TCREUR_Public/061110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, November 10, 2006, Vol. 7, No. 224

                            Headlines


A U S T R I A

ALBAGHDADI OEG: Property Manager Declares Insufficient Assets
GASTHOF HINDENBURG: Creditors' Meeting Slated for November 16
HUMMEL LLC: Creditors' Meeting Slated for November 22
MURAMONT LLC: Creditors' Meeting Slated for November 14
OBERSTEIRISCHE QUALITATSFLEISCH: Meeting Slated for Nov. 22

SEIDEL & PEER: Creditors' Meeting Slated for November 13
SOBOTNIK UND PANKRATZ: Creditors' Meeting Slated for November 16
VNESHTORGBANK: Moody's Puts D- FSR to Austrian Branch


B E L G I U M

GOODYEAR TIRE: Posts US$48 Million Net Loss in 2006 Third Qtr.
GOODYEAR TIRE: Outlines New Proposal to Workers on Strike
JLG INDUSTRIES: Launches Sr. Debt Offer & Consent Solicitation
JLG INDUSTRIES: Moody's Cuts Rating on US$113.8-Mln Notes to B2


B U L G A R I A

BALKAN AIRLINES: French Court Orders State to Pay Zeevi Claim


C Y P R U S

BANK OF CYPRUS: Earns EUR225,726 for First Nine Months 2006
BANK OF CYPRUS: Moody's Changes D+ FSR Outlook to Positive
HELLENIC BANK: Moody's Changes D FSR Outlook to Stable


C Z E C H   R E P U B L I C

FREESCALE SEMICONDUCTOR: Gets Requisite Consents on 6.875% Notes


F R A N C E

EUROTUNNEL GROUP: Creditors Mull Liquidation Over Safeguard Plan
JLG INDUSTRIES: Launches Sr. Debt Offer & Consent Solicitation
JLG INDUSTRIES: Moody's Cuts Rating on US$113.8-Mln Notes to B2
LAZARD LTD: Posts US$35 Million Third Quarter 2006 Net Income


G E O R G I A

PROCREDITBANK GEORGIA: Fitch Affirms Foreign Currency IDR at B


G E R M A N Y

BLUE CULT: Claims Registration Ends November 14
BUCKEL HAUSTECHNIK: Claims Registration Ends November 13
CH MODE: Claims Registration Ends November 14
ELEX ALPHA: S&P Assigns BB- Rating on EUR22-Mln Class E Notes
FAB FERNMELDEANLAGENBAU: Claims Registration Ends November 14

GEMATEC COLOR: Claims Registration Ends November 15
GFD GESELLSCHAFT: Claims Registration Ends November 14
HORNBACH: Moody's Affirms Ratings on Good Operating Performance
KABEL DEUTSCHLAND: Fitch Rates Exchange Notes at BB-
MAX-BAU: Deadline for Claims Registration Slated November 14

PERMO VERTRIEBS: Claims Registration Ends November 13
STOELZEL BAUGESELLSCHAFT: Claims Registration Ends November 13
UNTIEDT UND SYRI: Claims Registration Ends November 15


G R E E C E

BANK OF CYPRUS: Earns EUR225,726 for First Nine Months 2006
BANK OF CYPRUS: Moody's Changes D+ FSR Outlook to Positive
HELLENIC BANK: Moody's Changes D FSR Outlook to Stable


I R E L A N D

ELAN CORP: To Issue US$500 Million Senior Notes Due 2013


I T A L Y

FREESCALE SEMICONDUCTOR: Gets Requisite Consents on 6.875% Notes


K A Z A K H S TA N

AGRO SERVICE: Almaty Court Opens Bankruptcy Proceedings
AGROZAN-2 LLP: Creditors Must File Claims by Dec. 3
ALTYN CAPITAL: Proof of Claim Deadline Slated for Dec. 8
ASTANA-TECHNOPARK OJSC: Claims Registration Ends Dec. 6
ASYL NAN: Claims Filing Period Ends Dec. 8

BAIZAKTORGGAS LLP: Jambyl Court Starts Bankruptcy Procedure
BAMI DENT: Creditors' Claims Due Dec. 3
BLACK GOLD: Creditors Must File Claims by Dec. 3
JAHAN-MATAL LLP: Proof of Claim Deadline Slated for Dec. 8
RISOPERERABATYVAYUSHYI ZAVOD: Creditors' Claims Due Dec. 3

SAMAL KURYLYS: Claims Registration Ends Dec. 3
SHYNGYZ-HAN LLP: Claims Filing Period Ends Dec. 3
SPEKTRUM-FLEX LLP: Claims Registration Ends Dec. 3
STARS CLUB: Creditors Must File Claims by Dec. 8
TRANSSFERA: Proof of Claim Deadline Slated for Dec. 6

URSERVICE CONSULT: Creditors' Claims Due Dec. 8


K Y R G Y Z S T A N

JHOLDAS GROUP: Creditors Must File Claims by Dec. 22
NATIONAL ACADEMY: Public Auction Scheduled for Nov. 29


L U X E M B O U R G

NORTEL NETWORKS: Appoints Dr. Kristina M. Johnson to Board
NORTEL NETWORKS: Posts US$99 Million Net Loss in Third Quarter


N E T H E R L A N D S

BURNS PHILP: Rank Group Declares Offer Unconditional
BURNS PHILP: S&P Cuts & Withdraws Rating on Rank Group Purchase
GLOBAL POWER: Hires AlixPartners LLC as Claims & Balloting Agent
KONINKLIJKE AHOLD: Walks Away From Merger Talks with Delhaize


R U S S I A

ABK CJSC: Bankruptcy Hearing Slated for January 22
ANANYEVSKOYE CJSC: Court Names A. Rubashanov to Manage Assets
CHISTOPOLSKIY SHIP-MECHANICAL: Court Hearing Slated for Jan. 18
FIRST SIBERIAN: Court Names N. Natarov as Insolvency Manager
FURNITURE FACTORY: Court Names A. Rubashanov to Manage Assets

KUYBYSHEVSKIE LIQUEUR-VODKA: Court Hearing Slated for Dec. 25
LYULPANSKIY TIMBER: Court Names V. Pomazkin to Manage Assets
OB'-POLYMER CJSC: Asset Sale Slated for November 21
ORGERSBANK: Fitch Places B- IDR on Rating Watch Positive
PRODUCTS-7 CJSC: Court Names B. Shatrov as Insolvency Manager

SIBERIAN FACTORY: Court Names S. Grudyakov as Insolvency Manager
SPECIAL AUTO-TRANSPORT: Court Starts Bankruptcy Supervision
UST-KATAEVSKIY OJSC: Court Names E. Babanov to Manage Assets
VNESHTORGBANK: Moody's Puts D- FSR to Austrian Branch
VOTALIFT-AUDIT CJSC: Court Names A. Kovalev to Manage Assets

YAMAL-OIL-STROY-GAS: Bankruptcy Hearing Slated for November 14
ZAVYALOVSKAYA MINERAL: Court Names A. Generalov to Manage Assets

* S&P Affirms B+ Rating on Russia's Leningrad Oblast


S P A I N

KONINKLIJKE AHOLD: Walks Away From Merger Talks with Delhaize


T U R K E Y

GENERAL NUTRITION: Faces Overtime Wage Litigation in Kansas
GENERAL NUTRITION: Moody's Junks Proposed US$325-Mln Note Issue


U K R A I N E

AGROTORG LLC: Sumi Court Starts Bankruptcy Supervision
AZHVO LLC: Ivano-Frankivsk Court Starts Bankruptcy Supervision
ECOLOGICAL BUILDINGS: Court Starts Bankruptcy Supervision
EUROSAIL 06-4: Fitch Gives BB Rating on GBP6.7-Mln Class E Notes
EUROSAIL 2006-4NP: S&P Rates GBP6.7-Mln Class E Notes at BB

GENERAL NUTRITION: Faces Overtime Wage Litigation in Kansas
GENERAL NUTRITION: Moody's Junks Proposed US$325-Mln Note Issue
INTERTAJP LLC: Court Names I. Yasnogor as Insolvency Manager
RATE-INVEST LLC: Oleksandr Chechelnitskij to Liquidate Assets
TEHSERVICE: Mikolaiv Court Starts Bankruptcy Supervision

ZIM OJSC: Donetsk Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

1ST RECRUITMENT: Appoints A. J. Clark to Liquidate Assets
ACM SCAFFOLDING: Taps Joint Administrators from Unity Business
AINSWORTH FINISHING: Taps Begbies Traynor as Administrators
ALLEN DECORATORS: Nominates Liquidators from Abbott Fielding
BARNETT FINANCIAL: Creditors Confirm Liquidator's Appointment

BENNY DEE: Kikis Kallis Leads Liquidation Procedure
C J EXECUTIVE: Names Anthony David Kent Liquidator
COLLINS & AIKMAN: Court Allows Rejection of Westland Lease
COLLINS & AIKMAN: Court Approves Settlement Pact with GECC
DEYE LIMITED: Creditors Ratify Voluntary Liquidation

DOUGLAS ESTATES: Hires David Jenner Cork to Liquidate Assets
E-SOURCE EDUCATION: Hires Rothman Pantall to Administer Assets
ENRON CORP: Wants Court Nod on US$25,081,204 Newpower Deal
ENRON CORP: Wants US$44 Million Dynegy Settlement Approved
EURO CELLULAR: D.J. Goddard Appoints UHY Hacker as Receivers

EUROACT CONSTRUCTION: Brings In DTE Leonard to Administer Assets
EUROPEAN ODYSSEY: Taps Peter Nottingham to Liquidate Assets
EUROTUNNEL GROUP: Creditors Mull Liquidation Over Safeguard Plan
FLEXIHOSE SOMERSET: Calls In Liquidator from Bishop Fleming
GEMINI WINDOWS: Appoints Liquidator from Tenon Recovery

GENTEK INC: To Shut Down New Jersey Plant in December 2006
HOLBROOKE SUPPLIES: Brings In Liquidator from Begbies Traynor
J J BUNKER: Hires Liquidator from Rogers Evans
J. A. TONGE: Appoints Parkin S. Booth as Joint Administrators
KRONOS INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating

LAZARD LTD: Posts US$35 Million Third Quarter 2006 Net Income
L-3 COMMUNICATIONS: Moody's Changes Rating Outlook to Stable
LOVEKYN HOLDINGS: Names Stephen Robert Cork as Administrator
M E ENGINEERING: Creditors' Meeting Slated for November 22
MSB ELECTRONICS: Names Matthew Colin Bowker Liquidator

METTECH KENT: Joint Liquidators Take Over Operations
NVESTA PLC: Appoints F A Simms & Partners as Administrators
ODDIES LIMITED: Brings In F A Simms to Administer Assets
P.A.B. ELECTRONICS: Hires BDO Stoy to Administer Assets
PORTRAIT CORP: Panel Hires Peter Solomon Co. as Fin'l. Advisor

POSTAL GIFTS: D. L. Platt Leads Liquidation Procedure
PROCON SOFTWARE: Taps Matthew Colin Bowker as Administrator
PROVENCE COMMERCIAL: Royal Bank Taps Kroll as Receivers
PROVENCE HOLDINGS: Appoints Kroll to Administer Assets
RANK GROUP: Declares Offer for Burns Philp Unconditional

ROSCOE FABRICATORS: Hires Liquidators from Gibson Hewitt
ROTARY BLADES: Appoints T. C. E. Harrison as Liquidator
T TELIA: Hires Baker Tilly as Joint Administrators
TEACHERQUEST LIMITED: Appoints Menzies to Administer Assets
UNITED BISCUITS: Fitch Withdraws B- Rating on Lack of Update

UNITEDSHIELD LIMITED: Brings In Administrator from McCabe Ford
WINDSMOOR HOUSE: Taps Grant Thornton as Joint Administrators
WIRED UP: Hires Peter O'Hara to Liquidate Assets

* Moody's Reports Improvement in European CMBS Office Markets
* Moody's Reports 1.5% European Speculative-Grade Default Rate

* BOOK REVIEW: Legal Aspects of Health Care Reimbursement

                            *********

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


ALBAGHDADI OEG: Property Manager Declares Insufficient Assets
-------------------------------------------------------------
Mag. Nikolaus Vogt, the court-appointed property manager for OEG
Albaghdadi (FN 143493w), 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 Sept. 4 (Bankr. Case No. 2 S 135/06z).  Eva Reiss represents
Mag. Vogt in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Mag. Nikolaus Vogt
         c/o Dr. Eva Riess
         Zeltgasse 3/13
         1080 Vienna, Austria
         Tel: 402 57 01 33
         Fax: 402 57 01 57
         E-mail: nikolaus.vogt@riess.co.at


GASTHOF HINDENBURG: Creditors' Meeting Slated for November 16
-------------------------------------------------------------
Creditors owed money by LLC Gasthof Hindenburg (FN 131992g) are
encouraged to attend the creditors' meeting at 11:30 a.m. on
Nov. 16 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Land Court of Salzburg
         Room 221
         2nd Floor
         Salzburg, Austria

Headquartered in Steinernen Meer, Austria, the Debtor declared
bankruptcy on Sept. 15 (Bankr. Case No. 23 S 69/06a).  Thomas
Payer serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Mag. Thomas Payer
         Paris-Lodron-Str. 19
         5020 Salzburg, Austria
         Tel: 0662-872350
         Fax: 0662-871214
         E-mail: office@lhl.at


HUMMEL LLC: Creditors' Meeting Slated for November 22
-----------------------------------------------------
Creditors owed money by LLC Hummel (FN 39109p) are encouraged to
attend the creditors' meeting at 8:30 a.m. on Nov. 22 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Neukirchen/Wild, Austria, the Debtor declared
bankruptcy on Sept. 15 (Bankr. Case No. 9 S 46/06x).  Gerald
Streibel serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Gerald Streibel
         Schwedengasse 2
         3500 Krems an der Donau, Austria
         Tel: 02732/70280-80
         Fax: 02732/70280-9
         E-mail: insolvenz.krems@tpawt.com


MURAMONT LLC: Creditors' Meeting Slated for November 14
-------------------------------------------------------
Creditors owed money by LLC Muramont (FN 165060k) are encouraged
to attend the creditors' meeting at 10:50 a.m. on Nov. 14 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Sept. 15 (Bankr. Case No. 14 S 148/06i).  Susanne
Binder serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Susanne Binder
         Riemerplatz 1
         3100 St. Poelten, Austria
         Tel: 02742/47087
         Fax: 02742/47089
         E-mail: ra-binder@aon.at


OBERSTEIRISCHE QUALITATSFLEISCH: Meeting Slated for Nov. 22
-----------------------------------------------------------
Creditors owed money by LLC Obersteirische Qualitatsfleisch
(FN 140422d) are encouraged to attend the creditors' meeting at
10:20 a.m. on Nov. 22 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

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

Headquartered in Leoben, Austria, the Debtor declared bankruptcy
on Sept. 15 (Bankr. Case No. 17 S 70/06x).  Michael Kropiunig
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Dr. Michael Kropiunig
         Max-Tendler-Strasse 28
         8700 Leoben, Austria
         Tel: 03842-45019
         Fax: 03842-45019-30
         E-mail: office@ra-kropiunig.at


SEIDEL & PEER: Creditors' Meeting Slated for November 13
--------------------------------------------------------
Creditors owed money by LLC Seidel & Peer Boom Candles
(FN 242817i) are encouraged to attend the creditors' meeting at
11:00 a.m. on Nov. 13 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Room 212
         2nd Floor
         Maximilianstrasse 4
         6020 Innsbruck, Austria

Headquartered in Inzing, Austria, the Debtor declared bankruptcy
on Sept. 15 (Bankr. Case No. 19 S 92/06m).  Max Dengg serves as
the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Max Dengg
         Wilhelm-Greil-Strasse 19a
         6020 Innsbruck, Austria
         Tel: 0512/573900
         Fax: 0512/573900-6
         E-mail: office@ra-max-dengg.at


SOBOTNIK UND PANKRATZ: Creditors' Meeting Slated for November 16
----------------------------------------------------------------
Creditors owed money by LLC Sobotnik und Pankratz & Co (FN
250532f) are encouraged to attend the creditors' meeting at 9:00
a.m. on Nov. 16 to consider the adoption of the rule by revision
and accountability.

The creditors' meeting will be held at:

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

Headquartered in Wiener Neudorf, Austria, the Debtor declared
bankruptcy on Sept. 18 (Bankr. Case No. 10 S 81/06z).  Peter
Bubits serves as the court-appointed property manager of the
bankrupt estate.  Andrea Prochaska represents Mag. Bubits in the
bankruptcy proceedings.

The property manager can be reached at:

         Mag. Peter Bubits
         c/o Mag. Andrea Prochaska
         Elisabethstr. 2
         2340 Moedling, Austria
         Tel: 02236/42210
         Fax: 02236/42210-25
         E-mail: Kanzlei@beck-krist.at


VNESHTORGBANK: Moody's Puts D- FSR to Austrian Branch
-----------------------------------------------------
Moody's Investors Service assigned Baa2 long-term and Prime-2
short-term foreign currency bank deposit ratings and a D-
Bank Financial Strength Rating to VTB Bank (Austria) AG
(formerly known as Donau Bank).  The outlook on all ratings is
stable.

The Baa2/P-2 deposit ratings are based on the support that
Moody's expects would be forthcoming in case of need from its
Moscow-based parent company, VTB (formerly Vneshtorgbank, Bank
for Foreign Trade -- rated A1 for local currency debt and
deposits, Baa2 for foreign currency debt and deposits, Prime-2
for short-term debt and D- for BFSR.  This view is underpinned
by VTB's explicit aim of reorganizing, consolidating and thereby
more closely integrating its European subsidiaries, as well as
VTBA's profitable positioning within the group through its niche
strategy and the fact that it shares the same name and brand as
its parent bank.

The D- BFSR reflects the Austrian bank's relatively modest and
evolving franchise, but also its satisfactory financial
fundamentals.  VTBA's core business focuses on structured trade
finance, the structuring and syndication of loans for Russian
and CIS clients, the management of emerging market bond
portfolios and trading on the Russian and CIS markets.  VTBA has
benefited from its early entry into the Russian and CIS markets,
in which it has built up a profound knowledge.  In Moody's view,
the bank therefore has good potential over time to strengthen
its franchise and customer base through a closer integration
into the VTB group.  The BFSR also takes into account some
significant business and financial risks relating to VTBA's
business model.

VTBA's financial fundamentals are characterized by a robust
capitalization, good levels of profitability and efficiency and
satisfactory asset quality.  However, the bank will have to
demonstrate in upcoming periods its ability to generate
increasing revenues and satisfactory profitability and
efficiency indicators, accompanied by a lower overall risk
profile and a more meaningful and entrenched customer franchise.
A materially increasing risk appetite or a weaker risk return
profile would be seen as negative driving factors for the bank's
rating.  Moody's views the bank's ample base of retained
earnings as an important source of funding and revenues for the
bank and expects that VTBA's credit quality -- which is
supported by its regulation and supervision by Austria's FMA
(Finanzmarktaufsicht) -- will eventually benefit from broader,
more firmly established funding sources.

Based in Vienna, Austria, VTB Bank (Austria) AG had total assets
of EUR1.4 billion and equity of EUR360 million as of
Dec. 31, 2005 and recorded a net profit of EUR52 million.


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


GOODYEAR TIRE: Posts US$48 Million Net Loss in 2006 Third Qtr.
--------------------------------------------------------------
Including US$126 million in after-tax restructuring charges, The
Goodyear Tire & Rubber Company reported a net loss of US$48
million during the 2006 third quarter. Of those charges, US$107
million is related to the previously announced plan to close the
Tyler, Texas, tire plant.

Net income for the first nine months of 2006 was US$28 million
compared to net income of US$279 million during the year-ago
period.  Sales for the first nine months of 2006 were a record
US$15.3 billion, an increase of 3% from US$14.8 billion in the
2005 period.

The results also reflect higher raw material costs of
US$249 million, offset partially by US$225 million of improved
price/mix, and lower tire volume.  During the period, the
company also recorded an after-tax gain of US$10 million from a
supplier settlement, and after-tax expenses of US$7 million
share) related to accelerated depreciation primarily for a
previously announced plant closure in New Zealand.  Net income
in the 2005 quarter was US$142 million.

Goodyear reported third quarter sales of US$5.3 billion, a
record for any quarter and a 6% improvement compared to the
year-ago period excluding the impact of businesses divested in
2005, and despite the strategic decision to exit certain
segments of the private label tire business in North America.

Third quarter 2006 sales were driven by improved pricing and
product mix, particularly in North American Tire, and the
favorable impact of currency translation, estimated at US$77
million.  All five of the company's tire businesses achieved
sales that were a record for any quarter.

Tire unit volume was 55.8 million units in the quarter, compared
to 58.4 million units in the 2005 period.  This 4% decrease was
in part a result of the company's move to exit certain segments
of the private label tire business in North America.  Revenue
per tire increased 8% compared to the third quarter of 2005.

"Despite ongoing market weakness in North America and record
high raw material costs, we continue to demonstrate the strength
of our business model changes and successful product portfolio,"
said Chairman and Chief Executive Officer Robert J. Keegan.

"After a challenging first half, our European Union business
achieved year-over-year improvements in sales, units and segment
operating income.  Our key business strategies are also
continuing to drive excellent results in the Asia Pacific, Latin
America and Eastern Europe, Middle East and Africa tire
businesses," he said.

"Although we are in the midst of a strike by the United
Steelworkers in North America, we continue to work hard for a
contract that is fair to all stakeholders and puts Goodyear on a
level playing field with our competitors," Mr. Keegan said.  "In
the meantime, we are executing on our contingency plans to
continue providing our customers with outstanding value,
products and services."

                          Segment Results

Third quarter total segment operating income was US$313 million,
a decrease of 5% compared to US$330 million in the 2005 period.
The European Union; Eastern Europe, Middle East and Africa, and
Asia Pacific businesses each achieved segment operating income
records. Prior-year segment operating income benefited from US$8
million related to businesses divested in 2005.

North America

North American Tire's sales were a record for any quarter, and
increased 5% compared to the year-ago period excluding the
impact of divestitures in 2005, as a result of strong sales in
the chemical and other tire related businesses, and favorable
price and product mix, led by high-value Goodyear and Dunlop
branded tires.

Third quarter segment operating income was US$19 million,
compared to US$58 million in the prior year period, reflecting
lower volume resulting from reduced demand in the consumer
replacement market, the exit from the wholesale private label
business, and higher costs related to lower production.
Favorable price and product mix of US$103 million partially
offset approximately US$108 million in higher raw material
costs.  Segment operating income also benefited from lower SAG
expenses and higher operating income from other tire related
businesses.

Divestitures in 2005 reduced third quarter 2006 sales by
approximately US$61 million, segment operating income by US$8
million, and volume by 200,000 units.

The 2005 quarter also included approximately US$10 million of
costs associated with Hurricanes Katrina and Rita in the U.S.
Gulf Coast region.

European Union

European Union Tire's sales were a record for any quarter and
12% higher than in the 2005 quarter, due primarily to improved
pricing and product mix, the impact of foreign currency
translation, estimated at US$61 million, and higher volume.

Segment operating income was a third-quarter record.  The
increase primarily reflected improved pricing and product mix,
as increased sales of consumer replacement tires -- especially
winter tires -- compensated for a decline in OE unit sales.
Lower SAG expense also helped to partially offset higher raw
material costs, estimated at US$66 million.

Eastern Europe

Eastern Europe, Middle East and Africa Tire's sales were a
record for any quarter and up 9% compared to the third quarter
of 2005 due to improved pricing and product mix, and higher
volume.  The company estimates currency translation had a
negative impact on sales of approximately US$10 million in the
third quarter.

Segment operating income was a record for any quarter, and
represented a 20% improvement over 2005.  This gain was due to
improved pricing and product mix and higher volume.  These
offset higher raw material costs, estimated at US$17 million.

Latin America

Latin American Tire's sales were a record for any quarter and
increased 9% compared to the prior-year period due to higher
volume, the favorable impact of currency translation, estimated
at US$9 million, and favorable pricing and product mix.

Segment operating income was flat compared to the 2005 quarter,
as the approximately US$7 million favorable impact of currency
translation, higher volume, and improved pricing and product
mix, were offset by higher raw material costs, estimated at
US$26 million.

Asia Pacific

Asia Pacific Tire's sales were a record for any quarter and a 7%
increase compared to the 2005 period due to improved pricing and
product mix and favorable currency translation, estimated at
US$2 million, partially offset by lower volume.

Segment operating income was a record for any quarter and a 17%
improvement compared to the 2005 quarter as a result of improved
pricing and product mix, offset in part by higher raw material
costs, estimated at US$22 million, and lower volume.

Engineered Products

Engineered Products' third quarter 2006 sales decreased 9% due
to lower volume, primarily related to anticipated declines in
military sales.  This offset improved pricing and product mix,
as well as favorable currency translation of approximately US$4
million.

Segment operating income increased 15% due primarily to a
favorable legal settlement with a supplier of approximately
US$10 million.  Pricing and product mix improved compared to the
prior-year quarter, but higher raw material costs, estimated at
US$10 million, and lower volume had a negative impact on
results.

                        Contract Proposal

Goodyear disclosed that its bargaining team is returning to
Cincinnati in the hopes USW representatives will return to
discussions.  The company says its union proposal includes
provisions to protect employment levels at all tire
manufacturing plants other than Tyler, Texas, which the company
has announced the intention to close.  Also included is a
proposal to contribute US$660 million to a Voluntary Employees
Beneficiary Association, an independent trust fund that would
provide retiree health care benefits to USW members and would
eliminate the portion of Goodyear's post-retirement health care
obligations related to the USW workforce.

                        About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world.  Goodyear employs more than 80,000 people
worldwide.

It has marketing operations in almost every country around the
world.  Goodyear employs more than 80,000 people worldwide.  It
has marketing operations in almost every country around the
world, including Indonesia, Australia, China, India, Korea,
Malaysia, New Zealand, Philippines, Singapore, Taiwan, and
Thailand.  The company's European headquarters is based in
Brussels, Belgium.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2006,
Fitch Ratings placed The Goodyear Tire & Rubber Company on
Rating Watch Negative.  Goodyear's current debt and recovery
ratings are -- Issuer Default Rating (IDR) 'B'; US$1.5 billion
first lien credit facility 'BB/RR1'; US$1.2 billion second lien
term loan 'BB/RR1'; US$300 million third lien term loan 'B/RR4';
US$650 million third lien senior secured notes 'B/RR4'; Senior
Unsecured Debt 'CCC+/RR6'.

As reported in the Troubled Company Reporter on Oct. 19, 2006,
Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on Goodyear Tire & Rubber Co. on CreditWatch with
negative implications because of the potential for business
disruptions and earnings pressures that could result from the
ongoing labor dispute at some of its North American operations.
Goodyear has total debt of about US$7 billion.

As reported in the Troubled Company Reporter on Oct. 18, 2006,
Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's B1 Corporate Family rating, but changed the outlook to
negative from stable.  At the same time, the company's
Speculative Grade Liquidity rating was lowered to SGL-3 from
SGL-2.  These rating actions reflect the increased operating
uncertainty arising from the ongoing United Steelworkers strike
at Goodyear's North American facilities, and the company's
decision to increase cash on hand by drawing-down US$975 million
under its domestic revolving credit facility.


GOODYEAR TIRE: Outlines New Proposal to Workers on Strike
---------------------------------------------------------
The Goodyear Tire & Rubber Company informed all steelworkers on
strike, in a letter dated November 9, of its proposal to the
United Steelworkers of America.

The United Steelworkers struck Goodyear on Oct. 5 after refusing
to further extend a three-year master contract with the Company.
Following the July 22, 2006 termination of the master contract,
USW and Goodyear had agreed to a day-to-day extension of the
pact.

The master contract between the USW and Goodyear covers 14,000
workers at 12 U.S. plants in Akron, Ohio; Gadsden, Ala.;
Buffalo, N.Y., St. Marys, Ohio; Lincoln, Neb.; Topeka, Kan.;
Tyler, Texas; Danville, Va.; Marysville, Ohio; Union City,
Tenn.; Sun Prairie, Wis.; and Fayetteville, N.C.  Pursuant to
the master contract, the USW had agreed to the closure of
Goodyear's Huntsville, Ala. facility and wage, pension and
health care cuts aimed at providing Goodyear with additional
financial flexibility.

As reported in the Troubled Company Reporter on Oct. 6, USW
executive vice president Ron Hoover commented that the union
struck because Goodyear had left it with no other option.  Mr.
Hoover said "we cannot allow additional plant closures after the
sacrifices we made three years ago to help this company
survive."

                       Goodyear's Offer

Goodyear's package of proposals, as of November 9, would:

     -- preserve the current wage structure of every active
        associate in every circumstance, including those on
        layoff for less than two years;

     -- provide wage increases for some associates;

     -- continue 100% COLA for all current employees;

     -- maintain or improve current benefits package;

     -- restore service credit to current associates for the
        two-year pension freeze;

     -- protect all USW master agreement plants except Tyler;

     -- share profits on an ongoing basis;

     -- maintain the current Supplemental Unemployment Benefits
        program;

     -- maintain the current Supplemental Workers Compensation
        program, and;

     -- except in Gadsden, continue all current incentive
        programs on all incentive jobs for all current employees
        who are currently on incentive jobs.

USW has rejected this offer.  However, Goodyear urged individual
union members to decide for themselves whether to continue
supporting the strike.

Under the applicable terms of the 2003 master agreement,
striking workers are entitled to return to work at any time.
Goodyear said associates who return to work prior to Jan. 3,
2007, will maintain their company-provided benefits package
beyond the Jan. 3, 2007 cut-off date.

                         Tyler Closure

In the same letter to the union members, Goodyear explained the
reasons behind its decision to close its facility in Tyler,
Texas.

According to the company, the Tyler plant closure is related to
the company's exit from the extremely unprofitable wholesale
private label business.  Goodyear said the problem was getting
worse for the Tyler plant because of a continuous drop in demand
for the types of products made there, the ongoing flood of
imports from low-cost countries and rising raw material costs.
The company explained that continuing the wholesale private
label business would mean less money available to modernize
factories, bring more new branded high value added products into
production at USW plants, fund pensions, provide retirement
benefits and fund marketing and other programs needed to
continue its turnaround.

Goodyear also disputed allegations that the Tyler closure is the
first step in a grander plan to phase out the Company's North
American manufacturing operations and that it had been investing
disproportionately offshore.  The company assured its workers
that going forward, it is proposing minimum investments in USW
master plants of $447 million over the life of the contract.
The company added that it has agreed to protect all plants,
except for Tyler, for the life of the agreement.

                     Retiree Medical Benefits

Goodyear also explained why it believes that establishing a
trust fund provides the best solution for retirees, Goodyear and
all stakeholders.

The Company said the intent of proposing an independent trust
fund is to make retiree benefits more secure as well as more
affordable in the long run, with the potential for retirees to
keep pace with, if not out-run, inflation.  According to
Goodyear, establishing a Voluntary Employees' Beneficiary
Associations, commonly called VEBA trusts, for Goodyear retirees
would provide increased security for current and future
retirees.

Under the Company's current retiree medical benefits plan, there
is zero money currently set aside to provide and secure retiree
medical benefits. Under the new proposal, Goodyear would make a
contribution valued at $660 million to initiate the trust and
secure the benefits.

The only alternative to the VEBA trust is to continue the
current approach of providing retiree medical benefits.
However, Goodyear warned that premiums will inevitably go higher
and higher.  According to the company, premiums are projected to
exceed $200 in 2008 and reach nearly $350 in 2009 and will
continue to increase with medical inflation.

                       About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world.  Goodyear employs more than 80,000 people
worldwide.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2006,
Fitch Ratings placed The Goodyear Tire & Rubber Company on
Rating Watch Negative.  Goodyear's current debt and recovery
ratings are -- Issuer Default Rating (IDR) 'B'; $1.5 billion
first lien credit facility 'BB/RR1'; $1.2 billion second lien
term loan 'BB/RR1'; $300 million third lien term loan 'B/RR4';
$650 million third lien senior secured notes 'B/RR4'; Senior
Unsecured Debt 'CCC+/RR6'.

As reported in the Troubled Company Reporter on Oct. 19, 2006,
Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on Goodyear Tire & Rubber Co. on CreditWatch with
negative implications because of the potential for business
disruptions and earnings pressures that could result from the
ongoing labor dispute at some of its North American operations.
Goodyear has total debt of about $7 billion.

As reported in the Troubled Company Reporter on Oct. 18, 2006,
Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's B1 Corporate Family rating, but changed the outlook to
negative from stable.  At the same time, the company's
Speculative Grade Liquidity rating was lowered to SGL-3 from
SGL-2.  These rating actions reflect the increased operating
uncertainty arising from the ongoing United Steelworkers strike
at Goodyear's North American facilities, and the company's
decision to increase cash on hand by drawing-down $975 million
under its domestic revolving credit facility.


JLG INDUSTRIES: Launches Sr. Debt Offer & Consent Solicitation
--------------------------------------------------------------
JLG Industries Inc. commenced offers to purchase for cash any
and all of its outstanding:

   -- 8-1/4% Senior Notes due 2008 in an aggregate principal
      amount of US$89,545,000; and

   -- 8-3/8% Senior Subordinated Notes due 2012 in an aggregate
      principal amount of US$113,750,000.

In connection with the offers, holders of the Notes are being
solicited to provide consents to certain amendments to the
indentures for the Notes that would eliminate most of the
restrictive covenants and events of default contained in the
indentures.

JLG is making the offers as required by the Agreement and Plan
of Merger dated Oct. 15, 2006, by and among JLG, Oshkosh Truck
Corporation and Steel Acquisition Corp.

The consent solicitations will expire at 5:00 p.m., New York
City time, on Nov. 20, 2006, and the offers will expire at
midnight, New York City time, on Dec. 5, 2006, in each case
unless extended or earlier terminated by JLG.

As described in more detail in the Offer to Purchase and
Consent Solicitation Statement dated Nov. 6, 2006, a copy of
which will be distributed to noteholders promptly, the total
consideration for each US$1,000 principal amount of Notes
validly tendered and accepted for purchase by JLG will be
calculated based upon a fixed spread of 50 basis points over the
bid side yield on the 4.875% U.S. Treasury Note due Apr. 30,
2008, in the case of the 2008 Notes, and the 3.5% U.S. Treasury
Note due May 31, 2007, in the case of the 2012 Notes.

The foregoing total consideration for the Notes includes a
consent payment equal to US$30 per US$1,000 principal amount of
Notes tendered.  Holders must validly tender their Notes on or
before the Consent Deadline in order to be eligible to receive
the total consideration, which includes the consent payment.
Holders who validly tender their Notes after the Consent
Deadline and before the expiration of the offers will only be
eligible to receive an amount equal to the total consideration
minus the consent payment.  Additionally, holders whose Notes
are purchased pursuant to the offers will receive any accrued
but unpaid interest for the period up to but not including the
payment date for the Notes.

JLG Industries, Inc. -- http://www.jlg.com/-- produces access
equipment (aerial work platforms and telehandlers) and highway-
speed telescopic hydraulic excavators.  JLG's manufacturing
facilities are located in the United States, Belgium, and
France, with sales and service operations on six continents.

                         *     *     *

As reported in the Troubled Company Reporter on May 24, 2006,
Moody's Investors Service upgraded the debt ratings of JLG
Industries, Inc. -- Corporate Family Rating to Ba3 from B1,
Senior Unsecured Notes to B1 from B2, and Senior Subordinate
Notes to B2 from B3.  Moody's said the outlook is changed to
stable from positive.


JLG INDUSTRIES: Moody's Cuts Rating on US$113.8-Mln Notes to B2
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 first time rating to
Oshkosh Truck Corp.'s US$3.5 billion first lien senior secured
credit facility (US$500 million revolving credit facility,
US$400 million Term Loan A, and US$2.6 billion Term Loan B) and
a Ba3 corporate family rating.

The purpose of the proposed credit facility is to fund Oshkosh's
acquisition of JLG Industries, Inc. for an aggregate purchase
price of US$3.2 billion, net cash and including closing costs.

The ratings reflect both the overall probability of default of
the company, to which Moody's assigns a PDR of Ba3, and a loss
given default of LGD3 (47%) for the first lien senior secured
credit facility.  Moody's also assigned a SGL-2 Speculative
Grade Liquidity Rating to Oshkosh.  The rating outlook is
stable.

In a related action, Moody's affirmed the B2 rating (LGD6, 97%)
for JLG's US$89.5 million Subordinated Notes and lowered to B2
(LGD6, 96%) from Ba3 the rating for its US$113.8 million
Unsecured Notes.  The rating outlook is stable.  As part of the
acquisition, JLG has commenced a tender offer and consent
solicitation for these note issues.  Under the terms of this
offer any untendered notes will be subject to a stripping of
protective covenants.  The ratings have been adjusted to reflect
the risk of any stub pieces that may remain outstanding
following expiry of the offer.  If a substantial portion of the
issues is redeemed as part of the tender offer or if
insufficient information is available to monitor these specific
instruments within the overall Oshkosh group, the ratings could
be withdrawn.  The corporate family rating and probability of
default ratings of JLG have been withdrawn.

While recognizing the financial strength of Oshkosh before the
acquisition, Moody's analyst Peter Doyle said, "the Ba3
corporate family rating reflects the reduction in credit metrics
that will result from its acquisition of JLG".  Oshkosh will
increase balance sheet debt in excess of US$3.1 billion.  As a
result of the increased leverage, credit metrics will erode on a
projected basis for 2007: EBIT/interest to about 2.8x; FCF/Debt
to 2.5%; and, Debt/EBITDA to about 4.6x (as adjusted per Moody's
FM Methodology.)  While meeting debt service requirements of its
leveraged capital structure, Oshkosh must also contend with the
ongoing cyclicality of the non-residential construction sector,
JLG's primary end market, and integrating a significant
acquisition.

These weaknesses, however, are balanced against the potential
benefits of combining Oshkosh and JLG.  JLG's strong financial
results are driven from the success of the North American
economy, the ongoing robust non-residential construction market,
and its strategic alliance with Caterpillar.  Additionally,
Oshkosh should benefit from the sharing of technologies,
expected savings from procurement opportunities, and
capitalizing on JLG's existing operating efficiencies.  These
strengths in addition to the company's rationalization program
and a commitment to maintain ample liquidity should enable
Oshkosh to strengthen debt protection measures over the
intermediate term.

The stable outlook for Oshkosh reflects Moody's expectations
that its debt protection measures should be supportive of the
Ba3 rating over the next twelve to eighteen months.  Moody's
anticipates that Oshkosh will improve its operations due to
increasing diversification of its product lines, strong demand
in most of its end-markets, and a commitment to debt reduction.

The Ba3 rating of the US$3.5 billion first lien senior secured
credit facility reflects an LGD3 (47%) loss given default
assessment as this facility represents the company's entire debt
structure and offers superior collateral position over other
creditors who would have potential claims.  The credit facility
will have a first lien on substantially all of the company's
assets excluding real estate, and where applicable, capital
stock of subsidiaries.

The SGL-2 Speculative Grade Liquidity Rating reflects Moody's
belief that the company will maintain a good liquidity profile
over the next 12-month period.  The SGL rating anticipates that
around US$290 million in availability at closing under the
company's proposed first lien senior secured credit facility and
free cash flow should be sufficient to fund the company's
capital spending and operational needs over the next 12 months.

Oshkosh ratings/assessments assigned:

    * Corporate family rating Ba3
    * Probability-of-default rating Ba3

    * Speculative Grade Liquidity at SGL-2

                                          LGD      Loss-Given
   Debt Issue                    Rating   Rating   Default
   ----------                    -------  ------   ----------
   US$500 million senior secured
   revolving credit facility
   due late 2011                 Ba3      LGD3      47%

   US$400 million senior secured
   Term Loan A due late 2011     Ba3      LGD3      47%

   US$2.6 billion senior secured
   Term Loan B due late 2013     Ba3      LGD3      47%

JLG ratings affirmed:

   US$113.8 million 8.375%
   Gtd. Sr. Subordinated Notes
   due 2012                      B2        LGD6     97%

JLG ratings lowered:

   US$89.5 million 8.25%
   Gtd. Sr. Unsecured Notes
   due 2008

   to                            B2        LGD6     96%

   from                          Ba3       LGD4    56%

JLG ratings withdrawn:

    * Corporate family rating Ba3

    * Probability-of-default rating Ba3

Oshkosh, headquartered in Oshkosh, Wisconsin, is a diversified
heavy equipment manufacturer currently with three business
segments supporting the defense, fire and emergency, and
commercial end markets.

JLG industries, Inc., headquartered in McConnellsburg,
Pennsylvania, with executive offices in Hagerstown, Maryland, is
a leading manufacturer of aerial work platforms and
telehandlers.


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


BALKAN AIRLINES: French Court Orders State to Pay Zeevi Claim
-------------------------------------------------------------
The Arbitrary Court in Paris has ordered the Bulgarian
government to pay Gad Zeevi, a 75% owner of bankrupt carrier
Balkan Airlines, US$10 million in relation to his claim against
the carrier, The Sofia Weekly reports.

In October 2001, Mr. Zeevi was taken off the airline's creditor
list, refusing to recognize Balkan's BGN48 million debt
allegedly owed to two companies owned by Mr. Zeevi, the news
agency relates.

                      About the Company

Balkan Bulgarian Airlines was established on June 29, 1947.  It
served as the national air carrier of the Republic of Bulgaria
until it declared insolvency in 2001.

In February 2001, a Bulgarian court placed Balkan Airlines
into receivership.  Bulstrad, a local insurance company,
initiated the bankruptcy proceedings.


===========
C Y P R U S
===========


BANK OF CYPRUS: Earns EUR225,726 for First Nine Months 2006
-----------------------------------------------------------
Bank of Cyprus Group released its consolidated financial results
for the nine months and third quarter ended Sept. 30, 2006.

The group posted EUR225,726 in net profit against EUR1.2 million
in revenues for the first nine months of 2006, compared with
EUR87,386 in net profit against EUR1 million in revenues for the
same period in 2005.

The group posted EUR78,301 in net profit against EUR441,634 in
revenues for the third quarter of 2006, compared with EUR33,093
in net profit against EUR121,489 in revenues for the same period
in 2005.

                      About Bank of Cyprus

Headquartered in Nicosia, Cyprus, Bank of Cyprus --
http://www.bankofcyprus.com/-- offers a wide range of financial
products and services, which include banking services in Cyprus,
Greece, United Kingdom, Australia and Channel Islands, finance,
leasing, factoring, brokerage, fund management, general and life
insurance services in Cyprus and Greece, and investment banking
services in Cyprus.

                        *     *     *


As reported in the Troubled Company Reporter-Europe on July 25,
Fitch Ratings affirmed Bank of Cyprus's Issuer Default rating at
A- and removed it from Rating Watch Negative.  A Stable Outlook
is assigned.  Its other ratings are affirmed at Support 2,
Short-term F2 and Individual C/D.

The rating actions follow the bank's announcement to abandon its
public offer to acquire a 100% stake in Emporiki Bank of Greece.
The ratings were placed on RWN because of the negative impact
that an eventual acquisition of Emporiki would have had on BOC's
regulatory capital ratios as well as the integration risks
involved in the operation.


BANK OF CYPRUS: Moody's Changes D+ FSR Outlook to Positive
----------------------------------------------------------
Moody's Investors Service changed to positive from stable the
outlooks for the Baa1 foreign currency long-term deposit rating
and D+ financial strength rating assigned to Bank of Cyprus
Public Company Ltd.  Also changed to positive from stable, are
the outlooks for BOC's Baa1 foreign currency senior debt and
Baa2 foreign currency subordinated debt ratings.  At the same
time, Moody's affirmed the Prime-2 for both foreign currency
short-term deposits and for commercial paper.

According to Moody's, this rating action reflects the ongoing
enhancement of BOC's financial fundamentals over recent
financial quarters.  Following a few years of poor financial
performance, primarily due to the problems faced by its
operations in Cyprus, BOC has witnessed a significant
improvement in its financial metrics, arising from management's
actions to reinvigorate the franchise and to restore the bank's
financial condition.  Thus, asset quality has improved
significantly during 2006 despite the introduction of stricter
regulatory criteria for measuring loan performance since January
2006.  Accordingly, as a result of:

   -- higher problem loan recoveries and write-offs;

   -- reduction in the inflow of new problem loans; and

   -- loan portfolio growth, the bank's ratio of
      non-performing loans to gross loans declined to 6.6%
      in September 2006 (down from a comparable ratio of 8.6%
      in March 2006), while the provisioning coverage
      for problem loans increased to 60% in September 2006
     (up from 50% in December 2005).

Although these trends are viewed positively, Moody's cautions
that BOC's main indicators are weaker than those of similarly-
rated banks in Europe, while the current regulatory requirement
of not classifying overdue loans irrespective of performance, in
the case that they are fully covered by tangible collateral,
continues to qualify these ratios.

According to Moody's, in tandem with improving asset quality,
BOC's overall equity position has been strengthened (with its
ratio of equity to assets increasing to 6.3% in September 2006),
boosted by a rights issue during the last year and benefiting
from an improving internal capital-generating capability.  More
importantly, Moody's notes that the bank's economic capital
position has recovered significantly, supported by enhanced
provisioning coverage for problem loans and a sharp reduction in
uncovered pension liabilities.  Hence, with the level of non-
provided problems loans falling to 25% of equity in
September 2006, the bank's ratio of adjusted equity to assets
jumped to 4.8% in September 2006 (up from 3.7% in
December 2005).

Although the bank's enhanced capitalization is viewed favorably,
Moody's feels that a higher level of equity position and/or
stronger problem loan provisioning coverage would be more
appropriate given the bank's overseas expansion plans --
primarily through branches in Greece but also in light of future
plans for Russia and Romania.

Moody's also notes the bank's main profitability indicators have
been increasing, supported by wider interest margins, higher fee
income, contained operating expenses and declining loan loss
provisioning costs.  The rating agency believes that the higher
profitability trend may continue, underpinned by higher business
volumes in the bank's domestic operations, the maturing of the
branch network in Greece and lower loan loss provisioning
requirements.

The positive outlook is also based on BOC's positive franchise
dynamics, characterized by a dominant position in its domicile
market and an increasingly valuable franchise in Greece.  A more
focused strategy in its domestic operations, coupled with better
execution, is yielding market share gains in the retail lending
business at the expense of the country's credit cooperatives,
reinforcing an already dominant, largely unthreatened market
position.  The overall franchise is complemented by the growing
operations in Greece, which enhance the group's key financial
metrics and lead to higher risk and revenue diversification.
Furthermore, the ongoing maturing of a relatively young branch
network is expected to lead to greater business volumes and
better operational efficiencies that could boost the group's
profitability, though Moody's cautions that the credit risk
resilience of the operations remains untested.

In conclusion, Moody's points out that an upgrade of BOC's
ratings will be dependent on:

   -- further improvements in asset quality in tandem with
      the adoption of stricter regulatory criteria
      for classifying problem loans in order to bring them
      in line with international best practice;

   -- a continued upward trend in profitability; and

   -- a higher adjusted equity position and/or
      better provisioning coverage.

Bank of Cyprus Public Company Ltd. is headquartered in Nicosia,
Cyprus, and had total assets of CYP14.0 billion (EUR24.3
billion) as at end-September 2006.


HELLENIC BANK: Moody's Changes D FSR Outlook to Stable
------------------------------------------------------
Moody's Investors Service changed to stable from negative the
outlook for the D Financial Strength Rating assigned to
Hellenic Bank Public Company Limited Cyprus.

At the same time, Moody's has affirmed the bank's Baa2 long-term
foreign currency debt and deposit ratings and the Prime-2 short-
term foreign currency deposit and commercial paper ratings, with
stable outlooks.  The bank's FSR has been on negative outlook
since August 2005.

According to Moody's, the change to stable from negative in the
FSR outlook reflects the ongoing improvement in Hellenic Bank's
main financial fundamentals.  The bank's D FSR continues to
capture its well-established franchise in its domicile, although
it remains constrained by relatively moderate - though improving
- financial measures as regards asset quality, earning power and
capitalization.

Moody's notes that the bank, following a phase of weak financial
performance, underwent an extensive top management change in
2005.  To arrest a weakening financial performance, the new
management has launched a major restructuring program aiming to
improve the bank's financial condition, revive the loss-making
operations in Greece, and enhance the overall competitiveness of
the group.

Recent data suggest that management is making inroads towards
putting the bank on a more sound footing.  Specifically,
although Hellenic Bank's credit portfolio quality continues to
suffer from a high level of delinquencies, recent indications
suggest that the worst could be over and that credit quality is
on an improving trend.

June 2006 results showed the growth of non-performing loans
falling to zero and the ratio of non-performing loans to gross
loans improving to 13.7%, compared to a high 14.9% a quarter
earlier.  Furthermore, increased loan loss provisions resulted
in better provisioning coverage (with loan-loss reserves
covering 61% of non-performing loans, up from 58% a year
earlier) and hence placing a lower level of equity at risk (with
the ratio of non-provided non-performing loans to equity
dropping to 50% in June 2006, compared to 68% a year earlier).

Regarding profitability, Moody's adds that the bank returned to
surplus in FY2005, following three consecutive years of net
losses due to a very heavy provisioning burden.  Furthermore,
June 2006 results backed the improving profitability trends,
with the losses in the Greek operations being significantly
reduced.

Going forward, Hellenic Bank is faced with a number of
challenges, including:

   -- to further improve its credit portfolio quality leading
      to lower problematic exposures and, hence, reduced
      credit costs;

   -- to address its high cost structure which pressures
      its earning power; and

   -- to increase its core equity position, by bolstering
      its loan loss reserves and/or to increase its
      equity levels.

Any success relating to these major challenges that could
enhance overall the bank's financial fundamentals would result
in positive pressure being exerted on its FSR.

In affirming the bank's Baa2/Prime-2 foreign currency debt and
deposit ratings, Moody's notes that these ratings are enhanced
due to strong implicit external support.  Although on a
stand-alone basis the bank's debt and deposit ratings would be
rated lower given its D FSR, these ratings are lifted higher due
to Hellenic Bank's importance within its domestic banking system
and the likelihood of support by the financial authorities if
the bank were to face financial difficulties.

Headquartered in Nicosia, Cyprus, Hellenic Bank Public Company
Limited had total assets of CYP3.3 billion (EUR5.8 billion) as
of June 2006.


===========================
C Z E C H   R E P U B L I C
===========================


FREESCALE SEMICONDUCTOR: Gets Requisite Consents on 6.875% Notes
----------------------------------------------------------------
Freescale Semiconductor Inc. disclosed that, as of 5:00 p.m.,
prevailing eastern time, on Nov. 3, 2006, it had received
tenders and consents from holders of US$349,829,000 in aggregate
principal amount of its 6.875% senior notes due 2011,
representing 99.951% of the outstanding 2011 notes, and from
holders of US$499,875,000 in aggregate principal amount of the
its 7.125% senior notes due 2014, representing 99.975% of the
outstanding 2014 notes.

As a result of the receipt of the requisite consents, Freescale
intends to enter into a supplemental indenture with the trustee
effecting the proposed amendments to the indenture governing the
notes on Nov. 6, 2006.  The proposed amendments, however, will
become operative only when the validly tendered notes are
accepted for payment by Freescale pursuant to the terms of the
tender offers and consent solicitations. In accordance with the
terms of the tender offers and consent solicitations, tendered
notes may no longer be withdrawn and delivered consents may not
be revoked, unless Freescale makes a material change to the
terms of the tender offers or is otherwise required by law to
permit withdrawal or revocation.

Holders who have not yet tendered their notes may tender until
5:00 p.m., prevailing Eastern Time, on Nov. 21, 2006, unless
extended or earlier terminated by Freescale.  The tender offers
are subject to the satisfaction of certain conditions, including
the receipt of specified financing, the consummation of the
merger pursuant to the previously announced Agreement and Plan
of Merger, dated as of Sept. 15, 2006, by and among Freescale,
Firestone Holdings LLC and Firestone Acquisition Corporation and
certain other customary conditions.

Freescale has engaged Credit Suisse Securities (USA) LLC and
Citigroup Corporate and Investment Banking to act as dealer
managers in connection with the tender offers and solicitation
agents in connection with the consent solicitations.

Any questions or requests for assistance may be directed to:

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

                   -- or --

          Citigroup Corporate and Investment Banking
          Tel: (800) 558-3745 (U.S. toll-free)
               (212) 723-6106 (collect)

D.F. King & Co., Inc. has been retained as Tender Agent and as
Information Agent in connection with the tender offers and
consent solicitations.

Requests for additional copies of the Statement or any other
document may be directed to:

           D.F. King & Co., Inc.
           48 Wall Street, New York
           New York 10005
           Tel: (800) 714-3312 (U.S. toll-free)

                      About Freescale

Freescale Semiconductor, Inc. -- http://www.freescale.com/--
designs and manufactures embedded semiconductors for the
automotive, consumer, industrial, networking and wireless
markets.  The company is based in Austin, Texas, and has design,
research and development, manufacturing or sales operations in
more than 30 countries, including the Czech Republic, France,
Germany, Ireland, Italy, Romania, Turkey and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 7,
Moody's Investors Service assigned Freescale Semiconductor a
corporate family rating of Ba3 and a speculative grade liquidity
rating of SGL-1.  A shareholder meeting has been scheduled for
Nov. 13 to vote on the company's proposed acquisition, which is
expected to close by the end of November 2006.

In addition, Standard & Poor's Ratings Services kept its
ratings, including the 'BB+' corporate credit rating, on
Freescale Semiconductor Inc. on CreditWatch with negative
implications, where they were placed on Sept. 11 following the
company's announcement that it was considering a business
transaction, later confirmed as a leveraged buyout.

Fitch downgraded Freescale Semiconductor Inc.'s Issuer Default
Rating, senior unsecured notes, and senior unsecured bank credit
facility to 'BB+' from 'BBB-' following the company's
confirmation that it has entered into a definitive agreement to
be purchased by a consortium of private equity firms for
US$17.6 billion, the largest ever technology leveraged buy-out.


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


EUROTUNNEL GROUP: Creditors Mull Liquidation Over Safeguard Plan
----------------------------------------------------------------
Senior creditors of Eurotunnel Group filed a legal suit in
France in a move to block the company's latest plan to
restructure its GBP6.2 billion debt, The Guardian reports citing
unnamed sources.

According to the report, the dissenting creditors objected
against their inclusion in a financial creditors' committee,
which accounts for about GBP4.3 billion of Eurotunnel's debt.
They contended that only banks can be included in the committee,
so institutional investors have to be excluded from the group.

The sources added that the rebel creditors are optimistic an
appellate court would accept their objection once the Commercial
Court of Paris would trash the protest in the lower court, The
Guardian says.

The daily suggests that Oaktree Capital Management, a member of
the Ad Hoc committee of senior creditors, is believed to be
behind the legal move after dismissing the channel operator's
rescue plan.

Eurotunnel says the lawsuit will be immaterial on the process
and the financial creditors' committee will proceed with a vote
on the rescue plan.

The creditors will vote on the debt plan this month or early
December.  If they accept the plan, an exchange offer on the
outstanding shares will be made.

            Creditors Mull Liquidation as Best Option

The company's creditors were planning to force the company into
liquidation as the best option to recover money from the
company, the paper relates.

"It could be a very profitable business.  One would suspect that
liquidation would get a decent price for the business.  We can
accept a deal that has a certainty of return or decide that you
can do better by going for a liquidation," an unnamed source
told The Guardian.

In the event of a liquidation, creditors like Deutsche Bank and
Oaktree Capital will be first in line to receive cash from a
sale.

In a letter to Eurotunnel's shareholders, Chairman and Chief
Executive Jacques Gounon warned that in the event that the
creditors vote against the Safeguard plan, Eurotunnel will be
placed into administration and could be liquidated, or sold by
the Paris Commercial Court.

"The asset value at liquidation has been estimated to be
approximately GBP890 million, almost five times less than that
put forwards in the plan," Mr. Gounon expressed.

"Shareholders would receive nothing.  The same situation would
pertain if the company was sold: shareholders therefore have
even more reason to mobilize themselves to demand that the two
States refuse the ruinous transfer of the Concession," he added.

                        About the Company

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

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

                       Company Crisis

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

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


JLG INDUSTRIES: Launches Sr. Debt Offer & Consent Solicitation
--------------------------------------------------------------
JLG Industries Inc. commenced offers to purchase for cash any
and all of its outstanding:

   -- 8-1/4% Senior Notes due 2008 in an aggregate principal
      amount of US$89,545,000; and

   -- 8-3/8% Senior Subordinated Notes due 2012 in an aggregate
      principal amount of US$113,750,000.

In connection with the offers, holders of the Notes are being
solicited to provide consents to certain amendments to the
indentures for the Notes that would eliminate most of the
restrictive covenants and events of default contained in the
indentures.

JLG is making the offers as required by the Agreement and Plan
of Merger dated Oct. 15, 2006, by and among JLG, Oshkosh Truck
Corporation and Steel Acquisition Corp.

The consent solicitations will expire at 5:00 p.m., New York
City time, on Nov. 20, 2006, and the offers will expire at
midnight, New York City time, on Dec. 5, 2006, in each case
unless extended or earlier terminated by JLG.

As described in more detail in the Offer to Purchase and
Consent Solicitation Statement dated Nov. 6, 2006, a copy of
which will be distributed to noteholders promptly, the total
consideration for each US$1,000 principal amount of Notes
validly tendered and accepted for purchase by JLG will be
calculated based upon a fixed spread of 50 basis points over the
bid side yield on the 4.875% U.S. Treasury Note due Apr. 30,
2008, in the case of the 2008 Notes, and the 3.5% U.S. Treasury
Note due May 31, 2007, in the case of the 2012 Notes.

The foregoing total consideration for the Notes includes a
consent payment equal to US$30 per US$1,000 principal amount of
Notes tendered.  Holders must validly tender their Notes on or
before the Consent Deadline in order to be eligible to receive
the total consideration, which includes the consent payment.
Holders who validly tender their Notes after the Consent
Deadline and before the expiration of the offers will only be
eligible to receive an amount equal to the total consideration
minus the consent payment.  Additionally, holders whose Notes
are purchased pursuant to the offers will receive any accrued
but unpaid interest for the period up to but not including the
payment date for the Notes.

JLG Industries, Inc. -- http://www.jlg.com/-- produces access
equipment (aerial work platforms and telehandlers) and highway-
speed telescopic hydraulic excavators.  JLG's manufacturing
facilities are located in the United States, Belgium, and
France, with sales and service operations on six continents.

                         *     *     *

As reported in the Troubled Company Reporter on May 24, 2006,
Moody's Investors Service upgraded the debt ratings of JLG
Industries, Inc. -- Corporate Family Rating to Ba3 from B1,
Senior Unsecured Notes to B1 from B2, and Senior Subordinate
Notes to B2 from B3.  Moody's said the outlook is changed to
stable from positive.


JLG INDUSTRIES: Moody's Cuts Rating on US$113.8-Mln Notes to B2
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 first time rating to
Oshkosh Truck Corp.'s US$3.5 billion first lien senior secured
credit facility (US$500 million revolving credit facility,
US$400 million Term Loan A, and US$2.6 billion Term Loan B) and
a Ba3 corporate family rating.

The purpose of the proposed credit facility is to fund Oshkosh's
acquisition of JLG Industries, Inc. for an aggregate purchase
price of US$3.2 billion, net cash and including closing costs.

The ratings reflect both the overall probability of default of
the company, to which Moody's assigns a PDR of Ba3, and a loss
given default of LGD3 (47%) for the first lien senior secured
credit facility.  Moody's also assigned a SGL-2 Speculative
Grade Liquidity Rating to Oshkosh.  The rating outlook is
stable.

In a related action, Moody's affirmed the B2 rating (LGD6, 97%)
for JLG's US$89.5 million Subordinated Notes and lowered to B2
(LGD6, 96%) from Ba3 the rating for its US$113.8 million
Unsecured Notes.  The rating outlook is stable.  As part of the
acquisition, JLG has commenced a tender offer and consent
solicitation for these note issues.  Under the terms of this
offer any untendered notes will be subject to a stripping of
protective covenants.

The ratings have been adjusted to reflect the risk of any stub
pieces that may remain outstanding following expiry of the
offer.  If a substantial portion of the issues is redeemed as
part of the tender offer or if insufficient information is
available to monitor these specific instruments within the
overall Oshkosh group, the ratings could be withdrawn.  The
corporate family rating and probability of default ratings of
JLG have been withdrawn.

While recognizing the financial strength of Oshkosh before the
acquisition, Moody's analyst Peter Doyle said, "the Ba3
corporate family rating reflects the reduction in credit metrics
that will result from its acquisition of JLG".  Oshkosh will
increase balance sheet debt in excess of US$3.1 billion.  As a
result of the increased leverage, credit metrics will erode on a
projected basis for 2007: EBIT/interest to about 2.8x; FCF/Debt
to 2.5%; and, Debt/EBITDA to about 4.6x (as adjusted per Moody's
FM Methodology.)  While meeting debt service requirements of its
leveraged capital structure, Oshkosh must also contend with the
ongoing cyclicality of the non-residential construction sector,
JLG's primary end market, and integrating a significant
acquisition.

These weaknesses, however, are balanced against the potential
benefits of combining Oshkosh and JLG.  JLG's strong financial
results are driven from the success of the North American
economy, the ongoing robust non-residential construction market,
and its strategic alliance with Caterpillar.  Additionally,
Oshkosh should benefit from the sharing of technologies,
expected savings from procurement opportunities, and
capitalizing on JLG's existing operating efficiencies.  These
strengths in addition to the company's rationalization program
and a commitment to maintain ample liquidity should enable
Oshkosh to strengthen debt protection measures over the
intermediate term.

The stable outlook for Oshkosh reflects Moody's expectations
that its debt protection measures should be supportive of the
Ba3 rating over the next twelve to eighteen months.  Moody's
anticipates that Oshkosh will improve its operations due to
increasing diversification of its product lines, strong demand
in most of its end-markets, and a commitment to debt reduction.

The Ba3 rating of the US$3.5 billion first lien senior secured
credit facility reflects an LGD3 (47%) loss given default
assessment as this facility represents the company's entire debt
structure and offers superior collateral position over other
creditors who would have potential claims.  The credit facility
will have a first lien on substantially all of the company's
assets excluding real estate, and where applicable, capital
stock of subsidiaries.

The SGL-2 Speculative Grade Liquidity Rating reflects Moody's
belief that the company will maintain a good liquidity profile
over the next 12-month period.  The SGL rating anticipates that
around US$290 million in availability at closing under the
company's proposed first lien senior secured credit facility and
free cash flow should be sufficient to fund the company's
capital spending and operational needs over the next 12 months.

Oshkosh ratings/assessments assigned:

    * Corporate family rating Ba3
    * Probability-of-default rating Ba3
    * Speculative Grade Liquidity at SGL-2

                                          LGD      Loss-Given
   Debt Issue                    Rating   Rating   Default
   ----------                    -------  ------   ----------
   US$500 million senior secured
   revolving credit facility
   due late 2011                 Ba3      LGD3      47%

   US$400 million senior secured
   Term Loan A due late 2011     Ba3      LGD3      47%

   US$2.6 billion senior secured
   Term Loan B due late 2013     Ba3      LGD3      47%

JLG ratings affirmed:

   US$113.8 million 8.375%
   Gtd. Sr. Subordinated Notes
   due 2012                      B2        LGD6     97%

JLG ratings lowered:

   US$89.5 million 8.25%
   Gtd. Sr. Unsecured Notes
   due 2008

   to                            B2        LGD6     96%

   from                          Ba3       LGD4    56%

JLG ratings withdrawn:

    * Corporate family rating Ba3
    * Probability-of-default rating Ba3

Oshkosh, headquartered in Oshkosh, Wisconsin, is a diversified
heavy equipment manufacturer currently with three business
segments supporting the defense, fire and emergency, and
commercial end markets.

JLG industries, Inc., headquartered in McConnellsburg,
Pennsylvania, with executive offices in Hagerstown, Maryland, is
a leading manufacturer of aerial work platforms and
telehandlers.


LAZARD LTD: Posts US$35 Million Third Quarter 2006 Net Income
-------------------------------------------------------------
Lazard Ltd.'s net income on a fully exchanged basis for the
third quarter of 2006 decreased 32% to US$35.0 million or
US$0.34 per share, from US$51.7 million or US$0.52 per share in
the same period of 2005, RTTNews reports.

RTTNews relates that on average, six analysts surveyed by First
Call/Thomson Financial expected Lazard to earn US$0.46 per share
for the third quarter of 2006.

Lazard's operating income dropped by 36% to US$49.19 million for
the quarter of 2006, compared with the US$77.3 million reported
in the same period in 2005, RTTNews notes.  Operating income is
after interest expense and before income taxes and minority
interests.

RTTNews underscores that the operating revenue of Lazard for
this year's third quarter fell 15% to US$317.61 million, from
US$374.26 million in the same quarter last year.  Operating
revenue does not include interest expense relating to financing
activities and revenue relating to the consolidation of LAM
General Partnerships, each of which is included in net revenue.

Lazard's net revenue decreased 17% to US$297.51 million in the
third quarter of 2006, from US$356.90 million in the third
quarter of 2005, RTTNews says.

Lazard told RTTNews that the decline in revenues and earnings
were due to lower number of M&A transactions closing in the
third quarter of 2006 and the comparison with unusually high
2005 third-quarter revenue.

RTTNews emphasizes that the net income of Lazard before exchange
of outstanding exchangeable interests for the first nine months
of 2006 rose 32% to US$56.4 million or US$1.45 per share,
compared with the income from continuing operations of US$42.7
million or US$1.14 per share for the first nine months of 2005.

Lazard's operating revenue for the first nine months of 2006
rose 11% to US$1,079.6 million, from to US$969.9 million in the
same period of 2005, RTTNews states.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and Brazil.  With origins dating back to
1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  In Europe, the firm maintains operations in
France, Germany, Spain and the United Kingdom, among others.

At June 30, 2006, Lazard's balance sheet showed US$2.1 billion
in total assets and US$2.8 billion in total liabilities,
resulting in US$745 million stockholders' deficit.


=============
G E O R G I A
=============


PROCREDITBANK GEORGIA: Fitch Affirms Foreign Currency IDR at B
--------------------------------------------------------------
Fitch Ratings affirmed ProCreditBank (Georgia)'s ratings at
foreign currency Issuer Default B, Short-term foreign currency
B, local currency IDR B+, Short-term local currency B,
Individual D/E, and Support 4.  The Outlooks on the bank's IDRs
remain Stable.

The IDR, Short-term and Support ratings of ProCredit Georgia are
driven by the likelihood of support from its majority
shareholder, ProCredit Holding AG, although the extent to which
this support can be factored into the ratings is limited by
Georgia's country risk.

The Individual rating reflects credit and operational risks
arising from rapid network and business expansion, modest
profitability as well as a difficult, albeit improving,
operating environment.

Fitch also notes a broadening of the bank's franchise and
regional penetration, its sound capitalization and its good risk
management tools, enhanced by PCH's ongoing support and
supervision.  The bank's funding profile is being diversified
through customer accounts, although some concentration on
facilities from the shareholders remains.

An improvement in Georgia's country risk would have positive
implications for the bank's IDRs, while any worsening in this
would have negative implications for the support-driven ratings.

An upgrade of the Individual rating could follow a significant
increase of the bank's size without asset quality compromises,
which would result in improved internal capital generation, as
well as increased funding diversification.  Downside risk is
limited.

ProCredit Georgia is ranked fourth by total assets in Georgia
with 11% of banking sector assets at end-Q306.  It was
established in 1999 and forms a part of a global network of 18
ProCredit banks, which was set up by private and public sector
investors to provide financing to micro and SME customers in
developing markets.

PCH is a strategic investor and forms the administrative
headquarters for the ProCredit group, outlining general strategy
and procedures, as well as sharing best practice among the
ProCredit bank members.


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


BLUE CULT: Claims Registration Ends November 14
-----------------------------------------------
Creditors of Blue cult Walter GmbH have until Nov. 14 to
register their claims with court-appointed provisional
administrator Georg Welslau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 5 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 Blue cult Walter GmbH on Sept. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Blue cult Walter GmbH
         Attn: Sven Walter, Manager
         Eschstrasse 17
         32257 Buende, Germany

The administrator can be contacted at:

         Georg Welslau
         Bismarckstr. 43
         32427 Minden, Germany


BUCKEL HAUSTECHNIK: Claims Registration Ends November 13
--------------------------------------------------------
Creditors of BUCKEL Haustechnik KG have until Nov. 13 to
register their claims with court-appointed provisional
administrator Stefan Oppermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 a.m. on Nov. 16 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 Nuernberg
         Meeting Room 152/I
         Flaschenhofstr. 35
         Nuernberg, Germany

The Court will also verify the claims set out in the
administrator's report at 10:20 a.m. on Dec. 7, at the same
venue.

The District Court of Nuernberg opened bankruptcy proceedings
against BUCKEL Haustechnik KG on Sept. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         BUCKEL Haustechnik KG
         Kellermannstr. 33
         90455 Nuernberg, Germany

The administrator can be contacted at:

         Dr. Stefan Oppermann
         Aussere Sulzbacher Road 118
         90491 Nuernberg, Germany
         Tel: 0911/59890-0
         Fax: 0911/59890-11


CH MODE: Claims Registration Ends November 14
---------------------------------------------
Creditors of CH Mode Christine Hochgraf GmbH have until Nov. 14
to register their claims with court-appointed provisional
administrator Christian Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Dec. 9 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder), Germany

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

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against CH Mode Christine Hochgraf GmbH on Sept. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         CH Mode Christine Hochgraf GmbH
         Vierwaldstatter Road 80
         16341 Panketal OT Schwanebeck, Germany

The administrator can be contacted at:

         Christian Graf Brockdorff
         Breite Strasse 9 A
         14467 Potsdam, Germany


ELEX ALPHA: S&P Assigns BB- Rating on EUR22-Mln Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR360 million senior secured floating-
rate notes to be issued by eleX Alpha S.A.  In addition, eleX
Alpha will issue EUR40 million of unrated notes.

The collateral will comprise a portfolio of predominantly
senior-secured leveraged loans, but may also include second-lien
loans, mezzanine loans, and high-yield bonds.

This will be the first European CDO of leveraged loans
transaction managed by DWS Finanz-Service GmbH.

The transaction has a reinvestment period of six years and
DWS Finanz-Service will be the collateral manager.

The ratings reflect commensurate credit enhancement in the form
of overcollateralization and subordination, a diversified
collateral pool of loans and derivative financial instruments,
currency risk protections, strong collateral investment
guidelines, the expected bankruptcy-remoteness of the issuer,
and various amortization triggers.

                         Ratings List
                        eleX Alpha S.A.
             EUR400 Million Senior Secured Floating-Rate Notes

                            Prelim.        Prelim.
             Class          rating         amount (Mil. EUR)
             -----          ------         ------
             A-1(1)         AAA              80
             A-2            AAA             178
             B              AA               38
             C              A                20
             D              BBB-             22
             E              BB-              22
             Subordinated   NR               40

   (1) The class A-1 notes are revolving obligations and can
       be repaid and redrawn at any time during the
       reinvestment period.

       The class A-1 notes may be drawn either in euros
       or British pounds sterling.  Sterling advances will
       be indexed to LIBOR and euro advances to EURIBOR.

       NR-Not rated.


FAB FERNMELDEANLAGENBAU: Claims Registration Ends November 14
-------------------------------------------------------------
Creditors of FAB Fernmeldeanlagenbau GmbH have until Nov. 14 to
register their claims with court-appointed provisional
administrator Christian Graf Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 19 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder), Germany

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

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against FAB Fernmeldeanlagenbau GmbH on Sept. 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         FAB Fernmeldeanlagenbau GmbH
         Meistergasse 2
         15366 Dahlwitz-Hoppegarten, Germany

The administrator can be contacted at:

         Christian Graf Brockdorff
         Breite Strasse 9 A
         14467 Potsdam, Germany


GEMATEC COLOR: Claims Registration Ends November 15
---------------------------------------------------
Creditors of Gematec Color GmbH + Co. KG have until Nov. 15 to
register their claims with court-appointed provisional
administrator Frank Nikolaus.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on Nov. 29 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany

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

The District Court of Essen opened bankruptcy proceedings
against Gematec Color GmbH + Co. KG on Sept. 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Gematec Color GmbH + Co. KG
         Erdbrueggenstr. 68
         45889 Gelsenkirchen, Germany

         Ingrid Groetzbach, Manager
         Gruenstr. 15
         45889 Gelsenkirchen, Germany

The administrator can be contacted at:

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


GFD GESELLSCHAFT: Claims Registration Ends November 14
------------------------------------------------------
Creditors of GfD Gesellschaft fuer Dammtechnik GmbH have until
Nov. 14 to register their claims with court-appointed
provisional administrator Georg Welslau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 5 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 GfD Gesellschaft fuer Dammtechnik GmbH on Sept. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         GfD Gesellschaft fuer Dammtechnik GmbH
         Industriestr. 9
         32469 Petershagen, Germany

         Attn: Christiana Voelkening, Manager
         Ostring 32
         32469 Petershagen, Germany

The administrator can be contacted at:

         Georg Welslau
         Bismarckstr. 43
         32427 Minden, Germany


HORNBACH: Moody's Affirms Ratings on Good Operating Performance
---------------------------------------------------------------
Moody's Investors Service affirmed Hornbach's existing Ba2
Corporate Family Rating and the Ba3 senior unsecured rating on
the EUR250 million notes due in 2014.  The rating action
reflects the company's good operating performance year to date
and Moody's expectation that financial leverage should continue
to improve going forward.

Hornbach's Corporate Family Rating, however, remains at the low
end its rating category, primarily reflecting a mix of solid
business characteristics, including good potential for
international growth, offset by credit metrics, which continue
to lag the current rating category, and its exposure to the
continuing difficult retail market condition in Germany.

The rating action takes into account that Hornbach's cash flows
have temporarily benefited from a lower than expected capital
expenditure program year to date, primarily due to a
postponement of new store openings into the next financial year,
however, Moody's expects expenditures to roll-over into future
years.  As a result there is low expectation of any substantial
reduction in the absolute amount of lease adjusted debt.  A
strengthening of Hornbach's credit metrics and rating
positioning is therefore dependant upon a sustained recovery in
operating results, in particular further improvements in
operating margins.

The stable outlook reflects Moody's expectation that Hornbach's
business model should provide a good platform for the company to
deliver like-for-like sales growth at least in line with the
German DIY sector average, Hornbach's 2006/2007 margins should
also partially recover from the dilution experienced in 2005.

Ratings affirmed:

    * Hornbach's Corporate Family Rating of Ba2; and

    * Senior Unsecured rating on the EUR250 million notes due
      in 2014 of Ba3.

Headquartered in Landau/Pfalz, in Germany, Hornbach is the
fourth largest DIY retailer in Germany and operates 89 stores in
the domestic market and other 32 across Europe.  For the
six month period ended August 2006 the Group generated revenues
of EUR1.3 billion and EBITDA of EUR119.5 million.


KABEL DEUTSCHLAND: Fitch Rates Exchange Notes at BB-
----------------------------------------------------
Fitch Ratings assigned ratings to Kabel Deutschland GmbH's
exchange notes due July 1, 2014, issued under its recent
exchange offer:

   -- EUR denominated 10.75% common code 026810361 and ISIN
      XS0268103610: BB-; and

   -- US$ denominated 10.625% CUSIP48282A AB1, common code
      US48282AAB17 and ISIN 026839599: BB-

The other ratings of the KDG group are unchanged - Kabel
Deutschland Vertrieb und Service GmbH & Co., are Issuer Default
BB- and BB+ for its EUR1.35 billion senior secured bank
facilities.  The existing notes' ratings are at BB-.

The exchange offer gave investors the opportunity to exchange
KDG's existing EUR denominated 10.75% and USD denominated
10.625% senior notes.  The exchange notes are identical in all
material respects to the existing notes, except that the
exchange notes have been registered with the U.S. Securities and
Exchange Commission.

Fitch notes in particular that the exchange notes benefit from
the same security and guarantee structure as the existing notes,
namely a second-ranking pledge of the limited partnership
interests in principal operating subsidiary, KDS, a second
priority pledge of the shares in Kabel Deutschland Verwaltungs
GmbH, and a subordinated guarantee from KDS.


MAX-BAU: Deadline for Claims Registration Slated November 14
------------------------------------------------------------
Creditors of MAX-Bau GmbH have until Nov. 14 to register their
claims with court-appointed provisional administrator Volkhard
Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Dec. 12 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Leipzig, 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 Leipzig opened bankruptcy proceedings
against MAX-Bau GmbH on Sept. 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         MAX-Bau GmbH
         Attn: Hans-Joerg Nussbaumer, Manager
         Genossenschaftsweg 11
         04808 Kuehren-Burkartshain, Germany

The administrator can be contacted at:

         Dr. Volkhard Frenzel
         Magdeburger Str. 23
         06112 Halle, Germany


PERMO VERTRIEBS: Claims Registration Ends November 13
-----------------------------------------------------
Creditors of Permo Vertriebs GmbH have until Nov. 13 to register
their claims with court-appointed provisional administrator
Jochen Sedlitz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 5 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 Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen, 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 Goeppingen opened bankruptcy proceedings
against Permo Vertriebs GmbH on Sept. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Permo Vertriebs GmbH
         Attn: Juergen Widmann, Manager
         Autohof 30
         73037 Goeppingen, Germany

The administrator can be contacted at:

         Jochen Sedlitz
         Wilhelmstr. 12
         70182 Stuttgart, Germany
         Tel: 0711/16424-0
         Fax: 0711/1642424


STOELZEL BAUGESELLSCHAFT: Claims Registration Ends November 13
--------------------------------------------------------------
Creditors of Stoelzel Baugesellschaft mbH have until Nov. 13 to
register their claims with court-appointed provisional
administrator Siegfried Beck.

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

The meeting of creditors will be held at:

         The District Court of Fuerth
         Room 3
         Ground Floor
         Office Building
         Baumenstrasse 32
         Fuerth, 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 Fuerth opened bankruptcy proceedings
against Stoelzel Baugesellschaft mbH on Sept. 25.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Stoelzel Baugesellschaft mbH
         Kraftsteinstr. 29
         90556 Cadolzburg, Germany

The administrator can be contacted at:

         Dr. Siegfried Beck
         Stahlstr. 17
         90411 Nuernberg, Germany
         Tel: 0911/9512850
         Fax: 0911/95128510


UNTIEDT UND SYRI: Claims Registration Ends November 15
------------------------------------------------------
Creditors of Untiedt und Syri GmbH have until Nov. 15 to
register their claims with court-appointed provisional
administrator Gitta Werner.

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

The meeting of creditors will be held at:

         The District Court of Mayen
         Hall 17
         St. Veit-Road 38
         56727 Mayen, Germany

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

The District Court of Mayen opened bankruptcy proceedings
against Untiedt und Syri GmbH on Sept. 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Untiedt und Syri GmbH
         Spitalsgraben 10
         56218 Muelheim-Karlich, Germany

         Attn: Hermann Syri, Manager
         Dierdorfer Str. 80
         56566 Neuwied, Germany

The administrator can be contacted at:

         Dr. Gitta Werner
         Bahnhofstr. 34
         56626 Andernach, Germany
         Tel: 02632/4969810
         Fax: 02632/4969811
         E-mail: info@kanzlei-werner.info


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


BANK OF CYPRUS: Earns EUR225,726 for First Nine Months 2006
-----------------------------------------------------------
Bank of Cyprus Group released its consolidated financial results
for the nine months and third quarter ended Sept. 30, 2006.

The group posted EUR225,726 in net profit against EUR1.2 million
in revenues for the first nine months of 2006, compared with
EUR87,386 in net profit against EUR1 million in revenues for the
same period in 2005.

The group posted EUR78,301 in net profit against EUR441,634 in
revenues for the third quarter of 2006, compared with EUR33,093
in net profit against EUR121,489 in revenues for the same period
in 2005.

                      About Bank of Cyprus

Headquartered in Nicosia, Cyprus, Bank of Cyprus --
http://www.bankofcyprus.com/-- offers a wide range of financial
products and services, which include banking services in Cyprus,
Greece, United Kingdom, Australia and Channel Islands, finance,
leasing, factoring, brokerage, fund management, general and life
insurance services in Cyprus and Greece, and investment banking
services in Cyprus.

                        *     *     *


As reported in the Troubled Company Reporter-Europe on July 25,
Fitch Ratings affirmed Bank of Cyprus's Issuer Default rating at
A- and removed it from Rating Watch Negative.  A Stable Outlook
is assigned.  Its other ratings are affirmed at Support 2,
Short-term F2 and Individual C/D.

The rating actions follow the bank's announcement to abandon its
public offer to acquire a 100% stake in Emporiki Bank of Greece.
The ratings were placed on RWN because of the negative impact
that an eventual acquisition of Emporiki would have had on BOC's
regulatory capital ratios as well as the integration risks
involved in the operation.


BANK OF CYPRUS: Moody's Changes D+ FSR Outlook to Positive
----------------------------------------------------------
Moody's Investors Service changed to positive from stable the
outlooks for the Baa1 foreign currency long-term deposit rating
and D+ financial strength rating assigned to Bank of Cyprus
Public Company Ltd.  Also changed to positive from stable, are
the outlooks for BOC's Baa1 foreign currency senior debt and
Baa2 foreign currency subordinated debt ratings.  At the same
time, Moody's affirmed the Prime-2 for both foreign currency
short-term deposits and for commercial paper.

According to Moody's, this rating action reflects the ongoing
enhancement of BOC's financial fundamentals over recent
financial quarters.  Following a few years of poor financial
performance, primarily due to the problems faced by its
operations in Cyprus, BOC has witnessed a significant
improvement in its financial metrics, arising from management's
actions to reinvigorate the franchise and to restore the bank's
financial condition.  Thus, asset quality has improved
significantly during 2006 despite the introduction of stricter
regulatory criteria for measuring loan performance since January
2006.  Accordingly, as a result of:

   -- higher problem loan recoveries and write-offs;

   -- reduction in the inflow of new problem loans; and

   -- loan portfolio growth, the bank's ratio of
      non-performing loans to gross loans declined to 6.6%
      in September 2006 (down from a comparable ratio of 8.6%
      in March 2006), while the provisioning coverage
      for problem loans increased to 60% in September 2006
     (up from 50% in December 2005).

Although these trends are viewed positively, Moody's cautions
that BOC's main indicators are weaker than those of similarly-
rated banks in Europe, while the current regulatory requirement
of not classifying overdue loans irrespective of performance, in
the case that they are fully covered by tangible collateral,
continues to qualify these ratios.

According to Moody's, in tandem with improving asset quality,
BOC's overall equity position has been strengthened (with its
ratio of equity to assets increasing to 6.3% in September 2006),
boosted by a rights issue during the last year and benefiting
from an improving internal capital-generating capability.  More
importantly, Moody's notes that the bank's economic capital
position has recovered significantly, supported by enhanced
provisioning coverage for problem loans and a sharp reduction in
uncovered pension liabilities.  Hence, with the level of non-
provided problems loans falling to 25% of equity in
September 2006, the bank's ratio of adjusted equity to assets
jumped to 4.8% in September 2006 (up from 3.7% in
December 2005).

Although the bank's enhanced capitalization is viewed favorably,
Moody's feels that a higher level of equity position and/or
stronger problem loan provisioning coverage would be more
appropriate given the bank's overseas expansion plans --
primarily through branches in Greece but also in light of future
plans for Russia and Romania.

Moody's also notes the bank's main profitability indicators have
been increasing, supported by wider interest margins, higher fee
income, contained operating expenses and declining loan loss
provisioning costs.  The rating agency believes that the higher
profitability trend may continue, underpinned by higher business
volumes in the bank's domestic operations, the maturing of the
branch network in Greece and lower loan loss provisioning
requirements.

The positive outlook is also based on BOC's positive franchise
dynamics, characterized by a dominant position in its domicile
market and an increasingly valuable franchise in Greece.  A more
focused strategy in its domestic operations, coupled with better
execution, is yielding market share gains in the retail lending
business at the expense of the country's credit cooperatives,
reinforcing an already dominant, largely unthreatened market
position.  The overall franchise is complemented by the growing
operations in Greece, which enhance the group's key financial
metrics and lead to higher risk and revenue diversification.
Furthermore, the ongoing maturing of a relatively young branch
network is expected to lead to greater business volumes and
better operational efficiencies that could boost the group's
profitability, though Moody's cautions that the credit risk
resilience of the operations remains untested.

In conclusion, Moody's points out that an upgrade of BOC's
ratings will be dependent on:

   -- further improvements in asset quality in tandem with
      the adoption of stricter regulatory criteria
      for classifying problem loans in order to bring them
      in line with international best practice;

   -- a continued upward trend in profitability; and

   -- a higher adjusted equity position and/or
      better provisioning coverage.

Bank of Cyprus Public Company Ltd. is headquartered in Nicosia,
Cyprus, and had total assets of CYP14.0 billion (EUR24.3
billion) as at end-September 2006.


HELLENIC BANK: Moody's Changes D FSR Outlook to Stable
------------------------------------------------------
Moody's Investors Service changed to stable from negative the
outlook for the D Financial Strength Rating assigned to
Hellenic Bank Public Company Limited Cyprus.  At the same time,
Moody's has affirmed the bank's Baa2 long-term foreign currency
debt and deposit ratings and the Prime-2 short-term foreign
currency deposit and commercial paper ratings, with stable
outlooks.  The bank's FSR has been on negative outlook since
August 2005.

According to Moody's, the change to stable from negative in the
FSR outlook reflects the ongoing improvement in Hellenic Bank's
main financial fundamentals.  The bank's D FSR continues to
capture its well-established franchise in its domicile, although
it remains constrained by relatively moderate -- though
improving -- financial measures as regards asset quality,
earning power and capitalization.

Moody's notes that the bank, following a phase of weak financial
performance, underwent an extensive top management change in
2005.  To arrest a weakening financial performance, the new
management has launched a major restructuring program aiming to
improve the bank's financial condition, revive the loss-making
operations in Greece, and enhance the overall competitiveness of
the group.

Recent data suggest that management is making inroads towards
putting the bank on a more sound footing.  Specifically,
although Hellenic Bank's credit portfolio quality continues to
suffer from a high level of delinquencies, recent indications
suggest that the worst could be over and that credit quality is
on an improving trend.

June 2006 results showed the growth of non-performing loans
falling to zero and the ratio of non-performing loans to gross
loans improving to 13.7%, compared to a high 14.9% a quarter
earlier.  Furthermore, increased loan loss provisions resulted
in better provisioning coverage (with loan-loss reserves
covering 61% of non-performing loans, up from 58% a year
earlier) and hence placing a lower level of equity at risk (with
the ratio of non-provided non-performing loans to equity
dropping to 50% in June 2006, compared to 68% a year earlier).

Regarding profitability, Moody's adds that the bank returned to
surplus in FY2005, following three consecutive years of net
losses due to a very heavy provisioning burden.  Furthermore,
June 2006 results backed the improving profitability trends,
with the losses in the Greek operations being significantly
reduced.

Going forward, Hellenic Bank is faced with a number of
challenges, including:

   -- to further improve its credit portfolio quality leading
      to lower problematic exposures and, hence, reduced
      credit costs;

   -- to address its high cost structure which pressures
      its earning power; and

   -- to increase its core equity position, by bolstering
      its loan loss reserves and/or to increase its
      equity levels.

Any success relating to these major challenges that could
enhance overall the bank's financial fundamentals would result
in positive pressure being exerted on its FSR.

In affirming the bank's Baa2/Prime-2 foreign currency debt and
deposit ratings, Moody's notes that these ratings are enhanced
due to strong implicit external support.  Although on a
stand-alone basis the bank's debt and deposit ratings would be
rated lower given its D FSR, these ratings are lifted higher due
to Hellenic Bank's importance within its domestic banking system
and the likelihood of support by the financial authorities if
the bank were to face financial difficulties.

Headquartered in Nicosia, Cyprus, Hellenic Bank Public Company
Limited had total assets of CYP3.3 billion (EUR5.8 billion) as
of June 2006.


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


ELAN CORP: To Issue US$500 Million Senior Notes Due 2013
--------------------------------------------------------
Elan Corp., plc, reveals its wholly owned subsidiaries, Elan
Finance public limited company and Elan Finance Corp., intend to
offer, subject to market conditions, US$500 million in aggregate
principal amount of senior fixed rate notes due 2013 and senior
floating rate notes due 2013.

The notes will be offered in the United States, only to
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended, and to non-U.S. persons in
accordance with Regulation S under the Securities Act.

Following the offering, Elan expects to, through its wholly
owned subsidiary Elan Capital Corp. Ltd., issue a redemption
notice for the outstanding US$254 million aggregate principal
amount of 6.5% Convertible Guaranteed Notes due 2008 issued by
Elan Capital Corp. Ltd. and guaranteed by Elan.

The net proceeds from the offering are expected to be used to
repay any Convertible Notes not converted into equity of Elan
(at a conversion price of US$7.42 per share) prior to the
redemption date and the remaining net proceeds are expected to
be used to repay a portion of the outstanding US$613 million
aggregate principal amount of 7.25% Guaranteed Senior Notes due
2008 issued by Athena Neurosciences Finance, LLC, a wholly owned
subsidiary of Elan, and guaranteed by Elan, in each case, within
90 days of consummation of the offering.

                      About the Company

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

                        *     *     *

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

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

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

Ratings affirmed:

Elan Corporation, plc

   -- B3 corporate family rating

Elan Finance plc

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

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

Athena Neurosciences Finance, LLC

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


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


FREESCALE SEMICONDUCTOR: Gets Requisite Consents on 6.875% Notes
----------------------------------------------------------------
Freescale Semiconductor Inc. disclosed that, as of 5:00 p.m.,
Eastern Time, on Nov. 3, 2006, it had received tenders and
consents from holders of US$349,829,000 in aggregate principal
amount of its 6.875% senior notes due 2011,  representing
99.951% of the outstanding 2011 notes, and from holders of
US$499,875,000 in aggregate principal amount of the  its 7.125%
senior notes due 2014, representing 99.975% of the outstanding
2014 notes.

As a result of the receipt of the requisite consents, Freescale
intends to enter into a supplemental indenture with the trustee
effecting the proposed amendments to the indenture governing the
notes on Nov. 6, 2006.  The proposed amendments, however, will
become operative only when the validly tendered notes are
accepted for payment by Freescale pursuant to the terms of the
tender offers and consent solicitations. In accordance with the
terms of the tender offers and consent solicitations, tendered
notes may no longer be withdrawn and delivered consents may not
be revoked, unless Freescale makes a material change to the
terms of the tender offers or is otherwise required by law to
permit withdrawal or revocation.

Holders who have not yet tendered their notes may tender until
5:00 p.m., prevailing Eastern Time, on Nov. 21, 2006, unless
extended or earlier terminated by Freescale.  The tender offers
are subject to the satisfaction of certain conditions, including
the receipt of specified financing, the consummation of the
merger pursuant to the previously announced Agreement and Plan
of Merger, dated as of Sept. 15, 2006, by and among Freescale,
Firestone Holdings LLC and Firestone Acquisition Corporation and
certain other customary conditions.

Freescale has engaged Credit Suisse Securities (USA) LLC and
Citigroup Corporate and Investment Banking to act as dealer
managers in connection with the tender offers and solicitation
agents in connection with the consent solicitations.

Any questions or requests for assistance may be directed to:

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

                   -- or --

          Citigroup Corporate and Investment Banking
          Tel: (800) 558-3745 (U.S. toll-free)
               (212) 723-6106 (collect)

D.F. King & Co., Inc. has been retained as Tender Agent and as
Information Agent in connection with the tender offers and
consent solicitations.

Requests for additional copies of the Statement or any other
document may be directed to:

           D.F. King & Co., Inc.
           48 Wall Street, New York
           New York 10005
           Tel: (800) 714-3312 (U.S. toll-free)

                      About Freescale

Freescale Semiconductor, Inc. -- http://www.freescale.com/--
designs and manufactures embedded semiconductors for the
automotive, consumer, industrial, networking and wireless
markets.  The company is based in Austin, Texas, and has design,
research and development, manufacturing or sales operations in
more than 30 countries, including the Czech Republic, France,
Germany, Ireland, Italy, Romania, Turkey and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 7,
Moody's Investors Service assigned Freescale Semiconductor a
corporate family rating of Ba3 and a speculative grade liquidity
rating of SGL-1.  A shareholder meeting has been scheduled for
Nov. 13 to vote on the company's proposed acquisition, which is
expected to close by the end of November 2006.

In addition, Standard & Poor's Ratings Services kept its
ratings, including the 'BB+' corporate credit rating, on
Freescale Semiconductor Inc. on CreditWatch with negative
implications, where they were placed on Sept. 11 following the
company's announcement that it was considering a business
transaction, later confirmed as a leveraged buyout.

Fitch downgraded Freescale Semiconductor Inc.'s Issuer Default
Rating, senior unsecured notes, and senior unsecured bank credit
facility to 'BB+' from 'BBB-' following the company's
confirmation that it has entered into a definitive agreement to
be purchased by a consortium of private equity firms for US$17.6
billion, the largest ever technology leveraged buy-out.


==================
K A Z A K H S TA N
==================


AGRO SERVICE: Almaty Court Opens Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
commenced bankruptcy proceedings against LLP Agro Service
Alliance on Sept. 28.


AGROZAN-2 LLP: Creditors Must File Claims by Dec. 3
---------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Agrozan-2 insolvent on Sept. 14.

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

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


ALTYN CAPITAL: Proof of Claim Deadline Slated for Dec. 8
--------------------------------------------------------
LLP Financial Group Altyn Capital has declared insolvency.
Creditors have until Dec. 8 to submit written proofs of claim
to:

         LLP Altyn Capital
         Jambyl
         Kostanai District
         Kostanai Region
         Kazakhstan


ASTANA-TECHNOPARK OJSC: Claims Registration Ends Dec. 6
-------------------------------------------------------
OJSC Astana-Technopark has declared insolvency.  Creditors have
until Dec. 6 to submit written proofs of claim to:

         OJSC Astana-Technopark
         Pushkin Str. 166/4
         Sary-Arka District
         Astana, Kazakhstan


ASYL NAN: Claims Filing Period Ends Dec. 8
------------------------------------------
LLP Company Asyl Nan has declared insolvency.  Creditors have
until Dec. 8 to submit written proofs of claim to:

         LLP Asyl Nan
         40 let Oktabrya Str. 1
         Rudnyi
         Kostanai Region
         Kazakhstan


BAIZAKTORGGAS LLP: Jambyl Court Starts Bankruptcy Procedure
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
commenced bankruptcy proceedings against LLP Baizaktorggas on
Sept. 15.


BAMI DENT: Creditors' Claims Due Dec. 3
---------------------------------------
LLP Stomatological Clinic Bami Dent has declared insolvency.
Creditors have until Dec. 3 to submit written proofs of claim
to:

         LLP Bami Dent
         Kasteev Str. 106a
         Almaty, Kazakhstan


BLACK GOLD: Creditors Must File Claims by Dec. 3
------------------------------------------------
LLP Black Gold Ltd. has declared insolvency.  Creditors have
until Dec. 3 to submit written proofs of claim to:

         LLP Black Gold Ltd.
         Micro District 1, 8-49
         Almaty, Kazakhstan


JAHAN-MATAL LLP: Proof of Claim Deadline Slated for Dec. 8
----------------------------------------------------------
LLP Jahan-Matal has declared insolvency.  Creditors have until
Dec. 8 to submit written proofs of claim to:

         LLP Jahan-Matal
         Grigorenko Str. 8-1
         Shymkent
         South Kazakhstan Region
         Kazakhstan


RISOPERERABATYVAYUSHYI ZAVOD: Creditors' Claims Due Dec. 3
----------------------------------------------------------
LLP Ushtobinskyi Rice Processing Factory Risopererabatyvayushyi
Zavod has declared insolvency.

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

         LLP Risopererabatyvayushyi Zavod
         Mayakovskyi Str. 3
         Ushtobe
         Karatal District
         Almaty Region
         Kazakhstan


SAMAL KURYLYS: Claims Registration Ends Dec. 3
----------------------------------------------
LLP Samal Kurylys has declared insolvency.  Creditors have until
Dec. 3 to submit written proofs of claim to:

         LLP Samal Kurylys
         Dostyk Ave. 95a-22
         Almaty, Kazakhstan


SHYNGYZ-HAN LLP: Claims Filing Period Ends Dec. 3
-------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Shyngyz-Han insolvent on
Sept. 14, 2005.

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

         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


SPEKTRUM-FLEX LLP: Claims Registration Ends Dec. 3
--------------------------------------------------
LLP Spektrum-Flex has declared insolvency.  Creditors have until
Dec. 3 to submit written proofs of claim to:

         LLP Spektrum-Flex
         Baitursynov Str. 9
         Shymkent
         South Kazakhstan Region
         Kazakhstan


STARS CLUB: Creditors Must File Claims by Dec. 8
------------------------------------------------
LLP Stars Club Company has declared insolvency.  Creditors have
until Dec. 8 to submit written proofs of claim to:

         LLP Stars Club Company
         Jeltoksan Str. 171a
         Almaty, Kazakhstan


TRANSSFERA: Proof of Claim Deadline Slated for Dec. 6
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Scientific-Engineering Rail Road
Company Transsfera insolvent on Sept. 18 without the
introduction of bankruptcy proceedings.

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

         LLP Transsfera
         Sutushev Str. 58
         Petropavlovsk
         North Kazkhstan Region
         Tel: 8 (3152) 46-46-26
         Fax: 8 (3152) 46-35-83


URSERVICE CONSULT: Creditors' Claims Due Dec. 8
-----------------------------------------------
LLP Juridical Consulting Service Urservice Consult has declared
insolvency.  Creditors have until Dec. 8 to submit written
proofs of claim to:

         LLP Urservice Consult
         JK Atameken
         Tashenov Str. 8
         Astana, Kazakhstan


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


JHOLDAS GROUP: Creditors Must File Claims by Dec. 22
----------------------------------------------------
The Branch of American Corporation The Jholdas Group Inc. has
declared insolvency.  Creditors have until Dec. 22 to submit
written proofs of claim to:

         Almatinskaya Str. 4
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 43-26-79


NATIONAL ACADEMY: Public Auction Scheduled for Nov. 29
------------------------------------------------------
The State Committee on State Property of the Kyrgyz Republic
will auction the unfinished construction of National Academy of
Science's engineering-laboratorial building 3 to the public at
10:00 a.m. on Nov. 29 at:

         Conference Hall of State Property of Kyrgyz Republic
         Room 221
         Moskovskaya Str. 151
         Bishkek, Kyrgyzstan

The property is located at:

         Crossing of K.Akiev Street and Pushkin Street
         Bishkek, Kyrgyzstan

The starting price is set at KGS1,545,750.

Interested bidders have until 5:00 p.m. on Nov. 28 to deposit an
amount equivalent to KGS154,575 to the settlement account of:

         The State Committee on State Property
         of the Kyrgyz Republic
         Pervomaisky ROK-2, No. 8534172080101001/202802429
         OJSC Settlement and Saving Company
         Bishkeksky Branch

Participants may submit their bids and necessary documents to:

         The State Committee on State Property
         of the Kyrgyz Republic
         Room 221
         Moskovskaya Str. 151
         720002 Bishkek, Kyrgyzstan

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

Inquiries can be addressed to (+996 312) 21-67-24.


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


NORTEL NETWORKS: Appoints Dr. Kristina M. Johnson to Board
----------------------------------------------------------
Nortel Networks Corporation reported that Dr. Kristina M.
Johnson, dean of Duke University's Edmund T. Pratt, Jr., School
of Engineering, has been appointed to the Company's Board of
Directors, effective immediately.

Dr. Johnson has been with Duke University since 1999.  As dean
of the Pratt School of Engineering, she oversees more than 1100
undergraduates, 440 graduate students and 120 tenure track and
non-tenure track faculty.  She joined Duke from the University
of Colorado, where she served as a professor of Electrical and
Computer Engineering from 1985-1999.

Dr. Johnson has helped start several companies including
ColorLink, Inc., and sits on several corporate Board of
Directors including Mineral Technologies Inc., Boston Scientific
Corporation, and AES Corporation.  She also currently serves on
the advisory boards of the Colorado School of Mines, the Georgia
Institute of Technology School of Engineering, the Duke
Childrens' Classic, and the Institute for Emerging Issues.

Dr. Johnson received her B.S., M.S. (with distinction) and Ph.D.
in electrical engineering from Stanford University.  She
completed a NATO post-doctoral fellowship at Trinity College in
Dublin, Ireland, and was a Fulbright Fellow in 1991.  Johnson
has published more than 140 refereed papers and proceedings,
holds forty-three patents, and has pioneered work in liquid
crystal-on-silicon microdisplays, a marriage of LC electro-optic
materials and VLSI technology.

"I am pleased to announce Dean Johnson's appointment," said
Harry Pearce, chairman of Nortel's Board of Directors.  "Her
insight and experience will greatly benefit Nortel and
contribute to our focus on innovation and R&D effectiveness."

Dr. Johnson has also been appointed to the Nortel Networks
Limited Board of Directors.

                     About Nortel Networks

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 Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family
Rating for Nortel Networks Corp. to B2.

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

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

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


NORTEL NETWORKS: Posts US$99 Million Net Loss in Third Quarter
--------------------------------------------------------------
Nortel Networks Corp. reported a US$99 million net loss in the
third quarter of 2006, compared to a net loss of US$136 million
in the third quarter of 2005 and net earnings of US$366 million
in the second quarter of 2006.

Revenues were US$2.96 billion for the third quarter of 2006
compared to US$2.52 billion for the third quarter of 2005 and
US$2.74 billion for the second quarter of 2006.

Net loss in the third quarter of 2006 included a benefit of
around US$43 million related to the announced changes to the
North American employee benefit plans, a gain of US$16 million
on the sale of assets, a shareholder litigation expense of US$38
million reflecting a mark-to-market adjustment of the share
portion of the global class action settlement and special
charges of US$25 million for restructuring.

The net loss in the third quarter of 2005 included special
charges of US$39 million related to restructuring activities and
a net charge of US$20 million related to the re-filing of the
Company's tax returns as a result of the financial restatements.

Net earnings in the second quarter of 2006 included a
shareholder litigation recovery of US$510 million reflecting a
mark-to-market adjustment of the share portion of the global
class action settlement, special charges of US$45 million for
restructuring and a loss of US$10 million on the sale of assets.

Cash balance at the end of the third quarter of 2006 was
US$2.60 billion, up from US$1.90 billion at the end of the
second quarter of 2006.  This increase in cash was primarily
driven by cash received upon the closing of the offering of US$2
billion aggregate principal amount of senior notes, less cash
used of US$1.3 billion to repay the US$1.3 billion one-year
credit facility that was entered into in February 2006,
partially offset by a cash outflow from operations of US$46
million.

"I am pleased with our overall revenue growth and, in
particular, in our focus areas of next generation mobility,
enterprise and related services, and metro optical.  I am also
pleased with the 270 basis points operating margin improvement
versus the third quarter of 2005. However, we should and will be
moving faster.  Pricing pressures and the speed at which our
revenues are shifting to next generation, early cycle products
is increasing our challenge to drive profitability
improvements," said Mike Zafirovski, president and chief
executive officer, Nortel.  "The management team and I are
resolute in achieving a globally competitive cost structure and
we are accelerating and enhancing our Business Transformation
and Lean Six Sigma programs to close this gap and achieving
double digit operating margins in 2008.  I believe recent steps
of establishing the Microsoft alliance, divesting our UMTS
access business, and increasingly shifting resources to lower
cost centers are indicative of our resolve."

                    Nine-Month 2006 Results

For the first nine months of 2006, revenues were US$8.08 billion
compared to US$7.53 billion for the same period in 2005.  The
Company reported net earnings for the first nine months of 2006
of US$100 million, compared to a net loss of US$273 million for
the same period in 2005.

Net earnings in the first nine months of 2006 included a
shareholder litigation recovery of US$453 million reflecting
mark-to-market adjustments of the share portion of the global
class action settlement, special charges of US$75 million
related to restructuring activities, a benefit of around US$43
million related to the announced changes to the North American
employee benefit plans and a benefit of US$41 million related to
the sale of assets.  The first nine months of 2005 results
included special charges of US$145 million related to
restructuring activities and US$36 million of costs related to
the sale of businesses and assets.

                            Outlook

Commenting on the Company's financial expectations, Peter
Currie, executive vice president and chief financial officer,
Nortel, said, "For the fourth quarter of 2006, we expect revenue
growth in the mid to high single digits compared to the fourth
quarter of 2005, gross margin to be between 38 and 39 as a
percentage of revenue and spending to be around flat compared to
the fourth quarter of 2005.  Based on this fourth quarter
outlook, we now expect mid to high single digit revenue growth
for the full year 2006 compared to 2005, full year gross margin
to be between 38 and 39 as a percentage of revenue, and we
continue to expect operating expenses to be flat to up slightly
from 2005."

                     Share Consolidation

Nortel also disclosed of the planned consolidation of the
Company's common shares as approved at the Company's annual and
special meeting of shareholders held on June 29, 2006.  The
consolidation is expected to be effective on December 1, 2006 at
a ratio of one consolidated share for every 10 pre-consolidation
shares, as approved by the Company's board of directors.  The
consolidation is expected to increase investors' visibility into
the Company's profitability on a per share basis, reduce share
transaction fees for investors and certain administrative costs
for Nortel, and broaden interest to institutional investors and
investment funds.

"True shareholder value will be driven by ongoing progress and
Company performance, but this step helps create a better
foundation on which to build," said Peter Currie, Nortel's
executive vice president and chief financial officer.

Registered shareholders of the Company will receive instructions
by mail on how to obtain a new share certificate representing
their consolidated common shares.

Upon implementation of the consolidation, the Company's 4.25
percent convertible senior notes due September 1, 2008 will be
convertible by holders into common shares of Nortel Networks
Corporation at a new conversion price of US$100 per common
share.

                     About Nortel Networks

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 Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family
Rating for Nortel Networks Corp. to B2.

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

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

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.


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


BURNS PHILP: Rank Group Declares Offer Unconditional
----------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 1, Rank Group Limited revealed that the only remaining
condition in its offer period for shareholders of
Burns Philp & Company Limited is the 90% acceptance condition.

According to the TCR-AP, if this condition is met or waived,
shareholders will be paid by the earlier of five business days
of the offer becoming unconditional and Nov. 16, 2006.   Those
shareholders who have not accepted before Nov. 9, 2006, will
enter the compulsory acquisition process.  Under this process,
it will take between five weeks and two months for payment to be
made.

In an update, Rank Group informs the New Zealand Stock Exchange
that all Acceptance Instructions have now been validly processed
or implemented.

In its NZX statement dated Nov. 7, 2006, Rank Group discloses
that it has relevant interests in more than 90% of the Burns
Philp shares.  Thus, the only remaining condition of the Offer
has now been fulfilled.  Accordingly, Rank Group declares that
the Offer is unconditional.

Rank Group says it will proceed to compulsory acquisition as
soon as possible.

The TCR-AP had also reported that the Foreign Investment Review
Board in Australia and the Overseas Investment Office in New
Zealand have approved the proposed offer of Burns Philp &
Company Limited's major shareholder, Rank Group, for all of
Burns Philp's shares it does not already hold.

Questions regarding the takeover offer should be directed to the
Rank Offer Information Line:

   * 1300-657-039 -- for callers within Australia,
   * 0800-555-039 -- for callers within New Zealand, or
   * +613-9415-4353 -- for callers from outside Australia and
                       New Zealand


                       About Rank Group

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                       About Burns Philp

Burns Philp & Company Limited -- http://www.burnsphilp.com/--
is an Australian based company involved in the production and
distribution of food ingredients and consumer branded food,
beverage and related products.  The Group operates
internationally with products including snack foods, breakfast
cereals and meal components.

Burns Philp has a 20% interest in Goodman Fielder Limited.  It
maintains operations in The Netherlands through its Burns Philp
Treasury (Europe) B.V. subsidiary.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 24, 2006, that Standard & Poor's Ratings Services placed
its 'BB-' long-term corporate credit rating on Burns Philp on
CreditWatch with negative implications after the company
announced that its major shareholder, Rank Group Ltd., proposed
to make an offer for all Burns Philp shares that it does not
already hold.  Rank Group currently owns 57.6% of Burns Philp.


BURNS PHILP: S&P Cuts & Withdraws Rating on Rank Group Purchase
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Burns, Philp & Co. Ltd. to 'B/Developing' from
'BB-/Watch Neg' and subsequently withdrew the rating, following
the Rank Group's acquisition of more than 90% of Burns Philp's
ordinary shares as of Nov. 7.  The privately owned Rank Group is
expected to move to full ownership of Burns Philp soon.

The withdrawal of the rating reflects heightened uncertainty
over the future of Burns Philp and its financial policy going
forward.  Moreover, the lack of information available to
Standard & Poor's about the Rank Group means it is unable to
maintain a credit rating on Burns Philp.  While Burns Philp is
under the full ownership and control of the Rank Group,
Standard & Poor's would not separate the credit quality of the
two companies and, therefore, takes a consolidated credit view
of the group.


GLOBAL POWER: Hires AlixPartners LLC as Claims & Balloting Agent
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave
Global Power Equipment Group Inc. and its debtor-affiliates
permission to employ AlixPartners LLC, as its noticing, claims
and balloting agent.

AlixPartners is expected to:

     a) prepare and serve required notices in these chapter 11
        cases, including:

        -- notice of the commencement of these chapter 11 cases
           and the initial meeting of creditors under Section
           341(a) of the Bankruptcy Code.

        -- notice of claims bar date;

        -- notice of objections to claims;

        -- notice of any hearings on a disclosure statement and
           confirmation of a plan of reorganization;

        -- other miscellaneous notices to any entities as the
           Debtor of the Bankruptcy Court may deem necessary or
           appropriate for an orderly administration of these
           chapter 11 cases; and

        -- the publication of required notices, as necessary.

     b) file with the clerk, within 5-days after the mailing of
        a particular notice, with the clerk's office a
        certificate of affidavit of service that includes a copy
        of the notice involved, a list of persons to whom the
        notice was mailed, and the date and manner of mailing;

     c) assist the Debtor in the preparation and filing of the
        schedules of assets and liabilities and statement of
        financial affairs;

     d) maintain copies of all proofs of claim and proofs of
        interest filed;

     e) maintain official claims registers, including, among
        other things, these information for each proof of claim
        or proof of interest:

        -- name and address of the claimant and any agent
           thereof;

        -- date received;

        -- claim number assigned; and

        -- asserted amount and classification of the claim;

     f) create and administer a claims database;

     g) implement necessary security measure to ensure the
        completeness and integrity of the claims register;

     h) transmit to the clerk's office a copy of the claims
        register on a monthly basis or, in the alternative, make
        available the proof of claim docket online to the
        clerk's office via the claims manager claims system;

     i) maintain an up to date mailing list for all entities
        that have filed a proofs of claim or interest, which
        list shall be available upon request of a party in
        interest or the clerk's office;

     j) provide access to the public for examination of copies
        of the proofs of claim or interest without charge during
        regular business hours;

     k) record all transfers of claims pursuant to the
        Bankruptcy Rule 3001(e) and provide notice of such
        transfers as required by the Bankruptcy Rule 3001(e);

     l) assist the Debtors in the reconciliation and resolution
        of claims;

     m) comply with applicable federal, state, municipal, and
        local statutes, ordinances, rules, regulations, orders
        and other requirements;

     n) provide temporary employees to process claims, as
        necessary;

     o) provide balloting services in connection with the
        solicitation process for any chapter 11 plan to which a
        disclosure statement has been approved by the Court;

     p) provide other claims processing, noticing, and related
        administrative services as may be requested form time to
        time by the Debtors; and

     q) promptly comply with further conditions and requirements
        as the clerk's office of the Court may at any time
        prescribe.

The Debtor's application did not disclose of the firm's
compensation rates.

Meade A. Monger, Esq., firm's managing director, assured the
Court that his firm does not hold any interest adverse and is a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

Mr. Monger can be reached at:

     Meade A. Monger, Esq.
     Managing Director
     AlixPartners LLC
     2100 McKinney Avenue, Suite 800
     Dallas, TX 75201
     Tel: (214) 647-7500
     Fax: (214) 647-7501
     http://www.alixpartners.com/

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc. aka GEEG Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The Company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
Company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.  The Debtors' exclusive period to filed a
chapter 11 plan expires on Jan. 26, 2007.


KONINKLIJKE AHOLD: Walks Away From Merger Talks with Delhaize
-------------------------------------------------------------
Koninklijke Ahold N.V. has abandoned plans to merge with Belgian
food retailer Delhaize Group, The Financial Times reports citing
sources privy to the matter.

According to the report, talks between the parties have stopped
with no plans to restart the process, although sources did not
rule out a change in circumstances.

The parties ceased talks before Ahold revealed plans to sell its
U.S. Foodservice (USF) unit, a move which lawyers and analysts
had considered vital to avoid regulatory problems should the
merger materialize, FT relates.  Unnamed sources, however, told
FT that USF's sale and the divestment of 10% of Ahold's "non-
core" supermarkets in Portugal, Poland, Slovakia and the U.S.,
were unrelated to the merger talks or to pressure from
shareholders seeking the company's breakup.

Under the merger proposal, Ahold and Delhaize would form
separate U.S. and European retail units, with the Belgian firm
running the U.S. business and Ahold operating the European arm,
under a common holding company.

In a TCR-Europe report on Nov. 8, Ahold said it would divest its
U.S. Foodservice unit and focus on core retail businesses in the
United States and Europe, the continued roll-out of value
repositioning programs, and the reduction of operating costs by
EUR500 million by end 2009.

                         About Delhaize

Headquartered in Brussels, Belgium, Delhaize Group --
http://www.delhaizegroup.com/-- retails food in nine countries
on three continents: North America, Europe and Asia.  As of
December 31, 2005, Delhaize Group's sales network, which
includes Company-operated, affiliated and franchised stores,
consisted of 2,636 stores; store formats are primarily
supermarkets.

                           About Ahold

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

                        *     *     *

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


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


ABK CJSC: Bankruptcy Hearing Slated for January 22
--------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy Autonomous Region
will convene on Jan. 22, 2007, to hear the bankruptcy
supervision procedure on CJSC Abk.  The case is docketed under
Case No. A-75-7946/2006.

The Temporary Insolvency Manager is:

         R. Shafikov
         Apartment 93
         Druzhby Narodov Str. 31
         Nizhnevartovsk
         Khanty-Mansiyskiy Autonomous Region
         628624 Ekaterinburg
         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:

         CJSC Abk
         Territory Of ATP-9
         Promzona
         Raduzhnyj
         628463 Khanty-Mansiyskiy Autonomous Region-Yugra
         Russia


ANANYEVSKOYE CJSC: Court Names A. Rubashanov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. A.
Rubashanov as Insolvency Manager for CJSC Ananyevskoye.  He can
be reached at:

         A. Rubashanov
         Post User Box 841
         Barnaul
         656015 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-23768/05-B.

The Debtor can be reached at:

         CJSC Ananyevskoye
         Ananyevka
         Kulundinskiy Region
         Altay Region
         Russia


CHISTOPOLSKIY SHIP-MECHANICAL: Court Hearing Slated for Jan. 18
---------------------------------------------------------------
The Arbitration Court of Tatarstan Republic will convene on
Jan. 18, 2007, to hear the bankruptcy supervision procedure on
CJSC Chistopolskiy Ship-Mechanical Factory.  The case is
docketed under Case No. A65-15914/2006-SG4-39.

The Temporary Insolvency Manager is:

         I. Khabibullin
         Post User Box 24
         Kazan
         420021 Tatarstan Republic
         Russia

The Arbitration Court of Tatarstan Republic is located at:

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

The Debtor can be reached at:

         CJSC Chistopolskiy Ship-Mechanical Factory
         Pionerskaya Str. 1
         Chistopol
         422983 Tatarstan Republic
         Russia


FIRST SIBERIAN: Court Names N. Natarov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. N.
Natarov as Insolvency Manager for CJSC First Siberian Timber
Company.  He can be reached at:

         N. Natarov
         Post User Box 251
         630048 Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-15651/06-29/297.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC First Siberian Timber Company
         Dzerzhinskogo Pr. 26
         630015 Novosibirsk
         Russia


FURNITURE FACTORY: Court Names A. Rubashanov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. A.
Rubashanov as Insolvency Manager for OJSC Furniture Factory.  He
can be reached at:

         A. Rubashanov
         Post User Box 841
         Barnaul
         656015 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-10898/06-B.

The Debtor can be reached at:

         OJSC Furniture Factory
         Kamen-na-Obi
         Altay Region
         Russia


KUYBYSHEVSKIE LIQUEUR-VODKA: Court Hearing Slated for Dec. 25
-------------------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene at
11:00 a.m. on Dec. 25 to hear the bankruptcy supervision
procedure on OJSC Kuybyshevskie Liqueur-Vodka Products.  The
case is docketed under Case No. A45-14486/06-10/303.

The Temporary Insolvency Manager is:

         D. Sandrakov
         Shishkova Str. 2
         Kuybyshev
         632383 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         D. Sandrakov
         Shishkova Str. 2
         Kuybyshev
         632383 Novosibirsk Region
         Russia


LYULPANSKIY TIMBER: Court Names V. Pomazkin to Manage Assets
------------------------------------------------------------
The Arbitration Court of Mariy El Republic appointed Mr. V.
Pomazkin as Insolvency Manager for CJSC Lyulpanskiy Timber
Industry Combine.  He can be reached at:

         V. Pomazkin
         Post User Box 54
         Yoshkar-Ola
         424003 Mariy El Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-38-1350-11/215-2004.

The Debtor can be reached at:

         CJSC Lyulpanskiy Timber Industry Combine
         Mekhanizatorov Str. 1
         Lyulpany
         Medvedevskiy Region
         Mariy El Republic
         Russia


OB'-POLYMER CJSC: Asset Sale Slated for November 21
---------------------------------------------------
LLC Financial and Lawful Consultant, the bidding organizer for
CJSC Ob'-Polymer, opened a public auction for the company's
properties at 11:00 a.m. on Nov. 21 at:

         LLC Financial and Lawful Consultant
         6th floor
         Krasina Str. 7a
         Tyumen Region
         Russia

The company has set a RUR655,640 starting price for the
auctioned assets.

To participate, bidders have until 11:00 a.m. on Nov. 20 to
deposit an amount equivalent to 20% of the starting price to:

         CJSC Ob'-Polymer
         Settlement Account 40702810000160000165 in Branch
         OJSC Khanty-Mansiyskiy Bank
         Correspondent Account 30101810100000000740
         BIK 047162740

Bidding documents must be submitted to:

         LLC Financial and Lawful Consultant
         6th floor
         Krasina Str. 7a
         Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Ob'-Polymer
         Lazareva Str. 11
         Nyagan
         Khanty-Mansiyskiy Autonomous Region-Yugra
         628183 Tyumen Region
         Russia


ORGERSBANK: Fitch Places B- IDR on Rating Watch Positive
--------------------------------------------------------
Fitch Ratings placed Russia's Orgersbank's ratings of Issuer
Default B-, Short-term B, Support 5, and National Long-term BB+
on Rating Watch Positive.  The bank's D Individual rating has
been affirmed.

The action follows the announcement that Nordea Bank AB's, a
leading institution in the Nordic region, will purchase a
controlling stake in Orgres.

Upon the completion of the transaction, Nordea will hold a
75.01% stake, with the remaining 24.99% being split between the
three existing senior management shareholders and the European
Bank for Reconstruction and Development.  The transaction is
expected to close during Q107 following regulatory approval.

Once the transaction is completed, Orgres's IDR, Short-term,
Support and National Long-term ratings will be revised to
reflect the increased probability of support being forthcoming
for Orgres, in case of need, with the IDR likely to be upgraded
to investment grade.

Fitch also notes that the completion of this transaction should
improve Orgres's capital and funding flexibility, as well as
provide access to Nordea's product and risk management
expertise.

Orgres is a mid-sized Moscow based bank with a primary focus on
the SME and retail sectors.  The bank operates 37 branches and
outlets in five regions, and is further expanding its regional
presence, both organically and by acquisitions.

Orgres also operates as a settlement center for the Russian
regional interbank market, in particular due to its
participation in the Interbank Clearing System.


PRODUCTS-7 CJSC: Court Names B. Shatrov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. B. Shatrov as
Insolvency Manager for CJSC Factory of Reinforced Concrete
Products-7.  He can be reached at:

         B. Shatrov
         Apartment 88
         Sverdlova Str. 80
         156005 Kostroma
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-51775/05-71-92 B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Factory of Reinforced Concrete Products-7
         Moscow Region
         Russia


SIBERIAN FACTORY: Court Names S. Grudyakov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region appointed Mr. S.
Grudyakov as Insolvency Manager for LLC Siberian Factory of
Reinforced-Concrete Goods.  He can be reached at:

         S. Grudyakov
         Block 4
         Sosnovyj Location 70
         Kansk
         663606 Krasnoyarsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-14817/2006.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         LLC Siberian Factory of Reinforced-Concrete Goods
         Post User Box 1
         Nazarovo
         Krasnoyarsk Region
         Russia


SPECIAL AUTO-TRANSPORT: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Sakhalin Region commenced bankruptcy
supervision procedure on Municipal Unitary Enterprise Special
Auto-Transport.  The case is docketed under Case No.
A59-2090/06-S16.

The Temporary Insolvency Manager is:

         M. Prokopchuk
         Post User Box 99
         693013 Yuzhno-Sakhalinsk Region
         Russia

The Arbitration Court of Sakhalin Region is located at:

         Kommunisticheskiy Pr. 24
         693020 Yuzhno-Sakhalinsk Region
         Russia

The Debtor can be reached at:

         M. Prokopchuk
         Post User Box 99
         693013 Yuzhno-Sakhalinsk Region
         Russia


UST-KATAEVSKIY OJSC: Court Names E. Babanov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Mr. E.
Babanov as Insolvency Manager for OJSC Ust-Kataevskiy City
Diary.  He can be reached at:

         E. Babanov
         Post User Box 12592
         454080 Chelyabinsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-15865/2006-52-160.

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         OJSC Ust-Kataevskiy City Diary
         Ust-Katav
         Chelyabinsk Region
         Russia


VNESHTORGBANK: Moody's Puts D- FSR to Austrian Branch
-----------------------------------------------------
Moody's Investors Service assigned Baa2 long-term and Prime-2
short-term foreign currency bank deposit ratings and a D-
Bank Financial Strength Rating to VTB Bank (Austria) AG
(formerly known as Donau Bank).  The outlook on all ratings is
stable.

The Baa2/P-2 deposit ratings are based on the support that
Moody's expects would be forthcoming in case of need from its
Moscow-based parent company, VTB (formerly Vneshtorgbank, Bank
for Foreign Trade -- rated A1 for local currency debt and
deposits, Baa2 for foreign currency debt and deposits, Prime-2
for short-term debt and D- for BFSR.  This view is underpinned
by VTB's explicit aim of reorganizing, consolidating and thereby
more closely integrating its European subsidiaries, as well as
VTBA's profitable positioning within the group through its niche
strategy and the fact that it shares the same name and brand as
its parent bank.

The D- BFSR reflects the Austrian bank's relatively modest and
evolving franchise, but also its satisfactory financial
fundamentals.  VTBA's core business focuses on structured trade
finance, the structuring and syndication of loans for Russian
and CIS clients, the management of emerging market bond
portfolios and trading on the Russian and CIS markets.  VTBA has
benefited from its early entry into the Russian and CIS markets,
in which it has built up a profound knowledge.  In Moody's view,
the bank therefore has good potential over time to strengthen
its franchise and customer base through a closer integration
into the VTB group.  The BFSR also takes into account some
significant business and financial risks relating to VTBA's
business model.

VTBA's financial fundamentals are characterized by a robust
capitalization, good levels of profitability and efficiency and
satisfactory asset quality.  However, the bank will have to
demonstrate in upcoming periods its ability to generate
increasing revenues and satisfactory profitability and
efficiency indicators, accompanied by a lower overall risk
profile and a more meaningful and entrenched customer franchise.
A materially increasing risk appetite or a weaker risk return
profile would be seen as negative driving factors for the bank's
rating.  Moody's views the bank's ample base of retained
earnings as an important source of funding and revenues for the
bank and expects that VTBA's credit quality -- which is
supported by its regulation and supervision by Austria's FMA
(Finanzmarktaufsicht) -- will eventually benefit from broader,
more firmly established funding sources.

Based in Vienna, Austria, VTB Bank (Austria) AG had total assets
of EUR1.4 billion and equity of EUR360 million as of
Dec. 31, 2005 and recorded a net profit of EUR52 million.


VOTALIFT-AUDIT CJSC: Court Names A. Kovalev to Manage Assets
------------------------------------------------------------
The Arbitration Court of Kostroma Region appointed Mr. A.
Kovalev as Insolvency Manager for CJSC Votalift-Audit.  He can
be reached at:

         A. Kovalev
         Office 104
         Shagova Str. 20
         156000 Kostroma Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A31-3463/2006-12.

The Debtor can be reached at:

         CJSC Votalift-Audit
         Mira Pr. 55
         Kostroma Region
         Russia


YAMAL-OIL-STROY-GAS: Bankruptcy Hearing Slated for November 14
--------------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy Autonomous Region will
convene on Nov. 14 to hear the bankruptcy supervision procedure
on LLC Yamal-Oil-Stroy-Gas (TIN 8901013024, OGRN 1028900508911).
The case is docketed under Case No. A81-3837/2006.

The Temporary Insolvency Manager is:

         A. Menshenin
         Post User Box 18
         Angalskiy Mys Str.
         Salekhard
         629003 Yamalo-Nenetskiy Autonomous Region
         Russia

The Arbitration Court of Yamalo-Nenetskiy Autonomous Region is
located at:

         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy Autonomous Region
         Russia

The Debtor can be reached at:

         LLC Yamal-Oil-Stroy-Gas
         Matrosova Str. 36B
         Salekhard
         629008 Yamalo-Nenetskiy Autonomous Region
         Russia


ZAVYALOVSKAYA MINERAL: Court Names A. Generalov to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. A. Generalov
as Insolvency Manager for LLC Zavyalovskaya Mineral Water.  He
can be reached at:

         A. Generalov
         Post User Box 3923
         Barnaul
         656015 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-9926/06-B.

The Debtor can be reached at:

         LLC Zavyalovskaya Mineral Water
         Zavyalovo
         Zavyalovskiy Region
         Altay Region
         Russia



* S&P Affirms B+ Rating on Russia's Leningrad Oblast
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its foreign currency
issuer credit rating on Leningrad Oblast at 'B+' and national
scale rating at 'ruA+' based on expectations of an improvement
in the oblast's budgetary performance.  The outlook is positive.

"The ratings on the oblast, located in the northwest of The
Russian Federation, are constrained by: the Leningrad Oblast's
low revenue and expenditure flexibility and financial risk
linked to growing debt guarantees," said Standard & Poor's
credit analyst Pavel Kochanov.  "Moreover, evolving inter-
governmental relations and the need to upgrade and build new
transport and housing infrastructure are also rating
constraints."

The ratings are supported, however, by the oblast's improving
economy and its consistent fiscal policies, resulting in a
moderate debt burden.

"We expect that the oblast's rapidly growing economy will
support continued operating surpluses and increased capital
expenditures in the medium term, without any material weakening
of the oblast's debt position," said Mr. Kochanov.  "Future
positive rating actions, in 2007, will depend on the oblast
management's ability to sustain a operating surplus of at least
8%-10% of operating revenues and total debt to revenues of less
than 30%, despite growing operating expenditure pressure."

If the budgetary performance of the oblast deteriorates, or debt
exceeds a manageable 30% of revenues, the outlook could be
revised to stable.

Standard & Poor's has also assigned its local currency rating of
'B+' to Leningrad Oblast.  This follows Standard & Poor's
decision to publish both local currency and foreign currency
issuer credit ratings on Russian local and regional governments
to meet increased investor interest in these ratings.


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


KONINKLIJKE AHOLD: Walks Away From Merger Talks with Delhaize
-------------------------------------------------------------
Koninklijke Ahold N.V. has abandoned plans to merge with Belgian
food retailer Delhaize Group, The Financial Times reports citing
sources privy to the matter.

According to the report, talks between the parties have stopped
with no plans to restart the process, although sources did not
rule out a change in circumstances.

The parties ceased talks before Ahold revealed plans to sell its
U.S. Foodservice (USF) unit, a move which lawyers and analysts
had considered vital to avoid regulatory problems should the
merger materialize, FT relates.  Unnamed sources, however, told
FT that USF's sale and the divestment of 10% of Ahold's "non-
core" supermarkets in Portugal, Poland, Slovakia and the U.S.,
were unrelated to the merger talks or to pressure from
shareholders seeking the company's breakup.

Under the merger proposal, Ahold and Delhaize would form
separate U.S. and European retail units, with the Belgian firm
running the U.S. business and Ahold operating the European arm,
under a common holding company.

In a TCR-Europe report on Nov. 8, Ahold said it would divest its
U.S. Foodservice unit and focus on core retail businesses in the
United States and Europe, the continued roll-out of value
repositioning programs, and the reduction of operating costs by
EUR500 million by end 2009.

                         About Delhaize

Headquartered in Brussels, Belgium, Delhaize Group --
http://www.delhaizegroup.com/-- retails food in nine countries
on three continents: North America, Europe and Asia.  As of
December 31, 2005, Delhaize Group's sales network, which
includes Company-operated, affiliated and franchised stores,
consisted of 2,636 stores; store formats are primarily
supermarkets.

                           About Ahold

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

                        *     *     *

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


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


GENERAL NUTRITION: Faces Overtime Wage Litigation in Kansas
-----------------------------------------------------------
Centers and General Nutrition Corp., a wholly owned subsidiary
of GNC Corp., faces a purported class action in the U.S.
District Court for the District of Kansas over unpaid overtime
wages, according to GNC Corp.'s Oct. 27, 2006 Form 10-Q filing
with the U.S. Securities and Exchange Commission for the period
ended Sept. 30, 2006.

On Aug. 11, 2006, Michelle Most and Mark Kelso sued the company
on behalf of themselves and all others similarly situated.

The lawsuit purports to certify a nationwide class of GNC store
managers and assistant managers and alleges that GNC failed to
pay time and a half for working more than 40 hours per week.

Counsel for the plaintiffs contends that Centers and GNC
improperly applied fluctuating workweek calculations and
procedures for docking pay for working less than 40 hours per
week under a fluctuating workweek.

The suit is "Most, et al. v. General Nutrition Centers, Inc., et
al., Case No. 2:06-cv-02330-CM-GLR," filed in the U.S. District
Court for the District of Kansas under Judge Carlos Murguia with
referral to Judge Gerald L. Rushfelt.

Representing the plaintiffs are:

     (1) Michael F. Brady of Law Offices of Michael F. Brady,
         10901 Lowell Ave., Suite #280, Overland Park, KS 66210,
         US, Phone: 913-696-0925, Fax: 913-696-0468, E-mail:
         brady@mbradylaw.com and

     (2) Brendan J. Donelon of DONELON, P.C., 802 Broadway 7th
         Flr., Kansas City, MO 64105, Phone: 816-221-7100, Fax:
         816-472-6805, E-mail: brendan@donelonpc.com

Representing the defendants is Erin A. Webber of Littler
Mendelson, P.C., 2300 Main, Suite #900, Kansas City, MO 64108,
US, Phone: 816-448-3358, x3561, Fax: 816-817-0735, E-mail:
ewebber@littler.com

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

                        *    *    *

As reported in the TCR-Europe on Nov. 8, Standard & Poor's
Ratings Services placed its ratings on General Nutrition Centers
Inc., including the 'B' corporate credit rating, on CreditWatch
with developing implications.

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

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


GENERAL NUTRITION: Moody's Junks Proposed US$325-Mln Note Issue
---------------------------------------------------------------
Moody's Investors service assigned a Caa1 (LGD 5, 87%) rating to
GNC Parent Corporation's proposed US$325 million note issue.
GNC Parent Corp. ultimately owns General Nutrition Centers, Inc.
Moody's also affirmed the secured bank loan rating and corporate
family rating at Ba2 and the B2, respectively.  Per Moody's loss
given default methodology and the capital structure change, the
senior notes and senior subordinated notes were upgraded to Ba3
and B3, respectively.

Proceeds from the new debt principally will be used to retire
its PIK preferred stock for US$149 million and to pay a
US$190 million dividend.  In conjunction with announcing the new
holding company debt, the company also announced that it is
exploring strategic alternatives such as a sale of the company
or an initial public offering.  Affirmation of the corporate
family rating reflects that quantitative and qualitative debt
reflects that credit risk remains consistent with a B2 rating,
in spite of the higher leverage.

Newly assigned rating:

    * US$325 million notes issued by GNC Parent Corp.
      at Caa1 (LGD 5, 87%)

Ratings affirmed:

    * Senior secured bank loan at Ba2 (LGD 1, 6%);
    * Corporate family rating at B2; and
    * Probability of Default Rating at B2.

Ratings upgraded:

    * US$150 million of 8.625% senior notes (2011)
      to Ba3 (LGD 3, 31%) from B1; and

    * US$215 million of 8.5% senior subordinate notes (2010)
      to B3 (LGD 4, 64%) from Caa1.

GNC's corporate family rating of B2 balances the company's
aggressive financial policy, weak credit metrics, and revenue
vulnerability to new product introductions against certain
qualitative aspects that have low investment grade or high
non-investment characteristics.  Weighing down the overall
rating with B characteristics are the company's shareholder
enhancement policy and credit metrics that have remained weak
since the November 2003 leveraged buyout.

The ongoing challenges in matching changes in consumer
preferences for VMS products also constrain the ratings.  The
company's geographic diversification and the relative lack of
cash flow seasonality have solidly investment grade scores,
while the company's scale and widespread consumer recognition of
the GNC name in the intensely competitive segment of vitamin,
mineral, and nutritional supplement retailing have Ba scores.

The stable rating outlook recognizes that the recent negative
trends in sales and operating profit have turned positive, and
that debt protection measures have progressed to levels that are
appropriate for a B rated credit.  The outlook also considers
Moody's expectation that a material portion of future
discretionary cash flow will be applied to balance sheet
improvement.

A permanent decline in cash balances or revolving credit
facility availability that would result if free cash flow fell
below break-even, a return to declining store-level operating
performance, or an aggressive financial policy action would
cause the ratings to be lowered.  Given the sizable contribution
to operating profit from franchise royalties, difficulties or
closure of many franchisees also would negatively impact the
ratings.  Specifically, debt to EBITDA sustained above 6.5
times, EBIT to interest expense below 1 time, or break-even free
cash flow to debt would cause ratings to be lowered.

In the near term, a rating upgrade is unlikely.  Ratings could
eventually move upward if the company establishes a long-term
track record of sales stability and improved margins, the system
expands both from new store development (particularly in
international markets) and existing store performance, and if
financial flexibility were to sustainably strengthen such that
EBIT coverage of interest expense approaches 2 times, leverage
falls toward 5 times, and Free Cash to Debt rises to exceeds 5%.

General Nutrition Centers, Inc., with headquarters in
Pittsburgh, Pennsylvania, retails and manufactures vitamins,
minerals, and nutritional supplements domestically and
internationally through about 5850 company operated and
franchised stores (including about 1200 store-within-a-store
locations at Rite Aid drug stores).  Revenue for the twelve
months ending September 2006 approached US$1.5 billion.


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


AGROTORG LLC: Sumi Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Agrotorg (code EDRPOU 23297221) on
Aug. 23.  The case is docketed under Case No. 8/417-06.

The Temporary Insolvency Manager is:

         Yurij Falchenko
         Chervonoarmijska Str. 115/37
         Ohtirka
         42700 Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Agrotorg
         Goncharenko Str. 38
         Ohtirka
         42700 Sumi Region
         Ukraine


AZHVO LLC: Ivano-Frankivsk Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region commenced
bankruptcy supervision procedure on LLC AZHVO (code EDRPOU
22199545).  The case is docketed under Case No. B-6/216.

The Temporary Insolvency Manager is:

         O. Shvets
         Galitska Str. 149/26
         76000 Ivano-Frankivsk Region
         Ukraine

The Economic Court of Ivano-Frankivsk Region is located at:

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         LLC Azhvo
         Zavadka, Stefanivska Str. 20
         Kalush District
         7732 Ivano-Frankivsk Region
         Ukraine


ECOLOGICAL BUILDINGS: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Zhitomir Region commenced bankruptcy
supervision procedure on CJSC Ecological Buildings Complex (code
EDRPOU 31434346) on Oct. 5.  The case is docketed under Case No.
7/166.

The Temporary Insolvency Manager is:

         B. Petrichuk
         Berdichiv, Sverdlov Str. 57/63
         Zhitomir Region
         Ukraine

The Economic Court of Zhitomir Region is located at:

         Berdichivska Str. 25
         Mala
         10014 Zhitomir Region
         Ukraine

The Debtor can be reached at:

         CJSC Ecological Buildings Complex
         Lenin Str. 76
         Berdichiv
         13300 Zhitomir Region
         Ukraine


EUROSAIL 06-4: Fitch Gives BB Rating on GBP6.7-Mln Class E Notes
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to Eurosail 06-4 Plc's
GBP745 million-equivalent mortgage-backed floating-rate notes
due 2024 and 2044:

   -- GBP-equivalent 234.67 million Class A1, due 2024: AAA;
   -- GBP-equivalent 171.35 million Class A2, due 2044: AAA;
   -- GBP-equivalent 216.79 million Class A3, due 2044: AAA;
   -- GBP-equivalent 35.01 million Class M, due 2044: AAA;
   -- GBP-equivalent 42.46 million Class B, due 2044: AA;
   -- GBP-equivalent 21.6 million Class C, due 2044: A;
   -- GBP-equivalent 16.39 million Class D1, due 2044: BBB;
   -- GBP-equivalent 6.7 million Class E, due 2044: BB; and
   -- GBP-equivalent 7.45 million Class DTc, due 2044: BBB.

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

This transaction is a securitization of prime and near-prime
residential mortgages originated and located in the U.K.  The
expected ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of
Southern Pacific Mortgage Limited, GMAC-RFC, Preferred Mortgages
Limited and the transaction's sound legal structure.

Credit enhancement for the Class A notes is initially 16.9%,
provided by the subordination of the Class M notes, the Class B
notes, the Class C notes, the Class D1 notes, the Class E notes
and an initial and target reserve fund of 0.5%.

The Class DTc notes will also be issued and will be repaid
solely by excess spread available in the transaction.

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

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


EUROSAIL 2006-4NP: S&P Rates GBP6.7-Mln Class E Notes at BB
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP745 million (equivalent)
mortgage-backed floating-rate notes (and an overissuance of
GBP7.45 million excess spread backed floating-rate notes) to be
issued by Eurosail 2006-4NP PLC, a special purpose entity.

The collateral comprises a pool of first-ranking mortgage loans
(in England and Wales) and standard securities (in Scotland).
The originators are Southern Pacific Mortgage Ltd., Preferred
Mortgages Ltd., and GMAC-RFC Ltd.

Eurosail 2006-4NP is the fourth transaction under the Eurosail
program.  The transaction features an interest rate cap
agreement to hedge against rising LIBOR, a discount margin
reserve to partially hedge against the risk associated with
reduced rates of interest payable on discounted loans, and a
bullet-cap reserve fund.

Strong protection for the notes will be provided by internal
subordination, a sequential payment structure, and three cash
reserve funds.

                         RATINGS LIST
                    Eurosail 2006-4NP PLC
          GBP745 Million (Equivalent) Mortgage-Backed
          Floating-Rate Notes and an Overissuance of
   GBP7.45 Million Excess Spread Backed Floating-Rate Notes

                                         Prelim.
                          Prelim.        amount
           Class          rating         (Mil. equiv. GBP)
           -----          ------         ----------------
           A1a            AAA            TBD
           A1b            AAA            TBD
           A1c            AAA            234.675
           A2a            AAA            TBD
           A2b            AAA            TBD
           A2c            AAA            171.35
           A3a            AAA            TBD
           A3b            AAA            TBD
           A3c            AAA            216.795
           M1a            AAA            TBD
           M1b            AAA            TBD
           M1c            AAA            35.015
           B1a            AA             TBD
           B1b            AA             TBD
           B1c            AA             42.465
           C1a            A              TBD
           C1b            A              TBD
           C1c            A              21.605
           D1a            BBB            TBD
           D1b            BBB            TBD
           D1c            BBB            16.39
           DTc            BBB            7.45
           E              BB             6.705
           Residual
           certificates   NR             N/A

           NR-Not rated.
           N/A-Not applicable.


GENERAL NUTRITION: Faces Overtime Wage Litigation in Kansas
-----------------------------------------------------------
Centers and General Nutrition Corp., a wholly owned subsidiary
of GNC Corp., faces a purported class action in the U.S.
District Court for the District of Kansas over unpaid overtime
wages, according to GNC Corp.'s Oct. 27, 2006 Form 10-Q filing
with the U.S. Securities and Exchange Commission for the period
ended Sept. 30, 2006.

On Aug. 11, 2006, Michelle Most and Mark Kelso sued the company
on behalf of themselves and all others similarly situated.

The lawsuit purports to certify a nationwide class of GNC store
managers and assistant managers and alleges that GNC failed to
pay time and a half for working more than 40 hours per week.

Counsel for the plaintiffs contends that Centers and GNC
improperly applied fluctuating workweek calculations and
procedures for docking pay for working less than 40 hours per
week under a fluctuating workweek.

The suit is "Most, et al. v. General Nutrition Centers, Inc., et
al., Case No. 2:06-cv-02330-CM-GLR," filed in the U.S. District
Court for the District of Kansas under Judge Carlos Murguia with
referral to Judge Gerald L. Rushfelt.

Representing the plaintiffs are:

     (1) Michael F. Brady of Law Offices of Michael F. Brady,
         10901 Lowell Ave., Suite #280, Overland Park, KS 66210,
         US, Phone: 913-696-0925, Fax: 913-696-0468, E-mail:
         brady@mbradylaw.com  and

     (2) Brendan J. Donelon of DONELON, P.C., 802 Broadway 7th
         Flr., Kansas City, MO 64105, Phone: 816-221-7100, Fax:
         816-472-6805, E-mail: brendan@donelonpc.com.

Representing the defendants is Erin A. Webber of Littler
Mendelson, P.C., 2300 Main, Suite #900, Kansas City, MO 64108,
US, Phone: 816-448-3358, x3561, Fax: 816-817-0735, E-mail:
ewebber@littler.com.

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

                        *    *    *

As reported in the TCR-Europe on Nov. 8, Standard & Poor's
Ratings Services placed its ratings on General Nutrition Centers
Inc., including the 'B' corporate credit rating, on CreditWatch
with developing implications.

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

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


GENERAL NUTRITION: Moody's Junks Proposed US$325-Mln Note Issue
---------------------------------------------------------------
Moody's Investors service assigned a Caa1 (LGD 5, 87%) rating to
GNC Parent Corporation's proposed US$325 million note issue.
GNC Parent Corp. ultimately owns General Nutrition Centers, Inc.
Moody's also affirmed the secured bank loan rating and corporate
family rating at Ba2 and the B2, respectively.  Per Moody's loss
given default methodology and the capital structure change, the
senior notes and senior subordinated notes were upgraded to Ba3
and B3, respectively.

Proceeds from the new debt principally will be used to retire
its PIK preferred stock for US$149 million and to pay a
US$190 million dividend.  In conjunction with announcing the new
holding company debt, the company also announced that it is
exploring strategic alternatives such as a sale of the company
or an initial public offering.  Affirmation of the corporate
family rating reflects that quantitative and qualitative debt
reflects that credit risk remains consistent with a B2 rating,
in spite of the higher leverage.

Newly assigned rating:

    * US$325 million notes issued by GNC Parent Corp.
      at Caa1 (LGD 5, 87%)

Ratings affirmed:

    * Senior secured bank loan at Ba2 (LGD 1, 6%);
    * Corporate family rating at B2; and
    * Probability of Default Rating at B2.

Ratings upgraded:

    * US$150 million of 8.625% senior notes (2011)
      to Ba3 (LGD 3, 31%) from B1; and

    * US$215 million of 8.5% senior subordinate notes (2010)
      to B3 (LGD 4, 64%) from Caa1.

GNC's corporate family rating of B2 balances the company's
aggressive financial policy, weak credit metrics, and revenue
vulnerability to new product introductions against certain
qualitative aspects that have low investment grade or high
non-investment characteristics.  Weighing down the overall
rating with B characteristics are the company's shareholder
enhancement policy and credit metrics that have remained weak
since the November 2003 leveraged buyout.

The ongoing challenges in matching changes in consumer
preferences for VMS products also constrain the ratings.  The
company's geographic diversification and the relative lack of
cash flow seasonality have solidly investment grade scores,
while the company's scale and widespread consumer recognition of
the GNC name in the intensely competitive segment of vitamin,
mineral, and nutritional supplement retailing have Ba scores.

The stable rating outlook recognizes that the recent negative
trends in sales and operating profit have turned positive, and
that debt protection measures have progressed to levels that are
appropriate for a B rated credit.  The outlook also considers
Moody's expectation that a material portion of future
discretionary cash flow will be applied to balance sheet
improvement.

A permanent decline in cash balances or revolving credit
facility availability that would result if free cash flow fell
below break-even, a return to declining store-level operating
performance, or an aggressive financial policy action would
cause the ratings to be lowered.  Given the sizable contribution
to operating profit from franchise royalties, difficulties or
closure of many franchisees also would negatively impact the
ratings.  Specifically, debt to EBITDA sustained above 6.5
times, EBIT to interest expense below 1 time, or break-even free
cash flow to debt would cause ratings to be lowered.

In the near term, a rating upgrade is unlikely.  Ratings could
eventually move upward if the company establishes a long-term
track record of sales stability and improved margins, the system
expands both from new store development (particularly in
international markets) and existing store performance, and if
financial flexibility were to sustainably strengthen such that
EBIT coverage of interest expense approaches 2 times, leverage
falls toward 5 times, and Free Cash to Debt rises to exceeds 5%.

General Nutrition Centers, Inc., with headquarters in
Pittsburgh, Pennsylvania, retails and manufactures vitamins,
minerals, and nutritional supplements domestically and
internationally through about 5850 company operated and
franchised stores (including about 1200 store-within-a-store
locations at Rite Aid drug stores).  Revenue for the twelve
months ending September 2006 approached US$1.5 billion.


INTERTAJP LLC: Court Names I. Yasnogor as Insolvency Manager
------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Mr. I.
Yasnogor as Liquidator/Insolvency Manager for LLC Intertajp
(code EDRPOU 32547819).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 2.  The case is docketed
under Case No. B 29/251-06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Intertajp
         Svetlov Str. 29/1
         Dnipropetrovsk Region
         Ukraine


RATE-INVEST LLC: Oleksandr Chechelnitskij to Liquidate Assets
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Oleksandr
Chechelnitskij as Liquidator/Insolvency Manager for LLC Rate-
Invest (code EDRPOU 31985756).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 27.  The case is docketed
under Case No. 24/619-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 Rate-Invest
         Boyova Str. 20
         Kyiv Region
         Ukraine


TEHSERVICE: Mikolaiv Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Mikolaiv Region commenced bankruptcy
supervision procedure on Tehservice (code EDRPOU 312559105) on
Sept. 13.  The case is docketed under Case No. 2/194/06.

The Temporary Insolvency Manager is:

         Mikola Derebchinskij
         Komsomolska Str. 3/323
         Yuzhnoukrainsk
         55001 Mikolaiv Region
         Ukraine

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         Tehservice
         Yuzhnoukrainsk
         55000 Mikolaiv Region
         Ukraine


ZIM OJSC: Donetsk Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on OJSC Zim (code EDRPOU 00292669).  The
case is docketed under Case No. 27/166 B.

The Temporary Insolvency Manager is:

         T. Pashkova
         Kujbishev Str. 240/50
         Donetsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Zim
         Stanislavskij Str. 1
         Mariupol
         87502 Donetsk Region
         Ukraine


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


1ST RECRUITMENT: Appoints A. J. Clark to Liquidate Assets
---------------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of
1st Recruitment Bedford Limited (formerly Buckland Transport
Limited) on Oct. 31 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         1st Recruitment Bedford Limited
         The Moat
         Buckland
         Buntingford
         Hertfordshire SG9 0QB
         United Kingdom
         Tel: 01763 273 232
         Fax: 01763 273 282


ACM SCAFFOLDING: Taps Joint Administrators from Unity Business
--------------------------------------------------------------
Matthew Colin Bowker and Christopher Benjamin Barrett of Unity
Business Services LLP were appointed joint administrators of ACM
Scaffolding Ltd. (Company Number 04645695) on Oct. 27.

The administrators can be reached at:

         Matthew Colin Bowker and Christopher Benjamin Barrett
         Unity Business Services LLP
         Clive House
         Clive Street
         Bolton
         Lancashire BL1 1ET
         United Kingdom
         Tel: 01204 395000
         Fax: 01204 383999
         E-mail: matthewbowker@ubsg.co.uk

ACM Scaffolding Ltd. can be reached at:

         Albion Works
         Bridgeman Street
         Bolton
         Lancashire BL3 6BS
         United Kingdom
         Tel: 01204 533 334
         Fax: 01204 366 824


AINSWORTH FINISHING: Taps Begbies Traynor as Administrators
-----------------------------------------------------------
David Robert Acland and Andrew David Dick of Begbies Traynor
were appointed joint administrators of Ainsworth Finishing Co.
Ltd. (Company Number 04129517) on Oct. 30.

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

Ainsworth Finishing Co. Ltd. can be reached at:

         Ainsworth Mill
         Bury New Road
         Breightmet
         Bolton
         Lancashire BL2 6QL
         United Kingdom
         Tel: 01204 378 100
         Fax: 01204 378 114


ALLEN DECORATORS: Nominates Liquidators from Abbott Fielding
------------------------------------------------------------
Nedim Ailyan and Hasan Mirza of Abbott Fielding were nominated
Joint Liquidators of Allen Decorators Limited on Oct. 26 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Allen Decorators Limited
         Rear of 129
         Bridgnorth Road
         Wollaston
         Stourbridge
         West Midlands DY8 3NX
         United Kingdom
         Tel: 01384 394886


BARNETT FINANCIAL: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------------
Creditors of Barnett Financial Solutions Limited confirmed on
Nov. 1 the appointment of Roderick Graham Butcher of Butcher
Woods as the company's Liquidator.

The company can be reached at:

         Barnett Financial Solutions Limited
    Silver End Business Park
         Brettell Lane
    Brierley Hill DY5 3LG
         United Kingdom
         Tel: 01384 70300


BENNY DEE: Kikis Kallis Leads Liquidation Procedure
---------------------------------------------------
Kikis Kallis of Kallis & Co. was appointed Liquidator of
Benny Dee (City) Ltd. (formerly Risecross Limited) on Aug. 31
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Benny Dee (City) Ltd.
         Osborn House 74 80
         Middlesex Street
         Tower Hamlets
         London E1 7EZ
         United Kingdom
         Tel: 020 7377 9067
         Fax: 020 7247 7728


C J EXECUTIVE: Names Anthony David Kent Liquidator
--------------------------------------------------
Anthony David Kent of Maidment Judd was appointed Liquidator of
C J Executive Cars Limited on Nov. 1 for the creditors'
voluntary winding-up procedure.

Headquartered in Luton, England, C J Executive Cars Limited --
http://www.cjexecutivecarsltd.com/-- is a chauffeur drive
car hire company that operates a 24/7 service with account
facilities for approved clients.


COLLINS & AIKMAN: Court Allows Rejection of Westland Lease
----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
authorized Collins & Aikman Corporation and its debtor-
affiliates to reject the lease for certain premises at 1515
Newburgh Road, in Westland, Michigan, effective as of the
earlier of:

   (a) Dec. 31, 2006; and

   (b) the date the Debtors surrender the premises under the
       Lease.

The Debtors told the Court they will no longer need an unexpired
lease associated with their plant in Westland, Michigan, as they
are closing that plant.  The Debtors said the Rejection Date
will provide them sufficient time to wind down their operations
at the plant and surrender the premises.

InSite Westland, LLC, the landlord under the lease, has
consented to the rejection.

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


COLLINS & AIKMAN: Court Approves Settlement Pact with GECC
----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
has approved a stipulation between Collins & Aikman Corporation,
its debtor-affiliates and General Electric Capital Corporation.
Pursuant to the stipulation, GECC will receive payments to
satisfy its claims under a Receivables Transfer Agreement.

On Sept. 14, 2005, GECC filed a complaint against Collins &
Aikman Corporation; Carcorp, Inc.; General Motors Corporation;
General Motors of Canada Limited; General Motors de Mexico, S.
del R.L. de C.V.; Saturn Corporation; DaimlerChrysler
Corporation; DaimlerChrysler Canada, Inc.; and DaimlerChrysler
Motor Company, LLC.  The GECC Adversary Proceeding addresses
prepetition receivables that GECC believes were sold by the
Debtors to Carcorp, and subsequently sold by Carcorp to GECC.
GECC sought a declaratory judgment as to its interest in the
receivables.  The Debtors sought to collect the receivables as
GECC's collection agent.

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


DEYE LIMITED: Creditors Ratify Voluntary Liquidation
----------------------------------------------------
Creditors of Deye Limited ratified Oct. 27 the resolution for
voluntary liquidation together with the appointment of Daniel
Plant of SFP as the company's Liquidator.

The company can be reached at:

         Deye Limited
         Unit 10
         Capitol Industrial Park
         Capitol Way
         London NW9 0EQ
         United Kingdom
         Tel: 020 8205 4020


DOUGLAS ESTATES: Hires David Jenner Cork to Liquidate Assets
------------------------------------------------------------
David Jenner Cork of McCabe Ford Williams was appointed
Liquidator of Douglas Estates Services Limited on Oct. 31 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Douglas Estates Services Limited
         The Coaching House
         Lister Way
         Sandgate
         Folkestone
         Kent CT203AF
         United Kingdom
         Tel: 079 7108 6061


E-SOURCE EDUCATION: Hires Rothman Pantall to Administer Assets
--------------------------------------------------------------
R.D. Smailes and S.B. Ryman of Rothman Pantall & Co. were
appointed joint administrators of E-Source Education Ltd.
(Company Number 05473851) on Oct. 19.

Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/-- was
established in 1955 as a general accountancy practice, and has
grown to its present 18 offices across the South of England. It
is one of the largest independent firms of Chartered Accountants
in the region, and rank in the top 40 in the United Kingdom.

Headquartered in Cheltenham, England, E-Source Education Ltd. is
engaged in on-line Internet education.


ENRON CORP: Wants Court Nod on US$25,081,204 Newpower Deal
----------------------------------------------------------
Pursuant to Rule 9019(a) of the Federal Rules of Bankruptcy
Procedure, Enron Corp. and its debtor-affiliates ask the
Honorable Arthur Gonzalez of the U.S. Bankruptcy Court for the
Southern District of New York to approve their settlement
agreement with Mr. Dorsey and the NewPower Entities.

Brian S. Rosen, Esq., at Weil, Gotshal & Manges LLP, in New
York, related that on March 14, 2001, Enron Corp., Enron North
America Corp., Enron Energy Services, Inc., Enron Power
Marketing, Inc., Enron Energy Services, LLC, entered into a
Master Cross-Product Netting, Setoff and Security Agreement with
The New Power Company, NewPower Holdings, Inc., and TNPC
Holdings, Inc., concerning a series of commodity purchase and
swap transaction.

The Master Agreement was amended on Oct. 18, 2001, pursuant to
which the Enron Debtors held US$70,000,000 in collateral posted
by the NewPower Entities and the Debtors obtained secured claims
against the NewPower Entities for US$28,000,000.

Enron and its non-debtor affiliates Cortez Energy Services, LLC,
McGarret I, LLC, McGarret II, LLC, McGarret III, LLC, and EES
Warrant Trust presently own 31,666,800 shares of NewPower
Holdings common stock and 24,117,800 warrants for the purchase
of NewPower Holdings common stock.  The 31,666,800 shares and
24,117,800 warrants collectively represent the Enron Parties'
44% equity interests in NewPower.

After the Petition Date, the Enron Debtors and the NewPower
Entities entered into a settlement agreement to resolve the
disputes arising under the Master Agreement and the Second
Agreement.  Under the first settlement, the NewPower Entities
allowed the Enron Debtors to foreclose the US$70,000,000 Pledged
Collateral and NewPower delivered to the Debtors a US$28,000,000
secured note with respect to the payment of the Enron Secured
Claims.

On June 11, 2000, the NewPower Entities sought Chapter 11
protection in the U.S. Bankruptcy Court for the Northern
District of Georgia.  The Enron Debtors filed timely proofs of
claim in the NewPower Chapter 11 cases.  The Enron Debtors
assert secured claims of more than US$28,000,000 for outstanding
principal and interest due on the Secured Note pursuant to the
first NewPower settlement.

On Nov. 5, 2002, the NewPower Entities paid US$28,485,958 to
the Enron Debtors pursuant to the NewPower Bankruptcy Court's
cash collateral order.

On Jan. 15, 2003, the NewPower Entities, the Enron Debtors and
the NewPower Unsecured Creditors Committee entered into a second
settlement agreement to resolve the Committee's objection to the
Debtors' claim for attorneys' fees and costs.  Under the
settlement, the NewPower Entities paid US$137,000 in attorneys'
fees and costs to the Debtors.

On Jan. 17, 2003, the NewPower Bankruptcy Court approved the
appointment of Rufus T. Dorsey, IV, as the examiner for the
NewPower Entities.

After confirming NewPower Entities' 2nd Amended Plan of
Reorganization, the NewPower Bankruptcy Court authorized
NewPower to make interim distributions to certain holders of
equity interests and the NewPower Entities were directed to
establish an interest-bearing account reserve for the Enron
Parties.  NewPower deposited US$30,806,204 in the Enron Reserve.

On Sept. 24, 2004, Mr. Dorsey filed Adversary Proceeding No.
04-04303 in the Enron Bankruptcy Court, seeking to recover the
New Power Entities' US$28,000,000 payment on the Secured Note,
recharacterize the indebtedness evidenced by the Secured Note as
equity in NewPower Holdings, and to equitable subordinate all of
the equity interests in NewPower Holdings held or asserted by
the Enron Parties.

On March 29, 2005, Mr. Dorsey filed an objection in the NewPower
Bankruptcy Court, seeking to disallow the Enron Parties' equity
interests.  In response to the objection, the Enron Debtors
filed a motion in the Enron Bankruptcy Court, seeking to enforce
the automatic stay and Enron Plan injunction, and impose
sanctions on Mr. Dorsey and his counsel for their knowing
violation of the stay in the Enron Chapter 11 cases.

The Enron and NewPower Bankruptcy Courts subsequently referred
the Enron Debtors and Mr. Dorsey to mediation and both courts
stayed further pursuit of the Adversary Proceeding, Mr. Dorsey's
Objection, and the Sanctions Motion pending the completion of
the mediation.

Based on the monthly operating report submitted by NewPower
Entities on June 30, 2006, the Enron Reserve held US$31,169,375
for the benefit of the Enron Parties, while the interest-bearing
money market account maintained by the NewPower Entities held
$16,277,572.

To resolve their dispute, the parties entered into a settlement
agreement.  The terms of the settlement are:

   (1) the Enron Claims and the Enron Equity Interest will be
       allowed in the NewPower Chapter 11 cases, provided,
       however, that the Enron Parties will waive their rights
       to receive, collectively, the first US$5,725,000 of the
       Enron Reserve;

   (2) the NewPower Entities will transfer to the Enron Parties
       the Enron Reserve reflected in the NewPower June MOR,
       plus any interest accrued on the balance after June 30,
       2006, minus US$5,725,000;

   (3) The NewPower Entities will make the subsequent
       shareholder distributions to the Enron Parties on or
       before December 14, 2006, and certain Enron shares held
       by the non-Debtor Enron affiliates will be cancelled and
       they will have no more ownership interest in the NewPower
       Entities; and

   (4) they will mutually release each other from all claims
       related to the Adversary Proceeding, the Objection and
       the Sanctions Motion.

                       About Enron Corp.

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Albert Togut, Esq., at Togut Segal & Segal LLP and Brian
S. Rosen, Esq., at Weil, Gotshal & Manges LLP represent the
Debtor.  Jeffrey K. Milton, Esq., at Milbank, Tweed, Hadley &
McCloy LLP represents the Official Committee of Unsecured
Creditors.  (Enron Bankruptcy News, Issue No. 181; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


ENRON CORP: Wants US$44 Million Dynegy Settlement Approved
----------------------------------------------------------
Enron Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to approve a
Settlement Agreement with Dynegy Inc. and its affiliates
concerning the Guarantee Litigation and the Dynegy Adversary
Proceeding.

Effective Nov. 8, 2001, Enron Corp., Enron North America
Corp. fka Enron Capital and Trade Resources Corp., EnronOnline,
LLC, and their non-debtor affiliates Enron Canada Corp., Enron
Capital and Trade Resources, Ltd., entered into a Master Netting
Security and Setoff Agreement with:

    -- Dynegy Inc.,
    -- Dynegy Marketing and Trade,
    -- Dynegy Power Marketing, Inc.,
    -- Dynegy Broadband Marketing and Trade,
    -- Dynegy Canada, Inc.,
    -- Dynegydirect Inc.,
    -- Dynegy Global Liquids, Inc.,
    -- Dynegy Liquids Marketing and Trade,
    -- and Dynegy U.K. Limited.

Melanie Gray, Esq., at Weil, Gotshal & Manges LLP, in New York,
relates that the MNA purported to create cross-product and
cross-affiliate netting and set-off rights as to the underlying
obligations among all the Dynegy Parties and Enron Parties under
their respective trading agreements, or Underlying Master
Agreements.

The MNA also seeks to aggregate claims and debts among the Enron
Parties and the Dynegy Parties, which means the claims and debts
would be reduced to a singular amount due from the Dynegy
Parties to the Enron Parties or vice versa.

Additionally, Enron provided the Dynegy Parties with the Enron
Group Guarantee Agreement, which guaranteed all of the Enron
Parties' obligations under the MNA.

On Nov. 29, 2001, ECTRL went into administration proceedings
in the United Kingdom.  Certain of the Dynegy Parties filed
claims with ECTRL's administrators, Steven Pearson and Anthony
Lomas, partners of PriceWaterhouseCoopers LLP, in the ECTRL
Administration for amounts due under the underlying contracts
between certain of the Dynegy Parties and ECTRL, and the joint
and several liability provisions of the MNA.

On Oct. 15, 2002, the Dynegy Parties filed Claim Nos. 13397,
13398, 13399, 13400, 13401, 13402 and 13403 against the Enron
Debtors, with each claim amounting to US$93,558,630.  The Dynegy
Parties argued that the Claims are due under the Enron
Guarantee.

Before filing their Claims, the Dynegy Parties filed a request
for relief from the automatic stay to enforce the MNA and
commence arbitration against the Enron Debtors.  On Oct. 18,
2002, the Dynegy Parties filed Arbitration Proceeding No. 50T
198 00542 02, with the American Arbitration Association in
Houston, Texas, against ECTRL, EOL, ECC, and ECTRC.

The Enron Parties objected to the Dynegy Parties' stay relief
motion and moved to enjoin the Arbitration Proceeding.  The
Court subsequently granted the Enron Parties' request.

Concurrent with the filing of their stay relief objection, the
Enron Debtors filed Adversary Proceeding No. 02-3468 against the
Dynegy Parties.  The Enron Debtors sought declaratory relief
that the MNA was avoidable and without legal effect and seeking
payment of US$229,936,102, plus interest and attorneys' fees to
the Enron Parties for amounts due under the Underlying Master
Agreements.

On March 4, 2003, the Dynegy Adversary Proceeding and all other
trading cases were referred to mediation under a Court-ordered
mediation process before the Honorable Allan L. Gropper of the
Southern District of New York Bankruptcy Court as the court-
appointed mediator.  The parties participated in five mediation
sessions, and the last mediation session occurred on October 26,
2005.

On Dec. 1, 2003, the Enron Debtors also filed Adversary
Proceeding No. 03-93576 against DMT and DCI, to avoid, as a
fraudulent transfer, a credit support guarantee issued in
connection with certain of the parties' contracts.  The parties
eventually agreed that the Guaranty Litigation would ultimately
be consolidated in the Dynegy Adversary Proceeding.

On April 26, 2006, Judge Gropper advised the Court that
mediation between the parties was no longer suitable and
suggested that the mediation be withdrawn.  At a June 8, 2006
status conference, the Court ordered the Dynegy Adversary
Proceeding withdrawn from mediation.  On June 15, 2006, the
Dynegy Parties filed an answer, affirmative defenses and
counterclaim seeking to enforce the MNA and the arbitration
clause under the MNA.

According to Ms. Gray, as a result of the Dynegy Adversary
Proceeding and other orders entered by Judge Gonzalez, the Enron
Debtors hold reserves related to US$1,144,320,954 of disputed
claims for the benefit of the Dynegy Parties in the Disputed
Claims Reserve.

After negotiations, the parties reached a settlement agreement.
The terms of the settlement are:

   (1) they will release each other from all claims,
       obligations, demands, actions, causes of action, and
       liabilities arising from any event, transaction, matter
       and circumstance related to the Guarantee Litigation and
       the Dynegy Adversary Proceeding;

   (2) the Dynegy Parties will make a US$44,000,000 settlement
       payment to the Enron Parties;

   (3) the Dynegy Claims will be deemed irrevocably withdrawn,
       with prejudice, and to the extent applicable, expunged;
       and

   (4) after actual receipt of the settlement payment, the Enron
       Parties will enter into stipulations with the Dynegy
       Parties, dismissing with prejudice the Dynegy Adversary
       Proceeding, the Guarantee Litigation, and all claims and
       counterclaims related to the Adversary Proceeding and the
       Guarantee Litigation.

                       About Enron Corp.

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Albert Togut, Esq., at Togut Segal & Segal LLP and Brian
S. Rosen, Esq., at Weil, Gotshal & Manges LLP represent the
Debtor.  Jeffrey K. Milton, Esq., at Milbank, Tweed, Hadley &
McCloy LLP represents the Official Committee of Unsecured
Creditors.  (Enron Bankruptcy News, Issue No. 181; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


EURO CELLULAR: D.J. Goddard Appoints UHY Hacker as Receivers
------------------------------------------------------------
D. J. Goddard appointed Andrew Andronikou and Ladislav Hornan of
UHY Hacker Young joint administrative receiver of Euro Cellular
Ltd. (Company Number 04498489) on Nov. 1.

The administrators can be reached at:

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

Euro Cellular Ltd. can be reached at:

         131 Putney Bridge Road
         Wandsworth
         London SW15 2PA
         United Kingdom
         Fax: 020 8875 9065


EUROACT CONSTRUCTION: Brings In DTE Leonard to Administer Assets
----------------------------------------------------------------
A. Clifton and P. D. Masters of DTE Leonard Curtis were
appointed joint administrators of Euroact Construction Ltd.
(Company Number 02697137) on Oct. 27.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Euroact Construction Ltd. can be reached at:

         Walders Road
         Rustington
         Littlehampton
         West Sussex BN16 3PE
         United Kingdom
         Tel: 01903 772 179


EUROPEAN ODYSSEY: Taps Peter Nottingham to Liquidate Assets
-----------------------------------------------------------
Peter Nottingham of Nottingham Watson Ltd. was appointed
Liquidator of European Odyssey Limited on Nov. 1 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         European Odyssey Limited
         Unit 13 Rolls Royce Industrial Estate
         Spring Road
         Ettingshall
         Wolverhampton
         West Midlands WV4 6JT
         United Kingdom
         Tel: 01902 404 061


EUROTUNNEL GROUP: Creditors Mull Liquidation Over Safeguard Plan
----------------------------------------------------------------
Senior creditors of Eurotunnel Group filed a legal suit in
France in a move to block the company's latest plan to
restructure its GBP6.2 billion debt, The Guardian reports citing
unnamed sources.

According to the report, the dissenting creditors objected
against their inclusion in a financial creditors' committee,
which accounts for about GBP4.3 billion of Eurotunnel's debt.
They contended that only banks can be included in the committee,
so institutional investors have to be excluded from the group.

The sources added that the rebel creditors are optimistic an
appellate court would accept their objection once the Commercial
Court of Paris would trash the protest in the lower court, The
Guardian says.

The daily suggests that Oaktree Capital Management, a member of
the Ad Hoc committee of senior creditors, is believed to be
behind the legal move after dismissing the channel operator's
rescue plan.

Eurotunnel says the lawsuit will be immaterial on the process
and the financial creditors' committee will proceed with a vote
on the rescue plan.

The creditors will vote on the debt plan this month or early
December.  If they accept the plan, an exchange offer on the
outstanding shares will be made.

            Creditors Mull Liquidation as Best Option

The company's creditors were planning to force the company into
liquidation as the best option to recover money from the
company, the paper relates.

"It could be a very profitable business.  One would suspect that
liquidation would get a decent price for the business.  We can
accept a deal that has a certainty of return or decide that you
can do better by going for a liquidation," an unnamed source
told The Guardian.

In the event of a liquidation, creditors like Deutsche Bank and
Oaktree Capital will be first in line to receive cash from a
sale.

In a letter to Eurotunnel's shareholders, Chairman and Chief
Executive Jacques Gounon warned that in the event that the
creditors vote against the Safeguard plan, Eurotunnel will be
placed into administration and could be liquidated, or sold by
the Paris Commercial Court.

"The asset value at liquidation has been estimated to be
approximately GBP890 million, almost five times less than that
put forwards in the plan," Mr. Gounon expressed.

"Shareholders would receive nothing.  The same situation would
pertain if the company was sold: shareholders therefore have
even more reason to mobilize themselves to demand that the two
States refuse the ruinous transfer of the Concession," he added.

                        About the Company

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

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

                       Company Crisis

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

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


FLEXIHOSE SOMERSET: Calls In Liquidator from Bishop Fleming
-----------------------------------------------------------
Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed
Liquidator of Flexihose (Somerset) Limited on Nov. 1 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Flexihose (Somerset) Limited
         1a Castle Road
         Chelston Business Park
         Wellington
         Somerset TA219JQ
         United Kingdom
         Tel: 01823 664 603
         Fax: 01823 660 061


GEMINI WINDOWS: Appoints Liquidator from Tenon Recovery
-------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed Liquidator of
Gemini Windows and Conservatories Limited on Oct. 27 for the
creditors' voluntary winding-up proceeding.

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


GENTEK INC: To Shut Down New Jersey Plant in December 2006
----------------------------------------------------------
GenTek Inc. will be closing its Newark, N.J. sulfuric acid
production plant at the end of this year.

The production and shipment of other products, aluminum sulfate
and ferric sulfate, currently being sold from the Newark, N.J.
location will continue without any interruptions.  GenTek's
decision was driven by the fact that the Newark Sulfur
operation, already cash flow negative, was facing increasingly
adverse market conditions and required infrastructure
investments, which would have lead to material cash losses in
this business.

It is anticipated that shipment of product will cease during
December of 2006 and all closure activities are expected to be
completed by the end of April of 2007.  The Company is currently
negotiating with a third party on the potential sale of the
site. The restructuring charges as a result of this closure
include termination costs of around US$1 million and other
closure costs totaling around US$1 million, substantially all of
which are expected to be paid in 2007.

GenTek Inc. -- http://www.gentek-global.com/-- provides
specialty inorganic chemical products and services for treating
water and wastewater, petroleum refining, and the manufacture of
personal-care products, valve-train systems and components for
automotive engines and wire harnesses for large home appliance
and automotive suppliers.  GenTek operates over 60 manufacturing
facilities and technical centers and has around 6,900 employees.

                         *     *     *

In February 2005, Moody's Investors Service placed a B2 rating
on GenTek's US$60 million senior secured revolving credit
facility, due 2010, US$235 million senior secured term loan B,
due 2011.


HOLBROOKE SUPPLIES: Brings In Liquidator from Begbies Traynor
-------------------------------------------------------------
G. W. Rhodes of Begbies Traynor was appointed Liquidator of
Holbrooke Supplies Limited on Nov. 1 for the creditors'
voluntary winding-up proceeding.

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


J J BUNKER: Hires Liquidator from Rogers Evans
----------------------------------------------
S. J. Lowes of Rogers Evans was appointed Liquidator of
J J Bunker & Son Limited on Oct. 30 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         J J Bunker & Son Limited
         73 Common Road
         Chandlers Ford
         Eastleigh
         Hampshire SO5 31HE
         United Kingdom
         Tel: 023 8026 8176
         Fax: 023 8027 0668


J. A. TONGE: Appoints Parkin S. Booth as Joint Administrators
-------------------------------------------------------------
Robert Martin Rutherford and Jonathan Ronald Booth of Parkin S.
Booth & Co. were appointed joint administrators of J. A. Tonge
Ltd. (Company Number 1630216) on Oct. 31.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/--
independent Accountants Licensed Insolvency Practitioners is a
medium sized firm with particular expertise in its own field.
Dealing entirely with insolvency matters, we do not, for
example, undertake any audit or taxation work.

J. A. Tonge Ltd. can be reached at:

         East Street
         Southport
         Merseyside PR9 0RD
         United Kingdom
         Tel: 01704 500 893
         Fax: 01704 500 895


KRONOS INTERNATIONAL: 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. chemical and allied products sectors,
the rating agency confirmed its B1 Corporate Family Rating for
Kronos International, Inc. as well as the B2 rating on the
Company's EUR400 million Senior Secured Notes due 2013.  Moody's
also assigned an LGD5 rating to those debentures, suggesting
noteholders will experience a 75% loss in the event of a
default.

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

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

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

Headquartered in Dallas, Texas, Kronos International is engaged
in European value-added titanium dioxide pigments operations.


LAZARD LTD: Posts US$35 Million Third Quarter 2006 Net Income
-------------------------------------------------------------
Lazard Ltd.'s net income on a fully exchanged basis for the
third quarter of 2006 decreased 32% to US$35.0 million or
US$0.34 per share, from US$51.7 million or US$0.52 per share in
the same period of 2005, RTTNews reports.

RTTNews relates that on average, six analysts surveyed by First
Call/Thomson Financial expected Lazard to earn US$0.46 per share
for the third quarter of 2006.

Lazard's operating income dropped by 36% to US$49.19 million for
the quarter of 2006, compared with the US$77.3 million reported
in the same period in 2005, RTTNews notes.  Operating income is
after interest expense and before income taxes and minority
interests.

RTTNews underscores that the operating revenue of Lazard for
this year's third quarter fell 15% to US$317.61 million, from
US$374.26 million in the same quarter last year.  Operating
revenue does not include interest expense relating to financing
activities and revenue relating to the consolidation of LAM
General Partnerships, each of which is included in net revenue.

Lazard's net revenue decreased 17% to US$297.51 million in the
third quarter of 2006, from US$356.90 million in the third
quarter of 2005, RTTNews says.

Lazard told RTTNews that the decline in revenues and earnings
were due to lower number of M&A transactions closing in the
third quarter of 2006 and the comparison with unusually high
2005 third-quarter revenue.

RTTNews emphasizes that the net income of Lazard before exchange
of outstanding exchangeable interests for the first nine months
of 2006 rose 32% to US$56.4 million or US$1.45 per share,
compared with the income from continuing operations of US$42.7
million or US$1.14 per share for the first nine months of 2005.

Lazard's operating revenue for the first nine months of 2006
rose 11% to US$1,079.6 million, from to US$969.9 million in the
same period of 2005, RTTNews states.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and Brazil.  With origins dating back to
1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  In Europe, the firm maintains operations in
France, Germany, Spain and the United Kingdom, among others.

At June 30, 2006, Lazard's balance sheet showed US$2.1 billion
in total assets and US$2.8 billion in total liabilities,
resulting in US$745 million stockholders' deficit.


L-3 COMMUNICATIONS: Moody's Changes Rating Outlook to Stable
------------------------------------------------------------
Moody's Investors Service affirmed all ratings of L-3
Communications Holdings, Inc. -- Corporate Family Rating Ba2,
Subordinated Notes Rating of Ba3 (LGD4, 68%), and Speculative
Grade Liquidity Rating of SGL-1, and has changed L-3's ratings
outlook to stable from negative.

The ratings outlook had been negative since the largely debt-
financed July 2005 acquisition of Titan Corp. for around US$2.7
billion.  At that time, Moody's was concerned about the
substantial increase in leverage related to this transaction and
about the ability of the company to restore credit metrics to
those commensurate with its Ba2 rating in light of potential
challenges associated with the acquisition of Titan, which had
been its largest acquisition to date.

Since that time, L-3 has demonstrated its ability to handle both
organic and acquisition-related growth while maintaining
operating margins and generating substantial cash flows despite
significant levels of working capital investment and unexpected
non-recurring charges.  The company has also been successful in
integrating the operations of Titan and other recent
acquisitions into its existing operations.  Based on L-3's
announced financial results for the quarter-ending September
2006, Moody's observes that L-3 has largely achieved
improvements in credit metrics, albeit without actual reduction
in debt levels, sufficient to warrant the stabilization in
ratings.

The Ba2 Corporate Family rating continues to reflect L-3's
considerable revenue base and backlog, as well as the company's
increasing lead position in a variety of segments in the U.S.
Government (predominantly DoD) contracting sector, which
supports expectations for strong free cash generation over the
next few years.  However, the rating also takes into
consideration L-3's continued heavy debt levels, risk associated
with the company's acquisition strategies, and uncertainty as to
whether projected free cash generation will be used to repay
debt or applied to more aggressive financial policies.

The current stable outlook reflects Moody's expectations that
L-3 will continue to grow its revenue base in 2007 through
organic growth as well as through continued use of acquisitions.
However, L-3's acquisition pace is expected to moderate over the
next few years, suggesting a more focused approach on creating
value from its existing business lines rather than from
opportunistic acquisition patterns exhibited by the company
until recently.  Moody's further expects that the company will
be able to achieve growth while maintaining operating margins in
the 10% range, likely resulting in substantial free cash flows
that should allow the company to begin to reduce outstanding
debt levels and improve core credit metrics.

Ratings or their outlook may be subject to upward revision if
the company were to achieve planned growth levels while reducing
debt, such that leverage (Debt/EBITDA, as measured per Moody's
standard methodologies) were to fall below 3 times and EBIT were
to remain above 3.5 times interest for a sustained period.
Ratings would be subject to downward pressure if the company
were to undertake an increased pace of levered acquisitions, or
engage in any leveraging transactions that increase the
company's risk profile, resulting in leverage in excess 4.5
times, EBIT/Interest below 2.5 times, or free cash flow below 7%
of total debt.

Headquartered in New York City, L-3 Communications is a leading
provider of Intelligence, Surveillance and Reconnaissance
systems, secure communications systems, aircraft modernization,
training and government services.  Its customers include the
Department of Defense, Department of Homeland Security, selected
U.S. Government intelligence agencies and aerospace prime
contractors.


LOVEKYN HOLDINGS: Names Stephen Robert Cork as Administrator
------------------------------------------------------------
Stephen Robert Cork of Smith & Williamson Ltd. was named
administrator of Lovekyn Holdings Ltd. (Company Number 5145785),
Lovekyn Garages Ltd. (Company Number 1081435), and Lovekyn Of
Ewell Ltd. (Company Number 3848021) on Oct. 27.

Smith & Williamson -- http://www.smith.williamson.co.uk/--
provideS investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

Headquartered in Epsom, England, Lovekyn Holdings Ltd., Lovekyn
Garages Ltd., and Lovekyn of Ewell Ltd. --
http://www.lovekyn.co.uk/-- sells motor vehicles.


M E ENGINEERING: Creditors' Meeting Slated for November 22
----------------------------------------------------------
Creditors of M E Engineering Limited (Company Number 03984516)
will meet at 10:30 a.m. on Nov. 22 at:

         Grantham Marriott Hotel
         Swingbridge Road
         Grantham NG31 7XT
         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. 21 at:

         G. Mummery
         Joint Administrator
         Vantis Redhead French Ltd.
         43-45 Butts Green Road
         Hornchurch
         Essex RM11 2JX
         United Kingdom
         Tel: 01708 458211
         Fax: 01708 442308


MSB ELECTRONICS: Names Matthew Colin Bowker Liquidator
-----------------------------------------------------
Matthew Colin Bowker of Unity Business Services LLP was
appointed Liquidator of MSB Electronics & Design Limited on
Nov. 1 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         MSB Electronics & Design Limited
         61 Chorley Road
         Blackpool
         Lancashire FY3 7XQ
         United Kingdom
         Tel: 01253 394 499


METTECH KENT: Joint Liquidators Take Over Operations
----------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill of Gerarld Edelman
Business Recovery were appointed Joint Liquidators of
Mettech (Kent) Limited on Oct. 31 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Mettech (Kent) Limited
         Bonham Drive
         Eurolink Business Park
         Sittingbourne
         Kent ME103RY
         United Kingdom
         Tel: 01795 870 150


NVESTA PLC: Appoints F A Simms & Partners as Administrators
-----------------------------------------------------------
Richard Frank Simms, Martin Richard Buttriss and Steven Peter of
F A Simms & Partners Plc were appointed joint administrators of
Nvesta Plc (Company Number 01673650) on Oct. 23.

The administrators can be reached at:

         Richard Frank Simms, Martin Richard Buttriss
         and Steven Peter
         F A Simms & Partners Plc
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire LE17 4AP
         United Kingdom
         Tel: 01455 557111
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

Nvesta Plc can be reached at:

         16 St. John Street
         Islington
         London EC1M 4NT
         United Kingdom
         Tel: 020 7454 0704
         Fax: 020 7454 9453


ODDIES LIMITED: Brings In F A Simms to Administer Assets
--------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss of F A Simms &
Partners Plc were appointed joint administrators of Oddies Ltd.
(Company Number 4204044) on Oct. 4.

The administrators can be reached at:

         Richard Frank Simms and Martin Richard Buttriss
         F A Simms & Partners Plc
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire LE17 4AP
         United Kingdom
         Tel: 01455 557111
         Fax: 01455 552572
         E-mail: rsimms@fasimms.com

Oddies Ltd. can be reached at:

         Maritime House
         Old Town
         London SW4 0JW
         United Kingdom
         Tel: 020 7720 1231


P.A.B. ELECTRONICS: Hires BDO Stoy to Administer Assets
-------------------------------------------------------
David Harry Gilbert and Shay Bannon of BDO Stoy Hayward LLP were
appointed joint administrators of P.A.B. Electronics Ltd.
(Company Number 01037331) on Oct. 11.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

Headquartered in Margate, England, P.A.B. Electronics Ltd.
manufactures electronic components.


PORTRAIT CORP: Panel Hires Peter Solomon Co. as Fin'l. Advisor
--------------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court
for the Southern District of New York authorized the Official
Committee of Unsecured Creditors appointed in Portrait
Corporation of America, Inc., and its debtor-affiliates'
bankruptcy cases to retain Peter J. Solomon Company as its
financial advisor, nunc pro tunc to Sept. 11, 2006.

PJSC is expected to:

     a) evaluate the assets and liabilities of the Debtors;

     b) analyze and review the financial and operating
        statements of the Debtors;

     c) analyze the business plan and financial results of the
        Debtors;

     d) review all aspects of debtor in possession financing (if
        any), cash collateral usage and adequate protection
        and any exit financing in connection with the Debtors'
        joint plan of reorganization and any related budgets;

     e) provide specific valuation or other financial analyses
        as the Committee may require in connection with the
        Chapter 11 Cases;

     f) help with the claim resolution process and distributions
        relating thereto;

     g) prepare, analyze and explain the Plan to various
        constituencies;

     h) provide testimony in court on behalf of the Committee,
        if necessary or as reasonably requested by the
        Committee; and

     i) provide other financial advisory services as PJSC, the
        Committee and/or counsel to the Committee may, from
        time to time agree in writing and which are consistent
        with PJSC's capabilities.

PJSC will be entitled to receive, as compensation for its
services, a US$125,000 monthly advisory fee plus the
reimbursement of all reasonable and actual out of pocket
expenses.  Prior the Debtors' bankruptcy filing,  PJSC has
received advance payments, aggregating US$407,300, comprised of:

      -- US$400,000 for monthly advisory fees, and
      -- US$7,300.71 for reimbursement of out-of-pocket
         expenses.

Anders J. Maxwell, at PJSC, assures the Court that his firm does
not hold any interest adverse to the Debtors' estates and is a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

PJSC can be reached at:

          Peter J. Solomon Company
          Attn: Anders J. Maxwell
          520 Madison Avenue
          New York, NY 10022
          Telephone: (212) 508-1600
          Fax: (212) 508-1633

                   About Portrait Corporation

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

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


POSTAL GIFTS: D. L. Platt Leads Liquidation Procedure
-----------------------------------------------------
D. L. Platt of SPW Poppleton & Appleby was appointed Liquidator
of Postal Gifts Limited on Oct. 30 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Postal Gifts Limited
         81 High Street
         Odiham
         Hook
         Hampshire RG29 1LB
         United Kingdom
         Tel: 01256 702547


PROCON SOFTWARE: Taps Matthew Colin Bowker as Administrator
-----------------------------------------------------------
Matthew Colin Bowker of Jacksons Jolliffe Cork was named
administrator of Procon Software and Support Ltd. (Company
Number 02072856) on Oct. 27.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- engages
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

Procon Software and Support Ltd. can be reached at:

         The Deep Business Centre
         Tower St.
         Hull
         North Humberside HU1 4BG
         United Kingdom
         Tel: 01482 328120


PROVENCE COMMERCIAL: Royal Bank Taps Kroll as Receivers
-------------------------------------------------------
Royal Bank of Scotland Plc appointed David John Whitehouse and
Simon Wilson of Kroll Ltd. joint administrative receivers of
Provence Commercial Properties Plc (Company Number 4206530) on
Oct. 31.

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

Provence Commercial Properties Plc

         43 45 Bradshawgate
         Bolton
         Lancashire BL1 1DR
         United Kingdom
         Tel: 01204 399 090
         Fax: 01204 399 094


PROVENCE HOLDINGS: Appoints Kroll to Administer Assets
------------------------------------------------------
David John Whitehouse and Simon Wilson of Kroll Ltd. were
appointed joint administrators of Provence Holdings Ltd.
(Company Number 04200376) on Oct. 31.

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

Provence Holdings Ltd. can be reached at:

         43 45 Bradshawgate
         Bolton
         Lancashire BL1 1DR
         United Kingdom
         Tel: 01204 399 090


RANK GROUP: Declares Offer for Burns Philp Unconditional
--------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 1, Rank Group Limited revealed that the only remaining
condition in its offer period for shareholders of
Burns Philp & Company Limited is the 90% acceptance condition.

According to the TCR-AP, if this condition is met or waived,
shareholders will be paid by the earlier of five business days
of the offer becoming unconditional and Nov. 16, 2006.   Those
shareholders who have not accepted before Nov. 9, 2006, will
enter the compulsory acquisition process.  Under this process,
it will take between five weeks and two months for payment to be
made.

In an update, Rank Group informs the New Zealand Stock Exchange
that all Acceptance Instructions have now been validly processed
or implemented.

In its NZX statement dated Nov. 7, 2006, Rank Group discloses
that it has relevant interests in more than 90% of the Burns
Philp shares.  Thus, the only remaining condition of the Offer
has now been fulfilled.  Accordingly, Rank Group declares that
the Offer is unconditional.

Rank Group says it will proceed to compulsory acquisition as
soon as possible.

The TCR-AP had also reported that the Foreign Investment Review
Board in Australia and the Overseas Investment Office in New
Zealand have approved the proposed offer of Burns Philp &
Company Limited's major shareholder, Rank Group, for all of
Burns Philp's shares it does not already hold.

Questions regarding the takeover offer should be directed to the
Rank Offer Information Line:

   * 1300-657-039 -- for callers within Australia,

   * 0800-555-039 -- for callers within New Zealand, or

   * +613-9415-4353 -- for callers from outside Australia and
                       New Zealand

                       About Burns Philp

Burns Philp & Company Limited -- http://www.burnsphilp.com/--
is an Australian based company involved in the production and
distribution of food ingredients and consumer branded food,
beverage and related products.  The Group operates
internationally with products including snack foods, breakfast
cereals and meal components.

Burns Philp has a 20% interest in Goodman Fielder Limited.  It
maintains operations in The Netherlands through its Burns Philp
Treasury (Europe) B.V. subsidiary.

                       About Rank Group

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                        *     *     *

On March 6, Moody's Investors Service assigned a Ba2 corporate
family rating to The Rank Group Plc and concurrently downgraded
the senior unsecured long-term debt ratings of Rank Group
Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from
Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.


ROSCOE FABRICATORS: Hires Liquidators from Gibson Hewitt
--------------------------------------------------------
Lynn Gibson and Robert David Hewitt of Gibson Hewitt were
appointed Joint Liquidators of Roscoe Fabricators Limited
(formerly Basicprefer Limited) on Nov. 1 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Roscoe Fabricators Limited
         Farnham Trading Estate
         Farnham
         Surrey GU9 9NN
         United Kingdom
         Tel: 01252 721 555
         Fax: 01252 737 381


ROTARY BLADES: Appoints T. C. E. Harrison as Liquidator
-------------------------------------------------------
T. C. E. Harrison of Tom Harrison Insolvency Services was
appointed Liquidator of Rotary Blades Manufacturing Limited on
Oct. 30 on for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Rotary Blades Manufacturing Limited
         Sheepwalk Lane
         Upton
         Pontefract
         West Yorkshire WF9 1LL
         United Kingdom
         Tel: 01977 648 748


T TELIA: Hires Baker Tilly as Joint Administrators
--------------------------------------------------
Matthew Richard Meadley and Geoffrey Lambert Carton-Kelly of
Baker Tilly were appointed joint administrators of T Telia Ltd.
(formerly Turbo Tools and Engineering Limited) (Company Number
04756384) on Oct. 27.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

Headquartered in Camberley, England, T Telia Ltd. manufactures
metal structures and parts.


TEACHERQUEST LIMITED: Appoints Menzies to Administer Assets
-----------------------------------------------------------
Jason James Godefroy and Andrew Gordon Stoneman of Menzies
Corporate Restructuring were appointed joint administrators of
Teacherquest Ltd. (Company Number 05853484) on Oct. 27.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

Teacherquest Ltd. can be reached at:

         87 High St.
         Hemel Hempstead
         Hertfordshire HP1 3AH
         United Kingdom
         Tel: 01442 838390


UNITED BISCUITS: Fitch Withdraws B- Rating on Lack of Update
------------------------------------------------------------
Fitch Ratings withdrew U.K.-based United Biscuits Finance Plc's
and Regentrealm Ltd.'s Issuer Default Ratings of B- on Rating
Watch Positive and Short-term B.

In addition, the BB- and RR1 ratings on RWP on Regentrealm
Ltd.'s senior secured debt have also been withdrawn.  The
withdrawal is due to lack of information from the company,
following the recent announcement of a secondary buyout led by
funds advised by Blackstone and PAI Partners.

Although the details of the new capital structure will be
unveiled in the next few weeks, Fitch estimates that upon
completion of the secondary buyout, funds from operations-
adjusted leverage will be higher than the current level of
around 2x, after accounting for the sale of the Southern
European business and the high-yield notes redemption with the
net sale proceeds.

However, even if the new financial structure were to display
FFO-adjusted leverage in excess of 4.5x, and tight free cash
flow headroom, the IDR would be expected to stabilize at the
current level.  In the event of lower financial leverage and/or
better fixed charge coverage, the IDR would be expected to be
upgraded, albeit by no more than one notch.


UNITEDSHIELD LIMITED: Brings In Administrator from McCabe Ford
--------------------------------------------------------------
Peter Roderick Frowde of McCabe Ford Williams was appointed
administrator of Unitedshield Ltd. (Company Number 02783823) on
Oct. 26.

The administrator can be reached at:

         Peter Roderick Frowde
         McCabe Ford Williams
         Bank Chambers
         1 Central Avenue
         Sittingbourne
         Kent ME10 4AE
         United Kingdom
         Tel: (01795) 479111
         Fax: (01795) 428810
         Web: http://www.mfw.co.uk
         E-mail: sittingbourne@mfw.co.uk

Unitedshield Ltd. can be reached at:

         Joseph Wilson Industrial Estate
         Millstrood Road
         Whitstable
         Kent CT5 3PS
         United Kingdom
         Tel: 01227 464 593
         Fax: 01227 264 768


WINDSMOOR HOUSE: Taps Grant Thornton as Joint Administrators
------------------------------------------------------------
Leslie Ross and Joseph P. McLean of Grant Thornton U.K. LLP were
appointed joint administrators of Windsmoor House School Ltd.
(Company Number 04458576) on Oct. 30.

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.

Windsmoor House School Ltd. can be reached at:

         Thomas House
         Pope Lane
         Whitestake
         Preston
         Lancashire PR4 4AZ
         United Kingdom
         Tel: 01254 691 195


WIRED UP: Hires Peter O'Hara to Liquidate Assets
------------------------------------------------
Peter O'Hara of O'Hara & Co. was appointed Liquidator of Wired
Up Property Maintenance Limited on Oct. 27 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Wired Up Property Maintenance Limited
         20 Southdale Road
         Ossett
         West Yorkshire WF5 8BA
         United Kingdom
         Tel: 01924 273 251


* Moody's Reports Improvement in European CMBS Office Markets
-------------------------------------------------------------
The European office market continued to strengthen in the
first half of 2006, says Moody's Investors Service in its eighth
semi-annual update to its Red-Yellow-Green(R) special report.

"According to the assessment, the market has strengthened
further due to stable net absorption in the majority of markets
and reduced vacancy rates," says Moody's Analyst Nicole Lux, the
author of the report.

Moody's Red-Yellow-Green® report assesses the strength of
European office real estate 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 European office markets.

The analysis includes 24 European office markets, which are
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-year 2005 and mid-year 2006, the European weighted
average office market score increased from 57 to 61, maintaining
an overall yellow market score.  In total there were five red
markets, twelve yellow markets and seven green markets at mid-
year 2006.  Five office markets strengthened their position, of
which two moved from a red to a yellow market and three moved
from a yellow to a green market.  Market deterioration was
observed in three markets: Edinburgh and Hamburg, which moved
from a green to a yellow market, and Manchester, which moved
from a green to a red market.

"European office markets have seen a stable recovery since the
beginning of 2003.  The improvement between mid-year 2005 and
mid-year 2006 was principally driven by:

   -- better net absorption levels; and

   -- declining vacancy rates in many office markets, including
      the prime office markets London, Paris and Madrid.

The overall weighted average vacancy rate for all 24 markets
improved from 9.8% to 8.9% over the 12-month period," says
Ms. Lux.  "However, the yellow score still indicates that some
European office markets warrant caution and should be monitored
carefully."  Especially markets which are not very well
diversified such as Frankfurt or Dublin are highly volatile and
easily negatively affected by high vacancy rates and oversupply.


* Moody's Reports 1.5% European Speculative-Grade Default Rate
--------------------------------------------------------------
Moody's global speculative-grade default rate ended October at
1.7%, unchanged from its revised level in September, Moody's
Investors Service reports.  The global speculative-grade default
rate began 2006 at 1.9% and was 2.0% a year ago.

Moody's default rate forecasting model is predicting that its
issuers-based global default rate will also end 2006 at its
current 1.7% level.  The model predicts that the default rate
will then rise to 2.5% by the end of October 2007.

In the U.S., the speculative-default rate settled at 1.9% in
October, down slightly from the revised 2.1% rate at the end of
September.  The U.S. speculative-grade rate started the year at
2.4%, and was 2.3% a year ago.

Meanwhile, the European speculative-grade default rate
experienced a three-fold jump in October to 1.5% from 0.5% at
the end of September.  The 1.5% rate is slightly below the 1.6%
European default rate of a year ago, but higher than the 1.1%
level at the start of 2006.

The increase reflected the defaults of two U.K.-based companies,
Sea Containers, Ltd. and Damovo Ill S.A., only the second and
third Moody's-rated European issuers to default in 2006.
France-based Global Automotive Logistics defaulted in May.  In
addition to the two confirmed European bond defaults, Luxfer
Holdings Plc agreed to a restructuring with its bondholders
which, if completed according to the announced terms, will
constitute a default as a distressed exchange.

In all, October saw three corporate bond issuers default on a
total of US$1.8 billion.  The largest default for the month was
U.S.-based Dura Operating Corp., the automotive parts supplier,
which missed a bond interest payment on Oct. 16 and filed for
bankruptcy 14 days later with US$934 million in bonds
outstanding.  Sea Containers also filed for Chapter 11, with
US$386 million in bonds outstanding, while Damovo Ill deferred
the semiannual payment on around US$455 million of bonds due
2012.

Year-to-date for 2006, 21 Moody's rated corporate bond issuers
have defaulted on a total of US$7 billion of bonds.  During the
same period of 2005, Moody's saw 28 defaults on US$19.9 billion
of bonds.  The largest default in 2006 remains the bankruptcy of
Dana Corp., which affected US$1.6 billion in bonds.

In October, the global speculative-grade default rate as a
percentage of dollar volume was 2.1%, a slight decline from
September's revised level of 2.2%.  The volume-based rate was
3.8% at the beginning of 2006 and 3.7% at the end of October
2005.

The U.S. default rate as a percentage of dollar volume fell from
September's revised level of 2.5% to 2.3% in October.  A year
ago, the U.S. rate by percentage of dollar volume was 4.0%.

Moody's European dollar volume-based speculative-grade default
rate rose sharply during October, increasing from the 0.1% at
the end of September to 0.9%.  This is higher than the 0.4% it
began the year at but lower than the 1.3% in October 2005.

In the rated loan market, Dura Operating Corp. was the only
Moody's-rated default in October.  The company had around US$225
million of loans outstanding when it filed for bankruptcy.

The default was the sixth Moody's-rated loan default of 2006.
All but one has been U.S. based.  The same 10-month period of
2005 saw a total of 10 loan defaults, all by U.S. issuers.

Moody's issuer-weighted loan default rate fell to 0.8% for the
twelve-month period ending October, from 1% ending September.


* BOOK REVIEW: Legal Aspects of Health Care Reimbursement
---------------------------------------------------------
Author:     Robert J. Buchanan and James Minor
Publisher:  Beard Books
Paperback:  304 pages
List Price: US$34.95

Order your personal copy at
http://amazon.com/exec/obidos/ASIN/1587980932/internetbankrupt

With Legal Aspects of Health Care Reimbursement, Buchanan, a
professor in the School of Public Health at Texas A&M, and
Minor, an attorney, have come up with an invaluable resource for
lawyers and anyone else seeking an introduction to the legal and
social issues related to Medicare and Medicaid.

The administrative costs of Medicare and Medicaid reimbursement
have been a heated topic of debate among public officials and
administrators of provider healthcare organizations, especially
health maintenance organizations.

Although inflation and the use of costly medical technology are
key factors in the rise in Medicare and Medicaid costs, some
control can be gained through appropriate compliance, using more
efficient procedures and better detection of fraud.  This work
is a major guide on how to go about doing this.

Though mostly a legal treatise, Legal Aspects of Health Care
Reimbursement, first published in 1985, also offers commentary
through legislative and regulatory analyses, thereby explaining
how healthcare reimbursement policies affect the solvency and
effectiveness of the Medicare and Medicaid programs.

In discussing how legislation and regulations affect the
solvency and effectiveness of government-provided healthcare,
the authors offer insight into the much-publicized and much-
discussed issue of runaway healthcare costs.

Buchanan and Minor do not deny that healthcare costs are out of
control and are onerous for the government and ruinous for many
individuals.  But healthcare reimbursement policies are not the
cause of this, the authors argue.

To make their case, they explain how the laws and regulations in
different areas of the Medicare and Medicaid programs create
processes that are largely invisible to the public, but make the
programs difficult to manage financially.

The processes are not well thought out nor subject to much
quality control, with the result that fraud is chronic and
considerable.

The areas of Medicare covered in the book are inpatient hospital
reimbursement, long-term care, hospice care, and end-stage renal
disease.  The areas of Medicaid covered are inpatient hospital
and long-term care plus abortion and family planning services.

For each of these areas, the authors discuss the conditions for
receiving reimbursement, the legislation and regulations
regarding reimbursement, the procedures for being reimbursed,
the major areas of reimbursement (for example, capital-related
costs, dietetic services, rental expenses); and court cases,
including appeals. Reimbursement practices of selected states
are covered.

For each of the major areas of interest, the chapters are
organized in a manner that is similar to that found in reference
books and professional journals for attorneys and accountants.

Laws and regulations are summarized and occasionally quoted with
expert background and commentary supplied by the authors.

With regard to court cases and rulings pertaining to Medicare
and Medicaid, passages from court papers are quoted, references
to legal records are supplied, and analysis is provided.

Though the text delves into legal issues, it is accessible to
administrators and other lay readers who have an interest in the
subject matter.

Clear chapter and subchapter titles, a table of cases following
the text, and a detailed index enable readers to use this work
as a reference.

The value of this book is reflected in the authors' ability to
distill great amounts of data down to one readable text.  It
condenses libraries of government and legal documents into a
single work.

Answers to questions of fundamental importance to healthcare
providers -- those dealing with qualifications, compliance,
reimbursable costs, and appeals -- can be found in one place.

Timely reimbursement depends on proper application of the rules,
which is necessary for a provider's sound financial standing.

But the authors specify other reasons for writing this book, to
wit: "Providers should have a general knowledge of the law and
should not rely on manuals and regulations exclusively."

By summarizing, commenting on, and citing cases relating to
principal provisions of Medicare and Medicaid, the authors
accomplish this objective.

The authors also cover the topic of fraud with respect to both
Medicare and Medicaid, offering both a legal treatment and
commentary.  At the end of each chapter is a section titled
"Outlook," which contains a discussion of government studies,
changes in healthcare policy, or other developments that could
affect reimbursement.  Although this work was published over two
decades ago, much of this discussion is still relevant.

Finally, the book is a call for change.  The authors remark in
their closing paragraph: "Given the increasing for-profit
orientation of the major segments of the health care industry,
proprietary providers should be particularly responsive to new
efficiency incentives" in reimbursement.

In relation to this, "policymakers [should] develop
reimbursement methods that will encourage providers to become
more efficient."

Robert J. Buchanan is currently a professor in the Department of
Health Policy and Management in the School of Rural Public
Health at the Texas A&M University System Health Sciences
Center.

James D. Minor, a former law professor at the University of
Mississippi, has his own law practice.

                           *********

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 * * *