TCREUR_Public/061114.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

           Tuesday, November 14, 2006, Vol. 7, No. 226

                            Headlines


A U S T R I A

CENTAURUS LLC: Claims Registration Period Ends November 21
CHRISTA WONDRAK: Creditors' Meeting Slated for November 16
ILIR YMETI: Creditors' Meeting Slated for November 16
KUEHLGERATE LLC: Creditors' Meeting Slated November 15
PICTURE+SOUND: Property Manager Declares Insufficient Assets

PRESSLINGER & PARTNER: Klagenfurt Court Orders Business Shutdown
WALTER BENEDIKT: Creditors to Recover 0.61% of Claims


B E L G I U M

CHIQUITA BRANDS: Obtains Permanent Amendment to Credit Facility
CHIQUITA BRANDS: Posts US$96 Million Net Loss in Third Quarter
CHIQUITA BRANDS: S&P Affirms B Rating After Covenant Amendment


B U L G A R I A

TPP VARNA: Moody's Withdraws Ba2 Rating After CEZ Acquisition


C Z E C H   R E P U B L I C

LUCENT TECHNOLOGIES: U.S. Congress to Probe Alcatel Merger Today
TPP VARNA: Moody's Withdraws Ba2 Rating After CEZ Acquisition


F I N L A N D

FLEXTRONICS INT'L: Earns US$184.9 Mln in Second Quarter 2006
FLEXTRONICS INTERNATIONAL: Shareholders Okay 2001 Plan Changes


F R A N C E

ALCATEL SA: U.S. Congress Committee to Probe Lucent Merger Today
ALCATEL SA: Inks Deal to Develop Mobile TV Handsets With Samsung
CINRAM INTERNATIONAL: Earns US$18 Mln in Quarter Ended Sept. 30
CINRAM INTERNATIONAL: To Engage Advisor for Strategic Review
CINRAM INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating

MOSAIC CO: S&P Revises Rating Outlook on Weak Phosphates Volumes
REVLON INC: Posts US$100.5-Million Net Loss in Third Quarter


G E O R G I A

METROMEDIA INT'L: Delays Filing of Third Quarter 2006 Results


G E R M A N Y

CHIQUITA BRANDS: Obtains Permanent Amendment to Credit Facility
CHIQUITA BRANDS: Posts US$96 Million Net Loss in Third Quarter
CHIQUITA BRANDS: S&P Affirms B Rating After Covenant Amendment
EAS ELEKTRO: Claims Registration Ends November 20
FICHTL+POPP: Creditors' Meeting Slated for November 21

FITNESS OASE: Claims Registration Ends November 17
FLOETER-GMBH: Claims Registration Ends November 17
GUT & BILLIG: Claims Registration Ends November 21
MALERMEISTER E.: Creditors' Meeting Slated for November 20
MARSHALL-SECURITY: Claims Registration Ends November 21

MASCHINEN- UND BOOTSKONTOR: Claims Registration Ends Nov. 23
NRG ENERGY: Fitch Assigns B+/RR3 Ratings on US$1.1-Bln Sr. Notes
POWERBOWL FRIEDRICHSFELDE: Creditors' Meeting Slated for Dec. 21
REPETZKY HOTELBETRIEBS: Claims Registration Ends November 20


H U N G A R Y

VALEANT PHARMA: Execs Under Probe Over Stock Option Grant Uses


I R E L A N D

SIBACADEMBANK: Moody's Assigns B2 Rating on US$130-Mln 12% Notes
TOWER RECORDS: Taps Keen Realty as Special Real Estate Advisor
TOWER RECORDS: Selects Bryan Cave as Bankruptcy Counsel


I T A L Y

PARMALAT SPA: Court Denies Appeals vs. Units' Administration
PARMALAT SPA: Hikes Third Quarter EBITDA to EUR251.6 Million


K A Z A K H S T A N

ALMINA-PROMRESOURCE LLP: Creditors Must File Claims by Dec. 8
ALVIN BUILD: Proof of Claim Deadline Slated for Dec. 8
DINAL SALES: Proof of Claim Deadline Slated for Dec. 8
EUROASIA LLP: Claims Filing Period Ends Dec. 8
GLOBAL TRADE: Claims Registration Ends Dec. 8

HIMSERVICE-SK LLP: Claims Registration Ends Dec. 8
KAZAKHSTAN-KURYLYSSNAB LLP: Creditors' Claims Due Dec. 12
KAZKOMMERTS INT'L: Fitch Places BB+ Rating on Upcoming Eurobond
ORNA-SERVICE LLP: Creditors' Claims Due Dec. 8
SODRUJESTVO LLP: Creditors' Claims Due Dec. 12

SPETSIALNAYA TEHNIKA: Creditors Must File Claims by Dec. 8


K Y R G Y Z S T A N

ANEKS LLC: Claims Filing Period Ends Dec. 22


L U X E M B O U R G

PARMALAT SPA: Court Denies Appeals vs. Units' Administration


N E T H E R L A N D S

AMSTEL SECURITISATION: S&P Rates EUR70-Mln Class E Notes at BB
PARMALAT SPA: Court Denies Appeals vs. Units' Administration
TEEKAY SHIPPING: Appoints Vince Lok as Chief Financial Officer


N O R W A Y

AKER KVAERNER: Inks US$25-Million MEG Contract with Reliance


P O L A N D

KENDLE INTERNATIONAL: Earns US$4 Million in Third Quarter 2006


R U S S I A

ARKADAKSKIY SPIRIT: Tula Bankruptcy Hearing Slated for Feb. 6
ASHLYK OJSC: Court Names G. Murtazaev as Insolvency Manager
ATLANTIC OJSC: Court Names A. Mikhaylov as Insolvency Manager
BELEVSKIY BUTTER: Court Names S. Suvorov as Insolvency Manager
BIO-KHIM-ZAVOD: Court Names A. Solovtsov as Insolvency Manager

DIARY PRODUCTS: Krasnodar Bankruptcy Hearing Slated for Feb. 26
FOUNDATION LLC: Court Names N. Pavlov as Insolvency Manager
METROMEDIA INT'L: Delays Filing of Third Quarter 2006 Results
NIZHNETAGILSKIY KHLADOKOMBINAT: Court Starts Bankruptcy Process
OCHAKOVO CJSC: Court Names I. Gorn as Insolvency Manager

RAVIOLI LLC: Moscow Court Names I. Gorn as Insolvency Manager
REINFORCED-CONCRETE: Omsk Court Starts Bankruptcy Process
RUSSIAN YOGHURT: Court Names M. Sorokin as Insolvency Manager
SIBACADEMBANK: Moody's Assigns B2 Rating on US$130-Mln 12% Notes
SIBIRSKAYA LLC: Court Names S. Bychkovskiy as Insolvency Manager

WORLD TEXTILE-1: Court Names I. Gorn as Insolvency Manager


S P A I N

BANKINTER 13: Moody's Rates EUR20.6-Mln Series E Notes at P (Ca)
MILLS CORP: Gazit-Globe Wants Annual Meeting Held


S W E D E N

FLEXTRONICS INT'L: Earns US$184.9 Mil. in Second Quarter 2006
FLEXTRONICS INTERNATIONAL: Shareholders Okay 2001 Plan Changes


S W I T Z E R L A N D

NOVELIS INC: Transferring Rights on Power Plants to Gerdau Acos


U K R A I N E

ANAR LLC: Harkiv Court Names O. Tishenko as Insolvency Manager
ASTRON LLC: Court Names Sergij Ohinchenko as Insolvency Manager
HOTEL STROITEL: Herson Court Starts Bankruptcy Supervision
KALININSKE LLC: Court Names Gennadij Sidorenko as Liquidator
KORUNESS LLC: Kyiv Court Names I. Konstantinov as Liquidator

MEDFARMCENTER LLC: Court Names Valentin Borovskij as Liquidator
MOSAIC CO: S&P Revises Rating Outlook on Weak Phosphates Volumes
OPTIMED CJSC: Harkiv Court Starts Bankruptcy Supervision
REGION-PROMSERVICE: Court Names Volodimir Melnik as Liquidator
YANTAR-PLUS LLC: Kirovograd Court Starts Bankruptcy Supervision

* Political Stability Cues Moody's to Change Ukraine's Outlook


U N I T E D   K I N G D O M

ACCSOL LIMITED: Taps Milner Boardman as Administrators
AKER KVAERNER: Inks US$25-Million MEG Contract with Reliance
ALEXANDER BOX: Appoints KPMG as Joint Administrators
ASPEN INSURANCE: Moody's Assigns Ba1 Rating on Preference Shares
AUTO LOGISTICS: Taps Liquidators from Recovery hjs

BACCO WINE: Claims Filing Period Ends Dec. 22
BASTILLE SECURITY: Appoints T. Papanicola to Liquidate Assets
BERTOLI U.K.: Brings In B & C Associates to Administer Assets
BRUCE BEAUCHAMP: Hires Liquidator from Deloitte & Touche
BUTTERFIELD BANK: Fitch Affirms Individual Rating at C

CAPITAL WINDOWS: Brings In Liquidator from Bond Partners
CHINESE MEDICAL: Creditors Confirm Liquidators' Appointment
CINRAM INTERNATIONAL: Earns US$18 Mln in Quarter Ended Sept. 30
CINRAM INTERNATIONAL: To Engage Advisor for Strategic Review
CINRAM INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating

CLARK STEPHEN: Taps Joint Administrators from KPMG LLP
COCO RIBBON: Hires Joint Administrators from David Rubin
DONCASTER PACKAGING: Taps KPMG to Administer Assets
DONCASTER SCREEN: Hires Joint Administrators from KPMG
DREAM WINDOWS: Names Steven Law as Administrator

DURA AUTOMOTIVE: Taps Richards Layton as Local Counsel
DURA AUTOMOTIVE: Taps Kirkland & Ellis as Bankruptcy Counsel
EUROSAIL 06-NC3: Fitch Gives Low-B Ratings to GBP-13.2-Mln Notes
FORD MOTOR: Filing Third Quarter 2006 Report Today
FOX MAINTENANCE: K. B. Stout Leads Liquidation Procedure

GENERAL MOTORS: Hikes 2007 Vehicle Prices Due to Increased Costs
GLAMPAK LIMITED: Brings In KPMG LLP as Administrators
GLOBAL CROSSING: Sept. 30 Balance Sheet Upside-Down by US$131MM
HEDRUSH MEDIA: Brings In Harrisons as Joint Administrators
HOLDEXPERT LIMITED: Taps Joint Administrators from KPMG LLP

HONOURS PLC: Fitch Gives BB Rating on GBP11.95-Mln Class D Notes
INVENSYS PLC: Has GBP251-Mln Stockholders' Deficit at Sept. 30
JPM DESIGN: Creditors Confirm Liquidator's Appointment
LEYFIELD COMMERCIAL: Creditors' Meeting Slated for November 23
MAXNETT COMMUNICATIONS: Creditors' Meeting Slated for Nov. 20

MCD REALISATIONS: Creditors' Meeting Slated for November 23
METAL PARTS: Liquidator Sets Dec. 13 Claims Bar Date
METRIX SECURITIES: Moody's Rates Class E1 and E2 Notes at Low-B
MILLS CORP: Gazit-Globe Wants Annual Meeting Held
NTL INC: Merger May Affect ITV's Baa3 Rating, Moody's Says

NTL INC: ITV Merger Could Improve NTL Ratings, Fitch Says
NTL INC: Fitch Says Merger Would Weaken ITV's Credit Quality
PARADIGM RESEARCH: Claims Registration Ends December 8
PREMIER DECORATIVE: Paper Manufacturer Up for Sale
PROCON SOFTWARE: Appoints Matthew Colin Bowker as Administrator

RAISLEY LIMITED: Taps Joint Administrators from Elwell Watchorn
REFCO INC: RCMI's Section 341(a) Meeting Scheduled for Nov. 27
REFCO INC: Ch. 7 Trustee Wants More Time to Decide on Contracts
ROWPAK CONTAINERS: Brings In KPMG as Administrators
SAVILLE TRACTORS: Creditors' Meeting Slated for November 21

SEA CONTAINERS: Bermuda Court to Hear Wind-Up Petition on Dec. 1
SOUTH HEREFORDSHIRE: Creditors' Claims Due Dec. 10
SQUARE ROOT: Creditors Must File Claims by Dec. 15
TASTEFUL VENDING: Names Eileen T. F. Sale Liquidator
TEMPORARY COMPANY: Creditors' Meeting Slated for November 17

VALEANT PHARMA: Execs Under Probe Over Stock Option Grant Uses
WYKES LIMITED: Creditors' Meeting Slated for November 24

* Large Companies with Insolvent Balance Sheets

                            *********

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


CENTAURUS LLC: Claims Registration Period Ends November 21
----------------------------------------------------------
Creditors owed money by LLC Centaurus (FN 269633w) have until
Nov. 21 to file written proofs of claims to court-appointed
property manager Heinz Kassmannhuber at:

         Dr. Heinz Kassmannhuber
         c/o Dr. Gerwald Schmidberger
         Stelzhamerstrasse 11
         4400 Steyr, Austria
         Tel: 07252/50 300
         Email: office@sks-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on Dec. 5 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         2nd Floor
         Steyr, Austria

Headquartered in Grossraming, Austria, the Debtor declared
bankruptcy on Sept. 19 (Bankr. Case No. 14 S 50/06k).  Gerwald
Schmidberger represents Dr. Kassmannhuber in the bankruptcy
proceedings.


CHRISTA WONDRAK: Creditors' Meeting Slated for November 16
----------------------------------------------------------
Creditors owed money by LLC Christa Wondrak (FN 67010w) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Nov. 16 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 21 (Bankr. Case No. 5 S 131/06h).  Beate Holper serves
as the court-appointed property manager of the bankrupt estate.
Susi Pariasek represents Mag. Holper in the bankruptcy
proceedings.

The property manager and her representative can be reached at:

         Mag. Beate Holper
         c/o Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna, Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at


ILIR YMETI: Creditors' Meeting Slated for November 16
-----------------------------------------------------
Creditors owed money by KEG Ilir YMETI Restaurant Hellas (FN
266520t) are encouraged to attend the creditors' meeting at 9:30
a.m. on Nov. 16 to consider the adoption of the rule by revision
and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 21 (Bankr. Case No. 5 S 133/06b).  Josef Ebner serves
as the court-appointed property manager of the bankrupt estate.
Andrea Eisner represents Dr. Ebner in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Josef Ebner
         c/o Mag. Andrea Eisner
         Mahlerstrasse 7
         1010 Vienna, Austria
         Tel: 512 29 94
         Fax: 512 29 04
         E-mail: rae.ebner.eisner@aon.at


KUEHLGERATE LLC: Creditors' Meeting Slated November 15
------------------------------------------------------
Creditors owed money by LLC Kuehlgerate (FN 172407s) are
encouraged to attend the creditors' meeting at 9:30 a.m. on
Nov. 15 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         1st Floor
         Ried im Innkreis, Austria

Headquartered in St. Pantaleon, Austria, the Debtor declared
bankruptcy on Sept. 19 (Bankr. Case No. 17 S 33/06v).  Karl
Noebauer serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Karl Noebauer
         Stadtplatz 17
         5280 Braunau/Inn, Austria
         Tel: 07722/84 4 04
         Fax: 07722/63576
         E-mail: office@ra-noebauer.at


PICTURE+SOUND: Property Manager Declares Insufficient Assets
------------------------------------------------------------
Dr. Heinz Pichler, the court-appointed property manager for LLC
picture+sound Pretterhofer (FN 243221d), declared Sept. 20 that
the Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Spielberg bei Knittelfeld, Austria, the Debtor
declared bankruptcy on Sept. 13 (Bankr. Case No. 17 S 67/06f).

The property manager can be reached at:

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


PRESSLINGER & PARTNER: Klagenfurt Court Orders Business Shutdown
----------------------------------------------------------------
The Land Court of Klagenfurt entered an order Sept. 20 shutting
down the business of KEG Presslinger & Partner (FN 234902w).
Court-appointed property manager Rolf Gabron recommended the
business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Mag. Rolf Gabron
         Peter-Wunderlichstrasse 17
         9800 Spittal/Drau, Austria
         Tel: 04762/35 3 36
         Fax: 04762/35 3 36-4
         E-mail: gabtron@anwalt-spittal.at

Headquartered in Spittal an der Drau, Austria, the Debtor
declared bankruptcy on Aug. 31 (Bankr. Case No. 40 S 64/06m).


WALTER BENEDIKT: Creditors to Recover 0.61% of Claims
-----------------------------------------------------
The Land Court of Salzburg approved Sept. 18 the final decision
on allocation of Paul Vavrovsky, the court-appointed property
manager of LLC Walter Benedikt (FN 55554y).

Under the property manager's project by final allocation,
creditors will recover 0.61% of their claims.

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Dec. 15, 2005 (Bankr. Case No. 23 S 104/05x).

The property manager can be reached at:

         Dr. Paul Vavrovsky
         Reichenhaller Str. 5
         5020 Salzburg, Austria
         Tel: 0662-849584-0
         Fax: 0662-849584-5
         E-mail: office@vavrovsky.at


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


CHIQUITA BRANDS: Obtains Permanent Amendment to Credit Facility
---------------------------------------------------------------
Chiquita Brands International Inc. amended its credit agreement
dated as of June 28, 2005, with a syndicate of banks and
financial institutions.

On Nov. 8, 2006, the company obtained a permanent amendment to
cure the covenant violations that would have otherwise occurred
when the temporary waiver expired.

The amendment revised certain covenant calculations relating to
financial ratios for leverage and fixed charge coverage,
established new levels for compliance with those covenants to
provide additional financial flexibility, and includes interest
rates on the Revolving Credit Facility of LIBOR plus a margin
ranging from 1.25% to 3%, and on the Term Loans of LIBOR plus a
margin ranging from 2% to 3%, in each case depending on the
company's consolidated leverage ratio.

Initially, the interest rates on both the Revolving Credit
Facility and the Term Loans will be LIBOR plus 3%.  In addition,
Chiquita Brands L.L.C. is required to pay a fee on the daily
unused portion of the Revolving Credit Facility of 0.25% to
0.50% per annum.

                  Terms of the Amendment

Under the amended CBL Facility, CBL may distribute cash to CBII
for routine CBII operating expenses, interest payments on CBII's
7-1/2% and 8-7/8% Senior Notes and payment of certain other
specified CBII liabilities.  Until Chiquita meets certain
financial ratios and elects to become subject to a reduced
maximum leverage ratio,

   (i) CBL's distributions to CBII for other purposes, such
       as dividend payments to Chiquita shareholders
       and repurchases of CBII's common stock, warrants
       and senior notes, are prohibited; and

  (ii) the ability of CBL and its subsidiaries to
       incur debt, dispose of assets, carry out mergers
       and acquisitions, and make capital expenditures
       is further limited than under the original
       CBL Facility.

The amendment to the credit agreement, effective Nov. 8, 2006,
among Chiquita Brands LLC, Chiquita Brands International, Inc.,
certain financial institutions as lenders, and Wachovia Bank,
N.A., as administrative agent, was filed [Thurs]day as an
exhibit to the company's Quarterly Report on Form10-Q.

                          Background

The company and Chiquita Brands L.L.C., the main operating
subsidiary of the company, have a secured credit facility with a
syndicate of bank lenders comprised of two term loans and a
revolving credit facility.

In June 2006, the CBL Facility was amended to modify certain
financial covenants.  In connection with the amendment, the
Revolving Credit Facility increased by US$50 million to
US$200 million.

At Sept. 30, 2006, no borrowings were outstanding under the
Revolving Credit Facility; however, US$23 million of credit
availability was used to support issued letters of credit,
leaving US$177 million of credit available under the Revolving
Credit Facility.  The company borrowed US$14 million under the
revolver in early November 2006.

On Oct. 5, 2006, the company obtained a temporary waiver from
compliance, for the period ended Sept. 30, 2006, with certain
financial covenants in the CBL Facility, with which the company
otherwise would not have been in compliance.  The temporary
waiver was effective through December 15, 2006.

As previously reported in the TCR-Europe on Oct. 12, Chiquita
Brands International Inc. and Chiquita Brands LLC, its main
operating subsidiary, entered into Waiver Letter No. 1 with the
lenders under the credit agreement dated as of June 28, 2005, on
Oct. 5, 2006.

In accordance with the terms and conditions under the waiver
letter, compliance with certain financial covenant provisions in
the Credit Agreement has been waived through Dec. 15, 2006.

                         About Chiquita

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs around 25,000 people
operating in more than 70 countries worldwide including
Belgium and Germany.

                        *    *    *

As reported in the TCR-Europe on Nov. 8, Moody's Investors
Service downgraded the ratings for Chiquita Brands L.L.C., as
well as for its parent Chiquita Brands International, Inc.
Moody's said the outlook on all ratings is stable.

This rating action follows the company's announcement that had
incurred a US$96 million net loss for its 2006 third quarter.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.

S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.


CHIQUITA BRANDS: Posts US$96 Million Net Loss in Third Quarter
--------------------------------------------------------------
Chiquita Brands International Inc. released financial and
operational results for the third quarter 2006, in which net
sales increased by 8% year-over-year to US$1 billion, from
US$954 million in the third quarter 2005.

The increase resulted primarily from increased banana volume in
Europe, higher banana pricing in North America and increased
sales in retail value-added salads.

The company reported a quarterly net loss of US$96 million,
including a non-cash charge of US$43 million for goodwill
impairment at Atlanta AG, its German distributor.  In the third
quarter 2005, the company reported net income of US$300,000.

"Our third quarter results were disappointing and worse than
expected for several reasons," Fernando Aguirre, chairman and
chief executive officer, said.  "First, we recorded a non-cash
charge for goodwill impairment at Atlanta AG due to a decline in
its business performance resulting primarily from intense
pricing pressure in Germany.  Second, temperatures during the
third quarter reached record highs across much of northern
Europe.  This unusually hot weather reduced consumer demand for
bananas, depressed prices and contributed to substantial price
weakness in trading markets, where we incurred substantial
losses on the sale of temporary excess supply from Latin
America.  Third, beginning in September, our Fresh Express
operations experienced lower sales and unforeseen costs due to
consumer concerns regarding the safety of fresh spinach in the
United States, despite the fact that no confirmed cases of
consumer illness were linked to our Fresh Express products."

Operating loss for the quarter ended Sept. 30, 2006, was
US$79 million, compared to operating income of US$20 million a
year ago.

For the Quarter ended Sept. 30, 2006, operating cash flow was
US$27 million, compared to US$63 million a year ago.

Total debt was US$990 million at Sept. 30, 2006, compared to
US$1.1 billion at Sept. 30, 2005.  Cash was US$102 million at
Sept. 30, 2006, compared to US$181 million at Sept. 30, 2005.

                    Quarterly Segment Result

In the company's Banana segment, net sales were US$444 million,
up 8% from US$411 million.  The operating loss for the segment
was US$43 million, compared to operating income of US$17 million
in the prior year.

In the company's Fresh Select segment, net sales were
US$291 million, up 8% from US$268 million.  The operating loss
was US$30 million, including a US$29 million non-cash charge for
goodwill impairment at Atlanta AG, compared to an operating loss
of US$3 million in the 2005 third quarter.

In the company's Fresh Cut segment, net sales were US$278
million, up 8% from US$259 million.  The operating loss for the
segment was US$3 million, compared to operating income of US$7
million in the same quarter of 2005.

                    Financial Covenant Waiver

The Company further disclosed that, at the beginning of October
it obtained from its lenders a temporary waiver of certain
financial covenants in its revolving credit and term loan
facility, effective through Dec. 15, 2006.  The company is
currently seeking an amendment of its credit facility to cure
any violation of its covenants that otherwise would occur upon
the expiration of the temporary waiver and to provide additional
flexibility in future periods.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs around 25,000 people
operating in more than 70 countries worldwide including Belgium
and Germany.

                         *     *     *

As reported in the TCR-Europe on Nov. 8, Moody's Investors
Service downgraded the ratings for Chiquita Brands L.L.C., as
well as for its parent Chiquita Brands International, Inc.  The
outlook on all ratings is stable.

Ratings downgraded with a stable outlook:

Chiquita Brands LLC (operating subsidiary)

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

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

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

Chiquita Brands International, Inc. (holding company parent)

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

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

    * Corporate family rating at B3

    * Probability of default rating at B3.


CHIQUITA BRANDS: S&P Affirms B Rating After Covenant Amendment
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on Cincinnati, Ohio-based
Chiquita Brands International Inc. and Chiquita Brands LLC.

The ratings were removed from CreditWatch with negative
implications where they were placed on Sept. 26, following the
company's announcement that third quarter operating performance
was expected to be weak.  Ratings were subsequently lowered by
one notch on Nov. 3.

Chiquita recently received an amendment to its credit facility
to relax covenants over multiple quarters.  As indicated in the
CreditWatch update of Standard & Poor's on Nov. 3, ratings would
be affirmed and withdrawn from CreditWatch upon receipt of such
an amendment.

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

"The ratings on Chiquita reflect the company's high debt
leverage, weak credit measures, and its product concentration in
bananas," said Standard & Poor's credit analyst Alison Sullivan.

Also, the company competes in the mature fruit and vegetable
industry, which faces uncontrollable factors such as global
supply, world trade policies, political risk, currency swings,
weather, and disease.

Chiquita is a leading producer, marketer, and distributor of
bananas and other fresh and processed foods sold under the
Chiquita brand name and other brand names.  The company has the
No.1 banana market position in Europe and the No. 2 position in
North America.  In addition to bananas, the company's fresh
products include tropical fruits such as mangoes, pineapples,
melons, and kiwi fruits.  The June 2005 acquisition of Fresh
Express added packaged salad products.


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


TPP VARNA: Moody's Withdraws Ba2 Rating After CEZ Acquisition
-------------------------------------------------------------
Moody's Investors Service withdrew the Ba2 corporate family
rating of TPP Varna as the company is in the process of being
fully integrated into CEZ Group.

Located in the Varna District, TPP Varna is a thermal Bulgarian
power plant with 1,260MW installed capacity, and was acquired by
CEZ on Oct. 2.

CEZ Group is the dominant Czech generation, distribution and
supply entity.  CEZ a.s. is 67.7% owned by the Czech government.
In 2005, CEZ group generated sales of CZK125 billion
(EUR4.2 billion).


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


LUCENT TECHNOLOGIES: U.S. Congress to Probe Alcatel Merger Today
----------------------------------------------------------------
Duncan Hunter, Chairman of the U.S. House Armed Services
Committee, will call Alcatel S.A. and Lucent Technologies Inc.
today to probe into the implication of the companies'
US$10.6-billion merger deal on national security, The Financial
Times says.

The hearing will also include a testimony from government
officials who are reviewing the merger deal, FT adds.  The
Committee on Foreign Investment in the U.S., which scrutinizes
foreign takeovers, is wrapping up its review on the deal.

According to FT, the hearing, which could lead to a wider vet or
a backlash similar to against Dubai Ports World's failed
takeover of five port terminals this year, would pressure both
the deal and White House officials.

Alcatel and Lucent, FT relates, tried earlier to prevent a
congressional probe into the deal by:

   -- launching a lobbying campaign; and

   -- submitting a plan to isolate Lucent's sensitive government
      contracts from Alcatel's operations by forming a separate
      unit -- which would be supervised by three Clinton
      administration defense and intelligence officials.

                         About Alcatel

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

                   About Lucent Technologies

Headquartered in Murray Hill, New Jersey, Lucent Technologies
(NYSE: LU) -- http://www.lucent.com/-- designs and delivers the
systems, services and software that drive next-generation
communications networks.  Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better
manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

Lucent also operates in Austria, Belgium, China, Czech republic,
Denmark, France, Germany, India, Ireland, Japan, Korean, Brazil,
the Netherlands, Poland, Slovak Republic, Spain, Sweden,
Switzerland, Russia, and the United Kingdom.

                           *     *     *

As reported in the TCR-Europe on Nov. 9, Standard & Poor's
Ratings Services said that its 'BB' long-term corporate credit
rating on France-based Alcatel and its 'B' long-term corporate
credit rating on U.S.-based Lucent Technologies Inc. remain on
CreditWatch with negative and positive implications,
respectively, where they were placed on March 24 on news of the
two telecoms equipment makers' plans to merge.

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

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

According to Troubled Company Reporter on April 7, Moody's
Investors Service placed Lucent Technologies, Inc.'s B1
corporate family rating, B1 senior unsecured rating, B3
subordinated rating, and B3 trust preferred rating under review
for possible upgrade following the company's announcement of a
definitive merger agreement with Alcatel.


TPP VARNA: Moody's Withdraws Ba2 Rating After CEZ Acquisition
-------------------------------------------------------------
Moody's Investors Service withdrew the Ba2 corporate family
rating of TPP Varna as the company is in the process of being
fully integrated into CEZ Group.

Located in the Varna District, TPP Varna is a thermal Bulgarian
power plant with 1,260MW installed capacity, and was acquired by
CEZ on Oct. 2.

CEZ Group is the dominant Czech generation, distribution and
supply entity.  CEZ a.s. is 67.7% owned by the Czech government.
In 2005, CEZ group generated sales of CZK125 billion
(EUR4.2 billion).


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


FLEXTRONICS INT'L: Earns US$184.9 Mln in Second Quarter 2006
------------------------------------------------------------
Flextronics International Ltd. filed its financial statements
for the second quarter ended Sept. 30, 2006, with the U.S.
Securities and Exchange Commission on Nov. 8, 2006.

For the three months ended Sept. 30, 2006, the Company reported
US$184.9 million of net income compared with a US$2.4 million
net loss in the comparable quarter of 2005.

                             Net Sales

Net sales during the three months ended Sept. 30, 2006, totaled
US$4.7 billion, representing an increase of US$894.3 million
over the three months ended Sept. 30, 2005.

Net sales during the three months ended Sept. 30, 2006,
increased by US$721.1 million and US$239.2 million in Asia and
the Americas, respectively, offset by a decline of US$66 million
in Europe.

Overall, the increase in net sales was primarily attributable to
an increase of:

   -- US$514.2 million in the mobile communications market due
      to new program wins from various customers;

   -- US$154.9 million to customers in the infrastructure
      market;

   -- US$121.2 million to customers in the industrial, medical,
      automotive and other markets;

   -- US$59.5 million to customers in the computing market; and

   -- US$44.5 million to customers in the consumer digital
      market.

Net sales during the six months ended Sept. 30, 2006, totaled
US$8.8 billion, representing an increase of US$1.1 billion over
the six months ended Sept. 30, 2005.

Net sales during the six months ended Sept. 30, 2006, increased
by US$1.2 billion and US$335.2 million in Asia and the Americas,
respectively, offset by a decline of US$373.6 million in Europe.

Overall, the increase in net sales was primarily attributable to
an increase of:

   -- US$732.8 million in the mobile communications market due
      to new program wins from various customers;

   -- US$181.4 million to customers in the industrial, medical,
      automotive and other markets; and

   -- US$119.6 million to customers in the computing market;

   -- US$114.5 million to customers in the infrastructure
      market, offset by a decrease of US$18 million to customers
      in the consumer digital market.

The Company's 10 largest customers during the three months ended
Sept. 30, 2006, and 2005 accounted for around 68% and 62% of net
sales, respectively, with Hewlett-Packard and Sony-Ericsson each
accounting for greater than 10% of its net sales.

The Company's 10 largest customers during the six months ended
Sept. 30, 2006, and 2005 accounted for around 67% and 63% of net
sales, respectively, with Hewlett-Packard and Sony-Ericsson each
accounting for greater than 10% of its net sales.

                       Restructuring Charges

Historically, the Company initiated a series of restructuring
activities, which were intended to realign its global capacity
and infrastructure with demand by its OEM customers and improve
its operational efficiency.

These activities included:

   -- reducing excess workforce and capacity;

   -- consolidating and relocating certain manufacturing
      facilities to lower-cost regions; and

   -- consolidating and relocating certain administrative
      facilities.

The restructuring costs were comprised of employee severance,
costs related to leased facilities, owned facilities that were
no longer in use and were to be disposed of, leased equipment
that was no longer in use and was to be disposed of, and other
costs associated with the exit of certain contractual agreements
due to facility closures.

The overall impact of these activities was that the Company
shifted its manufacturing capacity to locations with higher
efficiencies and, in most instances, lower costs, resulting in
better utilization of its overall existing manufacturing
capacity.

This enhances its ability to provide cost-effective
manufacturing service offerings, which enables the Company to
retain and expand its existing relationships with customers and
attract new business.

Although the Company believes it is realizing its anticipated
benefits from these efforts, it continues to monitor its
operational efficiency and capacity requirements and may utilize
similar measures in the future to realign its operations
relative to future customer demand, which may materially affect
its results of operations in the future.

The Company believes that the potential savings in cost of goods
sold achieved through lower depreciation and reduced employee
expenses as a result of its restructurings will be offset in
part by reduced revenues at the affected facilities.

During the three and six months ended Sept. 30, 2006, the
Company recognized charges of around US$96.2 million related to
the impairment, lease termination, exit costs and other charges
primarily related to the disposal and exit of certain real
estate owned and leased by the Company in order to reduce its
investment in property, plant and equipment.

During the three and six months ended Sept. 30, 2006, charges
recognized by reportable geographic region amounted to
US$59 million, US$22.5 million, and US$14.7 million for the
Americas, Asia and Europe, respectively.

Around US$95.7 million of the charges were classified as a
component of cost of sales during the three and six months ended
Sept. 30, 2006.

During the three and six months ended Sept. 30, 2005, the
Company recognized restructuring charges of around US$50.3
million and US$83 million, respectively.

During the three months ended Sept. 30, 2005, restructuring
charges recognized by reportable geographic region amounted to
US$14.6 million and US$35.7 million for the Americas and Europe,
respectively.

During the six months ended Sept. 30, 2005, restructuring
charges recognized by reportable geographic region amounted to
US$27.3 million and US$55.7 million for the Americas and Europe,
respectively.

During the three months ended Sept. 30, 2005, involuntary
employee terminations identified by reportable geographic region
amounted to 388 and 607 for the Americas and Europe,
respectively.

During the six months ended Sept. 30, 2005, involuntary employee
terminations identified by reportable geographic region amounted
to 453 and 2,257 for the Americas and Europe, respectively.

Around US$38.5 million and US$66 million of the restructuring
charges were classified as a component of cost of sales during
the three and six months ended Sept. 30, 2005, respectively.

                Liquidity and Capital Resources

As of Sept. 30, 2006, the Company had cash and cash equivalents
of US$1 billion and bank and other borrowings of US$1.7 billion,
including around US$225 million outstanding under its various
credit facilities.

These credit facilities are subject to compliance with certain
financial covenants.  As of Sept. 30, 2006, the Company was in
compliance with the covenants under its indentures and credit
facilities.

Working capital as of Sept. 30, 2006, and March 31, 2006, was
around US$1 billion and US$938.6 million, respectively.

Cash used in operating activities amounted to US$49.2 million
during the six months ended Sept. 30, 2006.  Cash provided by
operating activities amounted to US$432.9 million during the six
months ended Sept. 30, 2005.

At Sept. 30, 2006, the Company's balance sheet showed
US$12.409 million in total assets, US$6.752 million in total
liabilities, and US$5.656 million in total shareholders' equity.

Full-text copies of the Company's second quarter financials are
available for free at http://ResearchArchives.com/t/s?14b3

                  About Flextronics International

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide including Finland, Hungary, Sweden and
the United Kingdom.  The company delivers complete design,
engineering, and manufacturing services to aerospace,
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile original equipment
manufacturers.

                           *     *     *

As reported in the TCR-Europe on Nov. 9, Fitch Ratings
downgraded the ratings for Flextronics International Ltd.:

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

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

Moody's Investors Service confirmed Flextronics International
Ltd.'s Ba1 Corporate Family Rating in connection with the rating
agency's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology.


FLEXTRONICS INTERNATIONAL: Shareholders Okay 2001 Plan Changes
--------------------------------------------------------------
Shareholders of Flextronics International Ltd. have approved the
amendments to the Company's 2001 Equity Incentive Plan during
their 2006 Annual General Meeting held last month.

The amendments to the 2001 Plan provides:

   a. the elimination of the 2-million share sub-limit on the
      number of ordinary shares subject to stock bonus awards
      that may be outstanding at any time during the term of the
      2001 Plan;

   b. the modification of the automatic option grant to non-
      employee directors so that the option grant will not be
      pro-rated based on the service of the director during the
      prior 12 months; and

   c. the increase of the share reserve by 5,000,000 ordinary
      shares to an aggregate of 32,000,000 ordinary shares (not
      including shares available under plans consolidated into
      the 2001 Plan).

Pursuant to the approval of Non-Employee Director Compensation
under Singapore law, the Company may only provide cash
compensation to its non-employee directors for their services
rendered with the prior approval from its shareholders at a
general meeting.  Accordingly, at the 2006 Annual Meeting, the
Company's shareholders approved the cash compensation
arrangements for the non-employee directors:

   a. annual cash compensation of US$40,000, payable quarterly
      in arrears, for services rendered as a director;

   b. additional annual cash compensation of US$10,000, payable
      quarterly in arrears to the Chairman of the Audit
      Committee (if appointed) of the Board of Directors for
      services rendered as Chairman of the Audit Committee; and

   c. additional annual cash compensation of US$5,000, payable
      quarterly in arrears for participation on any standing
      committee of the Board of Directors.  The standing
      committees of the Board of Directors of the Company are
      currently the Audit, Compensation, Nominating and
      Corporate Governance, and Finance Committees.  The cash
      compensation for the directors of the Company approved at
      the 2006 Annual Meeting is unchanged from the amounts
      approved by the Company's shareholders at the 2005 Annual
      General Meeting of Shareholders.

Moreover, at the 2006 Annual Meeting, the Company's shareholders
also approved the amendment and restatement of the Company's
Articles of Association, which defines the rights of holders of
the Company's ordinary shares.  As a result of the shareholder
approval, which became effective on October 4, 2006, the
Company's Articles of Association were amended to:

   a. reflect certain changes made by the Singapore Companies
      (Amendment) Act 2005, including the elimination of the
      concepts of par value, share premium, shares issued at a
      discount and authorized share capital;

   b. provide for the holding of treasury shares and to
      modernize and streamline certain provisions to be more
      consistent with, and take greater advantage of, the
      Singapore Companies Act, as amended; and

   c. re-word a number of provisions in order to improve clarity
      and readability.

                  About Flextronics International

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide including Finland, Hungary, Sweden and
the United Kingdom.  The company delivers complete design,
engineering, and manufacturing services to aerospace,
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile original equipment
manufacturers.

                           *     *     *

As reported in the TCR-Europe on Nov. 9, Fitch Ratings
downgraded the ratings for Flextronics International Ltd.:

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

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

Moody's Investors Service confirmed Flextronics International
Ltd.'s Ba1 Corporate Family Rating in connection with the rating
agency's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology.


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


ALCATEL SA: U.S. Congress Committee to Probe Lucent Merger Today
----------------------------------------------------------------
Duncan Hunter, Chairman of the U.S. House Armed Services
Committee, will call Alcatel S.A. and Lucent Technologies Inc.
today to probe into the implication of the companies'
US$10.6-billion merger deal on national security, The Financial
Times says.

The hearing will also include a testimony from government
officials who are reviewing the merger deal, FT adds.  The
Committee on Foreign Investment in the U.S., which scrutinizes
foreign takeovers, is wrapping up its review on the deal.

According to FT, the hearing, which could lead to a wider vet or
a backlash similar to against Dubai Ports World's failed
takeover of five port terminals this year, would pressure both
the deal and White House officials.

Alcatel and Lucent, FT relates, tried earlier to prevent a
congressional probe into the deal by:

   -- launching a lobbying campaign; and

   -- submitting a plan to isolate Lucent's sensitive government
      contracts from Alcatel's operations by forming a separate
      unit -- which would be supervised by three Clinton
      administration defense and intelligence officials.

                   About Lucent Technologies

Headquartered in Murray Hill, New Jersey, Lucent Technologies
(NYSE: LU) -- http://www.lucent.com/-- designs and delivers the
systems, services and software that drive next-generation
communications networks.  Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better
manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

Lucent also operates in Austria, Belgium, China, Czech republic,
Denmark, France, Germany, India, Ireland, Japan, Korean, Brazil,
CIS, the Netherlands, Poland, Slovak Republic, Spain, Sweden,
Switzerland, Russia, and the United Kingdom.

                         About Alcatel

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

                         *     *     *

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

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


ALCATEL SA: Inks Deal to Develop Mobile TV Handsets With Samsung
----------------------------------------------------------------
Alcatel S.A. and Samsung Electronics have agreed to develop
mobile handsets compatible with the evolution of the DVB-H
standard in the S-Band.  This is part of Alcatel's Unlimited
Mobile TV solution.

Alcatel and Samsung will collaborate on interoperability testing
in order to deliver a seamless end-to-end solution to operators
and a high quality Mobile TV service to end-users.  Both
companies will support the standardization process of this
solution in the DVB Forum undertaken in the DVB-SSP (Satellite
Services for Portable devices) Ad-Hoc Group, and join forces to
market their combined solution.  In a first step, this agreement
covers Europe, where the S-band spectrum is available today.

The solution in the S-Band allows complete territory coverage
for Mobile TV at the scale of a country or even a continent,
including inside buildings.  Besides, this solution is
compatible with DVB-H in UHF, which also enables the development
of dual-mode UHF/ S-Band Mobile TV terminals.

"Samsung values its new cooperation with Alcatel for handsets in
the S-Band, as it opens the door to a significant new business
opportunity for Samsung in Europe," Kwang Suk Hyun, Senior Vice
President of Samsung, stated.  "S-Band is a solution of choice
in Europe for Mobile TV deployment and Samsung intends to be a
major player in this business."

"We welcome Samsung as a new key stakeholder in the S-Band
ecosystem for broadcast Mobile TV, as they enjoy a track record
in fast Mobile TV handset development and go-to-market
capability," Olivier Coste, President of Alcatel's mobile
broadcast activities, added.  "Samsung's endorsement of our
hybrid mobile TV solution in the S-Band also demonstrates the
attractiveness of this option for the Mobile TV industry at
large."

                    About Samsung Electronics

Headquartered in Seoul, South Korea, Samsung Electronics Co.,
Ltd. -- http://www.samsung.com/-- is a global leader in
semiconductor, telecommunication, digital media and digital
convergence technologies with 2005 parent company sales of
USD56.7 billion and net income of US$7.5 billion.

                         About Alcatel

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

                         *     *     *

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

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


CINRAM INTERNATIONAL: Earns US$18 Mln in Quarter Ended Sept. 30
---------------------------------------------------------------
Cinram International Income Fund reported consolidated revenue
of US$477.2 million for the quarter ended Sept. 30, 2006, down
from US$544.7 million in 2005, principally as a result of lower
DVD and CD sales.

The Fund recorded net earnings of US$18.4 million for the
quarter, down from net earnings of US$35.5 million for the third
quarter of 2005.

"Our results were in line with expectations of softer DVD sales
in the third quarter compared to the exceptionally strong third
quarter performance we reported in 2005," said Cinram Chief
Executive Officer, Dave Rubenstein.  "Looking out to 2007, we
are confident that our customers' upcoming slate of releases
will translate into DVD unit volume growth on a year-over-year
basis."

Cinram generated third quarter earnings before interest, taxes
and amortization of US$89.3 million compared with US$118.5
million in 2005, due to lower DVD and CD volumes, increased one-
time costs, and lower printing and distribution revenue, which
were offset by lower raw material costs as well as cost
reductions and efficiencies.

Cinram's liquidity and balance sheet remained strong in the
third quarter.  The Fund had cash on hand of US$108.9 million,
debt of US$679.1 million, resulting in a net debt position of
US$570.2 million at Sept. 30, 2006.  Cinram's US$150-million
revolving line of credit was not used during the third quarter
and currently remains undrawn. Working capital was US$208.4
million at Sept. 30, 2006, relatively unchanged from June 30,
2006.

                    Year-to-Date Performance

Consolidated revenue for the nine months ended Sept. 30, 2006,
was US$1.3 billion, compared with US$1.4 billion in 2005.  EBITA
for the nine months decreased to US$215.4 million from US$268.8
million in 2005.  Year-to-date EBITA declined relative to 2005
as a result of lower DVD, CD and printing revenue, as well as
increased costs related to Sarbanes-Oxley compliance and
severance costs.  EBITA for the nine months ended Sept. 30,
2006, also included unusual items of US$11.1 million related to
restructuring expenses and costs incurred in relation to the May
income trust reorganization.

The Fund reported net earnings of US$3.7 million for the nine
months ended Sept. 30, 2006, compared with net earnings of
US$44.2 million in 2005.

                          Product Revenue

Third quarter DVD revenue was down 15 per cent to US$237.4
million from US$279.6 million in 2005 principally as a result of
lower volume for some from our major customers and their
comparatively strong performance in the third quarter of 2005.
DVD sales remained our major source of revenue, representing 50
per cent of consolidated revenue for the third quarter compared
with 51 per cent last year.  For the nine months ended Sept. 30,
2006, DVD revenue was down 10 per cent to US$650.1 million from
US$723.2 million in 2005.  On a year-to-date basis, DVD revenue
accounted for 49 per cent of consolidated revenue, compared with
50 per cent in the comparable prior year period.

Cinram recorded third quarter and year-to-date high-definition
DVD revenue of US$1.6 million and US$2.8 million, respectively,
following the June retail launch of both formats.

CD revenue was down 16 per cent in the third quarter to US$71.8
million from US$85.7 million in 2005, and decreased 11 per cent
year-to-date relative to 2005, part of which was attributable to
cessation of CD manufacturing operations at Louviers in France
earlier this year.

Printing revenue for the third quarter was down three per cent
to US$63.3 million from US$65.2 million in 2005, primarily due
to lower DVD and CD replication volume.  For the year to date,
printing revenue was down 13 per cent to US$145.5 million from
US$167.6 million, principally as a result of lower DVD volumes
for customers for whom we also provide related printing
products.

Distribution revenue declined four per cent in the third quarter
to US$66.1 million from US$68.9 million in 2005.  The impact of
the decline in DVD revenue on distribution was mitigated in the
third quarter as some of its major customers shipped a greater
proportion of units from inventory that was replicated in
previous periods.  On a year-to-date basis, distribution revenue
increased four per cent to US$205.6 million from US$197.7
million in 2005, with the full nine-month contribution from new
Twentieth Century Fox Home Entertainment business in Europe.

Giant Merchandising generated revenue of US$31.8 million in the
third quarter up six per cent from US$30.1 million in 2005.  For
the nine months ended Sept. 30, 2006, Giant Merchandising
recorded revenue of US$97.1 million compared with US$97.4
million in 2005.

                       Geographic Revenue

North American revenue was down 12 per cent in the third quarter
to US$360.6 million, compared with US$410.8 million in 2005,
principally as a result of lower DVD and CD sales.  Year-to-
date, North American revenue was down 11 per cent to US$981.0
million from US$1.1 billion in 2005 as a result of lower DVD, CD
and printing revenue.  North America accounted for 76 and 74 per
cent of third quarter and year-to-date consolidated revenue,
respectively, compared with 75 and 76 per cent, respectively, in
2005.

European revenue decreased 13 per cent in the third quarter to
US$116.6 million from US$133.9 million in 2005 as a result of
lower DVD, CD and distribution revenue from The Entertainment
Network. Year-to-date, European revenue declined marginally to
US$342.9 million from US$345.0 million in 2005.  Third quarter
European revenue represented 24 per cent of consolidated sales
compared with 25 per cent in the third quarter of 2005.  Year-
to-date, European revenue represented 26 per cent of
consolidated revenue, up from 24 per cent in 2005.

                         Distributions

The Fund paid distributions of US$40.3 million in the third
quarter.  Cinram's current annual distribution policy remains
unchanged at CDNUS$3.25 per unit, to be paid in monthly
distributions of CDNUS$0.2708 on or about the 15th day of the
month to unitholders of record on the last business day of each
previous month.

Cinram has declared a cash distribution of CDNUS$0.2708 per unit
for the month of November 2006, payable on Dec. 15, 2006, to
unitholders of record at the close of business on Nov. 30, 2006.

Cinram International Limited Partnership has also declared a
cash distribution of CDNUS$0.2708 per Class B limited
partnership unit for the month of November 2006, payable on Dec.
15, 2006, to unitholders of record at the close of business on
Nov. 30, 2006.

                      Full Year 2006 Guidance

Cinram expects to generate EBITA for the year ending Dec. 31,
2006, in the range of US$335 to US$340 million, including
unusual items for the full year which are expected to result in
a net gain of US$4.1 million.  Cinram also expects capital
expenditures to be in the range of US$70 million for the full
year in 2006.  This guidance does not include the impact of any
future merger or unidentified restructuring charges, as well as
sales and acquisitions of operating assets that may occur from
time to time due to management decisions and changing business
circumstances, which the Fund is currently unable to forecast.

                         About Cinram

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world including Canada, France, Germany, Mexico, the United
Kingdom, and the United States.

                            *   *   *

As reported in the Troubled Company Reporter on Aug. 3, 2006,
Moody's Investors Service assigned a definitive B1 senior
secured rating to the US$825 million credit facility of Cinram
International Inc. dated May 5, 2006, removing the provisional
status from this rating.  Moody's also withdrew the B1 senior
secured rating from Cinram's prior credit facility, originally
dated October 2003.  Cinram's Corporate Family Rating is B1 and
the outlook is stable.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its B1 Corporate Family Rating for Cinram
International, Incorporated, as well as its B1 rating on the
company's US$675 million Senior Secured Term Loan.  The
debentures were assigned an LGD3 rating suggesting creditors
will experience a 32% loss in the event of default.

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on prerecorded multimedia manufacturer Cinram
International Inc. to 'BB-' from 'BB' following the company's
announcement that it had successfully converted into an income
trust.  The ratings were removed from CreditWatch with negative
implications, where they were placed March 3, 2006.


CINRAM INTERNATIONAL: To Engage Advisor for Strategic Review
------------------------------------------------------------
Cinram International Income Fund's Board of Trustees has
directed management to retain a financial advisor to review
strategic and financial alternatives.  This will include a
careful review of Cinram's business plan, growth strategy and
market valuation.

"Although it does not appear that Cinram will be directly
impacted by the Department of Finance's Tax Fairness Plan for
Canadians, this plan will significantly change the landscape for
income trusts in Canada.  Given these circumstances, the Board
of Trustees must consider such factors which could ultimately
impact the value of the Fund," said Henri A. Aboutboul, Chairman
of the Fund's Board of Trustees.

"The Board of Trustees is focused on creating long-term value
for unitholders.  To that end, we wish to carefully evaluate and
pursue strategic and financial alternatives which represent the
best use of the Fund's capital, taking into account our
commitment to enhance the Fund's market valuation and grow
Cinram's business." Mr. Aboutboul added.

As reported in the Troubled Company Reporter on Sept. 26, 2006,
Cinram informed Amaranth Advisors that its Board of Directors
has no intention of selling, or exploring the possibility of
selling, the Fund or any of its operating subsidiaries or their
respective businesses.

The statement came in response to a memorandum issued by
Amaranth Canada Trust urging Cinram to immediately retain
financial advisors to explore a sale of the Fund, including a
going private transaction.

Amaranth had issued the memorandum after the Amaranth investment
fund group announced significant trading losses in its natural
gas trading business.  Following Amaranth's disclosure, the
trust units of Cinram came under intense selling pressure.

Amaranth Canada Trust has beneficial ownership of 8,000,000
trust units of Cinram representing around 15.3% of the issued
and outstanding trust units, and is the largest equity holder in
the fund.  Amaranth LLC indirectly beneficially owns all units
beneficially owned by Amaranth Canada Trust.  In addition,
Amaranth has an economic interest in 2,654,895 units.

                         About Cinram

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world including Canada, France, Germany, Mexico, the United
Kingdom, and the United States.

                            *   *   *

As reported in the Troubled Company Reporter on Aug. 3, 2006,
Moody's Investors Service assigned a definitive B1 senior
secured rating to the US$825 million credit facility of Cinram
International Inc. dated May 5, 2006, removing the provisional
status from this rating.  Moody's also withdrew the B1 senior
secured rating from Cinram's prior credit facility, originally
dated October 2003.  Cinram's Corporate Family Rating is B1 and
the outlook is stable.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its B1 Corporate Family Rating for Cinram
International, Incorporated, as well as its B1 rating on the
company's US$675 million Senior Secured Term Loan.  The
debentures were assigned an LGD3 rating suggesting creditors
will experience a 32% loss in the event of default.

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on prerecorded multimedia manufacturer Cinram
International Inc. to 'BB-' from 'BB' following the company's
announcement that it had successfully converted into an income
trust.  The ratings were removed from CreditWatch with negative
implications, where they were placed March 3, 2006.


CINRAM INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its B1 Corporate Family Rating for Cinram
International, Incorporated, as well as its B1 rating on the
company's US$675 million Senior Secured Term Loan.  The
debentures were assigned an LGD3 rating suggesting creditors
will experience a 32% loss in the event of default.

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

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

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

                         About Cinram

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world including Canada, France, Germany, Mexico, the United
Kingdom, and the United States.


MOSAIC CO: S&P Revises Rating Outlook on Weak Phosphates Volumes
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on The
Mosaic Co. to negative from stable.  It also affirmed its 'BB'
long-term and 'B-1' short-term corporate credit ratings on the
company.

"The outlook revision follows indications that phosphates
volumes have weakened because of sluggish export sales and a
slow start to the fall fertilizer season.  This has prompted
management to make a significant downward revision to its
phosphates sales volume forecasts for the fiscal year ending
May 31, 2007," said Standard & Poor's credit analyst
Cynthia Werneth.  "As a result, cash flow generation is likely
to be weaker than expected during the next few quarters,
reducing the company's ability to lower debt."

Mosaic is highly leveraged.  At Aug. 31, 2006, debt (adjusted to
include tax-effected asset retirement obligations of about
US$350 million and postretirement obligations of US$150 million,
as well as capitalized operating leases of US$100 million)
totaled about US$3.2 billion, with total adjusted debt to EBITDA
of 4.8x.  Given Mosaic's high leverage relative to the ratings
expectations, any additional negative developments such as a
prolonged period of weak sales volumes, a spike in natural gas
costs, or poor weather could lead to a downgrade.

At the same time, based on preliminary terms and conditions, we
assigned a 'BB' senior secured bank loan rating and a recovery
rating of '2' to Mosaic's proposed US$250 million five-year term
loan A-1 and US$800 million seven-year term loan B.  These
ratings indicate our expectation that lenders would recover a
substantial portion (80% to 100%) of principal in a payment
default scenario, assuming a fully drawn revolving credit
facility.

Standard & Poor's placed the ratings on Mosaic's existing
US$450 million revolving credit facility and US$47 million term
loan A on CreditWatch with negative implications.  If the
transaction closes as currently contemplated, the ratings on
these portions of the existing facilities that are expected to
remain in place will be lowered to recognize the meaningful
increase to secured debt in the capital structure.  The bank
loan rating will be lowered to 'BB' and the recovery rating to
'2'.

Standard & Poor's also assigned a 'BB-' senior unsecured debt
rating to Mosaic's proposed US$475 million notes due 2014 and
US$475 million notes due 2016.  These instruments will be
guaranteed on a senior unsecured basis by certain of the
company's domestic and foreign wholly owned subsidiaries.

In addition, Standard & Poor's affirmed its 'B+' senior
unsecured debt rating on the existing senior unsecured
obligations that are not guaranteed and are expected to remain
in place.

Proceeds of the new bank loan tranches and the new notes will be
used to refinance existing debt, thereby extending maturities.
Standard & Poor's will withdraw its ratings on the debt that is
being refinanced upon closing of the transaction.

The ratings on Plymouth, Minn.-based Mosaic reflect its
aggressive financial profile, mitigated by its satisfactory
business risk profile as a leading global phosphate and potash
fertilizer and feed producer with annual sales of more than US$5
billion.


REVLON INC: Posts US$100.5-Million Net Loss in Third Quarter
------------------------------------------------------------
Revlon Inc. generated US$306 million of net sales for the third
quarter ended Sept. 30, 2006, compared with net sales of
US$275 million in the third quarter 2005.  Operating loss in
third quarter 2006 was around US$57 million, after giving effect
to significant expenses during the quarter related to
restructuring, discontinuing Vital Radiance and executive
severance.

In the United States, net sales for the quarter advanced 13% to
US$160 million, compared with net sales of US$142 million in the
third quarter of 2005.  This performance largely reflected the
net sales reduction in the current quarter due to Vital Radiance
and the Almay returns and allowances provisions in the 2005-
quarter. Excluding these factors, net sales in the U.S. were
essentially even with the prior year.

In International, net sales for the quarter advanced 9% to
US$146 million, versus net sales of US$134 million in the third
quarter of 2005.  Excluding the impact of foreign currency
translation, this performance was driven by strength in each of
the Company's three geographic regions, particularly Europe and
Latin America.  Favorable foreign currency translation added
less than one percentage point to the International growth in
the quarter.

Net loss in the third quarter of 2006 was US$100.5 million
compared with net loss of US$65.4 million in the third quarter
of 2005, largely driven by the same factors that impacted
operating profitability in the quarter, as well as higher
interest expense.  Cash flow used for operating activities in
the third quarter of 2006 was US$29.3 million, compared with
cash flow used for operating activities of US$69.1 million in
the third quarter of 2005.  This performance largely reflected
the significant use of working capital in the 2005 quarter
related to Vital Radiance and the restage of Almay, partially
offset by the increase in net loss in the current quarter.

During the quarter, the Company began the implementation of its
organizational streamlining, as well as the discontinuance of
Vital Radiance, which did not maintain an economically feasible
retail platform for future growth.  In addition, the Company
incurred executive severance during the quarter related to a
change in leadership at the Company.  Revlon reiterated its
belief that its restructuring actions taken in the first and
third quarters of 2006, the total impact of Vital Radiance and
executive severance, while negatively impacting its operating
profitability in the third quarter by some US$72 million and the
full year 2006 by an estimated US$140 million, will accelerate
the Company's path to becoming net income and cash flow
positive.

Commenting on the results for the quarter, Revlon President and
Chief Executive Officer David Kennedy stated, "Our results in
the quarter reflect the important, and admittedly costly,
decisions we have made to position Revlon for future success.
We are fortunate to have such a strong portfolio of brands, and
we intend to leverage the tremendous equity of these brands--
particularly Revlon--as we move forward.  Importantly, our go-
forward approach will continue to focus on bringing innovation
and excitement to the market in a way that is intensely focused
on driving our profitability and cash flow."

                    Organizational Streamlining

During the quarter the Company initiated an organizational
streamlining to eliminate redundancy, reduce layers of
management and overhead costs and improve profit margins.  This
restructuring will reduce the Company's U.S. workforce by around
250 positions and result in estimated ongoing annualized savings
of around US$34 million.  The Company expects the total cost of
the program to be around US$29 million, which it expects to
incur over the 2006 and 2007 period.  In this regard, the
Company incurred restructuring and related charges during the
third quarter totaling around US$14 million related to severance
and other termination benefits and expects to incur an
additional US$7 million in charges related to this program in
the fourth quarter of 2006.

The Company incurred charges totaling around US$49 million
during the third quarter related to its decision to discontinue
the Vital Radiance brand.  The charges include a provision for
returns and allowances of around US$31 million, as well as
around US$15 million for the write-off of inventories and
selling and promotional materials, and around US$3 million for
the write-off and accelerated amortization of displays.  The
Company indicated that, including the cost to discontinue the
brand, Vital Radiance is expected to negatively impact its full
year operating profitability by around US$100 million, including
the impact of around US$92 million incurred through the first
nine months of 2006.

Commenting on the Company's financial performance, Mr. Kennedy
stated, "Our performance in the third quarter was significantly
impacted by the costs of the decisions we announced in
September.  We continue to expect net sales for the full year
2006 to be around US$1,340 million, including the impact of
Vital Radiance returns and allowances provisions taken during
the year.  In addition, we continue to expect Adjusted EBITDA
for the year to be around US$75 million to US$85 million, after
giving effect to the impacts of the restructuring charges taken
during the year, the expected full-year impact of Vital
Radiance, and executive severance, which collectively are
expected to negatively impact Adjusted EBITDA by around US$125
million.  As we look ahead, we are confident in our ability to
achieve Adjusted EBITDA of around US$210 million in 2007."

                      Nine-Month Results

Net sales in the first nine months of 2006 advanced around 6% to
US$953 million, compared with net sales of US$895 million in the
first nine months of 2005.  In the United States, net sales
advanced 7% to US$538 million for the first nine months of 2006,
versus net sales of US$502 million in the same period last year.
International net sales of US$415 million in the first nine
months of 2006 advanced around 6% versus net sales of US$393
million a year ago.  Excluding the favorable impact of foreign
currency translation, International net sales grew around 5% in
the nine-month period.

Net loss in the first nine months of 2006, after giving effect
to restructuring, discontinuing Vital Radiance and executive
severance, was US$245.8 million, compared with a net loss in the
first nine months of 2005 of US$148.0 million.  Cash flow used
for operating activities in the first nine months of 2006 was
US$124.8 million, compared with cash flow used for operating
activities of US$115.9 million in the first nine months of 2005.

                           About Revlon

Revlon Inc. -- http://www.revloninc.com/-- is a worldwide
cosmetics, skin care, fragrance, and personal care products
company.  The Company's vision is to deliver the promise of
beauty through creating and developing the most consumer
preferred brands.  The Company's brands include Revlon(R),
Almay(R), Vital Radiance(R), Ultima(R), Charlie(R), Flex(R), and
Mitchum(R).  In Europe, the company maintains operations in
Italy, France, and the United Kingdom.

At June 30, 2006, the Company's balance sheet showed US$960.7
million in total assets and US$2.09 billion in total
liabilities, resulting in a US$1.1 billion stockholders'
deficit.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 2,
Moody's Investors Service reported that it lowered Revlon
Consumer Products Corporation's long-term ratings, including the
corporate family rating to Caa1 from B3.  Moody's affirmed the
company's speculative grade liquidity rating of SGL-4.  These
rating actions reflect the higher risk of future debt
restructurings that may be unfavorable to current bondholders,
as well as the significant liquidity and financial challenges
that Revlon faces in the next 6-12 months.  Moody's said the
outlook remains negative.

As reported in the Troubled Company reported on Sept. 27,
Standard & Poor's Ratings Services lowered all of its ratings on
New York City-based Revlon Consumer Products Corp., including
its corporate credit rating, to 'CCC+' from 'B-'.  Standard &
Poor's said the outlook is negative.


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


METROMEDIA INT'L: Delays Filing of Third Quarter 2006 Results
-------------------------------------------------------------
Metromedia International Group Inc. is unable to timely file its
Quarterly Report on Form 10-Q for the fiscal quarter ended
Sept. 30, 2006 with the United States Securities and Exchange
Commission.

The filing with the SEC of the Company's:

   -- Annual Report on Form 10-K for the fiscal year ended
      Dec. 31, 2004;

   -- Quarterly Report on Form 10-Q for the fiscal quarters
      ended March 31, June 30, and Sept. 30, 2005;

   -- Annual Report on Form 10-K for the fiscal year ended
      Dec. 31, 2005;

   -- Quarterly Report on Form 10-Q for the fiscal quarters
      ended March 31 and June 30, 2006; and

   -- completion of its work effort for compliance with
      Section 404, "Management Assessment of Internal Controls"
      of the Sarbanes-Oxley Act of 2002 with respect to the
      filing of its 2005 Form 10-K,

are prerequisite for the filing of the 2006 their quarter Form
10-Q.

At present, the Company cannot predict with confidence when it
will file the Periodic Reports and thus its 2006 Q3 Form 10-Q.

                        About Metromedia

Based in Charlotte, North Carolina, Metromedia International
Group (PINK SHEETS: MTRM-Common Stock and MTRMP-Preferred Stock)
-- http://www.metromedia-group.com/-- through its subsidiary,
Metromedia International Telecommunications, owns interests in
telecom and cable TV operations in Russia, Georgia, and
elsewhere in Eastern Europe.

The Company's core businesses includes Magticom, Ltd., the
leading mobile telephony operator in Tbilisi, Georgia, and
Telecom Georgia, a well-positioned Georgian long distance
telephone operator.

                       *     *     *

As reported in the TCR-Europe on Oct. 5, Metromedia is filing a
Chapter 11 Plan in the U.S. after receiving a binding offer to
acquire all of the Company's business interests in Georgia for a
cash price of US$480 million from an investment group comprised
of:

   -- Istithmar, an alternative investment house based in Dubai,
      United Arab Emirates;

   -- Salford Georgia, the Georgian office of Salford Capital
      Partners Inc., a private equity and investment management
      company which manages investments in the CIS and Central &
      Eastern Europe; and

   -- Emergent Telecom Ventures, a communications merchant bank
      focused on pursuing telecommunications opportunities in
      the Emerging Markets.

Upon the approval of the plan, all of the preferred and common
equity interests in the Company will be converted into the right
to receive the cash remaining after payment of all allowed
claims and the costs and expenses associated with the sale and
the Wind-Up.

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


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


CHIQUITA BRANDS: Obtains Permanent Amendment to Credit Facility
---------------------------------------------------------------
Chiquita Brands International Inc. amended its credit agreement
dated as of June 28, 2005, with a syndicate of banks and
financial institutions.

On Nov. 8, 2006, the company obtained a permanent amendment to
cure the covenant violations that would have otherwise occurred
when the temporary waiver expired.

The amendment revised certain covenant calculations relating to
financial ratios for leverage and fixed charge coverage,
established new levels for compliance with those covenants to
provide additional financial flexibility, and includes interest
rates on the Revolving Credit Facility of LIBOR plus a margin
ranging from 1.25% to 3%, and on the Term Loans of LIBOR plus a
margin ranging from 2% to 3%, in each case depending on the
company's consolidated leverage ratio.

Initially, the interest rates on both the Revolving Credit
Facility and the Term Loans will be LIBOR plus 3%.  In addition,
Chiquita Brands L.L.C. is required to pay a fee on the daily
unused portion of the Revolving Credit Facility of 0.25% to
0.50% per annum.

                  Terms of the Amendment

Under the amended CBL Facility, CBL may distribute cash to CBII
for routine CBII operating expenses, interest payments on CBII's
7-1/2% and 8-7/8% Senior Notes and payment of certain other
specified CBII liabilities.  Until Chiquita meets certain
financial ratios and elects to become subject to a reduced
maximum leverage ratio,

   (i) CBL's distributions to CBII for other purposes, such
       as dividend payments to Chiquita shareholders
       and repurchases of CBII's common stock, warrants
       and senior notes, are prohibited; and

  (ii) the ability of CBL and its subsidiaries to
       incur debt, dispose of assets, carry out mergers
       and acquisitions, and make capital expenditures
       is further limited than under the original
       CBL Facility.

The amendment to the credit agreement, effective Nov. 8, 2006,
among Chiquita Brands LLC, Chiquita Brands International, Inc.,
certain financial institutions as lenders, and Wachovia Bank,
N.A., as administrative agent, was filed [Thurs]day as an
exhibit to the company's Quarterly Report on Form10-Q.

                          Background

The company and Chiquita Brands L.L.C., the main operating
subsidiary of the company, have a secured credit facility with a
syndicate of bank lenders comprised of two term loans and a
revolving credit facility.

In June 2006, the CBL Facility was amended to modify certain
financial covenants.  In connection with the amendment, the
Revolving Credit Facility increased by US$50 million to
US$200 million.

At Sept. 30, 2006, no borrowings were outstanding under the
Revolving Credit Facility; however, US$23 million of credit
availability was used to support issued letters of credit,
leaving US$177 million of credit available under the Revolving
Credit Facility.  The company borrowed US$14 million under the
revolver in early November 2006.

On Oct. 5, 2006, the company obtained a temporary waiver from
compliance, for the period ended Sept. 30, 2006, with certain
financial covenants in the CBL Facility, with which the company
otherwise would not have been in compliance.  The temporary
waiver was effective through December 15, 2006.

As previously reported in the TCR-Europe on Oct. 12, Chiquita
Brands International Inc. and Chiquita Brands LLC, its main
operating subsidiary, entered into Waiver Letter No. 1 with the
lenders under the credit agreement dated as of June 28, 2005, on
Oct. 5, 2006.

In accordance with the terms and conditions under the waiver
letter, compliance with certain financial covenant provisions in
the Credit Agreement has been waived through Dec. 15, 2006.

                         About Chiquita

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs around 25,000 people
operating in more than 70 countries worldwide including
Belgium and Germany.

                        *    *    *

As reported in the TCR-Europe on Nov. 8, Moody's Investors
Service downgraded the ratings for Chiquita Brands L.L.C., as
well as for its parent Chiquita Brands International, Inc.
Moody's said the outlook on all ratings is stable.

This rating action follows the company's announcement that had
incurred a US$96 million net loss for its 2006 third quarter.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.

S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.


CHIQUITA BRANDS: Posts US$96 Million Net Loss in Third Quarter
--------------------------------------------------------------
Chiquita Brands International Inc. released financial and
operational results for the third quarter 2006, in which net
sales increased by 8% year-over-year to US$1 billion, from
US$954 million in the third quarter 2005.

The increase resulted primarily from increased banana volume in
Europe, higher banana pricing in North America and increased
sales in retail value-added salads.

The company reported a quarterly net loss of US$96 million,
including a non-cash charge of US$43 million for goodwill
impairment at Atlanta AG, its German distributor.  In the third
quarter 2005, the company reported net income of US$300,000.

"Our third quarter results were disappointing and worse than
expected for several reasons," Fernando Aguirre, chairman and
chief executive officer, said.  "First, we recorded a non-cash
charge for goodwill impairment at Atlanta AG due to a decline in
its business performance resulting primarily from intense
pricing pressure in Germany.  Second, temperatures during the
third quarter reached record highs across much of northern
Europe.  This unusually hot weather reduced consumer demand for
bananas, depressed prices and contributed to substantial price
weakness in trading markets, where we incurred substantial
losses on the sale of temporary excess supply from Latin
America.  Third, beginning in September, our Fresh Express
operations experienced lower sales and unforeseen costs due to
consumer concerns regarding the safety of fresh spinach in the
United States, despite the fact that no confirmed cases of
consumer illness were linked to our Fresh Express products."

Operating loss for the quarter ended Sept. 30, 2006, was
US$79 million, compared to operating income of US$20 million a
year ago.

For the Quarter ended Sept. 30, 2006, operating cash flow was
US$27 million, compared to US$63 million a year ago.

Total debt was US$990 million at Sept. 30, 2006, compared to
US$1.1 billion at Sept. 30, 2005.  Cash was US$102 million at
Sept. 30, 2006, compared to US$181 million at Sept. 30, 2005.

                    Quarterly Segment Result

In the company's Banana segment, net sales were US$444 million,
up 8% from US$411 million.  The operating loss for the segment
was US$43 million, compared to operating income of US$17 million
in the prior year.

In the company's Fresh Select segment, net sales were
US$291 million, up 8% from US$268 million.  The operating loss
was US$30 million, including a US$29 million non-cash charge for
goodwill impairment at Atlanta AG, compared to an operating loss
of US$3 million in the 2005 third quarter.

In the company's Fresh Cut segment, net sales were US$278
million, up 8% from US$259 million.  The operating loss for the
segment was US$3 million, compared to operating income of US$7
million in the same quarter of 2005.

                    Financial Covenant Waiver

The Company further disclosed that, at the beginning of October
it obtained from its lenders a temporary waiver of certain
financial covenants in its revolving credit and term loan
facility, effective through Dec. 15, 2006.  The company is
currently seeking an amendment of its credit facility to cure
any violation of its covenants that otherwise would occur upon
the expiration of the temporary waiver and to provide additional
flexibility in future periods.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs around 25,000 people
operating in more than 70 countries worldwide including Belgium
and Germany.

                         *     *     *

As reported in the TCR-Europe on Nov. 8, Moody's Investors
Service downgraded the ratings for Chiquita Brands L.L.C., as
well as for its parent Chiquita Brands International, Inc.  The
outlook on all ratings is stable.

Ratings downgraded with a stable outlook:

Chiquita Brands LLC (operating subsidiary)

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

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

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

Chiquita Brands International, Inc. (holding company parent)

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

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

    * Corporate family rating at B3

    * Probability of default rating at B3.


CHIQUITA BRANDS: S&P Affirms B Rating After Covenant Amendment
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on Cincinnati, Ohio-based
Chiquita Brands International Inc. and Chiquita Brands LLC.

The ratings were removed from CreditWatch with negative
implications where they were placed on Sept. 26, following the
company's announcement that third quarter operating performance
was expected to be weak.  Ratings were subsequently lowered by
one notch on Nov. 3.

Chiquita recently received an amendment to its credit facility
to relax covenants over multiple quarters.  As indicated in the
CreditWatch update of Standard & Poor's on Nov. 3, ratings would
be affirmed and withdrawn from CreditWatch upon receipt of such
an amendment.

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

"The ratings on Chiquita reflect the company's high debt
leverage, weak credit measures, and its product concentration in
bananas," said Standard & Poor's credit analyst Alison Sullivan.

Also, the company competes in the mature fruit and vegetable
industry, which faces uncontrollable factors such as global
supply, world trade policies, political risk, currency swings,
weather, and disease.

Chiquita is a leading producer, marketer, and distributor of
bananas and other fresh and processed foods sold under the
Chiquita brand name and other brand names.  The company has the
No.1 banana market position in Europe and the No. 2 position in
North America.  In addition to bananas, the company's fresh
products include tropical fruits such as mangoes, pineapples,
melons, and kiwi fruits.  The June 2005 acquisition of Fresh
Express added packaged salad products.


EAS ELEKTRO: Claims Registration Ends November 20
-------------------------------------------------
Creditors of EAS Elektro-Anlagen Singerer GmbH & Co. KG have
until Nov. 20 to register their claims with court-appointed
provisional administrator Jochen Zaremba.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 4 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Amberg
         Room 115
         Meeting Room V
         1 Stick
         Baustadelgasse 1
         Amberg, Germany

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

The District Court of Amberg opened bankruptcy proceedings
against EAS Elektro-Anlagen Singerer GmbH & Co. KG on Sept. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         EAS Elektro-Anlagen Singerer GmbH & Co. KG
         Jahnstrasse 26
         93158 Teublitz, Germany

The administrator can be contacted at:

         Dr. Jochen Zaremba
         Waisenhausgasse 3-4
         92224 Amberg, Germany
         Tel: 09621/91100
         Fax: 09621/911022


FICHTL+POPP: Creditors' Meeting Slated for November 21
------------------------------------------------------
The court-appointed provisional administrator for Fichtl+Popp
GmbH, Martin Manstein, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on Nov. 21.

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

         The District Court of Weilheim
         Meeting Room E 020
         Weilheim, Germany

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Dec. 5, at the same
venue.

The District Court of Muenster opened bankruptcy proceedings
against Fichtl+Popp GmbH on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Fichtl+Popp GmbH
         Weilheimer Str. 14
         82319 Starnberg, Germany

The administrator can be reached at:

         Martin Manstein
         Prannerstr. 11
         80333 Munich, Germany
         Tel: 089/21111500
         Fax: 089/21111555


FITNESS OASE: Claims Registration Ends November 17
--------------------------------------------------
Creditors of Fitness Oase GmbH have until Nov. 17 to register
their claims with court-appointed provisional administrator
Dorothee Madsen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 14 at which time the
administrator will present her 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 Fitness Oase GmbH on Sept. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Fitness Oase GmbH
         Zechenbahn 7
         45731 Waltrop, Germany

         Attn: Mario Kronschwitz, Manager
         Brandeniusstr. 45
         44265 Dortmund, Germany

The administrator can be contacted at:

         Dorothee Madsen
         Ruhrallee 9
         44139 Dortmund, Germany


FLOETER-GMBH: Claims Registration Ends November 17
--------------------------------------------------
Creditors of Floeter GmbH have until Nov. 17 to register their
claims with court-appointed provisional administrator Axel
Schwentker.

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 Duisburg
         Area C315
         3rd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, 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 Duisburg opened bankruptcy proceedings
against Floeter GmbH on Oct. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Floeter GmbH
         Otto-Lilienthal-Str. 45 a
         46539 Dinslaken, Germany

         Attn: Reinhard Floeter, Manager
         Hobelgasse 2
         47178 Duisburg, Germany

The administrator can be contacted at:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen, Germany


GUT & BILLIG: Claims Registration Ends November 21
--------------------------------------------------
Creditors of Gut & Billig - Trendartikel GmbH have until Nov. 21
to register their claims with court-appointed provisional
administrator Markus Lehmkuehler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Dec. 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 Cologne
         Meeting Room 142
         1st Floor
         Luxemburger Road 101
         50939 Cologne, 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 Cologne opened bankruptcy proceedings
against Gut & Billig - Trendartikel GmbH on Sept. 25.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gut & Billig - Trendartikel GmbH
         Attn: Kauertz Wilhelm, Manager
         Diergardtstr. 32
         53332 Bornheim, Germany

The administrator can be contacted at:

         Markus Lehmkuehler
         Wilhelmstr. 40
         53111 Bonn, Germany


MALERMEISTER E.: Creditors' Meeting Slated for November 20
----------------------------------------------------------
The court-appointed provisional administrator for Malermeister
E. Kanngiesser u. Sohn oHG, Petra Hilgers, will present her
first report on the Company's insolvency proceedings at a
creditors' meeting at 11:20 a.m. on Nov. 20.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:30 a.m. on Feb. 20, 2007, at the
same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Malermeister E. Kanngiesser u. Sohn oHG on
Sept. 22.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Malermeister E. Kanngiesser u. Sohn oHG
         Dahlemer Way 47
         14167 Berlin, Germany

The administrator can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


MARSHALL-SECURITY: Claims Registration Ends November 21
-------------------------------------------------------
Creditors of Marshall-Security-Services e.K. have until Nov. 21
to register their claims with court-appointed provisional
administrator Siegfried Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 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 Cologne
         Meeting Room 1240
         12th Floor
         Luxemburger Road 101
         50939 Cologne, 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 Cologne opened bankruptcy proceedings
against Marshall-Security-Services e.K. on Sept. 21.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Marshall-Security-Services e.K.
         Epprather Str. 1 a
         50181 Bedburg, Germany

The administrator can be contacted at:

         Siegfried Mueller
         Koelner Str. 197
         50226 Frechen, Germany


MASCHINEN- UND BOOTSKONTOR: Claims Registration Ends Nov. 23
------------------------------------------------------------
Creditors of Maschinen- und Bootskontor Heikendorf GmbH have
until Nov. 23 to register their claims with court-appointed
provisional administrator Jan Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Dec. 14 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 4
         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
Maschinen- und Bootskontor Heikendorf GmbH on Oct. 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Maschinen- und Bootskontor Heikendorf GmbH
         Attn: Justinus Geibel, Manager
         Hobelring 12
         24226 Heikendorf, Germany

The administrator can be contacted at:

         Jan Wilhelm
         Albert-Einstein-Ring 11
         22761 Hamburg, Germany


NRG ENERGY: Fitch Assigns B+/RR3 Ratings on US$1.1-Bln Sr. Notes
----------------------------------------------------------------
Fitch Ratings assigned a rating of B+/RR3 on NRG Energy's
issuance of US$1.1 billion senior notes due 2011.  This issue
will rank equally with NRG's other senior unsecured obligations.
The Rating Outlook is Stable.

On Nov. 3, 2006, Fitch affirmed NRG's ratings following the
company's announcement of its hedge reset transaction.  Proceeds
from the current offering along with cash on hand will be used
to fund payments to counterparties under certain of the
company's existing long-term hedging agreements pursuant to
agreements to reset the hedge price levels into line with
current market prices.

While this transaction will increase total debt outstanding, it
will also substantially increase cash flow for the 2007 to 2010
period, as well as permit the company to enter into further
hedges through 2012.

NRG owns and operates a diverse portfolio of power-generating
facilities, primarily in Texas and the Northeast, South Central
and Western regions of the United States.  Its operations
include base load, intermediate, peaking, and cogeneration
facilities, thermal energy production, and energy resource
recovery facilities.  NRG also has ownership interests in
generating facilities in Australia and Germany.


POWERBOWL FRIEDRICHSFELDE: Creditors' Meeting Slated for Dec. 21
----------------------------------------------------------------
The court-appointed provisional administrator for Powerbowl
Friedrichsfelde GmbH, Joachim Heitsch, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:00 a.m. on Dec. 21.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Feb. 22, 2007, at the
same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Powerbowl Friedrichsfelde GmbH on Sept. 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Powerbowl Friedrichsfelde GmbH
         Gensinger Str. 83
         10315 Berlin, Germany

The administrator can be reached at:

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


REPETZKY HOTELBETRIEBS: Claims Registration Ends November 20
------------------------------------------------------------
Creditors of Repetzky Hotelbetriebs GmbH have until Nov. 20 to
register their claims with court-appointed provisional
administrator Jens Koeke.

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

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B11
         Berliner Road 8
         37073 Goettingen, 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 Goettingen opened bankruptcy proceedings
against Repetzky Hotelbetriebs GmbH on Sept. 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Repetzky Hotelbetriebs GmbH
         Attn: Joerg Repetzky, Manager
         Dechant-Hartmann-Str. 21
         37434 Rhumspringe, Germany

The administrator can be contacted at:

         Jens Koeke
         Obere Karspuele 36
         37073 Goettingen, Germany
         Tel: 0551/5085920
         Fax: 0551/5085921


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


VALEANT PHARMA: Execs Under Probe Over Stock Option Grant Uses
--------------------------------------------------------------
Keller Rohrback L.L.P. commenced an investigation of Valeant
Pharmaceuticals International and current and former Company
executive officers and directors for potential violations
related to the backdating of stock options.

On Sept. 11, 2006, Valeant disclosed that it was conducting an
internal review of its historical stock option grant practices
and was cooperating with the SEC's informal inquiry regarding
stock options granted by the Company since Jan. 1, 2000.

On Oct. 20, 2006, Valeant's Board of Directors concluded that,
based on the preliminary report of the special committee
conducting the internal review, options granted in 1997 and
"subsequent years" reflected incorrect measurement dates and
that correcting these measurement dates would result in
restatement of the Company's financial statements for
undetermined periods from 1997 to the present.  The Company
further stated that the special committee's review of Valeant's
stock option grant practices and its analysis regarding the
magnitude of financial restatements is ongoing.

Keller Rohrback's investigation focuses on the extent that the
Company's stock option grant dates and exercise prices of stock
options were manipulated by Valeant's executive officers and
directors in order to boost their value to those who received
them.  Specifically, Keller is looking at whether potential
defendants have breached their fiduciary duties and colluded
with one another to:

   (1) improperly backdate grants of Valeant's stock options to
       various executive officers and directors in violation of
       the Company's shareholder-approved stock option plans;

   (2) improperly record and account for the backdated stock
       options in violation of GAAP;

   (3) improperly take tax deductions based on the backdated
       stock options in violation of the Tax Code; and

   (4) produce and disseminate to the Company's shareholders
       false financial statements and other SEC filings that
       improperly recorded and accounted for the backdated
       option grants thereby concealing the improper backdating
       of stock options.

Current shareholders of Valeant stock may contact paralegal
Jennifer Tuato'o or attorneys Juli Farris, Elizabeth Leland,
Cari Campen Laufenberg, Lynn Sarko or Gary Gotto by telephone,
toll-free at 1-800-776-6044.

To date, more than 100 companies are being investigated by the
U.S. Department of Justice, the Securities and Exchange
Commission, and U.S. Attorney's offices across the country,
resulting in civil and even criminal charges.

                      About Keller Rohrback

Keller Rohrback L.L.P. is a law firm headquartered in Seattle
that has successfully represented shareholders and consumers in
class action cases for over two decades.  Its trial lawyers have
obtained judgments and settlements on behalf of clients in
excess of seven billion dollars.

                          About Valeant

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International (NYSE:VRX) -- http://www.valeant.com/-- is a
research-based specialty pharmaceutical company that discovers,
develops, manufactures and markets products primarily in the
areas of neurology, infectious disease and dermatology.  In
Europe, the company has commercial offices in Belarus, Czech
Republic, France, Germany, Hungary, Italy, The Netherlands,
Poland, Russia, Slovak Republic, Spain, Turkey, Ukraine, and the
United Kingdom.

                          *     *     *

As reported in the TCR-Europe on Oct. 26, Standard & Poor's
Ratings Services placed its ratings on Costa Mesa, California-
based Valeant Pharmaceuticals International, including Valeant's
'BB-' corporate credit rating, on CreditWatch with negative
implications.

In addition, Moody's Investors Service placed the ratings of
Valeant Pharmaceuticals International (B1 corporate family
rating) under review for possible downgrade.  This rating action
follows the company's announcement that it will restate certain
financial statements as a result of accounting errors related to
accounting for stock options.


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


SIBACADEMBANK: Moody's Assigns B2 Rating on US$130-Mln 12% Notes
----------------------------------------------------------------
Moody's Investors Service assigned a B2 long-term foreign
currency rating to the 12% US$130 million subordinated Loan
Participation Notes due 2011, issued under an EMTN program on a
limited-recourse basis by Sibacademfinance plc, a special-
purpose vehicle incorporated under the laws of Ireland, for the
sole purpose of financing a subordinated loan to Sibacadembank.
The outlook for the rating is positive.

Moody's notes that the rating for the Notes is based on SAB's
fundamental credit quality as the ultimate obligor under the
transaction.  According to Moody's, the B2 long-term foreign
currency rating for the Notes does not incorporate any outside
support from the bank's shareholders in the event of distress,
although such support cannot be ruled out.

Sibacadembank is headquartered in Novosibirsk, Russia, and
reported total consolidated assets of RUR28.7 billion
(US$998 million) million and total shareholders' equity of
RUR2.8 billion (US$97.4 million) in accordance with IFRS as
at Dec. 31, 2005.


TOWER RECORDS: Taps Keen Realty as Special Real Estate Advisor
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in MTS Inc. dba
Tower Records and its debtor-affiliates' chapter 11 cases asks
the U.S. Bankruptcy Court for the District of Delaware for
permission to employ Keen Realty LLC, as their special real
estate consultant.

Keen Realty specifically will provide analysis and valuation of
the Debtors' 89 real property leases.

Additionally, Keen Realty will:

     a) provide the committee, by mail, with a desktop
        spreadsheet report analyzing and evaluating the value or
        liability associated with the Debtors leases, including
        a summary of the basis for value and liability set forth
        in the report and certain owned properties if designated
        in writing by the committee; and

     b) present the report to the committee outlining its
        estimate as to the value or liability of each of the
        evaluation properties and of the portfolio as a whole by
        Oct. 3, 2006, 12:00 noon (PST).  Keen's valuation shall
        be based upon analysis of the market, review of the
        lease documents and upon its exercise of its
        professional judgment.  It is not anticipated that Keen
        will inspect any of the locations.

The Debtors will pay Keen Realty US$20,000 for this engagement.

Matthew Bordwin, principal and executive vice president, assures
the Court that his firm does not hold any interest adverse to
the Debtors, its estate or creditors.

Mr. Bordwin can be reached at:

     Matthew Bordwin
     Keen Realty LLC
     60 Cutter Mill Road, Suite 214
     Great Neck, NY 11021
     Phone: 516-482-2700
     Fax: 516-482-5764
     http://www.keenconsultants.com/

Headquartered in West Sacramento, California, MTS, Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer
of music in the U.S., with nearly 100 company-owned music, book,
and video stores run by licensees in nine different countries
including Hong Kong, Malaysia, Philippines, Republic of Ireland,
Israel, Colombia, Ecuador and Mexico.  The Company and seven of
its affiliates filed for chapter 11 protection on Aug. 20, 2006
(Bankr. D. Del. Case Nos. 06-10886 through 06-10893).  Richards,
Layton & Finger, P.A. and O'Melveny  & Myers LLP represent the
Debtors.  When the Debtors filed for protection from their
creditors, they estimated assets and debts of more than US$100
million.  The Company and its affiliates previously filed for
chapter 11 protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case
No. 04-10394).  The Court confirmed the plan on March 15, 2004.

The Company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million.  The Debtors' exclusive period to
file a chapter 11 plan expires on Dec. 18, 2006.


TOWER RECORDS: Selects Bryan Cave as Bankruptcy Counsel
-------------------------------------------------------
Dana B. Rosenfeld, Esq., the consumer privacy ombudsman
appointed for MTS Inc. dba Tower Records and its debtor-
affiliates' chapter 11 cases, asks the U.S. Bankruptcy Court for
the District of Delaware for permission to employ Bryan Cave
LLP, as her bankruptcy Counsel.

Bryan Cave will provide legal services in connection with Ms.
Rosenfeld's services, including, without limitation to:

     a) investigate any proposed sale or lease of personally
        identifiable information by the Debtors;

     b) report to the Court in the information described in
        Section 332(b) of the Bankruptcy Code;

     c) appear, if necessary and appropriate, before the Court
        in connection with foregoing;

     d) provide advice to Ms. Rosenfeld on issues of bankruptcy
        law and procedure, including issues relating to sales
        under Section 363 of the Bankruptcy Code; and

     e) represent the Ombudsman in any other matter that may
        arise in connection with Ms. Rosenfeld's service as
        consumer privacy ombudsman.

The firm's professionals and their current hourly rates are:

     Professional                Designation     Hourly Rate
     -----------                 -----------     -----------
     Dana B. Rosenfeld, Esq.       Attorney          US$365
     Joseph W. Sanscrainte, Esq.   Associate         US$297
     Brian C. Walsh, Esq.           Partner          US$293
     David A. Zetoony, Esq.        Associate         US$259
     Eileen Weiss                  Paralegal         US$170

Ms. Rosenfeld assures the Court that Bryan Cave does not hold
any interest adverse to the Debtors and is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Ms. Rosenfeld can be reached at:

     Dana B. Rosenfeld, Esq.
     Bryan Cave LLP
     700 Thirteenth Street N.W.
     Washington, DC  20005-3960
     Tel: (202) 508-6000
     Fax: (202) 508-6200
     http://www.bryancave.com/

Headquartered in West Sacramento, California, MTS, Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer
of music in the U.S., with nearly 100 company-owned music, book,
and video stores run by licensees in nine different countries
including Hong Kong, Malaysia, Philippines, Republic of Ireland,
Israel, Colombia, Ecuador and Mexico.  The Company and seven of
its affiliates filed for chapter 11 protection on Aug. 20, 2006
(Bankr. D. Del. Case Nos. 06-10886 through 06-10893).  Richards,
Layton & Finger, P.A. and O'Melveny  & Myers LLP represent the
Debtors.  When the Debtors filed for protection from their
creditors, they estimated assets and debts of more than US$100
million.  The Company and its affiliates previously filed for
chapter 11 protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case
No. 04-10394).  The Court confirmed the plan on March 15, 2004.

The Company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million.  The Debtors' exclusive period to
file a chapter 11 plan expires on Dec. 18, 2006.


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


PARMALAT SPA: Court Denies Appeals vs. Units' Administration
------------------------------------------------------------
Parmalat S.p.A. informs that the Administrative Court of Lazio,
III Section has rejected the filings of JP Morgan and UniCredit
Banca Mobiliare S.p.A. versus the Ministerial decrees, which
have admitted foreign subsidiaries to the Extraordinary
Administration procedure and have appointed the Extraordinary
Commissioner of the Parmalat Group under Extraordinary
Administration; the Court has condemned JP Morgan and UniCredit
Banca Mobiliare S.p.A. to legal expenses.

                           *     *     *

JPMorgan and UniCredit argue that Parmalat's Dutch and
Luxembourg-based affiliates did not qualify for admission to the
list of creditor companies, Dow Jones Newswires reports.  The
Dutch and Luxembourg units issued about EUR6.2 billion in debt
and contributed to Parmalat's bankruptcy in 2004, according to
Dow Jones.

The Dutch affiliates are Dairies Holding International BV;
Parmalat Capital Netherlands BV; Parmalat Finance Corporation;
and Parmalat Netherlands BV.

The Luxembourg-based companies are Olex SA and Parmalat Soparfi
SA.

Parmalat did not disclose of the amount of its legal expenses.

As previously reported, Dr. Enrico Bondi, the extraordinary
commissioner of Parmalat and its foreign affiliates, filed
lawsuits against UniCredit and JPMorgan for their alleged
participation in fraudulent transactions that brought about
Parmalat's demise.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.  (Parmalat Bankruptcy News, Issue
No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand)


PARMALAT SPA: Hikes Third Quarter EBITDA to EUR251.6 Million
------------------------------------------------------------
The Board of Directors of Parmalat S.p.A., under the
chairmanship of Raffaele Picella, approved the Quarterly Report
as at Sept. 30, 2006, which shows further improvements in the
Group's operating performance.

                         Parmalat Group

In the first nine months of 2006, consolidated net revenues
increased to EUR2.98 billion, 6.0% more than the EUR2.81 billion
reported as at Sept. 30, 2005.  EBITDA was up 32.0%, rising to
EUR251.6 million (EUR190.5 million in the first nine months of
2005), equal to 8.4% of revenues (6.8% in 2005).  These
improvements reflect a favorable change in the sales mix, the
implementation of measures to increase manufacturing and
distribution efficiency and a positive change in foreign
exchange rates.  A decrease in write-downs of current assets and
other provisions also contributed to the EBITDA improvement.

In Italy, consolidated revenues declined slightly (-0.6%),
decreasing to EUR861.4 million (EUR866.2 million in the first
nine months of 2005).  The year-on-year comparison is affected
by a reduction in revenues from the sale of materials that are
resold at no profit (-EUR22.7 million). Net of sales of these
non-operating products, cumulative nine-month revenues show an
increase of 2.2%, rising from EUR817.7 million in 2005 to
EUR835.6 million in 2006.

EBITDA increased to EUR74.0 million, or EUR26.2 million more
than the EUR47.8 million generated in the first nine months of
2005.  As at Sept. 30, 2006, the cumulative return on sales was
8.6%, up from 5.5% for the same period last year.

Positive results in all of the main business segments
(particularly in the area of functional milks), exceptionally
strong sales of fruit-based beverages during the summer months
and efficiency gains account for this improvement.  In addition,
the Italian operations benefited to a significant degree from a
Group-wide reduction in write-downs of current assets.

In Canada, consolidated revenues for the first nine months of
2005 totaled EUR999.5 million, or 6.5% more than the
EUR938.2 million reported as at Sept. 30, 2005.  EBITDA
increased to EUR86.7 million, up EUR11.0 million compared with
the first nine months of 2005.  The ratio of EBITDA to net
revenues improved from 8.1% in 2005 to 8.7% in 2006.  This
positive performance, which was achieved despite a decrease in
the number of days available for deliveries and billing (one
week less) in 2006 compared with 2005, was made possible by an
improvement in the product mix, a streamlining of the operating
processes and a favorable movement in foreign exchange rates.

In Australia, consolidated revenues as at Sept. 30, 2006,
increased to EUR330.2 million, for a gain of 13% compared with
the EUR292.2 million booked in the first nine months of 2005.
EBITDA, at EUR26.2 million was substantially the same as in the
first nine months of 2005, equal to 7.9% of revenues.  The
performance of the Australian operations reflects the positive
impact of higher unit sales, which more than offset the absence
of the contribution of certain joint ventures divested in July.

In Africa, consolidated revenues continued to grow, rising from
EUR227.6 million in the first nine months of 2005 to EUR259.0
million for the same period this year (+13.8%).  EBITDA and
return on sales also improved, increasing from EUR21.7 million
to EUR28.5 million and from 9.6% to 11.0%.  While the favorable
trend of the local economy contributed to boosting the results
of the local Business Unit, its positive performance was mainly
the result of higher sales of cheese, UHT milk and yogurt, which
were made possible by the success of major promotional and
advertising campaigns.

In Europe excluding Italy, consolidated revenues for the first
nine months of 2006 amounted to EUR259.4 million, little changed
from the same period a year ago (EUR260.4 million).  EBITDA
totaled EUR16.8 million, decreasing by EUR2.4 million compared
with the first nine months of 2005.  As a result, the ratio of
EBITDA to net revenues declined to 6.5%, or 0.9 percentage
points less than in 2005.  Notably in the European countries
other than Italy, the Group experienced strong growth in Russia
but continued to face difficulties in Spain, where it is
implementing a re-launching plan.

In Central and South America, consolidated revenues for the
first nine months of 2006 grew to EUR248.0 million, up from
EUR207.1 million for the same period in 2005 (a gain of 19.8%).
EBITDA totaled EUR32.1 million, or EUR18.7 million more than in
the nine months ended Sept. 30, 2005.  The ratio of EBITDA to
net revenues was 12.9%, an improvement of 6.5 percentage points
over 2005.  The Group's operations throughout the region
reported sharp gains in unit sales and operating results, driven
by healthy consumer demand, a change in product mix and
efficiency gains in their manufacturing and distribution
organizations.

As at Sept. 30, 2006, Group net debt amounted to
EUR207.9 million, a significant reduction from the EUR369.3
million and EUR311.5 million as at 31 December 2005 and 30 June
2006.  This improvement was achieved despite the inclusion of
Boschi Luigi e Figli in the scope of consolidation, previously
in Extraordinary Administration.  Cash flow generation reflected
in part the impact of non recurring factors, such as:

      -- the sale of a property by a Spanish subsidiary Parmalat
         Espana (already Clesa) for EUR144 million.  The
         Resulting financial benefit as at Sept. 30, 2006 was
         EUR60.7 million;

      -- equity investments held indirectly in Norco Pauls Milk
         and other Australian companies were sold for
         around EUR40.7 million;

      -- the settlement with Banca Popolare Italiana Group which
         generated EUR44.5 million on the signing of the
         agreement.

                          Parmalat S.p.A.

Net revenues for the first nine months of 2006 totaled
EUR756.7 million, little changed from the EUR761.3 million
booked in the same period last year (-0.6%).  A reduction in
revenues from the sale of wooden pallets and other materials
that are resold at no profit (-EUR22.7 million) contributed to
this decrease.  Net of sales of these non operating products,
cumulative nine-month revenues show an increase of 2.5%, rising
from EUR712.8 million in 2005 to EUR730.9 million in 2006.

EBITDA increased to EUR50.7 million, or EUR30.3 million more
than the EUR20.4 million reported as at Sept. 30, 2005.  The
ratio of EBITDA to net revenues was 6.7%, a gain of 4.0
percentage points over 2005 (2.7%).  This improvement in the
Company's performance reflects a shift in the sales mix towards
products with a high value added and the positive impact of cost
cutting programs.

The Company's net financial assets, which totaled EUR291.6
million as at 30 June 2006 and EUR324.5 million as at Dec. 31,
2005, had risen to EUR350.6 million at Sept. 30, 2006, due
mainly to the settlement with the Banca Popolare Italiana Group.

                  Outlook for the Balance of 2006

In the months ahead, the industrial actions undertaken in the
various countries and seasonal factors that characterize the
second half of the year justify expectations of a significant
increase in EBITDA.

These considerations and non-recurring gains generated by
transactions such as the settlement with the Banca Popolare
Italiana Group and the sale of certain equity investments, while
offset in part by the pursuit of ongoing legal actions, should
result in higher profits both for Parmalat S.p.A. and the Group.

Absent any significant changes in interest rates or the Group's
scope of consolidation, the same variables should also produce a
significant reduction in Group net debt.

The Quarterly Report is unaudited.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.  (Parmalat Bankruptcy News, Issue
No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand)


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


ALMINA-PROMRESOURCE LLP: Creditors Must File Claims by Dec. 8
-------------------------------------------------------------
LLP Almina-Promresource has declared insolvency.  Creditors have
until Dec. 8 to submit written proofs of claim to:

         LLP Almina-Promresource
         Aimanov Str. 53-23
         Pavlodar
         Pavlodar Region
         Kazakhstan


ALVIN BUILD: Proof of Claim Deadline Slated for Dec. 8
------------------------------------------------------
LLP Alvin Build has declared insolvency.  Creditors have until
Dec. 8 to submit written proofs of claim to:

         LLP Alvin Build
         Ozturka Str. 5a
         16th Line Str. 160 or Almaty
         Almaty, Kazakhstan


DINAL SALES: Proof of Claim Deadline Slated for Dec. 8
------------------------------------------------------
LLP Dinal Sales and Distribution has declared insolvency.
Creditors have until Dec. 8 to submit written proofs of claim
to:

         LLP Dinal Sales and Distribution
         Kazybek bi Str. 188
         Taraz
         Jambyl Region
         Kazakhstan


EUROASIA LLP: Claims Filing Period Ends Dec. 8
----------------------------------------------
LLP Football Club Euroasia has declared insolvency.  Creditors
have until Dec. 8 to submit written proofs of claim to:

         LLP Euroasia
         Seifullin Str. 201
         Almaty District
         Astana, Kazakhstan


GLOBAL TRADE: Claims Registration Ends Dec. 8
---------------------------------------------
LLP Global Trade has declared insolvency.  Creditors have until
Dec. 8 to submit written proofs of claim to:

         LLP Global Trade
         Micro District 11, 99-73
         Aktobe
         Aktube Region
         Kazakhstan


HIMSERVICE-SK LLP: Claims Registration Ends Dec. 8
--------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Himservice -SK insolvent on
Sept. 14.  Subsequently, bankruptcy proceedings were introduced
at the company.

Creditors have until Dec. 8 to submit written proofs of claim
to:

         LLP Himservice -SK
         Jumabaev Str. 109-508
         Petropavlovsk
         North Kazkhstan Region
         Kazakhstan


KAZAKHSTAN-KURYLYSSNAB LLP: Creditors' Claims Due Dec. 12
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana declared
LLP Construction Company Kazakhstan-Kurylyssnab insolvent on
Sept. 11.

Creditors have until Dec. 12 to submit written proofs of claim
to:

         LLP Kazakhstan-Kurylyssnab
         Saryarka Str. 24-77
         010000 Astana, Kazakhstan
         Tel:  8 (3172) 23-80-72
               8 (3172) 36-09-38
               8 (7013) 28-76-84


KAZKOMMERTS INT'L: Fitch Places BB+ Rating on Upcoming Eurobond
---------------------------------------------------------------
Fitch Ratings placed Kazkommerts International B.V.'s upcoming
senior unsecured ten-year USD notes issue an expected Long-term
BB+ rating.  The issue will be made under the US$3 billion
guaranteed debt issuance program, rated Long-term BB+ and Short-
term B.

The notes under the program are unconditionally and irrevocably
guaranteed by Kazakhstan's Kazkommertsbank, rated foreign
currency Issuer Default BB+ with a Stable Outlook.  The final
ratings are contingent upon receipt of final documentation
conforming materially to information already received.

KKB's guarantee of the notes will rank at least equally with all
present or future unsecured and unsubordinated obligations of
the bank, save those preferred by relevant provisions of law and
of general application.

Under Kazakhstani law, the claims of retail depositors rank
above those of other senior unsecured creditors.  At end-H106,
retail deposits accounted for 11% of KKB's total liabilities,
based on the bank's audited International Financial Reporting
Standards financial statements.

KKB was the largest commercial bank in Kazakhstan by IFRS assets
at end-H106 and has top three positions in all major market
segments.  Its other ratings are Short-term foreign currency B,
local currency Issuer Default BBB-/Stable Outlook, Short-term
local currency F3, Individual C/D and Support 3.


ORNA-SERVICE LLP: Creditors' Claims Due Dec. 8
----------------------------------------------
LLP Orna-Service has declared insolvency.  Creditors have until
Dec. 8 to submit written proofs of claim to:

         LLP Orna-Service
         Rechnaya Str. 40a-43
         Astana, Kazakhstan


SODRUJESTVO LLP: Creditors' Claims Due Dec. 12
----------------------------------------------
LLP Sodrujestvo has declared insolvency.  Creditors have until
Dec. 12 to submit written proofs of claim to:

         LLP Sodrujestvo
         Micro District Aksai 3, 33-13
         Almaty, Kazakhstan
         Tel/Fax: 8 (3272) 20-02-88


SPETSIALNAYA TEHNIKA: Creditors Must File Claims by Dec. 8
----------------------------------------------------------
LLP Special Technics and Materials Spetsialnaya Tehnika I
Materialy has declared insolvency.

Creditors have until Dec. 8 to submit written proofs of claim
to:

         LLP Spetsialnaya Tehnika I Materialy
         Gagarin Str. 155
         Almaty, Kazakhstan


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


ANEKS LLC: Claims Filing Period Ends Dec. 22
--------------------------------------------
LLC Aneks has declared insolvency.  Creditors have until Dec. 22
to submit written proofs of claim.

Inquiries can be addressed to (0-543) 98-73-05.


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


PARMALAT SPA: Court Denies Appeals vs. Units' Administration
------------------------------------------------------------
Parmalat S.p.A. informs that the Administrative Court of Lazio,
III Section has rejected the filings of JP Morgan and UniCredit
Banca Mobiliare S.p.A. versus the Ministerial decrees, which
have admitted foreign subsidiaries to the Extraordinary
Administration procedure and have appointed the Extraordinary
Commissioner of the Parmalat Group under Extraordinary
Administration; the Court has condemned JP Morgan and UniCredit
Banca Mobiliare S.p.A. to legal expenses.

                           *     *     *

JPMorgan and UniCredit argue that Parmalat's Dutch and
Luxembourg-based affiliates did not qualify for admission to the
list of creditor companies, Dow Jones Newswires reports.  The
Dutch and Luxembourg units issued about EUR6.2 billion in debt
and contributed to Parmalat's bankruptcy in 2004, according to
Dow Jones.

The Dutch affiliates are Dairies Holding International BV;
Parmalat Capital Netherlands BV; Parmalat Finance Corporation;
and Parmalat Netherlands BV.

The Luxembourg-based companies are Olex SA and Parmalat Soparfi
SA.

Parmalat did not disclose of the amount of its legal expenses.

As previously reported, Dr. Enrico Bondi, the extraordinary
commissioner of Parmalat and its foreign affiliates, filed
lawsuits against UniCredit and JPMorgan for their alleged
participation in fraudulent transactions that brought about
Parmalat's demise.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.  (Parmalat Bankruptcy News, Issue
No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand)


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


AMSTEL SECURITISATION: S&P Rates EUR70-Mln Class E Notes at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the credit-linked floating-rate notes to be
issued by Amstel Securitisation of Contingent Obligations 2006-1
B.V., a special-purpose entity incorporated under the laws of
The Netherlands.

The purpose of this revolving balance-sheet transaction will be
to transfer the credit risk associated with a EUR7 billion
portfolio of exposures on counterparties in derivative
agreements entered into by ABN AMRO Bank N.V. ABN AMRO will
enter into a senior CDS with a senior counterparty and a junior
CDS with the issuer.  At the same time, the issuer will issue
credit-linked notes to back its exposure under the CDS with ABN
AMRO.  Repayment of the notes will depend on the performance of
the underlying pool of assets.

This is the second Amstel transaction where the assets are
counterparty exposures arising out of derivative contracts into
which ABN AMRO has entered.  As in the previous Amstel
transaction, part of the credit support will be in the form of
cash reserve contributions paid by ABN AMRO under the CDS.

"The reference obligations are the mark-to-market exposure and
potential future exposures arising out of the derivative
contracts that ABN AMRO has entered into with certain
counterparties," said Standard & Poor's credit analyst Mathieu
Dillard.  "When these derivative contracts terminate, ABN AMRO
is exposed to the risk that the counterparties could fail to pay
the termination cost of the agreement."

                          Ratings List

Amstel Securitisation of Contingent Obligations 2006-1 B.V.
       Euro- And U.S. Dollar-Denominated Credit-Linked
                      Floating-Rate Notes

                            Prelim.        Prelim.
             Class          rating         amount (Mil.)
             -----          ------         ------
             A+1 (1)        AAA            TBD
             A+2 (1)        AAA            TBD
             A1 (1)         AAA            EUR518
             A2 (1)         AAA              -
             B              AA             EUR70
             C              A              EUR35
             D              BBB            EUR42
             E              BB             EUR70
             F              NR             EUR98

   (1) These classes will be split between notes denominated
       in U.S. dollars and euros.

       The exact split between the class A+1 and A+2 notes,
       and the class A1 and A2 notes, will be decided
       at closing.

       NR-Not rated.

       TBD-To be determined.


PARMALAT SPA: Court Denies Appeals vs. Units' Administration
------------------------------------------------------------
Parmalat S.p.A. informs that the Administrative Court of Lazio,
III Section has rejected the filings of JP Morgan and UniCredit
Banca Mobiliare S.p.A. versus the Ministerial decrees, which
have admitted foreign subsidiaries to the Extraordinary
Administration procedure and have appointed the Extraordinary
Commissioner of the Parmalat Group under Extraordinary
Administration; the Court has condemned JP Morgan and UniCredit
Banca Mobiliare S.p.A. to legal expenses.

                           *     *     *

JPMorgan and UniCredit argue that Parmalat's Dutch and
Luxembourg-based affiliates did not qualify for admission to the
list of creditor companies, Dow Jones Newswires reports.  The
Dutch and Luxembourg units issued about EUR6.2 billion in debt
and contributed to Parmalat's bankruptcy in 2004, according to
Dow Jones.

The Dutch affiliates are Dairies Holding International BV;
Parmalat Capital Netherlands BV; Parmalat Finance Corporation;
and Parmalat Netherlands BV.

The Luxembourg-based companies are Olex SA and Parmalat Soparfi
SA.

Parmalat did not disclose of the amount of its legal expenses.

As previously reported, Dr. Enrico Bondi, the extraordinary
commissioner of Parmalat and its foreign affiliates, filed
lawsuits against UniCredit and JPMorgan for their alleged
participation in fraudulent transactions that brought about
Parmalat's demise.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.  (Parmalat Bankruptcy News, Issue
No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand)


TEEKAY SHIPPING: Appoints Vince Lok as Chief Financial Officer
--------------------------------------------------------------
Teekay Shipping Corporation has appointed Peter Evensen, current
Executive Vice President and Chief Financial Officer, to a newly
created position of executive vice president and chief strategy
officer.  The company also appointed Vince Lok, senior vice
president and treasurer, to the position of senior vice resident
and chief financial officer.  Both appointments are effective
immediately.

Bjorn Moller, president and chief executive officer, commented,
"Peter Evensen and Vince Lok have been important contributors to
Teekay's success.  I am pleased to announce these well-deserved
promotions which directly support our ambitious growth plans,
and ensure we have the leadership structure to continue our
progress,"

Mr. Moller continued, "In his new role, Mr. Evensen will work
closely with me to support the development of our existing
business segments, as well as identify and pursue new
opportunities for Teekay.  He will also continue to contribute
to Teekay's financial strategy."

The Company disclosed that as new chief financial officer, Mr.
Lok will assume leadership of the Company's financial
operations.  Mr. Lok has been with the Company for over 13 years
and during that time has held a number of senior finance and
accounting positions, including Controller from 1997 until his
promotion to the position of vice president, Finance in March
2002.  Most recently, Mr. Lok has served as senior vice
president and Treasurer.  Prior to joining Teekay, Mr. Lok
worked at Deloitte & Touche.

Teekay Shipping Corporation (NYSE: TK) -- http://www.teekay.com/
-- transports more than 10% of the world's seaborne oil and has
expanded into the liquefied natural gas shipping sector through
its publicly listed subsidiary, Teekay LNG Partners L.P. (NYSE:
TGP).  With a fleet of over 145 tankers, offices in 17 countries
and 5,100 seagoing and shore-based employees, Teekay provides a
comprehensive set of marine services to the world's leading oil
and gas companies, helping them seamlessly link their upstream
energy production to their downstream processing operations.  In
Europe, the country maintains offices in Germany, Luxembourg,
the Netherlands, Spain, and the United Kingdom, among others.

                         *     *     *

As reported in the TCR-Europe on Sept. 8, Standard & Poor's
Ratings Services placed its ratings, including the 'BB+'
corporate credit rating, on Teekay Shipping Corp. on
CreditWatch with negative implications.

At the same time, Moody's Investors Service placed all debt
ratings of Teekay Shipping Corporation under review for possible
downgrade -- including its senior unsecured rating at Ba2.  The
review was prompted by Teekay's announcement that is has
acquired more than 40% of Petrojarl ASA, and of its intent to
make an offer for all of the remaining Petrojarl shares.

Moody's changed the outlook to rating under review from stable.


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


AKER KVAERNER: Inks US$25-Million MEG Contract with Reliance
------------------------------------------------------------
Aker Kvaerner ASA signed a contract with Reliance Industries
Limited for the design and delivery of a monoethylenglycol
reclamation system for Reliance's KG-D6 gas project.

The total estimated contract value for Aker Kvaerner is around
US$25 million.

The scope to be performed by the Aker Kvaerner subsidiary, Aker
Kvaerner Process Systems, includes engineering services,
technical services, license agreement and supply of key
equipment.

Large quantities of MEG are used to prevent hydrate formation in
the gas pipelines during transport of gas from the offshore
wellheads to the onshore facility at Kakinada in India.  In this
process, the MEG is polluted with water and salts from the gas
reservoir, production chemicals and various particles.

The MEG technology developed by Aker Kvaerner will condition the
MEG at the onshore facility by removing water, salts and other
undesirable constituents, enabling continuous re-use of the MEG
in a closed loop.

The gas production is dependent on MEG injection.  The MEG
system is therefore designed with a very high overall
reliability.  Aker Kvaerner has delivered several MEG
reclamation systems to international clients in recent years,
and is currently the worlds leading supplier of these systems.

"Technology gives us a competitive advantage. Reliance's recent
contract awards confirm the importance of maintaining our
strategic focus on R&D (research & development)," said Martinus
Brandal.  "We will continue to use technology as a
differentiator in several key areas."

"The award of this contract confirms Aker Kvaerner's strong
position in Reliance's KG-D6 project and that our MEG technology
is well positioned in all areas of the international oil and gas
market," Per Harald Kongelf, President of Aker Kvaerner Process
Systems, said.

Engineering has commenced in Aker Kvaerner Process Systems
office in Norway. Detailed engineering and fabrication
management will soon be started up by Aker Kvaerner's entity,
Aker Kvaerner Powergas in India. The delivery is scheduled for
third quarter 2008.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


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


KENDLE INTERNATIONAL: Earns US$4 Million in Third Quarter 2006
--------------------------------------------------------------
Kendle International Inc. has reported its third quarter 2006
financial results.

Reflected in the Company's third quarter performance are results
from mid-August through Sept. 30 related to its acquisition of
the Phase II-IV clinical services business of Charles River
Laboratories International Inc.  Kendle completed this
acquisition on Aug. 16.

Net service revenues for third quarter 2006 were US$75.2
million, an increase of 46% over net service revenues of US$51.6
million for third quarter 2005.

Of the growth in net service revenues, 24% was organic growth
with the remainder of the growth due to the acquisition.  Income
from operations for the third quarter 2006 was around
US$8.1 million, or 11% of net service revenues, compared with
income from operations of around US$5.5 million in third quarter
2005.

Net income for the quarter was around US$4 million after
accounting for certain acquisition-related expenses compared
with net income of US$3.4 million in third quarter 2005.

New business awards were a record US$148 million for third
quarter 2006, an increase of 76% over new business awards in
second quarter 2006.

Contract cancellations for the quarter were US$7 million.  Total
business authorizations, which consist of signed backlog and
verbally awarded business, totaled a record US$590 million at
Sept. 30, 2006, a 69% increase from June 30, 2006.

"Kendle continues to focus first and foremost on meeting the
global clinical development needs of our customers," PharmD
chairman and chief executive officer Candace Kendle said.

"Our enhanced position in the marketplace and expanded
therapeutic expertise are already having a strong impact on our
results.  During the quarter we delivered significant growth in
backlog and new business awards, further strengthening and
diversifying our customer base and demonstrating the confidence
our customers have in Kendle as a global provider."

She continued, "We are very pleased with the pace at which the
integration is progressing and believe we are well positioned to
meet the increasing needs of our customers for large global
programs across all therapeutic areas and geographic regions."

Net service revenues by geographic region for the third quarter
were 59% in the Americas, 38% in Europe, and 3% in the
Asia/Pacific region.

The top five customers based on net service revenues accounted
for 30% of net service revenues for third quarter 2006 compared
with 34% of net service revenues for third quarter 2005.

Reimbursable out-of-pocket revenues and expenses were
US$21.5 million for third quarter 2006 compared with US$12.9
million in the same quarter a year ago.

Cash flow from operations for the quarter was a positive
US$9.6 million.  Cash and marketable securities totaled
US$27.9 million, including US$2.6 million of restricted cash.

Days sales outstanding in accounts receivable were 46 and
capital expenditures for third quarter 2006 totaled US$1.9
million.

Net service revenues for the nine months ended Sept. 30, 2006,
were US$197.1 million compared with net service revenues of
US$149.2 million for the nine months ended Sept. 30, 2005.

Net service revenues by geographic region for the nine months
ended Sept. 30, 2006, were 60% in the Americas, 37% in Europe,
and 3% in the Asia/Pacific region.

The top five customers based on net service revenues accounted
for 29% of net service revenues for the first nine months of
2006 compared with 35% of net service revenues for the first
nine months of 2005.

Income from operations for the nine months ended Sept. 30, 2006,
was around US$21.8 million, or 11% of net service revenues,
compared with income from operations of around US$12 million, or
8% of net services revenues, in the first nine months of 2005.

For the three months ended Sept. 30, 2006, the Company reported
US$3.997 million of net income compared with US$3.394 million of
net income in the comparable period in 2005.

Cash flow from operations for the nine months ended Sept. 30,
2006, was a positive US$17.1 million.  Capital expenditures for
the nine-month period totaled US$6.1 million.

Headquartered in Cincinnati, Ohio, Kendle International Inc.--
http://www.kendle.com/-- is a clinical research organization
(CRO) that provides a range of Phase I-IV clinical development
services to the biopharmaceutical industry.  The Company offers
clinical research services and information technology to
biopharmaceutical companies.  It delivers integrated clinical
research services, including clinical trial management, clinical
data management, statistical analysis, medical writing,
regulatory consulting and organizational meeting management and
publications services on a contract basis to the
biopharmaceutical industry.  The Company operates in North
America, Europe, Asia Pacific, Latin America and Africa.  In
Europe, Kendle maintains operations in Belgium, France, Germany,
Italy, Netherlands, Spain, United Kingdom, Bulgaria, Czech
Republic, Poland, Romania, and Russia.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 20, 2006,
Moody's Investors Service revised Kendle International Inc.'s
Corporate Family Rating to B2 from B1 in connection with the
rating agency's implementation of its new Probability-of-Default
and Loss-Given-Default rating methodology.

Standard & Poor's Ratings Services assigned in June 2006 its
'B+' corporate credit rating and stable outlook to Cincinnati,
Ohio-based pharmaceutical contract research organization Kendle
International Inc.


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


ARKADAKSKIY SPIRIT: Tula Bankruptcy Hearing Slated for Feb. 6
-------------------------------------------------------------
The Arbitration Court of Tula Region will convene on Feb. 6,
2007, to hear the bankruptcy supervision procedure on LLC
Arkadakskiy Spirit Distillery.  The case is docketed under Case
No. A68-606/B-06.

The Temporary Insolvency Manager is:

         T. Vodolazskaya
         Mosvkoskaya Zastava 1
         Efremov
         310840 Tula Region
         Russia

The Debtor can be reached at:

         LLC Arkadakskiy Spirit Distillery
         Moskovskaya Zastava 1
         Efremov
         Tula Region
         Russia


ASHLYK OJSC: Court Names G. Murtazaev as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Dagestan Republic appointed Mr. G.
Murtazaev as Insolvency Manager for OJSC Buynakskiy Combine of
Grain Products Ashlyk.  He can be reached at:

         G. Murtazaev
         Umakhanova Str. 12
         Makhachkala
         Dagestan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A15-267/2006.

The Debtor can be reached at:

         OJSC Buynakskiy Combine of Grain Products Ashlyk
         Gorkogo Str. 1
         Buynaksk
         Dagestan Republic
         Russia


ATLANTIC OJSC: Court Names A. Mikhaylov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kurgan Region appointed Mr. A.
Mikhaylov as Insolvency Manager for OJSC Company Atlantic.  He
can be reached at:

         A. Mikhaylov
         Oktyabrskaya Str. 98-33
         644007 Omsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-1988/2006.

The Debtor can be reached at:

         OJSC Company Atlantic
         Kurgan Region
         Russia


BELEVSKIY BUTTER: Court Names S. Suvorov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. S. Suvorov as
Insolvency Manager for OJSC Belevskiy Butter Making Plant.  He
can be reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-443/B-06.

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Belevskiy Butter Making Plant
         Grazhdanskaya Str. 6
         Belevskiy Region
         Tula Region
         Russia


BIO-KHIM-ZAVOD: Court Names A. Solovtsov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. A.
Solovtsov as Insolvency Manager for OJSC Bio-Khim-Zavod.  He can
be reached at:

         A. Solovtsov
         Krasnaya Str. 1
         Girey
         Gulkevichskiy Region
         352160 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-5583/2006-1/78B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Bio-Khim-Zavod
         Krasnaya Str. 1
         Girey
         Gulkevichskiy Region
         Krasnodar Region
         Russia


DIARY PRODUCTS: Krasnodar Bankruptcy Hearing Slated for Feb. 26
---------------------------------------------------------------
The Arbitration Court of Krasnodar Region will convene at noon
on Feb. 26, 2007, to hear the bankruptcy supervision procedure
on OJSC Diary Products.  The case is docketed under Case No.
A32-22301/2006-44-1910-B.

The Temporary Insolvency Manager is:

         S. Zharikov
         Lenina Pr. 23
         Post Office 10
         Post User Box 31
         353910 Novorosiiysk Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Diary Products
         Vidova Str. 156
         Novorosiiysk
         353912 Krasnodar Region
         Russia


FOUNDATION LLC: Court Names N. Pavlov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court Moscow appointed Mr. N. Pavlov as
Insolvency Manager for LLC Insurance Company Foundation (TIN
7706000252).  He can be reached at:

         N. Pavlov
         Building 2
         Stolovyj Per. 6
         121069 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-15400/06-101-60B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Insurance Company Foundation
         Building 1
         Donskaya Str. 29/9
         115419 Moscow Region
         Russia


METROMEDIA INT'L: Delays Filing of Third Quarter 2006 Results
-------------------------------------------------------------
Metromedia International Group Inc. is unable to timely file its
Quarterly Report on Form 10-Q for the fiscal quarter ended
Sept. 30, 2006 with the United States Securities and Exchange
Commission.

The filing with the SEC of the Company's:

   -- Annual Report on Form 10-K for the fiscal year ended
      Dec. 31, 2004;

   -- Quarterly Report on Form 10-Q for the fiscal quarters
      ended March 31, June 30, and Sept. 30, 2005;

   -- Annual Report on Form 10-K for the fiscal year ended
      Dec. 31, 2005;

   -- Quarterly Report on Form 10-Q for the fiscal quarters
      ended March 31 and June 30, 2006; and

   -- completion of its work effort for compliance with
      Section 404, "Management Assessment of Internal Controls"
      of the Sarbanes-Oxley Act of 2002 with respect to the
      filing of its 2005 Form 10-K,

are prerequisite for the filing of the 2006 their quarter Form
10-Q.

At present, the Company cannot predict with confidence when it
will file the Periodic Reports and thus its 2006 Q3 Form 10-Q.

                        About Metromedia

Based in Charlotte, North Carolina, Metromedia International
Group (PINK SHEETS: MTRM-Common Stock and MTRMP-Preferred Stock)
-- http://www.metromedia-group.com/-- through its subsidiary,
Metromedia International Telecommunications, owns interests in
telecom and cable TV operations in Russia, Georgia, and
elsewhere in Eastern Europe.

The Company's core businesses includes Magticom, Ltd., the
leading mobile telephony operator in Tbilisi, Georgia, and
Telecom Georgia, a well-positioned Georgian long distance
telephone operator.

                       *     *     *

As reported in the TCR-Europe on Oct. 5, Metromedia is filing a
Chapter 11 Plan in the U.S. after receiving a binding offer to
acquire all of the Company's business interests in Georgia for a
cash price of US$480 million from an investment group comprised
of:

   -- Istithmar, an alternative investment house based in Dubai,
      United Arab Emirates;

   -- Salford Georgia, the Georgian office of Salford Capital
      Partners Inc., a private equity and investment management
      company which manages investments in the CIS and Central &
      Eastern Europe; and

   -- Emergent Telecom Ventures, a communications merchant bank
      focused on pursuing telecommunications opportunities in
      the Emerging Markets.

Upon the approval of the plan, all of the preferred and common
equity interests in the Company will be converted into the right
to receive the cash remaining after payment of all allowed
claims and the costs and expenses associated with the sale and
the Wind-Up.

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


NIZHNETAGILSKIY KHLADOKOMBINAT: Court Starts Bankruptcy Process
---------------------------------------------------------------
The Arbitration Court of Sverdlovsk Region commenced bankruptcy
supervision procedure on OJSC Nizhnetagilskiy Khladokombinat.
The case is docketed under Case No. A60-29866/06-S11.

The Temporary Insolvency Manager is:

         E. Lisitsyna
         Post User Box 61
         Nizhniy Tagil
         622042 Sverdlovsk Region
         Russia

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         OJSC Nizhnetagilskiy Khladokombinat
         Zhudre
         Khotynetskiy Region
         Sverdlovsk Region
         Russia


OCHAKOVO CJSC: Court Names I. Gorn as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. I. Gorn as
Insolvency Manager for CJSC Ochakovo.  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.
A40-52513/06-124-1104B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Ochakovo
         Room A
         Ryabinovaya Str. 28
         Moscow Region
         Russia


RAVIOLI LLC: Moscow Court Names I. Gorn as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. I. Gorn as
Insolvency Manager for LLC Ravioli.  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.
A40-52509/06-124-1102B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Ravioli
         Mosfilmovskaya Str. 17B
         Moscow Region
         Russia


REINFORCED-CONCRETE: Omsk Court Starts Bankruptcy Process
---------------------------------------------------------
The Arbitration Court of Omsk Region commenced bankruptcy
supervision procedure on LLC Factory of Reinforced-Concrete
Products-2.  The case is docketed under Case No. A46-12661/2006.

The Temporary Insolvency Manager is:

         V. Atroshenko
         Truda Str. 149
         Voronezh Region
         Russia

The Debtor can be reached at:

         LLC Factory of Reinforced-Concrete Products-2
         Omsk Region
         Russia


RUSSIAN YOGHURT: Court Names M. Sorokin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. M. Sorokin as
Insolvency Manager for OJSC Russian Yoghurt.  He can be reached
at:

         M. Sorokin
         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.
A40-52545/06-244-1096B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Russian Yoghurt
         Osenniy Avenue 5 1
         Moscow Region
         Russia


SIBACADEMBANK: Moody's Assigns B2 Rating on US$130-Mln 12% Notes
----------------------------------------------------------------
Moody's Investors Service assigned a B2 long-term foreign
currency rating to the 12% US$130 million subordinated Loan
Participation Notes due 2011, issued under an EMTN program on a
limited-recourse basis by Sibacademfinance plc, a special-
purpose vehicle incorporated under the laws of Ireland, for the
sole purpose of financing a subordinated loan to Sibacadembank.
The outlook for the rating is positive.

Moody's notes that the rating for the Notes is based on SAB's
fundamental credit quality as the ultimate obligor under the
transaction.  According to Moody's, the B2 long-term foreign
currency rating for the Notes does not incorporate any outside
support from the bank's shareholders in the event of distress,
although such support cannot be ruled out.

Sibacadembank is headquartered in Novosibirsk, Russia, and
reported total consolidated assets of RUR28.7 billion
(US$998 million) million and total shareholders' equity of
RUR2.8 billion (US$97.4 million) in accordance with IFRS as
at Dec. 31, 2005.


SIBIRSKAYA LLC: Court Names S. Bychkovskiy as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kemerovo Region appointed Mr. S.
Bychkovskiy as Insolvency Manager for LLC Timber Company
Sibirskaya (TIN 4207043551).  He can be reached at:

         S. Bychkovskiy
         Post User Box 5228
         Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A27-12190/06-4.

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         S. Bychkovskiy
         Post User Box 5228
         Kemerovo Region
         Russia


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

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

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


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


BANKINTER 13: Moody's Rates EUR20.6-Mln Series E Notes at P (Ca)
----------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
these six series of Bonos de Titulizacion Hipotecaria to be
issued by Bankinter 13 Fondo De Titulizacion De Activos, a
Spanish Asset Securitisation Fund that has been created by
Europea de Titulizacion, S.G.F.T, S.A.:

   -- EUR85 million Series A1 notes: (P) Aaa;
   -- EUR1.4 billion Series A2 notes: (P) Aaa;
   -- EUR22.4 million Series B notes: (P) Aa3;
   -- EUR24.1 million Series C notes: (P) A3;
   -- EUR20.5 million Series D notes; (P) Ba1; and
   -- EUR20.6 million Series E notes; (P) Ca.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (July 17, 2049).  In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal on Series A1, A2, B,
C and D at par on or before the rated final legal maturity date,
and for ultimate payment of interest and principal at par on or
before the rated final legal maturity date on Series E.

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

   (1) basis swap by which the index reference rates on
       the assets (12M Euribor) are exchanged against the
       index reference rate on the notes (3MEuribor);

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

   (3) an 18-month artificial write-off mechanism;

   (4) the securing of 100% of loans by residential
       mortgages; and

   (5) the quality of Bankinter as originator and servicer.

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

   (1) excess spread is very tight;

   (2) Pro-rata amortization of the B, C and D Series of
       notes leads to reduced credit enhancement of the
       senior class in absolute terms;

   (3) around 12.5% of the pool is comprised of
       second lien mortgage loans;

   (4) and this portfolio has some high LTV mortgage
       loans within it (23.14% of the portfolio consists
       of mortgage loans with an LT higher than 80%).

These increased risks were reflected in Moody's Credit
Enhancement calculation.

This transaction marks the thirteenth time that Bankinter has
tapped the RMBS market.  The products being securitized are
first-lien mortgage loans granted to individuals, all of whom
will use these loans to acquire or refurbish properties located
in Spain.  All of the mortgage loans were originated by
Bankinter, which will continue to service them.

As of Oct. 28, 2006, the provisional portfolio comprised 12,198
loans for a total amount of EUR1,646,990,741.  The original
weighted average LTV (WALTV) is 65.89%.  The average loan size
is EUR135,021.  The loans were originated between 2003 and 2006
with a weighted average seasoning of 12.34 months.  All the
loans are paid through monthly instalments, which are debited to
accounts held by the debtors at Bankinter.

Moody's based the provisional ratings primarily on:

   (i) an evaluation of the underlying portfolio of loans;

  (ii) historical performance information;

(iii) the swap agreement hedging the interest rate risk;

  (iv) the credit enhancement provided through the
       GIC account, the guaranteed excess spread,
       the reserve fund and the subordination of the notes;
       and

   (v) the legal and structural integrity of the transaction.

Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only reflect Moody's
preliminary credit opinions regarding the transaction.  Upon a
conclusive review of the final pool of assets and the final
documentation, Moody's will endeavor to assign a definitive
rating to the notes.  A definitive rating, if any, may differ
from a provisional rating.


MILLS CORP: Gazit-Globe Wants Annual Meeting Held
-------------------------------------------------
Gazit-Globe Ltd. has filed a lawsuit against The Mills
Corporation, seeking to compel Mills Corp. to hold its annual
meeting.

"Actions speak louder than words and the lack of action clearly
indicates a board of directors which has embraced inertia,"
wrote Katzman, in a letter to Mark Ordan, Mills' CEO.

Gazit-Globe recently increased its ownership of common stock in
The Mills Corporation to in excess of 9% and expressed a desire
to recapitalize the struggling company.  The lawsuit was filed
in Delaware where The Mills Corporation is incorporated.

"It is now clear to us that Mills' current Board of Directors
and management team are not willing to engage us in a productive
conversation," continued Katzman.  "While we cannot force the
board to give our proposal the consideration it deserves, we
can and will require the board to sit in judgment before the
stockholders, the constituency that ultimately pays the price
for, or shares the rewards of, the Board's decisions."

Chaim Katzman, Gazit-Globe's chairman, said it had been well
over a month since Gazit originally contacted Mills to express
its desire to aid in the search for strategic alternatives.

"After weeks of procrastination, vague promises and lack of any
productive outcome, we have been left with no choice but to take
our concerns directly to the stockholders who will now have the
chance to give their opinions regarding the board's
performance," concluded Katzman.

Headquartered in Chevy Chase, Maryland, The Mills Corporation
(NYSE:MLS) -- http://www.themills.com/-- develops, owns,
manages retail destinations including regional shopping malls,
market dominant retail and entertainment centers, and
international retail and leisure destinations.  The Company owns
42 properties in the U.S., Canada and Europe, totaling 51
million square feet.  In addition, The Mills has various
projects in development, redevelopment or under construction
around the world.

                         *     *     *

As reported in the Troubled Company Reporter on March 24, 2006,
The Mills Corporation disclosed that the Securities and Exchange
Commission has commenced a formal investigation into the
company.  The SEC initiated an informal inquiry in January after
the Company reported the restatement of its prior period
financials.

Mills is restating its financial results from 2000 through
2004 and its unaudited quarterly results for 2005 to correct
accounting errors related primarily to certain investments by a
wholly owned taxable REIT subsidiary, Mills Enterprises, Inc.,
and changes in the accrual of the compensation expense related
to its Long-Term Incentive Plan.

As reported in the Troubled Company Reporter on April 17, 2006,
The Mills Limited Partnership entered into an Amendment No. 3
and Waiver to its Second Amended and Restated Revolving Credit
and Term Loan Agreement, dated as of Dec. 17, 2004, among Mills
Limited, JPMorgan Chase Bank, N.A., as lender and administrative
agent, and the other lenders.

The agreement provides a conditional waiver through Dec. 31,
2006, of events of default under the facility that are
associated, among other things, with: the pending restatement of
the financial statements of Mills Corporation and Mills Limited,
and the delay in the filing of the 2005 Form 10-K of Mills Corp.
and Mills Limited.


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


FLEXTRONICS INT'L: Earns US$184.9 Mil. in Second Quarter 2006
-------------------------------------------------------------
Flextronics International Ltd. filed its financial statements
for the second quarter ended Sept. 30, 2006, with the U.S.
Securities and Exchange Commission on Nov. 8, 2006.

For the three months ended Sept. 30, 2006, the Company reported
US$184.9 million of net income compared with a US$2.4 million
net loss in the comparable quarter of 2005.

                             Net Sales

Net sales during the three months ended Sept. 30, 2006, totaled
US$4.7 billion, representing an increase of US$894.3 million
over the three months ended Sept. 30, 2005.

Net sales during the three months ended Sept. 30, 2006,
increased by US$721.1 million and US$239.2 million in Asia and
the Americas, respectively, offset by a decline of US$66 million
in Europe.

Overall, the increase in net sales was primarily attributable to
an increase of:

   -- US$514.2 million in the mobile communications market due
      to new program wins from various customers;

   -- US$154.9 million to customers in the infrastructure
      market;

   -- US$121.2 million to customers in the industrial, medical,
      automotive and other markets;

   -- US$59.5 million to customers in the computing market; and

   -- US$44.5 million to customers in the consumer digital
      market.

Net sales during the six months ended Sept. 30, 2006, totaled
US$8.8 billion, representing an increase of US$1.1 billion over
the six months ended Sept. 30, 2005.

Net sales during the six months ended Sept. 30, 2006, increased
by US$1.2 billion and US$335.2 million in Asia and the Americas,
respectively, offset by a decline of US$373.6 million in Europe.

Overall, the increase in net sales was primarily attributable to
an increase of:

   -- US$732.8 million in the mobile communications market due
      to new program wins from various customers;

   -- US$181.4 million to customers in the industrial, medical,
      automotive and other markets; and

   -- US$119.6 million to customers in the computing market;

   -- US$114.5 million to customers in the infrastructure
      market, offset by a decrease of US$18 million to customers
      in the consumer digital market.

The Company's 10 largest customers during the three months ended
Sept. 30, 2006, and 2005 accounted for around 68% and 62% of net
sales, respectively, with Hewlett-Packard and Sony-Ericsson each
accounting for greater than 10% of its net sales.

The Company's 10 largest customers during the six months ended
Sept. 30, 2006, and 2005 accounted for around 67% and 63% of net
sales, respectively, with Hewlett-Packard and Sony-Ericsson each
accounting for greater than 10% of its net sales.

                       Restructuring Charges

Historically, the Company initiated a series of restructuring
activities, which were intended to realign its global capacity
and infrastructure with demand by its OEM customers and improve
its operational efficiency.

These activities included:

   -- reducing excess workforce and capacity;

   -- consolidating and relocating certain manufacturing
      facilities to lower-cost regions; and

   -- consolidating and relocating certain administrative
      facilities.

The restructuring costs were comprised of employee severance,
costs related to leased facilities, owned facilities that were
no longer in use and were to be disposed of, leased equipment
that was no longer in use and was to be disposed of, and other
costs associated with the exit of certain contractual agreements
due to facility closures.

The overall impact of these activities was that the Company
shifted its manufacturing capacity to locations with higher
efficiencies and, in most instances, lower costs, resulting in
better utilization of its overall existing manufacturing
capacity.

This enhances its ability to provide cost-effective
manufacturing service offerings, which enables the Company to
retain and expand its existing relationships with customers and
attract new business.

Although the Company believes it is realizing its anticipated
benefits from these efforts, it continues to monitor its
operational efficiency and capacity requirements and may utilize
similar measures in the future to realign its operations
relative to future customer demand, which may materially affect
its results of operations in the future.

The Company believes that the potential savings in cost of goods
sold achieved through lower depreciation and reduced employee
expenses as a result of its restructurings will be offset in
part by reduced revenues at the affected facilities.

During the three and six months ended Sept. 30, 2006, the
Company recognized charges of around US$96.2 million related to
the impairment, lease termination, exit costs and other charges
primarily related to the disposal and exit of certain real
estate owned and leased by the Company in order to reduce its
investment in property, plant and equipment.

During the three and six months ended Sept. 30, 2006, charges
recognized by reportable geographic region amounted to
US$59 million, US$22.5 million, and US$14.7 million for the
Americas, Asia and Europe, respectively.

Around US$95.7 million of the charges were classified as a
component of cost of sales during the three and six months ended
Sept. 30, 2006.

During the three and six months ended Sept. 30, 2005, the
Company recognized restructuring charges of around US$50.3
million and US$83 million, respectively.

During the three months ended Sept. 30, 2005, restructuring
charges recognized by reportable geographic region amounted to
US$14.6 million and US$35.7 million for the Americas and Europe,
respectively.

During the six months ended Sept. 30, 2005, restructuring
charges recognized by reportable geographic region amounted to
US$27.3 million and US$55.7 million for the Americas and Europe,
respectively.

During the three months ended Sept. 30, 2005, involuntary
employee terminations identified by reportable geographic region
amounted to 388 and 607 for the Americas and Europe,
respectively.

During the six months ended Sept. 30, 2005, involuntary employee
terminations identified by reportable geographic region amounted
to 453 and 2,257 for the Americas and Europe, respectively.

Around US$38.5 million and US$66 million of the restructuring
charges were classified as a component of cost of sales during
the three and six months ended Sept. 30, 2005, respectively.

                Liquidity and Capital Resources

As of Sept. 30, 2006, the Company had cash and cash equivalents
of US$1 billion and bank and other borrowings of US$1.7 billion,
including around US$225 million outstanding under its various
credit facilities.

These credit facilities are subject to compliance with certain
financial covenants.  As of Sept. 30, 2006, the Company was in
compliance with the covenants under its indentures and credit
facilities.

Working capital as of Sept. 30, 2006, and March 31, 2006, was
around US$1 billion and US$938.6 million, respectively.

Cash used in operating activities amounted to US$49.2 million
during the six months ended Sept. 30, 2006.  Cash provided by
operating activities amounted to US$432.9 million during the six
months ended Sept. 30, 2005.

At Sept. 30, 2006, the Company's balance sheet showed
US$12.409 million in total assets, US$6.752 million in total
liabilities, and US$5.656 million in total shareholders' equity.

Full-text copies of the Company's second quarter financials are
available for free at http://ResearchArchives.com/t/s?14b3

                  About Flextronics International

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide including Finland, Hungary, Sweden and
the United Kingdom.  The company delivers complete design,
engineering, and manufacturing services to aerospace,
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile original equipment
manufacturers.

                           *     *     *

As reported in the TCR-Europe on Nov. 9, Fitch Ratings
downgraded the ratings for Flextronics International Ltd.:

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

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

Moody's Investors Service confirmed Flextronics International
Ltd.'s Ba1 Corporate Family Rating in connection with the rating
agency's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology.


FLEXTRONICS INTERNATIONAL: Shareholders Okay 2001 Plan Changes
--------------------------------------------------------------
Shareholders of Flextronics International Ltd. have approved the
amendments to the Company's 2001 Equity Incentive Plan during
their 2006 Annual General Meeting held last month.

The amendments to the 2001 Plan provides:

   a. the elimination of the 2-million share sub-limit on the
      number of ordinary shares subject to stock bonus awards
      that may be outstanding at any time during the term of the
      2001 Plan;

   b. the modification of the automatic option grant to non-
      employee directors so that the option grant will not be
      pro-rated based on the service of the director during the
      prior 12 months; and

   c. the increase of the share reserve by 5,000,000 ordinary
      shares to an aggregate of 32,000,000 ordinary shares (not
      including shares available under plans consolidated into
      the 2001 Plan).

Pursuant to the approval of Non-Employee Director Compensation
under Singapore law, the Company may only provide cash
compensation to its non-employee directors for their services
rendered with the prior approval from its shareholders at a
general meeting.  Accordingly, at the 2006 Annual Meeting, the
Company's shareholders approved the cash compensation
arrangements for the non-employee directors:

   a. annual cash compensation of US$40,000, payable quarterly
      in arrears, for services rendered as a director;

   b. additional annual cash compensation of US$10,000, payable
      quarterly in arrears to the Chairman of the Audit
      Committee (if appointed) of the Board of Directors for
      services rendered as Chairman of the Audit Committee; and

   c. additional annual cash compensation of US$5,000, payable
      quarterly in arrears for participation on any standing
      committee of the Board of Directors.  The standing
      committees of the Board of Directors of the Company are
      currently the Audit, Compensation, Nominating and
      Corporate Governance, and Finance Committees.  The cash
      compensation for the directors of the Company approved at
      the 2006 Annual Meeting is unchanged from the amounts
      approved by the Company's shareholders at the 2005 Annual
      General Meeting of Shareholders.

Moreover, at the 2006 Annual Meeting, the Company's shareholders
also approved the amendment and restatement of the Company's
Articles of Association, which defines the rights of holders of
the Company's ordinary shares.  As a result of the shareholder
approval, which became effective on October 4, 2006, the
Company's Articles of Association were amended to:

   a. reflect certain changes made by the Singapore Companies
      (Amendment) Act 2005, including the elimination of the
      concepts of par value, share premium, shares issued at a
      discount and authorized share capital;

   b. provide for the holding of treasury shares and to
      modernize and streamline certain provisions to be more
      consistent with, and take greater advantage of, the
      Singapore Companies Act, as amended; and

   c. re-word a number of provisions in order to improve clarity
      and readability.

                  About Flextronics International

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide including Finland, Hungary, Sweden and
the United Kingdom.  The company delivers complete design,
engineering, and manufacturing services to aerospace,
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile original equipment
manufacturers.

                           *     *     *

As reported in the TCR-Europe on Nov. 9, Fitch Ratings
downgraded the ratings for Flextronics International Ltd.:

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

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

Moody's Investors Service confirmed Flextronics International
Ltd.'s Ba1 Corporate Family Rating in connection with the rating
agency's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology.


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


NOVELIS INC: Transferring Rights on Power Plants to Gerdau Acos
---------------------------------------------------------------
Novelis Inc. has received pre-authorization to transfer to
Gerdau Acos Longs SA, Gerdau SA's unit, rights on the
development and operation of two hydroelectric power plants in
Brazil, Business News Americas reports.

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2006, Novelis received pre-authorization from Brazil's
National Electric Energy Agency to transfer its rights on the
two plants at Cacu and Barra dos Coqueiros to Gerdau Acos.  The
hydroelectric rights represent a combined generating capacity of
155 megawatts.  Novelis had also received combined proceeds of
US$35 million associated with the divestments and expects to
recognize a pre-tax gain of around US$26 million in
the fourth quarter of 2006.  The divestments were part of an
exploration of alternatives for Novelis' non-core, upstream
operations in Brazil.

Novelis South America operates two rolling plants and primary
production facilities in Brazil.  The company's Pindamonhangaba
rolling and recycling facility in Brazil is the largest aluminum
rolling and recycling facility in South America and the only one
capable of producing can body and end stock.  The plant recycles
primarily used beverage cans, and is engaged in tolling recycled
metal for its customers.

                        About Novelis

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has around 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  The company has facilities in
Hongkong, Malaysia, Canada, U.S. and Switzerland, among others.

                       *    *    *

As reported in the Troubled Company Reporter on Sept. 7, 2006,
Moody's Investors Service downgraded Novelis Inc.'s corporate
family rating to B1 from Ba3, the bank revolver rating to Ba3
from Ba2, the bank term loan rating to Ba3 from Ba2, and senior
unsecured notes to B2 from B1.  Moody's also downgraded Novelis
Corp.'s bank term loan rating to Ba3 from Ba2.


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


ANAR LLC: Harkiv Court Names O. Tishenko as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Harkiv Region appointed Mr. O. Tishenko as
Liquidator/Insolvency Manager for LLC Anar (code EDRPOU
32136003).

The Court commences bankruptcy against the company after finding
it insolvent on Sept. 20.  The case is docketed under Case No.
B-19/110-06.

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 Anar
         Kooperativnij Lane 3
         Visokij
         Harkiv District
         62489 Harkiv Region
         Ukraine


ASTRON LLC: Court Names Sergij Ohinchenko as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Sergij
Ohinchenko as Liquidator/Insolvency Manager for LLC ASTRON (code
EDRPOU 05766379).

The Court commences bankruptcy against the company after finding
it insolvent on Sept. 13.  The case is docketed under Case No.
10/29-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         LLC Astron
         Skaletskij Str. 15/5
         Vinnitsya Region
         Ukraine


HOTEL STROITEL: Herson Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
supervision procedure on Hotel Stroitel (code EDRPOU 31321534)
on Aug. 31.  The case is docketed under Case No. 12/130-B-06.

The Temporary Insolvency Manager is:

         Olga Serova
         Kahovka, Karl Libkneht Str. 6/12
         Herson Region
         Ukraine

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         Hotel Stroitel
         Naberezhna Str. 32
         Genicheska Girka
         Genicheskij District
         75581 Herson Region
         Ukraine


KALININSKE LLC: Court Names Gennadij Sidorenko as Liquidator
------------------------------------------------------------
The Economic Court of Sumi Region appointed Gennadij Sidorenko
as Liquidator/Insolvency Manager for LLC Kalininske (code EDRPOU
30822012).

The Court commences bankruptcy against the company after finding
it insolvent on Sept. 25.  The case is docketed under Case No.
12/79-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Kalininske
         Kalininske
         Lipovodolinskij District
         Sumi Region
         Ukraine


KORUNESS LLC: Kyiv Court Names I. Konstantinov as Liquidator
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. I. Konstantinov
as Liquidator/Insolvency Manager for LLC Koruness (code EDRPOU
24372321).

The Court commences bankruptcy against the company after finding
it insolvent on Sept. 27.  The case is docketed under Case No.
43/586.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Koruness
         Anri Barbus Str. 5a
         Kyiv Region
         Ukraine


MEDFARMCENTER LLC: Court Names Valentin Borovskij as Liquidator
---------------------------------------------------------------
The Economic Court of Odessa Region appointed Valentin Borovskij
as Liquidator/Insolvency Manager for LLC Medfarmcenter (code
EDRPOU 31893409).

The Court commences bankruptcy against the company after finding
it insolvent on Oct. 5.  The case is docketed under Case No.
2/314-06-9940.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Medfarmcenter
         Shevchenko Avenue 6/2
         Odessa Region
         Ukraine


MOSAIC CO: S&P Revises Rating Outlook on Weak Phosphates Volumes
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on The
Mosaic Co. to negative from stable.  It also affirmed its 'BB'
long-term and 'B-1' short-term corporate credit ratings on the
company.

"The outlook revision follows indications that phosphates
volumes have weakened because of sluggish export sales and a
slow start to the fall fertilizer season.  This has prompted
management to make a significant downward revision to its
phosphates sales volume forecasts for the fiscal year ending
May 31, 2007," said Standard & Poor's credit analyst
Cynthia Werneth.  "As a result, cash flow generation is likely
to be weaker than expected during the next few quarters,
reducing the company's ability to lower debt."

Mosaic is highly leveraged.  At Aug. 31, 2006, debt (adjusted to
include tax-effected asset retirement obligations of about
US$350 million and postretirement obligations of US$150 million,
as well as capitalized operating leases of US$100 million)
totaled about US$3.2 billion, with total adjusted debt to EBITDA
of 4.8x.  Given Mosaic's high leverage relative to the ratings
expectations, any additional negative developments such as a
prolonged period of weak sales volumes, a spike in natural gas
costs, or poor weather could lead to a downgrade.

At the same time, based on preliminary terms and conditions, we
assigned a 'BB' senior secured bank loan rating and a recovery
rating of '2' to Mosaic's proposed US$250 million five-year term
loan A-1 and US$800 million seven-year term loan B.  These
ratings indicate our expectation that lenders would recover a
substantial portion (80% to 100%) of principal in a payment
default scenario, assuming a fully drawn revolving credit
facility.

Standard & Poor's placed the ratings on Mosaic's existing
US$450 million revolving credit facility and US$47 million term
loan A on CreditWatch with negative implications.  If the
transaction closes as currently contemplated, the ratings on
these portions of the existing facilities that are expected to
remain in place will be lowered to recognize the meaningful
increase to secured debt in the capital structure.  The bank
loan rating will be lowered to 'BB' and the recovery rating to
'2'.

Standard & Poor's also assigned a 'BB-' senior unsecured debt
rating to Mosaic's proposed US$475 million notes due 2014 and
US$475 million notes due 2016.  These instruments will be
guaranteed on a senior unsecured basis by certain of the
company's domestic and foreign wholly owned subsidiaries.

In addition, Standard & Poor's affirmed its 'B+' senior
unsecured debt rating on the existing senior unsecured
obligations that are not guaranteed and are expected to remain
in place.

Proceeds of the new bank loan tranches and the new notes will be
used to refinance existing debt, thereby extending maturities.
Standard & Poor's will withdraw its ratings on the debt that is
being refinanced upon closing of the transaction.

The ratings on Plymouth, Minn.-based Mosaic reflect its
aggressive financial profile, mitigated by its satisfactory
business risk profile as a leading global phosphate and potash
fertilizer and feed producer with annual sales of more than US$5
billion.


OPTIMED CJSC: Harkiv Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
supervision procedure on CJSC Optimed (code EDRPOU 19275283).
The case is docketed under Case No. B-48/104-06.

The Temporary Insolvency Manager is:

         Volodimir Matsokin
         Soborna Str. 51/8
         Izum
         64300 Harkiv Region
         Ukraine

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 Optimed
         Soborna Str. 51/8
         Izum
         64300 Harkiv Region
         Ukraine


REGION-PROMSERVICE: Court Names Volodimir Melnik as Liquidator
--------------------------------------------------------------
The Economic Court of Odessa Region appointed Volodimir Melnik
as Liquidator/Insolvency Manager for LLC Region-Promservice
(code EDRPOU 33775657).

The Court commences bankruptcy against the company after finding
it insolvent on Oct. 5.  The case is docketed under Case No.
2/312-06-9938.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Region-Promservice
         Sonyachna Str. 1
         Labushine
         Kodimskij District
         Odessa Region
         Ukraine


YANTAR-PLUS LLC: Kirovograd Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Economic Court of Kirovograd Region commenced bankruptcy
supervision procedure on LLC Yantar-Plus (code EDRPOU 32617236).
The case is docketed under Case No. 10/139.

The Temporary Insolvency Manager is:

         Sergij Ohinchenko
         Golovposhta, a/b 1/14
         25006 Kirovograd Region
         Ukraine

The Economic Court of Kirovograd Region is located at:

         Lunacharski Str. 29
         25006 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         LLC Yantar-Plus
         Lenin Str. 23
         Kandaurove
         Kirovograd District
         27613 Kirovograd Region
         Ukraine


* Political Stability Cues Moody's to Change Ukraine's Outlook
--------------------------------------------------------------
Moody's Investors Service changed the outlook on Ukraine's B1-
rated local and foreign currency medium-to-long term government
bonds and Ukraine's B2-rated foreign currency bank deposit
ceiling to positive from stable in light of political stability
that has increased the likelihood of prudent and consistent
economic policy.

The rating outlook for Ukraine's Ba3 foreign currency country
ceiling for bonds was also changed to positive from stable.  The
ceiling is based on the B1 foreign currency government bond
rating and Moody's assessment of moderate likelihood of a
general debt payments moratorium in the event of a government
default.  There were no other changes to government ratings.

"Ukraine's new coalition government provides the country with
more political stability than did the previous governing
coalition and the controversial 'Orange Revolution' campaign
that preceded it," said Moody's Vice President Jonathan
Schiffer.

Based on the program and initial actions of Prime Minister
Victor Yanukovich's government, Mr. Schiffer believes that the
authorities will take steps necessary to reduce the general tax
burden, introduce important pension and health care reform, and
follow policies designed to stimulate the capital investment
necessary to modernize steel and other important sectors of the
economy.

"Because Ukraine is dependent on the Russian Federation for much
of its imported energy, and because a substantial percentage of
its exports go to Russia, the current government's ability to
improve relations between Ukraine and the Russian administration
will likely have an important, positive influence on Ukraine's
economic performance, which is already benefiting from rising
foreign direct investment and domestic consumption," said
Schiffer.  "If the investment growth necessary to modernize
production in the low value-added metallurgy sector takes off
alongside burgeoning domestic consumption," said Schiffer,
"Ukraine will show a much more balanced growth pattern than it
has in recent years."

The country's debt payment indicators have improved markedly
over the past several years, and foreign-currency reserves have
grown apace, said the analyst, who considers the fiscal deficit
manageable, "with borrowing requirements easily met." He said
Moody's will monitor the current government's ability to
maintain fiscal discipline, carry out its program of structural
reforms, and improve the business environment so that both
domestic and foreign investors maintain confidence in the thrust
of economic policies and the credibility of economic
institutions.

Unaffected by the rating action were Ukraine's Baa1 local
currency deposit ceiling and the A3 local currency guideline for
bonds and notes, the highest possible credit rating for any
issuer domiciled in the country.  Short-term ratings remained at
non-prime.


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


ACCSOL LIMITED: Taps Milner Boardman as Administrators
------------------------------------------------------
Colin Burke and Gary J Corbett of Milner Boardman & Partners
were appointed joint administrators of Accsol Ltd. (Company
Number 05256455) on Nov. 2.

Milner Boardman -- http://www.milnerboardman.co.uk/-- is an
independent firm of chartered accountants and business advisers.

Headquartered in Crewe, England, Accsol Ltd. wholesales chemical
products.


AKER KVAERNER: Inks US$25-Million MEG Contract with Reliance
------------------------------------------------------------
Aker Kvaerner ASA signed a contract with Reliance Industries
Limited for the design and delivery of a monoethylenglycol
reclamation system for Reliance's KG-D6 gas project.

The total estimated contract value for Aker Kvaerner is around
US$25 million.

The scope to be performed by the Aker Kvaerner subsidiary, Aker
Kvaerner Process Systems, includes engineering services,
technical services, license agreement and supply of key
equipment.

Large quantities of MEG are used to prevent hydrate formation in
the gas pipelines during transport of gas from the offshore
wellheads to the onshore facility at Kakinada in India.  In this
process, the MEG is polluted with water and salts from the gas
reservoir, production chemicals and various particles.

The MEG technology developed by Aker Kvaerner will condition the
MEG at the onshore facility by removing water, salts and other
undesirable constituents, enabling continuous re-use of the MEG
in a closed loop.

The gas production is dependent on MEG injection.  The MEG
system is therefore designed with a very high overall
reliability.  Aker Kvaerner has delivered several MEG
reclamation systems to international clients in recent years,
and is currently the worlds leading supplier of these systems.

"Technology gives us a competitive advantage. Reliance's recent
contract awards confirm the importance of maintaining our
strategic focus on R&D (research & development)," said Martinus
Brandal.  "We will continue to use technology as a
differentiator in several key areas."

"The award of this contract confirms Aker Kvaerner's strong
position in Reliance's KG-D6 project and that our MEG technology
is well positioned in all areas of the international oil and gas
market", Per Harald Kongelf, President of Aker Kvaerner Process
Systems, said.

Engineering has commenced in Aker Kvaerner Process Systems
office in Norway. Detailed engineering and fabrication
management will soon be started up by Aker Kvaerner's entity,
Aker Kvaerner Powergas in India. The delivery is scheduled for
third quarter 2008.

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


ALEXANDER BOX: Appoints KPMG as Joint Administrators
----------------------------------------------------
Allan Watson Graham and Blair Carnegie of KPMG LLP were
appointed joint administrators of Alexander Box Co. Ltd.
(Company Number 3899183) 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 Glasgow, England, Alexander Box Co. Ltd.
manufactures corrugated cartons, boxes and cases.


ASPEN INSURANCE: Moody's Assigns Ba1 Rating on Preference Shares
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to the proposed
US$200 million Perpetual Non-Cumulative Preference Shares to be
issued by Aspen Insurance Holdings Limited, the existing
perpetual "PIERS" of which are rated Ba1 by Moody's.

Aspen Insurance currently intends to use the net proceeds from
the proposed Preference Shares for general corporate purposes,
including the repurchase of its outstanding ordinary shares.
The rating agency said that the Ba1 rating, which has a stable
outlook in line with other Aspen Group ratings, is based on the
expectation that there will be no material difference between
current and final documentation in relation to the issue.

The Ba1 rating reflects the instrument's preferred claim in
liquidation.

The instrument will qualify for Basket D classification by
Moody's, i.e. will be treated as 75% equity and 25% debt in the
adjusted financial leverage calculation.  Basket D treatment
reflects the perpetual maturity and the fact that the ability to
redeem the Preference Shares will be limited by the terms of a
replacement capital covenant (for a strong ranking on No
Maturity), optional non-cumulative interest deferral (for a
moderate ranking on No Ongoing Payments), and deep subordination
of the instrument (for a strong ranking on Loss Absorption).

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited is the holding company of the Aspen Group the principal
operating entities of which are Aspen Insurance UK Limited and
Aspen Insurance Limited, both rated A2 for insurance financial
strength.  At the end of September 2006, Aspen Group reported
net income of US$259 million and shareholders' equity of US$2.3
billion.


AUTO LOGISTICS: Taps Liquidators from Recovery hjs
--------------------------------------------------
Gordon Johnston and Shane Biddlecombe of Recovery hjs was
appointed Liquidator of Auto Logistics (Southern) Limited on
Nov. 1 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Auto Logistics (Southern) Limited
         Budds Lane
         Romsey
         Hampshire SO510HA
         United Kingdom
         Tel: 01794 511 522
         Fax: 01794 511 884


BACCO WINE: Claims Filing Period Ends Dec. 22
---------------------------------------------
Creditors of Bacco Wine Cellars Limited have until Dec. 22 to
send in their names, addresses and the particulars of their
debts or claims, to appointed Liquidator M. Arkin at:

         Arkin & Co.
         Maple House
         High Street
         Potters Bar
         Hertfordshire EN6 5BS
         United Kingdom

The company can be reached at:

         Bacco Wine Cellars Limited
         Unit 8 Mill Lane Trading Estate
         Mill Lane
         Croydon
         Surrey CR0 4AA
         United Kingdom
         Tel: 020 8604 1257


BASTILLE SECURITY: Appoints T. Papanicola to Liquidate Assets
-------------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed Liquidator of
Bastille Security Services Limited (t/a Broadland
Investigations) on Oct. 31 for the creditors' voluntary
winding-up procedure.

Headquartered in Norwich, England, Bastille Security Services
Limited -- http://www.bastillesecurity.com/-- is a professional
company that provides training for SIA licensing, investigative
services, store detectives, uniformed security officers and
security advisors.


BERTOLI U.K.: Brings In B & C Associates to Administer Assets
-------------------------------------------------------------
Jeffrey Mark Brenner and Filippa Connor of B & C Associates were
appointed joint administrators of Bertoli U.K. Ltd. (Company
Number 05240382) on Oct. 30.

The administrators can be reached at:

         Jeffrey Mark Brenner and Filippa Connor
         B & C Associates
         Trafalgar House
         Grenville Place
         Mill Hill
         London NW7 3SA
         United Kingdom
         Tel: 0208 906 7730
         Fax: 0208 906 7731

Headquartered in London, England, Bertoli U.K. Ltd. retails
clothing and footwear.


BRUCE BEAUCHAMP: Hires Liquidator from Deloitte & Touche
--------------------------------------------------------
Christopher James Farrington of Deloitte & Touche LLP was
appointed Liquidator of Bruce Beauchamp Design Limited on Nov. 3
for the creditors' voluntary winding-up procedure.

Headquartered in Nottingham, England, Bruce Beauchamp Design
Limited -- http://www.beauchamp-design.co.uk/-- provides a
personalized service specializing in the design and production
of point of sale glass display cabinets and exhibitions.


BUTTERFIELD BANK: Fitch Affirms Individual Rating at C
------------------------------------------------------
Fitch Ratings affirmed Butterfield Bank (U.K.) Ltd.'s Issuer
Default rating at A-, Short-term F1, Individual C and Support 1.
The Outlook for the IDR is Stable.

The IDR, Short-term and Support ratings reflect the extremely
high probability of support for BB from majority shareholder The
Bank of N.T. Butterfield & Son Ltd of Bermuda.  This is
supported by a letter of comfort to the Financial Services
Authority.  The Individual rating reflects BB's strong asset
quality, capitalization and liquidity as well as its weak
profitability and small size.

Although BB managed to improve revenues, higher operating
expenses offset its net income in 2005.  The bank's loan
portfolio, which is exposed to commercial and residential
properties, is good quality.  BB has strong capital ratios and
recently received a capital injection of GBP8 million from its
Bermudan parent.

BB acquired Leopold Joseph & Sons Limited in 2004 and therefore
strengthened its position in the U.K. private banking market.
Joseph is now fully integrated into BB.  The bank provides
private banking services to high-net-worth individuals.  The
bank also offers asset management, treasury and offshore
services, and pension services.


CAPITAL WINDOWS: Brings In Liquidator from Bond Partners
--------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed Liquidator of
Capital Windows and Doors Limited on Nov. 1 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Capital Windows and Doors Limited
         Unit B4
         Hyde Estate Road
         Connaught Business Centre
         London NW9 6JL
         United Kingdom
         Tel: 020 8200 1177
         Fax: 020 8200 7171


CHINESE MEDICAL: Creditors Confirm Liquidators' Appointment
-----------------------------------------------------------
Creditors of Chinese Medical Academy U.K. Limited (t/a DR &
Natural Care) confirmed on Oct. 31 the appointment of Brendan
Ambrose Guilfoyle & Andrew Philip Wood of The P&A Partnership as
the company's Liquidators.

The company can be reached at:

         Chinese Medical Academy U.K. Limited
         Harmony House
         217 Stainbeck Road
         Leeds
         West Yorkshire LS7 2LR
         United Kigndom
         Tel: 0113 288 8866


CINRAM INTERNATIONAL: Earns US$18 Mln in Quarter Ended Sept. 30
---------------------------------------------------------------
Cinram International Income Fund reported consolidated revenue
of US$477.2 million for the quarter ended Sept. 30, 2006, down
from US$544.7 million in 2005, principally as a result of lower
DVD and CD sales.

The Fund recorded net earnings of US$18.4 million for the
quarter, down from net earnings of US$35.5 million for the third
quarter of 2005.

"Our results were in line with expectations of softer DVD sales
in the third quarter compared to the exceptionally strong third
quarter performance we reported in 2005," said Cinram Chief
Executive Officer, Dave Rubenstein.  "Looking out to 2007, we
are confident that our customers' upcoming slate of releases
will translate into DVD unit volume growth on a year-over-year
basis."

Cinram generated third quarter earnings before interest, taxes
and amortization of US$89.3 million compared with US$118.5
million in 2005, due to lower DVD and CD volumes, increased one-
time costs, and lower printing and distribution revenue, which
were offset by lower raw material costs as well as cost
reductions and efficiencies.

Cinram's liquidity and balance sheet remained strong in the
third quarter.  The Fund had cash on hand of US$108.9 million,
debt of US$679.1 million, resulting in a net debt position of
US$570.2 million at Sept. 30, 2006.  Cinram's US$150-million
revolving line of credit was not used during the third quarter
and currently remains undrawn. Working capital was US$208.4
million at Sept. 30, 2006, relatively unchanged from June 30,
2006.

                    Year-to-Date Performance

Consolidated revenue for the nine months ended Sept. 30, 2006,
was US$1.3 billion, compared with US$1.4 billion in 2005.  EBITA
for the nine months decreased to US$215.4 million from US$268.8
million in 2005.  Year-to-date EBITA declined relative to 2005
as a result of lower DVD, CD and printing revenue, as well as
increased costs related to Sarbanes-Oxley compliance and
severance costs.  EBITA for the nine months ended Sept. 30,
2006, also included unusual items of US$11.1 million related to
restructuring expenses and costs incurred in relation to the May
income trust reorganization.

The Fund reported net earnings of US$3.7 million for the nine
months ended Sept. 30, 2006, compared with net earnings of
US$44.2 million in 2005.

                          Product Revenue

Third quarter DVD revenue was down 15 per cent to US$237.4
million from US$279.6 million in 2005 principally as a result of
lower volume for some from our major customers and their
comparatively strong performance in the third quarter of 2005.
DVD sales remained our major source of revenue, representing 50
per cent of consolidated revenue for the third quarter compared
with 51 per cent last year.  For the nine months ended Sept. 30,
2006, DVD revenue was down 10 per cent to US$650.1 million from
US$723.2 million in 2005.  On a year-to-date basis, DVD revenue
accounted for 49 per cent of consolidated revenue, compared with
50 per cent in the comparable prior year period.

Cinram recorded third quarter and year-to-date high-definition
DVD revenue of US$1.6 million and US$2.8 million, respectively,
following the June retail launch of both formats.

CD revenue was down 16 per cent in the third quarter to US$71.8
million from US$85.7 million in 2005, and decreased 11 per cent
year-to-date relative to 2005, part of which was attributable to
cessation of CD manufacturing operations at Louviers in France
earlier this year.

Printing revenue for the third quarter was down three per cent
to US$63.3 million from US$65.2 million in 2005, primarily due
to lower DVD and CD replication volume.  For the year to date,
printing revenue was down 13 per cent to US$145.5 million from
US$167.6 million, principally as a result of lower DVD volumes
for customers for whom we also provide related printing
products.

Distribution revenue declined four per cent in the third quarter
to US$66.1 million from US$68.9 million in 2005.  The impact of
the decline in DVD revenue on distribution was mitigated in the
third quarter as some of its major customers shipped a greater
proportion of units from inventory that was replicated in
previous periods.  On a year-to-date basis, distribution revenue
increased four per cent to US$205.6 million from US$197.7
million in 2005, with the full nine-month contribution from new
Twentieth Century Fox Home Entertainment business in Europe.

Giant Merchandising generated revenue of US$31.8 million in the
third quarter up six per cent from US$30.1 million in 2005.  For
the nine months ended Sept. 30, 2006, Giant Merchandising
recorded revenue of US$97.1 million compared with US$97.4
million in 2005.

                       Geographic Revenue

North American revenue was down 12 per cent in the third quarter
to US$360.6 million, compared with US$410.8 million in 2005,
principally as a result of lower DVD and CD sales.  Year-to-
date, North American revenue was down 11 per cent to US$981.0
million from US$1.1 billion in 2005 as a result of lower DVD, CD
and printing revenue.  North America accounted for 76 and 74 per
cent of third quarter and year-to-date consolidated revenue,
respectively, compared with 75 and 76 per cent, respectively, in
2005.

European revenue decreased 13 per cent in the third quarter to
US$116.6 million from US$133.9 million in 2005 as a result of
lower DVD, CD and distribution revenue from The Entertainment
Network. Year-to-date, European revenue declined marginally to
US$342.9 million from US$345.0 million in 2005.  Third quarter
European revenue represented 24 per cent of consolidated sales
compared with 25 per cent in the third quarter of 2005.  Year-
to-date, European revenue represented 26 per cent of
consolidated revenue, up from 24 per cent in 2005.

                         Distributions

The Fund paid distributions of US$40.3 million in the third
quarter.  Cinram's current annual distribution policy remains
unchanged at CDNUS$3.25 per unit, to be paid in monthly
distributions of CDNUS$0.2708 on or about the 15th day of the
month to unitholders of record on the last business day of each
previous month.

Cinram has declared a cash distribution of CDNUS$0.2708 per unit
for the month of November 2006, payable on Dec. 15, 2006, to
unitholders of record at the close of business on Nov. 30, 2006.

Cinram International Limited Partnership has also declared a
cash distribution of CDNUS$0.2708 per Class B limited
partnership unit for the month of November 2006, payable on Dec.
15, 2006, to unitholders of record at the close of business on
Nov. 30, 2006.

                      Full Year 2006 Guidance

Cinram expects to generate EBITA for the year ending Dec. 31,
2006, in the range of US$335 to US$340 million, including
unusual items for the full year which are expected to result in
a net gain of US$4.1 million.  Cinram also expects capital
expenditures to be in the range of US$70 million for the full
year in 2006.  This guidance does not include the impact of any
future merger or unidentified restructuring charges, as well as
sales and acquisitions of operating assets that may occur from
time to time due to management decisions and changing business
circumstances, which the Fund is currently unable to forecast.

                         About Cinram

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world including Canada, France, Germany, Mexico, the United
Kingdom, and the United States.

                            *   *   *

As reported in the Troubled Company Reporter on Aug. 3, 2006,
Moody's Investors Service assigned a definitive B1 senior
secured rating to the US$825 million credit facility of Cinram
International Inc. dated May 5, 2006, removing the provisional
status from this rating.  Moody's also withdrew the B1 senior
secured rating from Cinram's prior credit facility, originally
dated October 2003.  Cinram's Corporate Family Rating is B1 and
the outlook is stable.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its B1 Corporate Family Rating for Cinram
International, Incorporated, as well as its B1 rating on the
company's US$675 million Senior Secured Term Loan.  The
debentures were assigned an LGD3 rating suggesting creditors
will experience a 32% loss in the event of default.

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on prerecorded multimedia manufacturer Cinram
International Inc. to 'BB-' from 'BB' following the company's
announcement that it had successfully converted into an income
trust.  The ratings were removed from CreditWatch with negative
implications, where they were placed March 3, 2006.


CINRAM INTERNATIONAL: To Engage Advisor for Strategic Review
------------------------------------------------------------
Cinram International Income Fund's Board of Trustees has
directed management to retain a financial advisor to review
strategic and financial alternatives.  This will include a
careful review of Cinram's business plan, growth strategy and
market valuation.

"Although it does not appear that Cinram will be directly
impacted by the Department of Finance's Tax Fairness Plan for
Canadians, this plan will significantly change the landscape for
income trusts in Canada.  Given these circumstances, the Board
of Trustees must consider such factors which could ultimately
impact the value of the Fund," said Henri A. Aboutboul, Chairman
of the Fund's Board of Trustees.

"The Board of Trustees is focused on creating long-term value
for unitholders.  To that end, we wish to carefully evaluate and
pursue strategic and financial alternatives which represent the
best use of the Fund's capital, taking into account our
commitment to enhance the Fund's market valuation and grow
Cinram's business." Mr. Aboutboul added.

As reported in the Troubled Company Reporter on Sept. 26, 2006,
Cinram informed Amaranth Advisors that its Board of Directors
has no intention of selling, or exploring the possibility of
selling, the Fund or any of its operating subsidiaries or their
respective businesses.

The statement came in response to a memorandum issued by
Amaranth Canada Trust urging Cinram to immediately retain
financial advisors to explore a sale of the Fund, including a
going private transaction.

Amaranth had issued the memorandum after the Amaranth investment
fund group announced significant trading losses in its natural
gas trading business.  Following Amaranth's disclosure, the
trust units of Cinram came under intense selling pressure.

Amaranth Canada Trust has beneficial ownership of 8,000,000
trust units of Cinram representing around 15.3% of the issued
and outstanding trust units, and is the largest equity holder in
the fund.  Amaranth LLC indirectly beneficially owns all units
beneficially owned by Amaranth Canada Trust.  In addition,
Amaranth has an economic interest in 2,654,895 units.

                         About Cinram

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world including Canada, France, Germany, Mexico, the United
Kingdom, and the United States.

                            *   *   *

As reported in the Troubled Company Reporter on Aug. 3, 2006,
Moody's Investors Service assigned a definitive B1 senior
secured rating to the US$825 million credit facility of Cinram
International Inc. dated May 5, 2006, removing the provisional
status from this rating.  Moody's also withdrew the B1 senior
secured rating from Cinram's prior credit facility, originally
dated October 2003.  Cinram's Corporate Family Rating is B1 and
the outlook is stable.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its B1 Corporate Family Rating for Cinram
International, Incorporated, as well as its B1 rating on the
company's US$675 million Senior Secured Term Loan.  The
debentures were assigned an LGD3 rating suggesting creditors
will experience a 32% loss in the event of default.

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on prerecorded multimedia manufacturer Cinram
International Inc. to 'BB-' from 'BB' following the company's
announcement that it had successfully converted into an income
trust.  The ratings were removed from CreditWatch with negative
implications, where they were placed March 3, 2006.


CINRAM INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its B1 Corporate Family Rating for Cinram
International, Incorporated, as well as its B1 rating on the
company's US$675 million Senior Secured Term Loan.  The
debentures were assigned an LGD3 rating suggesting creditors
will experience a 32% loss in the event of default.

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

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

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

                         About Cinram

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world including Canada, France, Germany, Mexico, the United
Kingdom, and the United States.


CLARK STEPHEN: Taps Joint Administrators from KPMG LLP
------------------------------------------------------
Allan Watson Graham and Blair Carnegie Nimmo of KPMG LLP were
appointed joint administrators of Clark Stephen Ltd. (Company
Number 3480233) 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.

Clark Stephen Ltd. can be reached at:

         22 Napier Place
         Wardpark North
         Cumbernauld
         Glasgow
         Lanarkshire G68 0LL
         United Kingdom
         Tel: 01236 452111


COCO RIBBON: Hires Joint Administrators from David Rubin
--------------------------------------------------------
Asher Miller and Paul Appleton of David Rubin & Partners were
appointed joint administrators of Coco Ribbon Chelsea Ltd.
(Company Number 05370966) on Oct. 30.

David Rubin & Partners -- http://www.drpartners.com/--
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

Headquartered in London, England, Coco Ribbon Chelsea Ltd.
retails clothing.


DONCASTER PACKAGING: Taps KPMG to Administer Assets
---------------------------------------------------
Richard Dixon Fleming and Alan Watson Graham of KPMG LLP were
appointed joint administrators of Doncaster Packaging Ltd.
(Company Number 3711888) 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.

Doncaster Packaging Ltd. can be reached at:

         Shaw Lane Industrial Estate
         Doncaster
         South Yorkshire DN2 4SE
         United Kingdom
         Tel: 01302 365334


DONCASTER SCREEN: Hires Joint Administrators from KPMG
------------------------------------------------------
Richard Dixon Fleming and Alan Watson Graham of KPMG LLP were
appointed joint administrators of Doncaster Screen-Print Ltd.
(Company Number 03711964) 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.

Doncaster Screenprint Ltd. can be reached at:

         Shaw Lane Industrial Estate
         Ogden Road
         Doncaster
         South Yorkshire DN2 4SE
         United Kingdom
         Tel: 01302 322556


DREAM WINDOWS: Names Steven Law as Administrator
------------------------------------------------
Steven Law of Ensors was named administrator of Dream Windows
Ltd. (Company Number 02700353) on Oct. 24.

Ensors -- http://www.ensors.co.uk-- is the leading independent
firm of chartered accountants in East Anglia, United Kingdom.
It has branches in Bury St. Edmunds, Haverhill, Ipswich and
Saxmundham.

Dream Windows Ltd. can be reached at:

         A 1 Hadleigh Road
         Ipswich
         Suffolk IP2 0DD
         United Kingdom
         Tel: 01473 218775


DURA AUTOMOTIVE: Taps Richards Layton as Local Counsel
------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor affiliates, seek
permission from the U.S. Bankruptcy Court for the District of
Delaware to employ Richards, Layton & Finger, P.A., as their
local counsel, general co-counsel, and conflicts counsel, nunc
pro tunc to Oct. 30, 2006.

Keith Marchiando, chief financial officer, explains that
granting the application will avoid unnecessary litigation and
reduce the overall expense of administering the Debtors'
bankruptcy cases.

Mr. Marchiando relates that RL&F, a Delaware counsel, has
extensive experience and knowledge in the field of debtors' and
creditors' rights and business reorganizations under Chapter 11
of the Bankruptcy Code.

Moreover, Mr. Marchiando says RL&F has become familiar with the
Debtors' business and affairs and many of the potential legal
issues that may arise in the context of their Chapter 11 cases.

RL&F will:

    * provide legal advice to the Debtors with respect to their
      rights, powers, and duties as debtors-in-possession in the
      continued operation of their business and management of
      their properties;

    * take all necessary action to protect and preserve the
      Debtors' estates, including the prosecution of actions on
      the Debtors' behalf, the defense of any actions commenced
      against the Debtors, the negotiation of di8sputes in which
      the Debtors are involved, and the preparation of
      objections to claims filed against the Debtors' estates;

    * prepare and pursue confirmation of the Debtors' plan,
      approval of that plan, and approval of the Debtors'
      disclosure statement;

    * prepare necessary applications, motions, answers, order,
      reports, and other legal papers on behalf of the Debtors;

    * appear in Court and protect the interests of the debtors
      before the Court; and

    * perform all other legal services for the Debtors that may
      be necessary and proper in the bankruptcy proceeding.

The firm will be paid based on their customary hourly rates.
The principal attorneys and paralegals presently designated to
represent the Debtors and their hourly rates are:

          Designation      Hourly Rates
          -----------                  ------------
          Directors                  US$390 to US$605
          Mark D. Collins                 US$520
          Daniel J. DeFranceschi          US$465

          Associates                 US$210 to US$350
          Jason M. Madron                 US$270
          Mark Kurtz                      US$225

          Paralegals                 US$125 to US$180
          Ann Jerominski                  US$165
          Rebecca V. Speaker              US$165

The Debtors will reimburse RL&F for necessary out-of-pocket
expenses.

Mr. Marchiando discloses that RL&F has received a US$193,638
retainer as an advance against expenses for services to be
performed in the preparation and prosecution of the Debtors'
Chapter 11 cases, which will be applied to postpetition
allowances of compensation and reimbursement of expenses.

Daniel J. DeFranceschi, a director of RL&F, assures the Court
that his firm is "disinterested person," as that term is defined
in Section 101(14) of the Bankruptcy Code.  RL&F does not hold
or represent an interest adverse to the Debtors or their
estates, Mr. DeFranceschi says.

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants
for.  As of July 2, 2006, the Debtor had US$1,993,178,000 in
total assets and US$1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 2; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Taps Kirkland & Ellis as Bankruptcy Counsel
------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Kirkland & Ellis as their bankruptcy counsel,
under a general retainer, nunc pro tunc Oct. 30, 2006.

Keith Marchiando, chief financial officer of Dura Automotive
Systems, Inc., tells the Court that Kirkland has been actively
involved in major reorganization cases, and has represented
several debtors, including W.R. Grace & Co., Harnischfeger
Indus., Inc., Musicland Holding Corp., Leaseway Motorcar
Transport Company, Calpine Corp., Collins & Aikman Corp., Tower
Automotive Inc., and UAL Corp.

Mr. Marchiando discloses that Kirkland has been counsel to the
Debtors on a number of matters for ten years, including the
preparation of their Chapter 11 filings, and, accordingly, will
be able to quickly respond to any issues that may arise during
the Reorganization Cases.

Specifically, Kirkland will:

    (a) advise the Debtors with respect to their powers and
        duties as debtors-in-possession in the continued
        management and operation of their business and
        properties;

    (b) attend meetings and negotiate with representatives of
        creditors and other parties in interest;

    (c) take all necessary action to protect and preserve the
        Debtors' estates, including prosecuting actions on the
        Debtors' behalf, defending any action commenced against
        the Debtors, and representing the Debtors' interests in
        negotiations concerning all litigation in which the
        Debtors are involved;

    (d) prepare all motions, applications, answers, orders,
        reports, and papers necessary to the administration of
        the Debtors' estates;

    (e) take any necessary action on behalf of the Debtors to
        obtain approval of a disclosure statement and
        confirmation of the Debtors' plan of reorganization;

    (f) represent the Debtors in connection with obtaining
        financing after its filing for Chapter 11 protection;

    (g) advise the Debtors in connection with any potential sale
        of assets;

    (h) appear before the Court, any appellate courts, and the
        U.S. Trustee, and protect the interests of the Debtors'
        estates before the courts and the U.S. Trustee; and

    (i) perform all other necessary legal services to the
        Debtors in connection with the Reorganization Cases,
        including:

        * analyze the Debtors' leases and executory contracts
          and their assumption or assignment;

        * analyze the validity of liens against the Debtors; and

        * advise on corporate, litigation, environmental, and
          other legal matters.

Kirkland will be paid based on the firm's standard hourly rates:

          Professional               Hourly Rate
          ------------               ------------
          Partners                   US$425 to US$950
          Counsel                    US$325 to US$740
          Associates                 US$245 to US$540
          Paraprofessionals           US$90 to US$280

Nineteen professionals are expected to have primary
responsibility for providing services to the Debtors:

          Lyndon E. Norley                   US$975
          Richard M. Cieri                   US$825
          Todd F. Maynes, P.C,               US$795
          Partha Kar                         US$775
          Marc Kieselstein, P.C.             US$745
          Dennis M. Myers, P.C.              US$745
          Natasha Watson                     US$610
          Maureen Sweeney                    US$575
          Dr. Bernd Meyer-Lowy               US$575
          Roger J. Higgins                   US$545
          David A. Agay                      US$545
          Leo Plank                          US$525
          Ryan Blaine Bennett                US$510
          Michelle Mulkem                    US$430
          Uday Gorrepati                     US$355
          Joy Lyu Monahan                    US$350
          Kathryn Koenig                     US$350
          Thad Davis                         US$325
          Lauren Hawkins                     US$295

The Debtors will reimburse Kirkland for necessary out-of-pocket
expenses.

Marc Kieselstein, Esq., a partner at Kirkland, informs the Court
that in August 2006, the Debtors advanced US$400,000 to Kirkland
as a retainer.  In September, the Debtors advanced a further
US$900,000 as an increase to the retainer.  The Debtors have
since then replenished the retainer to US$500,000 on a weekly
basis.

Mr. Marchiando adds that Kirkland received payments for
professional services performed in the 90 days prior to the
Petition Date, and additional amounts for the reimbursement of
reasonable and necessary expenses incurred.  The Debtors have
agreed that fees, after the date of filing for Chapter 11
protection, are an advance payment and not a retainer.

As of Oct. 30, 2006, the Debtors do not owe Kirkland any amounts
for legal services rendered prior to the bankruptcy filing.

Mr. Kieselstein assures the Court that his firm is a
"disinterested person," as that term is defined in Section
101(14) of the Bankruptcy Code, as modified by Section 1107(b)
Kirkland does not hold or represent an interest adverse to the
Debtors or their estates, Mr. Kieselstein adds.

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants
for.  As of July 2, 2006, the Debtor had US$1,993,178,000 in
total assets and US$1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 2; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


EUROSAIL 06-NC3: Fitch Gives Low-B Ratings to GBP-13.2-Mln Notes
----------------------------------------------------------------
Fitch Ratings assigned Eurosail 06-NC3 Plc's GBP510 million-
equivalent mortgage-backed floating-rate notes and GBP19.53
million excess spread-backed floating-rate notes final ratings:

   -- EUR25 million Class A1a due 2024: AAA;
   -- US$60 million Class A1b due 2024: AAA;
   -- GBP110 million Class A1c due 2024: AAA;
   -- US$145 million Class A2b due 2044: AAA;
   -- GBP35.25 million Class A2c due 2044: AAA;
   -- EUR128 million Class A3a due 2044: AAA;
   -- GBP80.2 million Class A3c due 2044: AAA;
   -- Class A3c detachable coupons due 2009: AAA;
   -- EUR48.8 million Class B1a due 2044: AA;
   -- EUR20 million Class C1a due 2044: A;
   -- GBP9.85 million Class C1c due 2044: A;
   -- EUR6.05 million Class D1a due 2044: BBB;
   -- GBP11 million Class D1c due 2044: BBB;
   -- GBP10.455 million Class DTc due 2044: BBB;
   -- GBP4.08 million Class E1c due 2044: BB;
   -- GBP7.905 million Class ETc due 2044: BB; and
   -- GBP1.173 million Class FTc due 2044: B.

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

Credit enhancement for the Class A notes is initially 15.2%,
provided by the subordination of the Class B1 notes, the Class
C1 notes, the Class D1 notes, the Class E1 notes and an initial
and target reserve fund of 0.50%.

The Class DTc notes (GBP10.46 million), ETc notes (GBP7.91
million) and FTc (GBP1.17 million) are also issued and will be
repaid solely by excess spread available in the transaction.

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

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


FORD MOTOR: Filing Third Quarter 2006 Report Today
--------------------------------------------------
In a Nov. 9, 2006 filing with the U.S. Securities and Exchange
Commission, Ford Motor Company disclosed that it is restating
its financial statements for the third quarter ended Sept. 30,
2005, and finalizing its financial results for the third quarter
ended Sept. 30, 2006, to reflect the changes in fair value of
its derivative instruments as gains and losses, without
recording any offsetting change in the value of the debt it was
economically hedging.

Because the analysis and preparation of its restated financial
information is not yet complete, the company said it will be
filing its Quarterly Report on Form 10-Q for the period ended
Sept. 30, 2006, on or before Nov. 14, 2006, instead of Nov. 9.

The company's indirect wholly owned subsidiary Ford Motor Credit
Company became aware of a matter related to the application of
paragraph 68 of Statement of Financial Accounting Standards No.
133, Accounting for Derivative Instruments and Hedging
Activities, as amended, during the preparation of its response
to a comment letter from the Division of Corporation Finance of
the Securities and Exchange Commission.

Accordingly, the company performed a review of the company and
Ford Credit's hedge accounting policies and practices relating
to the "assumption of no ineffectiveness" for interest rate
swaps pursuant to paragraph 68 of SFAS No. 133.  Although the
interest rate swaps were and continue to be highly effective
economic hedges, the company has determined that nearly all of
the trans-actions failed to meet the requirements of Paragraph
68.

              Preliminary Third Quarter 2006 Results

On Oct. 23, 2006, the company issued a press release announcing
its preliminary financial results for the third quarter ended
Sept. 30, 2006.  The company also furnished the preliminary
results to the SEC in its Current Report on Form 8-K dated
Oct. 20, 2006.

For the third quarter of 2006, the company reported a
preliminary net loss of US$5.8 billion, compared with a US$284
million net loss for the third quarter of 2005.

Excluding special items, the third quarter loss from continuing
operations was US$1.2 billion compared with a loss of US$191
million a year earlier.

                      About Ford Motor

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

                         *     *     *

In a TCR-Europe report, on Oct. 26, Dominion Bond Rating Service
notes that Ford Motor Company reported that it plans to restate
previous financial results from 2001 through to the second
quarter of 2006 to correct the accounting for certain derivative
transactions under Statement of Financial Accounting Standards
(FAS) 133.

DBRS believes that the restatements will not have a material
impact on the financial profile of the Company and, hence,
does not warrant any rating actions at this time.  Although the
restatements would affect the net income reported in those
periods, the transactions are non-cash and the restatements, on
a net basis, are not expected to have a notable impact on the
Company's financial position.  More importantly, the
restatements do not affect the availability of the majority of
the Company's committed credit facilities.  As at the end of
Sept. 30, 2006, the Company has about US$6 billion of
contractually committed credit facilities with financial
institutions.

DBRS notes that the accounting error occurred at Ford Motor
Credit Company, Ford's wholly owned finance subsidiary.  Ford
Credit had incorrectly accounted for certain interest rate swaps
which it used to hedge against the interest rate risk inherent
in certain long-term fixed rate debt.  Ford has indicated that
the restatements will have no impact on the Company's cash. The
restatements will affect the Company's preliminary financial
results for the 2006 third quarter announced and will improve
the Company's results in 2002 materially.

As reported in the Troubled Company Reporter-Europe on Oct. 25,
Moody's Investors Service disclosed that Ford's very weak third
quarter performance, with automotive operations generating a
pre-tax loss of US$1.8 billion and a negative operating cash
flow of US$3 billion, was consistent with the expectations which
led to the September 19 downgrade of the company's long-term
rating to B3.

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

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


FOX MAINTENANCE: K. B. Stout Leads Liquidation Procedure
--------------------------------------------------------
K. B. Stout was appointed Liquidator of Fox Maintenance Limited
on Nov. 3 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Fox Maintenance Limited
         Bumbles Green Lane
         Nazeing
         Waltham Abbey
         Essex EN9 2SG
    United Kingdom
         Tel: 01702 213 600


GENERAL MOTORS: Hikes 2007 Vehicle Prices Due to Increased Costs
----------------------------------------------------------------
General Motors Corp. has raised prices on about one-third of its
2007 model-year vehicles in the United States to cover increased
costs for steel and other commodities, Reuters reports.

The price increases range from US$60 to US$425 per vehicle at an
average of about 0.5% increase per vehicle, affecting 239 of
GM's 681 vehicle models and its variants, the report said.

                      About the Company

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

                        *     *     *

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

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

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

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


GLAMPAK LIMITED: Brings In KPMG LLP as Administrators
-----------------------------------------------------
Jonathan Scott Pope and Allan Watson Graham of KPMG LLP were
appointed joint administrators of Glampak Ltd. (Company Number
01654764) 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.

Glampak Ltd. can be reached at:

         Tonypandy Industrial Estate
         Tonypandy
         Mid Glamorgan CF40 2ET
         United Kingdom
         Tel: 01443 431544


GLOBAL CROSSING: Sept. 30 Balance Sheet Upside-Down by US$131MM
---------------------------------------------------------------
Global Crossing Ltd. disclosed its financial results for the
third quarter of 2006 and provided updates on its business
activities for the same period.

John Legere, Global Crossing's chief executive officer, said,
"We've revved up our business and it shows on many fronts.
We've generated positive adjusted EBITDA in the third quarter
and posted revenue growth for the second quarter in a row -- and
with the completed acquisition of Fibernet and our announced
merger with Impsat, we've found two companies that complement
our portfolio and are expected to contribute positively to our
overall financial goals.  Our strategy is sound, our business is
healthy and our employees are focused on ensuring that Global
Crossing is a true stand-out in the telecommunications
industry."

                         Highlights

Global Crossing's business performance continued to improve in
the third quarter of 2006 on a sequential and year-over-year
basis.  On a sequential basis, "invest and grow" revenue, namely
that part of the business focused on serving global enterprises,
carrier data and indirect channel customers, grew by 5% compared
with the second quarter for both the company's UK subsidiary
(GCUK) and for its businesses outside of the UK.  Adjusted gross
margin improved to 41% of revenue from 38% in the second
quarter, and adjusted Earnings Before Interest, Taxes,
Depreciation and Amortization (EBITDA) was positive, ending the
quarter at US$7 million.

In addition, Global Crossing recently announced the acquisition
of UK-based Fibernet Group Plc and the planned acquisition of
Latin America-based Impsat Fiber Networks.  Both companies will
accelerate execution of Global Crossing's strategy of delivering
converged IP services to enterprises and carriers globally, and
they will expand Global Crossing's UK and Latin American
offerings in their respective regions.

Global Crossing expects the Fibernet acquisition to contribute
annual revenue of more than US$80 million, and to yield annual
adjusted EBITDA of US$30 million after completion of the
integration and operational synergies are fully realized.
Additionally, the combination of Fibernet with GCUK
will yield up to US$10 million of capital expense savings.
Integration is expected to be complete in 12 to 18 months and to
cost up to US$10 million.

The Impsat acquisition is expected to generate US$270 million in
annual revenue and US$70 million in adjusted EBITDA following
integration, which includes the impact of anticipated net
expense synergies of more than US$10 million per year.
Integration will take approximately 12 to 18 months after
the transaction closes, which is expected in the first quarter
of 2007.

                     Revenue and Margin

During the third quarter, Global Crossing's consolidated revenue
grew sequentially by US$5 million to US$466 million.  Adjusted
gross margin (as defined in the tables that follow) grew US$16
million and was 41% of revenue or US$191 million in absolute
terms, compared with 38% of revenue or US$175 million in the
second quarter.  "Invest and grow" revenue grew sequentially
by 5% or US$14 million to US$313 million in the third quarter.
This was driven by growth in the company's businesses outside of
the UK, which generated US$205 million in "invest and grow"
revenue, up US$9 million from US$196 million in the second
quarter.  Global Crossing's GCUK subsidiary generated US$108
million in "invest and grow" revenue, a US$5 million sequential
improvement.  Adjusted gross margin for the "invest and grow"
segment was US$172 million in absolute terms or 55% of revenue
for the third quarter.  This was a US$17 million sequential
improvement from US$155 million in the second quarter of 2006 or
52% of revenue.

Cost of revenue -- which includes cost of access; technical real
estate, network and operations; third party maintenance; and
cost of equipment sales -- was US$381 million in the third
quarter, down US$12 million or 3% from US$393 million in the
second quarter of 2006.  Cost of access accounted for US$275
million of Global Crossing's cost of revenue during the third
quarter, down US$11 million or 4% from the second quarter of
2006 when cost of access expense was US$286 million. Sales,
general and administrative (SG&A) costs were US$78 million in
the third quarter of 2006, compared with US$85 million in the
second quarter of 2006.

                          Earnings

Adjusted EBITDA was positive for the third quarter at US$7
million, compared with a loss of US$17 million in the second
quarter of 2006.  Consolidated loss applicable to common
shareholders was US$51 million, compared with a loss of US$77
million in the second quarter of the year.

                     Cash and Liquidity

As of Sept. 30, 2006, unrestricted cash and cash equivalents
totaled US$417 million, and restricted cash was US$7 million.
Global Crossing used US$39 million of cash in the third quarter,
including the use of US$45 million for capital expenditures and
principal on capital leases (cash capex).  Cash sources included
US$17 million of sales proceeds for Indefeasible Rights of
Use.

Global Crossing expects that it will generate positive cash flow
for the fourth quarter of 2006.

On Oct. 11, 2006, Global Crossing disclosed it had acquired
Fibernet for approximately US$95 million in cash.  The company
has received a financing commitment for up to approximately
US$95 million from ABN Amro to finance the Fibernet acquisition.
On Oct. 26, 2006, Global Crossing disclosed an agreement to
acquire Impsat for US$95 million in cash and the assumption of
Impsat's debt, which totaled US$241 million as of June 30, 2006.
The company will fund the Impsat transaction with approximately
US$160 million of its cash resources, and it has received a
financing commitment from Credit Suisse for up to US$200 million
to be used to refinance existing Impsat debt.  Closing is
subject to the approval of Impsat's common shareholders, certain
debt holders, certain regulatory approvals and other closing
conditions.

                       2006 Guidance

Below is a summary of specific financial guidance for 2006,
which was provided by the company on March 16, 2006.

  Metric                                     2006 Guidance
  (US$ in millions)

  Revenue                                  US$1,800 - US$1,900
  Invest and grow revenue                  US$1,190 - US$1,245
  Wholesale voice revenue                  US$605 - US$650
  Harvest/exit revenue                     US$5
  Adjusted gross margin%age                41% - 43%
  Invest and grow adjusted gross margin
  Percentage                               56% - 58%
  Wholesale voice adjusted gross margin
  Percentage                               12% - 14%
  Adjusted EBITDA                          (US$20) - US$5
  Adjusted EBITDA less non-cash stock
  compensation                             US$10 - US$40
  Cash use                                 (US$140 - US$100)

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
-- http://www.globalcrossing.com/-- provides telecommunication
services over the world's first integrated global IP-based
network, which reaches 27 countries and more than 200 major
cities around the globe including Bermuda, Argentina, Brazil,
and the United Kingdom.  Global Crossing serves many of the
world's largest corporations, providing a full range of managed
data and voice products and services.  The company filed for
chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their
creditors, they listed US$25,511,000,000 in total assets and
US$15,467,000,000 in total debts.  Global Crossing emerged from
chapter 11 on Dec. 9, 2003.

At Sept. 30, 2006, Global Crossing Ltd.'s balance sheet
reflected a US$131 million stockholders' deficit.  At June 30,
2006, Global th company reported US$1.87 billion in total assets
and US$1.95 billion in total liabilities, resulting to a
stockholders' deficit of US$86 million.  It also reported a
US$173 million stockholders' deficit on Dec. 31, 2005.


HEDRUSH MEDIA: Brings In Harrisons as Joint Administrators
----------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint administrators of Hedrush Media Ltd. (Company Number
04158648) on Oct. 26.

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.

Headquartered in Bristol, England, Hedrush Media Ltd. publishes
journals and periodicals.


HOLDEXPERT LIMITED: Taps Joint Administrators from KPMG LLP
-----------------------------------------------------------
David James Costley-Wood and Richard James Philpott of KPMG LLP
were appointed joint administrators of Holdexpert Ltd. (Company
Number 02690091) on Oct. 30.

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.

Holdexpert Ltd. can be reached at:

         Ward Street
         Lostock Hall
         Preston
         Lancashire PR5 5HR
         United Kingdom
         Tel: 01772 463 694
         Fax: 01772 463 823


HONOURS PLC: Fitch Gives BB Rating on GBP11.95-Mln Class D Notes
----------------------------------------------------------------
Fitch Ratings assigned ratings to Honours Plc's asset-backed
floating rate notes due 2029 notes:

   -- GBP291.95 million Class A1 at AAA;
   -- GBP54.2 million Class A2 at AAA;
   -- GBP33.35 million Class B at A;
   -- GBP18 million Class C at BBB; and
   -- GBP11.95 million Class D at BB.

This transaction is a refinancing of the existing Honours Plc
transaction that closed in 1999, a securitization of U.K.
student loans purchased by Honours Plc from the U.K. government.

The ratings reflect the quality of the underlying assets,
available credit enhancement, additional collateral mechanisms
covering borrower-related risks, the legal and financial
structure of the transaction and the servicing capabilities of
Club 24 Limited, trading as Ventura in its role as the
administrator.

The ratings of the Class A and B notes address timely payment of
interest and ultimate payment of principal on the final maturity
date.  The ratings of the Class C and D notes address ultimate
payment of interest and principal.  Fitch does not rate the most
subordinated Class E notes.

At closing date, the issuer used the proceeds to redeem the
existing notes.  The principal balance of the new notes is equal
to the principal balance of the existing notes as at the
interest payment date falling in October 2006.  The balance on
the principal deficiency ledger was carried forward and covered
by the Class E notes.

The portfolio consists solely of U.K. student loans under which
borrowers have the right to defer the repayment of loans as long
as their incomes fall below 85% of the average gross national
income.  The loans carry a coupon that is set at the annual
percentage increase in the U.K. Retail Price Index and the total
balance of qualifying loans will amount to GBP417 million.

The transaction has a pass-through structure, with the notes
being amortized proportionately or sequentially, depending on
the triggers performance, in line with the repayments of the
loans.  A liquidity facility and a liquidity reserve fund are
available to cover shortfalls in interest for Class A and Class
B notes.

Additional collateral is provided to the issuer through a
subsidy package provided by HM government that includes a 2.69%
fixed margin over Libor minus the RPI rate and full
reimbursement for the balance of all qualifying loans benefiting
from a cancellation indemnity policy.


INVENSYS PLC: Has GBP251-Mln Stockholders' Deficit at Sept. 30
--------------------------------------------------------------
Invensys PLC reported a GBP165 million net profit on
GBP633 million of net revenues for the second quarter ended
Sept. 30, 2006, compared with a GBP39 million net profit on
GBP604 million of net revenues for the second quarter ended
Sept. 30, 2005.

At Sept. 30, 2006, the Company's balance sheet showed
GBP1.95 billion in total assets and GBP2.20 billion in
total liabilities resulting in a GBP251 stockholders' deficit.

Ulf Henriksson, Chief Executive Officer of Invensys plc,
commented: "I am pleased with the overall progress that we have
made in the second quarter which has enabled Invensys to report
another good set of results.  Orders were down slightly in the
quarter mainly due to delays in the receipt of formal awards of
some large contracts in Rail Systems.  At CER, revenue was up 7%
at GBP633 million, operating profit was up 41% at GBP61 million
and operating cash flow excluding legacy items was
GBP55 million, representing cash conversion of 90%(6).

"Process Systems and Rail Systems continue to perform well and I
am encouraged that both APV and Controls are demonstrating that
the actions we have taken to improve their performances are
beginning to show results.  In particular, Controls has been
able to improve its underlying performance although there is
weakening in demand within those parts of its business that
serve the U.S. new residential housing market.

"Our balance sheet now reflects the benefits of the 2006
Refinancing and the receipt of the proceeds of the IBS disposal,
resulting in net debt of GBP291 million at the end of the
quarter.

"The Group achieved a good performance in the first half of this
financial year, which has seen some benefits from the continuing
actions being taken within each of the businesses to improve
their performance and reduce the quarterly variability of their
results.  Although the prospects for some of Controls' markets
are unpredictable, the Board remains confident that the Group
will make further progress in the second half of the financial
year."

                       High Yield Bond

In order to reduce interest costs by using surplus cash to
redeem expensive debt, the Group made a tender offer in
October 2006 to acquire up to the maximum principal amount of
US$180 million of U.S. Dollar 9.875% Notes due 2011.  The tender
is being financed by surplus cash arising mainly from the IBS
disposal.

At the early tender deadline on Oct. 25, US$256 million in
principal amount had been validly tendered and the offer remains
open until 2:00 p.m. on Nov. 9.  As the tender has been
oversubscribed, valid tenders will be accepted on a pro rata
basis, for settlement on Nov. 10.

Successful completion of the tender offer is expected to reduce
the Group's net cash interest cost by GBP2 million in this
financial year and by GBP6 million next year.  The GBP9 million
premium on redemption of these notes (compared with the
GBP5 million premium that would have been paid to redeem the
notes when they became callable in March 2008) will be charged
as an exceptional finance cost in Q3 2006/07, together with the
non-cash write-off of unamortized capitalized costs of
GBP3 million.

A full-text copy of the company's financial report for the
second quarter ended Sept. 30, 2006 is available for free at
http://researcharchives.com/t/s?14e1

                      About Invensys Plc

Based in London, United Kingdom, Invensys Plc --
http://www.invensys.com/-- is a global automation, controls and
process solutions Group operating in more than 60 countries
worldwide.  The company operates through six units: Controls,
Process Systems, Rail Systems, APV, Wonderware, and Eurotherm.
For the 12 ended March 31, 2006, Invensys had GBP2.5 billion in
total revenues from continuing operations.

                        *     *     *

As reported in the TCR-Europe on Sept. 18, Fitch Ratings
assigned U.K.-based Invensys PLC and Invensys International
Holdings Ltd. Issuer Default ratings of BB- and Short-term
ratings of B.  Fitch said the Outlooks are Stable.

At the same time, Fitch assigned Invensys' senior notes a B+
rating and Invensys International Holding Ltd.'s senior secured
loan a BB+ rating.

In July 2006, Moody's Investors Service upgraded the corporate
family rating to Ba3 from B1 following the expected repayment of
around GBP410 million of net debt using proceeds from a GBP341
million rights issue and from the anticipated closing of the
sale of Invensys Building Systems in the U.S. and Asia Pacific
to Schneider Electric S.A. for GBP157 million.

In January 2006, Standard & Poor's Ratings Services revised its
outlook on Invensys Plc to stable from negative, reflecting an
improvement in the group's near-term prospects, although
significant credit risks remain.  At the same time, all ratings
on the group, including the long-term 'B+' corporate credit
rating, were affirmed.


JPM DESIGN: Creditors Confirm Liquidator's Appointment
------------------------------------------------------
Creditors of JPM Design & Print Limited confirmed Oct. 27 the
appointment of David A Butler of Nunn Hayward as the company's
Liquidator.

The company can be reached at:

         JPM Design & Print Limited
         2a Bessemer Crescent
         Rabans Lane Industrial Area
         Aylesbury
         Buckinghamshire HP198TF
         United Kingdom
         Tel: 01296 422 575
         Fax: 01296 395 975


LEYFIELD COMMERCIAL: Creditors' Meeting Slated for November 23
--------------------------------------------------------------
Creditors of Leyfield Commercial Services Ltd. (Company Number
01725548) will meet at noon on Nov. 23 at:

         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester M2 1BD
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Nov. 22 at:

         M. Dunham
         Joint Administrator
         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester M2 1BD
         United Kingdom
         Tel: 0161 817 3700
         Fax: 0161 817 3711
         E-mail: manchester@bdo.co.uk

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.


MAXNETT COMMUNICATIONS: Creditors' Meeting Slated for Nov. 20
-------------------------------------------------------------
Creditors of Maxnett Communications Limited (t/a Hillside
Nursery) (Company Number 03534743) will meet at 3:00 p.m. on
Nov. 20 at:

         Buchanans
         Latimer House
         5 Cumberland Place
         Southampton SO15 2BH
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Nov. 17 at:

         P. Hall
         Joint Administrator
         Buchanans PLC
         Latimer House
         5 Cumberland Place
         Southampton SO15 2BH
         United Kingdom
         Tel: 023 8022 1222


MCD REALISATIONS: Creditors' Meeting Slated for November 23
-----------------------------------------------------------
Creditors of MCD Realisations Ltd. (formerly Mainland Car
Deliveries Limited) (Company Number 00820486) will meet at 10:30
a.m. on Nov. 23 at:

         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester M2 1BD
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Nov. 22 at:

         M. Dunham
         Joint Administrator
         BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester M2 1BD
         United Kingdom
         Tel: 0161 817 3700
         Fax: 0161 817 3711
         E-mail: manchester@bdo.co.uk

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.


METAL PARTS: Liquidator Sets Dec. 13 Claims Bar Date
----------------------------------------------------
Creditors of Metal Parts Limited have until Dec. 13 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Liquidator
C. H. I. Moore at:

         K.J.Watkin & Co
         Emerald House
         20-22 Anchor Road
         Aldridge
         Walsall
         United Kingdom

The company can be reached at:

         Metal Parts Limited
         38 Freeth Street
         Birmingham
         West Midlands B16 0QN
         United Kingdom
         Tel: 0121 245 2452
         Fax: 0121 245 2453


METRIX SECURITIES: Moody's Rates Class E1 and E2 Notes at Low-B
---------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
thirteen classes of Notes issued by Metrix Securities P.L.C.:

   -- GBP110,000,000 Series 2006-1 Class A1 Floating Rate
      Notes due 2018: Aaa;

   -- EUR738,000,000 Series 2006-1 Class A2 Floating Rate
      Notes due 2018: Aaa;

   -- US$2,249,000,000 Series 2006-1 Class A3 Floating
      Rate Notes due 2018: Aaa;

   -- GBP5,800,000 Series 2006-1 Class B1 Floating Rate
      Notes due 2018: Aa2;

   -- EUR15,800,000 Series 2006-1 Class B2 Floating Rate
      Notes due 2018: Aa2;

   -- US$18,000,000 Series 2006-1 Class B3 Floating Rate
      Notes due 2018: Aa2;

   -- GBP4,100,000 Series 2006-1 Class C1 Floating Rate
      Notes due 2018: A2;

   -- EUR15,500,000 Series 2006-1 Class C2 Floating Rate
      Notes due 2018: A2;

   -- US$14,000,000 Series 2006-1 Class C3 Floating Rate
      Notes due 2018: A2;

   -- GBP17,500,000 Series 2006-1 Class D1 Floating Rate
      Notes due 2018: Baa2;

   -- EUR18,600,000 Series 2006-1 Class D2 Floating Rate
      Notes due 2018: Baa2;

   -- GBP26,300,000 Series 2006-1 Class E1 Floating Rate
      Notes due 2018: Ba2; and

   -- EUR26,300,000 Series 2006-1 Class E2 Floating Rate
      Notes due 2018: Ba2.

The GBP78,000,000 Series 2006-1 Class F Floating Rate Notes due
2018 has not been rated.

Metrix Securities P.L.C. - Series 2006-1 is a fully funded
synthetic transaction originated and arranged by the HSBC Bank
plc, in which investors are exposed to the credit risk related
to a portfolio of loans extended by HSBC in the U.K. to medium
and large companies.  The credit risk transferred by HSBC Bank
plc through this transaction is related to a total portfolio of
GBP2 billion equivalent.  This reference pool is made up
initially of 133 separate obligors.  Throughout the four-year
revolving period, HSBC can replenish the portfolio subject
amongst others to the satisfaction of the Moody's CDOROM
condition.

The definitive ratings of the notes are based upon:

   (1) an assessment of the credit quality of the
       underlying entities;

   (2) the loss protection provided by the subordination of
       the more junior ranking classes of notes issued by
       Metrix Securities P.L.C.;

   (3) the protection against losses furnished by the first
       loss (3.9%) and the excess spread (0.10%per annum); and

   (4) The legal and structural integrity of the transaction.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  Moody's ratings address only
the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.

Moody's assigned provisional ratings to this transaction on
Oct. 13.


MILLS CORP: Gazit-Globe Wants Annual Meeting Held
-------------------------------------------------
Gazit-Globe Ltd. has filed a lawsuit against The Mills
Corporation, seeking to compel Mills Corp. to hold its annual
meeting.

"Actions speak louder than words and the lack of action clearly
indicates a board of directors which has embraced inertia,"
wrote Katzman, in a letter to Mark Ordan, Mills' CEO.

Gazit-Globe recently increased its ownership of common stock in
The Mills Corporation to in excess of 9% and expressed a desire
to recapitalize the struggling company.  The lawsuit was filed
in Delaware where The Mills Corporation is incorporated.

"It is now clear to us that Mills' current Board of Directors
and management team are not willing to engage us in a productive
conversation," continued Katzman.  "While we cannot force the
board to give our proposal the consideration it deserves, we
can and will require the board to sit in judgment before the
stockholders, the constituency that ultimately pays the price
for, or shares the rewards of, the Board's decisions."

Chaim Katzman, Gazit-Globe's chairman, said it had been well
over a month since Gazit originally contacted Mills to express
its desire to aid in the search for strategic alternatives.

"After weeks of procrastination, vague promises and lack of any
productive outcome, we have been left with no choice but to take
our concerns directly to the stockholders who will now have the
chance to give their opinions regarding the board's
performance," concluded Katzman.

Headquartered in Chevy Chase, Maryland, The Mills Corporation
(NYSE:MLS) -- http://www.themills.com/-- develops, owns,
manages retail destinations including regional shopping malls,
market dominant retail and entertainment centers, and
international retail and leisure destinations.  The Company owns
42 properties in the U.S., Canada and Europe, totaling 51
million square feet.  In addition, The Mills has various
projects in development, redevelopment or under construction
around the world.

                         *     *     *

As reported in the Troubled Company Reporter on March 24, 2006,
The Mills Corporation disclosed that the Securities and Exchange
Commission has commenced a formal investigation.  The SEC
initiated an informal inquiry in January after the Company
reported the restatement of its prior period financials.

Mills is restating its financial results from 2000 through
2004 and its unaudited quarterly results for 2005 to correct
accounting errors related primarily to certain investments by a
wholly owned taxable REIT subsidiary, Mills Enterprises, Inc.,
and changes in the accrual of the compensation expense related
to its Long-Term Incentive Plan.

As reported in the Troubled Company Reporter on April 17, 2006,
The Mills Limited Partnership entered into an Amendment No. 3
and Waiver to its Second Amended and Restated Revolving Credit
and Term Loan Agreement, dated as of Dec. 17, 2004, among Mills
Limited, JPMorgan Chase Bank, N.A., as lender and administrative
agent, and the other lenders.

The agreement provides a conditional waiver through Dec. 31,
2006, of events of default under the facility that are
associated, among other things, with: the pending restatement of
the financial statements of Mills Corporation and Mills Limited,
and the delay in the filing of the 2005 Form 10-K of Mills Corp.
and Mills Limited.


NTL INC: Merger May Affect ITV's Baa3 Rating, Moody's Says
----------------------------------------------------------
Moody's Investors Service commented on the confirmation by NTL
Inc. of its interest in exploring a possible combination
transaction with ITV plc, and that an initial discussion has
been scheduled to that end.

Moody's understands that the process is currently at a very
preliminary stage and may not necessarily result in a
transaction.  Moody's said that it will closely monitor the
situation and will reflect any potential event risk associated
with this transaction to the extent there is further
confirmation of a potential transaction proceeding.

However, Moody's noted that:

   (1) as NTL's Ba3 rating does not incorporate room for
       any material acquisitions, a downgrade is likely in
       the event the company's Debt-to-EBITDA were
       to deteriorate above 5.5x on a sustained basis
       as previously discussed in NTL's Leveraged
       Credit Analysis dated July 28, 2006; and

   (2) a combination of ITV with Ba3-rated NTL would
       exert significant negative pressure on ITV's
       Baa3 rating.

Incorprated in Delaware, NTL Inc. is a large telecommunications
and cable communications provider in the U.K.

Headquartered in London, England, ITV plc is the leading owner
of channel 3 franchises in the U.K. free-to-air TV market, and
generated turnover of more than GBP2.2 billion in the year to
December 2005.


NTL INC: ITV Merger Could Improve NTL Ratings, Fitch Says
---------------------------------------------------------
Fitch Ratings stated that the potential merger of ITV Plc and
NTL Inc. could improve NTL's credit profile and ratings given
the potential combination of ITV's BBB- cashflows with those of
B+ rated NTL.

This comment follows the statements by both companies stating
that NTL has expressed an interest in merging with ITV, though
at this stage both companies have stated that discussions are in
very early stages and that no offer has been made.  It is
unclear what form any potential offer could take, though given
NTL's credit rating it is likely that some of the consideration
would be NTL shares.

"There is clearly huge value in ITV's content business, and the
challenge for NTL here will be finding a way to use its
distribution channels to leverage those assets more effectively
than ITV can," Stuart Reid, Director in Fitch's European TMT
group disclosed.

"The potential effect on credit quality of merging NTL's B+ -
rated business with ITV's BBB minus business would arguably be
to see ratings gravitate towards a level somewhere between the
two.  At face value NTL would benefit from a strengthened cash
flow and the less leveraged balance sheet of ITV, although the
absence of a clear strategic rationale could limit the impact of
such rating momentum.  Any final outcome would of course need to
consider the cash component of a potential deal and the debt
structure of the surviving entities," he added.

Barriers to a potential deal would be ITV's debt, some of which
would potentially have to be refinanced if the change-of-control
clauses are triggered, the U.K.'s competition authorities and
its GBP320 million IAS 19 pension deficit.  Given the weakening
of the credit standing that the potential transaction implies,
the pension regulator may force additional payments onto the
scheme, and these could reflect the scheme deficit on a buy-out
basis, which is typically considerably higher than on an
accounting basis.

NTL faces challenges on a number of fronts, including the
integration of Telewest's cable activities, which were acquired
in March this year, as well as how best to exploit its
subsequent acquisition of Virgin Mobile.

The company continues to struggle with service issues, although
the adoption of Telewest's best practices and the Virgin brand
should help in this regard, while the U.K. broadband and pay TV
sectors remain some of the most competitive markets in Europe.
The company appears to have enough to do without potentially
setting out to solve the ailing broadcaster's issues.


NTL INC: Fitch Says Merger Would Weaken ITV's Credit Quality
------------------------------------------------------------
Fitch Ratings disclosed that the potential merger of ITV PLC and
NTL, Inc. would weaken ITV's credit quality, though ITV
bondholders will have some protection from the transaction due
to the change-of-control language in some of their bonds.  The
credit degradation would primarily arise from the combination of
ITV's BBB- cashflows with those of B+ rated NTL.

This comment follows the statement by both companies stating
that NTL has expressed an interest in merging with ITV, though
at this stage both companies have stated that discussions are in
very early stages and that no offer has been made.  It is
unclear what form any potential offer could take, though given
NTL's credit rating it is likely that some of the consideration
could be NTL shares.

"ITV's content business is a key asset.  NTL may be able to find
a way to use its distribution network to extract more value from
this content than ITV, though how this could be done in practice
without jeopardizing ITV1's ad revenues is far from obvious,"
Alex Griffiths, Director in Fitch's European TMT group disclosed
of.

"The negative effect on credit quality of merging NTL's B+ rated
business with ITV's BBB minus business is obvious, and this will
be exacerbated if NTL has to gear up even further to do the
deal.  The only good news for ITV bondholders is they may be
protected by the change-of-control provisions in ITV's more
recent bond issues."

"There are likely to be many parties interested in ITV, and
there is a good chance that any offer by NTL would force these
parties to act," Mr. Griffiths added.

Barriers to a potential deal would be ITV's debt, some of which
would potentially have to be refinanced if the change-of-control
clauses are triggered, the U.K.'s competition authorities and
its GBP320 million IAS 19 pensions deficit.

Given the weakening of the credit standing that the potential
transaction implies, the pension regulator may force additional
payments onto the scheme, and these could reflect the scheme
deficit on a buy-out basis, which is typically considerably
higher than on an accounting basis.

ITV's operating results have been challenged by the
fragmentation of the U.K.'s TV market due to multi-channel
viewing, and the rapid migration of advertising to online in the
U.K.


PARADIGM RESEARCH: Claims Registration Ends December 8
------------------------------------------------------
Creditors of Paradigm Research & Development Corporation (U.K.)
Limited have until Dec. 8 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 David William Tann at:

         The Norton Practice (Insolvency Services) Limited
         1 Wesley Gate
         70 Queens Road
         Reading RG1 4AP
         United Kingdom

Headquartered in Basingstoke, England, Paradigm Research &
Development Corporation (U.K.) Limited -- http://www.p-rd.com/
-- manufactures and markets innovative revenue management
systems.  The company's "Ready to Install Solutions" include:
QuickStart - Billing, Usage Collection, and CRM;
Converse - Usage Collection and Least Cost Routing; and
CRM - Customer Relationship Management. P:rd also maintains an
office in Wellington, New Zealand.


PREMIER DECORATIVE: Paper Manufacturer Up for Sale
--------------------------------------------------
S. Allport and T. A. Jack of Ernst & Young LLP, in their
capacity as Joint Administrators of Premier Decorative
Products Ltd., are offering to sell the company's business and
assets as a going concern.

Assets for sale include two operating divisions, both based in
Morecambe, Lancashire, together or separately as a going
concern:

   -- wall coverings manufacturing unit:

         -- GBP16 million turnover,
         -- around 150 employees.

   -- transfer printing unit:

         -- GBP6 million turnover;

         -- manufactures printed paper for fast fashion clothing
            and soft furnishings customers; and

         -- around 100 employees.

The units are housed in a 500,000-sq. ft. leasehold property --
including 280,000 sq. ft. of manufacturing and office buildings.

The units also have significant wall coverings-related plant and
machinery including:

   -- gravure and screen printing machinery, and
   -- hot embossing and finishing machinery

The company also owns similar plant and machinery currently
sitting idle at its former manufacturing site in Hyde,
Manchester.

Inquiries can be addressed to:

         Mark Sinjakli
         Ernst & Young LLP
         100 Barbirolli Square
         Manchester M2 3EY
         United Kingdom
         Tel: 0161 333 2710,
         Fax: 0161 333 3008
         E-mail: msinjakli@uk.ey.com

Ernst & Young -- http://www.ey.com/-- provides broad array of
services relating to audit and risk-related services, tax, and
transactions across all industries-from emerging growth
companies to global powerhouses-deal with a broad range of
business issues.


PROCON SOFTWARE: Appoints Matthew Colin Bowker as Administrator
---------------------------------------------------------------
Matthew Colin Bowker of Jacksons Jolliffe Cork was appointed
administrator of Procon Software and Support Ltd. (Company
Number 02072856) on Oct. 27.

Jacksons Jolliffe Cork -- http://www.jjcork.co.uk/-- was
established in 1998.  It has offices in Doncaster, Harrogate,
Hull, Middlesbrough, Wakefield and York.  The firm is engaged
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

Procon Software and Support Ltd. can be reached at:

         Great Northern House
         Great Northern Terrace
         Lincoln
         Lincolnshire LN5 8HJ
         United Kingdom
         Tel: 01522 589855


RAISLEY LIMITED: Taps Joint Administrators from Elwell Watchorn
---------------------------------------------------------------
John Michael Munn and Joseph Gordon Maurice Sadler of Elwell
Watchorn & Saxton LLP were appointed joint administrators of
Raisley Ltd. (Company Number 3699212) on Nov. 1.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.

Raisley Ltd. can be reached at:

         5 Maidstone Buildings Mews
         72-76 Borough High Street
         London SE1 1GN
         United Kingdom
         Tel: 020 7378 3478


REFCO INC: RCMI's Section 341(a) Meeting Scheduled for Nov. 27
--------------------------------------------------------------
Diana G. Adams, Acting United States Trustee for Region 2, will
convene a meeting of Refco Commodity Management, Inc. creditors
on November 27, 2006, at 3:30 p.m., prevailing Eastern Time, at
80 Broad Street, 2nd Floor, in New York.

This is the first meeting of creditors required under Sec.
341(a) of the Bankruptcy Code in RCMI's Chapter 11 case.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible officer of
the Debtors under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO INC: Ch. 7 Trustee Wants More Time to Decide on Contracts
---------------------------------------------------------------
As of Oct. 31, 2006, Albert Togut, the Chapter 7 trustee
overseeing the liquidation of the Refco, LLC estate, has
identified and disposed of around 800 executory contracts.
However, there are a handful of additional executory contracts
still being evaluated and whose final disposition has not yet
been determined.  The few remaining executory contracts are with
ongoing service suppliers who provide records storage and
similar services to Refco LLC's estate.

Accordingly, the Chapter 7 Trustee asks the U.S. Bankruptcy
Court for the Southern District of New York to extend until Jan.
10, 2007, the time within which he may assume or reject the
executory contracts so he may continue evaluating those which
may be necessary for the estate's administration.

The extension request will be without prejudice to:

   (i) the rights of any of the non-debtor counterparties to
       seek an earlier date on which the Chapter 7 Trustee must
       decide on a specific contract; and

  (ii) the Chapter 7 Trustee's right to seek further extension
       if necessary and appropriate.

Scott E. Ratner, Esq., at Togut, Segal & Segal LLP, in New York,
asserts that the extension will assist the Chapter 7 Trustee in
fulfilling his fiduciary duty of maximizing the value of the
Chapter 7 Debtor's estate for the creditors' benefit.

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


ROWPAK CONTAINERS: Brings In KPMG as Administrators
---------------------------------------------------
Allan Graham and Richard Fleming of KPMG LLP were appointed
joint administrators of Rowpak Containers Ltd. (Company Number
3711945), Corpack Industries' principal unit, 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.

As reported in the Troubled Company Reporter-Europe yesterday,
the administrators are offering to sell Corpack's businesses and
assets, which include its principal businesses: Rowpak
Containers and Glampak Limited, among others.

Headquartered in Manchester, England, Rowpak Containers Ltd.
manufactures printed and plain corrugated boxes and sits on a
120,000-square-feet leashold property in Audenshaw, Manchester.
The company employs 175 workers and reports an annual turnover
of around GBP15 million.


SAVILLE TRACTORS: Creditors' Meeting Slated for November 21
-----------------------------------------------------------
Creditors of Saville Tractors Limited (Company Number 00376443)
will meet at 11:30 a.m. on Nov. 21 at:

         BDO Stoy Hayward LLP
         4th Floor
         Edmund House
         12-24 Newhall Street
         Birmingham B3 3EW
         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:

         C. K. Rayment
         Joint Administrator
         BDO Stoy Hayward LLP
         4th Floor
         Edmund House
         12-24 Newhall Street
         Birmingham B3 3EW
         United Kingdom

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.


SEA CONTAINERS: Bermuda Court to Hear Wind-Up Petition on Dec. 1
----------------------------------------------------------------
The Supreme Court of Bermuda will hear at 9:30 a.m. on
Dec. 1, the petition to wind-up Sea Containers Ltd.'s business
that was presented by the company on Oct. 16, 2006.

Any creditor or shareholder of Sea Containers desiring to
support or oppose the making of an order on the petition may
appear at the time of the hearing in person or by counsel for
that purpose.

A copy of the petition will be sent to all creditors and
shareholders of the company.

Parties-in-interests who want to attend the hearing must inform
of their intention to do so to Sea Containers' counsel at:

          Appleby Hunter Bailhache
          Canon's Court, 22 Victoria Street
          Hamilton, HM 12, Bermuda

Those who intend to appear on the hearing must serve notice not
later than 4:00 p.m. on Nov. 30, 2006.

                      About Sea Containers

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

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

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


SOUTH HEREFORDSHIRE: Creditors' Claims Due Dec. 10
--------------------------------------------------
Creditors of South Herefordshire Golf Club Ltd. have until
Dec. 10 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any) to appointed
Liquidator David N. Hughes at:

         Janes
         Owen House
         Trinity Lane
         Cheltenham
         Gloucestershire GL52 2NT
         United Kingdom

The company can be reached at:

         South Herefordshire Golf Club Ltd.
         Twin Lakes
         Upton Bishop
         Ross On Wye
         Herefordshire HR9 7UA
         United Kingdom
         Tel: 01989 780 535
         Fax: 01989 780 535


SQUARE ROOT: Creditors Must File Claims by Dec. 15
--------------------------------------------------
Creditors of Square Root Engineering Limited have until
Dec. 15 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any) to appointed
Liquidator Matthew John Waghorn at:

         Oury Clark
         Herschel House
         58 Herschel Street
         Slough
         Berkshire SL1 1PG
         United Kingdom

The company can be reached at:

         Square Root Engineering Limited
         Unit 25
         National Works
         Bath Road
         Hounslow
         Middlesex TW4 7EA
         United Kingdom
         Tel: 020 8572 0300


TASTEFUL VENDING: Names Eileen T. F. Sale Liquidator
----------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Limited was appointed
Liquidator of Tasteful Vending Limited (formerly Tasteful
Vending (Southern) Limited) on Nov. 26 for the creditors'
voluntary winding-up proceeding.

Headquartered in Solihull, England, Tasteful vending Limited --
http://www.tasteful-vending.co.uk/-- supplies quality drinks
and snack vending equipment including hot and cold drinks
machines, tabletop drinks machines, can vending machines,
health, hygiene and miscellaneous vending machines.


TEMPORARY COMPANY: Creditors' Meeting Slated for November 17
------------------------------------------------------------
Creditors of Temporary Company Limited (formerly Extreme Retail
Limited) (Company Number 3752205) will meet at noon on Nov. 17
at:

         Leonard Curtis
         One Great Cumberland Place
         Marble Arch
         London W1H 7LW
         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. 16 at:

         N. A. Bennett
         Joint Administrator
         Leonard Curtis
         One Great Cumberland Place
         Marble Arch
         London W1H 7LW
         United Kingdom
         Tel: 020 7535 7000
         Fax: 020 7723 6059
         E-mail: solutions@leonardcurtis.co.uk

Leonard Curtis -- http://www.leonardcurtis.co.uk-- provides a
national business turnaround and corporate recovery service
through our principal offices in London, Birmingham and
Manchester, utilizing the resources of over one hundred
specialist recovery team members and eight directors.


VALEANT PHARMA: Execs Under Probe Over Stock Option Grant Uses
--------------------------------------------------------------
Keller Rohrback L.L.P. commenced an investigation of Valeant
Pharmaceuticals International and current and former Company
executive officers and directors for potential violations
related to the backdating of stock options.

On Sept. 11, 2006, Valeant disclosed that it was conducting an
internal review of its historical stock option grant practices
and was cooperating with the SEC's informal inquiry regarding
stock options granted by the Company since Jan. 1, 2000.

On Oct. 20, 2006, Valeant's Board of Directors concluded that,
based on the preliminary report of the special committee
conducting the internal review, options granted in 1997 and
"subsequent years" reflected incorrect measurement dates and
that correcting these measurement dates would result in
restatement of the Company's financial statements for
undetermined periods from 1997 to the present.  The Company
further stated that the special committee's review of Valeant's
stock option grant practices and its analysis regarding the
magnitude of financial restatements is ongoing.

Keller Rohrback's investigation focuses on the extent that the
Company's stock option grant dates and exercise prices of stock
options were manipulated by Valeant's executive officers and
directors in order to boost their value to those who received
them.  Specifically, Keller is looking at whether potential
defendants have breached their fiduciary duties and colluded
with one another to:

   (1) improperly backdate grants of Valeant's stock options to
       various executive officers and directors in violation of
       the Company's shareholder-approved stock option plans;

   (2) improperly record and account for the backdated stock
       options in violation of GAAP;

   (3) improperly take tax deductions based on the backdated
       stock options in violation of the Tax Code; and

   (4) produce and disseminate to the Company's shareholders
       false financial statements and other SEC filings that
       improperly recorded and accounted for the backdated
       option grants thereby concealing the improper backdating
       of stock options.

Current shareholders of Valeant stock may contact paralegal
Jennifer Tuato'o or attorneys Juli Farris, Elizabeth Leland,
Cari Campen Laufenberg, Lynn Sarko or Gary Gotto by telephone,
toll-free at 1-800-776-6044.

To date, more than 100 companies are being investigated by the
U.S. Department of Justice, the Securities and Exchange
Commission, and U.S. Attorney's offices across the country,
resulting in civil and even criminal charges.

                      About Keller Rohrback

Keller Rohrback L.L.P. is a law firm headquartered in Seattle
that has successfully represented shareholders and consumers in
class action cases for over two decades.  Its trial lawyers have
obtained judgments and settlements on behalf of clients in
excess of seven billion dollars.

                          About Valeant

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International (NYSE:VRX) -- http://www.valeant.com/-- is a
research-based specialty pharmaceutical company that discovers,
develops, manufactures and markets products primarily in the
areas of neurology, infectious disease and dermatology.  In
Europe, the company has commercial offices in Belarus, Czech
Republic, France, Germany, Hungary, Italy, The Netherlands,
Poland, Russia, Slovak Republic, Spain, Turkey, Ukraine, and the
United Kingdom.

                          *     *     *

As reported in the TCR-Europe on Oct. 26, Standard & Poor's
Ratings Services placed its ratings on Costa Mesa, California-
based Valeant Pharmaceuticals International, including Valeant's
'BB-' corporate credit rating, on CreditWatch with negative
implications.

In addition, Moody's Investors Service placed the ratings of
Valeant Pharmaceuticals International (B1 corporate family
rating) under review for possible downgrade.  This rating action
follows the company's announcement that it will restate certain
financial statements as a result of accounting errors related to
accounting for stock options.


WYKES LIMITED: Creditors' Meeting Slated for November 24
--------------------------------------------------------
Creditors of Wykes Limited (Company Number 00874649) will meet
at 2:00 p.m. on Nov. 24 at:

         National Motorcycle Museum
         Coventry Road
         Bickenhill
         Solihull
         West Midlands B92 0EJ
         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. 23 at:

         Gerald Clifford Smith
         Joint Administrator
         RSM Robson Rhodes LLP
         Centre City Tower
         7 Hill Street
         Birmingham B5 4UU
         United Kingdom

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.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141       19
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko              (2)         278     (509)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       70
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                      (1,031)       3,875      494
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)


                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *