TCREUR_Public/061115.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, November 15, 2006, Vol. 7, No. 227

                            Headlines


A U S T R I A

BEKLEIDUNG-SERVICE: Vienna Court Orders Business Shutdown
EURODRINKS LLC: Property Manager Declares Insufficient Assets
FAMILY.OSSBERGER: Claims Registration Period Ends November 21
FM LOGISTIC: Creditors' Meeting Slated for November 17
HANS KOFLER: Creditors' Meeting Slated for November 17

INNOVENT LLC: Property Manager Declares Insufficient Assets
M.R.B. LLC: Creditors' Meeting Slated for November 20
MOEBELHAUS GLASER: Creditors' Meeting Slated for November 22
RO-SI FACILITY: Creditors' Meeting Slated for Nov. 20
TIERTRANSPORT LLC: Court Orders Closing of Business


B E L A R U S

BELINVESTBANK: Fitch Assigns Issuer Default Rating at B-


B E L G I U M

ARMSTRONG WORLD: Sept. 30 Balance Sheet Upside-Down by US$1.2BB


F R A N C E

EUROTUNNEL GROUP: Franklin Mutual to Reject Restructuring Plan
EUROTUNNEL GROUP: Mulls on Suing British Government Over Dispute
KB HOME: Bondholders Agree to Waive Certain Defaults
KB HOME: CEO Resigns After Stock Options Investigation
PRIDE INTERNATIONAL: Earns US$89.3 Million in Third Quarter 2006

PRIDE INT'L: Acquires Deepwater Semisubmersibles for US$215 Mln


G E R M A N Y

BARTSCH TIEFBAU: Claims Registration Ends November 24
CASA IMMOBILIEN: Claims Registration Ends November 20
GUNDLE/SLT ENVT'L: Posts US$4.17 Mln Loss for Nine Months 2006
GUNDLE/SLT ENVIRONMENTAL: S&P Junks Senior Unsecured Notes
HUGO HUNDHAUSEN: Claims Registration Ends November 28

KUEPPER FASHION: Creditors' Meeting Slated for November 28
LOHMANN TRANSPORTE: Claims Registration Ends November 23
SLS SCHARENBERG: Claims Registration Ends November 27
SPORT+SERVICE: Claims Registration Ends November 20
SW - MEDIA: Claims Registration Ends November 20

TEGENERO AG: Claims Registration Ends November 20
TUI AG: S&P Cuts Rating to BB on Weak Operating Results
USG CORP: S&P Assigns BB+ Rating on US$500-Mln Sr. Unsec. Notes
WALLAIR HANDEL: Claims Registration Ends November 25


I R E L A N D

SCOTTISH RE: Posts US$30.5-Mln Net Loss for Third Quarter 2006


I T A L Y

FIAT SPA: CEO Marchionne to Pass On Auto-Unit Post Next Year
PARMALAT SPA: Adopts New Model & Names Independent Directors
PARMALAT SPA: Denies Talks With Banca Intesa & San Paolo IMI
TISCALI SPA: Posts EUR67.2-Mln Loss for First Nine Months 2006
TISCALI SPA: Banca Intesa Grants EUR280-Million Credit Line


K A Z A K H S T A N

ALMATY HYDRO-GEOLOGY: Creditors Must File Claims by Dec. 13
ARDAGER-RODNIK LLP: Creditors Must File Claims by Dec. 13
ASIA GOLD: Proof of Claim Deadline Slated for Dec. 15
INTER STROY: Proof of Claim Deadline Slated for Dec. 15
KUAT COMPANY: Claims Registration Ends Dec. 13

PRIDE INTERNATIONAL: Earns US$89.3 Million in Third Quarter 2006
PRIDE INT'L: Acquires Deepwater Semisubmersibles for US$215 Mln
REMBYTSTROY LLP: Claims Registration Ends Dec. 13
SERVICE-CENTRAL LLP: Aktube Court Opens Bankruptcy Proceedings
TARLAN LLP: Claims Filing Period Ends Dec. 13

TEMIRBANK JSC: S&P Assigns B+/B Counterparty Credit Ratings
TEMIR CAPITAL: Moody's Assigns B1 Rating on Senior Notes
TUMAR-LOGISTIC LLP: Claims Filing Period Ends Dec. 13


K Y R G Y Z S T A N

ERTSOG LLC: Creditors' Meeting Slated for Nov. 24
PYNARAI LLC: Creditors' Meeting Slated for Nov. 24


N E T H E R L A N D S

GETRONICS NV: Theo Janssen Resigns as Chief Financial Officer
GETRONICS NV: Unveils Future-Ready Workspace Solution
MOBIFON HOLDINGS: Moody's Withdraws Low-B Ratings
TEMIR CAPITAL: Moody's Assigns B1 Rating to Senior Notes


R O M A N I A

PROCREDIT ROMANIA: Fitch Affirms BB+ Issuer Default Rating


R U S S I A

CENTERTELECOM OAO: Changing Number Codes for Law Compliance
MDM BANK: Sells Stake in MDM Bank Urals to East-European Fin'l.
MEZEN' AIRPORT: Court Names A. Krimnus as Insolvency Manager
MICHURINSKOYE CJSC: External Court Starts Reorganization Process
NERUSSA OJSC: Bryansk Bankruptcy Hearing Slated for February 12

PETROVSKIY OJSC: Court Names I. Volgina as Insolvency Manager
PRYAMITSINO CJSC: Court Names O. Gorbatyuk as Insolvency Manager
ROSNEFT OIL: Hikes Equity Holding in Rosneft to 9.44%
SIVAKSKIY TRACTOR: Amur Court Names G. Chmutina to Manage Assets
SOLNECHNOYE CJSC: Court Names A. Ruzin as Insolvency Manager

SUAL GROUP: Seeks Merger Approval from Anti-Monopoly Service
SUROVATIKHA: Court Names L. Bychkova as Insolvency Manager
TNK-BP HOLDING: Pays RUR30 Billion in Back Taxes for 2002-2003
TNK-BP HOLDING: Russian Prosecutors Probe Unit's License Breach
VILYUJ OJSC: Bankruptcy Hearing Slated for January 26

VORONOVO LLC: Court Names S. Suvorov as Insolvency Manager
WOOD WORKING COMPANY: Court Names D. Morozov to Manage Assets
YAR-PROM-INVEST: Court Names T. Zalilova as Insolvency Manager
YUKOS OIL: Russian Fund to Auction East Siberian Unit on Dec. 12
ZORINSKIY CJSC: Court Names E. Paksyutova as Insolvency Manager

ZULTYS TECHNOLOGIES: Exits Bankruptcy Under New Management


S E R B I A   &   M O N T E N E G R O

TUBE CITY: Onex to Acquire Company for US$720 Million
TUBE CITY: Acquisition Deal Prompts Moody's to Review Ratings


S L O V A K   R E P U B L I C

TUBE CITY: Inks US$720-Mln Acquisition Agreement with Onex Corp.
TUBE CITY: Acquisition Deal Prompts Moody's to Review Ratings


S P A I N

BANKINTER 13: S&P Junks EUR20.6 Million Class E Notes
GETRONICS NV: Theo Janssen Resigns as Chief Financial Officer
GETRONICS NV: Unveils Future-Ready Workspace Solution


S W E D E N

ARMSTRONG WORLD: Sept. 30 Balance Sheet Upside-Down by US$1.2BB
ROYAL & SUN: Earns GBP344 Million for First Nine Months 2006
ROYAL & SUN: Acquires Martello Underwriting Ltd. for GBP38.5 Mln


U K R A I N E

BUSINESS-SERVICE JSC: Kyiv Court Starts Bankruptcy Supervision
CONTINENT LLC: Kyiv Court Names V. Topeha as Insolvency Manager
DNIPRODZERZHINSK HOUSE: Court Names Sergij Rulyov as Liquidator
MBK ALLIANCE: Kyiv Court Names E. Kalinin as Insolvency Manager
MHP SA: Fitch Gives B/RR4 Ratings on Prospective Sr. Debt Issue

MYRONIVSKY HLIBOPRODUCT: Fitch Rates Issuer Default Rating at B
SUAL GROUP: Seeks Merger Approval from Anti-Monopoly Service
TNK-BP HOLDING: Pays RUR30 Billion in Back Taxes for 2002-2003
TNK-BP HOLDING: Russian Prosecutors Probe Unit's License Breach
UKRENERGOSERVICE LLC: Court Commences Bankruptcy Supervision

ZOLOTIJ FAZAN: Court Names Lubov Semenova as Insolvency Manager


U N I T E D   K I N G D O M

ALBATROSS PUBLISHING: Appoints Neil Chesterton as Liquidator
ANTHRACITE EURO: Fitch Rates EUR25-Mln Class E Notes at BB
BIO INTERNATIONAL: Creditors Confirm Voluntary Liquidation
BRAVO! FOODS: Restates 2005 Results to Account for Derivatives
BROOKLANDS EURO: Fitch Keeps BB Ratings on EUR12-Mln Notes

CAPERTUNE LIMITED: Taps Stephen M. Katz to Liquidate Assets
CB RICHARD: S&P Affirms BB+ Rating on High Debt Leverage
CELSIA TECH: Posts US$2 Million Net Loss in 2006 Third Quarter
DATA BUILDING: Creditors Confirm Liquidator's Appointment
DESTCO LIMITED: Joint Liquidators Take Over Operations

ESSEX VEHICLE: Appoints Lloyd Biscoe to Liquidate Assets
EUROTUNNEL GROUP: Franklin Mutual to Reject Restructuring Plan
EUROTUNNEL GROUP: Mulls on Suing British Government Over Dispute
FIBRES WORLDWIDE: Creditors' Meeting Slated for November 27
FORD MOTOR: Files Third Quarter & Restated 2005 Annual Reports

GARMENT LINK: Calls In Liquidators from Lines Henry
GARWARDS ENGINEERING: Names Steven M. Law Liquidator
GENERAL MOTORS: Plans US$1.5-Bln Secured Loan by 2006 Year-End
GENERAL MOTORS: Moody's Rates Proposed US$1.5-Bln Loan at Ba3
GENERAL MOTORS: Fitch Rates US$1.5-Bln Term Loan at BB/RR1

GODDARD & GIBBS: Creditors Confirm Liquidator's Appointment
GREYBIRD U.K.: Brings In Liquidator from Begbies Traynor
GUNDLE/SLT ENVT'L: Posts US$4.17 Mln Loss for Nine Months 2006
GUNDLE/SLT ENVIRONMENTAL: S&P Junks Senior Unsecured Notes
HEVECO MUSHROOMS: Creditors' Meeting Slated for November 22

HONOURS PLC: Moody's Assigns Ba2 Rating on GBP11.95-Mln Notes
HOTEL CHANNEL: Hires Joint Administrators from CBA
IN LINE: Appoints Liquidators from Cooper Parry
LATIMER CONTRACTING: Taps Mazars LLP to Administer Assets
POWELL PRICE: Names Administrator from Bottomley & Co

PREMIER DECORATIVE: Appoints Ernst & Young as Administrators
RAPID TRANSPORT: Duncan R. Beat Leads Liquidation Procedure
ROYAL & SUN: Earns GBP344 Million for First Nine Months 2006
ROYAL & SUN: Acquires Martello Underwriting Ltd. for GBP38.5 Mln
SCOTTISH RE: Posts US$30.5-Mln Net Loss for Third Quarter 2006

SMARTIRE SYSTEMS: July 31 Balance Sheet Upside-Down by US$28 Mln
SOLUTIA INC: Court Extends Removal Deadline to February 5
SOLUTIA INC: Has Until April 30 to Decide on Leases
SPRAYWAY OUTDOOR: Claims Filing Period Ends Dec. 8
SOAP OPERA: Liquidator Sets Dec. 13 Claims Bar Date

SYSTEMLINK 2000: Appoints MCF as Administrator
TANA LIMITED: Creditors' Meeting Slated for November 21
TIR TRAINING: Taps Administrators from Begbies Traynor
TISCALI UK: Posts EUR67.2-Mln Loss for First Nine Months 2006
TISCALI UK: Banca Intesa Grants EUR280-Million Credit Line

TOTAL SAFETY: Moody's Junks Proposed Second Lien Term Loan
VETERINARY PRACTICE: Creditors' Meeting Slated for November 22
VIBRANT INTEGRATED: Hires Alan Bradstock to Liquidate Assets
VIRAGEN INTERNATIONAL: Ernst & Young Raises Going Concern Doubt
YORKGATE HOMES: Brings In BDO Stoy as Joint Administrators

ZULTYS TECHNOLOGIES: Exits Bankruptcy Under New Management

                            *********

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


BEKLEIDUNG-SERVICE: Vienna Court Orders Business Shutdown
---------------------------------------------------------
The Trade Court of Vienna entered an order Sept. 19 shutting
down the business of LLC Bekleidung-Service (FN 119867a).
Court-appointed property manager Johanna Abel-Winkler
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The property manager and her representative can be reached at:

         Mag. Johanna Abel-Winkler
         c/o Mag. Norbert Abel
         Franz-Josefs-Kai 49/19
         1010 Vienna, Austria
         Tel: 533 52 72
         Fax: 533 52 72-15
         E-mail: office@abel-abel.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 7 (Bankr. Case No. 45 S 60/06m).  Norbert Abel
represents Mag. Abel-Winkler in the bankruptcy proceedings.


EURODRINKS LLC: Property Manager Declares Insufficient Assets
-------------------------------------------------------------
Dr. Felix Stortecky, the court-appointed property manager for
LLC Eurodrinks (FN 235462v), declared Sept. 19 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 14 (Bankr. Case No. 2 S 134/06b).

The property manager can be reached at:

         Dr. Felix Stortecky
         Dr.-Karl-Lueger-Place 2
         1010 Vienna, Austria
         Tel: 513 88 37
         Fax: 514 35 40
         E-mail: ra-stortecky@aon.at


FAMILY.OSSBERGER: Claims Registration Period Ends November 21
-------------------------------------------------------------
Creditors owed money by LLC family.ossberger (FN 248036i) have
until Nov. 21 to file written proofs of claims to court-
appointed property manager Gernot Hain at:

         Dr. Gernot Hain
         Hauptplatz 14
         2700 Wiener Neustadt, Austria
         Tel: 02622/84141
         Fax: 02622/84141-23
         Email: hain.advocat@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.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 Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Sept. 21 (Bankr. Case No. 11 S 95/06s).  Kosch &
Partner represents the Debtor in the bankruptcy proceedings.


FM LOGISTIC: Creditors' Meeting Slated for November 17
------------------------------------------------------
Creditors owed money by LLC FM Logistic (FN 252288m) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Nov. 17 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Sept. 20 (Bankr. Case No. 7 S 33/06x).  Albin
Huber serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Mag. Albin Huber
         Maria-Theresien-Strasse 5
         2nd Floor
         6020 Innsbruck, Austria
         Tel: 0512/582120
         Fax: 0512/58212017
         E-mail: ra.huber@aon.at


HANS KOFLER: Creditors' Meeting Slated for November 17
------------------------------------------------------
Creditors owed money by LLC Hans Kofler & Co (FN 21663h) are
encouraged to attend the creditors' meeting at 10:30 a.m. on
Nov. 17 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Ebbs, Austria, the Debtor declared bankruptcy
on Sept. 21 (Bankr. Case No. 7 S 35/06s).  Hochstaffl &
Rupprechter serves as the court-appointed property manager of
the bankrupt estate.

The property manager can be reached at:

         Hochstaffl & Rupprechter
         Bahnhofstrasse 37
         6300 Woergl, Austria
         Tel: 05332/71 800


INNOVENT LLC: Property Manager Declares Insufficient Assets
-----------------------------------------------------------
Dr. Ralph Vetter, the court-appointed property manager for LLC
Innovent (FN 195759g), declared Sept. 21 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on July 26 (Bankr. Case No. 13 S 39/06z).  Andreas
Fritsch represents Dr. Vetter in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Ralph Vetter
         c/o Dr. Andreas Fritsch
         Reichshofstrasse 11
         6890 Lustenau, Austria
         Tel: 05577/89300
         Fax: 05577/89300-20
         E-mail: vetter-fritsch@aon.at


M.R.B. LLC: Creditors' Meeting Slated for November 20
-----------------------------------------------------
Creditors owed money by LLC M.R.B. (FN 252734v) are encouraged
to attend the creditors' meeting at 9:30 a.m. on Nov. 20 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         17th Floor
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 19 (Bankr. Case No. 3 S 132/06s).  Johannes Leon serves
as the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Johannes Leon
         Reichsratsstrasse 5
         1010 Vienna, Austria
         Tel: 402 15 54
         Fax: 402 15 54-54
         E-mail: office@leonlaw.at


MOEBELHAUS GLASER: Creditors' Meeting Slated for November 22
------------------------------------------------------------
Creditors owed money by LLC Moebelhaus Glaser (FN 129178v) are
encouraged to attend the creditors' meeting at 10:30 a.m. on
Nov. 22 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Gmuend, Austria, the Debtor declared bankruptcy
on Sept. 21 (Bankr. Case No. 9 S 48/06s).  Edmund Kitzler serves
as the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Edmund Kitzler
         Stadtplatz 43
         3950 Gmuend, Austria
         Tel: 02852/51935
         Fax: 02852/51937
         E-mail: dr.kitzler@wvnet.at


RO-SI FACILITY: Creditors' Meeting Slated for Nov. 20
-----------------------------------------------------
Creditors owed money by LLC RO-SI Facility Services (FN 237547i)
are encouraged to attend the creditors' meeting at 10:00 a.m. on
Nov. 20 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1607
         16th Floor
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 21 (Bankr. Case No. 28 S 53/06g).  Matthias Schmidt
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Vienna, Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: schmidt@preslmayr.at


TIERTRANSPORT LLC: Court Orders Closing of Business
---------------------------------------------------
The Land Court of Ried im Innkreis entered an order Sept. 21
closing the business of LLC Tiertransport (FN 113647d).  Court-
appointed property manager Thomas Brueckl recommended the
business closure after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Dr. Thomas Brueckl
         Parkgasse 11 - Dr.Th.Senn-Strasse 18
         4910 Ried/Innkreis, Austria
         Tel: 07752/87 676-0
         Fax: 07752/87676-17
         E-mail: thomas.brueckl@aon.at

Headquartered in Ried im Innkreis, Austria, the Debtor declared
bankruptcy on Sept. 21 (Bankr. Case No. 17 S 35/06p).


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B E L A R U S
=============


BELINVESTBANK: Fitch Assigns Issuer Default Rating at B-
--------------------------------------------------------
Fitch Ratings assigned Belarus-based Belinsvestbank ratings of
Issuer Default B-, Short-term B, Individual E, and Support 5.
The Outlook is Stable on the Issuer Default rating.

The Issuer Default, Short-term and Support ratings of BIB take
into account the potential support the bank is likely to receive
from the state if needed.  In view of the majority state
ownership, which the Belarusian authorities are committed to
maintain, Fitch believes that the government would have a high
propensity to support BIB in the event of need.

However, the weak state of government finances limits its
ability to provide adequate and timely assistance, and so
support cannot be relied upon.

The Individual rating reflects the bank's challenging operating
environment, the high level of government influence on the
bank's operations, relatively high borrower concentrations,
modest provisioning and weak capitalization.  However, it also
considers the bank's adequate liquidity position and significant
national franchise.

Upward movement in the bank's IDR would only be possible if the
sovereign's credit position improves.  Downward pressure on the
IDR would result from a weakening of the sovereign's credit
position.  A strengthening of capitalization and improved loan
impairment coverage could put upward pressure on the Individual
rating.

BIB was created in 2001 by a merger between Belbusinessbank, a
universal bank serving retail and corporate customers, which
participated in government-sponsored programs, and Belarusian
Development Bank, which specialized in financing investments in
the corporate sector.

At end-H106 the main shareholders of BIB were the Ministry of
the Economy with a 52.4% stake and National Bank of Belarus with
a 21.8% stake.  The state plans to maintain a controlling stake
in BIB until at least 2010.

BIB is the fifth-largest bank in Belarus with an 8% share of
sector assets at end-H106.  BIB is a universal bank offering
traditional banking services to corporates, individual
entrepreneurs, and retail customers.

At end-H106, corporate loans represented 90% of BIB's loan book,
with 42% of loans extended to the state sector.  Less than 4% of
loans were granted under state-directed programs.  BIB is
focused on providing long-term financing to corporates to
support economic development in Belarus.


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


ARMSTRONG WORLD: Sept. 30 Balance Sheet Upside-Down by US$1.2BB
---------------------------------------------------------------
Armstrong World Industries Inc. reported a US$39.2 million net
income on US$973.6 million of net sales for the third quarter
ended Sept. 30, 2006, compared with a US$46.1 million net income
on US$937.0 million of net sales for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$4.7 billion in total assets and US$5.9 billion in total
liabilities, resulting in a stockholders' deficit of
US$1.2 billion.

The company's balance sheet at Sept. 30, 2006, also showed
US$1.6 billion in total current assets available to pay
US$425.6 million in total current liabilities.

Full-text copies of the company's third quarter financial
statements are available for free at:

               http://researcharchives.com/t/s?148d

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc.-- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.

The company and its affiliates filed for chapter 11 protection
on December 6, 2000 (Bankr. Del. Case No. 00-04469).
StephenKarotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the Company's emergence from bankruptcy on Oct. 2,
2006.  S&P said the outlook is stable.


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


EUROTUNNEL GROUP: Franklin Mutual to Reject Restructuring Plan
--------------------------------------------------------------
Franklin Mutual Advisers intends to reject Eurotunnel Group's
latest plan to restructure a GBP6.2 billion debt making it the
second member of the ad hoc committee of senior creditors to
oppose the plan, reports say.

Oaktree Capital Management earlier dismissed the channel
operator's safeguard plan, opting instead for the conversion of
Eurotunnel's GBP6.2 billion debt to GBP3.5 billion of equity.

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

According to The Independent, Franklin Mutual and Oaktree
Capital account for over 20% of Eurotunnel's senior debt of
GBP4.2 billion.

"The proposed Safeguard plan does not meet any of the criteria
set by Eurotunnel's own management for a solution that is
simple, realistic and balanced," Oaktree was quoted by AFX as
saying.

"There are other solutions that are simpler and better for the
company including permanently lightening the significant debt
burden on the group through the conversion of over GBP3.5
billion of debt into equity," it said, calling for further
negotiations.

"We understand that there are some creditors who are not happy,
but we need two-thirds of the creditors' vote to be in favor of
the plan for it to be accepted," a Eurotunnel spokesman told The
Guardian.

Creditors will vote on the plan on Nov. 27, with the bondholders
voting a week later.

                         About Eurotunnel

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

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

                       Company Crisis

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

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

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).


EUROTUNNEL GROUP: Mulls on Suing British Government Over Dispute
----------------------------------------------------------------
Eurotunnel Group CEO Jacques Gounon may sue the British
government through the British Railway Board, for breach of
contract, absent a solution on a conflict over cross-Channel
rail freight by the end of the month, Robert Wright writes for
the Financial Times.

Mr. Gounon told journalists in Coquellas that the British
government is bound to pay Eurotunnel GBP50 million annually to
support development of cross-Channel rail freight from contracts
signed before the tunnel's operation in 1994.

He added that if the British government stopped paying on
Nov. 30, it would be in breach of contract.

According to the report, some observers disagree with Mr.
Gounon's interpretation of the railway usage contract, which
governs the use of the tunnel by third-party operators.

"My view is, when you're committed you're committed, whether
you're a state-owned company or a department.  Eurotunnel's view
is that...the BRB is committed to fund the rail freight
crossings of Eurotunnel," Mr. Gounon was quoted by FT as saying.

                         About Eurotunnel

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

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

                        Company Crisis

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

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

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


KB HOME: Bondholders Agree to Waive Certain Defaults
----------------------------------------------------
The Associated Press reports that shares of KB Home rose 4%
Friday, following the bondholders' agreement to waive certain
defaults governing its US$1.65 billion of outstanding senior
notes.

According to AP, the Company was in danger of defaulting on the
bonds after it failed to file its third-quarter report with
Securities and Exchange Commission on time.  The bondholders
agreed to grant KB Home a filing extension until Feb. 23, 2007.

KB asserted that it wouldn't meet the filing deadline for the
quarter ended Aug. 31, 2006, because it needed enough time to
finish a review of its history of granting stock options, after
a committee uncovered evidence of improper accounting.  KB Home
previously received default notices for its 7.25% senior notes
due 2018, as well as for its 6.25% senior notes due 2015.

Without securing the waivers, KB Home would have had to cure the
default within 60 days of notice, or else holders could hasten
the debt's maturity.  The Company, AP says, offered to pay cash
to bondholders in order to buy more time to complete its filing.

Reports show bondholder Whitebox Advisors said it assembled a
group to withold consent to KB Home's proposal to change the
rules governing its outstanding bonds.  Whitebox added KB Home's
proposal "significantly undervalues the contractual rights that
bondholders would be giving up," and that other companies in
similar circumstances have offered better terms.

Headquartered in Los Angeles, California, KB Home (NYSE: KBH)
-- http://www.kbhome.com/-- is a homebuilder with domestic
operating divisions in some of the fastest-growing regions and
states: West Coast-California; Southwest-Arizona, Nevada and New
Mexico; Central-Colorado, Illinois, Indiana and Texas; and
Southeast-Florida, Georgia, North Carolina and South Carolina.
Kaufman & Broad S.A., the Company's publicly traded French
subsidiary, a homebuilding company in France.  It also operates
KB Home Mortgage Company, a full-service mortgage company for
the convenience of its buyers.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 27,
Standard & Poor's Ratings Services placed its BB+ corporate
credit, BB+ senior unsecured, and BB- senior subordinated debt
ratings on KB Home on CreditWatch with negative implications.
The CreditWatch listings affect US$1.65 billion of senior notes
and US$750 million of senior subordinated notes.

As reported in the Troubled Company Reporter on Sept. 15, 2006,
Fitch Ratings affirmed and revised the Rating Outlook to Stable
from Positive for KB Home's Issuer Default Rating 'BB+', Senior
unsecured debt and revolving credit facility 'BB+' and Senior
subordinated debt 'BB-'.

As reported in the Troubled Company Reporter on July 14, 2006,
Moody's Investors Service affirmed all of the ratings of KB
Home, including its Corporate Family Rating of Ba1, senior debt
rating of Ba1, and senior subordinated debt rating of Ba2.
Moody's said the rating outlook is revised to stable, from
positive.


KB HOME: CEO Resigns After Stock Options Investigation
------------------------------------------------------
KB Home reported the results of its options investigation and a
series of changes in its executive leadership.

These actions are being taken in connection with the substantial
completion of an independent investigation into the Company's
past stock option granting practices.  The investigation has
been led by members of the Audit and Compliance Committee of the
Company's Board of Directors, in conjunction with independent
legal counsel from Irell & Manella LLP and accounting assistance
from FTI Consulting.

The investigation has concluded that the Company used incorrect
measurement dates for financial reporting purposes for annual
stock option grants during the period from 1998 to 2005.  The
Company expects that the incremental non-cash compensation
expense arising from these errors is not likely to exceed an
aggregate of US$50 million, spread over the vesting periods of
the options in question.  The errors may also require an
increased tax provision. The Company is evaluating, with its
independent auditors, whether a restatement of certain
previously filed financial statements will be required.

The Company has cooperated and will continue to cooperate with
the inquiry of the Securities and Exchange Commission and other
government agencies.

                    Leadership Transition

Bruce Karatz has retired as Chairman of the Board, Director and
Chief Executive Officer, effective immediately.  Mr. Karatz has
served the Company for 34 years and had been the Company's only
chief executive officer during its existence as a public
company. The Board expressed its appreciation for Mr. Karatz's
contributions to the Company and the value he has helped to
create for shareholders, employees and customers of KB Home.
During the decade from 1995 to 2005, KB Home increased total
revenue from approximately US$1.4 billion to more than US$9.4
billion annually, and the number of housing units produced by
the Company increased from 7,857 per year to 37,140 per year.

Mr. Karatz has voluntarily agreed to pay the Company the
difference between the initial strike price and the closing
price on the new measurement date for options he has exercised
that were incorrectly priced.  In addition, with respect to
unexercised options Mr. Karatz has agreed that each new strike
price will be the closing price on the new measurement date.
This is expected to involve an aggregate voluntary value
transfer from Mr. Karatz to the Company of approximately US$13
million.  The Company and Mr. Karatz have not agreed upon the
other terms of his departure from the Company and have entered
into an agreement under which both parties reserve all rights.

The Board has elected Jeffrey T. Mezger to succeed Mr. Karatz as
President, Chief Executive Officer and a Director.  Mr. Mezger
joined the Company in 1993 and has been the Company's Executive
Vice President and Chief Operating Officer since 1999. In this
capacity Mr. Mezger has been responsible for U.S. homebuilding
operations.

The Board has created the position of independent non-executive
chairman of the KB Home Board and will conduct a search to fill
this position.  In the interim until this position is filled,
the Board created the position of Lead Director and elected
Kenneth M. Jastrow II, a director of KB Home since 2001 and
Chairman and Chief Executive Officer of Temple-Inland Inc., to
serve as Lead Director.

"Jeff Mezger has been instrumental in KB Home's growth and
success as the Company's Chief Operating Officer," said Mr.
Jastrow on behalf of the Board.  "Jeff's broad-based expertise
in all facets of the business, together with his outstanding
management and leadership skills, are invaluable assets that
will serve our Company well.  The Board has full confidence in
the Company under Jeff's leadership."

"I am extremely proud of everything that the entire KB team and
I have accomplished over the past 20-plus years as a public
company," said Mr. Karatz.  "We have grown to be one of the
leading homebuilders in the world and one of the most respected
companies in the industry.  I wish Jeff Mezger and the team
continued success with this outstanding company."

The Board has terminated the employment of Gary A. Ray, the
Company's head of Human Resources.

Richard B. Hirst has resigned as Executive Vice President and
Chief Legal Officer, effective immediately.

Based on the report of the investigative committee, the Board of
Directors concluded that Mr. Karatz and Mr. Ray selected grant
dates under the Company's stock option plans.  Additionally, the
investigative committee concluded that the Board of Directors,
Mr. Mezger and the other current senior executives of the
Company had no role in establishing incorrect grant dates.

                             Compliance

The Board also acted to create the positions of Chief Compliance
Officer and Risk Assessment Officer.  These officers will report
within the management team and will also have reporting
obligations to the Audit and Compliance Committee of the Board.
The Company will conduct a search to fill these positions.

Headquartered in Los Angeles, California, KB Home (NYSE: KBH)
-- http://www.kbhome.com/-- is a homebuilder with domestic
operating divisions in some of the fastest-growing regions and
states: West Coast-California; Southwest-Arizona, Nevada and New
Mexico; Central-Colorado, Illinois, Indiana and Texas; and
Southeast-Florida, Georgia, North Carolina and South Carolina.
Kaufman & Broad S.A., the Company's publicly traded French
subsidiary, a homebuilding company in France.  It also operates
KB Home Mortgage Company, a full-service mortgage company for
the convenience of its buyers.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 27,
Standard & Poor's Ratings Services placed its BB+ corporate
credit, BB+ senior unsecured, and BB- senior subordinated debt
ratings on KB Home on CreditWatch with negative implications.
The CreditWatch listings affect US$1.65 billion of senior notes
and US$750 million of senior subordinated notes.

As reported in the Troubled Company Reporter on Sept. 15, 2006,
Fitch Ratings affirmed and revised the Rating Outlook to Stable
from Positive for KB Home's Issuer Default Rating 'BB+', Senior
unsecured debt and revolving credit facility 'BB+' and Senior
subordinated debt 'BB-'.

As reported in the Troubled Company Reporter on July 14, 2006,
Moody's Investors Service affirmed all of the ratings of KB
Home, including its Corporate Family Rating of Ba1, senior debt
rating of Ba1, and senior subordinated debt rating of Ba2.
Moody's said the rating outlook is revised to stable, from
positive.


PRIDE INTERNATIONAL: Earns US$89.3 Million in Third Quarter 2006
----------------------------------------------------------------
Pride International, Inc., reported net earnings for the third
quarter 2006 of US$89.3 million on revenues of US$642.8 million,
compared with net earnings of US$68.9 million on revenues of
US$538.8 million for the same period in 2005.

For the nine months ended Sept. 30, 2006, the Company reported
net earnings of US$227.6 million on revenues of US$1.8 billion,
versus net earnings of US$88 million on revenues of US$1.4
billion for the corresponding nine-month period in 2005.

Results for the third quarter 2006, included gains on asset
sales of US$2.9 million.  The third quarter 2005 included gains
on sales of assets of US$22 million.

The Company's consolidated earnings from operations for the
third quarter 2006 were US$155.6 million, as compared with
US$119.8 million in the third quarter 2005 and US$125.2 million
in the second quarter 2006.

The Company's consolidated balance sheet at Sept. 30, 2006,
reflected US$1.07 billion in total debt and US$94.8 million in
cash and cash equivalents.  During the nine-month period ended
Sept. 30, 2006, the Company reduced debt by US$180 million and
increased cash by US$48 million.

The Company disclosed that it invested approximately US$112
million in capital expenditures in the third quarter 2006 and
approximately US$279 million for the nine months ended
Sept. 30, 2006, as compared to US$39 million and US$123 million
for the same periods in 2005.  The year-over-year increase in
capital expenditures was primarily due to shipyard projects,
which have involved four semisubmersibles and eight jackups
during 2006.

Louis A. Raspino, president and chief executive officer,
commented, "Our third quarter earnings, the highest in the
Company's history, were the result of the continuing momentum of
increasing dayrates more than offsetting ongoing shipyard
projects during the quarter.  While the U.S. Gulf of Mexico
market is experiencing near-term softness, we expect increased
drilling demand, coupled with decreased rig supply, to
positively affect dayrates in 2007 in the region.
Internationally, we continue to see evidence of an extended
period of robust drilling demand, especially among our
semisubmersible fleet, where opportunities to contract long term
at attractive dayrates are available.  During the quarter, we
continued to invest in shipyard projects to prepare our rigs for
contracts that we believe will provide significant investment
returns."

                   About Pride International

Headquartered in Houston, Texas, Pride International Inc.,
(NYSE: PDE)  -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services to
oil and gas companies worldwide including France and Kazakhstan.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006
Moody's Investors Service, in connection with the implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors, confirmed its Ba1 Corporate Family Rating for Pride
International Inc.


PRIDE INT'L: Acquires Deepwater Semisubmersibles for US$215 Mln
---------------------------------------------------------------
Pride International Inc. has disclosed of the acquisition of its
partner's interest in the joint venture companies that own the
two deepwater semi-submersibles Pride Rio de Janeiro and Pride
Portland.  The transaction increases the Company's interest in
these two units from 30% to 100%.

Constructed in 2004, the Pride Rio de Janeiro and the Pride
Portland are both dynamically positioned and capable of
operating in water depths of up to 5,600 feet.  Currently, both
units are operating in Brazil under contracts that expire in
2010.

Total cash consideration of US$215 million was paid with cash on
hand and funds available under the Company's existing credit
facility.  In addition, the transaction contemplates contingent
payments commencing during the six-year period after the current
contracts are completed, but only to the extent of 30% of the
portion of future dayrates on these rigs in excess of the
current leading edge rates, adjusted for cost increases and
certain capital additions.

As a result of the transaction, the operation, which is
currently accounted for as an equity investment, will be
consolidated in the Company's financial statements, resulting in
the addition of approximately US$283 million of debt
(representing 100% of the joint venture's debt) to the Company's
consolidated balance sheet. The debt, which is guaranteed by the
U.S. Maritime Administration, matures in 2012 and is prepayable,
in whole or in part, at any time.  The Company expects the
transaction to be slightly accretive to its 2007 earnings,
before considering potential purchase accounting adjustments
still under review relating to the valuation of the existing
below-market contracts, which could result in further increases
in expected accretion and could be material.

In a related transaction, the Company also reached agreement for
the cancellation of future obligations under certain existing
agency relationships related to five offshore rigs the Company
operates in Brazil, including the two joint venture rigs.  The
agreement provided for the payment of US$15 million in cash,
which the Company expects to expense during the fourth quarter
2006.

Louis A. Raspino, President and Chief Executive Officer,
commented, "This acquisition represents an important step in
executing our stated strategy to increase our exposure in
deepwater and to take advantage of close-in acquisition
opportunities.  With this transaction, we were able to grow our
deepwater fleet in a core market, without additional
construction or operational risk, at a significant discount to
estimated replacement cost, and at an attractive rate of return.
In addition, we are exposed to significant upside leverage to
increased dayrates when the current below-market contracts on
these two rigs expire.  We continue to expect prospects in the
deepwater market to remain strong well into the next decade, and
we intend to pursue additional opportunities to expand our
presence in deepwater."

                   About Pride International

Headquartered in Houston, Texas, Pride International Inc.,
(NYSE: PDE)  -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services to
oil and gas companies worldwide including France and Kazakhstan.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006
Moody's Investors Service, in connection with the implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors, confirmed its Ba1 Corporate Family Rating for Pride
International Inc.


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


BARTSCH TIEFBAU: Claims Registration Ends November 24
-----------------------------------------------------
Creditors of Bartsch Tiefbau GmbH & Co. KG have until Nov. 24 to
register their claims with court-appointed provisional
administrator Erich Hoelzemann.

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

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Room 106 C
         Gerichtsstr. 2-6
         48149 Muenster, 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 Muenster opened bankruptcy proceedings
against Bartsch Tiefbau GmbH & Co. KG on Sept. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bartsch Tiefbau GmbH & Co. KG
         Damm 19a
         59229 Ahlen, Germany

         Attn: Ludger Horstmann, Manager
         Fritz-Reuter-Road 12
         59269 Beckum, Germany

The administrator can be contacted at:

         Erich Hoelzemann
         Goethestr. 2
         59065 Hamm, Germany


CASA IMMOBILIEN: Claims Registration Ends November 20
-----------------------------------------------------
Creditors of CASA Immobilien GmbH have until Nov. 20 to register
their claims with court-appointed provisional administrator
Klaus Karlin.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Dec. 11 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 Worms
         Hall No. 320
         Main Building
         Hardtgasse 6
         67547 Worms, 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 Worms opened bankruptcy proceedings
against CASA Immobilien GmbH on Oct. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         CASA Immobilien GmbH
         Christine-Teusch-Anlage 30
         67067 Ludwigshafen, Germany

         Attn: Manfred Scholz, Manager
         Johanniterstr. 23
         67547 Worms, Germany

The administrator can be contacted at:

         Dr. Klaus Karlin
         Rathenaustrasse 16
         67547 Worms, Germany
         Tel: 06241/889000
         Fax: 06241/82739


GUNDLE/SLT ENVT'L: Posts US$4.17 Mln Loss for Nine Months 2006
--------------------------------------------------------------
Gundle/SLT Environmental, Inc. released its financial results
for the first nine months and third quarter ended Sept. 30,
2006.

Gundle/SLT Environmental posted US$4.1 million in net loss
against US$269.7 million in revenues for the first nine months
of 2006, compared with US$1.05 million in net profit against
US$244.2 million for the same period in 2005.

The increase in revenues was primarily due to a 9.1% increase in
sales prices, due to higher raw material costs.  U.S. shipments
were 4.4% lower and foreign shipments were up 5.8% in the first
nine months of 2006 compared to the same period in 2005.  The
increase in volumes from the newly acquired Chilean operations
offset lower U.S. and European shipments.

Gundle/SLT posted US$4.67 million in net profit against US$122.8
million in revenues for the third quarter of 2006, compared with
US$$4.87 million in net profit against US$97.6 million in
revenues for the same period in 2005.

The increase in revenues was primarily due to a 17.3% increase
in shipments and a 7.2% increase in prices.  U.S. shipments
increased 18.3% and foreign shipments increased 16.4% in the
third quarter of 2006 compared to the same period in 2005.  The
Company's newly acquired Chilean operations accounted for 59% of
the increase in foreign revenues.

"Although our revenue and units shipped for the third quarter
were higher than those for the same period last year, our
operating income for the quarter was not in line with our
expectations," Samir T. Badawi, President and Chief Executive
Officer, said.  "The decline in operating income was due
primarily to the worldwide competitive nature of our business,
our contractual inability to raise our selling prices to keep
pace with the numerous increases in raw material prices, and the
negative results from our installation services in the United
Kingdom.  We have decided to no longer offer installation
services in the United Kingdom starting in 2007."

                         About Gundle/SLT

Headquartered in Houston, Texas, Gundle/SLT Environmental, Inc.
-- http://www.gseworld.com/-- markets and manufactures
geosynthetic lining solutions, products and services used in the
containment and management of solids, liquids and gases for
organizations engaged in waste management, mining, water and
wastewater treatment, and aquaculture.

The company operates in the U.K., Germany, Chile, Egypt, Canada
and Thailand.

                         *     *     *

As reported in the Troubled Company Reporter on Apr. 28, Moody's
took these rating actions on Gundle/SLT Environmental, Inc:

   -- upgraded to B1 from B3 US$40 million guaranteed senior
      secured revolving credit facility due 2009;

   -- upgraded to B1 from B3 US$18 million guaranteed senior
      secured term loan due 2010;

   -- upgraded to B3 from Caa1 US$150 million 11% guaranteed
      senior unsecured notes due 2012;

   -- upgraded to B2 from B3 the Corporate Family Rating;

   -- upgraded to SGL-2 from SGL-3 the speculative grade
      liquidity rating;

Moody's said the rating outlook is stable.


GUNDLE/SLT ENVIRONMENTAL: S&P Junks Senior Unsecured Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Gundle/SLT Environmental Inc. to 'B-' from 'B+'.  The
outlook is stable.

At the same time, S&P lowered the issue rating on GSE's senior
secured credit facilities to 'B' from 'B+', one notch above the
corporate credit rating.  It also raised the recovery rating to
'1' from '2' on the senior secured credit facilities, indicating
a high expectation of full recovery of principal in a payment
default.  In addition, consistent with the lower corporate
credit rating, it lowered the rating on the company's senior
unsecured notes to 'CCC' from 'B-'.  As of Sept. 30, 2006, the
company had about US$187 million of debt outstanding.

"The downgrade reflects weaker-than-expected operating earnings
and cash flow, resulting in the deterioration of liquidity and
key credit protection measures," said Standard & Poor's credit
analyst Robyn Shapiro.

While S&P expects adverse working capital trends to reverse in
the months ahead due to seasonality and lower raw material
costs, business conditions could remain challenging.  Because of
the highly competitive environment in the geomembrane industry,
selling prices and operating margins are likely to decrease with
expected capacity additions worldwide.

Also, GSE's contractual agreement with Waste Management Inc.,
which accounts for 13% of sales, is set to expire on
Dec. 31, 2006.  Although the terms and conditions of GSE's new
arrangement with Waste Management have not been finalized,
management anticipates that once the existing contract expires,
revenues and profitability will be hurt as a result.

The ratings on Houston, Texas-based GSE reflect:

   -- the limited scope of the company's operations,
   -- the commodity nature of its products,
   -- vulnerability to fluctuating raw material costs, and
   -- a highly leveraged financial risk profile.

Partially offsetting factors include:

   -- the company's market position as the largest
      manufacturer of geomembrane liners,

   -- its global manufacturing and distribution
      capabilities, and

   -- relatively stable end markets.

The ratings are supported by our expectation that liquidity will
improve significantly by year-end and the company will maintain
sufficient liquidity under its revolving credit facility to
withstand seasonal swings in working capital.  Additionally,
cost-cutting efforts as well as managements' strategic focus to
diversify the business should lead to improving operating
performance in the intermediate term.

S&P expects that GSE will approach any acquisition spending in a
manner that does not erode credit quality.  The rating agency
also expects that the company will obtain covenant relief if
necessary.  If favorable developments during the next several
months result in meaningful improvements in operating
performance and credit measures, it could revise the outlook to
positive.  However, if raw material cost inflation or
competitive pressures result in a further deterioration of
operating results and liquidity, the outlook could be revised to
negative or the ratings lowered.


HUGO HUNDHAUSEN: Claims Registration Ends November 28
-----------------------------------------------------
Creditors of Hugo Hundhausen Bueromaschinen GmbH have until
Nov. 28 to register their claims with court-appointed
provisional administrator Jana Dettmer.

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

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 14
         Ground 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 Hugo Hundhausen Bueromaschinen GmbH on Sept. 25.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Hugo Hundhausen Bueromaschinen GmbH
         Friedrichstr. 34
         57072 Siegen, Germany

         Attn: Dieter Euler, Manager
         Brucknerstr. 53
         53844 Troisdorf, Germany

The administrator can be contacted at:

         Jana Dettmer
         Weyerstrasse 54
         50676 Cologne, Germany


KUEPPER FASHION: Creditors' Meeting Slated for November 28
----------------------------------------------------------
Creditors of Kuepper fashion GmbH & Co. KG have until Nov. 28 to
register their claims with court-appointed provisional
administrator Helmut Schmitz.

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

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C407
         4th 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 Kuepper fashion GmbH & Co. KG on Oct. 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Kuepper fashion GmbH & Co. KG
         Tonhallenstr. 13
         47051 Duisburg, Germany

         Attn: Karl-Heinz Kuepper, Manager
         Aschenbruch 20
         45478 Muelheim, Germany

The administrator can be contacted at:

         Dr. Helmut Schmitz
         Flohbusch 1
         47802 Krefeld, Germany


LOHMANN TRANSPORTE: Claims Registration Ends November 23
--------------------------------------------------------
Creditors of Lohmann Transporte GmbH have until Nov. 23 to
register their claims with court-appointed provisional
administrator Andreas Stratenwerth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 14 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Bielefeld opened bankruptcy proceedings
against Lohmann Transporte GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Lohmann Transporte GmbH
         Attn: Horst Lohmann, Manager
         Stadtheider Str. 58
         33609 Bielefeld, Germany

The administrator can be contacted at:

         Andreas Stratenwerth
         Lemgoer Str. 4
         33604 Bielefeld, Germany


SLS SCHARENBERG: Claims Registration Ends November 27
-----------------------------------------------------
Creditors of SLS Scharenberg Lenzen GmbH have until Nov. 27 to
register their claims with court-appointed provisional
administrator Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 8, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 5
         3rd Floor
         Alter Posthof 1
         52062 Aachen, 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 Aachen opened bankruptcy proceedings
against SLS Scharenberg Lenzen GmbH on Oct. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         SLS Scharenberg Lenzen GmbH
         Paradiesbenden 4
         52349 Dueren, Germany

         Attn: Carl A. Merx, Manager
         Heidedyk 4
         47802 Krefeld, Germany

The administrator can be contacted at:

         Dr. Frank Kebekus
         Frankenstrasse 14-16
         52070 Aachen, Germany


SPORT+SERVICE: Claims Registration Ends November 20
---------------------------------------------------
Creditors of Sport+Service Point GmbH have until Nov. 20 to
register their claims with court-appointed provisional
administrator Bardo M. Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 20 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 Sport+Service Point GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Sport+Service Point GmbH
         Hitchinstr. 11
         55411 Bingen am Rhein, Germany

         Attn: Oliver Diderich, Manager
         Ehrenfelsstr. 5
         55411 Bingen am Rhein, Germany

The administrator can be contacted at:

         Bardo M. Sigwart
         Ahornweg 12
         55218 Ingelheim, Germany
         Tel: 06132/88949
         Fax: 06132/896498


SW - MEDIA: Claims Registration Ends November 20
------------------------------------------------
Creditors of SW -- Media GmbH have until Nov. 20 to register
their claims with court-appointed provisional administrator
Matthias Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Fuerth
         Room 3
         Ground Floor
         Office Building
         Baumenstrasse 32
         Fuerth, Germany

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

The District Court of Fuerth opened bankruptcy proceedings
against SW -- Media GmbH on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         SW -- Media GmbH
         Nordring 11
         90765 Fuerth, Germany

The administrator can be contacted at:

         Dr. Matthias Schneider
         Dr.-Gustav-Heinemann-Str. 14
         90491 Nuernberg, Germany
         Tel: 0911/587678-0
         Fax: 0911/587678-77


TEGENERO AG: Claims Registration Ends November 20
-------------------------------------------------
Creditors of TeGenero AG have until Nov. 20 to register their
claims with court-appointed provisional administrator Frank
Hanselmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Wuerzburg
         Meeting Room 2
         II. Stick
         Law Branch
         Virchowstr. 14
         Würzburg, 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 Wuerzburg opened bankruptcy proceedings
against TeGenero AG on Oct. 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         TeGenero AG
         Attn: Dr. Thomas Hanke and Dr. Benedikte Hatz, Managers
         Friedrich-Bergius-Ring 15
         97076 Wuerzburg, Germany

The administrator can be contacted at:

         Frank Hanselmann
         Berliner Place 6
         97080 Wuerzburg, Germany
         Tel: 0931/359800


TUI AG: S&P Cuts Rating to BB on Weak Operating Results
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based shipping and tourism
group TUI AG to 'BB' from 'BB+', owing to its weakening
operating results.  The outlook is negative.

"The rating action reflects the deterioration of the group's
earnings, attested by weak quarterly results and our
expectations that TUI will not achieve the minimum financial
measures commensurate with a 'BB+' rating of adjusted funds from
operations (FFO) to net debt of at least 25% over the next few
years," said Standard & Poor's credit analyst Michael Seewald.

The increased risk profile of the tourism industry due to the
changing, more discount-oriented booking behavior of travelers
continues to put the traditionally low margins in the industry
under pressure.  TUI's sales in the tourism segment for the
first nine months of 2006 increased only marginally by 0.2%,
despite an increase of traveler numbers by 0.9%.  The unchanged
EBITA margin of 4.5% for the tourism business reflects the
effect of ongoing cost-efficiency programs that offset rising
fuel costs and declining revenues.

In TUI's shipping business Hapag-Lloyd, declining freight rates
overall, declining transport volumes on the Atlantic routes, and
significantly higher bunker costs caused a dramatic decline of
profits in the first nine months of 2006.  As a result of this,
and about EUR100 million integration cost from the CP Ships
acquisition, the division has incurred an EBITA loss of
EUR91 million after the first nine months of 2006, after a gain
of EUR218 million in the equivalent period of 2005.

"Given the ongoing uncertainty in the market due to the negative
implications of the rollout of large new container shipping
capacity, and in light of sustainably higher bunker costs in the
future, we believe that the pressure on Hapag-Lloyd's
deteriorated profitability is likely to persist over the medium
term," said Mr. Seewald.

The negative outlook reflects the increasingly challenging
market conditions in the highly cyclical shipping industry and
the seasonal tourism industry, which are both exposed to high or
external factor risk in the near to medium term.  Both business
models currently require substantial capital expenditures to
maintain market share, which constrains TUI's capacity to
generate free cash flows.


USG CORP: S&P Assigns BB+ Rating on US$500-Mln Sr. Unsec. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' debt
rating to the proposed US$500 million senior unsecured notes of
USG Corp., due 2016, to be issued under Rule 144a with
registration rights.  The rating is based on preliminary terms
and conditions.

Proceeds from the notes offering will be used for debt reduction
and general corporate purposes, which include working capital.

USG expects total debt, including capitalized operating leases,
tax-effected underfunded pension and postretirement benefits,
and asset-retirement obligations, to be US$2.9 billion at
year-end 2006.

The ratings on USG Corp. reflect:

   -- the Chicago, Ill.-based company's leading position in
      the U.S. gypsum wallboard and ceiling system markets,

   -- competitive cost position,

   -- flexible capital spending needs, and

   -- moderate financial policies.

The ratings also reflect cyclical demand for the company's
products.

                          Ratings List
                          ------------

USG Corp.

   Corporate Credit Rating                   BB+/Stable/--

New Rating

   US$500 million senior unsecured
   notes due 2016                            BB+


WALLAIR HANDEL: Claims Registration Ends November 25
----------------------------------------------------
Creditors of WALLAIR Handel GmbH & Co. have until Nov. 25 to
register their claims with court-appointed provisional
administrator Siegfried Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 27 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 Aachen
         Meeting Room K 3
         3rd Floor
         Alter Posthof 1
         52062 Aachen, 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 Aachen opened bankruptcy proceedings
against WALLAIR Handel GmbH & Co. on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         WALLAIR Handel GmbH & Co.
         Bahnhof 5
         53945 Blankenheim, Germany

         Attn: Claudia Wallraff, Manager
         Matthias-Grell-Str. 2 B
         50374 Erftstadt, Germany

         Wilfried Wallraff, Manager
         Wiesenstr. 28
         50374 Erftstadt, Germany

The administrator can be contacted at:

         Siegfried Mueller
         Markt 10
         53894 Mechernich, Germany


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


SCOTTISH RE: Posts US$30.5-Mln Net Loss for Third Quarter 2006
--------------------------------------------------------------
Scottish Re Group Limited reveals that the net loss available to
ordinary shareholders for the three months ended Sept. 30, 2006,
was US$30.5 million, as compared with net income available to
ordinary shareholders of US$31.9 million for the prior year
period.

The net loss available to ordinary shareholders for the nine
months ended Sept. 30, 2006, was US$142.8 million, as compared
with net income available to ordinary shareholders of US$66.9
million, for the prior year period.

The net operating loss available to ordinary shareholders was
US$24.0 million for the three months ended Sept. 30, 2006, as
compared with net operating earnings of US$32.6 million for the
prior year period.  The net operating loss available to ordinary
shareholders was US$140.0 million, for the nine months ended
Sept. 30, 2006, as compared with net operating earnings of
US$79.3 million for the prior year period.

"The Company has been in a very difficult period the past
several months, but has continued to maintain its focus on the
core business, Paul Goldean, Chief Executive Officer of Scottish
Re Group Limited, said.  "Excluding the expected one-off
expenses related to our current situation and the unusually high
tax expense for the quarter, the third quarter results reflect
an underlying core profitability that is within our
expectations.  It is important to note that our mortality
continues to be in line with expectations."

"We are continuing our pursuit of strategic alternatives for
Scottish Re, including a possible sale of the Company or a
significant equity infusion by new investors," Mr. Goldean
added.  "At this time, we cannot give assurances that an
agreement with any party will be reached, or the price at which
a transaction may be consummated, which may be below the share
price as of market close on November 9, 2006.  However, we do
expect the process to conclude within the next several weeks."

"In view of the confidential and sensitive nature of
negotiations at this time, we will not be holding our usual
earnings conference call.  We do not expect to make any further
announcements, nor can we answer any inquiries about the process
until an agreement is reached or we have otherwise terminated
the process.  We ask our stakeholders to review our Form 10Q and
Financial Data Supplement, both of which are available on our
website, for additional details regarding our third quarter
financial results."

Total revenues for the three months ended Sept. 30, 2006,
increased to US$611.3 million from US$563.7 million for the
prior year period, an increase of 8%.  Excluding realized gains
and losses and the change in value of the embedded derivatives,
total revenues for the three months ended Sept. 30, 2006,
increased to US$618.3 million from US$565.0 million for the
prior year period, an increase of 9%.

Total revenues for the nine months ended Sept. 30, 2006,
increased to US$1,783.3 million from US$1,622.3 million for the
prior year period, an increase of 10%.  Excluding realized gains
and losses and the change in value of the embedded derivatives,
total revenues for the nine months ended Sept. 30, 2006,
increased to US$1,797.6 million from US$1,636.0 million for the
prior year period, an increase of 10%.

Total benefits and expenses increased to US$618.2 million for
the three months ended Sept. 30, 2006, from US$535.9 million for
the prior year period, an increase of 15%.  Total benefits and
expenses increased to US$1,816.0 million for the nine months
ended Sept. 30, 2006, from US$1,567.9 million for the prior year
period, an increase of 16%.

The Company's operating expense ratio (which is the ratio of
operating expenses to total revenue excluding realized gains and
losses and the change in value of embedded derivatives) for the
nine months ended Sept. 30, 2006, was 6.1%, as compared to an
operating expense ratio of 5.0% for the year ended December 31,
2005.  The increase in operating expense ratio is directly
related to the additional severance, legal, actuarial and
directors' costs incurred as a result of our current situation
and strategic process.

For the three months ended Sept. 30, 2006,, the Company had a
pre-tax loss of US$6.8 million before minority interest as
compared to a pre-tax profit of US$27.8 million for the prior
year period.  Income tax expense in the third quarter ended
Sept. 30, 2006, was US$20.8 million compared to an income tax
benefit of US$6.7 million in the same period in 2005.  The
change in our effective tax rate in the third quarter ended
Sept. 30, 2006, compared to the same period in 2005 is primarily
related to a US$30.1 million valuation allowance established on
deferred tax assets.

Scottish Re has submitted its Form 10Q to the Securities and
Exchange Commission (SEC).

                        About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/--
provides reinsurance of life insurance, annuities and annuity-
type products through its operating companies in Bermuda,
Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and
Windsor, England.  At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities

                           *     *     *

On Aug. 21, 2006, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'BB+'.

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

A.M. Best Co. has downgraded on Aug. 22, 2006, the financial
strength rating to B+ from B++ and the issuer credit ratings to
"bbb-" from "bbb+" of the primary operating insurance
subsidiaries of Scottish Re Group Limited (Scottish Re) (Cayman
Islands).  A.M. Best has also downgraded the ICR of Scottish Re
to "bb-" from "bb+".  AM Best put all ratings under review with
negative implications.


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


FIAT SPA: CEO Marchionne to Pass On Auto-Unit Post Next Year
------------------------------------------------------------
Fiat S.p.A. Chief Executive Marchionne disclosed he would turn
over his post as head of Fiat's auto-making unit on 2007 and
added that his replacement would come from within the company,
The Wall Street Journal reports.

"I think there is sufficient talent on this podium and in this
organization.  I wouldn't hire on the outside," Mr. Marchionne
was quoted by WSJ as saying.

He will remain CEO of the overall group, which also makes trucks
and tractors.

Mr. Marchionne has organized Fiat's turnaround.  He took over
the industrial group on June 1, 2004 and led the core auto
division on Feb. 17, 2005.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                          *     *     *

As reported in the TCR-Europe on Nov. 6, Moody's Investors
Service changed the outlook on Fiat S.p.A.'s Ba3 Corporate
Family Rating to positive from stable and affirmed the long-term
senior unsecured ratings as well as the short-term non-Prime
rating.

Outlook Actions:

Issuer: Fiat Finance & Trade Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Canada Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Luxembourg S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance North America Inc.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat France S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat S.p.A.

    * Outlook, Changed To Positive From Stable

Fiat's Ba3/non-Prime ratings continue to reflect

   -- Fiat Group's scope and geographically
      well spread operations,

   -- the solid market position of Case New Holland and
      its potential to improve its highly indebted
      financial profile, and

   -- Iveco's stable market share in the European truck
      markets.

On Oct. 4, Fitch Ratings affirmed Fiat S.p.A.'s Issuer Default
and senior unsecured ratings at BB- and Short-term rating at B.
This follows Fiat's exercise of its call option to buy back 29%
of Ferrari's capital from a consortium led by Mediobanca.  Fitch
said the Outlook is Positive.

On Aug. 8, Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Fiat S.p.A. to 'BB' from 'BB-'.
At the same time, Standard & Poor's affirmed its 'B' short-term
rating on Fiat.  S&P said the outlook is stable.


PARMALAT SPA: Adopts New Model & Names Independent Directors
------------------------------------------------------------
The Board of Directors of Parmalat S.p.A. took action with
regard to these issues:

   -- it approved the adoption of a Management, Organization and
      Control Model for the Prevention of Crimes Required by
      Legislative Decree No. 231/01 for Parmalat S.p.A.  In the
      case of Parmalat, the adoption of this Model represents a
      further step further toward achieving the level of
      transparency and reliability required to give shareholders
      and the financial markets in general the best guarantees
      of sound and efficient management.  The Model will be part
      of the Company's system of corporate governance rules,
      which already includes a Code of Ethics, a Code of Conduct
      and an Internal Dealing Code.  In 2007, the Model adopted
      by the Group's Parent Company, adjusted for the specific
      requirements, organizational needs and size of each
      company, will be implemented by all Group subsidiaries.

   -- following the annual verification, required by Article 12
      of the Bylaws, [nine] persons were found to meet the
      requirements to qualify as Independent Directors:

        -- Vittorio Mincato,
        -- Marco De Benedetti,
        -- Andrea Guerra,
        -- Carlo Secchi,
        -- Massimo Confortini,
        -- Marzio Saa,
        -- Erder Mingoli,
        -- Ferdinando Superti Furga, and
        -- Piergiorgio Alberti.

                         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: Denies Talks With Banca Intesa & San Paolo IMI
------------------------------------------------------------
Parmalat S.p.A. clarifies that it is not engaged in any
negotiations for any possible transaction with Banca Intesa and
San Paolo IMI.

Reuters relates that Parmalat dispelled a Dow Jones Newswires
report that it is close to settling a lawsuit commenced by Dr.
Enrico Bondi, its extraordinary commissioner, to recover funds
from Banca Intesa and San Paolo Imi on account of the banks'
involvement in transactions that brought about the diary giant's
downfall.

Parmalat is seeking at least EUR13.2 billion in damages and
EUR7.5 billion in revocatory claims from former bankers, Reuters
notes.

                       Parmalat's Statement

With reference to the news published by the press agency MF-Dow
Jones and the consequent increase in trading volumes of Parmalat
S.p.A. shares, the company disassociates itself with the
diffusion of any news with reference to a possible transaction
with Banca Intesa and San Paolo IMI.  The company also confirms
that there are no negotiations in this regard currently being
undertaken.

                         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)


TISCALI SPA: Posts EUR67.2-Mln Loss for First Nine Months 2006
--------------------------------------------------------------
Tiscali S.p.A. has released its Board of Directors-approved
results for the first nine months and third quarter ended
Sept. 30, 2006.

Tiscali posted EUR67.2 million in net losses against EUR487
million in total revenues for the first nine months of 2006,
compared with EUR1.5 million in net losses against EUR382
million in total revenues for the same period in 2005.

The company posted EUR6.95 million in net profit against
EUR168.9 million in total revenues for the third quarter of
2006, compared with EUR16.04 million in net losses against
EUR128.6 million in total revenues for the same period in 2005.

As of Sept. 30, 2006, Tiscali had EUR1.249 billion in total
assets, EUR911 million in total liabilities, and EUR338 million
in shareholders' equity.

The company's new business plan set the targets for 2006:

   -- EUR688 million in revenues;

   -- EUR98 million in EBITDA;

   -- over three million active users, of which over 1.7 million
      ADSL customers and more than one-third receiving ULL
      services.

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.  It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.
Former chairman and founder Renato Soru owns almost 30% of the
company.

As reported in the TCR-Europe on Oct. 13, Tiscali is focusing on
its Italian and U.K. operations.

                        *     *     *

As reported in TCR-Europe on March 8, Fitch Ratings sustained
Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at
CCC with Stable Outlook.  Tiscali's Short-term rating is
downgraded to C from B to be in line with the CCC IDR.  At the
same time, the agency affirmed Tiscali Finance S.A.'s EUR209
million guaranteed notes at B-/RR2.


TISCALI SPA: Banca Intesa Grants EUR280-Million Credit Line
-----------------------------------------------------------
The Board of Directors of Tiscali S.p.A. received an irrevocable
commitment by Banca Intesa S.p.A., subject to customary terms
and conditions, granting a EUR280 million credit line to the
Group.  The Board of Directors resolved to close the agreement
at the proposed terms.

The credit line substantially improves the terms of the current
facility granted by Silver Point Capital, thus significantly
reducing the overall cost of debt of the Group.  The agreement
with Banca Intesa, together with the proceeds deriving from the
ongoing disposal process, provides the financial resources for
the investments announced in the strategic plan approved in
October and allows Tiscali to focus on the achievement of the
objectives of revenues and profitability growth.

Borghesi&Colombo and Banca Intesa acted as advisers to Tiscali
in the financing.

                       About Banca Intesa

Headquartered in Milan, Italy, Banca Intesa S.p.A. --
http://www.bancaintesa.it/-- provides banking services through
four main business areas: Retail Division, Corporate Division,
Italian Subsidiary Banks Division, and International Subsidiary
Banks Division.  Banca Intesa operates branches and
representative offices in Europe, Asia, Latin and North America,
and Africa.

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.  It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.
Former chairman and founder Renato Soru owns almost 30% of the
company.

As reported in the TCR-Europe on Oct. 13, Tiscali is focusing on
its Italian and U.K. operations.

                        *     *     *

As reported in TCR-Europe on March 8, Fitch Ratings sustained
Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at
CCC with Stable Outlook.  Tiscali's Short-term rating is
downgraded to C from B to be in line with the CCC IDR.  At the
same time, the agency affirmed Tiscali Finance S.A.'s EUR209
million guaranteed notes at B-/RR2.


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


ALMATY HYDRO-GEOLOGY: Creditors Must File Claims by Dec. 13
-----------------------------------------------------------
OJSC Almaty Hydro-Geology has declared insolvency.  Creditors
have until Dec. 13 to submit written proofs of claim to:

         OJSC Almaty Hydro-Geology
         Geologicheskaya Str. 1
         Kargaly
         Jambylsky District
         Almaty Region
         Kazakhstan
         Tel: 8 (3272) 42-34-05


ARDAGER-RODNIK LLP: Creditors Must File Claims by Dec. 13
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Ardager-Rodnik insolvent on Sept. 21.

Creditors have until Dec. 13 to submit written proofs of claim
to:

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


ASIA GOLD: Proof of Claim Deadline Slated for Dec. 15
-----------------------------------------------------
LLP Asia Gold Service-NS has declared insolvency.  Creditors
have until Dec. 15 to submit written proofs of claim to:

         LLP Asia Gold Service-NS
         Ugolnaya Str. 20
         Almaty District
         Astana, Kazakhstan


INTER STROY: Proof of Claim Deadline Slated for Dec. 15
-------------------------------------------------------
LLP Inter Stroy Alt has declared insolvency.  Creditors have
until Dec. 15 to submit written proofs of claim to:

         LLP Inter Stroy Alt
         Kurmangazy Str. 113-7
         Almaty, Kazakhstan


KUAT COMPANY: Claims Registration Ends Dec. 13
----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Kuat Company insolvent on
Aug. 11.  Subsequently, bankruptcy proceedings were introduced
at the company.

Creditors have until Dec. 13 to submit written proofs of claim.

Inquiries can be addressed to 8 (7017) 71-02-09.


PRIDE INTERNATIONAL: Earns US$89.3 Million in Third Quarter 2006
----------------------------------------------------------------
Pride International Inc., reported net earnings for the third
quarter 2006 of US$89.3 million on revenues of US$642.8 million,
compared to net earnings of US$68.9 million on revenues of
US$538.8 million for the same period in 2005.

For the nine months ended Sept. 30, 2006, the Company reported
net earnings of US$227.6 million on revenues of US$1.8 billion,
versus net earnings of US$88 million on revenues of US$1.4
billion for the corresponding nine-month period in 2005.

Results for the third quarter 2006, included gains on asset
sales of US$2.9 million.  The third quarter 2005 included gains
on sales of assets of US$22 million.

The Company's consolidated earnings from operations for the
third quarter 2006 were US$155.6 million, as compared with
US$119.8 million in the third quarter 2005 and US$125.2 million
in the second quarter 2006.

The Company's consolidated balance sheet at Sept. 30, 2006,
reflected US$1.07 billion in total debt and US$94.8 million in
cash and cash equivalents.  During the nine-month period ended
Sept. 30, 2006, the Company reduced debt by US$180 million and
increased cash by US$48 million.

The Company disclosed that it invested approximately US$112
million in capital expenditures in the third quarter 2006 and
approximately US$279 million for the nine months ended
Sept. 30, 2006, as compared to US$39 million and US$123 million
for the same periods in 2005.  The year-over-year increase in
capital expenditures was primarily due to shipyard projects,
which have involved four semisubmersibles and eight jackups
during 2006.

Louis A. Raspino, president and chief executive officer,
commented, "Our third quarter earnings, the highest in the
Company's history, were the result of the continuing momentum of
increasing dayrates more than offsetting ongoing shipyard
projects during the quarter.  While the U.S. Gulf of Mexico
market is experiencing near-term softness, we expect increased
drilling demand, coupled with decreased rig supply, to
positively affect dayrates in 2007 in the region.
Internationally, we continue to see evidence of an extended
period of robust drilling demand, especially among our
semisubmersible fleet, where opportunities to contract long term
at attractive dayrates are available.  During the quarter, we
continued to invest in shipyard projects to prepare our rigs for
contracts that we believe will provide significant investment
returns."

                   About Pride International

Headquartered in Houston, Texas, Pride International Inc.,
(NYSE: PDE)  -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services to
oil and gas companies worldwide including France and Kazakhstan.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006
Moody's Investors Service, in connection with the implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors, confirmed its Ba1 Corporate Family Rating for Pride
International Inc.


PRIDE INT'L: Acquires Deepwater Semisubmersibles for US$215 Mln
---------------------------------------------------------------
Pride International Inc. has disclosed of the acquisition of its
partner's interest in the joint venture companies that own the
two deepwater semisubmersibles Pride Rio de Janeiro and Pride
Portland.  The transaction increases the Company's interest in
these two units from 30% to 100%.

Constructed in 2004, the Pride Rio de Janeiro and the Pride
Portland are both dynamically positioned and capable of
operating in water depths of up to 5,600 feet.  Currently, both
units are operating in Brazil under contracts that expire in
2010.

Total cash consideration of US$215 million was paid with cash on
hand and funds available under the Company's existing credit
facility.  In addition, the transaction contemplates contingent
payments commencing during the six-year period after the current
contracts are completed, but only to the extent of 30% of the
portion of future dayrates on these rigs in excess of the
current leading edge rates, adjusted for cost increases and
certain capital additions.

As a result of the transaction, the operation, which is
currently accounted for as an equity investment, will be
consolidated in the Company's financial statements, resulting in
the addition of approximately US$283 million of debt
(representing 100% of the joint venture's debt) to the Company's
consolidated balance sheet. The debt, which is guaranteed by the
U.S. Maritime Administration, matures in 2012 and is prepayable,
in whole or in part, at any time.  The Company expects the
transaction to be slightly accretive to its 2007 earnings,
before considering potential purchase accounting adjustments
still under review relating to the valuation of the existing
below-market contracts, which could result in further increases
in expected accretion and could be material.

In a related transaction, the Company also reached agreement for
the cancellation of future obligations under certain existing
agency relationships related to five offshore rigs the Company
operates in Brazil, including the two joint venture rigs.  The
agreement provided for the payment of US$15 million in cash,
which the Company expects to expense during the fourth quarter
2006.

Louis A. Raspino, President and Chief Executive Officer,
commented, "This acquisition represents an important step in
executing our stated strategy to increase our exposure in
deepwater and to take advantage of close-in acquisition
opportunities.  With this transaction, we were able to grow our
deepwater fleet in a core market, without additional
construction or operational risk, at a significant discount to
estimated replacement cost, and at an attractive rate of return.
In addition, we are exposed to significant upside leverage to
increased dayrates when the current below-market contracts on
these two rigs expire.  We continue to expect prospects in the
deepwater market to remain strong well into the next decade, and
we intend to pursue additional opportunities to expand our
presence in deepwater."

                   About Pride International

Headquartered in Houston, Texas, Pride International Inc.,
(NYSE: PDE)  -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services to
oil and gas companies worldwide including France and Kazakhstan.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006
Moody's Investors Service, in connection with the implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors, confirmed its Ba1 Corporate Family Rating for Pride
International Inc.


REMBYTSTROY LLP: Claims Registration Ends Dec. 13
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Rembytstroy insolvent on Aug. 11.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until Dec. 13 to submit written proofs of claim.

Inquiries can be addressed to 8 (7017) 71-02-09.


SERVICE-CENTRAL LLP: Aktube Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Service-Central on
Oct. 4.


TARLAN LLP: Claims Filing Period Ends Dec. 13
---------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Tarlan insolvent on Sept. 20.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Dec. 13 to submit written proofs of claim
at:

         LLP Tarlan
         Boat-Yard by Chapaev, 63
         Uralsk
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 28-09-21


TEMIRBANK JSC: S&P Assigns B+/B Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+/B'
counterparty credit and 'kzBBB+' national scale ratings to
Kazakhstan-based Temirbank JSC.  The outlook is stable.

At the same time, Standard & Poor's Ratings Services assigned
its preliminary 'B+' senior unsecured debt rating to the
proposed U.S. dollar-denominated bond to be issued by Temir
Capital B.V., a Netherlands-based special purpose vehicle, in
November 2006.  The bond issue is guaranteed by Temirbank.

"The ratings on Temirbank JSC reflect its ambitious strategy and
short track record, as well as its small size, which exposes it
to high funding risk, and to a lesser extent, credit
concentration risks," said Standard & Poor's credit analyst
Magar Kouyoumdjian.

The ratings also reflect the improving, but still vulnerable,
domestic economic environment of the Republic of Kazakhstan to
which the bank -- together with the rest of the Kazakh banking
sector -- is exposed.  These negative factors are somewhat
mitigated by the bank's strengthening franchise, good business
prospects, and its supportive shareholder.  Temirbank's
strategic importance to its parent, Bank TuranAlem, is a
positive rating factor.  Although the bank received several
capital increases in the past, these have been only enough to
maintain capitalization at its current marginal level.

The stable outlook reflects Standard & Poor's expectation that
Temirbank's franchise and market position will continue to
improve, enabling the bank to sustain business and revenue
growth.  Ongoing projects to implement recognized loan
underwriting, and monitoring systems and practices should enable
business to grow in a prudent manner.

"The ratings could be raised if Temirbank were to demonstrate
improvement in its market position, core profitability,
capitalization, and diversification among deposits," added
Mr. Kouyoumdjian.  However, like most of its peers, Temirbank is
vulnerable to potential adverse changes in the Kazakh economy
and any consequent increase in problem loans or liquidity
problems, which could exert pressure on its ratings.


TEMIR CAPITAL: Moody's Assigns B1 Rating on Senior Notes
--------------------------------------------------------
Moody's Investors Service assigned a B1 foreign currency rating
to the Senior Notes to be issued by a Netherlands-based special
purpose vehicle Temir Capital B.V., unconditionally and
irrevocably guaranteed by Temirbank (Kazakhstan).  The amount of
the notes, coupon rate and their tenor have yet to be
determined.

The rating is on review for possible upgrade.

Moody's notes that the B1 rating assigned to Temir Capital is
based on the fundamental credit quality of the guarantor,
Temirbank, which does not factor in any support from the bank's
shareholders or Kazakh financial authorities.

The bank's obligations under the guarantee will rank at least
pari passu in right of payment with all other senior unsecured
obligations.

According to the terms and conditions of the notes, Temirbank
must comply with a number of covenants such as negative pledge,
limitations on mergers and consolidation, and restrictions on
distribution of dividends and maintenance of total capital
adequacy ratio of at least 10%, a level the bank continuously
exceeded during the last several years but which may be more
difficult to achieve under the conditions of rapid asset growth
which started from 2H 2005 following a strategic re-positioning
of Temirbank.

The rating agency notes that, while the likelihood that any of
the covenants may be breached is relatively low at the present
time, any such occurrence could potentially have adverse
liquidity implications for the bank and might exert additional
downward pressure on its ratings.

Headquartered in Almaty, Kazakhstan, Temirbank reported audited
consolidated total assets of KZT108 billion (US$913 million) and
total equity of KZT12 billion (US$98 million) under IFRS as at
June 30, 2006.

Bank TuranAlem reported unaudited total consolidated assets of
KZT1.198 trillion (US$10.1 billion) and total shareholders'
equity of KZT118 billion (US$995 million) under IFRS as at 30
June 2006.  As at June 1, 2006, TuranAlem ranked as the second
largest bank in Kazakhstan by assets and the largest bank in
terms of equity.


TUMAR-LOGISTIC LLP: Claims Filing Period Ends Dec. 13
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Tumar-Logistic insolvent on Sept. 22.

Creditors have until Dec. 13 to submit written proofs of claim
to:

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



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


ERTSOG LLC: Creditors' Meeting Slated for Nov. 24
-------------------------------------------------
Creditors of LLC Ertsog will convene at 11:00 a.m. on Nov. 24
at:

         LLC Ertsog
         Room 106
         Moskovskaya Str. 151
         Bishkek, Kyrgyzstan

Creditors must submit written proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The Inter-District Court of Bishkek for Economic Issues declared
LLC Ertsog insolvent on Nov. 1.  Subsequently, bankruptcy
proceedings were introduced at the company.

The Temporary Insolvency Manager is:

         Mr. Toktogul Subankulov
         Tel: (0-502) 82-95-66


PYNARAI LLC: Creditors' Meeting Slated for Nov. 24
--------------------------------------------------
Creditors of LLC Pynarai will convene at 11:00 a.m. on Nov. 24
at:

         LLC Pynarai
         Gagarin Str. 28
         Alamudun
         Alamudun Region
         Bishkek, Kyrgyzstan

Creditors must submit written proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The Inter-District Court of Bishkek for Economic Issues declared
LLC Pynarai insolvent on Oct. 30.  Subsequently, bankruptcy
proceedings were introduced at the company.

The Temporary Insolvency Manager is:

         Mr. Abdymanap Sopiev
         Tel: (+996 312) 60-44-59


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


GETRONICS NV: Theo Janssen Resigns as Chief Financial Officer
-------------------------------------------------------------
Theo Janssen, Chief Financial Officer of Getronics N.V. and
member of the Board of Management since May 1, 2005, will leave
the company on Dec. 1, 2006.  This was agreed in mutual
consultation between the parties.

"I would like to thank Theo Janssen for his commitment and
contribution in the time that he has been with us at Getronics,"
Rinus Minderhoud, Chairman of the Supervisory Board, stated.

The tasks and responsibilities of the CFO will be assigned on an
interim basis to Ralph Zepeda, who has served Getronics in
multiple senior corporate finance roles since joining the
company in 2003.

                         About Getronics

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

                          *     *     *

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

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

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


GETRONICS NV: Unveils Future-Ready Workspace Solution
-----------------------------------------------------
Getronics N.V. introduced its innovative, modular Future-Ready
Workspace solution developed specifically to empower people to
work more productively.

The Future-Ready Workspace is the result of Getronics' more than
30 years' of experience in delivering quality solutions in
workspace and applications services for many of the global
Fortune 500 companies.

The Getronics Future-Ready Workspace provides:

   * user-centric service

         -- end-user is key, not the technology;

         -- one size does not fit all -- individual users can
            have different profiles;

         -- functionality is driven from user's perspective

   * clear governance

         -- ICT infrastructure becomes a utility
         -- product selection is based on best practice;
         -- Microsoft by default;

   * guaranteed evolution path

         -- drive innovation and transformation
         -- future-Ready through modular approach
         -- architecture release management

The Future-Ready Workspace is all about design, transition and
migration resulting in controlled change, with Managed Services
for ongoing support and architecture development for continuous
improvement.

The core components include support services for print, e-mail,
Office, security, Internet and file management. The pre-
integrated modules are 'plug and play' extensions of the core
offering and include Mobile Executive, Managed LAN and Managed
IPT. Next to these more standardized modules, Getronics also
enables the integration of customized and more client-specific
modules.

                 Innovative Modular Architecture

The Getronics Future-Ready Workspace brings together market-
proven solutions in an innovative modular architecture in order
to provide a secure, flexible and reliable mobile workspace -
including connectivity, applications, infrastructure, and
support.  Built on industry standards, the Future-Ready
Workspace continually evolves to meet the changing needs and
goals of business.  Organizations no longer need to worry about
sorting out upgrades for their systems, as innovations and
upgrades are provided as and when required.

Best-of-breed approach - the right services at the best price
Individual people - like the organizations they work for - have
different and changing requirements. For this reason, the
Future-Ready Workspace has been constructed using a modular
architecture so that it can be easily extended and enriched with
additional services and support capabilities to meet specific
business requirements. The Future-Ready Workspace is fully
aligned with business objectives and Getronics' vendor agnostic,
'best-of-breed' approach ensures that businesses get the right
services at the best price.

Complete cost transparency, operational savings up to 30%
Not only does the Future-Ready Workspace provide complete
transparency into ICT costs, but it also delivers operational
savings of up to 30% - savings that can be reinvested into
optimising business performance. Getronics takes complete
responsibility for the design, transition and ongoing support of
the Future-Ready Workspace, creating a 'new way to outsourcing'.
The Future-Ready Workspace is a fully scalable service suitable
for both medium-sized businesses and also for large
multinational organizations (from 1,500 to 150,000 employees).

"The next generation of workers has grown up in an interactive
age, an age of wireless connectivity and of rapid technological
change," Klaas Wagenaar, CEO of Getronics, commented. "These
workers are already entering the workforce and it is these
people who will be the drivers of productivity and innovation
for business - but only if they have the right tools. The
Future-Ready Workspace enables workforce productivity now and in
the future."

                      User-Centric Approach

"Getronics' user-centric approach to the workspace helps set a
clear and credible roadmap for enabling workforce productivity
through information technology," Kirill Tatarinov, Corporate
Vice President of Windows Enterprise Management, Microsoft,
said.  "One of Microsoft's key initiatives is dedicated to
empowering people-ready businesses by helping IT professionals
manage complexity and achieve agility within their IT
environments.  Getronics' Future-Ready Workspace also fosters
these capabilities while helping companies reduce the total cost
of ownership of their IT resources, and ultimately aides them in
more quickly realizing a return on their investments."

Driving cost and complexity out of IT infrastructure
The Getronics Future-Ready Workspace drives costs and complexity
out of the client's IT infrastructure, decreases security
vulnerability and risk, and enables their mobile workforce.

                   State-of-the-Art Technology

Samas, a multi-national office furnishing business, is an early
adopter of the Getronics Future-Ready Workspace and is already
convinced of the benefits of its 1,600 Getronics workspaces for
its employees.

"The Getronics Future-Ready Workspace was exactly what we were
looking for," Wouter Hasekamp, European IT Director at Samas
explained.  "It enables us to react quickly and flexibly to
change.  All of our employees now have access to the same
desktop environment operating state-of-the-art technology. In
addition, the complete openness of Getronics' solution appealed
to us.  There is no question of a black box."

                         About Getronics

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

                          *     *     *

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

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

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


MOBIFON HOLDINGS: Moody's Withdraws Low-B Ratings
-------------------------------------------------
Moody's Investors Service withdrew the Ba2 corporate family
rating and the B1 senior unsecured rating of the 12.5% Senior
Notes due 2010 of MobiFon Holdings B.V.  Moody's has withdrawn
the ratings for business reasons at the request of MobiFon
Holdings.

These rating actions follow MobiFon Holdings' announcement

   (1) of its intention to redeem all the
       US$207 million outstanding Notes on
       July 31, 2007 at 106.25% of the principal
       plus interest; and

   (2) that it was irrevocably depositing or causing
       to be deposited with the Trustee as trust funds
       in trust solely for the benefit of the holders
       of the Notes, cash in US$, non-callable
       Government Securities, or a combination of cash in
       US$ and non-callable Government Securities, in
       amounts sufficient to pay and discharge the
       entire indebtedness on the Notes.

Moody's said that following completion of the deposit of the
trust funds with the Trustee, MobiFon Holdings had requested
that the ratings be withdrawn.

MobiFon Holdings, domiciled in the Netherlands, and an
indirectly wholly-owned subsidiary of Vodafone Group Plc, owns
Vodafone Romania S.A., one of the two leading mobile telecom
operators in Romania.


TEMIR CAPITAL: Moody's Assigns B1 Rating to Senior Notes
--------------------------------------------------------
Moody's Investors Service assigned a B1 foreign currency rating
to the Senior Notes to be issued by a Netherlands-based special
purpose vehicle Temir Capital B.V., unconditionally and
irrevocably guaranteed by Temirbank (Kazakhstan).  The amount of
the notes, coupon rate and their tenor have yet to be
determined.

The rating is on review for possible upgrade.

Moody's notes that the B1 rating assigned to Temir Capital is
based on the fundamental credit quality of the guarantor,
Temirbank, which does not factor in any support from the bank's
shareholders or Kazakh financial authorities.

The bank's obligations under the guarantee will rank at least
pari passu in right of payment with all other senior unsecured
obligations.

According to the terms and conditions of the notes, Temirbank
must comply with a number of covenants such as negative pledge,
limitations on mergers and consolidation, and restrictions on
distribution of dividends and maintenance of total capital
adequacy ratio of at least 10%, a level the bank continuously
exceeded during the last several years but which may be more
difficult to achieve under the conditions of rapid asset growth
which started from 2H 2005 following a strategic re-positioning
of Temirbank.

The rating agency notes that, while the likelihood that any of
the covenants may be breached is relatively low at the present
time, any such occurrence could potentially have adverse
liquidity implications for the bank and might exert additional
downward pressure on its ratings.

Headquartered in Almaty, Kazakhstan, Temirbank reported audited
consolidated total assets of KZT108 billion (US$913 million) and
total equity of KZT12 billion (US$98 million) under IFRS as at
June 30, 2006.

Bank TuranAlem reported unaudited total consolidated assets of
KZT1.198 trillion (US$10.1 billion) and total shareholders'
equity of KZT118 billion (US$995 million) under IFRS as at 30
June 2006.  As at June 1, 2006, TuranAlem ranked as the second
largest bank in Kazakhstan by assets and the largest bank in
terms of equity.


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


PROCREDIT ROMANIA: Fitch Affirms BB+ Issuer Default Rating
----------------------------------------------------------
Fitch Ratings affirmed Romania-based ProCredit Bank S.A.'s
ratings of foreign and local currency Issuer Default BB+, Short-
term foreign and local currency B, Individual D/E and Support 3.
The Outlooks on the Issuer Default ratings are Stable.

The IDRs, Short-term and Support ratings reflect the moderate
probability of support ProCredit Romania can expect to receive
in case of need from its largest shareholder ProCredit Holding
AG.  PCH currently holds a 32% stake in the bank.  Although
other significant shareholders of PCH also have holdings in
ProCredit Romania, PCH is expected to achieve a majority
shareholding during 2007.

ProCredit Romania's Individual rating reflects its small size,
its low, albeit improving, profitability, and the risks, both
credit and operational, from rapid loan growth.  These are
balanced by the benefits the bank receives from being part of a
global network in terms of risk management expertise, as well as
decent loan performance to date.

ProCredit Romania's greater scale enabled it to record full-year
profits for the first time in 2005, and this trend has continued
into 2006.  This has been achieved despite continued expenses
related to network expansion and high loan loss provisions.
Profitability should continue to improve, with planned business
volume growth leading to further improvements in economies of
scale and efficiency.

Growth is essential for the bank, though clearly such rapid
growth as seen, and planned, entails significant operational and
credit risk.  Close monitoring of the risks by PCH, which has
experience of similar growth patterns in neighboring countries
with some common characteristics, helps mitigate these concerns.

Importantly, funding has diversified, and the reliance on
related parties substantially reduced.  However, the building up
of a stable core deposit base should take some time for a
relatively new entrant to the market given the nature of funding
base - composed of a large number of very small depositors.

ProCredit Romania, established in 2002, is a development-
oriented full service bank specialized in micro-, small- and
medium-sized enterprises.  It has 25 branches in Romania and
forms part of a global network of 18 ProCredit banks in central
and eastern Europe, Latin America and Africa.  Strategic
decisions, risk management policies and human resources are
fairly centralized at the PCH level.


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


CENTERTELECOM OAO: Changing Number Codes for Law Compliance
-----------------------------------------------------------
OAO CenterTelecom started implementation of project works aimed
at switching of the Company's subscribers, who have telephone
numbers in the code of geographically defined numbering area
ABC=495, to telephone numbers in the codes of geographically
defined numbering areas ABC=498 and 496, in compliance with the
applicable legislation.

The works are conducted by the Company in the framework of
implementation of the RF Ministry of Information Technologies
and Communication Decrees No. 97, 98 dated Aug. 8, 2005, and No.
78 dated June 28, 20006, -- which entails the designation of the
code of geographically defined numbering area ABC=498 for the
usage on the territory of the Moscow region -- and also in
accordance with the Order of the Federal Service on
Telecommunications Supervision of the RF.

CenterTelecom plans to construct initial area transport IP-MPLS
network basing on trunk IP-routers with throughput capacity of
10 GE, soft-switches conducting functions of calls routing and
transit and subscriber gates control, and also subscriber and
transit gates of the Moscow region, for implementation of the
regulatory legal acts requirements and switching of its
subscribers in the Moscow region, who have telephone numbers in
the code of geographically defined numbering area ABC=495, to
telephone numbers in the codes of geographically defined
numbering areas ABC=498 and 496.

The Company plans to complete project survey in 2006 and
building and assembly works aimed at the switch of subscribers
with telephone numbers in the 495 code to the regional codes 498
and 496 in 2007.  After the change of codes, calls between
cities and towns of the Moscow region will be considered as
intra-area connections and paid in accordance with the
corresponding tariffs.  At the same time, calls to Moscow will
be rated as domestic long-distance, as Moscow and the Moscow
region are different constituent entities of the RF, and their
rates will be defined in accordance with the tariffs set by the
long-distance operators.

Creation of the up-to-date communication network based on IP-
MPLS technologies will allow the Company both to increase the
quality of traditional telephony services rendering and provide
Internet access services in the parkland area of the Moscow
region, especially, broadband access services via ADSL 2+
technology under the brand name Domolink.  Further on, on the
basis of the area network, OJSC CenterTelecom plans to offer
Triple Play services to the users.

Besides that, putting into operation of the new communication
network will allow OJSC CenterTelecom to boost implementation of
works aimed at elimination of the waiting list for installation
of new telephone sets and also provide opportunity to split
parallel (paired) telephone lines in the Moscow region.

                       About CenterTelecom

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

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

                        *     *     *

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

Fitch has also assigned a BB+ rating to CT's RUB3 billion bond
with a maturity in August 2011.

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


MDM BANK: Sells Stake in MDM Bank Urals to East-European Fin'l.
---------------------------------------------------------------
OJSC MDM Bank has concluded the sale of its stake in ZAO MDM
Bank Urals.  ZAO MDM Bank Urals' charter capital stands at
191,834,000 shares with a par value of RUR1.  OOO Banking
Holding MDM held 180,757,328 shares.

Several companies currently working in strategic partnership
with OAO East-European Financial Corporation acquired 100% of
ZAO MDM Bank Urals shares.

MDM Bank Urals was originally established in 1992 as the Urals
Siberian Bank (Uralsibsotsbank).  In November 2002 the bank was
renamed MDM Bank Urals, and it has been MDM Bank's main
strategic partner in Yekaterinburg and the Urals region.  It was
made part of MDM Bank Group in September 2004.  In January 2005
MDM Bank Urals was included in the Russian Central Bank's
deposit insurance scheme.

"The sale of our stake in MDM Bank Urals is one more step in the
reform of our business strategy in the Russian regions," MDM
Bank CEO Michel Perhirin, said.  "MDM Bank Urals was mainly
involved in Pension Fund servicing operations, which was not
aligned with our core businesses.  Yekaterinburg, where MDM Bank
had also already a branch, is a city where we plan to develop
strongly our operations by reinforcing corporate, SME, private
and retail banking operations in line with our plan of
development in this region."

Headquartered in Moscow, Russia, OJSC MDM Bank --
http://www.mdmbank.com/provides financial services organized
across four divisions: corporate banking, retail banking, and
investment banking.  The bank owns and operates 100 offices
throughout Russia.

                        *     *     *

As reported in the Troubled Company Reporter on March 14,
Moody's Investors Service has assigned Ba2 and Not Prime long-
and short-term foreign currency bank deposit ratings and a D
Financial Strength Rating (FSR) to MDM Bank (Russia), which is
the lead operating entity in MDM Financial Group (MDM FG),
comprising over 90% of the group's total IFRS-consolidated
assets and shareholders' equity.

At the same time Moody's has affirmed the Ba2/Not Prime ratings
assigned to MDM Bank's US$2 billion Program for the Issuance of
Loan Participation Notes.  The Notes will be issued by, but with
limited recourse to, MDM International Funding Plc (Ireland) for
the sole purpose of financing advances to MDM Bank.  The outlook
for all ratings is stable.

According to Moody's, the Ba2/Not Prime/D ratings are based on
the fundamental credit strength of MDM Bank, and do not
incorporate any potential support from the authorities in case
of need.


MEZEN' AIRPORT: Court Names A. Krimnus as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Mr. A.
Krimnus as Insolvency Manager for Federal State Unitary
Enterprise Airport Mezen' (TIN 2917000502).  He can be reached
at:

         A. Krimnus
         Office 10
         Sadovaya Str. 53
         163071 Arkhangelsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-969/2006-8.

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         Federal State Unitary Enterprise Airport Mezen'
         Severanaya Str., 20
         Mezen'
         164751 Arkhangelsk region
         Russia


MICHURINSKOYE CJSC: External Court Starts Reorganization Process
----------------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced external
management bankruptcy procedure on CJSC Michurinskoye (TIN
2357000881).  The case is docketed under Case No. A-32-61710/
2005-27/586-B.

The External Insolvency Manager is:

         Y. Galin
         Room 307
         Kolkhoznaya Str. 3m
         350042 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Michurinskoye
         Zavodskaya Str. 1a
         Michurinskiy
         Uspenskiy Region
         Krasnodar Region
         Russia


NERUSSA OJSC: Bryansk Bankruptcy Hearing Slated for February 12
---------------------------------------------------------------
The Arbitration Court of Bryansk Region will convene at 10:00
a.m. on Feb. 12, 2007, to hear the bankruptcy supervision
procedure on OJSC Trubchevskiy Factory Nerussa.  The case is
docketed under Case No. A09-4607/06-8.

The Temporary Insolvency Manager is:

         M. Panteleev
         Post User Box 26
         241012 Bryansk Region
         Russia

The Arbitration Court of Bryansk Region is located at:

         Room 602
         Trudovoy Per. 5
         Bryansk Region
         Russia

The Debtor can be reached at:

         OJSC Trubchevskiy Factory Nerussa
         Volodarskogo Str. 2
         Trubchevsk
         242220 Bryansk Region
         Russia


PETROVSKIY OJSC: Court Names I. Volgina as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Chita Region appointed Ms. I. Volgina
as Insolvency Manager for OJSC Meat Combine Petrovskiy.  She can
be reached at:

         I. Volgina
         Post User Box 329
         672000 Chita Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A78-3966/2006-B-635.

The Debtor can be reached at:

         OJSC Meat Combine Petrovskiy
         Lazo Str.  1
         Petrovsk-Zabaykalskiy
         673009 Chita region
         Russia


PRYAMITSINO CJSC: Court Names O. Gorbatyuk as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court Kursk Region appointed Mr. O. Gorbatyuk as
Insolvency Manager for CJSC Agricultural Company Pryamitsino
(TIN 4617004274).  He can be reached at:

         O. Gorbatyuk
         Litovskaya Str. 12A
         305023 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-2710/06 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company Pryamitsino
         Geologicheskaya Str. 5
         Chernitsyno
         Oktyabrskiy Region
         307207 Kursk Region
         Russia


ROSNEFT OIL: Hikes Equity Holding in Rosneft to 9.44%
-----------------------------------------------------
OAO Yukos Oil Co. raised its stake in OAO Rosneft Oil Co. to
9.44%, RIA Novosti reports.

As reported in the TCR-Europe on June 22, Rosneft obtained
approval on the consolidation of its 12 subsidiaries, including
Yuganskneftegaz, Yukos's former core production unit, prompting
the completion of the state-run company's reorganization.

Following Rosneft's takeover of Yugansk, Yukos became a minority
shareholder in Rosneft after swapping its preferred shares for
Rosneft common shares, RIA relates.

               Rosneft Shares Registry Rejected

According to Interfax News, the Federal Service for Financial
Markets declined the registry of Rosneft's additional share
issue made on Sept. 26 to convert ordinary Yugansk shares into
Rosneft shares in the latter's consolidation efforts.

Rosneft said that the issue to exchange Yugansk's ordinary
shares had not been registered because Rosneft already owned 100
percent of the shares before the deal, The Moscow Times adds.

RIA Novosti reports that Rosneft's shares climbed 4.56% on the
London Stock Exchange to hit a record value of US$100 billion
Friday over rumors of a possible takeover of Surgutneftegas.

Rosneft launched its initial public offering in Moscow and
London in July.

                         About Yukos

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

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

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

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

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

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

                        About Rosneft

Headquartered in Moscow, OAO Rosneft --
http://www.rosneft.com/english-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

Standard & Poor's assigned B+ ratings to Rosneft's long-term and
local foreign issuer credit, while Fitch assigned BB+ ratings to
the Company's foreign currency and local currency long-term debt
in 2005.


SIVAKSKIY TRACTOR: Amur Court Names G. Chmutina to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Amur Region appointed Ms. G. Chmutina
as Insolvency Manager for OJSC Sivakskiy Tractor Repair Factory.
She can be reached at:

         G. Chmutina
         Office 105
         Sv. Innokentiya Per. 13
         675000 Blagoveshensk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A04-2197/06-7/60 B.

The Debtor can be reached at:

         OJSC Sivakskiy Tractor Repair Factory
         Zagorodnaya Str. 9
         Sivaki
         676145 Magdagachinskiy Region
         Russia


SOLNECHNOYE CJSC: Court Names A. Ruzin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Ruzin as
Insolvency Manager for CJSC Solnechnoye.  He can be reached at:

         A. Ruzin
         Post User Box 281
         107078 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-27800/05.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Solnechnoye
         Smirnovka 1
         Solnechnogorskiy Region
         141500 Moscow Region
         Russia


SUAL GROUP: Seeks Merger Approval from Anti-Monopoly Service
------------------------------------------------------------
The SUAL Group, RUSAL, Glencore International have submitted a
petition to the Russian Federal Antimonopoly Service seeking
approval for the united company to acquire the assets of RUSAL
and SUAL.

The United company RUSAL will include these RUSAL assets:

   -- Bratsk Aluminium Smelter,
   -- Krasnoyarsk Aluminium Smelter,
   -- Novokuznetsk Aluminium Smelter,
   -- Sayanogorsk Aluminium Smelters,
   -- Achinsk Alumina Plant,
   -- Nikolaev Alumina Refinery,
   -- Boksitogorsk Alumina Refinery,
   -- Friguia Alumina Plant (Guinea),
   -- Compagnie des Bauxites de Kindia (Guinea),
   -- Bauxite Company of Guyana,
   -- a stake in the Queensland Alumina Refinery (Australia),
   -- Armenal Alumina Refinery,
   -- Sayanal Alumina Refinery, and
   -- a cathode plant in China.

SUAL Group will contribute:

   -- Irkutsk Aluminium Smelter,
   -- Urals Aluminium Smelter,
   -- Kandalaksha Aluminium Smelter,
   -- Bogoslovsk Aluminium Smelter,
   -- Nadvoitsy Aluminium Smelter,
   -- Volgograd Aluminium Smelter,
   -- Volkhov Aluminium Smelter,
   -- Zaporozhye Aluminium Combine,
   -- Pikalevo Alumina Refinery,
   -- SUBR,
   -- Urals Foil,
   -- Silicon,
   -- SUAL-Silicon-Ural and
   -- SUAL-PM.

Glencore International AG will contribute:

   -- Aughinish in Ireland,
   -- Windalco and Alpart in Jamaica,
   -- Eurallumina in Italy, and
   -- Kubikenborg Aluminium Smelter in Sweden.

As reported in the TCR-Europe on Oct. 26, the parties are to
pour in US$16 billion into RUSAL to develop the merged
businesses within the next five years.

The combined company will own bauxite mining, alumina refinery,
aluminium smelting and foil production facilities.  Under the
terms of the share-for-share deal, RusAl will own 66% of the new
company, with Sual owning 22% and Glencore 12%.

                        About Glencore

Headquartered in Baar, Switzerland, Glencore International AG --
http://www.glencore.com/-- engages in the smelting, refining,
mining, processing, purchasing, selling and marketing of metals
and minerals, energy products and agricultural products.
Glencore operates on a global scale, marketing physical
commodities produced in its industrial assets or purchased from
third parties to industrial consumers, such as those in the
automotive, steel, power generation, oil and food processing
industries.  Energy products and commodities are marketed and
coordinated primarily in Glencore's headquarters in Baar,
Switzerland and through the offices of its subsidiaries in
London, Stamford and Singapore.

                         About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.

                         About SUAL

Headquartered in Moscow, Russia, Siberian-Urals Aluminium
Company -- http://www.sual.com/-- produces and smelts aluminium
and ranks amongst the world's top ten producers.  It comprises
18 businesses that are located in nine Russian regions and in
Ukraine, Zaporozhye City, are involved in the production of
bauxite, alumina, primary aluminium, silicon, semi-finished and
finished aluminium products.  The Group's revenue for the year
ended Dec. 31, 2005, was US$2.7 billion.  It has 60,000
employees.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'BB-'long-term
corporate credit rating to SUAL International Ltd. The outlook
is stable.  Standard & Poor's also assigned its 'ruAA-' Russian
national scale rating to SUAL.

At the same time, Moody's Investors Service, assigned 'Ba3'
corporate family rating to SUAL International Ltd. Outlook is
stable.


SUROVATIKHA: Court Names L. Bychkova as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Ms.
L. Bychkova as Insolvency Manager for CJSC Grain Receiving
Enterprise Surovatikha.  She can be reached at:

         L. Bychkova
         Shmidta Str. 4
         440039 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-20132/2006-36-725.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Grain Receiving Enterprise Surovatikha
         Oktyabrya Str. 1
         Surovatikha St.
         D. Konstantinovskiy Region
         Nizhniy Novgorod Region
         Russia


TNK-BP HOLDING: Pays RUR30 Billion in Back Taxes for 2002-2003
--------------------------------------------------------------
OAO TNK-BP Holding has paid more than RUR30 billion (US$1.5
billion) in back taxes for 2002-2003 to the Russian government,
Neil Buckley writes for the Financial Times.

The company paid the back taxes after receiving the tax
assessment results by Russian federal tax authorities, which are
still reviewing TNK-BP's unpaid duties for 2003-2004, RIA
Novsoti says.  TNK-BP had reserved RUR39.1 billion for possible
repayment of tax claims.

The tax claim against  TNK-BP was the second largest next to
against OAO Yukos Oil, which faced US$28 million in back tax
claims, penalties and interest, FT notes.  Tax authorities
initially billed US$1.85 billion in back taxes, but TNK-BP was
able to cut the figure.

TNK-BP stressed that the payment has no impact on its 2006
financial results or operations.

Alexei Kudrin, Russia's Finance Minister, said that half of
proceeds from the payment will be reserved for the oil-rich
Tyumen Region and the other half to the Federal budget.

                          About TNK-BP

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

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

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

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

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


TNK-BP HOLDING: Russian Prosecutors Probe Unit's License Breach
---------------------------------------------------------------
Government prosecutors in the Yamal-Nenets Autonomous Area has
commenced a criminal investigation into license violations by
Rospan International, a wholly owned unit of OAO TNK-BP Holding,
RIA Novosti states.

Rospan is charged of "carrying out its activity connected with
developing deposits of hydrocarbons on the Vostochno-Urengoi and
Novo-Urengoi license sites in violation of licensing terms," RIA
Novosti quotes the Prosecutor General's Office Web site as
saying.

Government lawyers have also commenced criminal proceedings
against Rospan CEO Phillip Taik.

The Prosecutor General's Office also asked the Federal Agency
for the Management of Mineral Resources to cancel Rospan
licenses to develop the sites due to environmental violations.
The probe into Rospan's operations in West Siberia started after
a parliament member and Internet publication columnist asked the
prosecutors for a check.  The prosecutors concluded that Rospan
violated the laws on environmental protection and industrial
safety, RIA Novsoti relates.

Analysts, however, told BBC News that the action was meant to
reduce the private investors' influence and hike the
government's control over the energy sector.  BBC notes that the
sites in question are proximate to Gazprom's West Siberian
fields.

TNK-BP, meanwhile, said it is reviewing the situation.  The
company added it had requested for more time to submit pertinent
documents regarding Rospan's licenses.

"We have been working in accordance with all legislative norms,"
the company told RIA Novosti.

Rospan International, according to TNK-BP's Web site, was formed
in 1992 to develop the Achimovsk gas formations of the East-
Urengoigas condensate fields in the Yamalo-Nenets Autonomous
District.  Under its license agreement, Rospan International is
authorized to develop the complex Valanzhin deposits.

Rospan's projected annual potential is 3.4 billion cubic meters
of gas and 800,000 tons of gas condensate.

TNK-BP acquired Rospan from Yukos when the oil giant was
desperately trying to prevent its collapse.

                          About TNK-BP

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

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

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

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

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


VILYUJ OJSC: Bankruptcy Hearing Slated for January 26
-----------------------------------------------------
The Arbitration Court of Sakha Republic-Yakutiya will convene at
10:00 a.m. on Jan. 26, 2007, to hear the bankruptcy supervision
procedure on OJSC Financial-Agricultural Industrial Company
Vilyuj.  The case is docketed under Case No. A58-5030/06.

The Temporary Insolvency Manager is:

         A. Lebedev
         8th Marta Str. 65
         Yakutsk
         677015 Sakha Republic-Yakutiya
         Russia

The Arbitration Court of Sakha Republic-Yakutiya is located at:

         Kurashova Str. 28
         677000 Sakha Republic-Yakutiya
         Russia

The Debtor can be reached at:

         OJSC Financial-Agricultural Industrial Company Vilyuj
         Mira Str. 108
         Vilyujsk
         Sakha Republic-Yakutiya
         Russia


VORONOVO LLC: Court Names S. Suvorov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for LLC Meat Processing Enterprise Voronovo.
He can be reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-47027/06-103-984B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Meat Processing Enterprise Voronovo
         Building 1
         Borovaya Str.10
         Moscow Region
         Russia


WOOD WORKING COMPANY: Court Names D. Morozov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Vologda Region appointed Mr. D. Morozov
as Insolvency Manager for CJSC Wood Working Company (TIN
3525111570).  He can be reached at:

         D. Morozov
         Post User Box 31
         160012 Vologda Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A13-6018/2006-17.

The Arbitration Court of Vologda Region is located at:

         Hall 4
         Gertsena Str. 1a
         Vologda Region
         Russia

The Debtor can be reached at:

         CJSC Wood Working Company
         Okruzhnoye Shosse 9b
         Vologda Region
         Russia


YAR-PROM-INVEST: Court Names T. Zalilova as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Yaroslval Region appointed Ms. T.
Zalilova as Insolvency Manager for CJSC Yar-Prom-Invest.  She
can be reached at:

         T. Zalilova
         Post User Box 36
         Rybinsk
         152903 Yaroslval region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A82-11945/06-43-B/484.

The Debtor can be reached at:

         CJSC Yar-Prom-Invest
         Sadovaya Str. 5A
         Karachikha
         150025 Yaroslval Region
         Russia


YUKOS OIL: Russian Fund to Auction East Siberian Unit on Dec. 12
----------------------------------------------------------------
The Russian Federal Property Fund will auction the assets of
East Siberian Oil & Gas Company, a subsidiary of bankrupt OAO
Yukos Oil Co., on Dec. 12, RBC Daily says.

A consortium of appraisers expects to complete its valuation of
Yukos's properties by Jan. 19, 2007.  According to RBC, some 78
oil producing and refining assets in the Evenk Autonomous Area,
divided into two lots worth US$2 million and US$3 million, will
be offered for sale.

The Fund's insiders revealed that they were acting upon the
ruling of the Krasnoyarsk region's arbitration court, RBC
relates.  Yukos's bankruptcy receiver Eduard Rebgun intends to
examine the properties for sale, his press secretary said.

Interested participants have until Nov. 27 to submit their bids.

                         About Yukos

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

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

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

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

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

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

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


ZORINSKIY CJSC: Court Names E. Paksyutova as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. E.
Paksyutova as Insolvency Manager for CJSC Asphalt-Concrete
Factory Zorinskiy (TIN/KPP 6432015735/643201001).  He can be
reached at:

         E. Paksyutova
         Apartment 156
         B. Kazachya Str. 87/91
         410600 Saratov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-444B/05-31.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         CJSC Asphalt-Concrete Factory Zorinskiy
         Zorinskiy
         413036 Saratov Region
         Russia


ZULTYS TECHNOLOGIES: Exits Bankruptcy Under New Management
----------------------------------------------------------
Zultys Technologies has emerged from bankruptcy as a newly
reorganized company under new management following the
US$2.65 million sale of its assets, TMCnet reports.

The Hon. Arthur S. Weissbrodt of the U.S. Bankruptcy Court for
the Northern District of California approved the sale
transaction with Pivot VoIP.

Robert Liu, TMCnet executive editor, relates that Pivot VoIP,
which was formed and supported by Israeli-based Private Branch
Exchange manufacturer Telrad Connegy, completed its acquisition
of the Company's key assets including intellectual property,
online and offline brands; and would adopt the full identity of
the Company to ensure smooth business continuity.

Pivot VoIP, as a result of the deal, will cease to exist and
move its Mountain View, California headquarters to Zulty's
Sunnyvale, California operations.  Telrad Connergy owner and
chairman Avi Weinrib would assume the role of president and CEO
of the newly reorganized Zultys, Mr. Liu adds.

Zultys VP Vladimir Movshovich, in a phone interview, told TMCnet
that the immediate priorities are to rebuild confidence within
the reseller community that Zultys has every intention to
continue to support its existing product line.

Headquartered in Sunnyvale, California, Zultys Technologies
-- http://www.zultys.com/-- designs and manufactures products
that converge telecommunications and data communications for
businesses.  Zultys sells its products worldwide and has
distribution in 115 countries including Russia and the United
Kingdom.

The Company filed for chapter 11 protection on Sept. 8, 2006
(Bankr. N.D. Calif. Case No. 06-51764).  Julie H. Rome-Banks,
Esq., Michael W. Malter, Esq., and Robert G. Harris, Esq., at
the Law Offices of Binder and Malter, represent the Debtor.
When the Debtor filed for protection from its creditors, it
listed total assets of US$1,804,276 and total debts of
US$45,040,725.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


TUBE CITY: Onex to Acquire Company for US$720 Million
-----------------------------------------------------
Onex Corp. has agreed to acquire Tube City IMS Corp. in a
transaction valued at approximately US$720 million.

Tube City IMS, operating at 66 steel mills throughout the U.S.,
Canada and Europe, through its Tube City and IMS Divisions,
provides raw materials procurement, scrap and materials
management, and slag processing services.

The equity investment of approximately US$240 million will be
made through Onex Partners II, Onex' US$3.5 billion private
equity fund, and will include a significant investment by Tube
City IMS' senior management team.

"We have found an exceptional and strong management team at Tube
City IMS," said Tim Duncanson, an Onex Managing Director.  "The
company is the largest outsourced provider of these services in
North America and the team has positioned Tube City IMS to
become the global leader.  We're excited to partner with them
and work together to achieve this goal."

"Tube City IMS provides an exceptional level of service to its
customers, which has resulted in an outstanding track record of
customer retention, generating superior returns on capital,"
added Mr. Duncanson.

"Onex has a successful track record of developing global
leaders, particularly in outsourcing, and we believe our company
will benefit greatly from its experience," said I Michael
Coslov, Chairman and Chief Executive Officer of Tube City IMS.
"We are delighted to have found in Onex a partner that shares
management's vision to grow and expand the business."

The acquisition is subject to customary conditions and is
expected to close early in 2007.

Onex manages third party private equity investments through the
Onex Partners and ONCAP family of funds.  It also manages a real
estate fund and a public market fund.  Through these activities
Onex generates annual management fee income and earns a carried
interest on approximately US$3.5 billion of third party capital.

                          About Onex

Headquartered in Toronto, Canada, Onex (TSX: OCX) --
http://www.onex.com/-- is one of Canada's largest companies
with global operations in service, manufacturing and technology
industries. It is a diversified company with annual consolidated
revenues of approximately US$19 billion and consolidated assets
of approximately US$15 billion.

                         About Tube City

Headquartered in Glassport, Pennsylvania, Tube City IMS Corp. --
http://www.tubecityims.com/-- provides raw materials
procurement, scrap optimization, material handling and scrap
management, equipment rentals, and machine shop/field services
to the North American steel industry.  The company has steel
mills in Slovakia and Serbia, and an increasing global presence.

                         *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors in
September 2006, the rating agency confirmed its B1 Corporate
Family Rating for Tube City IMS Corp.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$326.4 Million
   Guaranteed
   Senior Secured
   First Lien Term
   Loan B                 B1       B1      LGD3       43%

   US$50 Million
   Guaranteed
   Senior Secured
   Second Lien Term
   Loan                   B3       B3      LGD5       86%


TUBE CITY: Acquisition Deal Prompts Moody's to Review Ratings
-------------------------------------------------------------
Moody's Investors Service placed the ratings of Tube City IMS
Corp. under review for possible downgrade.  The review was
prompted by Onex Corp.'s announcement that it has agreed to
acquire Tube City in a transaction valued at US$720 million,
including equity and debt.

Moody's review will assess the impact of increased leverage on
Tube City's credit profile and capital structure, and the
overall debt service capabilities of the company in light of the
acquisition and higher debt levels.

In addition, Moody's review will consider the amount of equity
investment by Onex Partners II, Onex's US$3.5 billion private
equity fund, which is expected to be approximately
US$240 million, as well as the strategic positioning within
Onex.

If the Onex acquisition results in the repayment of Tube City's
existing debt, the existing ratings will be withdrawn at the
conclusion of any new financing.

Ratings placed on review for possible downgrade:

Issuer: Tube City IMS Corp.

    * Corporate Family Rating of B1
    * Probability of Default rating of B1
    * Gtd. First Lien Revolving Credit Facility, B1
    * Gtd. First Lien Term Loan due 2010, B1 (LGD3, 43%)
    * Gtd. Second Lien Term Loan due 2011, B3 (LGD5, 86%)

Tube City IMS Corp., headquartered in Glassport, PA, is a
leading North American provider of on-site steel mill services
such as material handling, scrap management, metal recovery and
slag processing.


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


TUBE CITY: Inks US$720-Mln Acquisition Agreement with Onex Corp.
----------------------------------------------------------------
Onex Corp. has agreed to acquire Tube City IMS Corp. in a
transaction valued at approximately US$720 million.

Tube City IMS, operating at 66 steel mills throughout the U.S.,
Canada and Europe, through its Tube City and IMS Divisions,
provides raw materials procurement, scrap and materials
management, and slag processing services.

The equity investment of approximately US$240 million will be
made through Onex Partners II, Onex' US$3.5 billion private
equity fund, and will include a significant investment by Tube
City IMS' senior management team.

"We have found an exceptional and strong management team at Tube
City IMS," said Tim Duncanson, an Onex Managing Director.  "The
company is the largest outsourced provider of these services in
North America and the team has positioned Tube City IMS to
become the global leader.  We're excited to partner with them
and work together to achieve this goal."

"Tube City IMS provides an exceptional level of service to its
customers, which has resulted in an outstanding track record of
customer retention, generating superior returns on capital,"
added Mr. Duncanson.

"Onex has a successful track record of developing global
leaders, particularly in outsourcing, and we believe our company
will benefit greatly from its experience," said I Michael
Coslov, Chairman and Chief Executive Officer of Tube City IMS.
"We are delighted to have found in Onex a partner that shares
management's vision to grow and expand the business."

The acquisition is subject to customary conditions and is
expected to close early in 2007.

Onex manages third party private equity investments through the
Onex Partners and ONCAP family of funds.  It also manages a real
estate fund and a public market fund.  Through these activities
Onex generates annual management fee income and earns a carried
interest on approximately US$3.5 billion of third party capital.

                          About Onex

Headquartered in Toronto, Canada, Onex (TSX: OCX) --
http://www.onex.com/-- is one of Canada's largest companies
with global operations in service, manufacturing and technology
industries. It is a diversified company with annual consolidated
revenues of approximately US$19 billion and consolidated assets
of approximately US$15 billion.

                         About Tube City

Headquartered in Glassport, Pennsylvania, Tube City IMS Corp. --
http://www.tubecityims.com/-- provides raw materials
procurement, scrap optimization, material handling and scrap
management, equipment rentals, and machine shop/field services
to the North American steel industry.  The company has steel
mills in Slovakia and Serbia, and an increasing global presence.

                         *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors in
September 2006, the rating agency confirmed its B1 Corporate
Family Rating for Tube City IMS Corp.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$326.4 Million
   Guaranteed
   Senior Secured
   First Lien Term
   Loan B                 B1       B1      LGD3       43%

   US$50 Million
   Guaranteed
   Senior Secured
   Second Lien Term
   Loan                   B3       B3      LGD5       86%


TUBE CITY: Acquisition Deal Prompts Moody's to Review Ratings
-------------------------------------------------------------
Moody's Investors Service placed the ratings of Tube City IMS
Corp. under review for possible downgrade.  The review was
prompted by Onex Corp.'s announcement that it has agreed to
acquire Tube City in a transaction valued at US$720 million,
including equity and debt.

Moody's review will assess the impact of increased leverage on
Tube City's credit profile and capital structure, and the
overall debt service capabilities of the company in light of the
acquisition and higher debt levels.

In addition, Moody's review will consider the amount of equity
investment by Onex Partners II, Onex's US$3.5 billion private
equity fund, which is expected to be approximately
US$240 million, as well as the strategic positioning within
Onex.

If the Onex acquisition results in the repayment of Tube City's
existing debt, the existing ratings will be withdrawn at the
conclusion of any new financing.

Ratings placed on review for possible downgrade:

Issuer: Tube City IMS Corp.

    * Corporate Family Rating of B1
    * Probability of Default rating of B1
    * Gtd. First Lien Revolving Credit Facility, B1
    * Gtd. First Lien Term Loan due 2010, B1 (LGD3, 43%)
    * Gtd. Second Lien Term Loan due 2011, B3 (LGD5, 86%)

Tube City IMS Corp., headquartered in Glassport, PA, is a
leading North American provider of on-site steel mill services
such as material handling, scrap management, metal recovery and
slag processing.


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


BANKINTER 13: S&P Junks EUR20.6 Million Class E Notes
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.5 billion mortgage-backed floating-
rate notes to be issued by Bankinter 13, Fondo de Titulizacion
de Activos, a special purpose entity.  At the same time, EUR20.6
million of class E notes will be issued to fund the reserve
fund.

The collateral consists of first and second mortgage loans for
residential properties in Spain.

The originator of this transaction is Bankinter S.A., which
ranks among the top 10 Spanish banks.  It focuses on three main
areas: retail banking, wholesale corporate banking and middle-
market operations, and private banking.

This is the 13th RMBS securitization of Bankinter's mortgage
loans.  In this transaction, Bankinter will act as originator,
servicer, transaction accounts provider, and swap counterparty.

As in other Spanish transactions, interest and principal will be
combined into a single priority of payments, with some triggers
in the payment of interest to protect senior noteholders.

                        Ratings List
        Bankinter 13, Fondo de Titulizacion de Activos
     EUR1,570 Million Mortgage-Backed Floating-Rate Notes

                            Prelim.        Prelim.
             Class          rating         amount (Mil. EUR)
             -----          ------         ------
             A1             AAA            85
             A2             AAA            1,397.4
             B              A              22.4
             C              BBB            24.1
             D              BB-            20.5
             E (1)          CCC-           20.6

   (1) The class E notes will be used to finance the
       reserve fund and are included in the issuance total.

       NR-Not rated.


GETRONICS NV: Theo Janssen Resigns as Chief Financial Officer
-------------------------------------------------------------
Theo Janssen, Chief Financial Officer of Getronics N.V. and
member of the Board of Management since May 1, 2005, will leave
the company on Dec. 1, 2006.  This was agreed in mutual
consultation between the parties.

"I would like to thank Theo Janssen for his commitment and
contribution in the time that he has been with us at Getronics,"
Rinus Minderhoud, Chairman of the Supervisory Board, stated.

The tasks and responsibilities of the CFO will be assigned on an
interim basis to Ralph Zepeda, who has served Getronics in
multiple senior corporate finance roles since joining the
company in 2003.

                         About Getronics

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

                          *     *     *

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

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

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


GETRONICS NV: Unveils Future-Ready Workspace Solution
-----------------------------------------------------
Getronics N.V. introduced its innovative, modular Future-Ready
Workspace solution developed specifically to empower people to
work more productively.

The Future-Ready Workspace is the result of Getronics' more than
30 years' of experience in delivering quality solutions in
workspace and applications services for many of the global
Fortune 500 companies.

The Getronics Future-Ready Workspace provides:

   * user-centric service

         -- end-user is key, not the technology;

         -- one size does not fit all -- individual users can
            have different profiles;

         -- functionality is driven from user's perspective

   * clear governance

         -- ICT infrastructure becomes a utility
         -- product selection is based on best practice;
         -- Microsoft by default;

   * guaranteed evolution path

         -- drive innovation and transformation
         -- future-Ready through modular approach
         -- architecture release management

The Future-Ready Workspace is all about design, transition and
migration resulting in controlled change, with Managed Services
for ongoing support and architecture development for continuous
improvement.

The core components include support services for print, e-mail,
Office, security, Internet and file management. The pre-
integrated modules are 'plug and play' extensions of the core
offering and include Mobile Executive, Managed LAN and Managed
IPT. Next to these more standardized modules, Getronics also
enables the integration of customized and more client-specific
modules.

                 Innovative Modular Architecture

The Getronics Future-Ready Workspace brings together market-
proven solutions in an innovative modular architecture in order
to provide a secure, flexible and reliable mobile workspace -
including connectivity, applications, infrastructure, and
support.  Built on industry standards, the Future-Ready
Workspace continually evolves to meet the changing needs and
goals of business.  Organizations no longer need to worry about
sorting out upgrades for their systems, as innovations and
upgrades are provided as and when required.

Best-of-breed approach - the right services at the best price
Individual people - like the organizations they work for - have
different and changing requirements. For this reason, the
Future-Ready Workspace has been constructed using a modular
architecture so that it can be easily extended and enriched with
additional services and support capabilities to meet specific
business requirements. The Future-Ready Workspace is fully
aligned with business objectives and Getronics' vendor agnostic,
'best-of-breed' approach ensures that businesses get the right
services at the best price.

Complete cost transparency, operational savings up to 30%
Not only does the Future-Ready Workspace provide complete
transparency into ICT costs, but it also delivers operational
savings of up to 30% - savings that can be reinvested into
optimising business performance. Getronics takes complete
responsibility for the design, transition and ongoing support of
the Future-Ready Workspace, creating a 'new way to outsourcing'.
The Future-Ready Workspace is a fully scalable service suitable
for both medium-sized businesses and also for large
multinational organizations (from 1,500 to 150,000 employees).

"The next generation of workers has grown up in an interactive
age, an age of wireless connectivity and of rapid technological
change," Klaas Wagenaar, CEO of Getronics, commented. "These
workers are already entering the workforce and it is these
people who will be the drivers of productivity and innovation
for business - but only if they have the right tools. The
Future-Ready Workspace enables workforce productivity now and in
the future."

                      User-Centric Approach

"Getronics' user-centric approach to the workspace helps set a
clear and credible roadmap for enabling workforce productivity
through information technology," Kirill Tatarinov, Corporate
Vice President of Windows Enterprise Management, Microsoft,
said.  "One of Microsoft's key initiatives is dedicated to
empowering people-ready businesses by helping IT professionals
manage complexity and achieve agility within their IT
environments.  Getronics' Future-Ready Workspace also fosters
these capabilities while helping companies reduce the total cost
of ownership of their IT resources, and ultimately aides them in
more quickly realizing a return on their investments."

Driving cost and complexity out of IT infrastructure
The Getronics Future-Ready Workspace drives costs and complexity
out of the client's IT infrastructure, decreases security
vulnerability and risk, and enables their mobile workforce.

                   State-of-the-Art Technology

Samas, a multi-national office furnishing business, is an early
adopter of the Getronics Future-Ready Workspace and is already
convinced of the benefits of its 1,600 Getronics workspaces for
its employees.

"The Getronics Future-Ready Workspace was exactly what we were
looking for," Wouter Hasekamp, European IT Director at Samas
explained.  "It enables us to react quickly and flexibly to
change.  All of our employees now have access to the same
desktop environment operating state-of-the-art technology. In
addition, the complete openness of Getronics' solution appealed
to us.  There is no question of a black box."

                         About Getronics

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

                          *     *     *

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

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

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


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


ARMSTRONG WORLD: Sept. 30 Balance Sheet Upside-Down by US$1.2BB
---------------------------------------------------------------
Armstrong World Industries Inc. reported a US$39.2 million net
income on US$973.6 million of net sales for the third quarter
ended Sept. 30, 2006, compared with a US$46.1 million net income
on US$937.0 million of net sales for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$4.7 billion in total assets and US$5.9 billion in total
liabilities, resulting in a stockholders' deficit of
US$1.2 billion.

The company's balance sheet at Sept. 30, 2006, also showed
US$1.6 billion in total current assets available to pay
US$425.6 million in total current liabilities.

Full-text copies of the company's third quarter financial
statements are available for free at:

               http://researcharchives.com/t/s?148d

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc.-- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.

The company and its affiliates filed for chapter 11 protection
on December 6, 2000 (Bankr. Del. Case No. 00-04469).
StephenKarotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the Company's emergence from bankruptcy on Oct. 2,
2006.  S&P said the outlook is stable.


ROYAL & SUN: Earns GBP344 Million for First Nine Months 2006
------------------------------------------------------------
Royal & Sun Alliance Insurance Group Plc released its financial
results for the nine months ended Sept. 30, 2006.

RSA posted GBP344 million in net profit against GBP4.08 billion
in total revenues for the first nine months of 2006, compared
with GBP378 million net profit against GBP4.01 billion in total
revenues for the same period in 2005.

As of Sept. 30, 2006, RSA had GBP23.06 billion in total assets,
GBP18.66 billion in total liabilities, and GBP4.41 billion in
shareholders' equity.

"It has been a good nine months for the Group," Andy Haste,
Group CEO of Royal & Sun Alliance Insurance Group plc, said.
"We have again delivered a strong performance with a 21%
increase in the operating result and we have made significant
progress towards our strategic objectives through organic
growth, bolt on acquisitions and organizational change.  We have
also received shareholder approval for the sale of our U.S.
operation which, when complete, will resolve our last remaining
legacy issue.  The Core Group is positioned to continue
delivering sustainable profitable performance and, as it stands
currently, we expect to come inside our 2006 full year guidance
of a combined operating ratio of around 95%."

Full-text copy of RSA's nine-month results can be viewed free-
of-charge at: http://researcharchives.com/t/s?14f2

                    About Royal & Sun Alliance

Headquartered in London, United Kingdom, Royal & Sun Alliance
Insurance Group Plc -- http://www.royalsunalliance.com/--
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International.  The group operates in the U.K.,
Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China,
Colombia, Denmark, Egypt, France, Germany, Hong Kong, India,
Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland
Antilles, the Netherlands, Norway, Oman, Saudi Arabia,
Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela.

                           *    *    *

As reported in the TCR-Europe on Sept. 29, A.M. Best Co. has
placed the financial strength ratings of C++ (Marginal) and the
issuer credit ratings of "b" of the Royal & SunAlliance U.S.A.
Insurance Pool and Royal Surplus Lines Insurance Company under
review with developing implications pending the completion of
the proposed sale of these operations to Arrowpoint Capital, a
new company formed by the existing management team of these
operations.  All the above companies are domiciled in
Wilmington, Delaware.  R&SAUS and RSLIC are U.S. subsidiaries of
Royal & Sun Alliance Insurance Group plc (London, England).

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services lowered its counterparty credit and insurer
financial strength ratings on Royal & Sun Alliance Insurance
Group PLC's U.S. insurance operations (RSA USA) to 'BB' from
'BB+'.  S&P said the outlook remains negative.  At the same
time, the ratings were withdrawn at the request of the
companies' management.


ROYAL & SUN: Acquires Martello Underwriting Ltd. for GBP38.5 Mln
----------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc discloses of the
acquisition of Martello Underwriting Limited for GBP38.5 million
payable in cash.

Martello is a leading specialist provider of professional
indemnity insurance to small and medium sized professional
practices in the U.K., including accountants, architects,
solicitors and surveyors.  This transaction delivers on Royal &
Sun Alliance's strategy of building leading positions in its
target trades and segments.

The Group expects the transaction to complete in the fourth
quarter of 2006.  In 2007, the acquisition is expected to
generate annual premiums of GBP40 million. The transaction is
subject to regulatory approval.

"This transaction offers an ideal opportunity for R&SA to
strengthen its position in the Professional Indemnity market,"
Bridget McIntyre, U.K. Chief Executive, Royal & SunAlliance,
said.  "The combination of Royal & SunAlliance's technical
excellence and distribution network and Martello's dedicated
expertise in the PI market, creates an attractive platform from
which to drive profitable growth."

                   About Royal & Sun Alliance

Headquartered in London, United Kingdom, Royal & Sun Alliance
Insurance Group Plc -- http://www.royalsunalliance.com/--
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International.  The group operates in the U.K.,
Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China,
Colombia, Denmark, Egypt, France, Germany, Hong Kong, India,
Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherlands
Antilles, the Netherlands, Norway, Oman, Saudi Arabia,
Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela.

                           *    *    *

As reported in the TCR-Europe on Sept. 29, A.M. Best Co. has
placed the financial strength ratings of C++ (Marginal) and the
issuer credit ratings of "b" of the Royal & SunAlliance U.S.A.
Insurance Pool and Royal Surplus Lines Insurance Company under
review with developing implications pending the completion of
the proposed sale of these operations to Arrowpoint Capital, a
new company formed by the existing management team of these
operations.  All the above companies are domiciled in
Wilmington, Delaware.  R&SAUS and RSLIC are U.S. subsidiaries of
Royal & Sun Alliance Insurance Group plc (London, England).

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services lowered its counterparty credit and insurer
financial strength ratings on Royal & Sun Alliance Insurance
Group PLC's U.S. insurance operations (RSA USA) to 'BB' from
'BB+'.  S&P said the outlook remains negative.  At the same
time, the ratings were withdrawn at the request of the
companies' management.


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


BUSINESS-SERVICE JSC: Kyiv Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on JSC Business-Service (code EDRPOU
23760222).  The case is docketed under Case No. 43/664.

The Temporary Insolvency Manager is:

         Oleksij Petrov
         Vorobyov Str. 11
         61057 Harkiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         JSC Business-Service
         Kozeletska Str. 9
         03113 Kyiv Region
         Ukraine


CONTINENT LLC: Kyiv Court Names V. Topeha as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. V. Topeha as
Liquidator/Insolvency Manager for LLC Trade House Continent
(code EDRPOU 33156811).

The Court commences bankruptcy against the company after finding
it insolvent on Oct. 9.  The case is docketed under Case No.
24/679-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Trade House Continent
         Dehtyarivska Str. 31
         Kyiv Region
         Ukraine


DNIPRODZERZHINSK HOUSE: Court Names Sergij Rulyov as Liquidator
---------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Sergij
Rulyov as Liquidator/Insolvency Manager for OJSC
Dniprodzerzhinsk House Building Combine (code EDRPOU 05411185).

The Court commences bankruptcy against the company after finding
it insolvent on Oct. 4.  The case is docketed under Case No. B
29/26/03.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Dniprodzerzhinsk House Building Combine
         Industrialna Str. 20
         Dniprodzerzhinsk
         51900 Dnipropetrovsk Region
         Ukraine


MBK ALLIANCE: Kyiv Court Names E. Kalinin as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. E. Kalinin as
Liquidator/Insolvency Manager for LLC MBK Alliance (code EDRPOU
33349132).

The Court commences bankruptcy against the company after finding
it insolvent on Oct. 9.  The case is docketed under Case No.
24/675-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC MBK Alliance
         Dehtyarivska Str. 31
         Kyiv Region
         Ukraine


MHP SA: Fitch Gives B/RR4 Ratings on Prospective Sr. Debt Issue
---------------------------------------------------------------
Fitch Ratings assigned MHP SA's prospective issue of USD senior
notes due 2011 an expected B rating and an expected Recovery
Rating of RR4.

The final ratings are contingent upon receipt of final documents
conforming to information already received, as well as receipt
of satisfactory legal opinions.

MHP SA intends to use most of the notes proceeds to finance a
loan to Ukraine-based OJSC Myronivsky Hliboproduct and to
initially six of its subsidiaries, by on lending to them through
Cyprus- based intermediate holding company Eledem Investments
Limited.  The expected rating of the notes is in line with OJSC
MHP's foreign currency and local currency Issuer Default and
senior unsecured B ratings.

OJSC MHP and its subsidiaries will guarantee the obligations of
MHP SA in relation to the notes on a senior, unconditional,
irrevocable, joint and several basis.  The initial guarantors
account for 81% of group assets as of Dec. 31, 2005.

MHP SA will be required to designate an additional guarantor for
any group subsidiary whose assets at the end of a financial
quarter account for more than 10% of MHP SA's total assets.  The
status of the guarantees, combined with the limited amount of
secured debt on the balance sheet of OJSC MHP group companies
provides sufficient comfort to Fitch about any potential
structural issues.

Fitch however, cautions investors that, although the guarantees
will be governed by New York law, they will need to comply with
Ukrainian law and, in the event of a default, there may be
timing differences affecting their repayment compared to other
debt that operating companies may have incurred.

At the moment, three of the guarantors utilize local unsecured
borrowing from third parties for up to an aggregate US$150
million.  An additional concern for Fitch is that, in the event
of a default bondholders could be dealing with the complication
of multiple jurisdictions.

Proceeds from the notes are being used primarily to refinance
both secured and unsecured debt within the OJSC MHP group of
companies and to finance capital expenditures within MHP's
expansion and diversification program.

The terms and conditions of the notes include a limitation on
the group's debt, using a maximum consolidated leverage ratio of
3.25x, which then decreases to 3x for FY08 and 2.5x thereafter.

This is consistent with the group's intentions to fund its
important capacity expansion plans, which should cause financial
debt to peak in FY06 and FY07, and with the commitment to then
de-leverage from FY08 onwards.

There are also certain restrictions on dividend payments by OJSC
MHP.  Furthermore, upon asset sales by the obligors - MHP and
the guarantors - of the notes, MHP SA must apply these proceeds
to prepay the notes at par if in the 365 days after their
receipt it has not used them for the reduction of debt ranking
senior to the notes or for asset purchases.

In the event of a change of control relating to MHP SA,
noteholders have the right to require the issuer to prepay their
notes.  There are also covenants relating to transactions with
affiliates, mergers and disposals.


MYRONIVSKY HLIBOPRODUCT: Fitch Rates Issuer Default Rating at B
---------------------------------------------------------------
Fitch Ratings assigned Ukraine-based OJSC Myronivsky
Hliboproduct, the country's leading farmer and processor of
poultry, local and foreign currency Issuer Default ratings of B,
both with Stable Outlooks.

At the same time, Fitch has assigned MHP a senior unsecured
rating of B.  In addition a National Long-term rating of A with
a Stable Outlook is assigned.

The ratings reflect MHP's virtually unchallenged position as
Ukraine's major supplier of industrially produced meat to the
country's population.  MHP enjoys a head start in the
development of local brands for poultry and prepared meats, and
has demonstrated the benefits of operating through a fully
vertically integrated business model.

These factors contributed to an EBITDA margin of 38.2% in FY05 -
significantly above that of any international peer in the meat
processing industry.  MHP also benefits from the strategic
importance attributed by the Ukrainian government following the
re-launch of its agriculture sector.

However, Fitch also notes the relatively short track record of
the group, which was founded in 1998, and its still strong
reliance on the management abilities and decisions of its
founding shareholder.  The rating is also affected by the risks,
typical of livestock processors, related to the health of its
poultry and beef.

In addition, MHP faces execution risks in a fairly ambitious
growth plan aimed at increasing poultry production capacity two
and a half times between FY05 and FY10 and at growing the other
non-core business areas.

The group's operations are mostly domestic while its debt is
largely denominated in foreign currencies leaving MHP vulnerable
to the risks of a sudden devaluation of the local currency
against the EURand the USD.

The period between FY06 and FY10 is critical to MHP's
development.  It has a capital expenditure budget of US$785
million for FY05 to FY10.  This is expected to be initially
funded by an increase of net debt to a peak of approximately
US$350 million in FY07 from FYE05's USD92 million.

Management is confident that once the first phase of its
projects - totaling US$570 million is completed in FY07, cash
flow generation should pick up and allow, together with
government grants to which MHP is eligible, to cover the
remaining portion of the capital expenditure.

Fitch estimates lease-adjusted net debt-to-EBITDAR to rise to
over 2.0x in FY06 and remain at such level for FY08, compared to
FY05's 0.7x.

The rating incorporates a degree of headroom for leverage and
takes into account the potential of an unexpected slowdown in
the development of the major expansion projects that the group
is undertaking.

Established in 1998 and 93%-controlled by the family of
Mr. Yuriy Kosyuk, MHP also operates a small gas-trading unit
that Fitch expects to be discontinued by early FY07.  In FY05,
the group reported US$280 million consolidated sales and an
operating EBITDAR of US$148 million.

MHP had US$270 million in debt at early September 2006,
approximately half of which was secured through plant and
property mortgages.  At end-September 2006, 85% of the group's
debt was foreign currency-denominated.  The group is in the
process of launching an international bond issue to refinance
most of its secured debt, including the two facilities provided
by International Finance Corporation.


SUAL GROUP: Seeks Merger Approval from Anti-Monopoly Service
------------------------------------------------------------
The SUAL Group, RUSAL, Glencore International have submitted a
petition to the Russian Federal Antimonopoly Service seeking
approval for the united company to acquire the assets of RUSAL
and SUAL.

The United company RUSAL will include these RUSAL assets:

   -- Bratsk Aluminium Smelter,
   -- Krasnoyarsk Aluminium Smelter,
   -- Novokuznetsk Aluminium Smelter,
   -- Sayanogorsk Aluminium Smelters,
   -- Achinsk Alumina Plant,
   -- Nikolaev Alumina Refinery,
   -- Boksitogorsk Alumina Refinery,
   -- Friguia Alumina Plant (Guinea),
   -- Compagnie des Bauxites de Kindia (Guinea),
   -- Bauxite Company of Guyana,
   -- a stake in the Queensland Alumina Refinery (Australia),
   -- Armenal Alumina Refinery,
   -- Sayanal Alumina Refinery, and
   -- a cathode plant in China.

SUAL Group will contribute:

   -- Irkutsk Aluminium Smelter,
   -- Urals Aluminium Smelter,
   -- Kandalaksha Aluminium Smelter,
   -- Bogoslovsk Aluminium Smelter,
   -- Nadvoitsy Aluminium Smelter,
   -- Volgograd Aluminium Smelter,
   -- Volkhov Aluminium Smelter,
   -- Zaporozhye Aluminium Combine,
   -- Pikalevo Alumina Refinery,
   -- SUBR,
   -- Urals Foil,
   -- Silicon,
   -- SUAL-Silicon-Ural and
   -- SUAL-PM.

Glencore International AG will contribute:

   -- Aughinish in Ireland,
   -- Windalco and Alpart in Jamaica,
   -- Eurallumina in Italy, and
   -- Kubikenborg Aluminium Smelter in Sweden.

As reported in the TCR-Europe on Oct. 26, the parties are to
pour in US$16 billion into United Company RUSAL to develop the
merged businesses within the next five years.

The combined company will own bauxite mining, alumina refinery,
aluminium smelting and foil production facilities.  Under the
terms of the share-for-share deal, RusAl will own 66% of the new
company, with Sual owning 22% and Glencore 12%.

                        About Glencore

Headquartered in Baar, Switzerland, Glencore International AG --
http://www.glencore.com/-- engages in the smelting, refining,
mining, processing, purchasing, selling and marketing of metals
and minerals, energy products and agricultural products.
Glencore operates on a global scale, marketing physical
commodities produced in its industrial assets or purchased from
third parties to industrial consumers, such as those in the
automotive, steel, power generation, oil and food processing
industries.  Energy products and commodities are marketed and
coordinated primarily in Glencore's headquarters in Baar,
Switzerland and through the offices of its subsidiaries in
London, Stamford and Singapore.

                         About RusAl

Headquartered in Moscow, Russia, Russky Alyuminiyum --
http://www.rusal.com/-- produces and smelts aluminium with
US$6.65 billion in revenues in 2005.  The group produced 2.714
million tons of primary aluminium in 2005.  RusAl employs about
50,000 people in nine Russian regions and thirteen countries.

                         About SUAL

Headquartered in Moscow, Russia, Siberian-Urals Aluminium
Company -- http://www.sual.com/-- produces and smelts aluminium
and ranks amongst the world's top ten producers.  It comprises
18 businesses that are located in nine Russian regions and in
Ukraine, Zaporozhye City, are involved in the production of
bauxite, alumina, primary aluminium, silicon, semi-finished and
finished aluminium products.  The Group's revenue for the year
ended Dec. 31, 2005, was US$2.7 billion.  It has 60,000
employees.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'BB-'long-term
corporate credit rating to SUAL International Ltd. The outlook
is stable.  Standard & Poor's also assigned its 'ruAA-' Russian
national scale rating to SUAL.

At the same time, Moody's Investors Service, assigned 'Ba3'
corporate family rating to SUAL International Ltd. Outlook is
stable.


TNK-BP HOLDING: Pays RUR30 Billion in Back Taxes for 2002-2003
--------------------------------------------------------------
OAO TNK-BP Holding has paid more than RUR30 billion (US$1.5
billion) in back taxes for 2002-2003 to the Russian government,
Neil Buckley writes for the Financial Times.

The company paid the back taxes after receiving the tax
assessment results by Russian federal tax authorities, which are
still reviewing TNK-BP's unpaid duties for 2003-2004, RIA
Novsoti says.  TNK-BP had reserved RUR39.1 billion for possible
repayment of tax claims.

The tax claim against  TNK-BP was the second largest next to
against OAO Yukos Oil, which faced US$28 million in back tax
claims, penalties and interest, FT notes.  Tax authorities
initially billed US$1.85 billion in back taxes, but TNK-BP was
able to cut the figure.

TNK-BP stressed that the payment has no impact on its 2006
financial results or operations.

Alexei Kudrin, Russia's Finance Minister, said that half of
proceeds from the payment will be reserved for the oil-rich
Tyumen Region and the other half to the Federal budget.

                          About TNK-BP

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

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

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

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

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


TNK-BP HOLDING: Russian Prosecutors Probe Unit's License Breach
---------------------------------------------------------------
Government prosecutors in the Yamal-Nenets Autonomous Area has
commenced a criminal investigation into license violations by
Rospan International, a wholly owned unit of OAO TNK-BP Holding,
RIA Novosti states.

Rospan is charged of "carrying out its activity connected with
developing deposits of hydrocarbons on the Vostochno-Urengoi and
Novo-Urengoi license sites in violation of licensing terms," RIA
Novosti quotes the Prosecutor General's Office Web site as
saying.

Government lawyers have also commenced criminal proceedings
against Rospan CEO Phillip Taik.

The Prosecutor General's Office also asked the Federal Agency
for the Management of Mineral Resources to cancel Rospan
licenses to develop the sites due to environmental violations.
The probe into Rospan's operations in West Siberia started after
a parliament member and Internet publication columnist asked the
prosecutors for a check.  The prosecutors concluded that Rospan
violated the laws on environmental protection and industrial
safety, RIA Novsoti relates.

Analysts, however, told BBC News that the action was meant to
reduce the private investors' influence and hike the
government's control over the energy sector.  BBC notes that the
sites in question are proximate to Gazprom's West Siberian
fields.

TNK-BP, meanwhile, said it is reviewing the situation.  The
company added it had requested for more time to submit pertinent
documents regarding Rospan's licenses.

"We have been working in accordance with all legislative norms,"
the company told RIA Novosti.

Rospan International, according to TNK-BP's Web site, was formed
in 1992 to develop the Achimovsk gas formations of the East-
Urengoigas condensate fields in the Yamalo-Nenets Autonomous
District.  Under its license agreement, Rospan International is
authorized to develop the complex Valanzhin deposits.

Rospan's projected annual potential is 3.4 billion cubic meters
of gas and 800,000 tons of gas condensate.

TNK-BP acquired Rospan from Yukos when the oil giant was
desperately trying to prevent its collapse.

                          About TNK-BP

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

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

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

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

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


UKRENERGOSERVICE LLC: Court Commences Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Zaporizhya Region commenced bankruptcy
supervision procedure on LLC Ukrenergoservice (code EDRPOU
31575604) on Aug. 10.  The case is docketed under Case No.
21/162/06.

The Temporary Insolvency Manager is:

         Olena Gerasimenko
         Skifska Str. 28/9
         Energodar
         71500 Zaporizhya Region
         Ukraine

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Ukrenergoservice
         Promzona, a/b 11
         Energodar
         71500 Zaporizhya Region
         Ukraine


ZOLOTIJ FAZAN: Court Names Lubov Semenova as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Lubov Semenova
as Liquidator/Insolvency Manager for LLC Zolotij Fazan (code
EDRPOU 20883929).

The Court commences bankruptcy against the company after finding
it insolvent on Aug. 22.  The case is docketed under Case No.
10/190/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         LLC Zolotij Fazan
         Yaselka
         Ochakivskij District
         Mikolaiv Region
         Ukraine


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


ALBATROSS PUBLISHING: Appoints Neil Chesterton as Liquidator
------------------------------------------------------------
Neil Chesterton of The MacDonald Partnership plc was appointed
Liquidator of Albatross Publishing Limited on Nov. 6 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Albatross Publishing Limited
         The Coach House
         Grange Road
         Grange Court
         Tongham
         Farnham
         Surrey GU10 1DW
         United Kingdom
         Tel: 01252 781994
         Fax: 01252 781995


ANTHRACITE EURO: Fitch Rates EUR25-Mln Class E Notes at BB
----------------------------------------------------------
Fitch Ratings assigned Anthracite Euro CRE CDO 2006-1 Plc's
upcoming issue of EUR276 million floating-rate notes due 2042
expected ratings:

   -- EUR142.5 million Class A senior secured notes: AAA;

   -- EUR29 million Class B senior secured notes: AA+;

   -- EUR48.5 million Class C senior secured deferrable notes:
      A+;

   -- EUR31 million Class D senior secured deferrable notes:
      BBB; and

   -- EUR25 million Class E senior secured deferrable notes: BB.

The transaction, the first European real estate collateralized
debt obligation, is a securitization of primarily commercial
mortgage-backed securities and subordinate real estate debt
managed by BlackRock Financial Management Inc.  Approximately
90% of the issuance proceeds will be invested at closing, with
the remainder targeted for the first 3.5 months of the
transaction.

"As with commercial mortgage-backed securities deals, investors
in this transaction are buying exposure to real estate refinance
risk - though on more levered instruments of a subordinate
nature, including B notes and mezzanine CMBS," said Euan
Gatfield, Director, Fitch Ratings.

"This risk is partly mitigated by obligor diversity credit,
built on a degree of pool granularity coupled with a purely
sequential method of pay-down at the back-end of the deal -
neither of which typically characterizes European CMBS,"

"However the target pool is of lower granularity than most cash
flow CDOs.  The dynamics of the underlying real estate market,
conventions in lending practices as well as intensifying
competition for assets all combine to constrain diversity,
especially by region and refinance date.  It falls to the
manager to protect and ideally enhance this aspect of the pool
over the life of the deal," Mr. Gatfield concluded.

In this regard, prior to making any purchase BlackRock will run
Fitch's VECTOR test, in addition to the various others typical
of CDOs.

Scott Duggal, analyst at Derivative Fitch, explains, "The VECTOR
model used to rate this transaction upfront has been tailored to
evaluate diversity by property type, region and granularity,
identified as the key factors in pool-wide correlation for a
transaction of this type.  This same model will be used in the
ongoing testing of the portfolio by BlackRock."

Fitch carried out an on-site review of the manager at its New
York offices and is comfortable in its ability not only as a
portfolio manager but also as a real estate asset manager.  This
latter capability is crucial given the nature and on average
speculative grade credit quality of the collateral.

The expected ratings are based among other things on the credit
enhancement provided to the various Classes of notes in the form
of structural subordination and excess spread.  Credit
enhancement for the class A notes totals [57.46]%, and is
provided by the class B notes [8.66]%, the class C notes
[14.48]%, the class D notes [9.25]%, the class E notes [7.46]%
and the subordinated notes.

Note that a portion of the note proceeds will be used to pay
certain initial expenses of the issuer rather than to purchase
collateral, leaving [17.61]% of first loss coverage.

The expected ratings of the Class A and B notes address ultimate
repayment of principal at maturity and timely payment of
interest according to the terms of the notes.

For all other rated Classes of notes, the expected ratings
address ultimate payment of principal and interest, including
any deferred interest, at maturity according to the terms of the
notes.  The final ratings are contingent on the receipt of final
documents conforming to information already received.


BIO INTERNATIONAL: Creditors Confirm Voluntary Liquidation
----------------------------------------------------------
Creditors of Bio International Limited confirmed Nov. 1 the
resolutions for voluntary liquidation and the appointment of
John Russell and Andrew Phillip Wood of The P&A Partnership as
the company's Liquidators.

The company can be reached at:

         Bio International Limited
         Unit 13-16 Worldwide Way
         Kiln Lane Trading Estate
         Stallingborough
         Grimsby
         South Humberside DN41 8DY
         United Kingdom
         Tel: 01469 575677


BRAVO! FOODS: Restates 2005 Results to Account for Derivatives
--------------------------------------------------------------
Bravo! Foods International Corp. has submitted an amended annual
report for the year ended Dec. 31, 2005, with the U.S.
Securities and Exchange Commission to reflect the restatement of
its consolidated financial statements for the years ended
Dec. 31, 2005 and 2004 and the quarterly periods for these
years.

The Company restates its consolidated financial statements to:

    a) properly account for certain derivative financial
       instruments embedded in its notes payable, convertible
       notes payable and redeemable preferred stock;

    b) properly account for other derivative financial
       instruments (principally warrants) that were issued in
       connection with its financing and other business
       arrangements; and

    c) reclassify and properly account for redeemable preferred
       stock.

The Company reported a net loss for the year ended Dec. 31, 2005
of US$79,528,653 compared with a net loss of US$11,517,620 in
2004.

Revenues for the year ended Dec. 31, 2005 were US$11,948,921, an
increase of US$8,604,222, or 257%, compared to revenues of
US$3,344,699 in 2004.  The company attributes the increase in
revenues to the entry of a significant new customer, Coca Cola
Enterprises, during the third fiscal quarter with sales
generation commencing in the fourth fiscal quarter.

At Dec. 31, 2005, the Company's restated balance sheet showed
US$28,358,120 in total assets, US$48,749,254 in total
liabilities and US$2,104,500 in redeemable preferred stock,
resulting in a stockholders' deficit of US$22,495,634.

A full-text copy of the amended annual report is available for
free at http://researcharchives.com/t/s?14d9

                        Going Concern Doubt

Lazar Levine & Felix LLP expressed substantial doubt about
Bravo! Foods' ability to continue as a going concern after
auditing the Company's financial statements for the years ended
Dec. 31, 2005 and 2004.  The auditing firm pointed to the
Company's net losses, working capital deficiency at Dec. 31,
2005, and delinquency in the payment of certain debts.

Bravo! Foods International Corp. -- http://www.bravobrands.com/
-- develops, brands, markets, distributes and sells flavored
milk products throughout the 50 United States, Great Britain and
various Middle Eastern countries.


BROOKLANDS EURO: Fitch Keeps BB Ratings on EUR12-Mln Notes
----------------------------------------------------------
Fitch Ratings affirmed Brooklands Euro Referenced Linked Notes
2002-1 following a satisfactory review:

   -- EUR100,000,000 Class A+ (ISIN XS0238513344): AAA;
   -- EUR75,000,000 Class A (ISIN XS0148886913): AAA;
   -- EUR16,700,000 Class B1 (ISIN XS0148887481): AA;
   -- EUR1,300,000 Class B2 (XS0148887721): AA;
   -- EUR2,000,000 Class G1 (ISIN XS0148948291): AA;
   -- EUR3,000,000 Class G2 (ISIN XS0148948705): BBB;
   -- EUR31,000,000 Class C (ISIN XS0148887994): BBB;
   -- EUR10,000,000 Class D (ISIN XS0148888372): BBB-;
   -- EUR11,000,000 Class E1 (ISIN XS0148888703): BB; and
   -- EUR1,000,000 Class E2 (XS0148889180): BB.

As of the September 2006 trustee report, there has been an
increase in the speculative-grade entities referenced by the
portfolio to 15.1% from 6.4% in April 2005.  This has
contributed to a minor breach in the Weighted Average Fitch
Factor, currently at 14.92 compared to 12.99 in April 2005.

The portfolio's stable credit enhancement and the increased
seasoning of the transaction, however, have mitigated this
deterioration.  There have been no credit events to date.

Brooklands is a special purpose vehicle incorporated with
limited liability under the laws of the Cayman Islands.
Brooklands provides protection to UBS AG on a portfolio of
reference credits with a notional value of EUR1 billion.

As of the September 2006 trustee report, the reference portfolio
was made up of 67% asset-backed securities and 33% corporates.
Up to the payment date in December 2012 obligors may be
substituted from the reference pool and replaced with other
reference entities or ABS reference securities, subject to
certain reference pool guidelines.


CAPERTUNE LIMITED: Taps Stephen M. Katz to Liquidate Assets
-----------------------------------------------------------
Stephen M. Katz of Fisher Partners was appointed Liquidator of
Capertune Limited Maintenance & Repair of Motors on Nov. 3 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Capertune Limited Maintenance & Repair of Motors
         Unit 4 Barton Industrial Estate
         Faldo Road
         Barton-le-Clay
         Bedford
         Bedfordshire MK45 4RP
         United Kingdom
         Tel: 01582 883322


CB RICHARD: S&P Affirms BB+ Rating on High Debt Leverage
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
CB Richard Ellis Services Inc., including its 'BB+' long-term
counterparty credit rating, and removed them from CreditWatch
Negative where they were placed Oct. 31.  The outlook is stable.

"We took this rating action after meeting with management to
review the details of its announced acquisition of Trammel Crow
Co.  We believe that Trammel is a good strategic fit for
CB Richard Ellis, and while the financing of the acquisition
with debt will greatly increase debt leverage and reduce
interest coverage, these measures will remain within acceptable
parameters for the rating," said Standard & Poor's credit
analyst Robert B. Hoban, Jr.

S&P is satisfied that the credit and market risk being acquired
with Trammel's commercial real estate development business is
not significant enough to warrant a negative rating action at
this time.  Nevertheless, S&P continues to believe that this
business requires capital and CBRE's negative tangible equity
position will remain a limiting factor on the rating.

The ratings on CBRE continue to reflect:

   -- the company's results being dependent on cyclical
      commercial real estate sales and leasing transaction
      volume;

   -- decent interest coverage; and

   -- high debt leverage.

Management had been aggressively paying down debt and recovering
from negative tangible equity from past acquisitions, but this
acquisition will reverse the trend.  Pro forma end-of-year total
recourse debt is a high 2x capital, but pro forma interest
coverage remains solid at 5.99x.  Tangible equity slides to
negative US$2.3 billion.  These pro forma figures assume that
CBRE will successfully tender one existing debt issue and that
the company is able to sell a Trammel minority interest.

CBRE is the operating subsidiary of CB Richard Ellis Group Inc.,
a publicly traded company.  The company is based in Los Angeles,
Calif., and is a recognized leader in the commercial real estate
sales and services industry, with trailing-12-month revenue
through the third quarter of about US$2.9 billion.  The company
is the largest commercial real estate services company in the
U.S., which is its largest market, and has a strong market
position in U.S. and European sales and leasing, property
management, mortgage brokerage, and investment advising.

The stable outlook assumes management will meet its near-term
debt reduction and interest coverage projections and
successfully integrate Trammel's operations without undue
increase in risk.  If the company were to make meaningful
improvements to its tangible equity position, ratings could be
raised.  Should the company increase the level of risk in the
commercial real estate development operations, or suffer
meaningful loses there, or should interest coverage weaken
materially, ratings could be lowered.


CELSIA TECH: Posts US$2 Million Net Loss in 2006 Third Quarter
--------------------------------------------------------------
Celsia Technologies Inc., fka iCurie, Inc., reported a
US$2,179,480 net loss on US$32,854 of revenues for the third
quarter ended Sept. 30, 2006, compared with a net loss of
US$2,316,113 on zero revenues for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$3,090,109 in total assets, US$1,896,304 in total liabilities
and US$1,193,805 in total stockholders' equity.  Additionally,
at Sept. 30, 2006, the company's accumulated deficit has reached
US$22,220,832.

The company and its subsidiaries have only recently commenced
limited revenue producing operations.  During the third quarter
ended Sept. 30, 2006, the company received product test orders,
which have led to several related test product deliveries, as
well as limited commercial orders.

Full-text copies of the company's third quarter financial
statements are available for free at:

http://researcharchives.com/t/s?149b

Going Concern Doubt

As reported in the Troubled Company Reporter on Aug. 8, 2006,
PKF, P.C., in New York, raised substantial doubt about iCurie,
Inc.'s ability to continue as a going concern after auditing the
company's consolidated financial statements for the year ended
Dec. 31, 2005.  The auditor pointed to the company's accumulated
deficit and commencement of limited revenue producing
operations.

About Celsia Technologies

Headquartered in Miami, Fla., Celsia Technologies, Inc. designs,
develops, researches, manufactures, sells, and markets heat
management products or next generation cooling solutions for the
PC, flat panel display, and LED-lighting industries.  The
company's subsidiaries consist of Celsia Technologies U.K.
Limited, a United Kingdom company formerly known as iCurie Lab
Holdings Limited, and Celsia Technologies Korea, Inc., a Korean
company formerly known as iCurie Lab, Inc.


DATA BUILDING: Creditors Confirm Liquidator's Appointment
---------------------------------------------------------
Creditors of Data Building Services Limited confirmed Nov. 3 the
appointment of Martin Williamson of DSi Services as the
company's Liquidator.

The company can be reached at:

         Data Building Services Limited
         Council Offices
         Toft Road
         Knutsford
         Cheshire WA16 6TA
         United Kingdom
         Tel: 01565 754637


DESTCO LIMITED: Joint Liquidators Take Over Operations
------------------------------------------------------
Giles Richard Frampton and Hamish Millen Adam of Richard J.
Smith & Co. were appointed Joint Liquidators of Destco Limited
on Oct. 31 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Destco Limited
         Caradon Enterprise Centre
         1 Holman Road
         Liskeard Business Park
         Liskeard
         Cornwall PL143UT
         United Kingdom
         Tel: 0844 848 1920


ESSEX VEHICLE: Appoints Lloyd Biscoe to Liquidate Assets
--------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
Essex Vehicle Maintenance Limited on Nov. 2 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Essex Vehicle Maintenance Limited
         Unit 5b Cornell Estate
         Navigation Road
         Chelmsford
         Essex CM2 6HE
         United Kingdom
         Tel: 01245490547
         Fax: 01245348547


EUROTUNNEL GROUP: Franklin Mutual to Reject Restructuring Plan
--------------------------------------------------------------
Franklin Mutual Advisers intends to reject Eurotunnel Group's
latest plan to restructure a GBP6.2 billion debt making it the
second member of the ad hoc committee of senior creditors to
oppose the plan, reports say.

Oaktree Capital Management earlier dismissed the channel
operator's safeguard plan, opting instead for the conversion of
Eurotunnel's GBP6.2 billion debt to GBP3.5 billion of equity.

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

According to The Independent, Franklin Mutual and Oaktree
Capital account for over 20% of Eurotunnel's senior debt of
GBP4.2 billion.

"The proposed Safeguard plan does not meet any of the criteria
set by Eurotunnel's own management for a solution that is
simple, realistic and balanced," Oaktree was quoted by AFX as
saying.

"There are other solutions that are simpler and better for the
company including permanently lightening the significant debt
burden on the group through the conversion of over GBP3.5
billion of debt into equity," it said, calling for further
negotiations.

"We understand that there are some creditors who are not happy,
but we need two-thirds of the creditors' vote to be in favor of
the plan for it to be accepted," a Eurotunnel spokesman told The
Guardian.

Creditors will vote on the plan on Nov. 27, with the bondholders
voting a week later.

                         About Eurotunnel

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

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

                       Company Crisis

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

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

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).


EUROTUNNEL GROUP: Mulls on Suing British Government Over Dispute
----------------------------------------------------------------
Eurotunnel Group CEO Jacques Gounon may sue the British
government through the British Railway Board, for breach of
contract, absent a solution on a conflict over cross-Channel
rail freight by the end of the month, Robert Wright writes for
the Financial Times.

Mr. Gounon told journalists in Coquellas that the British
government is bound to pay Eurotunnel GBP50 million annually to
support development of cross-Channel rail freight from contracts
signed before the tunnel's operation in 1994.

He added that if the British government stopped paying on
Nov. 30, it would be in breach of contract.

According to the report, some observers disagree with Mr.
Gounon's interpretation of the railway usage contract, which
governs the use of the tunnel by third-party operators.

"My view is, when you're committed you're committed, whether
you're a state-owned company or a department.  Eurotunnel's view
is that...the BRB is committed to fund the rail freight
crossings of Eurotunnel," Mr. Gounon was quoted by FT as saying.

                         About Eurotunnel

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

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

                        Company Crisis

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

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

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).


FIBRES WORLDWIDE: Creditors' Meeting Slated for November 27
-----------------------------------------------------------
Creditors of Fibres Worldwide Ltd. (Company Number 05543624)
will meet at 11:00 a.m. on Nov. 27 at:

         Deloitte & Touche LLP
         1 City Square
         Leeds
         West Yorkshire LS1 2AL
         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. 24 at:

         Lee Antony Manning
         Joint Administrator
         Deloitte & Touche LLP
         Athene Place
         66 Shoe Lane
         London EC4A 3BQ
         United Kingdom
         Tel: 00 44 (0) 207 936 3000
         Fax: 00 44 (0) 207 779 4001

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


FORD MOTOR: Files Third Quarter & Restated 2005 Annual Reports
----------------------------------------------------------------
Ford Motor Company filed with the U.S. Securities and Exchange
Commission its 2006 third-quarter 10-Q Report and an amended
2005 10-K Report to restate its previously reported financial
results from 2001 through 2005 to correct accounting for certain
derivative transactions under Paragraph 68 of the Statement of
Financial Accounting Standards 133, Accounting for Derivative
Instruments and Hedging Activities.

As part of the restatement, the company also reversed certain
immaterial accounting adjustments and recorded them in the
proper period.

For the third quarter and first nine months of 2006, the company
reported a net loss of US$5.2 billion and US$7 billion,
respectively; this is an improvement of about US$550 million and
US$250 million, respectively, from the preliminary results
released on Oct. 23.

The improvement primarily reflected the effect of the change in
accounting for certain Ford Motor Credit Company interest rate
swaps under Paragraph 68 of SFAS 133 and the impact of that
change on the valuation allowance for deferred tax assets.

The company also filed a Form 10-K/A for the year ended Dec. 31,
2005, which includes amended financial statements for each of
the years ended Dec. 31, 2003, 2004, and 2005, and selected
financial data for each of the years 2001 through 2005.  Amended
Form 10-Qs for the first and second quarter of 2006 will be
filed with the SEC by Nov. 20.

The restatement's cumulative impact on net income was an
increase of about US$850 million.  The change in accounting for
the Ford Credit interest rate swaps did not affect the economics
of the derivative transactions involved, nor have any impact on
Ford Motor Company's cash.

Ford restated its results after discovering that certain
interest rate swaps that Ford Credit had entered into did not
satisfy the specific requirements of Paragraph 68 of SFAS 133
that would have exempted these transactions from periodic
assessments of their effectiveness.

One of the general requirements of SFAS 133 is that hedge
accounting is appropriate only for those hedging relationships
that a company expects will be highly effective in achieving
offsetting changes in fair value or cash flows attributable to
the risk being hedged.

Although Ford Credit's interest rate swaps were and continue to
be highly effective economic hedges, the company determined that
nearly all of these transactions did not meet Paragraph 68's
exemption requirements.

SFAS 133 precludes the company from retroactively testing the
effectiveness of these transactions in order to continue to
apply hedge accounting.

As a result, the restatement of the company's financial results
reflects changes in fair value of these hedging instruments as
derivative gains and losses during the affected periods, without
recording any offsetting change in the value of the debt they
were hedging.

Changes in the fair value of interest rate swaps are driven
primarily by changes in interest rates.

Ford Credit has long-term interest rate swaps with large
notional balances, many of which are "receive-fixed, pay-float"
interest rate swaps.  These types of swaps increase in value
when interest rates decline, and decline in value when interest
rates rise.

As a result, changes in interest rates can cause substantial
volatility in the fair values that must now be recognized in
earnings.

For 2001 and 2002, when interest rates were trending lower, Ford
is now recognizing large derivative gains in its restated
financial statements.

The upward trend in interest rates from 2003 through 2005 caused
the interest rate swaps to decline in value, resulting in the
recognition of derivative losses for these periods.

"After a review of our internal controls, we determined a
material weakness did exist with relation to SFAS 133.  That
material weakness has been fully remediated with the completion
of this restatement," Ford's executive vice president and chief
financial officer Don Leclair said.

"Our hedging strategy going forward will continue to be
effective at reducing our exposure to economic risks."

The restatement also includes out-of-period adjustments that
were previously evaluated, both individually and in the
aggregate, and determined to be immaterial to the company's
originally-filed financial statements.  As part of the
restatement, these immaterial adjustments are being reversed and
recorded in the appropriate periods.

Effect of Restatement

                              Net Income/(Loss) *
                -----------------------------------------------
                 2001      2002      2003      2004      2005
                (Bils.)   (Bils.)   (Bils.)   (Bils.)   (Bils.)
                -------   -------   -------   -------   -------
Previously
Reported
Net Income       ($5.5)    ($1.0)     $0.5      $3.5      $2.0

Total Change
in Net
Income/(Loss)     $0.7      $1.9     ($0.3)    ($0.5)    ($0.6)
                -------   -------   -------   -------   -------
Net Income
after
Restatement      ($4.8)     $0.9      $0.2      $3.0      $1.4
                =======   =======   =======   =======   =======

                           * Including Special Items

Full-text copies of the Company's financials are available for
free at:

   Third Quarter Ended
   Sept. 30, 2006        http://ResearchArchives.com/t/s?1511

   Year Ended
   Dec. 31, 2005         http://ResearchArchives.com/t/s?1512

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- 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).


GARMENT LINK: Calls In Liquidators from Lines Henry
---------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators of Garment Link Limited on Nov. 3 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Garment Link Limited
         199 Eade Road
         Haringey
         London N4 1DN
         United Kingdom
         Tel: 020 8802 5232
         Fax: 020 8800 1612


GARWARDS ENGINEERING: Names Steven M. Law Liquidator
----------------------------------------------------
Steven M. Law of Ensors was appointed Liquidator of Garwards
Engineering Limited on Nov. 2 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Garwards Engineering Limited
         Unit 8
         Mid Suffolk Business Park
         Progress Way
         Eye
         Suffolk IP237HU
         United Kingdom
         Tel: 01379 871 337
         Fax: 01379 873 041


GENERAL MOTORS: Plans US$1.5-Bln Secured Loan by 2006 Year-End
--------------------------------------------------------------
General Motors Corp. plans to execute a US$1.5 billion senior
secured term loan facility with a seven-year maturity.

The facility is intended to further enhance GM's liquidity
position and take advantage of robust market conditions.  GM's
ability under some of its existing bond indentures to pledge
U.S. property, plant and equipment is likely to be affected in
the future by new rules applicable to pension and OPEB
accounting, which could cause GM's shareholders' equity in its
year-end 2006 financial statements to be negative.

Under the proposed terms, the lenders under the facility will
receive a first priority security interest in machinery and
equipment and special tools located at GM's U.S. manufacturing
facilities.

J.P. Morgan Securities Inc. and Credit Suisse Securities (USA)
LLC are the arrangers of the facility, and JPMorgan Chase Bank,
N.A. is the administrative agent.

GM anticipates that the execution of this facility will be
completed by year-end.  Completion of the transaction is subject
to final documentation and other conditions, and there is no
assurance regarding timing or successful completion of the
transaction.

                       About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries and its vehicles are sold in 200 countries.

                        *     *     *

As reported in the TCR-Europe on Oct. 11, Standard & Poor's
Ratings Services said that its 'B' long-term and 'B-3' short-
term corporate credit ratings on General Motors Corp. would
remain on CreditWatch with negative implications, where they
were placed March 29.

As reported in the Troubled Company Reporter on July 27,
Dominion Bond Rating Service downgraded the long-term debt
ratings of General Motors Corporation and General Motors of
Canada Limited to B.  The commercial paper ratings of both
companies are also downgraded to R-3 (low) from R-3.

As reported in the Troubled Company Reporter on June 22,
Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'
to General Motor's new US$4.48 billion senior secured bank
facility.  The 'RR1' is based on the collateral package and
other protections that are expected to provide full recovery in
the event of a bankruptcy filing.

In a TCR-Europe report on June 22, Moody's Investors Service
assigned a B2 rating to the secured tranches of the amended and
extended secured credit facility of up to US$4.5 billion being
proposed by General Motors Corporation, affirmed the company's
B3 corporate family and SGL-3 speculative grade liquidity
ratings, and lowered its senior unsecured rating to Caa1 from
B3.  Moody's said the rating outlook is negative.


GENERAL MOTORS: Moody's Rates Proposed US$1.5-Bln Loan at Ba3
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
proposed US$1.5 billion secured term loan of General Motors
Corporation.

The term loan is expected to be secured by a first priority
perfected security interest in all of the U.S. machinery and
equipment, and special tools of GM and Saturn Corporation.

The rating reflects the favorable asset protection and recovery
potential that would be afforded to this instrument relative to
the company's unsecured obligations, as reflected in the LGD1
assessment, and LGD rate of 9%.

Moody's expects that the proceeds will be retained by GM and
used to enhance its liquidity position.

Bruce Clark, Senior Vice President with Moody's said, "GM is
going to need considerable liquidity in order to fund the large
cash requirements resulting from its aggressive employee buy-out
program, its participation in any resolution of the Delphi
reorganization, the operating losses that will continue until
its restructuring program takes hold, and challenges posed by
the 2007 UAW negotiations.  The company also has to be prepared
for any potential slowdown in the U.S. economy."

"GM clearly recognizes the importance of maintaining sound
liquidity and it's making notable progress in this area. The
company currently has about US$20 billion in cash, it recently
closed on a US$4.5 billion secured revolving credit facility,
and the term loan would give it an additional US$1.5 billion. A
more significant boost to its liquidity would be the US$10
billion expected from the GMAC sale which GM expects to complete
by year end," Mr. Clark added.

GM's B3 Corporate family rating, Ba3, LGD1, 9% secured revolving
credit facility rating, Caa1, LGD4, 59% senior unsecured rating,
SGL-3 Speculative Grade Liquidity rating, and negative outlook
remain unchanged.

Despite GM's continuing progress in establishing a sizable
liquidity cushion, the company continues to face daunting
operational and competitive challenges.  The increasingly
competitive position of Asian manufacturers and the shift in
consumer preference toward more fuel efficient vehicles will
continue to severely pressure the company's share position.

This share pressure could limit GM's ability to generate
meaningful intermediate-term improvement in key credit metrics
despite its aggressive initiatives to reduce capacity and lower
costs.  As a result, the rating outlook remains negative.

General Motors Corporation, headquartered in Detroit, Michigan,
is the world's largest automotive manufacturer.


GENERAL MOTORS: Fitch Rates US$1.5-Bln Term Loan at BB/RR1
----------------------------------------------------------
Fitch Ratings assigned a BB/RR1 rating to General Motors Corp.
new US$1.5 billion, seven-year senior secured term loan.

GM's new term loan is also placed on Rating Watch Negative,
where it stands with GM's B Issuer Default Rating and B/RR4
senior unsecured debt pending resolution of the Delphi
situation.

The new senior secured loan will be secured by perfected, first-
priority liens on machinery, equipment and special tools at
principal U.S. manufacturing facilities.  The loan is
overcollateralized and full recovery is expected under a default
scenario.  The loan is also subject to a collateral value test
with collateral value required to be at least 2.5 times the
amount of the loan outstanding.

The new secured term loan brings total secured debt facilities
to US$7.5 billion.  Under Fitch's recovery analysis, the new
term loan would move the estimated recovery value for unsecured
debtholders to the very bottom of the RR4 range.  As a result,
any changes to Fitch's assumptions or to GM's liability
structure could result in a downgrade of the unsecured debt
rating.

The new facility provides a very modest boost to liquidity,
which remains adequate to fund near-term negative cash flows.
Cash flows remain negative due to operating results, working
capital drains and restructuring costs.  Liquidity is expected
to be boosted substantially by the pending sale of a controlling
interest in GMAC.

Operating results have benefited from the rollout of the GMT-900
series SUV products, and will further benefit from the rollout
of the refreshed pickup lineup.  However, industry sales
declines in these categories are likely to continue due to
changing customer tastes, the impact of higher gas prices and
the impact of slower growth, casting doubt on the sustainability
of revenues in the latter part of 2007.

The realization of cost savings from restructuring efforts
should become more evident, although high commodity costs,
restructuring costs and working capital outflows will likely
result in continued negative cash outflows in 2007.  The Delphi
situation, further stresses in the supply base, and the
September 2007 UAW contract talks also pose event risk over the
near-term.


GODDARD & GIBBS: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Creditors of Goddard & Gibbs Studios Limited confirmed on Nov. 3
the appointment of Roderick Graham Butcher of Butcher Woods as
the company's Liquidator.

Headquartered in London, England, Goddard & Gibbs Studios
Limited -- http://www.goddard.co.uk/-- specializes in the
design, manufacture, conservation and installation of art glass.
The company's product range extends from traditional stained and
leaded glass to contemporary schemes, and covers techniques
such as acidetching, sandblasting, silkscreen printing,
kilnforming, painting, enamelling and gilding.


GREYBIRD U.K.: Brings In Liquidator from Begbies Traynor
--------------------------------------------------------
Louise Donna Baxter of Begbies Traynor was appointed Liquidator
of Greybird (U.K.) Limited on Nov. 7 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Greybird (U.K.) Limited
         3 York House
         Langston Road
         Loughton
         Essex IG103TQ
         United Kingdom
         Tel: 020 8498 6790
         Fax: 020 8498 6799


GUNDLE/SLT ENVT'L: Posts US$4.17 Mln Loss for Nine Months 2006
--------------------------------------------------------------
Gundle/SLT Environmental Inc. released its financial results for
the first nine months and third quarter ended Sept. 30, 2006.

Gundle/SLT Environmental posted US$4.1 million in net loss
against US$269.7 million in revenues for the first nine months
of 2006, compared with US$1.05 million in net profit against
US$244.2 million for the same period in 2005.

The increase in revenues was primarily due to a 9.1% increase in
sales prices, due to higher raw material costs.  U.S. shipments
were 4.4% lower and foreign shipments were up 5.8% in the first
nine months of 2006 compared to the same period in 2005.  The
increase in volumes from the newly acquired Chilean operations
offset lower U.S. and European shipments.

Gundle/SLT posted US$4.67 million in net profit against US$122.8
million in revenues for the third quarter of 2006, compared with
US$$4.87 million in net profit against US$97.6 million in
revenues for the same period in 2005.

The increase in revenues was primarily due to a 17.3% increase
in shipments and a 7.2% increase in prices.   U.S. shipments
increased 18.3% and foreign shipments increased 16.4% in the
third quarter of 2006 compared to the same period in 2005.  The
Company's newly acquired Chilean operations accounted for 59% of
the increase in foreign revenues.

"Although our revenue and units shipped for the third quarter
were higher than those for the same period last year, our
operating income for the quarter was not in line with our
expectations," Samir T. Badawi, President and Chief Executive
Officer, said.  "The decline in operating income was due
primarily to the worldwide competitive nature of our business,
our contractual inability to raise our selling prices to keep
pace with the numerous increases in raw material prices, and the
negative results from our installation services in the United
Kingdom.  We have decided to no longer offer installation
services in the United Kingdom starting in 2007."

                         About Gundle/SLT

Headquartered in Houston, Texas, Gundle/SLT Environmental, Inc.
-- http://www.gseworld.com/-- markets and manufactures
geosynthetic lining solutions, products and services used in the
containment and management of solids, liquids and gases for
organizations engaged in waste management, mining, water and
wastewater treatment, and aquaculture.

The company operates in the U.K., Germany, Chile, Egypt, Canada
and Thailand.

                         *     *     *

As reported in the Troubled Company Reporter on Apr. 28, Moody's
took these rating actions on Gundle/SLT Environmental, Inc:

   -- upgraded to B1 from B3 US$40 million guaranteed senior
      secured revolving credit facility due 2009;

   -- upgraded to B1 from B3 US$18 million guaranteed senior
      secured term loan due 2010;

   -- upgraded to B3 from Caa1 US$150 million 11% guaranteed
      senior unsecured notes due 2012;

   -- upgraded to B2 from B3 the Corporate Family Rating;

   -- upgraded to SGL-2 from SGL-3 the speculative grade
      liquidity rating;

The rating outlook is stable.


GUNDLE/SLT ENVIRONMENTAL: S&P Junks Senior Unsecured Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Gundle/SLT Environmental Inc. to 'B-' from 'B+'.  The
outlook is stable.

At the same time, S&P lowered the issue rating on GSE's senior
secured credit facilities to 'B' from 'B+', one notch above the
corporate credit rating.  It also raised the recovery rating to
'1' from '2' on the senior secured credit facilities, indicating
a high expectation of full recovery of principal in a payment
default.  In addition, consistent with the lower corporate
credit rating, it lowered the rating on the company's senior
unsecured notes to 'CCC' from 'B-'.  As of Sept. 30, 2006, the
company had about US$187 million of debt outstanding.

"The downgrade reflects weaker-than-expected operating earnings
and cash flow, resulting in the deterioration of liquidity and
key credit protection measures," said Standard & Poor's credit
analyst Robyn Shapiro.

While S&P expects adverse working capital trends to reverse in
the months ahead due to seasonality and lower raw material
costs, business conditions could remain challenging.  Because of
the highly competitive environment in the geomembrane industry,
selling prices and operating margins are likely to decrease with
expected capacity additions worldwide.

Also, GSE's contractual agreement with Waste Management Inc.,
which accounts for 13% of sales, is set to expire on
Dec. 31, 2006.  Although the terms and conditions of GSE's new
arrangement with Waste Management have not been finalized,
management anticipates that once the existing contract expires,
revenues and profitability will be hurt as a result.

The ratings on Houston, Texas-based GSE reflect:

   -- the limited scope of the company's operations;
   -- the commodity nature of its products;
   -- vulnerability to fluctuating raw material costs; and
   -- a highly leveraged financial risk profile.

Partially offsetting factors include:

   -- the company's market position as the largest
      manufacturer of geomembrane liners,

   -- its global manufacturing and distribution
      capabilities, and

   -- relatively stable end markets.

The ratings are supported by our expectation that liquidity will
improve significantly by year-end and the company will maintain
sufficient liquidity under its revolving credit facility to
withstand seasonal swings in working capital.  Additionally,
cost-cutting efforts as well as managements' strategic focus to
diversify the business should lead to improving operating
performance in the intermediate term.

S&P expects that GSE will approach any acquisition spending in a
manner that does not erode credit quality.  The rating agency
also expects that the company will obtain covenant relief if
necessary.  If favorable developments during the next several
months result in meaningful improvements in operating
performance and credit measures, it could revise the outlook to
positive.  However, if raw material cost inflation or
competitive pressures result in a further deterioration of
operating results and liquidity, the outlook could be revised to
negative or the ratings lowered.


HEVECO MUSHROOMS: Creditors' Meeting Slated for November 22
-----------------------------------------------------------
Creditors of Heveco Mushrooms Ltd. (Company Number 04031166)
will meet at 10:30 a.m. on Nov. 22 at:

         The Paramount Old Ship Hotel
         31-38 Kings Road
         Brighton
         East Sussex BN1 1NR
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Nov. 21 at:

         C. Jackson
         Joint Administrator
         Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire SO53 3TZ
         United Kingdom
         Tel: 023 8064 6464
         Fax: 023 8064 6666
         E-mail: southampton@tenongroup.com

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


HONOURS PLC: Moody's Assigns Ba2 Rating on GBP11.95-Mln Notes
-------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
fives classes of asset backed notes issued by Honours PLC:

   -- GBP291.95 million Class A1 Series 2 Asset Backed
      Floating Rate Notes due 2029: Aaa;

   -- GBP54.2 million Class A2 Series 2 Asset Backed
      Floating Rate Notes due 2029: Aaa;

   -- GBP33.35 million Class B Series 2 Asset Backed
      Floating Rate Notes due 2029: A2;

   -- GBP18 million Class C Series 2 Asset Backed Floating
      Rate Notes due 2029: Baa2; and

   -- GBP11.95 million Class D Series 2 Asset Backed
      Floating Rate Notes due 2029: Ba2.

Moody's has not assigned ratings to the GBP8.75 million Class E
Series 2 Asset Backed Floating Rate Notes due 2029

Honours PLC's issuance of the Series 2 Notes is a refinancing of
the existing Honours PLC transaction that closed in May 1999.
The refinancing is being undertaken to re-balance the capital
structure and take advantage of the better than expected
performance of the assets.  The asset pool comprises eligible
student loans issued by the Student Loan Company and supported
by a subsidy package from H.M Government acting through the
Secretary of State for Education.

Moody's ratings take into account, among other factors, the
benefits provided by this subsidy package, including a
cancellation indemnity for lifetime low earnings and disability,
and a yield guarantee of Libor + 2.69% - RPI on the total
qualifying balance.  Moody's has benefited from an increased
availability of historic data demonstrating stable behavior
patterns and has consequently been able to give credit to the
better than expected performance of the assets.

In 2004 a servicer migration was undertaken whereby Ventura PLC
was appointed as loan Administrator.  The aim of this migration
was to gain more control over the resourcing of the collections
team, provide a commercially incentivized administration
contract and to gain more control over the general management of
the portfolio.  Moody's believes Ventura is well placed to
provide a high quality of servicing to the portfolio.  Although
the current Servicer is unrated, Moody's notes that in the
unlikely event of a servicer disruption it would be possible for
the SLC to resume the servicing of these loans.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for the timely payment of interest and ultimate
payment of principal on the Class A1, Class A2 and Class B Notes
and the ultimate payment of interest and principal on the Class
C and Class D Notes.  Moody's rating only addresses the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed but may have a significant impact on
yield to investors.


HOTEL CHANNEL: Hires Joint Administrators from CBA
--------------------------------------------------
Neil Richard Gibson and Neil Charles Money of CBA were appointed
joint administrators of The Hotel Channel Ltd. (Company Number
4193259) on Nov. 1.

CBA -- http://www.cba-insolvency.co.uk/-- provides solutions to
financial difficulties when the perceivable option is either
liquidation or bankruptcy.

The Hotel Channel Ltd. can be reached at:

         12 Ranulf Road
         Barnet
         London NW2 2DE
         United Kingdom
         Tel: 020 7435 3757


IN LINE: Appoints Liquidators from Cooper Parry
-----------------------------------------------
Creditors of In Line Construction (West Midlands) Limited
confirmed on Nov. 2 the appointment of Tyrone Shaun Courtman and
Evelyn Gabrielle Exley of Cooper Parry LLP as the company's
Joint Liquidators.

The company can be reached at:

         In Line Construction (West Midlands) Limited
         7 Island Close
         Albert Village
         Swadlincote
         Derbyshire DE118HF
         United Kingdom
         Tel: 01283 222 133


LATIMER CONTRACTING: Taps Mazars LLP to Administer Assets
---------------------------------------------------------
Timothy Colin Hamilton Ball and Roderick John Weston of Mazars
LLP were appointed joint administrators of Latimer Contracting
Ltd. (Company Number 01093093) on Oct. 30.

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

Latimer Contracting Ltd. can be reached at:

         The Old Inn
         London Road
         Postcombe
         Thame
         Oxfordshire OX9 7ED
         United Kingdom
         Tel: 01844 280 000
         Fax: 01844 281 265


POWELL PRICE: Names Administrator from Bottomley & Co
-----------------------------------------------------
David Halstead Bottomley of Bottomley & Co. was named
administrator of Powell Price & Co. Ltd. (Company Number
00939668) on Oct. 30.

The administrator can be reached at:

         David Halstead Bottomley
         Bottomley & Co.
         3 Chapel Court
         42 Holly Walk
         Leamington Spa
         Warwickshire CV32 4YS
         United Kingdom
         Tel: 08700 676767
         Fax: 08700 676768
         E-mail: david@3chapelcourt.com

Powell Price & Co. Ltd. can be reached at:

         Old Penny Bank
         Burgess Street
         Leominster
         Herefordshire HR6 8DE
         United Kingdom
         Tel: 01568 616321


PREMIER DECORATIVE: Appoints Ernst & Young as Administrators
------------------------------------------------------------
S. Allport and T. Jack of Ernst & Young LLP were appointed joint
administrators of Premier Decorative Products Ltd. (Company
Number 02630824) on Nov. 2.

Ernst & Young -- http://www.ey.com/-- is global organization
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.

Premier Decorative Products Ltd. can be reached at:

         Number One The Beehive
         Lions Drive
         Shadsworth Business Park
         Blackburn
         Lancashire BB1 2QS
         United Kingdom
         Tel: 01254 222 936


RAPID TRANSPORT: Duncan R. Beat Leads Liquidation Procedure
-----------------------------------------------------------
Creditors of Rapid Transport London Ltd. confirmed Oct. 27 the
appointment of Duncan R. Beat of Tenon Recovery as the company's
Liquidator.

The company can be reached at:

         Rapid Transport London Ltd.
         23 Bramshot Avenue
         London SE7 7HY
         United Kingdom
         Tel: 020 8269 1230


ROYAL & SUN: Earns GBP344 Million for First Nine Months 2006
------------------------------------------------------------
Royal & Sun Alliance Insurance Group Plc released its financial
results for the nine months ended Sept. 30, 2006.

RSA posted GBP344 million in net profit against GBP4.08 billion
in total revenues for the first nine months of 2006, compared
with GBP378 million net profit against GBP4.01 billion in total
revenues for the same period in 2005.

As of Sept. 30, 2006, RSA had GBP23.06 billion in total assets,
GBP18.66 billion in total liabilities, and GBP4.41 billion in
shareholders' equity.

"It has been a good nine months for the Group," Andy Haste,
Group CEO of Royal & Sun Alliance Insurance Group plc, said.
"We have again delivered a strong performance with a 21%
increase in the operating result and we have made significant
progress towards our strategic objectives through organic
growth, bolt on acquisitions and organizational change.  We have
also received shareholder approval for the sale of our U.S.
operation which, when complete, will resolve our last remaining
legacy issue.  The Core Group is positioned to continue
delivering sustainable profitable performance and, as it stands
currently, we expect to come inside our 2006 full year guidance
of a combined operating ratio of around 95%."

Full-text copy of RSA's nine-month results can be viewed free-
of-charge at: http://researcharchives.com/t/s?14f2

                    About Royal & Sun Alliance

Headquartered in London, United Kingdom, Royal & Sun Alliance
Insurance Group Plc -- http://www.royalsunalliance.com/--
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International.  The group operates in the U.K.,
Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China,
Colombia, Denmark, Egypt, France, Germany, Hong Kong, India,
Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland
Antilles, the Netherlands, Norway, Oman, Saudi Arabia,
Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela.

                           *    *    *

As reported in the TCR-Europe on Sept. 29, A.M. Best Co. has
placed the financial strength ratings of C++ (Marginal) and the
issuer credit ratings of "b" of the Royal & SunAlliance U.S.A.
Insurance Pool and Royal Surplus Lines Insurance Company under
review with developing implications pending the completion of
the proposed sale of these operations to Arrowpoint Capital, a
new company formed by the existing management team of these
operations.  All the above companies are domiciled in
Wilmington, Delaware.  R&SAUS and RSLIC are U.S. subsidiaries of
Royal & Sun Alliance Insurance Group plc (London, England).

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services lowered its counterparty credit and insurer
financial strength ratings on Royal & Sun Alliance Insurance
Group PLC's U.S. insurance operations (RSA USA) to 'BB' from
'BB+'.  S&P said the outlook remains negative.  At the same
time, the ratings were withdrawn at the request of the
companies' management.


ROYAL & SUN: Acquires Martello Underwriting Ltd. for GBP38.5 Mln
----------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc discloses of the
acquisition of Martello Underwriting Limited for GBP38.5 million
payable in cash.

Martello is a leading specialist provider of professional
indemnity insurance to small and medium sized professional
practices in the U.K., including accountants, architects,
solicitors and surveyors.  This transaction delivers on Royal &
Sun Alliance's strategy of building leading positions in its
target trades and segments.

The Group expects the transaction to complete in the fourth
quarter of 2006.  In 2007, the acquisition is expected to
generate annual premiums of GBP40 million. The transaction is
subject to regulatory approval.

"This transaction offers an ideal opportunity for R&SA to
strengthen its position in the Professional Indemnity market,"
Bridget McIntyre, U.K. Chief Executive, Royal & SunAlliance,
said.  "The combination of Royal & SunAlliance's technical
excellence and distribution network and Martello's dedicated
expertise in the PI market, creates an attractive platform from
which to drive profitable growth."

                   About Royal & Sun Alliance

Headquartered in London, United Kingdom, Royal & Sun Alliance
Insurance Group Plc -- http://www.royalsunalliance.com/--
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International.  The group operates in the U.K.,
Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China,
Colombia, Denmark, Egypt, France, Germany, Hong Kong, India,
Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherlands
Antilles, the Netherlands, Norway, Oman, Saudi Arabia,
Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela.

                           *    *    *

As reported in the TCR-Europe on Sept. 29, A.M. Best Co. has
placed the financial strength ratings of C++ (Marginal) and the
issuer credit ratings of "b" of the Royal & SunAlliance U.S.A.
Insurance Pool and Royal Surplus Lines Insurance Company under
review with developing implications pending the completion of
the proposed sale of these operations to Arrowpoint Capital, a
new company formed by the existing management team of these
operations.  All the above companies are domiciled in
Wilmington, Delaware.  R&SAUS and RSLIC are U.S. subsidiaries of
Royal & Sun Alliance Insurance Group plc (London, England).

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services lowered its counterparty credit and insurer
financial strength ratings on Royal & Sun Alliance Insurance
Group PLC's U.S. insurance operations (RSA USA) to 'BB' from
'BB+'.  S&P said the outlook remains negative.  At the same
time, the ratings were withdrawn at the request of the
companies' management.


SCOTTISH RE: Posts US$30.5-Mln Net Loss for Third Quarter 2006
--------------------------------------------------------------
Scottish Re Group Limited reveals that the net loss available to
ordinary shareholders for the three months ended Sept. 30, 2006,
was US$30.5 million, or a loss of US$0.54 per diluted ordinary
share, as compared to net income available to ordinary
shareholders of US$31.9 million for the prior year period.

The net loss available to ordinary shareholders for the nine
months ended Sept. 30, 2006, was US$142.8 million, or a loss of
US$2.61 per diluted ordinary share, as compared to net income
available to ordinary shareholders of US$66.9 million for the
prior year period.

The net operating loss available to ordinary shareholders was
US$24.0 million for the three months ended Sept. 30, 2006, as
compared with net operating earnings of US$32.6 million for the
prior year period.  The net operating loss available to ordinary
shareholders was US$140.0 million for the nine months ended
Sept. 30, 2006, as compared to net operating earnings of US$79.3
million for the prior year period.

"The Company has been in a very difficult period the past
several months, but has continued to maintain its focus on the
core business, Paul Goldean, Chief Executive Officer of Scottish
Re Group Limited, said.  "Excluding the expected one-off
expenses related to our current situation and the unusually high
tax expense for the quarter, the third quarter results reflect
an underlying core profitability that is within our
expectations.  It is important to note that our mortality
continues to be in line with expectations."

"We are continuing our pursuit of strategic alternatives for
Scottish Re, including a possible sale of the Company or a
significant equity infusion by new investors," Mr. Goldean
added.  "At this time, we cannot give assurances that an
agreement with any party will be reached, or the price at which
a transaction may be consummated, which may be below the share
price as of market close on November 9, 2006.  However, we do
expect the process to conclude within the next several weeks."

"In view of the confidential and sensitive nature of
negotiations at this time, we will not be holding our usual
earnings conference call.  We do not expect to make any further
announcements, nor can we answer any inquiries about the process
until an agreement is reached or we have otherwise terminated
the process.  We ask our stakeholders to review our Form 10Q and
Financial Data Supplement, both of which are available on our
website, for additional details regarding our third quarter
financial results."

Total revenues for the three months ended Sept. 30, 2006,
increased to US$611.3 million from US$563.7 million for the
prior year period, an increase of 8%.  Excluding realized gains
and losses and the change in value of the embedded derivatives,
total revenues for the three months ended Sept. 30, 2006,
increased to US$618.3 million from US$565.0 million for the
prior year period, an increase of 9%.

Total revenues for the nine months ended Sept. 30, 2006,
increased to US$1,783.3 million from US$1,622.3 million for the
prior year period, an increase of 10%.  Excluding realized gains
and losses and the change in value of the embedded derivatives,
total revenues for the nine months ended Sept. 30, 2006,
increased to US$1,797.6 million from US$1,636.0 million for the
prior year period, an increase of 10%.

Total benefits and expenses increased to US$618.2 million for
the three months ended Sept. 30, 2006, from US$535.9 million for
the prior year period, an increase of 15%.  Total benefits and
expenses increased to US$1,816.0 million for the nine months
ended Sept. 30, 2006, from US$1,567.9 million for the prior year
period, an increase of 16%.

The Company's operating expense ratio (which is the ratio of
operating expenses to total revenue excluding realized gains and
losses and the change in value of embedded derivatives) for the
nine months ended Sept. 30, 2006, was 6.1%, as compared to an
operating expense ratio of 5.0% for the year ended December 31,
2005.  The increase in operating expense ratio is directly
related to the additional severance, legal, actuarial and
directors' costs incurred as a result of our current situation
and strategic process.

For the three months ended Sept. 30, 2006,, the Company had a
pre-tax loss of US$6.8 million before minority interest as
compared to a pre-tax profit of US$27.8 million for the prior
year period.  Income tax expense in the third quarter ended
Sept. 30, 2006, was US$20.8 million compared to an income tax
benefit of US$6.7 million in the same period in 2005.  The
change in our effective tax rate in the third quarter ended
Sept. 30, 2006, compared to the same period in 2005 is primarily
related to a US$30.1 million valuation allowance established on
deferred tax assets.

Scottish Re has submitted its Form 10Q to the Securities and
Exchange Commission (SEC).

                        About Scottish Re

Scottish Re Group Limited -- http://www.scottishre.com/--
provides reinsurance of life insurance, annuities and annuity-
type products through its operating companies in Bermuda,
Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and
Windsor, England.  At March 31, 2006, the reinsurer's balance
sheet showed US$12.2 billion assets and US$10.8 billion in
liabilities

                           *     *     *

On Aug. 21, 2006, Standard & Poor's Ratings Services lowered its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'BB+'.

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

A.M. Best Co. has downgraded on Aug. 22, 2006, the financial
strength rating to B+ from B++ and the issuer credit ratings to
"bbb-" from "bbb+" of the primary operating insurance
subsidiaries of Scottish Re Group Limited (Scottish Re) (Cayman
Islands).  A.M. Best has also downgraded the ICR of Scottish Re
to "bb-" from "bb+".  AM Best put all ratings under review with
negative implications.


SMARTIRE SYSTEMS: July 31 Balance Sheet Upside-Down by US$28 Mln
----------------------------------------------------------------
SmarTire Systems Inc. reported a US$28,829,105 net loss on
US$3,455,649 of revenues for the fiscal year ended July 31,
2006, compared with a US$16,120,218 net loss on US$1,463,460 of
revenues for the fiscal year ended July 31, 2005.

The Company's net loss ballooned to US$28,829,105, in spite of
the rise in revenues in fiscal year 2006, mainly due to the
increase in net interest and financing expenses to US$24,262,542
in fiscal year 2006, which in previous year amounted to only
US$3,779,151.

The Company's balance sheet at July 31, 2006, showed
US$7,554,325 in total assets and US$35,579,978 in total
liabilities, resulting in a stockholders' deficit of
US$28,025,653.

At July 31, 2006, the Company's balance sheet also showed
US$5,006,917 in total current assets available to pay
US$3,871,049 in total current liabilities.

Full-text copies of the Company's financial statements for the
fiscal year ended July 31, 2006, are available for free at:

http://researcharchives.com/t/s?1495

Headquartered in Richmond, British Columbia, Canada,
SmarTire Systems Inc. develops and markets technically advanced
tire pressure monitoring systems for the transportation and
automotive industries that monitor tire pressure and tire
temperature.  Its TPMSs are designed for improved vehicle
safety, performance, reliability and fuel efficiency.  The
company has three wholly owned subsidiaries: SmarTire
Technologies Inc., SmarTire USA Inc. and SmarTire Europe
Limited.


SOLUTIA INC: Court Extends Removal Deadline to February 5
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extended the deadline of Solutia Inc. and its debtor-affiliates
to file notices of removal of civil actions and other
proceedings through and including Feb. 5, 2007.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
explains that due to the continuing review of files and records
of their numerous civil actions, the Debtors require more time
before considering the removal of these actions.

Mr. Henes assures the Court that the rights of any party to the
civil actions will not be prejudiced by the extension since the
parties can seek to have the actions remanded.

The Debtors reserve their right to seek further extensions of
their Removal Deadline.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 72; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SOLUTIA INC: Has Until April 30 to Decide on Leases
---------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extended the time within which the Debtors may assume, assume
and assign, or reject unexpired nonresidential real property
leases until April 30, 2007.

As of Oct. 17, 2006, the Debtors are parties to approximately
30 unexpired nonresidential real property leases.  Jonathan S.
Henes, Esq., at Kirkland & Ellis LLP, in New York, asserts that
these unexpired leases are valuable assets of the Debtors'
estates and are essential to the continued operation of the
Debtors' businesses.  He adds that the Debtors use these assets
in their business operations throughout the world.

Mr. Henes relates that the Debtors are reviewing the unexpired
leases and are currently not in the position to assume or reject
these leases.  However, he assures the Court that pursuant to
their Plan of Reorganization, the Debtors will inform the
counterparties to the leases at least 10 days prior to the
Confirmation Hearing of the Debtors' intent to assume to assume
any of the leases.  To the extent an unexpired lease is not
assumed under the Plan, that lease will be rejected.  The
assumption or rejection of an unexpired lease, as applicable,
will be effective on the Plan effective date.

"At this stage of these Chapter 11 cases, an improvident or
premature rejection of the Unexpired Leases may harm the
Debtors' estates by resulting in the loss of one or more of the
Unexpired Leases that may be essential to the Debtors' business
operations and reorganization.  Likewise, the premature
assumption of any Unexpired Leases outside the Plan may harm the
estates by requiring the Debtors to cure prepetition claims,
thereby paying landlord unsecured claims prior to the time when
an informed decision can be made to assume an Unexpired Lease,"
Mr. Henes maintains.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 72; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SPRAYWAY OUTDOOR: Claims Filing Period Ends Dec. 8
--------------------------------------------------
Creditors of Sprayway Outdoor Limited (formerly Sprayway
Limited) have until Dec. 8 to send in their full names, their
addresses and descriptions, full particulars of their debts and
claims, and the names and addresses of their Solicitors (if any)
to appointed Liquidator Christopher Ratten at:

         Tenon Recovery
         Arkwright House
         Parsonage Gardens
         Manchester M3 2LF
         United Kingdom

The company can be reached at:

         Sprayway Outdoor Limited
         8 Chester Street
         Manchester
         Lancashire M1 5GE
         United Kingdom
         Tel: 0161 827 4503


SOAP OPERA: Liquidator Sets Dec. 13 Claims Bar Date
---------------------------------------------------
Creditors of The Soap Opera Limited have until Dec. 13 to send
in their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their Solicitors (if any) to appointed Liquidator Martin
Henry Linton at:

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

The company can be reached at:

         The Soap Opera Limited
         Mill Lane Farm
         Mill Lane
         Pulham Market
         Diss
         Norfolk IP214XL
         United Kingdom
         Tel: 01379 676 866


SYSTEMLINK 2000: Appoints MCF as Administrator
----------------------------------------------
Moira C. Fitzpatrick of MCF Business Rescue and Insolvency was
appointed administrator of Systemlink 2000 Ltd. (Company Number
02784658) on Nov. 2.

The administrator can be reached at:

         Moira C. Fitzpatrick
         MCF Business Rescue & Insolvency
         39 Southernhay East
         Exeter
         Devon EX1 1PE
         United Kingdom
         Tel: 01392 425 803
         Fax: 01392 425 828

Systemlink 2000 Ltd. can be reached at:

         Spurway Farm
         Days-Pottles Lane
         Exminster
         Exeter
         Devon EX6 8AZ
         United Kingdom
         Tel: 01392 832 485
         Fax: 01392 833 552


TANA LIMITED: Creditors' Meeting Slated for November 21
-------------------------------------------------------
Creditors of Tana (U.K.) Ltd. (Company Number 04075060) will
meet at 11:00 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.


TIR TRAINING: Taps Administrators from Begbies Traynor
------------------------------------------------------
Michael E. G. Saville and Rob Sadler of Begbies Traynor were
appointed joint administrators of TIR Training Services Ltd.
(Company Number 04013715) on Nov. 2.

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

TIR Training Services Ltd. can be reached at:

         T I R House
         Scarborough Street
         Hull
         North Humberside HU3 4TG
         United Kingdom
         Tel: 01482 213 113
         Fax: 01482 321 508


TISCALI UK: Posts EUR67.2-Mln Loss for First Nine Months 2006
-------------------------------------------------------------
Tiscali S.p.A. has released its Board of Directors-approved
results for the first nine months and third quarter ended
Sept. 30, 2006.

Tiscali posted EUR67.2 million in net losses against EUR487
million in total revenues for the first nine months of 2006,
compared with EUR1.5 million in net losses against EUR382
million in total revenues for the same period in 2005.

The company posted EUR6.95 million in net profit against
EUR168.9 million in total revenues for the third quarter of
2006, compared with EUR16.04 million in net losses against
EUR128.6 million in total revenues for the same period in 2005.

As of Sept. 30, 2006, Tiscali had EUR1.249 billion in total
assets, EUR911 million in total liabilities, and EUR338 million
in shareholders' equity.

The company's new business plan set the targets for 2006:

   -- EUR688 million in revenues;

   -- EUR98 million in EBITDA;

   -- over three million active users, of which over 1.7 million
      ADSL customers and more than one-third receiving ULL
      services.

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.  It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.
Former chairman and founder Renato Soru owns almost 30% of the
company.

As reported in the TCR-Europe on Oct. 13, Tiscali is focusing on
its Italian and U.K. operations.

                        *     *     *

As reported in TCR-Europe on March 8, Fitch Ratings sustained
Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at
CCC with Stable Outlook.  Tiscali's Short-term rating is
downgraded to C from B to be in line with the CCC IDR.  At the
same time, the agency affirmed Tiscali Finance S.A.'s EUR209
million guaranteed notes at B-/RR2.


TISCALI UK: Banca Intesa Grants EUR280-Million Credit Line
----------------------------------------------------------
The Board of Directors of Tiscali S.p.A. received an irrevocable
commitment by Banca Intesa S.p.A., subject to customary terms
and conditions, granting a EUR280 million credit line to the
Group.  The Board of Directors resolved to close the agreement
at the proposed terms.

The credit line substantially improves the terms of the current
facility granted by Silver Point Capital, thus significantly
reducing the overall cost of debt of the Group.  The agreement
with Banca Intesa, together with the proceeds deriving from the
ongoing disposal process, provides the financial resources for
the investments announced in the strategic plan approved in
October and allows Tiscali to focus on the achievement of the
objectives of revenues and profitability growth.

Borghesi&Colombo and Banca Intesa acted as advisers to Tiscali
in the financing.

                       About Banca Intesa

Headquartered in Milan, Italy, Banca Intesa S.p.A. --
http://www.bancaintesa.it/-- provides banking services through
four main business areas: Retail Division, Corporate Division,
Italian Subsidiary Banks Division, and International Subsidiary
Banks Division.  Banca Intesa operates branches and
representative offices in Europe, Asia, Latin and North America,
and Africa.

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.  It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.
Former chairman and founder Renato Soru owns almost 30% of the
company.

As reported in the TCR-Europe on Oct. 13, Tiscali is focusing on
its Italian and U.K. operations.

                        *     *     *

As reported in TCR-Europe on March 8, Fitch Ratings sustained
Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at
CCC with Stable Outlook.  Tiscali's Short-term rating is
downgraded to C from B to be in line with the CCC IDR.  At the
same time, the agency affirmed Tiscali Finance S.A.'s EUR209
million guaranteed notes at B-/RR2.


TOTAL SAFETY: Moody's Junks Proposed Second Lien Term Loan
----------------------------------------------------------
Moody's Investors Service assigned first time ratings consisting
of:

   -- a Ba3 rating for the proposed senior secured first lien
      credit facilities; and

   -- a Caa1 rating for the proposed senior secured second lien
      term loan

of Total Safety, U.S., Inc.  Concurrently, Moody's assigned a B2
Corporate Family Rating to Total Safety.  The outlook for the
ratings is stable.

The proposed transaction is in connection with the acquisition
of the company by DLJ Merchant Banking Partners from H.I.G.
Capital through a combination of equity and debt financing.

Proceeds from the proposed US$75 million first lien loan, the
US$40 million second lien term loan, along with about
US$68 million of equity will be used to purchase the equity of
the company, refinance existing debt, and pay expenses and
transaction fees associated with the transaction.  The
US$15 million senior secured revolver includes a letter of
credit subfacility.

The Corporate Family Rating of B2 reflects:

   -- the high level of indebtedness at the time of the
      purchase with funded debt exceeding 2006 expected
      pro forma revenues,

   -- the significant amount of goodwill and intangibles
      to total assets, and

   -- the relatively low level of expected pro forma
      free cash flow (defined as cash from operations
      less capital expenditures less dividends) relative
      to debt in 2006.

The ratings are supported by:

   -- the potential size of the global safety compliance
      market relative to current penetration,

   -- trends in regulatory compliance, and

   -- low capital expenditure requirements.

Scale expansion, further tangible progress with the In-Plant
Service Center initiative and successful diversification of the
company into mining, steel manufacturing and other industrial
clients could lead to a positive outlook.

Weaker than expected revenue growth, increases in financial
leverage from acquisitions or margin deterioration could put
negative pressure on the company's ratings.  In addition, if
free cash flow to debt is anticipated to turn negative for any
period of time, the ratings could be downgraded.

Ratings assigned:

    * Corporate Family Rating, B2;

    * US$15 million senior secured first lien revolving
      credit facility due 2011, Ba3 (LGD 2, 29%);

    * US$75 million senior secured first lien term loan
      due 2012, rated Ba3 (LGD 2, 29%); and

    * US$40 million senior secured second lien term loan
      due 2013, rated Caa1 (LGD 5, 81%).

The ratings outlook is stable.

The ratings are contingent upon the receipt of executed
documentation in form and substance acceptable to Moody's.

Total Safety, U.S., Inc., headquartered in Houston, Texas,
provides a range of safety-related services to the refining,
petrochemical and oil and gas exploration and production
industries, as well as other industrial companies.  Services
include the rental, inspection, repair and sale of respiratory
protection equipment, gas detection equipment, fire protection
equipment, breathing air systems and technical safety products
and the installation and servicing of related systems.  The
company also provides multiple safety-related services to large
clients through its IPSCs.  The company is privately held, with
pro forma revenues of US$103 million for the twelve months ended
Sept. 30, 2006.


VETERINARY PRACTICE: Creditors' Meeting Slated for November 22
--------------------------------------------------------------
Creditors of Veterinary Practice Initiatives Ltd. (formerly
Veterinary Business Consulting Limited) (Company Number
03145771) will meet at 10:30 a.m. on Nov. 22 at:

         New Connaught Rooms
         61-65 Great Queen Street
         Covent Garden
         London WC2B 5DA
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Nov. 21 at:

         Robert William Birchall and Steven Mark Oldfield
         Joint Administrators
         Pricewaterhousecoopers LLP
         Plumtree Court
         London EC4A 4HT
         United Kingdom
         Tel: [44] (20) 7583 5000
         Fax: [44] (20) 7822 4652

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


VIBRANT INTEGRATED: Hires Alan Bradstock to Liquidate Assets
------------------------------------------------------------
Alan Bradstock was appointed Liquidator of Vibrant Integrated
Brand Experience Limited on Nov. 1 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Vibrant Integrated Brand Experience Limited
         Regal Place
         London SW6 2HD
         United Kingdom
         Tel: 020 7471 8160


VIRAGEN INTERNATIONAL: Ernst & Young Raises Going Concern Doubt
---------------------------------------------------------------
Ernst & Young LLP raised substantial doubt about Viragen
International, Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements
for the fiscal years ending June 30, 2006 and 2005.

The auditing firm pointed to the company's recurring operating
losses and accumulated deficit and stockholders' deficit as of
June 30, 2006, as well as the company's ability to raise
adequate capital to fund necessary product commercialization and
development activities.

Viragen International reported a US$8.5 million net loss on
US$391,213 of revenues for the fiscal year ended June 30, 2006,
compared with a US$15.6 million net loss on US$278,784 of
revenues in fiscal year 2005.

At June 30, 2006, the Company's balance sheet showed US$12.7
million in total assets and US$28.9 million in total
liabilities, resulting in a US$16.2 million stockholders'
deficit.

Full-text copies of the Company's consolidated financial
statements for the fiscal year ended June 30, 2006, are
available for free at http://researcharchives.com/t/s?14ce

                    About Viragen International

Headquartered in Plantation, Florida, Viragen International Inc.
is engaged in the research, development, manufacture and sale of
a natural human alpha interferon product for treatment of viral
and malignant diseases.  The company is a subsidiary of Viragen
Inc.

The company operates from three locations: Plantation, Florida,
which contains the company's administrative offices and support;
Viragen (Scotland) Ltd., located outside Edinburgh, Scotland,
which conducts research and development activities; and
ViraNative, located in Sweden, which houses the company's human
alpha interferon manufacturing facilities.

The company has not yet developed a pharmaceutical product and
gained regulatory approvals such that it can be widely marketed
in an international competitive environment.


YORKGATE HOMES: Brings In BDO Stoy as Joint Administrators
----------------------------------------------------------
Toby Underwood and Dermot Power of BDO Stoy Hayward LLP were
appointed joint administrators of Yorkgate Homes Ltd. (Company
Number 03599442) on Nov. 2.

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.

Yorkgate Homes Ltd. can be reached at:

         Iveridge Hall
         Wakefield Road
         Oulton
         Leeds
         West Yorkshire LS26 8EU
         United Kingdom
         Tel: 0113 282 8383
         Fax: 0113 288 9540


ZULTYS TECHNOLOGIES: Exits Bankruptcy Under New Management
----------------------------------------------------------
Zultys Technologies has emerged from bankruptcy as a newly
reorganized company under new management following the
US$2.65 million sale of its assets, TMCnet reports.

The Hon. Arthur S. Weissbrodt of the U.S. Bankruptcy Court for
the Northern District of California approved the sale
transaction with Pivot VoIP.

Robert Liu, TMCnet executive editor, relates that Pivot VoIP,
which was formed and supported by Israeli-based Private Branch
Exchange manufacturer Telrad Connegy, completed its acquisition
of the Company's key assets including intellectual property,
online and offline brands; and would adopt the full identity of
the Company to ensure smooth business continuity.

Pivot VoIP, as a result of the deal, will cease to exist and
move its Mountain View, California headquarters to Zulty's
Sunnyvale, California operations.  Telrad Connergy owner and
chairman Avi Weinrib would assume the role of president and CEO
of the newly reorganized Zultys, Mr. Liu adds.

Zultys VP Vladimir Movshovich, in a phone interview, told TMCnet
that the immediate priorities are to rebuild confidence within
the reseller community that Zultys has every intention to
continue to support its existing product line.

Headquartered in Sunnyvale, California, Zultys Technologies
-- http://www.zultys.com/-- designs and manufactures products
that converge telecommunications and data communications for
businesses.  Zultys sells its products worldwide and has
distribution in 115 countries including Russia and the United
Kingdom.

The Company filed for chapter 11 protection on Sept. 8, 2006
(Bankr. N.D. Calif. Case No. 06-51764).  Julie H. Rome-Banks,
Esq., Michael W. Malter, Esq., and Robert G. Harris, Esq., at
the Law Offices of Binder and Malter, represent the Debtor.
When the Debtor filed for protection from its creditors, it
listed total assets of US$1,804,276 and total debts of
US$45,040,725.

                           *********

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.

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