TCREUR_Public/061113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, November 13, 2006, Vol. 7, No. 225

                            Headlines


A U S T R I A

AERIAL HELICOPTER: Property Manager Declares Insufficient Assets
BEHRENS EUROLIFT: Court Orders Business Shutdown
CASA LLC: Vienna Court Orders Business Shutdown
KITTY LLC: Property Manager Declares Insufficient Assets
OBERDA & ZEIDL: Vienna Court Orders Business Shutdown

SE LLC: Creditors' Meeting Slated for November 21
SEDISA LLC: Creditors' Meeting Slated for November 21


E S T O N I A

SAMPO PANK: Parent to Sell Sampo Bank to Danske for EUR4 Billion
SAMPO PANK: Moody's Places D+ FSR on Positive Outlook


F R A N C E

CONVERIUM HOLDING: Earns US$54.3 Million for Third Quarter 2006
EUROTUNNEL GROUP: Signs Contract With Nedexco on Truck Transport
NEXANS S.A.: Inks Agreement to Acquire Olex for AU$515 Million
NEXANS S.A.: Olex Bid Cues S&P to Put Ratings on Watch Negative


G E O R G I A

VIMPEL-COMMUNICATIONS: Armenia Offers 10% Stake in Armentel


G E R M A N Y

ALPHA WOEHLER: Claims Registration Ends November 22
BENQ CORP: Germans Start Bankruptcy Probe on BenQ Mobile
C & T WARENHANDELSGESELLSCHAFT: Claims Registration Ends Nov. 17
CARL ERNST: Claims Registration Ends November 21
DENGLER ENGINEERING: Claims Registration Ends November 19

FRANKE GMBH: Claims Registration Ends November 16
GEHRING INTERNATIONALE: Claims Registration Ends Nov. 21
KRYSTALTECH IMMOBILIEN: Claims Registration Ends November 15
MARION MOSEL: Creditors' Meeting Slated for November 17
MTH HEIZUNGSBAU: Claims Registration Ends November 17

SACHS FAHRZEUG: Exits Insolvency Zone After Management Buy-Out
SFT SERVICE: Claims Registration Ends November 14
TUI AG: Earns EUR299.4 Million for Third Quarter 2006
TUI AG: Starts Winter Season with Increased Bookings
TUI AG: Tourism Restructuring Prompts Moody's to Lower Ratings

WCM AG: Declares Insolvency After Debt Talks Fail


H U N G A R Y

BORSODCHEM NYRT: European Commission OKs First Chemical's Offer
BORSODCHEM NYRT: Earns HUF4.6 Bln From January-September 2006


I R E L A N D

ELAN CORP: Moody's Affirms B3 Corporate Family Rating
ELAN CORP: Standard & Poor's Affirms B Corporate Credit Rating
ELAN FINANCE: Moody's Assigns B3 Rating on New Senior Notes
ELAN FINANCE: S&P Rates US$500-Mln Senior Unsecured Notes at B


I T A L Y

WCM AG: Declares Insolvency After Debt Talks Fail


K A Z A K H S T A N

AINA LINE: Creditors Must File Claims by Nov. 17
BTA IPOTEKA: S&P Lifts Long-Term Counterparty Rating to BB-
BYTOVIK-SEVER LLP: Creditors Must File Claims by Nov. 17
DORSNABREGION LLP: Aktube Court Starts Bankruptcy Procedure
ENERGOPROMSERVICE & K: Court Opens Bankruptcy Proceedings

ESBE COMPANY: Proof of Claim Deadline Slated for Nov. 17
EURASIAN BANK: S&P Assigns B/B Counterparty Credit Ratings
FORTUNA-TRANSIT: Proof of Claim Deadline Slated for Nov. 17
HELIN LLP: Almaty Court Begins Bankruptcy Proceedings
KAZ DRAG: Claims Filing Period Ends Nov. 17

MONETA DETERGENTS: Court Commences Bankruptcy Proceedings
NUR-ELEM LTD: Claims Filing Period Ends Nov. 17
OMEGA SOFT: Claims Filing Period Ends Nov. 17
OST BUSINESS: Creditors' Claims Due Nov. 17
OTRAR JSC: Creditors Must File Claims by Nov. 19

PETROLINE LLP: Claims Registration Ends Nov. 17
REAL INVEST: Claims Registration Ends Nov. 17
SALINO TRADE: Creditors' Claims Due Nov. 17
ST-PRODUCTS LLP: Claims Filing Period Ends Nov. 17
SPETSKOMSERVICE UK: Court Opens Bankruptcy Proceedings

VK STROY: Claims Registration Ends Nov. 17


K Y R G Y Z S T A N

GREEN FOREST: Proof of Claim Deadline Slated for Dec. 22
MERIDIAN LTD: Claims Filing Period Ends Dec. 22


N E T H E R L A N D S

GREEN PARK: S&P Rates EUR12.9-Million Class E Notes at BB


P O L A N D

BORSODCHEM NYRT: European Commission OKs First Chemical's Offer
BORSODCHEM NYRT: Earns HUF4.6 Bln From January-September 2006


R U S S I A

AGRO-IMPEKS CJSC: Court Names I. Maslov as Insolvency Manager
ARKTIK-TRANS-GAS-STROY: Court Names A. Skilov to Manage Assets
BASHKIRSKIY CLOTH: Court Names I. Khayrullin to Manage Assets
BUILDER-2 OJSC: Perm Bankruptcy Hearing Slated for January 26
CENTERTELECOM OAO: Earns RUR1.9 Bln for First Nine Months 2006

CENTERTELECOM OAO: Avails of US$115 Million Long-Term Financing
CENTERTELECOM OAO: Unveils Financial Strategy for 2006-2009
DIAMOND CJSC: Moscow Court Names I. Gorn as Insolvency Manager
ENERGY CJSC: Court Names O. Syskov as Insolvency Manager
FURNITURE OJSC: Court Names N. Kazharov as Insolvency Manager

GOLDEN TELECOM: Commences Rebranding; Awareness Survey to Follow
GOOSE FACTORY: Orel Bankruptcy Hearing Slated for December 6
GORKOVSKOYE: Omsk Court Starts Bankruptcy Supervision Procedure
HARVEST CJSC: Court Names M. Sorokin as Insolvency Manager
INDUSTRY OIL: Moscow Court Names I. Gorn as Insolvency Manager

IREMEL' OJSC: Court Starts Bankruptcy Supervision Procedure
ISTOCHNIK CJSC: Novosibirsk Court Hearing Slated for Feb. 14
KHASAVYURTOVSKIY MEAT: Court Starts Bankruptcy Supervision
NOVATEK OAO: Wins Sustainable Development Award
TNK-BP HOLDING: Tackles Kovykta Gas Haulage Routes with NGOs

VIMPEL-COMMUNICATIONS: Armenia Offers 10% Stake in Armentel
VNESHTORGBANK: Fitch Puts BB Local Currency IDR to VTB Armenia


S P A I N

GENERAL CABLE: To Issue US$315-Million Senior Convertible Notes
GENERAL CABLE: Earns US$37.1 Million for Third Quarter 2006
GENERAL CABLE: Moody's Assigns B1 Rating on US$315-Mln Sr. Notes
GENERAL CABLE: Improved Leverage Spurs S&P to Lift Ratings


S W E D E N

CONCORDIA BUS: Deloitte AB Expresses Going Concern Doubt


S W I T Z E R L A N D

CONVERIUM HOLDING: Earns US$54.3 Million for Third Quarter 2006


T U R K E Y

CANWEST MEDIAWORKS: Moody's Confirms B2 Sr. Subordinate Rating
GENERAL CABLE: To Issue US$315-Million Senior Convertible Notes
GENERAL CABLE: Earns US$37.1 Million for Third Quarter 2006
GENERAL CABLE: Moody's Assigns B1 Rating on US$315-Mln Sr. Notes
GENERAL CABLE: Improved Leverage Spurs S&P to Lift Ratings


U K R A I N E

AGROPRODUKT LLC: Court Names Sergij Avilov as Insolvency Manager
AQUA-INVEST CJSC: Court Names V. Kosovskij as Insolvency Manager
BUSHEL ZERNO: Court Names Ivan Radik as Insolvency Manager
GOLDEN TELECOM: Commences Rebranding; Awareness Survey to Follow
INDEPENDENT TEXTILE: Harkiv Court Names Ivan Radik as Liquidator

KRYMTEPLOENERGOMONTAZH OJSC: Galina Yeryomenko to Manage Assets
MICHURINSKE LLC: Court Names Tamara Zhevnova as Liquidator
MYRONIVSKY HLIBOPRODUCT: Moody's Puts (P)B2 Rating on Bond Issue
TNK-BP HOLDING: Tackles Kovykta Gas Haulage Routes with NGOs
UKRVTORMET CJSC: Court Names Ludmila Volovik as Liquidator

YAVVA LLC: Court Names Kostyantin Romanov as Insolvency Manager

* Fitch Gives BB- Rating to Ukraine's Upcoming US$1-Bln Eurobond
* S&P Rates Ukraine's Upcoming US$1-Bln Eurobond Issue at BB-


U N I T E D   K I N G D O M

B W CONTRACTING: Appoints Andrew Rosler to Liquidate Assets
BATHE LIMITED: Names Simon Thornton as Administrator
BOLTON HEMMING: Appoints Hodgsons to Administer Assets
CANWEST MEDIAWORKS: Moody's Confirms B2 Sr. Subordinate Rating
CAPRICORN DESIGN: Names Elizabeth Arakapiotis Liquidator

CORPACK INDUSTRIES: Brings In KPMG as Joint Administrators
CORPACK INDUSTRIES: KMPG LLP Selling Corrugated Box Manufacturer
CROSSCO 925: Creditors Confirm Liquidators' Appointment
EIRWALES GLASS: Claims Filing Period Ends Dec. 14
ELEVATOR PRINTING: Taps Liquidator from Fisher Partners

EMERALD RECRUITMENT: Hires Joint Administrators from Menzies
EUROSAIL 2006-3NC: Moody's Assigns Ba2 Rating on GBP4-Mln Notes
FIXED INCOME: Moody's Cuts Rating on Oval Series 2 Notes to Ba2
GRANGE WELDING: Creditors Confirm Liquidator's Appointment
GRASSLAND SERVICES: Liquidators Set Dec. 8 Claims Bar Date

INDUSTRIA ENGINEERING: Taps Menzies as Joint Administrators
INDUSTRIA ENGINEERING: Industrial Product Supplier Up for Sale
INFORMATION TECHNOLOGY: Hires BDO Stoy as Joint Administrators
INS NEWS: Taps Joint Administrators from Harrisons
JAMES JACKSON: Brings In RSM Robson to Administer Assets

JAUNOIR LIMITED: Creditors' Meeting Slated for November 21
JUPITER INTERNATIONAL: Taps Bijal Shah to Liquidate Assets
KRS PROUD: Administrators to Sell Mobile Servicing & Repair Biz
M & M SALES: Claims Registration Ends Dec. 31
MOUNTAIN TRADING: Taps Joint Administrators from Kroll

NTL INC: Unveils "Virgin Media" After Telewest-Virgin Merger
NTL INC: Prepares GBP5-Billion Merger Offer for ITV
NTL INC: Posts GBP96.1 Million Net Loss for Third Quarter 2006
PPN JOINERY: Joint Liquidators Take Over Operations
PRISTINE ENGINEERING: Brings In SFP as Joint Administrators

SACHS FAHRZEUG: Exits Insolvency Zone After Management Buy-Out
SERVICE CENTRE: Creditors' Claims Due Dec. 11
SOCCERZONE LIMITED: Five-a-Side Soccer Center Up for Sale
SOUTH EASTERN: Brings In Liquidator from Bond Partners
SPIRIT EVENTS: Michael Young Leads Liquidation Procedure

THREE COOKS: Appoints Tenon Recovery as Administrators
TRANS-EUROPEAN: Taps Begbies Traynor to Administer Assets
VIATEL HOLDING: Auditors Express Going Concern Doubt
WESTLINK EXPRESS: Taps Harrisons as Joint Administrators
WINNER PRODUCE: Claims Filing Period Ends Dec. 15

YELLO FLOORING: Hires Liquidator from Ashcrofts

* Cadwalader Names Special Counsel Across Practices and Offices

                            *********

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A U S T R I A
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AERIAL HELICOPTER: Property Manager Declares Insufficient Assets
----------------------------------------------------------------
Dr. Walter Kainz, the court-appointed property manager for LLC
Aerial Helicopter (FN 191810z), declared Sept. 18 that the
Debtor's property is insufficient to cover creditors' claim.

The Land Court of Korneuburg is yet to rule on the property
manager's claim.

Headquartered in Diepolz, Austria, the Debtor declared
bankruptcy on Sept. 4 (Bankr. Case No. 32 S 10/06t).

The property manager and his representative can be reached at:

         Dr. Walter Kainz
         c/o Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna, Austria
         Tel: 01/505 88 31
         Fax: 01/505 94 64
         E-mail: kanzlei@kainz-wexberg.at


BEHRENS EUROLIFT: Court Orders Business Shutdown
------------------------------------------------
The Land Court of Ried im Innkreis entered an order Sept. 18
shutting down the business of LLC behrens eurolift (FN 113961s).
Court-appointed property manager Robert Mayrhofer recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Dr. Robert Mayrhofer
         Kapuzinerberg 2
         4910 Ried im Innkreis, Austria
         Tel: 07752 / 82661
         Fax: 07752 / 80370
         E-mail: dr.mayrhofer-dr.koepplinger@utanet.at

Headquartered in Innkreis, Austria, the Debtor declared
bankruptcy on Sept. 7 (Bankr. Case No. 17 S 31/06z).


CASA LLC: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered an order Sept. 18 shutting
down the business of LLC Casa (FN 252903t).  Court-appointed
property manager Michael Lesigang recommended the business
shutdown after determining that the continuing operations would
reduce the value of the estate.

The property manager can be reached at:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Vienna, Austria
         Tel: 715 25 26
         E-mail: michael@lesigang.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 9 (Bankr. Case No. 2 S 130/06i).


KITTY LLC: Property Manager Declares Insufficient Assets
--------------------------------------------------------
Dr. Christiane Pirker, the court-appointed property manager for
LLC Kitty (FN 248870k), declared Sept. 18 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 April 3 (Bankr. Case No. 3 S 52/06a).

The property manager and his representative can be reached at:

         Dr. Christiane Pirker
         Hasenhutgasse 9
         Haus 3
         1120 Vienna, Austria
         Tel: 817 57 57
         Fax: 817 57 55-17
         E-mail: Dr.Christiane.Pirker@chello.at


OBERDA & ZEIDL: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered an order Sept. 18 shutting
down the business of KEG Oberda & Zeidl (FN 223333g).  Court-
appointed property manager Maximilian Schludermann recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Dr. Maximilian Schludermann
         c/o Mag. Wolfgang Winkler
         Reisnerstrasse 32/12
         1030 Vienna, Austria
         Tel: 715 50 45
         Fax: 715 50 47 4
         E-mail: office@anwalt-vienna.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 5 (Bankr. Case No. 6 S 75/06f).  Wolfgang Winkler
represents Dr. Schludermann in the bankruptcy proceedings.


SE LLC: Creditors' Meeting Slated for November 21
-------------------------------------------------
Creditors owed money by LLC SE (FN 264612k) are encouraged to
attend the creditors' meeting at 1:00 p.m. on Nov. 21 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 18 (Bankr. Case No. 6 S 84/06d).  Peter Zens serves as
the court-appointed property manager of the bankrupt estate.
Norbert Schopf represents Dr. Zens in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Peter Zens
         c/o Dr. Norbert Schopf
         Reichsratsstrasse 7
         1010 Vienna, Austria
         Tel: 534 90
         Fax: 534 90 50
         E-mail: office@schopf-zens.at


SEDISA LLC: Creditors' Meeting Slated for November 21
-----------------------------------------------------
Creditors owed money by LLC Sedisa (FN 214917f) are encouraged
to attend the creditors' meeting at 12:45 p.m. on Nov. 21 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 18 (Bankr. Case No. 6 S 83/06g).  Georg Kahlig serves
as the court-appointed property manager of the bankrupt estate.
Gerhard Stauder represents Dr. Kahlig in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Georg Kahlig
         c/o Mag. Gerhard Stauder
         Siebensterngasse 42
         1070 Vienna, Austria
         Tel: 523 47 91 0
         Fax: 523 47 91 33
         E-mail: kahlig.partner@aon.at


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E S T O N I A
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SAMPO PANK: Parent to Sell Sampo Bank to Danske for EUR4 Billion
----------------------------------------------------------------
Sampo plc signed an agreement to sell the Sampo Bank Group to
Danske Bank A/S for EUR4.05 billion.  Sampo Bank will continue
to operate under its current name.

The transaction concerns the whole of Sampo Bank Group, which
consists of Sampo Bank plc and its subsidiary banks in the
Baltic countries and Russia as well as a number of investment
services companies.  The transaction has no effect on Sampo
Bank´s clients.

The operations included in the transaction accounted for 31% of
Sampo Group's total pre-tax profit for the period January-
September 2006 and 25% of its total net assets.

"After the transaction Sampo Bank will be a part of a rapidly
growing Nordic banking group.  From Sampo Group's perspective
the offer made by Danske Bank was simply so inviting that we
could not refuse it," says Bjorn Wahlroos, CEO of Sampo Group.

As the transaction is an acquisition of shares, all the staff
involved will remain as employees of Sampo Bank also under the
new ownership.

"There is practically no overlap in the current operations of
Sampo Bank and Danske Bank.  Therefore I believe that Danske
Bank is the best possible owner for both Sampo Bank and its
staff to continue their excellent work and growth both in
Finland and in the Baltics," Wahlroos continues.

Mika Ihamuotila, President and CEO of Sampo Bank plc, will
continue in his present role until the closing date, after which
he will join Sampo plc and continue as a member of the Group
Executive Board.

Sampo Group's other business areas, P&C insurance and life
insurance, will continue to follow their current strategies.

Sampo Bank, soon to be owned by Danske Bank A/S, and Sampo Life
Ltd. have signed a co-operation agreement that guarantees Sampo
Life the right to sell life and pension insurance products
through Sampo Bank's branch network.

The transaction requires the necessary approvals, which will be
received in the first part of the year 2007.

                        About Sampo Bank

Headquartered in Helsinki, Finland, Sampo Bank --
http://www.sampo.com/-- specializes in investments and saving
services.  At the end of September 2006, it had total assets of
EUR26.4 billion and it reported EUR277 million in year-to-date
pre-tax profits.

                      About AS Sampo Pank

Headquartered in Tallin, Estonia, AS Sampo Pank is engaged in
corporate lending, retail lending and asset management
activities.  The bank had total assets in the amount of
EEK21 billion (EUR1.3 billion) as at Sept. 30, 2006.

                        *     *     *

As reported in the TCR-Europe on April 5, Moody's has upgraded
AS Sampo Pank's financial strength rating (FSR) to D+ from D,
changing the outlook to stable.

According to Moody's, the upgrade reflects AS Sampo Pank's
stable market presence in Estonia as well as the group's
continued sound financial position, including improving credit
quality, solid earnings growth and success in growing its
deposit funding base.  AS Sampo Pank's A2/P-1 deposit ratings
reflect the strong likelihood of support from the bank's 100%
owner, Sampo Bank plc (rated A1/P-1/B-).  The stable outlook on
the bank's deposit ratings was affirmed.


SAMPO PANK: Moody's Places D+ FSR on Positive Outlook
-----------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the A1 long-term foreign currency deposit rating of Sampo Bank
Plc.  The action follows the recent announcement that the
largest Danish financial institution, Danske Bank, will acquire
full ownership of the Finnish bank.

Sampo Bank's Prime-1 short-term foreign currency deposit rating
and B- Bank Financial Strength Rating were affirmed.  At the
same time, Moody's placed on review for possible upgrade the A2
long-term local and foreign currency deposit rating of AS Sampo
Pank following a similar action on the parent bank.  The short-
term foreign currency rating was affirmed and the D+ bank
financial strength rating was put on positive outlook reflecting
both the progress in the bank's financial fundamentals and the
view that the acquisition by Danske Bank of Sampo Bank plc, may
in time provide an additional boost to the Estonian subsidiary's
franchise position.

Moody's understands that the transaction is expected to be
completed in the first quarter of 2007, subject to regulatory
approval.  The review for possible upgrade will focus on the
nature and likelihood of potential future support from Danske
Bank.  In Moody's opinion, Sampo Bank provides a good fit for
Danske Bank, both from a cultural standpoint and in terms of the
latter's strategy of pursuing retail banking in north-western
Europe.  The rating agency expects that over time Sampo Bank
will benefit from Danske Bank's sophisticated risk management
and IT systems and that the two banks will be able to generate
synergies and savings.  Sampo Bank will continue to provide
banking and investment services in Finland under its current
brands and continues to distribute Sampo Group's products.

Based on Q3 2006 data, Sampo Bank will account for 12% of the
Danske Bank's total group risk-weighted assets and 13% of its
pre-tax profit.  Thus far Sampo Bank has been a 100%-owned
subsidiary of the financial group Sampo plc (Sampo Group).  It
benefits from a good domestic franchise, consistent strategy,
sound risk profile, good profitability and adequate
capitalization.  The bank's focus is on retail and SME segments
providing both traditional banking and investment services.  In
a fiercely competitive market, Sampo Bank has maintained stable
market shares of about 13% in both lending and deposits.
Outside Finland, Sampo Bank is active in all three Baltic
countries, whose contribution is increasing to both the balance
sheet total (9% in 2005, 6% in 2004) and pre-tax profit (6% in
2005, 3% in 2004).  Since the third quarter of 2006, Sampo Bank
has also owned a small bank based in St. Petersburg, Russia.

Ratings placed on review for possible upgrade:

    * Sampo Bank's A1 long-term foreign currency deposit rating

    * AS Sampo Pank's A2 long-term local and foreign
      currency deposit rating

Ratings affirmed:

    * Sampo Bank's Prime-1 short-term foreign currency
      deposit rating

    * Sampo Bank's B- financial strength rating

    * AS Sampo Pank's Prime-1 short-term foreign
      currency deposit rating

    * Danske Bank's Aa1/P-1 deposit ratings and A-
      financial strength rating

Rating put on positive outlook:

    * AS Sampo Pank's D+ financial strength rating

Sampo Bank is headquartered in Helsinki, Finland.  At the end of
September 2006, it had total assets of EUR26.4 billion and it
reported EUR277 million in year-to-date pre-tax profits.

AS Sampo Pank is headquartered in Tallinn, Estonia.  It is
engaged in corporate lending, retail lending and asset
management activities.  The bank had total assets in the amount
of EEK21 billion (EUR1.3 billion) as at Sept. 30, 2006.

Danske Bank is headquartered in Copenhagen, Denmark.  At the end
of September 2006, it had total assets of EUR355.7 billion and
it reported EUR1.3 billion in year-to-date pre-tax profits.


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


CONVERIUM HOLDING: Earns US$54.3 Million for Third Quarter 2006
---------------------------------------------------------------
Converium Holding AG released its financial results for the
third quarter and first nine months ended Sept. 30, 2006.

Converium posted US$54.3 million in net profit against US$538.3
million in revenues for the third quarter of 2006, compared with
US$6.9 million in net losses against US$678.7 million in
revenues for the same period in 2005.

The company posted US$178.4 million in net profit against
US$1.39 billion in revenues for the first nine months of 2006,
compared with US$34.5 million in net profit against US$2.18
billion in revenues for the same period in 2005.

As of Sept. 30, 2006, Converium Holding AG had US$11.87 billion
in assets, US$9.97 billion in liabilities and US$1.9 billion in
shareholder equity.

"Converium reports another quarter of impressive financial
performance," Inga Beale, Chief Executive Officer, commented.
"Our capital base has further strengthened.  The results
primarily reflect strong current-year underwriting performance,
highlighting the quality of our book of business.  The third
quarter demonstrates once more the sustainability of Converium's
rebound."

"We now focus on the year-end renewal negotiations and believe
that we can benefit from the recent positive rating actions,"
Mr. Beale added.  "We remain confident that Converium will be
awarded a better financial strength rating in the near future."

           Agreement to Sell North American Operations

On Oct. 17, Converium disclosed of the signing of a definitive
agreement to sell its North American operations to National
Indemnity Company, a Berkshire Hathaway company, for a total
consideration of US$295 million comprised of US$95 million in
cash and US$200 million in assumption of debt.  Converium has
not provided any guarantee or indemnity in respect of the
reserves of the North American operations.  The transaction is
subject to regulatory approvals and customary closing
conditions.  The transaction is not reflected in Converium's
third quarter financial accounts presented.

The sale to National Indemnity Company is based on the balance
sheet as of June 30, 2006.  On this basis Converium estimates
that the sale will result in a decrease in shareholders' equity
of US$135 million.  The overall effect on net income and
shareholders' equity will depend on the amount of unrealized
investment losses or gains at the North American operations,
closing net asset adjustments and foreign exchange developments.
Increases or decreases in the net assets of the North American
operations after June 30, 2006 do not give rise to a net benefit
or detriment to Converium, resulting in a fixed economic effect
of the transaction at closing.

On completing this transaction, Converium will achieve finality
regarding its North American operations.  In addition, the
Company's risk profile improves following the assumption of all
of the North American operations' reinsurance liabilities (in
excess of US$1 billion as of June 30, 2006) by National
Indemnity Company.

Following the conclusion of the sale, Converium will maintain a
strong financial position, while further de-risking its balance
sheet.  Converium is very pleased with Standard & Poor's
decision to place the Company on Credit Watch with positive
implications after the transaction was announced.

       Financial Guidance for 2006 Essentially Unchanged

Converium reiterates the fundamental elements of its full-year
financial guidance given in March 2006:

   -- gross premiums written for 2006 are projected to come in
      at US$1.8-1.9 billion;

   -- the priced combined ratio for the ongoing non-life
      operations is anticipated at around 102.5%, including an
      administration expense ratio of 5.5%, expected losses from
      natural catastrophes of about US$80 million but excluding
      expected Corporate Center costs of up to US$55 million as
      compared with the Company's previous guidance of
      US$45-50 million.

      This upward revision of Corporate Center costs is driven
      by additional expenses associated with the sale of the
      North American operations;

   -- the corporate tax rate is expected to range between
      12-15%, up from the previous guidance of 7-12%.  This
      upward revision is largely attributable to more income
      from high-tax jurisdictions;

   -- average invested assets including cash and cash
      equivalents should be in the magnitude of around
      US$7.2 billion, up from the previous guidance of around
      US$7 billion.

              Positive Outlook for Year-End Renewals

In the ongoing year-end renewals Converium experiences strong
support from clients.  Given the most recent positive signals
from rating agencies, especially Standard & Poor's placing of
Converium under Credit Watch with positive implications, clients
believe that Converium will obtain an improved financial
strength rating in the near future.

Even assuming no upgrade before the end of the year Converium
expects to achieve at least a stable volume of business in 2007,
based on increasing shares in a number of client relationships,
new business from various markets, and overall market conditions
which Converium believes to remain attractive.

                    Distinct Value Proposition

Following a ratings upgrade Converium will continue to build its
franchise as a mid-sized multi-line reinsurer with a distinct
geographic emphasis on Europe, Asia Pacific and the Middle East,
and with a focus on global specialty lines.  The Company
believes that, based on its knowledge-based strategy, it can
successfully position itself as an "intelligent alternative" in
global reinsurance markets, also benefiting from a clear and
distinctive strategic stance on North America.  As a result of a
ratings upgrade, Converium expects to gain increased shares with
existing clients and to establish new client relationships
without compromising on profitability.

                         About Converium

Headquartered in Zug, Switzerland, Converium Holding AG --
http://www.converium.com/-- provides treaty and individual
coverage for risks including accident and health, credit and
surety, e-commerce, third party and professional liability,
life, and special casualty.   The company also operates in
Germany, United Kingdom, France, Malaysia, Singapore, Australia,
Japan, Bermuda, Argentina, U.S.A., Brazil and Canada.

                          *     *     *

As reported in the TCR-Europe on Oct. 20, Fitch Ratings placed
Swiss-based Converium AG's Insurer Financial Strength BBB-
rating on Rating Watch Positive.  The agency has also placed
other ratings within the Converium group on RWP.

Converium group ratings are:

   -- Converium AG's IFS BBB- on RWP;

   -- Converium AG's Issuer Default rating BBB- on RWP;

   -- Converium Insurance (U.K.) Limited's IFS BBB- on RWP;

   -- Converium Ruckversicherungs (Deutschland) AG's IFS BBB- on
      RWP;

   -- Converium Holding AG's IDR BB on RWP; and

   -- Converium Finance S.A.'s US$200 million subordinated debt
      due 2032 BB+ on RWP.


EUROTUNNEL GROUP: Signs Contract With Nedexco on Truck Transport
----------------------------------------------------------------
Eurotunnel Group signed a contract with Dutch transport and
logistic company Nedexco to transport 300,000 trucks across the
Channel between 2007 and 2011 on Nov. 10.

"Operationally, Eurotunnel and Nedexco were born in the same
year.  From the outset, we have always chosen to cross the
Channel via the Tunnel, which gives us the guarantee of speed,
ease and reliability, which are so important in our business,"
Jacques Van der Heijden, Nedexco managing director declared.

"We have recently signed long-term commitments with customers
who seek quality throughout the logistics chain.  For us it was
a natural choice to entrust Eurotunnel with this business," he
added.

"This is a major contract which demonstrates the confidence that
Nedexco places in Eurotunnel's service quality.  To ensure that
we continue to improve for our millions of customers, Eurotunnel
is investing heavily in its "Focus on Customers" program.  Our
commercial and operating performance, our ability to adapt to
our markets, the professionalism and commitment of our staff
have created the foundations for our Safeguard Restructuring
Plan," Jacques Gounon, Chairman and Chief Executive of
Eurotunnel disclosed.

Headquartered in Netherlands, Nedexco --
http://www.nedexco.com/english/-- specializes in refrigerated
transport and logistics management.  The company transports
fresh produce between Holland, Germany and the U.K.

                        About Eurotunnel

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.

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).  Bondholders will be
voting on a restructuring plan on Nov. 15.


NEXANS S.A.: Inks Agreement to Acquire Olex for AU$515 Million
--------------------------------------------------------------
Nexans S.A. signed an agreement to acquire the Australian
company Olex for AU$515 million (around EUR310 million).

Olex employs 910 people with annual revenue of EUR330 million at
current metal price (EUR240 million using Nexans' constant metal
rate) in 2006 and an EBITDA ratio at constant metal price of
more than 15% (fiscal year ended at June 30, 2006).  Olex has
three manufacturing sites based in Tottenham and Lilydale in
Australia, and in New Plymouth in New Zealand, and a dozen sales
offices in Australia, New Zealand, Singapore and China.  The
company's activities are divided between markets for cables for
power network infrastructure (33%), specialty cables for
industry such as mining (24%), and cables for the building
sector, both energy and telecom (43%).

"This acquisition is in line with our strategy to expand in the
Asia-Pacific area, a fast-growing area, and strengthens the
geographical rebalancing of our Group.  The percentage of
Nexans' sales made in this area will almost double from 6% to
11%," said Gerard Hauser, Nexans' Chairman and CEO.

"This acquisition also reinforces Nexans' core energy sector
business, particularly in high-voltage and special cables for
industry, thanks to Olex's broad product range.  Olex, whose
brand name and reputation are well known, has a strong
management team and 3 advanced production sites.  Finally, this
acquisition will offer us synergies, mainly commercial, in
particular through the pooling of Nexans sales teams in the
world and Olex ones in the Asia-Pacific area," he added.

The investment of around EUR310 million (that is to say 7 times
expected 2007 EBITDA before synergies) will be entirely financed
from Nexans' existing credit lines.  It will have an accretive
impact as from the first fiscal year.  This acquisition will
generate balance sheet goodwill of around EUR185 million and
result in the Group's gearing reaching at the end of December
2006 about 47%.

This transaction is subject to the approval of the Australian
authorities.  The closing is expected by the beginning of
December.

Headquartered in Paris, France, Nexans S.A. -
http://www.nexans.com/-- designs, manufactures, and distributes
copper and fiber-optic wires and cabling systems for use by many
sectors including: automotive and aerospace industries,
shipbuilding, railways, telecommunication and energy networks,
oil & gas, etc.  The company has industrial presence in 29
countries and commercial activities throughout the world.  It
employs 20,000 people and had sales in 2005 of EUR5.4 billion.

                    *     *     *

As reported in the TCR-Europe on June 27, Standard & Poor's
Ratings Services lowered its long- and short-term corporate
credit ratings on French cable manufacturer Nexans S.A. to
'BB+/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


NEXANS S.A.: Olex Bid Cues S&P to Put Ratings on Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
and 'B' short-term corporate credit ratings on France-based
cable manufacturer Nexans S.A., on CreditWatch with negative
implications.

The CreditWatch placement follows Nexans' EUR310 million bid for
100% of Olex, an Australian manufacturer of electrical cables.
The acquisition, which is expected to close in the short term,
will likely be financed through drawing under Nexans' existing
credit lines.

"The acquisition of Olex will initially increase Nexans' debt
levels and weaken debt-protection measures somewhat -- possibly
to a level below our expectation for the ratings," said Standard
& Poor's credit analyst Barbara Castellano.

Standard & Poor's believes, however, that Nexans' business risk
profile could benefit from the acquisition of Olex, as it
increases geographic sales diversification in the Asia Pacific
region -- a strategic growth market for Nexans.  In addition,
profitability should benefit from Olex's higher margins, and
some distribution synergies will likely be realized.

The rating agency will resolve the CreditWatch status when it
has further information on the transaction and Nexans' strategy.

"Our final assessment will also depend on the group's future
financial policy, including its risk management and approach to
acquisitions," said Ms. Castellano.  "Based on current
information, any potential downgrade should be limited to one
notch."


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


VIMPEL-COMMUNICATIONS: Armenia Offers 10% Stake in Armentel
-----------------------------------------------------------
The Armenian government is selling its 10% stake in CJSC Armenia
Telephone Company to OJSC Vimpel-Communications, RIA Novosti
reports citing Communications Minister Andranik Manukyan as
saying.

A sale, however, hinges on the condition that Vimpelcom discard
further expansion plans in the country, Mr. Manukyan added.

As reported in the TCR-Europe on Nov. 7, Vimpelcom will acquire
Hellenic Telecommunications Organization's 90% stake in Armentel
for EUR341.9 million.  Vimpelcom will also absorb Armentel's
EUR40 million in liabilities.

Vimpelcom bested fellow bidders MTC, ETISALAT, VTEL Holdings and
Knightsbridge Associates in a tender launched by OTE.  The
acquisition is subject to approval by the Armenian government,
which holds a 10% stake in Armentel.

Vimplcom expects to complete the deal by yearend.

Armentel, which provides a wide range of integrated products and
services for business and residential customers in Armenia,
controls 40% of the Armenian telecommunications market,
operating in the GSM 900 and CDMA standards.  Armentel serves
around 600,000 fixed-line and 400,000 mobile service
subscribers.

                         About VimpelCom

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

                        *     *     *

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


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


ALPHA WOEHLER: Claims Registration Ends November 22
---------------------------------------------------
Creditors of Alpha Woehler Immobilien GmbH have until Nov. 22 to
register their claims with court-appointed provisional
administrator Johannes Graute.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.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 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 Alpha Woehler Immobilien GmbH on Sept. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Alpha Woehler Immobilien GmbH
         Zweigertstrasse 43
         45130 Essen, Germany

         Attn: Heinz Schwiertz, Manager
         Selma-Lagerloef-Road 27
         45481 Muelheim, Germany

The administrator can be contacted at:

         Dr. Johannes Graute
         III. Hagen 30
         45127 Essen, Germany
         Tel: 02 01/10953


BENQ CORP: Germans Start Bankruptcy Probe on BenQ Mobile
--------------------------------------------------------
Christian Schmidt-Sommerfeld, Germany's chief senior public
prosecutor, told Suddeutsche Zeitung that it has started an
investigation into the bankruptcy of BenQ Mobile GmbH & Co. OHG,
the German unit of BenQ Corp., without discussing further
details.

Insiders told The Register that BenQ Mobile's management knew of
the company's cashflow problems as early as August but
deliberately delayed the bankruptcy filing and withheld this
information to its employees.  The company also allegedly
reported 10.7 million BenQ handsets sold in the second quarter
when it only sold 7.4 million units, The Register states citing
other sources.

In a TCR-Europe report on Oct. 25, BenQ Mobile confirmed plans
to cut 1,900 jobs of its 3,000-strong workforce.  The job cuts,
bankruptcy administrator Martin Prager said, would affect all
areas of the business including administration, marketing, sales
and production.  Deutsche Welle says 1,100 jobs will be reduced
at the company's Kamp Lintfort site and around 850 jobs in
Munich.

The company intends to raise a profit by the end of the year in
order to invite investors to rescue the troubled handset maker,
after losing EUR850 million (US$1 billion) in the past 12
months.

The insolvent handset maker earlier said it was working on a new
business model that will focus on research, development and
design.  The remaining business would develop and manufacture
mobile phone handsets under license for other makers, the German
daily relates.

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  BenQ
Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, with Martin Prager serving as insolvency
manager.  The collapse came a year after Siemens sold the
company to Taiwanese technology group BenQ.  BenQ Mobile has
lost market share against giant competitors.

                        *     *     *

As reported in the TCR-AP on Oct. 31, Taiwan Ratings Corp.
affirmed its twBB+/twB corporate credit ratings and twBB+
unsecured corporate bond issue rating on BenQ Corp.  The outlook
on the long-term rating is negative.  At the same time, Taiwan
Ratings removed all ratings from Credit Watch with negative
implications, where they were placed on March 14, 2006, and
withdrew all the ratings upon the company's request.


C & T WARENHANDELSGESELLSCHAFT: Claims Registration Ends Nov. 17
----------------------------------------------------------------
Creditors of C & T Warenhandelsgesellschaft mbH have until
Nov. 17 to register their claims with court-appointed
provisional administrator Volker Dick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 17, 2007 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Meeting Room W1.25
         1st Floor
         William Route 21
         53111 Bonn, Germany

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

The District Court of Bonn opened bankruptcy proceedings against
C & T Warenhandelsgesellschaft mbH on Sept. 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         C & T Warenhandelsgesellschaft mbH
         Attn: Thomas Dahmann, Manager
         Bahnhofstr. 16
         53721 Siegburg, Germany

The administrator can be contacted at:

         Volker Dick
         Cologne Route 135
         53757 Sankt Augustin, Germany


CARL ERNST: Claims Registration Ends November 21
------------------------------------------------
Creditors of Carl Ernst Freitag GmbH & Co. KG have until Nov. 21
to register their claims with court-appointed provisional
administrator Reinhard Titz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Nov. 21 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Hamburg opened bankruptcy proceedings
against Carl Ernst Freitag GmbH & Co. KG on Sept. 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Carl Ernst Freitag GmbH & Co. KG
         Frankenstrasse 16
         20097 Hamburg, Germany

         Attn: Tomas Jessen, Manager
         Groemitzer Way 14 a
         22147 Hamburg, Germany

The administrator can be contacted at:

         Reinhard Titz
         Speersort 4/6
         20095 Hamburg, Germany
         Tel: 303010
         Fax: 30301226


DENGLER ENGINEERING: Claims Registration Ends November 19
---------------------------------------------------------
Creditors of Dengler Engineering GmbH have until Nov. 19 to
register their claims with court-appointed provisional
administrator Christian Moritz Hansberg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Dec. 14 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Principal Establishment
         Viktoriastrasse 14
         44787 Bochum, 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 Bochum opened bankruptcy proceedings
against Dengler Engineering GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Dengler Engineering GmbH
         Attn: Rolf Baumbach, Manager
         Wullener Field 52
         58454 Witten, Germany

The administrator can be contacted at:

         Moritz Hansberg
         Huestrasse 34
         44787 Bochum, Germany


FRANKE GMBH: Claims Registration Ends November 16
-------------------------------------------------
Creditors of Franke GmbH have until Nov. 16 to register their
claims with court-appointed provisional administrator Christian
Krueger.

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 Kiel
         Hall 17
         Kiel, 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 Kiel opened bankruptcy proceedings against
Franke GmbH on Sept. 29.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Franke GmbH
         Attn: Siegfried Franke and Johanna Lange, Managers
         Papenkamp 8-12
         24114 Kiel, Germany

The administrator can be contacted at:

         Christian Krueger
         Westring 455
         24118 Kiel, Germany
         Tel: 0431/990810


GEHRING INTERNATIONALE: Claims Registration Ends Nov. 21
--------------------------------------------------------
Creditors of Gehring Internationale Handels GmbH have until
Nov. 21 to register their claims with court-appointed
provisional administrator Klaus Knetter.

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

The meeting of creditors will be held at:

         The District Court of 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 Gehring Internationale Handels GmbH on Sept. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gehring Internationale Handels GmbH
         Attn: Michael Gehring, Manager
         Waldbadstr. 9/13
         33803 Steinhagen, Germany

The administrator can be contacted at:

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


KRYSTALTECH IMMOBILIEN: Claims Registration Ends November 15
------------------------------------------------------------
Creditors of Krystaltech Immobilien GmbH have until Nov. 15 to
register their claims with court-appointed provisional
administrator Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 19 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         2nd Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen, 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 Tuebingen opened bankruptcy proceedings
against Krystaltech Immobilien GmbH on Sept. 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Krystaltech Immobilien GmbH
         Attn: Stefan Baumeister, Manager
         Ludwig-Erhard-Str. 2
         72760 Reutlingen, Germany

The administrator can be contacted at:

         Wolfgang Hauser
         Moehringer Highway 5
         70563 Stuttgart, Germany


MARION MOSEL: Creditors' Meeting Slated for November 17
-------------------------------------------------------
The court-appointed provisional administrator for Marion Mosel
GmbH & Co. KG, Ralph Schmid, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
11:30 a.m. on Nov. 17.

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

         The District Court Muenster
         Meeting Room 101 B
         1st Floor
         Gerichtsstr. 2-6
         48149 Muenster, Germany

The Court will also verify the claims set out in the
administrator's report at 10:15 a.m. on Dec. 15, at the same
venue.

Creditors have until Nov. 24 to register their claims with the
court-appointed provisional administrator.

The District Court of Muenster opened bankruptcy proceedings
against Marion Mosel GmbH & Co. KG on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Marion Mosel GmbH & Co. KG
         Raiffeisenstrasse 4
         48653 Coesfeld, Germany

         Attn: Hans-Georg Mosel, Manager
         Gruener Winkel 10
         48653 Coesfeld, Germany

The administrator can be reached at:

         Ralph Schmid
         Duelmener Str. 92
         48653 Coesfeld, Germany


MTH HEIZUNGSBAU: Claims Registration Ends November 17
-----------------------------------------------------
Creditors of MTH Heizungsbau und Einzelhandel fuer Sanitar- und
Heizungsbedarf GmbH have until Nov. 17 to register their claims
with court-appointed provisional administrator Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 12 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, 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 Munich opened bankruptcy proceedings
against MTH Heizungsbau und Einzelhandel fuer Sanitar- und
Heizungsbedarf GmbH on Sept. 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         MTH Heizungsbau und Einzelhandel fuer
         Sanitar- und Heizungsbedarf GmbH
         Gratlspitzstr. 46
         81825 Munich, Germany

The administrator can be contacted at:

         Martin Schoebe
         Ainmillerstr. 11
         80801 Munich, Germany
         Tel: 089/1893770
         Fax: 089/18937750


SACHS FAHRZEUG: Exits Insolvency Zone After Management Buy-Out
--------------------------------------------------------------
A management buyout completed on Nov. 3 saved Sachs Fahrzeug-
und Motorentechnik GmbH, Germany's oldest motorcycle
manufacturer, from insolvency, Auto Industry states.  Sachs will
continue operating from its existing location in Nuremberg.

According to the report, the company's insolvency proceedings,
initiated in June 2006, were triggered by pensions liability
inherited by Hercules Werke GmbH, which Sachs acquired in the
1960s.  Sachs is represented in the U.K. by distributor 3X.

Headquartered in Nuremberg, Germany, Sachs Fahrzeug- und
Motorentechnik GmbH -- http://www.sachsmotorcycles.co.uk/--
which succeeds Hercules Werke, makes small motorcycles and
supplies small engines to third-party motorcycle makers.


SFT SERVICE: Claims Registration Ends November 14
-------------------------------------------------
Creditors of SFT Service GmbH have until Nov. 14 to register
their claims with court-appointed provisional administrator
Joseph Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 29 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 185
         1st Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany

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

The District Court of Essen opened bankruptcy proceedings
against SFT Service GmbH on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         SFT Service GmbH
         Bugapark 1b
         45899 Gelsenkirchen, Germany

         Attn: Volker Luecke, Manager
         Fuerstinnenstr. 83
         45883 Gelsenkirchen, Germany

The administrator can be contacted at:

         Joseph Albers
         Von-der-Recke-Str. 5-7
         45879 Gelsenkirchen, Germany
         Tel: 0209/179890
         Fax: +492091485096


TUI AG: Earns EUR299.4 Million for Third Quarter 2006
-----------------------------------------------------
TUI AG released its operating results for the third quarter of
2006.

The company posted EUR299.4 million in net profit against
EUR6.74 billion in revenues for the third quarter of 2006,
compared with EUR604.3 million in net profit for against EUR6.22
billion in revenues for the same period in 2005.

                           Tourism

Earnings by tourism were supported in particular by the
contribution made by the Central Europe sector with its
improvement in earnings from flight operations, the Northern
Europe sector, the hotel companies and the source markets
Belgium and the Netherlands.

Earnings grew 6.8% to EUR173 million (2005: EUR162 million) in
the Central Europe sector and by 2.6% to EUR235 million (2005:
EUR229 million euros) in the Northern Europe sector.  As in the
previous quarter, the strategy of focusing on price quality
rather than volume growth proved successful again in the third
quarter.  The Northern Europe sector benefited from the positive
business development in the Scandinavian countries and despite
weaker market conditions in the U.K. from structural measures
implemented during the 2005.

The performance of the Western Europe sector, in contrast, did
not improve in the third quarter.  Restrained demand in France
impacted both Nouvelles Frontières and the Corsair airline.

The weak market environment in France was not offset by the
gratifying trends in the Netherlands and Belgium.  Overall,
earnings by the division declined by 18.3% to EUR67 million
(2005: EUR82 million) for the Western Europe sector.

The destinations sector (incoming agencies and hotel companies)
posted a 5.2% increase to EUR207 million in turnover in the
third quarter of 2006.  Earnings by the sector rose by 0.9% to
EUR112 million (2005: EUR111 million).  The incoming agencies
recorded varying trends.  At 3.99 million, the number of guests
catered for in the third quarter of 2006 matched the 2005's
level.  The hotel companies of the Hotels & Resorts segment
managed to maintain the high occupancy rates achieved in 2005.

                            Shipping

In the third quarter of 2006, the shipping division operated
virtually in the same environment as in the previous quarter.
In the period under review, the trend was characterized by a
reduction in freight rates and high costs.  The oil price-
related bunker costs and charter rates remained high in all
trade lanes.  The growth in transport volumes in the third
quarter of 2006 remained at the 2005's level.  As a result,
earnings dropped significantly to -EUR25 million euros (2005:
EUR95 million) and included one-off expenses for the integration
of CP Ships.

                             Prospects

In the 2006 summer season, which ended on Oct. 31, 2006,
customer numbers were 2.4% up year-on-year at TUI Group level.
Booked turnover roughly matched the 2005's level, growing 0.1%.
TUI started off into the current winter season at solid growth
in bookings.  Tourism turnover for the winter season is 5.8% up
year-on-year at Group level, with customer numbers up 11.5%
year-on-year.

Concerning the development of earnings (EBITA) of the individual
tourism sectors, an uneven trend emerges for the 2006 financial
year.  The Central Europe sector is expected to see an
improvement in earnings.  The optimization programs already
initiated will more than offset the associated one-off expenses.

The restructuring programs launched in the U.K. in 2005 will
have a positive effect on earnings by the Northern Europe
sector.  An opposite effect will be caused by the declining
trend in the market observed since the summer months.  The
development of the Western Europe sector, in contrast, fails to
meet expectations.  Due to the persistent market weakness in
France, the Western Europe sector will probably not generate
positive earnings for the year as a whole.  In August 2006, the
TUI Executive Board activated a catalogue of measures in order
to enhance efficiency and cut costs throughout the Group.  Some
individual measures are currently being scrutinized.  Details on
measures to be taken will be announced on Dec. 15, 2006.

In shipping, the integration of CP Ships has progressed
significantly faster than expected and has meanwhile almost been
completed.  In 2007 already, a large part of the EUR220 million
in synergies expected will affect earnings.  The cost of the
restructuring and integration of CP Ships total around
EUR100 million and will largely be incurred in the 2006
financial year.  Turnover and earnings by the division will
therefore be characterized by the first-time consolidation of CP
Ships for a full year.

Despite a so far positive development of transport volumes, the
shipping division is expected to considerably undercut the high
earnings level achieved in 2005.  This is due to the cost of
integration, the partly negative development of freight rates,
in particular in Asian transports, the oil price-induced
increase in bunker costs and land-based transport costs.  In the
light of the current external framework, it is to be expected
that the one-off integration costs will result in negative
earnings by the shipping division.

For the overall 2006 financial year, the TUI Group expects
significant turnover growth.  Earnings by divisions (EBITA), in
contrast, will decline year-on-year.

                            About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/en-- engages in the tourism and
shipping sectors.   The Company's core activities are in the
tourism business, focusing mainly on the markets of Central,
Northern and Western Europe.  TUI AG's shipping and logistics
activities are contained within its Hapag-Lloyd Container Linie
GmbH and CP Ships Ltd. subsidiaries.

                        *     *     *

As reported in the TCR-Europe on Aug. 15, Moody's Investors
Service placed on review for possible downgrade the Ba2/B1
ratings of TUI AG as a result of the company's announcement that
the Shipping division's full-year earnings for 2006 will be
impacted by higher operating costs and lower-than-expected
freight rates.

The ratings affected by the review are TUI's Ba2 Corporate
Family Rating, the Ba2 Senior Unsecured Long-Term ratings, and
the B1 Subordinated ratings.


TUI AG: Starts Winter Season with Increased Bookings
----------------------------------------------------
TUI AG has entered the 2006/2007 winter season with an increase
in bookings.  One week after the start of the season TUI records
an increase in booked turnover on the home market of 4.3%
compared with the prior-year period.

The number of customers is currently rising by 9.2%.  The
increases in customers and turnover are both currently above the
present growth in the market.  In the 2006 summer season, which
ended on Oct. 31, TUI Deutsch-land enjoyed a 4.4% increase in
the number of customers.  Booked turnover were 1.4% below the
comparable figure for the previous year.

Presenting the new brochures for the summer season 2007, TUI
Deutschland Chief Executive Dr Volker Boettcher referred to the
good quality of results on the German market despite the slight
decline in booked turnover.

"This reflects increased utilisation of the flight and hotel
capacities managed by TUI and a lower proportion of last-minute
bookings compared with the previous year," said Mr. Boettcher.
"Our strategy has proved correct.  Thanks to our excellent
control of capacity we sold more holidays at the brochure price
and thus increased the quality of results," he added.  For the
new summer program-mes Boettcher announced that the TUI early-
booker initiative would be strengthened, long-haul and city
tours would again be distinctly expanded and four new brochures
would be launched.

          Summer 2007: Stronger Focus on Early Bookers

In the coming year, TUI will focus even more strongly than
before on early-booker advantages.

"For the first time we will introduce an early-booker price list
which will replace the all-season regular price list and which
will enable holiday-makers who book early to save several
hundred euros," Mr. Boettcher said.

The new brochures will be available for bookings as of Nov. 10
at travel agents and on the Internet at http://tui.com/-- the
early-booker price list will apply up to Feb. 14.  Then the
price lists will be replaced and the holiday prices will rise.

"This way we are once again drawing increased attention to the
advantages of booking holidays early," Mr. Boettcher said.
"Customers who book early will have a full selection of products
and will be financially rewarded."

As an incentive for early bookers TUI will be offering XXS fixed
prices for children as from EUR99 and the XXL bonus for adults
which on average can save EUR110 per person.  What's more, TUI
has distinctly expanded the now very successfully established
60-day price advantage in particular in the self-drive segment.
All the early-booker advantages can be combined with further
cost-saving options.

          Turkey Cheaper; Spain Slightly More Expensive

As expected, holiday prices in the coming summer season will
develop differently according to holiday location.  On average,
holidays on the Balearic Islands will cost around three% more,
on the Spanish mainland around 2.5% more and on the Canary
Islands around 1.5% more.  Holidays in Portugal (+ 1.5%) and in
Germany (+ 1.7%) will be slightly more expensive, too.  By
contrast, holidays to Turkey and North Africa will be cheaper or
show stable prices.  Boettcher: "We can announce stable prices
for Egypt, and holidays in Turkey will be on average three%
cheaper than this year."

In the winter season, there are signs that once again the trend
for Spain is very stable.  The Balearic Islands are currently
experiencing turnover growth of 11% (customers -5.2%) and the
Canary Islands an increase in turnover of 9.6% (customers +9%)
compared with the prior-year season.

"We are particularly pleased about the trend for the Canary
Islands because most Germans spend their holidays here in the
winter half-year and it is the most important destination in the
winter season for TUI," explained Mr. Boettcher.  Italy and
Portugal are also enjoying strong demand.  In the self-drive
sector the trend remains positive for Germany and Austria.

The long-haul destinations in Southeast Asia, Central and South
America are currently experiencing over-proportional growth -
reflecting the long-haul travel offensive launched by TUI a year
ago.  TUI is likewise highly satisfied up to now with the trend
in city tours, wellness and all-inclusive holidays.  TUI
Deutschland Chief Executive Boettcher emphasized that the
booking figures for the winter season merely represent an
initial trend and that the figures will show changes over the
further course of the season.

In the coming summer season TUI will present altogether 48
brochures and thousands of holiday offers around the globe.  The
TUI brochure world has been completely revamped and divided into
three sub-brands presenting classic beach holidays, holidays for
vacationers who mainly want to experience the country and its
people as well as premium holidays which are geared towards
customers whose priority on holiday is highest quality and
luxury.

As part of TUI's long-haul holiday and modular initiative, the
number of holidays has once again been distinctly increased for
the next summer season.

"This means that we now have the biggest long-haul and city tour
program in the history of the TUI brand," said Mr. Boettcher.

The Australia/New Zealand brochure is new with numerous bus and
hire-car tours, experience and adventure tours and hotels for
do-it-yourself travellers in the major cities, in the Outback
and on the tropical beaches of Australia's eastern coast.  Other
new developments include the destination of Tibet, which TUI is
offering for the first time in a combined tour with China.  For
families TUI is offering a family club brochure for the first
time in the new summer season.

"Our family clubs are a real success story and over the past
three years have enjoyed above-average bookings against the
market trend," TUI Deutschland Chief Executive said.

The new brochure with altogether 20 clubs in the most important
holiday destinations on medium-haul flight routes is geared to
families who exclusively want a club holiday.

                          About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/en-- engages in the tourism and
shipping sectors.   The Company's core activities are in the
tourism business, focusing mainly on the markets of Central,
Northern and Western Europe.  TUI AG's shipping and logistics
activities are contained within its Hapag-Lloyd Container Linie
GmbH and CP Ships Ltd. subsidiaries.

                        *     *     *

As reported in the TCR-Europe on Aug. 15, Moody's Investors
Service placed on review for possible downgrade the Ba2/B1
ratings of TUI AG as a result of the company's announcement that
the Shipping division's full-year earnings for 2006 will be
impacted by higher operating costs and lower-than-expected
freight rates.

The ratings affected by the review are TUI's Ba2 Corporate
Family Rating, the Ba2 Senior Unsecured Long-Term ratings, and
the B1 Subordinated ratings.


TUI AG: Tourism Restructuring Prompts Moody's to Lower Ratings
--------------------------------------------------------------
Moody's Investors Service downgraded the corporate family and
senior unsecured long-term ratings of TUI Aktiengesellschaft to
Ba3 from Ba2 ratings and the company's subordinated debt rating
to B2 from B1.

The downgrades reflect the company's announcement of its third-
quarter results for 2006, which confirmed that full-year
earnings will be impacted by higher operating costs and lower-
than-expected freight rates in the shipping business and
additional restructuring charges in the tourism division.  The
ratings remain on review for possible further downgrade.
Moody's anticipates at this time that any further Corporate
Family Rating change is likely to be limited to one notch given
the current profile, but will revisit the level of subordination
and related notching.

The ratings were originally placed on review for possible
downgrade on Aug. 11.

The rating downgrades have been primarily prompted by the impact
on the company's credit metrics of its weaker-than-expected
operating performance in the shipping division and the
anticipation that further restructuring charges may have to be
recorded in the tourism division.

"Moody's remains concerned at TUI's underlying operating
performance trend and believes that the company is not in a
position to achieve the target metrics we laid out when
assigning the initial ratings in October 2005," said Myriam
Durand, a Moody's Vice President/Senior Credit Officer.  At that
point Moody's expected leverage (the ratio of adjusted debt to
EBITDAR) to fall over the coming years from 5.8 and retained
cash flow pre-working capital to net debt to gradually improve
from 10%.

Moody's will seek to assess management's plan to address the
current issues and will endeavor to conclude the rating review
by the end of 2006.

Headquartered in Hanover, Germany, TUI is Europe's largest
integrated tourism group and a leading provider of container
shipping services, with sales of EUR18.2 billion in 2005.


WCM AG: Declares Insolvency After Debt Talks Fail
-------------------------------------------------
WCM Beteiligungs- und Grundbesitz-AG has applied for insolvency
on Nov. 8 as a result of the extraordinary termination of the
loan agreement by HSH Nordbank AG.

The intensive negotiations on the repayment of a EUR200 million
loan, which had continued until Wednesday morning, were
unsuccessful.

HSH intends to auction the shares assigned as collateral for the
loan.

The company's management board has sought a temporary
restraining order from the local court against HSH's realization
measures within the framework of a public auction with the aim
of preventing these measures.

The order application is essentially substantiated on the
grounds that the termination of the loan is legally ineffective
from the point of view of WCM and that the loans extended are
equity equivalent in nature.

In the context of the currently insolvency proceeding, the court
has ruled a preliminary administration of assets.  Michael C.
Frege, CMS Hasche Sigle Insolvenzberatung und -verwaltung GbR,
Frankfurt am Main, has been instructed as preliminary insolvency
administrator.

As reported in the Troubled Company Reporter-Europe on Nov. 1,
WCM said it would sell its majority stake in Klockner-Werke AG
after failing to repay a EUR170 million loan to HSH.

On Oct. 18, HSH notified WCM that it was calling in the loan
originally extended to the company until July 31, 2007.  HSH
warned that it would auction off the latter's collateral shares
in Klockner if the company fails to repay by Oct. 25.

WCM had requested for the postponement of the cancellation of
the loan until Jan. 31, 2007, but HSH rejected the proposal.
According to Die Welt, HSH now owns WCM's shares in Klockner and
hospital operator Maternus.

HSH has yet to set the auction date, but a large number of
private equity funds, including U.S. investment firm Cerberus,
have already expressed interest in participating.  Once the
shares are sold, WCM would no longer have any operating
activities.

                   Klockner Group Statement

The Klockner-Werke AG Management Board intends to work closely
with the bankruptcy administrator appointed by the court in
order to realize partial amounts of its open claims.  What is
more important is the alignment to a new shareholder structure
as a result of the insolvency of the majority shareholder
through the still planned sale of the WCM AG shareholding to
Klockner-Werke AG.

Within the Group, the maximum balance sheet risk resulting from
amounts due from Group companies against WCM AG is around EUR80
million.  A complete value adjustment of these claims would
reduce Group equity from around EUR386 million to around EUR306
million.  As a result, the equity ratio would move down from
48%to 43% i.e. even in the future, the Group would have a more
than healthy balance sheet structure.  This is shown even more
clearly by the fact that the Group has no net amount due to
banks.

There are no further risks arising from the relationship to the
majority shareholder.  The Klockner Group is managed completely
independently of the rest of the WCM Group.

The Klockner-Werke AG Management Board has a well-founded
interest in being actively involved in the selection of the new
majority shareholder.  It will make the company's internal
documents available to the company interested in taking a
participation to allow it to complete a relevant examination.
Thus potential investors will have the required opportunity (due
diligence) of effectively assessing making an investment in
Klockner-Werke AG.  As part of this process, the Klockner
Management Board is open not only to interest actively expressed
by companies, but also to taking up independent contact with
potential investors on its own initiative.

                      About Klockner-Werke

Klockner-Werke AG is a group holding whose subsidiaries operate
successfully on the world market.  The focus of business
operations is at KHS AG, Dortmund, and thus on the development
and production of filling and packaging systems.  In addition to
German and international production facilities, KHS is
represented on all continents with more than 60 service and
sales outlets. Production takes place in Germany, the USA,
Brazil, Mexico, India and China. For many years, the company has
established itself as a world leader in providing filling and
packaging systems for the beverages industry, and well as the
food and non-food sector.

Other companies in the Klockner Group produce machines and
systems for processing plastic, manufacturing shoes, the
confectionary industry and various robot technologies.

                        About WCM AG

Headquartered in Frankfurt, Germany, WCM Beteiligungs- und
Grundbesitz-AG -- http://www.wcm.de/-- holds equity interests
in other real estate investment, management, and development
companies, as well as in the nursing homes and a packaging
maker.  The group owns 80% of Klockner-Werke AG, which also
operates in Austria, Czech Republic, Denmark, France, United
Kingdom, Italy, Netherlands, Spain, Switzerland, Australia,
Brazil, India, Japan, Mexico, Russian Federation, Singapore, and
the U.S.A.

WCM has been posting consecutive annual net losses since 2002:
EUR849 million in 2002; EUR315 million in 2003; EUR163 million
in 2004; and EUR44 million in 2005.


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


BORSODCHEM NYRT: European Commission OKs First Chemical's Offer
---------------------------------------------------------------
The European Commission approved Nov. 8 First Chemical Holding
Kft.'s proposed acquisition of control over BorsodChem Nyrt. and
declared the transaction compatible with the common market and
with the EEA Agreement.

The approval came after Penzuegyi Szervezetek Allami
Feluegyelete, the Hungarian financial supervisory authority,
approved the same offer.

PSzAF had earlier warned First Chemical to submit a copy of the
supplemented buyout offer or it would cancel the approval of the
buyout offer.  PSzAF stressed that First Chemical must
supplement its buyout offer to reflect changes to a prior
agreement between the company, Vienna Capital and Kikkolux.

PSzAF had suspended the buyout offer while investigating whether
it violated rules regarding acquisitions.

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

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

If the buyout materializes, the transaction would be Permira's
first in Eastern Europe, Bloomberg News relates.  According to
Bloomberg, Permira is looking to benefit from growing demand for
plastics in Eastern Europe, whose economy grows faster than its
western counterpart.

                        About BorsodChem

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

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

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

                        *     *     *

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


BORSODCHEM NYRT: Earns HUF4.6 Bln From January-September 2006
-------------------------------------------------------------
BorsodChem Nyrt. has released its operating results for the
three quarters ended Sept. 30, 2006.

BorsodChem posted HUF4.6 billion in net profit against HUF177.3
billion in revenues for the first nine months of 2006, compared
with HUF10.1 billion in net profit against HUF128.4 billion in
revenues for the same period in 2005.

The company's third quarter sales, however, went down on
quarter-on-quarter basis, mainly due to scheduled maintenance
shutdown executed in the period.

The company blamed the decrease in net profit to HUF4.9 billion
in losses booked on foreign currency loans due to the weakening
of the forint.

Borsodchem attributed the rise in revenues to:

   -- expanded capacities;
   -- export-friendly exchange rates; and
   -- favorable market tendencies.

At Sept. 30, 2006, the Company's balance sheet showed
HUF287.5 billion in total assets and HUF147 billion in total
liabilities, resulting in a HUF140.4 billion stockholders'
equity.

The Company's balance sheet also showed strained liquidity with
HUF70.5 billion in total current assets available to pay
HUF82.8 billion in total current liabilities.

Full-text copies of the company's financial statements for the
third quarter ended Sept. 30, 2006, is available for free
at http://ResearchArchives.com/t/s?14d5

                        About BorsodChem

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

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

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

                        *     *     *

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


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


ELAN CORP: Moody's Affirms B3 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service assigned a B3 rating to the proposed
new senior unsecured notes of Elan Finance plc reflecting a
guarantee from Elan Corporation plc and material subsidiaries.
At the same time, Moody's affirmed Elan's existing ratings
(B3 Corporate Family Rating) and the stable rating outlook.

The last prior rating action was an outlook revision to stable
from negative on June 14 following the FDA's approval of resumed
marketing for Tysabri in multiple sclerosis.

The new senior notes are being sold in a privately negotiated
transaction without registration under the Securities Act of
1933 under circumstances reasonably designed to preclude a
distribution thereof in violation of the Act.  The issuance has
been designed to permit resale under Rule 144A.

Elan's B3 Corporate Family Rating reflects the criteria outlined
in Moody's Global Pharmaceutical Rating Outlook including size
and scale (where Elan maps to the "B" category), cash flow
relative to debt (Caa), and cash coverage of debt ("Baa").
Elan's rate of cash use is significant, and Elan faces
US$613 million of debt maturities in early 2008.  Consummation
of the pending debt issuance would alleviate concerns about
near-term debt maturities, and would help solidify Elan's
position within the B3 rating category.

The rating outlook is stable.

"Despite an improvement in refinancing risk, Moody's believes
that the market acceptance of Tysabri remains uncertain and will
be a critical factor driving any future changes in Elan's credit
rating," stated Michael Levesque, Vice President and Senior
Credit Officer.

Upward rating pressure could result from a very successful re-
launch of Tysabri, leading Moody's to conclude that Elan is on a
clear path to generating positive free cash flow.  Negative
rating pressure could develop if Moody's believes that Elan is
unlikely to achieve positive earnings and cash flow by year-end
2008.

Rating assigned:

Elan Finance plc

    * B3 fixed rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

    * B3 floating rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

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)

Moody's does not rate Elan's US$254 million convertible notes
due 2008.

Elan Corporation, plc [NYSE: ELN] is a specialty
biopharmaceutical company headquartered in Dublin, Ireland, with
areas of expertise in neurological and autoimmune disease, and
drug delivery technology.


ELAN CORP: Standard & Poor's Affirms B Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
Elan Finance plc's proposed offering of US$500 million senior
unsecured notes due 2013, to be issued in a combination of fixed
and floating-rate notes.  Elan Finance plc is a wholly owned
subsidiary of Dublin, Ireland-based specialty pharmaceutical
company Elan Corp. plc.  The notes are guaranteed on a senior
unsecured basis by Elan and all of its existing material
subsidiaries.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  The ratings
outlook is stable.

"The ratings on Elan reflect the company's expected continued
losses over the intermediate term, a currently limited product
portfolio, and high reliance on Tysabri, which was only recently
approved for return to the market," said Standard & Poor's
credit analyst Arthur Wong.  "These factors are only partially
mitigated by Elan's significant cash on hand to fund operations
for the next several years and its lack of significant debt
maturities until 2008."

Elan specializes in the development and marketing of treatments
for pain, central nervous system ailments, infectious diseases,
and autoimmune problems.  Its key products include the multiple
sclerosis (MS) treatment, Tysabri, and the anti-infectives,
Maxipime and Azactam.

Following the offering of the notes, Elan plans to redeem its
US$254 million in 6.5% senior unsecured convertible notes due
2008.  Proceeds from the proposed US$500 million senior
unsecured notes offering are expected to be used to help repay a
portion of the US$613 million in 7.25% senior unsecured Athena
Neurosciences Finance LLC notes due in 2008.  The transactions
will enable Elan to conserve its still sizable cash balances.
Elan will need that liquidity in order to adequately support the
re-launch of Tysabri and fund continued R&D.


ELAN FINANCE: Moody's Assigns B3 Rating on New Senior Notes
-----------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the proposed
new senior unsecured notes of Elan Finance plc reflecting a
guarantee from Elan Corporation, plc and material subsidiaries.
At the same time, Moody's affirmed Elan's existing ratings
(B3 Corporate Family Rating) and the stable rating outlook.

The last prior rating action was an outlook revision to stable
from negative on June 14 following the FDA's approval of resumed
marketing for Tysabri in multiple sclerosis.

The new senior notes are being sold in a privately negotiated
transaction without registration under the Securities Act of
1933 under circumstances reasonably designed to preclude a
distribution thereof in violation of the Act.  The issuance has
been designed to permit resale under Rule 144A.

Elan's B3 Corporate Family Rating reflects the criteria outlined
in Moody's Global Pharmaceutical Rating Outlook including size
and scale (where Elan maps to the "B" category), cash flow
relative to debt ("Caa"), and cash coverage of debt ("Baa").
Elan's rate of cash use is significant, and Elan faces
US$613 million of debt maturities in early 2008.  Consummation
of the pending debt issuance would alleviate concerns about
near-term debt maturities, and would help solidify Elan's
position within the B3 rating category.

The rating outlook is stable.

"Despite an improvement in refinancing risk, Moody's believes
that the market acceptance of Tysabri remains uncertain and will
be a critical factor driving any future changes in Elan's credit
rating," stated Michael Levesque, Vice President and Senior
Credit Officer.

Upward rating pressure could result from a very successful re-
launch of Tysabri, leading Moody's to conclude that Elan is on a
clear path to generating positive free cash flow.  Negative
rating pressure could develop if Moody's believes that Elan is
unlikely to achieve positive earnings and cash flow by year-end
2008.

Rating assigned:

Elan Finance plc

    * B3 fixed rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

    * B3 floating rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

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)

Moody's does not rate Elan's US$254 million convertible notes
due 2008.

Elan Corporation, plc [NYSE: ELN] is a specialty
biopharmaceutical company headquartered in Dublin, Ireland, with
areas of expertise in neurological and autoimmune disease, and
drug delivery technology.


ELAN FINANCE: S&P Rates US$500-Mln Senior Unsecured Notes at B
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
Elan Finance plc's proposed offering of US$500 million senior
unsecured notes due 2013, to be issued in a combination of fixed
and floating-rate notes.  Elan Finance plc is a wholly owned
subsidiary of Dublin, Ireland-based specialty pharmaceutical
company Elan Corp. plc.  The notes are guaranteed on a senior
unsecured basis by Elan and all of its existing material
subsidiaries.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  The ratings
outlook is stable.

"The ratings on Elan reflect the company's expected continued
losses over the intermediate term, a currently limited product
portfolio, and high reliance on Tysabri, which was only recently
approved for return to the market," said Standard & Poor's
credit analyst Arthur Wong.  "These factors are only partially
mitigated by Elan's significant cash on hand to fund operations
for the next several years and its lack of significant debt
maturities until 2008."

Elan specializes in the development and marketing of treatments
for pain, central nervous system ailments, infectious diseases,
and autoimmune problems.  Its key products include the multiple
sclerosis (MS) treatment, Tysabri, and the anti-infectives,
Maxipime and Azactam.

Following the offering of the notes, Elan plans to redeem its
US$254 million in 6.5% senior unsecured convertible notes due
2008.  Proceeds from the proposed US$500 million senior
unsecured notes offering are expected to be used to help repay a
portion of the US$613 million in 7.25% senior unsecured Athena
Neurosciences Finance LLC notes due in 2008.  The transactions
will enable Elan to conserve its still sizable cash balances.
Elan will need that liquidity in order to adequately support the
re-launch of Tysabri and fund continued R&D.


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


WCM AG: Declares Insolvency After Debt Talks Fail
-------------------------------------------------
WCM Beteiligungs- und Grundbesitz-AG has applied for insolvency
on Nov. 8 as a result of the extraordinary termination of the
loan agreement by HSH Nordbank AG.

The intensive negotiations on the repayment of a EUR200 million
loan, which had continued until Wednesday morning, were
unsuccessful.

HSH intends to auction the shares assigned as collateral for the
loan.

The company's management board has sought a temporary
restraining order from the local court against HSH's realization
measures within the framework of a public auction with the aim
of preventing these measures.

The order application is essentially substantiated on the
grounds that the termination of the loan is legally ineffective
from the point of view of WCM and that the loans extended are
equity equivalent in nature.

In the context of the currently insolvency proceeding, the court
has ruled a preliminary administration of assets.  Michael C.
Frege, CMS Hasche Sigle Insolvenzberatung und -verwaltung GbR,
Frankfurt am Main, has been instructed as preliminary insolvency
administrator.

As reported in the Troubled Company Reporter-Europe on Nov. 1,
WCM said it would sell its majority stake in Klockner-Werke AG
after failing to repay a EUR170 million loan to HSH.

On Oct. 18, HSH notified WCM that it was calling in the loan
originally extended to the company until July 31, 2007.  HSH
warned that it would auction off the latter's collateral shares
in Klockner if the company fails to repay by Oct. 25.

WCM had requested for the postponement of the cancellation of
the loan until Jan. 31, 2007, but HSH rejected the proposal.
According to Die Welt, HSH now owns WCM's shares in Klockner and
hospital operator Maternus.

HSH has yet to set the auction date, but a large number of
private equity funds, including U.S. investment firm Cerberus,
have already expressed interest in participating.  Once the
shares are sold, WCM would no longer have any operating
activities.

                   Klockner Group Statement

The Klockner-Werke AG Management Board intends to work closely
with the bankruptcy administrator appointed by the court in
order to realize partial amounts of its open claims.  What is
more important is the alignment to a new shareholder structure
as a result of the insolvency of the majority shareholder
through the still planned sale of the WCM AG shareholding to
Klockner-Werke AG.

Within the Group, the maximum balance sheet risk resulting from
amounts due from Group companies against WCM AG is around EUR80
million.  A complete value adjustment of these claims would
reduce Group equity from around EUR386 million to around EUR306
million.  As a result, the equity ratio would move down from
48%to 43% i.e. even in the future, the Group would have a more
than healthy balance sheet structure.  This is shown even more
clearly by the fact that the Group has no net amount due to
banks.

There are no further risks arising from the relationship to the
majority shareholder.  The Klockner Group is managed completely
independently of the rest of the WCM Group.

The Klockner-Werke AG Management Board has a well-founded
interest in being actively involved in the selection of the new
majority shareholder.  It will make the company's internal
documents available to the company interested in taking a
participation to allow it to complete a relevant examination.
Thus potential investors will have the required opportunity (due
diligence) of effectively assessing making an investment in
Klockner-Werke AG.  As part of this process, the Klockner
Management Board is open not only to interest actively expressed
by companies, but also to taking up independent contact with
potential investors on its own initiative.

                      About Klockner-Werke

Klockner-Werke AG is a group holding whose subsidiaries operate
successfully on the world market.  The focus of business
operations is at KHS AG, Dortmund, and thus on the development
and production of filling and packaging systems.  In addition to
German and international production facilities, KHS is
represented on all continents with more than 60 service and
sales outlets. Production takes place in Germany, the USA,
Brazil, Mexico, India and China. For many years, the company has
established itself as a world leader in providing filling and
packaging systems for the beverages industry, and well as the
food and non-food sector.

Other companies in the Klockner Group produce machines and
systems for processing plastic, manufacturing shoes, the
confectionary industry and various robot technologies.

                        About WCM AG

Headquartered in Frankfurt, Germany, WCM Beteiligungs- und
Grundbesitz-AG -- http://www.wcm.de/-- holds equity interests
in other real estate investment, management, and development
companies, as well as in the nursing homes and a packaging
maker.  The group owns 80% of Klockner-Werke AG, which also
operates in Austria, Czech Republic, Denmark, France, United
Kingdom, Italy, Netherlands, Spain, Switzerland, Australia,
Brazil, India, Japan, Mexico, Russian Federation, Singapore, and
the U.S.A.

WCM has been posting consecutive annual net losses since 2002:
EUR849 million in 2002; EUR315 million in 2003; EUR163 million
in 2004; and EUR44 million in 2005.


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


AINA LINE: Creditors Must File Claims by Nov. 17
------------------------------------------------
LLP Aina Line has declared insolvency.  Creditors have until
Nov. 17 to submit written proofs of claim to:

         LLP Aina Line
         Jabaev Str. 170
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


BTA IPOTEKA: S&P Lifts Long-Term Counterparty Rating to BB-
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Kazakhstan-based BTA Ipoteka
Mortgage Co. to 'BB-' from 'B+'.  At the same time, the 'B'
short-term counterparty credit rating was affirmed.
Furthermore, Standard & Poor's assigned a 'kzBBB+' Kazakhstan
national scale rating to the company.  The outlook is stable.

"The rating action reflects BTAI's longer track record of
successful development, good business growth potential supported
by the favorable economic environment, and renewed support from
its strategic shareholder, Bank TuranAlem," said Standard &
Poor's credit analyst Annette Ess.

The stable outlook reflects the rating agency's expectation that
BTAI would maintain its strong market position in the Kazakhstan
mortgage market, and that its parent would continue to support
it in terms of capital and funding.

"The ratings could be raised if BTAI demonstrates a significant
increase in capitalization and notable profitability
improvements," added Ms. Ess.  The ratings could be lowered in
case of major deterioration of asset quality or capitalization,
or if the links with BTA weaken.


BYTOVIK-SEVER LLP: Creditors Must File Claims by Nov. 17
--------------------------------------------------------
LLP Bytovik-Sever has declared insolvency.  Creditors have until
Nov. 17 to submit written proofs of claim to:

         LLP Bytovik-Sever
         Mir Str. 270a
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


DORSNABREGION LLP: Aktube Court Starts Bankruptcy Procedure
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceeding against LLP Dorsnabregion on
Oct. 9.


ENERGOPROMSERVICE & K: Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Energo Industrial
Service & K Energopromservice & K (RNN 600700216935) on
Oct. 9.


ESBE COMPANY: Proof of Claim Deadline Slated for Nov. 17
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Esbe Company insolvent.

Creditors have until Nov. 17 to submit written proofs of claim
to:

         LLP Esbe Company
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


EURASIAN BANK: S&P Assigns B/B Counterparty Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B/B' long- and
short-term counterparty credit ratings to Kazakhstan-based
JSC Eurasian Bank.

At the same time, it assigned its 'kzBB+' Kazakhstan national
scale rating to the bank.  The outlook is stable.

The ratings on Eurasian Bank reflect:

   -- its modest customer franchise,

   -- short track record of the new strategy,

   -- rapid loan growth, and

   -- limited financial flexibility in the high-risk
      economic environment of the Republic of Kazakhstan.

"Positive rating factors include its wealthy and supportive
shareholders, diversifying customer base, good profitability,
adequate capitalization, and reduction of individual loan
concentrations," said Standard & Poor's credit analyst
Annette Ess.

The stable outlook reflects the rating agency's expectations
that the bank will benefit from the development of the financial
sector in Kazakhstan, supported by the country's good economic
prospects, and that the new management team will be successful
in implementing its strategy.

"A positive rating action will depend on further development of
the bank's franchise, improvements in capitalization,
profitability, and funding diversification," added Ms. Ess.

Ratings could be pressured downward by:

   -- an inability to manage rapid asset growth,
   -- deterioration in asset-quality indicators,
   -- reduced capitalization, and
   -- a significant decline in profitability.


FORTUNA-TRANSIT: Proof of Claim Deadline Slated for Nov. 17
-----------------------------------------------------------
LLP Fortuna-Transit has declared insolvency.  Creditors have
until Nov. 17 to submit written proofs of claim to:

         LLP Fortuna-Transit
         Vozvyshenka
         Jumabaev District
         North Kazakhstan Region
         Kazakhstan


HELIN LLP: Almaty Court Begins Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Helin
(RNN 600400243315) on Sept. 26.


KAZ DRAG: Claims Filing Period Ends Nov. 17
-------------------------------------------
LLP Kaz Drag Metal Suvenir Reklama has declared insolvency.
Creditors have until Nov. 17 to submit written proofs of claim
to:

         LLP Suvenir Reklama
         Akjayik Str. 13-45
         Saryarka District
         Astana, Kazakhstan


MONETA DETERGENTS: Court Commences Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Moneta
Detergents (RNN 301400001328).

LLP Moneta Detergents is located at:

         Promzona Str. 1
         Shahtinsk
         Karaganda Region
         Kazakhstan


NUR-ELEM LTD: Claims Filing Period Ends Nov. 17
-----------------------------------------------
LLP Nur-Elem Ltd. has declared insolvency.  Creditors have until
Nov. 17 to submit written proofs of claim to:

         LLP Nur-Elem Ltd.
         Dubinin Side Street 7
         Almaty District
         Astana, Kazakhstan


OMEGA SOFT: Claims Filing Period Ends Nov. 17
---------------------------------------------
LLP Omega Soft has declared insolvency.  Creditors have until
Nov. 17 to submit written proofs of claim to:

         LLP Omega Soft
         Auezov Str. 41-26
         Astana, Kazakhstan


OST BUSINESS: Creditors' Claims Due Nov. 17
-------------------------------------------
LLP Independent Audit Company Ost Business has declared
insolvency.  Creditors have until Nov. 17 to submit written
proofs of claim to:

         LLP Ost Business
         Ushanov Str. 71a
         Office 405
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-39-72


OTRAR JSC: Creditors Must File Claims by Nov. 19
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared JSC Otrar insolvent on Aug. 18.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Nov. 19 to submit written proofs of claim
to:

         JSC Otrar
         Frunze Str. 52-52
         Zyrianovsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (323-35) 4-02-83
         Fax: 8 (323-35) 4-01-07


PETROLINE LLP: Claims Registration Ends Nov. 17
-----------------------------------------------
LLP Petroline has declared insolvency.  Creditors have until
Nov. 17 to submit written proofs of claim to:

         LLP Petroline
         Micro District Aksai 1, 7-3
         Almaty, Kazakhstan
         Tel: 8 (3272) 56-92-90


REAL INVEST: Claims Registration Ends Nov. 17
---------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Real Invest Plus insolvent.

Creditors have until Nov. 17 to submit written proofs of claim
to:

         LLP Real Invest Plus
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


SALINO TRADE: Creditors' Claims Due Nov. 17
-------------------------------------------
LLP Salino Trade has declared insolvency.  Creditors have until
Nov. 17 to submit written proofs of claim to:

         LLP Salino Trade
         Lenin Str. 43-21
         Karaganda Region
         Kazakhstan


ST-PRODUCTS LLP: Claims Filing Period Ends Nov. 17
--------------------------------------------------
LLP ST-Products has declared insolvency.  Creditors have until
Nov. 17 to submit written proofs of claim to:

         LLP ST-Products
         Office 25
         Klochkov Str. 123
         Almaty, Kazakhstan


SPETSKOMSERVICE UK: Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceeding against LLP
Spetskomservice UK on Sept. 12.


VK STROY: Claims Registration Ends Nov. 17
------------------------------------------
LLP Construction Company VK Stroy Centre has declared
insolvency.  Creditors have until Nov. 17 to submit written
proofs of claim to:

         LLP VK Stroy Centre
         Bajov Str. 306
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


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


GREEN FOREST: Proof of Claim Deadline Slated for Dec. 22
--------------------------------------------------------
LLC Green Forest has declared insolvency.  Creditors have until
Dec. 22 to submit written proofs of claim to:

         LLC Green Forest
         Karagachevaya rosha, 5-5
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 67-91-72


MERIDIAN LTD: Claims Filing Period Ends Dec. 22
-----------------------------------------------
Joint Kyrgyz-German Enterprise Meridian Ltd. has declared
insolvency.  Creditors have until Dec. 22 to submit written
proofs of claim.

Inquiries can be addressed to (+996 312) 65-73-39.


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


GREEN PARK: S&P Rates EUR12.9-Million Class E Notes at BB
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the senior secured floating-rate notes to be
issued by Green Park CDO B.V., a special purpose entity.

The collateral comprises senior leveraged loans, mezzanine
loans, second-lien loans, and high-yield bonds.  The investment
manager is Blackstone Debt Advisors L.P.

This is the 10th Standard & Poor's rated CLO transaction managed
by Blackstone, following Regent's Park CDO B.V. (mainly European
senior secured loans and mezzanine debt), which closed in
October 2006.  This is Blackstone's third European CLO
transaction.

The quality of the portfolio will be closely monitored
throughout the reinvestment period by par value tests and
interest-coverage tests.  Failure of these tests will cause a
diversion of interest proceeds to pay down the notes
sequentially, until the failure is cured.

                         RATINGS LIST
                       Green Park CDO B.V.
       EUR408 Million Senior Secured Floating-Rate Notes

                            Prelim.        Prelim.
             Class          rating         amount (Mil. EUR)
             -----          ------         ------
             A              AAA            283.7
             B              AA              21.6
             C              A               24.5
             D              BBB-            25.3
             E              BB              12.9
             M              NR              40.0

             NR-Not rated.


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


BORSODCHEM NYRT: European Commission OKs First Chemical's Offer
---------------------------------------------------------------
The European Commission approved Nov. 8 First Chemical Holding
Kft.'s proposed acquisition of control over BorsodChem Nyrt. and
declared the transaction compatible with the common market and
with the EEA Agreement.

The approval came after Penzuegyi Szervezetek Allami
Feluegyelete, the Hungarian financial supervisory authority,
approved the same offer.

PSzAF had earlier warned First Chemical to submit a copy of the
supplemented buyout offer or it would cancel the approval of the
buyout offer.  PSzAF stressed that First Chemical must
supplement its buyout offer to reflect changes to a prior
agreement between the company, Vienna Capital and Kikkolux.

PSzAF had suspended the buyout offer while investigating whether
it violated rules regarding acquisitions.

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

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

If the buyout materializes, the transaction would be Permira's
first in Eastern Europe, Bloomberg News relates.  According to
Bloomberg, Permira is looking to benefit from growing demand for
plastics in Eastern Europe, whose economy grows faster than its
western counterpart.

                        About BorsodChem

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

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

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

                        *     *     *

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


BORSODCHEM NYRT: Earns HUF4.6 Bln From January-September 2006
-------------------------------------------------------------
BorsodChem Nyrt. has released its operating results for the
three quarters ended Sept. 30, 2006.

BorsodChem posted HUF4.6 billion in net profit against HUF177.3
billion in revenues for the first nine months of 2006, compared
with HUF10.1 billion in net profit against HUF128.4 billion in
revenues for the same period in 2005.

The company's third quarter sales, however, went down on
quarter-on-quarter basis, mainly due to scheduled maintenance
shutdown executed in the period.

The company blamed the decrease in net profit to HUF4.9 billion
in losses booked on foreign currency loans due to the weakening
of the forint.

Borsodchem attributed the rise in revenues to:

   -- expanded capacities;
   -- export-friendly exchange rates; and
   -- favorable market tendencies.

                        About BorsodChem

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

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

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

                        *     *     *

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


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


AGRO-IMPEKS CJSC: Court Names I. Maslov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. I. Maslov as
Insolvency Manager for CJSC Agro-Impeks.  He can be reached at:

         I. Maslov
         8th Floor
         Leskova Str. 19A
         302027 Orel Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-2105/06-20b.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         CJSC Agro-Impeks
         Ivanovskoye
         303126 Orel Region
         Russia


ARKTIK-TRANS-GAS-STROY: Court Names A. Skilov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Tyumen Region appointed Mr. A. Skilov
as Insolvency Manager for OJSC Auto Transport Enterprise 4
Arktik-Trans-Gas-Story.  He can be reached at:

         A. Skilov
         127a
         Kedrovaya
         Tyumen
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A70-7051/3-06.

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         OJSC Auto Transport Enterprise 4 Arktik-Trans-Gas-
         Stroy
         Levoberezhnaya 39
         Tobolsk Region
         Russia


BASHKIRSKIY CLOTH: Court Names I. Khayrullin to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. I.
Khayrullin as Insolvency Manager for OJSC Bashkirskiy Cloth
Factory (TIN 0269007235).  He can be reached at:

         I. Khayrullin
         Lenina Str. 56a
         Nizhnetroitskiy
         Tuymazinskiy Region
         452784 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-2970/06-G-KhRM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Bashkirskiy Cloth Factory
         Lenina Str. 56a
         Nizhnetroitskiy
         Tuymazinskiy Region
         452784 Bashkortostan Republic
         Russia


BUILDER-2 OJSC: Perm Bankruptcy Hearing Slated for January 26
-------------------------------------------------------------
The Arbitration Court of Perm region will convene at 10:00 a.m.
on Jan. 26, 2007, to hear the bankruptcy supervision procedure
on OJSC Builder-2.  The case is docketed under Case No.
A50-15482/2006-B.

The Temporary Insolvency Manager is:

         A. Nudelman
         Office 6
         Uinskaya Str. 1b
         614051 Perm Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         OJSC Builder-2
         Sovetskaya Str. 7
         618300 Kizel Region
         Russia


CENTERTELECOM OAO: Earns RUR1.9 Bln for First Nine Months 2006
--------------------------------------------------------------
OAO CenterTelecom released its financial results for the nine
months ended Sept. 30, 2006, prepared according to Russian
Accounting Standards.

CenterTelecom posted RUR1.9 billion in net profit against
RUR20.53 billion in revenues for the first nine months of 2006,
compared with RUR548 million in net profit against RUR20 billion
in revenues for the same period in 2005.

"Now we can say that the steps made by the top management
towards optimization of commercial, investment and financial
activities of the company for nine months of this year have
started to give really positive results, which are proved by the
specific figures," Sergei Pridantsev, General Director of
CenterTelecom, said.  "We are satisfied with the results and
looking into the future with optimism"

                       About CenterTelecom

OAO CenterTelecom -- http://www.centertelecom.ru/eng-- provides
fixed-line and mobile communications in the Russian Central
Federal District.  CenterTelecom had a charter capital of
RUR6.31 billion (about US$234 million) as of July 1, 2006.

The company's shares are listed on the Russian Trading System
stock exchange and the Moscow Inter-Bank Currency Exchange, and
its Level-1 American Depositary Receipts circulate on the U.S.
over-the-counter market and the Berlin and Frankfurt stock
exchanges.

                        *     *     *

As reported in the TCR-Europe on Oct. 20, Fitch Ratings changed
OAO Centertelecom's Outlook to Positive from Stable.  Its
ratings are affirmed at Issuer Default B- and Short-term B.
CT's National Long-term rating is affirmed at BB+.  The Outlook
on the National Long-term rating has been changed to Positive
from Stable.  Fitch has also assigned a BB+ rating to CT's RUB3
billion bond with a maturity in August 2011.

Standard & Poor's Ratings Services also raised its long-term
corporate credit rating on CenterTelecom to B from B- (with
stable outlook) as well as its long-term Russian national scale
rating to ruBBB+ from ruBBB-.


CENTERTELECOM OAO: Avails of US$115 Million Long-Term Financing
---------------------------------------------------------------
OAO CenterTelecom reveals the closure of the deal in which it
raised US$115 million of financing for the period of four years.

Deutsche Bank acted as the lead-manager of the deal.  A
significant portion of the borrowing amount is to be placed in
the form of Credit-Linked Notes.

In line with CenterTelecom's Financial Strategy approved by the
Company's Board of Directors, raised funds will be used to
restructure and refinance CenterTelecom's existing debt.  This
type of financing enables the Company to significantly reduce
its cost of debt and optimize its debt structure by balancing
short-term and medium-term principal debt repayments.

"Placement of CLNs is an important milestone in CenterTelecom's
credit history on international capital markets that should
improve the Company's investment profile and increase
international investors and creditors interest towards
CenterTelecom," Alexander Lutsky, Chief Financial Officer, said.

                       About CenterTelecom

OAO CenterTelecom -- http://www.centertelecom.ru/eng-- provides
fixed-line and mobile communications in the Russian Central
Federal District.  CenterTelecom had a charter capital of
RUR6.31 billion (about US$234 million) as of July 1, 2006.

The company's shares are listed on the Russian Trading System
stock exchange and the Moscow Inter-Bank Currency Exchange, and
its Level-1 American Depositary Receipts circulate on the U.S.
over-the-counter market and the Berlin and Frankfurt stock
exchanges.

                        *     *     *

As reported in the TCR-Europe on Oct. 20, Fitch Ratings changed
OAO Centertelecom's Outlook to Positive from Stable.  Its
ratings are affirmed at Issuer Default B- and Short-term B.
CT's National Long-term rating is affirmed at BB+.  The Outlook
on the National Long-term rating has been changed to Positive
from Stable.  Fitch has also assigned a BB+ rating to CT's RUB3
billion bond with a maturity in August 2011.

Standard & Poor's Ratings Services also raised its long-term
corporate credit rating on CenterTelecom to B from B- (with
stable outlook) as well as its long-term Russian national scale
rating to ruBBB+ from ruBBB-.


CENTERTELECOM OAO: Unveils Financial Strategy for 2006-2009
-----------------------------------------------------------
OAO CenterTelecom reveals key highlights of the Company's new
Financial Strategy for 2006-2009.  The key task of the Financial
Strategy is to reduce CenterTelecom's debt burden and bring down
the cost of debt servicing.

By mid-2006 CenterTelecom's financial position was characterized
by substantial debt load, inefficient debt structure and high
interest rates on most of the loans.  This situation was a
result of low operational efficiency that could not generate
cash flows sufficient to finance the Company's capital
expenditure.  This led to continuous growth in debt levels.

The Financial Strategy developed by CenterTelecom's management
provides for a comprehensive set of measures aimed at
improvement of the Company's financial standing.

These measures include:

   -- lowering operating expenses and improving operational
      efficiency;

   -- optimizing capital expenditures to increase cash flows for
      debt repayment;  RUR 7.4 billion of existing debt to be
      repaid from operating cash in flows in 2006-2009;

   -- restructuring expensive debt by attracting new financing
      at lower interest rates; and

   -- optimizing debt structure in terms of currency, type and
      tenor.

The management's estimates of the results of the Financial
Strategy implementation are:

   -- 2009 EBITDA* margin at around 34% compared to 26% in 2005;

   -- annual CapEx of RUR4-6 billion in 2006-2009;

   -- 2009 CapEx/EBITDA of 0.49 versus 0.74 in 2005;

   -- 2009 Net debt/EBITDA of no more than 1.7 compared to 3.36
      in 2005;

   -- 2009 weighted average debt duration of 2.5 years versus
      1.7 years at the end of 2005.

"New strategy aimed at introduction of strict cost controls,
optimization of capital expenditures and implementation of
balanced borrowing policy will enable the Company to
significantly reduce its debt burden, achieve financial
stability and strengthen market positions," Sergey Pridantsev,
Chief executive, said.

                       About CenterTelecom

OAO CenterTelecom -- http://www.centertelecom.ru/eng-- provides
fixed-line and mobile communications in the Russian Central
Federal District.  CenterTelecom had a charter capital of
RUR6.31 billion (about US$234 million) as of July 1, 2006.

The company's shares are listed on the Russian Trading System
stock exchange and the Moscow Inter-Bank Currency Exchange, and
its Level-1 American Depositary Receipts circulate on the U.S.
over-the-counter market and the Berlin and Frankfurt stock
exchanges.

                        *     *     *

As reported in the TCR-Europe on Oct. 20, Fitch Ratings changed
OAO Centertelecom's Outlook to Positive from Stable.  Its
ratings are affirmed at Issuer Default B- and Short-term B.
CT's National Long-term rating is affirmed at BB+.  The Outlook
on the National Long-term rating has been changed to Positive
from Stable.  Fitch has also assigned a BB+ rating to CT's RUB3
billion bond with a maturity in August 2011.

Standard & Poor's Ratings Services also raised its long-term
corporate credit rating on CenterTelecom to B from B- (with
stable outlook) as well as its long-term Russian national scale
rating to ruBBB+ from ruBBB-.


DIAMOND CJSC: Moscow Court Names I. Gorn as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. I. Gorn as
Insolvency Manager for CJSC Diamond.  He can be reached at:

         I. Gorn
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-48619/06-44-1068B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Diamond
         Apartment 61
         Samarkandskiy Avenue 13
         Moscow Region
         Russia


ENERGY CJSC: Court Names O. Syskov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. O.
Syskov as Insolvency Manager for CJSC Energy (TIN 2710000993).
He can be reached at:

         O. Syskov
         Dzerzhinskogo Str. 28
         680000 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-8773/2006-38.

The Debtor can be reached at:

         CJSC Energy
         Nagornaya Str. 5-40
         Chegdomyn
         Verkhnebureinskiy Region
         Khabarovsk Region
         Russia


FURNITURE OJSC: Court Names N. Kazharov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kabardino Balkariya Republic appointed
Mr. N. Kazharov as Insolvency Manager for OJSC Furniture.  He
can be reached at:

         N. Kazharov
         Gogolya Str. 26
         Nalchik
         Kabardino Balkariya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A20-1359/06.

The Debtor can be reached at:

         N. Kazharov
         Gogolya Str. 26
         Nalchik
         Kabardino Balkariya Republic
         Russia


GOLDEN TELECOM: Commences Rebranding; Awareness Survey to Follow
----------------------------------------------------------------
Golden Telecom Inc. discloses of the first results of the re-
branding campaign launched in October to support its strategy of
launching new products to the retail market.

During October 2006, Golden Telecom staged several events,
including press conferences, massive indoor and outdoor
advertisement campaigns and active media campaign to promote its
new image.  These activities are part of the Company's strategy
of launching new products and services for the mass-market,
including wireless broadband Internet access, voice over IP
services and domestic and international calls.  The re-branding
campaign in Moscow and the regions is the first step in the
strategy implementation.

In particular, Company's re-branding includes the development
and promotion of the new brand platform, which will tie in the
corporate brand with brands of different products and services
designed for various customer segments.  This strategic shift
towards mass market and emergence of a new target audience lead
the Company to change the emotional message carried by its
image.  Golden Telecom's logotype now conveys the openness,
friendliness and modernity of the Company.

The new logo of Golden Telecom consists of two figures colored
in orange, yellow and white and includes the new corporate
slogan "Achieve more."

The combined logotype should increase brand recognition.  The
logo will be used to identify products and services offered by
Golden Telecom on different market segments.  The different
forms and colors of the logo parts demonstrate to our customers
the variety of the Company's products and services, while
keeping them under the "Golden" umbrella.

The first results of the campaign have been very positive.  The
media, both public and professional, noticed effectiveness of
the new image, good timing and professional execution of the
media campaign.  Golden Telecom plans to conduct a brand
awareness survey in the coming months.

"We are changing in order to reflect in a better way those
positive changes that are taking place in our company and that
aim to distinguish our company from the competitors on the
telecommunications services market," Jean-Pierre Vandromme,
Chief Executive Officer of Golden Telecom, commented.  "For a
long time, Golden Telecom has been the best telecommunications
company on the business market due to the fact that we provide
top-quality, convenient and highly needed products and services.
It is time to enter the mass market as well.  We are here in
order to provide people with high-quality and affordable
services helping people communicate, exchange knowledge and
experience, enjoy life and keep in contact with each other in
our modern world."

                      About Golden Telecom

Golden Telecom, Inc. -- http://www.goldentelecom.com/--
provides integrated telecommunications and Internet services in
major population centers throughout Russia and other countries
of the Commonwealth of Independent States.  The Company offers
voice, data and Internet services to corporations, operators and
consumers using its overlay network in major cities including
Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara,
Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via
intercity fiber optic and satellite-based networks, including
around 287 combined access points in Russia and other countries
of the CIS.  The Company offers cellular communication services
in Kiev and Odessa, Ukraine.

                          *     *     *

As reported in the TCR-Europe on Oct. 16, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Golden Telecom Inc., to 'BB' from 'BB-', reflecting the
company's strengthened business profile and prudent financial
risk management.  S&P said the outlook is stable.

"The upgrade reflects the company's strengthened business
profile, with strong market shares and a leading consolidator
position in Russia's corporate fixed-line market," said Standard
& Poor's credit analyst Lorenzo Sliusarev.


GOOSE FACTORY: Orel Bankruptcy Hearing Slated for December 6
------------------------------------------------------------
The Arbitration Court of Orel Region will convene at 3:00 p.m.
on Dec. 6 to hear the bankruptcy supervision procedure on OJSC
Goose Factory of Orel Marshy Woodlands.  The case is docketed
under Case No. A48-3615/06-16b.

The Temporary Insolvency Manager is:

         N. Postnikov
         Post User Box 94
         302025 Orel Region
         Russia

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Goose Factory of Orel Marshy Woodlands
         Zhudre
         Khotynetskiy Region
         Orel Region
         Russia


GORKOVSKOYE: Omsk Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Omsk Region commenced bankruptcy
supervision procedure on LLC Building Assembly Enterprise
Gorkovskoye.  The case is docketed under Case No. A46-11861/
2006.

The Temporary Insolvency Manager is:

         A. Budelev
         5th Kordnaya Str. 65 B
         644018 Omsk Region
         Russia

The Debtor can be reached at:

         LLC Building Assembly Enterprise Gorkovskoye
         Landika Str. 27
         Gorkovskoye
         646600 Omsk Region
         Russia


HARVEST CJSC: Court Names M. Sorokin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. M. Sorokin as
Insolvency Manager for CJSC Harvest.  He can be reached at:

         M. Sorokin
         Orlovskiy Per. 5.3
         129110 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-32079/06-44-318B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         M. Sorokin
         Orlovskiy Per. 5.3
         129110 Moscow Region
         Russia


INDUSTRY OIL: Moscow Court Names I. Gorn as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. I. Gorn as
Insolvency Manager for LLC Industry Oil.  He can be reached at:

         I. Gorn
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-50710/06-38-1010B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Industry Oil
         Building 1
         Dmitrovskiy Proezd 4
         Moscow Region
         Russia


IREMEL' OJSC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
bankruptcy supervision procedure on OJSC Horse Sport Complex
Iremel' (TIN 0270013811).  The case is docketed under Case No.
A07-19548/06-G-GRA.

The Temporary Insolvency Manager is:

         I. Irmikimov
         Leninskogo Komsomola Str. 16
         Uchaly
         453700 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Horse Sport Complex Iremel'
         Neftyanikov Str. 6
         Uchaly
         Bashkortostan Republic
         Russia


ISTOCHNIK CJSC: Novosibirsk Court Hearing Slated for Feb. 14
------------------------------------------------------------
The Arbitration Court of Novosibirsk Region will convene at 9:30
a.m. on Feb. 14, 2007, to hear the bankruptcy supervision
procedure on CJSC Istochnik.  The case is docketed under Case
No. A45-16648/06-10/340.

The Temporary Insolvency Manager is:

         V. Trostenetskaya
         Post User Box 69
         630004 Novosibirsk Region
         Russia

The Arbitration Court of Sakhalin Region is located at:

         693020 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Istochnik
         Severnaya Str. 4
         Novosibirsk Region
         Russia


KHASAVYURTOVSKIY MEAT: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Dagestan Republic commenced bankruptcy
supervision procedure on State Unitary Enterprise
Khasavyurtovskiy Meat Combine.  The case is docketed under Case
No. A15-724/2005.

The Temporary Insolvency Manager is:

         G. Murtazaev
         3rd floor
         Umakhanova Str. 12
         Makhachkala
         Dagestan Republic
         Russia

The Debtor can be reached at:

         State Unitary Enterprise Khasavyurtovskiy Meat Combine
         Korkmasova Str. 3
         Khasavyurt
         Dagestan Republic
         Russia


NOVATEK OAO: Wins Sustainable Development Award
-----------------------------------------------
OAO Novatek was among the winners in the Russian "National
Environmental Prize" contest in which it was nominated and
received an award for "Contributions to Sustainable
Development."

The "National Environmental Prize" is sponsored by the State
Duma of the Russian Federation's Environmental Committee and the
Vernadsky Fund, a non-governmental environmental organization,
and is the only official award in Russia recognizing the social
and environmental contributions made by Russian companies.

Novatek's award was based on the results of its 2004-2005
Sustainability Report, prepared in accordance with the
principles and recommendations of the Global Reporting
Initiative (GRI) and independently certified by Societe General
Vostok.

The report's main purpose was to establish a dialogue with all
interested parties concerning the effectiveness of the Company's
environmental and social policies in a transparent forum and to
highlight Novatek's orientation to global standards and
practices of sustainable development.  The report contains
information on the activities of the Company, including;

   -- financial efficiency,
   -- socio-economic activities,
   -- environmental protection activities, and
   -- industrial and employee safety.

Novatek is also in the process of implementing an environmental
health and safety management system for all of its operating
subsidiaries in accordance with the International Organization
for Standardization (ISO) 14001 and the Occupational Health and
Safety Advisory Services (OHSAS) 18001 guidelines.  The first of
Novatek's subsidiaries to receive certification was OOO
Yurkharovneftegas.

Novatek plans to continue increasing the effectiveness of its
environmental and social policies based on the fundamental
principal that the current generation has a responsibility to
protect and improve environmental and social conditions for
future generations.

                        About Novatek

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

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

                        *     *     *

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


TNK-BP HOLDING: Tackles Kovykta Gas Haulage Routes with NGOs
------------------------------------------------------------
TNK-BP held a round table meeting in Moscow on Nov. 1, focused
on environmental issues related to potential routes for Kovykta
gas transportation as well as preparation of independent studies
aimed at examining and assessing various Kovykta gas transport
options -- those already considered by TNK-BP and other
potential alternatives -- taking into account socio-economic
risks and investment efficiency.

Participants include:

   -- TNK-BP,
   -- BP,
   -- RUSIA Petroleum,
   -- FRECOM,
   -- Stroitransgaz
   -- World Wildlife Fund (WWF) Russia,
   -- Greenpeace Russia,
   -- International Socioeconomic Union,
   -- Ecocenter Zapovedniki,
   -- Non-Commercial Partnership Transparent World,
   -- The Conservation Center,
   -- Russia's Birds Protection Union,
   -- Green Patrol,
   -- Baikal Environmental Wave, and
   -- Buryatia Regional Association on Baikal.

The NGO's stated their belief that this work might serve as a
basis for reasoned discussions of issues related to development
of the new East Siberian oil-and-gas province involving
producers, consumers and community leaders.

NGO representatives mentioned the relatively high level of
information transparency during the project design stage, as
well as TNK-BP's intention to increase the quality of Kovykta
project environmental support through comprehensive analysis of
social and environmental risks.  At the same time, ecologists
voiced a number of concerns regarding the technical side of the
project implementation. In their opinion, independent public
monitoring could help reduce the probability of these concerns
in the future.

The participants agreed that the round table would be the first
in a series of future meetings that will allow TNK-BP to inform
NGO's of its plans and current activities.  Such meetings will
also help environmental organizations to implement public
monitoring activities thus ensuring that all East-Siberian
projects implemented by TNK-BP, meet environmental requirements
at all project stages.

                          About TNK-BP

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

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

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

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

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


VIMPEL-COMMUNICATIONS: Armenia Offers 10% Stake in Armentel
-----------------------------------------------------------
The Armenian government is selling its 10% stake in CJSC Armenia
Telephone Company to OJSC Vimpel-Communications, RIA Novosti
reports citing Communications Minister Andranik Manukyan as
saying.

A sale, however, hinges on the condition that Vimpelcom discard
further expansion plans in the country, Mr. Manukyan added.

As reported in the TCR-Europe on Nov. 7, Vimpelcom will acquire
Hellenic Telecommunications Organization's 90% stake in Armentel
for EUR341.9 million.  Vimpelcom will also absorb Armentel's
EUR40 million in liabilities.

Vimpelcom bested fellow bidders MTC, ETISALAT, VTEL Holdings and
Knightsbridge Associates in a tender launched by OTE.  The
acquisition is subject to approval by the Armenian government,
which holds a 10% stake in Armentel.

Vimplcom expects to complete the deal by yearend.

Armentel, which provides a wide range of integrated products and
services for business and residential customers in Armenia,
controls 40% of the Armenian telecommunications market,
operating in the GSM 900 and CDMA standards.  Armentel serves
around 600,000 fixed-line and 400,000 mobile service
subscribers.

                         About VimpelCom

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

                        *     *     *

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


VNESHTORGBANK: Fitch Puts BB Local Currency IDR to VTB Armenia
--------------------------------------------------------------
Fitch Ratings assigned VTB Bank (Armenia) local currency ratings
of Issuer Default BB and Short-term B.  The Outlook is Stable.
The assigned ratings are aligned with the bank's foreign
currency Issuer Default BB and Short-term B ratings.

The local currency ratings reflect the moderate probability of
support being forthcoming, if required, from VTBA's majority
shareholder, Russia's Vneshtorgbank, but also take into account
Armenian country risks.

VTBA is Armenia's fourth largest bank with 10% of the banking
system's loans and retail deposits at end-H106.  VTB acquired a
70% stake in March 2004.  VTBA (formerly known as Armsberbank)
has a long history of operations in Armenia and traces its
origin to a branch of Sberbank of the USSR, established in 1923.

The bank services both corporate and retail clients, supported
by an extensive branch network consisting of 100 branches
located all over the country.


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


GENERAL CABLE: To Issue US$315-Million Senior Convertible Notes
----------------------------------------------------------------
General Cable Corp. has entered into an agreement to sell US$315
million in aggregate principal amount of its 0.875% Senior
Convertible Notes due 2013.

In addition, the Company has granted to the underwriters an
option to purchase up to an additional US$40 million in
principal amount of Senior Convertible Notes on the same terms
and conditions as those sold in this offering.

The Senior Convertible Notes will be convertible into General
Cable Corporation common stock at a conversion rate of 19.856
shares per US$1,000 principal amount of Senior Convertible
Notes.  This conversion is equivalent to an initial conversion
price of around US$50.36 per share.  This represents a 27.5%
premium to US$39.50 per share, which was the last reported sale
price of General Cable Corporation's common stock on the New
York Stock Exchange.

Prior to Oct. 15, 2013, holders may convert their Senior
Convertible Notes under certain circumstances.  On and after
Oct. 15, 2013, the notes will be convertible at any time prior
to the close of business on the business day before the stated
maturity date of the notes.  Upon conversion of a note, if the
conversion value is US$1,000 or less, holders will receive an
amount in cash in lieu of common stock equal to the lesser of
US$1,000 or the conversion value of the number of shares of
common stock equal to the conversion rate.  If the conversion
value exceeds US$1,000, in addition to this cash payment,
holders will receive, at General Cable Corporation's election,
cash or common stock or a combination of cash and common stock
for the excess amount.

General Cable Corporation expects to use the net proceeds from
this offering to repay outstanding amounts of principal and
interest under its senior secured credit facility as well as to
pay the net cost of separate convertible note hedge and warrant
transactions entered into in connection with this offering. The
convertible note hedge transactions are intended to offset
potential dilution to the Company's common stock upon potential
future conversion of the notes.  The warrants will have an
exercise price that is US$76.00, or 92.4% higher than the
closing price of the Company's common stock.  The Company also
expects to use the net proceeds of this transaction for general
corporate purposes, which may include funding internal growth or
potential acquisitions.

Merrill Lynch & Co. and Credit Suisse are acting as the lead
underwriters in this offering.

                       About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  The company
also operates in Turkey, Spain, Norway, China, Australia, New
Zealand, Brazil, Angola, Dominican Republic, Mexico, and Canada.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 27, Moody's
Investors Service's, in implementation of its new Probability-
of-Default and Loss-Given-Default rating methodology for the
U.S. manufacturing sector, confirmed the B1 Corporate Family
Rating for General Cable Corporation, as well as the B2 rating
on the company's US$285 million 9.5% senior unsecured notes due
2010.  Those debentures were assigned an LGD4 rating suggesting
that creditors will experience a 70% loss in the event of a
default.

As reported in the Troubled Company Reporter on Jan. 30,
Standard & Poor's Rating Services revised its outlook on
Highland Heights, Kentucky-based General Cable Corp. to positive
from stable, and affirmed the 'B+' corporate credit rating, the
'BB' secured bank loan rating, and the 'B' senior unsecured debt
rating.  The revised outlook reflects improved financial
leverage metrics stemming from improved profitability and
reduced debt.


GENERAL CABLE: Earns US$37.1 Million for Third Quarter 2006
-----------------------------------------------------------
General Cable Corporation has released operating results for the
third quarter ended Sept. 30, 2006.

Net income for the third quarter of 2006 was US$37.1 million,
compared with adjusted net income of US$13.5 million in the
third quarter of 2005.

Revenues of US$948.4 million were up 15% on a metal-adjusted
basis compared to the prior year.

Operating earnings were up in each major geographic region and
in six of the Company's eight reported business segments.  The
improvement in operating earnings was driven by increased
factory utilization, and a significantly improved pricing
environment across most of the Company's product lines and
geographies, including a reduction in the time to recover raw
material inflation.

"Price increases that were put in place during the second
quarter of 2006, as raw material prices were rapidly escalating,
have held during the third quarter reflecting high industry
capacity utilization rates as well as strong end markets,
particularly electric utility and electrical infrastructure
markets," Gregory B. Kenny, President and Chief Executive
Officer of General Cable, said.

"The electric utility and certain electrical infrastructure
market segments continue to demonstrate strong demand for cables
around the world driven by increasing demand for new energy
sources and renewed interest in expanding and improving the
reliability of the power distribution and transmission
infrastructure," Mr. Kenny added.

                    E.C.N. Cable Group, S.L.

During the third quarter, the Company completed the acquisition
of E.C.N. Cable Group, S.L. (ECN).  ECN is located near Bilbao,
Spain and primarily manufactures energy cables.  The acquisition
further expands the Company's European energy cable offering
with high-voltage aerial cables and increases the Company's
capacity for low and medium-voltage insulated power cable
products used in electric transmission and distribution lines.
ECN, with annual revenues of around US$70 million, will be
quickly integrated and managed through the Company's European
headquarters in Barcelona, Spain.

"This acquisition is timely as we anticipate renewed investment
in the aerial high voltage transmission grid in Europe coupled
with strong ongoing demand for medium voltage utility products,"
Mr. Kenny said.

                    Preferred Stock Dividend

In accordance with the terms of the Company's 5.75% Series A
Convertible Redeemable Preferred Stock, the Board of Directors
has declared a regular quarterly preferred stock dividend of
around US$0.72 per share.  The dividend is payable on November
24, 2006 to preferred stockholders of record as of the close of
business on Oct. 31, 2006.  The Company expects the quarterly
dividend payment to around US$0.1 million.

                   Fourth Quarter 2006 Outlook

"Despite increased inventories and rebalancing by some
distributors who bought ahead of a rising copper market, demand
and pricing in many of our end markets continue to be strong
going into the seasonally slower winter months, Mr. Kenny said.

"In particular, we expect organic metal-adjusted double-digit
revenue growth versus the prior year for our global Electric
Utility business.  Overall, for the fourth quarter we expect
revenues between US$900 and US$925 million and fully diluted
earnings per share of between US$0.55 and US$0.60, an increase
of roughly 100% from the adjusted earnings per share of US$0.29
in the fourth quarter of 2005," Mr. Kenny concluded.

                       About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  The company
also operates in Turkey, Spain, Norway, China, Australia, New
Zealand, Brazil, Angola, Dominican Republic, Mexico, and Canada.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 27, Moody's
Investors Service's, in implementation of its new Probability-
of-Default and Loss-Given-Default rating methodology for the
U.S. manufacturing sector, the rating agency confirmed the B1
Corporate Family Rating for General Cable Corporation, as well
as the B2 rating on the company's US$285 million 9.5% senior
unsecured notes due 2010.  Those debentures were assigned an
LGD4 rating suggesting that creditors will experience a 70% loss
in the event of a default.

As reported in the Troubled Company Reporter on Jan. 30,
Standard & Poor's Rating Services revised its outlook on
Highland Heights, Kentucky-based General Cable Corp. to positive
from stable, and affirmed the 'B+' corporate credit rating, the
'BB' secured bank loan rating, and the 'B' senior unsecured debt
rating.  The revised outlook reflects improved financial
leverage metrics stemming from improved profitability and
reduced debt.


GENERAL CABLE: Moody's Assigns B1 Rating on US$315-Mln Sr. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a rating of B1 to the
proposed US$315 million convertible senior notes of
General Cable Corp.  Concurrently, Moody's upgraded the
corporate family rating of GCC to Ba3 from B1.

Moody's also upgraded the rating on the US$285 million senior
unsecured notes to B1 from B2.  The rating outlook is stable.
The proceeds of the senior convertible notes will be used to
reduce revolver outstandings and for general corporate purposes,
including acquisitions.

                        Ratings Actions

Ratings assigned:

    * US$315 million senior unsecured convertible notes
      due 2013, B1 (LGD4, 65%)

Ratings upgraded:

    * US$285 million senior unsecured notes due 2010,
      to B1 (LGD4, 65%) from B2

    * Corporate Family Rating, to Ba3 from B1

    * Probability of Default Rating, to Ba3 from B1

The rating outlook is stable.

The assignment of a B1 rating to the proposed convertible notes
and the upgrade in the corporate family rating to Ba3 from B1
primarily reflect the company's:

   -- moderate leverage; strengthening interest coverage;

   -- low cost operations; leading market position in the
      wire & cable industry; and

   -- highly diversified end markets and customer base.

The ratings are additionally supported by:

   -- strong capacity utilization;

   -- rationalized industry-wide supply;

   -- positive demand dynamics in the energy segment of
      the company's business;

   -- a substantial inventory valuation cushion;

   -- low bad debt expense;

   -- sizeable net operating loss carry forwards, and

   -- size.

Factors weighing on the company's ratings include:

   -- the large commodity price content of the
      firm's operations,

   -- the highly seasonal and cyclical nature of its business,

   -- the concentration of key raw material supply,

   -- a significantly under-funded defined-benefit
      pension plan, and

   -- the unionization of a material portion of the
      company's workforce.

The stable outlook reflects Moody's expectation that GCC will
continue to grow volume, particularly in the power and
industrial & specialty segments, as a result of peak demand for
its products.  The rating agency also assumes that the firm will
continue to take a conservative approach to acquisitions with
consideration paid at or below replacement cost for cash flow
accretive operations that will expand the company's geographic
footprint and/or product breadth.  In the event that a major
acquisition adds material debt, the expectation is that GCC will
utilize cash flow to rapidly de-lever in its historically
disciplined manner.

The ratings could come under upward rating pressure if total
debt to EBITDA fall below 3.5 times on a sustained basis or if
demand for the company's products lead to a level of high
operating and free cash flow, thereby further improving coverage
ratios and other credit metrics.  Downgrade pressure could occur
if the company makes a major acquisition that leverages the
balance sheet and that poses material integration and
span-of-control issues.  The ratings could also be impaired if
total debt to EBITDA increases above 3.7 times or if EBIT to
interest expense declines below 2.3 times on a sustained basis.

GCC, located in Highland Heights, KY, is a leading global
developer and manufacturer within the wire and cable industry.
The firm markets copper, aluminum and fiber optic wire and cable
products globally.  For the last twelve months ended
June 30, 2006, the company reported revenues of US$3 billion.


GENERAL CABLE: Improved Leverage Spurs S&P to Lift Ratings
----------------------------------------------------------
Standard & Poor's Rating Services raised its corporate credit
rating on Highland Heights, Ky.-based General Cable Corp. to
'BB-' from 'B+'.

At the same time, the company's secured bank loan rating was
raised to 'BB+' from 'BB', and the senior unsecured debt rating
to 'B+' from 'B'.

The rating agency assigned a 'B+' to the proposed US$315 million
senior convertible note, due 2013, which would be used to pay
down the existing balance on the company's secured bank loan, to
pay the net cost of a convertible note hedge and a warrant, and
for general corporate purposes.  The outlook is stable.

"The upgrade reflects the continued improvement in financial
leverage, which reached 3.6x as of September 2006, pro forma for
the proposed debt, compared with 3.9x in the prior year," said
Standard & Poor's credit analyst Stephanie Crane.

The company continues to benefit from increased profitability,
which is being driven by strong demand from the energy and power
market, higher prices, as well as operating efficiencies.  The
transaction provides increased liquidity to invest in growing
its business, as well as the opportunity for future debt
refinancing.

The ratings on General Cable Corp. reflect moderately high
leverage and a cyclical operating profile, driven by fluctuating
market demand and volatility in raw material pricing that can
affect working capital requirements and cash flow.  These
factors are somewhat offset by the company's leading position in
a global market for wire and cables, especially in the energy
transmission and distribution market, as well as recent
increases in profitability, in part because of volume growth and
raw material pricing increases passed on to end customers, as
well as effective cost cutting and efficiency efforts.

General Cable is a leading global supplier (about 40% of sales
comes from operations outside of North America) in the
fragmented US$100 billion wire and cable market, supplying power
utilities for the electrical grid, industrial and specialty
markets, and the telecom market, including landline telephone
and computer data networks.


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


CONCORDIA BUS: Deloitte AB Expresses Going Concern Doubt
--------------------------------------------------------
Deloitte AB expressed substantial doubt about Concordia Bus AB's
ability to continue as a going concern after auditing the
company's financial statements for the fiscal year ended
Feb. 28, 2005.  The auditing firm pointed to the company's:

   -- recurring operating losses;

   -- stockholder's capital deficiency;

   -- negative cash flows from operations;

   -- inability to make certain interest payments on outstanding
      borrowings; and

   -- violations of borrowing covenants.

At Feb. 28, 2005, the company's balance sheet showed SEK873
million in shareholders' deficit, compared with a SEK330 million
deficit at Feb. 29, 2004.

For the 12-month period ended Feb. 28, 2005, the company posted
SEK560 million of net losses on SEK4.81 billion of net revenues,
compared with SEK409 million of net losses on SEK4.76 billion of
net revenues for the same period in 2004.

                     Company Restructuring

On July 22, 2005, Concordia entered into a restructuring
agreement with, among others, an Ad Hoc Committee of holders of
its EUR160,000,000 11% Senior Subordinated Notes due 2010 and an
informal group of holders of Senior Secured Notes.

Pursuant to the Restructuring Agreement, on Oct. 4, 2005,
holders of 99.91% in aggregate principal amount of the Senior
Subordinated Notes received equity in Concordia in exchange for
releasing Concordia for all claims they had under the Senior
Subordinated Notes.

Under the terms of the indenture governing the Senior
Subordinated Notes, the restructuring was a change of control
and Concordia was required to make a change of control offer to
all the holders of Senior Subordinated Notes who did not
participate in the restructuring.

Holders of an aggregate principal amount of EUR87,000 of Senior
Subordinated Notes accepted the offer which means that only
EUR58,000 in aggregate principal amount of Senior Subordinated
Notes remain outstanding.

Since the restructuring, the Company remains highly leveraged as
a result of:

   -- the outstanding 9.125% Senior Secured Notes due
      Aug. 1, 2009, issued by Concordia Bus Nordic;

   -- EUR45 million Mezzanine Facility; and

   -- significant operational lease obligations.

According to its Annual Report filed with the U.S. Securities
and Exchange Commission, this leverage has and will put
additional pressure on the Company's cash flows and limits the
Company's ability to seek additional external funds.

As of Feb. 28, 2005, Concordia had approximately SEK1.2 million
of long-term debt due to third parties, including the Senior
Secured Notes and long term finance lease obligations but
excluding operating lease obligations and excluding 11% Senior
Subordinated Notes due February 2010 of SEK1.448 million, which
are classified as short term.

As of Nov. 30, 2005, Concordia had approximately SEK1.7 million
of long-term debt due to third parties, including the Senior
Secured Notes, the Mezzanine Facility and long-term finance
lease obligations but excluding operating lease obligations.

                      About Concordia Bus

Headquartered in Stockholm, Sweden, Concordia Bus AB --
http://www.concordiabus.com/-- is the largest private bus
transportation company in the Nordic region.


=====================
S W I T Z E R L A N D
=====================


CONVERIUM HOLDING: Earns US$54.3 Million for Third Quarter 2006
---------------------------------------------------------------
Converium Holding AG released its financial results for the
third quarter and first nine months ended Sept. 30, 2006.

Converium posted US$54.3 million in net profit against US$538.3
million in revenues for the third quarter of 2006, compared with
US$6.9 million in net losses against US$678.7 million in
revenues for the same period in 2005.

The company posted US$178.4 million in net profit against
US$1.39 billion in revenues for the first nine months of 2006,
compared with US$34.5 million in net profit against US$2.18
billion in revenues for the same period in 2005.

As of Sept. 30, 2006, Converium Holding AG had US$11.87 billion
in assets, US$9.97 billion in liabilities and US$1.9 billion in
shareholder equity.

"Converium reports another quarter of impressive financial
performance," Inga Beale, Chief Executive Officer, commented.
"Our capital base has further strengthened.  The results
primarily reflect strong current-year underwriting performance,
highlighting the quality of our book of business.  The third
quarter demonstrates once more the sustainability of Converium's
rebound."

"We now focus on the year-end renewal negotiations and believe
that we can benefit from the recent positive rating actions,"
Mr. Beale added.  "We remain confident that Converium will be
awarded a better financial strength rating in the near future."

           Agreement to Sell North American Operations

On Oct. 17, Converium disclosed of the signing of a definitive
agreement to sell its North American operations to National
Indemnity Company, a Berkshire Hathaway company, for a total
consideration of US$295 million comprised of US$95 million in
cash and US$200 million in assumption of debt.  Converium has
not provided any guarantee or indemnity in respect of the
reserves of the North American operations.  The transaction is
subject to regulatory approvals and customary closing
conditions.  The transaction is not reflected in Converium's
third quarter financial accounts presented.

The sale to National Indemnity Company is based on the balance
sheet as of June 30, 2006.  On this basis Converium estimates
that the sale will result in a decrease in shareholders' equity
of US$135 million.  The overall effect on net income and
shareholders' equity will depend on the amount of unrealized
investment losses or gains at the North American operations,
closing net asset adjustments and foreign exchange developments.
Increases or decreases in the net assets of the North American
operations after June 30, 2006 do not give rise to a net benefit
or detriment to Converium, resulting in a fixed economic effect
of the transaction at closing.

On completing this transaction, Converium will achieve finality
regarding its North American operations.  In addition, the
Company's risk profile improves following the assumption of all
of the North American operations' reinsurance liabilities (in
excess of US$1 billion as of June 30, 2006) by National
Indemnity Company.

Following the conclusion of the sale, Converium will maintain a
strong financial position, while further de-risking its balance
sheet.  Converium is very pleased with Standard & Poor's
decision to place the Company on Credit Watch with positive
implications after the transaction was announced.

       Financial Guidance for 2006 Essentially Unchanged

Converium reiterates the fundamental elements of its full-year
financial guidance given in March 2006:

   -- gross premiums written for 2006 are projected to come in
      at US$1.8-1.9 billion;

   -- the priced combined ratio for the ongoing non-life
      operations is anticipated at around 102.5%, including an
      administration expense ratio of 5.5%, expected losses from
      natural catastrophes of about US$80 million but excluding
      expected Corporate Center costs of up to US$55 million as
      compared with the Company's previous guidance of
      US$45-50 million.

      This upward revision of Corporate Center costs is driven
      by additional expenses associated with the sale of the
      North American operations;

   -- the corporate tax rate is expected to range between
      12-15%, up from the previous guidance of 7-12%.  This
      upward revision is largely attributable to more income
      from high-tax jurisdictions;

   -- average invested assets including cash and cash
      equivalents should be in the magnitude of around
      US$7.2 billion, up from the previous guidance of around
      US$7 billion.

              Positive Outlook for Year-End Renewals

In the ongoing year-end renewals Converium experiences strong
support from clients.  Given the most recent positive signals
from rating agencies, especially Standard & Poor's placing of
Converium under Credit Watch with positive implications, clients
believe that Converium will obtain an improved financial
strength rating in the near future.

Even assuming no upgrade before the end of the year Converium
expects to achieve at least a stable volume of business in 2007,
based on increasing shares in a number of client relationships,
new business from various markets, and overall market conditions
which Converium believes to remain attractive.

                    Distinct Value Proposition

Following a ratings upgrade Converium will continue to build its
franchise as a mid-sized multi-line reinsurer with a distinct
geographic emphasis on Europe, Asia Pacific and the Middle East,
and with a focus on global specialty lines.  The Company
believes that, based on its knowledge-based strategy, it can
successfully position itself as an "intelligent alternative" in
global reinsurance markets, also benefiting from a clear and
distinctive strategic stance on North America.  As a result of a
ratings upgrade, Converium expects to gain increased shares with
existing clients and to establish new client relationships
without compromising on profitability.

                         About Converium

Headquartered in Zug, Switzerland, Converium Holding AG --
http://www.converium.com/-- provides treaty and individual
coverage for risks including accident and health, credit and
surety, e-commerce, third party and professional liability,
life, and special casualty.   The company also operates in
Germany, United Kingdom, France, Malaysia, Singapore, Australia,
Japan, Bermuda, Argentina, U.S.A., Brazil and Canada.

                          *     *     *

As reported in the TCR-Europe on Oct. 20, Fitch Ratings placed
Swiss-based Converium AG's Insurer Financial Strength BBB-
rating on Rating Watch Positive.  The agency has also placed
other ratings within the Converium group on RWP.

Converium group ratings are:

   -- Converium AG's IFS BBB- on RWP;

   -- Converium AG's Issuer Default rating BBB- on RWP;

   -- Converium Insurance (U.K.) Limited's IFS BBB- on RWP;

   -- Converium Ruckversicherungs (Deutschland) AG's IFS BBB- on
      RWP;

   -- Converium Holding AG's IDR BB on RWP; and

   -- Converium Finance S.A.'s US$200 million subordinated debt
      due 2032 BB+ on RWP.


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


CANWEST MEDIAWORKS: Moody's Confirms B2 Sr. Subordinate Rating
--------------------------------------------------------------
Moody's Investors Service confirmed CanWest MediaWorks Inc.'s
Ba3 Corporate Family Rating and B2 Senior Subordinate rating.

At the same time, Moody's changed CanWest's speculative grade
liquidity rating to SGL-2 from SGL-3.  The long-term ratings
reflect a Ba3 Probability of Default and an LGD5 (87%)
assessment on the senior subordinated notes.  This action
concludes the rating review commenced in July 2006.  The outlook
is negative.

In its decision to confirm the ratings, Moody's stated that
while CanWest's recent underperformance has significantly
weakened the company's key credit metrics, the potential for its
Canadian television operations to improve from a historically
low base in addition to ongoing cost reduction measures should
help reduce adjusted consolidated leverage to under 5x and
produce low single-digit free cash flow to debt by the end of
2008.

Moody's also recognized the significant and established
positions CanWest maintains in the Canadian newspaper publishing
sector and the value of its cash yielding investments in
Australia's Network TEN and other global media properties.
Finally, Moody's noted that it believes CanWest has both the
ability and desire to strengthen its balance sheet, which could
occur through further asset sales within the near term.

The negative outlook reflects Moody's view that CanWest's key
credit metrics based on its current set of assets will remain
weakly positioned within the Ba3 rating category over the next
couple of years.  Additionally, while Moody's expects improved
results from the company's Canadian television business,
supporting trends are only very recent and these trends need to
be sustained in order for the current ratings to hold.

Moody's noted that should CanWest's current review of
opportunities for its assets in the South Pacific result in a
sale of some of those assets, CanWest's ratings have the
potential to improve depending on how any proceeds are used.

The change in CanWest's SGL rating to SGL-2 from SGL-3 follows
the reduction in CanWest's legal entity bank facility usage from
asset sale proceeds in addition to recent amendments to its
banking covenants, which have eased liquidity pressures, such
that Moody's now considers CanWest's liquidity position to be
good.

Rating actions:

CanWest MediaWorks Inc.

    * Speculative Grade Liquidity Rating, upgraded to SGL-2
      from SGL-3

    * Outlook, changed to negative from rating under review

CanWest MediaWorks Inc. is a communications holding company
based in Winnipeg, Manitoba Canada, with interests in TV, radio
and publishing operations in Canada, Australia, New Zealand, and
other international locations.


GENERAL CABLE: To Issue US$315-Million Senior Convertible Notes
----------------------------------------------------------------
General Cable Corp. has entered into an agreement to sell US$315
million in aggregate principal amount of its 0.875% Senior
Convertible Notes due 2013.

In addition, the Company has granted to the underwriters an
option to purchase up to an additional US$40 million in
principal amount of Senior Convertible Notes on the same terms
and conditions as those sold in this offering.

The Senior Convertible Notes will be convertible into General
Cable Corporation common stock at a conversion rate of 19.856
shares per US$1,000 principal amount of Senior Convertible
Notes.  This conversion is equivalent to an initial conversion
price of around US$50.36 per share.  This represents a 27.5%
premium to US$39.50 per share, which was the last reported sale
price of General Cable Corporation's common stock on the New
York Stock Exchange.

Prior to Oct. 15, 2013, holders may convert their Senior
Convertible Notes under certain circumstances.  On and after
Oct. 15, 2013, the notes will be convertible at any time prior
to the close of business on the business day before the stated
maturity date of the notes.  Upon conversion of a note, if the
conversion value is US$1,000 or less, holders will receive an
amount in cash in lieu of common stock equal to the lesser of
US$1,000 or the conversion value of the number of shares of
common stock equal to the conversion rate.  If the conversion
value exceeds US$1,000, in addition to this cash payment,
holders will receive, at General Cable Corporation's election,
cash or common stock or a combination of cash and common stock
for the excess amount.

General Cable Corporation expects to use the net proceeds from
this offering to repay outstanding amounts of principal and
interest under its senior secured credit facility as well as to
pay the net cost of separate convertible note hedge and warrant
transactions entered into in connection with this offering. The
convertible note hedge transactions are intended to offset
potential dilution to the Company's common stock upon potential
future conversion of the notes.  The warrants will have an
exercise price that is US$76.00, or 92.4% higher than the
closing price of the Company's common stock.  The Company also
expects to use the net proceeds of this transaction for general
corporate purposes, which may include funding internal growth or
potential acquisitions.

Merrill Lynch & Co. and Credit Suisse are acting as the lead
underwriters in this offering.

                       About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  The company
also operates in Turkey, Spain, Norway, China, Australia, New
Zealand, Brazil, Angola, Dominican Republic, Mexico, and Canada.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 27, Moody's
Investors Service's, in implementation of its new Probability-
of-Default and Loss-Given-Default rating methodology for the
U.S. manufacturing sector, the rating agency confirmed the B1
Corporate Family Rating for General Cable Corporation, as well
as the B2 rating on the company's US$285 million 9.5% senior
unsecured notes due 2010.  Those debentures were assigned an
LGD4 rating suggesting that creditors will experience a 70% loss
in the event of a default.

As reported in the Troubled Company Reporter on Jan. 30,
Standard & Poor's Rating Services revised its outlook on
Highland Heights, Kentucky-based General Cable Corp. to positive
from stable, and affirmed the 'B+' corporate credit rating, the
'BB' secured bank loan rating, and the 'B' senior unsecured debt
rating.  The revised outlook reflects improved financial
leverage metrics stemming from improved profitability and
reduced debt.


GENERAL CABLE: Earns US$37.1 Million for Third Quarter 2006
-----------------------------------------------------------
General Cable Corporation has released operating results for the
third quarter ended Sept. 30, 2006.

Net income for the third quarter of 2006 was US$37.1 million
compared to adjusted net income of US$13.5 million in the third
quarter of 2005.

Revenues of US$948.4 million were up 15% on a metal-adjusted
basis compared to the prior year.

Operating earnings were up in each major geographic region and
in six of the Company's eight reported business segments.  The
improvement in operating earnings was driven by increased
factory utilization, and a significantly improved pricing
environment across most of the Company's product lines and
geographies, including a reduction in the time to recover raw
material inflation.

"Price increases that were put in place during the second
quarter of 2006, as raw material prices were rapidly escalating,
have held during the third quarter reflecting high industry
capacity utilization rates as well as strong end markets,
particularly electric utility and electrical infrastructure
markets," Gregory B. Kenny, President and Chief Executive
Officer of General Cable, said.

"The electric utility and certain electrical infrastructure
market segments continue to demonstrate strong demand for cables
around the world driven by increasing demand for new energy
sources and renewed interest in expanding and improving the
reliability of the power distribution and transmission
infrastructure," Mr. Kenny added.

                    E.C.N. Cable Group, S.L.

During the third quarter, the Company completed the acquisition
of E.C.N. Cable Group, S.L. (ECN).  ECN is located near Bilbao,
Spain and primarily manufactures energy cables.  The acquisition
further expands the Company's European energy cable offering
with high-voltage aerial cables and increases the Company's
capacity for low and medium-voltage insulated power cable
products used in electric transmission and distribution lines.
ECN, with annual revenues of around US$70 million, will be
quickly integrated and managed through the Company's European
headquarters in Barcelona, Spain.

"This acquisition is timely as we anticipate renewed investment
in the aerial high voltage transmission grid in Europe coupled
with strong ongoing demand for medium voltage utility products,"
Mr. Kenny said.

                    Preferred Stock Dividend

In accordance with the terms of the Company's 5.75% Series A
Convertible Redeemable Preferred Stock, the Board of Directors
has declared a regular quarterly preferred stock dividend of
around US$0.72 per share.  The dividend is payable on November
24, 2006 to preferred stockholders of record as of the close of
business on Oct. 31, 2006.  The Company expects the quarterly
dividend payment to around US$0.1 million.

                   Fourth Quarter 2006 Outlook

"Despite increased inventories and rebalancing by some
distributors who bought ahead of a rising copper market, demand
and pricing in many of our end markets continue to be strong
going into the seasonally slower winter months, Mr. Kenny said.

"In particular, we expect organic metal-adjusted double-digit
revenue growth versus the prior year for our global Electric
Utility business.  Overall, for the fourth quarter we expect
revenues between US$900 and US$925 million and fully diluted
earnings per share of between US$0.55 and US$0.60, an increase
of roughly 100% from the adjusted earnings per share of US$0.29
in the fourth quarter of 2005," Mr. Kenny concluded.

                       About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  The company
also operates in Turkey, Spain, Norway, China, Australia, New
Zealand, Brazil, Angola, Dominican Republic, Mexico, and Canada.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 27, Moody's
Investors Service's, in implementation of its new Probability-
of-Default and Loss-Given-Default rating methodology for the
U.S. manufacturing sector, the rating agency confirmed the B1
Corporate Family Rating for General Cable Corporation, as well
as the B2 rating on the company's US$285 million 9.5% senior
unsecured notes due 2010.  Those debentures were assigned an
LGD4 rating suggesting that creditors will experience a 70% loss
in the event of a default.

As reported in the Troubled Company Reporter on Jan. 30,
Standard & Poor's Rating Services revised its outlook on
Highland Heights, Kentucky-based General Cable Corp. to positive
from stable, and affirmed the 'B+' corporate credit rating, the
'BB' secured bank loan rating, and the 'B' senior unsecured debt
rating.  The revised outlook reflects improved financial
leverage metrics stemming from improved profitability and
reduced debt.


GENERAL CABLE: Moody's Assigns B1 Rating on US$315-Mln Sr. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a rating of B1 to the
proposed US$315 million convertible senior notes of
General Cable Corp.  Concurrently, Moody's upgraded the
corporate family rating of GCC to Ba3 from B1.

Moody's also upgraded the rating on the US$285 million senior
unsecured notes to B1 from B2.  The rating outlook is stable.
The proceeds of the senior convertible notes will be used to
reduce revolver outstandings and for general corporate purposes,
including acquisitions.

                      Ratings Actions

Ratings assigned:

    * US$315 million senior unsecured convertible notes
      due 2013, B1 (LGD4, 65%)

Ratings upgraded:

    * US$285 million senior unsecured notes due 2010,
      to B1 (LGD4, 65%) from B2

    * Corporate Family Rating, to Ba3 from B1

    * Probability of Default Rating, to Ba3 from B1

The rating outlook is stable.

The assignment of a B1 rating to the proposed convertible notes
and the upgrade in the corporate family rating to Ba3 from B1
primarily reflect the company's:

   -- moderate leverage; strengthening interest coverage;

   -- low cost operations; leading market position in the
      wire & cable industry; and

   -- highly diversified end markets and customer base.

The ratings are additionally supported by:

   -- strong capacity utilization;

   -- rationalized industry-wide supply;

   -- positive demand dynamics in the energy segment of
      the company's business;

   -- a substantial inventory valuation cushion;

   -- low bad debt expense;

   -- sizeable net operating loss carry forwards, and

   -- size.

Factors weighing on the company's ratings include:

   -- the large commodity price content of the
      firm's operations,

   -- the highly seasonal and cyclical nature of its business,

   -- the concentration of key raw material supply,

   -- a significantly under-funded defined-benefit
      pension plan, and

   -- the unionization of a material portion of the
      company's workforce.

The stable outlook reflects Moody's expectation that GCC will
continue to grow volume, particularly in the power and
industrial & specialty segments, as a result of peak demand for
its products.  The rating agency also assumes that the firm will
continue to take a conservative approach to acquisitions with
consideration paid at or below replacement cost for cash flow
accretive operations that will expand the company's geographic
footprint and/or product breadth.  In the event that a major
acquisition adds material debt, the expectation is that GCC will
utilize cash flow to rapidly de-lever in its historically
disciplined manner.

The ratings could come under upward rating pressure if total
debt to EBITDA fall below 3.5 times on a sustained basis or if
demand for the company's products lead to a level of high
operating and free cash flow, thereby further improving coverage
ratios and other credit metrics.  Downgrade pressure could occur
if the company makes a major acquisition that leverages the
balance sheet and that poses material integration and
span-of-control issues.  The ratings could also be impaired if
total debt to EBITDA increases above 3.7 times or if EBIT to
interest expense declines below 2.3 times on a sustained basis.

GCC, located in Highland Heights, KY, is a leading global
developer and manufacturer within the wire and cable industry.
The firm markets copper, aluminum and fiber optic wire and cable
products globally.  For the last twelve months ended
June 30, 2006, the company reported revenues of US$3 billion.


GENERAL CABLE: Improved Leverage Spurs S&P to Lift Ratings
----------------------------------------------------------
Standard & Poor's Rating Services raised its corporate credit
rating on Highland Heights, Ky.-based General Cable Corp. to
'BB-' from 'B+'.  At the same time, the company's secured bank
loan rating was raised to 'BB+' from 'BB', and the senior
unsecured debt rating to 'B+' from 'B'.  The rating agency
assigned a 'B+' to the proposed US$315 million senior
convertible note, due 2013, which would be used to pay down the
existing balance on the company's secured bank loan, to pay the
net cost of a convertible note hedge and a warrant, and for
general corporate purposes.  The outlook is stable.

"The upgrade reflects the continued improvement in financial
leverage, which reached 3.6x as of September 2006, pro forma for
the proposed debt, compared with 3.9x in the prior year," said
Standard & Poor's credit analyst Stephanie Crane.

The company continues to benefit from increased profitability,
which is being driven by strong demand from the energy and power
market, higher prices, as well as operating efficiencies.  The
transaction provides increased liquidity to invest in growing
its business, as well as the opportunity for future debt
refinancing.

The ratings on General Cable Corp. reflect moderately high
leverage and a cyclical operating profile, driven by fluctuating
market demand and volatility in raw material pricing that can
affect working capital requirements and cash flow.  These
factors are somewhat offset by the company's leading position in
a global market for wire and cables, especially in the energy
transmission and distribution market, as well as recent
increases in profitability, in part because of volume growth and
raw material pricing increases passed on to end customers, as
well as effective cost cutting and efficiency efforts.

General Cable is a leading global supplier (about 40% of sales
comes from operations outside of North America) in the
fragmented US$100 billion wire and cable market, supplying power
utilities for the electrical grid, industrial and specialty
markets, and the telecom market, including landline telephone
and computer data networks.


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


AGROPRODUKT LLC: Court Names Sergij Avilov as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Sergij Avilov as
Liquidator/Insolvency Manager for LLC Agroprodukt (code EDRPOU
30348780).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 3.  The case is docketed
under Case No. 10/202/2006.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         LLC Agroprodukt
         Urozhajna Str. 1
         07832 Mikolaiv Region
         Ukraine


AQUA-INVEST CJSC: Court Names V. Kosovskij as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Herson Region appointed Mr. V. Kosovskij
as Liquidator/Insolvency Manager for CJSC Aqua-Invest (code
EDRPOU 23133005).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 27.  The case is docketed
under Case No. 6/174-B-06.

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         CJSC Aqua-Invest
         Senyavin Str. 11
         Herson Region
         Ukraine


BUSHEL ZERNO: Court Names Ivan Radik as Insolvency Manager
----------------------------------------------------------
The Economic Court of Harkiv Region appointed Ivan Radik as
Liquidator/Insolvency Manager for LLC Bushel Zerno (code EDRPOU
33232530).  He can be reached at:

         Ivan Radik
         Traktorobudivnik 140-B/75
         Harkiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 27.  The case is docketed
under Case No. B-24/90-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Bushel Zerno
         Popivka
         Krasnogradskij District
         Harkiv Region
         Ukraine


GOLDEN TELECOM: Commences Rebranding; Awareness Survey to Follow
----------------------------------------------------------------
Golden Telecom Inc. discloses of the first results of the re-
branding campaign launched in October to support its strategy of
launching new products to the retail market.

During October 2006, Golden Telecom staged several events,
including press conferences, massive indoor and outdoor
advertisement campaigns and active media campaign to promote its
new image.  These activities are part of the Company's strategy
of launching new products and services for the mass-market,
including wireless broadband Internet access, voice over IP
services and domestic and international calls.  The re-branding
campaign in Moscow and the regions is the first step in the
strategy implementation.

In particular, Company's re-branding includes the development
and promotion of the new brand platform, which will tie in the
corporate brand with brands of different products and services
designed for various customer segments.  This strategic shift
towards mass market and emergence of a new target audience lead
the Company to change the emotional message carried by its
image.  Golden Telecom's logotype now conveys the openness,
friendliness and modernity of the Company.

The new logo of Golden Telecom consists of two figures colored
in orange, yellow and white and includes the new corporate
slogan "Achieve more."

The combined logotype should increase brand recognition.  The
logo will be used to identify products and services offered by
Golden Telecom on different market segments.  The different
forms and colors of the logo parts demonstrate to our customers
the variety of the Company's products and services, while
keeping them under the "Golden" umbrella.

The first results of the campaign have been very positive.  The
media, both public and professional, noticed effectiveness of
the new image, good timing and professional execution of the
media campaign.  Golden Telecom plans to conduct a brand
awareness survey in the coming months.

"We are changing in order to reflect in a better way those
positive changes that are taking place in our company and that
aim to distinguish our company from the competitors on the
telecommunications services market," Jean-Pierre Vandromme,
Chief Executive Officer of Golden Telecom, commented.  "For a
long time, Golden Telecom has been the best telecommunications
company on the business market due to the fact that we provide
top-quality, convenient and highly needed products and services.
It is time to enter the mass market as well.  We are here in
order to provide people with high-quality and affordable
services helping people communicate, exchange knowledge and
experience, enjoy life and keep in contact with each other in
our modern world."

                      About Golden Telecom

Golden Telecom, Inc. -- http://www.goldentelecom.com/--
provides integrated telecommunications and Internet services in
major population centers throughout Russia and other countries
of the Commonwealth of Independent States.  The Company offers
voice, data and Internet services to corporations, operators and
consumers using its overlay network in major cities including
Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara,
Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via
intercity fiber optic and satellite-based networks, including
around 287 combined access points in Russia and other countries
of the CIS.  The Company offers cellular communication services
in Kiev and Odessa, Ukraine.

                          *     *     *

As reported in the TCR-Europe on Oct. 16, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Golden Telecom Inc., to 'BB' from 'BB-', reflecting the
company's strengthened business profile and prudent financial
risk management.  S&P said the outlook is stable.

"The upgrade reflects the company's strengthened business
profile, with strong market shares and a leading consolidator
position in Russia's corporate fixed-line market," said Standard
& Poor's credit analyst Lorenzo Sliusarev.


INDEPENDENT TEXTILE: Harkiv Court Names Ivan Radik as Liquidator
----------------------------------------------------------------
The Economic Court of Harkiv Region appointed Ivan Radik as
Liquidator/Insolvency Manager for LLC Independent Textile
Company-Harkiv (code EDRPOU 31558353).  He can be reached at:

         Ivan Radik
         Traktorobudivnik 140-B/75
         Harkiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 3.  The case is docketed
under Case No. B-24/91-06

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Independent Textile Company-Harkiv
         Shevchenko Avenue 235
         Harkiv Region
         Ukraine


KRYMTEPLOENERGOMONTAZH OJSC: Galina Yeryomenko to Manage Assets
---------------------------------------------------------------
The Economic Court of AR Krym Region appointed Galina Yeryomenko
as Liquidator/Insolvency Manager for OJSC Krymteploenergomontazh
(code EDRPOU 04788522).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 19.  The case is docketed
under Case No. 2-2b/4159-2006.

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         OJSC Krymteploenergomontazh
         Budivelna Baza
         Sholkino
         Leninskij District
         98213 AR Krym Region
         Ukraine


MICHURINSKE LLC: Court Names Tamara Zhevnova as Liquidator
----------------------------------------------------------
The Economic Court of Donetsk Region appointed Tamara Zhevnova
as Liquidator/Insolvency Manager for Agricultural LLC
Michurinske (code EDRPOU 30835456).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 18.  The case is docketed
under Case No. 42/168-B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Michurinske
         Yekaterinivka
         Maryinskij District
         85652 Donetsk Region
         Ukraine


MYRONIVSKY HLIBOPRODUCT: Moody's Puts (P)B2 Rating on Bond Issue
----------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
to OJSC Myronivsky Hliboproduct and a (P)B2 Senior Unsecured
rating to the proposed US$250 million Notes issuance, due 2011,
of MHP S.A.  Moody's also assigned to MHP a Ukrainian National
Scale Rating of A2.ua.  The outlook on the ratings is stable.

This is the first time Moody's has assigned ratings to MHP.  The
(P)B2 instrument rating should be affirmed and removed from its
provisional status upon completion of the bond issuance and
subject to satisfactory review of final documentation.

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks and differ from global scale ratings in that they
are not globally comparable to the full universe of Moody's
rated entities, but only with other rated entities within the
same country.

MHP is the leading chicken processing company in the Ukraine and
the B2 Corporate Family Rating reflects the quality assessment
of the company's business portfolio, its solid market leadership
position and the strong operating margins and credit metrics
resulting from the company's vertical integration.  The rating,
however, also factors MHP's relatively small size, its
geographic concentration and the business challenges when
operating in the Ukraine, which add a degree of volatility to
future performance.

The rating also captures risks associated with execution of the
company's sizeable investment program over the next few years,
which is initially likely to result in free cash flow losses;
the company's corporate governance is also at a developing stage
and the concentration of ownership could lead to the possibility
of unexpected changes in strategy or financial strength over
time.

The (P)B2 senior unsecured rating at the level of the Corporate
Family Rating recognizes the size of the instrument in the
capital structure and the limited amount of priority ranking
debt post issuance.  Moody's understands that although there are
some limitations on possible additional debt, Moody's would
reconsider the rating on the Notes if the amount of debt ranking
ahead of the bond had to increase significantly.

The stable outlook is based on Moody's expectation that the
company will be able to pursue its profitable growth strategy
thanks to its strong market leadership position and to maintain
its currently strong operating margin and cash generation that
should allow the company to weather relatively well adverse
market conditions.

Ratings assigned:

MHP

    * B2 Corporate Family Rating

    * A2.ua National Scale Rating

MHP S.A.

    * (P)B2 Senior Unsecured rating on the
       proposed US$250 million bond due 2011

Headquartered in Kyiv, Ukraine, MHP is the leading chicken
processing company in the Country.  During the year ending
December 2005 the company reported pro-forma revenues for
UAH1.5 billion (around US$299 million).


TNK-BP HOLDING: Tackles Kovykta Gas Haulage Routes with NGOs
------------------------------------------------------------
TNK-BP held a round table meeting in Moscow on Nov. 1, which
focused on environmental issues related to potential routes for
Kovykta gas transportation as well as preparation of independent
studies aimed at examining and assessing various Kovykta gas
transport options -- those already considered by TNK-BP and
other potential alternatives -- taking into account socio-
economic risks and investment efficiency.

Participants include:

   -- TNK-BP,
   -- BP,
   -- RUSIA Petroleum,
   -- FRECOM,
   -- Stroitransgaz
   -- World Wildlife Fund (WWF) Russia,
   -- Greenpeace Russia,
   -- International Socioeconomic Union,
   -- Ecocenter Zapovedniki,
   -- Non-Commercial Partnership Transparent World,
   -- The Conservation Center,
   -- Russia's Birds Protection Union,
   -- Green Patrol,
   -- Baikal Environmental Wave, and
   -- Buryatia Regional Association on Baikal.

The NGO's stated their belief that this work might serve as a
basis for reasoned discussions of issues related to development
of the new East Siberian oil-and-gas province involving
producers, consumers and community leaders.

NGO representatives mentioned the relatively high level of
information transparency during the project design stage, as
well as TNK-BP's intention to increase the quality of Kovykta
project environmental support through comprehensive analysis of
social and environmental risks.  At the same time, ecologists
voiced a number of concerns regarding the technical side of the
project implementation. In their opinion, independent public
monitoring could help reduce the probability of these concerns
in the future.

The participants agreed that the round table would be the first
in a series of future meetings that will allow TNK-BP to inform
NGO's of its plans and current activities.  Such meetings will
also help environmental organizations to implement public
monitoring activities thus ensuring that all East-Siberian
projects implemented by TNK-BP, meet environmental requirements
at all project stages.

                          About TNK-BP

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

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

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

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

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


UKRVTORMET CJSC: Court Names Ludmila Volovik as Liquidator
----------------------------------------------------------
The Economic Court of Harkiv Region appointed Ludmila Volovik as
Liquidator/Insolvency Manager for CJSC Ukrvtormet (code EDRPOU
24139056).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 19.  The case is docketed
under Case No. B-39/28-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         CJSC Ukrvtormet
         Chernishevskij Str. 66
         Harkiv Region
         Ukraine


YAVVA LLC: Court Names Kostyantin Romanov as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Kostyantin
Romanov as Liquidator/Insolvency Manager for LLC Yavva (code
EDRPOU 20278335).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 5.  The case is docketed
under Case No. B 15/167/05.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Yavva
         Kosmonavtiv Str. 43
         Krivij Rig
         50071 Dnipropetrovsk Region
         Ukraine


* Fitch Gives BB- Rating to Ukraine's Upcoming US$1-Bln Eurobond
----------------------------------------------------------------
Fitch Ratings assigned a BB- rating to Ukraine's upcoming
10-year US$1 billion eurobond.  The rating is in line with
Ukraine's foreign currency Issuer Default rating, on which the
Outlook is Positive.

"Ukraine's economic performance in 2006 has been strong despite
a sharp rise in the gas price in January," said Andrew
Colquhoun, Director in Fitch's Sovereigns Group.

"Political risk has diminished following the peaceful transition
to a new government in August.  Ukraine's ratings have the
potential to go up the scale if the country achieves continued
economic growth without overheating, while establishing a longer
record of political stability."

Ukraine's robust growth in 2006, which should come in around
5.5%, has been supported by strong consumption and a rebound in
investment.  The energy-intensive economy seems to have absorbed
January's rise in the gas price to US$95/thousand cubic meters
from US$50/tcm smoothly, lending confidence that a further hike
to US$130/tcm expected in 2007 will not prove too damaging.

Ukraine is likely to record its first current account deficit
for eight years in 2006, driven by strong import growth.  But
the country's capacity to deal with external shocks continues to
improve, with official reserves reaching US$19.2 billion at end-
September 2006, some 18% of expected 2006 GDP, covering about
four months of imports.  Encouragingly, foreign direct
investment picked up in 2005 to US$7.8 billion after years of
relatively minor inflows.

Fiscal finances remain a rating strength.  Ukraine's stock of
gross general government debt -to-GDP stood at 18.4% of GDP at
end-2005, well below the BB range median of 45.6%.  Furthermore,
Ukraine is one of only four net public external creditors in the
BB range, and the second strongest relative to GDP.

Bank credit to the private sector grew 64% in 2005, raising some
concern given the relative weakness of the banking system.
However, the fast-rising share of foreign ownership in the
system should improve risk-control standards, while offering
additional sources of support to the sector in any future
crisis.

Inflation remains relatively high, running at 11% year-on-year
in October 2006.  While inflation has dropped since the
authorities revalued the currency in April 2005, the authorities
need to remain vigilant for signs that the economy is
overheating.


* S&P Rates Ukraine's Upcoming US$1-Bln Eurobond Issue at BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured debt rating to the upcoming US$1 billion Eurobond to
be issued by Ukraine, which will mature in 2016.

"The ratings on Ukraine are supported by a strong general
government balance sheet, solid growth prospects over the medium
term, and a relatively low external debt burden," commented
Standard & Poor's credit analyst Moritz Kraemer.  "Despite a
drawn-out political crisis following the March 2006 elections
and the doubling of natural gas import prices earlier in the
year, the Ukrainian economy has outperformed expectations."

Growth in 2006 is now forecast to exceed 6%, slowing only
moderately in 2007.  Foreign direct investment and export
performance have also surpassed earlier estimates, demonstrating
the economy's improved resilience against the unpredictable
political environment.

Public sector and external solvency indicators have improved
markedly since 2000.  Ukraine's external liquidity is now
comparable with the 'BB' median, despite the evaporation of
current account surpluses, following adverse terms of trade
shocks and buoyant domestic demand.  The fiscal improvements
that occurred during the growth spurt in the first half of this
decade, together with significant privatization receipts, have
led to a fall in general government debt to less than 20% of GDP
in 2006, one-half the ratio of five years previously and the
current 'BB' median of 43%.

Prime Minister Viktor Yanukovich, who harbors a conciliatory
attitude toward The Russian Federation, will deliver a measured
increase in imported gas prices to market levels and reduce the
likelihood of supply shortages, both of which are key to
preventing a major slowdown of Ukraine's fast-growing, but
exceptionally energy-intensive economy.  Accordingly, import gas
prices will increase by slightly more than one-third to a
manageable US$130 per thousand cubic meters in 2007, far below
world market prices, although gas prices are still likely to
gradually increase to reach world market price levels.

Nevertheless, the ratings on Ukraine remain constrained by:

   -- weak political institutions,
   -- reversal-prone economic policies,
   -- low levels of prosperity, and
   -- vulnerability to external shocks.

"The rancorous political environment and the country's polarized
society continue to diminish policy consistency and
predictability," said Mr. Kraemer.  "The prospects for rigorous
and coherent implementation of policy reform remain poor over
the medium term, while risks of sudden policy reversals loom
large."

Ukraine's banking sector is one of the weakest systems analyzed
by Standard & Poor's Ratings Services and poses an above-average
contingent risk to the government, especially given brisk credit
expansion: domestic credit is expected to reach 50% of GDP in
2007, from less than 20% in 2002.


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


B W CONTRACTING: Appoints Andrew Rosler to Liquidate Assets
-----------------------------------------------------------
Andrew Rosler of Ideal Corporate Solutions Limited was appointed
Liquidator of B W Contracting Services Limited (formerly
Williamsmith Services) on Oct. 31 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         B W Contracting Services Limited
         Unit 14 Kingston Farm Industrial Units
         Down Hall Road
         Matching Green
         Harlow
         Essex CM170RB
         United Kingdom
         Tel: 01279 739 022


BATHE LIMITED: Names Simon Thornton as Administrator
----------------------------------------------------
Simon Thornton of Houghton Stone Business Recovery was named
administrator of Bathe Ltd. (Company Number 4633225) on Nov. 1.

The administrator can be reached at:

         Simon Thornton
         Houghton Stone Business Recovery
         The Conifers
         Filton Road
         Hambrook
         Bristol BS16 1QG
         United Kingdom
         Tel: 0117 957 9009

The company can be reached at:

         Bathe Ltd.
         Unit 8 Roman Farm Way
         Enterprise Trade Centre
         Bristol
         Avon BS4 1UN
         United Kingdom
         Tel: 0117 964 2010


BOLTON HEMMING: Appoints Hodgsons to Administer Assets
------------------------------------------------------
David E.M. Mond and Lawrence I. Freedman of Hodgsons were
appointed joint administrators of Bolton Hemming Ltd. (Company
Number 01166318) on Oct. 30.

The administrators can be reached at:

         David E.M. Mond and Lawrence I. Freedman
         Hodgsons
         George House
         48 George Street
         Manchester
         Greater Manchester M1 4HF
         United Kingdom
         Tel: 0161 228 7444
         Fax: 0161 228 735
         E-mail: dmond@hodgsons.co.uk

Bolton Hemming Ltd. can be reached at:

         Halliwell Industrial Estate
         Rossini Street
         Bolton
         Lancashire BL1 8DP
         United Kingdom
         Tel: 01204 492 614
         Fax: 01204 492 088


CANWEST MEDIAWORKS: Moody's Confirms B2 Sr. Subordinate Rating
--------------------------------------------------------------
Moody's Investors Service confirmed CanWest MediaWorks Inc.'s
Ba3 Corporate Family Rating and B2 Senior Subordinate rating.

At the same time, Moody's changed CanWest's speculative grade
liquidity rating to SGL-2 from SGL-3.  The long-term ratings
reflect a Ba3 Probability of Default and an LGD5 (87%)
assessment on the senior subordinated notes.  This action
concludes the rating review commenced in July 2006.  The outlook
is negative.

In its decision to confirm the ratings, Moody's stated that
while CanWest's recent underperformance has significantly
weakened the company's key credit metrics, the potential for its
Canadian television operations to improve from a historically
low base in addition to ongoing cost reduction measures should
help reduce adjusted consolidated leverage to under 5x and
produce low single-digit free cash flow to debt by the end of
2008.

Moody's also recognized the significant and established
positions CanWest maintains in the Canadian newspaper publishing
sector and the value of its cash yielding investments in
Australia's Network TEN and other global media properties.
Finally, Moody's noted that it believes CanWest has both the
ability and desire to strengthen its balance sheet, which could
occur through further asset sales within the near term.

The negative outlook reflects Moody's view that CanWest's key
credit metrics based on its current set of assets will remain
weakly positioned within the Ba3 rating category over the next
couple of years.  Additionally, while Moody's expects improved
results from the company's Canadian television business,
supporting trends are only very recent and these trends need to
be sustained in order for the current ratings to hold.

Moody's noted that should CanWest's current review of
opportunities for its assets in the South Pacific result in a
sale of some of those assets, CanWest's ratings have the
potential to improve depending on how any proceeds are used.

The change in CanWest's SGL rating to SGL-2 from SGL-3 follows
the reduction in CanWest's legal entity bank facility usage from
asset sale proceeds in addition to recent amendments to its
banking covenants, which have eased liquidity pressures, such
that Moody's now considers CanWest's liquidity position to be
good.

                         Rating Actions

CanWest MediaWorks Inc.

    * Speculative Grade Liquidity Rating, upgraded to SGL-2
      from SGL-3

    * Outlook, changed to negative from rating under review

CanWest MediaWorks Inc. is a communications holding company
based in Winnipeg, Manitoba Canada, with interests in TV, radio
and publishing operations in Canada, Australia, New Zealand, and
other international locations.


CAPRICORN DESIGN: Names Elizabeth Arakapiotis Liquidator
--------------------------------------------------------
Elizabeth Arakapiotis of Kallis & Co. was appointed Liquidator
of Capricorn Design Limited on Nov. 2 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Capricorn Design Limited
         Unit C5 Seedbed Centre
         Davidson Way
         Romford
         Essex RM7 0AZ
         United Kingdom
         Tel: 01708 766 954
         Fax: 01708 766 954


CORPACK INDUSTRIES: Brings In KPMG as Joint Administrators
----------------------------------------------------------
Richard Dixon Fleming and Allan Watson Graham of KPMG LLP were
appointed joint administrators of Corpack Industries Ltd.
(Company Number 03180487) on Nov. 1.

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

Headquartered in Knutsford, England, Corpack Industries Ltd. --
http://www.corpack.co.uk/-- designs and manufactures packaging
materials.


CORPACK INDUSTRIES: KMPG LLP Selling Corrugated Box Manufacturer
----------------------------------------------------------------
Allan Graham, Blair Nimmo, Richard Fleming and Jonathan Pope, in
their capacity as joint administrators of Corpack Industries
Ltd., are offer to sell the company's businesses and assets.

Corpack's principal businesses include:

  * Integrated converters:

    (a) Rowpak Containers Limited

         -- manufactures printed and plain corrugated boxes;

         -- long leasehold premises of 120,000 sq. ft. in
            Audenshaw, Manchester;

         -- 2.2-meter corrugator, casemakers and dye cutters;

         -- annual turnover of around GBP15 million; and

         -- 175 employees.

    (b) Glampak Limited

         -- manufactures litho laminated cartons and point of
            sale material, and trade supplier of single faced
            corrugated boxes;

         -- freehold premises of 65,000 sq. ft. in Tonypandy,
            South Wales;

         -- corrugators and extensive range of laminating and
            converting plant;

         -- annual turnover of around GBP4 million; and

         -- 65 employees.

  * Sheet plants:

    (a) Doncaster Packaging Limited

         -- manufactures printed and plain corrugated boxes;

         -- leasehold premises of 42,000 sq. ft. and long
            leasehold premises of 21,000 sq. ft. in Doncaster;

         -- extensive range of converting plant;

         -- annual turnover of GBP10 million; and

         -- 120 employees

    (b) Alexander Box Co. Limited

         -- manufactures printed and plain corrugated boxes

         -- leasehold premises of 30,000 sq. ft. in Cumbernauld

         -- extensive range of converting plant

         -- annual turnover of around GBP3 million; and

         -- 42 employees

  * Point of Sale:

    (a) Doncaster Screenprint Limited

         -- manufactures high quality printed point of sale
            packaging and display material;

         -- leasehold premises of 20,000 in Doncaster;

         -- digital/screen printing and converting plant;

         -- annual turnover of around GBP3 million; and

         -- 50 employees.

   (b) Clark Stephen Limited

         -- manufactures high quality printed point of sale
            packaging and display material;

         -- freehold premises of 29,000 sq. ft. and leasehold
            11,000 sq. ft. in Cumbernauld;

         -- screen printing and converting plant;

         -- annual turnover of around GBP4 million; and

         -- 42 employees.

Inquiries can be addressed to:

         Richard Voice or Ben Gaster
         KPMG LLP
         2 Cornwall Street
         Birmingham B3 2DL
         United Kingdom
         Tel: 0121 609 5885
         Fax: 0121 609 5899
         E-mail: richard.voice@kpmg.co.uk
                 ben.gaster@kpmg.co.uk

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.


CROSSCO 925: Creditors Confirm Liquidators' Appointment
-------------------------------------------------------
Creditors of Crossco 925 Limited (formerly Indigo Software
Limited) confirmed on Nov. 1 the appointment of David Malcolm
Walker and Ian David Green of PricewaterhouseCoopers LLP as the
company's Joint Liquidators.

The company can be reached at:

         Crossco 925 Limited
         Indigo House
         Belmont Business Park
         Durham
         County Durham DH1 1TW
         United Kingdom
         Tel: 0191 375 6700
         Fax: 0191 384 2288


EIRWALES GLASS: Claims Filing Period Ends Dec. 14
-------------------------------------------------
Creditors of Eirwales Glass Ltd. (Gary Corby Tyres and Centres
Ltd. and Ultra Performance Wheels Ltd.) have until Dec. 14 to
send in their names and addresses, with particulars of their
debts or claims and the names and addresses of their Solicitors
(if any) to appointed Liquidator Stephen John Burkinshaw at:

         H R Harris & Partners
         44 St. Helen's Road
         Swansea SA1 4BB
         United Kingdom

The company can be reached at:

         Eirwales Glass Ltd.
         62-70
         Dew Street
         Haverfordwest
         Dyfed SA611NR
         United Kingdom
         Tel: 01437 767 688
         Fax: 01437 765 399


ELEVATOR PRINTING: Taps Liquidator from Fisher Partners
-------------------------------------------------------
Stephen M. Katz of Fisher Partners was appointed Liquidator of
Elevator Printing Services Limited (formerly Flying Colours
Printing Services Limited) on Nov. 1 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Elevator Printing Services Limited
         33 Fitzroy Street
         London W1T 6DU
         United Kingdom
         Tel: 020 7631 0628
         Fax: 020 7631 0652


EMERALD RECRUITMENT: Hires Joint Administrators from Menzies
------------------------------------------------------------
Paul David Williams and Andrew Gordon Stoneman of Menzies
Corporate Restructuring were appointed joint administrators of
Emerald Recruitment (GB) Ltd. (Company Number 05636545) on
Nov. 1.

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.

Emerald Recruitment (GB) Ltd. can be reached at:

         Unit 8-9
         11-17 Fowler Road
         Hainault Business Park
         Ilford
         Essex IG6 3UJ
         United Kingdom
         Tel: 020 8500 7500


EUROSAIL 2006-3NC: Moody's Assigns Ba2 Rating on GBP4-Mln Notes
---------------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to these Notes to be issued by Eurosail 2006-3NC plc:

   -- EUR25,000,000 Class A1a Mortgage Backed Floating
      Rate Notes due September 2024: Aaa;

   -- US$60,000,000 Class A1b Mortgage Backed Floating
      Rate Notes due September 2024: Aaa

   -- GBP110,000,000 Class A1c Mortgage Backed Floating
      Rate Notes due September 2024: Aaa;

   -- US$145,000,000 Class A2b Mortgage Backed Floating
      Rate Notes due September 2044: Aaa;

   -- GBP35,250,000 Class A2c Mortgage Backed Floating
      Rate Notes due September 2044: Aaa;

   -- EUR128,000,000 Class A3a Mortgage Backed Floating
      Rate Notes due September 2044: Aaa;

   -- GBP80,200,00 Class A3c Mortgage Backed Floating Rate
      Notes due September 2044: Aaa;

   -- Class A3c Detachable Coupons payable
      until December 2009: Aaa;

   -- EUR48,800,000 Class B1a Mortgage Backed Floating
      Rate Notes due September 2044: Aa2;

   -- EUR20,000,000 Class C1a Mortgage Backed Floating
      Rate Notes due Sept 2044: A2;

   -- GBP9,850,000 Class C1c Mortgage Backed Floating Rate
      Notes due September 2044: A2;

   -- EUR6,050,000 Class D1a Mortgage Backed Floating Rate
      Notes due September 2044: Baa3;

   -- GBP11,000,000 Class D1c Mortgage Backed Floating
      Rate Notes due September 2044: Baa3;

   -- GBP10,455,000 Class DTc Mortgage Backed Floating
      Rate Notes due September 2044: Baa1; and

   -- GBP4,080,000 Class E1c Mortgage Backed Floating Rate
      Notes due September 2044: Ba2.

Moody's has not assigned ratings to the Class ETc and the Class
FTc Notes.

The currency denominations within each separate class of note
will rank pari-passu with each other in all respects.  The
currency risk will be covered via various currency swaps with
one or more swap counterparties.

This is the eighteenth RMBS-transaction of non-conforming, first
and second ranking mortgage loans originated by Southern Pacific
Mortgage Limited and Southern Pacific Personal Loans Limited and
the third securitization under the EUROSAIL name.  Capstone
Mortgage Services Limited, a wholly owned subsidiary of Lehman
Brothers, is the primary mortgage servicer and cash/bond
administrator to the transaction.  Homeloan Management Ltd
(SQ2), a wholly owned subsidiary of Skipton Building Society, is
the standby mortgage servicer and standby cash/bond
administrator.  Barclays Bank PLC will be the GIC provider.

Investors in the Class A3c Detachable Coupons do not receive any
payments of principal, and will be paid interest at a rate of 1%
for quarters 1 to 4, increasing to 1.7% in quarters 5 and 6,
2.25% in quarter 7, 2.5% in quarter 8, 2.75% in quarters 9 and
10 and 3% in quarters 11 and 12, calculated on the sterling
equivalent of the outstanding balance of the Class A1, A2 and A3
Notes.

The structure of this transaction is similar to that of Eurosail
2006-1 with a hedge of the fixed rate loans margin by mean of a
swap instead of a cap, but this transaction has an interest only
tranche, the Class A3c.  As in previous transactions, the DTc
Notes are not backed by mortgage collateral but will be paid
back by available excess spread.  Interest payments on the DTc
Notes rank pari passu with payments to the D1 Notes and
Principal on the DTc Notes will be paid from the Revenue
Waterfall after any top-up to the Reserve Fund -- up to 60% of
the closing balance of the DTc Notes on the immediately
preceding IPD, unless this is less than or equal to 25% of the
initial balance of the DTc Notes in which case available revenue
will be applied to pay down the DTc Notes.

At the closing date, the transaction will incorporate a cash
reserve to mitigate the reduced interest rate on discounted
loans during the first year.  A fixed cash amount will be
withdrawn from the Discount Margin Reserve Ledger on each of the
first four Interest Payment Dates (1st IPD GBP3,758,708, 2nd IPD
GBP2,860,228, 3rd IPD GBP2,614,807 and 4th IPD GBP2,548,927) and
will flow through the revenue waterfall as available revenue.

The Issuer has entered into a fixed/floating rate swap agreement
mitigate the potential variations between mortgage loan LIBOR
and the loans in the pool that carry fixed interest rate (around
68.4% for a period expiring on or before September 2009).  Under
this swap agreement, the Issuer will pay the interest received
from the fixed rate loans and will receive from the swap
counterparty LIBOR plus a margin determined at closing over the
average of the aggregate of the principal balances of the fixed
rate loans in the mortgage pool as of the second day of each of
the calendar months falling during the interest period.

The definitive ratings of the A Notes, the B1 Notes, the C1
Notes, the D1 Notes and the E1c Notes are based upon an analysis
of the characteristics of the mortgage pool backing the Notes,
the protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the issue.  A level of protection to
investors in the Notes (excluding the DTc Notes) will be the
Reserve Fund, which on closing will equal GBP2,550,000 or 0.50%
of the original transaction size (excluding DTc Notes).

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for the timely payment of interest and ultimate payment of
principal by the legal final maturity.


FIXED INCOME: Moody's Cuts Rating on Oval Series 2 Notes to Ba2
---------------------------------------------------------------
Moody's Investors Service downgraded to Ba2 from Ba1 the Oval
Series 2 EUR75,000,000 Credit-Linked Notes due 2009 issued by
Fixed Income Diamond Collection Plc.

This downgrade is the result of a negative credit migration in
the underlying pool.


GRANGE WELDING: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------
Creditors of Grange Welding (Wolverhampton) Limited confirmed
Nov. 1 the appointment of Roderick Graham Butcher of Butcher
Woods as the company's Liquidator.

The company can be reached at:

         Grange Welding (Wolverhampton) Limited
         Unit 12
         Sprint Industrial Estate
         Station Road
         Four Ashes
         Wolverhampton
         West Midlands WV107DA
         United Kingdom
         Tel: 01902 791 303
         Fax: 01902 798 714


GRASSLAND SERVICES: Liquidators Set Dec. 8 Claims Bar Date
----------------------------------------------------------
Creditors of Grassland Services Limited have until Dec. 8 send
their names and addresses and particulars of their claims to
appointed Joint Liquidators Matthew Colin Bowker and David
Antony Willis at:

         Jacksons Jolliffe Cork
         Lowgate House
         Lowgate Hull HU1 1EL
         United Kingdom

Headquartered in Hull, England, Grassland Services Limited --
http://www.grassland-services.co.uk/-- offers maintenance and
servicing of various grass care equipment for professional users
such as golf clubs and local authorities etc.  The company also
engages in the buy and sell of quality used machinery for
clients throughout the U.K.  Its products include automatic
robot lawnmowers and vacuum cleaners, diesel tractors, ride-on
petrol lawnmowers, brushcutters, trampolines, among others.


INDUSTRIA ENGINEERING: Taps Menzies as Joint Administrators
-----------------------------------------------------------
Jason James Godefroy and Paul John Clark of Menzies Corporate
Restructuring were appointed joint administrators of Industria
Engineering Products Ltd. (Company Number 00513697) on Nov. 1.

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.

Headquartered in Uxbridge, England, Industria Engineering
Products Ltd. -- http://www.industria.co.uk/-- engages in
component distribution for industrial and aerospace products.


INDUSTRIA ENGINEERING: Industrial Product Supplier Up for Sale
--------------------------------------------------------------
Jason Godefroy and Paul Clark, in their capacity as Joint
Administrators of Industria Engineering Products Limited, are
offering to sell the company's business and assets as a going
concern.

Industria Engineering distributes bearings, chains, v-belts,
machined plastics, adhesives and sealants.  The company, which
has over 50 years of trading in the industry, posts an annual
turnover of around GBP6 million.  It has branches in Bristol,
Glasgow, Leeds, Manchester, Nottingham and West Bromwich, and
has its office and warehouse in Uxbridge.

Inquiries can be addressed to:

         John Thompson
         Menzies Corporate Restructuring
         Tel: 020 7487 7240
         Fax: 020 7487 7299
         E-mail: jthompson@menzies.co.uk

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.


INFORMATION TECHNOLOGY: Hires BDO Stoy as Joint Administrators
--------------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of Information
Technology Resource Ltd. (Company Number 03349922) on Nov. 1

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.

Information Technology Resources Ltd. can be reached at:

         Kingsgate House
         Church Road
         Kingswood
         Bristol
         Avon BS15 4AU
         United Kingdom
         Tel: 0117 934 2800


INS NEWS: Taps Joint Administrators from Harrisons
--------------------------------------------------
P.R. Boyle and J.C. Sallabank of Harrisons were appointed joint
administrators of INS News Group Ltd. (Company Number 02823902)
on Nov. 1.

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

INS News Group Ltd. can be reached at:

         Unit 145
         Wharfedale Road
         Winnersh
         Wokingham
         Berkshire RG41 5RB
         United Kingdom
         Tel: 0118 922 9404


JAMES JACKSON: Brings In RSM Robson to Administer Assets
--------------------------------------------------------
Charles William Anthony Escott and Michael John Hore of RSM
Robson Rhodes LLP were appointed joint administrators of James
Jackson & Sons (Farmers) Ltd. (Company Number 00520054) on
Oct. 26.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/--
provides a wide range of auditing, assurance, advisory and
compliance services for both private and public sectors.  The
firm is a member of the RSM International, the world's sixth
largest international organization of accountants and business
advisers.

James Jackson & Sons (Farmers) Ltd. can be reached at:

         The Granary Home Farm
         Beningbrough
         York
         North Yorkshire YO3 01DB
         United Kingdom
         Tel: 01904 470 358
         Fax: 01904 470 460


JAUNOIR LIMITED: Creditors' Meeting Slated for November 21
----------------------------------------------------------
Creditors of Jaunoir Limited (Company Number 05592112) will meet
at 10:00 a.m. on Nov. 21 at:

         RSM Robson Rhodes LLP
         30 Finsbury Square
         London EC2P 2YU
         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. 20 at:

         Kevin John Hellard
         Joint Administrator
         RSM Robson Rhodes LLP
         30 Finsbury Square
         London EC2P 2YU
         United Kingdom
         Tel: +44 (0) 20 7251 1644
         Fax: +44 (0) 20 7250 0801

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/--
provides a wide range of auditing, assurance, advisory and
compliance services for both private and public sectors.  The
firm is a member of the RSM International, the world's sixth
largest international organization of accountants and business
advisers.


JUPITER INTERNATIONAL: Taps Bijal Shah to Liquidate Assets
----------------------------------------------------------
Bijal Shah of RE10 (South East) Limited was appointed Liquidator
of Jupiter International Limited on Oct. 30 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Jupiter International Limited
         41 Alicia Avenue
         Harrow
         Middlesex HA3 8HT
         United Kingdom
         Tel: 020 8907 8522
         Fax: 020 8907 8522


KRS PROUD: Administrators to Sell Mobile Servicing & Repair Biz
---------------------------------------------------------------
James Douglas Ernle Money and Myles Antony Halley at KPMG LLP,
in their capacity as joint administrators of KRS Proud to Serve
Limited, are offering to sell the company's business and assets.

Headquartered in Kent, England, and occupying around 5,000 sq.
ft. of office and servicing accommodation, KRS Proud to Serve
operates 30 mobile servicing vehicles, which cater for
specialist and fleet customers nationally.

The assets for sale features:

   -- a predominantly blue-chip customer base along with
      established firms;

   -- turnover for the first three months 2006 of GBP975,000.

   -- forecast 2006 turnover of GBP3.8 million to GBP4 million.

   -- 41 employees of which 30 are skilled and experienced
      engineers.

Inquiries can addressed to:

         Richard Harvey or David Davidson
         KPMG LLP Restructuring
         8 Salisbury Square
         London EC4Y 8BB
         United Kingdom
         Tel: 020 7311 1000
         Fax: 020 7694 3011
         E-mail: david.davidson@kpmg.co.uk
                 richard.harvey@kpmg.co.uk

As reported in the TCR-Europe on Nov. 7, Mr. Money and Mr.
Halley were appointed joint administrators of KRS Proud to Serve
Ltd. (Company Number 05804527) on Oct. 25.

KPMG LLP -- http://www.kpmg.co.uk/-- KPMG LLP --
http://www.kpmg.co.uk/-- offers accounting, audit, and tax-
related services to customers in such target industries as
banking, media and entertainment, consumer products, health care
providers, insurance, and pharmaceuticals.


M & M SALES: Claims Registration Ends Dec. 31
---------------------------------------------
Creditors of M & M Sales & Marketing Limited have until Dec. 31
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their Solicitors, (if any) to appointed Joint
Liquidator Ian J. Gold at:

         PKF (UK) LLP
         New Guild House
         45 Great Charles Street
         Queensway
         Birmingham B3 2LX
         United Kingdom

Headquartered in Willenhall, England, M & M Sales & Marketing
Limited engages in the importation and sale of beers.


MOUNTAIN TRADING: Taps Joint Administrators from Kroll
------------------------------------------------------
Philip Francis Duffy and Simon Wilson of Kroll Ltd. were
appointed joint administrators of Mountain Trading Ltd. (Company
Number 4413840) on Nov. 1.

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.

Mountain Trading Ltd. can be reached at:

         Lake Road
         Bowness on Windermere
         Windermere
         Cumbria LA23 3BJ
         United Kingdom
         Tel: 015394 447 86


NTL INC: Unveils "Virgin Media" After Telewest-Virgin Merger
------------------------------------------------------------
Virgin Mobile and ntl Telewest unveiled Nov. 8 the merged
company's future name and logo.  The re-branded company will be
called Virgin Media and launches in the first quarter of 2007.

Virgin Media will offer a 'quadplay' of digital TV, broadband,
mobile and home phone for entertainment and communications
services.

With major operational changes already underway at ntl Telewest,
Virgin Media promised to live up to Virgin's long-established
reputation for offering world class customer service.  To help
accelerate this transformation, the company has recently
committed an additional GBP5 million in 2006 to improve customer
care, ahead of the launch of Virgin Media.

Until the re-brand in early 2007, ntl Telewest will continue to
provide services under its existing brand name.  Virgin Mobile
will continue as part of the new Virgin Media group.  Going
forward, delivering a wide range of outstanding content across
multiple platforms will be an important focus for the re-branded
company.

"Virgin Media will shake up the market by bringing the Virgin
traditions of value-for-money, brilliant customer service and
innovation to the world of entertainment and communications,"
Steve Burch, president and CEO of NTL disclosed.

"While work remains to be done between now and the re-brand, our
decision to announce its name and logo today is a reflection of
my confidence that we're well on the way to creating an
organization that can live up to this vision by consistently
putting the consumer first," he added.

"Taking on the Virgin brand is about much more than a new name
and logo above the door.  ntl Telewest's management team has
consistently demonstrated that it understands this and the
commitment that's needed to succeed.  Much has already been
achieved and we're confident that the company's on track to
deliver the Virgin promise when we re-brand next year," Gordon
McCallum, chief executive officer of Virgin Management Limited
and ntl Board member expressed.

                      About the Company

Headquartered in London, England, NTL Inc. (NASDAQ: NTLI) --
http://www.ntl.com/-- is a Delaware corporation and is
publicly-traded is the US on the Nasdaq Global Select Market
under the symbol "NTLI."  The Company provides broadband,
digital television, telephony, content and communications
services, reaching over 50% of UK homes and 85% of UK
businesses.

                          *     *     *

As reported in TCR-Europe on July 17, Fitch Ratings assigned NTL
Cable PLC's upcoming GBP300 million 10-year senior notes an
expected rating of B and a Recovery Rating of RR5.  NTL Cable's
existing senior notes remain on Rating Watch Negative.  Fitch
will resolve the Rating Watch status on the NTL Cable notes and
assign final rating to the new notes upon completion of the new
senior note issue.

The final rating is contingent on the receipt of final documents
conforming to information already received.  At the same time
the agency has affirmed NTL Inc's Issuer Default rating at B+
with Stable Outlook and its Short-term ratings at B.  NTL
Investment Holdings Limited's GBP5.28 billion senior secured
credit facilities are affirmed at BB+ and Recovery Rating RR1.


NTL INC: Prepares GBP5-Billion Merger Offer for ITV
---------------------------------------------------
NTL Inc. readied a GBP5 billion offer for ITV Group PLC on
Nov. 11, AFX News Limited cited the Financial Times.

According to FT, NTL will offer GBP5 billion in cash for ITV,
with an equity option that would limit the increase in its debt
burden if the deal pushes through.

NTL confirmed Nov. 9 that it advised ITV of its interest in
exploring a possible combination transaction and has scheduled
an initial conversation with ITV to that end.

"This process is at a very preliminary stage and there is no
assurance that these discussions will lead to any offer being
made for ITV," NTL stated.

ITV also confirmed in a statement that it had been approached by
NTL but said there had not yet been any meeting between the two
parties.

"The board of ITV confirms that it has very recently received
from the Board of NTL Inc. a highly tentative expression of
interest in holding discussions about a possible combination of
NTL with ITV," ITV said.

"In the interests of its shareholders, the board of ITV has
indicated its willingness to listen to any bona fide proposal,
but to date no meeting has been held nor has any proposal been
received."

                          About ITV PLC

Headquartered in London, England, ITV PLC --
http://www.itvplc.com/-- is a U.K. media company, owning all of
the regional Channel 3 licenses in England and Wales. The
company wholly owns three leading free-to-air digital channels:
ITV2, ITV3 and ITV4.  It owns the market leading cinema screen
advertising businesses in the U.K. and Republic of Ireland and
has similar joint ventures in continental Europe and the United
States.

About NTL Inc.

Headquartered in London, England, NTL Inc. (NASDAQ: NTLI) --
http://www.ntl.com/-- is a Delaware corporation and is
publicly-traded is the US on the Nasdaq Global Select Market
under the symbol "NTLI."  The Company provides broadband,
digital television, telephony, content and communications
services, reaching over 50% of UK homes and 85% of UK
businesses.

                          *     *     *

As reported in TCR-Europe on July 17, Fitch Ratings assigned NTL
Cable PLC's upcoming GBP300 million 10-year senior notes an
expected rating of B and a Recovery Rating of RR5.  NTL Cable's
existing senior notes remain on Rating Watch Negative.  Fitch
will resolve the Rating Watch status on the NTL Cable notes and
assign final rating to the new notes upon completion of the new
senior note issue.

The final rating is contingent on the receipt of final documents
conforming to information already received.  At the same time
the agency has affirmed NTL Inc's Issuer Default rating at B+
with Stable Outlook and its Short-term ratings at B.  NTL
Investment Holdings Limited's GBP5.28 billion senior secured
credit facilities are affirmed at BB+ and Recovery Rating RR1.


NTL INC: Posts GBP96.1 Million Net Loss for Third Quarter 2006
--------------------------------------------------------------
NTL Inc. released its unaudited financial results for the third
quarter ended Sept. 30, 2006.

The company's condensed consolidated income statement showed a
GBP96.1 million net loss on GBP1.02 billion revenues for the
third quarter ended Sept. 30, 2006, compared with a GBP52.1
million net loss on GBP482.7 million revenues for the same
period in 2005.

As of Sept. 30, 2006, the company's condensed consolidated
balance sheet revealed GBP11.19 billion in total assets, GBP7.84
billion in total liabilities and GBP3.35 billion in
shareholders' equity.

The company's net debt as of Sept. 30, 2005 is GBP5.9 billion.

"On the day we are announcing that our new company name will
become Virgin Media, I am pleased to announce continued
improvement in our results with strong growth in OCF.  Cable
ARPU, RGU per customer and triple play penetration have all
improved due to our strategy of focusing on quality customers,"
Steven Burch, NTL CEO disclosed.

"Gross additions also increased sharply, reflecting the success
of our reinvigorated marketing and we have a firm plan in place
to address our historical churn issues.  We remain firmly on
track to achieve an annual GBP250 million synergy run rate by
the end of 2007 and we realized estimated savings of GBP28
million during the quarter," he added.

A full-text copy of NTL Inc. second quarter results is available
at no charge at http://ResearchArchives.com/t/s?14d4

                         About NTL Inc.

Headquartered in London, England, NTL Inc. (NASDAQ: NTLI) --
http://www.ntl.com/-- is a Delaware corporation and is
publicly-traded is the US on the Nasdaq Global Select Market
under the symbol "NTLI."  The Company provides broadband,
digital television, telephony, content and communications
services, reaching over 50% of UK homes and 85% of UK
businesses.

                          *     *     *

As reported in TCR-Europe on July 17, Fitch Ratings assigned NTL
Cable PLC's upcoming GBP300 million 10-year senior notes an
expected rating of B and a Recovery Rating of RR5.  NTL Cable's
existing senior notes remain on Rating Watch Negative.  Fitch
will resolve the Rating Watch status on the NTL Cable notes and
assign final rating to the new notes upon completion of the new
senior note issue.

The final rating is contingent on the receipt of final documents
conforming to information already received.  At the same time
the agency has affirmed NTL Inc's Issuer Default rating at B+
with Stable Outlook and its Short-term ratings at B.  NTL
Investment Holdings Limited's GBP5.28 billion senior secured
credit facilities are affirmed at BB+ and Recovery Rating RR1.


PPN JOINERY: Joint Liquidators Take Over Operations
---------------------------------------------------
Matthew Colin Bowker and David Antony Willis both of Jacksons
Jolliffe Cork were appointed Joint Liquidators of PPN Joinery
Services Limited on Oct. 31 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         PPN Joinery Services Limited
         Unit 32
         Carr Grange
         Doncaster
         South Yorkshire DN4 5HY
         United Kingdom
         Tel: 01302 730 999


PRISTINE ENGINEERING: Brings In SFP as Joint Administrators
-----------------------------------------------------------
Simon Franklin Plant and Daniel Plant of SFP were appointed
joint administrators of Pristine Engineering (U.K.) Ltd.
(Company Number 04265770) on Oct. 31.

The administrators can be reached at:

         Simon Franklin Plant and Daniel Plant
         SFP
         9 Ensign House
         Admirals Way
         Marsh Wall
         London E14 9XQ
         United Kingdom
         Tel: 020 7538 2222

Headquartered in Bilston, England, Pristine Engineering (U.K.)
Ltd. manufactures metal structures and parts.


SACHS FAHRZEUG: Exits Insolvency Zone After Management Buy-Out
--------------------------------------------------------------
A management buyout completed on Nov. 3 saved Sachs Fahrzeug-
und Motorentechnik GmbH, Germany's oldest motorcycle
manufacturer, from insolvency, Auto Industry states.  Sachs will
continue operating from its existing location in Nuremberg.

According to the report, the company's insolvency proceedings,
initiated in June 2006, were triggered by pensions liability
inherited by Hercules Werke GmbH, which Sachs acquired in the
1960s.  Sachs is represented in the U.K. by distributor 3X.

Headquartered in Nuremberg, Germany, Sachs Fahrzeug- und
Motorentechnik GmbH -- http://www.sachsmotorcycles.co.uk/--
which succeeds Hercules Werke, makes small motorcycles and
supplies small engines to third-party motorcycle makers.


SERVICE CENTRE: Creditors' Claims Due Dec. 11
---------------------------------------------
Creditors of The Service Centre (U.K.) Limited have until
Dec. 11 to send in their full names and addresses, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
Gary Bell at:

         Cowgill Holloway Business Recovery LLP
         Regency House
         45-51 Chorley New Road
         Bolton BL1 4QR
         United Kingdom


SOCCERZONE LIMITED: Five-a-Side Soccer Center Up for Sale
---------------------------------------------------------
Joe McLean and Keith Hinds, in their capacity as Joint
Administrators of SoccerZone Limited, are offering to sell the
business and assets of the Bradford-based company.

Features:

   -- nine-hole urban golf course with irrigated greens and tees
      (freehold);

   -- five Astroturf football pitches (long leasehold);

   -- bar and changing facility;

   -- possibilities for further expansion; and

   -- total site area of 37 acres.

Inquiries can be addressed to:

         Lucy Henderson
         Grant Thornton U.K. LLP
         Tel: 0113 200 1633
         Fax: 0113 246 0828
         E-mail: lucy.henderson@gtuk.com

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.


SOUTH EASTERN: Brings In Liquidator from Bond Partners
------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed Liquidator of
South Eastern Plant Hire Ltd. on Oct. 27 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         South Eastern Plant Hire Ltd.
         Unit 2 Pickhill Business Centre
         Smallhythe Road
         Tenterden Kent TN307LZ
         United Kingdom
         Tel: 01580 761 818


SPIRIT EVENTS: Michael Young Leads Liquidation Procedure
--------------------------------------------------------
Michael Young of Vantis was appointed Liquidator of Spirit
Events Limited on Nov. 2 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Spirit Events Limited
         5 Creaseys Row
         Sundridge Road
         Ide Hill
         Sevenoaks
         Kent TN146JT
         United Kingdom
         Tel: 01883715587


THREE COOKS: Appoints Tenon Recovery as Administrators
------------------------------------------------------
Steven John Parker and Trevor John Binyon of Tenon Recovery were
appointed joint administrators of Three Cooks Ltd. (Company
Number 00091981) on Nov. 1.

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

Three Cooks Ltd. can be reached at:

         Bargate Drive
         Wolverhampton
         West Midlands WV6 0QW
         United Kingdom
         Tel: 01902 711 885


TRANS-EUROPEAN: Taps Begbies Traynor to Administer Assets
---------------------------------------------------------
Robert Michael Young and Ian Michael Rose of Begbies Traynor
were appointed joint administrators of Trans-European Training
Ltd. (Company Number 01964291) on Oct. 20.

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

Trans-European Training Ltd. can be reached at:

         1B George Street
         Newcastle
         Staffordshire ST5 1JX
         United Kingdom
         Tel: 01782 711 927
         Fax: 01782 711 948


VIATEL HOLDING: Auditors Express Going Concern Doubt
----------------------------------------------------
Deloitte & Touche LLP expressed substantial doubt about Viatel
Holding (Bermuda) Limited' ability to continue as a going
concern after auditing the company's financial statements for
company's financial statements for the fiscal years ended
Dec. 31, 2005 and 2004.

The auditing firm pointed to the company's recurring losses from
operations and its difficulty in generating sufficient cash flow
to meet its obligations and sustain its operations.

At Dec. 31, 2005, the company's balance sheet showed
US$35.9 million in stockholders' deficit, compared with a
US$35.4 stockholders' equity at Dec. 31, 2005.

For the 12-month period ended December 2006, the company posted
a US$63.4 million net loss on US$20.6 million of total revenue,
compared with a US$47.2 million net loss on US$14 million of
total revenue.

                      Loan Agreements

In March 2006, the Company received US$8.8 million in additional
financing from:

   -- Morgan Stanley US$6.9 million;
   -- Varde US$1.7 million; and
   -- Stonehill US$0.2 million.

This was by way of the issuance of further loan notes on
substantially the same terms as the New Notes.  As with the New
Notes, interest on these additional loan notes is payable in
cash only from July 1, 2006.  The Company is in discussions with
the relevant investors in relation to the grant of a waiver
allowing the Company to satisfy interest payments through the
issuance of additional loan notes.

In March 2006, the Company received proceeds of US$8.8 million
from the sale of its investment in Cybernet to Swisscom Fixnet
AG.  The operations of Cybernet have been shown as "discontinued
operations" in the statement of operations for the years ended
December 31, 2005, 2004 and 2003.  The assets and liabilities of
Cybernet have been shown as "Assets held for sale" and
"Liabilities held for sale" respectively, as at Dec. 31, 2005,
and 2004.

In June 2006, the Company completed the sale of certain of its
network business to Global Voice Group Limited for, among other
consideration, a payment of approximately US$23.7 million in
cash.  This transaction should provide adequate funding for the
remainder of 2006 but it is contemplated that, by reference to
current business plan projections and absent further cash
generative transactions, further funding will be required in
2007.

Viatel -- http://www.viatel.com/-- is the builder-operator-
owner of a state-of-the-art pan-European fiber-optic network and
a provider of clear channel broadband, IP transit and transport,
and virtual private networks to corporations, communications
carriers, Internet service providers and other wholesale
customers, and end-user business customers.  It maintains its
European headquarters in the United Kingdom.


WESTLINK EXPRESS: Taps Harrisons as Joint Administrators
--------------------------------------------------------
P.R. Boyle and J.C. Sallabank of Harrisons were appointed joint
administrators of Westlink Express Transport Ltd. (Company
Number 01544025) on Nov. 1.

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

Westlink Express Transport Ltd. can be reached at:

         Euro Way
         Blagrove
         Swindon
         Wiltshire SN5 8YW
         United Kingdom
         Tel: 01793 541 141


WINNER PRODUCE: Claims Filing Period Ends Dec. 15
-------------------------------------------------
Creditors of Winner Produce Limited have until Dec. 15 to send
their names and addresses, and particulars of their debts or
claims, and the names and addresses of their Solicitors (if
any), to appointed Liquidator Paul Anthony Saxton at:

         Elwell Watchorn & Saxton LLP
         109 Swan Street
         Sileby
         Leicestershire LE12 7NN
         United Kingdom

The company can be reached at:

         Winner Produce Limited
         12 The Arcade
         Leicester Road
         Wigston
         Leicestershire LE181NZ
         United Kingdom
         Tel: 0116 288 1488


YELLO FLOORING: Hires Liquidator from Ashcrofts
-----------------------------------------------
George Michael of Ashcrofts was appointed Liquidator of Yello
Flooring Limited on Nov. 3 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Yello Flooring Limited
         63 Camden Road
         London NW1 9EU
         United Kingdom
         Tel: 0808 155 7143


* Cadwalader Names Special Counsel Across Practices and Offices
---------------------------------------------------------------
Cadwalader, Wickersham & Taft LLP, disclosed of the promotion of
24 attorneys to the position of Special Counsel.

"Cadwalader has long recognized the need to develop and retain
its most valuable asset - our attorneys," Robert O. Link, Jr.,
Cadwalader's Chairman, states.  "The position of Special Counsel
supports this effort and provides recognition and incentive for
our experienced attorneys who have demonstrated excellent legal
and management skills and expertise in their area of practice.
Above and beyond that, these attorneys have worked very hard,
have excellent working relationships with clients, train and
mentor junior staff, and have made significant contributions to
our pro bono, diversity, recruiting and marketing efforts.  We
are very fortunate to have so many talented and deserving
lawyers to promote this year.  We congratulate them on their
achievements and look forward to their continued success with
us."

Aaron Benjamin, an attorney in the Capital Markets Department in
Charlotte, focuses on structured finance, derivative products,
other innovative limited-recourse lending transactions, secured
transaction law and the federal securities laws.  He received
his J.D. from the University of Toronto Law School and his
undergraduate degree, with high honors, from Carleton
University.  He is admitted to practice in the State of New
York.

Resident in the New York Litigation Department, Jeffrey S.
Burman concentrates in the resolution of reinsurance disputes,
including litigation, arbitration and mediation, and the
representation of insurers, reinsurers, banks, investment banks,
hedge funds, and private equity funds in insurance and
reinsurance based transactions.  He received his undergraduate
degree from the University of Delaware, and his law degree from
Rutgers University School of Law, where he was an editor of the
Rutgers Law Journal.  Following law school, he served as a
judicial clerk for The Honorable James M. Havey, Presiding Judge
of the Appellate Division of the Superior Court of New Jersey.
He is a member of the bars of the States of New York and New
Jersey and is admitted to practice before the United States
District Courts for the Southern District of New York and the
District of New Jersey.

Elizabeth Butler, based in the New York Litigation Department,
advises clients in a variety of areas of commercial law,
including banking, insurance and reinsurance, contracts,
antitrust, torts and fraud.  She graduated cum laude and Phi
Beta Kappa from the University of Minnesota and received her
J.D. from Northwestern University School of Law.  She is a
member of the New York State bar.

Anderson D. Caperton, resident in Charlotte, concentrates his
practice in the area of real estate finance and securitization.
A member of the Global Finance Department, he represents
national, international, and regional financial institutions,
investment banks, pension funds, and investors in connection
with the financing, acquisition, disposition and leasing of
commercial office buildings, regional shopping malls, shopping
centers, hotels, industrial warehouses, merchandise marts,
multifamily housing, and residential and planned unit
developments.  He received his undergraduate degree from
University of Virginia, and his J.D. from University of North
Carolina School of Law, where he was a member of the University
of North Carolina Law Review and the founder of the North
Carolina Banking Institute.  He is admitted to practice in
the State of North Carolina.

Holly Marcille Chamberlain, also in the Global Finance
Department in the Charlotte office, practices in the area of
real estate finance and securitization.  She represents
national, international, and regional financial institutions,
investment banks, pension funds, and investors in connection
with the financing, acquisition, disposition and leasing of
commercial office buildings, regional shopping malls, shopping
centers, hotels, industrial warehouses, merchandise marts,
multifamily housing, and residential and planned unit
developments.  She received her J.D. from New York Law School
and her B.A. from Binghamton University.  She is admitted to
practices in New York, North Carolina and Massachusetts.

Matthew Fenster focuses on litigation for a wide array of health
care organizations involving general commercial matters, complex
fraud, and health care reimbursement.  He earned a B.S.
from Cornell University and received his J.D. from New York
University School of Law, where he was an editor of the NYU
Journal of International Law & Politics.  He is admitted to
practice in the courts of the States of New York and New Jersey,
and before the United States Court of Appeals for the Second
Circuit and the United States District Courts for the Southern
and Eastern Districts of New York.

David Gingold, a member of the Capital Markets Department in New
York, is experienced in corporate and capital markets
transactions, including public and private debt and equity
offerings (including synthetic CDOs and securitizations), public
and private mergers and acquisitions, equity and credit
derivatives, and various types of structured financings.  He
received his J.D. from the University of Michigan Law School and
his B.A., with honors, from Williams College.  He is admitted to
practice in the State of New York.

Nathan Haynes, a restructuring attorney in New York, has played
significant roles in numerous chapter 11 cases, including
Northwest Airlines, Lodgian, Inc., Casual Male Corp. and
Bradlees Stores Inc.  He is experienced in commercial litigation
in state and federal bankruptcy court and with issues involving
debtor and creditor rights, the enforcement of contractual
obligations, loan work-outs, banking and insurance coverage.  He
is a magna cum laude graduate of Pace Law School, where he was
Editor-in-Chief of the Pace Law Review, and a cum laude graduate
of Northeastern University.  He is admitted in New York and
Massachusetts.

Resident in the Global Finance Department in New York, Gerard
Hefner represents institutional lenders in the real estate
finance area, including in the origination of commercial
mortgage loans and mezzanine loans secured by office buildings,
apartment complexes, shopping malls, hotels, healthcare
facilities and cell towers.  He received his law degree from St.
John's University School of Law, where he was a St. Thomas More
Scholar and Associate Editor of the St. John's University
Law Review.  He received his undergraduate degree, summa cum
laude, also from St. John' s University.  He is admitted to
practice in New York and the District of Columbia.

Richard Jensen, resident in the New York office, concentrates in
the area of asset securitization, with particular emphasis on
the securitization of prime, alt-A and sub-prime residential
mortgage loans.  Clients he regularly represents include major
mortgage, investment and commercial banks.  He received his
undergraduate degree from Villanova University and earned his
law degree from St. John's University School of Law.  He is
admitted to practice in New York.

Robert Kim, a New York capital markets lawyer, has developed
expertise in every aspect of the commercial mortgaged-backed
securities practice, including public and private CMBS
offerings, real estate CDO transactions and structured mortgage
and mezzanine loan participation transactions.  He received his
J.D. from Boston University School of Law and his A.B. from
Harvard University.  He is admitted to practice in the State of
New York.

A New York-based litigator, Stacey Lara concentrates in the
areas of complex commercial and securities litigation, and
antitrust related matters.  She received her undergraduate
degree from New York University and her J.D. from St. John's
University School of Law, where she also served on the Moot
Court Honor Society.  She is admitted to practice in New York
State and before the United States District Court for the
Southern District of New York.

Jeffrey Legault, a corporate lawyer in New York, represents
large corporate entities as well as global investment banks in
domestic and cross-border mergers and acquisitions, private
placements and joint ventures.  He received his undergraduate
degree from Queen's University in Kingston, Ontario, Canada and
his LL.B. from the Faculty of Law of the University of Toronto.
He is admitted in New York and Canada.

Ivan Loncar, an attorney in the Capital Markets Department in
New York, focuses his practice on fixed income and credit
derivatives and structured financial products.  He represents
dealers, banks and other financial institutions in connection
with interest rate, total return, and credit default swaps and
other structured financial products that combine securitization
techniques and derivative products.  He received his LL.B. from
University of Belgrade School of Law and his LL.M. from Columbia
University School of Law.  He is admitted to practice in the
State of New York.

Michael C. Macchiarola, resident in New York, concentrates his
practice on structured products transactions on behalf of
investment banks, domestic and foreign commercial banks, and
large hedge funds.  He has experience with equity-linked and
hedge-fund linked products as well as derivatives, particularly
equity derivatives.  He also advises on prime brokerage and
stock loan matters.  He received his J.D. from New York
University School of Law, an M.B.A. from Columbia Business
School, and an A.B. from The College of The Holy Cross.  He is
licensed to practice in New York.

Geoffrey R. Maibohm, a Capital Markets attorney in Charlotte,
handles all aspects of commercial mortgage-backed securities
transactions, representing issuers, underwriters, servicers and
subservicers, as well as co-lenders and participants in loans.
He also has significant experience dealing with ongoing
servicing issues.  He graduated magna cum laude from the
Syracuse University College of Law, where he was a member of the
Law Review, and his B.A. from the State University of New York
at Geneseo.  He is admitted in North Carolina and New York.

Richard Nugent, an attorney in the Tax Department, is resident
in New York.  A transactional lawyer with significant expertise
in the tax aspects of public and private corporate mergers,
acquisitions, and spin-offs, he also has experience advising
clients on cross-border tax planning strategies, the tax
consequences of restructurings and bankruptcies, and financing
transactions.

He received his B.A., summa cum laude, from Saint Peter's
College, his J.D., with honors, from Rutgers School of Law, and
his LL.M., with distinction, from Georgetown University Law
Center.  Following law school, he clerked for The Honorable
Robert P. Ruwe of the United States Tax Court and The Honorable
Richard F. Suhrheinrich of the United States Court of Appeals
for the Sixth Circuit.  He is admitted in New York.

Matthew Robertson, resident in the Charlotte Global Finance
Department, represents national, international and regional
financial institutions, investment banks, and investors in
connection with the financing of a wide range of commercial
properties, including multi-state, multi-property mortgage loans
and large, sophisticated financings involving multiple lenders
and various levels of mortgage and mezzanine debt as well as the
sale and transfer of various types of commercial loans.  He
received his B.A., with honors, from the University of Delaware,
and his J.D. from Duke University School of Law.  He is admitted
in North Carolina.

Jason Salman, resident in London, has worked on a wide range of
corporate and restructuring matters throughout Europe and in
Australia, including mergers and acquisitions, reorganizations
and restructurings and general corporate governance and
regulatory matters.  He received his Bachelor of Economics
degree and Bachelor of Laws degree from Murdoch University in
Western Australia.  He is admitted to practice in England and
Wales and as a solicitor of the Supreme Court of Western
Australia.

Michelle R. Seltzer, a lawyer in the Business Fraud and Complex
Litigation Group in Cadwalader's Washington, D.C. office,
advises clients on a wide range of complex civil litigation
matters and on a variety of criminal and regulatory issues,
including Foreign Corrupt Practices Act, securities and other
white collar crime matters.  She received a B.A., with highest
honors, from the University of Texas at Austin, and a J.D. from
the Duke University School of Law.  Following law school, she
served as a clerk to United States District Court Judge John F.
Nangle in the Southern District of Georgia.  She is admitted to
practice in the District of Columbia and in Georgia.

Thomas Stimson, a member of the Business Fraud and Complex
Litigation Group, resident in Washington, represents
corporations and individuals in a wide variety of white collar
criminal, regulatory, and complex civil litigation matters,
including international corruption (arising under the Foreign
Corrupt Practices Act), money laundering, securities, antitrust
and intellectual property cases.  He also conducts internal
investigations and advises clients with regard to compliance and
corporate governance issues.  He received a B.A., with honors,
from Iowa State University, and a J.D. from the University of
Virginia, where he was a member of the Journal of Law &
Politics.  He is a member of the District of Columbia Bar and
the Virginia State Bar.

An attorney in Cadwalader's Capital Markets Department, Laura
Swihart concentrates in commercial mortgage-backed securities,
representing mortgage loan sellers, issuers and underwriters.
She received her J.D. from New York University School of Law and
her B.A., with honors, from the University of Connecticut.  She
is admitted to practice in the State of New York.

Jackson Taylor, a member of the Financial Restructuring practice
in London, advise creditors, insolvency practitioners, debtor
companies and directors on a range of contentious and
consensual insolvency processes as well as institutional
creditors and ad hoc creditors' committees on restructuring
financially distressed companies outside of formal insolvency
proceedings.  He graduated with double degrees, with honors,
from The University of Melbourne, where he also obtained a
Master of Laws degree.  He also holds a Certificate of
Proficiency in Insolvency from the UK Insolvency Practitioners
Association.  He is qualified as a barrister and solicitor.

Joshua R. Weiss, a New York-based litigator, has experience in
various areas of complex commercial litigation and arbitration,
including banking and finance, swaps and derivatives,
securities, contract, employment, trade secrets and unfair
competition, bankruptcy, copyright and trademark, and insurance
coverage litigation.  He also has been involved in numerous
international, multi-jurisdictional disputes.  He received his
undergraduate degree from The Johns Hopkins University, and his
J.D., cum laude, from The Benjamin N. Cardozo School of
Law, Yeshiva University.  He is admitted to practice in New York
State and before the United States District Courts for the
Southern and Eastern Districts of New York.

             About Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP -- http://www.cadwalader.com/
-- established in 1792, is one of the world's leading
international law firms, with offices in New York, London,
Charlotte, Washington and Beijing.  Cadwalader serves a diverse
client base, including many of the world's top financial
institutions, undertaking business in more than 50 countries in
six continents.  The firm offers legal expertise in antitrust,
banking, business fraud, corporate finance, corporate
governance, environmental, healthcare, insolvency, insurance and
reinsurance, litigation, mergers and acquisitions, private
client, private equity, real estate, securities and financial
institutions regulation, securitization, structured finance, and
tax.

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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.

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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.


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