---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, November 16, 2006, Vol. 7, No. 228   

                            Headlines


A U S T R I A

FASSADENGESTALTUNG WALTER: Creditors' Meeting Slated for Nov. 28
FUN:HALL: Property Manager Declares Insufficient Assets
GALLIOT KEG: Property Manager Declares Insufficient Assets
HANDELSAGENTUR E: Wiener Neustadt Court Orders Business Shutdown
HUMMEL LLC: Court Orders Business Shutdown

PRO MOTION: Feldkirch Court Orders Business Shutdown
SALE TRANSPORT: Creditors to Recover 1.44% of Claims


B E L G I U M

ELECTRONIC DATA: Moody's Affirms Ratings on Improved Margins


F R A N C E

ALCATEL SA: Soliciting Consents to Amend Lucent's Indenture
ALCATEL SA: Wins Mobile Expansion Deals from Chinese Telecoms
ATARI INC: Secures Three-Year US$15 Million Credit Facility
ATARI INC: Earns US$311,000 in Second Quarter Ended Sept. 30
CINRAM INT'L: S&P Revises Outlook to Negative on Weak Financials

CLEAR CHANNEL: Receives Two Competing Takeover Bids
CLEAR CHANNEL: Names Jonathan Bevan International CFO
CLEAR CHANNEL: Earns US$198.6 Million in Third Quarter of 2006
ELECTRONIC DATA: Moody's Affirms Ratings on Improved Margins
EUROPCAR GROUPE: Inks Strategic Alliance with Vanguard Car

EUROPCAR GROUPE: Acquisition Plan Cues Moody's to Review Ratings
LUCENT TECHNOLOGIES: Soliciting Consents to Amend Indenture
REXEL SA: Fitch Assigns B+ Default Rating with Stable Outlook
TELCORDIA TECH: S&P Cuts Ratings to B on Increased Leverage
VANGUARD CAR: Inks Strategic Alliance with Europcar Groupe

VANGUARD CAR: S&P Affirms B+ Rating on Weak Financial Profile

* French Council of Ministers Approve Class Action Legislation


G E R M A N Y

AH UNIVERSAL: Claims Registration Ends November 20
AMW IMMOBILIEN: Claims Registration Ends November 23
ARBEITER-SAMARITER: Creditors' Meeting Slated for November 22
AUTOHAUS ABC: Creditors' Meeting Slated for November 22
B & G ELEKTROBAU: Creditors' Meeting Slated for November 21

BAU-LOGISTIK: Claims Registration Ends November 24
BER SORTIERANLAGEN: Claims Registration Ends November 24
DAIMLERCHRYSLER AG: Suspends Some Senior Managers at Bus Unit
FICHTESTRASSE 16: Creditors' Meeting Slated for November 28
GREBE GASTRONOMIE: Claims Registration Ends November 24

HEILIT ARZNEIMITTEL: Claims Registration Ends November 20
HIFI FRAUNE: Claims Registration Ends November 23
KINZEL AG: Creditors' Meeting Slated for November 20
MCSPORTS GMBH: Claims Registration Ends November 23
PROMISE-I: Fitch Assigns BB+ Rating to EUR10.8-Mln Class E Notes

RECOMP GMBH: Creditors' Meeting Slated for November 27
S.T. WEINGALERIE: Claims Registration Ends November 25
VEREIN FORT: Claims Registration Ends November 20
VOLKSWAGEN AG: Incoming CEO Mulls Change in Corporate Structure
VOLKSWAGEN: Porsche Expects 5% Profit Margin; May Increase Stake

VOLKSWAGEN AG: Brandes Investment Cuts VW Stake, Report Says
WINVEST CONSULTING: Claims Registration Ends November 23
ZEMAITAT & PARTNER: Creditors' Meeting Slated for November 22


G R E E C E

TECHNICAL OLYMPIC: Write-Offs Cue Moody's to Cut Low-B Ratings


H U N G A R Y

BORSODCHEM NYRT: Buyer to Resume EUR500-Mln Investment Program
REMY INT'L: S&P Junks Corporate Credit Rating on Weak Earnings


I C E L A N D

NASH FINCH: SEC Inquiry Impact Spurs Moody's to Cut Ratings
NASH FINCH: S&P Revises Outlook to Negative on Weak Performance


I T A L Y

ALITALIA SPA: Posts EUR41-Mln Operating Loss for Third Quarter


K A Z A K H S T A N

ADN ELECTRIC: Creditors Must File Claims by Dec. 15
JELDORREMMASH OJSC: Claims Filing Period Ends Dec. 15
KASPY ENERGO: Proof of Claim Deadline Slated for Dec. 15
KOLIK LLP: North Kazakhstan Court Starts Bankruptcy Procedure
LVOVSKY LLP: Akmola Court Begins Bankruptcy Proceedings

PV DELTA: Proof of Claim Deadline Slated for Dec. 15
SODRUJESTVO LLP: Almaty Court Opens Bankruptcy Proceedings
STROY SNAB: Claims Registration Ends Dec. 15
VODOSNABJENIE LLP: Creditors' Claims Due Dec. 13


K Y R G Y Z S T A N

NURLUU LLC: Creditors' Meeting Slated for Nov. 23


N E T H E R L A N D S

ALFA BANK: Hikes Maximum Mortgage Loan to US$500,000
ALFA BANK: Moody's Rates Alfa Diversified's New Tranches
AMSTEL CORPORATE: S&P Rates EUR100-Mln Class E Notes at BB
HEXION SPECIALTY: Amends Pact for US$2 Billion Credit Facilities
KONINKLIJKE AHOLD: Completes Takeover of Laurus' Konmar Stores

LAURUS NV: Koninklijke Ahold Completes Takeover of Konmar Stores
LOUIS NO.1: Moody's Assigned B1 Corporate Family Rating
LOUIS NO. 1: TNT Risk Profile Cues S&P to Assign B+ Ratings
LUCENT TECHNOLOGIES: Soliciting Consents to Amend Indenture
MOBIFON HOLDINGS: S&P Withdraws BB Rating on Bond Redemption

WOOD STREET: Moody's Rates EUR14-Mln Class E Notes at (P)Ba3


N O R W A Y

NORSKE SKOG: Underperformance Spurs S&P to Cut Ratings to BB+
SHIP FINANCE: Moody's Affirms Low-B ratings with Stable Outlook


P O L A N D

BORSODCHEM NYRT: Buyer to Resume EUR500-Mln Investment Program
REMY INT'L: S&P Junks Corporate Credit Rating on Weak Earnings


P O R T U G A L

BUNGE LTD: S&P Assigns BB Rating on US$500-Mln Preference Shares


R U S S I A

ALFA BANK: Hikes Maximum Mortgage Loan to US$500,000
ALFA BANK: Moody's Rates Alfa Diversified's New Tranches
BUILDING CERAMICS: Court Names D. Rybalko as Insolvency Manager
BURUKTALSKIY METALLURGIC: Names G. Yaparov to Manage Assets
ITANTSA-WOOD: Court Names N. Dubershtejn as Insolvency Manager

KANSKIY COMBINE: Asset Sale Slated for December 6
KOS-WOOD-INDUSTRY: Court Names V. Lukin as Insolvency Manager
KRASNOGVARDEYSKIY OJSC: Court Names S. Osipova to Manage Assets
MDM BANK: Moody's Rates MDM DPR's Series 2006-A notes at (P)Baa3
NOVODUGINO-FLAX: Court Starts Bankruptcy Supervision Procedure

RASSKAZOVSKAYA MOVABLE: Bankruptcy Hearing Slated for January 23
ROCK CRYSTAL: Perm Court Names S. Mikheev as Insolvency Manager
ROLTOM OJSC: External Court Starts Reorganization Process
ROSNEFT OIL: Sees Joint Venture Completion by Yearend
SELIVANOVO CJSC: Court Names D. Porkhunov as Insolvency Manager

SEREDKINSKIY FLAX: Court Names A. Dzhamaldaev to Manage Assets
TERA-INVEST: Kirov Court Names A. Gvozdeva as Insolvency Manager
THERMAL COMPANY: Belgorod Bankruptcy Hearing Slated for Nov. 28
TNK-BP HOLDING: Forms Power Joint Venture with OGK-1
TRANSPORT ENTERPRISE: Court Names S. Mikheev to Manage Assets


S E R B I A   &   M O N T E N E G R O

TUBE CITY: Leverage Concerns Spur S&P's Watch Negative on Rating


S L O V A K   R E P U B L I C

TUBE CITY: Leverage Concerns Spur S&P's Watch Negative on Rating


S P A I N

GC FTPYME: Moody's Rates EUR12.6-Million Series E Notes at Ba3
MILLS CORP: Annual Stockholders Meeting Set for December 21
RURALPYME 2: Moody's Junks EUR24.05-Million Series D Notes


T U R K E Y

BUNGE LTD: S&P Assigns BB Rating on US$500-Mln Preference Shares


U K R A I N E

BILOGIRYAMOLPRODUKT LLC: Court Starts Bankruptcy Supervision
DREVOZA LLC: Court Names Uzhgorod City Tax Agency as Liquidator
LADA SERVICE: Court Names Bankruptcy Agency as Liquidator
MEBLEVIK: Court Names Sergij Romanchuk as Insolvency Manager
NAFTOGAZ UKRAINY: To Clear US$322-Million Debt by Yearend

OSNOVA ENTERPRISE: Lviv Court Starts Bankruptcy Supervision
SOUTH BIRD: AR Krym Court Starts Bankruptcy Supervision
TNK-BP HOLDING: Forms Power Joint Venture with OGK-1
TUSTAN ENTERPRISE: Court Names Sergij Romanchuk as Liquidator


U N I T E D   K I N G D O M

ABACUS DIRECT: Claims Filing Period Ends Dec. 14
ADVANCED DISASTER: Claims Registration Ends Jan. 25, 2007
ALBA 2006-2: Fitch Rates GBP8.6-Million Class F Notes at BB
AVALON BEDS: Liquidator Sets Dec. 20 Claims Bar Date
BETONSPORTS PLC: Agrees Permanent Ban in U.S. to Settle Lawsuit

BETONSPORTS: Fails to Give Employees Full Salaries & Severances
CINRAM INT'L: S&P Revises Outlook to Negative on Weak Financials
CLEAR CHANNEL: Receives Two Competing Takeover Bids
CLEAR CHANNEL: Names Jonathan Bevan International CFO
CLEAR CHANNEL: Earns US$198.6 Million in Third Quarter of 2006

COMPLETE SUPPORT: Creditors' Meeting Slated for Dec. 1
DEP INTERNATIONAL: Names Gerald Irwin as Administrator
ELECTROPLATING SERVICES: Names Jane Walker Liquidator
ELMCABIN LIMITED: Joint Liquidators Take Over Operations
ENRON CORP: Wants Kennedy Oil's US$2.9 Million Claim Reduced

FORD CREDIT: S&P Assigns BB+ Rating on Class D Notes
GENERAL MOTORS: S&P Rates US$1.5-Bln Senior Term Loan at B+
GLOBAL CROSSING: Will Acquire IMPSAT Fiber for US$95 Million
INTERPUBLIC GROUP: S&P Assigns B Rating on US$400-Mln Sr. Notes
KONINKLIJKE AHOLD: Completes Takeover of Laurus' Konmar Stores

MAYMILL KITCHENS: Appoints William Antony Batty as Administrator
MFN DEVELOPMENTS: Hires David Anthony Horner as Liquidator
MILLS CORP: Annual Stockholders Meeting Set for December 21
MODERN OFFICE: Claims Filing Period Ends Dec. 19
NETWORK GLOBAL: Royal Bank Appoints PKF as Joint Receivers

NORTHERN FOODS: Earns GBP30.5-Million in 26-Weeks Ended Sept. 30
PINK LADIES: Taps T. Papanicola to Administer Assets
RABBIT RECYCLING: Appoints Liquidators from Moore Stephens
SCOTTISH RE: Possible Non-Payment Cues S&P's Junk Ratings
SEA CONTAINERS: Regulator May Issue Financial Support Directions

SEA CONTAINERS: Reports Initial Consolidated Cash Flow Forecast
SKYEPHARMA PLC: Names Peter Grant as New Finance Director
SOFTCHAOS LIMITED: Brings In Stoneham.Co to Administer Assets
TELCORDIA TECH: S&P Cuts Ratings to B on Increased Leverage
USP DOMESTIC: Moody's Assigns Loss-Given-Default Rating

* European Pharmaceutical Outlook Is Stable, Says Moody's

* Upcoming Meetings, Conferences and Seminars

                            *********

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


FASSADENGESTALTUNG WALTER: Creditors' Meeting Slated for Nov. 28
----------------------------------------------------------------
Creditors owed money by KEG Fassadengestaltung Walter (FN
135123k) are encouraged to attend the creditors' meeting at
11:00 a.m. on Nov. 28 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

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

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Sept. 20 (Bankr. Case No. 11 S 93/06x).  Dr. Joerg
Beirer serves as the court-appointed property manager of the
bankrupt estate.  

The property manager can be reached at:

         Dr. Joerg Beirer
         Hauptplatz 31
         2700 Wiener Neustadt, Austria
         Tel: 02622/27041
         Fax: 02622/29246
         E-mail: beirer@kosch-partner.at


FUN:HALL: Property Manager Declares Insufficient Assets
-------------------------------------------------------
Dr. Robert Bukovc, the court-appointed property manager for LLC
fun:hall Betreiber (FN 230768s), declared Sept. 19 that the
Debtor's property is insufficient to cover creditors' claim.

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

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on April 12 (Bankr. Case No. 23 S 28/06x).  

The property manager can be reached at:

         Dr. Robert Bukovc
         Erzabt-Klotz-Str. 4
         5020 Salzburg, Austria
         Tel: 0662-842281
         Fax: 0662-842281-29
         E-mail: robert.bukovc@k-b-k.at


GALLIOT KEG: Property Manager Declares Insufficient Assets
----------------------------------------------------------
Mag. Herbert Ortner, the court-appointed property manager for
KEG Galliot (FN 167966i), declared Sept. 19 that the Debtor's
property is insufficient to cover creditors' claim.

The Land Court of Graz ordered the shutdown of the Debtor's
business on the same day.

Headquartered in Koeflach, Austria, the Debtor declared
bankruptcy on Sept. 14 (Bankr. Case No. 26 S 86/06a).  

The property manager can be reached at:

         Mag. Herbert Ortner
         Hauptplatz 57
         8570 Voitsberg, Austria
         Tel: 03142/22303
         Fax: 03142/22303-6
         E-mail: office@recht-kompetent.at


HANDELSAGENTUR E: Wiener Neustadt Court Orders Business Shutdown
----------------------------------------------------------------
The Land Court of Wiener Neustadt entered an order Sept. 19
shutting down the business of LLC Handelsagentur E. Lange (FN
184846h).  Court-appointed property manager Peter Bubits
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The property manager and his representative can be reached at:

         Mag Peter Bubits
         c/o Mag. Andrea Prochaska
         Elisabethstrasse 2
         2340 Moedling, Austria
         Tel: 02236/42210
         Fax: 02236/42210-25
         E-mail: peter.bubits@bkb-partner.at    

Headquartered in Wiener Neudorf, Austria, the Debtor declared
bankruptcy on July 13 (Bankr. Case No. 11 S 70/06i).  Andrea
Prochaska represents Mag. Bubits in the bankruptcy proceedings.


HUMMEL LLC: Court Orders Business Shutdown
------------------------------------------
The Land Court of Krems an der Donau entered an order Sept. 19
shutting down the business of LLC Hummel (FN 39109p).  Court-
appointed property manager Gerald Streibel recommended the
business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

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

Headquartered in Neukirchen/Wild, Austria, the Debtor declared
bankruptcy on Sept. 15 (Bankr. Case No. 9 S 46/06x).  


PRO MOTION: Feldkirch Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Feldkirch entered an order Sept. 19 shutting
down the business of Pro Motion Trade Ltd. (FN 267384m).  Court-
appointed property manager Lukas Pfefferkorn recommended the
business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Mag. Lukas Pfefferkorn
         Schulgasse 7
         6850 Dornbirn, Austria
         Tel: 05572/20210
         Fax: 05572/34414
         E-mail: office@ktg.at  

Headquartered in Dornbirn, Austria, the Debtor declared
bankruptcy on Sept. 15 (Bankr. Case No. 14 S 41/06a).  


SALE TRANSPORT: Creditors to Recover 1.44% of Claims
----------------------------------------------------
The Trade Court of Vienna approved Sept. 19 the final decision
on allocation of Karl F. Engelhart, the court-appointed property
manager of LLC Sale Transport (FN 186334x).

Under the property manager's project by final allocation,
creditors will recover 1.44% of their claims.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 7, 2005 (Bankr. Case No. 6 S 118/05b).

The property manager and his representative can be reached at:

         Dr. Karl F. Engelhart
         c/o Dr. Thomas Engelhart
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at


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


ELECTRONIC DATA: Moody's Affirms Ratings on Improved Margins
------------------------------------------------------------
Moody's Investors Service affirmed Electronic Data Systems
Corp.'s Ba1 rating and has revised its rating outlook to
positive from stable.  

The rating outlook revision reflects:

   -- EDS's reduction of cash outflows associated with
      large commercial and governmental problem
      contracts, including Navy,

   -- growth in organic revenue and new business
      contract signings,

   -- improvement in operating margins to in excess of 3%, and

   -- containment of capital expenditures to less than 10%
      of revenues with a concurrent reduction of CFT off
      balance sheet capital financing program usage.

EDS's Ba1 rating reflects:

   -- its leading market position in commercial I/T outsourcing,
   -- an industry prone to technical execution risks,
   -- a concentrated set of large client contracts,
   -- a shift toward smaller contract parceling, and
   -- offshore competition.

EDS maintains its franchise breath as one of the largest I/T
services companies worldwide and its cash flows are improving.
However, its sizeable financial leverage adjusted for operating
leases and under funded pensions and low net cash asset returns
have constrained its rating.

According to Vice President/Senior Analyst John Moore, "A
positive overall I/T services industry outlook and EDS's
increasing offshore footprint support the potential for the
company to maintain a book to bill ratio of around 1:1 and
improve its operating margins to 6% in 2007."

                What Could Drive the Rating Up

    * operating margins adjusted by Moody's for pensions
      and under funded leases meet or exceed 6% in
      FY 2007 (versus 4.2% LTM September 2006 operating
      margin adjusted by Moody's for leases and under
      funded pensions),

    * Moody's gains further confidence in the
      performance stability of EDS's large contracts,
      including developmental stage contracts with
      prospective milestones (such as MOD) and recently
      renewed contracts (such as DWP, GM, and Navy),

    * the ratio of debt to EBITDAR less capital
      expenditures adjusted by Moody's for operating leases
      and under funded pensions is 5.5x or less (versus the
      6.5x September 2006 ratio of debt to EBITDAR less
      capital expenditures adjusted by Moody's for leases
      and under funded pensions) and,

    * the company continues to sign a consistent amount
      of contracts approximating US$20 billion or more on an
      LTM basis.

               What Could Drive the Rating Down

Given the positive rating outlook, a rating downgrade is
unlikely at the present time.  A revision of the rating outlook
back to stable could occur if:

    * organic revenues and new business contract
      signings decline in excess of 5% on an annual basis,

    * gross capital expenditures exceed 10% of revenues on
      an annual basis, or

    * the company experiences weakening contract
      performance such that operating margins with
      Moody's adjustments for leases and under funded
      pensions decline to 3% or less on an annual basis.

Headquartered in Plano, Texas, Electronic Data Systems Corp. is
a leading provider of I/T services worldwide.


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


ALCATEL SA: Soliciting Consents to Amend Lucent's Indenture
-----------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc., have commenced a
joint solicitation of consent from holders of record as of
Nov. 10, 2006, of:

   -- Lucent's 2.75% Series A Convertible Senior Debentures due
      2023; and

   -- Lucent's 2.75% Series B Convertible Senior Debentures due
      2025

to amend the Indenture for the Debentures, in return for a full
and unconditional guaranty from Alcatel, which is unsecured and
subordinated to its senior debt.

The amendment allows Alcatel to provide such information,
documents and other reports that are required to be filed by
Alcatel pursuant to sections 13 and 15(d) of the U.S. Securities
Exchange Act of 1934, to holders of the Debentures, instead of
having to produce separate statements for Lucent after the
completion of the merger.

The consent solicitation will expire at 5:00 p.m. (EST),
Nov. 29, 2006, unless extended.  Alcatel's obligation to provide
its guaranty is contingent upon the receipt of consent for the
proposed amendment from the holders of a majority in aggregate
principal amount of each of the Debentures, as well as the
completion of the proposed merger transaction between Alcatel
and Lucent.

The terms and conditions of the consent solicitation are
contained in the Offer to Guarantee and Joint Consent
Solicitation Statement. Holders of the Debentures can obtain
copies of this document and the related Letter of Consent from:

         D.F. King & Co., the Information Agent,
         Tel: +1 (888) 887-0082 (U.S. toll-free)
              +1 (212) 269-5550 (for banks and brokers)

Bear, Stearns & Co. Inc. is acting as the Solicitation Agent for
the consent solicitation and can be contacted at

         Bear, Stearns & Co. Inc.
         Tel: +1 (877) 696-BEAR (toll-free)

                   About Lucent Technologies

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

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

                         About Alcatel

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

                         *     *     *

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

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


ALCATEL SA: Wins Mobile Expansion Deals from Chinese Telecoms
-------------------------------------------------------------
Alcatel S.A. has been awarded a mobile NGN and a GSM expansion
contracts by Hebei Unicom, a subsidiary of China Unicom and by
Anhui Mobile, a subsidiary of China Mobile.

In the framework of the contract, Alcatel will deploy its
industry leading Alcatel 5020 wireless call server for Hebei
Unicom' NGN network.  Once deployed, this Next Generation
network will serve 1.3 million subscribers located in four of
Hebei province's key cities -- Shi Jiazhuang, Xingtai, Handan
and Tangshan.

In addition, Alcatel will provide its industry leading 7750
Service Router and 7710 Service Router to transport NGN traffic
and signaling data with carrier grade reliability over a
converged IP/MPLS network.

The contract with Anhui Mobile marks the 10th GSM network
expansion program that Anhui Mobile has undertaken.  Under the
terms of the contract, Alcatel will supply and install its
industry leading Evolium end-to-end mobile network solution,
enabling the operator to meet the enhanced requirements of high-
quality voice, GPRS and value-added services.  Alcatel will also
provide the Alcatel 5020 wireless call server that will serve
some 1.6 million subscribers located in the cities of Fuyang,
Bozhou and Huaibei.

The project will be completed at the end of 2006.

"We see the increasing market demand for advanced mobile
network's functionality and reliability, which drives us to
innovate our existing network," said Zhu Ping, General Manager
of Hebei Unicom. "We believe Alcatel's advanced technology and
good service support will help us to meet the needs of our
customers."

"We are very proud of being selected by China Unicom and China
Mobile, the two large operators in China market, " said Marc
Rouanne, chief operating officer of Alcatel's mobile
communications activities. "These contracts further prove
customers' confidence in our products, and provide strong
evidence of Alcatel's leading position in mobile market," he
added.

                         About Alcatel

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

                         *     *     *

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

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


ATARI INC: Secures Three-Year US$15 Million Credit Facility
-----------------------------------------------------------
Atari Inc. entered into a new three-year secured revolving
credit facility with Guggenheim Corporate Funding, LLC, as the
administrative agent to a syndicate of lenders, which provides
up to US$15 million of credit availability based upon accounts
receivables.

The Company expects that the Guggenheim credit facility will
provide funding for its current and reasonably foreseeable
capital requirements as it relates to working capital needs in
the ordinary course of business.

"The Guggenheim facility provides Atari with the working capital
flexibility to support our day-to-day operations," stated David
Pierce, President and Chief Executive Officer.  "Guggenheim is a
prestigious financial partner and Atari looks forward to
building on this partnership as we continue to execute on our
strategy."

New York-based Atari, Inc. (Nasdaq: ATAR) --
http://www.atari.com/-- develops interactive games for all
platforms and is one of the largest third-party publishers of
interactive entertainment software in the U.S.  The Company's
1,000+ titles include franchises such as The Matrix(TM) (Enter
The Matrix and The Matrix: Path of Neo), and Test Drive(R); and
mass-market and children's franchises such as Nickelodeon's
Blue's Clues(TM) and Dora the Explorer(TM), and Dragon Ball
Z(R).  Atari, Inc. is a majority-owned subsidiary of France-
based Infogrames Entertainment SA (Euronext - ISIN: FR-
0000052573), the largest interactive games publisher in Europe.

                        *     *     *

                     Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about Atari,
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the for the fiscal years
ended March 31, 2006 and 2005.  The auditing firm pointed to
Atari's significant operating losses and the expiration of its
line of credit facility.


ATARI INC: Earns US$311,000 in Second Quarter Ended Sept. 30
------------------------------------------------------------
Atari Inc. filed its financial results for the fiscal 2007
second quarter ended Sept. 30, 2006, with the U.S. Securities
and Exchange Commission on Nov. 9, 2006.

Net revenue for the quarter ended Sept. 30, 2006, was US$28.6
million versus US$38.4 million in the comparable year-earlier
period.

Publishing net revenue was US$23.1 million versus US$22.6
million in the prior year period, while distribution revenue was
US$5.5 million versus US$15.8 million in the comparable year-
earlier period.

Net income for the fiscal 2007 second quarter was US$311,000,
compared with a net loss of US$25.211 million in the year-
earlier period.

Loss from continuing operations for the second quarter of fiscal
2007 was US$9.5 million compared with a loss from continuing
operations of US$22.3 million in the second quarter of fiscal
2006.

Net revenue for the six-month period ended Sept. 30, 2006, was
US$48.1 million versus US$62.2 million in the comparable year-
earlier period.  

Publishing net revenue was US$32.9 million versus US$35 million
in the prior six-month period, while distribution revenue was
US$15.2 million versus US$27.2 million in the comparable year-
earlier period.

Net loss for the six-month period was US$6.8 million compared
with net loss of US$58 million in the year-earlier period.  Loss
from continuing operations for the six-month period of fiscal
2007 was US$14.1 million compared with a loss of US$52.5 million
in the six-month period of fiscal 2006.

At Sept. 30, 2006, the Company's balance sheet showed US$116.250
million in total assets, US$49.136 million in total liabilities,
and US$67.114 million in total stockholders' equity.

"Atari continues to execute on its plans," Atari president and
chief executive officer David Pierce stated.

"First and foremost, we have secured a three year US$15 million
credit facility with Guggenheim Corporate Funding, LLC, a
prestigious financial partner.

"This facility will provide Atari with flexibility on our short-
term working capital needs.  Secondly, with the sale of the
Shiny development studio, we have completed the divesture of our
internal development studios streamlining our development
operations.

"Finally, we are realizing the results of our previously
announced cost reduction plans as general and administrative
expenses are down 31%."

Mr. Pierce continued, "As we enter into our holiday season,
Atari continues to deliver by releasing high-quality products to
our consumers that utilize next-generation capabilities.

"We look forward to launching new products such as Dragon Ball
Z: Budokai Tenkaichi 2 for Nintendo Wii and continuing to build
on the world-wide success of Test Drive Unlimited and Never
Winter Nights 2, both of which take advantage of opportunities
on-line," Mr. Pierce added.

Atari's product lineup for the remainder of fiscal 2007 is
expected to include:

   -- Arthur and the Invisibles (PlayStation(R)2 computer
      entertainment system, Nintendo DS(TM), Game Boy(R) Advance
      and Windows),

   -- Bullet Witch(TM) (Xbox 360(TM) video game and
      entertainment system from Microsoft),

   -- Dragon Ball Z(R): Budokai Tenkaichi(TM) 2 (Nintendo(R)
      Wii),

   -- DUNGEONS & DRAGONS(R): Tactics(TM) (PSP(R) (PlayStation(R)
      Portable) system), and

   -- HOT PXL (PSP(R) (PlayStation(R) Portable) system), among
      others.

Full-text copies of the Company's second fiscal quarter
financials are available for free at:

                http://ResearchArchives.com/t/s?1527

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 3, 2006,
Deloitte & Touche LLP expressed substantial doubt about Atari,
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the for the fiscal years
ended March 31, 2006 and 2005.  The auditing firm pointed to
Atari's significant operating losses and the expiration of its
line of credit facility.

                         About Atari Inc.

New York-based Atari, Inc. (Nasdaq: ATAR) --
http://www.atari.com/-- develops interactive games for all
platforms and is one of the largest third-party publishers of
interactive entertainment software in the U.S.  The Company's
1,000+ titles include franchises such as The Matrix(TM) (Enter
The Matrix and The Matrix: Path of Neo), and Test Drive(R); and
mass-market and children's franchises such as Nickelodeon's
Blue's Clues(TM) and Dora the Explorer(TM), and Dragon Ball
Z(R).  Atari, Inc. is a majority-owned subsidiary of France-
based Infogrames Entertainment SA (Euronext - ISIN: FR-
0000052573), the largest interactive games publisher in Europe.


CINRAM INT'L: S&P Revises Outlook to Negative on Weak Financials
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Cinram International Inc., a wholly owned indirect subsidiary of
Cinram International Income Fund, to negative from stable.  

At the same time, Standard & Poor's affirmed its 'BB-' long-term
corporate credit rating and its 'BB-' bank loan rating, with a
recovery rating of '4', on prerecorded multimedia manufacturer
Cinram.
     
"The negative outlook is based on Cinram's weakened financial
performance with both reported revenues and EBITDA down compared
with the same period the previous year," said Standard & Poor's
credit analyst Lori Harris.  The reported EBITDA margin also
declined compared with the same period the previous year because
of lower volume and prices.  "We believe that margin pressure
will be ongoing given the media replication industry's
commodity-like nature, which has resulted in a continued decline
in selling prices," added Ms. Harris. Furthermore, the negative
outlook also reflects Standard & Poor's concerns about long-term
industry fundamentals as digital distribution is expected to
become a larger source of studio revenues.
     
The ratings on Cinram reflect the company's limited financial
flexibility and weak business risk profile, which is based on
customer and product concentration, seasonality, and the
commodity-like nature of the media replication industry that is
vulnerable to shifts in technology toward on-demand products and
availability of hit new releases.  Although new hits are a
significant source of revenue growth, the availability of
previously released titles and television series in DVD format
is also an important part of the company's revenue base.  These
factors are partially offset by Cinram's strong market position
as the world's largest manufacturer of prerecorded multimedia
products, solid credit measures, and management's track record
of adapting to changing technologies.
     
The negative outlook reflects our concerns regarding the
challenges Cinram faces given its weakened operating performance
and difficult industry fundamentals.  The medium-to-long-term
effect of these challenges could be weakness in the overall
business model as consumers choose other media delivery methods.
Downward pressure on the ratings could come from debt-financed
acquisition activity or the deterioration in the company's
operations stemming from the loss of a significant contract or
the increased consumer acceptance of a competitive product or
service.  In the medium term, there is limited potential for a
revision of the outlook back to stable, given the high
technological risk associated with the industry.


CLEAR CHANNEL: Receives Two Competing Takeover Bids
---------------------------------------------------
Clear Channel Communications Inc. received two competing
takeover bids that valued the company at over US$17 billion,
reports say.

The Company received a bid from a set of investors consisting of
Blackstone Group LP, Kohlberg Kravis Roberts & Co., and
Providence Equity Partners Inc.

The Company also received an opposing bid from a leverage buyout
group consisting of Bain Capital LLC and Thomas H. Lee Partners
LP.  Texas Pacific Group, a previous member of the team, was not
part of the proponents.

Published reports state that Apollo Management LP and Carlyle
Group and Cerberus Capital Management LP and Oak Hill Capital
Partners were considering bidding for the company.

San Antonio, Tex.-based Clear Channel Communications, Inc.
(NYSE: CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.  In
Europe, the company maintains operations in France and the
United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service placed the (P)Ba2 Multiple Seniority
Shelf Rating for Clear Channel Communications Inc. on review for
possible downgrade.


CLEAR CHANNEL: Names Jonathan Bevan International CFO
-----------------------------------------------------
Clear Channel Outdoor disclosed of a new management team for its
international business units.  The members of the newly named
management team will report to global president and chief
operating officer, Paul Meyer.

The management team includes:

   * Jonathan Bevan, international chief financial officer and
     director of corporate development;

   * Barry Sayer, newly appointed regional president for the
     United Kingdom, Ireland, and the company's 13 African
     markets, including South Africa;

   * Hubert Janvier, newly appointed regional president,
     Southern Europe, which includes France, Spain, Italy, and
     Belgium;

   * Rickard Hedlund, newly appointed regional president,
     Northern and Eastern Europe; and

   * Mark Thewlis, regional president, Asia Pacific.  

Barry Sayer, who has been serving concurrently as chief
executive officer for the company's African business and interim
CEO for the United Kingdom, has also been named the UK's
permanent CEO. Rickard Hedlund was previously the company's CEO
for Northern Europe.  Hubert Janvier had been the company's CEO
for Belgium and Spain.

"I am confident that we now have a truly outstanding management
team in place to oversee the continued growth of our
international business units," Mr. Meyer stated.

"Each of our regional presidents has a strong operating track
record and brings a hands-on management style that will ensure
we are sharing best practices among our international business
units and with the Americas.

"Together with Jonathan Bevan, they will have a critically
important role in shaping our global strategy for the continued
success of our business internationally."

San Antonio, Tex.-based Clear Channel Communications, Inc.
(NYSE: CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.  In
Europe, the company maintains operations in France and the
United Kingdom, among others.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service placed the (P)Ba2 Multiple Seniority
Shelf Rating for Clear Channel Communications Inc. on review for
possible downgrade.


CLEAR CHANNEL: Earns US$198.6 Million in Third Quarter of 2006
--------------------------------------------------------------
Clear Channel Communications Inc. reported results for its third
quarter ended Sept. 30, 2006.

At Sept. 30, 2006, the Company's balance sheet showed US$18.93
billion in total assets, US$10.78 billion in total liabilities,
US$328 million in minority interests, and US$7.82 billion in
total stockholders' equity.

The Company reported revenues of around US$1.8 billion in the
third quarter of 2006, an increase of 7% from the US$1.7 billion
reported for the third quarter of 2005.

Included in the Company's revenue is a US$14.4 million increase
due to movements in foreign exchange; strictly excluding the
effects of these movements in foreign exchange, revenue growth
would have been 6%.

Clear Channel's income before discontinued operations increased
8% to US$185.9 million, as compared with US$171.8 million for
the same period in 2005.  

The Company's OIBDAN (defined as Operating Income before
Depreciation & Amortization, Non-cash compensation expense and
Gain (loss) on disposition of assets - net) was US$595.4 million
in the third quarter of 2006, a 10% increase from the third
quarter of 2005.

For the three months ended Sept. 30, 2006, the Company reported
US$198.621 million of net income compared with US$211.980
million of net income in the same quarter of 2005.

"We are one of the best performing companies in the media
industry," commented Mark Mays, chief executive officer.

"Our healthy fundamentals and solid growth highlight the
superior positioning of our assets and the emerging benefits of
our concerted investment strategy.

"We are capitalizing on our diverse portfolio of out-of-home
media properties to meet the shifting demands of the global
media marketplace.

"Our radio division once again outperformed the industry,
demonstrating the strength of our brands in connecting with our
audiences.

"Our outdoor division continues its track record of robust
growth, posting considerable revenue gains year-over-year.  
Looking ahead, we continue to maintain strong operating momentum
and we are hopeful that we can continue to convert our revenue
gains into profitable returns for our shareholders."

Randall Mays, president and chief financial officer, commented,
"We generated strong results in the third quarter, demonstrating
the scale and operating leverage in our business model.

"Even as we continue to invest in our content and distribution
assets to position our company to excel over the long-term, we
are converting our revenue growth into profitable and tangible
cash flows."

                        Radio Broadcasting

The Company's radio broadcasting revenues increased 5% during
the third quarter of 2006 as compared with the third quarter of
2005 primarily from an increase in national advertising
revenues, driven by increases in yield and average unit rates.

The number of 30 second and 15-second commercials broadcast as a
percent of total minutes sold increased in the third quarter of
2006 as compared with the same period of 2005.

The Company's top 50 markets paced the revenue growth for the
quarter, growing revenues at a higher percentage than the
remainder of its markets.  Strong advertising client categories
during the third quarter of 2006 as compared with the third
quarter of 2005 were autos, retail, and entertainment.

The Company's radio broadcasting direct operating and SG&A
expenses increased US$27.5 million for the third quarter of 2006
as compared with the third quarter of 2005.  This growth
includes an increase in non-cash compensation expense of US$6.3
million as result of adopting FAS 123R.  Also contributing to
the increase were increased costs related to programming, sales
and distribution initiatives.

                        Outdoor Advertising

The Company's outdoor advertising revenue increased 8% during
the third quarter of 2006 as compared to the third quarter of
2005.  

Included in the 2006 results is around US$14.4 million from
increases related to foreign exchange movements compared to
2005.  

Strictly excluding the effects of foreign exchange, the
Company's outdoor advertising revenue for the third quarter of
2006 would have increased 6% over the third quarter of 2005.

Outdoor advertising expenses increased US$19.7 million,
including US$1.5 million in non-cash compensation expense
related to the adoption of FAS 123R, during the third quarter of
2006 as compared with the third quarter of 2005.

Included in the 2006 results is around US$12.1 million from
increases related to foreign exchange movements compared with
2005.

Included in SG&A expenses during the third quarter of 2005 is
US$26.6 million related to restructuring the Company's
businesses in
France.

The Company's outdoor advertising OIBDAN increased 18% in the
third quarter of 2006 as compared to the same period of 2005.

Americas Outdoor

The Company's Americas revenue increased 12% during the third
quarter of 2006 as compared with the third quarter of 2005
primarily attributable to bulletin and airport revenues.  The
increase in bulletin revenue was driven by an increase in rates.
The increase in airport revenues was attributable to increased
occupancy and rates as well as the acquisition of Interspace
Airport Advertising in the current quarter, which contributed
US$14.6 million to revenue growth over the third quarter of
2005.

Strong revenue growth for the quarter was achieved across a
broad spectrum of markets including Boston, Cleveland, Dallas,
Minneapolis, Orlando, Sacramento, San Antonio, and Tucson.

Top advertising client categories during the quarter included
autos, business and consumer services, entertainment, insurance,
and retail.

Direct operating and SG&A expenses increased US$17.9 million in
the third quarter of 2006 over the third quarter of 2005.  
Increased site lease and commission expenses associated with the
increase in revenue drove the increase.  Interspace contributed
US$9 million to direct operating and SG&A expenses in the third
quarter of 2006.  Non-cash compensation expense increased US$1.2
million related to the adoption of FAS 123R.

International Outdoor

Revenues from the Company's international outdoor operations
increased 4% in the third quarter of 2006 as compared to the
third quarter of 2005 primarily from movements in foreign
exchange.

Excluding the effects of foreign exchange, the Company's
international outdoor revenue was flat over the third quarter of
2005 primarily as a result of growth in street furniture
revenues offset by declines in billboard revenues in France and
the United Kingdom.  Top advertising client categories during
the quarter included autos, business and consumer services,
entertainment, insurance and retail.

Direct operating and SG&A expenses increased 1% over the third
quarter of 2005 primarily from increases due to movements in
foreign exchange and an increase in fixed rent associated with
guarantees on new contracts.

Included in direct operating and SG&A expenses in the third
quarter of 2005 is around US$26.6 million related to
restructuring the Company's businesses in France.

Also included in the increase is US$300,000 in non-cash
compensation expense related to the adoption of FAS 123R.

                 FAS No. 123R: Share Based Payment

The Company adopted FAS 123R on Jan. 1, 2006, under the
modified-prospective approach which requires it to recognize
employee compensation cost related to its stock option grants in
the 2006 financial statements for all options granted after the
date of adoption as well as for any options that were granted
prior to adoption but not vested.

Under the modified-prospective approach, no stock option expense
is reflected in the financial statements for 2005 attributable
to these options.  Non-cash compensation expense recognized in
the financial statements during 2005 relates to the expense
associated with restricted stock awards.

                 Return of Capital to Shareholders

The Company announced Aug. 9, 2005, its intention to return
around US$1.60 billion of capital to shareholders through either
share repurchases, a special dividend or a combination of both.

Since announcing its intent through the date of this release,
the Company has returned around US$1.58 billion to shareholders
by repurchasing 53.5 million shares of its common stock.

Since announcing a share repurchase program in March 2004, the
Company has repurchased around 130.9 million shares of its
common stock for around US$4.3 billion.

Subject to its financial condition, market conditions, economic
conditions and other factors, it remains the Company's intention
to return the remaining balance of around US$18 million in
capital to its shareholders through share repurchases from funds
generated from the repayment of inter-company debt, the proceeds
of any new debt offerings, available cash balances and cash flow
from operations.

The US$1 billion share repurchase plan authorized on Aug. 9,
2005, has been completed.  A US$600 million repurchase plan was
authorized by the Board of Directors on March 9, 2006, and
around US$18 million remains under this plan.  An additional
US$1 billion share repurchase plan was authorized on Sept. 6,
2006.

Full-text copies of the Company's third quarter financials are
available for free at http://ResearchArchives.com/t/s?1516

San Antonio, Tex.-based Clear Channel Communications, Inc.
(NYSE: CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.

                            *     *     *

As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service placed the (P)Ba2 Multiple Seniority
Shelf Rating for Clear Channel Communications Inc. on review for
possible downgrade.


ELECTRONIC DATA: Moody's Affirms Ratings on Improved Margins
------------------------------------------------------------
Moody's Investors Service affirmed Electronic Data Systems
Corp.'s Ba1 rating and has revised its rating outlook to
positive from stable.  

The rating outlook revision reflects:

   -- EDS's reduction of cash outflows associated with
      large commercial and governmental problem
      contracts, including Navy,

   -- growth in organic revenue and new business
      contract signings,

   -- improvement in operating margins to in excess of 3%, and

   -- containment of capital expenditures to less than 10%
      of revenues with a concurrent reduction of CFT off
      balance sheet capital financing program usage.

EDS's Ba1 rating reflects:

   -- its leading market position in commercial I/T outsourcing,
   -- an industry prone to technical execution risks,
   -- a concentrated set of large client contracts,
   -- a shift toward smaller contract parceling, and
   -- offshore competition.

EDS maintains its franchise breath as one of the largest I/T
services companies worldwide and its cash flows are improving.
However, its sizeable financial leverage adjusted for operating
leases and under funded pensions and low net cash asset returns
have constrained its rating.

According to Vice President/Senior Analyst John Moore, "A
positive overall I/T services industry outlook and EDS's
increasing offshore footprint support the potential for the
company to maintain a book to bill ratio of around 1:1 and
improve its operating margins to 6% in 2007."

                What Could Drive the Rating Up

    * operating margins adjusted by Moody's for pensions
      and under funded leases meet or exceed 6% in
      FY 2007 (versus 4.2% LTM September 2006 operating
      margin adjusted by Moody's for leases and under
      funded pensions),

    * Moody's gains further confidence in the
      performance stability of EDS's large contracts,
      including developmental stage contracts with
      prospective milestones (such as MOD) and recently
      renewed contracts (such as DWP, GM, and Navy),

    * the ratio of debt to EBITDAR less capital
      expenditures adjusted by Moody's for operating leases
      and under funded pensions is 5.5x or less (versus the
      6.5x September 2006 ratio of debt to EBITDAR less
      capital expenditures adjusted by Moody's for leases
      and under funded pensions) and,

    * the company continues to sign a consistent amount
      of contracts approximating US$20 billion or more on an
      LTM basis.

               What Could Drive the Rating Down

Given the positive rating outlook, a rating downgrade is
unlikely at the present time.  A revision of the rating outlook
back to stable could occur if:

    * organic revenues and new business contract
      signings decline in excess of 5% on an annual basis,

    * gross capital expenditures exceed 10% of revenues on
      an annual basis, or

    * the company experiences weakening contract
      performance such that operating margins with
      Moody's adjustments for leases and under funded
      pensions decline to 3% or less on an annual basis.

Headquartered in Plano, Texas, Electronic Data Systems Corp. is
a leading provider of I/T services worldwide.


EUROPCAR GROUPE: Inks Strategic Alliance with Vanguard Car
----------------------------------------------------------
Vanguard Car Rental Holdings LLC, operating under the National
Car Rental and Alamo Rent A Car brands, entered into a strategic
alliance with Europcar Groupe S.A. to provide a global car
rental solution to corporate and leisure customers.

"Our partnership with Europcar will enable us to better serve
our customers and provide them with a competitive global
alternative in the car rental market," William E. Lobeck,
President and Chief Executive Officer of Vanguard disclosed.

"They will also benefit from having access to an enhanced
network that will truly deliver the highest quality car rental
experience worldwide for our National Car Rental and Alamo Rent
A Car customers," he added.

"Europcar and Vanguard share a common vision of the vehicle
rental market and today we are forging an alliance that will
enable us to offer our clients a premium quality service
anywhere in the world," Salvatore Catania, CEO of Europcar
expressed.

Under the alliance, National, Alamo and Europcar will be
operating in over 150 countries with access to nearly 6,000
locations and a fleet of over 500,000 vehicles.

As a part of this alliance, Vanguard also entered into a
definitive agreement with Europcar to sell the equity of its
subsidiary, Vanguard Car Rental EMEA Holdings Ltd., which
operates in Europe, the Middle East and Africa.  

The sale is subject to regulatory approvals and other customary
closing conditions.  The transaction is expected to close in the
first quarter of 2007.

               About Vanguard Car Rental Holdings LLC

Headquartered in Tulsa, Oklahoma, Vanguard Car Rental Holdings
LLC -- http://www.vanguardcar.com/-- is a car rental company  
operator of the National Car Rental and Alamo Rent A Car brands.  
It has more than 3,200 locations in 83 countries, including the
United States, Canada, Mexico, Europe, the Caribbean, Latin
America, Asia, the Pacific Rim, Africa, the Middle East and
Australia.

                       About Europcar

Headquartered in Paris, France, Europcar --
http://www.europcar.com/-- is a leading European rental car  
companies with reported sales of EUR1.3 billion in 2005.  Its
network comprises over 2,950 rental outlets in over 145
countries throughout Europe, Africa, the Middle East, Latin
America and the Asia-Pacific region.  The Group has a workforce
of 5,600.

The French investment company Eurazeo has a majority holding in
the company, via the Europcar Group.  


EUROPCAR GROUPE: Acquisition Plan Cues Moody's to Review Ratings
----------------------------------------------------------------
Moody's Investors Service placed the Ba3 Corporate Family
Rating, the B1 rating of the subordinated secured notes and the
B2 rating of the senior subordinated notes of Europcar Groupe
S.A. on review for possible downgrade.  

The review was prompted by the announcement of Europcar that it
plans to acquire the European businesses of U.S. car rental
group Vanguard.

Christian Hendker, the lead-analyst at Moody's for Europcar
said: "The review for a possible downgrade will evaluate if the
expected improvements in Europcar's business profile and cash
flow generation ability as a result of the acquisition are in
line with the increased absolute financial debt, given that
Europcar's debt protection measures before the transaction --
with Debt to EBITDA levels of around 5.6 times expected for 2006
- have been weak for the Ba3 Corporate Family Rating category".

Moody's expects that the acquisition on the one hand will
improve Europcar's position in relation to several factors that
are critical to the analysis of Rental Car companies such as:

   -- scale,

   -- market position,

   -- diversification, and

   -- the ability to improve the cost structure due to
      synergy potential.

On the other hand, while preliminary information provided by
Europcar indicates that the key leverage metric Debt to EBITDA
(based on expected 2006 proforma results) may slightly improve,
the transaction results in higher absolute debt levels requiring
greater visibility of stable cash flow generation also of the
acquired business.  The review will therefore assess the medium
term cash generation ability of the enlarged entity and the
impact on Europcar's capital structure and cash flow-to-debt
ratios, which are weak for the current rating category.

Moody's review will focus on:

   (1) the expected improvements to the business profile
       of Europcar's enlarged European operations;

   (2) the expected synergies from the acquisition, its
       impact on medium term operating performance levels
       and cash generation ability of Europcar, and

   (3) impact on the financial leverage and the pace at
       which deleveraging through cash generation over the
       next few years will reduce acquisition debt.  The
       review will also focus on the yet to be finalized
       funding structure of the acquisition and the impact
       on the existing bondholders of Europcar.

The acquisition is anticipated to be closed in the first quarter
of 2007, at which time Moody's expects to conclude the review
process.

The most recent rating action for Europcar was on May 2, when
the ratings have been assigned.

Headquartered in Paris (France), Europcar is one of the leading
European rental car companies with reported sales of
EUR1.3 billion in 2005.


LUCENT TECHNOLOGIES: Soliciting Consents to Amend Indenture
-----------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc., have commenced a
joint solicitation of consent from holders of record as of
Nov. 10, 2006, of:

   -- Lucent's 2.75% Series A Convertible Senior Debentures due
      2023; and

   -- Lucent's 2.75% Series B Convertible Senior Debentures due
      2025

to amend the Indenture for the Debentures, in return for a full
and unconditional guaranty from Alcatel, which is unsecured and
subordinated to its senior debt.

The amendment allows Alcatel to provide such information,
documents and other reports that are required to be filed by
Alcatel pursuant to sections 13 and 15(d) of the U.S. Securities
Exchange Act of 1934, to holders of the Debentures, instead of
having to produce separate statements for Lucent after the
completion of the merger.

The consent solicitation will expire at 5:00 p.m. (EST),
Nov. 29, 2006, unless extended.  Alcatel's obligation to provide
its guaranty is contingent upon the receipt of consent for the
proposed amendment from the holders of a majority in aggregate
principal amount of each of the Debentures, as well as the
completion of the proposed merger transaction between Alcatel
and Lucent.

The terms and conditions of the consent solicitation are
contained in the Offer to Guarantee and Joint Consent
Solicitation Statement. Holders of the Debentures can obtain
copies of this document and the related Letter of Consent from:

         D.F. King & Co., the Information Agent,
         Tel: +1 (888) 887-0082 (U.S. toll-free)
              +1 (212) 269-5550 (for banks and brokers)

Bear, Stearns & Co. Inc. is acting as the Solicitation Agent for
the consent solicitation and can be contacted at

         Bear, Stearns & Co. Inc.
         Tel: +1 (877) 696-BEAR (toll-free)

                         About Alcatel

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

                   About Lucent Technologies

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

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

                           *     *     *

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

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

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

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


REXEL SA: Fitch Assigns B+ Default Rating with Stable Outlook
-------------------------------------------------------------
Fitch Ratings assigned France-based low and ultra-low electrical
products distributor Rexel SA an Issuer Default rating of B+
with Stable Outlook.  

Fitch has also assigned BB/RR2 ratings to Rexel's senior secured
facilities and B-/RR6 ratings to Ray Acquisition SCA's senior
subordinated notes due 2015.

"The IDR reflects Rexel's resilient business plan and global
footprint, which confers a degree of portfolio protection and
customer diversification spread between the residential, non-
residential construction and industrial end markets," says Pablo
Mazzini, Director in Fitch's Leveraged Finance team.

"Despite the inherent cyclicality in sales and the appetite to
grow via debt-funded acquisitions, like that of GE Supply, the
rating also takes into account the strong performance since the
LBO in March 2005 and the resulting improvement in certain key
credit metrics," he added.

Rexel's improved performance is largely attributable to the
cyclical upturn across most of its end user markets, rather than
a substantial ramp-up in market share in the countries where it
operates.  The group has been able nonetheless to improve market
share in selective countries through both organic growth and
bolt-on acquisitions.

The fact that most of the recent acquisitions are debt-funded
makes Rexel more reliant on cost savings to repay the current
high level of debt, although this is only feasible as long as
the economic environment remains benign.  In a market downturn,
Rexel will depend on releasing cash from working capital to
support free cash flow generation.  

In this regard, Fitch notes that Rexel was able to generate
average EUR115 million cash per year during 2001-2002, when
economic conditions were soft.

In August 2006, the group acquired GE Supply in North America
for US$620 million.  This acquisition has resulted in Rexel
becoming the market leader in the largely fragmented US
marketplace, increasing its market share to 7% from 3.2%.

Adjusted for the recently completed acquisitions, total leverage
stands at 6.1x using Fitch's conservative LTM June 2006 pro-
forma EBITDA estimate of EUR565 million.  This is significantly
lower than the 7.4x total leverage at the LBO date.

Rexel exhibits EBITDAR margins in the high end of peers, which
is a positive factor despite the high concentration of sales
upon lower-margin products such as cables and conduits.
Profitability will be supported by prospective synergies,
leveraging the group's scale of operations, focus on higher-
margin product ranges and increased bargaining power with
suppliers.

As of June 2006, Rexel's LTM EBITDAR stood at an estimated
EUR610 million with record margins of 7.7%, up from the low of
6.3% in FY03.  Since the US market is inherently less profitable
than other geographic areas due to the higher market
fragmentation, Fitch expects a pro-forma EBITDAR of at least
EUR700 million, implying an EBITDAR margin of about 7%.

The BB and RR2 ratings for the senior secured facilities reflect
Fitch's expectation of superior recovery prospects on default as
a result of their security package and contractual seniority.
The notching is capped by the application of the soft-cap on
recovery ratings in France.

The B- and RR6 ratings on the senior subordinated notes reflect
poor recovery prospects in distress as a result of their
structurally subordinated ranking, the substantial amount of
debt ranking ahead of the notes, as well as issues surrounding
the enforceability of the subordinated guarantees provided by
Rexel as the operating entity under the French jurisdiction.

Rexel is the world leader in the distribution of low and ultra-
low voltage electrical products, operating in 28 countries
across Europe, America and Asia-Pacific through a network of
around 1,900 branches.


TELCORDIA TECH: S&P Cuts Ratings to B on Increased Leverage
-----------------------------------------------------------
Standard & Poor's Rating Services lowered its ratings on
Piscataway, N.J.-based Telcordia Technologies Inc. and removed
them from CreditWatch, where they were placed with negative
implications Sept. 29.  

The corporate credit rating was lowered to 'B' from 'B+', and
the rating outlook is negative.
      
"The ratings downgrade reflects weakness in revenue, EBITDA, and
liquidity, which is expected to continue over the near term,"
said Standard & Poor's credit analyst Stephanie Crane.  "We also
expect a moderate increase in financial leverage, with limited
prospects for debt payment in the near term coming from free
cash flow."
     
The ratings reflect Telcordia's vulnerable business profile,
with its narrow and mature addressed market and significant
customer concentration, as well as its leveraged financial
profile.  The ratings are, however, supported by a leading
position in providing products and services for regional Bell
operating companies (RBOCs) and global carriers.
    
Telcordia faces a number of challenges across several business
units.  These include a currently weaker-than-historical telecom
industry spending environment, as well as consolidation within
the RBOCs -- a key client base for Telcordia.  Also, the
company's focus on growth markets have yet to achieve the scale
needed for profitability, and its core business is subject to
ongoing pricing pressures.
     
Standard & Poor's expects full-year fiscal 2007 adjusted EBITDA
margins to continue in the 20% area, despite lower revenue than
previously anticipated, ongoing pricing pressures, and the costs
associated with expansion into new markets.  This reflects cost-
control vigilance and a shift toward offshoring to India.
Including Standard & Poor's adjustment for operating leases and
pension obligations, total debt to adjusted EBITDA is around
6.2x, ahead of 5.7x levels as of fiscal 2006.


VANGUARD CAR: Inks Strategic Alliance with Europcar Groupe
----------------------------------------------------------
Vanguard Car Rental Holdings LLC, operating under the National
Car Rental and Alamo Rent A Car brands, entered into a strategic
alliance with Europcar Groupe S.A. to provide a global car
rental solution to corporate and leisure customers.

"Our partnership with Europcar will enable us to better serve
our customers and provide them with a competitive global
alternative in the car rental market," William E. Lobeck,
President and Chief Executive Officer of Vanguard disclosed.

"They will also benefit from having access to an enhanced
network that will truly deliver the highest quality car rental
experience worldwide for our National Car Rental and Alamo Rent
A Car customers," he added.

"Europcar and Vanguard share a common vision of the vehicle
rental market and today we are forging an alliance that will
enable us to offer our clients a premium quality service
anywhere in the world," Salvatore Catania, CEO of Europcar
expressed.

Under the alliance, National, Alamo and Europcar will be
operating in over 150 countries with access to nearly 6,000
locations and a fleet of over 500,000 vehicles.

As a part of this alliance, Vanguard also entered into a
definitive agreement with Europcar to sell the equity of its
subsidiary, Vanguard Car Rental EMEA Holdings Ltd., which
operates in Europe, the Middle East and Africa.  

The sale is subject to regulatory approvals and other customary
closing conditions.  The transaction is expected to close in the
first quarter of 2007.

                          About Europcar

Headquartered in Paris, France, Europcar --
http://www.europcar.com/-- is a leading European rental car  
companies with reported sales of EUR1.3 billion in 2005.  Its
network comprises over 2,950 rental outlets in over 145
countries throughout Europe, Africa, the Middle East, Latin
America and the Asia-Pacific region.  The Group has a workforce
of 5,600.

The French investment company Eurazeo has a majority holding in
the company, via the Europcar Group.  

               About Vanguard Car Rental Holdings LLC

Headquartered in Tulsa, Oklahoma, Vanguard Car Rental Holdings
LLC -- http://www.vanguardcar.com/-- is a car rental company  
operator of the National Car Rental and Alamo Rent A Car brands.  
It has more than 3,200 locations in 83 countries, including the
United States, Canada, Mexico, Europe, the Caribbean, Latin
America, Asia, the Pacific Rim, Africa, the Middle East and
Australia.


VANGUARD CAR: S&P Affirms B+ Rating on Weak Financial Profile
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B+' corporate credit rating, on Vanguard Car
Rental USA Holdings Inc.  The outlook is stable.  

Vanguard Car Rental Holdings LLC, the parent of Vanguard Car
Rental USA Inc., announced [Mon]day it had entered into a
strategic alliance with Europcar Groupe S.A. that includes the
sale of its Europe, Middle East, and Africa operations to
Europcar, as well as a partnership between the two car rental
companies in which their customers will have access to each
other's operations.  Proceeds from the sale will total
EUR670 million.  The sale will result in Vanguard Car Rental USA
remaining as the primary operating entity of Vanguard Car Rental
Holdings.
      
"The decline in Vanguard Car Rental USA's balance debt of around
US$5 billion is expected to be minimal after a substantial
portion of the proceeds are used to retire the European fleet
debt," said Standard & Poor's credit analyst Betsy Snyder.  "In
addition, Vanguard Car Rental Holdings' annual revenues will
decline by around US$500 million."
     
The ratings on Tulsa, Okla.-based Vanguard Car Rental USA
reflect a weak financial profile and very aggressive financial
policy, even after the June 2006 recapitalization of the
company.   However, the company's business risk profile does
benefit from its significant presence in the North American on-
airport car rental market.

Vanguard Car Rental USA is the major operating subsidiary of
Vanguard Car Rental Holdings, which is owned by Cerberus Capital
Management L.P.  After the proposed sale of its European,
Middle East, and African operations, Vanguard Car Rental
Holdings' operations will consist primarily of the National and
Alamo brands in the U.S. and Canada.

Vanguard participates primarily in the on-airport segment of the
car rental industry.  At the top 50 airports in the U.S., the
Alamo and National brands have a combined market share of around
21%, behind Hertz (28%) and a combined Avis and Budget (30%,
both owned by Cendant).  National, which accounts for around 49%
of Vanguard's revenues, focuses on frequent business travelers
(50% of revenues are derived from commercial accounts).  Alamo
(around 51% of Vanguard's revenues) concentrates on leisure and
value travelers at major vacation destinations.  The on-airport
segment of the car rental industry is heavily reliant on airline
traffic.  Demand tends to be cyclical, and can also be affected
by global events such as wars, terrorism, and disease outbreaks.
     
Vanguard's credit ratios are expected to remain fairly
consistent over the near to intermediate term due to its heavy
debt burden.  If the company were to add substantial equity to
its capital structure, the outlook could be revised to positive.
An outlook revision to negative is considered less likely.


* French Council of Ministers Approve Class Action Legislation
--------------------------------------------------------------
The French government approved a consumer-protection bill that
would introduce a version of class actions into the country's
legal system, according to Rick Mitchell of Business Insurance.

At a recent meeting, the Council of Ministers approved the bill,
which would also require telecommunication companies and
Internet service providers to stop charging consumers for time
spent waiting on customer-service hotlines.

Additionally, the new bill also reinforces the government's
consumer protection watchdog, while allowing for tax-deductible
contributions to consumer defense associations.

In a recent press statement regarding the bill's approval,
President Jacques Chirac said that it was a question of justice
and it's important for consumer confidence, and thus for
economic growth.

The French president adds that the French version would "avoid
the abuses of the Anglo-Saxon system," a reference mainly to
class actions in the U.S., according to a report by the
Associated Press.

In essence, the bill creates a two-phase process in which judges
could hear class-action complaints, but only those covering
consumer goods linked to a contract, and only those filed by
government-approved consumer organizations.  Damages are capped
at US$2,573.44 (EUR2,000).

If a judge determines "professional fault," individual
plaintiffs would have to individually negotiate with the company
for compensation and then personally appear before the judge if
the company refuses to settle.

However, the new bill will not introduce lawyer contingency
fees, punitive damages or civil trials with juries into the
country.  

It also stipulates that class actions would not be allowed for
medical complaints, transportation accidents, or other non-
commercial disputes.

In January 2005, France's president announced that he had
instructed his government to introduce class actions.  The move
was welcomed by French consumer groups, but was fiercely
criticized by the business and legal community, (Class Action
Reporter, Jan. 10, 2005).

According to the consumer groups, introduction of collective
lawsuits would help redress the balance of economic power,
currently weighted in favor of producers, since unlike the U.S.,
France has few powerful consumer champions or shareholder rights
groups and independent pension funds capable of taking on
powerful companies.  

The government stressed though that it would learn from the
American's experience and prevent any abuses of the system by
unscrupulous lawyers.

However, Ernest-Antoine Seilliere, president of Medef, the
French employers' federation, said that class actions could have
"catastrophic consequences" and added, "We are very active in
trying to limit these measures" (Class Action Reporter, Jan. 27,
2005).

France is the latest European country to consider ways of
facilitating collective legal action against companies, after
several financial and health scandals affected confidence in the
corporate sector.  Aside from France, the U.K. recently changed
a certain law to allow groups of cases to be managed
collectively, while German lawmakers are considering similar
moves (Class Action Reporter, Dec. 22, 2005).


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


AH UNIVERSAL: Claims Registration Ends November 20
--------------------------------------------------
Creditors of AH Universal Bautrager GmbH have until Nov. 20 to
register their claims with court-appointed provisional
administrator Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.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 Muenster
         Meeting Room 101 B
         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 AH Universal Bautrager GmbH on Sept. 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         AH Universal Bautrager GmbH
         Attn: August Huisinkveld, Manager
         Butenwall 4
         46399 Bocholt, Germany

The administrator can be contacted at:

         Dr. Sebastian Henneke
         Adenauerallee 36
         46399 Bocholt, Germany


AMW IMMOBILIEN: Claims Registration Ends November 23
----------------------------------------------------
Creditors of AMW Immobilien GmbH have until Nov. 23 to register
their claims with court-appointed provisional administrator
Stephan Thiemann.

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

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Room 106 B
         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 AMW Immobilien GmbH on Sept. 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         AMW Immobilien GmbH
         Attn: Michaela and Wolfgang Ahnepohl, Managers
         Juffernbach 4
         48157 Muenster, Germany

The administrator can be contacted at:

         Dr. Stephan Thiemann
         Lublinring 12
         48147 Muenster, Germany


ARBEITER-SAMARITER: Creditors' Meeting Slated for November 22
-------------------------------------------------------------
The court-appointed provisional administrator for Arbeiter-
Samariter-Bund, Landesverband Berlin e.V., Joachim Voigt-Salus,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 11:45 a.m. on Nov. 22.

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

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

The Court will also verify the claims set out in the
administrator's report at 11:30 a.m. on Feb. 28, 2007, at the
same venue.

Creditors have until Dec. 29 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Arbeiter-Samariter-Bund, Landesverband
Berlin e.V. on Oct. 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Arbeiter-Samariter-Bund, Landesverband Berlin e.V.
         Buelowstr. 6
         10783 Berlin, Germany

The administrator can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin, Germany


AUTOHAUS ABC: Creditors' Meeting Slated for November 22
-------------------------------------------------------
The court-appointed provisional administrator for Autohaus ABC
GmbH, Christoph Schulte-Kaubruegger, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:40 a.m. on Nov. 22.

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

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

The Court will also verify the claims set out in the
administrator's report at 11:35 a.m. on March 7, 2007, at the
same venue.

Creditors have until Jan. 12, 2007, to register their claims
with the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Autohaus ABC GmbH on Oct. 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Autohaus ABC GmbH
         Oranienburger Str. 129
         13437 Berlin, Germany

The administrator can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany


B & G ELEKTROBAU: Creditors' Meeting Slated for November 21
-----------------------------------------------------------
The court-appointed provisional administrator for B & G
Elektrobau GmbH, Rolf Nacke, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:25 a.m. on Nov. 21.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:15 a.m. on Feb. 13, 2007, at the
same venue.

Creditors have until Jan. 10, 2007, to register their claims
with the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against B & G Elektrobau GmbH on Oct. 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         B & G Elektrobau GmbH
         Schillerstr. 50
         13158 Berlin, Germany

The administrator can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin, Germany


BAU-LOGISTIK: Claims Registration Ends November 24
--------------------------------------------------
Creditors of Bau-Logistik-Wagner GmbH have until Nov. 24 to
register their claims with court-appointed provisional
administrator Frank M. Welsch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Dec. 12 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4 Floor
         Court Route 6
         33602 Bielefeld, Germany      
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bielefeld opened bankruptcy proceedings
against Bau-Logistik-Wagner GmbH on Oct. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Bau-Logistik-Wagner GmbH
         Attn: Mechthild Berenbrinker, Manager
         Wideiweg 19
         33415 Verl, Germany

The administrator can be contacted at:

         Frank M. Welsch
         Barkeystrasse 30
         33330 Guetersloh, Germany


BER SORTIERANLAGEN: Claims Registration Ends November 24
--------------------------------------------------------
Creditors of BER Sortieranlagen GmbH have until Nov. 24 to
register their claims with court-appointed provisional
administrator Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.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 Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, 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 Potsdam opened bankruptcy proceedings
against BER Sortieranlagen GmbH on Oct. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         BER Sortieranlagen GmbH
         Birkengrund 16
         14974 Ludwigsfelde, Germany

The administrator can be contacted at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin, Germany


DAIMLERCHRYSLER AG: Suspends Some Senior Managers at Bus Unit
-------------------------------------------------------------
DaimlerChrysler has suspended some senior managers in its bus
division because of certain "irregularities."

Wolfgang Diez, chief executive officer and president of EvoBus
GmbH and head of DaimlerChrysler Buses, also resigned for
personal reasons.

Andreas Renschler, head of DaimlerChrysler's heavy truck
division, will take over Mr. Diez's duties until a successor is
found, German magazine WirtschaftsWoche reported.

As reported in the TCR-Europe on Oct. 30, the group's Van, Bus
and Other segment posted a third quarter operating profit of
US$400 million (Q3 2005: US$481 million), including expenses of
US$91 million for the implementation of the new management
model, mainly for the voluntary headcount reduction program in
administrative areas.  The sale of real estate properties not
required for operating purposes led to a gain of
US$109 million in the third quarter.

DaimlerChrysler Buses sold 8,600 buses and chassis of the
Mercedes-Benz, Setra and Orion brands (Q3 2005: 9,200).

                    About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- engages in the development,  
manufacture, distribution, and sale of various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.

It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.
The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

DaimlerChrysler has operations in Australia, China, Indonesia,
Japan, Korea, Malaysia, and Thailand.

                        *     *     *

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.

                           Outlook

As reported in the TCR-Europe on Oct. 30, DaimlerChrysler said
it expects a slight decrease in worldwide demand for automobiles
in the fourth quarter and thus slower market growth than in Q4
2005.  For full-year 2006, the company anticipates market growth
of around 3%.  It expects unit sales in 2006 to be lower than in
the previous year (4.8 million units).

On Sept. 15, DaimlerChrysler reduced the Group's operating-
profit target for 2006 to an amount in the magnitude of US$6.3
billion.  Although the company now has to assume that the profit
contribution from EADS will be US$0.3 billion lower than
originally anticipated because of the delayed delivery of the
Airbus A380, DaimlerChrysler is maintaining this earnings target
due to very positive business developments in the divisions
Mercedes Car Group, Truck Group and Financial Services.


FICHTESTRASSE 16: Creditors' Meeting Slated for November 28
-----------------------------------------------------------
The court-appointed provisional administrator for Fichtestrasse
16 Verwaltungs GmbH, Joachim Voigt-Salus, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:10 a.m. on Nov. 28.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:10 a.m. on Feb. 27, 2007, at the
same venue.

Creditors have until Jan. 5, 2007, to register their claims with
the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Fichtestrasse 16 Verwaltungs GmbH on Oct. 5.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Fichtestrasse 16 Verwaltungs GmbH
         Miquelstrasse 56-58
         14195 Berlin, Germany

The administrator can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin, Germany


GREBE GASTRONOMIE: Claims Registration Ends November 24
-------------------------------------------------------
Creditors of Grebe Gastronomie GbR have until Nov. 24 to
register their claims with court-appointed provisional
administrator Friedrich Seggebruch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Potsdam
         Hall 301
         3rd Floor
         Branch Linden Road 6
         14467 Potsdam, 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 Potsdam opened bankruptcy proceedings
against Grebe Gastronomie GbR on Oct. 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Grebe Gastronomie GbR
         Attn: Juergen, Marion and Tim Grebe, Managers
         Berliner Avenue 52
         15806 Zossen, Germany

The administrator can be contacted at:

         Dr. Friedrich Seggebruch
         Damaschkestrasse 21
         10711 Berlin, Germany


HEILIT ARZNEIMITTEL: Claims Registration Ends November 20
---------------------------------------------------------
Creditors of Heilit Arzneimittel GmbH have until Nov. 20 to
register their claims with court-appointed provisional
administrator Christoph Henningsmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Reinbek
         Park Avenue 6
         21465 Reinbek, 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 Reinbek opened bankruptcy proceedings
against Heilit Arzneimittel GmbH on Oct. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Heilit Arzneimittel GmbH
         Danziger Str. 5
         21465 Reinbek, Germany

The administrator can be contacted at:

         Christoph Henningsmeier
         Osdorfer Landstr. 230
         22549 Hamburg, Germany


HIFI FRAUNE: Claims Registration Ends November 23
-------------------------------------------------
Creditors of HiFi Fraune-GLF GmbH have until Nov. 23 to register
their claims with court-appointed provisional administrator
Stephan Thiemann.

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

The meeting of creditors will be held at:

         The District Court 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 HiFi Fraune-GLF GmbH on Oct. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         HiFi Fraune-GLF GmbH
         Wolbecker Road 61
         48155 Muenster, Germany

         Attn: Ulrich Fraune, Manager
         Borghof 13
         48366 Laer, Germany

The administrator can be contacted at:

         Dr. Stephan Thiemann
         Lublinring 12
         48147 Muenster, Germany


KINZEL AG: Creditors' Meeting Slated for November 20
----------------------------------------------------
The court-appointed provisional administrator for KINZEL AG,
Carsten Cervera, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:00 a.m. on
Nov. 20.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on March 5, 2007, at the
same venue.

Creditors have until Jan. 2, 2007, to register their claims with
the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against KINZEL AG on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         KINZEL AG
         Quedlinburger Str. 15
         10589 Berlin, Germany

The administrator can be reached at:

         Carsten Cervera
         Krausenstr. 9-10
         10117 Berlin, Germany


MCSPORTS GMBH: Claims Registration Ends November 23
---------------------------------------------------
Creditors of McSports GmbH have until Nov. 23 to register their
claims with court-appointed provisional administrator Michael
Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 14 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Area A 341
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, 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 Duesseldorf opened bankruptcy proceedings
against McSports GmbH on Oct. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         McSports GmbH
         Juelicher Str. 13
         40477 Duesseldorf, Germany

         Attn: Joerg Hintzen, Manager
         Vautierstr. 44
         40237 Duesseldorf, Germany

The administrator can be contacted at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf, Germany


PROMISE-I: Fitch Assigns BB+ Rating to EUR10.8-Mln Class E Notes
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to Promise-I Mobility
2006-1 GmbH's upcoming issue of EUR182.9 million credit-linked
notes due 2017.

This transaction is a synthetic securitization of exposures
originated by IKB Deutsche Industriebank AG located primarily in
Germany:

   -- EUR0.50 million Class A+: AAA;
   -- EUR67.2 million Class A: AAA;
   -- EUR21.6 million Class B: AA;
   -- EUR36 million Class C: A;
   -- EUR46.8 million Class D: BBB; and
   -- EUR10.8 million Class E: BB+.

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

The transaction structure is based on Kreditanstalt fur
Wiederaufbau's securitization platform and is the fifth
securitization by IKB under this program.  The transaction will
have a four-year replenishing period during which maturing and
amortizing exposures may be replenished with other exposures,
subject to satisfying certain eligibility criteria.

Credit enhancement for the Class A+ notes and the senior credit
default swap totals 10% and is provided by the Class A notes,
the Class B notes, the Class C notes, the Class D notes, the
Class E notes and the unrated Class F notes.

The ratings of the notes are linked to the credit quality of the
certificate of indebtedness issued by KfW.  Therefore, if KfW
were to be downgraded below AAA/F1+, any note rated higher than
the then-outstanding rating of KfW will be downgraded
accordingly.

The issuer is a German company with limited liability
established under the Act on Companies with limited liability of
the Federal Republic of Germany.  IKB will purchase protection
under a bank swap in respect of the reference portfolio from
KfW.

KfW will seek protection on its exposure by entering into a SCDS
with a senior swap provider and issuing Schuldscheine to be
purchased by the issuer using proceeds from the issue of credit-
linked notes.


RECOMP GMBH: Creditors' Meeting Slated for November 27
------------------------------------------------------
The court-appointed provisional administrator for recomp GmbH
Netzwerke und Systemberatung, Peter Theile, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:22 a.m. on Nov. 27.

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

         The District Court Montabaur
         Hall 106
         1. Stick
         Law Courts
         Station Route 47
         56410 Montabaur, Germany      

The Court will also verify the claims set out in the
administrator's report at 9:13 a.m. on Jan. 29, 2007, at the
same venue.

Creditors have until Dec. 8 to register their claims with the
court-appointed provisional administrator.

The District Court of Montabaur opened bankruptcy proceedings
against recomp GmbH Netzwerke und Systemberatung on Oct. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         recomp GmbH Netzwerke und Systemberatung
         Querstrasse 2
         56479 Rehe, Germany

         Attn: Alexander Reeh, Manager
         Berg 12
         56477 Rennerod, Germany

         Oliver Reeh, Manager
         Kallenbachweg 15
         35753 Greifenstein-Nenderoth, Germany

The administrator can be reached at:

         Dr. Peter Theile
         Kapellenstrasse 7
         65555 Limburg, Germany
         Tel: 06431/779900
         Fax: 06431/7799035
         E-mail: limburg@ts-insolvenzanwaelte.de


S.T. WEINGALERIE: Claims Registration Ends November 25
------------------------------------------------------
Creditors of S.T. Weingalerie Rheinland GmbH have until Nov. 25
to register their claims with court-appointed provisional
administrator Peter Houben.

Creditors and other interested parties are encouraged to attend
the meeting at 9:03 a.m. on Dec. 1 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Krefeld
         Meeting Room H 131
         1st Floor         
         Nordwall 131
         47798 Krefeld, Germany
     
The Court will also verify the claims set out in the
administrator's report at 11:00 a.m. on Jan. 26, 2007, at the
same venue.

The District Court of Krefeld opened bankruptcy proceedings
against S.T. Weingalerie Rheinland GmbH on Sept. 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         S.T. Weingalerie Rheinland GmbH
         Lenenweg 8
         47918 Toenisvorst, Germany

         Attn: Thomas Krause, Manager
         Buchheimer Ring 19
         51067 Cologne, Germany

The administrator can be contacted at:

         Peter Houben
         Sternstrasse 58
         40479 Duesseldorf, Germany


VEREIN FORT: Claims Registration Ends November 20
-------------------------------------------------
Creditors of Verein Fort- und Weiterbildung - Zukunftswerkstatt
e.V. have until Nov. 20 to register their claims with court-
appointed provisional administrator Axel Schwentker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 13 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 Verein Fort- und Weiterbildung - Zukunftswerkstatt e.V.
on Oct. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Verein Fort- und Weiterbildung - Zukunftswerkstatt e.V.
         Alte Heid 13
         46047 Oberhausen, Germany

         Attn: Heinrich Janzen, Manager
         Steinberg 6
         46117 Oberhausen, Germany

The administrator can be contacted at:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen, Germany


VOLKSWAGEN AG: Incoming CEO Mulls Change in Corporate Structure
---------------------------------------------------------------
Incoming Volkswagen AG CEO Martin Winterkorn is set to change
the German carmaker's corporate structure when he takes over in
January, the Associated Press reports citing people familiar
with the matter.

Mr. Winterkorn, who will replace Bernd Pischetsrieder on Jan. 1,
2007, pending board approval, aims to restructure the company's
various automotive units, including Audi AG, Skoda, SEAT and
ultraluxury Bentley brands, AP relates.  He currently serves as
AUDI's chief executive.

AP cited a source saying the measures to form a premium group
(Audi, Bentley, Bugatti and Lamborghini) and a so-called volume
group (Volkswagen, Skoda and SEAT) would begin early next year.

VW currently groups its brands into two units:

    * the VW brand -- Volkswagen, Skoda, Bentley and Bugatti;
    * the Audi group -- Audi, SEAT and Lamborghini.

Analysts, however, believe the company's structure meant that
consumers were causing the units to compete against each other
for buyers and sales, the AP adds.

Mr. Pischetsrieder agreed on his resignation effective Dec. 31.  
The Wall Street Journal reported last week that a strain between
Mr. Pischetsreider and Chairman Ferdinand Piech complicated Mr.
Pischetrieder's cost-cutting efforts.  The paper relates that
Mr. Piech was unhappy with Mr. Pischetrieder's attempts to
dismantle parts of the premium strategy that he organized when
he was CEO.

German magazine Der Spiegel said Mr. Winterkorn intends to name
Audi Chief Financial Officer Rupert Stadler to replace him, at
least provisionally.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading  
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.


VOLKSWAGEN: Porsche Expects 5% Profit Margin; May Increase Stake
----------------------------------------------------------------
Porsche AG CEO Wendelin Wiedeking expects a five percent pretax
profit margin for Volkswagen AG once Martin Winterkorn takes
over as VW's chief executive, Financial Times Deutschland
reports citing unnamed sources.

Porsche holds a 21.1 percent stake in Volkswagen, making it its
biggest single shareholder.  It has an option to increase its
holding to 25.1 percent, AFX News Limited states.

Mr. Winterkorn, who is currently serving as Audi AG's CEO, will
replace Bernd Pischetsrieder on Jan. 1, 2007, pending board
approval on Nov. 17.

Chad Thomas of Bloomberg News reported last week that Porsche is
considering increasing its stake in VW to as much as 29.9
percent.

"We have never ruled out increasing our stake to 29.9 percent,"
Albrecht Bamler, a Porsche spokesman told Bloomberg.  "At this
point, there is no decision or timetable for doing that."

According to Bloomberg, a share hike would allow Mr. Wiedeking
to prepare for the possible repeal of Germany's so-called
"Volkswagen Law", which restricts voting rights to 20 percent of
the stock regardless of the stake's size.  The law, Bloomberg
relates, also gives an investor with 20 percent veto power over
major decisions such as factory closings and capital increases.

If Porsche's holding exceeds 29.9 percent, Porsche would be
legally required to submit a takeover bid for VW.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading  
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.


VOLKSWAGEN AG: Brandes Investment Cuts VW Stake, Report Says
------------------------------------------------------------
Brandes Investment Partners has reduced its stake in Volkswagen
AG to less than five percent, the Frankfurter Allgemeine Zeitung
was cited by Reuters as saying.

As of Sept. 30, 2005, Brandes held 8.58% of voting shares in
Volkswagen.

According to the German daily, the U.S. financial investor has
sold a large part of its stake to an unidentified buyer.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading  
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

As reported in the TCR-Europe on Nov. 9, Mr. Pischetsrieder will
resign from the company effective Dec. 31.


WINVEST CONSULTING: Claims Registration Ends November 23
--------------------------------------------------------
Creditors of WINVEST Consulting GmbH have until Nov. 23 to
register their claims with court-appointed provisional
administrator Sebastian Henneke.

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

The meeting of creditors will be held at:

         The District Court of 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 WINVEST Consulting GmbH on Oct. 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         WINVEST Consulting GmbH
         Schwanenstr. 19
         47051 Duisburg, Germany

         Attn: Hueseyin Alkan, Manager
         Ulrichstr. 13
         47051 Duisburg, Germany

The administrator can be contacted at:

         Dr. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg, Germany


ZEMAITAT & PARTNER: Creditors' Meeting Slated for November 22
-------------------------------------------------------------
The court-appointed provisional administrator for Zemaitat &
Partner 4.Immobilien GbR, Joachim Voigt-Salus, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:50 a.m. on Nov. 22.

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

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

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

Creditors have until Dec. 29 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Zemaitat & Partner 4.Immobilien GbR on
Oct. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Zemaitat & Partner 4.Immobilien GbR
         Attn: Dirk Heinisch, Manager
         Stuttgarter Place 2
         10627 Berlin, Germany

The administrator can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin, Germany


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


TECHNICAL OLYMPIC: Write-Offs Cue Moody's to Cut Low-B Ratings
--------------------------------------------------------------
Moody's Investors Service downgraded all of the ratings of
Technical Olympic USA, Inc., including its corporate family
rating to B1 from Ba3, senior unsecured notes to B2 from Ba3 and
its senior subordinated notes to B3 from B2.  

At the same time, Moody's lowered the Loss-Given-Default
assessment and rate on the senior unsecured notes to LGD4, 58%
from LGD4, 53%, and on the subordinated notes to LGD5, 88% from
LGD5, 87%.  The ratings remain on review for downgrade, an
action that was commenced on Sept. 27.

The downgrades were triggered by the estimated US$204 million in
aggregate write-offs that TOA will take in its third quarter,
broken down into US$143.6 million of impairment related to its
Transeastern joint venture as well as around US$60 million of
additional land impairment and option abandonment charges at
both its consolidated entities and at its other joint venture
operations.  

In addition, TOA has in place certain completion guarantees at
the Transeastern joint venture, which could translate into
additional charges, as well as the necessity to defend against,
or settle, a lawsuit from Transeastern's lead banker.  As a
result, debt leverage metrics are likely to weaken even as
earnings-based metrics continue to erode.  The downgrades also
consider that although the company is attempting to pare back
its land position, the total number of lots that it owns and
controls at quarter-end equates to a land supply that
approximates eight years--a land inventory position that is
simply untenable in the current market.

The ratings remain on review for downgrade, in large part
reflecting Moody's expectation that earnings in 2007 will
decline significantly from depressed 2006 levels, and that
covenant compliance may become challenging if the company's
currently weak operating environment is protracted.  In
addition, management's ability to build liquidity and reduce
debt leverage in the face of a downturn of unknown breadth and
duration is as yet unproven.

Going forward, the ratings could be reduced again if any of the
following were to occur:

   -- if the company were to begin generating losses
      from continuing operations;

   -- if the company were required to obtain waivers in order
      to comply with its financial covenants;

   -- if cash flow were to remain negative;

   -- if the equity base were to be significantly reduced
      from current levels; or

   -- or if debt leverage were to exceed 65%.

The ratings outlook could stabilize if the company's land
position were to be reduced significantly, positive cash flow
were to be generated, the equity base strengthened, and debt
levels reduced.

Ratings affected:

    * Corporate family rating changed to B1 from Ba3

    * Probability of default rating changed to B1 from Ba3

    * Senior unsecured note ratings changed to B2 from Ba3

    * LGD assessment and rate on the senior unsecured
      notes changed to LGD4, 58% from LGD4, 53%

    * Senior subordinated note ratings changed to B3 from B2

    * LGD assessment and rate on the senior subordinated
      notes changed at LGD5, 88% from LGD5, 87%.

Headquartered in Hollywood, Florida, Technical Olympic USA, Inc.
builds and sells single-family homes largely for the move-up
homebuyer.  It also operates captive mortgage origination and
title insurance service companies.  It is 67%- owned by
Technical Olympic S.A.  Revenues and net income for 2005 were
around US$2.5 billion and US$218 million, respectively.


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


BORSODCHEM NYRT: Buyer to Resume EUR500-Mln Investment Program
--------------------------------------------------------------
First Chemical Holding Kft. reveals it would continue BorsodChem
Nyrt.'s EUR500-million investment strategy, following approvals
from the local and European competition authorities.

As reported in the TCR-Europe on Nov. 13, the European
Commission approved Nov. 8 First Chemical's proposed acquisition
of control over BorsodChem Nyrt. and declared the transaction
compatible with the common market and with the European Economic
Area Agreement.

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

The five-year investment program entails:

   -- increasing BorsodChem's yearly TDI (Toluene diisocyanate)
      capacity from 160,000 tons to 250,000 tons by 2009;

   -- raising the company's annual MDI (methylene diphenyl
      diisocyanate) capacity from 200,000 tons to 400,000 tons
      by 2011; and

   -- non-expansion of PVC production, but keep it ready for a
      future consolidation of the industry.

The strategy is expected to:

   -- hike annual revenue to EUR1.6 billion by 2011;

   -- increase EBITDA to between EUR300 million to EUR400
      million by 2011.

BorsodChem shareholders approved the strategy at a general
meeting in April.

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

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

                        About BorsodChem

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

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

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

                        *     *     *

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


REMY INT'L: S&P Junks Corporate Credit Rating on Weak Earnings
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Anderson, Ind.-based electrical components
manufacturer Remy International Inc. to 'CCC' from 'CCC+'.  The
outlook is negative.
      
"The downgrade stems from Remy's inability to improve very weak
earnings and cash flow, leaving the company with shrinking
prospects for meeting its December 2007 maturity of its US$145
million senior notes," said Standard & Poor's credit analyst
Nancy C. Messer.  

Remy recently lowered its earnings guidance for 2006 to a range
that is not sufficient to cover the company's cash interest
expense.  In addition, Remy's possible asset divestitures,
details of which have not been announced, are not expected to
reduce leverage, and could have implications for the recovery
ratings that Standard & Poor's has assigned to Remy's secured
debt.  Remy's secured bank debt is governed by a borrowing base
mechanism, which should tie usage to asset levels.  Still,
should future asset sales manage to reduce asset protection
Standard & Poor's would review its recovery rating.
     
The expected sale of Remy's diesel powertrain remanufacturing
operations could generate proceeds of up to US$150 million by
the end of 2006, and the company has retained a financial
restructuring firm to advise it in the best use of these
proceeds.  Although details of the possible asset divestiture
and subsequent debt repurchase have not been disclosed of, the
company is expected to remain highly leveraged following the two
transactions.  In addition to the 2007 maturity, Remy faces
several debt maturities in the intermediate term, which will be
difficult to refinance if EBITDA remains depressed.  The
company's US$80 million term loan has a required bullet payment
due in June 2008.  The company's US$125 million second-lien
floating notes mature in April 2009, and US$165 million of
subordinated notes mature in May 2009.


=============
I C E L A N D
=============


NASH FINCH: SEC Inquiry Impact Spurs Moody's to Cut Ratings
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings of Nash Finch
Co., including the corporate family rating to B2 from B1.  The
rating outlook is negative.  

The downgrade was prompted by softening operating performance
and Moody's concern that new strategic initiatives could cause
disruption that might further pressure market position and
credit metrics over the near term.

Ratings lowered:

    * Corporate Family Rating to B2 from B1

    * Probability of Default Rating to B2 from B1

    * US$125 million senior secured revolving credit
      agreement to B2 (LGD 4, 53%) from B1 (LGD 4, 54%)

    * US$175 million senior secured term loan to
      B2 (LGD 4, 53%) from B1 (LGD 4, 54%)

    * US$322 million (fully accreted value)
      convertible subordinated notes to Caa1 (LGD 6, 91%)
      from B3 (LGD 6, 91%)

Credit metrics going forward are likely to weaken as a result of
Nash Finch's softer than anticipated operating performance.  In
the recent third fiscal quarter, both sales and margins fell in
its wholesale and retail segments.  The wholesale distribution
segment experienced customer attrition and lower sales to
existing customers.  The retail segment was impacted by store
closures and a 1.8% decrease in comparable store sales.

Nash Finch anticipates that it may not meet its total leverage
covenant at the end of the fourth quarter, and is negotiating an
amendment to its bank agreement.  The company has formulated new
strategic initiatives, including potential consolidation of
distribution centers and potential closing of retail stores, to
boost sales and margins in its challenged wholesale and retail
segments.  These initiatives could cause disruption that might
further pressure operating results.

The B2 corporate family rating reflects Moody's concern that the
competitive challenges facing the company may intensify in
coming years and that strategic and organizational changes may
impact near term efficiency.  The ongoing SEC inquiry poses a
major element of uncertainty.  Important qualitative elements
consistent with the rating include the company's challenged
position within the grocery retailing and distribution industry
that has Ba and B characteristics, and its past aggressive
financial policy for dividends and debt financed acquisitions
that scores at the B level.

Moody's believes that competitive pressures on the company and
its supermarket customers will remain intense as stronger
operators like Wal-Mart continue to develop Supercenters in Nash
Finch's trade areas. Key historical quantitative measures --
such as leverage, interest coverage, operating cash flow
coverage, and scale -- have high non-investment grade
attributes.  The expectation of improved Board oversight and
stability within senior management, as well as resolution of the
SEC inquiry related to possible insider stock trading by former
company officers, are also important rating factors.

The negative rating outlook reflects Moody's concern that the
outcome of the SEC inquiry could have consequences for the
company.  Ratings could be lowered if Nash Finch's competitive
position erodes further such that sales continue to fall in the
wholesale and retail divisions and reported EBITDA margin
(adding back non-cash charges) declines to 2% or lower.
Diminished liquidity profile, the inability to efficiently
execute new strategic initiatives or significant cash
consequences from the SEC inquiry could also result in a
downgrade.  The rating outlook could stabilize upon the benign
resolution of the SEC inquiry combined with the likelihood that
reported EBITDA margin, adding back non-cash charges, can be
sustained at or above 3%.

Headquartered in Edina, Minnesota, Nash Finch Co. is a leading
grocery distributor to retailers and military commissaries and
operates 69 supermarkets in the upper Midwest and Great Plains
regions.  Revenue for the 12 months ending
June 2006 was US$4.7 billion.


NASH FINCH: S&P Revises Outlook to Negative on Weak Performance
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook to
negative from stable for Minneapolis, Minn.-based Nash Finch Co.  
At the same time, the company's 'B+' corporate credit and other
ratings were affirmed.
     
"This action follows the company's continued disappointing
operating performance," said Standard & Poor's credit analyst
Stella Kapur.
     
According to Nash Finch's results for third quarter ended
Oct. 7, 2006, profitability levels deteriorated due to:

   -- lower sales and gross margins in its food
      distribution segment,

   -- store closures, and

   -- a 1.8% same-store sales decline in retail operations.

The company also announced plans to close seven additional
unprofitable stores and one distribution center, after which
Nash Finch.


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


ALITALIA SPA: Posts EUR41-Mln Operating Loss for Third Quarter
--------------------------------------------------------------
The Board of Directors of Alitalia S.p.A approved the third
quarter report as of Sept. 30, 2006.

Alitalia Group's operating performance and results during the
third quarter 2006 have not diverged noticeably from the general
picture outlined in the semester report issued on Sept. 13
despite the fact that industrial management has shown some
improvement.  

On that occasion it was pointed out that there was the
possibility of highly critical situations arising mid-term,
unless timely and decisive action was taken to prevent further
deterioration taking place due to changes in the market and
competition.  

Traffic revenues in the third quarter 2006 amounting to EUR1.23
billion have increased by EUR78 million (+6.7%) compared to the
same period last year.  

During the period from January to September 2006, traffic
revenues amounted to EUR3.27 billion showing an increase of
EUR132 million (+4.2%) compared with the same period last year.
   
Total operating revenues in the third quarter amounted to
EUR1.25 billion with a decrease of around EUR43 million compared
to the same period last year (-3.3%), mainly due to splitting
off Alitalia Servizi revenues.  For the same reason, this amount
decreased by roughly EUR79 million in the first nine months of
2006, compared with the first nine months of 2005 when it
reached EUR3.49 million.

Total operating expenditure in the third quarter amounted to
EUR1.296 billion, with an increase of EUR43 million compared
with the same period last year.  It should be pointed out that
if the effect of higher fuel prices compared to the previous
financial period were to be ignored (EUR60 million), this figure
would decrease by roughly EUR17 million, in spite of the
increase in overall capacity of more than 5% (passengers and
cargo), in terms of ton-kilometers offered.  In the first nine
months the total operating expenditure reached EUR3.67 billion,
up by EUR55 million compared to the first nine months of 2006.
  
Because of the negative impact of union unrest on Sept. 7 and 18
and strikes announcements, together with the negative valuation
according to the fair value method for options on future fuel
prices as of Sept. 30, 2006, the operating result for the third
quarter 2006 was negative by about 41 million euros showing a
worsening of around 86 million euros compared to last year
(without these negative effects that are closely linked to
industrial performance, the operating result would have been
positive by about EUR18 million, consequently showing an
improvement on the previous quarters).

Regarding the negative valuation according to the fair value
method mentioned above, it is worth noting that such a value
derives directly from the application of international
accounting principles (IAS-IFRS) and does not have a cash nature
but only an accounting one since it is the result of virtual
appraisal of the options relating to future levels of fuel
prices on a certain date.

Regarding the economic account on the specific date of Sept. 30,
2006, this valuation unfortunately had a negative effect on the   
Group's economic accounting in spite of the fact that fuel
prices reached an all-time high during the quarter.  This is
simply because the price of fuel on that date was significantly
lower than the previous valuation made on June 30, 2006.   

During the first nine months of the year, the Group reported a
consolidated operating loss of about EUR173 million showing an
increase of around EUR134 million compared to the same period in
2005.  It should be noted that this result stems mainly from the
operating loss reported by the Group for the first quarter 2006
(about EUR129 million representing 75% of the overall loss).  

As of Sept. 30, 2006 financial debt amounted to EUR1.79 billion
and cash, short-term financial credits and other current assets
amounted to EUR715 million.

Total investments during the third quarter 2006 amounted to
EUR10 million, while total investments during the first nine
months of 2005 amounted to EUR148 million.   

The Group's average workforce on the payroll as of Sept. 30,
2006 amounted to EUR10,230 people showing a decrease of 8,639 (-
46% circa) compared to Sept. 30, 2005 thanks to splitting off
Alitalia Servizi (7,639 people) and to increased efficiency
regarding the deployment of resources (-1.000, without taking
into account the workforce of the subsidiary Volare, not
consolidated as of Sept. 30, 2005).   

The Group's workforce on Sept. 30, 2005 amounted to 11,758
people showing a drop of 8,229 compared to the consolidated
figures for the corresponding period in 2005 (mainly due to
splitting off Alitalia Servizi from the Alitalia Group).   

The operating fleet on Sept. 30, 2006 was made up of 185
aircraft of which 156 for short/medium-haul and 29 for long-aul.  

Regarding traffic and network evolution in the passenger sector,
which is the backbone of the Alitalia Group's business, there
was an increase of 0.8% in the number of passengers carried from
July to September (compared to the corresponding quarter last
year and without taking into account traffic increases coming
from Volare) accompanied by an increase in the load factor of
about 1.5 percentage points (from 77.3% to 78.8%).

At the same time, there was an increase in unit revenue (yield)
of 1.7% compared to the third quarter last year, thanks to
excellent performance in the intercontinental sector (+6.5%).

To complete the picture of air transport performance, also worth
noting is the excellent performance of the cargo transport
sector, which reported an 18.7% increase in the quantity of
goods carried during the third quarter.

A positive net operating results is expected for the fourth
quarter 2006, partly due to the effect of significant non-
recurring items.  With reference to the whole year 2006, this
result will make it possible to reduce the consolidated losses
as of Sept. 30, 2006, to a level that, taking into account the
valuation of the derivatives instruments described above, should
be higher than that on Dec. 31, 2005 as well as that on June 30,
2006.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked net losses of EUR520 million in
2003; EUR813 million in 2004; and EUR168 million in 2005.

At Sept. 30, 2006, the Group's net debt amounted to EUR1.023
billion, showing an increase in net indebtedness of EUR91
million (+9.8%) compared with the situation on Aug. 31, 2006.


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


ADN ELECTRIC: Creditors Must File Claims by Dec. 15
---------------------------------------------------
LLP ADN Electric has declared insolvency.  Creditors have until
Dec. 15 to submit written proofs of claim to:

         LLP ADN Electric
         Furmanov Str. 44
         Almaty District
         Astana, Kazakhstan


JELDORREMMASH OJSC: Claims Filing Period Ends Dec. 15
-----------------------------------------------------
OJSC Rail Road Repair Jeldorremmash has declared insolvency.  
Creditors have until Dec. 15 to submit written proofs of claim
to:

         OJSC Jeldorremmash
         Jeltoksan Str. 69
         Astana, Kazakhstan
         Tel: 8 (3172) 93-53-96
              8 (3172) 93-56-90


KASPY ENERGO: Proof of Claim Deadline Slated for Dec. 15
--------------------------------------------------------
LLP Kaspy Energo Complect has declared insolvency.  Creditors
have until Dec. 15 to submit written proofs of claim to:

         LLP Kaspy Energo Complect
         Satpaev Str. 27-26
         Atyrau
         Atyrau Region
         Kazakhstan


KOLIK LLP: North Kazakhstan Court Starts Bankruptcy Procedure
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region commenced bankruptcy proceedings against
LLP Kolik on Sept. 25.


LVOVSKY LLP: Akmola Court Begins Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Lvovsky on Oct. 6.


PV DELTA: Proof of Claim Deadline Slated for Dec. 15
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP PV Delta EK insolvent on Sept. 20.

Creditors have until Dec. 15 to submit written proofs of claim
to:

         LLP PV Delta EK
         Korolev Str. 92-16
         Ekibastuz
         Pavlodar Region
         Kazakhstan


SODRUJESTVO LLP: Almaty Court Opens Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Association
Community Sodrujestvo (RNN 600700069231) on Oct. 6.


STROY SNAB: Claims Registration Ends Dec. 15
--------------------------------------------
LLP Stroy Snab Universal Ltd. has declared insolvency.  
Creditors have until Dec. 15 to submit written proofs of claim
to:

         LLP Stroy Snab Universal Ltd.
         Satpaev Str. 27-26
         Atyrau
         Atyrau Region
         Kazakhstan


VODOSNABJENIE LLP: Creditors' Claims Due Dec. 13
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Water Supply Vodosnabjenie insolvent on Sept. 25.

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

         LLP Vodosnabjenie
         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
===================


NURLUU LLC: Creditors' Meeting Slated for Nov. 23
-------------------------------------------------
Creditors of LLC Nurluu will convene at 2:00 p.m. on Nov. 23 at:

         LLC Nurluu
         Stadium Lokomotiv
         Osmonov Str. 1
         Bishkek, Kyrgyzstan

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

Proxies must have authorization to vote.

A creditors' meeting on Sept. 6 declared LLC Nurluu insolvent.  
Subsequently, bankruptcy proceedings were introduced at the
company.

The Temporary Insolvency Manager is:

         Ms. A. Mamytova
         Tel: (0-502) 57-48-11
              (0-543) 97-17-36


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


ALFA BANK: Hikes Maximum Mortgage Loan to US$500,000
----------------------------------------------------
Building its presence on the mortgage market, Alfa-Bank has
increased the maximum mortgage loan up to US$500,000 to buy a
flat in the secondary market.

The first installment should be at least 20% of the flat's
value, from US$350,000 to US$500,000 (or its RF ruble
equivalent).  Such a loan is granted for a period from five to
10 years.  The loan interest amounts to 9.7% in U.S. dollars and
11.7% in rubles.

Iliya Zibarev, head of Alfa-Bank's Mortgage Division, stressed
that this decision was induced primarily by the surge in housing
prices in Moscow and the regions.

"We try to follow the trends in the real estate market and
respond to client demand in order to make mortgages more
available to people," said Mr. Zibarev.

Alfa-Bank has already opened three mortgage-lending centers in
Moscow, St. Petersburg and Nizhny Novgorod in 2006 and plans to
offer mortgage loans in all cities with more than 1 million
residents within the next year.  These centers are full-fledged
offices where Alfa-Bank's customers may receive consultation,
obtain housing loans, finalize deals, pay initial installments,
etc.  The entire process of lending takes place in a single
location.  The centers are located downtown and offer
comfortable customer areas, meeting rooms, cash desks, and
depositories equipped in accordance with the highest standards.

Another clear advantage of the products offered by Alfa-Bank is
the extended number of loan repayment channels: loan payments
can be made at any of the Bank's offices throughout the country,
irrespective of the city where the loan was originally extended
to the customer.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key  
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

As reported in the TCR-Europe on Oct. 6, Fitch Ratings assigned
Alfa MTN Issuance Limited's US$400 million 7.875% notes issue
due October 2009 a Long-term BB- rating.  The proceeds from the
issue will be on-lent to Alfa Bank, rated Issuer Default BB-
/Outlook Stable, Short-term B, Support 4, Individual C/D, and
National Long-term A+/Outlook Stable.

As reported in the TCR-Europe on Sept. 12, Fitch Ratings
upgraded Russia-based Alfa Bank's ratings to Issuer Default BB-
from B+, Individual C/D from D and National Long-term to A+ from
A.  The Outlooks on the Issuer Default and National Long-term
ratings remain Stable.  Alfa's other ratings are affirmed at
Short-term B and Support 4.

Alfa's outstanding senior unsecured debt issues are also
upgraded to BB- from B+ and its subordinated debt issue due
December 2015 to B+ from B-.  The two-notch upgrade of the
subordinated debt reflects the rules-based, rather than
recoveries-based, approach to assigning Recovery Ratings to
issues of entities rated BB- and above.

As reported in the TCR-Europe on July 17, Moody's Investors
Service upgraded Alfa Bank's Financial Strength Rating to D from
D- and changed its outlook to stable from positive.

At the same time, the bank's Ba2 long-term foreign currency
deposit and senior unsecured debt ratings have been affirmed
with their corresponding outlooks changed to stable.  The bank's
Not-Prime short-term foreign currency deposit and debt ratings
and their outlook remain unchanged.


ALFA BANK: Moody's Rates Alfa Diversified's New Tranches
--------------------------------------------------------
Moody's Investors Service has assigned a provisional rating of
(P)Baa3 to the Euro Series 2006-B Notes and US$ Series 2006-C
Notes due 2011 to be issued by Alfa Diversified Payment Rights
Finance Company S.A. for a total of around US$500 million.

Alfa Diversified Payment Rights Finance Company S.A. has issued
in March 2006 the first transaction in Russia, (Series 2006-A)
backed by diversified payment rights assets and is now issuing
two new Series, one issued in Euro and the other one in US$ and
backed by the same pool of diversified payment rights already
backing the outstanding Series 2006-A.

According to Moody's, the (P)Baa3 ratings are based on the
following strengths and weaknesses.  The strengths perceived in
this transaction include the financial and operational strength
of Alfa Bank as originator whose Bank Deposit Rating is Ba2 with
a stable outlook and the historical volumes generated by Alfa's
electronic payment order business, which have grown on average
15.9% from 2001.  In addition, several structural protections
incorporated into the transaction combined with the off-shore
settlement process reduces the likelihood of sovereign
interference in the cash flows from the underlying future
receivables.  One of these protections come from the robust
credit quality of Alfa's U.S. and European designated depositary
banks who will sign an Account Agreement upon closing.

Furthermore, investors will be protected by the structural and
legal protections incorporated into the transaction, including
Alfa's corporate ratings downgrade trigger and required minimum
debt service coverage ratios, which, if not met, trigger the
early amortization of the Series 2006-B and Series 2006-C Notes.

According to Moody's, the weaknesses of the transaction relate
to the historically volatile but improving economic environment
in Russia, which is however, effectively mitigated by the large
debt service coverage ratio level at closing and the early
amortization triggers during the transaction life.  Another
weakness lies in the credit link to Alfa's local currency
long-term Ba2 rating, as the rating of the notes is linked to
the ability of the originating bank to maintain its diversified
payment rights business.  This risk is mitigated by the early
amortization triggers, including one upon loss of Alfa Bank's
Ba2 rating.

The ratings address the timely payment of interest and scheduled
principal during the life of the transaction.  Moody's ratings
address only the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on the yield to investors.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings represent only Moody's
preliminary credit opinions.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A definitive rating
may differ from a prospective rating.  A rating is not a
recommendation to purchase, sell or invest in any securities.


AMSTEL CORPORATE: S&P Rates EUR100-Mln Class E Notes at BB
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the credit-linked floating-rate notes to be
issued by Amstel Corporate Loan Offering 2006 B.V., a special
purpose entity.
  
At closing, Amstel Corporate Loan Offering 2006 B.V. will issue
the notes.  The issuance proceeds will be deposited in an
account with a suitably rated bank.  The issuer will enter into
a CDS with ABN AMRO Bank N.V. on a reference portfolio of
predominantly senior-unsecured loans.
  
The portfolio quality will be closely monitored throughout the
substitution period.  There are overcollateralization tests,
which incorporate haircuts for low-rated assets.  If these tests
are breached, the transaction will be de-levered, and in certain
cases will require the trapping of excess income in a reserve
account.
  
                           Ratings List
           Amstel Corporate Loan Offering 2006 B.V.
         EUR8.87 Billion Senior CDS and EUR1.13 Billion
               Credit-Linked Floating-Rate Notes
  
                            Prelim.        Prelim.
             Class          rating         amount (Mil. EUR)
             -----          ------         ------  
             Senior CDS     NR             8,870
             A              AAA            450
             B              AA             150
             C              A              100
             D              BBB            100
             E              BB             100
             F              NR              230
  
             NR-Not rated.


HEXION SPECIALTY: Amends Pact for US$2 Billion Credit Facilities
----------------------------------------------------------------
Hexion Specialty Chemicals Inc. amended its senior secured
credit facility pursuant to an amendment and restatement of the
credit agreement governing the loan.

The amended and restated credit agreement provides:

   -- that the Company's current seven-year US$1.625 billion
      term loan facility will remain outstanding;

   -- for an additional US$375 million seven-year term loan
      facility, with the term beginning in May 2006; and

   -- that the Company's current seven-year US$50 million
      synthetic letter of credit facility will remain
      outstanding, with the term beginning in May 2006.  

The Company disclosed that it continues to have access to the
US$225 million revolving credit facility.

                  Sale of Senior Secured Notes

The Company, on Nov. 3, 2006, through its wholly owned finance
subsidiaries, Hexion U.S. Finance Corp. and Hexion Nova Scotia
Finance, ULC, sold US$200 million of Second-Priority Senior
Secured Floating Rate Notes due 2014 and US$625 million of
9-3/4% Second-Priority Senior Secured Notes due 2014.  The Notes
were issued under an Indenture, dated Nov. 3, 2006, among Hexion
U.S. Finance Corp. and Hexion Nova Scotia Finance, ULC, certain
guarantors named therein, and Wilmington Trust Company, as
Trustee.

The Floating Rate Notes bear interest at a rate per annum, reset
quarterly, equal to LIBOR plus 4.50%, provided, that, if a Note
Registration Default occurs, up to 1% of additional interest
will accrue on the Floating Rate Notes.  Interest will be paid
quarterly in arrears to the holders of record of the Floating
Rate Notes on February 15, May 15, August 15 and November 15 of
each year commencing on Feb. 15, 2007.

The Fixed Rate Notes bear interest at a rate per annum of
9-3/4%, provided, that, if a Note Registration Default occurs,
up to 1% of additional interest will accrue on the Fixed Rate
Notes.  Interest will be paid semi-annually in arrears to the
holders of record of the Notes on May 15 and November 15 of each
year commencing on May 15, 2007.

The terms of the Notes are substantially identical to the
indenture, dated as of Aug. 12, 2004.  However, are not fungible
with the previously issued second-priority notes.

Under the terms of the Indenture, the Company is subject to
certain customary covenants, that, among other things, restrict
its ability to create liens on its assets, incur debt at its
subsidiaries or enter into sale leaseback transactions, subject
to a number of important qualifications and exceptions.  The
Indenture also specifies certain events of default, including
failure to pay principal and interest on the Notes, failure to
comply with covenants, subject to a grace period in certain
instances, and certain bankruptcy, insolvency or reorganization
events.

               Notes Registration Rights Agreement

In connection with the sale of Floating Rate Notes and Fixed
Rate Notes, the Company and certain of our wholly owned
subsidiaries, including Hexion U.S. Finance Corp. and Hexion
Nova Scotia Finance, ULC, entered into a registration rights
agreement with Credit Suisse Securities (USA) LLC, as
representative of the initial purchasers of the Notes.

Pursuant to the registration rights agreement, the Company
agreed to file a registration statement to exchange the Notes
for new notes, with substantially identical terms to the Notes
being exchanged.  It also agreed to cause the Note Exchange
Offer Registration Statement to be declared effective under the
Securities Act and to offer the new notes in exchange for
surrender of the Notes.  For each Note validly tendered, the
Company will issue to the holder of the Note a new note, which
will be freely transferable by holders other than its affiliates
after the exchange offer without further registration under the
Securities Act.

In certain circumstances and subject to certain conditions, the
Company agreed to cause a shelf registration statement covering
resales of the Notes to be declared effective and to keep it
effective for a period up to Nov. 3, 2008.

The Company also agreed that if it fails to timely file a Note
Exchange Offer Registration Statement or a Note Shelf
Registration Statement or if certain other conditions are not
met, it will pay additional cash interest on the Notes or new
notes at the rate of 0.25% per annum for the first 90-day period
immediately following the occurrence of a Note Registration
Default, and will increase by an additional 0.25% per annum for
subsequent 90-day period up to a maximum of 1% per annum until
the earlier of the cure of the Note Registration Default or
Nov. 3, 2008.

                     Intercreditor Agreement

On Nov. 3, 2006, the Company entered into an intercreditor
agreement governing the relationship between creditors under its
senior secured credit facility and creditors under the Notes
with respect to certain shared collateral.  Pursuant to the
terms of the intercreditor agreement, at any time at which
first-priority secured obligations are outstanding, the
intercreditor agent, initially, JPMorgan Chase Bank, N.A., the
administrative agent under the senior secured credit facility,
will determine the time and method by which the security
interests in the collateral securing the Notes and the senior
secured credit facility will be enforced.  The trustee under the
Notes will not be permitted to enforce the security interests
securing the Notes except, in any insolvency or liquidation
proceeding, as necessary to file a claim or statement of
interest with respect to the Notes or as necessary to take any
action in order to create, prove, preserve, perfect or protect
its rights in the second-priority liens.

The intercreditor agreement further provides that, so long as
there are first-priority secured obligations outstanding:

     (i) the holders of first-priority secured obligations may
         direct the intercreditor agent to take actions with
         respect to the shared collateral without the consent of
         the holders of the Notes;

    (ii) the Company may require the trustee under the Notes to
         agree to modify the applicable security documents or
         the intercreditor agreement, without the consent of the
         trustee under the Notes and the holders of the Notes,
         to secure additional extensions of credit and add
         additional secured creditors so long as the
         modifications do not expressly violate the provisions
         of the senior secured credit agreement or the
         Indenture; and

   (iii) the holders of the first-priority secured obligations
         may change, waive, modify or vary the security
         documents without the consent of the holders of the
         Notes, provided that the change, waiver or modification
         does not materially adversely affect the rights of the
         holders of the Notes and the other secured creditors.

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or  
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
company has 86 manufacturing and distribution facilities in
18 countries.  The company's European headquarters is located at
Rotterdam in The Netherlands.

                          *     *     *

As reported in the TCR-Europe on Oct. 19, Moody's Investors
Service assigned B3 ratings to the new guaranteed senior secured
second lien notes due 2014 of Hexion Specialty Chemicals Inc.  
The company expects to issue roughly US$825 million of notes
split (55/45) between fixed and floating rate notes.

As reported in the Troubled Company Reporter on May 4, Standard
& Poor's Ratings Services assigned its 'B+' rating and its
recovery rating of '3' to Hexion Specialty's US$1.675 billion
senior secured term loan and synthetic letter of credit
facilities.

The rating on the existing US$225 million revolving credit
facility was lowered to 'B+' with a recovery rating of '3', from
'BB-' with a recovery rating of '1', to reflect the similar
security package as the new term loan and synthetic letter of
credit facility.

The ratings on the existing senior second secured notes were
raised to 'B', with a recovery rating of '3', from 'B-' with a
recovery rating of '5'.  The ratings on the senior second
secured notes reflect the amount of priority claims of the
revolving facility and the first-lien term loan lenders.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating on Hexion and revised the outlook to stable from
negative.


KONINKLIJKE AHOLD: Completes Takeover of Laurus' Konmar Stores
--------------------------------------------------------------
Koninklijke Ahold N.V. has successfully completed the
acquisition of nearly all Konmar stores in the Netherlands, the
purchase of which had been agreed with Laurus Nederland B.V.

Out of the 29 Konmar stores, 27 stores, of which three are
franchise stores, are now included in the Ahold group.  Of these
27 stores, 21 stores, including two franchise stores, will be
operated by Albert Heijn B.V., while six stores, including one
franchise store, will be transferred to and operated by Ahold's
consolidated subsidiary Schuitema N.V.

The remaining two stores, including one franchise store, will be
transferred to Albert Heijn upon the fulfillment of certain
contractual conditions, which is expected in the first half of
2007, on a store-by-store basis.  Albert Heijn and Schuitema
have paid a combined price of EUR100.9 million for the stores.  
The inventory and certain receivables are included in the
purchase price.

Conversion of the acquired stores into Albert Heijn and C1000
supermarkets has started.  The first opening of a former Konmar
store, rebranded and remodeled as an Albert Heijn store, is
expected in late November 2006.  Ahold announced the transaction
on May 31, 2006.  Closing of the transaction was subject to
certain closing conditions.

                          About Laurus

Headquartered in AD's-Hertogenbosch, the Netherlands, Laurus
N.V. -- http://www.laurus.nl/-- operates 700 supermarket & off-  
license stores, employs about 24,000 workers and holds a 14.3%
market share in 2005.  Laurus was formed on Oct. 30, 1998,
through a merger of De Boer Unigro N.V. and Vendex Food Groep
B.V.

In January, the company disclosed of its intention to sell its
Edah and Konmar Superstores operations in order to focus on its
Super de Boer format.  Super de Boer counts 400 supermarkets,
half of it is owned by Laurus and the other half is run by
affiliated retailers.

                         About Ahold

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

                        *     *     *

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


LAURUS NV: Koninklijke Ahold Completes Takeover of Konmar Stores
----------------------------------------------------------------
Koninklijke Ahold N.V. has successfully completed the
acquisition of nearly all Konmar stores in the Netherlands, the
purchase of which had been agreed with Laurus Nederland B.V.

Out of the 29 Konmar stores, 27 stores, of which three are
franchise stores, are now included in the Ahold group.  Of these
27 stores, 21 stores, including two franchise stores, will be
operated by Albert Heijn B.V., while six stores, including one
franchise store, will be transferred to and operated by Ahold's
consolidated subsidiary Schuitema N.V.

The remaining two stores, including one franchise store, will be
transferred to Albert Heijn upon the fulfillment of certain
contractual conditions, which is expected in the first half of
2007, on a store-by-store basis.  Albert Heijn and Schuitema
have paid a combined price of EUR100.9 million for the stores.  
The inventory and certain receivables are included in the
purchase price.

Conversion of the acquired stores into Albert Heijn and C1000
supermarkets has started.  The first opening of a former Konmar
store, rebranded and remodeled as an Albert Heijn store, is
expected in late November 2006.  Ahold announced the transaction
on May 31, 2006.  Closing of the transaction was subject to
certain closing conditions.

                         About Ahold

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

                          About Laurus

Headquartered in AD's-Hertogenbosch, the Netherlands, Laurus
N.V. -- http://www.laurus.nl/-- operates 700 supermarket & off-
license stores, employs about 24,000 workers and holds a 14.3%
market share in 2005.  Laurus was formed on Oct. 30, 1998,
through a merger of De Boer Unigro N.V. and Vendex Food Groep
B.V.

In January, the company disclosed of its intention to sell its
Edah and Konmar Superstores operations in order to focus on its
Super de Boer format.  Super de Boer counts 400 supermarkets,
half of it is owned by Laurus and the other half is run by
affiliated retailers.

                        *     *     *

Laurus told Ian Bickerton of the Financial Times in September
that the company was renegotiating financing arrangements with
its banks, after it warned creditors that the company would
breach loan covenants and be loss-making this year.

In 2004, Laurus suffered a net loss of EUR128 million, a sharp
reversal compared with 2003, when the positive net result of
EUR9 million marked an -- albeit modest -- return to
profitability for the first time in several years.  In fighting
the price war, which broke out in October 2003 and continued
unabated in 2004, Laurus implemented substantial price cuts
within all three retail formats, which, combined with the
reduced sales volume, had a major negative impact on the result.
In 2005, the company posted a EUR66 million net loss against
EUR273 million in gross profits.


LOUIS NO.1: Moody's Assigned B1 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service assigned a B1 Corporate Family rating
to Louis No.1 plc the acquiror of the business of TNT Logistics.  

The CFR has been assigned to the group's top consolidating
entity currently named Louis No. 1 plc and at the same time
Moody's assigned a B1 rating to its senior secured credit
facilities, which forms part of the acquisition financing and
operational funding package for the business.  The outlook is
stable.  

The obligations under the senior secured facilities will be
supported by upstream guarantees from various businesses within
the group accounting for around 69% of EBITDA and 73% of gross
assets.  The facility is also secured on share pledges and
various first ranking pledges over subsidiary assets.  TNTL is
owned by the U.S. private Equity Fund Apollo Management LP (81%)
and other Co Investors.

The CFR B1 rating reflects:

   (i) the strong competitive position of TNTL's business
       given its worldwide operational presence and
       capability to offer an entire supply chain service;

  (ii) revenue stability given its good quality customer
       base, high retention rates and the long term nature
       of its contracts and;
(iii) opportunities to improve operating margins and
       strengthen cash flows to service the elevated
       adjusted debt levels following the acquisition.

The company's future de-leveraging however, is likely to be a
function of strengthening cash flows as opposed to an absolute
reduction in the level of indebtedness.

The CFR also takes also into account:

   (i) customer segment concentrations, notably in
       the automotive sector, notwithstanding that the
       business has good position and focus on the
       aftermarket parts business

  (ii) the current heavy revenue reliance on EU, relative
       to modest exposure to Asia and the US;

(iii) the risks associated with execution of the
       company's strategy and cash flow generation to
       support high financial leverage post the
       Apollo acquisition and;

  (iv) the need to strictly manage its cost base and to
       ensure precise contract pricing given the high
       proportion of closed book type contracts in
       the portfolio.

The B1 rated senior secured facilities are expected to remain
the most senior major piece of debt in the capital structure
going forward.

Rating assigned: Louis No. 1 plc

    * Corporate Family: B1
    * Senior Secured Credit Facility: B1

TNT Logistics, acquired by Louis No.1 plc, is the second largest
provider of contract logistics in the world in term of revenues,
with an operational presence in 28 countries worldwide.  Before
the sale to Apollo Management LP.; TNTL was the logistic
division of TNT Group.  In FY 2005 TNT Logistics reported total
revenues of EUR3.6 billion.


LOUIS NO. 1: TNT Risk Profile Cues S&P to Assign B+ Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Louis No. 1 PLC, the holding company
for The Netherlands-based contract logistics group TNT
Logistics.  The outlook is stable.
     
In addition, Standard & Poor's assigned its 'B+' senior secured
debt rating to the proposed loan of Louis No. 1.  A recovery
rating of '2' was also assigned to this loan, reflecting
expectation of substantial recovery (80%-100%) of principal in
an event of default.  The ratings remain subject to final
documentation.
     
"The ratings on Louis No. 1 reflect the business and financial
risk profiles of its main operating company, TNT Logistics.  As
a result, the ratings are constrained by TNT Logistics'
leveraged financial profile; weak credit measures; and limited
free cash flow generation, which will limit meaningful debt
reduction," said Standard & Poor's credit analyst Eve Greb.
"TNT Logistics operates within the highly fragmented and
competitive logistics industry but benefits from a satisfactory
business profile, underpinned by its global network and strong
market positions, particularly in Europe."
     
The group's highly leveraged financial structure, however,
outweighs the benefits of its investment-grade business risk
profile and is the key driver of the ratings.  Pro forma for the
acquisition, the group will have interest-bearing net debt of
about EUR1.2 billion.
     
Standard & Poor's expects TNT Logistics' credit-protection
measures will improve gradually over the medium term.
Exceptional transition costs during 2007 are likely to limit the
potential for ratio improvements in the near term.
    
Given the relatively low expectations of free cash flow during
2007, Standard & Poor's sees limited rating upside potential in
the short term.  The outlook could be revised to positive in the
longer term if performance and cash flow generation run ahead of
expectations.  An outlook change to negative would likely result
if performance is weaker than expected or if leverage increases
as a result of additional bolt-on acquisitions.


LUCENT TECHNOLOGIES: Soliciting Consents to Amend Indenture
-----------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc., have commenced a
joint solicitation of consent from holders of record as of
Nov. 10, 2006, of:

   -- Lucent's 2.75% Series A Convertible Senior Debentures due
      2023; and

   -- Lucent's 2.75% Series B Convertible Senior Debentures due
      2025

to amend the Indenture for the Debentures, in return for a full
and unconditional guaranty from Alcatel, which is unsecured and
subordinated to its senior debt.

The amendment allows Alcatel to provide such information,
documents and other reports that are required to be filed by
Alcatel pursuant to sections 13 and 15(d) of the U.S. Securities
Exchange Act of 1934, to holders of the Debentures, instead of
having to produce separate statements for Lucent after the
completion of the merger.

The consent solicitation will expire at 5:00 p.m. (EST),
Nov. 29, 2006, unless extended.  Alcatel's obligation to provide
its guaranty is contingent upon the receipt of consent for the
proposed amendment from the holders of a majority in aggregate
principal amount of each of the Debentures, as well as the
completion of the proposed merger transaction between Alcatel
and Lucent.

The terms and conditions of the consent solicitation are
contained in the Offer to Guarantee and Joint Consent
Solicitation Statement. Holders of the Debentures can obtain
copies of this document and the related Letter of Consent from:

         D.F. King & Co., the Information Agent,
         Tel: +1 (888) 887-0082 (U.S. toll-free)
              +1 (212) 269-5550 (for banks and brokers)

Bear, Stearns & Co. Inc. is acting as the Solicitation Agent for
the consent solicitation and can be contacted at

         Bear, Stearns & Co. Inc.
         Tel: +1 (877) 696-BEAR (toll-free)

                         About Alcatel

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

                   About Lucent Technologies

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

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

                           *     *     *

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

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

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

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


MOBIFON HOLDINGS: S&P Withdraws BB Rating on Bond Redemption
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' long-term
corporate credit rating on Netherlands-domiciled MobiFon
Holdings B.V., the 79% owner of mobile telecommunications
operator Vodafone Romania S.A. (formerly MobiFon S.A.), at the
company's request.
     
The rating withdrawal follows the company's announcement that it
will redeem all of its outstanding 12.5% notes due 2007 at a
price of 106.25% on July 31, 2007.  In addition, MobiFon
Holdings will irrevocably deposit funds with the bondholders'
trustee solely for the benefit of bondholders to discharge its
obligations under the bond indenture.
     
At Dec. 31, 2005, MobiFon Holdings reported total debt of
US$464.9 million, comprised of unsecured bank facilities of
US$258.1 million at Vodafone Romania and US$206.8 million of
bonds at MobiFon Holdings.  This excludes US$1.09 billion due to
Vodafone mostly as subordinated notes.
     
Cash and equivalents of US$116.9 million included
US$26.3 million at MobiFon Holdings, of which US$25.8 million
was restricted.


WOOD STREET: Moody's Rates EUR14-Mln Class E Notes at (P)Ba3
------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to five
classes of Notes to be issued by Wood Street CLO IV B.V., a
bankruptcy remote SPV incorporated under the laws of The
Netherlands.

The provisional ratings assigned are:

   -- EUR260,000,000 Class A Senior Secured Floating Rate
      Notes: (P)Aaa;

   -- EUR34,000,000 Class B Senior Secured Floating Rate
      Notes: (P)Aa2;

   -- EUR32,000,000 Class C Senior Secured Deferrable
      Floating Rate Notes: (P)A3;

   -- EUR18,000,000 Class D Senior Secured Deferrable
      Floating Rate Notes: (P)Baa3; and

   -- EUR14,000,000 Class E Senior Secured Deferrable
      Floating Rate Notes: (P)Ba3.

The provisional ratings address the expected loss posed to
investors by the legal final maturity date in 2023.

This transaction is a high yield collateralized loan obligation
related to an around EUR388,000,000 portfolio of mostly European
senior and mezzanine loans (with a predominance of senior
secured loans).  The investments may also include synthetic
exposure and non-Euro issuers (any FX exposure will be hedged
through individual asset swaps).  This portfolio will be
partially acquired at closing and partially during the eight
month ramp-up period, in compliance with portfolio guidelines.
Thereafter, the portfolio of loans will be actively managed and
the investment manager will be able to buy or sell loans on
behalf of the Issuer.  Any addition or removal of loans will be
subject to a number of portfolio criteria.  Alcentra Limited
will act as investment manager.  Alcentra Limited currently
manages thirteen other European CDOs.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction.  Upon a conclusive
review of the final versions of all the documents and legal
opinions, Moody's will endeavor to assign a definitive rating to
the transaction.  A definitive rating (if any) may differ from a
provisional rating.

This transaction is arranged by Goldman sachs International.


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


NORSKE SKOG: Underperformance Spurs S&P to Cut Ratings to BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch and
lowered its long-term corporate credit and senior unsecured debt
ratings on Norway-based paper manufacturer Norske Skogindustrier
ASA to 'BB+' from 'BBB-', reflecting a reassessment of the
company's financial risk profile.  The outlook is stable.
     
At the same time, the short-term corporate credit rating on
Norske Skog was removed from CreditWatch and lowered to 'B' from
'A-3'.  The ratings were originally placed on CreditWatch with
negative implications on Oct. 20.
     
Norske Skog has not met the requirements for the previous rating
level.  This is despite the company's efforts to use equity
funding for acquisitions and disposal proceeds to reduce debt
levels.
     
"We now believe the company's projected debt-protection measures
over the cycle are more commensurable with our expectations for
an aggressive financial risk profile, despite an expected short
to medium term recovery resulting from an improved business
environment," said Standard & Poor's credit analyst Andreas
Zsiga.  "Furthermore, the new ratings allow for possible
upcoming execution risks and incorporate the uncertainty over
the pace and strength of the company's performance recovery."
     
Standard & Poor's expects Norske Skog's operational and
financial performance will improve over the short to medium term
as a result of market improvement, internal efficiency measures,
and possible positive exchange-rate development.  At this rating
level, Norske Skog will be able to accommodate some potential
setbacks in terms of market recovery and execution of cost
savings.
     
The ratings could come under pressure in the absence of a
financial recovery in line with expectations, possibly as a
consequence of, for example, weaker business development than
expected or a debt-funded expansion.
     
A positive revision of the ratings would require demonstrated
sustainable improvement of financial performance well above the
requirements for the current ratings.  This could be as a result
of both improved cash flow generation and reduced debt, in
addition to improved visibility to the extent that any future
business downturn will be less far-reaching than in recent
years.


SHIP FINANCE: Moody's Affirms Low-B ratings with Stable Outlook
---------------------------------------------------------------
Moody's Investors Service affirmed Ship Finance International
Ltd.'s ratings, including the Ba3 Corporate Family Rating, the
Ba2 Senior Secured Bank Credit Facilities and the B1 Senior
Unsecured Notes rating.  The ratings outlook remains stable.

SFI's ratings reflect:

   i) the strong contractual links between SFI and
      Frontline Ltd, with Frontline's market leadership
      and expertise in the tanker industry which help's
      support the structure of SFI and mitigate its very
      short track record of operations;

  ii) SFI's remoteness from the industry's innate
      cyclicality, but also the limited participation
      potential in any market upswings which could be used
      to improve the company's credit metrics;

iii) SFI's weak intrinsic credit metrics as expressed
      for example by high leverage and weak cash-flow based
      debt protection metrics, restricting its
      funding flexibility.

Ship Finance International Ltd., established in 2003 and listed
on the NYSE since June 2004, is a Bermudan registered company
currently owning 61 vessels.


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


BORSODCHEM NYRT: Buyer to Resume EUR500-Mln Investment Program
--------------------------------------------------------------
First Chemical Holding Kft. reveals it would continue BorsodChem
Nyrt.'s EUR500-million investment strategy, following approvals
from the local and European competition authorities.

As reported in the TCR-Europe on Nov. 13, the European
Commission approved Nov. 8 First Chemical's proposed acquisition
of control over BorsodChem Nyrt. and declared the transaction
compatible with the common market and with the European Economic
Area Agreement.

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

The five-year investment program entails:

   -- increasing BorsodChem's yearly TDI (Toluene diisocyanate)
      capacity from 160,000 tons to 250,000 tons by 2009;

   -- raising the company's annual MDI (methylene diphenyl
      diisocyanate) capacity from 200,000 tons to 400,000 tons
      by 2011; and

   -- non-expansion of PVC production, but keep it ready for a
      future consolidation of the industry.

The strategy is expected to:

   -- hike annual revenue to EUR1.6 billion by 2011;

   -- increase EBITDA to between EUR300 million to EUR400
      million by 2011.

BorsodChem shareholders approved the strategy at a general
meeting in April.

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

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

                        About BorsodChem

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

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

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

                        *     *     *

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


REMY INT'L: S&P Junks Corporate Credit Rating on Weak Earnings
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Anderson, Ind.-based electrical components
manufacturer Remy International Inc. to 'CCC' from 'CCC+'.  The
outlook is negative.
      
"The downgrade stems from Remy's inability to improve very weak
earnings and cash flow, leaving the company with shrinking
prospects for meeting its December 2007 maturity of its US$145
million senior notes," said Standard & Poor's credit analyst
Nancy C. Messer.  

Remy recently lowered its earnings guidance for 2006 to a range
that is not sufficient to cover the company's cash interest
expense.  In addition, Remy's possible asset divestitures,
details of which have not been announced, are not expected to
reduce leverage, and could have implications for the recovery
ratings that Standard & Poor's has assigned to Remy's secured
debt.  Remy's secured bank debt is governed by a borrowing base
mechanism, which should tie usage to asset levels.  Still,
should future asset sales manage to reduce asset protection
Standard & Poor's would review its recovery rating.
     
The expected sale of Remy's diesel powertrain remanufacturing
operations could generate proceeds of up to US$150 million by
the end of 2006, and the company has retained a financial
restructuring firm to advise it in the best use of these
proceeds.  Although details of the possible asset divestiture
and subsequent debt repurchase have not been disclosed of, the
company is expected to remain highly leveraged following the two
transactions.  In addition to the 2007 maturity, Remy faces
several debt maturities in the intermediate term, which will be
difficult to refinance if EBITDA remains depressed.  The
company's US$80 million term loan has a required bullet payment
due in June 2008.  The company's US$125 million second-lien
floating notes mature in April 2009, and US$165 million of
subordinated notes mature in May 2009.


===============
P O R T U G A L
===============


BUNGE LTD: S&P Assigns BB Rating on US$500-Mln Preference Shares
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
White Plains, N.Y.-based agribusiness and food processor
Bunge Ltd.  The corporate credit rating was lowered to 'BBB-'
from 'BBB'.  The rating outlook is stable.
     
At the same time, Standard & Poor's assigned its preliminary
'BB' rating to Bunge's Rule 415 shelf registration of preference
shares.
     
In addition, the company's US$500 million cumulative convertible
preference shares, drawn down from the Rule 415 shelf, were
assigned a 'BB' rating.  The underwriters have a 30-day option
to purchase a maximum of US$75 million in additional preference
shares to cover over-allotments.  Bunge has about US$3.1 billion
of total rated debt and preference shares (pro forma for the
aforementioned transactions).
      
"The downgrade reflects our concerns about Bunge's aggressive
financial policies, negative free cash flow generation, and high
debt leverage," said Standard & Poor's credit analyst
Jayne Ross.

After the company's acquisition of French oilseed processor
Cereol S.A., Standard & Poor's expected that Bunge would be
begin to generate positive cash flow within a few years.
However, this has not occurred, and the rating agency now
expects that Bunge will not generate consistent positive free
cash flow for quite some time as the company continues its
growth strategy.  Furthermore, EBITDA margins continue to trend
downward.

Although Standard & Poor's factors some volatility into the
rating and leverage parameters of agribusiness companies, it
believes that Bunge's debt leverage is high and expects that the
company will have increased working capital needs over the next
agribusiness cycle.


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


ALFA BANK: Hikes Maximum Mortgage Loan to US$500,000
----------------------------------------------------
Building its presence on the mortgage market, Alfa-Bank has
increased the maximum mortgage loan up to US$500,000 to buy a
flat in the secondary market.

The first installment should be at least 20% of the flat's
value, from US$350,000 to US$500,000 (or its RF ruble
equivalent).  Such a loan is granted for a period from five to
10 years.  The loan interest amounts to 9.7% in U.S. dollars and
11.7% in rubles.

Iliya Zibarev, head of Alfa-Bank's Mortgage Division, stressed
that this decision was induced primarily by the surge in housing
prices in Moscow and the regions.

"We try to follow the trends in the real estate market and
respond to client demand in order to make mortgages more
available to people", said Mr. Zibarev.

Alfa-Bank has already opened three mortgage-lending centers in
Moscow, St. Petersburg and Nizhny Novgorod in 2006 and plans to
offer mortgage loans in all cities with more than 1 million
residents within the next year.  These centers are full-fledged
offices where Alfa-Bank's customers may receive consultation,
obtain housing loans, finalize deals, pay initial installments,
etc.  The entire process of lending takes place in a single
location.  The centers are located downtown and offer
comfortable customer areas, meeting rooms, cash desks, and
depositories equipped in accordance with the highest standards.

Another clear advantage of the products offered by Alfa-Bank is
the extended number of loan repayment channels: loan payments
can be made at any of the Bank's offices throughout the country,
irrespective of the city where the loan was originally extended
to the customer.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key  
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

As reported in the TCR-Europe on Oct. 6, Fitch Ratings assigned
Alfa MTN Issuance Limited's US$400 million 7.875% notes issue
due October 2009 a Long-term BB- rating.  The proceeds from the
issue will be on-lent to Alfa Bank, rated Issuer Default BB-
/Outlook Stable, Short-term B, Support 4, Individual C/D, and
National Long-term A+/Outlook Stable.

As reported in the TCR-Europe on Sept. 12, Fitch Ratings
upgraded Russia-based Alfa Bank's ratings to Issuer Default BB-
from B+, Individual C/D from D and National Long-term to A+ from
A.  The Outlooks on the Issuer Default and National Long-term
ratings remain Stable.  Alfa's other ratings are affirmed at
Short-term B and Support 4.

Alfa's outstanding senior unsecured debt issues are also
upgraded to BB- from B+ and its subordinated debt issue due
December 2015 to B+ from B-.  The two-notch upgrade of the
subordinated debt reflects the rules-based, rather than
recoveries-based, approach to assigning Recovery Ratings to
issues of entities rated BB- and above.

As reported in the TCR-Europe on July 17, Moody's Investors
Service upgraded Alfa Bank's Financial Strength Rating to D from
D- and changed its outlook to stable from positive.

At the same time, the bank's Ba2 long-term foreign currency
deposit and senior unsecured debt ratings have been affirmed
with their corresponding outlooks changed to stable.  The bank's
Not-Prime short-term foreign currency deposit and debt ratings
and their outlook remain unchanged.


ALFA BANK: Moody's Rates Alfa Diversified's New Tranches
--------------------------------------------------------
Moody's Investors Service has assigned a provisional rating of
(P)Baa3 to the Euro Series 2006-B Notes and US$ Series 2006-C
Notes due 2011 to be issued by Alfa Diversified Payment Rights
Finance Company S.A. for a total of around US$500 million.

Alfa Diversified Payment Rights Finance Company S.A. has issued
in March 2006 the first transaction in Russia, (Series 2006-A)
backed by diversified payment rights assets and is now issuing
two new Series, one issued in Euro and the other one in US$ and
backed by the same pool of diversified payment rights already
backing the outstanding Series 2006-A.

According to Moody's, the (P)Baa3 ratings are based on the
following strengths and weaknesses.  The strengths perceived in
this transaction include the financial and operational strength
of Alfa Bank as originator whose Bank Deposit Rating is Ba2 with
a stable outlook and the historical volumes generated by Alfa's
electronic payment order business, which have grown on average
15.9% from 2001.  In addition, several structural protections
incorporated into the transaction combined with the off-shore
settlement process reduces the likelihood of sovereign
interference in the cash flows from the underlying future
receivables.  One of these protections come from the robust
credit quality of Alfa's U.S. and European designated depositary
banks who will sign an Account Agreement upon closing.

Furthermore, investors will be protected by the structural and
legal protections incorporated into the transaction, including
Alfa's corporate ratings downgrade trigger and required minimum
debt service coverage ratios, which, if not met, trigger the
early amortization of the Series 2006-B and Series 2006-C Notes.

According to Moody's, the weaknesses of the transaction relate
to the historically volatile but improving economic environment
in Russia, which is however, effectively mitigated by the large
debt service coverage ratio level at closing and the early
amortization triggers during the transaction life.  Another
weakness lies in the credit link to Alfa's local currency
long-term Ba2 rating, as the rating of the notes is linked to
the ability of the originating bank to maintain its diversified
payment rights business.  This risk is mitigated by the early
amortization triggers, including one upon loss of Alfa Bank's
Ba2 rating.

The ratings address the timely payment of interest and scheduled
principal during the life of the transaction.  Moody's ratings
address only the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on the yield to investors.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings represent only Moody's
preliminary credit opinions.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A definitive rating
may differ from a prospective rating.  A rating is not a
recommendation to purchase, sell or invest in any securities.


BUILDING CERAMICS: Court Names D. Rybalko as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. D.
Rybalko as Insolvency Manager for OJSC Building Ceramics (TIN
0269008920).  He can be reached at:

         D. Rybalko
         Post User Box 178
         Ufa
         450097 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-14249/05-G-PAV.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Building Ceramics
         S. Yulaeva Str. 1
         Tuymazy
         452750 Bashkortostan Republic
         Russia


BURUKTALSKIY METALLURGIC: Names G. Yaparov to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Mr. G.
Yaparov as Insolvency Manager for CJSC Buruktalskiy Metallurgic
Works (TIN 5644003352).  He can be reached at:

         G. Yaparov
         Office 31
         Oktyabrya Pr. 10
         450001 Ufa
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-3758/2006-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         CJSC Buruktalskiy Metallurgic Works
         Svetlyj
         Orenburg Region
         Russia


ITANTSA-WOOD: Court Names N. Dubershtejn as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Buryatiya Republic appointed Ms. N.
Dubershtejn as Insolvency Manager for OJSC Itantsa-Wood.  She
can be reached at:

         N. Dubershtejn
         Senchikhina Str. 1-89
         Ulan-Ude
         670024 Buryatiya Republic
         Russia
         Tel./Fax: (3012) 22-82-06

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A10-4376/06.

The Arbitration Court of Buryatiya Republic is located at:

         Kommunisticheskaya Str. 51
         Ulan-Ude
         Russia

The Debtor can be reached at:

         N. Dubershtejn
         Senchikhina Str. 1-89
         Ulan-Ude
         670024 Buryatiya Republic
         Russia
         Tel./Fax: (3012) 22-82-06


KANSKIY COMBINE: Asset Sale Slated for December 6
-------------------------------------------------
Mr. V. Stankevich, the bidding organizer for OJSC Kanskiy
Combine of Grain Products, will open a public auction for the
company's properties at 2:00 p.m. on Dec. 6 at:

         OJSC Kanskiy Combine of Grain Products
         Fabrichnaya Str. 12
         Kansk
         Krasnoyarsk Region
         Russia

Interested bidders have until Nov. 23 to deposit an amount
equivalent to 20% of the starting price to:

         OJSC Kanskiy Combine of Grain Products
         ACB Enisey OJSC
         Krasnoyarsk
         Settlement Account 40702810100170100010
         Correspondent Account 3010181080000000079
         GRKTs GU Bank of Russia in Krasnodar Region
         BIK 040407795

Bidding documents must be submitted to:

         V. Stankevich
         Fabrichnaya Str. 12
         Kansk
         663601 Krasnoyarsk Region
         Russia
         Tel: (39161) 2-48-82

The Debtor can be reached at:

         OJSC Kanskiy Combine of Grain Products
         Fabrichnaya Str. 12
         Kansk
         Krasnoyarsk Region
         Russia


KOS-WOOD-INDUSTRY: Court Names V. Lukin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kareliya Republic appointed Mr. V.
Lukin as Insolvency Manager for CJSC Kos-Wood-Industry.  He can
be reached at:

         V. Lukin
         Tsvetochnaya Str. 11
         Pikayaranta
         186810 Kareliya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A26-6831/2006-184.

The Arbitration Court of Kareliya Republic is located at:

         Krasnoarmeyskaya Str. 24a
         Petrozavodsk
         185610 Kareliya Republic
         Russia

The Debtor can be reached at:

         CJSC Kos-Wood-Industry
         Nadezhdy Str. 12-14
         Kostomuksha
         Kareliya Republic
         Russia


KRASNOGVARDEYSKIY OJSC: Court Names S. Osipova to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Ms. S.
Osipova as Insolvency Manager for OJSC Krasnogvardeyskiy Butter-
Cheese-Factory.  She can be reached at:

         S. Osipova
         Post User Box 1569
         Vostochnaya Str. 86
         460036 Orenburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-14943/2005-14gk.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Krasnogvardeyskiy Butter-Cheese-Factory
         Lugovsk
         Krasnogvardeyskiy Region
         Orenburg Region
         Russia


MDM BANK: Moody's Rates MDM DPR's Series 2006-A notes at (P)Baa3
----------------------------------------------------------------
Moody's Investors Service assigned a provisional rating of
(P)Baa3 to the EURO Series 2006-A Notes due 2011 and to the
US$ Series 2006-B Notes due 2011 to be issued by MDM DPR Finance
Company S.A.

MDM DPR Finance Company S.A. is the second transaction in Russia
rated by Moody's, which is backed by diversified payment rights
assets.

According to Moody's, the (P)Baa3 ratings are based on the
following strengths and weaknesses.  The strengths are:

   (1) the financial and operational strength of MDM Bank
       as originator whose Bank Deposit Rating is Ba2;

   (2) the historical volumes generated by MDM Bank's
       electronic payment order business;

   (3) the reduced likelihood of sovereign interference in   
       the cash flows from the underlying future
       receivables, due to several structural
       protections incorporated into the transaction and
       the off-shore settlement process;

   (4) the robust credit quality of MDM Bank's U.S.
       Designated Depositary Banks who will sign an
       Account Agreement; and

   (5) the structural and legal protections incorporated
       into the transaction, including MDM Bank's
       corporate ratings downgrade trigger and required
       minimum debt service coverage ratios, which, if not
       met, trigger the early amortization of the
       Series 2006-A and Series 2006-B Notes.

According to Moody's, the weaknesses of the transaction relate
to:

   (1) the historically volatile but improving
       economic environment in Russia. However, this
       is effectively mitigated by the large debt
       service coverage ratio level at closing and the
       early amortization triggers during the
       transaction life; and

   (2) The credit link to MDM Bank's long term foreign
       currency deposit Ba2 rating, as the rating of the
       Notes is linked to the ability of the originating bank
       to maintain its diversified payment rights business.
       This risk is mitigated by the early
       amortization triggers, including one upon loss of
       MDM Bank's Ba2 rating.

The ratings address the timely payment of interest and scheduled
principal during the life of the transaction.  Moody's ratings
address only the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on the yield to investors.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings represent only Moody's
preliminary credit opinions.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A definitive rating
may differ from a prospective rating.  A rating is not a
recommendation to purchase, sell or invest in any securities.


NOVODUGINO-FLAX: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Smolensk Region commenced bankruptcy
supervision procedure on OJSC Novodugino-Flax.  The case is
docketed under Case No. A62-1043-N/2006 (3858/06).

The Temporary Insolvency Manager is:

         M. Turkov
         Gagarina Str. 15
         Yartsevo
         215800 Smolensk Region
         Russia

The Debtor can be reached at:

         OJSC Novodugino-Flax
         Lipetsy
         Novoduginskiy Region
         215210 Smolensk Region
         Russia


RASSKAZOVSKAYA MOVABLE: Bankruptcy Hearing Slated for January 23
----------------------------------------------------------------
The Arbitration Court of Tambov Region will convene at 10:00
a.m. on Jan. 23, 2007, to hear the bankruptcy supervision
procedure on OJSC Rasskazovskaya Movable Mechanized Column-2.
The case is docketed under Case No. A64-4381/06-18.

The Temporary Insolvency Manager is:

         A. Golovchenko
         Post User Box 18
         394038 Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Rasskazovskaya Movable Mechanized Column-2
         Proletarskaya Str. 239
         Rasskazovo
         Tambov Region
         Russia


ROCK CRYSTAL: Perm Court Names S. Mikheev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. S. Mikheev as
Insolvency Manager for LLC Rock Crystal.  He can be reached at:

         S. Mikheev
         Post User Box 6063
         614002 Perm Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-15681/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Rock Crystal
         Pobedy Str. 14
         Dobryanka
         618740 Perm Region
         Russia


ROLTOM OJSC: External Court Starts Reorganization Process
---------------------------------------------------------
The Arbitration Court of Tomsk Region commenced external
management bankruptcy procedure on OJSC Roltom.  The case is
docketed under Case No. A67-274/05.

The External Insolvency Manager is:

         N. Razumov
         Zheleznodorozhnaya Str. 3
         634006 Tomsk Region
         Russia

The Debtor can be reached at:

         OJSC Roltom
         Building 51
         Pushkina Str. 63
         634006 Tomsk Region
         Russia


ROSNEFT OIL: Sees Joint Venture Completion by Yearend
-----------------------------------------------------
OAO Rosneft Oil Co. expects to complete all legal procedures for
its planned joint ventures with China National Petroleum Corp.
by the end of 2006, RIA Novosti states.

As reported in the TCR-Europe on Oct. 23, Sergey Bogdanchikov,
president of Rosneft and Chen Geng, president of China National
Petroleum Company, have signed a protocol on the creation of
Vostok Energy Ltd.  

The charter capital of Vostok Energy was set at RUR10 million.  
Rosneft will hold a 51% stake in the company, and CNPC will hold
49%.  The company's board of directors will be comprised of five
persons, three of whom will come from Rosneft and two from CNPC.

The new joint venture company was established primarily to
conduct exploration work in Russia and obtain licenses for
various types of subsoil resource use.  

The joint venture was also a result of the March 21 agreement
signed by Mr. Bogdanchikov and Mr. Geng, creating joint venture
companies in Russia and China in order to expand cooperation
between Rosneft and CNPC.  The agreement, FT reports, suggests
that Rosneft is looking to better streamline its oil production,
refining and sales for China, which has been trying to diversify
its foreign sources of oil and natural gas.

"Our Chinese partners should clearly understand that in Russia
we now have lots of supplies... there are no shortages
whatsoever," Mr. Bogdanchikov said during a visit to China,
where he was part of a delegation accompanying Prime Minister
Mikhail Fradkov.

"Both enterprises have been in actuality established.  Only the
last legal documents remain to be signed," Mr. Bogdanchikov
said.  "We expect to complete the process by the end of the
year."

Mr. Bogdanchikov also assured that Rosneft could supply China
the oil it needs even if demand rises.

"In theory, we can raise supplies by 6.5-7 million metric tons
and provide about 20 million," Mr. Bogdanchikov said.  

Mr. Bogdanchikov added that Rosneft could supply oil to China
through:

   -- a pipeline from Kazakhstan to China on stream;
   -- full operation of the Sakhalin-I oil;
   -- gas project in Russia's Far East; and
   -- delivering oil by rail from Russia to China via Mongolia.

According to FT, Russia's large energy reserves and proximity
make it attractive to China.  CNPC and oil refiner Sinopec are
eyeing to tap oil resources in Russia.

Mr. Bogdanchikov, however, noted that Europe is also demanding a
lot of fuel, thus competing with China.

"We are ready to resume supplies of thee million tons a year but
have yet to agree on the price," Mr. Bogdanchikov said.

"Our partners [in China] must understand that Russia has a
surplus rather than deficit of pipeline capacity, and we can
also supply oil to Europe," he said.  "So here is a market
situation for you -- who pays more."

                        About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/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.


SELIVANOVO CJSC: Court Names D. Porkhunov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Ryazan Region appointed Mr. D.
Porkhunov as Insolvency Manager for CJSC Selivanovo.  He can be
reached at:

         D. Porkhunov
         Zelenyj
         Miloslavskiy Region
         Ryazan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-3898/2006-s1.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         CJSC Selivanovo
         Zelenyj
         Miloslavskiy Region
         Ryazan Region
         Russia


SEREDKINSKIY FLAX: Court Names A. Dzhamaldaev to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Pskov Region appointed Mr. A.
Dzhamaldaev as Insolvency Manager for OJSC Seredkinskiy Flax
Factory (TIN 6018000524).  He can be reached at:

         A. Dzhamaldaev
         Konnaya Str. 2
         180007 Pskov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A52-3193/2006/4.

The Debtor can be reached at:

         OJSC Seredkinskiy Flax Factory
         Zavodskaya Str. 33
         Seredka
         Pskov Region
         Russia


TERA-INVEST: Kirov Court Names A. Gvozdeva as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Kirov Region appointed Ms. A. Gvozdeva
as Insolvency Manager for CJSC Tera-Invest.  She can be reached
at:

         A. Gvozdeva
         Popova Str. 30A
         610014 Kirov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-464/06-286/24.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         CJSC Tera-Invest
         Zelenaya Str. 14
         Kilmez
         613570 Kilmezskiy region
         Russia


THERMAL COMPANY: Belgorod Bankruptcy Hearing Slated for Nov. 28
---------------------------------------------------------------
The Arbitration Court of Belgorod Region will convene at 10:00
a.m. on Nov. 28 to hear the bankruptcy supervision procedure on
OJSC Thermal Company.  The case is docketed under Case No.
A08-3865/06-11.

The Temporary Insolvency Manager is:

         V. Bushuev
         1st Yuzhnaya Str. 1A
         Gubkin
         309182 Belgorod Region
         Russia

The Arbitration Court of Belgorod Region is located at:

         Narodnyj Avenue 135
         308600 Belgorod Region
         Russia

The Debtor can be reached at:

         OJSC Thermal Company
         5th Zavodskoy Per. 38
         308000 Belgorod Region
         Russia


TNK-BP HOLDING: Forms Power Joint Venture with OGK-1
----------------------------------------------------
OAO TNK-BP Holdings and OAO Pervaya Generiruyuschaya Kompaniya
Optovogo Rynka Elektroenergii (OGK-1) will create a 50-50 joint
venture to build a RUR19-billion power unit at Nizhnevartovskaya
GRES, Russia, AK&M reports.

TNK-BP will serve as strategic investor for the new company,
which would ensure flow of investment during the site's
construction.  The parties plan to finance the construction by
using the proceeds from OGK-1's initial public offering.  OGK-1
will also issue additional shares on the London Stock Exchange
in early 2008.

Construction of the new plant will commence in the third quarter
of 2007 and will end in 2010.

                          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.


TRANSPORT ENTERPRISE: Court Names S. Mikheev to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. S. Mikheev as
Insolvency Manager for LLC Transport Enterprise.  He can be
reached at:

         S. Mikheev
         Post User Box 6063
         614002 Perm Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-15603/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Transport Enterprise
         Promuyshlennaya Str. 11
         Chaykovskiy
         617762 Perm Region
         Russia


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


TUBE CITY: Leverage Concerns Spur S&P's Watch Negative on Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
its 'B+' corporate credit rating, on Tube City IMS Corp. on
CreditWatch with negative implications.  

The action followed the announcement that Onex Partners, a
private equity fund managed by Toronto-based investment company
Onex Corp., has agreed to acquire the outstanding stock of Tube
City for around US$637 million in cash and assumed debt.
     
"The CreditWatch placement reflects our concern regarding an
increase in debt leverage to an already highly leveraged capital
structure," said Standard & Poor's credit analyst Marie Shmaruk.
"We could lower ratings on the Tube City IMS if the financing of
the proposed transaction further increases financial leverage
and pressures credit metrics.  The rating could be affirmed if
financial leverage remains unchanged and liquidity is enhanced."
     
Tube City IMS provides services to North American steel
producers, including raw materials procurement, on-site scrap
and material management and slag processing services under long-
term contracts to steel mills in the U.S., Canada, and Europe.
    
Resolution of the CreditWatch will entail a review of Onex
Corp.'s financial policies and Tube City IMS' revised capital
structure.  The transaction is expected to close in early 2007.


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


TUBE CITY: Leverage Concerns Spur S&P's Watch Negative on Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
its 'B+' corporate credit rating, on Tube City IMS Corp. on
CreditWatch with negative implications.  

The action followed the announcement that Onex Partners, a
private equity fund managed by Toronto-based investment company
Onex Corp., has agreed to acquire the outstanding stock of Tube
City for around US$637 million in cash and assumed debt.
     
"The CreditWatch placement reflects our concern regarding an
increase in debt leverage to an already highly leveraged capital
structure," said Standard & Poor's credit analyst Marie Shmaruk.
"We could lower ratings on the Tube City IMS if the financing of
the proposed transaction further increases financial leverage
and pressures credit metrics.  The rating could be affirmed if
financial leverage remains unchanged and liquidity is enhanced."
     
Tube City IMS provides services to North American steel
producers, including raw materials procurement, on-site scrap
and material management and slag processing services under long-
term contracts to steel mills in the U.S., Canada, and Europe.
    
Resolution of the CreditWatch will entail a review of Onex
Corp.'s financial policies and Tube City IMS' revised capital
structure.  The transaction is expected to close in early 2007.


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


GC FTPYME: Moody's Rates EUR12.6-Million Series E Notes at Ba3
--------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the debt to be issued by GC FTPYME Pastor 4, FTA:

   -- EUR260 million Series A1 notes: Aaa;
   -- EUR256.6 million Series A2 notes: Aaa;
   -- EUR50.4 million Series A3G notes: Aaa;
   -- EUR15.8 million Series B notes: Aa2;
   -- EUR15.7 million Series C notes: A2;
   -- EUR18.9 million Series D notes: Baa3; and
   -- EUR12.6 million Series E notes; Ba3.

GC FTPYME Pastor 4, FTA is a securitization of loans to small-
and medium-sized enterprises carried out by Banco Pastor, S.A.
under the FTPYME program and follows the Spanish Ministry of
Economy's allocation of a new guarantee budget for such
transactions for the current year.  In line with the reduction
observed in 2005, the amount assigned by the Ministry for 2006
is, at EUR800 million, significantly lower than the
EUR1.8 billion guarantee assigned in 2002, 2003 and 2004.

In Moody's view, the strong features within this deal include,
among others:

   (1) the extensive historical default and recovery
       information provided by Banco Pastor;

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

   (3) the guarantee of the Kingdom of Spain as regards
       the Series A3G notes;

   (4) a strong swap agreement guaranteeing an excess spread
       of 0.85% and covering the servicing fee should
       Banco Pastor be substituted as servicer of the pool; and

   (5) the fact that the management company will select
       the loans from the provisional pool that will result
       in the least concentrated securitized pool.

Some weaker features include:

   (1) a geographical concentration in the region of Galicia;

   (2) the pro-rata amortization of the notes; and

   (3) the negative impact of the interest deferral trigger
       on the subordinated series.  These increased risks
       were reflected in the credit enhancement calculation.

The provisional pool of underlying assets is comprised, as of
October 2006, of a portfolio of 6,136 loans granted to 5,514
borrowers all of which are Spanish SMEs (66.5% being enterprises
and 33.5% self-employed individuals).  The loans have been
originated between 2000 and May 2006, with a weighted average
seasoning of 1.23 years and a weighted average remaining life of
8.09 years.  The interest rate is floating for 86.5% of the pool
and fixed for the rest.  The weighted average interest rate is
4.46%.  Around 56% of the outstanding of the portfolio is
secured by a first-lien mortgage guarantee over different types
of properties (25% being residential properties), with a
weighted average loan to value equal to 60%.  Geographically the
pool is concentrated in Galicia (31%), a natural consequence of
the location of the originator, and is around 40% concentrated
in the "buildings and real estate" sector according to Moody's
industry classification.  At closing, up to 5% of the pool may
correspond to loans up to 45 days in arrears.  The rest of the
loans will not have amounts more than 30 days past due.

Moody's based the ratings primarily on:

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

  (ii) historical performance information;

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

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

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

The ratings address the expected loss posed to investors by the
legal final maturity (July 2045).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal on or before the final legal maturity date.
Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.


MILLS CORP: Annual Stockholders Meeting Set for December 21
-----------------------------------------------------------
The Mills Corp. currently plans to hold its 2006 annual meeting
of stockholders on Thursday, Dec. 21, at a time and place to be
determined and announced later.

The date of the meeting may be moved to the last week of
December if the Company determines that it is unable to complete
the process for the solicitation of proxies by December 21.

The Company is required by its bylaws and by the listing
requirements of the New York Stock Exchange to hold an annual
meeting of stockholders in 2006.  The Company's Board of
Directors adopted resolutions on Nov. 2, 2006 calling the 2006
annual meeting and fixing the close of business on Dec. 1, 2006
as the record date for purposes of determining stockholders
entitled to notice of and to vote at the meeting.

At the 2006 annual meeting, the Company will be submitting for
stockholder consideration:

    1) the election of directors; and

    2) ratification of the appointment of Ernst & Young LLP, as
       the Company's independent registered public accounting
       firm.

In accordance with Rule 14a-8 of the Securities Exchange Act of
1934, all stockholder proposals to be considered for inclusion
in the Company's proxy statement for the 2006 annual meeting
pursuant to the stockholder proposal rule must be received by
the Company's Corporate Secretary by the close of business on
Monday, Nov. 20, 2006.

As reported in the Troubled Company Reporter yesterday, Gazit-
Globe Ltd. filed a lawsuit against The Mills Corp, seeking to
compel the Company to hold its annual meeting.

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

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

                         *     *     *

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

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

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

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


RURALPYME 2: Moody's Junks EUR24.05-Million Series D Notes
----------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the debt to be issued by RURALPYME 2 FTPYME, FTA:

   -- EUR487 million Series A1 notes: (P)Aaa;
   -- EUR53.7 million Series A2(G) notes: (P)Aaa;
   -- EUR29.1 million Series B notes: (P)A2;
   -- EUR23.2 million Series C notes: (P)Baa3; and
   -- EUR24.05 million Series D notes: (P)Ca.

RURALPYME 2 FTPYME, FTA, a securitization of loans to small- and
medium-sized enterprises carried out by 14 Spanish rural savings
banks under the FTPYME program, follows the Spanish Ministry of
Economy's allocation of a new guarantee budget for such
transactions for the current year.  In line with the reduction
observed in 2005, the amount assigned by the Ministry for 2006
is, at EUR800 million, significantly lower than the EUR1.8
billion guarantee assigned in 2002, 2003 and 2004.

In Moody's view, the strong features within this deal include,
among others:

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

   (2) the guarantee of the Kingdom of Spain as regards
       the Series A2(G) notes; and

   (3) the high proportion of loans secured by a
       first-lien mortgage guarantee.

The weaker features include:

   (1) the fact that no historical information has been
       provided in a format satisfactory to Moody's;

   (2) the significant amount of loans paying through
       semi-annual or annual installments;

   (3) the pro-rata amortization of the notes; and

   (4) the negative impact of the interest deferral trigger
       on the subordinated series.  These increased risks
       were reflected in the credit enhancement calculation.

The provisional pool of underlying assets comprised, as of
October 2006, a portfolio of 4,971 loans granted to 4,163
borrowers, all of which are Spanish SMEs (95.6% being
enterprises and 4.4% self-employed individuals).  The loans have
been originated between 1992 and March 2006, with a weighted
average seasoning of 2.61 years and a weighted average remaining
term of 10.03 years.  The weighted average interest rate is
4.28%, with all the loans linked to floating reference rates,
and the weighted average margin over the reference rate is
1.07%. 69% of the outstanding of the portfolio is secured by a
first-lien mortgage guarantee over different types of properties
(14% being residential properties), with a weighted average loan
to value equal to 52%.

Geographically the pool is concentrated in Andalusia (31%),
Aragon (28%) and Valencia (11%), a natural consequence of the
location of the originators, and is around 26% concentrated in
the "farming and agriculture" sector according to Moody's
industry classification.  At closing, there will be no loans
more than 30 days in arrears.

Moody's based the provisional ratings primarily on:

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

  (ii) historical performance information from the Spanish
        SME loan market;

(iii) the swap agreement hedging the interest rate risk;
  
  (iv) the credit enhancement provided through the
       GIC account, the excess spread, the reserve fund and
       the subordination of the notes; and
  
   (v) the legal and structural integrity of the transaction.

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

The provisional ratings address the expected loss posed to
investors by the legal final maturity (April 2030).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal with respect to the Series A1,
A2(G), B and C notes, and for ultimate payment of interest and
principal at par with respect to the Series D notes, on or
before the final legal maturity date.  Moody's ratings address
only the credit risks associated with the transaction. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


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


BUNGE LTD: S&P Assigns BB Rating on US$500-Mln Preference Shares
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
White Plains, N.Y.-based agribusiness and food processor
Bunge Ltd.  The corporate credit rating was lowered to 'BBB-'
from 'BBB'.  The rating outlook is stable.
     
At the same time, Standard & Poor's assigned its preliminary
'BB' rating to Bunge's Rule 415 shelf registration of preference
shares.
     
In addition, the company's US$500 million cumulative convertible
preference shares, drawn down from the Rule 415 shelf, were
assigned a 'BB' rating.  The underwriters have a 30-day option
to purchase a maximum of US$75 million in additional preference
shares to cover over-allotments.  Bunge has about US$3.1 billion
of total rated debt and preference shares (pro forma for the
aforementioned transactions).
      
"The downgrade reflects our concerns about Bunge's aggressive
financial policies, negative free cash flow generation, and high
debt leverage," said Standard & Poor's credit analyst
Jayne Ross.

After the company's acquisition of French oilseed processor
Cereol S.A., Standard & Poor's expected that Bunge would be
begin to generate positive cash flow within a few years.
However, this has not occurred, and the rating agency now
expects that Bunge will not generate consistent positive free
cash flow for quite some time as the company continues its
growth strategy.  Furthermore, EBITDA margins continue to trend
downward.

Although Standard & Poor's factors some volatility into the
rating and leverage parameters of agribusiness companies, it
believes that Bunge's debt leverage is high and expects that the
company will have increased working capital needs over the next
agribusiness cycle.


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


BILOGIRYAMOLPRODUKT LLC: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
supervision procedure on LLC Bilogiryamolprodukt (code EDRPOU
32191771) on Sept. 4.  The case is docketed under Case No.
17/200-B.

The Temporary Insolvency Manager is:

         Vitalij Opanasenko
         Hotovitskij Str. 8/120
         29000 Hmelnitskij Region
         Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         LLC Bilogiryamolprodukt
         Bilogirya
         30200 Hmelnitskij Region
         Ukraine


DREVOZA LLC: Court Names Uzhgorod City Tax Agency as Liquidator
---------------------------------------------------------------
The Economic Court of Zakarpatska Region appointed Uzhgorod City
State Tax Inspection as Liquidator for LLC Drevoza (code EDRPOU
31907154).

The Court commences bankruptcy against the company after finding
it insolvent.  The case is docketed under Case No. 6/115.

The Economic Court of Zakarpatska Region is located at:

         Kotsubinski Str.2a
         88000 Uzhgorod Region
         Ukraine

The Debtor can be reached at:

         LLC Drevoza
         Stavne
         Velikobereznyanskij District
         Zakarpatska Region
         Ukraine


LADA SERVICE: Court Names Bankruptcy Agency as Liquidator
---------------------------------------------------------
The Economic Court of Vinnitsya Region appointed the Vinnitsya
Regional Sector of Bankruptcy Questions as Liquidator for CJSC
Trade House Lada Service (code EDRPOU 20111150).

The Court commences bankruptcy against the company after finding
it insolvent on Sept. 26.  The case is docketed under Case No.  
5/320-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         CJSC Trade House Lada Service
         Mechnikov Str. 4
         Vinnitsya Region
         Ukraine


MEBLEVIK: Court Names Sergij Romanchuk as Insolvency Manager
------------------------------------------------------------
The Economic Court of Lviv Region appointed Sergij Romanchuk as
Liquidator/Insolvency Manager for Enterprise Meblevik (code
EDRPOU 30084603).

The Court commences bankruptcy against the company after finding
it insolvent on Sept. 14.  The case is docketed under Case No.  
6/99-7/198

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Enterprise Meblevik
         Turash Str. 28
         Drogobich
         82100 Lviv Region
         Ukraine


NAFTOGAZ UKRAINY: To Clear US$322-Million Debt by Yearend
---------------------------------------------------------
NJSC Naftogaz Ukrainy will pay its US$322 million debt to OAO
Gazprom's Ukrainian unit RosUkrEnergo before yearend, RIA
Novosti says.

"Naftogaz's debt to RosUkrEnergo at the end of the heating
season stood at about US$600 million.  Half of it has already
been discharged through credits.  The second half will be
cleared before the end of the year -- unfortunately, also
through credits," Yuriy Boyko, Ukraine's Fuel and Energy
Minister, said.

As reported in the TCR-Europe on Oct. 12, Naftogaz accumulated
US$700 million in debts for natural gas supplied by Gazprom unit
RosUkrEnergo in February and March, after Ukraine's Finance
Ministry rejected a price hike proposal.  

Mr. Boyko said the debt was incurred through the incompetence of
Naftogaz's former management, adding that the company's
financial situation is gradually improving, RIA Novosti relates.

Gazprom has been demanding that Ukraine's Naftogaz pay between
US$135 and US$140 per 1,000 cubic meters of gas after the
Russian gas company sealed a deal buying 50 billion cubic meters
of gas from Turkmenistan at US$100 per 1,000 cubic meters, up
from previous price of US$65 per 1,000 cubic meters.

Naftogaz has offered to repay US$322 million debt in three
installments: US$150 million, US$150 million and US$22 million
-- to keep the oil price level at US$95 in the fourth quarter of
the year.

                     About Naftogaz Ukrainy

Headquartered in Kiev, Ukraine, NJSC Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

In 2005, NJSC Naftogaz of Ukraine produced one-seventh of the
gross domestic product of Ukraine and brought US$2.25 billion in
state budget revenues.  The Company employs around 170,000
people, roughly one percent of Ukraine's working population.

                          *     *     *

As reported in the TCR-Europe Nov. 6, Fitch Ratings affirmed
OJSC Naftogaz of Ukraine's local and foreign currency Issuer
Default ratings at B+ and removed them from Rating Watch
Negative.  A Stable Outlook was assigned.  

The senior unsecured rating on the company's US$500 million
eurobond maturing in 2009 is also removed from RWN and affirmed
at B+ and the issue's Recovery Rating is affirmed at RR4.

As reported in the TCR-Europe on May 26, Moody's Investor
Service upgraded Naftogaz's Corporate Family Rating (foreign
currency) to Ba3 from B1, with Stable Outlook.  Moody's also
affirmed the group's Ba2 Senior Unsecured Debt Rating.


OSNOVA ENTERPRISE: Lviv Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on Enterprise Osnova (code EDRPOU
30387238).  The case is docketed under Case No. 6/135-4/217.

The Temporary Insolvency Manager is:

         Volodimir Chuyev
         V. Kokorudza Str. 12/8
         Lviv Region
         Ukraine

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Enterprise Osnova
         Promislova Str. 50/52
         79024 Lviv Region
         Ukraine


SOUTH BIRD: AR Krym Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on LLC Trade House-South Bird Factory
(code EDRPOU 32080710) on Oct. 17.  The case is docketed under
Case No. 2-6/14610-2006.

The Temporary Insolvency Manager is:

         Vasil Kuhta
         Ruska Str. 94
         Simferopol
         95000 AR Krym Region
         Ukraine

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         LLC Trade House - South Bird Factory
         Shkilna Str. 1
         Perove
         Simferopol District
         97560 AR Krym Region
         Ukraine


TNK-BP HOLDING: Forms Power Joint Venture with OGK-1
----------------------------------------------------
OAO TNK-BP Holdings and OAO Pervaya Generiruyuschaya Kompaniya
Optovogo Rynka Elektroenergii (OGK-1) will create a 50-50 joint
venture to build a RUR19-billion power unit at Nizhnevartovskaya
GRES, Russia, AK&M reports.

TNK-BP will serve as strategic investor for the new company,
which would ensure flow of investment during the site's
construction.  The parties plan to finance the construction by
using the proceeds from OGK-1's initial public offering.  OGK-1
will also issue additional shares on the London Stock Exchange
in early 2008.

Construction of the new plant will commence in the third quarter
of 2007 and will end in 2010.

                          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.


TUSTAN ENTERPRISE: Court Names Sergij Romanchuk as Liquidator
-------------------------------------------------------------
The Economic Court of Lviv Region appointed Sergij Romanchuk as
Liquidator/Insolvency Manager for Enterprise Tustan (code EDRPOU
30084603).

The Court commences bankruptcy against the company after finding
it insolvent on Sept. 14.  The case is docketed under Case No.  
6/100-7/200.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Enterprise Tustan
         Turash Str. 28
         Drogobich
         82100 Lviv Region
         Ukraine


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


ABACUS DIRECT: Claims Filing Period Ends Dec. 14
------------------------------------------------
Creditors of Abacus Direct (Nationwide) Ltd. (formerly
Consumables Direct Ltd, Channel Lettering Ltd and Business
Lettering Systems Ltd.) have until Dec. 14 to send in their
names and addresses with particulars of their debts or claims,
and the names and addresses of their Solicitors (if any), to
appointed Joint Liquidator John William Lewis at:

         J W Lewis Insolvency Services Ltd.
         Suite B1
         White House Business Centre
         Forest Road
         Kingswood
         Bristol BS15 8NH
         United Kingdom

The company can be reached at:

         Abacus Direct (Nationwide) Ltd.
         Old Mills House
         Old Mills Industrial Estate
         Old Mills
         Paulton
         Bristol
         Avon BS397SU
         United Kingdom
         Tel: 01761 412 424
         Fax: 01761 411 445


ADVANCED DISASTER: Claims Registration Ends Jan. 25, 2007
---------------------------------------------------------
Creditors of Advanced Disaster Restoration Services Limited have
until Jan. 25, 2007, 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 Joint Liquidator Daniel Paul Hennessy at:

         Daniel Paul Hennessy
         Cresswall Associates Limited
         Maple View
         White Moss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom

The company can be reached at:

         Advanced Disaster Restoration Services Limited
         rear of 70-82
         Muirhead Avenue East
         West Derby
         Liverpool
         Liverpool L11 1EL
         United Kingdom
         Tel: 0151 256 1122


ALBA 2006-2: Fitch Rates GBP8.6-Million Class F Notes at BB
-----------------------------------------------------------
Fitch Ratings assigned final ratings to ALBA 2006-2's GBP537
million equivalent mortgage-backed floating-rate notes due in
December 2038:

   -- GBP73.85 million Class A1a notes: AAA;
   -- EUR50 million Class A1b notes: AAA;
   -- GBP107.4 million Class A2 notes: AAA;
   -- GBP163.75 million Class A3a notes: AAA;
   -- EUR60 million Class A3b notes: AAA;
   -- GBP44.05 million Class B notes: AAA;
   -- GBP28.45 million Class C notes: AA;
   -- GBP19.85 million Class D notes: A;
   -- GBP17.2 million Class E notes: BBB;
   -- GBP8.6 million Class F notes: BB; and
   -- Mortgage early redemption certificates: AAA.

This transaction is a securitization of non-conforming
residential mortgages originated and located in the U.K.  The
ratings are based on the quality of the collateral, available
credit enhancement, the underwriting criteria of GMAC-RFC,
Kensington and Money Partners and the sound legal structure of
the transaction.

Credit enhancement for the Class A notes is initially 22.65%
provided by the subordination of the Class B, Class C, Class D,
Class E notes and Class F notes and an initial and target
reserve fund with a balance of 0.65% of the total aggregate note
balances for the A1a, A1b, A2, A3a, A3b, B, C, D, E and F notes
at closing.

There is also a liquidity facility available to meet income
deficiencies, including interest shortfalls on the notes.
However, the use of this facility is restricted for Class B - F
notes based on certain performance triggers.  It will also not
be available to fund any periodic principal deficiencies.

Fitch's rating of the mortgage early redemption certificates
addresses the likelihood of receipt of mortgage early redemption
charges payments assuming that

   -- payment of the mortgage early repayment charges is legally
      valid, binding and enforceable against the borrowers; and

   -- such mortgage early repayment charges are actually
      collected from borrowers, and not waived by the seller.

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

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


AVALON BEDS: Liquidator Sets Dec. 20 Claims Bar Date
----------------------------------------------------
Creditors of Avalon Beds Limited have until Dec. 20 to send
their names and addresses with particulars of their debts or
claims, and the names and addresses of their Solicitor (if any),
to Liquidator Ashok K. Bhardwaj at:

         Ashok K. Bhardwaj
         Bhardwaj Insolvency Practitioners
         47-49 Green Lane
         Northwood
         Middlesex HA6 3AE
         United Kingdom
         
Headquartered in Dewsbury, England, Avalon Beds Limited --
http://www.avalonbeds.co.uk/-- offers an exclusive range of  
manufactured divan beds including: Pocket Collection, Memory
Reflex and Orthopedic.


BETONSPORTS PLC: Agrees Permanent Ban in U.S. to Settle Lawsuit
---------------------------------------------------------------
BetonSports Plc is permanently barred from accepting bets in the
United States after it settled the civil legal lawsuit in
Missouri.  

The online gaming company also agreed to shut down its
operations in Antigua and Costa Rica, the Evening Standard
reports.

The settlement ends a massive civil case filed by U.S. Attorney
Catherine Hanaway but doesn't affect a separate criminal case
pending against several BetOnSports employees, including CEO
David Carruthers, the Associated Press reveals.  Mr.
Carruthers's trial on 22 counts of fraud and racketeering
charges is scheduled to begin early next year.  He remains under
house arrest after being arrested in July and subsequently
terminated from the company.

According to the Evening Standard, BetonSports hoped the deal
would mark a major step in its efforts to have criminal charges
against the firm dropped.

According to the St. Louis Post Dispatch, BetonSports agreed in
the U.S. District Court in St. Louis to a civil settlement that
promises refunds to clients and cooperation in the criminal
case.

The Dispatch notes that BetonSports signed a permanent
injunction promising a ban on accepting U.S. bets through its
hundreds of Web sites and 71 telephone numbers.

The Dispatch relates that BetonSports is given seven days to
present to federal investigators a list of assets and company
records that could help prosecutors in the criminal case.

BetonSports must set up toll-free telephone numbers with
information about client refunds, and place prominent notices on
its Web sites that online gambling is illegal in the U.S.,
according to The Dispatch.

The Dispatch says that some of those measures were already
taken.

BetonSports said in a statement that a company subsidiary in
Antigua was handling refunds, but the refunds will depend on
money coming in from debtors.  BetOnSports is not admitting or
contesting any of the federal government's allegations and that
most of the alleged wrongdoing took place before the company
went public in July 2004.

The Dispatch emphasizes that 98% of BetonSports' business came
from U.S. gamblers.  Although the firm told clients that its
online gambling operations were legal and licensed, it told
investors something different.  Investment documents indicate
that the company knew that a major part of its business model
was illegal, transmitting money from Americans back and forth.

BetonSports advisers told executives that it would be difficult
to prosecute because the firm and its workers were located
outside the U.S., The Dispatch relates.

BetonSports is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports betting is illegal except in the
State of Nevada.  The group also has operations in Asia,
Argentina and Mexico.


BETONSPORTS: Fails to Give Employees Full Salaries & Severances
---------------------------------------------------------------
Dismissed workers of BetonSports Plc have not received the full
salaries and severances the company promised, Inside Costa Rica
states.

According to the report, over 1,400 BetonSports employees were
promised on Aug. 10 that they would receive payment within 30
days of the firm's shutting down.  That never happened and 877
workers are still waiting to get paid.

Inside Costa Rica relates that Costa Rica's Ministerio de
Trabajo or the ministry of labor then decided to intervene, as
BetonSports had 90 days, the maximum time allowed under Costa
Rican laws, to settle dues with former workers.

Rodrigo Acuna, a representative of the Ministerio de Trabajo,
told Inside Costa Rica that the last workers waiting their
paycheck and who are reportedly owed US$4.3 million would get a
partial payment on Nov. 10, with the remaining balance to be
paid not later than Dec. 15.  The Nov. 10 payment represents 30%
of what BetonSports owes to its former workers.

Ministerio de Trabajo will supervise this process, making sure
that each and every former worker may access the Resolucion
Alternativa de Conflictos process, Inside Costa Rica says,
citing Mr. Acuna.

Francisco Conejo, a representative of BetonSports, told Inside
Costa Rica, "The company has the money to pay.  We are doing
everything possible to access existing resources.  The BoS
(BetonSports) directors made the decision to:

   -- shut down their operations in Costa Rica and re-open in
      Antigua;

   -- pay its liabilities to staff and creditors in an orderly
      manner; and

   -- repay balances due to U.S. customers as well.  

The payment to staff and creditors will depend on the successful
completion on BoS' ability to persuade banks and cash processors
to release its funds.  It also will depend on the BoS' ability
to realize further and sufficient funds from its assets and
operations outside Costa Rica and Antigua and to earn sufficient
profits from operations which are not U.S. facing."

U.S. clients' hopes to receive their account balances within the
year could be fading as former workers will be paid first,
Inside Costa Rica states.

BetonSports is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports betting is illegal except in the
State of Nevada.  The group also has operations in Asia,
Argentina and Mexico.


CINRAM INT'L: S&P Revises Outlook to Negative on Weak Financials
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Cinram International Inc., a wholly owned indirect subsidiary of
Cinram International Income Fund, to negative from stable.  At
the same time, Standard & Poor's affirmed its 'BB-' long-term
corporate credit rating and its 'BB-' bank loan rating, with a
recovery rating of '4', on prerecorded multimedia manufacturer
Cinram.
     
"The negative outlook is based on Cinram's weakened financial
performance with both reported revenues and EBITDA down compared
with the same period the previous year," said Standard & Poor's
credit analyst Lori Harris.  The reported EBITDA margin also
declined compared with the same period the previous year because
of lower volume and prices.  "We believe that margin pressure
will be ongoing given the media replication industry's
commodity-like nature, which has resulted in a continued decline
in selling prices," added Ms. Harris. Furthermore, the negative
outlook also reflects Standard & Poor's concerns about long-term
industry fundamentals as digital distribution is expected to
become a larger source of studio revenues.
     
The ratings on Cinram reflect the company's limited financial
flexibility and weak business risk profile, which is based on
customer and product concentration, seasonality, and the
commodity-like nature of the media replication industry that is
vulnerable to shifts in technology toward on-demand products and
availability of hit new releases.  Although new hits are a
significant source of revenue growth, the availability of
previously released titles and television series in DVD format
is also an important part of the company's revenue base.  These
factors are partially offset by Cinram's strong market position
as the world's largest manufacturer of prerecorded multimedia
products, solid credit measures, and management's track record
of adapting to changing technologies.
     
The negative outlook reflects our concerns regarding the
challenges Cinram faces given its weakened operating performance
and difficult industry fundamentals.  The medium-to-long-term
effect of these challenges could be weakness in the overall
business model as consumers choose other media delivery methods.
Downward pressure on the ratings could come from debt-financed
acquisition activity or the deterioration in the company's
operations stemming from the loss of a significant contract or
the increased consumer acceptance of a competitive product or
service.  In the medium term, there is limited potential for a
revision of the outlook back to stable, given the high
technological risk associated with the industry.


CLEAR CHANNEL: Receives Two Competing Takeover Bids
---------------------------------------------------
Clear Channel Communications Inc. received two competing
takeover bids that valued the company at over US$17 billion,
reports say.

The Company received a bid from a set of investors consisting of
Blackstone Group LP, Kohlberg Kravis Roberts & Co., and
Providence Equity Partners Inc.

The Company also received an opposing bid from a leverage buyout
group consisting of Bain Capital LLC and Thomas H. Lee Partners
LP.  Texas Pacific Group, a previous member of the team, was not
part of the proponents.

Published reports state that Apollo Management LP and Carlyle
Group and Cerberus Capital Management LP and Oak Hill Capital
Partners were considering bidding for the company.

San Antonio, Tex.-based Clear Channel Communications, Inc.
(NYSE: CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.  In
Europe, the company maintains operations in France and the
United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service placed the (P)Ba2 Multiple Seniority
Shelf Rating for Clear Channel Communications Inc. on review for
possible downgrade.


CLEAR CHANNEL: Names Jonathan Bevan International CFO
-----------------------------------------------------
Clear Channel Outdoor disclosed of a new management team for its
international business units.  The members of the newly named
management team will report to global president and chief
operating officer, Paul Meyer.

The management team includes:

   * Jonathan Bevan, international chief financial officer and
     director of corporate development;

   * Barry Sayer, newly appointed regional president for the
     United Kingdom, Ireland, and the company's 13 African
     markets, including South Africa;

   * Hubert Janvier, newly appointed regional president,
     Southern Europe, which includes France, Spain, Italy, and
     Belgium;

   * Rickard Hedlund, newly appointed regional president,
     Northern and Eastern Europe; and

   * Mark Thewlis, regional president, Asia Pacific.  

Barry Sayer, who has been serving concurrently as chief
executive officer for the company's African business and interim
CEO for the United Kingdom, has also been named the UK's
permanent CEO. Rickard Hedlund was previously the company's CEO
for Northern Europe.  Hubert Janvier had been the company's CEO
for Belgium and Spain.

"I am confident that we now have a truly outstanding management
team in place to oversee the continued growth of our
international business units," Mr. Meyer stated.

"Each of our regional presidents has a strong operating track
record and brings a hands-on management style that will ensure
we are sharing best practices among our international business
units and with the Americas.

"Together with Jonathan Bevan, they will have a critically
important role in shaping our global strategy for the continued
success of our business internationally."

San Antonio, Tex.-based Clear Channel Communications, Inc.
(NYSE: CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.  In
Europe, the company maintains operations in France and the
United Kingdom, among others.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service placed the (P)Ba2 Multiple Seniority
Shelf Rating for Clear Channel Communications Inc. on review for
possible downgrade.


CLEAR CHANNEL: Earns US$198.6 Million in Third Quarter of 2006
--------------------------------------------------------------
Clear Channel Communications Inc. reported results for its third
quarter ended Sept. 30, 2006.

At Sept. 30, 2006, the Company's balance sheet showed US$18.93
billion in total assets, US$10.78 billion in total liabilities,
US$328 million in minority interests, and US$7.82 billion in
total stockholders' equity.

The Company reported revenues of around US$1.8 billion in the
third quarter of 2006, an increase of 7% from the US$1.7 billion
reported for the third quarter of 2005.

Included in the Company's revenue is a US$14.4 million increase
due to movements in foreign exchange; strictly excluding the
effects of these movements in foreign exchange, revenue growth
would have been 6%.

Clear Channel's income before discontinued operations increased
8% to US$185.9 million, as compared with US$171.8 million for
the same period in 2005.  

The Company's OIBDAN (defined as Operating Income before
Depreciation & Amortization, Non-cash compensation expense and
Gain (loss) on disposition of assets - net) was US$595.4 million
in the third quarter of 2006, a 10% increase from the third
quarter of 2005.

For the three months ended Sept. 30, 2006, the Company reported
US$198.621 million of net income compared with US$211.980
million of net income in the same quarter of 2005.

"We are one of the best performing companies in the media
industry," commented Mark Mays, chief executive officer.

"Our healthy fundamentals and solid growth highlight the
superior positioning of our assets and the emerging benefits of
our concerted investment strategy.

"We are capitalizing on our diverse portfolio of out-of-home
media properties to meet the shifting demands of the global
media marketplace.

"Our radio division once again outperformed the industry,
demonstrating the strength of our brands in connecting with our
audiences.

"Our outdoor division continues its track record of robust
growth, posting considerable revenue gains year-over-year.  
Looking ahead, we continue to maintain strong operating momentum
and we are hopeful that we can continue to convert our revenue
gains into profitable returns for our shareholders."

Randall Mays, president and chief financial officer, commented,
"We generated strong results in the third quarter, demonstrating
the scale and operating leverage in our business model.

"Even as we continue to invest in our content and distribution
assets to position our company to excel over the long-term, we
are converting our revenue growth into profitable and tangible
cash flows."

                        Radio Broadcasting

The Company's radio broadcasting revenues increased 5% during
the third quarter of 2006 as compared with the third quarter of
2005 primarily from an increase in national advertising
revenues, driven by increases in yield and average unit rates.

The number of 30 second and 15-second commercials broadcast as a
percent of total minutes sold increased in the third quarter of
2006 as compared with the same period of 2005.

The Company's top 50 markets paced the revenue growth for the
quarter, growing revenues at a higher percentage than the
remainder of its markets.  Strong advertising client categories
during the third quarter of 2006 as compared with the third
quarter of 2005 were autos, retail, and entertainment.

The Company's radio broadcasting direct operating and SG&A
expenses increased US$27.5 million for the third quarter of 2006
as compared with the third quarter of 2005.  This growth
includes an increase in non-cash compensation expense of US$6.3
million as result of adopting FAS 123R.  Also contributing to
the increase were increased costs related to programming, sales
and distribution initiatives.

                        Outdoor Advertising

The Company's outdoor advertising revenue increased 8% during
the third quarter of 2006 as compared to the third quarter of
2005.  

Included in the 2006 results is around US$14.4 million from
increases related to foreign exchange movements compared to
2005.  

Strictly excluding the effects of foreign exchange, the
Company's outdoor advertising revenue for the third quarter of
2006 would have increased 6% over the third quarter of 2005.

Outdoor advertising expenses increased US$19.7 million,
including US$1.5 million in non-cash compensation expense
related to the adoption of FAS 123R, during the third quarter of
2006 as compared with the third quarter of 2005.

Included in the 2006 results is around US$12.1 million from
increases related to foreign exchange movements compared with
2005.

Included in SG&A expenses during the third quarter of 2005 is
US$26.6 million related to restructuring the Company's
businesses in
France.

The Company's outdoor advertising OIBDAN increased 18% in the
third quarter of 2006 as compared to the same period of 2005.

Americas Outdoor

The Company's Americas revenue increased 12% during the third
quarter of 2006 as compared with the third quarter of 2005
primarily attributable to bulletin and airport revenues.  The
increase in bulletin revenue was driven by an increase in rates.
The increase in airport revenues was attributable to increased
occupancy and rates as well as the acquisition of Interspace
Airport Advertising in the current quarter, which contributed
US$14.6 million to revenue growth over the third quarter of
2005.

Strong revenue growth for the quarter was achieved across a
broad spectrum of markets including Boston, Cleveland, Dallas,
Minneapolis, Orlando, Sacramento, San Antonio, and Tucson.

Top advertising client categories during the quarter included
autos, business and consumer services, entertainment, insurance,
and retail.

Direct operating and SG&A expenses increased US$17.9 million in
the third quarter of 2006 over the third quarter of 2005.  
Increased site lease and commission expenses associated with the
increase in revenue drove the increase.  Interspace contributed
US$9 million to direct operating and SG&A expenses in the third
quarter of 2006.  Non-cash compensation expense increased US$1.2
million related to the adoption of FAS 123R.

International Outdoor

Revenues from the Company's international outdoor operations
increased 4% in the third quarter of 2006 as compared to the
third quarter of 2005 primarily from movements in foreign
exchange.

Excluding the effects of foreign exchange, the Company's
international outdoor revenue was flat over the third quarter of
2005 primarily as a result of growth in street furniture
revenues offset by declines in billboard revenues in France and
the United Kingdom.  Top advertising client categories during
the quarter included autos, business and consumer services,
entertainment, insurance and retail.

Direct operating and SG&A expenses increased 1% over the third
quarter of 2005 primarily from increases due to movements in
foreign exchange and an increase in fixed rent associated with
guarantees on new contracts.

Included in direct operating and SG&A expenses in the third
quarter of 2005 is around US$26.6 million related to
restructuring the Company's businesses in France.

Also included in the increase is US$300,000 in non-cash
compensation expense related to the adoption of FAS 123R.

                 FAS No. 123R: Share Based Payment

The Company adopted FAS 123R on Jan. 1, 2006, under the
modified-prospective approach which requires it to recognize
employee compensation cost related to its stock option grants in
the 2006 financial statements for all options granted after the
date of adoption as well as for any options that were granted
prior to adoption but not vested.

Under the modified-prospective approach, no stock option expense
is reflected in the financial statements for 2005 attributable
to these options.  Non-cash compensation expense recognized in
the financial statements during 2005 relates to the expense
associated with restricted stock awards.

                 Return of Capital to Shareholders

The Company announced Aug. 9, 2005, its intention to return
around US$1.60 billion of capital to shareholders through either
share repurchases, a special dividend or a combination of both.

Since announcing its intent through the date of this release,
the Company has returned around US$1.58 billion to shareholders
by repurchasing 53.5 million shares of its common stock.

Since announcing a share repurchase program in March 2004, the
Company has repurchased around 130.9 million shares of its
common stock for around US$4.3 billion.

Subject to its financial condition, market conditions, economic
conditions and other factors, it remains the Company's intention
to return the remaining balance of around US$18 million in
capital to its shareholders through share repurchases from funds
generated from the repayment of inter-company debt, the proceeds
of any new debt offerings, available cash balances and cash flow
from operations.

The US$1 billion share repurchase plan authorized on Aug. 9,
2005, has been completed.  A US$600 million repurchase plan was
authorized by the Board of Directors on March 9, 2006, and
around US$18 million remains under this plan.  An additional
US$1 billion share repurchase plan was authorized on Sept. 6,
2006.

Full-text copies of the Company's third quarter financials are
available for free at http://ResearchArchives.com/t/s?1516

San Antonio, Tex.-based Clear Channel Communications, Inc.
(NYSE: CCU) -- http://www.clearchannel.com/-- is a media and
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.

                            *     *     *

As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service placed the (P)Ba2 Multiple Seniority
Shelf Rating for Clear Channel Communications Inc. on review for
possible downgrade.


COMPLETE SUPPORT: Creditors' Meeting Slated for Dec. 1
------------------------------------------------------
Creditors of Complete Support Group Ltd. (Company Number
03480054) will meet at 10:30 a.m. on Dec. 1 at:

         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         West Midlands B72 1TU
         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. 30 at:

         G. Irwin
         Administrator
         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         Birmingham
         West Midlands B72 1TU
         United Kingdom
         Tel: 08700 111812
         Fax: 08700 111813
         E-mail: mail@irwinuk.net


DEP INTERNATIONAL: Names Gerald Irwin as Administrator
------------------------------------------------------
Gerald Irwin of Irwin & Company was named administrator of DEP
International Ltd. (Company Number 01562673) on Oct. 23.

The administrator can be reached at:

         Gerald Irwin
         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         Birmingham
         West Midlands B72 1TU
         United Kingdom
         Tel: 08700 111812
         Fax: 08700 111813
         E-mail: mail@irwinuk.net

DEP International Ltd. can be reached at:

         Unit 1
         Andover Street
         Birmingham
         West Midlands B5 5RG
         United Kingdom
         Tel: 0121 633 4742
         Fax: 0121 643 4904


ELECTROPLATING SERVICES: Names Jane Walker Liquidator
-----------------------------------------------------
Creditors of Electroplating Services Limited confirmed Oct. 31
the appointment of Jane Walker of Errington Walker Limited as
the company's Liquidator.

The company can be reached at:

         Electroplating Services Limited
         Bridge Street
         West Midlands B30 3JN
         United Kingdom
         Tel: 0121 502 3064


ELMCABIN LIMITED: Joint Liquidators Take Over Operations
--------------------------------------------------------
James Richard Tickell and Carl Derek Faulds of Portland Business
& Financial Solutions Ltd. were appointed Joint Liquidators of
Elmcabin Limited on Nov. 6 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Elmcabin Limited
         9a Fitzherbert Spur
         Farlington
         Portsmouth
         Hampshire PO6 1TT
         United Kingdom
         Tel: 023 9221 5960
         Fax: 023 9221 5961


ENRON CORP: Wants Kennedy Oil's US$2.9 Million Claim Reduced
------------------------------------------------------------
Enron Corp. and its debtor-affiliates objects to Kennedy Oil's
request for:

    -- payment of its administrative expenses; and

    -- ENA's full account for any cash collateral Kennedy had a
       security interest as of the Petition Date.

In its 61st Omnibus Claims Objection, the Reorganized Debtors
objected to Kennedy Oil's Claim No. 15605 on grounds that
Kennedy failed to demonstrate that it is entitled to any
security interest.

Kennedy Oil had filed Claim No. 15605 seeking recovery of
US$2,910,363 plus postpetition interest, attorneys' fees, and
collection costs arising from natural gas transactions with
Enron North America Corp. in October and November 2001, which
were executed pursuant to a Gas Transportation Agreement dated
as of Aug. 27, 1999.

Kennedy Oil maintains that it has security interests in the
proceeds from ENA's resale of any gas it purchased from Kennedy
under the Agreement.

Melanie Gray, Esq., at Weil, Gotshal & Manges LLP, in New York,
relates Kennedy Oil and ENA were parties to other agreements.  
Specifically, in November 2001, the parties entered into an
Enfolio Firm Confirmation that confirmed transaction number YK
6095.1.  In October 2001, they also entered into multiple
Enfolio Firm Confirmations that confirmed transaction numbers YC
1743.1, YC1743.2 and YC1743.4.  Each of the Firm Confirmations
was subject to the Enfolio Firm General Terms and Conditions.

Ms. Gray says that the Firm GTC and Firm Confirmations
automatically terminated at the Petition Date and damages were
to be measured by the difference between the gas prices under
the Firm Confirmations and the market price for natural gas on
the termination.

At the time of the termination, the market price of natural gas
was higher than the price reflected in the Firm Confirmations,
which means that Kennedy was able to sell the gas that it sold
to ENA as a higher price than the price reflected in the Firm
Confirmations, Ms. Gray relates.

At the time of the termination, ENA was in-the-money under the
contract and the termination conferred a substantial benefit ob
Kennedy Oil.  Therefore, ENA is entitled to setoff its Mark-to-
Market Damages resulting from Kennedy's termination of the
Confirmations pursuant to Section 3 of the Firm GTC, Ms. Gray
asserts.

The Mark-to-Market Damages due and payable to ENA should total
US$1,189,097, but the Kennedy Claim does not reflect the amount
due to ENA under the GTC, Ms. Gray notes.  Therefore, she
argues, the Claim should be reduced by amounts that Kennedy owes
ENA under the Firm Confirmations.

In response to Kennedy's request to recover postpetition
interest, collections costs and attorney's fees, Ms. Gray notes
that, while Section 506(b) of the Bankruptcy Code permits
recovery of postpetition interest, collections costs and
attorney's fees in limited circumstances, the right to recover
the amounts is granted only to creditors who are proven to be
over-secured.

Even if a creditor proves that his claim is over-secured, he is
only allowed to collect fees, costs and interest under Section
506(b) up to the amount of the equity cushion, which does not
exist in Kennedy's Claim, Ms. Gray points out.

Moreover, Ms. Gray refutes Kennedy Oil's allegation that the
Debtors are judicially estopped from objecting to the Kennedy
Claim pursuant to a settlement of a previous adversary
proceeding.  Ms. Gray notes that the adversary proceeding is
unrelated to its Claim and involves different facts and legal
issues.

Ms. Gray also notes that under the Second Circuit Court ruling
of Bates v. Long Island R.R. Co., 997 F.2d 1028, a party cannot
be judicially estoppel on the basis of prior inconsistent
statements made in previous litigation that resulted in a
settlement, emphasizing estoppel only applies when a tribunal in
a prior proceeding has accepted the claim at issue by rendering
a favorable decision.

Accordingly, the Reorganized Debtors ask the Court to:

   (1) reduce the amount of the Kennedy Claim by US$1,189,097,
       resulting in an allowed general unsecured claim of
       US$1,721,266 against ENA;

   (2) disallow and expunged in its entirety Kennedy's claim for
       postpetition interest, attorney's fees and collection
       costs; and

   (3) declare that the Reorganized Debtors are not judicially
       estopped from objecting to the Kennedy Claim.

                       About Enron Corp.

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.  
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S.
Rosen, Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtor.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.  (Enron Bankruptcy News, Issue
No. 181; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


FORD CREDIT: S&P Assigns BB+ Rating on Class D Notes
----------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Ford Credit Auto Owner Trust 2006-C's US$3.02 billion
asset-backed notes series 2006-C.
     
The preliminary ratings are based on information as of Nov. 14.  
Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.
     
The preliminary ratings reflect the credit support, including
the subordination of 7.0% for class A, 4.0% for class B, and
2.0% for class C (as a percentage of the adjusted principal
balance); the excess spread; and a nonamortizing, fully funded
reserve account equal to 0.5% of the initial gross pool balance.
The payment structure also features a turbo mechanism through
which the excess spread, after covering losses, will be used to
pay the securities until the requisite overcollateralization is
reached.
        
                 Preliminary Ratings Assigned
              Ford Credit Auto Owner Trust 2006-C
   
          Class          Rating       Amount (mil. US$)
          -----          ------       ------
          A-1            A-1+         664
          A-2A           AAA          530.721
          A-2B           AAA          530.720
          A-3            AAA          509.551
          A-4A           AAA          288.419
          A-4B           AAA          288.419
          B              A+           88.795
          C              BBB+         59.196
          D              BB+          59.196


GENERAL MOTORS: S&P Rates US$1.5-Bln Senior Term Loan at B+
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed US$1.5 billion senior
term loan facility, expiring 2013, with a recovery rating of
'1'.  

The 'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.  The bank loan is rated one notch
higher than the corporate credit rating.  This and the '1'
recovery rating indicate that lenders can expect full recovery
of principal in the event of a payment default.
     
At the same time, Standard & Poor's said that all ratings on GM,
including the 'B+' bank loan ratings -- but excluding the '1'
recovery ratings -- remain on CreditWatch with negative
implications.  GM's unsecured debt continues to be rated one
notch below the corporate credit rating.

Standard & Poor's estimates that the absolute recovery prospects
for the unsecured creditors exceed 50% as detailed in its
recovery report dated June 20, 2006.  In addition, the
disadvantage to the unsecured debtholders is reflected by the
ratio of priority claims to adjusted assets, which is in the
mid-20% area.  The new secured term loan facility provides the
company with a modest amount of incremental liquidity.

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

General Motors Corp.
  Corporate credit rating           B/Watch Neg/B-3
  Senior unsecured debt             B-/Watch Neg

Rating Assigned
  US$1.5 billion secured
  bank term loan                    B+/Watch Neg
  Recovery rating                   1


GLOBAL CROSSING: Will Acquire IMPSAT Fiber for US$95 Million
------------------------------------------------------------
Global Crossing Ltd. has agreed to acquire IMPSAT Fiber Networks
Inc. for US$9.32 in cash for each share of Impsat common stock,
representing a total equity value of around US$95 million.

Global Crossing will assume, refinance, and repay Impsat's debt,
which was US$241 million as of June 30, 2006.  Impsat's cash
balance as of June 30, 2006, was US$23 million, resulting in a
net debt balance of US$218 million at that date.  The
transaction is expected to close in the first quarter of 2007.

The acquisition of Impsat will accelerate Global Crossing's
strategy to provide converged Internet provider services to
enterprises and carriers globally, in addition to enhancing the
company's financials.

Impsat, as a leading Latin American provider of IP, hosting and
value-added data solutions, will add over 4,500 customers to
Global Crossing's ranks, all of which are supported by a world
class sales and customer care team with local presence in seven
Latin American countries.  

Impsat's extensive IP-based intercity network, 15 metropolitan
networks and 15 advanced hosting centers will provide a greater
breadth of services and coverage to Global Crossing's Latin
American operations.  

Impsat will also add scale to the company's regional presence
and will enhance its competitive position as a global service
provider to multinational enterprises and carrier customers.

Global Crossing expects the acquisition to contribute annual
revenue of more than US$270 million, and to yield annual
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization of more than US$70 million after operational
synergies are fully realized.  Annual operational savings after
integration are expected to be more than US$10 million.  

Integration of the business is expected to be completed 12 to 18
months after closing of the transaction, at a one-time cost of
around US$10 million.

John Legere, Global Crossing's chief executive officer, said,
"The combination of Impsat's data-centric customer set,
extensive Latin American network and managed IP capabilities
with Global Crossing's proven ability to deliver converged IP
services on a global scale is a compelling win for the customers
of both companies.  

"The Impsat acquisition, along with our recently completed
acquisition of Fibernet in the UK, demonstrates our strategic
and focused participation in industry consolidation.  We will
aggressively pursue those opportunities that would enhance our
core business, expand our service capabilities and improve our
financials."

Global Crossing and Impsat have had a commercial relationship
since 2000, when Global Crossing selected Impsat as one of its
providers of Point of Presence facilities for Global Crossing's
Latin American network, known as South American Crossing.  

Impsat has also been a customer of Global Crossing in Latin
America since 2000.  This longstanding relationship means that
customers of both companies should enjoy a seamless transition
following closing of the transaction.

Ricardo Verdaguer, Impsat's chief executive officer, noted,
"This transaction demonstrates the value created by Impsat
within the telecommunications industry in Latin America and
represents an attractive offer to our shareholders.  

"Our service-oriented employees and portfolio of IP- based
products and services mesh perfectly with Global Crossing's
strategy and culture, which emphasize technology, security,
customer support and control.  I believe combining our companies
will enhance the solutions we provide customers, create
economies of scale and further serve the economic development
objectives of the Latin American region."

At closing of the acquisition, Global Crossing expects to use
around US$160 million of its existing cash for equity payments
to Impsat shareholders, transaction expenses and repayment of a
limited amount of indebtedness.  In addition, Global Crossing
has obtained a financing commitment from Credit Suisse for up to
US$200 million to refinance most of the Impsat debt that is not
being repaid at closing.

Global Crossing has obtained a financing commitment for around
US$95 million from ABN Amro to finance its previously announced
acquisition of Fibernet Group plc in the United Kingdom.  
Together, the two financing arrangements, which are subject to
customary closing conditions, are intended to preserve
sufficient cash reserves to enable Global Crossing to pursue
additional growth opportunities that may arise, including those
being generated by industry consolidation.

The transaction is subject to the approval of Impsat's common
shareholders, certain debt holders, certain regulatory approvals
and other closing conditions.  

Under separate agreements, Morgan Stanley & Co., a significant
shareholder and debt holder of Impsat; W.R. Huff Asset
Management Co., a significant debt holder; and certain officers
and directors of Impsat have agreed to support the transaction.

The Blackstone Group is acting as sole financial advisor, and
Latham and Watkins LLP and Jorge Ortiz y Asociados are acting as
legal counsel to Global Crossing on the transaction.

                   About IMPSAT Fiber Networks

IMPSAT Fiber Networks Inc. -- http://www.impsat.com/-- provides  
private telecommunications networks and Internet services in
Latin America.  The company owns and operates 15 data centers
and metropolitan area networks in some of the largest cities in
Latin America, providing services to more than 4,200 national
and multinational companies, financial institutions,
governmental agencies, carriers, Internet service providers and
other service providers throughout the region.  Impsat has
operations in Argentina, Colombia, Brazil, Venezuela, Ecuador,
Chile, Peru, the United States and throughout Latin America and
the Caribbean.

                      About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
-- http://www.globalcrossing.com/-- provides telecommunication  
services over the world's first integrated global IP-based
network, which reaches 27 countries and more than 200 major
cities around the globe including Bermuda, Argentina, Brazil,
and the United Kingdom.  Global Crossing serves many of the
world's largest corporations, providing a full range of managed
data and voice products and services.  The company filed for
chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their
creditors, they listed USUS$25,511,000,000 in total assets and
USUS$15,467,000,000 in total debts.  Global Crossing emerged
from chapter 11 on Dec. 9, 2003.

At Sept. 30, 2006, Global Crossing Ltd.'s balance sheet
reflected a US$131 million stockholders' deficit.  At June 30,
2006, Global th company reported US$1.87 billion in total assets
and US$1.95 billion in total liabilities, resulting to a
stockholders' deficit of US$86 million.  It also reported a
US$173 million stockholders' deficit on Dec. 31, 2005.


INTERPUBLIC GROUP: S&P Assigns B Rating on US$400-Mln Sr. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' rating to the
proposed US$400 million 4.25% convertible senior notes due 2023
of Interpublic Group of Cos. Inc., which are being issued on a
private basis in exchange for the same principal amount of its
old, 4.5% convertible senior notes due 2023.  

At the same time, the rating on these notes was placed on
CreditWatch with negative implications.  

The new notes differ from the old notes principally in the lower
interest rate, an extension of the date upon which they will be
callable, and an extension of the dates upon which they will be
subject to repurchase at the investor's option.
     
The ratings on the outstanding debt of Interpublic remain on
CreditWatch with negative implications, where they were placed
on March 22, as a result of declines in Interpublic's core
business and Standard & Poor's reduced confidence in the
company's prospects for cash flow generation.
     
"We expect to evaluate Interpublic's operating outlook and
business strategies within the next several weeks in order to
complete our CreditWatch review," said Standard & Poor's credit
analyst Deborah Kinzer.  "Rating downside is currently limited
to one notch."

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

Ratings Remaining On CreditWatch

Interpublic Group of Cos. Inc.
Corporate Credit Rating                 B/Watch Neg/B-3
Short-Term Credit Rating                B-3/Watch Neg
Sr Unsecd Debt                          B/Watch Neg

New Rating; CreditWatch/Outlook Action

US$400 Mil 4.25% Sr Unsecd Conv Notes    B/Watch Neg


KONINKLIJKE AHOLD: Completes Takeover of Laurus' Konmar Stores
--------------------------------------------------------------
Koninklijke Ahold N.V. has successfully completed the
acquisition of nearly all Konmar stores in the Netherlands, the
purchase of which had been agreed with Laurus Nederland B.V.

Out of the 29 Konmar stores, 27 stores, of which three are
franchise stores, are now included in the Ahold group.  Of these
27 stores, 21 stores, including two franchise stores, will be
operated by Albert Heijn B.V., while six stores, including one
franchise store, will be transferred to and operated by Ahold's
consolidated subsidiary Schuitema N.V.

The remaining two stores, including one franchise store, will be
transferred to Albert Heijn upon the fulfillment of certain
contractual conditions, which is expected in the first half of
2007, on a store-by-store basis.  Albert Heijn and Schuitema
have paid a combined price of EUR100.9 million for the stores.  
The inventory and certain receivables are included in the
purchase price.

Conversion of the acquired stores into Albert Heijn and C1000
supermarkets has started.  The first opening of a former Konmar
store, rebranded and remodeled as an Albert Heijn store, is
expected in late November 2006.  Ahold announced the transaction
on May 31, 2006.  Closing of the transaction was subject to
certain closing conditions.

                          About Laurus

Headquartered in AD's-Hertogenbosch, the Netherlands, Laurus
N.V. -- http://www.laurus.nl/-- operates 700 supermarket & off-  
license stores, employs about 24,000 workers and holds a 14.3%
market share in 2005.  Laurus was formed on Oct. 30, 1998,
through a merger of De Boer Unigro N.V. and Vendex Food Groep
B.V.

In January, the company disclosed of its intention to sell its
Edah and Konmar Superstores operations in order to focus on its
Super de Boer format.  Super de Boer counts 400 supermarkets,
half of it is owned by Laurus and the other half is run by
affiliated retailers.

                         About Ahold

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

                        *     *     *

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


MAYMILL KITCHENS: Appoints William Antony Batty as Administrator
----------------------------------------------------------------
William Antony Batty of Antony Batty & Co. was appointed
administrator of Maymill Kitchens Ltd. (Company Number 02077688)
on Nov. 3.

The administrator can be reached at:

         Antony Batty
         Antony Batty & Company
         3 Field Court
         Grays Inn
         London WC1R 5EF
         United Kingdom
         Tel: 020 7831 1234
         Fax: 020 7430 2727
         E-mail: antonybatty@hotmail.com  

Headquartered in Wigan, England, Maymill Kitchens Ltd.
manufactures kitchens.


MFN DEVELOPMENTS: Hires David Anthony Horner as Liquidator
----------------------------------------------------------
David Anthony Horner of David Horner & Co. was appointed
Liquidator of MFN Developments & Site Accommodation Limited on
Nov. 6 for the creditors' voluntary winding-up procedure.

Headquartered in York, England, MFN Developments & Site
Accommodation Limited -- http://www.the-mfn-group.com/--
supplies many different types of portable accommodation
including storage containers, anti vandal units and, timber
jackleg units and plastisol units, modular buildings, among
others.


MILLS CORP: Annual Stockholders Meeting Set for December 21
-----------------------------------------------------------
The Mills Corp. currently plans to hold its 2006 annual meeting
of stockholders on Thursday, Dec. 21, at a time and place to be
determined and announced later.

The date of the meeting may be moved to the last week of
December if the Company determines that it is unable to complete
the process for the solicitation of proxies by December 21.

The Company is required by its bylaws and by the listing
requirements of the New York Stock Exchange to hold an annual
meeting of stockholders in 2006.  The Company's Board of
Directors adopted resolutions on Nov. 2, 2006 calling the 2006
annual meeting and fixing the close of business on Dec. 1, 2006
as the record date for purposes of determining stockholders
entitled to notice of and to vote at the meeting.

At the 2006 annual meeting, the Company will be submitting for
stockholder consideration:

    1) the election of directors; and

    2) ratification of the appointment of Ernst & Young LLP, as
       the Company's independent registered public accounting
       firm.

In accordance with Rule 14a-8 of the Securities Exchange Act of
1934, all stockholder proposals to be considered for inclusion
in the Company's proxy statement for the 2006 annual meeting
pursuant to the stockholder proposal rule must be received by
the Company's Corporate Secretary by the close of business on
Monday, Nov. 20, 2006.

As reported in the Troubled Company Reporter yesterday, Gazit-
Globe Ltd. filed a lawsuit against The Mills Corp, seeking to
compel the Company to hold its annual meeting.

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

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

                         *     *     *

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

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

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

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


MODERN OFFICE: Claims Filing Period Ends Dec. 19
------------------------------------------------
Creditors of Modern Office Furniture (U.K.) Limited (formerly
Seacone Limited) have until Dec. 19 to send their names and
addresses with particulars of the debts or claims to appointed
Joint Liquidator David Moore at:

         Begbies Traynor
         No. 1 Old Hall Street
         Liverpool L3 9HF
         United Kingdom

Headquartered in Liverpool, England, Modern Office Furniture
(U.K.) Limited -- http://www.modernofficefurniture.co.uk/--
supplies and delivers all types of office furniture including
filing cabinets, boardroom tables, bookcases, desks, telephone
desks, cupboards, among others.


NETWORK GLOBAL: Royal Bank Appoints PKF as Joint Receivers
----------------------------------------------------------
The Royal Bank of Scotland Plc appointed Edward T. Kerr and Ian
J. Gould of PKF (U.K.) LLP joint administrative receivers of
Network Global Solutions Ltd. (Company Number 04516062) on
Nov. 2.

PKF (U.K.) LLP -- http://www.pkf.co.uk-- is one of the UK's  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

Network Global Solutions Ltd. can be reached at:

         26 28 Willow Street
         Accrington
         Lancashire BB5 1LP
         United Kingdom
         Tel: 01522 868 066


NORTHERN FOODS: Earns GBP30.5-Million in 26-Weeks Ended Sept. 30
----------------------------------------------------------------
Northern Foods PLC released its unaudited interim results for
the 26 weeks ended Sept. 30, 2006.

The Group reported GBP30.5 million in net profit on GBP645.1
million in revenues for the 26 weeks ended Sept. 30, 2006,
compared with GBP14.4 million in net profit on GBP651.9 million
in revenues for the same period in 2005.

At Sept. 30, 2006, Northern Foods had GBP906.8 million in total
assets, GBP728 million in total liabilities and GBP178.8 million
in shareholders' equity.

"2006/07 is a year of transition as we simplify and refocus the
business around higher performing categories," Chief Executive
Pat O'Driscoll said.  "Our improvement programs are progressing
to plan and our strong focus on cash generation will deliver
significant incremental value.  There is much still to do but I
am encouraged by our initial progress."

                        Operating Review

In May 2006, Northern Foods set out detailed plans to make its
business more profitable and competitive in its chosen markets.
This included a radical refocusing to drive improved returns for
shareholders.  At the heart of these plans is a focus on
managing a core of five key market categories, defined by strong
leading brands or high growth, own label positions.  The core
focused group comprises Pizza, Biscuits, Ready meals, Sandwiches
& salads and Christmas puddings, and this category structure is
already providing sharper focus around our customers and
markets.

Northern Foods is seeking to sell businesses which are non-core,
operate in lower relative margin categories, or require
significant restructuring involving considerable execution risk
in order to realize their potential.  The five categories
identified for disposal represent around 40% of group revenue.  
The sale of NFT has been completed and the remaining disposal
processes, covering chilled Pastry, Cakes, Specialty bread and
Flour milling businesses, are in progress.  Once completed,
proceeds from disposals are expected to reach
GB200 million and will be used to reduce borrowings, fund
pension liabilities and invest in growing the business.

Northern Foods' Chilled division simplification program is
continuing at pace.  The Group has targeted the performance
improvement of loss-making business through reducing operational
complexity, ongoing product range rationalization, enhancing the
new product development process and negotiating with customers
in order to offset cost pressure.  Where a sufficient step-
change in performance could not be achieved, it has exited
unprofitable business, most notably the loss-making Trafford
Park site.

The Group's cost reduction program is on target to reduce
central overheads by at least GBP12 million per annum by 2007/08
(from the 2005/06 cost level) as it  reduce overhead support
costs in line with the smaller business going forward.  In the
first half year, savings were delivered in headcount and
overhead costs in support functions.  In September, Northern
Foods announced the reshaping of its technical services function
and is currently reviewing options to reduce costs in our
service functions.

                         Dividend Payment                

Northern Foods confirmed that an interim dividend of 1.5 pence
per share will be paid on March 30, 2007 to ordinary
shareholders on the register at close of business on
March 2, 2007.

                        About the Company

Headquartered in Leeds, Northern Foods PLC --
http://www.northern-foods.co.uk/-- is one of U.K.'s leading  
food producers with a turnover of GBP1.5 billion and over 22,000
employees based in sites across the U.K. and Ireland.

Northern Foods began restructuring and refocusing its business
in Autumn 2003.  It has launched a comprehensive strategic
review of the business, established a new management team, and
simplified its business structure and factory organization.

                          *    *    *

As reported by TCR-Europe on June 5, Northern Foods PLC reported
GBP5 million in net loss on GBP1.44 billion in revenues for the
52-weeks ended April 1, 2006, compared with GBP22.8 million in
net profit on GBP1.42 billion in revenues for the same period in
2005.

At April 1, 2006, Northern Foods had GBP928.2 million in total
assets, GBP776.1 million in total liabilities and
GBP152.1 million in shareholders' equity.


PINK LADIES: Taps T. Papanicola to Administer Assets
----------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed administrator
of Pink Ladies Ltd. (Company Number 05433819) on Nov. 6.

The administrator can be reached at:

         T. Papanicola
         Bond Partners LLP
         Turnpike Gate House
         Alcester Heath
         Alcester
         Warwickshire B49 5NJ
         United Kingdom
         Tel: 01789 766406  

Pink Ladies Ltd. can be reached at:

         25 Parr Street
         St. Helens
         Merseyside WA9 1JU
         United Kingdom
         Tel: 0845 241 7465
         Fax: 01744 454 236


RABBIT RECYCLING: Appoints Liquidators from Moore Stephens
----------------------------------------------------------
Colin Andrew Prescott and Mark Bowen of Moore Stephens LLP were
appointed Joint Liquidators of Rabbitt Recycling Limited on
Nov. 6 for the creditors' voluntary winding-up procedure.

Headquartered in Wotton-Under-Edge, England, Rabbit Recycling
Limited -- http://www.rabittrecycling.co.uk/-- manages waste  
streams for its customers including batteries, plastics,
inkjets, paper, mobile phones, toners, among others.


SCOTTISH RE: Possible Non-Payment Cues S&P's Junk Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its counterparty
credit rating on Scottish Re Group Ltd. to 'CCC' from 'B+' and
kept the rating on CreditWatch with negative implications.
     
Standard & Poor's also said that it lowered its counterparty
credit and financial strength ratings on Scottish Re's operating
companies to 'B+' from 'BBB-' and kept them on CreditWatch with
negative implications.
     
In addition, Standard & Poor's raised its senior secured debt
rating on Ballantyne Re plc's Class A-1 notes to 'AA' from
'BBB-' and removed the rating from CreditWatch developing.
Standard & Poor's also raised its subordinated debt rating on
Ballantyne's Class B-1 and B-2 notes to 'BBB+' from 'BBB-' and
removed these ratings from CreditWatch developing.  Ballantyne
Re is a special-purpose reinsurer established by Scottish Re for
the purpose of reinsuring certain policies assumed by Scottish
Re from Security Life of Denver Insurance Co.
      
"The downgrade on Scottish Re reflects the increased possibility
that the company will not repay the noteholders of
US$115 million of convertible notes, who are likely to exercise
a put option on Dec. 6, 2006," said Standard & Poor's credit
analyst Neil Strauss.  "The payment of the noteholders from
holding-company funds has been at risk since the summer, when
the company announced poor second-quarter results."

These results created an adverse event for its credit facility
and thus disallowed funds being upstreamed from the operating
companies, where liquidity would normally be available to the
holding company.  Although the company might be able to
eliminate the credit facility outstanding balance and thereby
cancel the bank agreement, there has only been slow incremental
progress to that goal over the past several months, and the
attainment of that goal is uncertain, as it depends on third
parties whose sense of urgency and timing might lag
Scottish Re's.
     
In addition, although the company has stated that it is
exploring strategic alternatives to either sell the company or
receive a capital infusion, this process lags significantly the
company's original timetable for resolution.  Such a transaction
remains possible and could have positive credit characteristics.
However, attainment of such a deal is uncertain as well and
dependent wholly on actions of third parties.
     
The downgrade of the operating company reflects tight liquidity
for the ongoing needs in the business. The company's recently
released 10Q stated that Scottish Re runs the risk of its
liquidity sources being outpaced by its liquidity needs as early
as the end of second-quarter 2007 unless affirmative steps are
taken to restructure or sell the business.   The company's
business plan had been to finance cash-flow needs from raising
capital, securitizations, or both.  However, in the company's
current vulnerable position, neither can be counted on.  Thus, a
run-off scenario for this company would not be orderly, as cash
flow could turn negative within the next year and stay negative
for several years.
     
In the event that a transaction is consummated prior to the
Dec. 6 deadline to either raise liquidity to solve the immediate
problem or a capital infusion is arranged to help towards
solution of the longer term financing needs, Standard & Poor's
would evaluate the ratings based on the terms of the
transaction.  Any final resolution would incorporate the
viability of the franchise and business prospects following the
events of the past several months.
     
Standard & Poor's raised the ratings on Ballantyne after further
conversations with Security Life of Denver, the sole cedent of
the block of business contained in the structure.  Standard &
Poor's conclusion is that it can look directly through to
Security Life of Denver as the relevant counterparty to this
transaction.


SEA CONTAINERS: Regulator May Issue Financial Support Directions
----------------------------------------------------------------
The United Kingdom Government Pensions Regulator has warned Sea
Containers Ltd. that it is considering the exercise of its power
to issue financial support directions to the Company, according
to Ian C. Durant, vice president for finance and chief financial
officer of SCL, in a regulatory filing with the U.S. Securities
and Exchange Commission dated October 30, 2006.

Mr. Durant says the FSDs will be under relevant U.K. pensions
legislation, in respect of the Sea Containers 1983 Pension
Scheme and the Sea Containers 1990 Pension Scheme, which are
multi-employer defined benefit pension plans of Sea Containers
Services Ltd.

According to Mr. Durant, if FSDs are issued, SCL may be liable
to make a financial contribution to the Schemes that may be
greater than the sum payable by SCL under the terms of a 1989
support agreement with Sea Containers Services.  Pursuant to the
Support Agreement, Sea Containers Services provides
administrative services to SCL and other subsidiaries, and is
indemnified by SCL for the cost of its services.

Mr. Durant relates the trustees of the Schemes or their actuary
advised SCL that their current estimates of the cost of winding
up the Schemes, including the cost of purchasing annuities to
pay projected benefit obligations to Scheme participants, would
be US$201,000,000 for the 1983 Scheme and US$51,000,000 for the
1990 Scheme.  Because the Schemes are multi-employer plans, the
liabilities under them are shared among the participating
companies, Mr. Durant adds.

                        SCL Disputes Warning

Tom Burroughes of Reuters reports that SCL believes there was no
need for the U.K. Regulator's warning as the Company is
currently in talks with the U.K. Pension Funds.

"They [pension fund members] will be ranked on an equal footing
with bondholders and other creditors.  We are keen to let these
discussions play out," an SCL spokeswoman told Reuters.

                      About Sea Containers

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

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

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


SEA CONTAINERS: Reports Initial Consolidated Cash Flow Forecast
---------------------------------------------------------------
Sea Containers Ltd. and its subsidiaries, Sea Containers
Services Ltd. and Sea Containers Caribbean Inc., delivered a
consolidated cash flow forecast with the U.S. Bankruptcy Court
for the District of Delaware on Nov. 1, 2006.

Ian C. Durant, vice president for finance and chief financial
officer of Sea Containers Ltd., disclosed of in a regulatory
filing with the U.S. Securities and Exchange Commission that
certain assets of the Debtors and their non-debtor subsidiaries
may be sold during the next twelve months, which may result in
additional available cash for the Debtors.

       Period                  Forecast Closing Cash
       ------                  ---------------------
       October 2006                    US$49,100,000
       November 2006                      48,200,000
       December 2006                      49,800,000
       January 2007                       48,100,000
       February 2007                      43,900,000
       March 2007                         38,200,000
       April 2007                         34,700,000
       May 2007                           29,900,000
       June 2007                          24,100,000
       July 2007                          13,600,000
       August 2007                        10,600,000
       September 2007                      6,200,000
       October 2007                        3,600,000

A full-text copy of the Consolidated Cash Flow Forecast is
available for free at http://ResearchArchives.com/t/s?152f
    
                    About Sea Containers

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

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

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


SKYEPHARMA PLC: Names Peter Grant as New Finance Director
---------------------------------------------------------
SkyePharma PLC appointed Peter Grant as its new finance
director.  He will replace Donald Nicholson who is resigning
with immediate effect and will be leaving the Company to pursue
a new phase in his career.

Mr. Grant, 51, is a Chartered Accountant with a MA (Hons),
Mathematics from Oxford University.  He qualified with the firm
of Peat, Marwick, Mitchell & Co. in 1979.  With over 25 years of
finance and management experience in U.K. companies, including
nine years at listed company board level, Peter brings extensive
experience as a Finance Director at Molins PLC, Worldpay Group
PLC and Eurodis Electron PLC where he worked as Group Finance
Director until January 2005.   Most recently, Peter had been
interim CEO at Voice Commerce Group, a position he held until
May 2006.

Mr. Nicholson joined SkyePharma in February 1996 and was
appointed Finance Director in March 1997.

Jerry Karabelas, Chairman of SkyePharma, said: "On behalf of the
whole Board and staff, I would like to thank Donald for his
significant contribution and commitment to the Company over the
past ten years.  We wish him well for the future.

"We are very pleased to have recruited someone of Peter's
caliber to fill the key role of Finance Director. He has played
a significant role in streamlining operations, developing new
business activities and financing initiatives.  He will join our
new management team of Frank Condella, CEO and Ken Cunningham,
COO and will be of great assistance in moving the Company
forward through this important stage in its development."

Mr. Grant resigned from the board of Eurodis Electron PLC in
January 2005 for family health reasons.  In March 2005 a major
franchiser gave notice of termination of its relationship with
the group, and in July 2005 the lead finance provider reduced
the facilities and the company went into administration.

                      About SkyePharma PLC

Headquartered in London, England, SkyePharma PLC (Nasdaq: SKYE;
LSE: SKP) -- http://www.skyepharma.com/-- develops    
pharmaceutical products benefiting from world-leading drug
delivery technologies that provide easier-to-use and more
effective drug formulations.  There are now twelve approved
products incorporating SkyePharma's technologies in the areas of
oral, injectable, inhaled and topical delivery, supported by
advanced solubilisation capabilities.

                        *     *     *

                     Going Concern Doubt

PricewaterhouseCoopers LLP in London, United Kingdom, disclosed
that there is uncertainty as to when Skyepharma PLC's certain
strategic initiatives may be concluded and their effect on the
Company's working capital requirements.  PwC said that this
raises substantial doubt on the Company's ability to continue as
a going concern.  PwC disclosed ofthis explanatory paragraph
after auditing the Company's financial statement for the year
ended Dec. 31, 2005.


SOFTCHAOS LIMITED: Brings In Stoneham.Co to Administer Assets
-------------------------------------------------------------
E. J. Stonham of Stoneham.Co was appointed administrator of
Softchaos Ltd. (Company Number 03756081) on Nov. 1.

The administrator can be reached at:

         E. J. Stonham
         Stonham.Co
         Equity & Law House
         14-15 Brunswick Place
         Southampton SO15 2AQ
         United Kingdom
         Tel: 01243 862800
         Fax: 01243 839901

Softchaos Ltd. can be reached at:

         73 Wimpole Street
         City of Westminster
         London W1G 8AZ
         United Kingdom
         Tel: 020 7434 0775


TELCORDIA TECH: S&P Cuts Ratings to B on Increased Leverage
-----------------------------------------------------------
Standard & Poor's Rating Services lowered its ratings on
Piscataway, N.J.-based Telcordia Technologies Inc. and removed
them from CreditWatch, where they were placed with negative
implications Sept. 29.  

The corporate credit rating was lowered to 'B' from 'B+', and
the rating outlook is negative.
      
"The ratings downgrade reflects weakness in revenue, EBITDA, and
liquidity, which is expected to continue over the near term,"
said Standard & Poor's credit analyst Stephanie Crane.  "We also
expect a moderate increase in financial leverage, with limited
prospects for debt payment in the near term coming from free
cash flow."
     
The ratings reflect Telcordia's vulnerable business profile,
with its narrow and mature addressed market and significant
customer concentration, as well as its leveraged financial
profile.  The ratings are, however, supported by a leading
position in providing products and services for regional Bell
operating companies (RBOCs) and global carriers.
    
Telcordia faces a number of challenges across several business
units.  These include a currently weaker-than-historical telecom
industry spending environment, as well as consolidation within
the RBOCs -- a key client base for Telcordia.  Also, the
company's focus on growth markets have yet to achieve the scale
needed for profitability, and its core business is subject to
ongoing pricing pressures.
     
Standard & Poor's expects full-year fiscal 2007 adjusted EBITDA
margins to continue in the 20% area, despite lower revenue than
previously anticipated, ongoing pricing pressures, and the costs
associated with expansion into new markets.  This reflects cost-
control vigilance and a shift toward offshoring to India.
Including Standard & Poor's adjustment for operating leases and
pension obligations, total debt to adjusted EBITDA is around
6.2x, ahead of 5.7x levels as of fiscal 2006.


USP DOMESTIC: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. healthcare services sector, the rating
agency downgraded its Ba2 Corporate Family Rating to Ba3 for USP
Domestic Holdings, Inc., a wholly-owned subsidiary of United
Surgical Partners International, Inc., the ultimate parent
company.  

The rating agency also affirmed its Ba2 rating on the company's
seven-year Term Loan 'B' due 2013 and assigned an LGD3 rating to
those bonds, suggesting noteholders will experience a 35% loss
in the event of a default.

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

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

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

Headquartere in Dallas, Texas, United Surgical Partners
International currently maintains ownership interests or
operates 128 surgical facilities.  Of its 125 domestic surgery
centers, 68 are jointly owned with not-for-profit healthcare
systems.  The Company also operates three facilities in the
United Kingdom.


* European Pharmaceutical Outlook Is Stable, Says Moody's
---------------------------------------------------------
The credit outlook for rated European pharmaceutical companies
is stable, says Moody's Investors Service in a new Industry
Outlook.  

The sector is characterized in Europe by five large corporations
with:

   -- generally strong credit metrics;
   -- diversified business models; and
   -- robust profitability generated by high-quality product
      portfolios.  

A number of smaller companies with more focused portfolios are
also rated and have been recently involved in consolidation.

"Overall, European pharmaceutical companies are being influenced
by the same factors that affect their counterparts based
elsewhere," advises Jean-Michel Carayon, Moody's Senior Credit
Officer and author of the report. " Pharmaceutical sales are set
to continue to grow at healthy rates, with demographic trends,
the opportunities offered by currently unmet medical needs and -
to a lesser extent - expansion in emerging markets bolstering
demand."  The average rating for Europe's pharmaceutical
companies is Aa2.

However, mitigating these positives somewhat will be pricing
erosion resulting from increasing pressure on public health
spending and intensifying competition in many therapeutic areas.
In addition, all pharmaceutical companies remain challenged to
develop and bring to market innovative products that can improve
public health and ensure that revenue losses connected with
patent expirations and challenges are offset, the report notes.

"In the short term, European companies' pipelines appear in
general relatively robust and sufficient to offset the moderate
exposure to patent risk while portfolios of some U.S.
counterparts appear as overall more exposed," says Mr Carayon.  
"Longer term, however, all global corporations will have to
demonstrate efficiency and productivity in their R&D
activities."

Furthermore, event risk will remain key to pharmaceutical
corporations' performance -- and their credit ratings - going
forward.  All companies operating in the industry face high
risks not only related to patent challenges but also to product
safety, government investigations and a changing regulatory
environment.  Taxation also constitutes a key area of risk, as
does the execution of strategy towards alliances and in-
licensing.  Mergers and acquisitions, meanwhile, are also an
area of high uncertainty -- in particular for mid-size
companies, the report concludes.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 15-16, 2006
   EUROMONEY INSTITUTIONAL INVESTOR
      Asia Capital Markets Forum
         Island Shangri-La, Hong Kong
            Contact: http://www.euromoneyplc.com/

November 16, 2006
   BEARD AUDIO CONFERENCES
      KERPs and Bonuses under BAPCPA
         New Legal Strategies for Retaining Executives at
            Troubled Companies
               Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, WA
            Contact: 403-294-4954 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Life in the Bankruptcy Court with BAPCPA,
      A View from The Bench
         Oxford Hotel, Denver, CO
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround & Transaction of the Year
      Award Presentations
         Solera, Minneapolis, MN
            Contact: http://www.turnaround.org/

November 16-17, 2006
   STRATEGIC RESEARCH INSTITUTE
      8th Annual West Distressed Debt Investing Forum
         Venetian Resort Hotel Casino, Las Vegas, NV
            Contact: http://www.srinstitute.com/

November 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Harry Nolan, Author of
      Airline without a Pilot - Lessons in Leadership
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

November 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      The Brave New World of Selling Distressed Companies
         Mid-Day Club, Chicago, IL
            Contact: http://www.turnaround.org/

November 22, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      "Inherent Jurisdiction of the Courts"
      Dinner Event - Special Presentation by
      Madam Justice Juliana Topolniski
         Union Bank Inn, Edmonton, AB
            Contact: http://www.turnaround.org/

November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/  

November 23-24, 2006
   EUROMONEY CONFERENCES
      5th Annual China Conference
         China World Hotel
         Beijing, China
            Contact: http://www.euromoneyconferences.com/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint TMA Florida/ACG Tampa Bay Luncheon
      Buying and Selling a Troubled Company
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Some Do's and Don'ts in Investing in Turnarounds
         University Club, Milwaukee, WI
            Contact: http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30, 2006
   EUROMONEY CONFERENCES
      Euromoney/DIFC Annual Conference
      Managing superabundant liquidity
         Madinat Jumeirah, Dubai
            Contact: http://www.euromoneyconferences.com/

November 30, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring Around Intellectual Property -
      Preserving Value When Trouble Lurks
         Carnelian Room, San Francisco, CA
            Contact: http://www.turnaround.org/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 1, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         Garden Grove, CA
            Contact: http://www.ceb.com/

December 4-5, 2006
   PRACTISING LAW INSTITUTE
      Mortgage Servicing & Default Management
         Washington, DC
            Contact: http://www.pli.edu/

December 5, 2006
   EUROMONEY CONFERENCES
      CFO Forum
         Hyatt Regency, Hangzhou, China
            Contact: http://www.euromoneyconferences.com/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Intellectual Property -
      Are You Overlooking Significant Value?
         5th Avenue Suites, Portland, OR
            Contact: http://www.turnaround.org/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/  

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Cash Management After The Storm:
      Near-Term Planning for Long-Term Business Success
         Sheraton, Metairie, LA
            Contact: http://www.turnaround.org/

December 8, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         Los Angeles / Century City, CA
            Contact: http://www.ceb.com/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800; http://www.abiworld.org/

February 8-9, 2007
   EUROMONEY
      Leveraged Finance Asia
         JW Marriott Hong Kong
            Contact: http://www.euromoneyplc.com/

February 21-22, 2007
   EUROMONEY
      Euromoney Pakistan Conference
      Perceptions & Realities
         Marriott Hotel, Islamabad, Pakistan
            Contact: http://www.euromoneyplc.com/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;           
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price        
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;  
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy  
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing  
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com/
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
Risks,          
      Latest Decisions
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
      Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *