TCREUR_Public/061109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, November 9, 2006, Vol. 7, No. 223

                            Headlines


A U S T R I A

BAUPUNKT NENAD: Property Manager Declares Insufficient Assets
CRC CARTOUCHE: Property Manager Places Property for Sale
GERHARD OSWIRT: Graz Court Orders Business Shutdown
IVBA STEINMETZ: Property Manager Names Representative
M.G.R. LLC: Property Manager Declares Insufficient Assets

RADULOVIC OBREN: Vienna Court Orders Business Shutdown
ROBINSON KEG: Vienna Court Orders Business Closure
W.M.P. LLC: Wiener Neustadt Court Orders Closing of Business
WAGNER HARALD: Vienna Court Orders Business Shutdown


B E L G I U M

CHIQUITA BRANDS: E.coli Concerns Cue S&P's B Corp. Credit Rating
UNITED BISCUITS: Moody's Withdraws Low-B Ratings on LBO


F R A N C E

AIRBUS SAS: Looks to Cut 80% of Suppliers in Restructuring Move
ALCATEL SA: Inks EUR16-Mln Info Program with Fiji Government
ALCATEL SA: S&P Keeps BB Rating on CreditWatch Negative
ALCATEL SA: Wins Networking Solution Deal with Kazakhtelecom
CA INC: Underperformance Spurs Moody's to Affirm Ba1 Rating

MAAX HOLDINGS: Moody's Assigns Loss-Given-Default Rating
MOSAIC CO: Refinancing Loans From New US$950-Mln Debt Offering
MOSAIC CO: Moody's Rates Proposed Sr. Unsecured Debt at Ba1
MOSAIC CO: Fitch Rates Proposed Sr. Unsecured Notes at BB


G E R M A N Y

AAREAL BANK: Fitch Lifts IDR to A- & Keeps C Individual Rating
ASH ABBRUCH: Claims Registration Ends November 15
AUTOHAUS TANGERMUENDE: Claims Registration Ends November 16
AVE SPEDITION: Claims Registration Ends November 17
BIFFAR IMMOBILIEN: Claims Registration Ends November 15

DK GEBAUDESERVICE: Claims Registration Ends November 15
HAUSSERVICE DIROLL: Claims Registration Ends November 15
JANSEN WOMAN: Claims Registration Ends November 15
MARTIN OETKEN: Claims Registration Ends November 16
MEDAX DESIGN: Claims Registration Ends November 17

NRG ENERGY: S&P Affirms B+ Rating on Hedging Arrangements
PROSIEBENSAT.1 AG: Italy's Mediaset S.p.A. Eyes 55% Stake
TENAX ENERGIE: Creditors' Meeting Slated for November 16
VOLKSWAGEN AG: MAN Contemplates on Buying VW Stake for EUR2 Bln
VOLKSWAGEN AG: CEO Bernd Pischetsrieder Resigns


H U N G A R Y

FLEXTRONICS INT'L: Fitch Downgrades Default Rating to BB+


K A Z A K H S T A N

ASTANA-AVTOCENTRE LLP: Creditors Must File Claims by Dec. 3
FAVORA LLP: Proof of Claim Deadline Slated for Dec. 3
KAZATOMPROM JSC: Fitch Assigns BB+ Issuer Default Rating
MINSKOYE LLP: Akmola Region Opens Bankruptcy Proceedings
SKIF CJSC: Creditors Must File Claims by Dec. 3

SVETOTECHNIKA LLP: Proof of Claim Deadline Slated for Dec. 3
TANDEM LLP: Claims Registration Ends Dec. 3
TRANS UNIVERSAL: Court Begins Bankruptcy Proceedings
TRECK OIL: Creditors' Claims Due Dec. 3
TULKUBAS TORG: Court Starts Bankruptcy Procedure

URALSK CLEAN: Creditors' Claims Due Dec. 3


K Y R G Y Z S T A N

ALA-ARCHINSKAYA PMK: Public Auction Scheduled for Nov. 24
BM-COMPANY LLC: Claims Registration Ends Dec. 27


L I T H U A N I A

MAZEIKIU NAFTA: Holding Confidence Vote on CEO Today


N E T H E R L A N D S

LUCENT TECHNOLOGIES: S&P Keeps B Rating on CreditWatch Negative
VNU NV: Appoints James Kilts to Supervisory Board


N O R W A Y

AKER KVAERNER: Inks NOK350 Million Process Equipment Deal
AKER KVAERNER: Inks Reselling Agreement with Alfa Laval


R O M A N I A

ROMEXTERRA BANK: S&P Lifts Rating on MKB's Stake Acquisition


R U S S I A

ACHINSKAYA FURNITURE: Bankruptcy Hearing Slated for January 15
ANGARSKAYA GARMENT: Asset Sale Slated for November 28
BAZHENOVSKIY OJSC: Bankruptcy Hearing Slated for February 1
BUILDER CJSC: Court Names A. Trifonov as Insolvency Manager
INDUSTRIAL ENGINEERING: Court Names Y. Boyko to Manage Assets

ISKRA CJSC: Moscow Court Names S. Suvorov as Insolvency Manager
IVANOVO-FURNITURE: Court Names Sh. Fazailov to Manage Assets
KALININGRADSKIY BUILDING: Court Starts Bankruptcy Supervision
NAZIYA CJSC: Court Names A. Trifonov as Insolvency Manager
NORTH-WEST: Fitch Puts B+ IDR on Rating Watch Evolving

PETRO-TOBACCO: Court Names A. Trifonov as Insolvency Manager
POKACHEV-AUTO-TRANS: Bankruptcy Hearing Slated for November 17
RUS'-INVEST OJSC: Court Names S. Suvorov as Insolvency Manager
RUSFINANCE BANK: S&P Assigns BB/B Counterparty Credit Ratings
SEVERSTAL OAO: Prices Global Offering at US$12.50 Per Share

SEVERSTAL OAO: Grants Over-Allotment Option to Citigroup
SLAVINVESTBANK: Fitch Places B- on Issuer Default Rating
THERMAL PROTECTION: Bankruptcy Hearing Slated for February 19
TMK OAO: Raises Over US$1 Billion From London IPO
TMK OAO: S&P Removes Ratings from CreditWatch After IPO

VNESHTORGBANK: Fitch Places BB Default Rating to Armenia Branch
WORLD TEXTILE-1: Court Names S. Suvorov as Insolvency Manager
YANUS-OIL-PRODUCT: Court Names A. Trifonov as Insolvency Manager

* S&P Assigns BB Rating on Bashkortostan's RUR1-Bln Bond Issue


S L O V A K   R E P U B L I C

UNIBANKA: Moody's Affirms D Financial Strength Rating


S W E D E N

FLEXTRONICS INT'L: Fitch Downgrades Default Rating to BB+


U K R A I N E

ALKOSOFT LLC: Court Names T. Tarasenko as Insolvency Manager
ATERA LLC: Court Names Oleksandr Chechelnitskij as Liquidator
BNTK LLC: Kyiv Court Begins Bankruptcy Supervision Procedure
DIBROVA LLC: Court Names Sergij Soldatkin as Insolvency Manager
ENTERPRISE KAMELIYA: Court Names Valentina Prutyan as Liquidator

KROIT LLC: Court Names P. Akinfiyev as Insolvency Manager
MOSAIC CO: Refinancing Loans From New US$950-Mln Debt Offering
MOSAIC CO: Moody's Rates Proposed Sr. Unsecured Debt at Ba1
MOSAIC CO: Fitch Rates Proposed Sr. Unsecured Notes at BB
SPETSBUD CJSC: Court Names Ivanov Kirilo as Insolvency Manager

TECHNOLOGICAL EQUIPMENT: Denis Matvijchuk to Liquidate Assets


U N I T E D   K I N G D O M

1ST ACCEL: Taps Richard Rones to Liquidate Assets
A.G. WATTS: Hires Liquidators from BDO Stoy Hayward LLP
AKER KVAERNER: Inks NOK350 Million Process Equipment Deal
AKER KVAERNER: Inks Reselling Agreement with Alfa Laval
ARCADIA CORPORATION: Names Paul James Fleming Liquidator

ASCOT CONSTRUCTION: Bank of Scotland Taps Deloitte as Receivers
BOWKER ARCHITECTURAL: Names C.H.I. Moore as Administrator
CA INC: Underperformance Spurs Moody's to Affirm Ba1 Rating
CAROLINA FURNITURE: Taps KPMG Restructuring to Administer Assets
CIRCUIT BASED: Appoints Gerald Irwin to Liquidate Assets

COMTEK NETWORK: Brings In BDO Stoy to Administer Assets
COTTAGE CRAFTS: Calls In Liquidator from Bulley Davey
D.B. ELECTRICAL: Appoints RSM Robson to Administer Assets
EASTMAN KODAK: Moody's to Focus Review on KHG's Potential Sale
EXEM LIMITED: Taps UHY Hacker Young as Joint Administrators

FERGUSONS OF NESTON: Claims Filing Period Ends Dec. 13
FWL TECHNOLOGIES: Barclays Bank Hires PwC as Joint Receivers
GENERAL MOTORS: Selling Hybrid Cars to Chinese Market in 2008
GENERAL MOTORS: Declares US$0.25 Per Share Quarterly Dividend
GEORGE TOWERS: Brings In Liquidator from Fergusson & Co. Ltd.

HOMESTEAD WINDOWS: Creditors Confirm Liquidators' Appointment
HOSKINS MANAGEMENT: Hires Administrators from Portland Business
JAROKEN LIMITED: Taps Tenon Recovery as Joint Administrators
KINGSTAR CONTRACTS: Appoints Begbies Traynor as Administrators
MARGAUX MATRIX: Appoints Administrators from Hurst Morrison

MORGAN STANLEY: Moody's Assigns D+ Financial Strength Rating
NORTEL NETWORKS: Global Operations Center to Create 300 Jobs
PRESENTATION CASES: Brings In Mazars LLP to Administer Assets
R SCAIFE: Appoints Liquidators from Wilson Field Ltd.
SEA CONTAINERS: Wants To Give Up Railway Services In May 2007

TOFU LIMITED: Names Nicholas Wood as Administrator
ULTIMATE HENGELSPORT: Creditors' Claims Due Nov. 27
UNITED BISCUITS: Moody's Withdraws Low-B Ratings on LBO
VENTURE DISTRIBUTION: Creditors' Meeting Slated for November 17
VERNBERRY LIMITED: Creditors' Meeting Slated for Nov. 14

XPRESS COPY: Hires Liquidators from Lines Henry

* Moody's Sees Cash Commingling Risk in EMEA ABS/RMBS Deals
* Europe's CMBS Industrial Markets Remain Strong, Moody's Says

* Upcoming Meetings, Conferences and Seminars

                            *********

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


BAUPUNKT NENAD: Property Manager Declares Insufficient Assets
-------------------------------------------------------------
Mag. Gerhard Bauer, the court-appointed property manager for KEG
Baupunkt Nenad Njagojevic (FN 252721z), declared Sept. 13 that
the Debtor's property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on June 9 (Bankr. Case No. 2 S 98/06h).

The property manager can be reached at:

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


CRC CARTOUCHE: Property Manager Places Property for Sale
--------------------------------------------------------
Dr. Gertraud Hofer, the court-appointed property manager for LLC
CRC Cartouche Recycling Centre (FN 216238y), declared Sept. 14
that the Debtor's property is up for sale or rent.

Headquartered in Oberwart, Austria, the Debtor declared
bankruptcy on July 26 (Bankr. Case No. 26 S 79/06d).

The property manager can be reached at:

         Dr. Gertraud Hofer
         Main Place 11
         Atrium
         Top 16 A
         7400 Oberwart, Austria
         Tel: 03352/31375
         Fax: 03352/31375-16
         E-mail: dr.hofer@utanet.at


GERHARD OSWIRT: Graz Court Orders Business Shutdown
---------------------------------------------------
The Land Court of Graz entered an order Sept. 15 shutting down
the business of LLC Gerhard Oswirt taraflex (FN 169311m).
Court-appointed property manager Otto Werschitz recommended the
business shutdown after determining that the Debtor's continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Otto Werschitz
         Neutorgasse 47/1
         8010 Graz, Austria
         Tel: 0316/820620-0
         Fax: 0316/820620-4
         E-mail: office@go-masseverwaltung.at

Headquartered in Graz - Strassgang, Austria, the Debtor declared
bankruptcy on Sept. 12 (Bankr. Case No. 40 S 43/06f).


IVBA STEINMETZ: Property Manager Names Representative
-----------------------------------------------------
Mag. Herbert Scaffler was appointed representative of Dr.
Sieglinde Schubert, court-appointed property manager of LLC IVBA
Steinmetz (FN 194537i) on Sept. 15.

The property manager and his representative can be reached at:

         Dr. Sieglinde Schubert
         c/o Mag. Herbert Schaffler
         Lerchenfelderstrasse 39
         1070 Vienna, Austria
         Tel: 368 49 50
         Fax: 368 49 50-50
         E-mail: sieglindeschubert@aon.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 30, 2003 (Bankr. Case No. 2 S 539/03g).


M.G.R. LLC: Property Manager Declares Insufficient Assets
---------------------------------------------------------
Mag. Stefan Jahns, the court-appointed property manager for LLC
M.G.R. (FN 205488p), declared Sept. 15 that the Debtor's
property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 25 (Bankr. Case No. 3 S 119/06d).

The property manager and his representative can be reached at:

         Mag. Stefan Jahns
         c/o Mag. Michael Neuhauser
         Esslinggasse 9
         1010 Vienna, Austria
         Tel: 536 50-0
         Fax: 536 50-14
         E-mail: officewien@aaa-law.at


RADULOVIC OBREN: Vienna Court Orders Business Shutdown
------------------------------------------------------
The Trade Court of Vienna entered an order Sept. 14 shutting
down the business of KEG Radulovic Obren Tanzcafe (FN 257211b).
Court-appointed property manager Guenther Hoedl recommended the
business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

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

The property manager's representative can be reached at:

         Dr. Felix Stortecky
         Dr.-Karl-Lueger-Place 2
         1010 Vienna, Austria
         Tel: 513 88 37
         Fax: 514 35 40

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 18 (Bankr. Case No. 2 S 132/06h).


ROBINSON KEG: Vienna Court Orders Business Closure
--------------------------------------------------
The Trade Court of Vienna entered an order Sept. 15 closing the
business of KEG Robinson (FN 226513h).  Court-appointed property
manager Guenther Hoedl recommended the business closure after
determining that the continuing operations would reduce the
value of the estate.

The property manager can be reached at:

         Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 14 (Bankr. Case No. 28 S 44/06h).


W.M.P. LLC: Wiener Neustadt Court Orders Closing of Business
------------------------------------------------------------
The Land Court of Wiener Neustadt entered an order Sept. 15
closing the business of LLC W.M.P. (FN 261468m).  Court-
appointed property manager Viktor Igali-Igalffy recommended the
business closure after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Dr. Viktor Igali-Igalffy
         Bruehlerstrasse 63
         2340 Moedling, Austria
         Tel: 02236/45240
         Fax: 02236/45240-22
         E-mail: vii@aon.at

Headquartered in Laxenburg, Austria, the Debtor declared
bankruptcy on July 28 (Bankr. Case No. 10 S 66/06v).


WAGNER HARALD: Vienna Court Orders Business Shutdown
----------------------------------------------------
The Trade Court of Vienna entered an order Sept. 15 shutting
down the business of KEG Wagner Harald (FN 254467t).

Court-appointed property manager Walter Engler recommended the
business shutdown after he announced that the property of the
bankrupt is insufficient to cover creditors' claims.

The property manager can be reached at:

         Dr. Walter Engler
         Wollzeile 18/14
         1010 Vienna, Austria
         Tel: 512 56 96
         Fax: 513 99 15
         E-mail: dr.engler@aon.at


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


CHIQUITA BRANDS: E.coli Concerns Cue S&P's B Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.

The ratings remain on CreditWatch with negative implications
where they were placed on Sept. 26, 2006, after the company's
announcement that third-quarter operating performance was
expected to be significantly affected by continued weak banana
prices in European and trading markets, excess fruit supply, and
lower sales/higher costs in its Fresh Express business because
of recent industry health concerns related to E.-coli-tainted
spinach.

Total debt outstanding at the company was about US$990 million
as of Sept. 30, 2006.

"The downgrade follows Chiquita's recent third-quarter earnings
release and reflects continued weak operating performance and
significantly higher than expected leverage," said
Standard & Poor's credit analyst Alison Sullivan.

For the twelve months ended Sept. 30, 2006, adjusted EBITDA
declined by 45% as compared to the prior-year period.

This included over a 75% decline in adjusted EBITDA for the
third quarter alone:

   -- Third-quarter operating performance was weaker than
      expected because of intense pricing pressure in Europe;
      and,

   -- unusually hot weather in northern Europe, which reduced
      consumer demand for bananas, depressed prices, and
      contributed to substantial price weakness in trading
      markets, where Chiquita incurred substantial losses on the
      sale of temporary excess supply from Latin America.

Additionally, Fresh Express experienced lower sales and higher
costs related to fresh spinach health concerns in the U.S.
beginning in mid-September, although there have been no
confirmed cases of consumer illness linked by the FDA to Fresh
Express products.  Chiquita is also faced with ongoing
challenging conditions in Europe after the tariff change
effective Jan. 2006, that has increased competition, leading to
lower pricing, and higher net tariff costs.

As a result, credit measures have weakened further.  Lease
adjusted total debt to EBITDA increased to about 6.5x for the
12 months ended Sept. 30, 2006 from about 4x at Dec. 31, 2006,
and we believe leverage could increase further over the near
term, given challenging operating conditions.

In addition, the company is seeking an amendment of its credit
facility to preclude any violation of its covenants that
otherwise would occur upon the expiration of the existing waiver
and to provide additional flexibility in future periods.

If Chiquita receives an amendment to its credit facility and
operating performance does not deteriorate significantly in the
interim, Standard & Poor's will affirm the 'B' corporate credit
rating, remove all ratings from credit watch and assign a
negative outlook.


UNITED BISCUITS: Moody's Withdraws Low-B Ratings on LBO
-------------------------------------------------------
Moody's Investors Service withdrew the B1 corporate family
rating assigned to United Biscuits Finance plc with a stable
outlook.  Moody's withdrew this rating at the request of the
company.  This follows the recent announcement of a secondary
LBO by private equity partners Blackstone and PAI for around
GBP1.6 billion, which is expected to be completed in December
2006.

Withdrawn ratings include:

    * B1 corporate family rating of United Biscuits Finance plc

    * Ba3 rating of the senior secured credit facilities
      A and B and the revolving credit facility borrowed
      at Regentrealm Limited; and

    * B2 rating of "first loss" term loan C borrowed at
      United Biscuits (UK) Limited.

United Biscuits Finance Ltd. is a leading manufacturer and
marketer of biscuits in the United Kingdom, and the second
largest manufacturer of biscuits in France, the Netherlands and
Belgium.  In the twelve months to April 22, 2006, the company
reported revenues and EBITDA of around GBP1.29 billion and
GBP212 million, respectively.


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


AIRBUS SAS: Looks to Cut 80% of Suppliers in Restructuring Move
---------------------------------------------------------------
Airbus S.A.S. will reduce 80% of its suppliers as part of a
critical restructuring program, company spokeswoman Marcella
Muratore was quoted by The Wall Street Journal as saying.

The spokeswoman did not identify the 2,500 suppliers that will
be affected or the timetable for the cuts, WSJ relates.

Airbus' owner, European Aeronautic Defence & Space Co., last
month disclosed of up to EUR2 billion in annual cost-savings
measure over the next four years.  The announcement came amidst
Airbus's two-year production delays of its A380 jets.

EADS co-CEO Louis Gallois, who replaced Christian Streiff last
month, has said the cost cuts are needed to allow for the launch
of another new plane -- the long-range A350, WSJ relates.

                FedEx Cancels Airbus A380 Order

Meanwhile, FedEx Corp. has cancelled its order for 10 A380s
valued at US$2.3 billion due to the related delays, Daniel
Michaels, Corey Dade and J. Lynn Lunsford write for WSJ.

"The airplane was delayed not once, but twice, with a level of
uncertainty that simply was unacceptable to us, given the steps
that we have taken to build our network out," Mr. Smith told the
paper.

According to the report, FedEx is replacing its Airbus orders
with 15 Boeing 777 freighters and options for 15 more, in a deal
valued at US$3.5 billion at list prices.  FedEx Chairman,
President & CEO Frederick W. Smith told WSJ that Airbus's
production issues threatened FedEx's international expansion in
light of its new Asia-Pacific hub slated to open in Guangzhou,
China, in December 2008.

Headquartered in Toulouse, France, Airbus S.A.S. --
http://www.airbus.com/en-- is a leading aircraft manufacturer
in Europe with around 55,000 people employed at sixteen sites in
Germany, France, Spain and the United Kingdom.


ALCATEL SA: Inks EUR16-Mln Info Program with Fiji Government
------------------------------------------------------------
The Fiji government has selected Alcatel S.A. as sole provider
of an advanced information and communications solution for an
e-government program.

This program, which started on Oct. 2, will increase the Fiji
administration's efficiency and enable better policy outcomes as
well as improve services delivery to the general public and
greater interaction with citizens.  The contract is valued at
EUR16 million.   The contract was won through Alcatel Shanghai
Bell, Alcatel's flagship Chinese company.

As the sole communication solution provider, Alcatel together
with National Computer Systems of Singapore, and Fiji Government
Implementation Agency Information Technology and Computing
Services will provide turnkey services to the Fiji government,
including consulting, program design, implementation, management
and maintenance as well as training. Upon the completion of the
project in 2008, Fijian ministries, businesses, and citizens
will be encouraged to directly access the information and
services online and participate in the governance process.

The project also includes a private IP voice and data
communication solution, as well as IT platforms, including
security and network management.

"The objective of the Fiji e-government program, at the broadest
level, is to improve social productivity, economic growth,
employment creation and quality of life for our citizens.  The
project is not only visionary, but also comprehensive and
tailored to answer the needs of Fiji today," said Ratu Jone
Kubuabola, Fiji's Minister for Finance and National Planning.

"We will fully leverage Alcatel's strong expertise in e-
government projects and in integration services worldwide to
help Fiji reach their objectives in terms of social and economic
development and growth of the country, thus enabling all to
benefit from the innovative e-services that will be delivered,"
said Gerard Dega, President of Alcatel Shanghai Bell.

                          About Alcatel

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

                         *     *     *

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

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


ALCATEL SA: S&P Keeps BB Rating on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' long-term
corporate credit rating on France-based Alcatel and its 'B'
long-term corporate credit rating on U.S.-based Lucent
Technologies Inc. remain on CreditWatch with negative and
positive implications, respectively, where they were placed on
March 24 on news of the two telecoms equipment makers' plans to
merge.

The ratings will remain on CreditWatch until completion of the
merger and clarification of the ranking and support mechanisms
for the various debt classes within the merged group's capital
structure.  The ratings on the individual debt issues of each
company will be clarified at that time.

Standard & Poor's 'B' and 'B-1' short-term corporate ratings on
Alcatel and Lucent, respectively, are not on CreditWatch and
remain unchanged.

Alcatel and Lucent are in the final stages of their merger
process.  To date, all approvals have been received from the
shareholders and regulators -- except that from the Committee on
Foreign Investments in the U.S. Both companies expect the merger
to be completed by the end of the calendar year.  Upon
completion, Standard & Poor's will lower its long-term corporate
credit rating on Alcatel (to be renamed Alcatel Lucent) to
'BB-', with a positive outlook.  At the same time, it will
withdraw its corporate credit ratings on Lucent.

"The anticipated 'BB-' rating on Alcatel Lucent upon completion
of the merger will reflect the challenges the combined company
will face in integrating the two entities from an organizational
and technological standpoint, carrying out a large restructuring
plan, and supporting significant levels of debt," said Standard
& Poor's credit analyst Leandro de Torres Zabala.

"The positive outlook would reflect the possibility of an
upgrade over the next 18 months if the combined company showed
clear progress in integrating the two companies and achieving
targeted synergies, reaching high-single-digit operating margins
(adjusted for purchase accounting) and meaningful sustained free
cash flow generation, as well as maintaining solid liquidity in
stable market conditions," Mr. de Torres added.

The merger has a clear logic, given continuing carrier
consolidation and the convergence of fixed and mobile network
technologies.  The combined company will have a larger scale,
greater product depth, wider geographic reach, and stronger R&D
capability.  Alcatel and Lucent expect the combined company to
extract about EUR1.4 billion in annual pretax cost synergies
during the first three years.

At the same time, the merger will entail a number of near-term
challenges, such as:

   -- the complexity of integrating two large organizations
      with different corporate cultures; integrating
      different technology platforms while preserving
      key customer relationships;

   -- implementing a EUR1.4 billion restructuring
      program leading to the reduction of the combined
      workforce by at least 10%; and

   -- continuing to support significant levels of debt
      and unfunded health care obligations.

The combined Alcatel Lucent will be headquartered in
Paris, France.  Pro forma for the Thales S.A. transaction and
the acquisition of Nortel's 3G activities, Standard & Poor's
estimates that Alcatel Lucent achieved EUR19 billion in sales in
2005 and had about EUR7.4 billion in debt securities outstanding
at Sept. 30, 2006.  At the same date, the combined company's pro
forma ratio of adjusted (for operating leases and pension and
health care liabilities) gross financial debt to EBITDA for the
12 months to Sept. 30, 2006, was about 4.6x.  This is partially
offset, however, by Alcatel Lucent's anticipated robust
liquidity -- with cash and marketable securities totaling
EUR7.5 billion -- and a fairly light maturity schedule.

The ratings on Alcatel Lucent will be supported by:

   -- S&P's assessment of moderate revenue growth prospects;
   -- a broad portfolio of wireline and wireless systems;
   -- large-scale, geographically diversified operations;
   -- strong customer relations;
   -- one of the largest R&D capabilities in the industry and
   -- robust liquidity.

The ratings will be constrained by:

   -- the very competitive telecoms equipment industry,
      notably in the context of continuing
      carrier consolidation;

   -- ongoing major changes in the industry's
      technology direction, resulting in potential rapid
      adverse changes in demand patterns;

   -- significant gross debt; and

   -- uneven free cash flow generation reflecting moderate
      sales growth, health care payments, restructuring
      costs, and working-capital changes.


ALCATEL SA: Wins Networking Solution Deal with Kazakhtelecom
------------------------------------------------------------
Kazakhtelecom JSC has selected Alcatel S.A.'s optical networking
solution for triple play service delivery, including enhanced
high-speed Internet access and evolution to IPTV (Internet
protocol television), across the country.

The new 6,000-km optical transport network will increase the
capacity and extend the reach of Kazakhtelecom's existing
infrastructure, broadening its service offering to new areas.

The turnkey project is scheduled for completion in the first
quarter of 2007.  Based on Alcatel's market-leading optical
networking technologies, the new network will be the longest
backbone network to be rolled-out in Central Asia, covering
around 133 districts, 10 regional and 14 local departments.

The deployment of Alcatel's end-to-end optical networking
solution will dramatically boost Kazakhtelecom's current network
capacity to cost-effectively support existing and new services,
including local to international voice services and
broadcasting.  This will enable Kazakhtelecom to optimize
bandwidth according to the multiple traffic loads and to improve
the quality of the xDSL service currently offered for high-speed
Internet access.

"Kazakhtelecom is successfully carrying out strategic programs
for the modernization of its telecommunication network, with a
focus on guaranteeing high-quality and universal accessibility
to services," Azamat Syrgabayev, Vice-President, and Chief
Technical Officer of Kazakhtelecom, stated.  "We firmly believe
that Alcatel's expertise in optical networking, along with its
deep understanding of customer needs, can help us broaden our
service offering and reinforce key benefits such as investment
protection and cost-effectiveness."

"Strengthening Alcatel's long-lasting cooperation with
Kazakhtelecom, this project marks a new important phase in the
deployment of advanced optical transport technologies," said
Romano Valussi, President of Alcatel's optical networking
activities.  "The functionality, flexibility and scalability
offered by our solutions will help Kazakhtelecom address the
accelerated broadband traffic growth, while preparing for new
services yet to come, and drive greater operational
efficiencies."

The Alcatel optical/data convergent solution will be based on
its 1626 Light Manager (LM) DWDM equipment, 1678 Metro Core
Connect (MCC) and its Optical Multi-Service Node (OMSN) systems,
all managed by the Alcatel 1350 management suite.  Furthermore,
Alcatel will be in charge of the installation, commissioning and
integration of the equipment.

Alcatel is the industry leader in providing purpose-built
technology solutions and services integration that allows
carriers to reduce the cost and complexity associated with
triple play/IPTV deployments. Alcatel is involved in more than
40 major triple play deployments and more than 40 network
transformation projects worldwide.

                       About Kazakhtelecom

Headquartered in Astana, Kazakhstan, JSC Kazakhtelecom --
http://www.telecom.kz/-- provides the full range of
telecommunication services. The Company serves more than 1.7
million urban telephone subscribers and 377,000 rural
subscribers of telephone communication services.

                          About Alcatel

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

                         *     *     *

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

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


CA INC: Underperformance Spurs Moody's to Affirm Ba1 Rating
-----------------------------------------------------------
Moody's Investors Service affirmed CA's Ba1 senior unsecured
rating and negative rating outlook following the company's
announcement of fiscal second quarter financial results and
fiscal 2007 revised guidance.  On Nov. 2, CA announced Q2 fiscal
2007 results, including client bookings and billings, which were
below the company's and Moody's expectations.  In addition, the
company revised FY 2007 guidance for cash flow from operations
to a range of US$900 million to US$1 billion from a prior
US$1.3 billion target, a nearly 30% reduction, and announced its
intention to reassess further share repurchases until it deems
financial performance has improved.

The company's Ba1 senior unsecured rating reflects its large
portfolio of mission critical software product offerings and
installed base of a diverse set of creditworthy clients, which
in isolation could potentially map to a high Baa rating.

However, the rating also reflects:

   -- the company's weakened client billings and
      bookings performance,

   -- exposure to mature mainframe and Unix markets,

   -- uncertainties surrounding effective internal
      financial controls,

   -- unsettled fulfillment of the terms of the
      Deferred Prosecution Agreement,

   -- moderate financial leverage, and

   -- modest returns on net assets, which collectively drive
      the overall Ba1 rating.

The negative outlook reflects challenges the company has to
revive organic growth, implement effective financial controls,
remediate material weaknesses to its financial reporting, and
contain costs.

Headquartered in Islandia, New York, with nearly US$3.9 billion
LTM September 2006 revenues, CA, Inc. is an enterprise software
vendor for enterprise management, security, and storage
applications.


MAAX HOLDINGS: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
revised the Corporate Family Rating for Maax Holdings Inc. to B2
from B3, as well as the rating on the company's 11.57% Senior
Unsecured Discount Notes due 2013 to Caa1 from Caa3.  Those
debentures were assigned an LGD6 rating suggesting noteholders
will experience a 99% loss in the event of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   C$50m bank fac
   due 2010 (Rev.)        B2       B2      LGD3       49%

   C$130m bank fac
   due 2010               B2       B2      LGD3       49%

   US$115m bank fac
   due 2012               B2       B2      LGD3       49%

   9.75% sr unsec
   sub notes due 2012    Caa1     Caa1     LGD6       91%

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

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

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

Headquartered in Brooklyn Park, Minnesota, Maax Holdings, Inc.
is engaged in the manufacture of bathroom fixtures.


MOSAIC CO: Refinancing Loans From New US$950-Mln Debt Offering
--------------------------------------------------------------
The Mosaic Company intends to offer a total of around US$950
million aggregate principal amount of new senior notes due 2014
and 2016.

Mosaic intends to use the net proceeds from the offering,
together with term borrowings of around US$1.05 billion under
proposed amended and restated senior secured credit facilities,
to finance previously announced tender offers by two of its
subsidiaries for certain of their debt securities and to
refinance outstanding borrowings in the aggregate principal
amount of US$344.7 million under its existing term loan B
facility.

The offering of the new senior notes will be made only to
qualified institutional buyers in accordance with Rule 144A
under the Securities Act of 1933, as amended, and to non-U.S.
persons in reliance on Regulation S under the Securities Act.
The new senior notes will not be registered under the Securities
Act and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.

                    About The Mosaic Company

The Mosaic Company -- http://www.mosaicco.com/-- produces and
markets concentrated phosphate and potash crop nutrients.  For
the global agriculture industry, Mosaic is a single source of
phosphates, potash, nitrogen fertilizers and feed ingredients.
In Europe, the company maintains operations and/or sales offices
in the Ukraine, France and Russia.


MOSAIC CO: Moody's Rates Proposed Sr. Unsecured Debt at Ba1
-----------------------------------------------------------
Moody's Investors Service assigned Ba1 ratings to The Mosaic
Company's proposed new US$1.05 billion guaranteed senior secured
credit facilities.  Moody's also assigned B1 ratings to
US$900 million of proposed senior unsecured debt.

Mosaic's Ba3 corporate family rating was affirmed but the
ratings of the existing revolver and the term loan A were
downgraded to Ba1 from Baa3 and those of the existing senior
unsecured debt lowered to B1 from Ba3 in accordance with the LGD
methodology.  The ratings outlook is stable.

Proceeds of the new debt will be used to refinance a portion of
currently outstanding bank facilities as well as existing high
coupon debt obligations.  The new senior credit facilities
consist of a US$250 million five-year term loan A-1 and an
US$800 million seven-year term loan B.  The new and existing
credit facilities are guaranteed by substantially all domestic
subsidiaries, certain foreign subsidiaries, and also secured by
a substantial pool of assets.  Mosaic is a public company, owned
around 65% by Cargill Inc. and 35% by public shareholders.  The
new bank and public debt ratings are contingent upon the
facilities closing in a timely fashion and that these facilities
remain structured as represented with no material changes in
terms or conditions.

The two key rating factors that drive the Ba3 CFR are the
company's exposure to the historically volatile crop nutrient
markets combined with a material amount of legacy debt that
current management has said publicly that it desires to reduce.
Moody's estimates that Mosaic will be slightly more leveraged
after the proposed refinancing program, (given the total size of
the anticipated transaction fees and expenses).  Still, Moody's
views the transaction as a positive development for bondholders
as it will reduce cash interest, further reduce structural
impediments to business operations, extend maturities and
eliminate near term required payments, and allow for the
efficient repayment of bank debt as cash flows permit.

As a function of applying our new LGD methodology to Mosaic's
proposed capital structure a number of Moody's ratings were
lowered.  These changes were prompted by the material increase
in the proportion of its secured bank debt (US$1.2 billion)
relative to the unsecured debt of US$900 million.  The proposed
changes in capital structure result in modest one-notch
downgrades of Mosaic's existing bank ratings, to Ba1 from Baa3,
and some of its senior unsecured ratings, to B1 from Ba3.

The Mosaic Company

New Ratings Assigned:
                                              Projected
                            New      LGD      Loss-Given
   Debt Issue               Rating   Rating   Default
   ----------               -------  ------   ----------
   US$250 mm Gtd Sr Sec
   Term Loan A-1 due 2011   Ba1      LGD2       27%

   US$800 mm Gtd Sr Sec
   Term Loan B due 2013     Ba1      LGD2       27%

   US$475 mm Gtd
   Global Notes due 2014    B1       LGD5       76%

   US$475mm Gtd
   Global Notes due 2016    B1       LGD5       76%

Ratings Downgraded:

                                                     Projected
                          Old      New      LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   ----------
   US$450mm Gtd Sr Sec
   Revolving Credit Facility
   due 2/18/2010          Baa3     Ba1      LGD2      27%

   US$50mm Gtd Sr Sec
   Term Loan A
   due 2/18/2010          Baa3     Ba1      LGD2      27%

   US$347mm Gtd Sr Sec
   Term Loan B
   due 2/18/2012          Baa3     Ba1      LGD2      27%*


Mosaic Global Holdings Inc.

                                                     Projected
                          Old      New      LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   ----------
   US$400mm 10.875% Gtd
   Global Notes
   due 6/1/2008           Ba3       B1      LGD5       76%*

   US$104mm 11.25% Gtd
   Global Notes Series B
   due 6/1/2011           Ba3       B1      LGD5       76%*

   US$300mm 11.25% Gtd
   Global Notes Series B
   due 6/1/2011           Ba3       B1      LGD5       76%*

   US$395mm 10.875% Gtd
   Global Notes
   due 8/1/2013           Ba3       B1      LGD5       76% *

Ratings Affirmed:

Mosaic Global Holdings

                                                     Projected
                          Old      New      LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   ----------
   US$150mm 6.875%
   Sr Unsec Debentures
   due 7/15/2007                    B2      LGD6        94%*

   US$150mm 7.30% Notes
   due 1/15/2028           B1       B2      LGD6        94%

   US$19mm 9.45%
   Sr Debentures
   due 12/15/2011          B1       B2      LGD6        94%

   US$90mm 7.375%
   Debentures
   due 8/1/2018            B1       B2      LGD6        94%

Phosphate Acquisition Partners L.P.

                                                     Projected
                          Old      New      LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   ----------
   US$150mm 7% Sr Unsec
   Notes due 2/15/2008    Ba3      B2       LGD6        97%*

* Ratings will be withdrawn upon successful refinancing

The Mosaic Company, headquartered in Plymouth, Minnesota, is a
leading global producer of phosphate and potash fertilizers and
animal feed ingredients.  Moody's believes that Mosaic generated
annual revenues of about US$5.2 billion for the 12 months ending
Aug. 31, 2006.


MOSAIC CO: Fitch Rates Proposed Sr. Unsecured Notes at BB
---------------------------------------------------------
Fitch assigned a BB rating to The Mosaic Company's proposed
senior unsecured notes due 2014 and 2016 and a BB+ rating to the
company's proposed senior secured term loans.  These ratings
affect around US$950 million of new senior notes and US$1.05
billion of new term loans.

Mosaic's ratings remain on Rating Watch Evolving, where they
were originally placed in July 2006 in anticipation of a
potential change in capital structure associated with the credit
facility's 2008 Senior Notes Refinancing Condition.

The ratings will remain on Evolving Watch until the closing of
Mosaic's refinancing transactions, at which time Fitch would
likely affirm and remove Mosaic's BB- Issuer Default Rating from
Watch.  The Rating Outlook would then be Stable.  Specifically,
Fitch anticipates that the following ratings changes would be
necessary upon the closing of the refinancing.

   -- affirm The Mosaic Company IDR at BB-;

   -- affirm The Mosaic Company senior secured revolver rating
      at BB+;

   -- affirm Mosaic Global Holdings IDR at BB-;

   -- affirm Mosaic Global Holdings senior unsecured notes and
      debentures rating at BB-;

   -- withdraw Mosaic Global Holdings senior secured term loan
      rating of BB+;

   -- withdraw Mosaic Global Holdings senior unsecured notes
      rating of BB;

   -- withdraw Phosphate Acquisition Partnership LP IDR of BB-;

   -- withdraw Phosphate Acquisition Partnership LP senior
      secured note rating of BB-;

   -- assign The Mosaic Company senior secured term loans rating
      at BB+;

   -- assign The Mosaic Company senior unsecured notes rating at
      BB;

   -- assign Mosaic Colonsay ULC IDR at BB-; and

   -- assign Mosaic Colonsay ULC senior secured term loan rating
      at BB+.

The refinancing, once complete, is expected to simplify the debt
structure, reduce annual cash interest expense, extend
maturities, and remove the possibility of default related to the
credit facility's 2008 Senior Notes Refinancing Condition.
However, senior secured bank debt and total debt are expected to
increase as a result of the refinancing transactions.

An IDR of BB- for Mosaic and its issuing subsidiaries reflects
the company's good market positions in the global potash and
phosphate markets; and its improving earnings profile.  However,
the ratings continue to be tempered by Mosaic's high debt level
and modest cash flow.  Due to low free cash flow, Mosaic has not
been able to reduce debt since the combination of IMC Global
Inc. with Cargill's crop nutrition business in 2004.

Mosaic's debt level stood at nearly US$2.6 billion at the end of
August 2006.  Fitch anticipates an improvement in cash flow over
the following twelve months as changes to the phosphate cost
structure become apparent; however, the amount of cash flow
improvement is uncertain.  Additionally, market dynamics are
favoring an increase in domestic fertilizer demand next spring
while tightening global potash supply could support higher
pricing.

These factors could boost Mosaic's earnings and cash flow near-
term.  Fitch forecasts that Mosaic's operating EBITDA-to-gross
interest expense could remain just under 4.0 times (x) while
total debt-to-operating EBITDA declines to 3.5x for its fiscal
year 2007 with modest earnings improvement, stronger cash flow
and some debt reduction.

The BB+ rating on Mosaic's proposed senior secured term loans
reflects the superior collateral coverage and likelihood of
principal recovery in a liquidation scenario.  The rating is
equal to that of Mosaic's existing revolver, which would share
in the same collateral package.

The BB rating on Mosaic's proposed senior unsecured notes is one
notch higher that the IDR of BB- due primarily to the notes'
guarantees from domestic and certain foreign subsidiaries.  The
proposed rating also reflects the new notes senior unsecured
position relative to a substantial amount of senior secured debt
upon the closing of the refinancing.

The IDR of BB- at Mosaic Colonsay reflects its position as a
wholly owned subsidiary of Mosaic.  The BB+ rating on Mosaic
Colonsay's existing term loan reflects its collateral position.
This term loan would share the credit facility collateral with
the revolver and new term loans at parent Mosaic.

The ratings could change if the final terms of the amended and
restated credit agreement and new senior notes differ materially
from the preliminary terms and conditions considered for the
ratings.

The Mosaic Company is one of the largest global suppliers of
phosphate and potash fertilizers.  Mosaic earned around US$655.9
million in EBITDA on US$5.2 billion in revenue LTM
Aug. 31, 2006; the company had US$2.6 billion in debt at that
time.


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


AAREAL BANK: Fitch Lifts IDR to A- & Keeps C Individual Rating
--------------------------------------------------------------
Fitch Ratings upgraded Aareal Bank AG's ratings to Issuer
Default A- and Support 3 from BBB+ and 5 respectively.  At the
same time, the ratings for Aareal's Tier 1 capital issued
through its Delaware LLC and Capital Funding GmbH vehicles are
upgraded to BBB+ from BBB-.

Aareal's Individual rating and Short-term rating are affirmed at
C and F2.  The Outlook remains Stable.  Aareal's mortgage and
public sector Pfandbriefe are rated AAA.

"The upgrade in Aareal's Issuer Default rating reflects Aareal's
significantly improved asset quality, its return to
profitability and management's continued focus on simplifying
structures," Sabine Bauer, Associate Director from Fitch's
Financial Institutions Group disclosed.

Aareal's ratings also reflect the bank's established market
position in international property financing in Europe and North
America.  On the other hand, they factor in Aareal's tight
capitalization, concentration risks in its loan portfolio and
reliance on wholesale funding.  The upgrade in Aareal's Support
rating reflects Fitch's revised view that, as a significant
issuer of Pfandbriefe, there is a moderate probability of
support from the German banking authorities.

The bank returned to profitability in Q405, Q106 and Q206
following normalization of its loan impairment charges.
Reported LICs are based on expected losses and allocated on a
proportionate basis.  Fitch, however, expects Aareal to keep
actual LICs close to standard risk costs following an extensive
portfolio review in the last two years and based on adequate
risk coverage as evidenced by the recent NPL sales and the
bottoming out of domestic property in most sub-segments.

Having sold EUR2.2 billion of non-performing loans since June
2005, NPLs have significantly reduced to stand at around 3% of
total loans at end-September 2006.  Loan impairment coverage of
around 40% in respect of NPLs at end-September were slightly
below peers' but overall in line with domestic standards.

Fitch considers Aareal's capital adequacy to be tight, given the
bank's exposure to concentration risk.  Its eligible capital-to-
weighted risk ratio stood at 6.29% at end June 2006, which is
weaker than that of its peers.  The capital injections in 2005
and 2004, totaling EUR185 million were used to absorb losses.

Following extensive reviews of the bank's loan portfolio over
the last two years by the German regulator, the deposit
insurance fund, PwC and the bank itself, Aareal had to record
additional LICs on its domestic property portfolio in 2005 and
2004, which were the main reason for the bank's losses.  In
April 2005, a new CEO was appointed who started a strategic
review process of the business, resulting in the disposal of
non-core business activities.


ASH ABBRUCH: Claims Registration Ends November 15
-------------------------------------------------
Creditors of ASH Abbruch- und Schadstoffsanierungsgesellschaft
mbH have until Nov. 15 to register their claims with court-
appointed provisional administrator Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Road 28
         Ludwigsburg, Germany

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

The District Court of Ludwigsburg opened bankruptcy proceedings
against ASH Abbruch- und Schadstoffsanierungsgesellschaft mbH on
Sept. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         ASH Abbruch- und Schadstoffsanierungsgesellschaft mbH
         Attn: Andrej Horka, Manager
         Pfarrer-Hahn-Str. 12
         70806 Kornwestheim, Germany

The administrator can be contacted at:

         Steffen Beck
         Breitscheidstr. 10
         70174 Stuttgart, Germany
         Tel: 0711/252566-0
         Fax: 0711/252566-66


AUTOHAUS TANGERMUENDE: Claims Registration Ends November 16
-----------------------------------------------------------
Creditors of Autohaus Tangermuende GmbH have until Nov. 16 to
register their claims with court-appointed provisional
administrator Christian Struck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stendal
         Hall 411
         Judicial Center "Albrecht der Bar"
         Scharnhorststrasse 40
         39576 Stendal, 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 Stendal opened bankruptcy proceedings
against Autohaus Tangermuende GmbH on Sept. 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Autohaus Tangermuende GmbH
         Arneburger Str. 53
         39590 Tangermuende, Germany

         Attn: Henner Hohenstein, Manager
         Kathe-Kollwitz-Ring 16
         39590 Tangermuende, Germany

The administrator can be contacted at:

         Christian Struck
         Steinstrasse 29
         D-19053 Schwerin, Germany
         Tel: 0385/555322
         Fax: 0385/555324


AVE SPEDITION: Claims Registration Ends November 17
---------------------------------------------------
Creditors of AVE Spedition GmbH & Co. KG i.L. have until Nov. 17
to register their claims with court-appointed provisional
administrator Peter C. Darr.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on Dec. 1 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 Memmingen
         Meeting Room 103
         Ground Floor
         Law Courts
         Buxacher Road 6
         Memmingen, 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 Memmingen opened bankruptcy proceedings
against AVE Spedition GmbH & Co. KG i.L. on Sept. 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         AVE Spedition GmbH & Co. KG i.L.
         Attn: Josef A. Huber, Liquidator
         Robert-Bosch-Str. 24
         86825 Bad Woerishofen, Germany

The administrator can be contacted at:

         Peter C. Darr
         Candidplatz 13
         81543 Munich, Germany
         Tel: 089/61469638
         Fax: 089/61469666


BIFFAR IMMOBILIEN: Claims Registration Ends November 15
-------------------------------------------------------
Creditors of Biffar Immobilien GmbH & Co. KG have until Nov. 15
to register their claims with court-appointed provisional
administrator Martin Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 15 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 Landau in der Pfalz
         Room 231
         Marienring 13
         76829 Landau in der Pfalz, 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 Landau in der Pfalz opened bankruptcy
proceedings against Biffar Immobilien GmbH & Co. KG on Sept. 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Biffar Immobilien GmbH & Co. KG
         Attn: Albrecht Johannes Biffar
         Seewiesen
         67480 Edenkoben, Germany

The administrator can be contacted at:

         Martin Wiedemann
         Kanzlei feb Rechtsanwalte
         O 3, 11+12
         68161 Mannheim, Germany
         Tel: 0621/16680


DK GEBAUDESERVICE: Claims Registration Ends November 15
-------------------------------------------------------
Creditors of DK Gebaudeservice GmbH have until Nov. 15 to
register their claims with court-appointed provisional
administrator Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Dec. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Area B0.31
         Law Courts
         Boostedter Road 26
         Neumuenster, Germany

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

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

The Debtor can be contacted at:

         DK Gebaudeservice GmbH
         Attn: Detlef Kluschke, Manager
         Heidbleken 27 a
         24306 Ploen, Germany

The administrator can be contacted at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg, Germany


HAUSSERVICE DIROLL: Claims Registration Ends November 15
--------------------------------------------------------
Creditors of Hausservice Diroll GmbH have until Nov. 15 to
register their claims with court-appointed provisional
administrator Mathias Cohrs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against Hausservice Diroll GmbH on Sept. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Hausservice Diroll GmbH
         Attn: Gabriele Diroll, Manager
         Kurt-A.-Koerber-Chaussee 41 B
         21033 Hamburg, Germany

The administrator can be contacted at:

         Mathias Cohrs
         Kreuzweg 2
         20099 Hamburg, Germany


JANSEN WOMAN: Claims Registration Ends November 15
--------------------------------------------------
Creditors of Jansen Woman Textil GmbH have until Nov. 15 to
register their claims with court-appointed provisional
administrator Peter Henz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Dec. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Bielefeld opened bankruptcy proceedings
against Jansen Woman Textil GmbH on Sept. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Jansen Woman Textil GmbH
         Attn: Hans-Juergen Janson, Manager
         Brockhager Str. 276
         33334 Guetersloh, Germany

The administrator can be contacted at:

         Peter Henz
         Rietberger Str. 28
         33378 Rheda-Wiedenbrueck, Germany


MARTIN OETKEN: Claims Registration Ends November 16
---------------------------------------------------
Creditors of Martin Oetken GmbH & Co. KG have until Nov. 16 to
register their claims with court-appointed provisional
administrator Uwe Kuhmann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Nov. 30 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting Room
         2nd Floor
         Elizabeth Route 6
         26135 Oldenburg, 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 Oldenburg opened bankruptcy proceedings
against Martin Oetken GmbH & Co. KG on Sept. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Martin Oetken GmbH & Co. KG
         Stubbenweg 36-40
         26125 Oldenburg, Germany

         Attn: Heiner Oetken, Manager
         Triftweg 48
         26125 Oldenburg, Germany

         Klaus Oetken, Manager
         Lindenstrasse 67
         26123 Oldenburg, Germany

The administrator can be contacted at:

         Uwe Kuhmann
         Schuesselkorb 3
         28195 Bremen, Germany
         Tel: 0421/330610
         Fax: 0421/3306110
         Web: http://www.kuhmann-insolvenzverwaltung.de/
         E-mail: k.renken@kuhmann-insolvenzverwaltung.de


MEDAX DESIGN: Claims Registration Ends November 17
--------------------------------------------------
Creditors of Medax Design International GmbH have until Nov. 17
to register their claims with court-appointed provisional
administrator Ygglev Stintzing.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Dec. 1 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 Flensburg
         Hall A 220
         Flensburg, 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 Flensburg opened bankruptcy proceedings
against Medax Design International GmbH on Sept. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Medax Design International GmbH
         Attn: Frank Bodinek, Manager
         Marienhoelzungsweg 1
         24939 Flensburg, Germany

The administrator can be contacted at:

         Ygglev Stintzing
         Rathausstrasse 1
         24937 Flensburg, Germany


NRG ENERGY: S&P Affirms B+ Rating on Hedging Arrangements
---------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B+' corporate
credit on NRG Energy Inc.  The outlook is stable.

Princeton, N.J.-based NRG is an owner and operator of power
generating facilities, thermal production and resource recovery
facilities, and various international independent power
producers.

The rating affirmation follows the company's announced plan to
issue US$1.1 billion of additional unsecured debt, a 30%
addition to the outstanding US$3.6 billion of unsecured debt.

The proceeds of the planned US$1.1 billion unsecured debt
issuance, together with around US$250 million of cash on hand,
will be paid to counterparties on existing hedges to reset those
hedges to current market prices.

The resetting of the hedges to today's market prices, together
with the upsizing of credit facilities, will cancel the
company's currently substantial collateral requirements and
create capacity for new, longer-term hedges under the company's
second lien pledged to counterparties.

"Although the reset will add significant debt, the new hedges
that we expect to simultaneously be executed with the debt
issuance will result in greater stability -- and possible
strengthening -- of cash flows through 2010," said Standard &
Poor's credit analyst David Bodek.

The stable outlook reflects Standard & Poor's view that NRG's
near-term credit quality should benefit from the stability
provided by additional hedging arrangements and a commitment to
increased levels of secured debt reduction.


PROSIEBENSAT.1 AG: Italy's Mediaset S.p.A. Eyes 55% Stake
---------------------------------------------------------
The Board of Directors of Mediaset S.p.A. has decided to launch
a bid for a majority stake in broadcaster ProsiebenSat.1 AG.

In a statement, Mediaset, owned by former Italian Prime Minister
Silvio Berlusconi, said it would "present a non-binding
indication of interest."

According to Italian news agency ANSA, Mediaset was mulling a
bid for 50.5% holdings in ProsiebenSat from German Media
Partners, which owns 88% of the broadcaster.  Mediaset retained
the services of Morgan Stanley as adviser for the stake
acquisition, ANSA said citing newspaper Il Messaggero.

If Mediaset succeeds in acquiring the stake, Il Messaggero
relates, it must also launch an offer for the remaining shares.
Mediaset will have to shed EUR5 billion to acquire ProsiebenSat,
the daily estimates.

Mediaset, however, has to best possible rivals Societe
Television Francaise 1, NBC Universal, Antena 3, Apax, Permira
and Blackstone.

                         About Mediaset

Headquartered in Milan, Italy, Mediaset S.p.A. --
http://www.mediaset.it/-- controls all aspects of the
television business, from signal broadcasting and in-house
television production to acquiring film and drama rights and
collecting advertising.

                      About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.ProsiebenSat1.com/-- broadcasts and produces
television programs through four German language television
channels as well as a range of ancillary activities.  It was
formed in 2000 with the merger of Germany's leading broadcasters
ProSieben Media AG and Sat.1.  It is the largest and most
successful television corporation in Germany with four stations
-- Sat.1, ProSieben, kabel eins and N24.

                          *     *     *

ProsiebenSat.1 Media AG carries Ba1 senior unsecured and
corporate family ratings from Moody's Investors Service.
Moody's said the outlook is stable.


TENAX ENERGIE: Creditors' Meeting Slated for November 16
--------------------------------------------------------
The court-appointed provisional administrator for Tenax Energie
GmbH, Edgar Groenda, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on Nov. 16.

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

         The District Court of Bremen
         Hall 115
         Court House (New Building)
         Ostertorstr. 25-31
         28195 Bremen, Germany

The Court will also verify the claims set out in the
administrator's report at 9:15 a.m. on Dec. 14, at the same
venue.

Creditors have until Nov. 21 to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against Tenax Energie GmbH on Aug. 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Tenax Energie GmbH
         Attn: Aleksandrs Naumovs, Manager
         Kleine Johannisstrasse 28
         28199 Bremen, Germany

The administrator can be reached at:

         Edgar Groenda
         Domshof 18-20
         28195 Bremen, Germany
         Tel: 0421/3686-0
         Fax: 0421/3686-100
         Web: http://www.schubra.de/
         E-mail: InsOBremen@schubra.de


VOLKSWAGEN AG: MAN Contemplates on Buying VW Stake for EUR2 Bln
---------------------------------------------------------------
MAN AG is contemplating on buying up to a 10% stake in
Volkswagen AG for EUR2 billion to be able to get more leverage
in a planned three-way alliance with Scania AB and VW's truck
businesses, AFX News Ltd. cites Focus magazine as its source.

According to the report, MAN's CEO Hakam Samuelsson had talked
with VW's CEO Bernd Pischetsrieder regarding the stake purchase,
adding that the company's banks had signaled support for such a
move.

                 Investor AB Hikes Scania Stake

Meanwhile, Investor AB, Scania's second-largest shareholder,
increased its voting stake in Scania to block a hostile-takeover
attempt by MAN.

Investor bought a further 820,000 Class A shares in Scania and
sold 490,893 Class B shares.  Class A shares have 10 times the
voting power of B shares.  After the transaction, Investor's
holding in Scania amounts to just over 22 million Class A
shares, which is 20.01% of the voting rights and 11% of the
share capital.  On Sept. 30, Investor's holding in Scania
amounted to 19.3% of the votes and 10.8% of the capital, it
said.

"We have increased our stake in Scania to mark our continued
belief in the company's strong prospects and our commitment to
find the best industrial solution for Scania, in the interest of
all its shareholders, in the context of the discussions around
potential combinations," commented Investor CEO Boerje Ekholm.

Investor is an investment vehicle of Sweden's Wallenberg family
and has so far rejected MAN's takeover bid, which values Scania
at around EUR10.3 billion.

"I don't believe [the increase in the stake] has any significant
influence on our offer," MAN spokesman Wieland Schmitz told WSJ.

Volkswagen spokeswoman Christine Ritz told The Wall Street
Journal that VW is maintaining its position and still favors an
amicable agreement between MAN and Scania.

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: CEO Bernd Pischetsrieder Resigns
-----------------------------------------------
Volkswagen AG's Presidium of the Supervisory Board and the
Chairman of the Board of Management, Dr. Bernd Pischetsrieder,
agreed on his resignation effective Dec. 31.

According to The Wall Street Journal, a strain between Mr.
Pischetsreider and Chairman Ferdinand Piech complicated Mr.
Pischetrieder's cost-cutting efforts.

The paper relates that Mr. Piech was unhappy with Mr.
Pischetrieder's attempts to dismantle parts of the premium
strategy that he organized when he was CEO.

The Presidium of the Supervisory Board proposed to appoint
Professor Dr. Martin Winterkorn as Dr. Pischetsrieder's
successor effective Jan. 1, 2007.

Dr. Winterkorn currently heads Volkswagen's Audi unit.

The Supervisory Board will decide on this appointment at its
next ordinary Board meeting on Nov. 17.

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 over the next
three years.  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.

As reported in the Troubled Company Reporter-Europe on Nov. 8,
Volkswagen said it is planning to eliminate up to 2,400 jobs, or
20 percent of the workforce, in Belgium, Spain and Portugal.


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


FLEXTRONICS INT'L: Fitch Downgrades Default Rating to BB+
---------------------------------------------------------
Fitch Ratings downgraded the ratings for Flextronics
International Ltd.:

   -- Issuer Default Rating to BB+ from BBB-;
   -- Senior Unsecured credit facility to BB+ from BBB-; and
   -- Senior subordinated notes to BB from BB+;

The Rating Outlook is Stable.  Fitch's action affects around
US$1.7 billion of total debt.

The ratings downgrade reflects Fitch's expectations that
Flextronics will continue to operate near historically low
margin levels versus Fitch's prior expectations for material
margin expansion for the core EMS business, and will experience
negative free-cash flow likely through FY08 while investing
heavily in expanded manufacturing capacity and working capital
to support a significant expected increase in revenue.

These factors are somewhat mitigated by Fitch's belief that
Flextronics is at an inflection point as the company is
beginning to benefit from its original design manufacturer and
vertical integration strategy after several years of
disappointing results which negatively impacted profitability.

The ramp in ODM and vertical integration business has
contributed to a turnaround in overall revenue growth and,
longer-term, could drive increases in operating profitability.
In addition, despite the lack of improvement in operating
margin, return on invested capital, which is a primary focus of
the company, has improved considerably over the past several
years from 6.1% in F2Q04 to 11% in F2Q07.

However, Fitch expects that upside to Flextronics' operating
model over the next several quarters will be limited by high
costs associated with ramping new program wins, adding
significant operating and program specific risk to expectations
that already include negative free cash flow.

In addition, Fitch believes that the electronics manufacturing
services industry in general continues to suffer from excess
capacity which will likely continue to negatively impact pricing
for all competitors and represents further risk to Flextronics'
margins and free cash flow outlook.

The Ratings and Stable Outlook reflect:

   -- low operating EBIT margins consistent with the EMS
      industry in general;

   -- increasing investment in vertical integration through R&D
      and acquisitions resulting in higher fixed costs;

   -- inconsistent free cash flow that has been negative for the
      past three quarters due to rising capital expenditures and
      increased working capital, the latter a function of higher
      revenue as well as increasing cash conversion cycle (CCC)
      days, a trend which has been driven by lower inventory
      turns as OEM customers such as Nortel require Flextronics
      to hold increasing levels of inventory; and

   -- the risk associated with ramping and integrating new
      program wins as well as on going program specific risk
      which has negatively impacted the company and others EMS
      providers historically.

Flextronics' ratings strengths center on the company's:

   -- top-tier EMS industry position with leading scale and low-
      cost manufacturing operations;

   -- relatively stable operating performance with industry
      leading cash conversion cycle days that are, however,
      expected to continue to moderately increase from a low of
      8 days in F3Q06 (December 2005) to a historically normal
      range of 16 to 18 days as Flextronics absorbs increasing
      inventory levels for OEM customers;

   -- broad end market diversification with significant exposure
      to more stable and non-traditional end markets such as
      mobile handsets and consumer electronics; and

   -- continued strong growth of its small but higher margin ODM
      business in high growth markets such as handsets, possibly
      enabling the ODM business to turn profitable in FY07.

In addition, Fitch expects the long-term trend of OEMs
increasingly outsourcing manufacturing and design services to
continue across most end markets.

Liquidity as of Sept. 30 was solid and consisted of:

   -- US$1 billion in cash and cash equivalents;

   -- a US$1.35 billion revolving credit facility expiring May
      2010, which was undrawn and fully available; and

   -- an accounts receivable securitization program expiring
      September 2007, which is off-balance sheet and allows
      Flextronics to sell an interest of up to US$700 million in
      receivables providing a maximum of US$500 million in total
      liquidity, of which around US$245 million was
      available as of June 30, 2006.

Free cash flow has been inconsistent over the past several
quarters due to higher working capital associated with the
significant ramp in new program wins as well as an increase in
capital expenditures.  Fitch believes free cash flow will remain
inconsistent as Flextronics' revenue grows around 20% year-over-
year for the remainder of FY07.

However, Fitch expects the company will produce consistent
positive free cash flow once annual revenue growth subsides to
more normalized levels of 10% or less and CCC days stabilize
closer to historical levels of around 16 to 18 days from the
current level of 13 days as days payable outstanding decreases
as well as Fitch's expectation that the company will continue to
face inventory pressure from OEM customers.

Total debt as of Sept. 30, 2006 was US$1.7 billion and consisted
of:

   -- US$250 million in short-term debt including credit
      facilities and the current portion of capital leases;

   -- US$195 million in zero coupon convertible junior
      subordinated notes due 2009;

   -- US$500 million in 1% convertible subordinated notes due
      2010;

   -- US$400 million in 6.5% senior subordinated notes due 2013;

   -- US$386 million in 6.25% senior subordinated notes due
      2014; and

   -- US$9 million in other long-term debt.

Flextronics recently completed the divestiture of several non-
strategic business units including the sale of its software
group in September 2006 which generated roughly US$600 million
in cash proceeds, part of which was utilized to reduce debt by
around US$70 million in F3Q07.


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


ASTANA-AVTOCENTRE LLP: Creditors Must File Claims by Dec. 3
-----------------------------------------------------------
LLP Astana-Avtocentre has declared insolvency.  Creditors have
until Dec. 3 to submit written proofs of claim to:

         LLP Astana-Avtocentre
         Suyunbai Str. 151
         Almaty, Kazakhstan
         Tel: 8 (3272) 97-96-10


FAVORA LLP: Proof of Claim Deadline Slated for Dec. 3
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Favora insolvent on Sept. 15.

Creditors have until Dec. 3 to submit written proofs of claim
to:

         LLP Favora
         Office 74-75
         Kazybek bi Str. 50
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-12-50
              8 (3272) 72-18-09


KAZATOMPROM JSC: Fitch Assigns BB+ Issuer Default Rating
--------------------------------------------------------
Fitch Ratings assigned Kazakhstan-based uranium producer JSC
National Atomic Company Kazatomprom an Issuer Default BB+ rating
and a Short-term B rating.  The Outlook is Positive.

The ratings reflect Kazatomprom's world leadership position in
uranium production, its strong growth profile, its sound
financials as well as the potential government support implied
by its 100% government ownership.  The company is the fourth
largest uranium producer in the world with a 10% market share.
It has the second largest low-cost uranium resource base in the
world.

Kazatomprom is thus uniquely positioned to leverage the recent
revitalization of the uranium industry on the back of the
planned increase in the number of nuclear power plants
worldwide.  All these factors will help drive the company's
strategy of uranium production expansion and of its shift to
more value-added products.

Kazatomprom posted a strong 33% CAGR in revenue during 2003-
2005.  Fitch views that the company will be able to maintain
this impressive performance on the back of solid industry
fundamentals, low cost production and changes in the product
mix.  However, the agency acknowledges that Kazatomprom operates
on a much smaller scale compared to its rated metals and mining
peers.  Moreover, its limited product diversification increases
its exposure to uranium industry risks.

Kazatomprom is moderately leveraged compared to many of its
rated metals and mining peers, with total debt of KZT32.2
billion at FY05 although the bulk of it is held as term
deposits.  The company is restructuring its debt to lengthen the
maturity profile.  As a result, the share of short-term debt
declined to 37.6% in 2005 from 86.3% in 2004.

In Fitch's view, as a fully government-owned entity, the company
enjoys an implicit government guarantee, which is reflected in
its strategic importance for the country, its track record of
government support as well as the composition of the board of
directors.  However, the current shareholding structure implies
that Kazatomprom is subject to the risks associated with the
Kazakh government, mostly political.

Furthermore, with the uranium industry highly regulated both on
a national and an international level, the company's decision-
making process can be constrained by regulatory requirements
such as permit grants.

The Positive Outlook reflects the favorable fundamentals of the
uranium industry as well as Fitch's expectations that
Kazatomprom will continue its rapid expansion while maintaining
its strong credit and financial profiles.


MINSKOYE LLP: Akmola Region Opens Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Minskoye on
Sept. 21.


SKIF CJSC: Creditors Must File Claims by Dec. 3
-----------------------------------------------
CJSC Skif has declared insolvency.  Creditors have until Dec. 3
to submit written proofs of claim to:

         CJSC Skif
         Abylai han Str. 113-66
         Almaty, Kazakhstan


SVETOTECHNIKA LLP: Proof of Claim Deadline Slated for Dec. 3
------------------------------------------------------------
LLP Svetotechnika has declared insolvency.  Creditors have until
Dec. 3 to submit written proofs of claim to:

         LLP Svetotechnika
         Tabjenov Str. 32
         Almaty, Kazakhstan


TANDEM LLP: Claims Registration Ends Dec. 3
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Tandem insolvent on Dec. 22, 2005.

Creditors have until Dec. 3 to submit written proofs of claim
to:

         LLP Tandem
         Kulkashyeva Str. 79
         Toretam
         Karmakchy District
         Kyzylorda Region
         Kazakhstan


TRANS UNIVERSAL: Court Begins Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Trans Universal Company.

LLP Trans Universal Company is located at:

         Djylga
         Saryagash District
         South Kazakhstan Region
         Kazakhstan


TRECK OIL: Creditors' Claims Due Dec. 3
---------------------------------------
LLP Treck Oil (RNN 302700210114) has declared insolvency.
Creditors have until Dec. 3 to submit written proofs of claim
to:

         LLP Treck Oil
         Almaty-Ekaterinburg Road
         Priozersk
         Karaganda Region
         Kazakhstan


TULKUBAS TORG: Court Starts Bankruptcy Procedure
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Tulkubas Trade Service Tulkubas Torg Service.

LLP Tulkubas Torg Service is located at:

         Tax Committee on South Kazakhstan Region
         Shymkent
         South Kazakhstan Region
         Kazakhstan


URALSK CLEAN: Creditors' Claims Due Dec. 3
------------------------------------------
LLP Uralsk Clean House has declared insolvency.  Creditors have
until Dec. 3 to submit written proofs of claim to:

         LLP Uralsk Clean House
         Proizvodstvennaya Str. 1/1
         Uralsk
         West Kazakhstan Region
         Kazakhstan


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


ALA-ARCHINSKAYA PMK: Public Auction Scheduled for Nov. 24
---------------------------------------------------------
The Chui-Bishkek-Talas Territorial Department of the State
Committee on State Property will auction 51% of OJSC
Ala-Archinskaya PMK's state share holding to the public at
11:00 a.m. on Nov. 24 at:

         The Chui-Bishkek-Talas Territorial Department
         of the State Committee on State Property
         Room 5, Floor 5
         Moskovskaya Str. 172
         Bishkek, Kyrgyzstan

The starting price for the state share holding is set at
KGS1,091,227.

OJSC Ala-Archinskaya PMK is located at:

         Naberejnaya Street
         Alamudun
         Alamudun District
         Chui Region
         Kyrgyzstan

Information on OJSC Ala-Archinskaya PMK as of Jan. 1:

    * main activity: building and assembly jobs on
                     waterworks facilities

    * total number of shares: 110,502

    * type of issued shares: simple nominal

    * number of shares introduced to the auction: 56,356

    * area of land: 2.06 hectares

    * authorized capital: KGS1,578,687

    * cost of assets: KGS2,139,660

    * account payable: KGS2,207,758

    * accounts receivable: KGS657,217

    * net profit: KGS196,901

    * number of workers: 60

    * condition of working area: satisfactory

Interested bidders have until 5:00 p.m. on Nov. 23 to deposit an
amount equivalent to KGS109,123 to the settlement account of:

         The Chui-Bishkek-Talas Territorial Department
         of the State Committee on State Property
         of Kyrgyz Republic
         Leninsky ROK No. 1020002080100155/205802605
         OJSC Promstroybank
         Leninsky Department
         BIK 102002

Participants may submit their bids and necessary documents to:

         The Chui-Bishkek-Talas Territorial Department
         of the State Committee on State Property
         Room 1, Floor 5
         Moskovskaya Str. 172
         720010 Bishkek, Kyrgyzstan

The winner of the auction will pay 7% from the selling price of
the assets.

Inquiries can be addressed to (+996 312) 21-87-34, 21-87-25.


BM-COMPANY LLC: Claims Registration Ends Dec. 27
------------------------------------------------
LLC BM-Company has declared insolvency.  Creditors have until
Dec. 27 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 27-25-72.


=================
L I T H U A N I A
=================


MAZEIKIU NAFTA: Holding Confidence Vote on CEO Today
----------------------------------------------------
Shareholders of AB Mazeikiu Nafta has postponed a confidence
vote on Chief Executive Officer Paul Nelson English until
Nov. 9, seeking to have all directors present in the meeting,
Bloomberg News reports citing company spokesman Giedrius
Karsokas.

Bloomberg states that four members representing OAO Yukos Oil
Co. in Mazeikiu's seven-member board told shareholders on
Oct. 28 that they had lost confidence on Mr. English, without
revealing their reasons.

Mr. English denied allegations that he is secretly negotiating
with PKN Orlen S.A. managers regarding a deal to take over the
Lithuanian oil refinery, and said he has no intention of
resigning his duties, RIA Novosti relates.

Lithuania's government and PKN Orlen decided to back Mr. English
on the issue, according to published reports.

                        Takeover Deal

On May 26, Yukos and PKN Orlen signed a share sale and purchase
deal wherein Poland's PKN will acquire Yukos's 53.7% stake in
Mazeikiu Nafta for US$1.49 billion.  At the same time, PKN Orlen
will purchase the Lithuanian government's 30.66% stake in
Mazeikiu for US$852 million.  Under the agreement, PKN will have
the right to walk away from the transaction by the end of the
year if Mazeikiu's value falls significantly.

PKN has suspended the deal, which was to be completed by March
next year, after a fire broke out at the refinery on Oct. 12.
Mazeikiu estimated damages to be between US$22.5 million and
US$47.5 million (LTL62 million and LTL131 million).  The
company's 2006 net profit is forecasted to be reduced due to the
incident by US$38 million (LTL105 million).

                       About PKN Orlen

Headquartered in Poland, PKN Orlen operates three refineries
located in Plock, Trzebinia and Jedlicze.  It processes mainly
URAL blend crude oil, shipped from Russia via the Friendship
pipeline.  Alternative supplies of crude oil to Plock may be
sourced via the Pomerania pipeline, which connects the fuel
reloading facility on the Baltic Sea with the Plock refinery.
PKN ORLEN's retail network in Poland is made of 1,326 company
owned stations, 504 affiliated stations and 87 franchised
stations.

                         About Yukos

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

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

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

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

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

On July 25, Yukos creditors voted to liquidate the oil firm
after rejecting a management rescue plan, which valued the
company's assets at about US$30 billion.  This would have
permitted Yukos to continue its operations and attempt to pay
off US$18 billion in debts through asset sales.

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

                        About Mazeikiu

Headquartered in Mazeikiai District, Lithuania, Mazeikiu Nafta
-- http://nafta.it/en-- is an integrated downstream oil company
that comprises in one complex pipeline operations, oil refining,
marine terminal operations, and logistics of crude oil and
refined products.

                        *     *     *

As reported in the TCR-Europe on Oct. 17, Fitch Ratings is
keeping Mazeikiu Nafta's Issuer Default rating of 'B+' on Rating
Watch Positive despite Friday's fire at its Mazeikiai refinery.
MN's Short-term rating is affirmed at 'B'.

The RWP reflects MN's pending ownership change as a result of
Polish oil refining and marketing company Polski Koncern Naftowy
ORLEN S.A.'s (rated 'BBB', Rating Watch Negative) planned
acquisition of the Lithuanian company.


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


LUCENT TECHNOLOGIES: S&P Keeps B Rating on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' long-term
corporate credit rating on France-based Alcatel and its 'B'
long-term corporate credit rating on U.S.-based Lucent
Technologies Inc. remain on CreditWatch with negative and
positive implications, respectively, where they were placed on
March 24 on news of the two telecoms equipment makers' plans to
merge.

The ratings will remain on CreditWatch until completion of the
merger and clarification of the ranking and support mechanisms
for the various debt classes within the merged group's capital
structure.  The ratings on the individual debt issues of each
company will be clarified at that time.

Standard & Poor's 'B' and 'B-1' short-term corporate ratings on
Alcatel and Lucent, respectively, are not on CreditWatch and
remain unchanged.

Alcatel and Lucent are in the final stages of their merger
process.  To date, all approvals have been received from the
shareholders and regulators -- except that from the Committee on
Foreign Investments in the U.S. Both companies expect the merger
to be completed by the end of the calendar year.  Upon
completion, Standard & Poor's will lower its long-term corporate
credit rating on Alcatel (to be renamed Alcatel Lucent) to
'BB-', with a positive outlook.  At the same time, it will
withdraw its corporate credit ratings on Lucent.

"The anticipated 'BB-' rating on Alcatel Lucent upon completion
of the merger will reflect the challenges the combined company
will face in integrating the two entities from an organizational
and technological standpoint, carrying out a large restructuring
plan, and supporting significant levels of debt," said Standard
& Poor's credit analyst Leandro de Torres Zabala.

"The positive outlook would reflect the possibility of an
upgrade over the next 18 months if the combined company showed
clear progress in integrating the two companies and achieving
targeted synergies, reaching high-single-digit operating margins
(adjusted for purchase accounting) and meaningful sustained free
cash flow generation, as well as maintaining solid liquidity in
stable market conditions," Mr. de Torres added.

The merger has a clear logic, given continuing carrier
consolidation and the convergence of fixed and mobile network
technologies.  The combined company will have a larger scale,
greater product depth, wider geographic reach, and stronger R&D
capability.  Alcatel and Lucent expect the combined company to
extract about EUR1.4 billion in annual pretax cost synergies
during the first three years.

At the same time, the merger will entail a number of near-term
challenges, such as:

   -- the complexity of integrating two large organizations
      with different corporate cultures; integrating
      different technology platforms while preserving
      key customer relationships;

   -- implementing a EUR1.4 billion restructuring
      program leading to the reduction of the combined
      workforce by at least 10%; and

   -- continuing to support significant levels of debt
      and unfunded health care obligations.

The combined Alcatel Lucent will be headquartered in
Paris, France.  Pro forma for the Thales S.A. transaction and
the acquisition of Nortel's 3G activities, Standard & Poor's
estimates that Alcatel Lucent achieved EUR19 billion in sales in
2005 and had about EUR7.4 billion in debt securities outstanding
at Sept. 30, 2006.  At the same date, the combined company's pro
forma ratio of adjusted (for operating leases and pension and
health care liabilities) gross financial debt to EBITDA for the
12 months to Sept. 30, 2006, was about 4.6x.  This is partially
offset, however, by Alcatel Lucent's anticipated robust
liquidity -- with cash and marketable securities totaling
EUR7.5 billion -- and a fairly light maturity schedule.

The ratings on Alcatel Lucent will be supported by:

   -- S&P's assessment of moderate revenue growth prospects;
   -- a broad portfolio of wireline and wireless systems;
   -- large-scale, geographically diversified operations;
   -- strong customer relations;
   -- one of the largest R&D capabilities in the industry; and
   -- robust liquidity.

The ratings will be constrained by:

   -- the very competitive telecoms equipment industry,
      notably in the context of continuing
      carrier consolidation;

   -- ongoing major changes in the industry's
      technology direction, resulting in potential rapid
      adverse changes in demand patterns;

   -- significant gross debt; and

   -- uneven free cash flow generation reflecting moderate
      sales growth, health care payments, restructuring
      costs, and working-capital changes.


VNU NV: Appoints James Kilts to Supervisory Board
-------------------------------------------------
VNU Group B.V. disclosed that James M. Kilts would be appointed
to VNU's Supervisory Board.

Until Oct. 1, Mr. Kilts was vice chairman of The Procter &
Gamble Company, where he oversaw the integration of the P&G and
Gillette businesses following the largest-ever merger in the
consumer products industry in 2005.  Before the merger, he
served as chairman, president and chief executive officer of The
Gillette Company, where he engineered a successful turnaround.
Before that, Mr. Kilts was president and chief executive officer
of Nabisco, which was acquired by the Philip Morris Companies
(now Altria Group) in 2000.  Before joining Nabisco, Mr. Kilts
was head of Kraft's US$27 billion worldwide food business.  He
began his career in 1970 with General Foods Corporation.

"We are delighted to welcome Jim Kilts to our Supervisory Board,
and to have an executive of his stature and experience on our
team," said David L. Calhoun, chairman of the Executive Board
and chief executive officer of VNU.  "Jim's deep understanding
of the consumer products industry will be a tremendous benefit
to us as we look to better serve the growing information needs
of our CPG-industry clients."

VNU, through its ACNielsen and Nielsen Media Research
businesses, provides marketing information, consumer research
and media audience measurement to virtually all of the top
consumer products manufacturers and retailers on a global basis.

"As a long-time client of ACNielsen and Nielsen Media Research,
I know the critical role they play and the immense value they
bring to the consumer-products industry," said Mr. Kilts.  "With
the information needs of the CPG industry expanding
exponentially, I look forward to working with VNU to develop new
ways to help the industry use consumer and media information to
win in today's highly competitive global marketplace.  The
growth opportunities for VNU are enormous."

Following his departure from P&G, Mr. Kilts co-founded
Centerview Partners, a New York-based financial advisory and
private-equity firm.  In addition to Mr. Kilts' appointment to
the VNU Supervisory Board, which will become effective later
this month, Centerview Partners will make an investment in VNU
alongside the company's other private-equity owners - AlpInvest
Partners, The Blackstone Group, The Carlyle Group, Hellman &
Friedman, Kohlberg Kravis Roberts & Co., and Thomas H. Lee
Partners - who acquired the company in May 2006.  Details of
Centerview Partners' investment were not disclosed.

                  About Centerview Partners

Centerview Partners is a recently launched financial advisory
and private equity firm based in New York.  Centerview Partners'
advisory practice provides senior-level counsel to both domestic
and international clients across a broad spectrum of industries.
Centerview Partners' private-equity effort seeks to capitalize
on the firm's proven senior strategic and operational expertise
to create value and deliver superior returns for investors.
Centerview Partners was established in 2006 by founding partners
Stephen Crawford, formerly Co-President of Morgan Stanley; Blair
Effron, formerly Vice Chairman of UBS; James Kilts, formerly
Chairman and CEO of The Gillette Company, and Robert Pruzan,
former CEO of North America for Dresdner Kleinwort Wasserstein
and former President of Wasserstein Perella & Co.

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

                        *     *     *

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

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

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

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

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

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

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

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


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


AKER KVAERNER: Inks NOK350 Million Process Equipment Deal
---------------------------------------------------------
Aker Kvaerner signed a contract for delivery of process modules
to Aker Floating Production's SMART Floating Production Storage
Offloading vessels.  The total contract value for Aker Kvaerner
is around NOK350 million.

The scope to be performed by the Aker Kvaerner unit Aker
Kvaerner Process Systems will be engineering, procurement and
fabrication services of separation modules, riser balcony
modules and flare system.   The scope is presently for the
first two FPSO conversions, involving "Aker Smart 1" and "Aker
Smart 2."

"We are proud to be awarded this contract with Aker Floating
Production where we will use our capabilities based on our core
process technology.  We consider this contract to be of
strategic importance for increasing our participation in the
prosperous FPSO market", Per Harald Kongelf, President of Aker
Kvaerner Process Systems, said.

The process equipment for the first FPSO will be delivered
second quarter 2007, and fourth quarter 2007 for the second
FPSO.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


AKER KVAERNER: Inks Reselling Agreement with Alfa Laval
-------------------------------------------------------
Aker Kvaerner A.S.A. and Alfa Laval have entered a global
reselling agreement for Alfa Laval's P2 range of decanter
centrifuges.  The equipment is designed for use in white liquor
plants in pulp mills.  Using a P2 decanter in the system enables
waste to be reduced by up to 50% by eliminating the use of lime
mud precoat.  Energy use can also be cut by up to 40%.

Under the agreement, Kvaerner Pulping, part of the Aker Kvaerner
group, will integrate the Alfa Laval decanter centrifuges into
so-called green liquor dregs dewatering applications.  This is
part of the portfolio of products for white liquor production
used by pulp mills all over the world.

"We are very pleased to be able to add the technology for
precoat-free dregs dewatering to our product portfolio.  The
Alfa Laval P2-range has a proven, superior performance in this
area of application and offers new possibilities to reduce
operating costs and improve the environmental performance of
white liquor plant," says Patrik L÷wnertz, Vice President
Recausticizing Development at Kvaerner Pulping.

"By combining Alfa Laval's decanter centrifuge with Kvaerner
Pulping's extensive range of plant equipment, process knowledge
and project execution capabilities; the P2 decanter technology
will be available to more users in a larger range of project
scenarios," says Julien Gennetier, Marketing & Sales Manager for
Pulp and Paper at Alfa Laval.

Kvaerner Pulping's equipment for white liquor plants produces
white liquor by recovering chemicals used when cooking pulp.
This chemical recovery uses a process that generates minimum
waste and emissions, while consuming a limited amount of energy
and utilities.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


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


ROMEXTERRA BANK: S&P Lifts Rating on MKB's Stake Acquisition
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Romania-based Romexterra Bank to
'BB-' from 'B'.  At the same time, the long-term counterparty
credit rating was removed from CreditWatch where it had been
placed with positive implications on Oct. 16 following
Hungary-based MKB Bank Nyrt.'s acquisition of a 55.36% majority
stake in Romexterra.  Furthermore, the 'B' short-term rating was
affirmed.  The outlook is stable.

The rating action reflects the bank's new ownership structure,
its strategic importance to MKB, and the benefits to be derived
from MKB's -- as well as the wider group of Bayerische
Landesbank -- expertise and technology in core business areas.

"The stable outlook factors in Standard & Poor's expectation
that Romexterra's franchise and market position will continue to
improve over the medium to long term, enabling the bank to
sustain business and revenue growth," said Standard & Poor's
credit analyst Magar Kouyoumdjian.

Future creditworthiness will depend on the success of managing
growth, while meeting competitive challenges, and maintaining
clean assets and adequate liquidity and capitalization.  Like
most of its peers, the bank is also vulnerable to unlikely, but
potential, adverse changes in the economy and any consequent
increase in problem loans.

"Demonstrated support by MKB, both in terms of business and
systems/controls, as well as funding and capital, could enhance
Romexterra's creditworthiness in the medium term," added Mr.
Kouyoumdjian.


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


ACHINSKAYA FURNITURE: Bankruptcy Hearing Slated for January 15
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region will convene at 2:00
p.m. on Jan. 15, 2007, to hear the bankruptcy supervision
procedure on LLC Achinskaya Furniture Factory.  The case is
docketed under Case No. A33-11453/2006.

The Temporary Insolvency Manager is:

         V. Shmanay
         Post User Box 20647
         660017 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         LLC Achinskaya Furniture Factory
         Trudovykh Rezervov Str. 3
         Achinsk
         662150 Krasnoyarsk Region
         Russia


ANGARSKAYA GARMENT: Asset Sale Slated for November 28
-----------------------------------------------------
The Insolvency Manager and the Bidding Organizer for OJSC
Angarskaya Garment Factory, opened a public auction for the
company's properties at 3:00 p.m. on Nov. 28 at:

         The Insolvency Manager, the Bidding Organizer
         Gorkogo Str. 21
         Angarsk
         665813 Irkutsk Region
         Russia
         Tel./Fax: (8-3951) 52-29-79

The company has set RUR1,396,000 and RUR665,640 as starting
price for the auctioned assets.

To participate, bidders have until 4:00 p.m. at Nov. 27 to
deposit an amount equivalent to five percent of the starting
price to:

         OJSC Angarskaya Garment Factory
         Settlement Account 40702810618310100524
         Baykalskiy Bank SB RF Angarskoye Branch 7690
         Correspondent Account 30101810900000000607
         BIK 042520607

Bidding documents must be submitted to:

         The Insolvency Manager
         Gorkogo Str. 21
         Angarsk
         665813 Irkutsk Region
         Russia
         Tel./Fax: (8-3951) 52-29-79

The Debtor can be reached at:

         OJSC Angarskaya Garment Factory
         Gorkogo Str. 21
         Angarsk
         665813 Irkutsk Region
         Russia


BAZHENOVSKIY OJSC: Bankruptcy Hearing Slated for February 1
-----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic will convene at
11:00 a.m. on Feb. 1, 2007, to hear the bankruptcy supervision
procedure on OJSC Bazhenovskiy.  The case is docketed under Case
No. A07-15026/06-G/PAV.

The Temporary Insolvency Manager is:

         R. Yusupov
         Post User Box 163
         Ufa
         450096 Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Bazhenovskiy
         Administrativnaya Str. 1
         Bazhenovo
         Belebeevskiy Region
         452031 Bashkortostan Republic
         Russia


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

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-28355/2006.

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 Builder
         Apartment 8
         Kamenoostrovskiy Pr. 24
         St. Petersburg Region
         Russia


INDUSTRIAL ENGINEERING: Court Names Y. Boyko to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. Y. Boyko as
Insolvency Manager for CJSC Industrial Engineering.  He can be
reached at:

         Y. Boyko
         Post User Box 968
         Dimitrovograd-13
         433513 Ulyanovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-5019/2006-33.

The Debtor can be reached at:

         CJSC Industrial Engineering
         Vokzalnaya Str. 54
         Tolyatii
         Samara Region
         Russia


ISKRA CJSC: Moscow Court Names S. Suvorov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Tourist Agency Iskra.  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.
A40-44565/06-71-919B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Tourist Agency Iskra
         Gorokhovskiy Per. 8
         Moscow Region
         Russia


IVANOVO-FURNITURE: Court Names Sh. Fazailov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. Sh.
Fazailov as Insolvency Manager for CJSC Ivanovo-Furniture (TIN
3731000971).  He can be reached at:

         Sh. Fazailov
         Mira Pr. 101V
         129085 Moscow Region
         Russia
         Tel: 609-66-66

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1260/05-14-B.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         CJSC Ivanovo-Furniture
         23rd Liniya 13
         153031 Ivanovo Region
         Russia


KALININGRADSKIY BUILDING: Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Kaliningrad Region commenced bankruptcy
supervision procedure on LLC Kaliningradskiy Building Plot.  The
case is docketed under Case No. A21-2862/2006.

The Temporary Insolvency Manager is:

         E. Zinder
         Room 209
         Dm. Donskogo Str. 7
         236000 Kaliningrad Region
         Russia
         Tel: 8-4012-57-87-50

The Arbitration Court of Kaliningrad Region is located at:

         Rokossovskogo Str. 2
         Kaliningrad Region
         Russia

The Debtor can be reached at:

         LLC Kaliningradskiy Building Plot
         Litovskiy Val Str. 105
         236016 Kaliningrad Region
         Russia


NAZIYA CJSC: Court Names A. Trifonov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Trifonov as Insolvency Manager for CJSC Peat
Processing Factory Naziya.  He can be reached at:

         A. Trifonov
         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.
A56-20607/2006.

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 Peat Processing Factory Naziya
         Shkolnyj Pr. 12
         Naziya
         Kirovskiy Region
         Leningrad Region
         Russia


NORTH-WEST: Fitch Puts B+ IDR on Rating Watch Evolving
------------------------------------------------------
Fitch Ratings placed Russia-based OAO North-West Telecom's
Issuer Default rating of B+ and National Long-term rating of A
on Rating Watch Evolving.  This follows its announcement to
acquire 100% of Petersburg Transit Telecom, an alternative
backbone operator in the city of St. Petersburg.

NWT announced that its board agreed to proceed with an
acquisition of 100% of PTT from Telecominvest for an undisclosed
price.  The RWE will be resolved once details, such as the
transaction's price, are revealed.

The deal is expected to be closed in 2007, and will have to be
approved by the regulator, and AGMs of NWT and Telecominvest.
According to NWT, PTT reported revenues of US$57 million and
EBITDA of US$31 million in 2005 and revenues of US$35 million
and EBITDA of US$18 million in H206.  No debt figures were made
available.  Fitch understands that it will be a cash
acquisition.

Assuming an EBITDA multiple of 6x, in line with current market
valuations for telecom companies, and little debt in the
acquired entity, the price for PTT is likely to be below US$200
million.  Fitch notes that this acquisition makes strategic
sense for NWT as it will become the owner of the largest
backbone network in the city of St. Petersburg, its largest and
most affluent geographical market.  At the moment NWT critically
depends on PTT services to carry its traffic across the city as
it lacks its own backbone infrastructure.

Provided that the deal price is in the range of US$200 million,
NWT's leverage as measured by net debt/ EBITDA is likely to rise
to 1.9x from the current FY06 forecast of 1.5x.  In Fitch's
view, NWT's credit profile is strong for it's rating, and the
rise in leverage could be accommodated within NWT's current IDR
of B+.

However, should the actual deal price -- a key determinant of
Fitch's decision - turn out to be lower, an upgrade may be in
prospect, while an expensive acquisition may lead to a
downgrade.  Nevertheless, at this stage affirmation seems to be
the likely scenario.


PETRO-TOBACCO: Court Names A. Trifonov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Trifonov as Insolvency Manager for CJSC Petro-
Tobacco.  He can be reached at:

         A. Trifonov
         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.
A56-30787/2006.

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 Petro-Tobacco
         Zastavskaya 33 15
         St. Petersburg Region
         Russia


POKACHEV-AUTO-TRANS: Bankruptcy Hearing Slated for November 17
--------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy Autonomous Region
will convene on Nov. 17 to hear the bankruptcy supervision
procedure on OJSC Pokachev-Auto-Trans.  The case is docketed
under Case No. A-75-5560/2006.

The Temporary Insolvency Manager is:

         A. Khokhrin
         Mostovaya Str. 6
         Chervishevo
         Tyumen Region
         Russia

The Arbitration Court of Khanty-Mansiyskiy Autonomous Region is
located at:

         Lenina Str. 54/1
         Khanty-Mansiysk Autonomous Region
         Russia

The Debtor can be reached at:

         OJSC Pokachev-Auto-Trans
         Promyshlennaya Str. 17
         Pokachi
         Khanty-Mansiyskiy Autonomous Region-Yugra
         Tyumen Region
         Russia


RUS'-INVEST OJSC: Court Names S. Suvorov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for OJSC Rus'-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.
A40-48695/06-86-1045B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Rus'-Invest
         Building 2
         Volgogradskiy Pr. 157
         Moscow Region
         Russia


RUSFINANCE BANK: S&P Assigns BB/B Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB/B' long- and
short-term counterparty credit ratings to Russia-based
Rusfinance Bank.  At the same time, the 'ruAA' Russia national
scale rating on the bank was affirmed.  The outlook is positive.

The ratings on Rusfinance Bank reflect the bank's strategically
important status within the Societe Genrale group, which
benefits the Russian bank in terms of capital support, financial
flexibility, funding, risk management, and managerial and IT
support.

"Positive rating factors also include a diversified loan
portfolio, improving financial performance, and strengthening
capitalization," said Standard & Poor's credit analyst Eugene
Tarzimanov.

The ratings are constrained by:

   -- the bank's relatively short operating history in
      the rapidly growing and untested retail-lending segment
      in Russia,

   -- the risky operating environment, and

   -- increasing competitive pressure.

The positive outlook reflects the expectation of Standard &
Poor's that Rusfinance Bank will be able to create a successful
consumer-finance franchise in Russia, and that the ties between
the bank and SocGen would remain strong.  In the medium term,
the ratings on Rusfinance Bank will be largely driven by the
developments in its stand-alone profile, as Standard & Poor's
already incorporate parental support from SocGen in the ratings.

"The bank's proven ability to manage its rapid expansion while
keeping asset quality under control could lead to an upgrade,"
added Mr. Tarzimanov.

Additionally, Rusfinance Bank has the potential for improved
creditworthiness if its profitability, risk management, capital,
and funding are further strengthened.  Negative rating actions
would occur if the bank's stand-alone financial profile,
capitalization, and asset quality deteriorate to a material
extent, and/or its ties to SocGen weaken significantly.


SEVERSTAL OAO: Prices Global Offering at US$12.50 Per Share
-----------------------------------------------------------
OAO Severstal disclosed the pricing of its Global Offering of
ordinary shares and Global Depositary Receipts representing
interests in its ordinary shares.

The Global Offering has been priced at the higher end of the
announced price range at US$12.50 per share and GDR, implying a
market capitalization of Severstal of approximately
US$12.7 billion.

Strong, high quality institutional demand was received across
all regions in which the shares and GDRs were offered.

A total of 85 million existing ordinary shares, including
ordinary shares in the form of GDRs were allocated to
international institutional investors, including to qualified
institutional buyers in the United States under Rule 144A,
representing approximately 9.1% of Severstal's outstanding
shares (excluding the over-allotment option of up to 12.75
million GDRs) and corresponding to a total offer size of
approximately US$1.06 billion.  The shares are being offered by
Frontdeal Ltd., an entity under the control of Severstal's
controlling shareholder.

The seller will use the majority of the proceeds of this
Offering to subscribe (directly and through other entities under
control of Severstal's controlling shareholder) for newly issued
shares in the capital increase to be conducted by Severstal
after the settlement of the Offering by way of open subscription
for up to 85 million newly issued shares.  Following the
completion of the Capital Increase, and assuming the full
exercise by Frontdeal and other entities under the controlling
shareholder's control of their statutory pre-emption rights to
subscribe for newly-issued shares, Severstal is expected to
raise gross proceeds of up to approximately US$1.04 billion.

Severstal intends to use the proceeds of the capital increase to
continue improving the quality of its production facilities and
improve operating efficiencies throughout its global operating
platform, and to take advantage of potential opportunities to
expand its core business in line with its corporate strategy,
including the funding of potential acquisitions of assets and
participation in joint ventures.

Conditional dealings will commence on the London Stock Exchange
at 8:00 a.m. on Nov. 8.  Admission to the Official List of the
UK Listing Authority is expected at 8:00 a.m. on Nov. 14.  The
GDRs will be listed on the London Stock Exchange under the
symbol "SVST".  The ordinary shares are already listed on the
RTS and MICEX stock exchanges in Moscow, Russia.

Citigroup, Deutsche Bank and UBS Investment Bank are Joint
Global Coordinators and Joint Bookrunners for the Global
Offering.

"The success of the Offering supported by our new corporate
governance arrangements demonstrates significant endorsement of
Severstal among international investors and the Russian steel
sector," Alexey Mordashov, CEO of Severstal's management
company, said.  "The Offering has given us access to capital,
which we will use to enhance our opportunities for growth and
value creation aiming to be a leader in the consolidating global
steel industry."

                         About Severstal

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

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

                        *     *     *

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

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

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


SEVERSTAL OAO: Grants Over-Allotment Option to Citigroup
--------------------------------------------------------
OAO Severstal disclosed that Citigroup Global Markets Limited
may overallot or effect transactions in the Global Depositary
Receipts with a view to supporting the market price of the GDRs
at a level higher than that which might otherwise prevail in the
open market from 9:00 a.m. London time on Nov. 8 to Dec. 7.

The over-allotment option is in connection with Severstal's
Global Offering of 85,000,000 Ordinary Shares in the form of
Ordinary Shares and Global Depositary Receipts, with one GDR
representing one Share at a price of US$12.50 per GDR.

Citigroup, as stabilization manager, and its agents, however,
have no obligation to exercise the option.  The stabilization
transactions may be effected on the London Stock Exchange and
any other securities market, over the counter market, stock
exchange or otherwise.  These transactions, if commenced, may be
discontinued at any time and must end no later than Dec. 7.
There are no associated instruments that are subject to
stabilization.

The Company has granted the Underwriters an over-allotment
option, solely to cover over-allotments in the Offering,
exercisable, on or before Dec. 7 which, if exercised will
require the Company to issue to the Underwriters additional
Shares in the form of GDRs, up to a maximum of 15% of the
aggregate number of Securities being offered in the Offering
(before any exercise of the Over-allotment Option) at the Offer
Price of US$12.50 per GDR to cover such over-allotments (if any)
and/ or to cover short positions arising from sales of GDRs
effected by it during the stabilizing period.  The securities to
be stabilized are GDRs of the Company.

Number of Shares in the Offering:  85,000,000

Number of GDRs subject to the Over-allotment Option: 12,750,000
(1 GDR represents 1 Share)

The Offer Price per GDR was set at US$12.50 on Nov. 7.

                        About Severstal

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

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

                        *     *     *

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

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

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


SLAVINVESTBANK: Fitch Places B- on Issuer Default Rating
--------------------------------------------------------
Fitch Ratings assigned Russia-based Slavinvestbank ratings of
Issuer Default B-, Short-term B, Individual D/E, Support 5 and
National long-term BB+.  The bank's IDR, Support and National
Long-term ratings are put on Rating Watch Positive

The ratings reflect SIB's small size by international standards,
risks from rapid loan book growth and significant business
concentrations, as well as its high reliance on related-party
funding.  At the same time, the ratings also acknowledge the
bank's low market risk appetite and adequate liquidity profile.

The relationship with the second largest bank in Kazakhstan Bank
TuranAlem is also reflected in SIB's ratings.  BTA provides
financial guarantees on certain of SIB's liabilities, there is a
common chairman of BTA's and SIB's supervisory boards, and BTA
has a minority stake in SIB.

The RWP reflects Fitch's view that there will be a greater
probability of support being forthcoming for SIB, in case of
need, after the consolidation of a 51% stake in SIB by BTA.
Following the consolidation, which was announced recently and
will be completed during 2007, SIB's IDR will likely be upgraded
to B+.

The level of SIB's IDR, following the consolidation, will
depend, among other things, on the IDR and stand-alone financial
strength of BTA at that time and the degree of transparency of
the full shareholder structures of both banks.  BTA's own IDR is
driven by the moderate probability of support being made
available by the Kazakhstani authorities in case of need.

SIB is a small-size universal bank holding roughly 0.2% of
system assets at end-H106 and operating through 16 branches in
Central European part of Russia, of which 11 are located in
Moscow and adjacent region.  About 16% of the bank's voting
shares are directly owned by BTA.  The remaining 84% of shares
are held by a number of formal shareholders that have passed
their shares in the trust of BTA.


THERMAL PROTECTION: Bankruptcy Hearing Slated for February 19
-------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic will convene at
10:00 a.m. on Feb. 19, 2007, to hear the bankruptcy supervision
procedure on OJSC Thermal Protection (TIN 0268026193).  The case
is docketed under Case No. A07-19727/06-G-KhRM.

The Temporary Insolvency Manager is:

         A. Dyachenko
         Profsoyuznaya Str. 16
         Sterlitamak
         453104 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Thermal Protection
         Profsoyuznaya Str. 16
         Sterlitamak
         453014 Bashkortostan Republic
         Russia


TMK OAO: Raises Over US$1 Billion From London IPO
-------------------------------------------------
OAO TMK has completed its initial public offering at the London
Stock Exchange, RosBusinessConsulting reports citing company
documents.

TMK raised more than US$ billion in floating 180 million shares
at US$5.40 apiece or US$21.60 per Global Depositary Receipt.
With the number of bids exceeding the offer by over 19 times,
major shareholder Cyprus-based TMK Steel Limited, granted a 30-
day over-allotment option for 18 million shares to the global
coordinators Credit Suisse, Dresdner Kleinwort and Renaissance
Capital.

TMK Steel also sold 2.65 million shares to the company's
employees.  If the option is exercised, RBC relates, TMK's free
float -- including employee-held shares -- may rise to 23% of
authorized capital.

The shares were placed at the upper limit of the price range set
on Oct. 18, when the IPO was launched.  The price range is also
in line with TMK's market capitalization of US$4.714 billion.

TMK Steel will use the proceeds to repay a loan it took from TMK
in October and acquire the minority stakes.  TMK will use TMK
Steel's repayment to fund a strategic investment program and
current operations.

                          About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                        *     *     *

As reported in the TCR-Europe on Oct. 31, Standard & Poor's
Ratings Services kept its 'B+' long-term corporate credit rating
on Russia-based steel pipe producer OAO TMK on CreditWatch with
negative implications, after TMK's core shareholder, Dmitriy
Pumpyanskiy, increased his stake in the company to 100% from
67%.

The ratings were originally placed on CreditWatch on Sept. 4
pending clarification of the company's eventual balance sheet
structure.

On Sept. 11, Moody's Investors Service assigned a B1 corporate
family rating to TMK and a (P)B2 senior unsecured rating to the
loan participation notes issued by TMK Capital S.A., guaranteed
by the operating subsidiaries of TMK.  Moody's said the outlook
on both ratings is positive.

On Sept. 9, the TCR-Europe reported that Standard & Poor's
Ratings Services assigned a 'B+' long-term corporate credit
rating to OAO TMK.  Standard & Poor's also assigned its 'B+'
preliminary senior unsecured debt rating to TMK's proposed
Eurobond, which will be issued by special-purpose vehicle TMK
Capital S.A.


TMK OAO: S&P Removes Ratings from CreditWatch After IPO
-------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch and
affirmed all its ratings on Russia-based steel pipe producer
OAO TMK and related entities, including its 'B+' long-term
corporate credit and 'ruA+' Russia national scale ratings,
following the company's successful IPO.  The outlook is stable.

The ratings were originally placed on CreditWatch with negative
implications on Sept. 4 pending clarification of the company's
balance sheet structure related to shareholding changes.

"The rating actions reflect our opinion that the US$1.07 billion
proceeds from TMK's recent successful IPO of 23% of the
company's stock, including the over-allotment option, will be
largely used to repay debt raised at the level of TMK and its
parent, TMK Steel Ltd., in connection with the recent
shareholding changes," said Standard & Poor's credit analyst
Elena Anankina.

"As a result, the major risk to TMK's financial profile has been
resolved."

Standard & Poor's expects TMK's profitability will remain strong
in 2006 and 2007, because high demand for oil and gas pipes
should enable the company to pass through its costs to
customers.  Free operating cash flow will be limited over this
period, however, due to large capital expenditures.  Dividends
will also rise compared with previously low levels, according to
the new 20%-25% payout target.

Medium-term rating upside exists and will be based in the first
place on the accumulation of a track record of more predictable
financial policy and governance.  Standard & Poor's believes
that, after the IPO, the company's transparency standards will
further improve, as already evidenced by publication of bi-
annual IFRS financial figures.  Successful implementation of the
current capital expenditure program should also yield strong
free cash flow generation after 2007.  Rating downside is
currently limited.  Large debt-financed investments or a
materially deteriorating situation in the pipe industry, such as
a large mismatch between steel and oil and gas cycles or
increased competition, could place pressure on the outlook or
rating.


VNESHTORGBANK: Fitch Places BB Default Rating to Armenia Branch
---------------------------------------------------------------
Fitch Ratings assigned VTB Bank (Armenia) ratings of Issuer
Default BB, Short-term B, Individual D/E and Support 3.  The
Outlook is Stable.  The bank's Issuer Default rating is at
Armenia's Country Ceiling.

The Issuer Default, Short-term and Support ratings reflect the
moderate probability of support being forthcoming, if required,
from VTBA's majority shareholder, Russia's Vneshtorgbank.  In
Fitch's view, VTB would have a strong propensity to support
VTBA, if required, although the ability of VTBA to receive and
utilize this support may be constrained by Armenian country
risks, in particular transfer and convertibility risks, as
reflected in the Country Ceiling.

In light of VTBA's large market share, there is also a limited
probability of support being forthcoming from the Armenian
authorities, although in Fitch's view the authorities would be
more likely to look for VTB to first support the bank, should
the need arise.

The Individual rating reflects VTBA's modest profitability, high
loan concentration, weak loan loss reserves and increased
exposure to structural risk due to maturity mismatches.  The
rating also takes into account the bank's significant domestic
franchise, sound capitalization and adequate liquidity position.

VTBA's overall competitive profile has been enhanced following a
restructuring by its new shareholder with stronger emphasis on
the rationalization of its low-efficiency large branch network
and on diversification of the funding base.

VTBA is Armenia's fourth largest bank, with 10% of the banking
system's loans and retail deposits at end-H106.  VTB acquired a
70% stake in March 2004.

VTBA (formerly known as Armsberbank) has a long history of
operations in Armenia and traces its origin to a branch of
Sberbank of the USSR, established in 1923.  The bank services
both corporate and retail clients, supported by an extensive
branch network consisting of 100 branches located all over the
country.


WORLD TEXTILE-1: Court Names S. Suvorov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC World Textile-1.  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.
A40-50525/06-38-996B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC World Textile-1
         Anokhina Akademika Str. 44
         Moscow Region
         Russia


YANUS-OIL-PRODUCT: Court Names A. Trifonov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Trifonov as Insolvency Manager for CJSC Yanus-
Oil-Product.  He can be reached at:

         A. Trifonov
         Post User Box 183
         127018 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56028360/2006.

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 Yanus-Oil-Product
         Kamennoostrovskiy Pr. 26/28
         St. Petersburg Region
         Russia


* S&P Assigns BB Rating on Bashkortostan's RUR1-Bln Bond Issue
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' senior
unsecured debt rating to the Republic of Bashkortostan's
upcoming RUR1 billion (US$37 million) fixed-coupon bond issue.
The bond, which will be issued in November 2006, will have six
coupon payments of 4% each, and a 1,092-day maturity
(matures in late 2009).  The rating on the bond is the same as
the issuer credit rating on Bashkortostan.

The rating on Bashkortostan is constrained by:

   -- low revenue predictability and flexibility;

   -- a concentration of major taxpayers in the
      oil extraction and processing industries;

   -- dependence on federal subsidies; and

   -- relatively high -- although declining --
      contingent liabilities.

"Consistently low debt, high liquidity, and outstanding
budgetary performance mitigate credit risks at this rating
level," said Standard & Poor's credit analyst Felix Ejgel.

Standard & Poor's Ratings Services expects that Bashkortostan's
prudent financial management and gradual economic growth will
help maintain strong financial indicators, despite the expected
growth in personnel spending.

"Increased visibility in the republic's medium-term financial
plans and the maintenance of sound financial performance and
infrastructure investments after federal capital grants cease,
will be key factors for a potential upgrade," said Mr. Ejgel.
"Downside pressures on the rating are negligible at present."


=============================
S L O V A K   R E P U B L I C
=============================


UNIBANKA: Moody's Affirms D Financial Strength Rating
--------------------------------------------- -------
Moody's Investors Service affirmed the A2/P-1 foreign currency
bank deposit ratings and the D bank financial strength rating of
Slovakia's UniBanka.  All ratings were affirmed with a stable
outlook.

Following the acquisition of HVB by UniCredito, UniBanka is to
be merged with HVB Slovakia.  The banks are already involved in
the merger process and the completion of the final merger is
expected to take place in the first half of 2007.  The A2/P-1
deposit ratings of UniBanka are affirmed with a stable outlook
notwithstanding the planned transfer of the ownership from
UniCredito Italiano SpA to Bank Austria Creditanstalt, a
wholly-owned subsidiary of UniCredito, since in Moody's view the
level of support from the UniCredito Group to the merged entity
will remain the same.

Moody's noted that the D bank financial strength rating was also
affirmed reflecting the improved position that the merged entity
will have within the Slovak banking market but also the higher
reliance the bank will have on corporate banking given HVB
Slovakia's focus on this sector, and the still modest financial
fundamentals of the merged entity.  Following the merger the
strategy is likely to focus on improving the profitability of
the corporate business and growing significantly the retail
business.

UniBanka and HVB Bank Slovakia announced a planned merger in
April 2006 following the acquisition of HVB by UniCredito
Italiano.  Since the announcement, the banks have demonstrated a
meaningful progress in operational integration, including the
designation of the merged bank's future management.  The merger
will create the fourth largest bank in Slovakia with an improved
franchise, especially in the corporate sector.  The merged bank
would have total assets of SKK130 billion (around
EUR3.4 billion), 93 branches and more than 160,000 customers.

Unibanka is headquartered in Bratislava, Slovakia, and as of
Dec. 31, 2005, it had total assets of SKK53.7 billion
(EUR1.4 billion) according to IFRS.

HVB Bank Slovakia is headquartered in Bratislava, Slovakia, and
as of Dec. 31, 2005 it had total assets of SKK76.5 billion
(EUR2.0 billion) according to IFRS.


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


FLEXTRONICS INT'L: Fitch Downgrades Default Rating to BB+
---------------------------------------------------------
Fitch Ratings downgraded the ratings for Flextronics
International Ltd.:

   -- Issuer Default Rating to BB+ from BBB-;
   -- Senior Unsecured credit facility to BB+ from BBB-; and
   -- Senior subordinated notes to BB from BB+;

The Rating Outlook is Stable.  Fitch's action affects around
US$1.7 billion of total debt.

The ratings downgrade reflects Fitch's expectations that
Flextronics will continue to operate near historically low
margin levels versus Fitch's prior expectations for material
margin expansion for the core EMS business, and will experience
negative free-cash flow likely through FY08 while investing
heavily in expanded manufacturing capacity and working capital
to support a significant expected increase in revenue.

These factors are somewhat mitigated by Fitch's belief that
Flextronics is at an inflection point as the company is
beginning to benefit from its original design manufacturer and
vertical integration strategy after several years of
disappointing results which negatively impacted profitability.

The ramp in ODM and vertical integration business has
contributed to a turnaround in overall revenue growth and,
longer-term, could drive increases in operating profitability.
In addition, despite the lack of improvement in operating
margin, return on invested capital, which is a primary focus of
the company, has improved considerably over the past several
years from 6.1% in F2Q04 to 11% in F2Q07.

However, Fitch expects that upside to Flextronics' operating
model over the next several quarters will be limited by high
costs associated with ramping new program wins, adding
significant operating and program specific risk to expectations
that already include negative free cash flow.

In addition, Fitch believes that the electronics manufacturing
services industry in general continues to suffer from excess
capacity which will likely continue to negatively impact pricing
for all competitors and represents further risk to Flextronics'
margins and free cash flow outlook.

The Ratings and Stable Outlook reflect:

   -- low operating EBIT margins consistent with the EMS
      industry in general;

   -- increasing investment in vertical integration through R&D
      and acquisitions resulting in higher fixed costs;

   -- inconsistent free cash flow that has been negative for the
      past three quarters due to rising capital expenditures and
      increased working capital, the latter a function of higher
      revenue as well as increasing cash conversion cycle (CCC)
      days, a trend which has been driven by lower inventory
      turns as OEM customers such as Nortel require Flextronics
      to hold increasing levels of inventory; and

   -- the risk associated with ramping and integrating new
      program wins as well as on going program specific risk
      which has negatively impacted the company and others EMS
      providers historically.

Flextronics' ratings strengths center on the company's:

   -- top-tier EMS industry position with leading scale and low-
      cost manufacturing operations;

   -- relatively stable operating performance with industry
      leading cash conversion cycle days that are, however,
      expected to continue to moderately increase from a low of
      8 days in F3Q06 (December 2005) to a historically normal
      range of 16 to 18 days as Flextronics absorbs increasing
      inventory levels for OEM customers;

   -- broad end market diversification with significant exposure
      to more stable and non-traditional end markets such as
      mobile handsets and consumer electronics; and

   -- continued strong growth of its small but higher margin ODM
      business in high growth markets such as handsets, possibly
      enabling the ODM business to turn profitable in FY07.

In addition, Fitch expects the long-term trend of OEMs
increasingly outsourcing manufacturing and design services to
continue across most end markets.

Liquidity as of Sept. 30 was solid and consisted of:

   -- US$1 billion in cash and cash equivalents;

   -- a US$1.35 billion revolving credit facility expiring May
      2010, which was undrawn and fully available; and

   -- an accounts receivable securitization program expiring
      September 2007, which is off-balance sheet and allows
      Flextronics to sell an interest of up to US$700 million in
      receivables providing a maximum of US$500 million in total
      liquidity, of which around US$245 million was
      available as of June 30, 2006.

Free cash flow has been inconsistent over the past several
quarters due to higher working capital associated with the
significant ramp in new program wins as well as an increase in
capital expenditures.  Fitch believes free cash flow will remain
inconsistent as Flextronics' revenue grows around 20% year-over-
year for the remainder of FY07.

However, Fitch expects the company will produce consistent
positive free cash flow once annual revenue growth subsides to
more normalized levels of 10% or less and CCC days stabilize
closer to historical levels of around 16 to 18 days from the
current level of 13 days as days payable outstanding decreases
as well as Fitch's expectation that the company will continue to
face inventory pressure from OEM customers.

Total debt as of Sept. 30, 2006 was US$1.7 billion and consisted
of:

   -- US$250 million in short-term debt including credit
      facilities and the current portion of capital leases;

   -- US$195 million in zero coupon convertible junior
      subordinated notes due 2009;

   -- US$500 million in 1% convertible subordinated notes due
      2010;

   -- US$400 million in 6.5% senior subordinated notes due 2013;

   -- US$386 million in 6.25% senior subordinated notes due
      2014; and

   -- US$9 million in other long-term debt.

Flextronics recently completed the divestiture of several non-
strategic business units including the sale of its software
group in September 2006 which generated roughly US$600 million
in cash proceeds, part of which was utilized to reduce debt by
around US$70 million in F3Q07.


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


ALKOSOFT LLC: Court Names T. Tarasenko as Insolvency Manager
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. T. Tarasenko as
Liquidator/Insolvency Manager for LLC Alkosoft (code EDRPOU
31900096).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 13.  The case is docketed
under Case No. 15/242-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 Alkosoft
         Bozhenko Str. 86
         Kyiv Region
         Ukraine


ATERA LLC: Court Names Oleksandr Chechelnitskij as Liquidator
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Oleksandr
Chechelnitskij as Liquidator/Insolvency Manager for LLC Atera
(code EDRPOU 32668757).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 27.  The case is docketed
under Case No. 24/618-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 Atera
         Yaroslavska Str. 58
         Kyiv Region
         Ukraine


BNTK LLC: Kyiv Court Begins Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC BNTK (code EDRPOU 21704202) on
Aug. 14.  The case is docketed under Case No. 23/331-b.

The Temporary Insolvency Manager is:

         Oleksandr Dashko
         Stalingradu Str. 59/174
         Geroiv
         04213 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC BNTK
         Chervonoarmijska Str. 29-b
         01004 Kyiv Region
         Ukraine


DIBROVA LLC: Court Names Sergij Soldatkin as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Sumi Region appointed Sergij Soldatkin as
Liquidator/Insolvency Manager for LLC Dibrova (code EDRPOU
30902475).  He can be reached at:

         Sergij Soldatkin
         a/b 30
         40014 Sumi Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 28.  The case is docketed
under Case No. 12/87-05.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Dibrova
         Sadova Str. 90
         Dibrova
         Romenskij District
         42000 Sumi Region
         Ukraine


ENTERPRISE KAMELIYA: Court Names Valentina Prutyan as Liquidator
----------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Valentina
Prutyan as Liquidator/Insolvency Manager for Enterprise Kameliya
(code EDRPOU 30923840).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 19.  The case is docketed
under Case No. 14/224/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         Enterprise Kameliya
         Lenin Str. 8
         Voznesensk
         56500 Mikolaiv Region
         Ukraine


KROIT LLC: Court Names P. Akinfiyev as Insolvency Manager
---------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. P. Akinfiyev as
Liquidator/Insolvency Manager for LLC KROIT (code EDRPOU
32982777).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 28.  The case is docketed
under Case No. 24/653-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 Kroit
         Patris Lumumba Str. 21/10
         01103 Kyiv Region
         Ukraine


MOSAIC CO: Refinancing Loans From New US$950-Mln Debt Offering
--------------------------------------------------------------
The Mosaic Company intends to offer a total of around US$950
million aggregate principal amount of new senior notes due 2014
and 2016.

Mosaic intends to use the net proceeds from the offering,
together with term borrowings of around US$1.05 billion under
proposed amended and restated senior secured credit facilities,
to finance previously announced tender offers by two of its
subsidiaries for certain of their debt securities and to
refinance outstanding borrowings in the aggregate principal
amount of US$344.7 million under its existing term loan B
facility.

The offering of the new senior notes will be made only to
qualified institutional buyers in accordance with Rule 144A
under the Securities Act of 1933, as amended, and to non-U.S.
persons in reliance on Regulation S under the Securities Act.
The new senior notes will not be registered under the Securities
Act and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.

                    About The Mosaic Company

The Mosaic Company -- http://www.mosaicco.com/-- produces and
markets concentrated phosphate and potash crop nutrients.  For
the global agriculture industry, Mosaic is a single source of
phosphates, potash, nitrogen fertilizers and feed ingredients.
In Europe, the company maintains operations and/or sales offices
in the Ukraine, France and Russia.


MOSAIC CO: Moody's Rates Proposed Sr. Unsecured Debt at Ba1
-----------------------------------------------------------
Moody's Investors Service assigned Ba1 ratings to The Mosaic
Company's proposed new US$1.05 billion guaranteed senior secured
credit facilities.  Moody's also assigned B1 ratings to
US$900 million of proposed senior unsecured debt.

Mosaic's Ba3 corporate family rating was affirmed but the
ratings of the existing revolver and the term loan A were
downgraded to Ba1 from Baa3 and those of the existing senior
unsecured debt lowered to B1 from Ba3 in accordance with the LGD
methodology.  The ratings outlook is stable.

Proceeds of the new debt will be used to refinance a portion of
currently outstanding bank facilities as well as existing high
coupon debt obligations.  The new senior credit facilities
consist of a US$250 million five-year term loan A-1 and an
US$800 million seven-year term loan B.  The new and existing
credit facilities are guaranteed by substantially all domestic
subsidiaries, certain foreign subsidiaries, and also secured by
a substantial pool of assets.  Mosaic is a public company, owned
around 65% by Cargill Inc. and 35% by public shareholders.  The
new bank and public debt ratings are contingent upon the
facilities closing in a timely fashion and that these facilities
remain structured as represented with no material changes in
terms or conditions.

The two key rating factors that drive the Ba3 CFR are the
company's exposure to the historically volatile crop nutrient
markets combined with a material amount of legacy debt that
current management has said publicly that it desires to reduce.
Moody's estimates that Mosaic will be slightly more leveraged
after the proposed refinancing program, (given the total size of
the anticipated transaction fees and expenses).  Still, Moody's
views the transaction as a positive development for bondholders
as it will reduce cash interest, further reduce structural
impediments to business operations, extend maturities and
eliminate near term required payments, and allow for the
efficient repayment of bank debt as cash flows permit.

As a function of applying our new LGD methodology to Mosaic's
proposed capital structure a number of Moody's ratings were
lowered.  These changes were prompted by the material increase
in the proportion of its secured bank debt (US$1.2 billion)
relative to the unsecured debt of US$900 million.  The proposed
changes in capital structure result in modest one-notch
downgrades of Mosaic's existing bank ratings, to Ba1 from Baa3,
and some of its senior unsecured ratings, to B1 from Ba3.

The Mosaic Company

New Ratings Assigned:
                                              Projected
                            New      LGD      Loss-Given
   Debt Issue               Rating   Rating   Default
   ----------               -------  ------   ----------
   US$250 mm Gtd Sr Sec
   Term Loan A-1 due 2011   Ba1      LGD2       27%

   US$800 mm Gtd Sr Sec
   Term Loan B due 2013     Ba1      LGD2       27%

   US$475 mm Gtd
   Global Notes due 2014    B1       LGD5       76%

   US$475mm Gtd
   Global Notes due 2016    B1       LGD5       76%

Ratings Downgraded:

                                                     Projected
                          Old      New      LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   ----------
   US$450mm Gtd Sr Sec
   Revolving Credit Facility
   due 2/18/2010          Baa3     Ba1      LGD2      27%

   US$50mm Gtd Sr Sec
   Term Loan A
   due 2/18/2010          Baa3     Ba1      LGD2      27%

   US$347mm Gtd Sr Sec
   Term Loan B
   due 2/18/2012          Baa3     Ba1      LGD2      27%*


Mosaic Global Holdings Inc.

                                                     Projected
                          Old      New      LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   ----------
   US$400mm 10.875% Gtd
   Global Notes
   due 6/1/2008           Ba3       B1      LGD5       76%*

   US$104mm 11.25% Gtd
   Global Notes Series B
   due 6/1/2011           Ba3       B1      LGD5       76%*

   US$300mm 11.25% Gtd
   Global Notes Series B
   due 6/1/2011           Ba3       B1      LGD5       76%*

   US$395mm 10.875% Gtd
   Global Notes
   due 8/1/2013           Ba3       B1      LGD5       76% *

Ratings Affirmed:

Mosaic Global Holdings

                                                     Projected
                          Old      New      LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   ----------
   US$150mm 6.875%
   Sr Unsec Debentures
   due 7/15/2007                    B2      LGD6        94%*

   US$150mm 7.30% Notes
   due 1/15/2028           B1       B2      LGD6        94%

   US$19mm 9.45%
   Sr Debentures
   due 12/15/2011          B1       B2      LGD6        94%

   US$90mm 7.375%
   Debentures
   due 8/1/2018            B1       B2      LGD6        94%

Phosphate Acquisition Partners L.P.

                                                     Projected
                          Old      New      LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   ----------
   US$150mm 7% Sr Unsec
   Notes due 2/15/2008    Ba3      B2       LGD6        97%*

* Ratings will be withdrawn upon successful refinancing

The Mosaic Company, headquartered in Plymouth, Minnesota, is a
leading global producer of phosphate and potash fertilizers and
animal feed ingredients.  Moody's believes that Mosaic generated
annual revenues of about US$5.2 billion for the 12 months ending
Aug. 31, 2006.


MOSAIC CO: Fitch Rates Proposed Sr. Unsecured Notes at BB
---------------------------------------------------------
Fitch assigned a BB rating to The Mosaic Company's proposed
senior unsecured notes due 2014 and 2016 and a BB+ rating to the
company's proposed senior secured term loans.  These ratings
affect around US$950 million of new senior notes and US$1.05
billion of new term loans.

Mosaic's ratings remain on Rating Watch Evolving, where they
were originally placed in July 2006 in anticipation of a
potential change in capital structure associated with the credit
facility's 2008 Senior Notes Refinancing Condition.

The ratings will remain on Evolving Watch until the closing of
Mosaic's refinancing transactions, at which time Fitch would
likely affirm and remove Mosaic's BB- Issuer Default Rating from
Watch.  The Rating Outlook would then be Stable.  Specifically,
Fitch anticipates that the following ratings changes would be
necessary upon the closing of the refinancing.

   -- affirm The Mosaic Company IDR at BB-;

   -- affirm The Mosaic Company senior secured revolver rating
      at BB+;

   -- affirm Mosaic Global Holdings IDR at BB-;

   -- affirm Mosaic Global Holdings senior unsecured notes and
      debentures rating at BB-;

   -- withdraw Mosaic Global Holdings senior secured term loan
      rating of BB+;

   -- withdraw Mosaic Global Holdings senior unsecured notes
      rating of BB;

   -- withdraw Phosphate Acquisition Partnership LP IDR of BB-;

   -- withdraw Phosphate Acquisition Partnership LP senior
      secured note rating of BB-;

   -- assign The Mosaic Company senior secured term loans rating
      at BB+;

   -- assign The Mosaic Company senior unsecured notes rating at
      BB;

   -- assign Mosaic Colonsay ULC IDR at BB-; and

   -- assign Mosaic Colonsay ULC senior secured term loan rating
      at BB+.

The refinancing, once complete, is expected to simplify the debt
structure, reduce annual cash interest expense, extend
maturities, and remove the possibility of default related to the
credit facility's 2008 Senior Notes Refinancing Condition.
However, senior secured bank debt and total debt are expected to
increase as a result of the refinancing transactions.

An IDR of BB- for Mosaic and its issuing subsidiaries reflects
the company's good market positions in the global potash and
phosphate markets; and its improving earnings profile.  However,
the ratings continue to be tempered by Mosaic's high debt level
and modest cash flow.  Due to low free cash flow, Mosaic has not
been able to reduce debt since the combination of IMC Global
Inc. with Cargill's crop nutrition business in 2004.

Mosaic's debt level stood at nearly US$2.6 billion at the end of
August 2006.  Fitch anticipates an improvement in cash flow over
the following twelve months as changes to the phosphate cost
structure become apparent; however, the amount of cash flow
improvement is uncertain.  Additionally, market dynamics are
favoring an increase in domestic fertilizer demand next spring
while tightening global potash supply could support higher
pricing.

These factors could boost Mosaic's earnings and cash flow near-
term.  Fitch forecasts that Mosaic's operating EBITDA-to-gross
interest expense could remain just under 4.0 times (x) while
total debt-to-operating EBITDA declines to 3.5x for its fiscal
year 2007 with modest earnings improvement, stronger cash flow
and some debt reduction.

The BB+ rating on Mosaic's proposed senior secured term loans
reflects the superior collateral coverage and likelihood of
principal recovery in a liquidation scenario.  The rating is
equal to that of Mosaic's existing revolver, which would share
in the same collateral package.

The BB rating on Mosaic's proposed senior unsecured notes is one
notch higher that the IDR of BB- due primarily to the notes'
guarantees from domestic and certain foreign subsidiaries.  The
proposed rating also reflects the new notes senior unsecured
position relative to a substantial amount of senior secured debt
upon the closing of the refinancing.

The IDR of BB- at Mosaic Colonsay reflects its position as a
wholly owned subsidiary of Mosaic.  The BB+ rating on Mosaic
Colonsay's existing term loan reflects its collateral position.
This term loan would share the credit facility collateral with
the revolver and new term loans at parent Mosaic.

The ratings could change if the final terms of the amended and
restated credit agreement and new senior notes differ materially
from the preliminary terms and conditions considered for the
ratings.

The Mosaic Company is one of the largest global suppliers of
phosphate and potash fertilizers.  Mosaic earned around US$655.9
million in EBITDA on US$5.2 billion in revenue LTM
Aug. 31, 2006; the company had US$2.6 billion in debt at that
time.


SPETSBUD CJSC: Court Names Ivanov Kirilo as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Ivanov Kirilo
as Liquidator/Insolvency Manager for CJSC Spetsbud (code EDRPOU
05513810).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 27.  The case is docketed
under Case No. 5/4/469(1).

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         CJSC Spetsbud
         Pivnichne shoes Str. 3-g
         69006 Zaporizhya Region
         Ukraine


TECHNOLOGICAL EQUIPMENT: Denis Matvijchuk to Liquidate Assets
-------------------------------------------------------------
The Economic Court of Donetsk Region appointed Denis Matvijchuk
as Liquidator/Insolvency Manager for OJSC Technological
Equipment Plant (code EDRPOU 00481175).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 19.  The case is docketed
under Case No. 42/7 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Technological Equipment Plant
         Mariupol, Engels Str. 54
         87515 Donetsk Region
         Ukraine


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


1ST ACCEL: Taps Richard Rones to Liquidate Assets
-------------------------------------------------
Richard Rones of ThorntonRones LLP was appointed Liquidator of
1ST Accel Limited on Oct. 31 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         1ST Accel Limited
         176 Finchley Road
         Camden
         London NW3 6BT
         United Kingdom
         Tel: 0800 085 0317


A.G. WATTS: Hires Liquidators from BDO Stoy Hayward LLP
-------------------------------------------------------
Mark Roach and Graham Randall of BDO Stoy Hayward LLP were
appointed Joint Liquidators of A.G. Watts Transport Limited on
Oct. 25 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         A.G. Watts Transport Limited
         Dunball Wharf
         Dunball
         Bridgwater
         Somerset TA6 4TE
         United Kingdom
         Tel: 01278 683 383
         Fax: 01278 685 858


AKER KVAERNER: Inks NOK350 Million Process Equipment Deal
---------------------------------------------------------
Aker Kvaerner signed a contract for delivery of process modules
to Aker Floating Production's SMART Floating Production Storage
Offloading vessels.  The total contract value for Aker Kvaerner
is around NOK350 million.

The scope to be performed by the Aker Kvaerner unit Aker
Kvaerner Process Systems will be engineering, procurement and
fabrication services of separation modules, riser balcony
modules and flare system.   The scope is presently for the
first two FPSO conversions, involving "Aker Smart 1" and "Aker
Smart 2."

"We are proud to be awarded this contract with Aker Floating
Production where we will use our capabilities based on our core
process technology.  We consider this contract to be of
strategic importance for increasing our participation in the
prosperous FPSO market", Per Harald Kongelf, President of Aker
Kvaerner Process Systems, said.

The process equipment for the first FPSO will be delivered
second quarter 2007, and fourth quarter 2007 for the second
FPSO.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


AKER KVAERNER: Inks Reselling Agreement with Alfa Laval
-------------------------------------------------------
Aker Kvaerner A.S.A. and Alfa Laval have entered a global
reselling agreement for Alfa Laval's P2 range of decanter
centrifuges.  The equipment is designed for use in white liquor
plants in pulp mills.  Using a P2 decanter in the system enables
waste to be reduced by up to 50% by eliminating the use of lime
mud precoat.  Energy use can also be cut by up to 40%.

Under the agreement, Kvaerner Pulping, part of the Aker Kvaerner
group, will integrate the Alfa Laval decanter centrifuges into
so-called green liquor dregs dewatering applications.  This is
part of the portfolio of products for white liquor production
used by pulp mills all over the world.

"We are very pleased to be able to add the technology for
precoat-free dregs dewatering to our product portfolio.  The
Alfa Laval P2-range has a proven, superior performance in this
area of application and offers new possibilities to reduce
operating costs and improve the environmental performance of
white liquor plant," says Patrik L÷wnertz, Vice President
Recausticizing Development at Kvaerner Pulping.

"By combining Alfa Laval's decanter centrifuge with Kvaerner
Pulping's extensive range of plant equipment, process knowledge
and project execution capabilities; the P2 decanter technology
will be available to more users in a larger range of project
scenarios," says Julien Gennetier, Marketing & Sales Manager for
Pulp and Paper at Alfa Laval.

Kvaerner Pulping's equipment for white liquor plants produces
white liquor by recovering chemicals used when cooking pulp.
This chemical recovery uses a process that generates minimum
waste and emissions, while consuming a limited amount of energy
and utilities.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


ARCADIA CORPORATION: Names Paul James Fleming Liquidator
--------------------------------------------------------
Paul James Fleming of Parkin S. Booth & Co. was appointed
Liquidator of Arcadia Corporation Limited on Oct. 26 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Arcadia Corporation Limited
         Deeside Industrial Estate
         Welsh Road
         Deeside
         Clwyd CH5 2LR
         United Kingdom
         Tel: 01244 280080


ASCOT CONSTRUCTION: Bank of Scotland Taps Deloitte as Receivers
---------------------------------------------------------------
Bank of Scotland appointed Toby Underwood and David Swaden of
Deloitte and Touche joint administrative receivers of Ascot
Construction Services Ltd. (Company Number 03493475) on Oct. 26.

Deloitte & Touche LLP -- http://www.deloitte.com/-- is the
United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss
Verein whose member firms are separate and independent legal
entities.  It provides audit, tax, consulting and corporate
finance services through more than 9,000 people in 21 locations.

Ascot Construction Services Ltd. can be reached at:

         High Dalby House
         Dalby
         Pickering
         North Yorkshire YO1 87LP
         United Kingdom
         Tel: 01751 460 020
         Fax: 01751 460 021


BOWKER ARCHITECTURAL: Names C.H.I. Moore as Administrator
---------------------------------------------------------
C.H.I. Moore of K.J. Watkin & Co. was named administrator of
Bowker Architectural Systems Ltd. (Company Number 4802150) on
Oct. 24.

The administrator can be reached at:

         C.H.I. Moore
         K.J. Watkin & Co.
         Emerald House
         20-22 Anchor Road
         Aldridge
         Walsall
         West Midlands WS9 8PH
         United Kingdom
         Tel: 01922 452881
         Fax: 01922 450525
         E-mail: chim@kjwatkin.co.uk

Bowker Architectural Systems Ltd. can be reached at:

         34 High Street
         Aldridge
         Walsall
         West Midlands WS9 8LZ
         United Kingdom
         Tel: 01922 640 282


CA INC: Underperformance Spurs Moody's to Affirm Ba1 Rating
-----------------------------------------------------------
Moody's Investors Service affirmed CA's Ba1 senior unsecured
rating and negative rating outlook following the company's
announcement of fiscal second quarter financial results and
fiscal 2007 revised guidance.  On Nov. 2, CA announced Q2 fiscal
2007 results, including client bookings and billings, which were
below the company's and Moody's expectations.  In addition, the
company revised FY 2007 guidance for cash flow from operations
to a range of US$900 million to US$1 billion from a prior
US$1.3 billion target, a nearly 30% reduction, and announced its
intention to reassess further share repurchases until it deems
financial performance has improved.

The company's Ba1 senior unsecured rating reflects its large
portfolio of mission critical software product offerings and
installed base of a diverse set of creditworthy clients, which
in isolation could potentially map to a high Baa rating.

However, the rating also reflects:

   -- the company's weakened client billings and
      bookings performance,

   -- exposure to mature mainframe and Unix markets,

   -- uncertainties surrounding effective internal
      financial controls,

   -- unsettled fulfillment of the terms of the
      Deferred Prosecution Agreement,

   -- moderate financial leverage, and

   -- modest returns on net assets, which collectively drive
      the overall Ba1 rating.

The negative outlook reflects challenges the company has to
revive organic growth, implement effective financial controls,
remediate material weaknesses to its financial reporting, and
contain costs.

Headquartered in Islandia, New York, with nearly US$3.9 billion
LTM September 2006 revenues, CA, Inc. is an enterprise software
vendor for enterprise management, security, and storage
applications.


CAROLINA FURNITURE: Taps KPMG Restructuring to Administer Assets
----------------------------------------------------------------
Allan Watson Graham and Richard James Philpott of KPMG
Restructuring were appointed joint administrators of The
Carolina Furniture Company Ltd. (Company Number 03829961) on
Oct. 26.

KPMG LLP -- http://www.kpmg.co.uk/-- in the U.K. is part of a
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.

Headquartered in Leyburn, England, Carolina Furniture Company
Ltd. manufactures and distributes furniture.


CIRCUIT BASED: Appoints Gerald Irwin to Liquidate Assets
--------------------------------------------------------
Gerald Irwin of Irwin & Company was appointed Liquidator of
Circuit Based Training Limited on Oct. 31 for the creditors'
voluntary winding-up procedure.

Headquartered in Leicester, England, Circuit Based Training
Limited -- http://www.circuitbasedtraining.co.uk/-- is a track
based, DSA approved motorbike training school.  The company
caters specifically for Direct Access training.


COMTEK NETWORK: Brings In BDO Stoy to Administer Assets
-------------------------------------------------------
Martha H. Thompson and Anthony Nygate of BDO Stoy Hayward LLP
were appointed joint administrators of Comtek Network Systems
Ltd. (Company Number 02411779) on Oct. 26.

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.

Comtek Network Systems Ltd. can be reached at:

         6 Weighbridge Row
         Cardiff Road
         Reading
         Berkshire RG1 8LX
         United Kingdom
         Tel: 0845 450 1626
         Fax: 0845 450 1627


COTTAGE CRAFTS: Calls In Liquidator from Bulley Davey
-----------------------------------------------------
Michael James Gregson of Bulley Davey was appointed Liquidator
of Cottage Crafts Industries Limited on Oct. 25 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Cottage Crafts Industries Limited
         69 Bridge Road
         Sutton Bridge
         Spalding
         Lincolnshire PE129SD
         United Kingdom
         Tel: 01406 350 203
         Fax: 01406 350 002


D.B. ELECTRICAL: Appoints RSM Robson to Administer Assets
---------------------------------------------------------
David Michael Riley and Simon Peter Bower of RSM Robson Rhodes
LLP were appointed joint administrators of D.B. Electrical
Services Ltd. (Company Number 03366254) on Oct. 27.

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.

D.B. Electrical Services Ltd. can be reached at:

         383a
         Rayners Lane
         Pinner
         Middlesex HA5 5EN
         United Kingdom
         Tel: 020 8426 2220


EASTMAN KODAK: Moody's to Focus Review on KHG's Potential Sale
--------------------------------------------------------------
Moody's Investors Service commented that its review for possible
downgrade for the Eastman Kodak Company continues to focus on
the company's potential sale of the Kodak Health Group as well
as the fundamental operating performance of the company.  If the
sale of KHG were not pending, Moody's would expect to confirm
Kodak's B1 rating with a negative outlook.  The company intends
to announce the outcome of the KHG strategic review by calendar
year end 2006.

On Oct. 31, 2006, Kodak reported third quarter 2006 results,
which included a YTD 2006 6% overall revenue decline, revised
2006 digital revenue growth guidance to somewhat below 10% from
July 2006 guidance of around 10%, and reaffirmed cash and
digital earnings goals.  The company also generated digital
earnings in third quarter 2006, which by Moody's estimates
included about US$60 million non-recurring Consumer Digital
Group (CDG) license fee revenues.

Moody's believes the company's plan to increase digital revenues
remains challenged, with execution difficulties related to
finding a balance between profitability and sales growth,
especially in its CDG division; so far in 2006, the company has
twice revised 2006 digital revenue growth guidance from an
initial range of 16% to 22% established at the start of the
year, to around 10% in August, to somewhat below 10% on Oct. 31.

In Moody's view, the company's overall operating results for the
September 2006 quarter and YTD September 2006 reflected
pre-restructuring charge operating profit which was stronger
than Moody's had anticipated, negatively impacted by lower KHG
profits, yet supported by results in its consumer Film Products
Group and CDG (excluding Q3 2006's non-recurring license fees)
that exceeded Moody's expectations.  The company's performance
in its commercial Graphic Communications Group (GCG) was in line
with Moody's expectations.

Moody's notes that KHG's Q3 2006 EBIT was around the same as
KHG's US$96 million Q3 2005 EBIT, excluding 2006's silver
commodity price increases (2.1% of KHG's Q3 2006 gross margin)
and costs incurred related to KHG's strategic review (about US$9
million).  Moody's also notes that FPG, whose business is
supported by a stable motion picture film business of about US$1
billion annual revenues, GCG, CDG, and a new technologies
division (including investments in consumer inkjet and imaging
sensor technologies) are the businesses the company expects to
retain subsequent to any potential KHG sale.

The review for possible downgrade continues to focus on any
potential KHG sale consummation and any application of proceeds
from a KHG sale toward debt reduction, the company's management
of recurring restructuring costs associated with its business as
it continues to transition from film to digital (including any
potential KHG restructuring costs), and its stated goal of
attaining at least US$350 million in digital earnings in 2006.

By conditions of its secured credit facilities (US$1.2 billion
term loan, US$500 million delay draw facility outstanding, as
well as undrawn US$1 billion five-year revolver), the company
can apply asset sale proceeds in excess of US$75 million to debt
reduction, capital asset reinvestment (up to US$300 million per
year as long as within 12 months of receipt of proceeds), and
non-digital business cash restructuring costs (as long as paid
within 12 months of the date the assets were sold).

Regarding liquidity, Kodak maintains ample liquidity from its
available cash balance of US$1.1 billion at Sept. 30, 2006, free
cash flow (US$602 million LTM September 2006 cash flow from
operating activities less capital expenditures and dividends),
and its undrawn US$1 billion secured revolving credit facility.
Moody's expects the company will maintain sufficient headroom
under the two financial covenants of the revolver (a debt to
EBITDA ratio and EBIDA to interest expense ratio) for at least
the next twelve months.

The company also plans to provide termination benefits for the
majority of U.S. employees impacted by restructuring actions
announced after Oct. 18, through most of 2007 in the form of
special termination benefits payable from its over funded U.S.
pension plan (about US$700 million over funded as of
Dec. 31, 2005), which mitigates restructuring cash outflows that
the company would otherwise make from its cash and operating
cash flow into 2007.

The company's restructuring cash outflows have been significant,
ranging between about US$100 million and US$200 million per
quarter since before Q1 2005.  With YTD September 2006 debt
reduction of US$244 million, Moody's believes Kodak is on track
to meet its goal of US$800 million debt reduction in FY 2006.
Kodak has no material debt maturities until 2008 (US$259
million) and 2010 (the first put/call date of the US$575 million
convertible notes).  The US$31 per share strike price of these
convertible notes is higher than the company's current
approximate US$25 per share equity trading price.

Ratings on Review for Possible Downgrade:

    * Corporate Family Rating B1
    * Senior Unsecured Rating B2
    * Senior Secured Credit Facilities Ba3

Headquartered in Rochester, New York, the Eastman Kodak Company
is a worldwide provider of imaging products and services.


EXEM LIMITED: Taps UHY Hacker Young as Joint Administrators
-----------------------------------------------------------
Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint administrators of Exem Ltd. (t/a Toastabags)
(Company Number 05007398) on Oct. 26.

The administrators can be reached at:

         Andrew Andronikou and Peter Alan Kubik
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159

Headquartered in Malvern, England, Exem Ltd. manufactures
textiles, apparel and leather goods.


FERGUSONS OF NESTON: Claims Filing Period Ends Dec. 13
------------------------------------------------------
Creditors of Fergusons of Neston Limited have until Dec. 13 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their Solicitors (if any), to appointed Liquidator
Martin Henry Linton at:

         Leigh & Co.
         Brentmead House
         Britannia Road
         London N12 9RU
         United Kingdom


FWL TECHNOLOGIES: Barclays Bank Hires PwC as Joint Receivers
------------------------------------------------------------
Barclays Bank PLC appointed Paul Copley and Ian Green of
PricewaterhouseCoopers LLP joint administrative receivers of FWL
Technologies Ltd. (Company Number 01805692) and FWL Technologies
400 Ltd. (Company Number 03897033) on Oct. 20.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

Headquartered in Liverpool, England, FWL Technologies Ltd. and
FWL Technologies 400 Ltd. provides software solutions for
logistics and transport companies.


GENERAL MOTORS: Selling Hybrid Cars to Chinese Market in 2008
-------------------------------------------------------------
General Motors Corp. will launch its hybrid cars in China
beginning 2008, in time for the Beijing Olympics, Geoff Dyer of
the Financial Times reports.

GM chief executive Rick Wagoner revealed that it will work with
Shanghai Automotive Industry Corp., its local partner, to
provide alternative energy vehicles for the fast-growing Chinese
market, FT relates.

According to the report, GM would continue its investment in
China despite the group's cost pressures.  Mr. Wagoner said that
the company is buying more parts locally to cut costs in its
China operations in order to maintain a healthy profit while
lowering prices, Gordon Fairclough writes for The Wall Street
Journal.

                    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.

As reported in the Troubled Company Reporter on July 27,
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,
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: Declares US$0.25 Per Share Quarterly Dividend
-------------------------------------------------------------
General Motors Corp. (NYSE: GM) disclosed of a fourth-quarter
dividend of US$0.25 per share on GM common stock.  The dividend
is payable Dec. 9, 2006, to holders of record as of Nov. 17,
2006.  The dividend is unchanged from the previous quarter.

                      About the Company

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.

As reported in the Troubled Company Reporter on July 27,
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,
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.


GEORGE TOWERS: Brings In Liquidator from Fergusson & Co. Ltd.
------------------------------------------------------------
Malcolm Edward Fergusson of Fergusson & Co. Ltd. was appointed
Liquidator of George Towers & Son Limited on Oct. 30 for the
creditors' voluntary winding-up proceeding.

Headquartered in Blyth, England, George Towers & Son Limited --
http://www.g-towers-son.co.uk/-- constructs bespoke houses on a
design and build basis within Northumberland and Tyne and Wear.
The company also undertakes contract work for local authorities,
hospital trusts, industrial commercial and domestic clients, and
insurance companies.


HOMESTEAD WINDOWS: Creditors Confirm Liquidators' Appointment
-------------------------------------------------------------
Creditors of Homestead Windows & Conservatories Limited
confirmed on Oct. 27 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:

         Homestead Windows & Conservatories Limited
         3 The Courtyard
         Warkworth
         Banbury
         Oxfordshire OX172AG
         United Kingdom
         Tel: 01295 272 279
         Fax: 01295 713 737


HOSKINS MANAGEMENT: Hires Administrators from Portland Business
---------------------------------------------------------------
Carl Derek Faulds and James Richard Tickell of Portland Business
& Financial Solutions Ltd. were appointed joint administrators
of Hoskins Management Development Ltd. (Company Number 3431873)
on Oct. 27.

The administrators can be reached at:

         Carl Derek Faulds and James Richard Tickell
         Portland Business & Financial Solutions Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         Hampshire PO15 7AH
         United Kingdom
         Tel: 01489 550 440
         E-mails: carl.faulds@portland-solutions.co.uk
                  james.tickell@portland-solutions.co.uk

Hoskins Management Development Ltd. can be reached at:

         5 West Street
         Fareham
         Hampshire PO1 60BG
         United Kingdom
         Tel: 01329 221 018
         Fax: 01329 285 147


JAROKEN LIMITED: Taps Tenon Recovery as Joint Administrators
------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Jaroken Ltd. (Company Number 1483805) on
Oct. 25.

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

Jaroken Ltd. can be reached at:

         502-503 Ipswich Road
         Slough
         Berkshire SL1 4EP
         United Kingdom
         Tel: 01753 578 729
         Fax: 01753 578 730


KINGSTAR CONTRACTS: Appoints Begbies Traynor as Administrators
--------------------------------------------------------------
Louise Donna Baxter and Mark Robert Fry of Begbies Traynor were
appointed joint administrators of Kingstar Contracts Ltd.
(Company Number 02843092) on Oct. 25.

Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.

Headquartered in Hitchin, England, Kingstar Contracts Ltd. is
engaged in diamond drilling and sawing.


MARGAUX MATRIX: Appoints Administrators from Hurst Morrison
-----------------------------------------------------------
Robert C. Keyes and Gareth W. Roberts of Hurst Morrison Thomson
CR LLP were appointed joint administrators of Margaux Matrix
Ltd. (Company Number 4363142) on Oct. 26.

The administrators can be reached at:

         Robert C. Keyes and Gareth W. Roberts
         Hurst Morrison Thomson Corporate Recovery LLP
         5 Fairmile
         Henley on Thames
         Oxfordshire RG9 2JR
         United Kingdom
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Margaux Matrix Ltd. can be reached at:

         Wharf Street
         Godalming
         Surrey GU7 1NN
         United Kingdom
         Tel: 01483 425 001
         Fax: 01483 527 117


MORGAN STANLEY: Moody's Assigns D+ Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service assigned first-time ratings of Aa3 and
Prime-1 to the long- and short-term deposits of Morgan Stanley
Bank International Limited, respectively, a U.K. banking
subsidiary of Morgan Stanley.  In the same rating action,
Moody's also assigned an issuer rating of Aa3, and a bank
financial strength rating of D+.  The outlook is stable.

Moody's Aa3 and P-1 issuer and deposit ratings reflect the
strategic importance the Bank has to the international
businesses of Morgan Stanley.  Further, the ratings reflect the
high levels of support currently given to the Bank by Morgan
Stanley, as well as our expectations of additional provisions of
support if ever needed.

The Bank is a necessary conduit used by Morgan Stanley to
conduct a broad range of activities for which a bank is
required, as dictated by regulatory and/or commercial concerns.
An explicit guarantee for payments that come due under
obligations of the Bank has not been extended by Morgan Stanley.

Moody's D+ bank financial strength rating reflects the Bank's
relatively moderate levels of intrinsic strength when compared
to other banks on a stand-alone basis.  This rating indicates a
higher than average likelihood that the Bank would require
assistance from its parent in order to avoid a default.

Ratings assigned:

Morgan Stanley Bank International Limited:

   -- Long-term deposit rating at Aa3;
   -- Short-term deposit rating at Prime-1;
   -- Issuer rating at Aa3; and
   -- Bank financial strength rating at D+.

Morgan Stanley is a global securities firm, based in the New
York.  Its fiscal nine-month pre-tax earnings totaled
US$8 billion, as of Aug. 31, 2006.

Morgan Stanley Bank International Limited, based in London,
reported pre-tax earnings of US$78 million (GBP GBP43 million)
for the fiscal year ending Nov. 30, 2005.


NORTEL NETWORKS: Global Operations Center to Create 300 Jobs
------------------------------------------------------------
Nortel Networks Limited disclosed of further details of its new
Global Operations Center of Excellence in Turkey.  Located on
the R&D campus of Nortel's Turkish subsidiary Nortel Netas in
Umraniye, Istanbul, the new Operations Center of Excellence will
create around 300 jobs for graduates and experienced network
support experts.

The creation of the Operations Center of Excellence is part of
Nortel's ongoing business transformation.  By reducing over 100
global centers and creating fewer, more focused, Centers of
Excellence, Nortel aims to improve the quality of its technical
product support, integration and acceptance services via
efficiencies of scale, organization optimizations and process
improvements.

"Nortel is focused on providing the very highest levels of
customer support while remaining cost competitive," said Joel
Hackney, senior vice president, Global Operations and Quality,
Nortel.  "Located in the heart of our EMEA region, the new
Operations Center of Excellence in Turkey benefits from its
proximity to major customers whilet drawing on a strong labor
pool and improving our cost competitiveness."

The Global Operations Center of Excellence will provide
technical and operational support for Nortel's worldwide
next-generation carrier customers deploying mobile, converged
and metro Ethernet networks, including optical networks.  The
specific functions the Center will perform include global
network technical support for customers in North America and
Europe, the Middle East and Africa (EMEA), global product
support, and solution integration and acceptance for EMEA.

"Next year Nortel Netas, our Turkish subsidiary, will celebrate
its 40th anniversary," said Tim Watkins, president Northern
Europe, the Middle East and Turkey, Nortel.  "Our considerable
experience working in the region allows us to be confident of
the benefits that the new Center of Excellence will bring.  We
already conduct a considerable amount of world leading R&D at
Nortel Netas and expect that this ethos of excellence will be
transferred to the new Center of Excellence."

The first employees of Nortel's new Global Operations Center of
Excellence have already commenced in-depth training on Nortel's
solutions and services portfolio.  With initially 300 engineers
being recruited, the Global Operations Center of Excellence is
expected to go into service in the first half of 2007.

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel does business in more than 150 countries.

                         *    *    *

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

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

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

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


PRESENTATION CASES: Brings In Mazars LLP to Administer Assets
-------------------------------------------------------------
Timothy Colin Hamilton Ball and Alistair Steven Wood of Mazars
LLP were appointed joint administrators of Presentation Cases
(Wotton) Ltd. (Company Number 00877268) on Oct. 25.

Mazars -- http://www.mazars.com/-- is an international,
integrated and independent organization, specialized in audit,
accounting, tax and advisory services.

Presentation Cases (Wotton) Ltd. can be reached at:

         Mitre Pitch
         Wotton Under Edge
         Gloucestershire GL12 7JP
         United Kingdom
         Tel: 01453 842 181
         Fax: 01453 521 231


R SCAIFE: Appoints Liquidators from Wilson Field Ltd.
-----------------------------------------------------
Lisa Hogg and Claire Louise Foster of Wilson Field Ltd. were
appointed Joint Liquidators of R Scaife Decorators Limited on
Oct. 30 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         R Scaife Decorators Limited
         Unit 9
         Chaucer Yard
         Countess Road
         Sheffield S1 4TE
         United Kingdom
         Tel: (0114)2788335


SEA CONTAINERS: Wants To Give Up Railway Services In May 2007
-------------------------------------------------------------
Sea Containers, Ltd., will walk away from its wholly owned non-
debtor subsidiary, Great North Eastern Railway Ltd., in May
2007, if it will not obtain more favorable franchise terms, The
Sunday Times reports.

GNER operates high-speed passenger trains between London and
Scotland along the East Coast main line of Britain under a
franchise agreement with the British Government since April
1996.

Robert D. MacKenzie, president and chief executive officer of
Sea Containers, told The Sunday Times although GNER is
profitable, it cannot "cope with the GBP1.3 billion premium that
it had to pay to the Treasury under the franchise agreement."
What's more, GNER's performance bond nearly doubles on May 1
from GBP15.3 million to GBP28.7 million, Dominic O'Connell of
The Sunday Times writes.

According to Mr. O'Connell, Britain's Department for Transport
has rejected suggestions it will renegotiate the franchise.

GNER currently operates a fleet of 41 train sets totaling 463
cars and locomotives covering around 920 route miles and
52 stations, and in 2005 achieved 16,700,000 passenger journeys.

As previously reported, Sea Containers, Ltd., and its
subsidiaries, Sea Containers Services, Ltd., and Sea Containers
Caribbean, Inc., filed voluntary petitions for reorganization
under Chapter 11 of the U.S. Bankruptcy Code in the United
States Bankruptcy Court for the District of Delaware.

On Oct. 16, 2006, the Company initiated a complementary
proceeding in Bermuda to facilitate the Chapter 11 Filing.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 3; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


TOFU LIMITED: Names Nicholas Wood as Administrator
--------------------------------------------------
Nicholas Wood of Grant Thornton U.K. LLP was named administrator
of Tofu Ltd. (Company Number 03832834) on Oct. 25.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

Tofu Ltd. can be reached at:

         Brook House 229 243
         Shepherds Bush Road
         Hammersmith and Fulham
         London W6 7AN
         United Kingdom


ULTIMATE HENGELSPORT: Creditors' Claims Due Nov. 27
---------------------------------------------------
Creditors of Ultimate Hengelsport U.K. Limited (formerly
Ultimate Hengelsport Limited) have until Nov. 27 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
David Anthony Horner at:

         David Horner & Co.
         11 Clifton Moor Business Village
         James Nicolson Link
         York YO30 4XG
         United Kingdom

The company can be reached at:

         Ultimate Hengelsport U.K. Limited
         Unit 1 Parkfarm Industrial Estate
    Westland Road
    Leeds
    West Yorkshire LS11 5SE
         United Kingdom
         Tel: 0113 270 4945


UNITED BISCUITS: Moody's Withdraws Low-B Ratings on LBO
-------------------------------------------------------
Moody's Investors Service withdrew the B1 corporate family
rating assigned to United Biscuits Finance plc with a stable
outlook.  Moody's withdrew this rating at the request of the
company.  This follows the recent announcement of a secondary
LBO by private equity partners Blackstone and PAI for around
GBP1.6 billion, which is expected to be completed in December
2006.

Withdrawn ratings include:

    * B1 corporate family rating of United Biscuits Finance plc

    * Ba3 rating of the senior secured credit facilities
      A and B and the revolving credit facility borrowed
      at Regentrealm Limited; and

    * B2 rating of "first loss" term loan C borrowed at
      United Biscuits (UK) Limited.

United Biscuits Finance Ltd. is a leading manufacturer and
marketer of biscuits in the United Kingdom, and the second
largest manufacturer of biscuits in France, the Netherlands and
Belgium.  In the twelve months to April 22, 2006, the company
reported revenues and EBITDA of around GBP1.29 billion and
GBP212 million, respectively.


VENTURE DISTRIBUTION: Creditors' Meeting Slated for November 17
---------------------------------------------------------------
Creditors of Venture Distribution Limited (Company Number
04245120) will meet at 10:30 a.m. on Nov. 17 at:

         Fanshawe Lofts
         41 Castle Way
         Southampton SO14 2BW
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Nov. 13 at:

         A. R. Fanshawe
         Joint Administrator
         Fanshawe Lofts
         41 Castle Way
         Southampton
         Hampshire SO14 2BW
         United Kingdom
         Tel: 023 8023 3522
         Fax: 023 8023 3504
         E-mail: sa@fanshawe-lofts.co.uk
                 arf@fanshawe-lofts.co.uk


VERNBERRY LIMITED: Creditors' Meeting Slated for Nov. 14
--------------------------------------------------------
Creditors of Vernberry Limited (Company Number 03658381) will
meet at 10:30 a.m. on Nov. 14 at:

         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester M2 1BD
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Nov. 13 at:

         M. Dunham
         Joint Administrative Receiver
         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester M2 1BD
         United Kingdom
         Tel: 0161 817 3700
         Fax: 0161 817 3711
         E-mail: manchester@bdo.co.uk


XPRESS COPY: Hires Liquidators from Lines Henry
-------------------------------- --------------
Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators of Xpress Copy & Print (Chesterfield) Limited
on Oct. 25 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Xpress Copy & Print (Chesterfield) Limited
         39 St. Marys Gate
         Chesterfield
         Derbyshire S41 7TH
         United Kingdom
         Tel: 01246 230 005


* Moody's Sees Cash Commingling Risk in EMEA ABS/RMBS Deals
-----------------------------------------------------------
The risk of cash commingling poses a key consideration that
needs to be analyzed in most true sale-based securitization
transactions in Europe, the Middle East and Africa (EMEA) where
the securitization collections are not remitted directly to the
issuer's account from the outset, Moody's Investors Service says
in a new Special Report.  Although in most countries several
practical and structural mitigants can be incorporated into a
securitization to limit commingling risk, sizing mitigation for
this risk can be a delicate exercise and will ultimately depend
on a large number of factors.

Commingling in the context of a securitization transaction
generally refers to the situation where cash belonging to a
special purpose vehicle (SPV) is mixed with cash belonging to a
third party or is deposited in an account held in the name of
the third party.

"Commonly, commingling risk arises in a securitization when the
originator of the transaction is retained by the SPV as servicer
of the securitized assets.  In such a case, payments by the
underlying debtors continue to be collected by the servicer and
are deposited in a collection account in the name of the
servicer," explains Sophie Berthelon, a Moody's Senior Vice
President and co-author of the report.

As a result, securitization monies may be commingled with the
originator/servicer's funds, potentially leading, in the event
that the originator/servicer becomes insolvent, to either

   -- cash belonging to the SPV becoming unavailable to the
      SPV for a period of time (i.e. liquidity risk), or

   -- in some jurisdictions, the SPV having only an
      unsecured claim against this cash in the insolvency of
      the originator (i.e. credit risk).

Moody's notes that the risk is attenuated in cases where the
originator has an investment-grade rating: the probability of it
becoming insolvent during the life of the transaction is
therefore relatively low.

"Most transactions provide that, should the originator become
insolvent, letters will be sent to the debtors asking them to
redirect their payments and a new servicer will be appointed.
All collections paid by debtors into the correct account
post-redirection will therefore not be subject to commingling
risk -- a key consideration when trying to size the risk and
mitigate it," says Jens Lindner, Vice President-Senior Credit
Officer and report co-author.

Nonetheless, sizing mitigation for commingling risk remains a
delicate exercise and will ultimately depend on a large number
of factors -- notably:

   -- the legal framework in the country in question,
   -- the originator's profile,
   -- the characteristics of the securitized assets, and
   -- the structural features of the transaction.

The nature and magnitude of the risk, as well as the legal
mitigants available, vary significantly from jurisdiction to
jurisdiction.  In addition to presenting an overview of the
major mitigants used in the EMEA market, Moody's Special Report
-- entitled "Cash Commingling Risk in EMEA ABS and RMBS
Transactions: Moody's Approach" -- also discusses
country-specific considerations in the key jurisdictions of
England and Wales, France, Germany and Italy.


* Europe's CMBS Industrial Markets Remain Strong, Moody's Says
-------------------------------------------------------------
The sampled European industrial property markets remained strong
in the first half of 2006 on the back of stable supply combined
with a higher take-up rate, says Moody's Investors Service in
the latest semi-annual update to its Red-Yellow-Green« special
report.  "European industrial markets sampled have had an
overall green score since we began this assessment in 2003,"
says Moody's Analyst Nicole Lux, author of the report.
"Industrial markets have been strong, especially the U.K.
sampled markets, with demand outpacing supply since 2003. By
mid-2006, only one yellow market remains."

Moody's Red-Yellow-Green« report assesses the strength of
European industrial property markets that support commercial
mortgage-backed securities (CMBS), based on actual data and
12-month forecasts of market supply-and-demand movements for the
first half of 2006.  The objective of the analysis is to enhance
transparency for investors and issuers by providing a tool for
assessing the impact of supply and demand on the occupational
market performance of sampled European industrial markets.

The analysis includes eight European industrial regions, which
include Barcelona, Birmingham, Brussels, Greater London,
Leeds/Yorkshire/Humberside, Manchester, Paris Ile-de-France and
Rotterdam.  Each market is scored on a scale of zero (weak) to
100 (strong) depending on the degree of stress in the
occupational market over a near-term horizon. These scores are
described in traffic-light colors, with 0-33 identified as red,
34-66 as yellow and 67-100 as green.

Between mid-2005 and mid-2006, the composite market score for
the eight monitored markets declined to 74 from 75, still a
strong green score.  The leading market since the assessment's
inception has been Manchester, being the result of a moderate
supply pipeline, increasing take-up and falling vacancy rates.
The strongest improver over the last year has been Brussels: its
score of 52 at end-year 2005 -- representing a yellow market --
rose to 70 in the first half of 2006.

Demand for industrial space has been strengthening despite
sluggish economic growth in Europe.  "Take-up levels increased
for the seventh consecutive half-yearly period," notes Ms. Lux.
"We therefore expect prime rents to be stable in these sampled
European industrial markets going forward."


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Real Estate Update
         CityPlace Conference Center, Dallas, TX
            Contact: http://www.turnaround.org/

November 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Webinar "Second Lien Financing or Investing: Are
      There Opportunities for You?"
         TMA HQ, Chicago, IL
            Contact: http://www.turnaround.org/

November 10, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         San Francisco, CA
            Contact: http://www.ceb.com/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program
         St. Louis, Missouri
            Contact: 815-469-2935 or http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program - Cost Containment Strategies
         St. Louis, MO
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Cocktail Reception Honoring the
      Bankruptcy Benches of the Southern &
      Eastern Districts of New York and New Jersey
      Association of the Bar of the City of New York
         New York, NY
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Sure-Fire Strategies for Destroying Value: An Expose of
      Common Errors, Oversights, and Missed Opportunties
      in Turnaround Management, Workouts, and Restructurings
         Marriott Downtown, Los Angeles, CA
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Reception with NYIC/NYTMA
         TBA, New York
            Contact: 908-575-7333 or http://www.turnaround.org/

November 15, 2006
   LI TMA Formal Event
      TMA Australia National Conference
         Long Island, New York
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Arena
      Panel Discussion with Some of the Leading Investors
         Red Barn Restaurant, Westport, CT
            Contact: http://www.turnaround.org/

November 15-16, 2006
   EUROMONEY INSTITUTIONAL INVESTOR
      Asia Capital Markets Forum
         Island Shangri-La, Hong Kong
            Contact: http://www.euromoneyplc.com/

November 16, 2006
   BEARD AUDIO CONFERENCES
      KERPs and Bonuses under BAPCPA
         New Legal Strategies for Retaining Executives at
            Troubled Companies
               Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, WA
            Contact: 403-294-4954 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Life in the Bankruptcy Court with BAPCPA,
      A View from The Bench
         Oxford Hotel, Denver, CO
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround & Transaction of the Year
      Award Presentations
         Solera, Minneapolis, MN
            Contact: http://www.turnaround.org/

November 16-17, 2006
   STRATEGIC RESEARCH INSTITUTE
      8th Annual West Distressed Debt Investing Forum
         Venetian Resort Hotel Casino, Las Vegas, NV
            Contact: http://www.srinstitute.com/

November 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Harry Nolan, Author of
      Airline without a Pilot - Lessons in Leadership
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

November 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      The Brave New World of Selling Distressed Companies
         Mid-Day Club, Chicago, IL
            Contact: http://www.turnaround.org/

November 22, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      "Inherent Jurisdiction of the Courts"
      Dinner Event - Special Presentation by
      Madam Justice Juliana Topolniski
         Union Bank Inn, Edmonton, AB
            Contact: http://www.turnaround.org/

November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

November 23-24, 2006
   EUROMONEY CONFERENCES
      5th Annual China Conference
         China World Hotel
         Beijing, China
            Contact: http://www.euromoneyconferences.com/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint TMA Florida/ACG Tampa Bay Luncheon
      Buying and Selling a Troubled Company
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Some Do's and Don'ts in Investing in Turnarounds
         University Club, Milwaukee, WI
            Contact: http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30, 2006
   EUROMONEY CONFERENCES
      Euromoney/DIFC Annual Conference
      Managing superabundant liquidity
         Madinat Jumeirah, Dubai
            Contact: http://www.euromoneyconferences.com/

November 30, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring Around Intellectual Property -
      Preserving Value When Trouble Lurks
         Carnelian Room, San Francisco, CA
            Contact: http://www.turnaround.org/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 1, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         Garden Grove, CA
            Contact: http://www.ceb.com/

December 4-5, 2006
   PRACTISING LAW INSTITUTE
      Mortgage Servicing & Default Management
         Washington, DC
            Contact: http://www.pli.edu/

December 5, 2006
   EUROMONEY CONFERENCES
      CFO Forum
         Hyatt Regency, Hangzhou, China
            Contact: http://www.euromoneyconferences.com/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Intellectual Property -
      Are You Overlooking Significant Value?
         5th Avenue Suites, Portland, OR
            Contact: http://www.turnaround.org/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Cash Management After The Storm:
      Near-Term Planning for Long-Term Business Success
         Sheraton, Metairie, LA
            Contact: http://www.turnaround.org/

December 8, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         Los Angeles / Century City, CA
            Contact: http://www.ceb.com/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800; http://www.abiworld.org/

February 8-9, 2007
   EUROMONEY
      Leveraged Finance Asia
         JW Marriott Hong Kong
            Contact: http://www.euromoneyplc.com/

February 21-22, 2007
   EUROMONEY
      Euromoney Pakistan Conference
      Perceptions & Realities
         Marriott Hotel, Islamabad, Pakistan
            Contact: http://www.euromoneyplc.com/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton U.S. Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com/
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
      Risks, Latest Decisions
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
Discovery
      and Records Management for Bankruptcy Practitioners and
      Litigators
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *