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

                          E U R O P E

           Friday, November 17, 2006, Vol. 7, No. 229   

                           Headlines


A U S T R I A

A.M.M. LLC: Claims Registration Period Ends November 21
ADIA LLC: Vienna Court Orders Business Shutdown
ARC TOURISTIK: Creditors' Meeting Slated for November 23
CORTEX RINDEN: St. Poelten Court Orders Business Shutdown
ERWIN VALISIK: Korneuburg Court Orders Business Shutdown

HERBERT SOMMER: Creditors' Meeting Slated for November 21
INNOLOGISTIC SPEDITION: Creditors' Meeting Slated for Nov. 20
KFZ-WIESAUER: Wiener Neustadt Court Orders Business Shutdown
QUALITY MARINE: Property Manager Declares Insufficient Assets
VERFINA FINANZDIENSTLEISTUNG: Creditors' Meeting Set for Nov. 27


B E L G I U M

POPE & TALBOT: Posts US$10-Mln Loss in Quarter Ended Sept. 30


D E N M A R K

IMAX CORP: Interim CFO Edward MacNeil to Get CDN$345,000 a Year


F R A N C E

COREL CORP: Slapped With Copyright Infringement Suit by Entrust


G E R M A N Y

A & B MASCHINEN: Creditors' Meeting Slated for November 22
APPTIS DE: S&P Assigns B+ Rating to US$180-Mln Bank Facility
CITIC GROUP: Acquisition Plan Prompts S&P's Developing Watch
CLINIC AM MEER: Claims Registration Ends November 27
DUERR AG: Earns EUR3.4 Million in Third Quarter 2006

GRUENDERZENTRUM BERCHTESGADENER: Claims Filing Ends Nov. 24
JUERGEN KIFFMEIER: Claims Registration Ends November 22
KOENIG BAU: Claims Registration Ends November 27
KRALL & ROTH: Claims Registration Ends November 27
PFAFF BETEILIGUNGS: Claims Registration Ends November 27

PORTRAIT CORPORATION: Hires Mesirow as Restructuring Accountants
RAAD CONSULT: Claims Registration Ends November 27
STANHILL & PARTNER: Claims Registration Ends November 28
V2 ENTWICKLUNGS: Claims Registration Ends November 28


I R E L A N D

BCM IRELAND: PIK Notes Issuance Spurs Moody's to Review Ratings


I T A L Y

COREL CORP: Slapped With Copyright Infringement Suit by Entrust


K A Z A K H S T A N

A-MUHIT-G LLP: Court Begins Bankruptcy Proceedings
ADANI-SK LLP: Creditors Must File Claims by Dec. 15
AHELES LLP: Creditors Must File Claims by Dec. 15
ATYRAUBROODMASTER LLP: Atyrau Court Starts Bankruptcy Procedure
BEREG LLP: Proof of Claim Deadline Slated for Dec. 15

DILARA LLP: Proof of Claim Deadline Slated for Dec. 15
DINAL SALES: Claims Registration Ends Dec. 15
DIT OIL: Claims Registration Ends Dec. 15
DOW INTERNATIONAL: Creditors' Claims Due Dec. 15
KABIKOV & K: Court Opens Bankruptcy Proceedings

PULSAR LEASING: Claims Filing Period Ends Dec. 15
STARSTROY LLP: Court Commences Bankruptcy Proceedings
TABYS LLP: Creditors Must File Claims by Dec. 15
TRAILER-FOOD LLP: Claims Registration Ends Dec. 15
UJGRANDSTROY: Creditors' Claims Due Dec. 15


K Y R G Y Z S T A N

EXPRESS LLC: Creditors' Meeting Slated for Dec. 5
KYZYL-KIA LLC: Creditors' Meeting Slated for Dec. 7
KONUSH LLC: Creditors' Meeting Scheduled for Dec. 7


N E T H E R L A N D S

ALFA BANK: Ranks Best Among Most Valuable Russian Bank Brands
TNK-BP HOLDING: To Cut Numbers of Idle Wells Across Russia


P O L A N D

ERICO INT'L: Parent Inks US$675 Million Recapitalization Deal
ERICO INT'L: Recapitalization Plan Spurs S&P's Watch Negative
NETIA SA: Earns PLN17.8 Million in Third Quarter 2006


P O R T U G A L

FERRO CORP: Files Delinquent 2005 Financial Reports


R U S S I A

ALFA BANK: Ranks Best Among Most Valuable Russian Bank Brands
AK TRANSNEFT: Govt. Influence Review Spurs S&P's Watch Positive
CHAYKA CJSC: Bankruptcy Hearing Slated for February 20
DYURTYULINSKOYE MIXED: Court Starts Bankruptcy Supervision
ERTILSKAYA OIL: Court Names A. Kuznetsov as Insolvency Manager

FEDERAL GRID: S&P Puts B+ Rating on CreditWatch Positive
GAZPROMBANK: S&P Places BB Rating on CreditWatch Positive
GOLDEN TELECOM: Moody's Lifts Corporate Family Rating to Ba3
GRACHEVSKIY DIARY: Court Names T. Shumskaya to Manage Assets
GRAIN-PRODUCT-SERVICE-M: Court Names I. Gorn to Manage Assets

KHOLOD-MASH OJSC: External Court Starts Reorganization Process
LUKOIL OAO: Commissions Automatic Loading Station at Uhta Site
LUKOIL OAO: Approves Non-Fuel Business Development Program
MASHINOSTROITEL: Court Names A. Sherykhanov to Manage Assets
PYELDINSKAYA: Komi Court Names A. Parollo as Insolvency Manager

ROSNEFT OJSC: S&P Puts BB Rating on CreditWatch Positive
RUSSIAN LEASING: Moscow Bankruptcy Hearing Slated for March 6
SAPOZHKOVSKIY MECHANICAL: Names A. Androsov to Manage Assets
SIBIRSKIY ELECTRODE: Names V. Trostonetskaya to Manage Assets
SOUTH URAL: Court Names V. Yusov as Insolvency Manager

TATNEFT OAO: Earns RUR17.92 Billion for First Half 2006
TNK-BP HOLDING: To Cut Numbers of Idle Wells Across Russia
TROYA LLC: Court Names A. Razmakhova as Insovlency Manager
URAL-WOOD-PROM: Asset Sale Slated for December 4
WOOD-KHOZ-MASH: Kursk Court Names O. Gorbatyuk to Manage Assets


S W E D E N

ERICO INT'L: Parent Inks US$675 Million Recapitalization Deal
ERICO INT'L: Recapitalization Plan Spurs S&P's Watch Negative
XERIUM TECH: Earns US$5.7 Million in Third Quarter 2006


T U R K E Y

IMAX CORP: Interim CFO Edward MacNeil to Get CDN$345,000 a Year


U K R A I N E

AGROFIRM AVANGARD: Court Commences Bankruptcy Supervision
AGROTEHNLOGIYA-97 LLC: Dmitro Zheronkin to Liquidate Assets
DOBROBUD LLC: Kyiv Court Names Dmitro as Insolvency Manager
INTERVIN LLC: Kyiv Court Names Yurij Bilik as Insolvency Manager
KRASNOLUTSKA PETROLEUM: Andrij Kolezhuk to Liquidate Assets

LANGUAGE LINE: S&P Revises Outlook on Improving Performance
LIPOVETSKE AUTO-TRANSPORT: S. Malahov Named to Liquidate Assets
OLSHANITSKIJ SPETSKARYER: Dmitro Zheronkin to Liquidate Assets
POLIMEREXPO LLC: Court Names Dmitro Zheronkin as Liquidator
TATNEFT OAO: Earns RUR17.92 Billion for First Half 2006

ZED-SERVICE LLC: Kyiv Court Names Dmitro Zheronkin as Liquidator


U N I T E D   K I N G D O M

ABITIBI-CONSOLIDATED: S&P Revises Outlook on Weak Profitability
ARGUS LABORATORIES: Taps Vantis to Administer Assets
CHATTEM INC: Plans to Offer US$100 Million Convertible Sr. Notes
COLLINS & AIKMAN: Restructuring Focus Shifts Towards Sale
CUTGROOVE LIMITED: Hires Begbies Traynor to Administer Assets

ENRON CORP: Court Okays US$25 Million NewPower Settlement Pact
ENRON CORP: Court Approves US$19.7 Million Fleet Settlement
EUROTUNNEL GROUP: French President Requests Public Inquiry
FORD MOTOR: Restatements Has No Material Impact, DBRS Says
GMAC LLC: Moody's Expects to Confirm Ratings Upon Sale Closing

GOLDEN TELECOM: Moody's Lifts Corporate Family Rating to Ba3
GREAT HALL: Moody's Rates GBP[5.4]-Mln Class E Notes at (P)Ba2
INTERGROOVE LIMITED: Appoints Begbies Traynor as Administrators
INTERPUBLIC GROUP: Fitch Rates US$400 Million Senior Notes at B
INTERPUBLIC GROUP: Moody's Assigns Ba3 Rating on New 4.25% Notes

LIBERTY BELL: Names Joint Administrators from Unity Business
PORTRAIT CORPORATION: Hires Mesirow as Restructuring Accountants
PRIMUS TELECOMMS: Has US$466.3-Mln Equity Deficit at Sept. 30
RADNOR HOLDINGS: Stevens & Lee OK'd as Panel's Conflicts Counsel
SEA CONTAINERS: Taps Sidley Austin as Bankruptcy Counsel

SEA CONTAINERS: U.S. Trustee Names Seven-Member Creditors Panel
TOTAL SAFETY: S&P Junks US$40 Million Second-Lien Bank Facility
TYSON FOODS: Incurs US$56 Million Net Loss in Fourth Quarter
WAKEWORTH ESTATES: Brings In Administrators from Baker Tilly
WEYBRIDGE CONSTRUCTION: Taps Smith & Williamson to Administer

WHITFIELD CONSTRUCTION: Names Michael McCarthy as Administrator
XELO PLC: S&P Places BB Rating on CreditWatch Negative

* BOOK REVIEW: Crafting Solutions for Troubled Businesses: A
               Disciplined Approach to Diagnosing and
               Confronting Management Challenges

                            *********

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


A.M.M. LLC: Claims Registration Period Ends November 21
-------------------------------------------------------
Creditors owed money by LLC A.M.M. (FN 127035t) have until
Nov. 21 to file written proofs of claims to court-appointed
property manager Georg Rupprecht at:

         Mag. Georg Rupprecht
         Hauptplatz 9-13
         2500 Baden bei Vienna, Austria
         Tel: 02252/86580
         Fax: 02252/86580-3
         Email: rupprecht@lexacta.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 p.m. on Dec. 5 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Tribuswinkel-Oeynhausen, Austria, the Debtor
declared bankruptcy on Sept. 28 (Bankr. Case No. 11 S 99/06d).


ADIA LLC: Vienna Court Orders Business Shutdown
-----------------------------------------------
The Trade Court of Vienna entered an order Sept. 22 shutting
down the business of LLC Adia (FN 206023a).  Court-appointed
property manager Helmut Platzgummer 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:

         Dr. Helmut Platzgummer
         c/o Dr. Wolfgang Leitner
         Kohlmarkt 14
         1010 Vienna, Austria
         Tel: 533 19 39
         Fax: 533 19 39 39
         E-mail: kanzlei@lp-law.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 2 (Bankr. Case No. 4 S 123/06z).  Wolfgang Leitner
represents Dr. Platzgummer in the bankruptcy proceedings.


ARC TOURISTIK: Creditors' Meeting Slated for November 23
--------------------------------------------------------
Creditors owed money by LLC ARC Touristik (FN 233677v) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
Nov. 23 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 22 (Bankr. Case No. 2 S 144/06y).  Viktor Igali-Igalffy
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Dr. Viktor Igali-Igalffy
         Landstrasser Hauptstrasse 34
         1030 Vienna, Austria
         Tel: 01/713 80 57
         E-mail: vii@aon.at


CORTEX RINDEN: St. Poelten Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of St. Poelten entered an order Sept. 26 shutting
down the business of LLC Cortex Rinden- und Holzproduktion (FN
90307f).  Court-appointed property manager Franz Hofbauer
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The property manager and her representative can be reached at:

         Dr. Franz Hofbauer
         Hauptplatz 6
         3370 Ybbs an der Donau, Austria
         Tel: 07412/52731
         Fax: 07412/52731-22
         E-mail: dr.hofbauer@wibs.at  

Headquartered in Ybbs an der Donau, Austria, the Debtor declared
bankruptcy on Sept. 6 (Bankr. Case No. 14 S 138/06v).  


ERWIN VALISIK: Korneuburg Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Korneuburg entered an order Sept. 26 shutting
down the business of LLC Erwin Valisik (FN 61871m).  Court-
appointed property manager Ilse Korenjak recommended the
business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna, Austria
         Tel: 512 21 02
         Fax: 01/512 21 02 20
         E-mail: office@buresch-korenjak.at  

Headquartered in Stetten, Austria, the Debtor declared
bankruptcy on Sept. 14 (Bankr. Case No. 36 S 103/06y).  


HERBERT SOMMER: Creditors' Meeting Slated for November 21
---------------------------------------------------------
Creditors owed money by LLC Herbert Sommer Gastronomiebetrieb
(FN 190234g) are encouraged to attend the creditors' meeting at
1:15 p.m. on Nov. 21 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 22 (Bankr. Case No. 6 S 85/06a).  Andrea Simma serves
as the court-appointed property manager of the bankrupt estate.  
Guenther Hoedl represents Dr. Simma in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Andrea Simma
         c/o Mag. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 67 03
         Fax: 513 67 03 33
         E-mail: RA_Simma@aon.at


INNOLOGISTIC SPEDITION: Creditors' Meeting Slated for Nov. 20
-------------------------------------------------------------
Creditors owed money by LLC INNOLogistic Spedition und Transport
(FN 244903b) are encouraged to attend the creditors' meeting at
11:00 a.m. on Nov. 20 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Innsbruck
         Hall 212
         2nd Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck, Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on Sept. 22 (Bankr. Case No. 19 S 93/06h).  Ernst
Lentsch serves as the court-appointed property manager of the
bankrupt estate.  

The property manager can be reached at:

         Mag. Ernst Lentsch
         Maria-Theresien-Road 5
         6020 Innsbruck, Austria
         Tel: 0512/560589
         Fax: 0512/560589-5
         E-mail: lentsch@inode.at


KFZ-WIESAUER: Wiener Neustadt Court Orders Business Shutdown
------------------------------------------------------------
The Land Court of Wiener Neustadt entered an order Sept. 26
shutting down the business of OEG KFZ-Wiesauer (FN 237167a).  
Court-appointed property manager Alexander Knotek recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Dr. Alexander Knotek
         Pergerstrasse 12
         2500 Baden bei Vienna, Austria
         Tel: 02252/43056-0
         Fax: 02252/43056-20
         E-mail: info@avia-law.com  

Headquartered in Leobersdorf, Austria, the Debtor declared
bankruptcy on Sept. 11 (Bankr. Case No. 11 S 92/06z).  


QUALITY MARINE: Property Manager Declares Insufficient Assets
-------------------------------------------------------------
Dr. Ulla Reisch, the court-appointed property manager for LLC
Quality Marine (FN 211820a), declared Sept. 22 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 25 (Bankr. Case No. 6 S 64/06p).  

The property manager can be reached at:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna, Austria
         Tel: 212 55 00
         Fax: 212 55 00 5
         E-mail: office.wien@ulsr.at  


VERFINA FINANZDIENSTLEISTUNG: Creditors' Meeting Set for Nov. 27
----------------------------------------------------------------
Creditors owed money by LLC VERFINA Finanzdienstleistung (FN
155022z) are encouraged to attend the creditors' meeting at
10:10 a.m. on Nov. 27 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 22 (Bankr. Case No. 45 S 64/06z).  Brigitte Stampfer
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna, Austria
         Tel: 877 33 30
         Fax: 877 33 30 33
         E-mail: ra-stampfer@utanet.at


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


POPE & TALBOT: Posts US$10-Mln Loss in Quarter Ended Sept. 30
-------------------------------------------------------------
Pope & Talbot Inc. reported a US$10,161,000 net loss on
US$214,583,000 of total revenues for the three months ended
Sept. 30, 2006, compared to a US$8,822,000 net loss on
US$212,736,000 of total revenues for the same period in 2005.

The company's balance sheet at Sept. 30, 2006, disclosed of
total assets of US$677,858,000, total liabilities of
US$593,662,000, and total stockholders' equity of US$84,196,000.

                  Liquidity and Capital Resources

The company's total debt to total capitalization ratio was 82%
at Sept. 30, 2006, compared with 75% at Dec. 31, 2005.  Total
debt increased from US$332.0 million at Dec. 31, 2005, to
US$389.2 million at Sept. 30, 2006.

The increase in the debt ratio was due to a US$27.8 million
reduction in total stockholders' equity resulting primarily from
the net loss in the first nine months of 2006, and an increase
in borrowing under the new credit facilities.

Cash requirements in the first nine months of 2006 included
US$21.4 million for capital expenditures, US$8.4 million for
operating activities, US$18.5 million in fees associated with
the new senior secured credit facilities and US$3.6 million for
debt extinguishment costs associated with repayment of the
Halsey pulp mill lease financings.

The use of cash for operating activities resulted in part from
the company's repurchase of US$23.9 million of accounts sold
under its former receivables purchase agreement in the second
quarter of 2006 and termination of that agreement; all the
accounts were collected at Sept. 30, 2006.

Full-text copies of the company's financial statements for the
three months ended Sept. 30, 2006, are available for free at:

               http://researcharchives.com/t/s?151c

                       Going Concern Doubt

In May 2006, KPMG LLP in Portland, Oregon, raised substantial
doubt about Pope & Talbot, Inc.'s ability to continue as a going
concern after auditing the Company's consolidated financial
statements for the years ended Dec. 31, 2004, and 2005.  The
auditor pointed to the Company's recurring losses; inability to
comply with financial covenants; inability to refinance or renew
maturing debt and comply with financial covenants in future
periods.

A full-text copy of the regulatory filing is available for free
at http://ResearchArchives.com/t/s?f74  

Based in Portland, Oregon, Pope & Talbot, Inc. (NYSE: POP) --
http://www.poptal.com/-- is a North American forest products
company.  Pope & Talbot was founded in 1849 and produces pulp
and softwood lumber in the U.S. and Canada.  Markets for the
Company's products include: the U.S.; Europe; Canada; South
America; Japan; and other Pacific Rim countries.  The company
has a sales office in Brussels, Belgium.

                         *     *     *

As reported in the TCR-Europe on Sept. 29, Moody's Investors
Service confirmed its B3 Corporate Family Rating for Pope &
Talbot Inc. in connection with Moody's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the North American Forest Products sector.


=============
D E N M A R K
=============


IMAX CORP: Interim CFO Edward MacNeil to Get CDN$345,000 a Year
---------------------------------------------------------------
IMAX Corp. reached an arrangement with Edward MacNeil that
during his term as interim chief financial officer, he will
receive an annualized salary of CDN$345,000 and a guaranteed
bonus of CDN$50,000 payable in March 2007, in respect of the
year ending Dec. 31, 2006.

IMAX Corporation -- http://www.imax.com/-- founded in 1967 and  
headquartered jointly in New York City and Toronto, Canada, is
an entertainment technology company, with particular emphasis on
film and digital imaging technologies including 3D, post-
production, and digital projection.  IMAX also designs and
manufactures cameras, projectors and consistently commits
significant funding to ongoing research and development.
The IMAX Theatre Network currently consists of more than 270
IMAX affiliated theatres in 38 countries including Bulgaria,
Czech Republic, Denmark, France, Germany, Italy, The
Netherlands, Poland, Russia, Spain, Sweden, Switzerland, Turkey
and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2006
Moody's Investors Service, in connection with the implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, confirmed
IMAX Corporation's B3 Corporate Family Rating.

Moody's also downgraded the Company's probability-of-default
rating on its 9-5/8% Senior Notes due 2010 to Caa1 from B3.
Additionally, Moody's assigned an LGD4 rating to these notes,
suggesting noteholders will experience a 58% loss in the event
of a default.

As reported in the Troubled Company Reporter on Oct. 26, 2006
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B-' corporate credit rating, on IMAX Corp. and
removed them from CreditWatch, where they were placed on
March 10, 2006, with developing implications.  S&P said the
outlook is negative.


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


COREL CORP: Slapped With Copyright Infringement Suit by Entrust
---------------------------------------------------------------
Entrust Inc. filed a copyright infringement lawsuit against
Corel Corporation alleging that Corel and its resellers have
distributed Entrust software in various Corel WordPerfect
products without a license to do so.

The complaint cited copying and distribution of Entrust security
technology in multiple products in Corel's WordPerfect portfolio
without license and without paying applicable fees for those
rights.  These Entrust products help organizations protect
sensitive information from unauthorized access and modification.  
The claim also alleges violation of the Virginia Business
Conspiracy Act.

The lawsuit was filed in the United States District Court for
the Eastern District of Virginia on Nov. 13, 2006.

Entrust alleged that Corel distributed Entrust's Authority File
Toolkit software with Corel's suite of Wordperfect products.

The Toolkit software allows an application to digitally sign,
encrypt, and time-stamp documents.

                        About Entrust Inc.

Dallas, Tex.-based Entrust Inc. (NASDAQ: ENTU) --
http://www.entrust.com/-- offers SSL Certificates, e-mail  
security, data protection, Public-Key Infrastructure, strong
authentication, and other security products and services.

                         About Corel Corp.

Ottawa, Ontario-based Corel Corporation (NASDAQ: CREL) (TSX:
CRE) -- http://www.corel.com/-- is a packaged software company  
with an estimated installed base of over 40 million users.  The
Company provides productivity, graphics and digital imaging
software.  Its products are sold in over 75 countries through a
scalable distribution platform comprised of original equipment
manufacturers, Corel's international websites, and a global
network of resellers and retailers.  The Company's product
portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).  In Europe, the company maintains
operations in France, Germany, Italy, the Netherlands, and the
United Kingdom.

                           *     *     *


As reported in the Troubled Company Reporter-Europe on Nov. 6,
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and senior secured debt ratings on Canada-based
packaged software company, Corel Corp.

In a TCR-Europe report on Oct. 19, Moody's confirmed its Caa1
Corporate Family Rating for Corel Corp. in connection with the
rating agency's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.


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


A & B MASCHINEN: Creditors' Meeting Slated for November 22
----------------------------------------------------------
The court-appointed provisional administrator for A & B
Maschinen- und Anlagenprojektierung GmbH, Joachim Heitsch, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 10:35 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 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 A & B Maschinen- und Anlagenprojektierung
GmbH on Oct. 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         A & B Maschinen- und Anlagenprojektierung GmbH
         Ringstr. 66
         12105 Berlin, Germany

The administrator can be reached at:

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


APPTIS DE: S&P Assigns B+ Rating to US$180-Mln Bank Facility
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' debt rating
and '3' recovery rating to Apptis (DE) Inc.'s proposed
US$180 million senior secured bank facility.  

The proposed facility will consist of a US$30 million five-year
revolver and a US$150 million six-year term loan.  The bank loan
rating is 'B+', the same as the corporate credit rating, along
with the '3' recovery rating, reflect our expectation of
meaningful (50%-80%) recovery of principal by creditors in the
event of a payment default.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and negative outlook on Chantilly, Va.-based
Apptis.
     
Proceeds from the proposed bank facility will be used to repay
existing debt, including an existing credit facility,
US$50 million of senior subordinated cash pay notes, a portion
of Apptis' senior subordinated Holdco payment-in-kind (PIK)
notes, and accrued PIK interest.  S&P's ratings affirmation
reflects the fact that this transaction is strictly a
refinancing, and does not meaningfully impact Apptis' financial
profile.


CITIC GROUP: Acquisition Plan Prompts S&P's Developing Watch
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
and 'B' short-term foreign currency counterparty credit ratings
on CITIC Group on CreditWatch with developing implications
following an announcement that the company plans to acquire a
94.6% interest in JSC Karazhanbasmunai, a Kazakhstan-based oil
company, for US$1.91 billion.

"The CreditWatch placement reflects uncertainty about the
funding plan for the proposed acquisition," said Standard &
Poor's credit analyst Liao Qiang.  "Too great a degree of debt
could more than offset the business benefits of the acquisition.
Conversely, if the funding is well structured, net business
benefits could accrue quickly," he added.

Uncertainty also exists about the returns that can be expected
from the project.  Moreover, the strategic nature of the
proposed acquisition raises the question of the CITIC Group's
relationship with the Chinese government, a factor that
Standard & Poor's will need to assess in resolving the
CreditWatch placement.

National Energy Co., a privately held Canada-based oil firm,
currently owns JSC Karazhanbasmunai.  Details of the proposed
transaction have yet to be disclosed of.

The CreditWatch placement is likely to be resolved after a
detailed review of CITIC Group's strategy, funding plan, and
investment return expectations.  A negative outlook could be
assigned or the ratings could be lowered if the company's
financial leverage deteriorates substantially after completion
of the transaction.  The ratings could be raised if

Standard & Poor's believes the transaction reflects a greater
policy role and that the company will benefit from strong
government support.  A reasonably prudent funding plan would
also increase the likelihood of an upgrade.


CLINIC AM MEER: Claims Registration Ends November 27
----------------------------------------------------
Creditors of clinic am meer GmbH have until Nov. 27 to register
their claims with court-appointed provisional administrator
Roland Lehnert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 p.m. on Dec. 18 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 Oldenburg
         Meeting Room
         2nd Floor
         Elizabeth Route 6
         26135 Oldenburg, 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 Oldenburg opened bankruptcy proceedings
against clinic am meer GmbH on Sept. 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         clinic am meer GmbH
         Ufer 20
         26160 Bad Zwischenahn, Germany

The administrator can be contacted at:

         Roland Lehnert
         Hauptstrasse 5
         26122 Oldenburg, Germany
         Tel: 0441/950910
         Fax: 0441/9509177
         E-mail: RA_Lehnert_OL@t-Online.de  


DUERR AG: Earns EUR3.4 Million in Third Quarter 2006
----------------------------------------------------
Duerr AG released its financial results for the third-quarter
ended Sept. 30, 2006.

In the third quarter, incoming orders were up 23.8% to EUR315.5
million from EUR254.8 million for the third-quarter ended
Sept. 30, 2005.  The good order situation is due to a targeted
expansion of the services business and to system orders from the
growth regions of China, India and Eastern Europe.  Orders out
of Asia were up 76.8% in the first nine months.

At EUR984 million, consolidated sales were marginally down from
the year-earlier level (EUR993.3 million).  This was mainly due
to the relatively weak order intake in the second half of 2005,
which fed through to sales revenue in the first half of 2006.  
In the third quarter of 2006 sales already picked up by 6.3%
compared to the previous year's period and stood at EUR357.6
million.

A net profit of EUR3.4 million was achieved in the third quarter
of 2006, compared with EUR1.9 million net loss for the same
period in 2005.  This development is also due to a EUR12 million
improvement in its financial expense figure to negative EUR13.8
million in the first nine months of 2006.

Operating cash flow as of Sept. 30, 2006 is negative EUR79.8
million.  This was due in the main to cash outflows for the
FOCUS program and to postponements in the final billing of
orders to the fourth quarter.  

At Sept. 30, 2006, net financial debt amounted to EUR164.4
million from EUR350.9 million in 2005.  The syndicated loan
facility was not drawn.  

                 FOCUS Project Progress on Track

Duerr completed 16 of the total of 47 projects initiated under
the Group-wide FOCUS program; another four are due to be
completed shortly.  The projects that are still in progress will
be channeled into a continuous improvement process in the first
quarter of 2007.  These mainly involve projects for optimizing
internal processes.

The number of employees at Sep. 30, 2006, was down 395 from the
end of 2005 as part of FOCUS; 332 jobs were cut in 2005.  The
bulk of the roughly 800 job cuts planned in Western Europe and
North America have therefore been realized.  In Asia, on the
other hand, Duerr has continued to increase headcount.  Here the
number of employees has grown since the beginning of the year by
70 people.

For 2007 Duerr forecasts a slight rising trend in incoming
orders and sales revenues.  The target margins 2008 are 4% with
respect to earnings before taxes and 8% at the EBITDA level and
remain unchanged.  The margins for 2007 as a whole may still
fall short of the targets since the effects of FOCUS will only
feed through fully in the course of the year.  

"The level of project inquiries remains brisk.  We therefore
expect a continued positive development of incoming orders in
the next quarters," Ralf Dieter CEO of Duerr AG commented.

                           About Duerr

Headquartered in Stuttgart, Germany, Duerr AG --
http://www.durr.com/en/-- supplies products, systems, and  
services for automobile manufacturing.   Its range of products
and services covers important stages of vehicle production.   As
a systems supplier, Duerr plans and builds complete paint shops
and final assembly facilities.   It also delivers cleaning and
filtration systems for the manufacture of engine and
transmission components as well as balancing systems.

                        *     *     *

As reported in the TCR-Europe on Sept. 5, Moody's Investors
Service affirmed the B2 corporate family rating of Duerr AG and
the Caa1 rating on the senior subordinated notes.  Moody's said
the Outlook on the ratings remains negative.

Duerr AG's 9-3/4% senior subordinated notes due 2011 carry
Moody's Investors Service's Caa1 rating and Standard & Poor's
CCC+ rating.


GRUENDERZENTRUM BERCHTESGADENER: Claims Filing Ends Nov. 24
-----------------------------------------------------------
Creditors of Gruenderzentrum Berchtesgadener Land GmbH have
until Nov. 24 to register their claims with court-appointed
provisional administrator Andreas Hunsdorfer.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on Dec. 12 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Traunstein
         Meeting Room B 40
         Herzog-Otto-Road 1
         83278 Traunstein, 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 Traunstein opened bankruptcy proceedings
against Gruenderzentrum Berchtesgadener Land GmbH on Oct. 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gruenderzentrum Berchtesgadener Land GmbH
         Sagewerkstr. 3
         83395 Freilassing, Germany

The administrator can be contacted at:

         Dr. Andreas Hunsdorfer
         Goerlitzer Str. 21
         83395 Freilassing, Germany
         Tel: 08654/7777-0
         Fax: 08654/7777-17


JUERGEN KIFFMEIER: Claims Registration Ends November 22
-------------------------------------------------------
Creditors of Juergen Kiffmeier GmbH have until Nov. 22 to
register their claims with court-appointed provisional
administrator Dirk-Henning Tonnesmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 p.m. on Dec. 12 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Room 1240
         12th Floor
         Luxemburger Road 101
         50939 Cologne, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against Juergen Kiffmeier GmbH on Sept. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Juergen Kiffmeier GmbH
         Attn: Juergen Kiffmeier, Manager
         Glescher Str. 37
         50126 Bergheim, Germany

The administrator can be contacted at:

         Dirk-Henning Tonnesmann
         Josef-Ruhr-Str. 30
         53879 Euskirchen, Germany


KOENIG BAU: Claims Registration Ends November 27
------------------------------------------------
Creditors of Koenig Bau GmbH have until Nov. 27 to register
their claims with court-appointed provisional administrator
Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 18 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 Moenchengladbach
         Meeting Room A 58
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach, 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 Moenchengladbach opened bankruptcy
proceedings against Koenig Bau GmbH on Oct. 18.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Koenig Bau GmbH
         Attn: Wojciech Sliwinski-Koenig, Manager
         Kiesweg 53
         41239 Moenchengladbach, Germany

The administrator can be contacted at:

         Dr. Biner Bahr
         William Bunch road 45-47
         41236 Moenchengladbach, Germany


KRALL & ROTH: Claims Registration Ends November 27
--------------------------------------------------
Creditors of Krall & Roth Weberei GmbH & Co KG have until
Nov. 27 to register their claims with court-appointed
provisional administrator Peter Houben.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Moenchengladbach
         Meeting Room A 58
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach, 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 Moenchengladbach opened bankruptcy
proceedings against Krall & Roth Weberei GmbH & Co KG on Oct. 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Krall & Roth Weberei GmbH & Co KG
         Reyerhuetter Road 7-21
         41065 Moenchengladbach, Germany

The administrator can be contacted at:

         Peter Houben
         Sternstrasse 58
         40479 Duesseldorf, Germany


PFAFF BETEILIGUNGS: Claims Registration Ends November 27
--------------------------------------------------------
Creditors of Pfaff Beteiligungs-GmbH have until Nov. 27 to
register their claims with court-appointed provisional
administrator Michael Jaffe.

Creditors and other interested parties are encouraged to attend
the meeting at 12:15 p.m. on Dec. 18 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 Coburg
         Meeting Room K
         I. Stick
         Auxiliary Building
         Coburg, 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 Coburg opened bankruptcy proceedings
against Pfaff Beteiligungs-GmbH on Sept. 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Pfaff Beteiligungs-GmbH
         Langheimer Str. 94
         96264 Altenkunstadt, Germany

The administrator can be contacted at:

         Dr. Michael Jaffe
         Franz-Josef-Road 8
         80801 Munich, Germany
         Tel: 089/255487-00
         Fax: 089/255487-10


PORTRAIT CORPORATION: Hires Mesirow as Restructuring Accountants
----------------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court
for the Southern District of New York has authorized Portrait
Corporation of America Inc. and its debtor-affiliates to employ
Mesirow Financial Consulting, LLC, as their restructuring
accountants.

Mesirow Financial will:

     a) assist in the preparation of or review of reports or
        filings as required by the Bankruptcy Court or the
        Office of the United States Trustee, including, but not
        limited to, schedules of assets and liabilities,
        statements of financial affairs and monthly operating
        reports;

     b) assist in the preparation of or review of the Debtors'
        financial information, including, but not limited to,
        analyses of cash receipts and disbursements, financial
        statement items and proposed transactions for which
        Bankruptcy Court approval is sought;

     c) assist with the analysis, tracking and reporting
        regarding cash collateral and any debtor in possession
        financing arrangements and budgets;

     d) assist with the implementation of bankruptcy accounting
        procedures as may be required by the Bankruptcy Code and
        generally accepted accounting principles, including, but
        not limited to, a Statement of Position 90-7;

     e) give advice and assistance regarding tax-planning
        issues, including, but not limited to, assistance in
        estimating net operating loss carry forwards,
        international, state and local tax issues and the tax
        considerations of proposed plans of reorganizations;

     f) develop and evaluate potential employee retention and
        severance plans;

     g) assist with identifying and implementing potential cost
        containment opportunities;

     h) assist with identifying and implementing asset
        redeployment opportunities;

     i) analyze assumption and rejection issues regarding  
        executory contracts and leases;

     j) assist in the preparation and review of proposed
        business plans and the business and financial condition
        of the Debtors;

     k) assist in evaluating reorganization strategies and
        alternatives;

     l) review and critique the Debtors' financial projections
        and assumptions;

     m) prepare enterprise, asset and liquidation valuations;

     n) assist in preparing documents necessary for
        confirmation;

     o) give advice and assistance to the Debtors in
        negotiations and meetings with the creditors' committee,
        the bank lenders and other parties-in-interest;

     p) give advice and assistance on the tax consequences of
        proposed plans of reorganization;

     q) assist with the claims resolution procedures, including,
        but not limited to, analyses of creditors' claims by
        type and entity;

     r) provide litigation consulting services and expert
        witness testimony regarding confirmation issues,
        avoidance actions or other matters; and

     s) perform  other functions as requested by the Debtors or
        their counsel.

The Debtors have filed a motion to retain Berenson & Company as
their financial advisors.  The Debtors say the services Mesirow
will provide will not be duplicative of those provided by
Berenson.

The customary hourly rates for Mesirow Financial's professionals
are:

        Designation                             Hourly Rate
        -----------                           ---------------
        Sr. Managing Directors
        Managing Directors                    US$620 - US$690

        Sr. Vice Presidents                   US$530 - US$590

        Vice Presidents                       US$430 - US$490

        Sr. Associates                        US$330 - US$390

        Associates                            US$190 - US$290

        Paraprofessionals                              US$150

Mesirow has agreed to a 20% discount on its fees for this
engagement.  

To the best of Mesirow's knowledge, it does not hold or
represent any interest adverse to the Debtors' estate and is a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

                     About Portrait Corp

Portrait Corporation of America, Inc. -- http://pcaintl.com/--   
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany and the United Kingdom.  The Company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for Chapter
11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case No.
06-22541).  John H. Bae, Esq., at Cadwalader Wickersham & Taft
LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' Financial Advisor
and Investment Banker.  At June 30, 2006, the Debtor had total
assets of US$153,205,000 and liabilities of US$372,124,000.


RAAD CONSULT: Claims Registration Ends November 27
--------------------------------------------------
Creditors of RAAD Consult GmbH have until Nov. 27 to register
their claims with court-appointed provisional administrator
Manfred Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 18 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 RAAD Consult GmbH on Oct. 6.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         RAAD Consult GmbH
         Attn: Nils Niehoerster, Manager
         Stadtgraben 48
         48143 Muenster, Germany

The administrator can be contacted at:

         Manfred Vellmer
         Rothenburg 20/21
         48143 Muenster, Germany


STANHILL & PARTNER: Claims Registration Ends November 28
--------------------------------------------------------
Creditors of Stanhill & Partner Limited have until Nov. 28 to
register their claims with court-appointed provisional
administrator Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 9, 2007 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Room 107
         1st Floor
         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 Stanhill & Partner Limited on Oct. 12.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Stanhill & Partner Limited
         Attn: Susanne Eggert, Manager
         Waldemar-Bonsels-Way 164
         22926 Ahrensburg, Germany

The administrator can be contacted at:

         Stephan Neubauer
         Spitaler Road 4
         20095 Hamburg, Germany


V2 ENTWICKLUNGS: Claims Registration Ends November 28
-----------------------------------------------------
Creditors of V2 Entwicklungs- und Vertriebsgesellschaft mbH have
until Nov. 28 to register their claims with court-appointed
provisional administrator Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 9, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Area C407
         4th Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Duisburg opened bankruptcy proceedings
against V2 Entwicklungs- und Vertriebsgesellschaft mbH on
Oct. 17.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         V2 Entwicklungs- und Vertriebsgesellschaft mbH
         Moranenstr. 11
         45478 Muelheim, Germany

         Attn: Falk Everts and Harald Streich, Managers
         Prinzess-Luise-Str. 41
         45479 Muelheim, Germany

The administrator can be contacted at:

         Dr. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf, Germany


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


BCM IRELAND: PIK Notes Issuance Spurs Moody's to Review Ratings
---------------------------------------------------------------
Moody's Investors Service put the ratings of BCM Ireland Finance
Ltd (an indirect parent company of eircom Ltd.) and its
affiliated entities on review for downgrade.  The review
initiated is based on the company's announcement that it plans
to issue EUR425 million paid-in-kind notes.

Ratings affected:

BCM Ireland Finance Ltd.

   -- Corporate Family Rating at Ba3  
   -- Senior unsecured notes due 2016 at B2

BCM Ireland Holding Ltd.

   -- Senior secured credit facility at Ba3
   -- Second-lien loan at B2

Moody's notes that the company was weakly positioned in its
rating category following the refinancing of its capital
structure in August 2006.  Furthermore, the proposed issuance of
the PIK notes signals a more aggressive financial policy than
originally expected at the time of the Ba3 corporate family
rating assignment as it allows an early return of equity to the
shareholders.

Moody's also notes that it is likely to raise the corporate
family rating to the level of the PIK note issuing entity -- BCM
Ireland Preferred Equity Limited - thus including in its
leverage calculation the PIK note.  At the same time, Moody's
will review the ring-fence provisions of the restricted group as
regards a potential impact of the PIK note issuance on the
currently rated debt.  In the event there is a one-notch
downgrade and the ring-fence provisions of the restricted group
continue to provide the same level of protection to the existing
debtholders, at this stage the instrument ratings could remain
at their current levels.

BCM Ireland Finance Limited is a holding company of eircom, the
principal provider of fixed-line telecommunications services in
Ireland and, following its acquisition of Meteor, the third
largest mobile operator in Ireland.  In the six months ending
Sept. 30, 2006, eircom generated revenues of EUR977 million.


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


COREL CORP: Slapped With Copyright Infringement Suit by Entrust
---------------------------------------------------------------
Entrust Inc. filed a copyright infringement lawsuit against
Corel Corporation alleging that Corel and its resellers have
distributed Entrust software in various Corel WordPerfect
products without a license to do so.

The complaint cited copying and distribution of Entrust security
technology in multiple products in Corel's WordPerfect portfolio
without license and without paying applicable fees for those
rights.  These Entrust products help organizations protect
sensitive information from unauthorized access and modification.  
The claim also alleges violation of the Virginia Business
Conspiracy Act.

The lawsuit was filed in the United States District Court for
the Eastern District of Virginia on Nov. 13, 2006.

Entrust alleged that Corel distributed Entrust's Authority File
Toolkit software with Corel's suite of Wordperfect products.

The Toolkit software allows an application to digitally sign,
encrypt, and time-stamp documents.

                        About Entrust Inc.

Dallas, Tex.-based Entrust Inc. (NASDAQ: ENTU) --
http://www.entrust.com/-- offers SSL Certificates, e-mail  
security, data protection, Public-Key Infrastructure, strong
authentication, and other security products and services.

                         About Corel Corp.

Ottawa, Ontario-based Corel Corporation (NASDAQ: CREL) (TSX:
CRE) -- http://www.corel.com/-- is a packaged software company  
with an estimated installed base of over 40 million users.  The
Company provides productivity, graphics and digital imaging
software.  Its products are sold in over 75 countries through a
scalable distribution platform comprised of original equipment
manufacturers, Corel's international websites, and a global
network of resellers and retailers.  The Company's product
portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).  In Europe, the company maintains
operations in France, Germany, Italy, the Netherlands, and the
United Kingdom.

                           *     *     *


As reported in the Troubled Company Reporter-Europe on Nov. 6,
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and senior secured debt ratings on Canada-based
packaged software company, Corel Corp.

In a TCR-Europe report on Oct. 19, Moody's confirmed its Caa1
Corporate Family Rating for Corel Corp. in connection with the
rating agency's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.


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


A-MUHIT-G LLP: Court Begins Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP A-Muhit-G.

LLP A-Muhit-G is located at:

         Tax Committee on South Kazakhstan Region
         Shymkent
         South Kazakhstan Region
         Kazakhstan


ADANI-SK LLP: Creditors Must File Claims by Dec. 15
---------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region entered on Sept. 25 an order placing
LLP Adani-SK into compulsory liquidation.

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

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


AHELES LLP: Creditors Must File Claims by Dec. 15
-------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region entered on Sept. 25 an order placing
LLP Aheles into compulsory liquidation.

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

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


ATYRAUBROODMASTER LLP: Atyrau Court Starts Bankruptcy Procedure
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
commenced bankruptcy proceedings against LLP Atyraubroodmaster
on Oct. 5.


BEREG LLP: Proof of Claim Deadline Slated for Dec. 15
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared LLP Bereg insolvent on Sept. 20.

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

         LLP Bereg
         Altynsarin Str. 31
         Aktobe
         Aktube Region
         Kazakhstan
         Tel: 8 (3132) 21-30-32


DILARA LLP: Proof of Claim Deadline Slated for Dec. 15
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Firm Dilara insolvent on Oct. 6.

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

         LLP Dilara
         Office 523
         Maulenov Str. 92
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-65-03
              8 (7017) 52-71-62


DINAL SALES: Claims Registration Ends Dec. 15
---------------------------------------------
LLP Dinal Sales and Distribution Company has declared
insolvency.  Creditors have until Dec. 15 to submit written
proofs of claim to:

         LLP Dinal Sales and Distribution Company
         Tole bi Str.176b
         Taraz
         Jambyl Region
         Kazakhstan


DIT OIL: Claims Registration Ends Dec. 15
-----------------------------------------
LLP Dit Oil has declared insolvency.  Creditors have until
Dec. 15 to submit written proofs of claim to:

         LLP Dit Oil
         Micro District 23, 100a
         Aktau
         Mangistau Region
         Kazakhstan
         Tel: 8 (2392) 42-82-24


DOW INTERNATIONAL: Creditors' Claims Due Dec. 15
------------------------------------------------
LLP Dow International has declared insolvency.  Creditors have
until Dec. 15 to submit written proofs of claim to:

         LLP Dow International
         Micro District 4, 19-89
         Almaty, Kazakhstan


KABIKOV & K: Court Opens Bankruptcy Proceedings
-----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region entered on Sept. 25 an order placing
LLP Kabikov & K into compulsory liquidation.

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

         LLP Kabikov & K
         Sutushev Str. 58
         Petropavlovsk
         North Kazakhstan Region
         Tel: 8 (3152) 46-46-26
         Fax: 8 (3152) 46-35-83


PULSAR LEASING: Claims Filing Period Ends Dec. 15
-------------------------------------------------
LLP Pulsar Leasing has declared insolvency.  Creditors have
until Dec. 15 to submit written proofs of claim to:

         LLP Pulsar Leasing
         Micro District 2, 55b
         Almaty, Kazakhstan


STARSTROY LLP: Court Commences Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Construction Company Starstroy.  

The company is located at:

         LLP Starstroy
         1st km
         Tashkentskoye High Road
         Shymkent
         South Kazakhstan Region
         Kazakhstan


TABYS LLP: Creditors Must File Claims by Dec. 15
------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Tabys insolvent on Oct. 2.  
Subsequently, bankruptcy proceedings were introduced at the
company.

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

         LLP Tabys
         Floor 3
         Sutushev Str.58
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


TRAILER-FOOD LLP: Claims Registration Ends Dec. 15
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Trailer-Food insolvent on Oct. 6.

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

         LLP Trailer-Food
         Office 523
         Maulenov Str. 92
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-65-03
              8 (7017) 52-71-62


UJGRANDSTROY: Creditors' Claims Due Dec. 15
-------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region LLP Kazakh-Uzbek Joint Construction Company
Ujgrandstroy declared insolvent on Aug. 11.  Subsequently,
bankruptcy proceedings were introduced at the company.

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

Inquiries can be addressed to 8 (7014) 82-06-47


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


EXPRESS LLC: Creditors' Meeting Slated for Dec. 5
-------------------------------------------------
Creditors of LLC Express will convene at 10:00 a.m. on Dec. 5
at:

         Room 108
         Moskovskaya Str. 151
         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.

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

The Temporary Insolvency Manager is:

         Mr. Zamirbek Toyaliev
         Tel: (+996 312) 21-67-25
              (+996 312) 55-04-63
              (0-502) 54-57-76


KYZYL-KIA LLC: Creditors' Meeting Slated for Dec. 7
---------------------------------------------------
Creditors of LLC Kyzyl-Kia will convene at 10:00 a.m. on Dec. 7
at:

         Asanalieva Str. 1
         Kyzyl-Kia
         Batken Region
         Kyrgyzstan

The Inter-District Court of Batken Region for Economic Issues
declared LLC Kyzyl-Kia insolvent on May 15.  Subsequently,
bankruptcy proceedings were introduced at the company.

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.

The Temporary Insolvency Manager is:

         Mr. Nazarbek Kalmurzaev          
         Tel: (+996 3657) 2-23-07


KONUSH LLC: Creditors' Meeting Scheduled for Dec. 7
---------------------------------------------------
Creditors of LLC Konush will convene at 10:00 a.m. on Dec. 7 at:

         Asanalieva Str. 1
         Kyzyl-Kia
         Batken Region
         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.

The Inter-District Court of Batken Region for Economic Issues
declared LLC Konush insolvent on May 15.  Subsequently,
bankruptcy proceedings were introduced at the company.

The Temporary Insolvency Manager is:

         Mr. Nazarbek Kalmurzaev
         Tel: (+996 3657) 2-23-07


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


ALFA BANK: Ranks Best Among Most Valuable Russian Bank Brands
-------------------------------------------------------------
Interbrand Zintzmeyer & Lux AG and BusinessWeek Russia -- which
conducted a rating of the most valuable brands in Russia -- has
rated Alfa Bank first among banks with an overall ranking of
eleventh among the 200 most prominent national companies
operating in different branches of the economy.

Interbrand Zintzmeyer & Lux AG noted that the rating of Russian
companies was a specific tool for measuring their transparency.
When creating this year's list of top brands, their experts
applied these principles:

   -- new evaluation of brands, and
   -- monitoring of the top five brands in each industry.

According to the experts, Alfa-Bank's brand value increased by
6.4% and amounted to RUR10.42 billion.

Interbrand Zintzmeyer & Lux AG is a member of Interbrand Group,
a consulting company specializing in the creation, management
and appraisal of brands.

                         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.


TNK-BP HOLDING: To Cut Numbers of Idle Wells Across Russia
----------------------------------------------------------
OAO TNK-BP Holding's Executive Director German Khan and Chief
Operating Officer Tim Summers, met with Russian Federation
Minister of Natural Resources Yuri Trutnev.

The executives briefed the ministry on the current situation
with idle wells.  Specifically, they discussed the significant
legacy of idle wells, inherited by TNK-BP, and informed the
Minister about the comprehensive idle well stock reduction
program which is currently being implemented across TNK-BP.

TNK-BP is currently developing 143 fields, and the total stock
of producing wells is 21,229.  In 2006, the stock of idle wells
was 8,362 (39% of the total number of development wells), with
eight key fields accounting for 82% of idle wells.

TNK-BP advised the Ministry that since the company's formation
it had drilled some 1200 new wells and already reactivated some
4,500 previously idle wells.

Presenting the future idle well stock reduction program TNK-BP
said that already in 2007 the company plans to perform about
2,000 well work over jobs, abandon 360 wells which have either
been fully exhausted or are unusable, and reduce the number of
wells annually made inactive by 350.

The program is designed for the period up to 2011 and has been
agreed with the Ministry of Natural Resources.  Total investment
under the program will reach US$2.2 billion, which will be used
to perform 11,000 wellwork jobs on idle wells.  Some US$611
million of this amount will be invested in 2007.

In the first 10 months of 2006 the Company has further reduced
the total number of TNK-BP idle wells by 266 (from 39.4% to
36.9% of the total number of development wells).

By the end of 2007 TNK-BP plans to bring this figure down to
31%, and by 2009 -- to 20% or less. This is average of the idle
well targets across all TNK-BP's field development
documentation.

                          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.


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


ERICO INT'L: Parent Inks US$675 Million Recapitalization Deal
-------------------------------------------------------------
The ultimate parent company of ERICO International Corp.,
ERICO Global Co., and an affiliate of Court Square Capital
Partners II, L.P., Citigroup Venture Capital Equity Partners,
L.P., have reached an agreement in principle to undertake a
recapitalization whereby Global will repurchase all of the
Global shares held by Global's majority shareholder, Citigroup
Venture Capital Equity Partners, L.P., and certain of its
affiliates, and potentially certain management shareholders of
the Company.  The transaction sets the enterprise value for
Global at US$675 million.

Headquartered in Solon, Ohio, Erico International Corp.  --
http://www.erico.com/-- designs, manufactures and markets  
precision-engineered specialty metal products serving markets in
a diverse range of electrical, commercial and industrial
construction, utility and rail applications.  The company
maintains offices worldwide including Belgium, Denmark, France,
Poland, Sweden, Norway, Spain, the United Kingdom, among others.

                         *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector in September 2006,
the rating agency affirmed its B1 Corporate Family Rating for
Erico International Corp., as well as revised the rating on the
company's US$141 million 8.875% senior subordinate notes due
2012 to B2 from B3.  Those notes were assigned an LGD5 rating
suggesting that noteholders will experience a 74% loss in the
event of a default

In June 2006, Standard & Poor's Ratings Services raised its
ratings on ERICO International Corp., including the corporate
credit rating to 'BB-' from 'B+'.  S&P said the outlook is
stable.


ERICO INT'L: Recapitalization Plan Spurs S&P's Watch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
ERICO International Corp., including its 'BB-' corporate credit
rating, on CreditWatch with negative implications.
      
"The CreditWatch listing follows ERICO's announced plans to
recapitalize the company in a transaction valued at
approximately US$675 million, which could result in an increase
in debt leverage beyond the expectations at the current rating,"
said Standard & Poor's analyst Anita Ogbara.

ERICO is principally owned by Citigroup Venture Capital Partners
L.P. and management.  Citigroup Venture Capital has reached an
agreement in principal to complete a leveraged recapitalization
of the company whereby ERICO will repurchase all of its shares
held by Citigroup Venture Capital and certain management
shareholders.
     
Standard & Poor's will monitor events and assess the impact of
any recapitalization plans proposed.  Higher debt leverage or
decrease in cash flow protection measures could lead to a
downgrade.


NETIA SA: Earns PLN17.8 Million in Third Quarter 2006
-----------------------------------------------------
Netia SA released its unaudited consolidated financial results
for the third quarter and nine months ended Sept. 30, 2006.

The Company reported a PLN17.8 million net profit on
PLN230.5 million of net revenues for the three-month period
ended Sept. 30, 2006, compared with a PLN22.8 million net profit
on PLN230.7 million of net revenues for the three-month period
ended Sept. 30, 2005.

The Company posted a PLN5.5 million net loss on PLN652.2 million
of net revenues for the nine-month period ended Sept. 30, 2006,
compared with a PLN71.3 million net profit on net revenues of
PLN671.6 million for the same period in 2005.

At Sept. 30, 2006, the Company's interim condensed consolidated
balance sheet showed PLN2.5 billion in total assets,
PLN204.9 million in total liabilities and PLN2.3 billion in
shareholders' equity.

Pawel Karlowski, Netia's Acting President and CEO, commented:
"In the third quarter of 2006, Netia was once again faced with a
rapidly changing operating environment, however we are pleased
to announce that we were still able to meet revenue expectations
and achieve sequential growth.  Direct voice revenues were  
stabilized and we consequently grew products other than direct
voice, which now account for 55% of total revenues.  This
includes the contribution from Pro Futuro, which we integrated
into Netia's results in the third quarter of this year."

"Netia is well positioned to take advantage of the new
opportunities created by the dynamic regulatory environment.
We have recently seen decisions that have opened the door for
bitstream access, wholesale line rental and local loop
unbundling.  Netia has already signed a bitstream access
agreement with TP and is preparing for the launch of
ADSL services to TP clients this December.  As a result of the
current pace of regulatory change, Netia has modified its plans
for WiMAX roll-out in 2006 in order to reallocate capital to
support bitstream and other new types of access made available
by the regulator.  The targeted number of WiMAX base stations to
be installed this year has been reduced from 80 to 50, with 25
base stations currently up and running.  WiMAX has performed
satisfactorily in extended commercial trials and Netia remains
committed to its further development as part of a balanced
portfolio of access technologies to be used to effectively
provide customers with value-added broadband services."

"Our affiliated company P4 reached another milestone, securing
vendor financing for its UMTS network deployment of
EUR150 million.  The financing, together with the equity
committed by P4's shareholders, provide the mobile venture with
the resources to build its own infrastructure in Poland's
largest cities and to launch its mobile services as planned. On
the other hand, it was disappointing but unavoidable to delay
P4's commercial launch until 2007 due to excessive delays in
obtaining the environmental permits necessary to build its
network and we continue to work hard together with P4 management
to find solutions to this situation.  P4's launch of commercial
services and completion of its network are essential for Netia
to achieve one of its key investment objectives: to tap into
P4's mobile products and services and market them to Netia's own
customer base.  We expect that, once network roll-out issues
have been resolved, P4 will make a major impact on the  
competitiveness of the Polish mobile market during 2007."

"Finally, Netia management is working with its supervisory board
to finalize the business strategy for the upcoming five years
(2007-2011).  This strategy will take into account the new
opportunities presented by accelerated changes within the
regulatory environment, as well as the challenges faced in our
current core activities.  We expect to announce the new strategy
within the next few weeks and look forward to presenting our new
plans to further cement Netia's position as Poland's leading
alternative telecommunications provider."

Jon Eastick, Netia's Chief Financial Officer, commented: "As
expected, in the third quarter of 2006 Netia returned to
sequential growth with stable quarter-on-quarter direct voice
revenues underpinning progress in data, wholesale and
interconnection services and the first revenue contribution of
PLN11.4 million from new acquisition of ProFuturo."

"We remain on track to meet our previous revenue guidance for
2006 of PLN870-895 million.  Continued margin pressure, however,
results in a need to lower adjusted EBITDA margin guidance to
24% - 25% for the full year."

"We are focusing on various measures to reduce costs in our core
business as we adjust to greater reliance on lower margin
services in our product mix, thereby maximizing free cash flows
to be invested in new opportunities to grow our business access
solutions such as WiMAX and bitstream access."

"Financial performance during the first nine months of 2006 has
been below previously planned levels and the Netia group has
been unable to consistently record an operating profit due, in
part, to the burden of depreciating legacy investments in non-
current assets, which total PLN2.2 billion.  We are expecting to
finish our new long-term plans in the coming weeks and will then
also run an impairment test on the value of our existing assets.
This may lead to a material impairment of those assets being
recorded in the fourth quarter of 2006, but at this time we are
unable to actually estimate the size of any of such adjustment."

"Netia's financial position remains strong with PLN160.8 million
in cash and money market funds deposits available at the end of
the third quarter.  This has recently been supplemented with
PLN200 million of overdraft and back-up credit facilities.  
These facilities provide Netia with short-term operational
flexibility and are the first step towards securing the funding
necessary to exploit new opportunities opening up in our market
place."

"It was particularly pleasing to see P4 close its EUR150 million
financing from China Development Bank, thereby enabling the
company to progress with building its UMTS network with Huawei
equipment.  Netia's contribution to the loan's security package
consisted of guarantees limited to EUR27 million.  The fact that
P4 was able to raise nonrecourse financing at this early stage
of its development reflects the exciting prospects for Poland's
fourth mobile operator and for Netia to achieve its strategic
objectives from its relationships with P4."

A full-text copy of the Company's Quarterly Report is available
for free at http://ResearchArchives.com/t/s?1534

Headquartered in Warsaw, Poland, Netia S.A. (WSE: NET)
(B+/Stable/) -- http://netia.pl/-- is an alternative fixed-line  
telecommunications operator in Poland.  It operates on the basis
of its own, state-of-the-art fiber-optic backbone network that
connects the largest Polish cities as well as its local access
networks.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.


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


FERRO CORP: Files Delinquent 2005 Financial Reports
---------------------------------------------------
Ferro Corporation has now submitted its 2005 reports on Form
10-Q for the quarters ending March 31, June 30 and Sept. 30,
2005, to the U.S. Securities and Exchange Commission.

The Company's Statement of Operations showed:

                               For the period ended
                ------------------------------------------------
                     Quarter        Quarter      Quarter   
                     03/31/06       06/30/06     09/30/06  
                   -----------     ---------    ----------
Revenue           US$461,674,000  US$496,626,000  US$466,116,000

Net (Loss)            ($65,000)    ($154,000)  ($6,850,000)

The Company's Balance Sheet showed:

                               For the period ended
                 -----------------------------------------------
                       Quarter        Quarter           Quarter
                      03/31/06       06/30/06          09/30/06
                      --------       --------          --------
Current Assets    US$640,453,000    US$643,089,000     
US$626,011,000

Total Assets    US$1,740,891,000  US$1,719,239,000   
US$1,698,818,000

Current
Liabilities       US$402,457,000    US$383,856,000     
US$375,031,000

Total
Liabilities     US$1,213,911,000  US$1,207,523,000   
US$1,186,508,000

Total
Stockholders'
Equity (Deficit) ($504,923,000)  ($490,310,000)   ($491,377,000)

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

   First quarter ended
   March 31, 2005         http://researcharchives.com/t/s?1522

   Second quarter ended
   June 30, 2006          http://researcharchives.com/t/s?1523

   Third quarter ended
   Sept. 30, 2006         http://researcharchives.com/t/s?1524

With the completion of the 2005 financial filings, the Company
will then focus on the completion of its Form 10-Q filings for
the first three quarters of 2006, and expects to file these
reports with the SEC by the end of 2006.

                       About Ferro Corp

Headquartered in Cleveland, Ohio, Ferro Corporation --
http://www.ferro.com/-- supplies technology-based performance  
materials for manufacturers.  Ferro materials enhance the
performance of products in a variety of end markets, including
electronics, telecommunications, pharmaceuticals, building and
renovation, appliances, automotive, household furnishings, and
industrial products.  The Company has approximately 6,800
employees globally including Belgium, France, Germany, Italy,
the Netherlands, Portugal, Spain, and the United Kingdom.

                         *     *     *

Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remains on CreditWatch with negative implications, where they
were placed Nov. 18, 2005.


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


ALFA BANK: Ranks Best Among Most Valuable Russian Bank Brands
-------------------------------------------------------------
Interbrand Zintzmeyer & Lux AG and BusinessWeek Russia -- which
conducted a rating of the most valuable brands in Russia -- has
rated Alfa Bank first among banks with an overall ranking of
eleventh among the 200 most prominent national companies
operating in different branches of the economy.

Interbrand Zintzmeyer & Lux AG noted that the rating of Russian
companies was a specific tool for measuring their transparency.
When creating this year's list of top brands, their experts
applied these principles:

   -- new evaluation of brands, and
   -- monitoring of the top five brands in each industry.

According to the experts, Alfa-Bank's brand value increased by
6.4% and amounted to RUR10.42 billion.

Interbrand Zintzmeyer & Lux AG is a member of Interbrand Group,
a consulting company specializing in the creation, management
and appraisal of brands.

                         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.


AK TRANSNEFT: Govt. Influence Review Spurs S&P's Watch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services placed seven Russia-based
government-related entities in the energy, transport, and
financial sectors on CreditWatch with positive implications
following a review of government influence on GREs in Russia.

The seven government-related entities include:

   -- Federal Grid Co. of the Unified Energy System,
   -- OAO Gazprom,
   -- Gazprombank,
   -- OJSC Oil Company Rosneft,
   -- Russian Bank for Development,
   -- Russian Railways (JSC), and
   -- OAO AK Transneft.
     
The CreditWatch listings will be resolved over the next several
weeks following reviews of the risks and benefits of links to
the Russian Federation, as well as other relevant credit quality
factors.  

The Russian government has been proactive in strengthening the
position of a number of GREs, resulting in some having gained
potential benefits and privileged positions.  The relative
benefits of government influence vary among GREs in Russia based
on their economic, social, and political roles, and the extent
to which they are expected to enjoy a favorable legal,
regulatory, and investment environment and access to
extraordinary support in the event of distress.  
     
"Russia has always been a dynamic and complex balance of both
positive and negative government influences," said Standard &
Poor's managing director corporate and government ratings Rob
Richards.  "The balance has been tipping in favor of large,
strategic state firms, which has already been reflected in a
number of individual rating adjustments."
     
"As such, a comprehensive review was warranted to assure
consistent application in all sectors of our GRE criteria," said
Blaise Ganguin, Standard & Poor's chief credit officer for
Europe.
     
Political, legal, and economic risks remain significant in
Russia, and state, GRE, and creditor interests are not always
completely aligned.  Nevertheless, oil and gas windfalls have
rapidly and substantially strengthened the fiscal position of
the government, while at the same time government attitudes and
actions are increasingly favoring GREs.
     
Resolution of the individual CreditWatch placements could result
in individual rating upgrades of between one and three notches.
Although other GREs in Russia could also benefit from current
trends in time, only the ratings on these seven entities are
likely to be revised in the near term.
     
                         Ratings List

                     To                    From
                     --                    ----

* Federal Grid Co. of the Unified Energy System
     Corporate credit rating
                     B+/Watch Pos/--       B+/Positive/--
     Russia national scale rating
                     ruA+/Watch Pos        ruA+

* OAO Gazprom
     Corporate credit rating
                     BBB-/Watch Pos/--     BBB-/Stable/--

* Gazprombank
     Counterparty credit rating
                     BB+/Watch Pos/B       BB+/Stable/B
     Russia national scale rating
                     ruAA+/Watch Pos       ruAA+

* OJSC Oil Company Rosneft
     Corporate credit rating
                     BB/Watch Pos/--       BB/Stable/--

* Russian Bank for Development
     Issuer credit rating
                     BBB/Watch Pos/A-3     BBB/Stable/A-3

* Russian Railways (JSC)
     Corporate credit rating
                     BBB-/Watch Pos/--     BBB-/Stable/--
     Russia national scale rating
                     ruAA+/Watch Pos       ruAA+

* OAO AK Transneft
     Corporate credit rating
                     BB+/Watch Pos/--      BB+/Stable/--

N.B. This list does not include all ratings affected.


CHAYKA CJSC: Bankruptcy Hearing Slated for February 20
------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
will convene on Feb. 20, 2007, to hear the bankruptcy
supervision procedure on CJSC Chayka.  The case is docketed
under Case No. A56-18510/05.

The Temporary Insolvency Manager is:

         P. Zimin
         Zavodskoy Pr. 48-62
         Kolpino
         196657 St. Petersburg Region
         Russia

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Chayka
         Shkolnaya Str. 27
         Sovetskiy
         Vyborgskiy Region
         188918 Leningrad Region
         Russia


DYURTYULINSKOYE MIXED: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
bankruptcy supervision procedure on OJSC Dyurtyulinskoye Mixed
Fodder Enterprise.  The case is docketed under Case No.
A07-18644/06-G-GRA.

The Temporary Insolvency Manager is:

         N. Muttalapov
         Post User Box 1193
         Main Post Office
         Ufa
         450000 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Dyurtyulinskoye Mixed Fodder Enterprise
         Internatsionalnaya Str. 4/1
         Dyurtyuli
         Bashkortostan Republic
         Russia


ERTILSKAYA OIL: Court Names A. Kuznetsov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. A.
Kuznetsov as Insolvency Manager for CJSC Ertilskaya Oil Base.  
He can be reached at:

         A. Kuznetsov
         Apartment 1
         Proletarskaya Str. 10
         Anna
         396250 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-9629-2006 204/206.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         CJSC Ertilskaya Oil Base
         Chapaeva Str. 1
         Ertil
         Voronezh Region
         Russia


FEDERAL GRID: S&P Puts B+ Rating on CreditWatch Positive
--------------------------------------------------------
Standard & Poor's Ratings Services placed seven Russia-based
government-related entities in the energy, transport, and
financial sectors on CreditWatch with positive implications
following a review of government influence on GREs in Russia.

The seven government-related entities include:

   -- Federal Grid Co. of the Unified Energy System,
   -- OAO Gazprom,
   -- Gazprombank,
   -- OJSC Oil Company Rosneft,
   -- Russian Bank for Development,
   -- Russian Railways (JSC), and
   -- OAO AK Transneft.
     
The CreditWatch listings will be resolved over the next several
weeks following reviews of the risks and benefits of links to
the Russian Federation, as well as other relevant credit quality
factors.  

The Russian government has been proactive in strengthening the
position of a number of GREs, resulting in some having gained
potential benefits and privileged positions.  The relative
benefits of government influence vary among GREs in Russia based
on their economic, social, and political roles, and the extent
to which they are expected to enjoy a favorable legal,
regulatory, and investment environment and access to
extraordinary support in the event of distress.  
     
"Russia has always been a dynamic and complex balance of both
positive and negative government influences," said Standard &
Poor's managing director corporate and government ratings Rob
Richards.  "The balance has been tipping in favor of large,
strategic state firms, which has already been reflected in a
number of individual rating adjustments."
     
"As such, a comprehensive review was warranted to assure
consistent application in all sectors of our GRE criteria," said
Blaise Ganguin, Standard & Poor's chief credit officer for
Europe.
     
Political, legal, and economic risks remain significant in
Russia, and state, GRE, and creditor interests are not always
completely aligned.  Nevertheless, oil and gas windfalls have
rapidly and substantially strengthened the fiscal position of
the government, while at the same time government attitudes and
actions are increasingly favoring GREs.
     
Resolution of the individual CreditWatch placements could result
in individual rating upgrades of between one and three notches.
Although other GREs in Russia could also benefit from current
trends in time, only the ratings on these seven entities are
likely to be revised in the near term.
     
                         Ratings List

                     To                    From
                     --                    ----

* Federal Grid Co. of the Unified Energy System
     Corporate credit rating
                     B+/Watch Pos/--       B+/Positive/--
     Russia national scale rating
                     ruA+/Watch Pos        ruA+

* OAO Gazprom
     Corporate credit rating
                     BBB-/Watch Pos/--     BBB-/Stable/--

* Gazprombank
     Counterparty credit rating
                     BB+/Watch Pos/B       BB+/Stable/B
     Russia national scale rating
                     ruAA+/Watch Pos       ruAA+

* OJSC Oil Company Rosneft
     Corporate credit rating
                     BB/Watch Pos/--       BB/Stable/--

* Russian Bank for Development
     Issuer credit rating
                     BBB/Watch Pos/A-3     BBB/Stable/A-3

* Russian Railways (JSC)
     Corporate credit rating
                     BBB-/Watch Pos/--     BBB-/Stable/--
     Russia national scale rating
                     ruAA+/Watch Pos       ruAA+

* OAO AK Transneft
     Corporate credit rating
                     BB+/Watch Pos/--      BB+/Stable/--

N.B. This list does not include all ratings affected.


GAZPROMBANK: S&P Places BB Rating on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services placed seven Russia-based
government-related entities in the energy, transport, and
financial sectors on CreditWatch with positive implications
following a review of government influence on GREs in Russia.

The seven government-related entities include:

   -- Federal Grid Co. of the Unified Energy System,
   -- OAO Gazprom,
   -- Gazprombank,
   -- OJSC Oil Company Rosneft,
   -- Russian Bank for Development,
   -- Russian Railways (JSC), and
   -- OAO AK Transneft.
     
The CreditWatch listings will be resolved over the next several
weeks following reviews of the risks and benefits of links to
the Russian Federation, as well as other relevant credit quality
factors.  

The Russian government has been proactive in strengthening the
position of a number of GREs, resulting in some having gained
potential benefits and privileged positions.  The relative
benefits of government influence vary among GREs in Russia based
on their economic, social, and political roles, and the extent
to which they are expected to enjoy a favorable legal,
regulatory, and investment environment and access to
extraordinary support in the event of distress.  
     
"Russia has always been a dynamic and complex balance of both
positive and negative government influences," said Standard &
Poor's managing director corporate and government ratings Rob
Richards.  "The balance has been tipping in favor of large,
strategic state firms, which has already been reflected in a
number of individual rating adjustments."
     
"As such, a comprehensive review was warranted to assure
consistent application in all sectors of our GRE criteria," said
Blaise Ganguin, Standard & Poor's chief credit officer for
Europe.
     
Political, legal, and economic risks remain significant in
Russia, and state, GRE, and creditor interests are not always
completely aligned.  Nevertheless, oil and gas windfalls have
rapidly and substantially strengthened the fiscal position of
the government, while at the same time government attitudes and
actions are increasingly favoring GREs.
     
Resolution of the individual CreditWatch placements could result
in individual rating upgrades of between one and three notches.
Although other GREs in Russia could also benefit from current
trends in time, only the ratings on these seven entities are
likely to be revised in the near term.
     
                         Ratings List

                     To                    From
                     --                    ----

* Federal Grid Co. of the Unified Energy System
     Corporate credit rating
                     B+/Watch Pos/--       B+/Positive/--
     Russia national scale rating
                     ruA+/Watch Pos        ruA+

* OAO Gazprom
     Corporate credit rating
                     BBB-/Watch Pos/--     BBB-/Stable/--

* Gazprombank
     Counterparty credit rating
                     BB+/Watch Pos/B       BB+/Stable/B
     Russia national scale rating
                     ruAA+/Watch Pos       ruAA+

* OJSC Oil Company Rosneft
     Corporate credit rating
                     BB/Watch Pos/--       BB/Stable/--

* Russian Bank for Development
     Issuer credit rating
                     BBB/Watch Pos/A-3     BBB/Stable/A-3

* Russian Railways (JSC)
     Corporate credit rating
                     BBB-/Watch Pos/--     BBB-/Stable/--
     Russia national scale rating
                     ruAA+/Watch Pos       ruAA+

* OAO AK Transneft
     Corporate credit rating
                     BB+/Watch Pos/--      BB+/Stable/--

N.B. This list does not include all ratings affected.


GOLDEN TELECOM: Moody's Lifts Corporate Family Rating to Ba3
------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of Golden Telecom Inc. to Ba3 from B2.  The outlook on the
rating is stable.  

A corporate family rating is an opinion of a corporate family's
ability to honor all of its financial obligations and is
assigned to a corporate family as if it had a single class of
debt and a single consolidated legal entity structure.

The upgrade reflects:

   -- the company's strong operational and
      financial performance track record;

   -- improved visibility as regards the company's
      publicly communicated business strategy over the
      medium term combined with clearly communicated
      financial policy and leverage parameters; and

   -- growth momentum in the Russian
      telecommunication sector underpinned by the
      continued macroeconomic improvements and
      ongoing regulatory developments.

At the same time, the Ba3 corporate family rating recognizes the
company's position as an alternative operator with a focus on
the corporate sector in Moscow and St. Petersburg.  The rating
also incorporates the company's strategic move to develop its
services for the SME / SoHo and residential sectors in the
Russian regions as well as execution risk associated with this
strategy.  The company will seek to invest heavily in a number
of projects in 2006 and 2007 thus creating a free cash flow
deficit.

Moody's notes that the cornerstone of the company's growth
strategy is the provision of broadband services including voice,
data and video.  At present the company targets three platforms
to provide broadband services; i.e. Wi-Fi, xDSL, Fibre-to-the-
building (FTTB).  The provision of xDSL is currently achieved
through lease arrangements with local telecom operators whilst
the company is pursuing acquisition of local loop providers
where economically justifiable.  GTI targets to launch its
broadband Wi-Fi service in Moscow in Q1 2007.  Moody's believes
that the execution risk to establish Wi-Fi operations on a broad
commercial basis is relatively high.

Also in Q1 2007, the company plans to launch its DLD / ILD
service through its Federal Transit Network (FTN).  The
long-distance service provision will be implemented based on a
recently introduced interconnect rules and tariffs with local
incumbent operators thus creating some near term uncertainty as
regards the service uptake and billing arrangements.  GTI will
compete with a number of other operators for the provision of
long-distance services such as Rostelecom and MTT.  Furthermore,
Moody's notes that Vimpel-Communication Open Joint Stock Company
(rated Ba3 / Positive outlook), which currently uses GTI's
carrier services, also has a license for the provision of long-
distance services.

Moody's also notes that the company will seek to implement
fixed-to-mobile convergence project in Ukraine and to lay FTTB
in selected cities.  In Moody's view these projects carry
substantial business and execution risk over the medium term.

The Ba3 rating takes into account the company's anticipated debt
incurrence up to US$200 million to finance its ongoing
development and to pursue bolt-on acquisitions.  Moody's notes
that the company is likely to be free cash flow negative in 2006
and 2007.  The anticipated free cash flow deficit includes
continued dividend distribution.  The Ba3 rating does not factor
in any material increase in dividends than currently assumed.
Furthermore, in terms of leverage parameters the rating is based
on the assumption that the company will adhere to the maximum
Total Debt to EBITDA ratio of 1.8x.

The stable outlook relies on Moody's expectations that the
company will continue to finance its capital expenditure mostly
from internally generated cash flow and will actively manage its
liquidity to cover its free cash flow deficit.  The outlook also
reflects some uncertainty associated with execution risk of the
company's projects in the near term such as Wi-Fi and FTN as
well as the company's focus to develop its SME / SoHo and
residential businesses.  The rating is currently constrained by
the company's size and its position as an alternative operator.

              What Could Change the Rating -- Up

   -- reduction of execution risk of the company's
      business plan manifested in a successful launch
      of its near term projects;

   -- an increase in revenue and EBITDA in absolute terms
      as well as positive free cash flow generation; and

   -- adherence to the conservative financial policy
      not exceeding 1.8x Total Debt to EBITDA.

              What Could Change the Rating -- Down

   -- material "cash burn" on new and existing projects; and

   -- an increase in debt over 2.0x Total Debt to EBITDA
      as defined by the company.

Golden Telecom is a facilities-based alternative telecom
provider in Russia and Ukraine with a focus on corporate
business.  In Q3 2006, the company generated US$228.7 million in
revenue and US$63.1 million in EBITDA.


GRACHEVSKIY DIARY: Court Names T. Shumskaya to Manage Assets
------------------------------------------------------------
The Arbitration Court of Orenburg Region appointed Ms. T.
Shumskaya as Insolvency Manager for OJSC Grachevskiy Diary.  She
can be reached at:

         T. Shumskaya
         Post User Box 1515
         460001 Orenburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A47-1510/06-14GK.

The Arbitration Court of Orenburg Region is located at:

         9th January Str. 64
         460046 Orenburg Region
         Russia

The Debtor can be reached at:

         OJSC Grachevskiy Diary
         Grachevka
         Grachevskiy Region
         461800 Orenburg Region
         Russia


GRAIN-PRODUCT-SERVICE-M: Court Names I. Gorn to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. I. Gorn as
Insolvency Manager for CJSC Grain-Product-Service-M.  He can be
reached at:

         I. Gorn
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-45259/06-95-989B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Grain-Product-Service-M
         Building 6
         Basmannaya N. Str. 29
         Moscow Region
         Russia


KHOLOD-MASH OJSC: External Court Starts Reorganization Process
--------------------------------------------------------------
The Arbitration Court of Yaroslavl Region commenced external
management bankruptcy procedure on OJSC Kholod-Mash.  The case
is docketed as under Case No. A82-17100/05-3-B/71.

The External Insolvency Manager is:

         E. Ryndenko
         Post User Box 13
         152930 Rybinsk Region
         Russia

The Debtor can be reached at:

         OJSC Kholod-Mash
         Gromova Str. 9
         150061 Yaroslavl Region
         Russia


LUKOIL OAO: Commissions Automatic Loading Station at Uhta Site
--------------------------------------------------------------
Vagit Alekperov, LUKOIL President, and Vladimir Torlopov, Head
of the Komi Republic, took part in the ceremony of commissioning
a station of automatic loading at the LUKOIL-
Uhtaneftepererabotka Refinery.

The new automatic complex ensures a high efficiency of loading
tank trucks with petrochemicals, the exact control and
registration of the shipped oil products, reduction of
environmental discharge.

The renovated receiving terminal has 2,400 cubic meters of
volume and retains petrochemicals stock for several days.

Capital investments in the project exceeded RUR178 billion.

The new station is located beyond the water protection zone of
the Uhta River and fully complies with the rules and regulations
of the industrial and environmental safety.

The automatic loading station is a part of the integrated
program for the reconstruction and renovation of the plant,
which also involves implementation of vis-breaking and
isomerization process.

The Uhta Refinery was commissioned in 1934 and has been a part
of the Lukoil Group since October 1999.  In 2005 the Refinery's
yield of light products was 39,6%, refining depth -- 71,4%, and
the volume of refined oil totaled 3.4 billion tons.

The production of environmentally safe diesel fuel started in
2003, its current share in the total diesel fuel output is
80.7%, and starting from 2005, LUKOIL-Uhtaneftepererabotka
produces diesel fuel matching EN-590.

                       About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX,
RTS: LKOH) -- http://www.lukoil.com/-- explores and produces  
oil & gas, petroleum products and petrochemicals, and markets
the outputs.  Most of the Company's exploration and production
activity is located in Russia, and its main resource base is in
Western Siberia.

                        *     *     *

As reported in the TCR-Europe on July 12, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Lukoil OAO to 'BB+' from 'BB'.  S&P said the outlook is
positive.


LUKOIL OAO: Approves Non-Fuel Business Development Program
----------------------------------------------------------
OAO Lukoil Management Committee approved the Program of retail
sales development of non-fuel-related goods and services of
Russian marketing subdivisions up to 2014.

Among other things, the program provides for an increase of the
non-fuel-related products turnover by 4,8 times, which will
expectedly make RUR9.4 billion by 2014.

The share of non-fuel-related products and services in the
operating income of the Company's fuel stations will reach 12%
by 2014.

From 2003, the volume of trade of non-fuel-related goods of
Lukoil fuel stations in Russia grew by more than two times and
is estimated to exceed EUR2.5 billion in 2006.  Current share of
profits on non-fuel-related goods sales is 5.5% of retail sales.

In the course of the Program implementation, the Company will
introduce new efficient fuel stations layouts in cities, on the
roads and in the country, and also will develop the range of
products in shops and cafes and will optimize set of additional
services at the fuel stations.

Development of non-fuel related types of business at a new level
of quality is an important factor for LUKOIL brand name
positioning as a client-oriented company of a European level.

                       About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX,
RTS: LKOH) -- http://www.lukoil.com/-- explores and produces  
oil & gas, petroleum products and petrochemicals, and markets
the outputs.  Most of the Company's exploration and production
activity is located in Russia, and its main resource base is in
Western Siberia.

                        *     *     *

As reported in the TCR-Europe on July 12, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Lukoil OAO to 'BB+' from 'BB'.  S&P said the outlook is
positive.



MASHINOSTROITEL: Court Names A. Sherykhanov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. A.
Sherykhanov as Insolvency Manager for OJSC Voskresenskiy Factory
Mashinostroitel.  He can be reached at:

         A. Sherykhanov
         Post User Box 85
         Lenina Str. 26A
         Krasnogorsk-9
         143409 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-14340/05.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Voskresenskiy Factory Mashinostroitel
         Garazhnaya Str. 1
         Voskresensk
         140200 Moscow region
         Russia


PYELDINSKAYA: Komi Court Names A. Parollo as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Komi Republic appointed Mr. A. Parollo
as Insolvency Manager for Municipal Unitary Enterprise
Agricultural Enterprise Pyeldinskaya.  He can be reached at:

         A. Parollo
         Post User Box 528
         Syktyvkar
         167016 Komi Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A29-5192/06-3B.

The Arbitration Court of Komi Republic is located at:

         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar Region
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Agricultural Enterprise
         Pyeldinskaya
         Pyeldino
         Sysolskiy Region
         Komi Republic
         Russia


ROSNEFT OJSC: S&P Puts BB Rating on CreditWatch Positive
--------------------------------------------------------
Standard & Poor's Ratings Services placed seven Russia-based
government-related entities in the energy, transport, and
financial sectors on CreditWatch with positive implications
following a review of government influence on GREs in Russia.

The seven government-related entities include:

   -- Federal Grid Co. of the Unified Energy System,
   -- OAO Gazprom,
   -- Gazprombank,
   -- OJSC Oil Company Rosneft,
   -- Russian Bank for Development,
   -- Russian Railways (JSC), and
   -- OAO AK Transneft.
     
The CreditWatch listings will be resolved over the next several
weeks following reviews of the risks and benefits of links to
the Russian Federation, as well as other relevant credit quality
factors.  

The Russian government has been proactive in strengthening the
position of a number of GREs, resulting in some having gained
potential benefits and privileged positions.  The relative
benefits of government influence vary among GREs in Russia based
on their economic, social, and political roles, and the extent
to which they are expected to enjoy a favorable legal,
regulatory, and investment environment and access to
extraordinary support in the event of distress.  
     
"Russia has always been a dynamic and complex balance of both
positive and negative government influences," said Standard &
Poor's managing director corporate and government ratings Rob
Richards.  "The balance has been tipping in favor of large,
strategic state firms, which has already been reflected in a
number of individual rating adjustments."
     
"As such, a comprehensive review was warranted to assure
consistent application in all sectors of our GRE criteria," said
Blaise Ganguin, Standard & Poor's chief credit officer for
Europe.
     
Political, legal, and economic risks remain significant in
Russia, and state, GRE, and creditor interests are not always
completely aligned.  Nevertheless, oil and gas windfalls have
rapidly and substantially strengthened the fiscal position of
the government, while at the same time government attitudes and
actions are increasingly favoring GREs.
     
Resolution of the individual CreditWatch placements could result
in individual rating upgrades of between one and three notches.
Although other GREs in Russia could also benefit from current
trends in time, only the ratings on these seven entities are
likely to be revised in the near term.
     
                         Ratings List

                     To                    From
                     --                    ----

* Federal Grid Co. of the Unified Energy System
     Corporate credit rating
                     B+/Watch Pos/--       B+/Positive/--
     Russia national scale rating
                     ruA+/Watch Pos        ruA+

* OAO Gazprom
     Corporate credit rating
                     BBB-/Watch Pos/--     BBB-/Stable/--

* Gazprombank
     Counterparty credit rating
                     BB+/Watch Pos/B       BB+/Stable/B
     Russia national scale rating
                     ruAA+/Watch Pos       ruAA+

* OJSC Oil Company Rosneft
     Corporate credit rating
                     BB/Watch Pos/--       BB/Stable/--

* Russian Bank for Development
     Issuer credit rating
                     BBB/Watch Pos/A-3     BBB/Stable/A-3

* Russian Railways (JSC)
     Corporate credit rating
                     BBB-/Watch Pos/--     BBB-/Stable/--
     Russia national scale rating
                     ruAA+/Watch Pos       ruAA+

* OAO AK Transneft
     Corporate credit rating
                     BB+/Watch Pos/--      BB+/Stable/--

N.B. This list does not include all ratings affected.


RUSSIAN LEASING: Moscow Bankruptcy Hearing Slated for March 6
-------------------------------------------------------------
The Arbitration Court of Moscow region will convene at 2:30 p.m.
on Mar. 6, 2007, to hear the bankruptcy supervision procedure on
LLC Russian Leasing Company.  The case is docketed under Case
No. A40-58441/06-73-1109B.

The Temporary Insolvency Manager is:

         D. Ryndenko
         Post User Box 13
         152930 Rybinsk Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         LLC Russian Leasing Company
         Building 1
         Dmitrovskoye Shosse 107
         127247 Moscow Region
         Russia


SAPOZHKOVSKIY MECHANICAL: Names A. Androsov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Ryazan Region appointed Mr. A. Androsov
as Insolvency Manager for OJSC Sapozhkovskiy Mechanical Factory.   
He can be reached at:

         A. Androsov
         Post User Box 269
         390039 Ryazan Region
         Russia
         Tel/Fax: (4912) 24-60-73

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-1341/2006-S6.

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         OJSC Sapozhkovskiy Mechanical Factory
         Svobody Str. 4
         Sapozhok
         391940 Ryazan Region
         Russia


SIBIRSKIY ELECTRODE: Names V. Trostonetskaya to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Ms. V.
Trostonetskaya as Insolvency Manager for OJSC Sibirskiy
Electrode Factory (TIN 5441104115, OGRN 1025405019991).  She can
be reached at:

         V. Trostonetskaya
         Post User Box 69
         630004 Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 45-8364/06-436.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Sibirskiy Electrode Factory
         Pushkina Str. 8
         Chistoozernoye
         Chistoozernyj Region
         632720 Novosibirsk Region
         Russia


SOUTH URAL: Court Names V. Yusov as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Chelybinsk Region appointed Mr. V.
Yusov as Insolvency Manager for OJSC South Ural.  He can be
reached at:

         V. Yusov
         Post User Box 6426
         454071 Chelybinsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-7215/06-55-47.

The Debtor can be reached at:

         OJSC South Ural
         Molodyezhnaya Str.
         Kidysh
         456432 Chelybinsk Region
         Russia


TATNEFT OAO: Earns RUR17.92 Billion for First Half 2006
-------------------------------------------------------
OAO Tatneft has filed its annual report on Form 20-F for 2005 --
incorporating, inter alia, the Company's audited consolidated
financial statements for 2005 prepared in accordance with U.S.
generally accepted accounting principles -- with the U.S.
Securities and Exchange Commission.

At the same time, the Company published its unaudited interim
consolidated U.S. GAAP financial statements for the six months
ended June 30, 2006.

Tatneft posted RUR28.24 billion in net profit against RUR300.36
billion in revenues for the year ended Dec. 31, 2005, compared
with RUR23.41 billion in net profit against RUR206.78 billion in
revenues for the same period in 2004.

Tatneft posted RUR17.92 billion in net profit against RUR160.85
billion in revenues for the six months ended June 30, 2006,
compared with RUR15.8 billion in net profit against RUR138.82
billion in revenues for the same period in 2005.

As of June 30, 2006, Tatneft had RUR303.59 billion in total
assets, RUR83.06 billion in total liabilities, and RUR216.71
billion in total shareholders' equity.

                          About Tatneft

Headquartered in Tatartan, Russia, Tatneft JSC --
http://www.tatneft.ru/eng/-- explores for, produces, refines  
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                        *     *     *

As reported in the TCR-Europe on Aug. 28, Standard & Poor's
Ratings Services withdrew its 'B-' long-term corporate credit
rating on Russia-based oil company Tatneft OAO.  

The rating had been placed on CreditWatch with negative
implications on April 14, due to a continuing lack of consistent
information on the company's financial position.

On Aug. 3, 2006, Fitch Ratings revised Tatneft's Long-Term
Issuer Default Rating to 'B' and affirmed the group's 'B' Short
Term Rating.


TNK-BP HOLDING: To Cut Numbers of Idle Wells Across Russia
----------------------------------------------------------
OAO TNK-BP Holding's Executive Director German Khan and Chief
Operating Officer Tim Summers, met with Russian Federation
Minister of Natural Resources Yuri Trutnev.

The executives briefed the ministry on the current situation
with idle wells.  Specifically, they discussed the significant
legacy of idle wells, inherited by TNK-BP, and informed the
Minister about the comprehensive idle well stock reduction
program which is currently being implemented across TNK-BP.

TNK-BP is currently developing 143 fields, and the total stock
of producing wells is 21,229.  In 2006, the stock of idle wells
was 8,362 (39% of the total number of development wells), with
eight key fields accounting for 82% of idle wells.

TNK-BP advised the Ministry that since the company's formation
it had drilled some 1200 new wells and already reactivated some
4,500 previously idle wells.

Presenting the future idle well stock reduction program TNK-BP
said that already in 2007 the company plans to perform about
2,000 well work over jobs, abandon 360 wells which have either
been fully exhausted or are unusable, and reduce the number of
wells annually made inactive by 350.

The program is designed for the period up to 2011 and has been
agreed with the Ministry of Natural Resources.  Total investment
under the program will reach US$2.2 billion, which will be used
to perform 11,000 wellwork jobs on idle wells.  Some US$611
million of this amount will be invested in 2007.

In the first 10 months of 2006 the Company has further reduced
the total number of TNK-BP idle wells by 266 (from 39.4% to
36.9% of the total number of development wells).

By the end of 2007 TNK-BP plans to bring this figure down to
31%, and by 2009 -- to 20% or less. This is average of the idle
well targets across all TNK-BP's field development
documentation.

                          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.


TROYA LLC: Court Names A. Razmakhova as Insovlency Manager
----------------------------------------------------------
The Arbitration Court of Kaluga Region appointed Ms. A.
Razmakhova as Insolvency Manager for LLC Tobacco Factory Troya.  
She can be reached at:

         A. Razmakhova
         Tsiolkovsogo Str. 33/19
         248000 Kaluga Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A23-692/06B-17-33.

The Arbitration Court of Kaluga Region is located at:

         Staryj Torg Square 4
         Kaluga Region
         Russia

The Debtor can be reached at:

         A. Razmakhova
         Tsiolkovsogo Str. 33/19
         248000 Kaluga Region
         Russia


URAL-WOOD-PROM: Asset Sale Slated for December 4
------------------------------------------------
A. Shadrin, the insolvency manager and the bidding organizer for
CJSC Ural-Wood-Prom, opened a public auction for the company's
properties at 2:00 p.m. on Dec. 4 at:

         Conference Hall
         Lunacharskogo Str. 54
         Perm Region
         Russia  

The Company has set RUR2,250,000 and RUR4,500,000 as starting
price for the auctioned assets.

To participate, bidders have until 4:00 p.m. on Nov. 29 to
deposit an amount equivalent to 10% of the starting price to:

         OJSC Vneshtorgbank
         Perm Region
         Settlement Account 40702810700000000047
         Correspondent Account 3010181040000000844
         BIK 045773844
         TIN 5906041809
         KPP 590401001

Bidding documents must be submitted to:

         A. Shadrin
         Office 67
         K. Marksa Pr. 246
         Izhevsk Region
         Russia
         Tel: (3412) 485-753

The Debtor can be reached at:

         A. Shadrin
         Office 67
         K. Marksa Pr. 246
         Izhevsk Region
         Russia
         Tel: (3412) 485-753


WOOD-KHOZ-MASH: Kursk Court Names O. Gorbatyuk to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. O. Gorbatyuk
as Insolvency Manager for OJSC Dmitrievskiy Factory Wood-Khoz-
Mash (TIN 4605000645).  He can be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-3869/06g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Dmitrievskiy Factory Wood-Khoz-Mash
         Promyshlennaya Str. 2
         Dmitriev-Lgovskiy
         307500 Kursk Region
         Russia


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


ERICO INT'L: Parent Inks US$675 Million Recapitalization Deal
-------------------------------------------------------------
The ultimate parent company of ERICO International Corp.,
ERICO Global Co., and an affiliate of Court Square Capital
Partners II, L.P., Citigroup Venture Capital Equity Partners,
L.P., have reached an agreement in principle to undertake a
recapitalization whereby Global will repurchase all of the
Global shares held by Global's majority shareholder, Citigroup
Venture Capital Equity Partners, L.P., and certain of its
affiliates, and potentially certain management shareholders of
the Company.  The transaction sets the enterprise value for
Global at US$675 million.

Headquartered in Solon, Ohio, Erico International Corp.  --
http://www.erico.com/-- designs, manufactures and markets  
precision-engineered specialty metal products serving markets in
a diverse range of electrical, commercial and industrial
construction, utility and rail applications.  The company
maintains offices worldwide including Belgium, Denmark, France,
Poland, Sweden, Norway, Spain, the United Kingdom, among others.

                         *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector in September 2006,
the rating agency affirmed its B1 Corporate Family Rating for
Erico International Corp., as well as revised the rating on the
company's US$141 million 8.875% senior subordinate notes due
2012 to B2 from B3.  Those notes were assigned an LGD5 rating
suggesting that noteholders will experience a 74% loss in the
event of a default

In June 2006, Standard & Poor's Ratings Services raised its
ratings on ERICO International Corp., including the corporate
credit rating to 'BB-' from 'B+'.  S&P said the outlook is
stable.


ERICO INT'L: Recapitalization Plan Spurs S&P's Watch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
ERICO International Corp., including its 'BB-' corporate credit
rating, on CreditWatch with negative implications.
      
"The CreditWatch listing follows ERICO's announced plans to
recapitalize the company in a transaction valued at
approximately US$675 million, which could result in an increase
in debt leverage beyond the expectations at the current rating,"
said Standard & Poor's analyst Anita Ogbara.

ERICO is principally owned by Citigroup Venture Capital Partners
L.P. and management.  Citigroup Venture Capital has reached an
agreement in principal to complete a leveraged recapitalization
of the company whereby ERICO will repurchase all of its shares
held by Citigroup Venture Capital and certain management
shareholders.
     
Standard & Poor's will monitor events and assess the impact of
any recapitalization plans proposed.  Higher debt leverage or
decrease in cash flow protection measures could lead to a
downgrade.


XERIUM TECH: Earns US$5.7 Million in Third Quarter 2006
-------------------------------------------------------
Xerium Technologies Inc. reported net sales of US$145.5 million
for the third quarter of 2006, a 3.9% increase from US$140.1
million for the third quarter of 2005.

Net income was US$5.7 million in the third quarter of 2006,
compared with a net loss of US$8 million for the third quarter
of 2005.  Net cash generated by operating activities was US$22.6
million for the third quarter of 2006, compared to US$19.9
million in the same quarter last year.

Cash on hand at Sept. 30, 2006 was US$36.7 million, compared to
US$32.5 million at June 30, 2006, US$60 million at Dec. 31, 2005
and US$59.9 million at Sept. 30, 2005.

Capital expenditures for the third quarter of 2006 were
US$6.8 million, compared to US$5.9 million for the third quarter
of 2005.  Approximately US$3.1 million of capital expenditures
for the year's third quarter were directed toward projects
designed to support the Company's growth objectives, with the
remaining US$3.7 million used to sustain the Company's existing
operations and facilities.

The Company disclosed of net restructuring expenses of US$1.3
million during the third quarter of 2006 in connection with the
reorganization of its European management structure.

Thomas Gutierrez, chief executive officer, said, "Earnings for
the third quarter this year were affected by several factors,
including significant investments in areas across our
businesses. During this quarter the majority of our planned 2006
restructuring activities were completed.  We have now moved
beyond restructuring efforts and started to focus on initiatives
designed to further differentiate Xerium in the marketplace.  
These programs, which will continue into 2007 and from which we
do not expect a substantial return during the balance of 2006,
are primarily focused on advanced product and process design and
business development.  Xerium has always had a strong focus on
generating cost reductions to offset inflation and we plan to
continue this discipline.

Mr. Gutierrez added, "Our cash position has improved by more
than 12% in the past quarter.  We have determined that the
capital spending requirements for 2006 will not exceed US$32
million in total, and made a voluntary debt repayment of US$23
million on Nov. 2, 2006 to further reduce our long-term debt.

"We took other steps in the third quarter that strategically
improve our global position, including purchasing our Japanese
distributor.  In addition, we sold our U.K. equipment business.
Overall, we remain optimistic about the long-term prospects for
Xerium."

Mr. Gutierrez concluded, "During the fourth quarter we will be
evaluating the creation of a dividend reinvestment plan, or
DRIP, that would allow shareholders to elect to reinvest all or
a portion of their dividends in shares of our common stock
rather than cash.  Some of our largest shareholders have
indicated interest in participating in such a plan, and we think
that a DRIP has merit in that to the extent we issue new shares
in respect of dividends it could effectively reduce the cash
required to pay dividends.  We expect to come to a decision on
this initiative during the fourth quarter of this year."

                      Nine Months Results

Net sales for the first nine months of 2006 were US$446.9
million, a 2.1% increase from US$437.8 million for the first
nine months of 2005.  The total impact of currency fluctuations
on net sales for the first nine months of 2006, as compared to
the first nine months of 2005, was a decrease of US$1.9 million.

Net income was US$26.4 million for the first nine months of
2006, compared to a net loss of US$12.1 million for the same
period of 2005.

Net cash generated by operating activities was US$44.6 million
for the first nine months of 2006, compared to US$26.5 million
in the same period last year.  Net cash provided by operating
activities for the first nine months of 2005 reflects IPO-
related costs of US$20.7 million.

                        Dividend Declared

The Company, further, announced that its Board of Directors had
declared a dividend of US$0.225 per share of common stock
payable on Dec. 15, 2006 to shareholders of record as of the
close of business on Dec. 5, 2006.

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two  
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, Xerium Technologies has approximately 3,900
employees.

Headquartered in Westborough, Massachusetts, Stowe Woodward, a
unit of Xerium Technologies, Inc., supplies roll covers, bowed
rolls and manufacturing services for the pulp and paper
industry.  Stowe Woodward has manufacturing operations around
the world.  The company has production facilities in Austria,
France, Italy, Germany, Scotland, Sweden, and Spain.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 24, 2006,
Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

     * Corporate family rating; B1
     * Guaranteed senior secured term loan B; B1
     * Guaranteed senior secured revolving credit facility; B1.


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


IMAX CORP: Interim CFO Edward MacNeil to Get CDN$345,000 a Year
---------------------------------------------------------------
IMAX Corp. reached an arrangement with Edward MacNeil that
during his term as interim chief financial officer, he will
receive an annualized salary of CDN$345,000 and a guaranteed
bonus of CDN$50,000 payable in March 2007, in respect of the
year ending Dec. 31, 2006.

IMAX Corporation -- http://www.imax.com/-- founded in 1967 and  
headquartered jointly in New York City and Toronto, Canada, is
an entertainment technology company, with particular emphasis on
film and digital imaging technologies including 3D, post-
production, and digital projection.  IMAX also designs and
manufactures cameras, projectors and consistently commits
significant funding to ongoing research and development.
The IMAX Theatre Network currently consists of more than 270
IMAX affiliated theatres in 38 countries including Bulgaria,
Czech Republic, Denmark, France, Germany, Italy, The
Netherlands, Poland, Russia, Spain, Sweden, Switzerland, Turkey
and the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2006
Moody's Investors Service, in connection with the implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, confirmed
IMAX Corporation's B3 Corporate Family Rating.

Moody's also downgraded the Company's probability-of-default
rating on its 9-5/8% Senior Notes due 2010 to Caa1 from B3.
Additionally, Moody's assigned an LGD4 rating to these notes,
suggesting noteholders will experience a 58% loss in the event
of a default.

As reported in the Troubled Company Reporter on Oct. 26, 2006
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B-' corporate credit rating, on IMAX Corp. and
removed them from CreditWatch, where they were placed on
March 10, 2006, with developing implications.  S&P said the
outlook is negative.


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


AGROFIRM AVANGARD: Court Commences Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
supervision procedure on Agricultural LLC Agrofirm Avangard
(code EDRPOU 03788158) on Aug. 23.

The case is docketed under Case No. 3/195-B.

The Temporary Insolvency Manager is:

         Irina Gerasimenko
         Yablunivka
         Derazhnyanskij District
         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:

         Agricultural LLC Agrofirm Avangard
         Yablunivka
         Derazhnyanskij District
         Hmelnitskij Region
         Ukraine


AGROTEHNLOGIYA-97 LLC: Dmitro Zheronkin to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed Dmitro Zheronkin as
Liquidator/Insolvency Manager for LLC Agrotehnlogiya-97 (code
EDRPOU 30310598).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 14.  The case is docketed
under Case No. 149/14 b-06.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Agrotehnlogiya-97
         Chapayev Str. 1-A
         Vishneve
         Kyiv Region
         Ukraine


DOBROBUD LLC: Kyiv Court Names Dmitro as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed Dmitro as
Liquidator/Insolvency Manager for LLC DOBROBUD (code EDRPOU
32614523).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 14.  The case is docketed
under Case No. 150/14 b-06.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Dobrobud
         Borispil, Dzerzhinskij Str. 14
         Kyiv Region
         Ukraine


INTERVIN LLC: Kyiv Court Names Yurij Bilik as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Kyiv Region appointed Yurij Bilik as
Liquidator/Insolvency Manager for LLC Intervin (code EDRPOU
30598044).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 31.  The case is docketed
under Case No. 240/14b-06.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Intervin
         Kutuzov Str. 2-A
         Brovari
         Kyiv Region
         Ukraine


KRASNOLUTSKA PETROLEUM: Andrij Kolezhuk to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Lugansk Region appointed Andrij Kolezhuk
as Liquidator/Insolvency Manager for Enterprise
Krasnolutska Petroleum Base (code EDRPOU 03484056).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 19.  

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         Enterprise Krasnolutska Petroleum Base
         Sevastopolska Str. 2-V
         Krasnij Luch
         Lugansk Region
         Ukraine


LANGUAGE LINE: S&P Revises Outlook on Improving Performance
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Language Line Holdings Inc. to stable from negative.  

At the same time, Standard & Poor's affirmed its ratings,
including the 'B' corporate credit rating, on Language Line
Holdings, and on its Language Line Inc. operating subsidiary.  
Monterey, Calif.-based over-the-phone interpretation provider
Language Line Holdings had total debt of US$477 million as of
Sept. 30, 2006.
     
"The outlook revision reflects improving operating performance,
slightly reduced debt leverage, and enhanced liquidity following
the completion of the company's amended and restated senior
secured bank facility," said Standard & Poor's credit analyst
Hal F. Diamond.
     
The ratings reflect Language Line's high debt leverage and the
price-competitive nature of the over-the-phone interpretation
market.  These concerns are only partially mitigated by the
company's strong position in the outsourced OPI market,
favorable demographic trends, and good discretionary cash flow.


LIPOVETSKE AUTO-TRANSPORT: S. Malahov Named to Liquidate Assets
---------------------------------------------------------------
The Economic Court of Vinnitysa Region appointed Mr. S. Malahov
as Liquidator/Insolvency Manager for OJSC Lipovetske Auto-
Transport Enterprise 10544 (code EDRPOU 05460893).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 3.  The case is docketed
under Case No. 5/205-04.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         OJSC Lipovetske Auto-Transport Enterprise 10544
         Chkalov Str. 31
         Lipovets
         Vinnitsya Region
         Ukraine


OLSHANITSKIJ SPETSKARYER: Dmitro Zheronkin to Liquidate Assets
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Dmitro Zheronkin as
Liquidator/Insolvency Manager for OJSC Olshanitskij Spetskaryer
(code EDRPOU 05408674).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 14.  The case is docketed
under Case No. 356/14b-03.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Olshanitskij Spetskaryer
         Granitna Str. 1
         Bushevo
         Rokitnyanskij District
         Kyiv Region
         Ukraine


POLIMEREXPO LLC: Court Names Dmitro Zheronkin as Liquidator
-----------------------------------------------------------
The Economic Court of Kyiv Region appointed for LLC Polimerexpo
(code EDRPOU 32932218).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 14.  The case is docketed
under Case No. 149/14 b-06.  

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Polimerexpo
         Dzerzhinskij Str. 14
         Borispil
         Kyiv Region
         Ukraine


TATNEFT OAO: Earns RUR17.92 Billion for First Half 2006
-------------------------------------------------------
OAO Tatneft has filed its annual report on Form 20-F for 2005 --
incorporating, inter alia, the Company's audited consolidated
financial statements for 2005 prepared in accordance with U.S.
generally accepted accounting principles -- with the U.S.
Securities and Exchange Commission.

At the same time, the Company published its unaudited interim
consolidated U.S. GAAP financial statements for the six months
ended June 30, 2006.

Tatneft posted RUR28.24 billion in net profit against RUR300.36
billion in revenues for the year ended Dec. 31, 2005, compared
with RUR23.41 billion in net profit against RUR206.78 billion in
revenues for the same period in 2004.

Tatneft posted RUR17.92 billion in net profit against RUR160.85
billion in revenues for the six months ended June 30, 2006,
compared with RUR15.8 billion in net profit against RUR138.82
billion in revenues for the same period in 2005.

As of June 30, 2006, Tatneft had RUR303.59 billion in total
assets, RUR83.06 billion in total liabilities, and RUR216.71
billion in total shareholders' equity.

                          About Tatneft

Headquartered in Tatartan, Russia, Tatneft JSC --
http://www.tatneft.ru/eng/-- explores for, produces, refines  
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                        *     *     *

As reported in the TCR-Europe on Aug. 28, Standard & Poor's
Ratings Services withdrew its 'B-' long-term corporate credit
rating on Russia-based oil company Tatneft OAO.  The rating had
been placed on CreditWatch with negative implications on
April 14, due to a continuing lack of consistent information on
the company's financial position.

On Aug. 3, 2006, Fitch Ratings revised Tatneft's Long-Term
Issuer Default Rating to 'B' and affirmed the group's 'B' Short
Term Rating.


ZED-SERVICE LLC: Kyiv Court Names Dmitro Zheronkin as Liquidator
----------------------------------------------------------------
The Economic Court of Kyiv Region appointed Dmitro Zheronkin as
Liquidator/Insolvency Manager for LLC Zed-Service (code EDRPOU
33003270).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 14.  The case is docketed
under Case No. 152/14 b-06.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Zed-Service
         Borispil, Dzerzhinskij Str. 14
         Kyiv Region
         Ukraine


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


ABITIBI-CONSOLIDATED: S&P Revises Outlook on Weak Profitability
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Abitibi-Consolidated Inc. to negative from stable.  At the same
time, the ratings on the company, including the long-term
corporate credit rating, were affirmed at 'B+'.
     
"The outlook revision reflects continuing weakness in the
company's core paper and lumber operations," said Standard &
Poor's credit analyst Donald Marleau.  "In addition,
profitability continues to be hampered by the strong Canadian
dollar and higher fiber and energy input costs," Mr. Marleau
added.
     
The ratings on Abitibi reflect its high leverage, heavy exposure
to cyclical commodity-oriented groundwood papers and lumber, and
weak profitability.  These risks are partially offset by the
company's leading market share position in newsprint and
groundwood papers.
     
The outlook is negative.  North American newsprint demand
continues to decline slowly, and although good industry supply
discipline supports solid pricing, volume declines, higher cost
inputs, and the strong Canadian dollar are expected to continue
to pressure Abitibi's operating margins.

The company's debt level is high, and notwithstanding some debt
reduction initiatives like the monetization of its Ontario
hydroelectric assets in early 2007, the ratings on Abitibi will
be lowered unless it improves its profitability and cash flow.
This improvement is heavily dependent on improving newsprint or
commercial paper fundamentals and the alleviation of cost
pressures.  For the ratings on Abitibi to be maintained, the
company must improve its operating income and free cash flow
that would contribute to a sustainable reduction in leverage.


ARGUS LABORATORIES: Taps Vantis to Administer Assets
----------------------------------------------------
Nicholas Hugh O'Reilly and Geoffrey Paul Rowley of Vantis were
appointed joint administrators of Argus Laboratories Ltd.
(Company Number 02486870) on Nov. 7.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.

Argus Laboratories Ltd. can be reached at:

         The Hyde Business Park
         The Hyde
         Brighton
         East Sussex BN2 4JE
         United Kingdom
         Tel: 01273 621 100
         Fax: 01273 621 800


CHATTEM INC: Plans to Offer US$100 Million Convertible Sr. Notes
----------------------------------------------------------------
Chattem Inc. intends to offer, subject to market and other
conditions, US$100 million aggregate principal amount of
Convertible Senior Notes due 2013 in a private placement to
qualified institutional buyers.

Chattem intends to use approximately US$26 million of the
offering proceeds to fund a convertible note hedge transaction
to be entered into with an affiliate of the placement agent for
the offering, which transaction is intended to offset Chattem's
exposure to potential dilution upon conversion of the notes.  

Chattem will also enter into a separate warrant transaction
with an affiliate of the placement agent that, together with the
convertible note hedge transaction, will have the effect of
increasing the effective conversion premium of the notes to
Chattem to approximately 60%.  Chattem plans on using proceeds
from the warrant transaction and a portion of the net proceeds
from the note offering to repay all amounts outstanding under
its existing revolving credit facility.

In certain circumstances, the notes may be convertible into cash
up to the principal amount of the notes and, with respect to any
excess conversion value, into cash, shares of Chattem common
stock or a combination of cash and common stock, at Chattem's
option.  The interest rate, conversion price and other terms
will be determined by negotiations between Chattem and the
purchasers of the notes.  Chattem anticipates that the notes
will bear interest at a rate in the range of 2% to 2.25% and
will have an initial conversion premium in the range of 25% to
27%.

If Chattem consummates the acquisition of the U.S. rights to
five brands from Johnson & Johnson and the consumer healthcare
business of Pfizer Inc., Chattem plans on using the remaining
proceeds derived from the sale of the notes to finance in part
such acquisition.  If the acquisition does not close, Chattem
will use the net proceeds remaining after the cost of funding
the convertible note hedge transaction and the repayment of
obligations under its existing revolving credit facility for
working capital and other general corporate purposes.

Based in Chattanooga, Tennessee, Chattem Inc. (NASDAQ: CHTT)
-- http://www.chattem.com/-- manufactures and markets a variety   
of branded consumer products, including over-the-counter
healthcare products and toiletries and skin care products.  The
Company's products include Icy Hot(R), Gold Bond(R), Selsun
Blue(R), Garlique(R), Pamprin(R) and BullFrog(R).

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 10,
Moody's Investors Service placed Chattem Inc's corporate family
rating and senior subordinated ratings of Ba3 and B1,
respectively, under review for possible downgrade prompted by
the company's announcement that it had entered into an agreement
to acquire the U.S. rights to five leading consumer and over-
the-counter brands from Johnson & Johnson and the consumer
healthcare business of Pfizer Inc. for US$410 million in cash.  
The review for downgrade reflects the potential for
significantly increased leverage and weakened debt protection
measures as a result of this  likely all-debt financed
acquisition.


COLLINS & AIKMAN: Restructuring Focus Shifts Towards Sale
---------------------------------------------------------
Collins & Aikman Corp. expects to sell its operations, in whole
or in parts, to maximize the value of the enterprise for its
creditors and preserve the largest number of jobs for its
employees.

On Aug. 30, 2006, the Company filed a plan of reorganization
that proposed a framework for emergence from Chapter 11.  Under
the Plan, the Company's pre-petition secured lenders were to
exchange their debt for equity in a reorganized Collins &
Aikman.  The Plan also provided the flexibility to continue the
sale process as an alternative recovery strategy.

After recently disclosed of production cuts by its major
customers and projected deterioration in the U.S. automotive
sector, the Company, in consultation with its major creditor
constituencies, further analyzed the risks and benefits of
operating as a stand-alone enterprise.  The Company, in
conjunction with its creditors, has concluded that a sale
process option in the Plan represents the best strategy for
maximizing creditor recoveries.  The current course of action
was recommended by Collins & Aikman's senior management team and
restructuring advisors after meeting with creditors.

"The valiant and successful effort put forth by C&A's employees
and restructuring team to stabilize operations must be
commended," commented Frank Macher, Collins & Aikman's President
and CEO.  "However, industry conditions have continued to
deteriorate to a point that we have determined it was absolutely
necessary for us to pursue a cooperative sale process to provide
the maximum value for our creditors and preserve the largest
number of jobs for our employees."

In conjunction with the sale process, the Company anticipates
announcing the consolidation or closure of additional facilities
in the near future.  Rationale for these additional actions will
largely be based on buyer interest, which likely will take into
consideration projected capacity requirements, plant
performance, and the operational restructuring and volume
reduction measures recently announced by its largest customers.

"Despite the current environment, there are portions of our
operations that have not only shown improvement but are
operating at a level that should be very attractive for the
right buyer," added Mr. Macher.  "We have maintained a dialogue
with a number of interested parties throughout our
reorganization and feel pursuing this track is the best option
available for all of our stakeholders, including employees,
customers and creditors."

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


CUTGROOVE LIMITED: Hires Begbies Traynor to Administer Assets
-------------------------------------------------------------
Timothy John Edward Dolder and Paul Michael Davis of Begbies
Traynor (South) LLP were appointed joint administrators of
Cutgroove Ltd. (Company Number 03367417) on Oct. 31.

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

Cutgroove Ltd. can be reached at:

         Bashley Road
         Ealing
         London NW10 6TE
         United Kingdom
         Tel: 020 7398 3800
         Fax: 020 7398 3799


ENRON CORP: Court Okays US$25 Million NewPower Settlement Pact
--------------------------------------------------------------
The Honorable Arthur Gonzalez of the U.S. Bankruptcy Court for
the Southern District of New York approved the US$25 million
settlement agreement between Enron Corp. and its debtor-
affiliates, and the NewPower Entities, and Rufus T. Dorsey, IV.

As reported in the Troubled Company Reporter, Nov. 8, 2006,
Enron Corp., Enron North America Corp., Enron Energy Services,
Inc., Enron Power Marketing, Inc., Enron Energy Services, LLC,
entered into a Master Cross-Product Netting, Setoff and Security
Agreement with The New Power Company, NewPower Holdings, Inc.,
and TNPC Holdings, Inc., concerning a series of commodity
purchase and swap transaction.

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

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

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

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

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

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

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

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

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

                       About Enron Corp.

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.  
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Albert Togut, Esq., at Togut Segal & Segal LLP, 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. 182; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ENRON CORP: Court Approves US$19.7 Million Fleet Settlement
-----------------------------------------------------------
The Honorable Arthur Gonzalez of the U.S. Bankruptcy Court for
the Southern District of New York approved a US$19.7 million
settlement agreement between Enron Corp. and FleetBoston
Financial Corp., Fleet National Bank, and certain of their
affiliates.

As reported in the Troubled Company Reporter on Oct. 9, 2006,
the Debtor reached an agreement with Fleet Financial to settle
the MegaClaims litigation and an avoidance action to recover
preferential transfers in connection with Enron's Commercial
Paper litigation.  Pursuant to the terms of the settlement,
Fleet Financial will pay Enron US$10.4 million to settle the
MegaClaims litigation and US$9.35 million to settle the
Commercial Paper litigation.  Fleet Financial did not admit
liability or wrongdoing and both parties agreed to settle the
litigation to avoid the costs and uncertainties of further
proceedings.

                       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. 182; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


EUROTUNNEL GROUP: French President Requests Public Inquiry
----------------------------------------------------------
Eurotunnel Group welcomed the request of French President
Jacques Chirac to set up, by the end of 2006, a public enquiry
into the proposed high speed rail line between London and Paris
via the Channel Tunnel and Amiens, with a full public debate in
the second half of 2007.

The enquiry relates to a new section of high-speed line between
Calais, Amiens and Paris that will connect directly to the
Channel Tunnel.

A member of the steering committee responsible for preparing
such public consultation, Eurotunnel fully supports this
project, which will reduce travel time between London and Paris
to two hours.

Eurotunnel believed this new line should lead to an increase in
traffic through the Channel Tunnel.

                         About Eurotunnel

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

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

                       Company Crisis

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

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

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


FORD MOTOR: Restatements Has No Material Impact, DBRS Says
----------------------------------------------------------
Dominion Bond Rating Service notes that Ford Motor Company
reported the completion of the restatement of its financial
results from 2001 through to the third quarter of 2006.  

DBRS believes that the restatements have no material impact on
the Company's financial position and do not warrant any rating
actions.  The restatements do not affect the availability of the
Company's committed credit facilities.  More importantly, the
Company has taken action to remediate the material weaknesses in
its accounting for certain derivative transactions under the
Statement of Financial Accounting Standards 133.

DBRS notes that the accounting error occurred at Ford Motor
Credit Company, Ford's wholly owned finance subsidiary. Ford
Credit had incorrectly accounted for certain interest rate
swaps, which it used to hedge against the interest rate risk
inherent in certain long-term fixed-rate debt.  As part of
Ford's restatements of results through to the third quarter of
2006 to correct the accounting error, Ford has also reversed
certain immaterial accounting adjustments and recorded them in
the proper period.  These restatements, on a net basis, have a
cumulative effect on net income of an improvement of US$850
million but the restatements have no impact on the Company's
cash position.

The Company has filed the restated results for 2001 through to
2005 as well as the third quarter of 2006, and Ford plans to
file the restated results for the first and second quarters of
2006 by Nov. 20.


GMAC LLC: Moody's Expects to Confirm Ratings Upon Sale Closing
--------------------------------------------------------------
Moody's said that it expects to confirm the Ba1 long-term
ratings of GMAC LLC and its subsidiaries upon the closing of
GM's sale of a 51% interest in the firm to FIM Holdings LLC, the
buyer consortium led by Cerberus Capital Management.  

Moody's expects the outlook for GMAC's ratings to be negative at
closing.  In a separate release, Moody's said that it also
expects to confirm Residential Capital LLC's Baa3 long-term
rating upon the closing of the sale.

GMAC's long-term ratings remain on review for possible downgrade
pending the completion of the transaction.  The expected Ba1
rating outcome assumes the sale will be consummated in the form
and according to the timeline previously communicated by GM
(expected 4Q2006 according to its latest 10-Q), and furthermore,
that no factors that affect GMAC's credit profile come to light
in the intervening period of time.  GM's B3 corporate family and
Caa1 senior unsecured ratings and negative outlook are not
affected by the closing of the sale, as they already take the
transaction into consideration.

Moody's said that several aspects of the sale enhance GMAC's
stand-alone credit profile, including:

   -- a sizeable reduction in direct unsecured exposure to
      GM with a subsequent cap of US$1.5 billion;

   -- a decrease, albeit temporary, in the firm's retail
      lease portfolio due to the carve-out from the sale
      of leases with a net book value of approximately
      US$4 billion;

   -- elimination of uncertainty regarding GMAC's liability
      for GM's pension plans; and

   -- upfront payment by GM to GMAC of estimated lease
      residual support, which until earlier this year had
      been paid by GM at lease termination.

Furthermore, Moody's expects that as a result of the change in
ownership, GMAC is likely to accelerate efforts to improve its
operating efficiency, thus improving profitability; and to focus
on strengthening its capital position, including by issuing high
equity-content preferred shares and by retaining all "after-tax"
dividends for a period of two years.  In addition, in the
following three years, FIM Holdings will reinvest its share of
"after-tax" dividends into identical GMAC high equity-content
preferred shares.

Moody's also believes that the sale effectively transfers
control of GMAC to FIM, improving the control and governance of
the firm to the degree that ratings "linkage" between the GMAC
and GM ratings can be severed on this basis.  As a result,
GMAC's expected Ba1 public debt rating would represent a
convergence with its stand-alone credit profile.  Moody's said
that it does not regard either FIM or its primary sponsor
Cerberus to be strategic investors, and therefore the Ba1 rating
reflects no benefit from external support.

Constraining the positive implications of the sale, GMAC's
business concentrations with GM will continue post-sale, by
virtue of agreements that require GMAC to dedicate significant
capital to originating GM-related auto finance receivables.
These agreements provide GMAC exclusivity with respect to
originating GM-subvented receivables and leases, an enviable
franchise that forms a solid base for financing volumes and
earnings potential.  However, this also presents downside risk.
Nearly all of GMAC's current auto finance activities relate to
its association with GM, and as a result, its asset quality,
financing volumes, earnings, and liquidity position continue to
be vulnerable to adverse changes in GM's condition.

Moody's noted that GMAC's strengths in underwriting, risk
management, and liquidity management have enabled the firm to
mitigate the difficulties it has encountered in these areas as a
consequence of GM's operating challenges.

But according to Moody's Vice President Mark Wasden, "GMAC's
higher borrowing costs have significantly pressured the firm's
financing margins, causing its earnings and financial condition
to be more vulnerable to a deterioration in asset quality,
whether brought about by cyclical factors or GM-related events."

Moody's also believes that as long as GMAC's GM concentration is
significant, liquidity risk may be elevated due to GM-related
confidence sensitivity.

"In time, GMAC's margins could improve as high-cost debt runs
off and is replaced with bonds priced at narrower credit
spreads, assuming continued favorable investor reaction to the
transaction," said Wasden.

Moody's will monitor the "new" GMAC's ability to consistently
access competitively priced unsecured funding, as well as market
signals, regarding the GM-related confidence sensitivity issue.

Moody's noted that diversification of GMAC's revenue sources has
a very limited impact on the company's ratings, particularly as
it relates to its ownership of ResCap.  Moody's believes GMAC's
ownership of ResCap benefits primarily GMAC's shareholders, and
that the sale transaction does not meaningfully change this
view.  Should GMAC sell ResCap in the future, Moody's expects
the use of the sale proceeds would reflect the interests of
GMAC's owners, to the potential exclusion of GMAC bondholder
interests.

In addition, GMAC bondholders are structurally subordinated to
ResCap's creditors with respect to ResCap's earnings, cash
flows, and assets.  Though ResCap will likely begin paying
dividends for the first time after the transaction closes,
Moody's views this as representing ResCap's share of GMAC's
consolidated dividend requirement, including a step-up in the
annual distribution rate after year two of the transaction. Thus
ResCap's dividends will be effectively passed-through to GMAC's
shareholders.

Moody's expects that GMAC's long-term ratings will have a
negative outlook upon closing.  This negative outlook would
reflect its continuing vulnerability to near-term GM stresses,
as a result of its business concentrations and funding profile.
Of particular concern is a GM bankruptcy trigger within GMAC's
SWIFT funding structure, used to finance GM dealer floorplan
receivables.  A GM bankruptcy would cause early amortization of
the SWIFT securities, requiring GMAC to source alternative funds
to continue originating critical floorplan loans to dealers.

GMAC has established facilities that would replace over half of
the SWIFT funding that would be subject to early amortization.
Should GMAC complete the transition of the remainder of this
source of funding to a structure that is less exposed to a GM
bankruptcy or develop other mitigation strategies, the rating
outlook could improve to stable.  Moody's believes such a
transition could be accomplished by the firm within the next few
quarters; in the meantime, GMAC is expected to maintain elevated
cash balances as partial liquidity insurance.  A revision of
GM's rating outlook to stable would also lead to a stable
outlook for GMAC's ratings.

Given GMAC's continuing business connections with GM, Moody's
believes GMAC's ratings are unlikely to improve until GM's own
ratings improve.  GMAC may embark on strategies that will lead
to greater diversification of its revenues and earnings, such as
non-GM used car and dealer floorplan finance, that could
eventually enhance its credit profile and ratings, but it will
likely take a substantial amount of time for such strategies to
meaningfully impact GMAC's business mix given its portfolio
size.  Any consideration for ratings improvement must also be
accompanied by a sustained improvement in GMAC's financing
margins.

Finally, a limiting factor to any potential increase in GMAC's
ratings is GM's option to repurchase GMAC's North American and
International auto finance businesses should GM achieve either
investment grade ratings or ratings better than GMAC.  If GM
ever exercises this option, it would result in ratings for the
reacquired entities once again becoming linked with GM's
ratings.  Therefore, Moody's will likely limit GMAC's ratings on
the upside to the higher of Baa2 and one-notch higher than GM's
ratings, for the duration of the call option.

GMAC LLC, headquartered in Detroit, Michigan, provides retail
and wholesale auto financing, primarily in support of GM's auto
operations, and is one of the world's largest non-bank financial
institutions.  GMAC reported earnings of US$2.4 billion in 2005.


GOLDEN TELECOM: Moody's Lifts Corporate Family Rating to Ba3
------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of Golden Telecom Inc. to Ba3 from B2.  The outlook on the
rating is stable.  A corporate family rating is an opinion of a
corporate family's ability to honor all of its financial
obligations and is assigned to a corporate family as if it had a
single class of debt and a single consolidated legal entity
structure.

The upgrade reflects:

   -- the company's strong operational and financial performance
      track record;

   -- improved visibility as regards the company's publicly
      communicated business strategy over the medium term
      combined with clearly communicated financial policy and
      leverage parameters; and

   -- growth momentum in the Russian telecommunication sector
      underpinned by the continued macroeconomic improvements
      and ongoing regulatory developments.

At the same time, the Ba3 corporate family rating recognizes the
company's position as an alternative operator with a focus on
the corporate sector in Moscow and St. Petersburg.  The rating
also incorporates the company's strategic move to develop its
services for the SME / SoHo and residential sectors in the
Russian regions as well as execution risk associated with this
strategy.  The company will seek to invest heavily in a number
of projects in 2006 and 2007 thus creating a free cash flow
deficit.

Moody's notes that the cornerstone of the company's growth
strategy is the provision of broadband services including voice,
data and video.  At present the company targets three platforms
to provide broadband services; i.e. Wi-Fi, xDSL, Fibre-to-the-
building (FTTB).  The provision of xDSL is currently achieved
through lease arrangements with local telecom operators whilst
the company is pursuing acquisition of local loop providers
where economically justifiable.  GTI targets to launch its
broadband Wi-Fi service in Moscow in Q1 2007.  Moody's believes
that the execution risk to establish Wi-Fi operations on a broad
commercial basis is relatively high.

Also in Q1 2007, the company plans to launch its DLD / ILD
service through its Federal Transit Network (FTN).  The
long-distance service provision will be implemented based on a
recently introduced interconnect rules and tariffs with local
incumbent operators thus creating some near term uncertainty as
regards the service uptake and billing arrangements.  GTI will
compete with a number of other operators for the provision of
long-distance services such as Rostelecom and MTT.  Furthermore,
Moody's notes that Vimpel-Communication Open Joint Stock Company
(rated Ba3 / Positive outlook), which currently uses GTI's
carrier services, also has a license for the provision of long-
distance services.

Moody's also notes that the company will seek to implement
fixed-to-mobile convergence project in Ukraine and to lay FTTB
in selected cities.  In Moody's view these projects carry
substantial business and execution risk over the medium term.

The Ba3 rating takes into account the company's anticipated debt
incurrence up to US$200 million to finance its ongoing
development and to pursue bolt-on acquisitions.  Moody's notes
that the company is likely to be free cash flow negative in 2006
and 2007.  The anticipated free cash flow deficit includes
continued dividend distribution.  The Ba3 rating does not factor
in any material increase in dividends than currently assumed.
Furthermore, in terms of leverage parameters the rating is based
on the assumption that the company will adhere to the maximum
Total Debt to EBITDA ratio of 1.8x.

The stable outlook relies on Moody's expectations that the
company will continue to finance its capital expenditure mostly
from internally generated cash flow and will actively manage its
liquidity to cover its free cash flow deficit.  The outlook also
reflects some uncertainty associated with execution risk of the
company's projects in the near term such as Wi-Fi and FTN as
well as the company's focus to develop its SME / SoHo and
residential businesses.  The rating is currently constrained by
the company's size and its position as an alternative operator.

              What Could Change the Rating -- Up

   -- reduction of execution risk of the company's
      business plan manifested in a successful launch
      of its near term projects;

   -- an increase in revenue and EBITDA in absolute terms
      as well as positive free cash flow generation; and

   -- adherence to the conservative financial policy
      not exceeding 1.8x Total Debt to EBITDA.

              What Could Change the Rating -- Down

   -- material "cash burn" on new and existing projects; and

   -- an increase in debt over 2.0x Total Debt to EBITDA
      as defined by the company.

Golden Telecom is a facilities-based alternative telecom
provider in Russia and Ukraine with a focus on corporate
business.  In Q3 2006, the company generated US$228.7 million in
revenue and US$63.1 million in EBITDA.


GREAT HALL: Moody's Rates GBP[5.4]-Mln Class E Notes at (P)Ba2
--------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings
to the following classes of Notes issued by Great Hall Mortgages
No. 1 plc:

   -- GBP[60.75] million Class A1 Notes due [2038]: (P)Aaa;
   -- GBP[324.225] million Class A2 Notes due [2038]: (P)Aaa;
   -- GBP[29.925] million Class B Notes due [2038]: (P)Aa3;
   -- GBP[16.425] million Class C Notes due [2038]: (P)A3,
   -- GBP[13.275] million Class D Notes due [2038]: (P)Baa3; and
   -- GBP[5.4] million Class E Notes due [2038]: (P)Ba2.

All notes may be issued in GBP or EUR.  All notes will rank
pari-passu and pro-rata with the other notes of the same rating.

This transaction represents the first securitization transaction
sponsored by JPMorgan Chase Bank, N.A. through its Great Hall
Mortgages No. 1 program.  Platform Funding Limited, a wholly
owned subsidiary of Britannia Building Society, a party that has
a good track record in the securitization market, originated the
collateral.

The ratings of the Notes are based upon:

   -- an analysis of the characteristics of the mortgage
      pool backing the Notes,

   -- the protection the Notes receive from credit
      enhancement against defaults and arrears in the
      mortgage pool, and

   -- the legal and structural integrity of the issue.  

The credit enhancement available in the deal is provided in the
form of excess spread, reserve fund (1.15% at closing) of
original note balance, and subordination of the Class B, C, D,
and E Notes.  Subject to certain conditions being met, the
reserve fund may amortize up to a floor of 0.575% of the
original note balance.

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
at par 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.

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


INTERGROOVE LIMITED: Appoints Begbies Traynor as Administrators
---------------------------------------------------------------
Timothy John Edward Dolder and Paul Michael Davis of Begbies
Traynor (South) LLP were appointed joint administrators of
Integroove Ltd. (Company Number 03052957) on Oct. 31.

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

Intergroove Ltd. can be reached at:

         101 Bashley Road
         London NW10 6TE
         United Kingdom
         Tel: 020 8838 2000
         Fax: 020 8838 2003


INTERPUBLIC GROUP: Fitch Rates US$400 Million Senior Notes at B
---------------------------------------------------------------
Fitch Ratings has assigned a rating of 'B/RR4' to Interpublic
Group's US$400 million 4.25% convertible senior unsecured notes
due March 15, 2023.  The new notes rank pari passu with other
senior unsecured indebtedness of the company.  The Outlook
remains Negative.

IPG's ratings are:

     -- issuer default rating (IDR) 'B';

     -- enhanced liquidity facility notes 'B/RR4';

     -- senior unsecured notes (including the new convertible
        senior unsecured notes) 'B/RR4';

     -- cumulative convertible perpetual preferred stock
       'CCC/RR6'; and

     -- mandatory convertible preferred stock 'CCC/RR6'.

The company has agreed to exchange half (US$400 million) of its
old US$800 million, 4.5% convertible senior notes due 2023 for
US$400 million, 4.25% new convertible senior notes due 2023.  
This exchange enhances the company's financial flexibility by
extending the first put date on the new securities to March 2012
from March 2008 (the second put date is extended to 2015 from
2013).  This transaction also reduces the interest rate modestly
(0.25%) on the new notes. In addition, the notes are not
considered 'participating' securities meaning that should the
company pay a common dividend it would not trigger the payment
of contingent interest.

The rating and Negative Outlook continue to reflect the
heightened operational and financial risk given an extended time
frame for the company's operational turn around.  The ratings
continue to reflect weak financial performance which has been
driven by ongoing material control weaknesses (which have yet to
be remedied) and operational challenges.  The company continues
to endure integration issues from its restructuring initiatives,
including major management changes.  Also, while the company has
reduced the high profile departures of major clients in 2006,
compared to 2005, Fitch recognizes that the nature of the
advertising agency business could expose the company to the risk
of sustained client losses.  These risks are balanced somewhat
by IPG's position in the industry as a leading global
advertising holding company, its diverse client base, and the
progress it has made recently toward winning new accounts
(Walmart) and driving organic growth within its existing client
base.

IPG's liquidity position is supported by around US$1.5 billion
in cash and equivalents at Sept. 30, 2006.  Net of US$220
million in letters of credit, the company has approximately
US$530 million available under its US$750 million enhanced
liquidity facility due June 15, 2009.  Fitch incorporates into
its analysis the meaningful working capital deficit
(approximately US$1.3 billion) resulting from payables and
accrued liabilities in excess of receivables and Fitch expects
that IPG will be free cash flow negative in 2006.  Near-term
flexibility is enhanced by the minimal debt maturities IPG faces
in 2007.  IPG's next meaningful maturity is in 2008 when its
US$250 million floating-rate senior unsecured notes come due and
the US$400 million convertible notes not included in this
exchange become putable by the note holders for cash.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distress scenario.  Fitch has used an
enterprise value analysis for these recovery ratings, given the
limited tangible asset base that exists for companies in the
advertising services industry.  The 'RR4' recovery rating for
IPG's bank facility, ELF notes and senior unsecured notes
reflects Fitch's belief that approximately 30%-50% recovery is
realistic, and the 'RR6' recovery rating for the preferred stock
reflects Fitch's estimate that negligible recovery would be
achievable.


INTERPUBLIC GROUP: Moody's Assigns Ba3 Rating on New 4.25% Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 senior unsecured debt
rating to Interpublic Group Of Companies, Inc.'s (Ba3 Corporate
Family Rating) new 4.25% convertible senior notes due 2023.  

The Ba3 rating reflects a loss given default of about 66% (LGD4
assessment) given the company's all-bond debt capital structure.  
The rating outlook is negative.

The US$400 million of new notes were exchanged for
US$400 million of IPG's Ba3 (senior unsecured) rated 4.5%
convertible senior notes due 2023.  The new notes are pari passu
with the remaining US$400 million 4.5% convertible notes and all
of IPG's other senior unsecured debt.  As compared to the 4.5%
notes, the new notes bear a slightly lower interest rate, are
not callable until March 15th 2012 rather than September 15th
2009, are not putable until March 15th 2012 and March 15th 2015
rather than March 15th 2008 and March 15th 2013.

"The exchange preemptively begins to chip away at the IPG's
looming 2008 large debt maturities", said Moody's Senior Vice
President Neil Begley, "and it provides the company with added
liquidity headroom to get its house in order, since it is still
in the midst of a significant turnaround and internal control
weakness remediation program".

Moody's also noted that the company is showing signs of turn
around traction but stated that the company will need to build
upon its recent notable client wins and the operating
performance improvement of the third quarter in order to remove
the negative outlook and be comfortably within the Ba3 rating
category.

The Interpublic Group of Companies, Inc., with its headquarters
in New York, is one of the world's largest advertising,
marketing and corporate communications holding companies.


LIBERTY BELL: Names Joint Administrators from Unity Business
------------------------------------------------------------
Matthew Colin Bowker and Christopher Benjamin Barrett of Unity
Business Services LLP were appointed joint administrators of
Liberty Bell Telecom Ltd. (Company Number 02582657) on Nov. 7.

The administrators can be reached at:

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

Liberty Bell Telecom Ltd. can be reached at:

         The Old Court House
         Chapel Street
         Dukinfield
         Cheshire SK164DY
         United Kingdom
         Tel: 0161 609 1234
         Fax: 0870 755 9696


PORTRAIT CORPORATION: Hires Mesirow as Restructuring Accountants
----------------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court
for the Southern District of New York has authorized Portrait
Corporation of America, Inc., and its debtor-affiliates to
employ Mesirow Financial Consulting, LLC, as their restructuring
accountants.

Mesirow Financial will:

     a) assist in the preparation of or review of reports or
        filings as required by the Bankruptcy Court or the
        Office of the United States Trustee, including, but not
        limited to, schedules of assets and liabilities,
        statements of financial affairs and monthly operating
        reports;

     b) assist in the preparation of or review of the Debtors'
        financial information, including, but not limited to,
        analyses of cash receipts and disbursements, financial
        statement items and proposed transactions for which
        Bankruptcy Court approval is sought;

     c) assist with the analysis, tracking and reporting
        regarding cash collateral and any debtor in possession
        financing arrangements and budgets;

     d) assist with the implementation of bankruptcy accounting
        procedures as may be required by the Bankruptcy Code and
        generally accepted accounting principles, including, but
        not limited to, a Statement of Position 90-7;

     e) give advice and assistance regarding tax-planning
        issues, including, but not limited to, assistance in
        estimating net operating loss carry forwards,
        international, state and local tax issues and the tax
        considerations of proposed plans of reorganizations;

     f) develop and evaluate potential employee retention and
        severance plans;

     g) assist with identifying and implementing potential cost
        containment opportunities;

     h) assist with identifying and implementing asset
        redeployment opportunities;

     i) analyze assumption and rejection issues regarding  
        executory contracts and leases;

     j) assist in the preparation and review of proposed
        business plans and the business and financial condition
        of the Debtors;

     k) assist in evaluating reorganization strategies and
        alternatives;

     l) review and critique the Debtors' financial projections
        and assumptions;

     m) prepare enterprise, asset and liquidation valuations;

     n) assist in preparing documents necessary for
        confirmation;

     o) give advice and assistance to the Debtors in
        negotiations and meetings with the creditors' committee,
        the bank lenders and other parties-in-interest;

     p) give advice and assistance on the tax consequences of
        proposed plans of reorganization;

     q) assist with the claims resolution procedures, including,
        but not limited to, analyses of creditors' claims by
        type and entity;

     r) provide litigation consulting services and expert
        witness testimony regarding confirmation issues,
        avoidance actions or other matters; and

     s) perform  other functions as requested by the Debtors or
        their counsel.

The Debtors have filed a motion to retain Berenson & Company as
their financial advisors.  The Debtors say the services Mesirow
will provide will not be duplicative of those provided by
Berenson.

The customary hourly rates for Mesirow Financial's professionals
are:

        Designation                           Hourly Rate
        -----------                           -----------
        Sr. Managing Directors
        Managing Directors                    US$620 - US$690

        Sr. Vice Presidents                   US$530 - US$590

        Vice Presidents                       US$430 - US$490

        Sr. Associates                        US$330 - US$390

        Associates                            US$190 - US$290

        Paraprofessionals                         US$150

Mesirow has agreed to a 20% discount on its fees for this
engagement.  

To the best of Mesirow's knowledge, it does not hold or
represent any interest adverse to the Debtors' estate and is a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

                     About Portrait Corp

Portrait Corporation of America, Inc. -- http://pcaintl.com/--   
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany and the United Kingdom.  The Company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for Chapter
11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case No.
06-22541).  John H. Bae, Esq., at Cadwalader Wickersham & Taft
LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' Financial Advisor
and Investment Banker.  At June 30, 2006, the Debtor had total
assets of US$153,205,000 and liabilities of US$372,124,000.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 6,
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and senior secured debt ratings on Canada-based
packaged software company, Corel Corp.

In a TCR-Europe report on Oct. 19, Moody's confirmed its Caa1
Corporate Family Rating for Corel Corp. in connection with the
rating agency's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.


PRIMUS TELECOMMS: Has US$466.3-Mln Equity Deficit at Sept. 30
-------------------------------------------------------------
PRIMUS Telecommunications Group Incorporated filed its financial
statements for the third quarter ended Sept. 30, 2006, with the
U.S. Securities and Exchange Commission on Nov. 9, 2006.

At Sept. 30, 2006, the Company's balance sheet showed
US$402.143 million in total assets and US$868.474 million in
total liabilities, resulting in a US$466.331 million
stockholders' deficit.  The Company had a US$236.334 million
deficit at Dec. 31, 2005.

PRIMUS reported third quarter 2006 net revenue of US$248
million, down from US$252 million in the prior quarter and
US$290 million in the third quarter 2005.

The Company reported US$121,000 of net income for the quarter,
compared with a net loss of US$220 million in the prior quarter
and a net loss of US$51 million in the third quarter 2005.

"We are pleased to report the fourth consecutive quarter of
steady improvement in our recurring Adjusted EBITDA trajectory,"
PRIMUS chairman and chief executive officer K. Paul Singh said.

"Our improved performance is driven by continuing implementation
of our previously announced strategy of maximizing cash flow
from operations by driving down costs while focusing our
available resources on high margin products and services.

"Execution of this strategy has resulted in the continued
shedding of low margin retail revenue and its associated costs,
while continued growth in new services and other high margin
products has resulted in improved operating margins.  That
progress, together with aggressive management of SG&A expense,
has enabled us to increase Adjusted EBITDA.

"Our performance in recent quarters has re-established a stable
base of EBITDA generation from operations.  While such progress
is encouraging, we must build on this success by continuing to
increase the margin contribution from new products and by
reducing our interest expense in order to generate adequate
levels of cash flow to realize the full growth potential of
PRIMUS and meet our future debt maturity obligations," Mr. Singh
stated

"We are actively pursuing initiatives to become Free Cash Flow
breakeven on an operating basis through a combination of
improved EBITDA performance and reduced interest expense," Mr.
Singh added.

The Company's improved operating performance has resulted from
continued execution of the four-pronged PRIMUS Action Plan:

   -- prioritize revenue growth in new services, while
      concentrating available resources for optimum
      effectiveness

      Revenue from broadband, local, wireless, and VOIP
      initiatives grew to US$35 million in the quarter, an
      increase of 35% from the third quarter 2005.  In addition
      to consistent quarterly revenue growth from new services,
      profitability from these services is also increasing,
      providing clear support for the Company's Action Plan.

   -- enhance margins by increasing scale on the new
      initiatives, adding broadband infrastructure in high
      density locations and migrating customers onto the PRIMUS
      network

      PRIMUS now has over 183,000 DSL customers in Australia and
      Canada.  The Australian and Canadian DSLAM networks are
      comprised of 181 and 65 nodes, respectively.  There are
      now over 88,000 services (local and broadband) provisioned
      directly on the Company's DSLAM facilities in Australia
      and Canada.  Margins from these on-net services are almost
      double those of off-net services.  To capitalize on the
      recent completion of the Canadian DSLAM network, the
      Company elected to increase advertising to accelerate
      growth in on-net services.

   -- continue to drive down expenses through aggressive cost
      controls

      After four consecutive quarters of reduced SG&A expense,
      the Company reported a third quarter total of US$72
      million, essentially flat with the prior quarter despite a
      US$1 million increase in advertising, but down over US$20
      million from the prior year quarter.  Primus's aggressive
      expense reduction efforts have also focused on a range of
      cost of revenue reductions in the current quarter and such
      efforts are continuing.  Additionally, the Australian
      regulatory commission issued an Interim Determination
      Letter lowering charges for on-net local loop services
      paid to Telstra, which is one of the regulatory matters
      currently under review.  If this interim ruling is
      affirmed, it is estimated that PRIMUS's annual expense for
      these services will be reduced by approximately US$2
      million.

   -- strengthen the balance sheet opportunistically through
      potential deleveraging and equity capital infusion

      During the first three quarters of 2006 Primus
      successfully:

      (1) exchanged US$27 million principal amount of the 5.75%
          Convertible Subordinated Debentures due 2007 for
          US$27 million of newly created Step-Up Convertible
          Debentures due 2009;

      (2) exchanged US$3 million principal amount of its 12.75%
          Senior Notes for 1.8 million shares of common stock;

      (3) exchanged US$32 million principal amount of 5%
          Exchangeable Senior Notes for US$55 million principal
          amount of 3.75% Convertible Senior Notes due 2010;

      (4) issued US$24 million principal amount of 5%
          Exchangeable Senior Notes for US$18 million in cash
          (net of issuance costs);

      (5) raised US$13 million cash proceeds from the sale of
          its Indian subsidiary; and

      (6) sold US$5 million of newly issued common stock to a
          private investor.

      To attain the targeted levels of Free Cash Flow it is
      imperative that substantial further progress be made in
      reducing overall debt and interest expenses -- an area
      that is a priority.

               Third Quarter 2006 Financial Results

The Company sold its India-based operations at the end of the
second quarter 2006.  From an accounting perspective, the sale
has been treated as a discontinued operation and, therefore,
those operating results are excluded from the individual line
items of the statement of operations in all prior period
results, and the income is shown as a separate line item on the
statement of operations.

Third quarter 2006 revenue was US$248 million, down 2%
sequentially from US$252 million in the prior quarter and down
15% from US$290 million in the third quarter 2005.

"The US$4 million sequential revenue decline was driven largely
by a US$4 million reduction in low-margin prepaid services
revenue, representing the continued shedding of unprofitable
revenue as part of our previously announced restructuring of the
prepaid business.

"The balance of the sequential revenue decline was comprised of
a US$2 million decrease in high-margin retail services,
including legacy voice and dial-up Internet services.

"These decreases were partially offset by an increase of
US$2 million as a result of the weakening United States dollar,"
PRIMUS chief financial officer Thomas R. Kloster said.

"While we are pleased by the continued growth of our high margin
initiatives such as broadband, local, wireless and VOIP services
-- which generated US$35 million of revenue and improved margins
in the third quarter 2006 -- we need to accelerate this growth
in order to compensate fully for the margin loss from the
revenue decline in legacy services."

Net revenue from data/Internet and VOIP services was US$73
million (29% of total net revenue for the quarter), up slightly
from the prior quarter.  Geographic revenue mix changed modestly
with 20% coming from the United States, 28% from Canada, 21%
from Europe and 31% from Asia-Pacific.  The mix of net revenue
was 78% retail (52% residential and 26% business) and 22%
wholesale.

SG&A expense was US$72 million (29.3% of net revenue),
consistent with US$72 million in the prior quarter (28.7% of net
revenue) and down from US$93 million (32.0% of net revenue) in
the third quarter 2005.  As compared with the prior quarter,
advertising expense increased by US$1 million and the Company
incurred a US$1 million expense for European administrative
taxes.  These increases were offset by continued declines in
commission expense primarily related to the prepaid services
revenue decline.

Income from operations was US$10 million in the third quarter
2006 versus a loss of US$228 million (including a US$223 million
non-cash asset impairment write-down and loss on sale or
disposal of assets, and a US$4 million non-cash expense related
to the restructuring of the prepaid services business) in the
prior quarter and a loss of US$34 million in the third quarter
2005.

The prior quarter's asset impairment write-down reduced the
level of depreciation and amortization expense to US$7 million
during the third quarter 2006 from US$17 million in the prior
quarter.

Adjusted EBITDA of US$16.6 million, as calculated in the
attached schedules, compares with US$11.5 million in the prior
quarter (which included a US$4.1 million non-cash prepaid
services business restructuring charge) and US$1.1 million in
the third quarter 2005.

Interest expense for the third quarter 2006 was US$13 million,
down from US$14 million in both the prior and year-ago quarters.

                  Liquidity and Capital Resources

PRIMUS ended the third quarter 2006 with a cash balance of
US$80 million, including US$9 million of restricted funds, as
compared with US$96 million, including US$8 million of
restricted funds, as of June 30, 2006.

For the quarter, a net US$6 million in cash was used for
operating activities.  This total reflects US$23 million in cash
used in operating activities (including US$16 million in cash
interest payments, US$2 million for tax payments, US$2 million
for fees related to the issuance of the 5% Exchangeable Senior
Notes in the second quarter, US$1 million being transferred to
restricted cash and US$2 million for working capital), partially
offset by US$17 million of Adjusted EBITDA.  In addition, US$8
million of cash was used for capital expenditures and US$2
million for scheduled principal reductions on debt obligations.

Free cash flow for the third quarter 2006 was negative US$14
million as compared to negative US$1 million in the prior
quarter and a negative US$33 million in the third quarter 2005.  
The first and third quarters have higher cash interest payments
based on the timing of debt interest due dates.

The US$71 million unrestricted cash balance as of Sept. 30,
2006, is expected to remain relatively stable as of Dec. 31,
2006.  However, first quarter 2007 scheduled principal
maturities of US$23 million of the 5.75% Convertible
Subordinated Debentures and US$8 million for a vendor financing
will result in a significant decrease in unrestricted cash
levels during the first quarter of 2007.  As a result, Primus's
highest management priority is to explore potential means to
reduce the cash outflow in the first quarter of 2007.

The principal amount of PRIMUS's long-term debt obligations as
of Sept. 30, 2006, was US$641 million, down from US$643 million
at June 30, 2006.

Full-text copies of the Company's third quarter financials are
available for free at http://ResearchArchives.com/t/s?1529

                        Going Concern Doubt

As reported in the Troubled Company Reporter on June 19, 2006,
Deloitte & Touche LLP expressed substantial doubt about PRIMUS
Telecommunications Group, Incorporated's ability to continue as
a going concern after auditing the Company's financial
statements for the fiscal year ended Dec. 31, 2005.  The
auditing firm pointed to the Company's recurring losses from
operations, the maturity of US$23.6 million of the 5-3/4%
convertible subordinated debentures due February 2007, negative
working capital, and stockholders' deficit.

               About PRIMUS Telecommunications Group

Based in McLean, Virginia, PRIMUS Telecommunications Group Inc.
(NASDAQ: PRTL) -- http://www.primustel.com/-- is an integrated  
communications services provider offering international and
domestic voice, voice-over-Internet protocol, Internet,
wireless, data and hosting services to business and residential
retail customers and other carriers located primarily in the
United States, Canada, Australia, the United Kingdom and western
Europe.  PRIMUS provides services over its global network of
owned and leased transmission facilities, including
approximately 350 points-of-presence throughout the world,
ownership interests in undersea fiber optic cable systems, 16
carrier-grade international gateway and domestic switches, and a
variety of operating relationships that allow it to deliver
traffic worldwide.


RADNOR HOLDINGS: Stevens & Lee OK'd as Panel's Conflicts Counsel
----------------------------------------------------------------
The Honorable Peter J. Walsh of the U.S. Bankruptcy Court for
the District of Delaware authorized the Official Committee of
Unsecured Creditors of Radnor Holdings Corporation and its
debtor-affiliates to retain Stevens & Lee PC as its special
conflicts counsel, nunc pro tunc to Sept. 18, 2006.

As reported in the Troubled Company Reporter on Oct. 18, 2006,
Stevens & Lee will:

     a) perform services that its primary counsel, Greenberg
        Traurig LLP cannot perform because of actual or apparent
        conflicts with its existing clients; and

     b) perform other discrete duties assigned by the Committee
        or Greenberg Traurig.

The Committee said that it will ensure that there will be no
duplication of Greenberg's efforts.

The current standard hourly rates for principal attorneys and
paralegal expected to represent the Committee are:

     Professional                  Designation       Hourly Rate
     ------------                  -----------       -----------
     Joseph H. Houston, Jr., Esq.  Shareholder          US$445
     Thomas G. Whalen, Jr., Esq.   Associate            US$280
     Valerie A. Frew               Paralegal            US$150
     Stephanie L. Foster           Legal Assistant      US$115

Stevens & Lee's other professionals charge:

     Designation                   Hourly Rate
     -----------                   -----------
     Shareholders                  US$325 to US$650
     Associates                    US$180 to US$325
     Legal Asst./Paralegals         US$95 to US$175

Mr. Houston assured the Court that his firm does not hold or
represent any interest adverse to the Debtors' estates.

Headquartered in Radnor, Pennsylvania, Radnor Holdings
Corporation -- http://www.radnorholdings.com/ -- manufactures  
and distributes a broad line of disposable food service products
in the United States, and specialty chemicals worldwide.  The
Debtor and its affiliates filed for chapter 11 protection on
Aug. 21, 2006 (Bankr. D. Del. Case No. 06-10894).  Gregg M.
Galardi, Esq., and Mark L. Desgrosseilliers, Esq., at Skadden,
Arps, Slate, Meagher, represent the Debtors.  Donald J.
Detweiler, Esq., and Victoria Watson Counihan, Esq., at
Greenberg Traurig, LLP, serves the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed total assets of US$361,454,000 and
total debts of US$325,300,000.


SEA CONTAINERS: Taps Sidley Austin as Bankruptcy Counsel
--------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ Sidley Austin LLP as their general reorganization and
bankruptcy counsel, nunc pro tunc to Oct. 15, 2006.

Edwin S. Hetherington, vice president, general counsel and
secretary of Sea Containers, Ltd., states that in the months
leading up to the Petition Date, Sidley has been advising the
Debtors on restructuring and insolvency issues, including
factors pertinent to the commencement of the Debtors' Chapter 11
cases, as well as on general corporate, banking and litigation
matters.

Mr. Hetherington adds the Debtors' Chapter 11 cases are complex
and require counsel with extensive experience in bankruptcy,
insolvency and restructuring matters, including cross-border
insolvency issues, as well as specialized and substantial
experience in litigation, corporate, real estate, intellectual
property, employment, banking and tax law.

As the Debtors' general counsel, Sidley will:

   (a) provide legal advice with respect to the Debtors' powers
       and duties as debtors-in-possession in the continued
       operation of their businesses;

   (b) take all necessary action on the Debtors' behalf to
       protect and preserve the Debtors' estates, including
       prosecuting actions on the Debtors' behalf, negotiating
       any and all litigation in which the Debtors are involved,
       and objecting to claims filed against the Debtors'
       estates;

   (c) prepare, on the Debtors' behalf, all necessary motions,
       answers, orders, reports, and other legal papers in
       connection with the administration of the Debtors'
       estates;

   (d) attend meetings and negotiate with representatives of
       creditors and other parties-in-interest, attend court
       hearings, and advise the Debtors on the conduct of their
       Chapter 11 cases;

   (e) perform any and all other legal services for the Debtors
       in connection with their Chapter 11 cases and with the
       formulation and implementation of the Debtors' plan of
       reorganization;

   (f) advise and assist the Debtors regarding all aspects of
       the plan confirmation process, including, but not limited
       to, securing the approval of a disclosure statement,
       soliciting votes in support of plan confirmation, and
       securing confirmation of the plan;

   (g) provide legal advice and representation with respect to
       various obligations of the Debtors and their directors
       and officers;

   (h) provide legal advice and perform legal services with
       respect to matters involving the negotiation of the terms
       and the issuance of corporate securities, matters
       relating to corporate governance and interpretation,
       application or amendment of the Debtors' corporate
       documents, including their certificates or articles of
       incorporation, bylaws, material contracts, and matters
       involving the fiduciary duties of the Debtors and their
       officers and directors;

   (i) provide legal advice and legal services to directors and
       officers, including former directors and officers, of the
       Debtors with respect to the class action securities
       litigation;

   (j) provide legal advice and legal services with respect to
       litigation, tax and other general non-bankruptcy legal
       issues for the Debtors to the extent requested by the
       Debtors; and

   (k) render other services, as agreed upon by Sidley and the
       Debtors.

Mr. Hetherington relates that Sidley is a full-service law firm
with a national and international presence -- with lawyers in
major cities throughout the United States, Europe and Asia.  He
adds that the firm has experience and expertise in every major
substantive area of legal practice, and its clients include
leading public companies and privately held businesses in a
variety of industries and major nonprofit organizations.

Sidley intends to charge the Debtors for its legal services on
an hourly basis.  Mr. Hetherington tells the Court that the
firm's professionals bill:

      Designation                           Hourly Rates
      -----------                          ---------------
      U.S.-based partners                  US$415 - US$850
      U.S.-based associates                US$190 - US$495
      U.S.-based paraprofessionals         US$25 - US$240

      U.K.-based partners                  GBP450 - GBP550
      U.K.-based associates                GBP195 - GBP410
      U.K.-based paraprofessionals         GBP110 - GBP140

As of the Petition Date, Sidley held a US$402,969 retainer.  
Sidley received US$5,663,079 in fees and US$229,489 in expenses
within one year prior to the Petition Date.

Larry J. Nyhan, Esq., a partner at Sidley Austin LLP, assures
the Court that the firm does not hold or represent any interest
adverse to the Debtors' estates in matters upon which it is to
be engaged and it is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.

Mr. Hetherington also relates that Sidley represented and still
represents GE Capital Corporation and some of its subsidiaries
in matters unrelated to the Debtors or their Chapter 11 cases.  
GE owns 50% of the outstanding equity interests of GE Seaco, of
which SCL is also a co-owner.  Mr. Hetherington says Sidley is
not precluded from representing the Debtors in all restructuring
and bankruptcy matters, and taking positions on SCL's behalf in
bankruptcy matters involving GE, both in negotiations and in
pleadings, including confirmation of a plan of reorganization.  
Mr. Hetherington discloses of the Debtors seek to employ
Kirkland & Ellis LLP as their special conflicts litigation
counsel for the sole and limited purpose of representing SCL in
any litigation or arbitration against or involving GE.

                      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. 4; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SEA CONTAINERS: U.S. Trustee Names Seven-Member Creditors Panel
---------------------------------------------------------------
Pursuant to Section 1102(a)(1) of the Bankruptcy Code, Kelly B.
Stapleton, the United States Trustee for Region 3, has appointed
seven creditors willing to serve on the Official Committee of
Unsecured Creditors in Sea Containers, Ltd., and its debtor-
affiliates' Chapter 11 cases:

   1. Bank of New York
      101 Barclay Street-8 West
      New York, NY 10286
      Attn: Martin Feig, Vice President
      Phone: (212) 815-5385
      Fax: (732) 667-4767

   2. Sea Containers 1983 Pension Scheme Aspen Trustees, Ltd.
      303-306 High Holbern
      London WCIV 7J2, United Kingdom
      Attn: Jane Kathryn Fryer
      Phone: (44) 207-430-0734
      Fax: (44) 207-430-0525

   3. Sea Containers 1990 Pension Scheme
      c/o Ferrington Yates, Esq.
      Sonnenschein Nath & Rosenthal LLP
      1221 Avenue of the Americas
      New York, NY 10020
      Phone: (212) 768-6878
      Fax: (212) 768-6800

   4. HSH Nordbank AG
      Gerhart-Hauptmann-Platz 50
      Hamburg, Germany D20095
      Attn: Jorg-Rainer Kalz
      Phone: (9) 40-3333-13561
      Fax: (9) 40-3333-13561

   5. Trilogy Capital LLC
      2 Pickwick Plaza
      Greenwich, CT 06830
      Attn: Barry D. Kupferberg
      Phone: (203) 971-3420
      Fax: (203) 971-3499

   6. Dune Capital LLC
      c/o Dune Capital Management LP
      623 Fifth Avenue, 30th Floor
      New York, NY 10022
      Attn: Andrew B. Cohen
      Phone: (212) 301-8308
      Fax: (646) 885-2473

   7. Mariner Investment Group, Inc.
      500 Mamaroneck Avenue, Suite 101
      Harrison, NY 10528
      Attn: Adam S. Cohen
      Phone: (914) 798-4234
      Fax: (914) 777-3363

                      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. 4; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


TOTAL SAFETY: S&P Junks US$40 Million Second-Lien Bank Facility
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' corporate
credit rating to Total Safety U.S. Inc., a safety services
company that provides rental equipment, equipment maintenance,
and safety system consulting services for oil field,
petrochemical, and other industrial companies.  

At the same time, Standard & Poor's assigned its 'B-' rating and
'3' recovery rating to Total Safety's proposed US$90 million
first-lien bank facilities, and its 'CCC' rating and '5'
recovery rating to Total Safety's proposed US$40 million
second-lien bank facility.  The outlook is stable.
     
Pro forma for the pending bank debt issuance, Houston, Texas-
based Total Safety is expected to have around US$117 million in
debt.
     
The ratings on Total Safety reflect its niche position in a
competitive market and aggressive financial leverage.  These
weaknesses are partially offset by the company's diversified
customer base and low capital requirements.
     
Total Safety has a vulnerable business profile.  The company
operates in three business segments, including safety equipment
rentals, equipment sales and safety systems, and services.  The
in-plant service centers are an important aspect of the
company's business strategy, as they provide full safety
services to the customer's facilities.
     
The outlook is stable.  Assuming future cash flows are positive,
the company should have the ability to service its fixed charges
with a modest cushion.
      
"A negative rating action could result if cash flows are lower
than expected and create liquidity concerns, whether due to
industry conditions, operational challenges, loss of customers,
or increased competition," said Standard & Poor's credit analyst
Aniki Saha-Yannopoulos.  "A rating upgrade would be dependent on
consistent operating results and markedly lower financial
leverage," she continued.


TYSON FOODS: Incurs US$56 Million Net Loss in Fourth Quarter
------------------------------------------------------------
Tyson Foods Inc. reported operating loss of US$20 million
compared to operating income of US$188 million, and net loss of
US$56 million, compared with net income of US$117 million,
respectively, for the fourth quarter of fiscal 2006 and 2005.  
Fourth quarter 2006 and 2005 sales were both US$6.5 billion.

Sales for fiscal 2006 were US$25.6 billion compared to US$26.0
billion for last year.  Operating loss was US$77 million
compared to operating income of US$745 million, and net loss was
US$196 million compared to net income of US$372 million,
respectively, for fiscal 2006 and 2005.

During the fourth quarter of fiscal 2006, the Company recorded
pretax charges totaling US$23 million associated with the
Company's previously announced US$200 million cost reduction
initiative, plant closing costs and other business consolidation
efforts.  These charges included severance expenses, product
rationalization costs and other asset impairment related
expenses.  The Company previously recorded plant-closing costs
of US$59 million for the first nine months of fiscal 2006.

The Company previously began a review in the fourth quarter of
fiscal 2006 of its tax account balances as a result of
differences noted in deferred tax liabilities related to
temporary book to tax differences.  At the time of the previous
announcement, the Company disclosed of the tax effect of the
aggregated basis differences was an understatement of
approximately US$22 million.  While the Company is nearing
completion, the review is not yet final.  Based upon the
information available at this time, the Company recorded a
charge in the fourth quarter of fiscal 2006 of approximately
US$15 million.  As the Company completes its process, additional
information may become available that could change the amount
and timing of the charge.  The Company expects to complete its
assessment prior to filing its fiscal 2006 Form 10-K.

Net loss for the fourth quarter and 12 months of fiscal 2006
includes a charge of US$5 million related to the cumulative
effect of a change in accounting principle due to the Company's
adoption of Financial Accounting Standards Board Interpretation
No. 47, "Accounting for Conditional Asset Retirement
Obligations," an interpretation of FASB Statement No. 143.

"The best thing I can say about fiscal 2006 is, it's over," said
Richard L. Bond, president and chief executive officer.  "For
most of the year, we were plagued by supply and demand imbalance
as well as export market disruptions in our chicken and beef
segments.  Despite some continuing problems in the protein
sector, during the quarter our core business showed improvement
and continued to strengthen.

"In addition, we successfully launched several programs that
will better position us for 2007 and beyond," Mr. Bond said.  
"We implemented a comprehensive cost management initiative to
generate approximately US$200 million in annual savings.  We
also consolidated beef processing facilities, refocused on
running cost-efficient and competitive operations and introduced
price increases across retail and foodservice channels.  
Finally, we have enhanced our strong management team by adding
several key executives in our finance, consumer products and
international groups.  I believe the solid execution of these
and other initiatives by Tyson Team Members is favorably
impacting our business.  We set a short-term goal to return to
profitability, and based on our business performance to date, I
am very confident we will achieve it in our first fiscal quarter
of 2007."

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- processes and markets   
chicken, beef, and pork.  The company produces protein-based and
prepared food products, which are marketed under the "Powered by
Tyson(TM)" strategy.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 26,
Standard & Poor's Ratings Services assigned its 'BBB-' rating
to Springdale, Arkansas-based meat processor Tyson Foods Inc.'s
US$1 billion unsecured revolving credit facility maturing
Sept. 10, 2010, guaranteed by wholly owned subsidiary Tyson
Fresh Meats Inc. (formerly IBP Inc.).

At the same time, Standard & Poor's lowered its rating on
US$2.1 billion of the company's outstanding senior unsecured
debt to 'BB+' from 'BBB-' because these debt issues do not have
the benefit of the Tyson Fresh Meats guarantee, which was
recently provided to the holders of Tyson's 6.6% notes due 2016.

In a TCR-Europe report on Sept. 22, Moody's Investors Service
took a number of rating actions in relation to Tyson assigned a
Ba1 rating to Tyson Foods, Inc.'s US$1 billion senior unsecured
bank credit facility and to a US$345 million senior unsecured
bank term loan for Tyson's Lakeside Farms Industries Ltd.
subsidiary, under a full Tyson Foods, Inc. guarantee; affirmed
Tyson's Ba1 corporate family rating, its Not Prime short term
rating and its SGL-3 speculative grade liquidity rating; and,
applied Moody's new Probability of Default and Loss Given
Default rating methodology to all of the company's long-term
ratings.  The outlook on all long-term ratings continues to be
negative.


WAKEWORTH ESTATES: Brings In Administrators from Baker Tilly
------------------------------------------------------------
Alan Lovett, Geoffrey Carton-Kelly and Michael Rollings of Baker
Tilly were appointed joint administrators of Wakeworth Estates
Ltd. (Company Number 04629014) on Nov. 7.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing  
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

Headquartered in London, England, Wakeworth Estates Ltd. is
engaged in property development.


WEYBRIDGE CONSTRUCTION: Taps Smith & Williamson to Administer
-------------------------------------------------------------
Roger Tulloch, Anthony Murphy and Robert Horton of Smith &
Williamson Ltd. were appointed joint administrators of Weybridge
Construction Ltd. (Company Number 02783653) on Nov. 3.

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provideS investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.

Weybridge Construction Ltd. can be reached at:

         Tristar Business Centre
         Star Road
         Partridge Green
         Horsham
         West Sussex RH13 8RA
         United Kingdom
         Tel: 01403 713 111
         Fax: 01932 786 518


WHITFIELD CONSTRUCTION: Names Michael McCarthy as Administrator
---------------------------------------------------------------
Michael F. McCarthy of Wallets Insolvency Services was named
administrator of Whitfield Construction (Staffs) Ltd. (Company
Number 03544873) on Nov. 3.

The administrator can be reached at:

         Michael F. McCarthy
         Walletts Insolvency Services
         Adventure Place
         Hanley Windsor House
         Stoke On Trent
         Staffordshire ST1 3AF
         United Kingdom
         Tel: 01782 212326
         Fax: 01782 683904
         E-mail: mike@walletts.co.uk

Whitfield Construction (Staffs) Ltd. can be reached at:

         Marcus House
         Parkhall Road
         Stoke on Trent
         Staffordshire ST3 5XA
         United Kingdom
         Tel: 01782 394 071


XELO PLC: S&P Places BB Rating on CreditWatch Negative
------------------------------------------------------
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings
Services took CreditWatch actions on 42 European synthetic CDO
tranches.
  
Specifically, Standard & Poor's took these actions:

   -- ratings on 14 tranches were placed on CreditWatch
      with negative implications;

   -- ratings on 18 tranches were placed on CreditWatch
      with positive implications; and

   -- ratings on 10 tranches were removed from
      CreditWatch negative and affirmed;
  
The SROC levels for the ratings placed on CreditWatch negative
fell below 100% during the October month-end run.  These SROC
figures will be published in the SROC report covering October
2006, which is imminent.
  
Following publication of the latest SROC report, a full review
of the affected tranches will take place, and the appropriate
actions will be published in our November rating action media
release.  All other tranches in the transactions listed are
unaffected by these rating actions.
  
The Global SROC Report provides SROC and other performance
metrics on over 2,000 individual CDO tranches.
  
                          Ratings List
  
Class            To                 From           SROC (%)
-----            --                 ----           --------     
Arosa Funding Ltd.
EUR15.18 Million Secured Credit-Linked Floating-Rate Notes
Series 2004-11
                 AA/Watch Neg        AA             99.6919
  
Bassi Co. Ltd.
EUR33 Million Floating-Rate Secured Portfolio Callable Credit-
Linked Notes
Series 2

A                BBB+/Watch Pos      BBB+           114.4505
  
Claris Ltd.
EUR5.78 Million Monet Fixed-Rate Credit-Linked Notes Series
19/2004
                 AA-/Watch Neg       AA-            99.9502
  
CRAFT 2003-2 Ltd.
US$52.5 Million Floating-Rate Credit-Linked Notes
B                AAA/Watch Neg       AAA            99.9297
  
Daphne Finance I PLC
EUR354.05 Million Credit-Linked Floating-Rate Notes
C1               AA/Watch Pos        AA             101.9746
C2               A+/Watch Pos        A+             101.7189
D                BBB+/Watch Pos      BBB+           101.7263
  
Eirles Four Ltd.
EUR82.5 Million Floating-Rate Credit-Linked Notes Series 80
                 A/Watch Pos         A              102.7790
  
Eirles Four Ltd.
EUR17 Million Fixed-Rate Credit-Linked Notes Series 81
                 BBB+/Watch Pos      BBB+           102.4136
  
Eirles Two Ltd.
EUR10 Million Credit-Linked Floating-Rate Secured Notes Series
147-B
A                AAA                 AAA/Watch Neg  100.1019
  
Elva Funding PLC
EUR79.5 Million Secured Floating-Rate Credit-Linked Notes Series
2006-2

IA_2011_EUR15    AA/Watch Neg        AA             99.9643
IB_2011_EUR15    AA/Watch Neg        AA             99.9643
II_2011_EUR15    BBB+/Watch Neg      BBB+           99.6487
III_2013_EUR3    BBB-/Watch Neg      BBB-           99.9517
IIA_2016_EUR1    A+                  A+/Watch Neg   100.4532
  
Hemisphere CDO
JPY1 Billion Class G-1J7 Floating-Rate Secured Portfolio Credit-
Linked Notes
Series 3 (Issued By Hemisphere CDO PLC)
                 AA-/Watch Pos       AA-            104.8168
  
Ionia Capital PLC
EUR47.5 Million Fixed- And Floating-Rate Credit-Linked Notes
Series 2006-2

B e2             AA                  AA/Watch Neg   100.0370
  
Momentum CDO (Europe) Ltd.
EUR40 Million Tranche AF MEZZO And EUR4 Million Tranche BF MEZZO
Floating-Rate
Notes Series 2005-6

BF               AA/Watch Neg        AA             99.9637
  
Petra Capital II Ltd.
US$86 Million Secured Credit-Linked Notes

C                AA+/Watch Pos       AA+            100.7246
D                A/Watch Pos         A              100.6641
  
Prime Square CDO Ltd.
EUR10 Million Secured Floating-Rate Notes Series 2004-1

B1               AA                  AA/Watch Neg   101.4024
C1               BBB+                BBB+/Watch Neg 100.4277
  
Prime Square CDO Ltd.
US$2 Million Secured Floating-Rate Notes Series 2004-2

B2               AA                  AA/Watch Neg   101.4024
  
Prime Square CDO Ltd.
EUR10 Million Secured Floating-Rate Notes Series 2004-3

C2               BBB+                BBB+/Watch Neg 100.4277
  
Prime Square CDO Ltd.
JPY9 Billion Credit-Linked Non-Callable Fixed- And Floating-Rate
Notes Series
2005-1

B                AA                  AA/Watch Neg    101.4024
C                BBB+                BBB+/Watch Neg  100.4277
  
Prime Square CDO Ltd.
$10.4 Million Credit-Linked Secured Floating-Rate Notes Series
2005-2
C                BBB+                BBB+/Watch Neg  100.4277
  
Quartz CDO (Ireland) PLC
EUR100 Million (Including EUR10 Million Tap Issuance) Fixed-,
Floating-, And
Variable-Rate Notes Series 1

B-1              AA/Watch Pos        AA              105.3937
C-1              A/Watch Pos         A               104.0846
  
Quartz CDO (Ireland) PLC
?17 Million Floating-Rate Secured Substitutable Portfolio
Credit-Linked Notes
Series 4

B-1              AA/Watch Pos        AA              107.0743
  
Sceptre Capital B.V.
EUR2 Million Secured Credit-Linked Variable-Rate Notes Series
2004-8
                 AA-/Watch Pos       AA-             101.4797
  
SGA Societe Generale Acceptance N.V.
EUR8 Million Portfolio Credit-Linked Notes Series 3481/02-5
                 AA-/Watch Pos       AA-             101.4686
  
SGA Societe Generale Acceptance N.V.
US$5.78 Million Portfolio Credit-Linked Notes Series 3604/02-7
                 BBB+/Watch Pos      BBB+            100.7111
  
SGA Societe Generale Acceptance N.V.
EUR10 Million Portfolio Credit-Linked Notes Series 3710
                 AA-/Watch Pos       AA-             104.1374
  
SGA Societe Generale Acceptance N.V.
EUR7 Million Portfolio Credit-Linked Notes Series 3886/02-10
                 AA-/Watch Pos       AA-             101.6688
  
SGA Societe Generale Acceptance N.V.
EUR2 Million 6.5% Portfolio Credit-Linked Notes Series 3913/02-
10
                 AA/Watch Pos        AA              100.8882
  
SGA Societe Generale Acceptance N.V.
US$2 Million Gascogne Floating-Rate Credit-Linked Notes Series
7242/04-11

SGA 7242         AA/Watch Neg        AA              99.9254
  
SGA Societe Generale Acceptance N.V.
EUR9.97 Million Gascogne Fixed-Rate CDO Credit-Linked Notes
Series 7460/04-12

Tranches 1 and 2
Tranche 1        BBB+pNRi/Watch Neg  BBB+pNRi        99.9939
Tranche 2        BBB+pNRi/Watch Neg  BBB+pNRi        99.9939
  
SGA Societe Generale Acceptance N.V.
ISK1.6 Billion Gascogne Fixed-Rate CDO Credit-Linked Notes
Series 7728/05-03

SGA 7728         BBB+pNRi/Watch Neg  BBB+pNRi        99.9939
  
SGA Societe Generale Acceptance N.V.
EUR5 Million Eden Portfolio Forward Credit-Linked Notes Series
10754/06-2
                 AA-/Watch Neg       AA-             99.9830
  
Xelo PLC
EUR37.5 Million Zero-Coupon Secured Limited-Recourse Credit-
Linked Notes Series
2004 (Lecce)
                 BB/Watch Neg        BB              99.5572


* BOOK REVIEW: Crafting Solutions for Troubled Businesses: A
               Disciplined Approach to Diagnosing and
               Confronting Management Challenges
----------------------------------------------------------------
Author:     Stephen J. Hopkins and S. Douglas Hopkins
Publisher:  Beard Books
Hardcover:  316 pages
List Price: $74.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982870/internetbankru
pt

So the first thing to do when dealing with a troubled business
is to find the guilty and lop someone's head off!  Don't be so
quick to react, advise co-authors Stephen J. Hopkins and S.
Douglas Hopkins in their thoughtful, well-researched book,
Crafting Solutions for Troubled Businesses.

The father-son team of Steve and Doug Hopkins are principals of
Kestrel Consulting LLC, a firm they founded in March 2004.  

Each has more than 25 years of experience working with troubled
businesses and providing turnaround advisory and interim
management services.  

Steve got his first taste of a troubled business when, as chief
financial officer of an 80-year-old chemical company, Bill
Nightingale of Nightingale & Associates assisted him in taking
the company through a Chapter 11 filing.  The company
subsequently emerged from bankruptcy with payment in full to all
creditors.  

Steve then joined Nightingale, staying for 23 years and serving
initially as a principal and eventually as president from 1994
to 2000.  Doug began working at Nightingale in 1978 as a part-
time resource for special projects.  After working in this
capacity for

10 years, Steve joined Nightingale full time in the 1980s and
became a principal in 1994.  Both Steve and Doug have served in
various C-level roles in troubled companies, including CEO, CFO,
COO, and CRO.

To write this book, the Hopkinses drew upon their vast
experience in dealing with troubled companies.  They took 100 of
the largest projects they have been involved in and applied a
"disciplined analysis" to diagnose problem situations and
produce successful outcomes.  

The projects -- helpfully set apart by shaded boxes --
demonstrate the authors' theories and methods in dealing with
troubled businesses.  

The authors also analyze some well-known cases like Enron,
WorldCom, and Sunbeam to help the reader connect the dots in a
very real sense and use the book for actionable advice.

The book is divided into five parts:

   1) Conceptual Approach and Key Issues,
   2) Managing the Crisis,
   3) The Diagnosis Process,
   4) Alternatives and Action Plans, and
   5) Lessons Learned in 100 Completed Assignments.  

Each part has multiple chapters expanding on these themes, and
each chapter concludes with a recap of what was discussed.  For
speed readers and the time crunched, these recaps are an
excellent way of extracting from the book the essence of what
the authors are advocating.

So what about lopping off that head?  The authors contend that
management's role is much less pivotal than is commonly
believed.  

The real issue when working with a troubled business is
determining the viability of the business.  To do that, the
underlying causes must be identified at different stages of the
corporate lifecycle.  

The authors categorize troubled businesses as Undisciplined
Racehorses, Overburdened Workhorses, and Aging Mules.  Only
through a step-by-step diagnosis can the core problems be dealt
with.  Pursuing a turnaround may not always be a viable and, in
fact, in only one-third of the 100 cases the authors worked on
did the company achieve a true operational turnaround.

Crafting Solutions to Troubled Businesses should be on the must-
read list of anyone involved in dealing with, consulting for, or
operating a troubled business.

                           *********

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.


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