the second quarter of 2006, compared
with net income of US$46 million reported in the same period in
2005.

The company reported non-GAAP net income of US$145 million for
the second quarter of 2006, compared with US$151 million in
2005.

For the second quarter, CA generated cash flow from operations
of US$6 million, compared with US$299 million in cash flow from
operations reported in the prior year period.  Second quarter
cash flow was adversely affected by:

   -- working capital management issues;
   -- lower bookings and associated billings; and
   -- higher operating expenses.

Cash flow from operations in the second quarter of fiscal year
2006 was negatively affected by a US$75-million Restitution Fund
payment.

            Cost Reduction and Restructuring Plan

CA disclosed in August of a cost reduction and restructuring
plan designed to significantly improve the company's expense
structure and increase its competitiveness.  CA expects to
deliver about US$200 million in annualized savings when the plan
is completed by the end of fiscal year 2008.

In the second quarter, CA recorded severance costs, relating to
around 750 positions, or US$39 million, US$11 million of which
was paid during the period.  The company expects total
restructuring charges of US$150 million, most of which will be
recognized in fiscal 2007, and a reduction in workforce of
around 1,400 positions, including around 300 positions
associated with the divestiture of a number of joint ventures.
The company also expects to eliminate an additional 300
positions through attrition.

                     Capital Structure

The balance of cash, cash equivalents and marketable securities
at Sept. 30, 2006, was US$1.295 billion.  With US$2.588 billion
in total debt outstanding, the company has a net debt position
of around US$1.293 billion.

                     Repurchase Program

The company completed a US$1 billion tender offer during the
second quarter and repurchased 41.2 million shares of common
stock.  Fiscal year-to-date, CA has repurchased about 51.1
million shares of common stock at a cost of US$1.2 billion.  The
tender offer was the first phase of a total of up to US$2
billion repurchase plan.

Nancy Cooper, CA's chief financial officer, noted, "We are
exploring options regarding the remaining portion of the share
repurchase program and will provide updates on the timing and
method at the appropriate time.  However, we will want to see
performance meeting our expectations, a return to strong
cash flows, and favorable market conditions before we move
forward."

            Updated Outlook for Fiscal Year 2007

CA updated its outlook for the fiscal year and expects to meet
or exceed revenue guidance of US$3.9 billion and its original
guidance for non-GAAP operating earnings per share of US$0.83.
The company expects GAAP earnings per share to be below its
original outlook of US$0.44 per share as a result of the still-
to-be-determined timing of 2007 restructuring plan costs.  The
company expects cash flow from operations of between US$900
million and US$1 billion, which would be lesser than the
original outlook of US$1.3 billion.  The new cash flow outlook
includes the company's estimates of the impact of the lower-
than-expected growth in bookings for the full year, borrowing
costs associated with the tender offer and payments related to
the 2007 restructuring plan.  The cash flow outlook also assumes
that the sales force will perform as expected and the company
will improve its working capital management.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries including France, Germany, Italy and the
United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 10,
Moody's Investors Service confirmed its Ba1 Corporate Family
Rating for CA Inc. in connection with Moody's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, with
negative implications.  S&P said the outlook is negative.


CA INC: Names Bill Lipsin Sr. Vice Pres. of Worldwide Channels
--------------------------------------------------------------
CA Inc. named W.B. Bill Lipsin senior vice president of
worldwide channels, reporting to CA Chief Operating Officer
Michael Christenson.

Mr. Lipsin has 30 years of experience in sales and operations
management, including 19 years with the channel.  He joined CA
in 2005 as senior vice president and general manager for its
Western Region sales organization.

"Growth in the channel business is a top priority for CA,"
Christenson said.  "We will continue to develop our
relationships with channel partners worldwide by empowering them
with best-in-class management technologies needed to solve
customers' most pressing IT challenges.  With his experience and
proven success on both sides of the channel-vendor relationship,
Bill Lipsin will drive the development of these relationships to
the next level."

Prior to CA, Lipsin was president and chief executive officer of
SEEC, an enterprise software and services vendor. Earlier, he
was president and CEO of Ironside Technologies, guiding the
company's growth from a start-up of six employees to a leading
enterprise software vendor.

Mr. Lipsin also was general manager of Bay Networks Canada where
he oversaw an increase in revenue from US$10 million to more
than US$100 million and helped establish the company as one of
the largest players in the networking market.  Prior to that, he
was senior vice president of services and marketing for
Crowntek, one of Canada's largest reseller/systems integrators.
He also has held key positions with IBM Canada's direct and
indirect sales and marketing organizations.

"I'm very excited about leveraging CA's technology leadership to
extend its channel leadership," said Lipsin. "As enterprise IT
environments become increasingly complex -- and as nonstop
performance becomes increasingly critical to revenue -- the
value proposition of CA's management software becomes
increasingly compelling to both channel partners and their
customers."

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries including France, Germany, Italy and the
United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 10,
Moody's Investors Service confirmed its Ba1 Corporate Family
Rating for CA Inc. in connection with Moody's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, 2006,
with negative implications.  S&P said the outlook is negative.


CHURCH & DWIGHT: Declares US$0.07 Per Share Quarterly Dividend
--------------------------------------------------------------
Church & Dwight Co., Inc.'s board of directors declared a
regular quarterly dividend of US$0.07 per share.

This quarterly dividend will be payable Dec. 1, 2006, to
stockholders of record at the close of business on Nov. 13,
2006.  It is the company's 423rd regular consecutive quarterly
dividend.

Headquartered in Princeton, New Jersey, Church & Dwight Co. Inc.
-- http://www.churchdwight.com/-- manufactures and sells sodium
bicarbonate products popularly known as baking soda.  The
company also makes laundry detergent, bathroom cleaners, cat
litter, carpet deodorizer, air fresheners, toothpaste, and
antiperspirants.

The company's international business includes operations in
Australia, Canada, Mexico, the United Kingdom, France and Spain.

                        *    *    *

As reported in the troubled Company reporter-Latin America on
Sept. 29, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products,
Beverage, Toy, Natural Product Processors, Packaged Food
Processors and Agricultural Cooperative sectors, the rating
agency confirmed its B2 Corporate Family Rating for Church &
Dwight Company, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 million
   Revolving Credit     Ba2      Baa3     LGD2        23%

   US$531 million
   Sr. Secured
   Term Loan            Ba2       Baa3    LGD2        23%

   US$100 million
   Conv. Debentures     Ba2       Ba2     LGD4        59%

   US$250 million
   Sr. Sub. Notes       Ba3       Ba3     LGD5        85%


OMNOVA SOLUTIONS: Moody's Affirms Low-B Ratings After Asset Sale
----------------------------------------------------------------
Moody's Investors Service affirmed OMNOVA Solutions Inc.'s
corporate family rating at B2 and moved the company's rating
outlook to positive.  This follows the recent sale of the firm's
building products business.

Current ratings:

OMNOVA Solutions Inc.

    * Corporate family rating -- B2

    * US$165 million 11.25% Sr. Sec. Notes due 2010 -- B3
     (LGD4, 64%)

The change to a positive outlook reflects Moody's expectation
that the firm will continue to improve its credit metrics,
achieve top line growth and benefit from moderating prices for
its key raw materials and improving EBITDA margins.  With the
divestiture of its buildings products business, the firm will be
able to concentrate on growth opportunities for its remaining
two businesses, which enjoy strong market positions in their
niche markets.  OMNOVA sold the building products business for a
cash value of around US$40 million (plus the buyer assumed
certain liabilities) and has targeted the proceeds for reduction
of outstanding debt under the firm's revolving credit facility
and the outstanding notes due 2010, once the issue becomes
callable in May 2007, and to fund growth in the remaining
businesses.  The business sold represented 14% of 2005 sales,
but only 3% of 2005 operating profit.

The outlook and ratings reflect the firm's debt reduction over
the past three years, the better financial profile of the
remaining businesses and improvement in credit metrics in 2005
and 2006.  Prior to the assets sale, OMNOVA had been successful
in reducing long-term debt (before Moody's adjustments for
underfunded pensions liabilities and leases) by around US$27
million over the past three years (August 2003 - August 2006).
After repayment of revolving credit facility borrowings with the
building products divestiture proceeds, OMNOVA should have
improved liquidity with no outstanding borrowings under the
facility other than letters of credit.  In the past year, OMNOVA
has improved its operating margin through reductions in SG&A
expenses that have helped offset the negative impact of
increased manufacturing costs.  Despite improvement in OMNOVA's
credit metrics, it still has suffered some deterioration in
gross margins and is impacted by volatile raw material costs and
is subject to cyclical markets.

OMNOVA's ratings would likely be moved up if industry conditions
were supportive of an upgrade and OMNOVA was able to sustain
recent margins, reduced debt, made progress in managing working
capital, and generated free cash flow greater than US$20 million
per year.

OMNOVA manufactures decorative and functional surfaces, emulsion
polymers and specialty chemicals.  The company operates in two
business segments, Decorative Products (around one-third of 2005
consolidated sales, excluding the divested building products
business), which makes commercial wallcoverings, coated fabrics
and decorative laminates, and Performance Chemicals, which
offerings include binders, coatings and adhesives for the paper
and carpet industries.  OMNOVA is the second largest producer of
styrene butadiene latex in North America. Headquartered in
Fairlawn, Ohio, OMNOVA was formed when it was spun-off from
GenCorp in 1999.  Revenues, excluding the divested building
products business, were US$698 million for the LTM ended Aug.
31, 2006.


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


ART DEPOT: Creditors Must Submit Claims by November 14
------------------------------------------------------
Creditors of Art Depot 24 GdbR have until Nov. 14 to register
their claims with court-appointed provisional administrator
Stefan Haas.

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

The meeting of creditors will be held at:

         The District Court of Straubing
         Kolbstrasse 11
         94315 Straubing
         Tel: (09421) 9495
         Fax: (09421) 949650

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 Straubing opened bankruptcy proceedings
against Art Depot 24 GdbR on Sept. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be reached at:

         Stefan Haas
         Theresienplatz 29
         94315 Straubing
         Tel: 09421/3303930

The Debtor can be reached at:

         Art Depot 24 GdbR
         Dammweg 2
         94315 Straubing
         Germany


CAVAR TRANSPORT: Creditors Must Submit Claims by November 14
------------------------------------------------------------
Creditors of Cavar Transport GmbH have until Nov. 14 to register
their claims with court-appointed provisional administrator
Christopher Seagon.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 12, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         1st Floor
         Schlossplatz 23
         76131 Karlsruhe
         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 Karlsruhe opened bankruptcy proceedings
against Cavar Transport GmbH on Sept. 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be reached at:

         Christopher Seagon
         Blumenstr. 17
         69115 Heidelberg
         Germany
         Tel: 06221/91180

The Debtor can be reached at:

         Cavar Transport GmbH
         Bruchstuecker 91-93
         76661 Philippsburg
         Germany


GATE 2006-1: Fitch Rates EUR15.3 Million Class E Notes at BB+
-------------------------------------------------------------
Fitch Ratings assigned final ratings to GATE 2006-1 Ltd's issue
of EUR185 million of floating-rate notes as follows:

   -- EUR42,000,000 Class A: 'AAA'
   -- EUR26,500,000 Class B: 'AA'
   -- EUR7,500,000 Class C: 'A+'
   -- EUR20,000,000 Class D: 'BBB+'
   -- EUR15,300,000 Class E: 'BB+'

The Class F notes, totalling EUR73,500,000 are not rated.

This transaction is a partially funded, synthetic securitisation
of debt obligations originated by Deutsche Bank
Aktiengesellschaft (rated 'AA-'(AA minus)/'F1+') to certain
small-and medium sized enterprise clients domiciled mainly in
Germany, while a smaller percentage is located around the globe.
The transaction is designed to provide credit protection on a
EUR2.1 billion portfolio that can be replenished until January
2015, of which the issuer will bear aggregate losses up to
EUR185 million.

The ratings of the notes are based on the credit quality of the
reference portfolio, the credit enhancement provided by
subordination, the quality of the collateral, the strength of
the swap counterparty and the transaction's sound financial and
legal structure.  The ratings address the timely payment of
interest and the ultimate repayment of principal.

DB has entered into a credit default swap with the issuer and a
super senior credit default swap with an investor.  Under the
CDS, the issuer has sold credit protection to DB with respect to
the reference portfolio.  The issuer hedges itself by issuing
credit-linked notes.

The replenishment criteria include, amongst others, the
weighted-average rating factor test, a weighted-average life
covenant of four years and compliance with the Fitch VECTOR
model, which is used as a portfolio management tool.  The WARF
test is met if the weighted-average Fitch-equivalent rating of
the reference obligations to be added is not lower than 'BBB-'
(BBB minus)/'BB+' according to the Fitch VECTOR model.

In this transaction, the issuer depends on the swap counterparty
to make the quarterly CDS premium payments to provide timely
interest payments on the notes.  Therefore, adequate downgrade
provisions are in place for the ratings of the notes to be de-
linked from the rating of the swap counterparty.

Credit enhancement for the Class A totals 8.8% and is provided
by subordination of the Class B to Class F notes.


JUBLA GMBH: Proofs of Claim Deadline Slated for November 14
-----------------------------------------------------------
Creditors of Jubla GmbH have until Nov. 14 to register their
claims with court-appointed provisional administrator Dr.
Wolfgang Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 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 Jubla GmbH on Sept. 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The administrator can be reached at:

         Dr. Wolfgang Schroeder
         Genthiner Strasse 48
         10785 Berlin
         Germany

The Debtor can be reached at:

         Jubla GmbH
         Liebenwalder Ausbau 7/8
         16792 Zehdenick
         Germany


KUECHENSTUDIO HEINEVETTER: Creditors' Claims Due November 14
------------------------------------------------------------
Creditors of Kuechenstudio Heinevetter GmbH have until Nov. 14
to register their claims with court-appointed provisional
administrator Siegfried Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Dec. 19, 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 Bonn
         Hall S 2.22
         2. Stick
         William Route 21
         53111 Bonn, 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 Bonn opened bankruptcy proceedings against
Kuechenstudio Heinevetter GmbH on Sept. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be reached at:

         Siegfried Mueller
         Zum Markt 10
         53894 Mechernich
         Germany

The Debtor can be reached at:

         Kuechenstudio Heinevetter GmbH
         Aachener Str. 30
         53359 Rheinbach
         Germany


MECHANISCHE TRIKOTAGENFABRIK: Claims Filing Ends November 15
------------------------------------------------------------
Creditors of Mechanische Trikotagenfabrik Taura Guido Unger GmbH
have until Nov. 15 to register their claims with court-appointed
provisional administrator Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 19, 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 Chemnitz
         Hall 28
         Law Courts Prince Road 21
         Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against Mechanische Trikotagenfabrik Taura Guido Unger GmbH
on Sept. 19.  Consequently, all pending proceedings against the
company have been automatically stayed.

The administrator can be reached at:

         Dr. Christoph Junker
         Karcherallee 25 a
         01277 Dresden
         Germany
         E-mail: dresden@junker-kollegen.de
         Web: http://www.junker-kollegen.de/

The Debtor can be reached at:

         Mechanische Trikotagenfabrik Taura Guido Unger GmbH
         Hauptstrasse 62
         09249 Taura
         Germany


VOLKSWAGEN AG: Eyes 20% Job Cuts Outside Germany, Report Says
-------------------------------------------------------------
Volkswagen AG is planning to eliminate up to 2,400 jobs, or 20
percent of the workforce, in Belgium, Spain and Portugal,
according to published reports.

The carmaker planned to reduce its production capacity in the
three countries as it moves to boost its main operation in
Wolfsburg, Germany, Reuters states citing the Frankfurter
Allgemeine Zeitung as its source.

The paper discloses that VW's supervisory board will convene on
Nov. 17 to discuss production planning over the next few years.

Horst Neumann, VW's personnel director, told the local daily
that similar job cuts is planned at VW plants in West Europe
with restructuring talks scheduled to begin soon, Richard Milne
writes for the Financial Times.

VW disclosed in February that its restructuring program, which
aims to improve the carmaker's profitability, could affect up to
20,000 workers over the next three years, Reuters relates.

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

                        *     *     *

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


VOLKSWAGEN AG: Building New Site for Cheap Labor & High Demand
--------------------------------------------------------------
Volkswagen AG is building a EUR400-million assembly plant in
Kaluga, Russia, to tap low labor cost and to fill the growing
demand for cars in Russia, Grigory Tambulov writes for the
Associated Press.

VW CEO Bernd Pischetsrieder and Economic Development and Trade
Minister German Gref have laid the symbolic foundation stone for
the production plant, which could make up to 115,000 cars a
year.  Kaluga Governor Anatoly Artamonov also attended the
groundbreaking ceremony.

"The automotive market in Russia is one of the world's most
interesting," Mr. Pischetsrieder said.  "So far, the group
brands have only been represented in Russia through sales
companies.  However, if we wish to enjoy sustained benefits from
the growth forecast for this market, we have to produce in
Russia as well.

"The fact that a world-famous company is coming to Russia, to
Kaluga, speaks for itself," Mr. Gref said.  "But the annual
production of 115,000 economical cars -- which Russian citizens
will buy -- makes us happy most of all because this increases
their prosperity."

The site is expected to employ around 3,500 people when it
reaches full production capacity by 2008.  The site would
assemble the Skoda Octavia, Polo, Passat and Touareg brands.

According to the European Bank for Reconstruction and
Development, Russia has around 157 cars per 1,000 people.

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

                        *     *     *

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


VOTORANTIM GROUP: Prices Tender Offer on 7.875% Guaranteed Notes
----------------------------------------------------------------
Votorantim Group disclosed of the price for its cash tender
offer for any and all of its wholly owned subsidiary Voto-
Votorantim Overseas Trading Operations III Ltd.'s US$300,000,000
aggregate principal amount outstanding 7.875% guaranteed Notes
due 2014 (CUSIP Nos.: 92908FAA4, G9393BAA2).  The offer expired
at 5:00 p.m., New York time, on Nov. 2.

Votorantim will pay the purchase price and accrued and unpaid
interest to, but excluding, the settlement date, for the notes
accepted pursuant to the offer.  Settlement of the offer is
expected to occur on the third business day following the
Expiration Date.  Details of the relevant pricing information
include:

   Notes: 7.875% Guaranteed Notes Due 2014
   CUSIP/ISIN: 92908FAA4/US92908FAA49
               G9393BAA2/ USG9393BAA29

   Reference Security: UST 4.875% Notes Due Aug. 15, 2016

   Fixed Spread: 1.44%

   Actual Reference Yield: 4.642%

   Tender Offer Yield: 6.082%

   Purchase Price per US$1,000

   Original Principal Amount of Notes: 1,103.28

   Quotation Report: Bloomberg PXI

Votorantim retained J.P. Morgan Securities Inc. to serve as
Dealer Manager for the offer, Bank of New York to serve as
Depositary for the offer, Dexia Banque Internationale a
Luxembourg SA to serve as Luxembourg Agent for the offer and
D.F. King & Co., Inc. to serve as Information Agent for the
offer.

Requests for the Offer to Purchase and the related Letter of
Transmittal and supplements to the documents may be directed to:

          D.F. King & Co., Inc.
          Tel: (212) 269-5550 (Banks and Brokers)
               (800) 290-6429 toll-free (others)

Requests for documentation may also be made to:

          Dexia Banque International
          Tel: + 352 4590 1
          Fax: + 352 4590 4227

Questions regarding the offer may be directed to:

          J.P. Morgan Securities Inc.
          Tel: (866) 846-2874 (U.S. toll-free)
               (212) 834-7279 (collect)

Headquartered in Sao Paulo, Brazil, the Votorantim group is one
of the largest private industrial conglomerates in Latin
America, with large-scale production in cement, pulp and paper,
and metals and mining industries.  The group is also actively
engaged in the production of chemicals, frozen concentrated
orange juice, energy, financial services and venture capital
investments.

The company has global presence in Australia, Singapore, and
Germany.

                        *    *    *

Moody's Investors Service upgraded on Sept. 5, the foreign
currency rating of Voto -- Votorantim Overseas Trading Op. III's
US$300 million senior unsecured guaranteed notes due 2014 to Ba1
from Ba2, while maintaining the stable outlook.  The rating
action was prompted by Moody's upgrade of Brazil's long-term
foreign currency ceiling for bonds and notes to Ba1 from Ba2,
with stable outlook.


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


ANAPTYXI 2006-1: Moody's Rates EUR225-Mln Class D Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
four classes of Notes to be issued by ANAPTYXI 2006-1 PLC:

   -- EUR1,750,000,000 Class A Asset Backed Floating Rate
      Notes due 2041: Aaa;

   -- EUR150,000,000 Class B Asset Backed Floating Rate
      Notes due 2041: A1;

   -- EUR125,000,000 Class C Asset Backed Floating Rate
      Notes due 2041: Baa1; and

   -- EUR225,000,000 Class D Asset Backed Floating Rate
      Notes due 2041: Ba2.

This transaction is the first Greek securitization of SME loans
originated by EFG Eurobank Ergasias S.A.

According to Moody's, the definitive ratings reflect the
following factors, among others:

   -- the characteristics of the loan pool;

   -- the historic performance and default data provided
      by Eurobank EFG;

   -- the swap provided by IXIS CIB, which will guarantee
      a gross spread of 350 basis points (net of Levy 128
      Tax) on the balance of the performing rate loans;

   -- the legal and structural integrity of the transaction;

   -- the servicing arrangements including Eurobank EFG's
      role as day to day servicer for the SME loan portfolio.

The notes are supported by subordination and Cash Collateral
Account initially funded at 6% building up to 8% with excess
spread.

Additionally a 2% liquidity line, to be built up with excess
spread, is expected to be available to cover liquidity needs in
the transaction.

The transaction is structured as a Master Trust, with the
originator retaining the Seller piece.  The Minimum Seller piece
is 10%.  On Series Pay Out event, the pool will amortize.

New additions to the portfolio will be possible as long as:

   -- at least 30,000 debtors are in the pool,
   -- the largest exposure remains 0.05% and
   -- a minimum 40% of the loans are secured.

The collateral test has to be passed every month regardless of
the new additions, and will trigger a series pay out event if
not passed for 3 consecutive months.

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

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


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


AES CORP: Incurs US$340 Million Net Loss in 2006 Third Quarter
--------------------------------------------------------------
AES Corp. reported record revenues and net cash from operating
activities for the third quarter of 2006.  Revenues increased
14% to US$3.15 billion, compared with US$2.76 billion in the
third quarter of 2005, while net cash from operating activities
increased 35% to US$837 million, compared to
US$619 million last year.

                      Financial Restructuring

During the quarter, the Company completed a portion of a broad
financial restructuring of its Brazil businesses by selling part
of its interest in Eletropaulo, a regulated utility.  AES voting
control was unaffected by the sale, and the proceeds were used
in early October to repay in full US$608 million in debt and
accrued interest owed to the Brazilian National Development
Bank.  Refinancing of the remaining holding company debt is
expected to be completed later in the fourth quarter.

The restructuring resulted in a US$500 million after-tax,
non-cash charge, or US$0.76 diluted loss per share impact,
resulting in a third quarter 2006 GAAP loss and reducing year to
date GAAP earnings.  Included in the non-cash charge is a
US$0.07 per share favorable adjusted earnings per share benefit.
The charge and estimated impact was previously disclosed on the
Company's second quarter 2006 earnings conference call on
Aug. 7.  The loss related primarily to the non-cash realization
of cumulative currency translation losses associated with the
Eletropaulo share sale.

On a GAAP basis, which includes the one-time charge, the third
quarter 2006 net loss was US$340 million, while the net loss
from continuing operations was US$353 million.  These results
compare to third quarter 2005 net income of US$244 million, or
US$0.37 diluted earnings per share, net income from continuing
operations of US$214 million, or US$0.32 diluted earnings per
share, and adjusted earnings per share of US$0.31.

For the nine months ending Sept. 30, 2006 compared to the same
2005 period:

   -- Revenues increased 14% to US$9.17 billion from
      last year's US$8.05 billion.

   -- Net cash from operating activities increased 24% to
      US$1.81 billion from last year's US$1.46 billion.

   -- Net income was US$180 million, or US$0.27 diluted
      earnings per share, versus US$453 million, or
      US$0.68 diluted earnings per share.

   -- Net income from continuing operations was US$213 million,
      or US$0.32 diluted earnings per share, compared to
      US$423 million, or US$0.64 diluted earnings per share.

   -- Adjusted earnings per share were US$1.05 compared
      to US$0.59.

"This successful restructuring of our Brazil holding company
allows us to reduce subsidiary debt and to receive future
dividends from these businesses," said Paul Hanrahan, President
and Chief Executive Officer.  "During the quarter, we continued
to grow our business.  We signed a long-term power purchase
agreement and began construction in Texas of our largest wind
project to date.  We also signed a new power purchase agreement
for a coal and biomass-fired power plant in Canada and continued
to add quality projects to our business development pipeline."

Prior period results reflect the decision in the second quarter
of this year to dispose of two businesses and account for them
as discontinued operations.

                   Financial Highlights

The Company reported these highlights for the third quarter of
2006:

   -- The 14% revenue increase (approximately 12%
      excluding estimated foreign currency translation
      impacts) reflects higher prices in all segments,
      higher demand in Contract Generation and
      Regulated Utilities and consolidation of Itabo in
      Contract Generation.

   -- Gross margin increased 9% over the prior year due
      to higher demand, consolidation of Itabo and
      favorable foreign exchange rates in Brazil.
      Gross margin as a percent of revenue declined
      160 basis points to 30.9% driven by higher fuel
      and maintenance costs in both Contract Generation
      and Competitive Supply.

   -- General and administrative expense increased
      US$17 million, largely from higher business
      development spending and increased corporate staffing.
      The Company continues to strengthen its finance
      function in areas such as accounting and tax.

   -- The US$500 million after-tax, non-cash
      Brazil restructuring charge includes
      US$537 million recorded as loss on sale of
      subsidiary stock, US$18 million of foreign
      currency transaction losses related to a
      transaction-related hedge, US$121 million in favorable
      tax benefits, and US$66 million of minority
      interest expense.

   -- Income tax for the 2006 period includes a
      US$20 million unfavorable adjustment due to the
      recent identification and correction of an error on
      the 2004 income tax return.

   -- Net income for the third quarter includes
      US$13 million associated with discontinued
      operations including a US$5 million gain on the
      previously announced sale of our Indian Queens business
      in the U.K. and operating earnings from the
      discontinued operations.

   -- Free cash flow (a non-GAAP financial measure) increased
      to US$664 million from US$380 million in the third
      quarter of 2005.

The Company also reported these segment highlights for the third
quarter:

   -- Regulated Utilities segment revenues increased 13%,
      or approximately 7% excluding estimated foreign
      currency translation impacts, primarily driven by
      higher prices and demand in Latin America.
      Gross margin increased 29%, largely resulting from
      the increased revenues, while gross margin as a percent
      of revenue improved to 28.0% primarily due to
      lower transmission costs in Latin America and a
      favorable business tax settlement in Cameroon.
      Eletropaulo recorded an increase in labor
      contingencies which was offset by a correction
      to depreciation expense.

   -- Contract Generation segment revenues
      increased 20%.  Foreign currency translation was not
      a significant factor in the quarter.  The increase
      largely relates to consolidation of Itabo, a
      Dominican Republic business previously carried as
      an equity investment, and higher demand.  Gross margin
      was consistent with the prior quarter as higher
      emission allowance sales in Europe were offset by
      higher maintenance costs in Latin America and
      North America.  Gross margin as a percent of revenue
      fell to 36.1% due to higher fuel costs and
      maintenance expenses.

   -- Competitive Supply segment revenues grew 3%,
      or approximately 4% excluding the estimated impacts
      of foreign currency translation, primarily
      reflecting higher prices in Argentina and New York.
      Gross margin fell 20% and gross margin as a percent
      of revenues declined to 25.4% largely due to
      outage related costs in North America.

                      Earnings Guidance

The Company revised its guidance for earnings from continuing
operations to US$0.28 per share from US$1.05 per share
previously, largely reflecting the Brazil restructuring charge
impacts in the third and fourth quarters.  It increased its
adjusted earnings per share guidance to US$1.09 per share, which
includes an estimated US$0.05 per share non-recurring benefit
from the Brazil restructuring, from US$1.01 per share
previously.  The updated guidance also includes expected costs
associated with certain fourth quarter debt refinancing
transactions.  The operating scenario underlying this guidance
assumes a number of factors, including effective tax rate,
foreign exchange rates, commodity prices, interest rates, tariff
increases, new investments, and other significant factors, which
could make actual results vary from the guidance.

During the quarter, the Company continued to build a strong
business development pipeline that includes projects focusing on
platform expansion and greenfield investments that generally
follow the long-term contract generation business model,
complemented by continued growth in the alternative energy
business.  As of Sept. 30, 2006, the Company had almost 2,400 MW
of new generation capacity under construction or in advanced
engineering and design in Bulgaria, Chile, Panama, Spain, and
the U.S. including fossil fuel and renewable energy projects.
During the quarter the Company also acquired 73 MW of wind
generation assets in California.

                        About the Company

AES Corporation (NYSE: AES) -- http://www.aes.com/-- is a
global power company.  The Company operates in South America,
Europe, Africa, Asia and the Caribbean countries.  Generating
44,000 megawatts of electricity through 124 power facilities,
the Company delivers electricity through 15 distribution
companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Today, AES has
two distribution companies in Ukraine, which serve 1.2 million
customers and generation plants in the Czech Republic and
Hungary.  AES is also the leading company in biomass conversion
in Hungary, generating 37% of the nation's total renewable
generation in 2004.

                        *     *     *

As reported in the TCR-Europe on Oct. 23, Moody's Investors
Service affirmed its B1 Corporate Family Rating for AES Corp. in
connection with the implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology.
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on the company's loans
and bond debt obligations including the B1 rating on its senior
unsecured notes 7.75% due 2014, which was also given an LGD4
loss-given default rating, suggesting noteholders will
experience a 55% loss in the event of a default.


AES CORP: Unit Says Firm Complies with Regulations
--------------------------------------------------
"AES's purchase complied with all the norms of the regulatory
bodies.  There is no problem because it complies with all the
regulations," Julian Nebreda -- the executive president of
Electricidad de Caracas, AES Corp.'s unit in Venezuela -- told
reporters.

Reuters relates that the Supreme Court of Venezuela disclosed on
Oct. 30 that it would hear a lawsuit challenging AES Corp.'s
acquisition of a 71.3% stake in 2000 and questioning the
legality of a foreign firm controlling a public utility.

Electricidad de Caracas contested on Oct. 31 charges that AES
Corp.'s purchase of the controlling stake in the company was
illegal, Reuters notes.

The court will decide whether to continue with the lawsuit after
hearing testimony from the executives of Electricidad de Caracas
and Venezuela's parliament, Reuters states.

                About Electricidad de Caracas

Electricidad de Caracas is a vertically integrated utility in
Venezuela, operating in electricity distribution, transmission,
and generation in the capital city of Caracas and its
metropolitan area.  It is the largest private electric utility
in the country and is owned by U.S.-based AES Corp.
(B+/Positive/--).  Electricidad de Caracas reported net profits
of US$20.6 million from January to March, versus net losses of
US$26.9 the same period in 2005.

AES Corporation -- http://www.aes.com/-- is a global power
company.  The Company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the Company
delivers electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

As reported in the TCR-Europe on Oct. 23, Moody's Investors
Service affirmed its B1 Corporate Family Rating for AES Corp. in
connection with the implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology.
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on the company's loans
and bond debt obligations including the B1 rating on its senior
unsecured notes 7.75% due 2014, which was also given an LGD4
loss-given default rating, suggesting noteholders will
experience a 55% loss in the event of a default.


AES CORP: Board Names John McLaren as Executive Vice President
--------------------------------------------------------------
The AES Corp.'s board of directors appointed John McLaren as the
firm's Executive Vice President and Regional President of Europe
and Africa on Oct. 13, 2006.

Mr. McLaren served as:

   -- Vice President of Operations for AES Europe and
      Africa from 2003-2006 (and AES Europe, Middle East
      and Africa from May 2005-January 2006),

   -- AES Group Manager for Operations in Europe and
      Africa from 2002-2003,

   -- AES Project Director from 2000-2002, and

   -- Business Manager for AES Medway Operations Ltd.
      from 1997-2000.

Mr. McLaren joined the company in 1993.  The company has not
entered into an employment agreement with him in connection with
his appointment.

Mr. McLaren will assume the role of Regional President of Europe
and Africa from Shahzad Qasim.  Meanwhile, Mr. Qasim will
continue with the company as an Executive Vice President,
focusing on business development work.

AES Corporation -- http://www.aes.com/-- is a global power
company.  The Company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the Company
delivers electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

As reported in the TCR-Europe on Oct. 23, Moody's Investors
Service affirmed its B1 Corporate Family Rating for AES Corp. in
connection with the implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology.
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on the company's loans
and bond debt obligations including the B1 rating on its senior
unsecured notes 7.75% due 2014, which was also given an LGD4
loss-given default rating, suggesting noteholders will
experience a 55% loss in the event of a default.


BORSODCHEM NYRT: Financial Regulator Wants More Info on Buyout
--------------------------------------------------------------
Penzuegyi Szervezetek Allami Feluegyelete, the Hungarian
financial supervisory authority, is asking for more information
from First Chemical Holding Vagyonkezelo Korlatolt Felelossegu
Tarsasag regarding the group's buyout offer of BorsodChem Nyrt,
Budapest Business Journal says.

According to the report, PSzAF, which recently completed a probe
into market circumstances that would affect influence in
Borsodchem, stressed that First Chemical must supplement its
buyout offer to reflect changes to a prior agreement between the
company, Vienna Capital Partners Group and Kikkolux S.a.r.l.

PSzAF warned First Chemical Holding to submit until Friday a
copy of the supplemented buyout offer or it would cancel the
approval of the buyout offer.  In October, PSzAF suspended the
buyout offer while investigating whether it violated rules
regarding acquisitions.

As reported in the TCR-Europe on Sept. 26, First Chemical
Holding offered to acquire all outstanding shares in BorsodChem
Nyrt, in behalf of the Kikkolux Group and Vienna Capital.

As previously reported, Kikkolux signed an option agreement with
VCP and Firthlion (26.158%) and Vienna Capital Partners (21.83%)
to buy all their shares at HUF3,000 apiece.

The offer is subject to approval by financial market regulator
PSzAF and the Competition Office.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


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


AFFILIATED COMPUTER: Reports US$1.39 Billion Preliminary Revenue
----------------------------------------------------------------
Affiliated Computer Services Inc. reported preliminary revenue
of US$1.39 billion.

Affiliated Computer disclosed of certain summary preliminary
first quarter fiscal year 2007 financial information.

       Summary Preliminary First Quarter Fiscal Year 2007

   -- preliminarily reported total revenues was US$1.39 billion,
      an increase of 6% compared with the first quarter of the
      prior year.

   -- preliminarily reported total revenue growth was 10% after
      adjusting for the divestiture of the welfare to workforce
      services business, substantially all of which was sold in
      the second quarter of fiscal year 2006.  Consolidated
      internal revenue growth for the first quarter was 4%.  The
      Commercial segment grew 10%, of which 6% was internal
      revenue growth, and accounted for 61% of revenues this
      quarter.  The government segment had 1% internal revenue
      growth and 10% total revenue growth, excluding the WWS
      Divestiture, and accounted for 39% of consolidated
      revenues this quarter.

   -- preliminarily reported diluted earnings per share was
      US$0.60 for the first quarter of fiscal year 2007 (which
      also has not been modified to take into account the
      financial effects of the completion of the ongoing
      internal investigation into stock option matters).  The
      preliminary results include US$0.05 per diluted share of
      legal expenses related to the ongoing stock option
      investigation and shareholder derivative lawsuits,
      US$0.04 per diluted share related to restructuring
      activities, US$0.01 per diluted share related to a waiver
      fee on the company's credit facility and US$0.01 per
      diluted share related to asset impairments and other
      charges.

   -- reported diluted earnings per share for the first quarter
      of fiscal year 2006 was US$0.74 (which also has not been
      modified to take into account the financial effects of the
      completion of the ongoing internal investigation into
      stock option matters).  Reported results included US$0.04
      per diluted share of compensation expense related to the
      departure of the company's former chief executive officer
      and the company's assessment of risk related to the
      bankruptcies of certain airline clients.

   -- during the first quarter of fiscal year 2007, the company
      executed certain restructuring activities to further
      support its competitive position.  These activities, which
      were largely completed in late September, will serve to
      reduce annual costs by around US$75 million.  The
      company believes the bulk of its restructuring activities
      have been completed, but will continue to review its
      operations.  The company may execute other restructuring
      activities in the future if it believes these activities
      will benefit its business both operationally and
      competitively over the long-term.

   -- Cash flow from operations was the company's highest ever
      for a first quarter, preliminarily reported at
      around US$173 million, or 12% of revenues.  Capital
      expenditures and additions to intangible assets were
      preliminarily reported at around US$110 million, or
      8% of revenues.  Free cash flow during the first quarter
      was preliminarily reported at US$63 million.

   -- during the first quarter of fiscal year 2007, the company
      acquired Primax Recoveries, Inc. for US$40 million, plus
      contingent payments of up to US$10 million based on future
      performance.  Primax, with trailing 12-month revenues
      of around US$39 million, is one of the oldest and
      largest health care recovery firms providing subrogation
      and overpayment recovery services to help its clients
      improve their profitability.

   -- subsequent to Sept. 30, the company acquired Systech
      Integrators, Inc., for US$65 million, plus contingent
      payments of up to US$40 million based upon future
      performance.  Systech, with trailing 12-month revenues
      of around US$61 million, is a premier partner of
      SAP Americas and will expand ACS' existing SAP service
      offering with consulting and systems integration services.

   -- the company signed US$132 million of annual recurring
      revenue during the first quarter of fiscal year 2007.  In
      addition to the first quarter signings, the company has
      also been awarded around US$170 million of annual
      recurring revenue.  These awards will be reflected as
      closed new business once the related contracts are
      finalized and executed.

   -- during the quarter, the company repurchased around
      14.4 million shares for an aggregate purchase price of
      US$730.4 million, before transaction costs, or an average
      purchase price per share of US$50.62 pursuant to the June
      2006 US$1 billion share repurchase program.  As of
      Sept. 30, 2006, the company has completed the Prior
      Program and has US$1 billion of availability under the
      August 2006 US$1 billion share repurchase program.  As a
      result of the company's share repurchase activity,
      weighted average shares used to calculate diluted earnings
      per common share at Sept. 30, 2006, were 104.6 million.
      Actual shares outstanding at September 30, 2006 were 98.9
      million, consisting of 92.3 million Class A shares and 6.6
      million Class B shares.

                Internal Stock Investigation

Affiliated Computer is providing only certain summary
preliminary quarterly financial information at this time because
of the previously announced ongoing internal investigation it
has been conducting into stock option matters, the outcome of
which could impact these and prior period results and could
involve a restatement of prior periods.

The investigation, which is being conducted by an ad hoc
committee of the Affiliated Computer's board of directors
consisting of all the independent directors, who are proceeding
with the assistance of specially engaged independent outside
legal counsel, is expected to be completed later this quarter.
For the same reason, the company will not be in a position to
file its Quarterly Report on Form 10-Q for the quarterly period
ended Sept. 30, 2006, on Nov. 9, 2006, when it would ordinarily
be due for filing.

                        Filing Delay

Affiliated Computer has also delayed the filing of its Annual
Report on Form 10-K for its fiscal year ended June 30, 2006, in
view of the ongoing internal investigation.  The company expects
to file the Form 10-K and Form 10-Q as soon as practical
following completion of the internal investigation.

The summary preliminary quarterly financial information has been
prepared by Affiliated Computer's management and does not take
into account the financial effects of the completion of the
company's internal investigation into stock option matters and
has not been approved by the company's Audit Committee.  In view
of the company's decision to provide more limited information
than is customary, there will not be a conference call to more
fully discuss the results.

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides
business process outsourcing and information technology
solutions to commercial and government clients.  The company has
global operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland and Singapore.

                           *     *     *

As reported in the TCR-Europe on Oct. 4, Moody's Investors
Service placed the Ba2 ratings of Affiliated Computer Services
on review for possible downgrade.  The review for downgrade was
prompted by the company's ongoing independent investigation into
historical stock option practices, which has resulted in the
company's delay in filing its 10-K for its fiscal year ended
June 2006.  The company has received certain waivers from credit
facility lenders through Dec. 31 related to the options matter.

The review will examine the company's access to internal and
external sources of liquidity as well as the prospects for
filing the June 10-K and subsequent financial statements with
the SEC by Dec. 31.  As part of this review, Moody's will assess
the company's acquisition plans and contract commitments.  If
the company becomes current in the filing of its financial
statements by Dec. 31 and any restatement is unlikely to result
in a material cash outflow, the ratings will likely be confirmed
at Ba2.

Ratings Placed on Review for Possible Downgrade:

    * Ba2 Senior Secured Term Loan Rating
    * Ba2 Senior Secured Revolving Credit Facility Rating
    * Ba2 Senior Notes Rating (US$500 Million due 2010 and 2015)
    * Ba2 Corporate Family Rating

At the same time, Standard & Poor's Ratings Services lowered its
corporate credit rating and senior secured ratings on Dallas,
Texas-based Affiliated Computer Services, Inc. to 'B+' from
'BB'.  The ratings remain on CreditWatch with negative
implications where they were placed on Jan. 27.

Fitch Ratings assigned its BB issuer default rating, BB senior
secured revolving bank credit facility rating, BB senior secured
term loan rating, and BB senior notes rating on Affiliated
Computer Services, Inc.  Fitch said the rating outlook is
negative.


AGCO CORP: Earns US$5.4 Million in Third Quarter 2006
-----------------------------------------------------
AGCO Corp. reported net sales of US$1,180.9 million and net
income of US$5.4 million for the third quarter of 2006.

Adjusted net income, excluding restructuring and other
infrequent expenses, was US$6.0 million for the third quarter of
2006.  For the third quarter of 2005, AGCO reported net sales of
US$1,233.6 million and net income of US$27.8 million.  Adjusted
net income, excluding restructuring and other infrequent income,
was US$27.7 million, or US$0.31 per share, for the third quarter
of 2005.

Net sales for the third quarter of 2006 were US$1.2 billion, a
decrease of around 4.3% compared to the same period in 2005.

"As we previously announced, our results were negatively
impacted by weaker markets in both our North American and
Asia/Pacific segments," Martin Rihenhagen -- chairperson,
president and chief executive officer of AGCO -- said.  "In
addition, the continued reduction of dealer inventories in North
America resulted in lower sales and operating income in the
region.  This reduction is part of our plan to reduce both
inventory and accounts receivable throughout the year.  As of
Sept. 30, 2006, our worldwide inventory and accounts receivable
were around US$250 million lower than September 2005 levels.
The working capital management also generated an improvement in
free cash flow for the first nine months of 2006 of around
US$200 million compared to the same period in 2005. While our
balance sheet focus has impacted our current results, we believe
these actions, along with our product and distribution
initiatives, will provide a foundation for better returns in the
future."

"AGCO's third quarter sales were led by continued strong
performance in the Europe/Africa/Middle East region.  Despite
relatively flat industry sales, our European revenues increased
around 7.5% in the third quarter of 2006, excluding currency
impacts, which demonstrates the value of our products and our
strong distribution network," Mr. Richenhagen stated.

                      Year-to-Date Results

For the first nine months of 2006, AGCO reported net sales of
US$3,801.2 million and net income of US$63.6 million.

AGCO's net sales decreased 4.3% for the third quarter and 6.5%
for the first nine months of 2006 compared to the same periods
in 2005.  Excluding the impact of currency translation, AGCO's
net sales decreased 7.6% during the third quarter and 7.0% for
the first nine months of 2006 compared to the same periods in
2005.  Net sales declined in the North America, South America
and Asia/Pacific regions, partially offset by sales increases in
the Europe/Africa/Middle East region.  In North America, net
sales were significantly lower during 2006 compared to 2005
primarily due to weaker market conditions and lower deliveries
to dealers resulting in a reduction in dealer inventory levels.
In the South America and Asia/Pacific regions, weaker market
conditions contributed to the sales decline.

Adjusted income from operations decreased US$25.7 million for
the third quarter of 2006 and US$61.5 million for the first nine
months of 2006 compared to 2005 resulting from the decrease in
net sales.  Gross margins in 2006 were slightly below 2005, due
to lower production levels, sales mix and currency impacts.
Unit production of tractors and combines for the first nine
months of 2006 was around 16% below 2005.

In AGCO's Europe/Africa/Middle East region, income from
operations increased US$2.6 million in the third quarter and
US$11.5 million for the first nine months of 2006 compared to
2005.  Income from operations in the third quarter and the first
nine months of 2006 increased due to an approximate 3% and 6%
increase in net sales, respectively, excluding currency impact,
resulting from stronger market conditions in key regions of
Europe, particularly in Germany.  Operating margins remained
strong due to new products and productivity improvements.

Income from operations in AGCO's South America region decreased
US$0.9 million for the third quarter and US$4.1 million for the
first nine months of 2006 compared to 2005.  Industry demand in
South America was below 2005 levels, resulting in a decline in
AGCO's net sales in South America, excluding currency impact, of
around 4% and 15% for the third quarter and first nine months of
2006, respectively.

In North America, income from operations decreased US$20.9
million in the third quarter and US$46.5 million for the first
nine months of 2006 compared to 2005.  Income from operations in
the third quarter and the first nine months of 2006 was lower
primarily due to an approximate 27% and 24% reduction in net
sales, respectively, excluding currency impact, compared to
2005.  The sales decline is a result of lower retail sales of
AGCO products due to weaker industry conditions as well as the
impact of dealer inventory reductions, which influence wholesale
sales levels.

Income from operations in the Asia/Pacific region decreased
US$4.1 million in the third quarter and US$12.0 million for the
first nine months of 2006 compared to 2005 primarily due to
lower sales in Australia, New Zealand and Asia.

                    Regional Market Results

North America

Industry retail demand softened considerably in the third
quarter of 2006.  Industry unit retail sales of tractors were
down nearly 8% and combines were down over 18% compared to the
third quarter of 2005.  Third quarter 2006 industry retail sales
of tractors over 100 horsepower were 24% below those in the
third quarter of 2005.  Industry unit retail sales of tractors
for the first nine months of 2006 decreased around 2% over the
comparable prior year period resulting from decreases in the
compact and high horsepower tractor segments, offset by a slight
increase in the utility tractor segment.  Industry unit retail
sales of combines for the first nine months of 2006 were around
8% lower than the prior year period.  AGCO's unit retail sales
of tractors and combines were also lower in the
third quarter and first nine months of 2006 compared to 2005.

Europe

Industry unit retail sales of tractors for the first nine months
of 2006 increased around 1% compared to the prior year period.
Retail demand declined in France, Italy, Finland and Spain, but
improved in Germany, the United Kingdom, Scandinavia and Central
and Eastern Europe.  AGCO's unit retail sales for the first nine
months of 2006 were higher when compared to
the prior year period.

South America

Industry unit retail sales of tractors and combines for the
first nine months of 2006 decreased around 8% and 40%,
respectively, compared to the prior year period.  Retail sales
in the major market of Brazil for tractors increased around 7%
compared to 2005 and declined around 47% for combines during the
first nine months of 2006 compared
to 2005.  AGCO's South American unit retail sales of tractors
and combines declined in the first nine months of 2006 compared
to 2005.

Rest of World Markets

Outside of North America, Europe and South America, AGCO's net
sales for the first nine months of 2006 were around 25% lower
than 2005 due to lower sales in Asia and the Middle East.

Mr. Richenhagen commented, "Global industry demand in the third
quarter showed mixed results.  In Europe, industry retail sales
improved slightly with increases in Germany and Scandinavia. In
North America, third quarter industry retail sales were down
sharply, especially in the large equipment sectors.  In South
America, industry demand remains weak overall with some recent
improvement in Brazil driven by the sugar cane, coffee, and
citrus sectors."

                          Outlook

Industry retail sales of farm equipment in 2006 in all major
markets are expected to be relatively flat or below 2005 levels.
In North America, 2006 farm income is projected to be below the
prior year resulting in lower demand for equipment.  In South
America, the strength of the Brazilian currency and high farm
debt levels are expected to continue to result in lower retail
sales.  Industry demand in Europe is expected to be flat to
slightly increased compared to 2005.

AGCO's net sales for the full year of 2006 are expected to
decline 2 to 3% versus 2005 based on lower industry demand and
planned dealer inventory reductions.  AGCO is targeting full
year earnings per share to be around US$1.00 per share.  In
addition, improved working capital utilization in 2006 is
expected to result in strong free cash flow.

AGCO Corp. is a global manufacturer and distributor of
agricultural equipment and related replacement parts.  The Co.
offers a full line of products under multiple brands through one
of the largest global distribution networks in the industry,
including more than 3,900 independent dealers and distributors
in more than 140 countries including Denmark, Finland, Germany,
Italy, France, Spain and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 29,
Moody's Investors Service's confirmed its Ba2 Corporate Family
Rating for AGCO Corp. in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Automotive and Equipment sector.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   1.750% Conv.
   Sr. Sub. Notes
   due 2033               B1       B1      LGD5       89%

   6.875% Sr. Sub.
   Notes due 2014         B1       B1      LGD5       89%

   Sr. Unsec. Shelf       Ba3      Ba3     LGD5       81%


SCOTTISH RE: Board Approves Senior Executive Success Plan
---------------------------------------------------------
In a filing with the U.S. Securities and Exchange Commission,
Scottish Re Group Ltd. disclosed of the approval of an amended
employment agreement, dated July 1, 2002, between Paul Goldean
and the company.

Pursuant to the amendment, Mr. Goldean will serve as President
and Chief Executive Officer of Scottish RE, nunc pro tunc to
Oct. 26, with an annual base salary of US$550,000.

Also, the company's board of directors approved a Senior
Executive Success Plan.  The Plan's purpose is to retain
essential personnel through the transition period relating to
the possible sale Scottish RE.

Participation in the Plan is limited to these executives, each
of whom will receive the guaranteed payout listed below if the
transaction is completed:

      Executive                  Guaranteed Payout
      ---------                  -----------------
      Paul Goldean                  US$300,000
      Dean Miller                   US$200,000
      Cliff Wagner                  US$200,000
      David Howell                  US$200,000
      Jeff Delle Fave               US$100,000

In addition to the guaranteed payouts, each of the executives
will receive additional payments to the extent that the sales
price of the company in the transaction exceeds certain
thresholds established by the Board.

If any of the executives leave Scottish RE prior to the
completion of the transaction, that executive will forfeit his
right to any payments under the Plan.  The executives will be
entitled to payments under the Plan 90 days after the completion
of the transaction unless that executive is terminated by the
company for cause or due to resignation without good reason, in
which case the payment will be forfeited.  Payments under the
Plan will be includable in calculations related to Section 280G
of the United States Internal Revenue Code of 1986, as amended.

Scottish Re Group Limited -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
companies in Bermuda, Charlotte, North Carolina, Dublin,
Ireland, Grand Cayman, and Windsor, England.  At March 31, 2006,
the reinsurer's balance sheet showed US$12.2 billion assets and
US$10.8 billion in liabilities

                        *     *     *

On Aug. 21, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'BB+'.

Moody's Investor Service downgraded Scottish Re's senior
unsecured debt rating to Ba3 from Ba2 due to liquidity issues.

A.M. Best Co. has downgraded on Aug. 22, the financial strength
rating to B+ from B++ and the issuer credit ratings to "bbb-"
from "bbb+" of the primary operating insurance subsidiaries of
Scottish Re Group Limited (Scottish Re) (Cayman Islands).  A.M.
Best has also downgraded the ICR of Scottish Re to "bb-" from
"bb+".  AM Best put all ratings under review with negative
implications.


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


ANDREW CORP: Agrees to Acquire EMS Wireless for US$50.5 Million
---------------------------------------------------------------
Andrew Corp. has agreed to acquire EMS Wireless -- a Norcross,
Georgia-based division of EMS Technologies, Inc.

Under the agreement, Andrew will pay US$50.5 million in cash for
EMS Wireless, a major designer and manufacturer of base station
antennas and repeaters for cellular networks in North America.
Its customers include the major wireless operators in the US.

John DeSana, a group president in the Antenna and Cable Products
Segment of Andrew Corp., said, "EMS Wireless and its employees
have a successful track record in innovation and customer
responsiveness, and their addition to Andrew will deliver
compelling strategic and financial benefits.  EMS Wireless will
strengthen our relationships with key customers and extend our
leadership position in wireless subsystems."

EMS Wireless had revenues of US$28.5 million for the first half
of 2006.  It employs 200 people in Norcross, Georgia, and
Curitiba, Brazil.  The transaction is expected to close within
30-60 days and be slightly accretive to earnings in fiscal 2007.
Andrew expects to achieve US$5 million to US$10 million annually
in synergies and reduced corporate spending beginning in
fiscal 2007.

Paul Domorski, the president and chief executive officer of EMS
Technologies, noted, "We are very proud of our Wireless division
and its remarkable achievements over the past 13 years.  I
credit our highly talented personnel with building the EMS
Wireless cellular and PCS base station antenna business.
Meanwhile, the industry is consolidating rapidly and greater
scale is very important.  We believe EMS Wireless and its
dedicated employees will have a better future as part of a
larger organization, such as Andrew, that is less affected by
swings in sales of particular products and has a wider array of
products to offer to wireless carriers.  For these reasons, we
think Andrew Corporation is the perfect match."

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ:ANDW) -- http://www.andrew.com/-- designs, manufactures
and delivers equipment and solutions for the global
communications infrastructure market.  The company serves
operators and original equipment manufacturers from facilities
in 35 countries including Italy and Czech Republic, among
others.

                          *     *     *

As reported in the Troubled Company Reporter, Standard & Poor's
Ratings Services revised its CreditWatch implications on Andrew
Corp. to negative from developing.  The 'BB' corporate credit
rating and other ratings on the company were placed on
CreditWatch developing on Aug. 7.


ANDREW CORP: Simplifying Price Structure for Cable Products
-----------------------------------------------------------
Andrew Corp. will implement a simplified pricing structure for
all cable products.

Effective Jan. 1, 2007, Andrew will eliminate standalone
surcharges and adjust list prices to reflect fluctuating costs
of raw materials, especially copper, that are used in
manufacturing Andrew's HELIAX(r) and RADIAX cable and related
products. Prices will be adjusted quarterly, as necessary.

Andrew began applying surcharges on its cable products in April
2006 to partially offset the ongoing, dramatic rise in raw
material costs. Effective Jan. 1, surcharges instead will be
included in the adjusted prices.  On average, however, the new
price structure is expected to have little or no impact on
current net pricing paid by customers.

"This new structure will simplify pricing of cable products for
Andrew customers, and is in direct response to our customers'
feedback regarding standalone surcharges," said John DeSana,
group president, Antenna and Cable Products Segment, Andrew
Corporation.  "We remain committed to cost-effectively providing
the world's highest quality and performance in cable products,
including a simplified pricing plan and new options such as
our recently introduced aluminum cable products."

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ:ANDW) -- http://www.andrew.com/-- designs, manufactures
and delivers equipment and solutions for the global
communications infrastructure market.  The company serves
operators and original equipment manufacturers from facilities
in 35 countries including Italy and Czech Republic, among
others.

                          *     *     *

As reported in the Troubled Company Reporter, Standard & Poor's
Ratings Services revised its CreditWatch implications on Andrew
Corp. to negative from developing.  The 'BB' corporate credit
rating and other ratings on the company were placed on
CreditWatch developing on Aug. 7.


DA VINCI: Moody's Rates EUR15.6-Million Class C Notes at Ba2
------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
three classes of asset-backed notes issued by Da Vinci Synthetic
plc:

   -- EUR25.9 million Class A Secured Credit Linked Notes
      due 2018: A2;

   -- EUR20.8 million Class B Secured Credit Linked Notes
      due 2018: Baa2; and

   -- EUR15.6 million Class C Secured Credit Linked Notes
      due 2018: Ba2.

This transaction represents the second synthetic securitization
of aircraft financing and aviation industry loans originated by
Banca Intesa S.p.A rated Aa3, Prime-1.  It also represents the
re-securitization of the majority of the Leonardo Synthetic plc
portfolio with the addition of three new loans.

The Originator's objective in this transaction is to benefit
from credit risk protection on a revolving pool of aircraft
financing, secured by aircraft collateral mainly by means of
financial lease.  The risk transfer is achieved through a credit
default swap between Merrill Lynch International and Intesa and
part of the risk is transferred by Merrill Lynch International
via the issuance of several classes of credit-linked notes and
unfunded Credit Default Swaps between Merrill Lynch and the swap
counterparties.

The net proceeds from the issuance of the credit-linked Notes
will be deposited in a Euro denominated deposit account, bearing
interest at the rate of 3 month Euribor in the name of the
Issuer with Intesa (London Branch) as the deposit bank.  This
deposit account will be subject to downgrade triggers, such that
upon loss of Prime-1, Intesa (London Branch) will need to
procure a replacement counterparty to or find a Prime-1 rated
guarantor of its obligations under the deposit account
agreement.

This transaction is very similar to the previous Leonardo
Synthetic plc note issuance but has a shorter replenishment
period of three years instead of five years.  The underlying
portfolio shows similar concentrations on the airlines companies
and the replenishment criteria have been slightly amended to
allow a higher weighted average loan to value of 80% instead of
70%.

According to Moody's, the ratings take account of, among other
factors:

   -- the relative diversification of the reference
      portfolio within the airline industry;

   -- the weighted average loan to value of the portfolio
      (78% in the initial portfolio) which will not exceed 80%
      on any of the replenishment dates;

   -- the quality and diversity of the aircraft collateral;

   -- the limited exposure to Banca Intesa in its role
      as servicer (limited to the realization of sale
      proceeds of the aircraft following a reference
      obligation default); and

   -- the tight definition of credit events affecting the Notes.

The credit quality of the reference portfolio on an unsecured
basis, which is in the high B range category was considered in
the modeling of the transaction portfolio.  However, the low
unsecured rating of the underlying airlines companies is
mitigated by the credit events definition and the loan to value
level.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the Notes by the legal
final maturity.  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 assigned provisional ratings to this transaction on
Oct. 18.

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


FIAT SPA: Earns EUR195 Million for Third Quarter 2006
-----------------------------------------------------
Fiat S.p.A. released its consolidated financial results for the
third quarter and nine months ended Sept.30, 2006.

The company posted EUR195 million in net profit against EUR11.8
billion in revenues for the third quarter of 2006, compared with
EUR818 million in net profit against EUR10.6 billion in revenues
for the same period in 2005.

Fiat recorded EUR613 million in profit against EUR38 billion in
revenues for the first nine months of 2006, compared with
EUR1.3 billion in profit against EUR33.5 billion in revenues for
the same period in 2005.

The third quarter 2006 results confirm the company's improvement
achieved in the first half of the year.  Consequently, the
company remains on track towards achieving the upward revised
targets for the year:

   -- trading profit of EUR1.85 billion, of which EUR250 million
      coming from Fiat Auto;

   -- net income of EUR800 million (exclusive of one-off gains);
      and

   -- net industrial debt slightly higher than EUR2 billion
      (subject to the completion of the Fidis transaction by the
      end of 2006).

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 Nov. 6, Moody's Investors
Service changed the outlook on Fiat S.p.A.'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.

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.

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.


INTERNATIONAL PAPER: Completes US$5-Bln Forestland Sale to RMS
--------------------------------------------------------------
International Paper has completed the previously announced sale
of 4.2 million acres of forestland in the Southeastern U.S. and
Michigan to an investor group led by Resource Management
Service, LLC, for around US$5 billion in cash and notes, subject
to certain post-closing adjustments.

Together with the US$1.13 billion sale to TimberStar Southwest
completed earlier, 2006 fourth-quarter proceeds from these two
forestland transactions total around US$6.1 billion in cash and
notes, and will result in an estimated special fourth-quarter
pre-tax gain in excess of US$4 billion.  With the closing of
this sale, proceeds from transformation-related
forestland sales now total around US$6.6 billion.

International Paper's sale of the majority of its U.S.
forestlands is part of the company's transformation plan to
improve returns and position the company for long-term success
by focusing on uncoated papers and packaging businesses,
exploring strategic options for other businesses, returning
value to shareowners, strengthening the balance sheet, and
strategically reinvesting in growing markets.

"I'm pleased that this milestone substantially completes the
sale of our U.S. forestlands, which is a big step forward for
International Paper's transformation plan," said IP Chairman and
Chief Executive Officer John Faraci.  "So far, we've received
around US$9.5 billion of the US$9.7 billion in proceeds expected
from sale agreements announced to date.

"We've returned around US$1.4 billion to our shareowners through
a share repurchase, and we've also begun the process of
strengthening our balance sheet by repaying debt.  We continue
to improve results in our platform businesses, and we've
announced plans for strategic, accretive reinvestments in China,
Brazil and Russia, significantly strengthening our global
positions in uncoated papers and packaging."

The transaction with RMS was announced in April 2006, as part of
International Paper's sale of the majority of its U.S.
forestlands. RMS led negotiations for the 4.2 million-acre
purchase on behalf of an investor group comprising RMS, Atlanta-
based Forest Investment Associates, Boston-based GMO Renewable
Resources and other investors.

In connection with the transaction, the parties also entered
into a 20-year fiber supply agreement for International Paper's
pulp and paper mills in the South, a 10-year fiber supply
agreement on the Michigan forestlands to be assigned to IP's
former coated paper facilities in the region (now owned by Verso
Paper), and a 10-year fiber supply agreement for IP's wood
products facilities, all at market prices. Under the terms of
the agreement, the forestlands will continue to be managed and
third-party certified under the requirements of the Sustainable
Forestry Initiative Standard.

             About Resource Management Service

Based in Birmingham, Ala., RMS is an independent timberland
investment management firm that manages forest investments in
the U.S. South on behalf of private clients and institutional
investors.

                 About International Paper

Based in Stamford, Connecticut, International Paper Company
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the
forest products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.
Its South American operations include, among others, facilities
in Argentina, Brazil, Bolivia, and Venezuela.  These businesses
are complemented by an extensive North American merchant
distribution system.  International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                        *    *    *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper
Company on Dec. 5, 2005.


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


ALMA-PLAST LLP: Creditors Must File Claims by Dec. 3
----------------------------------------------------
LLP Alma-Plast has declared insolvency.  Creditors have until
Dec. 3 to submit written proofs of claim to:

         LLP Alma-Plast
         Boralday
         Ilyi District
         Almaty Region
         Kazakhstan


ARGO TRADE: Proof of Claim Deadline Slated for Dec. 3
-----------------------------------------------------
LLP Argo Trade has declared insolvency.  Creditors have until
Dec. 3 to submit written proofs of claim to:

         LLP Argo Trade
         Volochaevskyi Str. 96
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


DANABANK JSC: Creditors Must File Claims by Nov. 29
---------------------------------------------------
A Branch of JSC Danabank has declared insolvency.  Creditors
have until Nov. 29 to submit written proofs of claim to:

         JSC Danabank
         Bigeldinov Str. 41
         Saryarka District
         Astana, Kazakshtan


DELTA PLUS-2: Proof of Claim Deadline Slated for Dec. 1
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Delta Plus-2 insolvent on Sept. 7.

Creditors have until Dec. 1 to submit written proofs of claim
to:

         LLP Delta Plus-2
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola Region
         Kazakhstan
         Tel: 8 (3162) 25-79-32


DUET LTD: Creditors Must Submit Claims by December 1
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Duet Ltd. (RNN 600700196497) insolvent on Aug. 25.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Dec. 1 to submit written proofs of claim
to:

         LLP Duet Ltd.
         Micro District Mamyr-2, 4-24
         Almaty, Kazakhstan
         Tel: 8 (3272) 57-10-19
              8 (3335) 62-62-33


MATAY MARKET: Karaganda Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Matay Market
(RNN 302600210099).

LLP Matay Market is located at:

         Pobedy Str. 102-58
         Satpaev
         Karaganda Region
         Kazakhstan


REAL TRANS: Creditors Must Submit Claims by December 3
------------------------------------------------------
LLP Real Trans has declared insolvency.  Creditors have until
Dec. 3 to submit written proofs of claim to:

         LLP Real Trans
         Gogol Str. 84a
         Almaty, Kazakhstan


SHAPAGAT-JER LLP: Creditors Must Submit Claims by December 1
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Firm Shapagat-Jer insolvent on July 5.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Dec. 1 to submit written proofs of claim
to:

         LLP Shapagat-Jer
         Tkachev Str. 17-185
         Pavlodar
         Pavlodar Region
         Kazakhstan

SIMA ALMATY: Creditors Must Submit Claims by December 1
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Sima Almaty (RNN 600200081065) insolvent on Sept. 4.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Dec. 1 to submit written proofs of claim
to:

         Micro District Mamyr-2, 4-24
         Almaty, Kazakhstan
         Tel: 8 (3272) 57-10-19
              8 (3335) 62-62-33


TARAZ KURYLYS: Creditors Must Submit Claims by December 3
---------------------------------------------------------
LLP Taraz Kurylys Design has declared insolvency.  Creditors
have until Dec. 3 to submit written proofs of claim to:

         LLP Taraz Kurylys Design
         Micro District Alatau, 22-28
         Taraz
         Jambyl Region
         Kazakhstan



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


BATKEN PHARMACY: Creditors' Claims Due Dec. 27
----------------------------------------------
CJSC Batken Pharmacy has declared insolvency.  Creditors have
until Dec. 27 to submit written proofs of claim to:

         CJSC Batken Pharmacy
         Zavodskaya Str. 14
         Kadamjai
         Kadamjai District
         Batken Region
         Kyrgyzstan


FASAL GLOBAL: Claims Registration Ends Dec. 27
----------------------------------------------
LLC Fasal Global Trading and Construction has declared
insolvency.  Creditors have until Dec. 27 to submit written
proofs of claim to:

         LLC Fasal Global Trading and Construction
         Free Economic Zone Bishkek
         Ak-Chyi
         Mira Ave. 303
         Bishkek, Kyrgyzstan


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


GETRONICS N.V.: Issues Third Quarter 2006 Operating Results
-----------------------------------------------------------
Getronics N.V. released its operating results for the third
quarter of 2006.

Highlights:

   -- total revenue increased 1% to EUR622 million (Q3 2005:
      EUR618 million); total revenue reported excludes EUR16
      million of revenue from discontinued operations (France)
      compared with EUR76 million from discontinued operations
      in Q3 2005 (France and Italy).

   -- service revenue increased by 3% to EUR550 million (Q3
      2005: EUR533 million); service revenue growth on a
      comparable basis ** +5.0% in Q3 2006; service revenue
      growth breakdown: good in the Netherlands (+5.2%), strong
      in the Rest of Europe (+13.8%) and the Rest of the World
      (+10.3%); year-on-year decline in North America (-10.3%).

   -- product revenue decreased by 15% to EUR72 million (Q3
      2005: EUR85 million), as the Company continues to de-
      emphasize non service-related product sales; revenue mix
      improved in Q3 to 88.4% services and 11.6% products from
      86.2% and 13.8% in Q3 2005, respectively.

    * Unaudited results from continuing operations. Discontinued
      operations include the operating companies in Italy
      (divested in June 2006) and France (expected to be
      divested for 67% in Q4 2006).

   ** On a comparable basis is derived by calculating organic
      growth at constant rates assuming Getronics and
      PinkRoccade were combined as of Jan. 1, 2005, instead of
      March 14, 2005.

Getronics remains on target to achieve around EUR2.6 billion of
annual revenue in 2006 from continuing operations, barring
unforeseen circumstances.

The target range of EBITAE margin for the Group in 2006 remains
between 3.0% and 4.0%, barring unforeseen circumstances.  The
Company currently considers it likely that the EBITAE margin for
2006 will benefit from some pension curtailments and other
employee benefit plan related gains.  Positive and negative
employee benefit plan related profit & loss items are not
treated as exceptional and may have material effects on the
Company's operating results.

As in previous years, the Company acknowledges that changes in
its workforce (e.g. headcount reductions, acquisitions and
divestments) or changes in the employee benefit plans will have
positive or negative effects on its reported operating results
this year and going forward.

As indicated before, the planned cost savings of the Breakout
Program are expected to improve the EBITAE margin by at least 1%
on an annual basis when completed.

Consistent with previous Trading Statements, limited management
commentary has been provided.  However, Getronics' CEO will be
providing a more formal company update to all stakeholders in
early December.

"The growth of revenues in key markets underscores the strength
of our market proposition and the trust our customers have in
the value we add to their business," Klaas Wagenaar, CEO of
Getronics, stated.  "Workspace management is of increasing
importance to companies all over the world and Getronics is one
of the few companies to benefit from this."

                        About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                       *     *     *

As reported in Troubled Company Reporter - Asia Pacific
Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.

As reported in the TCR-AP, Moody's Investors Service downgraded
Getronics' corporate family rating to B2 from B1 and placed the
ratings on review for possible downgrade following the company's
announcement of half year results showing a widening of net
losses and fall in margins below the company's expectations.
Concurrently the rating on the EUR100 million senior unsecured
convertible Dutch bonds due 2008 has been downgraded to Caa1
from B3.


KONINKLIJKE AHOLD: Unveils Strategy for Profitable Growth
---------------------------------------------------------
Koninklijke Ahold N.V. disclosed of plans and financial targets
resulting from its Retail Review, which began in May 2006.

The plans are designed to accelerate identical sales growth,
improve profit returns and strengthen the company's foundation
for future expansion, creating additional value for its
shareholders.

Highlights:

   -- divest U.S. Foodservice;

   -- appoint European Chief Operating Officer and U.S. Chief
      Operating Officer;

   -- reduce operating costs by EUR500 million by end 2009;

   -- cut Group Support Office costs by 50% by end 2008;

   -- divest Tops and retail operations in Poland and Slovakia;

   -- sell holding in Jeronimo Martins Retail;

   -- implement brand improvement and value repositioning;

   -- reaffirm targets as retail net sales growth of 5% and
      retail operating margin of 5%; and

   -- return around EUR2 billion to shareholders and reduce debt
      by around EUR2 billion, following divestments.

The new plans focus on Ahold's core retail businesses in the
United States and Europe, the continued roll-out of value
repositioning programs, and the reduction of operating costs by
EUR500 million by end 2009.

The company has also announced the appointment of new Chief
Operating Officers in the United States and Europe to lead its
restructured continental organizations.

"Since the crisis in 2003, we have completed a comprehensive
revitalization program," Anders Moberg, Ahold President and CEO,
said.  "We have substantially reduced debt, divested non-core
assets, transformed business and financial controls, and
resolved multiple investigations and litigation issues.  At the
same time, we have implemented a successful repositioning
program at Albert Heijn and ICA and recovered significant value
in U.S. Foodservice."

"It is now time for us to focus our efforts on strengthening our
retail competitive position, particularly in the United States.
We will apply our consumer insight much more actively to improve
our product, service and price offering in order to increase
customer loyalty."

"At the heart of our new continental structure is our commitment
to remaining a strong global team." Mr. Moberg continued.  "Our
new structure will enable us to execute our strategy more
effectively as a combined organization.  We will be able to
better drive operational synergies and leverage our retail
capabilities and talent across all of our businesses.  Our
people have always been and will continue to be our greatest
asset."

As part of new plans, [the company is] reaffirming [its] primary
targets.  Based on repositioning experience at Albert Heijn and
ICA, [the company] anticipates that margins and sales growth
will initially decline somewhat before recovering.  In addition,
there will be non-recurring profits and charges related to the
repositioning and disposal of companies.

   -- net sales growth:  Reaffirming of target to achieve a
      sustainable retail net sales growth of 5%.  Following the
      implementation of the company's repositioning plans, [the
      company] expects that this net sales growth will come
      mainly from identical sales growth;

   -- return on net sales: Reaffirming of target to
      achieve a sustainable retail operating margin of 5% on
      average for the retained retail banners.

   -- investment grade: Reaffirming of target to achieve
      investment grade.

Full-text copy of Ahold's growth strategy is available free-of-
charge at: http://researcharchives.com/t/s?149d

                         About Ahold

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

                        *     *     *

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


KONINKLIJKE AHOLD: Fitch Affirms BB Ratings on Strategic Review
---------------------------------------------------------------
Fitch Ratings affirmed Royal Ahold N.V.'s (nka Koninklijke Ahold
N.V.) ratings at Issuer Default and senior unsecured 'BB',
following the company's announcement of its strategic review.
The Outlook is Positive.

The strategic review entails a cost reduction program (EUR500
million by end-2009), a disposal of non-core assets (Poland,
Slovakia, Tops, holdings in JMR) and a divestment of U.S.
Foodservice.

"[The] announcement confirms that Ahold's credit profile is
evolving towards an upgrade.  Simplifying the business has long
been part of the Ahold management team's strategy and the
announced divestments are not a surprise as most of the retail
assets to be disposed of were under-performing," says Johnny Da
Silva, Director in Fitch's European RLCP team.

Once the disposals are completed, around EUR2 billion will be
returned to shareholders and another EUR2 billion will be
applied to debt reduction, a move which Fitch views as balanced
in terms of evenly benefiting shareholders and bondholders.
Should the company achieve its disposal program, its credit
profile will improve significantly with leverage on a pro-forma
basis of less than 3.5x (from 3.8x as of FY05).

As expected the group announced the disposal of some of its
Central European operations assets (Poland and Slovakia).  In
Q306, the unit reported a sharp 6.1% reduction of like- for-
like sales.  Fitch views positively this divestment as the
division did not contribute materially (H206 operating profit of
EUR7m) to the overall group performance and its operating
performance was low (0.7% operating margin).

Fitch reiterates that as the U.S. Foodservice does not carry
synergies with the retail operations, the divestment will enable
the group to be more focused.  "Divesting U.S. Foodservice will
enable the group to execute its strategy more effectively as a
combined organization, and strengthening the U.S. food retail
business is now key given intense retail competition and the
weaker U.S. economy," says Mr. Da Silva.

With regards to the U.S. retail operations, as of Q306,
Stop&Shop and Giant Landover (44% of the group retail division
sale) in the U.S. posted like- for- like sales decline of 1.3%
and 0.5% respectively, despite the implementation of the value
improvement programme aimed at repositioning the group in price,
promotion and private label.  Giant-Carliste /Top Arena
performance (10.6% of the retail sales) were mixed with good
growth sales trends at Giant-Carlisle (+4.8% lfl) but negative
at Tops (down 6.2% lfl).  The group announced in July its
intention to dispose 46 Tops stores in North East Ohio, leaving
the division with 73 remaining stores in New York and
Pennsylvania.  Tops will be entirely divested.


UNIVERSAL CORP: Declares US$0.44 Per Share Quarterly Dividend
-------------------------------------------------------------
Allen B. King -- chairperson, president, and chief executive
officer of Universal Corp. -- disclosed that the company's board
of directors has declared a quarterly dividend of US$.44 per
share on the common shares of the company, payable Feb. 12,
2007, to common shareholders of record at the close of business
on Jan. 8, 2007.

Mr. King noted, "This is our 36th consecutive annual dividend
increase, and we are proud of our record of delivering value to
shareholders."

Universal has raised its common dividend every year since 1971.

Universal Corp.'s board of directors declared a quarterly
dividend of US$16.875 per share on the Series B 6.75%
Convertible Perpetual Preferred Stock, payable Dec. 15, 2006, to
shareholders of record as of 5:00 p.m. Eastern Time on
Dec. 1.

Based in Richmond, Virginia, Universal Corp., (NYSE:UVV)
-- http://www.universalcorp.com/-- has operations in tobacco
and agri-products.  The company, through its subsidiaries, is
one of two leading independent tobacco merchants in the world.
Universal Corporation's gross revenues for the fiscal year that
ended on March 31, 2006, were around US$3.5 billion, which
included US$1.4 billion related to operations that were sold on
Sept. 1.

The company has operations in India, Brazil, Argentina, the
United States, Guatemala, the Netherlands, Belgium and other
countries in Europe.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its Ba1 Corporate Family Rating for Universal Corporation, and
downgraded its Ba1 rating to Ba2 on the company's US$563 million
MTN.  Additionally, Moody's assigned an LGD5 rating to the debt
obligation, suggesting noteholders will experience a 73% loss in
the event of a default.


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


AFFILIATED COMPUTER: Reports US$1.39 Billion Preliminary Revenue
----------------------------------------------------------------
Affiliated Computer Services Inc. reported preliminary revenue
of US$1.39 billion.

Affiliated Computer disclosed of certain summary preliminary
first quarter fiscal year 2007 financial information.

       Summary Preliminary First Quarter Fiscal Year 2007

   -- preliminarily reported total revenues was US$1.39 billion,
      an increase of 6% compared with the first quarter of the
      prior year.

   -- preliminarily reported total revenue growth was 10% after
      adjusting for the divestiture of the welfare to workforce
      services business, substantially all of which was sold in
      the second quarter of fiscal year 2006.  Consolidated
      internal revenue growth for the first quarter was 4%.  The
      Commercial segment grew 10%, of which 6% was internal
      revenue growth, and accounted for 61% of revenues this
      quarter.  The government segment had 1% internal revenue
      growth and 10% total revenue growth, excluding the WWS
      Divestiture, and accounted for 39% of consolidated
      revenues this quarter.

   -- preliminarily reported diluted earnings per share was
      US$0.60 for the first quarter of fiscal year 2007 (which
      also has not been modified to take into account the
      financial effects of the completion of the ongoing
      internal investigation into stock option matters).  The
      preliminary results include US$0.05 per diluted share of
      legal expenses related to the ongoing stock option
      investigation and shareholder derivative lawsuits,
      US$0.04 per diluted share related to restructuring
      activities, US$0.01 per diluted share related to a waiver
      fee on the company's credit facility and US$0.01 per
      diluted share related to asset impairments and other
      charges.

   -- reported diluted earnings per share for the first quarter
      of fiscal year 2006 was US$0.74 (which also has not been
      modified to take into account the financial effects of the
      completion of the ongoing internal investigation into
      stock option matters).  Reported results included US$0.04
      per diluted share of compensation expense related to the
      departure of the company's former chief executive officer
      and the company's assessment of risk related to the
      bankruptcies of certain airline clients.

   -- during the first quarter of fiscal year 2007, the company
      executed certain restructuring activities to further
      support its competitive position.  These activities, which
      were largely completed in late September, will serve to
      reduce annual costs by around US$75 million.  The
      company believes the bulk of its restructuring activities
      have been completed, but will continue to review its
      operations.  The company may execute other restructuring
      activities in the future if it believes these activities
      will benefit its business both operationally and
      competitively over the long-term.

   -- cash flow from operations was the company's highest ever
      for a first quarter, preliminarily reported at
      around US$173 million, or 12% of revenues.  Capital
      expenditures and additions to intangible assets were
      preliminarily reported at around US$110 million, or
      8% of revenues.  Free cash flow during the first quarter
      was preliminarily reported at US$63 million.

   -- during the first quarter of fiscal year 2007, the company
      acquired Primax Recoveries, Inc. for US$40 million, plus
      contingent payments of up to US$10 million based on future
      performance.  Primax, with trailing 12-month revenues
      of around US$39 million, is one of the oldest and
      largest health care recovery firms providing subrogation
      and overpayment recovery services to help its clients
      improve their profitability.

   -- subsequent to Sept. 30, the company acquired Systech
      Integrators, Inc., for US$65 million, plus contingent
      payments of up to US$40 million based upon future
      performance.  Systech, with trailing 12-month revenues
      of around US$61 million, is a premier partner of
      SAP Americas and will expand ACS' existing SAP service
      offering with consulting and systems integration services.

   -- the company signed US$132 million of annual recurring
      revenue during the first quarter of fiscal year 2007.  In
      addition to the first quarter signings, the company has
      also been awarded around US$170 million of annual
      recurring revenue.  These awards will be reflected as
      closed new business once the related contracts are
      finalized and executed.

   -- during the quarter, the company repurchased around
      14.4 million shares for an aggregate purchase price of
      US$730.4 million, before transaction costs, or an average
      purchase price per share of US$50.62 pursuant to the June
      2006 US$1 billion share repurchase program.  As of
      Sept. 30, 2006, the company has completed the Prior
      Program and has US$1 billion of availability under the
      August 2006 US$1 billion share repurchase program.  As a
      result of the company's share repurchase activity,
      weighted average shares used to calculate diluted earnings
      per common share at Sept. 30, 2006, were 104.6 million.
      Actual shares outstanding at September 30, 2006 were 98.9
      million, consisting of 92.3 million Class A shares and 6.6
      million Class B shares.

                Internal Stock Investigation

Affiliated Computer is providing only certain summary
preliminary quarterly financial information at this time because
of the previously announced ongoing internal investigation it
has been conducting into stock option matters, the outcome of
which could impact these and prior period results and could
involve a restatement of prior periods.

The investigation, which is being conducted by an ad hoc
committee of the Affiliated Computer's board of directors
consisting of all the independent directors, who are proceeding
with the assistance of specially engaged independent outside
legal counsel, is expected to be completed later this quarter.
For the same reason, the company will not be in a position to
file its Quarterly Report on Form 10-Q for the quarterly period
ended Sept. 30, 2006, on Nov. 9, 2006, when it would ordinarily
be due for filing.

                        Filing Delay

Affiliated Computer has also delayed the filing of its Annual
Report on Form 10-K for its fiscal year ended June 30, 2006, in
view of the ongoing internal investigation.  The company expects
to file the Form 10-K and Form 10-Q as soon as practical
following completion of the internal investigation.

The summary preliminary quarterly financial information has been
prepared by Affiliated Computer's management and does not take
into account the financial effects of the completion of the
company's internal investigation into stock option matters and
has not been approved by the company's Audit Committee.  In view
of the company's decision to provide more limited information
than is customary, there will not be a conference call to more
fully discuss the results.

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides
business process outsourcing and information technology
solutions to commercial and government clients.  The company has
global operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland and Singapore.

                           *     *     *

As reported in the TCR-Europe on Oct. 4, Moody's Investors
Service placed the Ba2 ratings of Affiliated Computer Services
on review for possible downgrade.  The review for downgrade was
prompted by the company's ongoing independent investigation into
historical stock option practices, which has resulted in the
company's delay in filing its 10-K for its fiscal year ended
June 2006.  The company has received certain waivers from credit
facility lenders through Dec. 31 related to the options matter.

The review will examine the company's access to internal and
external sources of liquidity as well as the prospects for
filing the June 10-K and subsequent financial statements with
the SEC by Dec. 31.  As part of this review, Moody's will assess
the company's acquisition plans and contract commitments.  If
the company becomes current in the filing of its financial
statements by Dec. 31 and any restatement is unlikely to result
in a material cash outflow, the ratings will likely be confirmed
at Ba2.

Ratings Placed on Review for Possible Downgrade:

    * Ba2 Senior Secured Term Loan Rating
    * Ba2 Senior Secured Revolving Credit Facility Rating
    * Ba2 Senior Notes Rating (US$500 Million due 2010 and 2015)
    * Ba2 Corporate Family Rating

At the same time, Standard & Poor's Ratings Services lowered its
corporate credit rating and senior secured ratings on Dallas,
Texas-based Affiliated Computer Services, Inc. to 'B+' from
'BB'.  The ratings remain on CreditWatch with negative
implications where they were placed on Jan. 27.

Fitch Ratings assigned its BB issuer default rating, BB senior
secured revolving bank credit facility rating, BB senior secured
term loan rating, and BB senior notes rating on Affiliated
Computer Services, Inc.  Fitch said the rating outlook is
negative.


BORSODCHEM NYRT: Financial Regulator Wants More Info on Buyout
--------------------------------------------------------------
Penzuegyi Szervezetek Allami Feluegyelete, the Hungarian
financial supervisory authority, is asking for more information
from First Chemical Holding Vagyonkezelo Korlatolt Felelossegu
Tarsasag regarding the group's buyout offer of BorsodChem Nyrt,
Budapest Business Journal says.

According to the report, PSzAF, which recently completed a probe
into market circumstances that would affect influence in
Borsodchem, stressed that First Chemical must supplement its
buyout offer to reflect changes to a prior agreement between the
company, Vienna Capital Partners Group and Kikkolux S.a.r.l.

PSzAF warned First Chemical Holding to submit until Friday a
copy of the supplemented buyout offer or it would cancel the
approval of the buyout offer.  In October, PSzAF suspended the
buyout offer while investigating whether it violated rules
regarding acquisitions.

As reported in the TCR-Europe on Sept. 26, First Chemical
Holding offered to acquire all outstanding shares in BorsodChem
Nyrt, in behalf of the Kikkolux Group and Vienna Capital.

As previously reported, Kikkolux signed an option agreement with
VCP and Firthlion (26.158%) and Vienna Capital Partners (21.83%)
to buy all their shares at HUF3,000 apiece.

The offer is subject to approval by financial market regulator
PSzAF and the Competition Office.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


OMNOVA SOLUTIONS: Moody's Affirms Low-B Ratings After Asset Sale
----------------------------------------------------------------
Moody's Investors Service affirmed OMNOVA Solutions Inc.'s
corporate family rating at B2 and moved the company's rating
outlook to positive.  This follows the recent sale of the firm's
building products business.

Current ratings:

OMNOVA Solutions Inc.

    * Corporate family rating -- B2

    * US$165 million 11.25% Sr. Sec. Notes due 2010 -- B3
     (LGD4, 64%)

The change to a positive outlook reflects Moody's expectation
that the firm will continue to improve its credit metrics,
achieve top line growth and benefit from moderating prices for
its key raw materials and improving EBITDA margins.  With the
divestiture of its buildings products business, the firm will be
able to concentrate on growth opportunities for its remaining
two businesses, which enjoy strong market positions in their
niche markets.  OMNOVA sold the building products business for a
cash value of around US$40 million (plus the buyer assumed
certain liabilities) and has targeted the proceeds for reduction
of outstanding debt under the firm's revolving credit facility
and the outstanding notes due 2010, once the issue becomes
callable in May 2007, and to fund growth in the remaining
businesses.  The business sold represented 14% of 2005 sales,
but only 3% of 2005 operating profit.

The outlook and ratings reflect the firm's debt reduction over
the past three years, the better financial profile of the
remaining businesses and improvement in credit metrics in 2005
and 2006.  Prior to the assets sale, OMNOVA had been successful
in reducing long-term debt (before Moody's adjustments for
underfunded pensions liabilities and leases) by around US$27
million over the past three years (August 2003 - August 2006).
After repayment of revolving credit facility borrowings with the
building products divestiture proceeds, OMNOVA should have
improved liquidity with no outstanding borrowings under the
facility other than letters of credit.  In the past year, OMNOVA
has improved its operating margin through reductions in SG&A
expenses that have helped offset the negative impact of
increased manufacturing costs.  Despite improvement in OMNOVA's
credit metrics, it still has suffered some deterioration in
gross margins and is impacted by volatile raw material costs and
is subject to cyclical markets.

OMNOVA's ratings would likely be moved up if industry conditions
were supportive of an upgrade and OMNOVA was able to sustain
recent margins, reduced debt, made progress in managing working
capital, and generated free cash flow greater than US$20 million
per year.

OMNOVA manufactures decorative and functional surfaces, emulsion
polymers and specialty chemicals.  The company operates in two
business segments, Decorative Products (around one-third of 2005
consolidated sales, excluding the divested building products
business), which makes commercial wallcoverings, coated fabrics
and decorative laminates, and Performance Chemicals, which
offerings include binders, coatings and adhesives for the paper
and carpet industries.  OMNOVA is the second largest producer of
styrene butadiene latex in North America. Headquartered in
Fairlawn, Ohio, OMNOVA was formed when it was spun-off from
GenCorp in 1999.  Revenues, excluding the divested building
products business, were US$698 million for the LTM ended Aug.
31, 2006.


TK ALUMINUM: S&P Holds Junk Rating on Developing Watch
------------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC+' long-term
corporate credit rating on Bermuda-incorporated TK Aluminum Ltd.
-- a manufacturer of aluminum auto parts -- on CreditWatch with
developing implications, meaning that the rating could be
raised, lowered, or affirmed.

The CreditWatch placement follows TKA's announcement of the sale
of its operations in North and South America, China, and Poland
to Tenedora Nemak S.A. de C.V., and a subsequent financial
restructuring.

"While we view favorably TKA's intention to use the sale
proceeds to repay existing debt, there is uncertainty as to the
resulting credit profile, in terms of both business and
financial risk," said Standard & Poor's credit analyst Barbara
Castellano.  "We will resolve the CreditWatch status based on
the outcome of the transaction and following discussions with
TKA regarding its future plans."

The transaction is scheduled to close during the first quarter
of 2007, subject to various conditions, including the approval
of bondholders and secured creditors.


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


ARKH-AGRO-SERVICE: Court Names P. Tarasov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Mr. P.
Tarasov as Insolvency Manager for CJSC Arkh-Agro-Service.  He
can be reached at:

         P. Tarasov
         Post User Box 183
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-8286/2006.

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         CJSC Arkh-Agro-Service
         P. Mostotryad 9, 53
         163035 Arkhangelsk Region
         Russia


BALTIC INVEST: Court Names S. Suvorov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow appointed S. Suvorov as
Insolvency Manager for CJSC Baltic Invest.  He can be reached
at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-43632/06-101-760B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Baltic Invest
         Building 7
         1st Novokuznetskiy Per. 5
         Moscow Region
         Russia


BUILDING ENTERPRISE 1: Court Names A. Fazlyev to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. A.
Fazlyev as Insolvency Manager for CJSC Building Enterprise #1.
He can be reached at:

         A. Fazlyev
         Post User Box 220
         Ufa
         450080 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-15355/06-GADM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         CJSC Building Enterprise #1
         Tuymazy
         Bashkortostan Republic
         Russia


DANILOVSKIY FACTORY: Court Starts Reorganization Process
--------------------------------------------------------
The Arbitration Court of Yaroslavl Region commenced external
management bankruptcy procedure on OJSC Danilovskiy Factory of
Woodworking Machines.  The case is docketed under Case No.
A82-2800/06-3-B/27.

The External Insolvency Manager is:

         V. Ryabchenkov
         Post User Box 17
         127106 Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Danilovskiy Factory of Woodworking Machines
         Zavodskaya Str. 7
         Danilov
         152070 Yaroslavl Region
         Russia


DEVELOP INVESTMENTS: Court Names S. Suvorov to Manage Assets
------------------------------------------------------------
The Arbitration Court Moscow appointed Mr. S. Suvorov as
Insolvency Manager for LLC Develop Investments.  He can be
reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-29773/06-101-332B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Develop Investments
         Moscow Region
         Russia


HOUSE-BUILDING COMPANY: Court Names S. Suvorov to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC House-Building Company.  He can be
reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-41155/06-78-912B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC House-Building Company
         Administration
         Building 1
         Parshina Str. 27
         Moscow Region
         Russia


GRAIN-INVEST: Orel Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Orel Region commenced bankruptcy
supervision procedure on LLC Grain-Invest.  The case is docketed
under Case No. A48-3673/06-20b.

The Temporary Insolvency Manager is:

         P. Klemenko
         Office 607
         Skovskoye Shosse 137
         Orel Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         LLC Grain-Invest
         Kolkhoznaya Str. 11A
         Orel Region
         Russia


LADYINO CJSC: Tver Court Names O. Akinshin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tver Region appointed Mr. O. Akinshin
as Insolvency Manager for CJSC Agricultural Enterprise Ladyino
(TIN 6943005247).  He can be reached at:

         O. Akinshin
         Post User Box 444
         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.
A66-7930/2005.

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         CJSC Agricultural Enterprise Ladyino
         Ladyino
         Torzhokskiy Region
         172031 Tver Region
         Russia


MELENKI-SEL-KHOZ-KHIMYA: Bankruptcy Hearing Slated for Feb. 6
-------------------------------------------------------------
The Arbitration Court of Vladimir Region will convene at 1:30
p.m. on Feb. 6, 2007, to hear the bankruptcy supervision
procedure on OJSC Melenki-Sel-Khoz-Khimya.  The case is docketed
under Case No. A11-11906/2006-K1-444B/3B.

The Temporary Insolvency Manager is:

         A. Shurov
         Radiozavodskoye Shosse 2a
         Murom
         602264 Vladimir Region
         Russia

The Arbitration Court of Vladimir Region is located at:

         Oktyabrskiy Pr. 14
         600025 Vladimir Region
         Russia

The Debtor can be reached at:

         OJSC Melenki-Sel-Khoz-Khimya
         Dzerzhinskogo Str. 54a
         Melenki
         602101 Vladimir Region
         Russia


NADYMSKIY FACTORY: Court Names S. Suvorov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Nadymskiy Factory of Large Panel
Homebuilding.  He can be reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-42954/06-101-752B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Nadymskiy Factory of Large Panel Homebuilding
         Matveevskaya Str. 6
         Moscow Region
         Russia


OPTOMECHANICAL FACTORY: Court Names A. Fazlyev to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. A.
Fazlyev as Insolvency Manager for CJSC Optomechanical Factory.
He can be reached at:

         A. Fazlyev
         Post User Box 220
         Ufa
         450080 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-19418/06-G-KhRM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         CJSC Optomechanical Factory
         Salavat
         Bashkortostan Republic
         Russia


SERDOBSKIY ENGINEERING: Names E. Meshenkova to Manage Assets
------------------------------------------------------------
The Arbitration Court of Penza Region appointed Ms. E.
Meshenkova as Insolvency Manager for CJSC Industrial Enterprise
Serdobskiy Engineering Plant.  She can be reached at:

         E. Meshenkova
         Vokzalnaya Str. 10
         Serdobsk
         442891 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-1912/2006-1436/10.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         CJSC Industrial Enterprise Serdobskiy Engineering
         Plant
         Serdobsk Vokzalnaya Str. 10
         Penza Region
         Russia


VOLKSWAGEN AG: Building New Site for Cheap Labor & High Demand
--------------------------------------------------------------
Volkswagen AG is building a EUR400-million assembly plant in
Kaluga, Russia, to tap low labor cost and to fill the growing
demand for cars in Russia, Grigory Tambulov writes for the
Associated Press.

VW CEO Bernd Pischetsrieder and Economic Development and Trade
Minister German Gref have laid the symbolic foundation stone for
the production plant, which could make up to 115,000 cars a
year.  Kaluga Governor Anatoly Artamonov also attended the
groundbreaking ceremony.

"The automotive market in Russia is one of the world's most
interesting," Mr. Pischetsrieder said.  "So far, the group
brands have only been represented in Russia through sales
companies.  However, if we wish to enjoy sustained benefits from
the growth forecast for this market, we have to produce in
Russia as well.

"The fact that a world-famous company is coming to Russia, to
Kaluga, speaks for itself," Mr. Gref said.  "But the annual
production of 115,000 economical cars -- which Russian citizens
will buy -- makes us happy most of all because this increases
their prosperity."

The site is expected to employ around 3,500 people when it
reaches full production capacity by 2008.  The site would
assemble the Skoda Octavia, Polo, Passat and Touareg brands.

According to the European Bank for Reconstruction and
Development, Russia has around 157 cars per 1,000 people.

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

                        *     *     *

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


ZDOROVYE CJSC: Court Names A. Fazlyev as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
appointed Mr. A. Fazlyev as Insolvency Manager for CJSC Joint-
Stock Insurance Medical Company Zdorovye.  He can be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-28763/2006.

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

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

The Debtor can be reached at:

         CJSC Joint-Stock Insurance Medical Company Zdorovye
         Rubinshteyna Str. 3
         St. Petersburg Region
         Russia


ZODCHIY CJSC: Vladimir Bankruptcy Hearing Slated for February 1
---------------------------------------------------------------
The Arbitration Court of Vladimir Region will convene at 1:30
p.m. on Feb. 1, 2007, to hear the bankruptcy supervision
procedure on CJSC Building Assembly Enterprise Zodchiy.  The
case is docketed under Case No. A11-22907/06-K1-443/2B.

The Temporary Insolvency Manager is:

         A. Shurov
         Radiozavodskoye Shosse 2a
         Murom
         602264 Vladimir Region
         Russia

The Arbitration Court of Vladimir Region is located at:

         Oktyabrskiy Pr. 14
         600025 Vladimir Region
         Russia

The Debtor can be reached at:

         CJSC Building Assembly Enterprise Zodchiy
         Lenina Str. 48
         Vyazniki
         601400 Vladimir Region
         Russia


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


BANKA KOPER: Fitch Affirms Individual Rating at C
-------------------------------------------------
Fitch Ratings upgraded Banka Koper's ratings to Issuer Default
'A+', Short-term 'F1' and Support '1' from 'BBB+', 'F2' and '3'
respectively.  The Individual rating is affirmed at 'C'.  The
Outlook remains Stable.

The upgrade reflects Fitch's expectation of stronger integration
with and a higher propensity for support from BK's majority
shareholder Sanpaolo IMI (rated Issuer Default 'AA-' (AA minus)
with Stable Outlook) following the increase of SPIMI's voting
rights to 63.94% from 32.99%.  In addition, SPIMI has a
shareholder pact with three local minority shareholders.
Together, they represent 93.94% of shares and voting rights.
The shareholder pact has been renewed in July 2006 for five
years.

"We expect BK to be more closely tied to SPIMI now, given SPIMI
has gained control," says Sabine Bauer, Associate Director in
Fitch's Financial Institutions group.  "Closer cooperation on
the day-to-day activities, reflecting operational support from
SPIMI, should also benefit BK on a standalone basis."

BK's Individual rating reflects good capitalization, adequate
asset quality and reserve coverage and a stable profitability.
The dip in 2005 operating profitability is mainly due to higher
loan impairment charges, caused by one exposure that has since
been recovered.  Despite this, BK's profitability is still in
line with that of peers.  The rating, however, also takes into
account concentration risk, a high proportion of equity holdings
and BK's small size.  Loan quality and loan impairment coverage
have slightly weakened in 2005 and H106 but remain adequate.

BK was the sixth largest bank in Slovenia by total assets at
end-2005.  It operates nationwide and has a strong franchise in
and around the port of Koper and the Adriatic coast.  In 2002,
SPIMI acquired 62.1% of BK's shares but its voting rights were
until recently limited to 32.99% by the Bank of Slovenia.


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


CHURCH & DWIGHT: Declares US$0.07 Per Share Quarterly Dividend
--------------------------------------------------------------
Church & Dwight Co., Inc.'s board of directors declared a
regular quarterly dividend of US$0.07 per share.

This quarterly dividend will be payable Dec. 1, 2006, to
stockholders of record at the close of business on Nov. 13,
2006.  It is the company's 423rd regular consecutive quarterly
dividend.

Headquartered in Princeton, New Jersey, Church & Dwight Co. Inc.
-- http://www.churchdwight.com/-- manufactures and sells sodium
bicarbonate products popularly known as baking soda.  The
company also makes laundry detergent, bathroom cleaners, cat
litter, carpet deodorizer, air fresheners, toothpaste, and
antiperspirants.

The company's international business includes operations in
Australia, Canada, Mexico, the United Kingdom, France and Spain.

                        *    *    *

As reported in the troubled Company reporter-Latin America on
Sept. 29, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products,
Beverage, Toy, Natural Product Processors, Packaged Food
Processors and Agricultural Cooperative sectors, the rating
agency confirmed its B2 Corporate Family Rating for Church &
Dwight Company, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 million
   Revolving Credit     Ba2      Baa3     LGD2        23%

   US$531 million
   Sr. Secured
   Term Loan            Ba2       Baa3    LGD2        23%

   US$100 million
   Conv. Debentures     Ba2       Ba2     LGD4        59%

   US$250 million
   Sr. Sub. Notes       Ba3       Ba3     LGD5        85%


GETRONICS N.V.: Issues Third Quarter 2006 Operating Results
-----------------------------------------------------------
Getronics N.V. released its operating results for the third
quarter of 2006.

Highlights:

   -- total revenue increased 1% to EUR622 million (Q3 2005:
      EUR618 million); total revenue reported excludes EUR16
      million of revenue from discontinued operations (France)
      compared with EUR76 million from discontinued operations
      in Q3 2005 (France and Italy).

   -- service revenue increased by 3% to EUR550 million (Q3
      2005: EUR533 million); service revenue growth on a
      comparable basis ** +5.0% in Q3 2006; service revenue
      growth breakdown: good in the Netherlands (+5.2%), strong
      in the Rest of Europe (+13.8%) and the Rest of the World
      (+10.3%); year-on-year decline in North America (-10.3%).

   -- product revenue decreased by 15% to EUR72 million (Q3
      2005: EUR85 million), as the Company continues to de-
      emphasize non service-related product sales; revenue mix
      improved in Q3 to 88.4% services and 11.6% products from
      86.2% and 13.8% in Q3 2005, respectively.

    * Unaudited results from continuing operations. Discontinued
      operations include the operating companies in Italy
      (divested in June 2006) and France (expected to be
      divested for 67% in Q4 2006).

   ** On a comparable basis is derived by calculating organic
      growth at constant rates assuming Getronics and
      PinkRoccade were combined as of Jan. 1, 2005, instead of
      March 14, 2005.

Getronics remains on target to achieve around EUR2.6 billion of
annual revenue in 2006 from continuing operations, barring
unforeseen circumstances.

The target range of EBITAE margin for the Group in 2006 remains
between 3.0% and 4.0%, barring unforeseen circumstances.  The
Company currently considers it likely that the EBITAE margin for
2006 will benefit from some pension curtailments and other
employee benefit plan related gains.  Positive and negative
employee benefit plan related profit & loss items are not
treated as exceptional and may have material effects on the
Company's operating results.

As in previous years, the Company acknowledges that changes in
its workforce (e.g. headcount reductions, acquisitions and
divestments) or changes in the employee benefit plans will have
positive or negative effects on its reported operating results
this year and going forward.

As indicated before, the planned cost savings of the Breakout
Program are expected to improve the EBITAE margin by at least 1%
on an annual basis when completed.

Consistent with previous Trading Statements, limited management
commentary has been provided.  However, Getronics' CEO will be
providing a more formal company update to all stakeholders in
early December.

"The growth of revenues in key markets underscores the strength
of our market proposition and the trust our customers have in
the value we add to their business," Klaas Wagenaar, CEO of
Getronics, stated.  "Workspace management is of increasing
importance to companies all over the world and Getronics is one
of the few companies to benefit from this."

                        About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                       *     *     *

As reported in Troubled Company Reporter - Asia Pacific
Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.

As reported in the TCR-AP, Moody's Investors Service downgraded
Getronics' corporate family rating to B2 from B1 and placed the
ratings on review for possible downgrade following the company's
announcement of half year results showing a widening of net
losses and fall in margins below the company's expectations.
Concurrently the rating on the EUR100 million senior unsecured
convertible Dutch bonds due 2008 has been downgraded to Caa1
from B3.


VALENCIA HIPOTECARIO: Fitch Junks EUR10.4 Million Class D Notes
---------------------------------------------------------------
Fitch Ratings assigned expected ratings to Valencia Hipotecario
3 FTA's residential mortgage-backed floating-rate notes as
follows:

   -- EUR90 million Class A1: 'AAA'
   -- EUR780.7 million Class A2: 'AAA'
   -- EUR20.8 million Class B: 'A+'
   -- EUR9.1 million Class C: 'BBB'
   -- EUR10.4 million Class D: 'CCC'

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

This EUR911m transaction is the third standalone securitisation
of residential mortgage loans originated by Banco de Valencia
(rated 'A'/'F1').

The expected ratings are based on the quality of the collateral,
the available credit enhancement, Banco Valencia's underwriting
and servicing capabilities, the integrity of the transaction's
legal and financial structure and Europea de Titulizacion's
administrative capabilities.  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 and C notes, as well as the repayment of
principal by legal final maturity in September 2044.

At closing credit enhancement for the Class A1 and A2 notes will
total 4.47% and will be provided by the subordination of the
Class B and C notes (3.31%) and the reserve fund (1.15%).  In
addition to subordination and the reserve fund, the transaction
will also benefit from excess spread.  At closing, the proceeds
of the un-collateralised Class D notes will be used to fund the
initial balance of the reserve account.


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


GENERAL NUTRITION: Parent Offers US$325-Million PIK Notes
---------------------------------------------------------
GNC Corp. disclosed that GNC Parent Corp., a newly formed
holding company that controls GNC, intends to offer, subject to
market conditions, US$325 million in aggregate principal amount
of floating rate senior PIK notes due 2011.

The Notes will be offered to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as
amended, and to persons outside the United States under
Regulation S of the Securities Act.  The pricing and terms of
the Notes are to be determined.

The Notes will be senior unsecured obligations of Parent.  The
proceeds from the sale of the Notes, together with cash on hand,
will be used to:

   -- redeem GNC's outstanding Series A preferred stock;

   -- repay a portion of the indebtedness of General Nutrition
      Centers, Inc., a wholly owned subsidiary of the Company,
      under Centers' senior term loan facility;

   -- pay a dividend to the common stockholders
      of Parent; and

   -- pay transaction-related fees and expenses.

The Notes have not been registered under the Securities Act and,
unless so registered, may not be offered or sold in the United
States absent registration or an applicable exemption from, or
in a transaction not subject to, the registration requirements
of the Securities Act and other applicable securities laws.

                   Strategic Alternatives

GNC also disclosed that the Company has decided to explore
strategic alternatives to enhance stockholder value, including a
possible sale of the Company or an initial public offering of
shares of common stock by Parent.  GNC previously filed a Form
S-1 registration statement with the SEC for an initial public
offering of common shares, which was postponed in August 2006.
The registration statement has not been withdrawn.  There can be
no assurance that the exploration of strategic alternatives will
result in the completion of any transaction.  The Company does
not intend to disclose of developments with respect to the
exploration of strategic alternatives unless and until the board
of directors of the Company has approved a specific transaction.

Headquartered in Pittsburgh, Pennsylvania, General Nutrition
Centers, Inc. -- http://www.gnc.com/-- a wholly owned
subsidiary of GNC Corp, is the largest global specialty retailer
of nutritional products; including vitamin, mineral, herbal and
other specialty supplements and sports nutrition, diet and
energy products.  GNC has more than 4,800 retail locations
throughout the United States and franchise operations in
46 international markets including Turkey, Ukraine, Australia,
Colombia, Singapore, among others.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 30, Moody's
Investors Service confirmed its B2 Corporate Family Rating for
General Nutrition Centers, Inc., in connection with Moody's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the US & Canadian Retail sector.


GENERAL NUTRITION: Possible Sale Spurs S&P's Developing Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on General
Nutrition Centers Inc., including the 'B' corporate credit
rating, on CreditWatch with developing implications.

"The placement follows news that GNC is evaluating alternatives
that include a possible sale of the company or an IPO," said
Standard & Poor's credit analyst Jackie Oberoi.

The sale of the company, which could be financed with a
substantial amount of additional debt, may lead to lowered
ratings.  Conversely, the company has an S-1 filing outstanding
with the SEC by parent company GNC Corp. for an IPO of up to
US$400 million of its common stock.  Should proceeds be used to
reduce debt levels, ratings could be raised.

Standard & Poor's also assigned its 'CCC+' rating on Pittsburgh,
Pa.-based GNC Parent Corporation's (a newly formed holding
company that controls GNC) US$325 million payment-in-kind (PIK)
notes, due 2011.  The rating was placed on CreditWatch
Developing.  Given the expected use of proceeds from the PIK
notes, the existing ratings on GNC's senior unsecured notes and
bank facility may be raised.

Proceeds from the notes, along with of cash on hand, will be
used to redeem the company's preferred stock, repay a portion of
its bank debt, and pay a dividend to common equity.  The rating
reflects a resulting capital structure that is highly leveraged,
with total lease-adjusted debt of about US$1.2 billion and
expected debt to EBITDA of about 6.3x.

GNC's operating performance has improved in the current year to
date due to solid comparable-store sales growth and better
margins.  Management attributes the turnaround largely to a new
national pricing model and new marketing efforts.  U.S.-based
company-owned stores experienced 12.6% comparable-store growth
for the nine months ended Sept. 30, 2006; U.S. franchised stores
posted 6.6% growth.


GENERAL NUTRITION: Parent Earns US$13.9 Million in Third Quarter
----------------------------------------------------------------
GNC Corp., the parent company of General Nutrition Centers Inc.,
has released its financial results for the third quarter and
nine months ended Sept. 30, 2006.

The Company reported consolidated revenues of US$367.7 million
for the quarter, a 14.0% increase over the same quarter in 2005.
The increase in revenues was primarily the result of significant
domestic comparable store sales growth of 11.7% for company-
owned stores and 7.0% for franchise locations.

For the quarter, the Company generated earnings before interest,
income taxes, depreciation and amortization (EBITDA) of US$41.8
million compared to US$25.5 million in the third quarter of
2005, a 64.1% increase.  The increase in EBITDA was primarily
generated by significant improvements in the retail and
franchising businesses driven by the growth in comparable store
sales.  EBITDA for the third quarter of 2006 included a charge
of US$1.1 million associated with the loss on the pending sale
of the Company's Australian manufacturing facility, which is
expected to close in the fourth quarter of 2006.  Excluding this
charge, Adjusted EBITDA would have been US$42.9 million in the
third quarter of 2006 compared to US$25.5 million in the same
quarter of 2005, a 68.3% increase.  In addition, EBITDA for the
third quarter of 2006 was reduced by US$0.7 million of non-cash
stock-based compensation expense.  There was no non-cash stock-
based compensation expense in the third quarter of 2005.

Net income for the third quarter of 2006 increased 336.8% to
US$13.9 million, compared with US$3.2 million in the third
quarter of 2005.

"I am extremely pleased with the continued strong sales
performance we are seeing across every major category and in all
store formats. This quarter is especially encouraging since it
not only represents the fourth consecutive quarter of strong
single- to double-digit same store sales growth, but also
double-digit same store sales growth against positive growth
from last year," Joseph Fortunato, President and Chief Executive
Officer, said.

"Overall, results reflect our strongest EBITDA quarter of the
year with all critical financial and operating areas meeting or
exceeding expectations."

For the nine months ended Sept. 30, 2006, consolidated revenue
increased by 14.6% to US$1,137.4 million from US$992.3 million
in the comparable period of 2005.

EBITDA for the nine months ended Sept. 30, 2006 increased 41.6%
to US$119.7 million from US$84.5 million in the prior year
period.

EBITDA for the nine months ended Sept. 30, 2006 included a
US$4.8 million discretionary payment to GNC Corporation stock
option holders in conjunction with the previously reported March
2006 payments to GNC Corporation common stockholders and a
charge of US$1.1 million associated with the loss on the sale of
the Company's Australian manufacturing facility, which is
expected to close in the fourth quarter of 2006.

Excluding these charges, Adjusted EBITDA for the nine months
ended Sept. 30, 2006 would have been US$125.6 million compared
to US$84.5 million for the nine months ended Sept. 30, 2005, a
48.6% increase.  EBITDA for the nine months ended Sept. 30, 2006
was reduced by non-cash stock-based compensation expense of
US$1.9 million.

There was no non-cash stock-based compensation expense in the
nine months ended Sept. 30, 2005. EBITDA for the nine months
ended Sept. 30, 2005 included income of US$2.5 million from a
transaction fee received by the Company as a result of
transferring its Australian franchise rights to an existing
franchisee.

Net income for the nine months ended Sept. 30, 2006 increased
194.8% to US$38.4 million compared to US$13.0 million in the
nine months ended Sept. 30, 2005.

For the nine months ended Sept. 30, 2006, the Company generated
cash from operating activities of US$68.9 million with ending
cash on the balance sheet of US$87.4 million. For the nine
months ended Sept. 30, 2006, the Company had capital
expenditures of US$16.1 million and repaid US$1.6 million of
outstanding debt. At Sept. 30, 2006, the Company had US$471.8
million of total debt outstanding, with its revolving credit
facility undrawn.

Headquartered in Pittsburgh, Pennsylvania, General Nutrition
Centers, Inc. -- http://www.gnc.com/-- a wholly owned
subsidiary of GNC Corp, is the largest global specialty retailer
of nutritional products; including vitamin, mineral, herbal and
other specialty supplements and sports nutrition, diet and
energy products.  GNC has more than 4,800 retail locations
throughout the United States and franchise operations in
46 international markets including Turkey, Ukraine, Australia,
Colombia, Singapore, among others.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 30, Moody's
Investors Service confirmed its B2 Corporate Family Rating for
General Nutrition Centers, Inc., in connection with Moody's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the US & Canadian Retail sector.

Standard & Poor's Ratings Services placed its ratings on General
Nutrition Centers Inc., including the 'B' corporate credit
rating, on CreditWatch with developing implications.


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


ALABIUS LLC: Court Names Sergij Benedyuk as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Sergij Benedyuk as
Liquidator/Insolvency Manager for LLC Alabius (code EDRPOU
32732476).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 4.  The case is docketed
under Case No. 23/444-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Alabius
         Chervonogvardijska Str. 5
         02094 Kyiv Region
         Ukraine


ALTAKOM LLC: Kyiv Court Names Sergij Benedyuk as Liquidator
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed Sergij Benedyuk as
Liquidator/Insolvency Manager for LLC Altakom (code EDRPOU
32662912).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 4.  The case is docketed
under Case No. 23/443-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Altakom
         Serafimovich Str. 11
         02152 Kyiv Region
         Ukraine


CHECHELNIKRAJAGROTEHSERVICE OJSC: A. Milovanov to Manage Assets
---------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Mr. A.
Milovanov as Liquidator/Insolvency Manager for OJSC
Chechelnikrajagrotehservice (code EDRPOU 00902257).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 19.  The case is docketed
under Case No. 5/256-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         OJSC Chechelnikrajagrotehservice
         Olshevskij 30
         Chechelnik
         24800 Vinnitsya Region
         Ukraine


HOTEL DNIPRO: Court Names Volodimir Sherepenko as Liquidator
------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Volodimir
Sherepenko as Liquidator/Insolvency Manager for JSC Hotel Dnipro
(code EDRPOU 24248130).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 26.  The case is docketed
under Case No. 40/246-06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         JSC Hotel Dnipro
         Karl Marks Avenue 66
         49070 Dnipropetrovsk Region
         Ukraine


IVP BOYARD: Court Names Sergij Benedyuk as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Sergij Benedyuk as
Liquidator/Insolvency Manager for LLC IVP Boyard (code EDRPOU
33829210).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 4.  The case is docketed
under Case No. 23/442-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC IVP Boyard
         Ivan Nehoda Str. 8/23
         03141 Kyiv Region
         Ukraine


LANI UKRAINI: Creditors Must Submit Claims by November 10
---------------------------------------------------------
Creditors of Agricultural CJSC Lani Ukraini (code EDRPOU
00708839) have until Nov. 10 to submit written proofs of claim
to:

         Volodimir Parkulab, Liquidator/Insolvency Manager
         Universitetska Str. 9
         61003 Harkiv Region
         Ukraine

The Economic Court of Harkiv Region commenced bankruptcy
proceedings against the company after finding it insolvent on
Sept. 25.  The case is docketed under Case No. B-31/54-06.

The Debtor can be reached at:

         Agricultural CJSC Lani Ukraini
         Lozovenka
         Balakliya District
         64261 Harkiv Region
         Ukraine


LIBERTY MARKET: Oleksandr Chechelnitskij to Liquidate Assets
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Oleksandr
Chechelnitskij as Liquidator/Insolvency Manager for CJSC Liberty
Market (code EDRPOU 24592086).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 27.  The case is docketed
under Case No. 24/449-B.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         CJSC Liberty Market
         Suvorov Str. 4/6
         01010 Kyiv Region
         Ukraine


POLIPROM JSCCT: Court Names Oleksandr Polishuk as Liquidator
------------------------------------------------------------
The Economic Court of Donetsk Region appointed Oleksandr
Polishuk as Liquidator/Insolvency Manager for JSCCT POLIPROM
(code EDRPOU 24314789).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 2.  The case is docketed
under Case No. 42/89 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         JSCCT Poliprom
         Shkadinov Str. 33
         Kramatorsk
         84333 Donetsk Region
         Ukraine


PROMKERAM LLC: Court Names R. Chernomaz as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Donetsk Region appointed Mr. R. Chernomaz
as Liquidator/Insolvency Manager for LLC Promkeram.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 27.  The case is docketed
under Case No. 42/211 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Promkeram
         Slovyansk, Sverdlov Str. 2
         84105 Donetsk Region
         Ukraine


SEJM LLC: Court Names Oleksandr Bandola as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Oleksandr Bandola as
Liquidator/Insolvency Manager for LLC Sejm (code EDRPOU
32786469).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 25.  The case is docketed
under Case No. 114/2b-2006.

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 Sejm
         Pidsobne gospodarstvo, room 1
         Babintsi
         Borodyanskij District
         07832 Kyiv Region
         Ukraine


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


BRECONSHIRE HOSIERY: Joint Liquidators Take Over Operations
-----------------------------------------------------------
David Rubin and Henry Lan of David Rubin & Partners were
nominated Joint Liquidators of Breconshire Hosiery Company
Limited on Oct. 16 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Breconshire Hosiery Company Limited
         Rossendale Road
         Earl Shilton
         Leicester
         Leicestershire LE9 7LX
         United Kingdom
         Tel: 01455 844 456
         Fax: 01455 841 481


BRISTOL INN: BDO Stoy Hayward Selling Three-Star Hotel
------------------------------------------------------
Tony Nygate and Graham Randall, in their capacity as Joint
Administrators of The Bristol Inn, are offering to sell the
company's business and assets.

The Bristol Inn is a well-established freehold business with 46
bedrooms and extensive conference facilities.  Located at
Junction 14 of the M5 motorway, the company is around 13 miles
away from the Bristol city center.  The Bristol Inn holds an AA
three-star rating.

Inquiries can be addressed to:

         BDO Stoy Hayward Belfast
         Lindsay House
         10 Callender Street
         Belfast BT1 5BN
         United Kingdom
         Tel: 028 9043 9009
         Fax: 028 9043 9010
         E-mail: belfast@bdo.co.uk

         Simon Wedgewood
         Tel: +44 (0) 20 7757 6693

         Tom Marriott
         Tel: +44 (0) 20 7491 1555

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.


BUILDSTAIR LIMITED: Hires Liquidator from Fisher Partners
---------------------------------------------------------
Stephen M. Katz of Fisher Partners was appointed Liquidator of
Buildstair Limited (t/a Furn Lifestyle Centre) on Oct. 17 for
the creditors' voluntary winding-up procedure.

Headquartered in Chichester, West Sussex, Buildstair Limited --
http://www.furn.co.uk/-- retails Teak Pub Furniture.  The
company also specializes in stylish, commercial grade leather
sofas, tubs and dining chairs and offers hundreds of other Pub
furnishing products.


CA INC: Earns US$53 Million for Second Quarter 2007
---------------------------------------------------
CA Inc. reported US$996 million revenue for the second quarter
of fiscal year 2007, ended Sept. 30, 2006.

                         Financial Overview
               (in millions of US$, except share data)

                               Q2FY07        Q2FY06      Change
                               ------        ------      ------
   Revenue                     US$ 996       US$ 950        5%
   GAAP Diluted EPS               0.09          0.08       13%
   Net Income                       53            46       15%
   GAAP Cash Flow from
   Operations                        6           299      (98%)
   Non-GAAP Operating EPS         0.25          0.25        0%

John Swainson, CA's president and chief executive officer,
commented, "Our second quarter total revenue, GAAP earnings per
share and non-GAAP earnings per share were at or above our
expectations.  However, a number of changes we implemented
associated with our sales organization affected our business
activity in the second quarter, and consequently caused a drag
on our bookings and associated billings.  While a lower-than-
anticipated level of bookings and billings had a negative effect
on cash flow in the quarter, changes in working capital --
including a lower cash collections rate and higher-than-expected
accounts payable disbursements -- were the primary factors in
our cash flow from operations decline compared with the second
quarter of fiscal year 2006."

"We believe the issues that affected our second quarter
performance are behind us and we are confident in our ability to
execute in the second half of our fiscal year.  While our full-
year cash flow from operations will be lower than expected, we
believe we are back on track and in a position to grow our
business going forward," Mr. Swainson said.

CA's revenue for the second quarter was US$996 million, an
increase of 5% over the US$950 million reported in the similar
period last year.  The increase in revenue was primarily
attributed to growth in subscription and professional services
revenues, partially offset by declines in maintenance and
software fees and other revenue.  North American revenue was up
8% while revenue from international operations was up 1%,
including a positive foreign exchange impact of US$15 million.

CA's subscription revenue for the second quarter increased 8% to
US$762 million, compared with the US$704 million reported in the
second quarter of last year, and was affected positively by
increases in new deferred subscription value from acquired
products.  Subscription revenue accounted for 77% of total
revenue in the quarter, increasing from the 74% reported in
the second quarter of fiscal year 2006.

CA expects subscription revenue to continue to become a larger
percentage of its total revenue as more contracts are renewed on
a subscription basis.  The company added that as it begins to
reach maturity on its model and based upon the timing of
remaining old business model contract renewals, the impact of
the transition to its new business model on revenues will
decline.

CA's total product and services bookings in the second quarter
decreased 10% to US$690 million, from the US$765 million
reported in the same period a year ago.  This decrease is
attributed to a decision to realign and restructure the sales
force to achieve lower cost of sales and higher productivity and
more discipline on contract renewals. Direct product bookings
declined 13% to US$498 million.  Indirect bookings grew 3% to
US$75 million.  Despite flat bookings performance in the first
half of the year, the company continues to expect total bookings
for the full year to grow.

Total expenses of CA for the second quarter increased 3% to
US$918 million, from the US$893 million reported in the similar
period last year.  The increase was mainly due to higher
selling, general and administrative expenses associated with
personnel costs from recent acquisitions and increased cost of
professional services related to higher revenues.  The
expense increase was offset partially by a decline in the
amortization of capitalized software costs and a gain from the
sale of marketable securities.  The company announced a
restructuring plan in August 2006 designed to eliminate US$200
million in costs on an annual basis by the end of fiscal year
2008.

CA recorded GAAP (Generally Accepted Accounting Principles) net
income US$53 million for the second quarter of 2006, compared
with net income of US$46 million reported in the same period in
2005.

The company reported non-GAAP net income of US$145 million for
the second quarter of 2006, compared with US$151 million in
2005.

For the second quarter, CA generated cash flow from operations
of US$6 million, compared with US$299 million in cash flow from
operations reported in the prior year period.  Second quarter
cash flow was adversely affected by:

   -- working capital management issues;
   -- lower bookings and associated billings; and
   -- higher operating expenses.

Cash flow from operations in the second quarter of fiscal year
2006 was negatively affected by a US$75-million Restitution Fund
payment.

            Cost Reduction and Restructuring Plan

CA disclosed in August of a cost reduction and restructuring
plan designed to significantly improve the company's expense
structure and increase its competitiveness.  CA expects to
deliver about US$200 million in annualized savings when the plan
is completed by the end of fiscal year 2008.

In the second quarter, CA recorded severance costs, relating to
around 750 positions, or US$39 million, US$11 million of which
was paid during the period.  The company expects total
restructuring charges of US$150 million, most of which will be
recognized in fiscal 2007, and a reduction in workforce of
around 1,400 positions, including around 300 positions
associated with the divestiture of a number of joint ventures.
The company also expects to eliminate an additional 300
positions through attrition.

                     Capital Structure

The balance of cash, cash equivalents and marketable securities
at Sept. 30, 2006, was US$1.295 billion.  With US$2.588 billion
in total debt outstanding, the company has a net debt position
of around US$1.293 billion.

                     Repurchase Program

The company completed a US$1 billion tender offer during the
second quarter and repurchased 41.2 million shares of common
stock.  Fiscal year-to-date, CA has repurchased about 51.1
million shares of common stock at a cost of US$1.2 billion.  The
tender offer was the first phase of a total of up to US$2
billion repurchase plan.

Nancy Cooper, CA's chief financial officer, noted, "We are
exploring options regarding the remaining portion of the share
repurchase program and will provide updates on the timing and
method at the appropriate time.  However, we will want to see
performance meeting our expectations, a return to strong
cash flows, and favorable market conditions before we move
forward."

            Updated Outlook for Fiscal Year 2007

CA updated its outlook for the fiscal year and expects to meet
or exceed revenue guidance of US$3.9 billion and its original
guidance for non-GAAP operating earnings per share of US$0.83.
The company expects GAAP earnings per share to be below its
original outlook of US$0.44 per share as a result of the still-
to-be-determined timing of 2007 restructuring plan costs.  The
company expects cash flow from operations of between US$900
million and US$1 billion, which would be lesser than the
original outlook of US$1.3 billion.  The new cash flow outlook
includes the company's estimates of the impact of the lower-
than-expected growth in bookings for the full year, borrowing
costs associated with the tender offer and payments related to
the 2007 restructuring plan.  The cash flow outlook also assumes
that the sales force will perform as expected and the company
will improve its working capital management.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries including France, Germany, Italy and the
United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 10,
Moody's Investors Service confirmed its Ba1 Corporate Family
Rating for CA Inc. in connection with Moody's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, with
negative implications.  S&P said the outlook is negative.


CA INC: Names Bill Lipsin Sr. Vice Pres. of Worldwide Channels
--------------------------------------------------------------
CA Inc. named W.B. Bill Lipsin senior vice president of
worldwide channels, reporting to CA Chief Operating Officer
Michael Christenson.

Mr. Lipsin has 30 years of experience in sales and operations
management, including 19 years with the channel.  He joined CA
in 2005 as senior vice president and general manager for its
Western Region sales organization.

"Growth in the channel business is a top priority for CA,"
Christenson said.  "We will continue to develop our
relationships with channel partners worldwide by empowering them
with best-in-class management technologies needed to solve
customers' most pressing IT challenges.  With his experience and
proven success on both sides of the channel-vendor relationship,
Bill Lipsin will drive the development of these relationships to
the next level."

Prior to CA, Lipsin was president and chief executive officer of
SEEC, an enterprise software and services vendor. Earlier, he
was president and CEO of Ironside Technologies, guiding the
company's growth from a start-up of six employees to a leading
enterprise software vendor.

Mr. Lipsin also was general manager of Bay Networks Canada where
he oversaw an increase in revenue from US$10 million to more
than US$100 million and helped establish the company as one of
the largest players in the networking market.  Prior to that, he
was senior vice president of services and marketing for
Crowntek, one of Canada's largest reseller/systems integrators.
He also has held key positions with IBM Canada's direct and
indirect sales and marketing organizations.

"I'm very excited about leveraging CA's technology leadership to
extend its channel leadership," said Lipsin. "As enterprise IT
environments become increasingly complex -- and as nonstop
performance becomes increasingly critical to revenue -- the
value proposition of CA's management software becomes
increasingly compelling to both channel partners and their
customers."

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries including France, Germany, Italy and the
United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 10,
Moody's Investors Service confirmed its Ba1 Corporate Family
Rating for CA Inc. in connection with Moody's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, with
negative implications.  S&P said the outlook is negative.


CHARLES OETEGENN: M. J. Ryan Leads Liquidation Procedure
--------------------------------------------------------
M. J. Ryan of M. J. Ryan & Co. was appointed Liquidator of
Charles Oetegenn Interiors Limited on Oct. 27 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Charles Oetegenn Interiors Limited
         Milstead Manor Farm
         Milstead
         Sittingbourne
         Kent ME9 0SE
         United Kingdom
         Tel: 01795 830 322
         Fax: 01795 830 133


CHELSEA SCAFFOLDING: Creditors Ratify Voluntary Liquidation
-----------------------------------------------------------
Creditors of Chelsea Scaffolding Limited (formerly Calendar
(South-East) Limited) ratified Oct. 30 the resolutions for
voluntary liquidation the appointment of Daniel Plant of SFP as
the company's Liquidator.

Headquartered in Mitcham, England, Chelsea Scaffolding Limited
-- http://www.chelsea-scaffolding.co.uk/-- does all types of
scaffolding from private to homebuilders to construction towers.
The company specializes in hire and sale of scaffolding
equipment.


CNA INSURANCE: Rights Transfer Hearing Slated for Dec. 18
---------------------------------------------------------
CNA Insurance Company Limited and CX Reinsurance Company Limited
applied for an order under section 111(1) of the Financial
Services and Markets Act 2000 sanctioning a scheme providing for
the transfer to CICL of the rights and obligations attaching to
personal accident and health reinsurance contracts underwritten
in the U.K. on behalf of CX RE (when known as CNA Reinsurance
Company Limited) by IGI Underwriting Agencies Limited.

The application will be heard before the Applications Judge on
Dec. 18 at:

         The Royal Courts of Justice
         Strand
         London EC2A 2LL
         United Kingdom

Any person (including any employee of CX RE or CICL) who alleges
that he or she would be adversely affected by the carrying out
of the Scheme may appear at the time of the hearing in person or
by Counsel.

Any person who intends to appear and any policyholder of CX RE
or CICL who dissents from the Scheme but does not intend to
appear are requested to give written notice, not less than two
clear days prior to the date of the hearing, of such intention
to dissent to:

         LeBoeuf, Lamb, Greene & MacRae
         No. 1 Minster Court
         Mincing Lanee
         London EC3R 7YL
         Ref: N. Bugler/R. Loo
         Solicitors to CX RE

         Clyde & Co.
         51 Eastcheap
         London EC3M 1JP
         Ref: J. Stevens/G. Quirk
         Solicitors to CICL

A copy of a report on the terms of the Scheme prepared by an
independent expert in accordance with Section 109 of the Act and
a statement setting out the terms of the Scheme and containing a
summary of that report may be obtained free of charge from the
offices of CX RE at:

         The London Underwriting Centre
         3 Minster Court
         Mincing Lane
         London EC3R 7DD
         United Kingdom

            -- or --

         CNA Insurance Company Limited
         77 Gracechurch Street
         London EC3V 0DL
         United Kingdom
         E-mail: lgl@cxre.com


CX REINSURANCE: Rights Transfer Hearing Slated for Dec. 18
----------------------------------------------------------
CX Reinsurance Company Limited and CNA Insurance Company Limited
applied for an order under section 111(1) of the Financial
Services and Markets Act 2000 sanctioning a scheme providing for
the transfer to CICL of the rights and obligations attaching to
personal accident and health reinsurance contracts underwritten
in the U.K. on behalf of
CX RE (when known as CNA Reinsurance Company Limited) by IGI
Underwriting Agencies Limited.

The application will be heard before the Applications Judge on
Dec. 18 at:

         The Royal Courts of Justice
         Strand
         London EC2A 2LL
         United Kingdom

Any person (including any employee of CX RE or CICL) who alleges
that he or she would be adversely affected by the carrying out
of the Scheme may appear at the time of the hearing in person or
by Counsel.

Any person who intends to appear and any policyholder of CX RE
or CICL who dissents from the Scheme but does not intend to
appear are requested to give written notice, not less than two
clear days prior to the date of the hearing, of such intention
to dissent to:

         LeBoeuf, Lamb, Greene & MacRae
         No. 1 Minster Court
         Mincing Lanee
         London EC3R 7YL
         Ref: N. Bugler/R. Loo
         Solicitors to CX RE

         Clyde & Co.
         51 Eastcheap
         London EC3M 1JP
         Ref: J. Stevens/G. Quirk
         Solicitors to CICL

A copy of a report on the terms of the Scheme prepared by an
independent expert in accordance with Section 109 of the Act and
a statement setting out the terms of the Scheme and containing a
summary of that report may be obtained free of charge from the
offices of CX RE at:

         The London Underwriting Centre
         3 Minster Court
         Mincing Lane
         London EC3R 7DD
         United Kingdom

            -- or --

         CNA Insurance Company Limited
         77 Gracechurch Street
         London EC3V 0DL
         United Kingdom
         E-mail: lgl@cxre.com


DURA AUTOMOTIVE: Wants Court Nod to Obtain US$300-Mln DIP Loan
--------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to obtain US$300,000,000 of debtor-in-possession
financing arranged and provided by Goldman Sachs Capital
Partners L.P., General Electric Capital Corporation, and other
lender parties.

The Debtors propose to borrow or obtain letters of credit from
the DIP Lenders in an aggregate principal or face amount not to
exceed US$50,000,000, pending the Court's final consideration of
the DIP Financing.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Debtors have an immediate
need to obtain the DIP Financing to permit, among other things,
the orderly continuation of the operation of their businesses,
to maintain business relationships with vendors, suppliers and
customers, to make payroll, to make capital expenditures and to
satisfy other working capital and operational needs, all of
which are necessary to preserve and maintain their going-concern
values and to successfully reorganize.

Beginning in September 2006, the Debtors and Miller Buckfire
solicited DIP financing proposals from 10 well-known financial
institutions.  After thoroughly reviewing all of the proposals,
and based on their capital and operational requirements, the
Debtors chose the GSCP/GECC proposal as providing the most
advantageous and least costly terms to their estates.

The salient terms of the Senior Secured Super-Priority Debtor-
In-Possession Revolving Credit and Guaranty Agreement, and the
Senior Secured Super-Priority Debtor-In-Possession Term Loan and
Guaranty Agreement executed by the Debtors and the DIP Agents
are:

   Borrower:        Dura Operating Corp.

   Guarantors:      Dura Automotive Systems, Inc., and its
                    domestic and Canadian subsidiaries

   Agent & Banks:   Goldman Sachs Capital Partners L.P., as
                    Joint Lead Arranger, Sole Bookrunner, Sole
                    Syndication Agent, and Administrative Agent
                    and Collateral Agent for the Fixed Asset
                    Facilities;

                    General Electric Capital Corporation as
                    Administrative Agent and Collateral Agent
                    for the DIP Revolver; and Barclays Capital
                    as Joint Lead Arranger

   Commitment:      The DIP Financing Facility provides:

                     -- up to US$130,000,000 asset based
                        revolving credit facility, subject to
                        borrowing base and availability terms,
                        with a US$5,000,000 sublimit for letters
                        of credit; and

                     -- up to US$170,000,000 Fixed Asset
                        Facilities consisting of:

                         * up to US$150,000,000 tranche B term
                           loan; and

                         * up to US$20,000,000 pre-funded
                           synthetic letter of credit facility.

   Purpose:         Repayment of the Debtors' obligations under
                    a US$175,000,000 revolving credit facility,
                    payment of certain adequate protection
                    payments, professionals' fees, transaction
                    costs, fees and expenses incurred in
                    connection with the DIP Financing, other
                    approved expenses prior to bankruptcy
                    filing, to provide working capital, and for
                    other general corporate purposes.

   Term:            The earlier of:

                      (i) December 31, 2007;

                     (ii) the effective date of a reorganization
                          plan in the Debtors' Chapter 11 cases;
                          or

                    (iii) termination of the commitment or
                          acceleration of the loans as a result
                          of an Event of Default.

   Closing Date:    The US$50,000,000 Interim DIP Facility will
                    close upon or shortly after the Interim DIP
                    Order.

                    The DIP Facility will close on the date on
                    or before December 15, 2006, on which all
                    the conditions precedent to the Interim DIP
                    Facility occur.

   Priority and
   Liens:           All direct borrowings and reimbursement
                    Obligations under letters of credit, other
                    obligations under the DIP Financing, and
                    hedging and cash management arrangements in
                    connection with the DIP Financing, will at
                    all times:

                     (1) constitute under Section 364(c)(1) of
                         the Bankruptcy Code allowed
                         superpriority administrative expense
                         claims against each of the Debtors
                         having priority over all administrative
                         expenses of the kind specified in, or
                         ordered pursuant to, any provision of
                         the Bankruptcy Code, which
                         superpriority claims will, subject to
                         the Carve-Out, be payable from and have
                         recourse to all property of the Debtors
                         and all proceeds thereof;

                     (2) pursuant to Sections 364(c)(2), (c)(3)
                         and (d), for the sole benefit of the
                         Postpetition Secured Parties valid,
                         binding, enforceable, first priority
                         and perfected Liens in the Collateral,
                         which Liens are:

                          (i) subject only to:

                              (x) the Carve-Out,

                              (y) non avoidable, valid,
                                  enforceable and perfected
                                  Liens that are capitalized
                                  leases, purchase money
                                  security interests or
                                  mechanics' liens in existence
                                  on the date of filing for
                                  chapter 11 protection and

                              (z) Existing Liens; and

                     (3) senior priming liens on any Collateral
                         securing the First Lien Revolver, the
                         Second Lien Term Loan, and other
                         indebtedness of the Borrower and
                         Guarantor, either upon consent of the
                         affected secured parties or pursuant to
                         Section 364(d).

   Collateral:      The Collateral will include all assets and
                    properties of each of Debtors before and
                    after their filing for chapter 11
                    protection; provided, however, that with
                    respect the Capital Stock of any Foreign
                    Subsidiary that is not a Canadian
                    Subsidiary, the Postpetition Liens will
                    attach only to 66% of the voting Capital
                    Stock and 100% of the non-voting Capital
                    Stock thereof.

   Carve Out:       The Carve-Out consists of:

                     (a) unpaid fees of the Clerk of the
                         Bankruptcy Court and the U.S. Trustee
                         pursuant to 28 U.S.C. Section 1930(4);

                     (b) unpaid and allowed fees and expenses of
                         professional persons, retained by any
                         Debtor or any Committee pursuant to an
                         order of the Court, incurred prior to
                         notice by any Postpetition Agent that
                         the Carve-out is invoked; and

                     (c) unpaid and allowed fees and expenses,
                         in an aggregate amount not to exceed
                         US$10,000,000, of Professionals
                         incurred subsequent to delivery of a
                         Carve-Out Trigger Notice.

Underwriting &
Agency Fees:        Dura Operating Corp. will pay:

                      -- 1.00% of the maximum amount of the DIP
                         Revolver, payable on the Incremental
                         Facilities Effective Date;

                      -- 1.50% of the maximum of the Fixed Asset
                         Facilities, payable:

                          (x) with respect to that portion of
                              the Underwriting Fees calculated
                              with respect to the Interim DIP
                              Facility, on the Closing Date, and

                          (y) with respect to the remaining
                              portion of the Underwriting Fees,
                              on the Incremental Facilities
                              Effective Date; and

                      -- agency fees to each of the DIP Agents
                         of US$100,000 per annum.

                    The fees will be fully earned and
                    nonrefundable once paid.

   Expenses:        Dura Operating will reimburse the DIP Agents
                    for reasonable out-of-pocket expenses,
                    including an aggregate US$500,000 evergreen
                    expense deposit, which will be evergreen
                    until the Closing Date.

   Flex Pricing:    GSCP may at any time after consultation
                    with Dura Operating, change the terms,
                    conditions, pricing or structure of any of
                    the Facilities if GSCP reasonably
                    determines, in its discretion, that the
                    changes are necessary to ensure the
                    successful syndication of any of the
                    Facilities; provided that:

                     (1) the total aggregate amount of the
                         Facilities remains unchanged;

                     (2) the overall weighted average interest
                         rates under the Facilities may not be
                         increased by more than 67.5 basis
                         points, determined on a combined basis;

                     (3) the amount of the Revolving Facility
                         may not be increased;

                     (4) prepayment premiums may not be required
                         with respect to the Revolving Facility
                         and the prepayment premium for the Term
                         Facility may not be increased or
                         extended;

                     (5) the maturity dates of the Facilities
                         may not be shortened;

                     (6) amortization may not be required under
                         the Facilities;

                     (7) a LIBOR Rate floor or minimum interest
                         rates may not be required;

                     (8) the mandatory prepayment provisions may
                         not be changed;

                     (9) negative covenants restricting
                         incurrence of Indebtedness, Fundamental
                         Changes, Disposition of Assets,
                         Acquisitions and Sales and Lease-backs
                         may not be changed;

                    (10) the financial covenants may not be
                         changed and additional financial
                         covenants may not be required; and

                    (11) a prohibition on voluntary prepayments
                         may not be imposed with respect to the
                         Facilities.

   Synthetic
   L/C Fees:        The DIP Agents will invest the amounts in
                    the Synthetic L/C Account in their
                    discretion.  On each applicable interest
                    payment date, the DIP Agents will distribute
                    to each Lender under the Synthetic L/C
                    Facility its pro rata portion of any
                    interest actually earned on the amounts on
                    deposit in the Synthetic L/C Account.  Dura
                    Operating will pay:

                     (i) each Issuer a fronting fee in an amount
                         to be agreed between the Borrower and
                         the Issuer of 25 basis points per annum
                         or the higher rate as agreed to between
                         Borrower and Issuer on the aggregate
                         face amount of the outstanding
                         Synthetic L/Cs issued by the Issuer and

                    (ii) the Lenders under the Synthetic L/C
                         Facility letter of credit participation
                         fees equal to the interest rate for
                         loans under the DIP Term Loan bearing
                         interest with reference to the reserve
                         adjusted Eurodollar Rate on the full
                         amount of the Synthetic L/C Facility.

                    Dura Operating will also pay the Issuers
                    customary issuance fees.

   Revolving
   L/C Fees:        Dura Operating agrees to pay to Lenders
                    having Revolving Exposure letter of credit
                    fees equal to:

                     (1) the Applicable Margin for Revolving
                         Loans that are Eurodollar Rate Loans,
                         times

                     (2) the average aggregate daily maximum
                         amount available to be drawn under all
                         the Letters of Credit.

                    Dura Operating agrees to pay directly to
                    Issuing Bank, for its own account, these
                    fees:

                     (i) a fronting fee equal to 0.25%, per
                         annum, or the higher rate as may be
                         agreed between Dura and the Issuing
                         Bank, times the average aggregate daily
                         maximum amount available to be drawn
                         under all Letters of Credit; and

                    (ii) the documentary and processing charges
                         for any issuance, amendment, transfer
                         or payment of a Letter of Credit as are
                         in accordance with the Issuing Bank's
                         standard schedule for the charges and
                         as in effect at the time of the
                         issuance, amendment, transfer or
                         payment, as the case may be.

   Prepayment Fee:  Optional prepayments or mandatory
                    prepayments in connection with proceeds of
                    certain debt or equity issuances of the
                    Fixed Asset Facilities made on or before the
                    earlier of the first anniversary of the
                    Closing Date and prior to the effective date
                    of a plan of reorganization will be subject
                    to the payment of a prepayment fee in an
                    amount equal to 1% of the principal amount
                    prepaid.

   Interest Rate:   All amounts outstanding under the DIP
                    Facilities will bear interest:

                     (a) in the case of the DIP Revolver, at the
                         Borrower's option, (i) at the Base Rate
                         plus 0.75% per annum or, (ii) at the
                         reserve adjusted LIBOR Rate plus 1.75%
                         per annum; and

                     (b) in the case of the DIP Term Loan, at
                         the Borrower's option, (i) at the Base
                         Rate plus 1.50% per annum or (ii) at
                         the reserve adjusted LIBOR Rate plus
                         2.50% per annum.

   Default
   Interest:        Following the occurrence and during the
                    continuance of an event of default, the
                    interest rates under the DIP Facility will
                    increase by an additional 2.00% per annum
                    and the additional interest will be payable
                    on demand.

   Charging
   Expenses
   Limitation:      Subject to and effective upon entry of the
                    Final DIP Order, except to the extent of the
                    Carve Out, no expenses of administration of
                    the Chapter 11 cases or any future
                    proceeding that may result therefrom will be
                    charged against or recovered from the
                    Collateral securing the DIP Obligations
                    pursuant to Section 506(c), without the
                    prior written consent of the DIP Agents.

   Events of
   Default:         The DIP Documentation contains customary
                    events of default.

   Financial
   Covenants:
                    Under the Revolving Credit Agreement, the
                    Debtors are required to maintain minimum
                    EBITDA:

                    Period                     MINIMUM EBITDA
                    ------                     --------------
                    11/01/06 - 01/31/07       (US$11,516,665)
                    11/01/06 - 02/28/07          (13,100,498)
                    11/01/06 - 03/31/07           (9,785,196)
                    11/01/06 - 04/30/07          (11,265,601)
                    11/01/06 - 05/31/07          (10,094,956)
                    11/01/06 - 06/30/07           (8,016,354)
                    11/01/06 - 07/31/07          (18,871,520)
                    11/01/06 - 08/31/07          (17,622,862)
                    11/01/06 - 09/30/07          (14,986,584)
                    11/01/06 - 10/31/07          (12,326,569)
                    12/01/06 - 11/30/07           (8,981,480)
                    01/01/07 - 12/31/07           (9,030,154)

                    With respect to the Term Loan Credit
                    Agreement, the Debtors are required to
                    maintain:

                    (a) Minimum EBITDA

                    Period                     MINIMUM EBITDA
                    ------                     --------------
                    11/01/06 - 01/31/07          (US$5,000,000)
                    11/01/06 - 02/28/07            3,449,945
                    11/01/06 - 03/31/07           12,782,777
                    11/01/06 - 04/30/07           17,206,170
                    11/01/06 - 05/31/07           22,405,451
                    11/01/06 - 06/30/07           31,785,513
                    11/01/06 - 07/31/07           27,779,599
                    11/01/06 - 08/31/07           29,072,155
                    11/01/06 - 09/30/07           45,324,997
                    11/01/06 - 10/31/07           52,586,795
                    12/01/06 - 11/30/07           55,358,832
                    01/01/07 - 12/31/07           56,176,951

                    (b) Maximum Consolidated Capital
                        Expenditures

                                               Specified
                    Fiscal Quarter             Quarterly Amt.
                    --------------             --------------
                    Two months ended 12/31/06    US$22,005,225
                    Fiscal Qrtr ended 03/31/06      21,120,000
                    Fiscal Qrtr ended 06/30/06      21,120,000
                    Fiscal Qrtr ended 09/30/07      30,470,000
                    Fiscal Qrtr ended 12/31/07      30,470,000

By this motion, the Debtors ask the Court:

    (a) for authorization to borrow up to US$300,000,000 of DIP
        Financing following a final hearing;

    (c) for authorization to repay, at the Final Hearing or as
        soon as practicable thereafter, their obligations owing
        under the US$175,000,000 prepetition credit facility;

    (d) for authorization to execute and enter into the DIP
        Credit Agreement and related documents, and to perform
        the other and further acts as may be required in
        connection with the DIP Documents;

    (e) to grant superpriority claims to the DIP Lenders payable
        from, and having recourse to, all prepetition and
        postpetition property of the Debtors' estates and all
        proceeds thereof, in each case subject to the Carve-Out;

    (f) to schedule a final hearing to be held within 45 days of
        the Petition Date to consider entry of a Final DIP Order
        authorizing the balance of the borrowings and letter
        of credit issuances under the DIP Documents on a final
        basis.

A full-text copy of the Senior Secured Super-Priority Debtor-In-
Possession Revolving Credit and Guaranty Agreement is available
free of charge at http://ResearchArchives.com/t/s?1461

A full-text copy of the Senior Secured Super-Priority Debtor-In-
Possession Term Loan and Guaranty Agreement is available free of
charge at http://ResearchArchives.com/t/s?1462

                   About DURA Automotive Systems

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

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants
for.  As of July 2, 2006, the Debtor had US$1,993,178,000 in
total assets and US$1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Seeks Court Nod to Use All Cash Collateral
-----------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor affiliates ask the
U.S. Bankruptcy Court for the District of Delaware for authority
to use all cash collateral existing on or after their filing for
chapter 11 protection subject to the First Lien Lenders' and
Second Lien Lenders' liens.

The Debtors have an urgent need for the immediate use of the
Cash Collateral pending the Final DIP Hearing, Mr. Collins tells
the Court.  He explains that the Debtors require use of the Cash
Collateral to, among other things, pay present operating
expenses, including payroll, and pay vendors on a going-forward
basis to ensure a continued supply of materials essential to the
Debtors' continued viability.  In addition, the DIP Financing is
explicitly conditioned on the Court granting the Debtors' use of
the Cash Collateral.

On May 3, 2005, Dura Operating Corp. entered into:

   (i) a five-year asset-based revolving credit facility of
       US$175,000,000 -- the First Lien Revolver; and

  (ii) a six-year US$150,000,000 senior secured second lien
       term loan -- the Second Lien Term Loan.

On March 29, the Second Lien Term Loan was amended to
include a new US$75,000,000 junior tranche.

As of Oct. 25, 2006, the total amount drawn on the First Lien
Revolver had increased to around US$106,400,000 and the total
First Lien Revolver obligations, including US$18,000,000 of
settlement costs associated with certain interest rate swap
contracts were around US$124,400,000.  The total amount
outstanding under the Second Lien Revolver and the Second Lien
Term Loan was US$225,000,000.

If approved, a portion of the proceeds of the US$300,000,000 DIP
financing facility arranged by Goldman Sachs Capital Partners
L.P., General Electric Capital Corporation, and Barclays Capital
would be used to repay in full the indebtedness and other
obligations under the First Lien Revolver.  The repayment,
however, will not occur until the DIP Lenders fund the DIP
Facility upon entry of the Final DIP Order, Mark D. Collins,
Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware, notes.

In addition, the liens securing the DIP Financing temporarily
will prime the liens securing the First Lien Revolver until the
first lien obligations are repaid.  Moreover, the liens securing
the DIP Financing will prime the liens granted to secure payment
under the Second Lien Agreements.

         Adequate Protection of the First Lien Lenders

A majority of the First Lien Lenders has consented to the
Debtors' entry into the DIP Facility and refinancing of the
First Lien Revolver.  As a condition to the consent, however,
pending entry of the Final DIP Order and refinancing of their
debt, the First Lien Lenders have requested, and the Debtors
have agreed to, certain adequate protection provisions.

To protect the First Lien Lenders from diminution, if any, in
the value of their interest in their collateral, the Debtors
propose to provide adequate protection in these forms:

   (a) except with respect to default rate interest and swap
       breakage costs, subject to Section 506(b), they will, on
       a  monthly basis thereafter until the repayment in
       full in cash of the First Priority Indebtedness made
       prior to filing for chapter 11 protection, promptly pay
       in cash all accrued but unpaid reasonable costs and
       expenses prior to the Debtors' filing for chapter 11
       protection of the First Priority Agents for which an
       invoice was delivered to the Debtors;

   (b) reasonable fees and expenses, for which an invoice was
       delivered to the Debtors, of professionals engaged by any
       First Priority Lender prior to the Debtors' filing for
       chapter 11 protection, up to a maximum aggregate amount
       of US$50,000 for all the fees and expenses of
       professionals engaged by all First Priority Lenders prior
       to the Debtors' filing for chapter 11 protection; and

   (c) all accrued but unpaid interest on the First
       Priority Indebtedness, prior to the date of filing for
       chapter 11 protection, at the non-default rate specified
       in the First Priority Credit Agreement, prior to chapter
       11 protection and all other reasonable fees, expenses,
       costs and charges provided under the First Priority
       Credit Agreement or any other First Priority Financing
       Document, prior to the filing for chapter 11 protection
       for which an invoice was delivered to the Debtors, in
       each case.

In connection with the repayment in full in cash of the
First Priority Indebtedness before the filing of the bankruptcy
case, the Debtors will promptly pay the accrued default interest
and any and all swap breakage costs outstanding under the First
Priority Credit Agreement or any other First Priority Financing
Document prior to the filing for chapter 11 protection.  The
Debtors will provide copies of any invoices to counsel for the
Agents before and after the filing for chapter 11 protection,
the Second Lien Committee and any Committee.

In addition, the Debtors have also agreed to these provisions:

   (a) Replacement Liens.  To the extent of any diminution in
       the Collateral prior to the filing for chapter 11
       protection, replacement liens and superpriority
       administrative claims, which liens and claims will be,
       junior only to the Carve-Out, Permitted Liens, and the
       Liens and claims securing the DIP Obligations;

   (b) Debtors' Acknowledgement of Validity of Liens.  Subject
       to a 60-day investigation period for the official
       committee of unsecured creditors, the Debtors will
       acknowledge the validity, priority, and perfection of the
       claims and liens of the First Lien Representatives and
       First Lien Lenders and will waive any claims or causes of
       action against the First Lien Representatives and First
       Representatives;

   (c) Section 364(e) Protection.  To the extent applicable, the
       First Lien Representatives and First Lien Lenders receive
       the protections of Section 364(e);

   (d) Waiver of Section 506(c) Surcharge.  The Debtors waive
       the right to surcharge under Section 506(c) against the
       Collateral prior to chapter 11 protection filing and will
       not seek to prime the First Lien Lenders, or use the
       Collateral, other than pursuant to the terns set forth in
       the DIP Financing Motion and the DIP Order;

   (e) Termination Event.  Subject to reasonable notice prior to
       lifting of the automatic stay, consent to use of Cash
       Collateral terminates if the DIP Facility terminates or
       the Debtors do not make the First Lien Adequate
       Protection Payments;

   (f) Consent Requirement.  Nothing in the DIP Order will be
       deemed a finding of adequate protection for the non-
       consensual use of Cash Collateral;

   (g) 45-Day Limit to Use of Cash Collateral.  Unless the First
       Lien Representatives' and First Lien Lenders' otherwise
       consent, the First Lien Representatives' and First Lien
       Lenders' consent to the use of Cash Collateral will
       terminate unless:

        (i) within the 45 days of the Petition Date, the
            Court enters the Final DIP Order, and

       (ii) upon entry of the Final DIP Order, the First Lien
            Revolver has been refinanced;

   (h) Reservation of Indemnification Rights.  Subsequent to,
       and notwithstanding, refinancing of the First Lien
       Revolver, the First Lien Representatives and First Lien
       Lenders reserve the right to assert indemnification
       claims against the Debtors under the First Lien
       Agreements;

   (i) Reservation of Right to Seek Further Adequate Protection.
       Subject to the creditors committee's Investigation
       rights, the First Lien Administrative Agent reserves its
       right to seek further adequate protection or seek lifting
       of the automatic stay if refinancing of the First Lien
       Revolver does not occur upon entry of the Final DIP
       Order; and

   (j) Limitations on Use of Cash Collateral.

        i. Other than with respect to US$25,000 that can be used
           by the Creditors Committee for the Investigation, no
           party, including the creditors committee, can use
           Cash Collateral to pursue actions, claims, or
           challenges against the First Lien Representatives or
           the First Lien Lenders; and

       ii. Cash Collateral will only be used in accordance with
           the DIP Documents and DIP Orders.

Mr. Collins also notes that the First Lien Lenders' interests
are also more than adequately protected by the existence of a
substantial equity cushion.

According to Mr. Collins, despite the comprehensive nature of
the proffered adequate protection measures, the Debtors are
given to understand that a minority of First Lien Lenders may
not have agreed to consent to being primed on an interim basis
until entry of the Final DIP Order.

The Debtors nonetheless do not expect that any First Lien Lender
will object to entry of the Interim DIP Order.  If there is an
objection, the Debtors are prepared to go forward to establish
that the First Lien Lenders are adequately protected, Mr.
Collins avers.

          Adequate Protection of Second Lien lenders

The Debtors also seek to provide adequate protection to the
Second Lien Lenders on account of the Debtors' continuing use of
their Cash Collateral and the priming of the Second Lien Term
Loan by the DIP Facility.

The Debtors have reached an interim agreement on adequate
protection terms with the Ad Hoe Committee of Second Lien
Lenders, which holds or controls a majority in principal amount
outstanding under the Second Lien Term Loan.

The Interim DIP Order will state that for the avoidance of
doubt, the Debtors, the DIP Agents and the DIP Lenders
acknowledge that the Second Lien Lenders have stated that they
do not consent and do not currently intend to consent to the
entry of the Final Order unless certain changes are made to
the Final Order compared to the Interim Order.

If, by the Final Hearing, the Debtors and the Second Lien
Committee cannot reach a full and final accord, the Debtors
reserve their right to seek Court approval of the repayment of
the First Lien Revolver, use of Cash Collateral and priming over
the objection of the Second Lien Committee.

As adequate protection to protect the Second Lien Lenders from
diminution, if any, in the value of their interest in their
collateral, the Debtors propose that:

   (a) they will timely make current cash payment of interest on
       each monthly "Interest Payment Date" starting with
       Dec. 1, 2006, and for the next succeeding five monthly
       Interest Payment Dates, at the rate equal to the greater
       of:

         (x) LIBOR plus 4.75% per annum plus the difference, if
             any, between (i) the weighted average Flex and (ii)
             6.75% and

         (y) the rate applicable to the DIP Term Loan plus 1.55%
             per annum.

       Notwithstanding this Stated Rate, the Second Lien
       Committee has asserted that the appropriate contractual
       (non-default) rate under the Second Lien Credit Agreement
       is the "Base Rate" option, and the Second Lien Lenders or
       the Second Priority Representative will be entitled to
       assert that the increment between the Stated Rate and the
       "Base Rate" option should continue to accrue as part of
       the claims under the Second Lien Credit Agreement.  At
       the same time, the parties have agreed that, for so long
       as the monthly interest payments at the Stated Rate are
       timely paid, the contractual default rate under the
       Second Lien Credit Agreement will be deemed to have been
       waived.

       The interest payment due on December 1 will include all
       interest accrued to the date (at the Stated Rate),
       provided that if the Final DIP Order has not been entered
       on or before the date, the first and second interest
       payments will both occur on Jan. 2, 2007, and will
       include the amounts that otherwise would have been paid
       on Dec, 1, 2006, in addition to the amounts owing on
       Jan. 2, 2007;

   (b) on a monthly basis, the Debtors will reimburse the
       reasonable fees and expenses of:

        (i) Lazard Freres & Co. LLC, the financial advisor to
            the Second Lien Committee in the amount of
            US$150,000 per month plus expenses;

       (ii) Bingham McCutchen LLP, lead counsel to the Second
            Lien Committee, together with Delaware counsel and,
            upon notice to the Debtors, other local counsel
            reasonably necessary to protect the interests of the
            Second Lien Committee;

      (iii) JPMorgan Chase Bank, N.A., as the Second Lien
            Administrative Agent, including its contractual
            agent fees and the fees and expenses of its counsel,
            but in each case only to the extent reasonably
            necessary to administer the Second Lien Credit
            Agreement and without duplication of the services
            rendered by counsel to the Second Lien Committee,
            and

       (iv) Wilmington Trust Company as the Second Lien
            Collateral Agent including its contractual agent
            fees and the fees and expenses of its counsel, but
            in each case only to the extent reasonably necessary
            to administer the Second Lien security agreements
            and without duplication of the services rendered by
            counsel to the Second Lien Committee or counsel to
            the Second Lien Administrative Agent; and

   (c) the monthly interest payments will continue to be timely
       paid by the Debtors after the sixth monthly interest
       payment, unless, on no shorter than 20 days' notice, the
       Debtors will obtain a Court order permitting the Debtors
       to discontinue making any or all of the monthly interest
       payments falling due after the entry of the Court order.
       In all events, the Second Lien Adequate Protection
       Obligations will remain in full force and effect unless
       the Court orders otherwise;

   (d) If they timely make 12 consecutive interest payments
       starting with the first interest payment, any prepayment
       fee arising under the Second Lien Credit Agreement will
       be deemed to have been waived; and

   (e) to the extent of any diminution in the Collateral prior
       to the filing for chapter 11 protection, replacement
       liens and superpriority Administrative claims, which
       liens and claims will be junior only to the Carve-Out,
       Permitted Liens, the Liens and claims securing the DIP
       Obligations, the liens And claims securing the First Lien
       Revolver, and the replacement liens and superpriority
       claims of the First Lien Representatives and the First
       Lien Lenders as part of the First Lien Adequate
       Protection Obligations.

Additionally, the Debtors stipulate that:

   (i) the DIP Facility commitments will not exceed
       US$300,000,000;

  (ii) they waive the right to surcharge under Section 506(c)
       against the Collateral before the chapter 11 protection
       filing and will not seek to prime the Second Lien
       Lenders, or use the Collateral, other than pursuant to
       the terms set forth in this motion and the DIP Order; and

(iii) nothing in the DIP Order will be deemed a finding of
       adequate protection for the non-consensual use of Cash
       Collateral.

         Debtors Say Provisions are Fair & Reasonable

The Debtors believe that the Adequate Protection Obligations are
sufficient to protect any diminution in the value of the Secured
Lenders interests', prior to the filing for chapter 11
protection during the period their collateral is used by the
Debtors, and are fair and reasonable.

Accordingly, the Debtors ask the Court to enter an interim and
final order:

    (a) authorizing them to use the Cash Collateral;

    (b) granting the Secured Lenders prior to the bankruptcy
        case, adequate protection with respect to, inter alia,
        the use of the Cash Collateral and all use and
        diminution in the value of the Collateral prior to the
        filing for chapter 11 protection;

    (c) approving the Debtors' stipulations with respect to the
        First Lien Agreements and Second Lien Agreements and the
        liens and security interests arising therefrom; and

    (d) limiting their right to surcharge against collateral
        pursuant to Section 506(c).

                   About DURA Automotive Systems

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

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants
for.  As of July 2, 2006, the Debtor had US$1,993,178,000 in
total assets and US$1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Ontario Court Recognizes Chapter 11 Case
---------------------------------------------------------
The Ontario Superior Court of Justice, entered a "Foreign
Recognition Order," which recognized under Canadian law the
Chapter 11 bankruptcy proceedings commenced by DURA Automotive
Systems Inc. and its U.S. and Canadian subsidiaries filed in the
United States Bankruptcy Court for the District of Delaware on
Oct. 30, 2006.

DURA's European and other operations outside of the U.S. and
Canada, accounting for around 51% of DURA's revenue, are not
part of the Chapter 11 proceedings nor are they part of the
Canadian Court proceedings.  DURA's European and other non-US
and non-Canadian operations therefore remain unaffected by
either orders entered by the U.S. Bankruptcy Court or the
Canadian Court's Foreign Recognition Order.

In the Foreign Recognition Order, the Canadian Court also:

     -- Granted a stay of all proceedings in Canada against DURA
        and its U.S. and Canadian subsidiaries;

     -- Recognized the U.S. Bankruptcy Court's interim order
        authorizing DURA to access up to US$50 million of the
        around US$300 million in Debtor in Possession
        (DIP) financing from Goldman Sachs, GE Capital and
        Barclays;

     -- Appointed RSM Richter Inc. as Information Officer for
        Canadian stakeholders in respect of DURA's Canadian
        recognition proceedings; and

     -- Recognized all other "first day orders" of the U.S.
        Bankruptcy Court that DURA submitted to the Ontario
        Court for recognition.

These other first day orders authorize DURA and its U.S. and
Canadian subsidiaries to:

      * Pay employee salaries, wages and benefits that accrued
        prior to the petition filing date;

      * Pay certain critical pre petition filing date vendor
        claims and certain claims of vendors whose goods were
        received within the 20 day period prior to the petition
        filing date;

      * Provide "adequate assurance" to utilities in the form of
        a deposit equal to an average of 2 weeks' worth of
        utilities' bills;

      * Pay all "trust fund" and similar taxes accruing prior to
        the petition filing date; and

      * Continue using the pre petition cash management system.

DURA and its U.S. and Canadian subsidiaries previously said that
they will be paying, in the ordinary course of business, all
post petition employee, wages, salaries and benefits accruing on
and after the petition filing date.  They will also be paying on
a going forward basis, and in the ordinary course of business,
all vendors and service providers who provide goods and
services to them after the petition filing date.

The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware is presiding over the Chapter 11
proceedings of Dura and its U.S. and Canadian subsidiaries.

The Application Record filed in respect of the hearing and the
Foreign Recognition Order will be posted at
http://www.rsmrichter.com/

                   About DURA Automotive Systems

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

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants
for.  As of July 2, 2006, the Debtor had US$1,993,178,000 in
total assets and US$1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Receives NASDAQ Delisting Notice
-------------------------------------------------
DURA Automotive Systems Inc. received a delisting notification
from the Nasdaq Stock Market dated Oct. 30, 2006.  Trading of
DURA's common stock will be suspended at the opening of business
on Nov. 8, 2006.  The company does not intend to appeal the
decision.

NASDAQ indicated in its letter that the delisting determination
was prompted in light of DURA's voluntary filing for protection
under Chapter 11 of the U.S. Bankruptcy Code and was based on
Nasdaq Marketplace Rules 4300, 4450(f), and IM-4300.

On Oct. 30, DURA and its U.S. and Canadian subsidiaries filed
for protection under Chapter 11 of the U.S. Bankruptcy Code with
the U.S. Bankruptcy Court for the District of Delaware.  DURA's
European and other operations outside of the U.S. and Canada,
accounting for around 51% of DURA's revenue, are not part of the
filing.

                   About DURA Automotive Systems

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

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants
for.  As of July 2, 2006, the Debtor had US$1,993,178,000 in
total assets and US$1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DV-COM LIMITED: Creditors Confirm Liquidators' Appointment
----------------------------------------------------------
Creditors of DV-COM Limited confirmed Oct. 26 the appointment of
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
as the company's Joint Liquidators.

The company can be reached at:

         DV-COM Limited
         49 Hanbury Road
         Droitwich
         Worcestershire WR9 8PR
         United Kingdom
         Tel: 01905 778 957


DUNNSPRINT LIMITED: Taps Liquidators from Fisher Partners
---------------------------------------------------------
Stephen Katz and David Birne of Fisher Partners were appointed
Joint Liquidators of Dunnsprint Limited on Oct. 25 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Dunnsprint Limited
         Clarence Works
         Clarence Road
         Eastbourne
         East Sussex BN228HJ
         United Kingdom
         Tel: 01323 410 902
         Fax: 01323 410 573


GENERAL MOTORS: Delphi Deal Coming Soon, Rick Wagoner Says
----------------------------------------------------------
General Motors Corp. anticipates forging a deal with Delphi
Corp. over contributions to the bankrupt auto parts maker's
labor costs "reasonably soon," The Wall Street Journal reports.

GM CEO Rick Wagoner told The Journal's Gordon Fairclough that "a
huge amount of progress has been made" towards a compromise with
Delphi.  GM had recently updated estimates related to benefit
guarantees as a result of progress in ongoing discussions with
Delphi and its unions.

In its report for the quarter-period ended Sept. 30, 2006, GM
disclosed that it has narrowed the range of estimated potential
exposure related to Delphi's bankruptcy at between US$6 billion
and US$7.5 billion pre-tax, as compared to a previously
disclosed range of US$5.5 to US$12 billion.

Reflecting these updated estimates, GM also increased the
reserve for its contingent liability for Delphi by US$500
million in the third quarter, bringing the total charges taken
to date to US$6 billion pre-tax.  In addition to these charges,
the final agreement with Delphi may result in GM agreeing to
reimburse Delphi for certain labor expenses to be incurred upon
and after Delphi 's emergence from bankruptcy.

The initial payment in 2007 is not expected to exceed
approximately US$400 million pre-tax, and the ongoing expenses
would be of limited duration and estimated to average less than
US$100 million pre-tax annually.

                          About Delphi

Troy, MI-based Delphi Corporation -- http://www.delphi.com/--
supplies vehicle electronics, transportation components,
integrated systems and modules, and other electronic technology.
The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler
Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors
in their restructuring efforts.  Robert J. Rosenberg, Esq.,
Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham &
Watkins LLP, represents the Official Committee of Unsecured
Creditors.  As of Aug. 31, 2005, the Debtors' balance sheet
showed US$17,098,734,530 in total assets and US$22,166,280,476
in total debts.

                    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: Reduces Third Quarter Net Loss to US$91 Million
---------------------------------------------------------------
General Motors Corporation's consolidated net loss for the third
quarter of 2006 has been reduced by US$24 million to a net loss
of US$91 million.  General Motors Corporation previously
announced preliminary consolidated net loss for the third
quarter of 2006 as
US$115 million.

The reduction in net loss is attributable to additional loan
sales that had not been previously reported by GM's unit,
General Motors Acceptance Corporation LLC.  GMAC has also
revised its loss to US$325 million, from the US$349 million it
reported earlier, the Associated Press reports.

A full-text copy of GM's revised quarterly report, filed with
the U.S. Securities and Exchange Commission on Nov. 7, 2006, is
available for free at http://researcharchives.com/t/s?14a0

                    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 USUS$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 USUS$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.


IMATE WINDOWS: Claims Filing Period Ends Dec. 27
------------------------------------------------
Creditors of Imate Windows & Conservatories Limited have until
Dec. 27 to detail their names and addresses (and Solicitors if
applicable), together with particulars of their debts or claims,
in writing, or in person, to appointed Liquidator Duncan R. Beat
at:

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

The company can be reached at:

         Imate Windows & Conservatories Limited
         2b Limberline Road
         Hilsea
         Portsmouth
         Hampshire PO3 5JF
         United Kingdom
         Tel: 023 9263 9982


JACKSON'S BASINGSTOKE: Car Dealer & Service Center Up for Sale
--------------------------------------------------------------
Matthew Wild and Bruce Mackay at Baker Tilly, in their capacity
as Joint Administrators of Jackson's (Basingstoke) Ltd., are
offering to sell the company's business and assets, which
include the sale of its Jackson's (Basingstoke) and Jackson's
Motorland operations.

Features:

Jackson's (Basingstoke)

   -- long-established truck center and car service center;

   -- paint and body repair center approved by most insurers;

   -- HGV safety inspection center;

   -- MOT center for classes 4,5 & 7;

   -- Tachograph center;

   -- excellent long leasehold site measuring 1.066 hectares
      (2.634 acres)

   -- 67 years unexpired ground rent;

   -- annual turnover of around GBP2 million;

Jackson's Motorland

   -- established car dealership business;

   -- freehold showroom and service center on site measuring
      0.255 hectares (0.828 acres);

   -- fully-equipped service and valeting center;

   -- good car sales frontage;

   -- large stock of used cars; and

   -- annual turnover of GBP3.2 million.

Inquiries can be addressed to:

         Guy Jackson or Michele Lockyer
         Baker Tilly
         Tel: 01483 307000
         E-mail: guy.jackson@bakertilly.co.uk
                 michele.lockyer@bakertilly.co.uk

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.


OCEAN DRIVE: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------
Creditors of Ocean Drive Hair & Beauty Limited confirmed
Oct. 27 the appointment of Roderick Graham Butcher of Butcher
Woods as the company's Liquidator.

The company can be reached at:

         Ocean Drive Hair & Beauty Limited
         Butcher Woods
         79 Caroline Street
         Birmingham
         West Midlands B3 1UP
         United Kingdom
         Tel: 01527 62076


PENWRIGHT CONSTRUCTION: Names Liquidators from Abbott Fielding
--------------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Joint Liquidators of Penwright Construction Limited on Oct. 30
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Penwright Construction Limited
         320a Dukes Mews
         Haringey
         London N10 2QN
         United Kingdom
         Tel: 020 8883 5767
         Fax: 020 8365 3238


QUANTUM ENVIRONMENTAL: Appoints J. M. Titley as Liquidator
----------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed Liquidator of
Quantum Environmental Design Limited on Oct. 27 for the
creditors' voluntary winding-up proceeding.

Headquartered in Bolton, England, Quantum Environmental Design
Limited -- http://www.qedbolton.co.uk/-- was established in
1986 as a Practice of professionally qualified Building Services
Consulting Engineers.  The Practice undertakes all types of
design and advisory briefs relating to the building services
elements of new build and refurbishment projects.  Its services
include the design of heating, ventilation, air conditioning,
chilled water, water services and public health systems as part
of mechanical services duties and fire alarm, CCTV, intruder
alarm, public address, general lighting and emergency lighting
and power distribution systems as part of electrical services
duties.


SCOTTISH RE: Board Approves Senior Executive Success Plan
---------------------------------------------------------
In a filing with the U.S. Securities and Exchange Commission,
Scottish Re Group Ltd. disclosed of the approval of an amended
employment agreement, dated July 1, 2002, between Paul Goldean
and the company.

Pursuant to the amendment, Mr. Goldean will serve as President
and Chief Executive Officer of Scottish RE, nunc pro tunc to
Oct. 26, 2006, with an annual base salary of US$550,000.

Also, the company's board of directors approved a Senior
Executive Success Plan.  The Plan's purpose is to retain
essential personnel through the transition period relating to
the possible sale Scottish RE.

Participation in the Plan is limited to these executives, each
of whom will receive the guaranteed payout listed below if the
transaction is completed:

      Executive                  Guaranteed Payout
      ---------                  -----------------
      Paul Goldean                  US$300,000
      Dean Miller                   US$200,000
      Cliff Wagner                  US$200,000
      David Howell                  US$200,000
      Jeff Delle Fave               US$100,000

In addition to the guaranteed payouts, each of the executives
will receive additional payments to the extent that the sales
price of the company in the transaction exceeds certain
thresholds established by the Board.

If any of the executives leave Scottish RE prior to the
completion of the transaction, that executive will forfeit his
right to any payments under the Plan.  The executives will be
entitled to payments under the Plan 90 days after the completion
of the transaction unless that executive is terminated by the
company for cause or due to resignation without good reason, in
which case the payment will be forfeited.  Payments under the
Plan will be includable in calculations related to Section 280G
of the United States Internal Revenue Code of 1986, as amended.

Scottish Re Group Limited -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
companies in Bermuda, Charlotte, North Carolina, Dublin,
Ireland, Grand Cayman, and Windsor, England.  At March 31, 2006,
the reinsurer's balance sheet showed US$12.2 billion assets and
US$10.8 billion in liabilities

                        *     *     *

On Aug. 21, 2006, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'BB+'.

Moody's Investor Service downgraded Scottish Re's senior
unsecured debt rating to Ba3 from Ba2 due to liquidity issues.

A.M. Best Co. has downgraded on Aug. 22, 2006, the financial
strength rating to B+ from B++ and the issuer credit ratings to
"bbb-" from "bbb+" of the primary operating insurance
subsidiaries of Scottish Re Group Limited (Scottish Re) (Cayman
Islands).  A.M. Best has also downgraded the ICR of Scottish Re
to "bb-" from "bb+".  AM Best put all ratings under review with
negative implications.


SERBHIS GROUP: Brings In Liquidators from O'Hara & Co.
------------------------------------------------------
Peter O'Hara and Simon Weir of O'Hara & Co. were appointed Joint
Liquidators of Serbhis Group Limited on Oct. 26 for the
creditors' voluntary winding-up procedure.

Headquartered in Leeds, England, Serbhis Group Limited provides
cleaning and maintenance services.


SUPERIOR ENERGY: S&P Affirms BB Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating and its 'BB-' senior unsecured rating on Superior
Energy Services Inc., and also assigned its 'BB+' senior secured
rating and '1' recovery rating to Superior's US$200 million term
loan B.

The outlook is stable.

Harvey, La.-based Superior, a provider of offshore well
services, rental tools, and liftboat-based services primarily in
the U.S. Gulf of Mexico and Gulf Coast markets, will have around
US$520 million of debt on a pro forma basis after this
transaction.

Proceeds from the US$200 million term loan will be used to help
fund the US$358 million acquisition of Warrior Energy Services
Corp., expected to close in fourth-quarter 2006.  The balance of
the acquisition price will be financed with the issuance of
roughly 5.3 million shares of common stock.

The ratings on Superior reflect its limited geographic
diversification, highly cyclical markets, and a growing crude
oil and natural gas production business, viewed as higher risk
than the remainder of Superior's business portfolio.  Solid
financial measures, good cash flow generation, and moderate
spending needs buffer these weaknesses.

The stable outlook reflects the expectation that Superior will
remain focused on its core services business.

In addition, Superior is expected to continue to make
opportunistic acquisitions, while maintaining a moderate
financial policy.

"If Superior increases its oil and gas production beyond its
stated goal of 25% EBITDA, or if that segment exhibits greater-
than-expected volatility, ratings would come under negative
pressure," Standard & Poor's credit analyst Paul B. Harvey said.

"However, if Superior can successfully expand away from the Gulf
of Mexico and bolster its business risk profile, ratings could
be raised over the medium to long term," Mr. Harvey continued.

Superior Energy Services, Inc., is headquartered in Harvey,
Louisiana. The company has operations in the United States,
Trinidad and Tobago, Australia, the United Kingdom, and
Venezuela, among others.


SUPERIOR ENERGY: Appoints Harold Bouillion as Board Director
------------------------------------------------------------
Superior Energy Services, Inc. 's board of directors, at the
recommendation of its Nominating and Corporate Governance
Committee, has appointed Harold J. Bouillion to serve as a
director until the 2007 annual meeting of stockholders.

From 1966 until 2002, Mr. Bouillion was with KPMG LLP where he
served as Managing Partner of the New Orleans office from 1991
through 2002 and as Tax Partner-in-Charge of the New Orleans
office from 1977 through 1991.  Since his retirement from KPMG
in 2002, Mr. Bouillion has served as the Managing Director of
Bouillion & Associates, LLC, which provides tax and financial
planning services.

Terence Hall, Chairman and CEO of Superior, stated, "We are
pleased to welcome Harold to our Board. His financial expertise
and knowledge of our company should be an excellent complement
to the industry experience and financial background of our other
directors."

Mr. Bouillion is a Certified Public Accountant.  He currently
serves on the boards of several New Orleans-area community
organizations, including the National World War II Museum, the
UNO Foundation, and Goodwill Industries of Southeastern
Louisiana, Inc. Mr. Bouillion earned a bachelor's degree in
Accounting from the University of Louisiana-Lafayette and his
MBA from Louisiana State University.

Superior Energy Services, Inc. -- http://www.superiorenergy.com/
-- provides specialized oilfield services and equipment focused
on serving the production-related needs of oil and gas companies
primarily in the Gulf of Mexico and the drilling-related needs
of oil and gas companies in the Gulf of Mexico and select
international market areas.  The company uses its production
related assets to enhance, maintain and extend production and,
at the end of an offshore property's economic life, plug and
decommission wells.  Superior also owns and operates mature oil
and gas properties in the Gulf of Mexico.

The company has operations in the United States, Trinidad and
Tobago, Australia, the United Kingdom, and Venezuela, among
others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating and its 'BB-' senior unsecured rating on Superior
Energy Services Inc., and also assigned its 'BB+' senior secured
rating and '1' recovery rating to the company's US$200 million
term loan B.  S&P said the outlook is stable.


TOM SOYA: RSM Robson Rhodes Selling Dairy Beverage Supplier
-----------------------------------------------------------
Mike Hore and Charles Escott, in their capacity as joint
administrators of Waterfront Corporation Ltd. and Tom Soya Ltd.,
are offering to sell the companies' businesses and assets.

The companies for sale manufacture and pack dairy- and fruit-
based beverages, including meal replacement drinks and
smoothies.  The companies also manage a specialized plant for
aseptic packaging and operate from leasehold premises in
North Wales.  Supplying major supermarkets, the companies have
annual turnover of around GBP2.3 million.

Inquiries can be addressed to:

         Ian Richardson or Paul Seddon
         RSM Robson Rhodes LLP
         Colwyn Chambers
         19 York Street
         Manchester M2 3BA
         United Kingdom
         Tel: 0161 236 3777
         Fax: 0161 455 3444

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.


UPGRADE RECRUITMENT: Marriotts LLP Selling Human Resource Biz
-------------------------------------------------------------
Kevin T. Brown FCA at Marriotts LLP, in his capacity as
administrator of Upgrade Recruitment Limited, is offering to
sell the company's business and assets as a going concern.

The company is an eight-year old recruitment agency posting an
annual turnover of GBP1.6 million.  Upgrade Recruitment
currently has a roll of around 100 "Temp" staff on regular
assignment to blue chip and local authority customers.

Upgrade Recruitment operates from high street location leasehold
premises with fully computerized booking and billing system.

Inquiries can be addressed to:

         Kevin Brown
         Marriotts LLP
         Allan House
         10 John Princes Street
         London W1G 0AH
         United Kingdom
         Tel: 020 7495 2348


VALENCIA HIPOTECARIO: Fitch Junks EUR10.4 Million Class D Notes
---------------------------------------------------------------
Fitch Ratings assigned expected ratings to Valencia Hipotecario
3 FTA's residential mortgage-backed floating-rate notes as
follows:

   -- EUR90 million Class A1: 'AAA'
   -- EUR780.7 million Class A2: 'AAA'
   -- EUR20.8 million Class B: 'A+'
   -- EUR9.1 million Class C: 'BBB'
   -- EUR10.4 million Class D: 'CCC'

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

This EUR911m transaction is the third standalone securitisation
of residential mortgage loans originated by Banco de Valencia
(rated 'A'/'F1').

The expected ratings are based on the quality of the collateral,
the available credit enhancement, Banco Valencia's underwriting
and servicing capabilities, the integrity of the transaction's
legal and financial structure and Europea de Titulizacion's
administrative capabilities.  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 and C notes, as well as the repayment of
principal by legal final maturity in September 2044.

At closing credit enhancement for the Class A1 and A2 notes will
total 4.47% and will be provided by the subordination of the
Class B and C notes (3.31%) and the reserve fund (1.15%).  In
addition to subordination and the reserve fund, the transaction
will also benefit from excess spread.  At closing, the proceeds
of the un-collateralised Class D notes will be used to fund the
initial balance of the reserve account.


WATERFRONT CORP: Fruit-Based Beverage Supplier Up for Sale
----------------------------------------------------------
Mike Hore and Charles Escott, in their capacity as joint
administrators of Waterfront Corporation Ltd. and Tom Soya Ltd.,
are offering to sell the companies' businesses and assets.

The companies for sale manufacture and pack dairy- and fruit-
based beverages, including meal replacement drinks and
smoothies.  The companies also manage a specialized plant for
aseptic packaging and operate from leasehold premises in
North Wales.  Supplying major supermarkets, the companies have
annual turnover of around GBP2.3 million.

Inquiries can be addressed to:

         Ian Richardson or Paul Seddon
         RSM Robson Rhodes LLP
         Colwyn Chambers
         19 York Street
         Manchester M2 3BA
         United Kingdom
         Tel: 0161 236 3777
         Fax: 0161 455 3444

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.


XEROX CORP: Moody's Reviewing Ratings and May Upgrade
-----------------------------------------------------
Moody's Investors Service placed the ratings of Xerox Corp. and
supported subsidiaries under review for possible upgrade.
Overall, Moody's believes that the combination of consistent
business execution, secured debt reduction, and positive
operating trends warrant the consideration of a rating upgrade.

Ratings under review for possible upgrade include:

Xerox Corp.:

    * Corporate Family Rating at Ba1
    * Senior unsecured at Ba1, LGD3, 48%
    * Senior unsecured shelf registration at (P) Ba1, LGD3, 48%
    * Subordinated at Ba2, LGD6, 94%
    * Subordinated shelf registration at (P) Ba2, LGD6, 94%
    * Preferred shelf registration at (P) Ba2, LGD6, 97%

Xerox Credit Corp.:

    * Senior unsecured at Ba1 (support agreement from
      Xerox Corp.), LGD3, 48%

The rating review will focus on the prospects for:

   (1) continued steady business execution, that
       includes equipment installation growth that provides
       the basis for ongoing post sale revenue streams,

   (2) overall modest revenue growth,

   (3) consistent operating profitability in the 8-9% range,

   (4) ongoing annual cash flow from operations in the US$1
       to US$1.5 billion range,

   (5) continued reduction of secured debt, which reduction
       Moody's expects should approximate US$1 billion annually

   (6) the maintenance of solid liquidity and
       continued discipline with respect to share
       repurchase activity which should funded with with
       free cash flow generation.

Since Moody's changed the ratings outlook to positive in
September 2005, Xerox has continued to demonstrate good
installation growth throughout its product offering and, with a
good product lineup.  At the same time, overall product mix has
shifted slightly downward, which has contributed to slight
pressure on gross margins, although they remain over 40%.
Consistent and well-managed operating expenses have contributed
to operating margins remaining in the 8% to 9% range.

Importantly, the company has continued to consistently reduce
the level of secured debt in its capital structure.  Since
June 2005, secured debt has been nearly cut in half to
US$2.3 billion and we expect that this trend should continue.
Liquidity remains solid, with cash balances of US$1.6 billion at
September 2006 plus access to a US$1.25 billion unsecured
revolving credit facility, for which covenant room is expected
to remain ample.

Xerox Corp., headquartered in Stamford, Connecticut, develops,
manufactures and markets document processing systems and related
supplies and provides consulting and outsourcing document
management services.

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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prior written permission of the publishers.

Information contained herein is obtained from sources believed
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The TCR Europe subscription rate is US$575 per half-year,
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members of the same firm for the term of the initial
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                 * * * End of Transmission * * *