TCREUR_Public/061121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 21, 2006, Vol. 7, No. 231

                            Headlines


A U S T R I A

HERBOWITA LLC: Claims Registration Period Ends Nov. 28
HRID LLC: Claims Registration Ends November 28
JOHANN BRUNNER: Creditors' Meeting Slated for November 28
KRAINZ LLC: Property Manager Offers 2.57% Claims Recovery
THERAPIEGESELLSCHAFT KURHOTEL: Claims Registration Ends Nov. 30


B E L G I U M

GOODYEAR TIRE: Meets with Union to Discuss New Labor Deal
GOODYEAR TIRE: Fitch Junks US$1-Billion Senior Unsecured Notes
M. FABRIKANT & SONS: Files Chapter 11 Petition in New York
M. FABRIKANT & SONS: Case Summary & 45 Largest Unsec. Creditors


D E N M A R K

BLOCKBUSTER INC: Fitch Affirms Issuer Default Rating at CCC


F R A N C E

ALCATEL SA: U.S. Congress Okays Merger with Lucent Technologies
ALCATEL SA: Installs Message Delivery System at Citigroup
CLEAR CHANNEL: Inks US26.7-Bln Merger Deal with Private Equity
CLEAR CHANNEL: Acquisition Deal Spurs S&P to Cut Ratings to BB+
LUCENT TECHNOLOGIES U.S. Congress Okays Merger with Alcatel

MOSAIC COMPANY: Prices Units' Offer to Buy US$1.5-Bil Sr. Debts
PERNOD RICARD: S&P Lifts Rating to BB+ on Business Integration
POLYMER GROUP: Moody's Changes Outlook on Underperformance


G E O R G I A

VIMPEL-COMMUNICATIONS: Completes Armentel Acquisition Deal


G E R M A N Y

APPTIS INC: Moody's Rates Proposed $180MM Credit Facility at B1
BRUNS & HELD: Claims Registration Ends December 1
CLEMENS EVERS: Claims Registration Ends December 1
DIPL.-ING. EDUARD: Creditors' Meeting Slated for November 30
ENTRY FUNDING: Fitch Assigns B- Rating to EUR6-Mln Class F Notes

LUKAS-BAU: Claims Registration Ends November 30
MARIO ELLERKAMM: Claims Registration Ends November 30
MEDIA-FORUM: Claims Registration Ends November 29
NWS ANLAGENBAU: Claims Registration Ends November 29
PR INDUSTRIEMONTAGE: Claims Registration Ends December 1

STEIERL FLEISCHWAREN: Claims Registration Ends December 1
USG CORP: Prices US$500 Mln 6.30% Notes at 99.9% of Principal
VISTEON CORP: Seeks Lenders' Okay for US$100MM Additional Loan
VOLKSWAGEN AG: Porsche Hikes VW Stake to 27.4%; Eyes More Equity
WALLER WOHNUNGSBAU: Creditors' Meeting Slated for December 1


G R E E C E

ANTENNA TV: S&P Cuts Rating to B+ on Weak Performance


H U N G A R Y

FLEXTRONICS INT'L: Eyes 30% Job Cuts in Nyiregyhaza Plant


I R E L A N D

BIOVAIL CORP: Moody's Revises Rating Outlook to Stable
DELL INC: Looks to Release Third Quarter Results by Month's End


I T A L Y

M. FABRIKANT & SONS: Files Chapter 11 Petition in New York
M. FABRIKANT & SONS: Case Summary & 45 Largest Unsec. Creditors
NEWPARK RESOURCES: S&P Affirms B+ Rating on Weak Profitability

* Italy Gas Supply Deals Pose Challenges, Fitch Says


K A Z A K H S T A N

AK OTAU: Almaty Court Opens Bankruptcy Proceedings
ALMATINSKAYA GORODSKAYA: Claims Registration Ends Dec. 22
BASIS LLP: Karaganda Court Begins Bankruptcy Proceedings
EXTRA DEALER: Creditors Must File Claims by Dec. 20
EURO GOLD: Proof of Claim Deadline Slated for Dec. 27

INTRACOM LLP: Claims Filing Period Ends Dec. 20
KANDYAGASH JYLU: Aktube Court Starts Bankruptcy Procedure
KAZAKH OIL: Creditors' Claims Due Dec. 27
KUAT JETYSAI: Creditors Must File Claims by Dec. 27
MANGISTAU PROD: Proof of Claim Deadline Slated for Dec. 27

MASTER LLP: South Kazakhstan Court Starts Bankruptcy Procedure
NURKAZGAN-SERVICE: Karaganda Court Opens Bankruptcy Proceedings
PETROLEUM LLP: Claims Registration Ends Dec. 22
SHIPA SERVICE: Proof of Claim Deadline Slated for Dec. 20
TEMIR-SATU LLP: Karaganda Court Begins Bankruptcy Proceedings

TRANSIT TRANS: Claims Filing Period Ends Dec. 27
VARTY PACIFIC: Creditors' Claims Due Dec. 22


K Y R G Y Z S T A N

ROSSIYSKO-AZIATSKY DIESEL: Creditors' Claims Due Jan. 3, 2007
SUN LIGHT: Claims Registration Ends Dec. 29
URAL: Claims Filing Period Ends Dec. 29


L U X E M B O U R G

DOV PHARMACEUTICAL: Sept. 30 Equity Deficit Widens to US$51 Mln


N E T H E R L A N D S

CANDIDE FINANCING: Moody's Rates EUR5-Mln Class E Notes at Ba3
DUCHESS VII: S&P Assigns BB- Rating on EUR15-Mln Class E Notes
E-MAC PROGRAM: Fitch Gives BB Rating on EUR3.2-Mln Class E Notes
HARBOURMASTER CLO: Fitch Rates EUR11.8-Mln Class E Notes at BB
HIGHLANDER EURO: Moody's Assigns (P)Ba3 Rating on Class E Notes

HIGHLANDER EURO: S&P Rates EUR24.5 Million Class E Notes at BB-
LUCENT TECHNOLOGIES U.S. Congress Okays Merger with Alcatel
POLYMER GROUP: Moody's Changes Outlook on Underperformance


P O R T U G A L

INTERTAPE POLYMER: Amends Debt Facilities to Ease Covenants


R U S S I A

BUILDER LLC: Court Names D. Natalkin as Insolvency Manager
CASINO VENICE: Court Names D. Natalkin as Insolvency Manager
CHEGDOMYSNKAYA FACTORY: Court Starts Bankruptcy Supervision
CHUSOVSKIYE DIARY: Court Names Y. Svetlakov to Manage Assets
EAR CJSC: Khabarovsk Court Names A. Krylov as Insolvency Manager

GAS-PROM-OPTICS: Tyumen Bankruptcy Hearing Slated for Jan. 30
GAZPROM NEFT: Considers Joint Venture with OAO Lukoil
GAZPROM NEFT: Completes Navigator.55 Program at Omsk Refinery
GOLDEN TELECOM: Commences Internet Project in Nizhny Novgorod
HEAT NETWORK: Court Starts Bankruptcy Supervision Procedure

INKOR-INVEST: Court Names N. Pomelov as Insolvency Manager
INTERNATIONAL CORP: Court Names M. Vasilega to Manage Assets
INTER-SUGAR: Court Names L. Ponomareva as Insolvency Manager
KHASYNSKIY FACTORY: Court Names V. Monastyrskiy to Manage Assets
KRASNOGORSKOYE DSPMK: Court Starts Bankruptcy Supervision

KOZHEVNIKOVO-GAS-SERVICE: Court Names I. Gorn to Manage Assets
KURILOVSKOYE CJSC: Court Names A. Khromov as Insolvency Manager
LENINGRADSKIY MAST-IMPREGNATION: Asset Sale Slated for Dec. 11
LUKOIL OAO: Considers Joint Venture with OAO Gazprom Neft
LUKOIL OAO: Budgets US$27 Bln for Overseas Production Until 2017

MAGLAJN ITM: Bankruptcy Hearing Slated for March 13
MICHURISNKIY ECOLOGIST: Names V. Kuznetsov to Manage Assets
MONOLITH LLC: Court Names A. Polishenko as Insolvency Manager
MOSAIC COMPANY: Prices Units' Offer to Buy US$1.5-Bil Sr. Debts
NEVO-WOOD CJSC: Court Names N. Dremanov as Insolvency Manager

NORTH-WEST TRANSPORT-ENERGY: Names D. Natalkin to Manage Assets
NOVAYA LLC: Kursk Court Names V. Selin as Insolvency Manager
ROS-OIL-GAS-INTER-STROY: Court Starts Bankruptcy Supervision
RUSSIAN CAPITAL: Court Names N. Dremanov as Insolvency Manager
SERVICE CENTRE: Court Starts Bankruptcy Supervision Procedure

SORTAVALSKIY FISHING: Court Names B. Remnev to Manage Assets
TRANS-OIL-RESERVE: Court Names S. Suvorov as Insolvency Manager
URMARSKIY DIARY: Court Names N. Ignatyev as Insolvency Manager
VIMPEL-COMMUNICATIONS: Completes Armentel Acquisition Deal
VOLGOGRAD-PROJECT-STROY: Court Starts Bankruptcy Supervision

WORLD OF SEA: Kamchatka Bankruptcy Hearing Slated for Jan. 18


S P A I N

AYT GENOVA: Moody's Rates EUR10.7-Mln Series D Notes at (P)Ba3
AYT GENOVA: Fitch Places BB Ratings on EUR10.7-Mln Class D Notes
RURALPYME FTPYME: Fitch Junks EUR24.05-Mln Series D Notes
SANTANDER CONSUMO: Moody's Junks EUR14.3-Mln Series F Notes
SANTANDER CONSUMO: S&P Junks EUR14.3 Million Class F Notes


U K R A I N E

CENTRALNE ENTERPRISE: Court Starts Bankruptcy Supervision
GENERALI GARANT: Moody's Lifts Financial Strength Rating to Ba3
GOLDEN TELECOM: Commences Internet Project in Nizhny Novgorod
LIANKA LLC: Kyiv Court Names V. Sokotun as Insolvency Manager
RAJAGROHIM OJSC: Vinnitsya Court Starts Bankruptcy Supervision

REILROAD TIES: Kyiv Court Starts Bankruptcy Supervision
ROXO LLC: Kyiv Court Names Ludmila Leluh as Insolvency Manager
STYLE LLC: Court Names Oleg Linkevich as Insolvency Manager
TELEHOUSE KYIV: Court Names O. Agafonov as Insolvency Manager
TERNOPILLIFT: Ternopil Court Starts Bankruptcy Supervision

UKRDRUK CJSC: Court Appoints V. Sokotun as Insolvency Manager
VETA LLC: Dnipropetrovsk Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

ACORN JOINERY: Nominates Liquidators from Abbott Fielding
ALAN T. CARR: Appoints Begbies Traynor as Administrators
BERRIES WINE: Names Anthony David Kent Liquidator
BLCS LIMITED: Taps Baker Tilly as Joint Administrators
BLOCKBUSTER INC: Fitch Affirms Issuer Default Rating at CCC

BROOKLANDS EURO: Fitch Affirmed Ratings for Class E Notes at BB
BULL SEARCH: Brings In Liquidators from Mercer & Hole
CLEAR CHANNEL: Inks US26.7-Bln Merger Deal with Private Equity
CLEAR CHANNEL: Acquisition Deal Spurs S&P to Cut Ratings to BB+
COLLINS & AIKMAN: Wants Wachovia to Surrender Property

COTT CORPORATION: Earns US$6.6 Million in 2006 Third Quarter
CRYSTAL BUILD: Nominates Liquidators from Abbott Fielding
DELL INC: Looks to Release Third Quarter Results by Month's End
DURA AUTOMOTIVE: Gets Interim Nod to Pay Foreign Vendor Claims
ENRON CORP: Reaches US$144,000,000 Settlement With Barclays PLC

ERNEST S. TILL: Names Paul Michael McConnell as Administrator
EUROPEAN SECURITY: J. N. Bleazard Leads Liquidation Procedure
FLOWER TRENDS: Joint Liquidators Take Over Operations
FORMULA FABRICATIONS: Taps Chris Williams to Liquidate Assets
GOODYEAR TIRE: Meets with Union to Discuss New Labor Deal

GOODYEAR TIRE: Fitch Junks US$1-Billion Senior Unsecured Notes
GREAT HALL: Fitch Places BB Rating on GBP5.4-Mln Class E Notes
GRESHAM CAPITAL: S&P Assigns B Rating on EUR12-Mln Class F Notes
ICE ALLIANCE: Creditors Confirm Liquidator's Appointment
INCO LTD: Common Stock Ceases Trading on NYSE

JANUS SECURITY: Creditors Confirm Voluntary Liquidation
KOHLICO TRADING: Appoints Administrators from Vantis Plc
LISTAWOOD PROMOTIONAL: Brings In Administrators from Menzies
MAINSTONE BUILDING: Claims Filing Period Ends Dec. 15
MASTER ROOM: Liquidators Set Dec. 3 Claims Bar Date

PIARCO STRUCTURES: Brings In P&A to Administer Assets
PLUMBING & MECHANICAL: Taps Michael Chamberlain as Administrator
POLARIS FITNESS: Creditors Confirm Liquidators' Appointment
PREMIER MAINTENANCE: Hires Liquidators from Recovery hjs
PROPERTY CARE: Appoints David Field to Liquidate Assets

REJUVE LIMITED: Hires Administrator from Valentine & Co
SCOTTISH RE: Moody's Keeps Senior Unsecured Debt Rating at Ba3
SKYEPHARMA PLC: Abbott Acquires Licensee Kos Pharmaceuticals
SNACK SOLUTIONS: Appoints Joint Administrators from DTE
SPIRIT MENSWEAR: Names Ninos Koumettou as Administrator

SPORT-LEICHT: Taps Alison M. Byrne to Administer Assets
SWATCHMAKER LIMITED: Calls In Liquidator from Begbies Traynor
THOMAS POTTER: Taps Tait Walker as Joint Administrators
TIMBERTEC JOINERY: Brings In KPMG as Administrators
TIPS & TOES: Creditors' Claims Due Jan. 1, 2007

VEDANTA RESOURCES: Moody's Reviews Ratings on Indian Investments
VENDING LIMITED: Hires Kay Johnson Gee as Administrator
VIENTIA DESIGN: Brings In Centrum Recovery as Administrator
W. A. KELLY: Creditors Confirm Liquidator's Appointment
WHITEHOUSE PRESSBRAKE: Taps Administrator from Findlay James

* Large Companies with Insolvent Balance Sheets

                            *********

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


HERBOWITA LLC: Claims Registration Period Ends Nov. 28
------------------------------------------------------
Creditors owed money by LLC Herbowita (FN 271968d) have until
Nov. 28 to file written proofs of claims to court-appointed
property manager Dominik Baurecht at:

         Mag. Dominik Baurecht
         c/o Dr. Wolfgang Gerhard Zorn
         Weihburggasse 4
         1010 Vienna, Austria
         Tel: 533 66 61-77
         Fax: 533 66 61-10
         Email: baurecht@gnbz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Dec. 12 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 9 (Bankr. Case No. 4 S 143/06s).  Wolfgang Gerhard Zorn
represents Mag. Baurecht in the bankruptcy proceedings.


HRID LLC: Claims Registration Ends November 28
----------------------------------------------
Creditors owed money by LLC HRID (FN 249214t) have until Nov. 28
to file written proofs of claims to court-appointed property
manager Walter Kainz at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 12 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 9 (Bankr. Case No. 4 S 142/06v).  Eva Wexberg represents
Dr. Kainz in the bankruptcy proceedings.


JOHANN BRUNNER: Creditors' Meeting Slated for November 28
---------------------------------------------------------
Creditors owed money by LLC Johann Brunner (FN 91286w) are
encouraged to attend the creditors' meeting at 9:30 a.m. on
Nov. 28 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of St. Poelten
         Room 216
         2nd Floor (Old Building)
         St. Poelten, Austria

Headquartered in Neuaigen, Austria, the Debtor declared
bankruptcy on Oct. 9 (Bankr. Case No. 14 S 166/06m).  Walter
Anzboeck serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Walter Anzboeck
         Stiegengasse 8
         3430 Tulln, Austria
         Tel: 02272/61 600
         Fax: 02272/61 600-20
         E-mail: anwalt@anzboeck


KRAINZ LLC: Property Manager Offers 2.57% Claims Recovery
---------------------------------------------------------
Dr. Reinhard Teubl, the court appointed property manager of LLC
Krainz (FN 207181d), offered a 2.57% recovery of creditors'
claims.

The Land Court of Leoben is yet to approve the property
manager's decision.

Headquartered in Kapfenberg, Austria, the Debtor declared
bankruptcy on Oct. 14, 2005 (Bankr. Case No. 17 S 76/05b).

The property manager can be reached at:

         Dr. Reinhard Teubl
         Mittergasse 28
         8600 Bruck an der Mur, Austria
         Tel: 03862-51462
         Fax: 03862-51462-10
         E-mail: rechtsanwaelte@bzt.at


THERAPIEGESELLSCHAFT KURHOTEL: Claims Registration Ends Nov. 30
---------------------------------------------------------------
Creditors owed money by LLC Therapiegesellschaft Kurhotel
Jodschwefelbad (FN 246978d) have until Nov. 30 to file written
proofs of claims to court-appointed property manager Thomas Mair
at:

         Dr. Thomas Mair
         Kurhausstrasse 9
         4820 Bad Ischl, Austria
         Tel: 06132/23517
         Fax: 06132/23517-9
         Email: thomas.mair@rechtsangelegenheiten.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Dec. 7 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         Wels, Austria

Headquartered in Goisern, Austria, the Debtor declared
bankruptcy on Oct. 9 (Bankr. Case No. 20 S 119/06k).


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


GOODYEAR TIRE: Meets with Union to Discuss New Labor Deal
---------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed Friday that
bargaining teams from the company and the United Steelworkers
met last week in Cincinnati.

Goodyear presented copies of its latest proposals to the union's
full bargaining committee.  Goodyear reviewed its proposals in
detail and responded to questions from the union's bargaining
team.  The union made no new proposals.

The company said it is clear from the discussions that the two
primary issues continue to be retiree health care and the
announced closure of the Tyler, Texas plant.

Dates for further meetings with the union have not been
established.

Goodyear's latest proposal can be viewed at:

              http://researcharchives.com/t/s?155c

The United Steelworkers struck Goodyear on Oct. 5 after refusing
to further extend a three-year master contract with the company.

                     About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's
largest tire company.  The company manufactures tires,
engineered rubber products and chemicals in more than 90
facilities in 28 countries.  It has marketing operations in
almost every country around the world.  Goodyear employs more
than 80,000 people worldwide.

Goodyear employs more than 80,000 people worldwide.  It
has marketing operations in almost every country around the
world, including Indonesia, Australia, China, India, Korea,
Malaysia, New Zealand, Philippines, Singapore, Taiwan, and
Thailand.  The company's European headquarters is based in
Brussels, Belgium.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 27,
Moody's Investors Service confirmed its B1 Corporate Family
Rating for The Goodyear Tire & Rubber Company in connection with
the rating agency's implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology for the U.S.
Automotive and Equipment sectors.

As reported in the TCR-Europe on Oct. 26, Standard & Poor's
Ratings Services placed its 'B+' corporate credit rating on
Goodyear Tire & Rubber Co. on CreditWatch with negative
implications because of the potential for business disruptions
and earnings pressures that could result from the ongoing labor
dispute at some of its North American operations.  Goodyear has
total debt of about US$7 billion.


GOODYEAR TIRE: Fitch Junks US$1-Billion Senior Unsecured Notes
--------------------------------------------------------------
Fitch Ratings assigned debt and Recovery Ratings of CCC+/RR6 to
US$1 billion of new private placement notes issued by The
Goodyear Tire and Rubber Company.  All ratings remain on Rating
Watch Negative.

The new debt includes US$500 million of three-year floating rate
notes and US$500 million of five-year 8.625% notes.  Proceeds
will be used to refinance US$515 million of debt scheduled to
mature by March 2007 and for general corporate purposes,
including addressing the ongoing strike by the United
Steelworkers union.

Goodyear's existing debt and recovery ratings are:

   -- Issuer Default Rating B;
   -- US$1.5 billion first lien credit facility BB/RR1;
   -- US$1.2 billion second lien term loan BB/RR1;
   -- US$300 million third lien term loan B/RR4;
   -- US$650 million third lien senior secured notes B/RR4; and
   -- Senior unsecured debt CCC+/RR6.

Goodyear Dunlop Tires Europe B.V. (GDTE)

   -- EUR505 million European secured credit facilities BB/RR1.

Fitch placed Goodyear's ratings on Rating Watch Negative on
Oct. 18 following the company's US$975 million drawdown of its
US$1.5 billion revolver, effectively using the remaining
capacity under the revolver.  The net addition of nearly US$500
million of debt, excluding debt to be refinanced, further
supports GT's liquidity during the strike, which began Oct. 5.

The Rating Watch Negative reflects business risks posed by the
strike as well as concerns about GT's evolving financial
position and liquidity as the strike continues.

Demands on GT's cash include pension contributions, debt service
requirements, potential cash requirements related to the
resolution of the strike, uncertain access to any additional
financing, and continued operating challenges with respect to
the company's cost structure and raw material costs.  The
eventual outcome of the strike will be an important factor in
resolving the rating watch.


M. FABRIKANT & SONS: Files Chapter 11 Petition in New York
----------------------------------------------------------
M. Fabrikant & Sons, Inc., together with its domestic
subsidiary, Fabrikant-Leer International, Ltd., filed voluntary
petitions for relief under Chapter 11 of the U.S. Bankruptcy
Code.  The Company's foreign and domestic affiliates were not
included in the Chapter 11 filing.

The Company is expected to continue to operate its business
during the pendency of this Chapter 11 case as a debtor in
possession under the Bankruptcy Code.  The Company expects a
smooth transition into Chapter 11, with all of its facilities
expected to remain open on normal schedules.

Fabrikant has negotiated financing arrangements with its senior
secured lenders that remain subject to court approval.  Using
the Chapter 11 process, Fabrikant plans to continue to pay
employee wages and benefits and to honor the customer
fulfillment obligations and programs for which the Company has
become so well known, and to make uninterrupted payments to
suppliers for goods and services.

In addition, the Company continues to actively pursue a full
range of strategic alternatives, including the sale or
refinancing of the firm.  Fabrikant believes that its Chapter 11
proceedings currently provide the best opportunity to maximize
the value of its assets and its business for all stakeholders.

Headquartered in New York City, M. Fabrikant & Sons, Inc. --
http://www.fabrikant.com/-- sells & distributes diamonds and
jewelries.  Established in 1895, the Company is one of the
oldest diamond and jewelry wholesaler in the world, including
Canada, China, Japan, Thailand, Israel, Belgium and Italy.


M. FABRIKANT & SONS: Case Summary & 45 Largest Unsec. Creditors
---------------------------------------------------------------
Lead Debtor: M. Fabrikant & Sons, Inc.
             One Rockefeller Plaza
             New York, NY 10020

Bankruptcy Case No.: 06-12737

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Fabrikant-Leer International, Ltd.         06-12739

Type of Business: The Debtors sell diamonds and jewelry.
                  Established in 1895, the Company is one of the
                  oldest diamond and jewelry wholesaler in the
                  world, including Canada, China, Japan,
                  Thailand, Israel, Belgium and Italy.
                  See http://www.fabrikant.com/

Chapter 11 Petition Date: November 17, 2006

Court: Southern District of New York (Manhattan)

Debtors' Counsel: Mitchel H. Perkiel, Esq.
                  Troutman Sanders LLP
                  405 Lexington Avenue
                  New York, NY 10174
                  Tel: (212) 704-6016
                  Fax: (212) 704-6288

Estimated Assets: More than $100 Million

Estimated Debts:  More than $100 Million


A. M. Fabrikant & Sons, Inc.'s 25 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
ABN AMRO Bank N.V.            Bank Debt              $13,854,000
Pelikannstraat Street 70-76
2018 Antwerpen, Belgium

Antwerpse Diamanbank NV       Bank Debt               $8,804,000
Pelikannstraat 54
B-2018 Antwerpen 1

Union Bank of Israel          Bank Debt               $7,870,000
Diamond Exchange Branch
3 Jabotinski Street
P.O. Box 3006
Ramat Gan 52310
Israel

H. Dipak & Co.                Trade Debt              $5,671,876
D-10, Road No-21, MIDC
Andheri (E)
Mumbai, 400 063
India

Blue Star                     Trade Debt              $5,554,113
312A Prasad Chambers,
Opera House
Mumbai, 400 004
India

Hong Kong & Shanghai          Bank Debt               $4,509,000
Banking Corporation Limited
HSBS Main Building
1 Queen Road Central
Hong Kong

Israel Discount Bank          Bank Debt               $3,396,000
Diamond Exchange Branch
3 Jabotinski Street
Ramat Gan 52310
Israel

K. Girdharlal International   Trade Debt              $2,288,357
Pvt Ltd
1003 Panchratna, Opera House
Mumbai, 400 004
India

K P Sanghvi & Sons            Trade Debt              $1,807,075
1301 Prasad Chambers
Opera House
Mumbai 400 004
India

Bhavani Gems                  Trade Debt              $1,479,016
101 Prasad Chambers
M.P. Marg, Opera House,
Bombay, 400 004
India

Disons Gems, Inc.             Trade Debt              $1,341,372
22 West 48th Street
Suite #300
New York, NY 10036

Chaim Ausch Diamonds          Trade Debt              $1,165,743
18 East 48th Street
4th Floor
New York, NY 10017

Laxmi Diamond                 Trade Debt              $1,052,886
416 Prasad Chamber,
Opera House
Mumbai, 400 004
India

K.G.K. Enterprises            Trade Debt                $499,173
647 - A Panchratna
Opera House
Mumbai, 400 004
India

M. Suresh & Co. Pvt. Ltd.     Trade Debt                $470,593
419 Parekh Market,
Opera House
Mumbai, 400 004
India

Kiran Exports                 Trade Debt                $439,266
109 Prasad Chambers
Opera House
Mumbai, 400 004
India

Dhanraj Dhadda Exports        Trade Debt                $400,147
1208 Panchratna
Opera house
Mumbai, 400 004
India

Shree Ramkrishna Export       Trade Debt                $392,461
214 Prasad Chambers
Opera House
Mumbai, 400 004
India

Bluerays, Inc.                Trade Debt                $377,325
22 West 48th Street
Suite #1006
New York, NY 10036

Impex Diamonds                Trade Debt                $317,658
302 Dharam Place
100/103 Hughes Road
Mumbai, 400 007
India

Asian Star Company Ltd.       Trade Debt                $308,295
114 Mittal Court-C
Nariman Point
Mumbai, 400 021
India

Schain Leifer Guralnick       Trade Debt                $281,031
10 East 40th Street
Suite 2710
New York, NY 10016-0348

Enlink Inc.                   Trade Debt                $250,078
10 Parsonage Road
Suite 312
Edison, NJ 08837

Diashine Exports              Trade Debt                $232,639
2504 Panchratna
Opera house
Mumbai, 400 004
India

EMA                           Trade Debt                $203,476
Molla Fenari MH.
Vezirhan CD. #42/47
Cerberlitas 34120
Istanbul, Turkey


B. Fabrikant-Leer International, Ltd.'s 20 Largest Unsecured
   Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Vaishali Diamond Corp.        Trade Debt              $2,043,674
579 Fifth Avenue
Suite 1475
New York, NY 10017

Providence Chain Co.          Trade Debt                $362,617
225 Carolina Avenue
Providence, RI 02905-4538

Gramercy Jewelry Mfg. Corp.   Trade Debt                $214,755
115 West 30th Street
10th Floor
new York, NY 10001

National Stampcast, Inc.      Trade Debt                $208,424
15 West 37th Street
New York, NY 10018

Findings, Incorporated        Trade Debt                $200,700
P.O. Box 847440
Boston, MA 02284-7440

M&Z Creations, Ltd.           Trade Debt                $155,895
dba Ordan Corp.
Suite 201
New York, NY 10036

JAH Advisors Inc.             Services                  $109,600
1350 South Grandstaff
Auburn, IN 46706

International Gemmological    Trade Debt                 $85,957
Institute
589 Fifth Avenue
4th Floor
New York, NY 10017

J.S.A. Jewelry, Inc.          Trade Debt                 $81,510
10 West 47th Street, #1307
New York, NY 10036

C.D. Jewels                   Trade Debt                 $80,450
576 Fifth Avenue
Suite 200-B
New York, NY 10036

Leo Wolleman, Inc.            Trade Debt                 $75,180
45 West 45th Street
10th Floor
New York, NY 10036

Manufacturing USA Ent., Inc.  Trade Debt                 $73,778
632 Irving Avenue
Glendale, CA 91201

BK Jewelry Contractors, Inc.  Trade Debt                 $63,411
64 West 48th Street
Suite #600
New York, NY 10036

Companion Trading Co., Inc.   Trade Debt                 $60,313
P.O. Box 580002
Flushing, NY 11358

R.S. Importing Ltd.           Trade Debt                 $59,804
2 West 46th Street
Suite 407
New York, NY 10036

Keystone Findings, Inc.       Trade Debt                 $46,561
600 Emlen Way
Telford, PA 18969

Fremada Gold Inc. '04         Trade Debt                 $40,505
2 West 45th Street
Suite 1605
New York, NY 10036

Limited Parcel Service        Services                   $35,255
P.O. Box 7247-0244
Philadelphia, PA 19170-0001

Pacific Northern, Inc.        Trade Debt                 $30,707
3116 Belmeade Drive
Carrollton, TX 75006

Real Gems, Inc.               Trade Debt                 $29,245
18 East 48th Street
Room 801
New York, NY 10017


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


BLOCKBUSTER INC: Fitch Affirms Issuer Default Rating at CCC
-----------------------------------------------------------
Fitch Ratings affirmed the ratings for Blockbuster Inc.:

   -- Issuer default rating CCC;
   -- Senior secured credit facility CCC/RR4; and
   -- Senior subordinated notes of CC/RR6.

Fitch has also revised Blockbuster's Rating Outlook to Stable
from Negative.  Approximately US$1.2 billion of debt is affected
by the action.

The ratings continue to reflect ongoing credit concerns which
include weak financial performance driven by pricing pressures
which continue to limit margin expansion, difficult industry
conditions, and intense competition from mass merchants, pay-
per-view suppliers, and online retailers.  The Stable Outlook
reflects Blockbuster's improved financial flexibility, stronger
liquidity position, and the company's cost cutting efforts that
have enabled Blockbuster to improve Free Cash Flow despite
ongoing revenue declines, and the Company's leading position in
the rental entertainment industry.

Importantly, Blockbuster's improved financial flexibility
includes covenant relief over 2006 and 2007, a stronger
liquidity position that has been aided by a US$150 million
preferred stock offering and LTM free cash flow of approximately
US$165 million.  The stable outlook also reflects Fitch's belief
that the Company will be able to meet its amended 2006 minimum
EBITDA covenant of US$210 million.

However, Blockbuster's revenue generation continues to be
negatively affected from structural changes in the industry,
competitive factors, and the company's strategic decision to
eliminate late fees in 2005.  Blockbuster's online movie rental
business, which is subscription based and was launched in 2004,
has not yet grown in size to offset competitive and industry
factors.

Despite these challenges, Blockbuster's operating margin and
operating EBITDA showed some improvement through the first three
quarters of 2006 as the company has significantly reduced its
advertising budget and overhead spend.  For the quarter ending
Sept. 30, 2006, Blockbuster's operating margin was 0.1% versus -
25.3% for third quarter-2005.

Operating EBITDA of US$64 million in the third quarter of 2006
reflected growth of 14% over US$56 million in 3Q'05.  These
positive variances reflect cost containment related to corporate
overhead, lower store level compensation, and reduced
advertising expenses.

Fitch notes that the cost cutting strategy has driven better
results however ongoing reduction of expenses like advertising
may be disadvantageous in the long run as it does not help grow
top line revenue.  Nevertheless, Fitch expects margin and
operating EBITDA improvement to continue in the historically
strong fourth quarter

Overall, Fitch remains concerned about Blockbuster's operational
policies, which have included major changes to its business
model in response to weakening market conditions.  These changes
include replacing lost revenue from the elimination of high
margin late rental fees in 2005.  Fitch views the elimination of
late fees as particularly risky and challenging given that
Blockbuster is now required to offset this source of operating
profit with substantial increases in rental and merchandise
revenues.

This may continue to be difficult for Blockbuster due to price
discounting employed by the company's online division and strong
competition in the home video/DVD market from mass merchants.
While Fitch recognizes that Blockbuster's online initiative has
grown, Fitch notes that these revenues typically carry a lower
gross margin, as do other areas such as video sales and game
sales.  This is important given Blockbuster's large fixed-cost
base due to its real estate leases, especially if the online
revenues cannibalize existing rental revenues.

Blockbuster generated meaningful discretionary free cash flow
over the last twelve months Sept. 30, 2006 due to the
aforementioned cost cuts as well as lower capital expenditures
offset by moderate working capital usage.  As such,
Blockbuster's free cash flow to total adjusted debt improved to
2.7% for LTM Sept. 30, 2006 from -3.4% for fiscal year 2005.

Blockbuster improved its financial flexibility in the last
twelve months by securing US$150 million in private equity
funding and using the proceeds to pay off the balance on its
revolving credit facility.  Importantly, Blockbuster has had no
borrowings on its facility for the last two quarters. Leverage
as measured by total adjusted debt to operating EBITDAR
strengthened from 7.8 times as of fiscal year 2005 to 6.7x as of
LTM Sept. 30, 2006.  Total debt to operating EBITDA also
improved from 7.0x in fiscal year 2005 to 3.9x in LTM Sept. 30,
2006.

Blockbuster's liquidity is improved and supported by cash
balances of US$255 million at third quarter end and availability
of US$293 million on its US$500 million secured revolving credit
facility, which matures 2011.  The secured credit facility has a
covenant package with amendments related to minimum EBITDA
levels, restricted payments, and future fixed charge coverage
and leverage tests.

Blockbuster has been in compliance with its amended covenants.
In addition, Fitch notes that Blockbuster must continue to
generate strong operating EBITDA in the coming year in order to
meet the fixed charge covenant of 1.35x for any four consecutive
fiscal quarters ending after Dec. 31, 2007.  Fitch expects
Blockbuster to continue reducing its fixed cost base and meet
this covenant.


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


ALCATEL SA: U.S. Congress Okays Merger with Lucent Technologies
---------------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc. have received approval
from the Committee on Foreign Investment in the United States,
under provisions of the Exon-Florio amendment, to proceed with
their proposed merger transaction.

Alcatel and Lucent submitted a voluntary notice of the merger to
CFIUS in August 2006.  CFIUS prepared a recommendation on the
merger transaction to the President of the United States in the
final phase of the approval process and the President has
accepted the CFIUS recommendation that he not suspend or
prohibit the proposed merger transaction, provided that, in time
periods specified, the companies execute a National Security
Agreement and Special Security Agreement to which they have
agreed with U.S. Government agencies.

Alcatel and Lucent will execute within the specified time
periods the National Security Agreement and Special Security
Agreement to which they have previously agreed with U.S.
Government agencies.

The companies are moving quickly to finalize the transaction and
expect to complete the merger on Nov. 30, 2006, which is within
the six-to twelve-month timeframe originally announced April 2,
2006.

                   About Lucent Technologies

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

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

                         About Alcatel

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

                         *     *     *

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

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


ALCATEL SA: Installs Message Delivery System at Citigroup
---------------------------------------------------------
Alcatel S.A. reveals the deployment by Citigroup of its
Automated Message Deliver System, a new generation of SIP,
premise-based broadcast voice messaging solutions, providing an
alternative to expensive, proprietary, hardware products and
costly outbound dialer services.

AMDS is a browser-based interface, delivered on Alcatel's
Advanced Communications Server platform, the same server
supporting the award-winning My Teamwork unified conferencing
and collaboration solution.

Citigroup, one of the world's pre-eminent financial services
companies, with some 200 million customer accounts in more than
100 countries, uses AMDS within its Global Equities Division to
send on average 5,000 messages nightly.  Currently 1,500
research and sales analysts in North America, Europe and Asia
Pacific use the solution to manage and distribute investment
information both internally and externally.  Citigroup sales
traders use AMDS to manage their daily client investment
updates, reducing their call time in half.  The solution,
embedded in Citibank's CRM interface, replaces 3rd party
broadcast voicemail and saves money by enabling Citigroup to
manage its broadcast messaging activity in-house with full
compliance and reporting mechanisms.

"Sales is a highly voicemail-driven business in the investment
banking world, making AMDS invaluable for Citigroup staff," said
Dan Hollins, Assistant Vice President and Business Analyst, in
Citigroup's Global Equities Division.  "For Citigroup, the cost
savings is significant but the real business benefit of this
product is an increase in productivity and time to market-being
able to reach more clients faster."

"AMDS demonstrates Alcatel's ongoing leadership role in the
global telephony market where Alcatel consistently delivers
innovative software applications that provide solutions to real
customer issues. " said Jean-Christophe Giroux, President of
Alcatel enterprise solutions activities.  "AMDS addresses a need
for enterprises, professional services, and government agencies
to communicate critical information to customers and citizens in
a cost-effective, timely manner.  AMDS is a cost effective,
simple to deploy and tangible value-added solution that delivers
immediate results for our customers."

Alcatel's AMDS uses industry-standard platforms resulting in a
low cost entry point with secure access to voice broadcast
management from any PC, inside or outside the firewall.  With
carrier-grade availability and scalability, AMDS can deliver
thousands of voice messages daily for attended or unattended
delivery of broadcasts.  Maintenance costs are also minimized as
enhancements and scalability-from several to thousands of ports-
is handled via software upgrades and licensing.

AMDS is available as a standalone product with connectivity to
any PBX or PSTN using TDM and/or SIP telephony interfaces.
Software license pricing and packaging ensures the ability to
easily scale the system based on the dynamics of individual
business needs as message volume increases.  Administration and
management simplicity is further demonstrated by the use of a
browser based client ensuring "zero foot print" deployment.
Additionally, the platform software XML APIs enable the ability
to integrate to existing customer enterprise applications and
create customized functionality when required.

                         About Alcatel

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

                         *     *     *

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

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


CLEAR CHANNEL: Inks US26.7-Bln Merger Deal with Private Equity
--------------------------------------------------------------
Clear Channel Communications Inc. executed a definitive merger
agreement with a group led by Thomas H. Lee Partners, L.P. and
Bain Capital Partners, LLC, pursuant to which the group will
acquire Clear Channel in a transaction with a total value of
approximately US$26.7 billion, including the assumption or
repayment of approximately US$8 billion of net debt.

Under the terms of the agreement, Clear Channel shareholders
will receive US$37.60 in cash for each share of Clear Channel
common stock they hold, representing a premium of approximately
25% over Clear Channel's average closing share price of US$29.99
during the 30 trading days ended Oct. 24, 2006, the day before
the Company first acknowledged that it was evaluating strategic
alternatives.

Morgan Stanley, Citigroup, and Deutsche Bank as well as Credit
Suisse, RBS and Wachovia are acting as financial advisors and
providing firm financing commitments to the private equity
group.  Morgan Stanley, Citigroup, Deutsche Bank, Credit Suisse
and RBS are also providing equity commitments.

The board of directors of Clear Channel, with the interested
directors recused from the vote, has unanimously approved the
merger agreement and has resolved to recommend that Clear
Channel's shareholders adopt the agreement.  A special advisory
committee consisting of disinterested directors unanimously
determined the terms of the transaction to be fair.

Mark P. Mays, the Chief Executive Officer of Clear Channel,
said, "We are very pleased to announce this transaction which
provides substantial value to our shareholders.  We look forward
to working with Thomas H. Lee Partners and Bain Capital Partners
to continue our business plan to provide exceptional programming
to our audiences and value to our advertising partners."

Scott Sperling, Co-President of Thomas H. Lee Partners, stated,
"Clear Channel is one of the nation's truly great companies that
has the finest collection of outdoor and radio assets in the
industry.  We are extremely pleased to be partnered with the
management team led by Mark and Randall Mays and to have the
opportunity to work with them and to grow this company that was
created by its Chairman and founder, L. Lowry Mays.  Clear
Channel has tremendous long term growth opportunities in both
the radio and outdoor businesses and we look forward to
partnering with Mark and Randall to create value in the years
ahead."

John Connaughton, a Managing Director at Bain Capital, said, "We
are very impressed with Clear Channel's strong management team
and the company's leadership positions in a variety of markets
and media formats. Clear Channel is an exceptional media
franchise that is well-positioned to grow thanks to the solid
foundation the Mays family has created.  We look forward to
partnering with Clear Channel as it continues to innovate in
meeting the changing needs of the audiences and advertisers it
serves."

The merger does not require the consent of unsecured note
holders and is not conditioned upon a merger, consolidation or
going private transaction involving Clear Channel Outdoor
Holdings, Inc.

The merger is subject to the approval of Clear Channel's
shareholders, requisite regulatory approvals and customary
closing conditions.  Under the merger agreement, Clear Channel
may solicit competing bids from third parties through
Dec. 7, 2006, and may negotiate with parties that submit
competing proposals by that time until Jan. 5, 2007.

Clear Channel may, at any time, subject to the terms of the
merger agreement, respond to unsolicited proposals.  If Clear
Channel accepts a superior proposal, a break up fee would be
payable by the Company.  There can be no assurance that the
solicitation of proposals will result in any alternative
transaction.

At the request of the disinterested directors, three members of
senior management have agreed to significantly reduce payments
that could be payable upon a change of control by an amendment
to their employment agreements.

Clear Channel also disclosed that it intends to solicit buyers
for 448 radio stations in selected small markets as well as for
its television broadcasting division.  The merger is not
conditioned on the consummation of any of these sale
transactions.

Goldman, Sachs & Co. is acting as exclusive financial advisor to
Clear Channel and Lazard Freres & Co. LLC is acting as financial
advisor to the special advisory committee.  Goldman, Sachs & Co.
and Lazard Freres & Co. LLC have each delivered a fairness
opinion to the Board and special advisory committee,
respectively.  Akin Gump Strauss Hauer & Feld LLP is acting as
legal advisor for Clear Channel and Sidley Austin LLP is acting
as legal advisor for the special advisory committee.  Ropes &
Gray LLP and Dow Lohnes PLLC are serving as legal advisors to
the private equity group.

                 About Bain Capital Partners, LLC

Headquartered in Boston, Massachusetts, Bain Capital --
http://www.baincapital.com/-- is a global private investment
firm that manages several pools of capital including private
equity, high-yield assets, mezzanine capital and public equity
with more than US$40 billion in assets under management.  Since
its inception in 1984, Bain Capital has made private equity
investments and add-on acquisitions in over 230 companies around
the world, including investments in a broad range of companies
such as Burger King, Warner Chilcott, Toys "R" Us, AMC
Entertainment, Sensata Technologies, Burlington Coat Factory and
ProSiebenSat1 Media.  It has offices in New York, London,
Munich, Tokyo, Hong Kong and Shanghai.

               About Thomas H. Lee Partners, LP

Thomas H. Lee Partners, L.P. is one of the oldest and most
successful private equity investment firms in the United States.
Since its founding in 1974, THL Partners has become the
preeminent growth buyout firm, investing approximately
US$12 billion of equity capital in more than 100 businesses with
an aggregate purchase price of more than US$100 billion,
completing over 200 add-on acquisitions for portfolio companies,
and generating superior returns for its investors and partners.
The firm currently manages approximately US$20 billion of
committed capital.  Notable transactions sponsored by the firm
include Dunkin Brands, VNU, Michael Foods, Houghton Mifflin
Company, Fisher Scientific, Experian, TransWestern, Snapple
Beverage and ProSiebenSat1 Media.

              About Clear Channel Communications

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

                          *     *     *

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


CLEAR CHANNEL: Acquisition Deal Spurs S&P to Cut Ratings to BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'BB+' from 'BBB-'.

The ratings remain on CreditWatch with negative implications,
where they were placed on Oct. 26, following the company's
announcement that it was exploring strategic alternatives to
enhance shareholder value.

The downgrade and continuing CreditWatch status followed its
announcement of a definitive agreement to be acquired in an LBO
by a group of investors led by Bain Capital Partners LLC and
Thomas H. Lee Partners L.P. for US$36.70 a share, or
approximately US$18.7 billion.  The total value of the
transaction is approximately US$26.7 billion, including the
assumption of the company's outstanding US$8 billion of
net debt.

The merger is subject to the agreement of Clear Channel's
shareholders and regulatory approval.

"Although the company has not announced specific financing terms
of the new capital structure, we would expect a marked increase
in leverage, which is likely to result in even further ratings
downside potential," said Standard & Poor's credit analyst
Michael Altberg.  "Even if the deal does not close, which we
believe is a relative low probability at this juncture, Clear
Channel has demonstrated an appetite for a higher level of
risk."

Accordingly, the financial policy expectations of Standard &
Poor's have changed, warranting a lower corporate credit rating.
The acquisition announcement comes on the heels of a number of
shareholder-favoring initiatives undertaken by Clear Channel.

Standard & Poor's will review its ratings on Clear Channel when
the new capital structure is announced and the rating agency can
gain greater clarity on the amount of equity that investors
would contribute in financing the proposed acquisition.


LUCENT TECHNOLOGIES U.S. Congress Okays Merger with Alcatel
------------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc. have received approval
from the Committee on Foreign Investment in the United States,
under provisions of the Exon-Florio amendment, to proceed with
their proposed merger transaction.

Alcatel and Lucent submitted a voluntary notice of the merger to
CFIUS in August 2006.  CFIUS prepared a recommendation on the
merger transaction to the President of the United States in the
final phase of the approval process and the President has
accepted the CFIUS recommendation that he not suspend or
prohibit the proposed merger transaction, provided that, in time
periods specified, the companies execute a National Security
Agreement and Special Security Agreement to which they have
agreed with U.S. Government agencies.

Alcatel and Lucent will execute within the specified time
periods the National Security Agreement and Special Security
Agreement to which they have previously agreed with U.S.
Government agencies.

The companies are moving quickly to finalize the transaction and
expect to complete the merger on Nov. 30, 2006, which is within
the six-to twelve-month timeframe originally announced April 2,
2006.

                         About Alcatel

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

                   About Lucent Technologies

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

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

                           *     *     *

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

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

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

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


MOSAIC COMPANY: Prices Units' Offer to Buy US$1.5-Bil Sr. Debts
---------------------------------------------------------------
The Mosaic Company has priced the previously announced tender
offers and consent solicitations by its subsidiaries:

   * Mosaic Global Holdings Inc., to purchase for cash any and
     all of its:

      -- 6.875% Debentures due 2007,
      -- 10.875% Senior Notes due 2008,
      -- 11.250% Senior Notes due 2011,
      -- 10.875% Senior Notes due 2013; and

   * Phosphate Acquisition Partners L.P. to purchase for cash
     any and all of its 7% Senior Notes due 2008.

The terms of the tender offers and consent solicitations for the
debt securities are detailed in Mosaic Global Holdings Inc.'s
and Phosphate Acquisition Partners L.P.'s respective Offer to
Purchase and Consent Solicitation Statements, each dated
Oct. 31, 2006.

The total consideration for each US$1,000 principal amount of
the 2011 Notes validly tendered and not withdrawn at or prior to
5:00 p.m. New York time on Nov. 14, is US$1,058.75, which
includes a consent payment of US$2.50.

The total consideration for each of the remaining senior notes
and debentures validly tendered and not withdrawn at or prior to
the Consent Date was determined as of 2:00 p.m., New York City
time, on Nov. 14, 2006, using the yield on the applicable U.S.
Treasury Security, as calculated by the Dealer Manager and
Solicitation Agent in accordance with standard market practice,
based on the bid-side price for such applicable U.S. Treasury
Note.

The total consideration for each US$1,000 principal amount of
the 2007 Debentures validly tendered prior to the Consent Date
was determined using the yield on the 3-7/8% U.S. Treasury
Security due July 31, 2007 at the Time of Pricing plus a fixed
spread of 50 basis points.  The yield on the 3-7/8% U.S.
Treasury Security at the Time of Pricing was 5.047%.
Accordingly, the total consideration, excluding accrued and
unpaid interest, for each US$1,000 principal amount of 2007
Debentures validly tendered and not withdrawn at or prior to the
Consent Date is US$1,007.93, which includes a consent payment of
US$30.00.  The tender offer consideration, excluding accrued and
unpaid interest, for each US$1,000 principal amount of 2007
Debentures validly tendered after the Consent Date but at or
before the "Expiration Date" is US$977.93, which equals the
total consideration less the consent payment.

The total consideration for each US$1,000 principal amount of
the MGH 2008 Notes validly tendered prior to the Consent Date
was determined using the yield on the 4-7/8% U.S. Treasury
Security due May 31, 2008 at the Time of Pricing plus a fixed
spread of 50 basis points.  The yield on the 4-7/8% U.S.
Treasury Security at the Time of Pricing was 4.810%.
Accordingly, the total consideration, excluding accrued and
unpaid interest, for each US$1,000 principal amount of MGH 2008
Notes validly tendered and not withdrawn at or prior to the
Consent Date is US$1,079.23, which includes a consent payment of
US$30.00.  The tender offer consideration, excluding accrued and
unpaid interest, for each US$1,000 principal amount of MGH 2008
Notes validly tendered after the Consent Date but at or before
the Expiration Date is US$1,049.23, which equals the total
consideration less the consent payment.

The total consideration for each US$1,000 principal amount of
the 2013 Notes validly tendered prior to the Consent Date was
determined using the yield on the 3-1/4% U.S. Treasury Security
due August 15, 2008 at the Time of Pricing plus a fixed spread
of 50 basis points.  The yield on the 3-1/4% U.S. Treasury
Security at the Time of Pricing was 4.753%.  Accordingly, the
total consideration, excluding accrued and unpaid interest, for
each US$1,000 principal amount of 2013 Notes validly tendered
and not withdrawn at or prior to the Consent Date is
US$1,138.33, which includes a consent payment of US$30.00.  The
tender offer consideration, excluding accrued and unpaid
interest, for each US$1,000 principal amount of 2013 Notes
validly tendered after the Consent Date but at or before the
Expiration Date is US$1,108.33, which equals the total
consideration less the consent payment.

The total consideration for each US$1,000 principal amount of
the PAP 2008 Notes validly tendered prior to the Consent Date
was determined using the yield on the 3% U.S. Treasury Security
due February 15, 2008 at the Time of Pricing plus a fixed spread
of 30 basis points.  The yield on the 3% U.S. Treasury Security
at the Time of Pricing was 4.900%.  Accordingly, the total
consideration, excluding accrued and unpaid interest, for each
US$1,000 principal amount of the PAP 2008 Notes validly tendered
and not withdrawn at or prior to the Consent Date is
US$1,020.66, which includes a consent payment of US$30.00.  The
tender offer consideration, excluding accrued and unpaid
interest, for each US$1,000 principal amount of the PAP 2008
Notes validly tendered after the Consent Date but at or before
the Expiration Date is US$990.66, which equals the total
consideration less the consent payment.

The offers will expire at midnight, New York City time, on
November 29, 2006, unless extended by Mosaic Global Holdings or
Phosphate Acquisition Partners, as applicable, in its sole
discretion.  The consummation of the tender offers is subject to
several conditions, including the receipt of net proceeds from
financings sufficient to pay for Senior Notes and Debentures
accepted in the tender offers.  Senior Notes and Debentures
tendered prior to the Consent Date may not be withdrawn after
the Consent Date unless Mosaic Global Holdings or Phosphate
Acquisition Partners, as applicable, reduces the amount of the
tender offer consideration, the consent payment or the principal
amount of Senior Notes or Debentures subject to the offers or is
otherwise required by law to permit withdrawal.

The offers are made upon the terms and subject to the conditions
set forth in the Offers to Purchase and Consent Solicitation
Statements dated October 31, 2006 that have been distributed to
registered holders of the debt securities.  Copies of the Offer
to Purchase and Consent Solicitation Statements can be obtained
from:

         MacKenzie Partners, Inc.
         Attention: Jeanne Carr or Simon Coope
         Phone: (800) 322-2885

None of The Mosaic Company, Mosaic Global Holdings Inc.,
Phosphate Acquisition Partners L.P., J.P. Morgan Securities
Inc., as the Dealer Manager and Solicitation Agent, or the
Information Agent/Depositary makes any recommendation as to
whether or not holders should sell their Senior Notes or
Debentures pursuant to the offers, and no one has been
authorized by any of them to make such a recommendation.
Holders must make their own decision as to whether to sell
Senior Notes and Debentures, and if so, the principal amount of
Senior Notes and Debentures to sell.

Questions concerning the terms of the offers may be directed to:

        J.P. Morgan Securities Inc.
        Dealer Manager and Solicitation Agent
        Attention: Laura Yachimski
        Phone: (212) 270-3994 (call collect)

Questions concerning procedures regarding the offers may be
directed to MacKenzie Partners.

                     About The Mosaic Company

The Mosaic Company -- http://www.mosaicco.com/-- produces and
markets concentrated phosphate and potash crop nutrients.  For
the global agriculture industry, Mosaic is a single source of
phosphates, potash, nitrogen fertilizers and feed ingredients.
In Europe, the company maintains operations and/or sales offices
in the Ukraine, France and Russia.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 14,
Standard & Poor's Ratings Services revised its outlook on The
Mosaic Co. to negative from stable.  Standard & Poor's affirmed
its 'BB' long-term and 'B-1' short-term corporate credit ratings
on the company.

As reported in the TCR-Europe on Nov. 9, 2006, Fitch assigned a
'BB' rating to The Mosaic Company's proposed senior unsecured
notes due 2014 and 2016 and a 'BB+' rating to the company's
proposed senior secured term loans.  The ratings affected
approximately US$950 million of new senior notes and  US$1.05
billion of new term loans.

Moody's Investors Service assigned Ba1 ratings to The Mosaic
Company's proposed new US$1.05 billion guaranteed senior secured
credit facilities.  Moody's also assigned B1 ratings to US$900
million of proposed senior unsecured debt.  Mosaic's Ba3
corporate family rating was affirmed but the ratings of the
existing revolver and the term loan A were downgraded to Ba1
from Baa3 and those of the existing senior unsecured debt
lowered to B1 from Ba3 in accordance with the LGD methodology.
Moody's said the ratings outlook is stable.


PERNOD RICARD: S&P Lifts Rating to BB+ on Business Integration
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit and senior unsecured debt ratings on French
spirits manufacturer and marketer Pernod Ricard S.A. to 'BB+'
from 'BB' following quicker-than-expected integration of
acquired businesses and improved profitability prospects.

At the same time, the 'B' short-term corporate credit rating was
affirmed.  The outlook is stable.

"The upgrade follows Pernod's completion, ahead of expectations
and below estimated costs, of the integration of acquired Allied
Domecq Ltd. Businesses," said Standard & Poor's credit analyst
Vincent Allilaire.

Pernod will unlock about EUR300 million in expected cost
synergies in its current financial year ending June 30, 2007.
Although interest expenses, residual integration costs, and
working-capital requirements will continue to constrain free
cash flow generation over the short term, increased
profitability and organic growth are set to swiftly improve the
group's financial profile, in line with the ratings, from the
currently still-weak position.  The group's adjusted net debt at
end-June 2006 amounted to EUR7.6 billion, or 5.7x EBITDA
(including only 11 months of contributions from Allied Domecq
operations).

"We expect that Pernod's higher profitability will help improve
cash flow generation over time, but opportunistic debt-financed
acquisitions are likely to constrain improvement of the
financial profile," added Mr. Allilaire.  "We also expect Pernod
to sustain sales momentum at least in line with industry trends,
notwithstanding its exposure to currently sluggish European
markets and ongoing repositioning of the former Allied Domecq
brands, while strengthening profitability through economies of
scale and product mix improvement."

The ratings could be raised if the group chooses to sustain,
through its acquisition cycle, leverage significantly less than
5x fully adjusted net debt to EBITDA, which S&P does not expect
at this stage.  The ratings might come under pressure if the
group loses sales momentum, or fails to sustain leverage at 5x,
or FFO to net debt of about 15%, irrespective of acquisitions
and currency or performance fluctuations.


POLYMER GROUP: Moody's Changes Outlook on Underperformance
----------------------------------------------------------
Moody's Investors Service changed the rating outlook of Polymer
Group, Inc. to negative from stable.

The change in outlook reflects the company's performance at
levels, which are below Moody's expectations from the time of
its prior review in November 2005.

Specifically, the change in outlook expresses concern regarding
negative cash flow generation, potentially narrow cushions under
financial covenants, weakness in demand in certain segments and
the effect of lags in passing on increases to converters in a
rising raw material price environment, which resulted in
substantive reductions in gross margins in 2006.  Moody's is
also concerned that such challenges will be harder to manage at
a time when top management is in transition.

Notwithstanding high financial leverage, weak interest coverage
and weaker than expected cash flow generation in 2006 for the
rating category, the B1 ratings remain supported by PGI's
competitive strengths, multi-year contracts (some indexed to raw
materials), long-standing customer relationships and Moody's
assessment of overall enterprise value in relation to debt
levels.  The ratings are further supported by the successful
completion of several capital projects, including the expansion
of the company's manufacturing capacity in Suzhou, China and
North Carolina, US in 2006 and the potential contribution from
these assets in 2007 and beyond.

The ratings reflect pricing and volume constraints imposed by
intense competition in both nonwovens and oriented polymers from
often larger and financially stronger companies.  The ratings
are further constrained by business requirements for substantial
and ongoing capital expenditures (including a growth component)
to maintain, improve and expand manufacturing facilities, as
well as weak interest coverage for the rating category.

Continuing negative or weak cash flow metrics, significant debt-
financed acquisitions and lack of progress toward improved total
leverage metrics could result in a downgrade.

If the company is able to execute on existing investments in
emerging markets thereby improving free cash flow to debt ratios
to about 5% on a sustainable basis, this could stabilize the
ratings outlook.  Meaningful steps toward debt reduction
resulting in adjusted debt to EBITDA ratios below 4 times and
improved EBIT to interest coverage above 1.5 times could result
in improvements in rating outlook or eventually to an upgrade.

The negative outlook applies to these ratings:

   -- B1 (LGD3, 33%) rated US$45 million senior
      secured revolver due 2010;

   -- B1 (LGD3, 33%) rated US$410 million senior secured
      term loan B due 2012;

   -- B1 Corporate Family Rating; and

   -- B2 Probability of Default Rating.

The outlook for the ratings was changed to negative from stable.

Headquartered in Charlotte, North Carolina, Polymer Group, Inc.,
is one of the world's leading producers of nonwovens and
produces and markets engineered materials.  PGI is a global
supplier to leading consumer and industrial product
manufacturers, including Procter & Gamble and Johnson & Johnson.
PGI's spunmelt and spunlace products are engineered to
specification and sold principally to converters that
manufacture a wide range of end-use products, including, for
example, disposable diapers, wipes, surgical gowns, wound care
dressings and protective apparel.  Durable uses include
furniture and bedding, electrical insulation and geotextiles.
The company operates 22 manufacturing facilities in 10 countries
throughout the world.  Net revenues for the twelve months ended
Sept. 30, 2006 were about US$1 billion.


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


VIMPEL-COMMUNICATIONS: Completes Armentel Acquisition Deal
----------------------------------------------------------
OJSC Vimpel-Communications concluded a deal to acquire Hellenic
Telecommunications Organization's 90% stake in CJSC Armenia
Telephone Company for EUR341.9 million, including the assumption
of EUR40 million in debts, RIA Novosti says.

The parties finalized the deal after Armenia's public services
regulation authorities approved the sale on Nov. 14.

The deal formalizes Vimpelcom's entry into the Armenian
telecommunications market, capturing an existing 600,000 fixed-
line and 400,000 mobile service subscribers through the GSM 900
and CDMA standards.

Andrei Bliznyuk, Vimpelcom's nominee for the director post at
Armentel, said the company would invest US$100 million in the
Armenian telecom sector in 2007.  Vimpelcom bested fellow
bidders MTC, ETISALAT, VTEL Holdings and Knightsbridge
Associates in a tender launched by OTE.

As reported in the TCR-Europe on Nov. 13, the Armenian
government is selling its 10% stake in Armentel to Vimpelcom.  A
sale, however, hinges on the condition that Vimpelcom discard
further expansion plans in the country, Communications Minister
Andranik Manukyan told RIA Novosti.

                         About VimpelCom

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

                        *     *     *

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


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


APPTIS INC: Moody's Rates Proposed $180MM Credit Facility at B1
---------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the proposed
$180 million credit facility of Apptis, Inc.

Despite a sizable amount of the net proceeds being used to
return capital to its financial sponsor, New Mountain Capital,
LLC, Moody's affirmed the B2 corporate family rating.

Apptis is undertaking a recapitalization to:

   -- repay outstandings of US$77 million under its existing
      credit facility;

   -- fully retire US$50 million of the existing senior
      subordinated cash pay notes held by the Sponsor;

   -- partially repay approximately US$20.5 million of senior
      subordinated payment-in-kind notes and related accrued
      interest also held by the Sponsor; and

   -- pay related fees and expenses.

The transaction is being financed with proposed credit
facilities that include a US$30 million senior secured first
lien revolver and a US$150 million senior secured first lien
term loan.

Moody's took these actions:

   -- US$30 million proposed senior secured first lien revolver
      maturing 2011, assigned B1, LGD3, 33%

   -- US$150 million proposed senior secured first lien term
      loan B due 2012, assigned B1, LGD3, 33%

   -- Corporate Family Rating, affirmed B2

   -- Probability of Default Rating, affirmed B2

   -- Ratings for the prior $107 million credit facility, rated
      Ba2, are to be withdrawn upon conclusion of the proposed
      transaction.

The ratings outlook is stable.

The ratings are subject to the conclusion of the proposed
transactions and Moody's review of final documentation.

The affirmation of the B2 Corporate Family Rating continues to
acknowledge Apptis' stable business as evidenced by strong win
and retention rates on government contracts.  This track record
helps to allay some concern regarding the meaningful amount of
contracts up for recompete within the next year.

Other business concerns reflected in the B2 corporate family
rating include a high concentration of revenue, Apptis' small
revenue base -- notably when compared to its high debt burden,
and the inherent exposure to delays or reduction in federal
spending, which is prevalent in the government contract services
business industry-wide.  The sizable return of capital to the
financial sponsor of approximately $70 million puts downward
pressure on the ratings as pro forma adjusted leverage is
expected to be approximately 5.7 times while year to date EBIT
and EBITDA are below original expectations.

The B1 rating on the senior secured credit facility reflects the
facility's priority position in the capital structure and a Loss
Given Default assessment of LGD3, 33%.  The credit facility has
a first priority perfected lien on all the capital stock and
tangible and intangible assets of the borrower, Apptis, Inc.,
and its parent and subsidiaries.

The rating on the credit facility benefits from the loss
absorption provided by the $43 million PIK mezzanine notes at
Apptis Holdings, Inc., the company's parent, which are expected
to remain pro forma for the proposed transaction.  The credit
facility is guaranteed by the company's parent and all existing
and future subsidiaries.

The stable ratings outlook reflects Moody's expectation that
Apptis will grow its services revenue, maintain positive free
cash flow and use excess cash to reduce borrowings under its
secured credit facility.  In Moody's opinion, there is some room
under pro forma credit statistics to absorb some negative
variance without triggering a downgrade of the ratings.

Sustained financial performance above current expectations
resulting in adjusted debt to EBITDA at or below 4.5x, free cash
flow to adjusted debt ranging between 7% and 10%, and evidence
of maintaining adjusted EBIT to cash interest above 2x could
result in a positive change in the outlook or ratings.

The outlook or ratings could be lowered if Apptis loses a
significant contract, otherwise experiences operational
challenges, or pursues financial policies that result in
adjusted debt to EBITDA rising above 6x and adjusted EBIT to
cash interest falling below 1.5x.

Apptis, headquartered in Chantilly, Virginia, provides
information technology services and solutions primarily to
federal government agencies.  The company's core capabilities
include software development and engineering, network
infrastructure deployment and support services, and product
fulfillment.  Revenue for the twelve months ended June 2006 was
approximately $303 million.


BRUNS & HELD: Claims Registration Ends December 1
-------------------------------------------------
Creditors of Bruns & Held Verwaltungs GmbH have until Dec. 1 to
register their claims with court-appointed provisional
administrator Thilo Streck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 3, 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 Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against Bruns & Held Verwaltungs GmbH on Oct. 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Bruns & Held Verwaltungs GmbH
         Attn: Michael Bruns and Sven-Peter Held, Managers
         Mönckebergstrasse 7
         20095 Hamburg, Germany

The administrator can be contacted at:

         Dr. Thilo Streck
         Neuer Wall 86
         20354 Hamburg, Germany


CLEMENS EVERS: Claims Registration Ends December 1
--------------------------------------------------
Creditors of Clemens Evers GmbH & Co. KG Hobby- und
Kuenstlerbedarf have until Dec. 1 to register their claims with
court-appointed provisional administrator Joerg Trittermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 3, 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 Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig, 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 Braunschweig opened bankruptcy proceedings
against Clemens Evers GmbH & Co. KG Hobby- und Kuenstlerbedarf
on Oct. 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Clemens Evers GmbH & Co. KG Hobby- und Kuenstlerbedarf
         Attn: Clemens Evers, Manager
         Ruhfautchenplatz 2
         38100 Braunschweig, Germany

The administrator can be contacted at:

         Joerg Trittermann
         Lessingplatz 9
         D-38100 Braunschweig, Germany
         Tel: 0531/1206875
         Fax: 0531/1206880


DIPL.-ING. EDUARD: Creditors' Meeting Slated for November 30
------------------------------------------------------------
The court-appointed provisional administrator for Dipl.-Ing.
Eduard Horn Haus- und Bodenanlagen KG, Christoph Rosenmueller,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:10 a.m. on Nov. 30.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on March 8, 2007, at the
same venue.

Creditors have until Jan. 11, 2007, to register their claims
with the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Dipl.-Ing. Eduard Horn Haus- und
Bodenanlagen KG on Oct. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Dipl.-Ing. Eduard Horn Haus- und Bodenanlagen KG
         Leonhardstr. 20
         14057 Berlin, Germany

         Attn: Steuerbuero Tober, Manager
         Taubertstr. 6-8
         14193 Berlin, Germany

The administrator can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin, Germany


ENTRY FUNDING: Fitch Assigns B- Rating to EUR6-Mln Class F Notes
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to Entry Funding No. 1
Plc's issue of EUR400.5 million of floating-rate notes:

   -- EUR357,500,000 Class A: AAA;
   -- EUR8,000,000 Class B: AA;
   -- EUR8,900,000 Class C: A;
   -- EUR10,000,000 Class D: BBB;
   -- EUR11,000,000 Class E: BB; and
   -- EUR6,000,000 Class F: B-.

This transaction is a cash securitization of loans certified by
certificates of indebtedness to German small and medium-size
enterprises.  The transaction is the first true-sale
securitization of LBBW-originated loans to small and medium
sized enterprises.

The final ratings are contingent upon the receipt of final
documents conforming to information already received.  The
expected ratings of the Class A notes address the timely payment
of interest and the ultimate repayment of principal.

The expected ratings of the Class B to Class F notes address the
ultimate payment of interest and principal according to the
terms of the notes.  Under the cash flow scenarios applied, the
Class B to Class F notes are able to receive timely payment of
interest.

The expected ratings are based on the quality of the collateral,
the available credit enhancement, the priority of payments, and
the sound legal and financial structure of the transaction.
Credit enhancement for the Class A to E notes is provided by
subordination, the reserve account and available excess spread.
Credit enhancement for the Class F notes is provided by the
reserve account and excess spread.

The scheduled maturity of all Classes of notes is September
2011, and the legal maturity is September 2013.

The portfolio comprises senior unsecured loan instruments that
are either amortizing or have a bullet maturity.  The loans have
been specifically designed to be refinanced via a securitization
and therefore contain standardized characteristics.  The
transaction will be static and will amortize relatively quickly,
with a weighted average life of around 3.6 years.

To assess the credit quality of the portfolio, Fitch used a
mapping approach to LBBW's internal rating system. Based on the
mapping, the agency deems the average credit quality of the SME
portfolio to be equivalent to a rating of BBB-/BB+.


LUKAS-BAU: Claims Registration Ends November 30
-----------------------------------------------
Creditors of Lukas-Bau GmbH have until Nov. 30 to register their
claims with court-appointed provisional administrator Siegfried
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Jan. 17, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Meeting Room W1.24C
         1st Floor
         William Route 23
         53111 Bonn, Germany

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

The District Court of Bonn opened bankruptcy proceedings against
Lukas-Bau GmbH on Oct. 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Lukas-Bau GmbH
         Oberburg 2
         53894 Mechernich, Germany

         Attn: Wilhelm Wirth, Manager
         Fliederweg 29
         53919 Weilerswist, Germany

The administrator can be contacted at:

         Siegfried Mueller
         Markt 10
         53894 Mechernich, Germany


MARIO ELLERKAMM: Claims Registration Ends November 30
-----------------------------------------------------
Creditors of Mario Ellerkamm und Sven Schwalbe GbR have until
Nov. 30 to register their claims with court-appointed
provisional administrator Henning Jung.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 17, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel, 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 Kassel opened bankruptcy proceedings
against Mario Ellerkamm und Sven Schwalbe GbR on Sept. 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Mario Ellerkamm und Sven Schwalbe GbR
         Attn: Mario Ellerkamm and Sven Schwalbe, Managers
         Osterholzstrasse 17
         34123 Kassel, Germany

The administrator can be contacted at:

         Henning Jung
         Wilhelmshoeher Avenue 270
         34131 Kassel, Germany
         Tel: 0561/3166311
         Fax: 0561/3166312
         E-mail: ks@leonhardt-westhelle.eu


MEDIA-FORUM: Claims Registration Ends November 29
-------------------------------------------------
Creditors of MEDIA-FORUM Weiterbildung und Verlag Gemeinnuetzige
GmbH have until Nov. 29 to register their claims with court-
appointed provisional administrator Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Jan. 10, 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
         Meeting Room C315
         3rd Floor
         Cardinal Galen Road 124-132
         47058 Duisburg, Germany

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

The District Court of Duisburg opened bankruptcy proceedings
against MEDIA-FORUM Weiterbildung und Verlag Gemeinnuetzige GmbH
on Oct. 11.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         MEDIA-FORUM Weiterbildung und Verlag Gemeinnuetzige
         GmbH
         Business Center 2000
         Friedrich-Alfred-Str. 182-184
         47226 Duisburg, Germany

         Attn: Karl-H. Joeres, Manager
         Friedrich-Alfred-Str. 182-184
         47228 Duisburg, Germany

The administrator can be contacted at:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld, Germany


NWS ANLAGENBAU: Claims Registration Ends November 29
----------------------------------------------------
Creditors of NWS Anlagenbau GmbH & Co.KG have until Nov. 29 to
register their claims with court-appointed provisional
administrator Michael Wilkens.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 8, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 3
         Demmlerplatz 14
         Schwerin, 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 Schwerin opened bankruptcy proceedings
against NWS Anlagenbau GmbH & Co.KG on Oct. 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         NWS Anlagenbau GmbH & Co.KG
         Nikolaus-Otto-Str. 20
         19061 Schwerin, Germany

The administrator can be contacted at:

         Michael Wilkens
         Elbchaussee 140
         22763 Hamburg, Germany


PR INDUSTRIEMONTAGE: Claims Registration Ends December 1
--------------------------------------------------------
Creditors of PR Industriemontage und Handels GmbH have until
Dec. 1 to register their claims with court-appointed provisional
administrator Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on Dec. 22 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 Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, 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 Dortmund opened bankruptcy proceedings
against PR Industriemontage und Handels GmbH on Oct. 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         PR Industriemontage und Handels GmbH
         Karl-Marx-Str. 59
         44141 Dortmund, Germany

         Attn: Pavao Prpic, Manager
         Flachsteich 20
         44229 Dortmund, Germany

The administrator can be contacted at:

         Dr. Sebastian Henneke
         Hansastrasse 61
         44137 Dortmund, Germany


STEIERL FLEISCHWAREN: Claims Registration Ends December 1
---------------------------------------------------------
Creditors of Steierl Fleischwaren GmbH have until Dec. 1 to
register their claims with court-appointed provisional
administrator Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Dec. 22 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 Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, 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 Dortmund opened bankruptcy proceedings
against Steierl Fleischwaren GmbH on Oct. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Steierl Fleischwaren GmbH
         Attn: Detlef Steierl, Manager
         Dollersweg 43
         44319 Dortmund, Germany

The administrator can be contacted at:

         Dr. Sebastian Henneke
         Hansastrasse 61
         44137 Dortmund, Germany


USG CORP: Prices US$500 Mln 6.30% Notes at 99.927% of Principal
---------------------------------------------------------------
USG Corp. disclosed the pricing of a private offering of US$500
million aggregate principal amount of its 6.30% Senior Notes due
Nov. 15, 2016.

The notes will be the unsecured obligations of USG and will be
sold to investors at a price of 99.927% of the principal amount,
plus any accrued interest from Nov. 17, 2006.

The offering of the notes was expected to close on or about
Nov. 17, 2006.

The Company intends to use the net proceeds of the private
offering for any or a combination of the following: to pay a
portion of its US$3.05 billion contingent payment note that was
issued to the Section 524(g) asbestos trust created under its
plan of reorganization, to replace a portion of the commitments
or repay a portion of amounts outstanding under the term loan
facility under its credit agreement entered into in August 2006,
for working capital purposes and/or for general corporate
purposes.

The Company disclosed that the notes will be offered and sold
only to qualified institutional buyers in accordance with Rule
144A under the Securities Act of 1933.

Headquartered in Chicago, Illinois, USG Corporation --
http://www.usg.com/-- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes.

The Company filed for chapter 11 protection on June 25, 2001
(Bankr. Del. Case No. 01-02094).  David G. Heiman, Esq., Gus
Kallergis, Esq., Brad B. Erens, Esq., Michelle M. Harner, Esq.,
Mark A. Cody, Esq., and Daniel B. Prieto, Esq., at Jones Day
represent the Debtors in their restructuring efforts.

Lewis Kruger, Esq., Kenneth Pasquale, Esq., and Denise Wildes,
Esq., represent the Official Committee of Unsecured Creditors.
Elihu Inselbuch, Esq., and peter Van N. Lockwood, Esq., at
Caplin & Drysdale, Chartered, represent the Official Committee
of Asbestos Personal Injury Claimants.  Martin J. Bienenstock,
Esq., Judy G. Z. Liu, Esq., Ralph I. Miller, Esq., and David A.
Hickerson, Esq., at Weil Gotshal & Manges LLP represent the
Statutory Committee of Equity Security Holders.  Dean M.
Trafelet is the Future Claimants Representative.  Michael J.
Crames, Esq., and Andrew  A. Kress, Esq., at Kaye Scholer, LLP,
represent the Future Claimants Representative.  Scott Baena,
Esq., and Jay Sakalo, Esq., at Bilzen Sumberg Baena Price &
Axelrod LLP, represent the Asbestos Property Damage Claimants
Committee.

When the Debtors filed for protection from their creditors, they
listed US$3,252,000,000 in assets and US$2,739,000,000 in debts.
The Debtors emerged from bankruptcy protection on June 20, 2006.

                         *     *     *

As reported in the Troubled Company Reporter on Nov. 15, 2006
Standard & Poor's Ratings Services assigned its 'BB+' debt
rating to the proposed US$500 million senior unsecured notes of
USG Corp., due 2016.  S&P said the rating outlook is stable.


VISTEON CORP: Seeks Lenders' Okay for US$100MM Additional Loan
--------------------------------------------------------------
Visteon Corp. is seeking lender approval for an additional
US$100 million to US$200 million in secured term loans under its
existing US$800 million seven-year secured term loan that
expires in June 2013.

The Company says the action will further enhance its liquidity
as it executes its three-year plan, and allows the company to
take advantage of strong financial market conditions.

Under provisions of the seven-year secured term loan, Visteon
can increase the term loan by as much as US$100 million and to
raise an amount greater than US$100 million, it will require
lenders approval under the term loan and the US$350 million U.S.
asset-based revolving credit facility.

"Given the current strength of market conditions, we believe it
is a prudent time to further enhance the liquidity of Visteon as
we implement our three-year plan," James F. Palmer, executive
vice president and chief financial officer, said.

J.P. Morgan Securities Inc. and Citigroup Global Markets, Inc.
will act as lead arrangers for the transaction; JPMorgan Chase
Bank, N.A. is the administrative agent.  The Company expects to
complete the transaction in 2006, which is subject to final
documentation and other conditions.

Headquartered in Van Buren Township, Michigan, Visteon Corp.
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  With corporate offices in
the Michigan (U.S.); Shanghai, China; and Kerpen, Germany; the
company has more than 170 facilities in 24 countries and employs
approximately 50,000 people.

At Sept. 30, 2006 the Company's balance sheet showed total
assets of US$6.721 billion and total liabilities of US$6.823
billionresulting in a total shareholders' deficit of US$102
miilion.  Total shareholders' deficit at Dec. 31, 2005 stood at
US$48 million.

                          *     *     *

Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Visteon Corp. to 'B' from 'B+' and
its short-term rating to 'B-3' from 'B-2'.  These actions stem
from the company's weaker-than-expected earnings and cash flow
generation, caused by vehicle production cuts, inefficiencies at
several plant locations, sharply lower aftermarket product
sales, continued pressure from high raw material costs, and
several unusual items that will impact 2006 results.


VOLKSWAGEN AG: Porsche Hikes VW Stake to 27.4%; Eyes More Equity
----------------------------------------------------------------
Porsche AG raised its stake in Volkswagen AG to 27.4% and hinted
a further increase to as much as 29.9%, just below the threshold
where it must make a formal takeover bid, BBC News reports.

BBC says Porsche's board has given its management the authority
to increase its VW holding below the takeover threshold,
although when this will happen remains unclear.

Porsche is Volkswagen's biggest single shareholder after it
bought a 21.2% stake in VW last year.

As reported in the TCR-Europe on Nov. 16, Porsche CEO Wendelin
Wiedeking expects a five percent pretax profit margin for
Volkswagen once incoming Martin Winterkorn takes over as VW's
chief executive.

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

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

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

                        *    *    *

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


WALLER WOHNUNGSBAU: Creditors' Meeting Slated for December 1
------------------------------------------------------------
The court-appointed provisional administrator Waller Wohnungsbau
GmbH & Co. Baubetreuungs KG, Christian Willmer, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:15 a.m. on Dec. 1.

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

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller), Germany

The Court will also verify the claims set out in the
administrator's report at 9:05 a.m. on Jan. 12, 2007, at the
same venue.

Creditors have until Dec. 1 to register their claims with the
court-appointed provisional administrator.

The District Court of Verden (Aller) opened bankruptcy
proceedings against Waller Wohnungsbau GmbH & Co. Baubetreuungs
KG on Oct. 10.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Waller Wohnungsbau GmbH & Co. Baubetreuungs KG
         Attn: Guenter Hanke, Manager
         Katzenberg 22
         27283 Verden, Germany

The administrator can be reached at:

         Dr. Christian Willmer
         Georgstr. 5
         27283 Verden (Aller), Germany
         Tel: 04231/884-45
         Fax: 04231/884-55


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


ANTENNA TV: S&P Cuts Rating to B+ on Weak Performance
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Greek broadcaster Antenna
TV S.A. to 'B' from 'B+', due to the company's ongoing weak
operating performance and very aggressive financial profile.
The outlook is stable.

"The rating action follows Antenna's weaker-than-expected
performance in the third quarter of 2006, compounding the
company's already poor performance since the fourth quarter of
2005," said Standard & Poor's credit analyst Olli Rouhiainen.

Antenna will find it difficult to recover its share of peak time
viewing in the upcoming important fourth quarter following
deterioration to a historical low of 15.9%.  This compares with
19.0% in the fourth quarter in 2005.

"The company needs to improve its viewing figures in the fourth
quarter to improve its negotiation position with advertisers for
financial 2007 to have any chance of financial recovery in the
near term," added Mr. Rouhiainen.

The ratings or outlook could be revised downward if the company
is unable to stabilize its viewing share and operating
performance.  This could cause a downward spiral because Antenna
would have to then adjust program costs, which in turn could
have a further negative impact on viewing share.

The ratings could be positively affected if Antenna can
demonstrate a better-than-expected improvement in profitability
and if the company's financial ratios improve well ahead of the
targets for the ratings.


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


FLEXTRONICS INT'L: Eyes 30% Job Cuts in Nyiregyhaza Plant
---------------------------------------------------------
Flextronics International Ltd. is planning to cut about 30% of
its workforce at its Nyiregyhaza plant in northeast Hungary
after losing a major client, Bloomberg News reports.

The Nyiregyhaza plant currently employs approximately 2,000
permanent and temporary workers, where more than 1,000 were
hired for the past six months.

Peter Papp, a Flextronics director of human resources for
eastern Europe, told Bloomberg that the job cuts are necessary
after the unnamed client took away the company's major
production.  He added that the laying off of 590 employees by
early February is "the worst-case scenario because we'll try to
help them find jobs within the company."

Mr. Papp emphasized that Flextronics will remain one of
Hungary's 10 largest employers.  After the job cuts, the company
will employ just under 10,000.

Mr. Papp refused to provide details pertaining to the identity
of the client but said its product was sold in large volumes
around Christmas.

Flextronics also has plants in Tab, southwest Hungary,
Zalaegerszeg in the west and Sarvar in the northwest.

                About Flextronics International

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

                        *     *     *

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

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

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

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


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


BIOVAIL CORP: Moody's Revises Rating Outlook to Stable
------------------------------------------------------
Moody's Investors Service revised Biovail Corp.'s rating outlook
to stable from negative and affirmed all existing ratings,
including the Ba3 Corporate Family Rating.

Moody's acknowledges significant event risk associated with the
potential near-term launch of a generic version of Wellbutrin XL
into the U.S. market.  This event would result in a significant
decline in Biovail's cash flow.  Even under this scenario,
however, Moody's believes that a stable outlook is supported by:

   (1) significant progress on the risk factors outlined in
       June 2004 when Moody's first assigned the negative
       rating outlook;

   (2) the recent decision to keep rather than spin-off
       the legacy products business, which generates good
       cash flow;

   (3) the recent launch of Johnson & Johnson's Ultram ER,
       using Biovail's drug delivery technology;

   (4) significant balance sheet flexibility based on low
       debt levels and over US$600 million of unrestricted
       cash; and

   (5) Moody's anticipation that if the company
       increases leverage in order to make
       acquisitions, Debt/EBITDA is unlikely to exceed
       2 times over a prolonged period of time.  As of
       Sept. 30, 2006, Biovail's Debt/EBITDA was
       approximately 0.7 times.

Overall, Moody's believes that the combination of these factors:

   -- even considering a potential near-term loss of
      Wellbutrin XL

   -- makes it less likely that Biovail's Corporate
      Family Rating may move into the single-B category in
      the near term.

To consider positive rating pressure, Moody's would prefer to
see greater resolution of the Wellbutrin XL patent situation.
If a generic is launched, Moody's could still consider positive
rating action in the future under these circumstances:

   (1) success in the Ultram ER launch;

   (2) a launch of bupropion salt in 2007; and

   (3) evidence that Biovail can achieve its growth
       strategy within the leverage parameters outlined
       above.

Conversely, downward rating pressure could result under the
these scenarios:

   (1) very large cash-financed acquisitions such
       that Debt/EBITDA materially exceeds 2 times;

   (2) large litigation payments significantly in excess
       of Moody's US$300 million estimate; or

   (3) a much more pronounced decline in cash flow from a
       launch of generic Wellbutrin XL than Moody's
       current estimate.

Biovail Corp.

Ratings affirmed:

    * Corporate Family Rating at Ba3
    * Senior Subordinated Notes at B1 (LGD4, 67%)
    * Outlook revised to stable from negative

Biovail Corp. is a specialty pharmaceutical and drug delivery
company involved in the development, manufacturing and
commercialization of pharmaceutical products.  The company
reported approximately US$763 million in net revenue for the
first nine months of 2006.


DELL INC: Looks to Release Third Quarter Results by Month's End
---------------------------------------------------------------
Dell Inc. intends to report its preliminary results for the
fiscal third quarter by the end of this month.  The move from
the originally scheduled date of November 16 reflects the level
of complexity the company is facing in the preparation of its
preliminary results.

The complexity arises out of the ongoing investigations by the
U.S. Securities and Exchange Commission and the company's Audit
Committee into certain accounting and financial reporting
matters, and the fact the company has not filed its Form 10-Q
for the second fiscal quarter.  When the company does announce
earnings it will be in the form of a press release only.

In addition, the company said that future earnings announcements
will be moved back by approximately one week versus Dell's prior
schedule.

The company also announced it has been informed that the SEC has
entered a formal order of investigation.  The delay in
announcing earnings is not related to that development.  Dell
continues to cooperate with the SEC, and is committed to
resolving all issues in connection with the investigation and
regaining compliance with all SEC filing requirements as soon as
possible.

Headquartered in Round Rock, Texas, Dell Inc. (NASDAQ: DELL) --
http://www.dell.com/-- designs, develops, manufactures,
markets, sells, and provides support for various computer
systems and services to customers worldwide.  Dell has regional
headquarters in Bracknell, England, for Europe, Middle East and
Africa and in Singapore to serve the Pacific Rim, including
Japan, India, China, Australia and New Zealand.

The company manufactures its computer systems in seven
locations: Austin, Texas; Nashville, Tenn.; Winston-Salem, North
Carolina; Eldorado do Sul, Brazil (Americas); Limerick, Ireland
(Europe, Middle East and Africa); Penang, Malaysia (Asia Pacific
and Japan) and Xiamen, China (China).  Dell sells its products
and services worldwide.


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


M. FABRIKANT & SONS: Files Chapter 11 Petition in New York
----------------------------------------------------------
M. Fabrikant & Sons, Inc., together with its domestic
subsidiary, Fabrikant-Leer International, Ltd., filed voluntary
petitions for relief under Chapter 11 of the U.S. Bankruptcy
Code.  The Company's foreign and domestic affiliates were not
included in the Chapter 11 filing.

The Company is expected to continue to operate its business
during the pendency of this Chapter 11 case as a debtor in
possession under the Bankruptcy Code.  The Company expects a
smooth transition into Chapter 11, with all of its facilities
expected to remain open on normal schedules.

Fabrikant has negotiated financing arrangements with its senior
secured lenders that remain subject to court approval.  Using
the Chapter 11 process, Fabrikant plans to continue to pay
employee wages and benefits and to honor the customer
fulfillment obligations and programs for which the Company has
become so well known, and to make uninterrupted payments to
suppliers for goods and services.

In addition, the Company continues to actively pursue a full
range of strategic alternatives, including the sale or
refinancing of the firm.  Fabrikant believes that its Chapter 11
proceedings currently provide the best opportunity to maximize
the value of its assets and its business for all stakeholders.

Headquartered in New York City, M. Fabrikant & Sons, Inc. --
http://www.fabrikant.com/-- sells & distributes diamonds and
jewelries.  Established in 1895, the Company is one of the
oldest diamond and jewelry wholesaler in the world including
Canada, China, Japan, Thailand, Israel, Belgium and Italy.


M. FABRIKANT & SONS: Case Summary & 45 Largest Unsec. Creditors
---------------------------------------------------------------
Lead Debtor: M. Fabrikant & Sons, Inc.
             One Rockefeller Plaza
             New York, NY 10020

Bankruptcy Case No.: 06-12737

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Fabrikant-Leer International, Ltd.         06-12739

Type of Business: The Debtors sell diamonds and jewelry.
                  Established in 1895, the Company is one of the
                  oldest diamond and jewelry wholesaler in the
                  world, including Canada, China, Japan,
                  Thailand, Israel, Belgium and Italy.
                  See http://www.fabrikant.com/

Chapter 11 Petition Date: November 17, 2006

Court: Southern District of New York (Manhattan)

Debtors' Counsel: Mitchel H. Perkiel, Esq.
                  Troutman Sanders LLP
                  405 Lexington Avenue
                  New York, NY 10174
                  Tel: (212) 704-6016
                  Fax: (212) 704-6288

Estimated Assets: More than $100 Million

Estimated Debts:  More than $100 Million


A. M. Fabrikant & Sons, Inc.'s 25 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
ABN AMRO Bank N.V.            Bank Debt              $13,854,000
Pelikannstraat Street 70-76
2018 Antwerpen, Belgium

Antwerpse Diamanbank NV       Bank Debt               $8,804,000
Pelikannstraat 54
B-2018 Antwerpen 1

Union Bank of Israel          Bank Debt               $7,870,000
Diamond Exchange Branch
3 Jabotinski Street
P.O. Box 3006
Ramat Gan 52310
Israel

H. Dipak & Co.                Trade Debt              $5,671,876
D-10, Road No-21, MIDC
Andheri (E)
Mumbai, 400 063
India

Blue Star                     Trade Debt              $5,554,113
312A Prasad Chambers,
Opera House
Mumbai, 400 004
India

Hong Kong & Shanghai          Bank Debt               $4,509,000
Banking Corporation Limited
HSBS Main Building
1 Queen Road Central
Hong Kong

Israel Discount Bank          Bank Debt               $3,396,000
Diamond Exchange Branch
3 Jabotinski Street
Ramat Gan 52310
Israel

K. Girdharlal International   Trade Debt              $2,288,357
Pvt Ltd
1003 Panchratna, Opera House
Mumbai, 400 004
India

K P Sanghvi & Sons            Trade Debt              $1,807,075
1301 Prasad Chambers
Opera House
Mumbai 400 004
India

Bhavani Gems                  Trade Debt              $1,479,016
101 Prasad Chambers
M.P. Marg, Opera House,
Bombay, 400 004
India

Disons Gems, Inc.             Trade Debt              $1,341,372
22 West 48th Street
Suite #300
New York, NY 10036

Chaim Ausch Diamonds          Trade Debt              $1,165,743
18 East 48th Street
4th Floor
New York, NY 10017

Laxmi Diamond                 Trade Debt              $1,052,886
416 Prasad Chamber,
Opera House
Mumbai, 400 004
India

K.G.K. Enterprises            Trade Debt                $499,173
647 - A Panchratna
Opera House
Mumbai, 400 004
India

M. Suresh & Co. Pvt. Ltd.     Trade Debt                $470,593
419 Parekh Market,
Opera House
Mumbai, 400 004
India

Kiran Exports                 Trade Debt                $439,266
109 Prasad Chambers
Opera House
Mumbai, 400 004
India

Dhanraj Dhadda Exports        Trade Debt                $400,147
1208 Panchratna
Opera house
Mumbai, 400 004
India

Shree Ramkrishna Export       Trade Debt                $392,461
214 Prasad Chambers
Opera House
Mumbai, 400 004
India

Bluerays, Inc.                Trade Debt                $377,325
22 West 48th Street
Suite #1006
New York, NY 10036

Impex Diamonds                Trade Debt                $317,658
302 Dharam Place
100/103 Hughes Road
Mumbai, 400 007
India

Asian Star Company Ltd.       Trade Debt                $308,295
114 Mittal Court-C
Nariman Point
Mumbai, 400 021
India

Schain Leifer Guralnick       Trade Debt                $281,031
10 East 40th Street
Suite 2710
New York, NY 10016-0348

Enlink Inc.                   Trade Debt                $250,078
10 Parsonage Road
Suite 312
Edison, NJ 08837

Diashine Exports              Trade Debt                $232,639
2504 Panchratna
Opera house
Mumbai, 400 004
India

EMA                           Trade Debt                $203,476
Molla Fenari MH.
Vezirhan CD. #42/47
Cerberlitas 34120
Istanbul, Turkey


B. Fabrikant-Leer International, Ltd.'s 20 Largest Unsecured
   Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Vaishali Diamond Corp.        Trade Debt              $2,043,674
579 Fifth Avenue
Suite 1475
New York, NY 10017

Providence Chain Co.          Trade Debt                $362,617
225 Carolina Avenue
Providence, RI 02905-4538

Gramercy Jewelry Mfg. Corp.   Trade Debt                $214,755
115 West 30th Street
10th Floor
new York, NY 10001

National Stampcast, Inc.      Trade Debt                $208,424
15 West 37th Street
New York, NY 10018

Findings, Incorporated        Trade Debt                $200,700
P.O. Box 847440
Boston, MA 02284-7440

M&Z Creations, Ltd.           Trade Debt                $155,895
dba Ordan Corp.
Suite 201
New York, NY 10036

JAH Advisors Inc.             Services                  $109,600
1350 South Grandstaff
Auburn, IN 46706

International Gemmological    Trade Debt                 $85,957
Institute
589 Fifth Avenue
4th Floor
New York, NY 10017

J.S.A. Jewelry, Inc.          Trade Debt                 $81,510
10 West 47th Street, #1307
New York, NY 10036

C.D. Jewels                   Trade Debt                 $80,450
576 Fifth Avenue
Suite 200-B
New York, NY 10036

Leo Wolleman, Inc.            Trade Debt                 $75,180
45 West 45th Street
10th Floor
New York, NY 10036

Manufacturing USA Ent., Inc.  Trade Debt                 $73,778
632 Irving Avenue
Glendale, CA 91201

BK Jewelry Contractors, Inc.  Trade Debt                 $63,411
64 West 48th Street
Suite #600
New York, NY 10036

Companion Trading Co., Inc.   Trade Debt                 $60,313
P.O. Box 580002
Flushing, NY 11358

R.S. Importing Ltd.           Trade Debt                 $59,804
2 West 46th Street
Suite 407
New York, NY 10036

Keystone Findings, Inc.       Trade Debt                 $46,561
600 Emlen Way
Telford, PA 18969

Fremada Gold Inc. '04         Trade Debt                 $40,505
2 West 45th Street
Suite 1605
New York, NY 10036

Limited Parcel Service        Services                   $35,255
P.O. Box 7247-0244
Philadelphia, PA 19170-0001

Pacific Northern, Inc.        Trade Debt                 $30,707
3116 Belmeade Drive
Carrollton, TX 75006

Real Gems, Inc.               Trade Debt                 $29,245
18 East 48th Street
Room 801
New York, NY 10017


NEWPARK RESOURCES: S&P Affirms B+ Rating on Weak Profitability
--------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B+' corporate
credit rating on oilfield services company Newpark Resources
Inc. and removed the rating from CreditWatch with negative
implications, where it had been placed on July 26.

The outlook is stable.  Metarie, La.-based Newpark had about
US$220 million of debt as of Sept. 30, 2006.

The rating action follows the company's filing of financial
statements for the first three quarters of 2006 and restatement
of results for the previous five years.  Newpark announced in
April that it was launching an internal investigation after
uncovering accounting irregularities.  The inquiry resulted in
the restatements, delays in filing quarterly statements, and the
removal of the CFO and former CEO.

"The company faces several remaining challenges, including
shareholder lawsuits and material weaknesses in internal
controls," said Standard & Poor's credit analyst Ben Tsocanos.
"We view the likelihood that Newpark will manage these issues
successfully as sufficient to warrant the stabilization of the
ratings on the company."

The ratings on Newpark reflect a weak business risk profile
incorporating participation in the highly cyclical oilfield
services industry and geographic concentration, as well as an
aggressive financial risk profile constrained by accounting and
governance problems, low margins, and limited liquidity.  The
company's profitability has remained weak during the current
industry upturn, lagging the recovery of drilling activity in
the Gulf of Mexico.

The stable outlook reflects Standard & Poor's expectation that
Newpark will resolve its remaining accounting and legal issues,
and expand its liquidity.  Failure to improve the company's
financial position during the current period of favorable
industry conditions would likely result in a negative outlook or
downgrade.  Upward ratings movement is limited by weak
profitability and cash flow during a favorable period of
oilfield services market conditions.


* Italy Gas Supply Deals Pose Challenges, Fitch Says
----------------------------------------------------
Fitch Ratings disclosed that while Italy's recent two deals to
secure gas supply may help avert another domestic gas crisis,
they raise questions about their impact on market competition
and supply dependency.

The first deal is a gas supply contract between Italy's ENI Spa
and Russia's Gazprom OAO and the second is a gas pipeline
development project between the Italian and Algerian
governments.  With these two deals, Italy has extended gas
supply contracts from Russia by up to 25 years and has secured
an additional 10 billion cubic meter per year of gas supply from
Algeria.

"The strengthening of commercial relationships with Russia and
Algeria, already major exporting countries to the Italian
market, will contribute to further concentration in the existing
gas supplier base," stated Francesca Fraulo, Director in Fitch's
Energy & Utility team.  "Although the deals considerably improve
gas volumes and tenor conditions, they do not address supply
security issues, as they increase the exposure of the Italian
market to political risk from Russia and Algeria as well as
transit countries such as Ukraine."

The agreement between Italy and Algeria to develop the Galsi
pipeline project does not remove concerns about Italy's
increasing strategic dependence on gas in the short to medium
term, since the pipeline is not scheduled to operate before
2011.  Furthermore, the growing domestic gas demand, driven by
increasing gas-fired electricity generation, is likely to
escalate over the next three years should the combined cycle gas
turbine generation capacity under construction come on stream as
planned.

Whether the additional gas volume from Algeria will contribute
to lower gas-fired generation costs and influence the
electricity generators' relative competitive position is
difficult to gauge at this stage.

Fitch notes that while the extension of the existing supply
contract between ENI and Gazprom reinforces a long-standing
strategic commercial relationship, it will only strengthen the
incumbent operator's position rather than foster a further
opening of the import market.  ENI already imports around 70% of
its gas into Italy.

Furthermore, as part of the agreement, Gazprom is entitled to
sell up to 3 bcm of gas, which are part of the volumes currently
sold to ENI, directly into the Italian market.  Fitch views that
the entry of a new operator in the retail market segment, with
access to its own supply, will not necessarily promote
competition.  Instead, it is likely to curb competition, given
the unfair advantages that Gazprom stands to gain from swapping
gas volumes in return for access to end customers.

"This also raises doubts on the actual 'reciprocity of
conditions' given the likelihood of Italian gas operators
gaining access to Gazprom's upstream gas market," disclosed Ms.
Fraulo.  In exchange for direct customer access, Gazprom has
committed to cooperate in transmission and LNG projects
development.

Nevertheless, Fitch notes that Italian policymakers' enthusiasm
for the latest two deals should not cause a loss of momentum for
developing an alternative strategy to secure national gas
supply, such as through LNG infrastructures.  The latter
represents an unique opportunity to enlarge the domestic gas
supplier base and to establish a strong foothold in the European
gas market.

In the context of EU moves to try and refine a regional energy
policy, and discussions regarding the potential formation of a
'gas bank', any extension/expansion of bi-lateral contracts by
Gazprom could be viewed as a defensive move.


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


AK OTAU: Almaty Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Ak Otau Kurylys
(RNN 600800051285) on Oct. 6.


ALMATINSKAYA GORODSKAYA: Claims Registration Ends Dec. 22
---------------------------------------------------------
OJSC Almaty City Cliring Chamber Almatinskaya Gorodskaya
Kliringovaya Palata has declared insolvency.

Creditors have until Dec. 22 to submit written proofs of claim
to:

         OJSC Almatinskaya Gorodskaya Kliringovaya Palata
         Aiteke bi Str. 55
         Almaty, Kazakhstan
         Tel: 8 (3272) 58-37-58


BASIS LLP: Karaganda Court Begins Bankruptcy Proceedings
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Basis
(RNN 301200212362).

LLP Basis is located at:

         Dimitrov Str. 74/1
         Temirtau
         Karaganda Region
         Kazakhstan


EXTRA DEALER: Creditors Must File Claims by Dec. 20
---------------------------------------------------
LLP Extra Dealer has declared insolvency.  Creditors have until
Dec. 20 to submit written proofs of claim to:

         LLP Extra Dealer
         Novoselov Str. 18-6
         Ekibastuz
         141200 Pavlodar Region
         Kazakhstan


EURO GOLD: Proof of Claim Deadline Slated for Dec. 27
-----------------------------------------------------
LLP Euro Gold has declared insolvency.  Creditors have until
Dec. 27 to submit written proofs of claim to:

         LLP Euro Gold
         Chaikovsky Str. 144a
         050000 Almaty, Kazakhstan
         Tel: 8 (3272) 71-67-87


INTRACOM LLP: Claims Filing Period Ends Dec. 20
-----------------------------------------------
LLP Intracom has declared insolvency.  Creditors have until
Dec. 20 to submit written proofs of claim to:

         LLP Intracom
         Baiseitova Str. 40
         Bostandyksky District
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-25-51


KANDYAGASH JYLU: Aktube Court Starts Bankruptcy Procedure
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Kandyagash Jylu
Energya.


KAZAKH OIL: Creditors' Claims Due Dec. 27
-----------------------------------------
LLP Kazneftegasstroy Kazakh Oil Gas Build has declared
insolvency.  Creditors have until Dec. 27 to submit written
proofs of claim to:

         LLP Kazneftegasstroy Kazakh Oil Gas Build
         Dzerjynsky Str. 60
         Kokshetau
         Akmola Region
         Kazakhstan
         Tel: 8 (31622) 25-06-22


KUAT JETYSAI: Creditors Must File Claims by Dec. 27
---------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared OJSC Kuat Jetysai Kurylys insolvent.

Creditors have until Dec. 27 to submit written proofs of claim
to:

         OJSC Kuat Jetysai Kurylys
         Ahmet-Yassaui Str. 3
         Jetysai
         South Kazakhstan Region
         Kazakhstan
         Tel: 8 (7017) 50-19-10


MANGISTAU PROD: Proof of Claim Deadline Slated for Dec. 27
----------------------------------------------------------
LLP Mangistau Prod Product has declared insolvency.  Creditors
have until Dec. 27 to submit written proofs of claim to:

         LLP Mangistau Prod Product
         Micro District 14, 59a-40
         Akatu
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 42-93-42


MASTER LLP: South Kazakhstan Court Starts Bankruptcy Procedure
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Master.

LLP Master can be reached at:

         Mangeldin Str. 44-37
         Shymkent
         South Kazakhstan Region
         Kazakhstan
         Tel: 8 (3252) 32-23-42


NURKAZGAN-SERVICE: Karaganda Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Nurkazgan-
Service (RNN 302600215320).

LLP Nurkazgan-Service is located at:

         K. Marks Str. 6
         Jezkazgan
         Karaganda Region
         Kazakhstan


PETROLEUM LLP: Claims Registration Ends Dec. 22
-----------------------------------------------
LLP Publishing House Petroleum has declared insolvency.
Creditors have until Dec. 22 to submit written proofs of claim
to:

         LLP Petroleum
         Furmanov Str. 174b
         Almaty, Kazakhstan


SHIPA SERVICE: Proof of Claim Deadline Slated for Dec. 20
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Shipa Service insolvent on Sept. 27.

Creditors have until Dec. 20 to submit written proofs of claim
to:

         LLP Shipa Service
         Aktau, 12-71-52
         Mangistau Region
         Tel: 8 (3292) 43-70-36


TEMIR-SATU LLP: Karaganda Court Begins Bankruptcy Proceedings
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Temir-Satu
(RNN 302600212205).

LLP Temir-Satu is located at:

         Shevchenko Str. 25-8
         Jezkazgan
         Karaganda Region
         Kazakhstan


TRANSIT TRANS: Claims Filing Period Ends Dec. 27
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Company Transit Trans insolvent on Oct. 3.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Dec. 27 to submit written proofs of claim
to:

         LLP Transit Trans
         Sain Str. 8-94
         Almaty, Kazakhstan
         Tel: 8 (3272) 56-75-46
              8 (3332) 93-23-15


VARTY PACIFIC: Creditors' Claims Due Dec. 22
--------------------------------------------
LLP Varty Pacific Airlines has declared insolvency.  Creditors
have until Dec. 22 to submit written proofs of claim to:

         LLP Varty Pacific Airlines
         Gagarin Str. 32
         Boroldai
         Ilyi District
         Almaty Region
         Kazakhstan
         Tel: 8 (32752) 76-75-41


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


ROSSIYSKO-AZIATSKY DIESEL: Creditors' Claims Due Jan. 3, 2007
-------------------------------------------------------------
Joint Kyrgyz-Russian-Kazakh CJSC Rossiysko-Aziatsky Diesel Snub
has declared insolvency.  Creditors have until Jan. 3. 2007, to
submit written proofs of claim.

Inquiries can be addressed to (0-502) 32-50-70.


SUN LIGHT: Claims Registration Ends Dec. 29
-------------------------------------------
LLC Air Company Sun Light has declared insolvency.  Creditors
have until Dec. 29 to submit written proofs of claim to:

         LLC Sun Light
         Free Economic Zone Bishkek
         Mir Ave. 303
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 54-08-08


URAL: Claims Filing Period Ends Dec. 29
---------------------------------------
Joint Kyrgyz-Russian Enterprise Ural has declared insolvency.
Creditors have until Dec. 29 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 62-39-56.


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


DOV PHARMACEUTICAL: Sept. 30 Equity Deficit Widens to US$51 Mln
---------------------------------------------------------------
DOV Pharmaceutical Inc. filed its financial statements for the
third quarter ending 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$54.528 million in total assets and US$105.504 million in
total liabilities, resulting in a US$50.975 million
stockholders' deficit.  The Company had a US$19.301 million
deficit at Dec. 31, 2005.

The Company's September 30 balance sheet also showed strained
liquidity with US$48.794 million in total current assets
available to pay US$86.580 million in total current liabilities.

                  Third Quarter 2006 Performance

For the third quarter of 2006, the Company reported a net loss
attributable to common stockholders of US$17.5 million as
compared with US$15.7 million for the comparable period in 2005.

For the nine months ended Sept. 30, 2006, the Company reported a
net loss attributable to common stockholders of US$58.4 million
compared with US$36.0 million for the comparable period in 2005.

At Sept. 30, 2006, cash and cash equivalents and marketable
securities totaled US$47.3 million as compared with US$97.6
million at Dec. 31, 2005.

Revenue for the third quarter of 2006 was US$1.1 million
compared with US$1.4 million for the comparable period last
year.  Revenue for the nine months ended Sept. 30, 2006, was
US$3.7 million compared with US$7.3 million for the comparable
period in 2005.

Revenue for the three and nine months ended Sept. 30, 2006,
consisted of US$1.1 million and US$3.7 million, respectively, of
amortization of the US$35.0 million fee the Company received on
the signing of the license, research and development agreement
for its collaboration with Merck over the estimated research and
development period, compared with US$1.4 million and US$5.3
million, respectively, in the comparable period in 2005.

In the nine months ended Sept. 30, 2005, the Company also
realized a US$2.0 million milestone payment under DOV's
partnership agreement with Neurocrine Biosciences Inc. upon the
acceptance of the New Drug Application by the U.S. Food and Drug
Administration for indiplon tablets for the treatment of
insomnia.

The increase in payroll and payroll-related expenses is
primarily the result of an increase in non-cash stock
compensation of US$801,000 related to the adoption of SFAS
123(R) offset by an overall decrease in headcount.

Interest expense for the three and nine months ended Sept. 30,
2006, includes non-cash amortization of US$2.1 million of
deferred issuance costs on the Company's convertible
subordinated debt as well as contractual interest expense of
2.5% on the outstanding balance.

Debt conversion and other expense for the three and nine months
ended Sept. 30, 2006, includes a US$5.6 million non-cash charge
related to the additional shares issued to induce the exchange
of an aggregate of US$10 million in original principal amount of
the Company's outstanding convertible debentures for 3,445,000
shares of its common stock.

                         NASDAQ Delisting

DOV shares were no longer listed for trading on a national
securities exchange as of Oct. 27, 2006.  The delisting of the
Company's common stock represents a "fundamental change" under
the indenture governing its 2.50% Convertible Subordinated
Debentures due 2025.

As a result, DOV is obligated to offer to repurchase the
debentures.  The Company offered to repurchase the debentures on
Nov. 9, 2006.

There are currently US$70 million in aggregate principal amount
of debentures outstanding.  Holders of the debentures will have
the option, but not the obligation, to require the Company to
repurchase their debentures at 100% of the principal amount of
the debentures, plus any accrued and unpaid interest.

The Company has retained Houlihan Lokey Howard & Zukin Capital,
Inc. to serve as its financial advisor to assist with its
evaluation of strategic alternatives and restructuring efforts
with respect to the debentures.

                      New Strategic Direction

DOV announced in October 2006 a new strategic direction in which
the Company will focus its internal efforts on its Phase I and
II clinical and pre-clinical research programs for the
development and discovery of drugs to treat neuropsychiatric
disorders, advance the Company's later-stage drug development
programs through external partnerships and collaborations, and
optimize the Company's financial position.

As a result of this new strategic direction, DOV announced that
it would further reduce its in-house late stage clinical
development expenditures such as those associated with
bicifadine, its novel analgesic in Phase III for pain.

Currently, DOV has drug development programs that are at the
pre-clinical, Phase I and Phase II clinical stages.  These
include DOV 21,947 (entering Phase II for depression), DOV
102,677 (Phase I for alcohol abuse) and an active preclinical
discovery program in reuptake inhibitors and GABA modulators.

The Company also has retained an investment-banking firm, HSBC
Securities (USA) Inc., to identify and evaluate its strategic
options.

Full-text copies of the Company's third quarter financials are
available for free at http://ResearchArchives.com/t/s?154d

             Going Concern Doubt & Bankruptcy Warning

Management raised substantial doubt about the Company's ability
to continue as a going concern.  If the Company is unable to
raise sufficient funds to repurchase the requisite amount of
debentures or restructure its obligations under its 2.50%
Convertible Subordinated Debentures due 2025, it may be forced
to seek protection under the United States bankruptcy laws.

                     About DOV Pharmaceutical

Somerset, New Jersey-based DOV Pharmaceutical Inc. (PS: DOVP.PK)
-- http://www.dovpharm.com/-- is a biopharmaceutical company
focused on the discovery, acquisition, and development of novel
drug candidates for central nervous system disorders.  The
Company's product candidates address some of the largest
pharmaceutical markets in the world including depression, pain
and insomnia.  The company also operates a subsidiary in
Luxembourg.


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


CANDIDE FINANCING: Moody's Rates EUR5-Mln Class E Notes at Ba3
--------------------------------------------------------------
Moody's Investors Service assigned definitive long-term ratings
to seven Classes of Notes issued by Candide Financing 2006 B.V.

Ratings assigned:

   -- EUR400,000,000 Senior Class A1 Notes due 2051: Aaa;

   -- EUR350,000,000 Senior Class A2 Notes due 2051: Aaa;

   -- EUR1,125,000,000 Senior Class A3 Notes due 2051: Aaa;

   -- EUR47,000,000 Mezzanine Class B Notes due 2051: Aa2;

   -- EUR40,000,000 Junior Class C Notes due 2051: A1;

   -- EUR38,000,000 Subordinated Class D Notes due 205: Baa2;
      and

   -- EUR5,000,000 Subordinated Class E Notes due 2051: Ba3

This transaction represents the second securitization of Dutch
residential mortgage loans sold by Bank of Scotland Amsterdam
Branch and follows last year's Candide Financing 2005
transaction.  The Notes are secured by the assignment of Dutch
Residential Mortgages to the Issuer and the security assignments
closely follow the security structure observed in other Dutch
Residential Mortgage-Backed transactions.  Unlike Candide
Financing 2005, the assignment of the mortgages is registered at
closing so that the legal transfer is completed without
notification of the borrowers.  The collateral characteristics
are illustrative of the Dutch mortgage market, containing first-
lien mortgage loans with lower ranking loans only in combination
with first lien, and a weighted average loan to foreclosure
value of approximately 107% at closing.

Proceeds from the issuance of Class A, B, C and D Notes are used
to purchase a portfolio of mortgage loan receivables and will be
repaid by collections from this portfolio over time.  Class E
Notes together with the unrated Class F Notes fund the initial
Reserve Fund balance and will be repaid by the available balance
of the Reserve Fund when all Class A, B, C and D Notes are
redeemed.  The transaction has a step-up date in November 2012.

Until May 2007, principal collections from the pool willl be
used to purchase further mortgage loan receivables.  After the
end of the revolving period, principal collections will be used
to redeem the notes in sequential order starting with Class A1
Notes, followed by Class A2 Notes and then Class A3 Notes.  The
Class A Notes share the same PDL and interest will be paid pro
rata.

The transaction benefits from a swap with Bank of Scotland plc
to hedge interest rate risk over the entire term of the
transaction.  Excess Spread is generated in the transaction
through the operation of the interest rate swap and the minimum
Threshold Margin mechanism, which ensures that interest rates
will be reset to maintain a certain amount of Excess Spread in
the transaction.  The Liquidity Facility is provided by ABN AMRO
Bank N.V.


DUCHESS VII: S&P Assigns BB- Rating on EUR15-Mln Class E Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR447.5 million secured floating-rate
notes to be issued by Duchess VII CLO B.V.  At the same time, it
will issue EUR52.5 million of unrated notes.

Duchess VII is the seventh cash flow CLO managed by Babson
Capital Europe Ltd.  The collateral will comprise a portfolio of
predominantly senior secured leveraged loans.

The portfolio may also comprise, among other things:

   -- euro- and sterling-denominated senior secured loans,
   -- mezzanine secured loans,
   -- unsecured loans,
   -- high-yield bonds,
   -- participations,
   -- synthetic securities, and
   -- structured finance securities.

The portfolio must comply with a set of portfolio profile tests.

This transaction features a class E reinvestment test.  When
triggered during the reinvestment period, it will divert up to
50% of the interest proceeds that remain after paying the
interest due on the rated notes, and certain uncapped fees and
expenses, to purchase additional collateral.

                         Ratings List
                      Duchess VII CLO B.V.
                  EUR500 Million Secured Notes

                            Prelim.        Prelim.
          Class             rating         amount (Mil. EUR)
          -----             ------         ------
          A-1               AAA            190
          A-2               AAA            150
          B                 AA             35
          C                 A              25
          D                 BBB-           32.5
          E                 BB-            15
          F                 NR             52.5

          NR-Not rated.


E-MAC PROGRAM: Fitch Gives BB Rating on EUR3.2-Mln Class E Notes
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to E-MAC Program B.V.'s
Compartment NL 2006-III EUR803.2 million floating-rate notes:

   -- EUR151.2 million Class A1 mortgage-backed notes due 2017:
      AAA;

   -- EUR604.8 million Class A2 mortgage-backed notes due 2039:
      AAA;

   -- EUR21.6 million Class B mortgage-backed notes due 2039:
      AA-;

   -- EUR12 million Class C mortgage-backed notes due 2039: A-;

   -- EUR10.4 million Class D mortgage-backed notes due 2039:
      BBB-; and

   -- EUR3.2 million Class E notes due 2039: BB.

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

This transaction is a securitization of Dutch residential
mortgages originated by GMAC RFC Nederland, Atlas Funding B.V.
and Quion 20 B.V.  The primary servicing will be carried out by
Stater Nederland B.V. for mortgage loans originated by GMAC and
Atlas and Quion Hypotheekbemiddeling B.V. for mortgage loans
originated by Quion 20 B.V. Stater and Quion are both well known
third-party servicers in the Netherlands.

The portfolio consists of first-ranking or first- and
sequentially lower-ranking fixed- and floating-rate mortgages
secured over residential properties located in the Netherlands.

The expected ratings are based on the quality of the collateral,
available credit enhancement and excess spread, a sound legal
structure and the underwriting and servicing of Stater and
Quion.  The ratings also take into account the liquidity
facility and the guaranteed investment contract of Rabobank as
well as the interest rate swap provided by Credit Suisse
International.

At closing, credit enhancement provided by subordination and the
reserve fund will total 5.9% for the Class A notes, 3.2% for the
Class B notes, 1.7% for the Class C notes and 0.4% for the Class
D notes.  At closing, the uncollateralized EUR3.2m Class E notes
will fund the balance of the reserve account equating to 0.4% of
the balance of the A, B, C and D notes.

The swap rates agreed under the reset swap agreements will be
such that, in respect of the loans the rate of which has been
reset, an excess margin of 35bps before the first put date and
20bps thereafter will remain after payment of senior expenses
and interest due under the notes.


HARBOURMASTER CLO: Fitch Rates EUR11.8-Mln Class E Notes at BB
--------------------------------------------------------------
Fitch Ratings assigned Harbourmaster CLO 8 B.V's upcoming issue
of EUR512.6 million floating-rate notes due 2022 expected
ratings.  The transaction, a European arbitrage collateralized
loan obligation, is a securitization of primarily senior secured
loans.

   -- EUR317 million Class A1 floating-rate notes: AAA;
   -- EUR84 million Class A2 floating-rate notes: AAA;
   -- EUR20.5 million Class B floating-rate notes: AA;
   -- EUR23.2 million Class C floating-rate notes: A;
   -- EUR21.1 million Class D floating-rate notes: BBB;
   -- EUR11.8 million Class E floating-rate notes: BB; and
   -- EUR35 million Class N subordinated notes: not rated.

The final ratings are contingent on a satisfactory review of
final documentation.

The expected ratings of the Class A1 and A2 notes address
ultimate repayment of principal at maturity and timely payment
of interest, according to the terms of the notes.  For all other
rated Classes of notes, the expected ratings address ultimate
payment of principal and interest, including any deferred
interest, at maturity, according to the terms of the notes.

The expected ratings are based on the quality and diversity of
the portfolio of assets, which are selected by the collateral
manager, Harbourmaster Capital Limited, subject to the
guidelines outlined in the collateral management agreement.

The said guidelines limit the collateral manager's portfolio
allocations with respect to obligor, industry and asset type.
Fitch assigned Harbourmaster Capital Limited a CDO Asset Manager
Rating of CAM2 for leveraged loans in September 2004 that was
affirmed in November 2005, based on the manager's strong credit
underwriting and workout experience.

Fitch has performed an on site review of Harbourmaster Capital
Limited in November 2006 and will review its CAM rating and
update the CAM report on that basis shortly.

The expected ratings are also based on the credit enhancement
provided to the various Classes of notes, which consists of the
subordinated notes, structural protection covenants and excess
spread.  This transaction is the 10th European CLO to be managed
by Harbourmaster Capital Limited.

The issuer is a company with limited liability, incorporated
under the laws of the Netherlands.  The net proceeds from the
note issuance will be used to purchase a portfolio of primarily
European senior secured loans.


HIGHLANDER EURO: Moody's Assigns (P)Ba3 Rating on Class E Notes
---------------------------------------------------------------
Moody's Investors Service assigned these provisional long-term
ratings to the notes to be issued by Highlander Euro CDO II
B.V., a special purpose vehicle incorporated in The Netherlands:

   -- EUR342,500,000 Class A Primary Senior Secured
      Floating Rate Notes due 2022*: (P)Aaa;

   -- EUR40,000,000 Class B Primary Senior Secured
      Floating Rate Notes due 2022*: (P)Aa2;

   -- EUR30,000,000 Class C Primary Senior Secured
      Deferrable Floating Rate Notes due 2022*:(P)Aa2; and

   -- EUR20,000,000 Class D Primary Senior Secured
      Deferrable Floating Rate Notes due 2022*: (P)Baa3.

The Primary Issuer will also issue EUR42,000,000 Class M Primary
Mezzanine Secured Notes due 2022* and EUR25,500,000 Class F-2
Primary Subordinated Notes due 2022* which are not rated by
Moody's.

The unrated Class M Primary Mezzanine Notes will be acquired by
Highlander Euro CDO II (Cayman) Limited, a special purpose
vehicle incorporated in Cayman Islands, directly from the
Primary Issuer.  It will be re-issued in a split form into a
EUR17,500,000 Class E Secondary Senior Secured Deferrable
Floating Rate Notes due 2022* and a EUR24,500,000 Class F-1
Secondary Mandatorily Redeemable Preferred Securities.  The
Class F-1 Secondary Mandatorily Redeemable Preferred Securities
effectively rank pari passu to the Class F-2 Primary
Subordinated Notes due 2022*.  The provisional rating is
assigned to the notes to be issued by the Secondary Issuer:

   -- EUR13,750,000 Class E Secondary Senior Secured
      Deferrable Floating Rate Notes due 2022*: (P)Ba3.

These ratings address the expected loss of noteholders by the
legal final maturity date in December 2022*.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks, such as those associated with the timing
of principal prepayments and other market risks, have not been
addressed and may have a significant effect on yield to
investors.

These ratings are based upon:

   1. an assessment of the credit quality and of
      the diversification of the assets to be included in
      the portfolio;

   2. an assessment of the eligibility criteria,
      reinvestment criteria and portfolio limits applicable
      to the future additions to the portfolio;

   3. the protection against losses through the subordination
      of the more junior classes of notes to the more
      senior classes of notes;

   4. the expertise of Highland Capital Management Europe,
      Limited in the management of loans portfolios; and

   5. the legal and structural integrity of the transaction.

This transaction is a high yield collateralized loan obligation
related to a portfolio of EUR490 million comprised of senior
loans, mezzanine loans and high-yield bonds. The portfolio is
dynamic and Highland Capital Management Europe, Limited will
provide investment advice to the Primary Issuer in respect
thereof.  The portfolio will be approximately 90% ramped-up at
closing, and is expected to be fully ramped-up within six months
after closing, subject to compliance with the eligibility
criteria and portfolio.

This transaction was arranged by Goldman Sachs International and
managed by Highland Capital Management Europe, Limited.

Moody's issues prospective ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinions.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A definitive rating
may differ from a prospective rating.


HIGHLANDER EURO: S&P Rates EUR24.5 Million Class E Notes at BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the class A and B primary senior secured
floating-rate notes and to the class C and D primary senior
secured deferrable floating-rate notes to be issued by
Highlander Euro CDO II B.V., a Dutch special purpose entity.

A preliminary credit rating has also been assigned to the class
E secondary senior secured deferrable floating-rate notes to be
issued by Highlander Euro CDO II (Cayman) Ltd., a Cayman Islands
special purpose entity.

At closing, Highlander II will issue floating-rate notes, the
proceeds of which, after paying transaction fees and expenses,
will be invested in a collateral pool of predominantly senior
secured leveraged loans.  At the same time the class M primary
notes will be acquired by Highlander Cayman II, which will in
turn issue class E secondary notes and class F1 secondary
preference securities.  The payment obligations under the
secondary securities will be equal and funded by payments
received by Highlander Cayman II for the class M primary notes.

Highlander II will be Highland Capital Management Europe, Ltd.'s
second European CLO.  This is in addition to ING's Copernicus
CLO program that it inherited when HCMLP, the parent company,
acquired ING Capital Management Ltd., in April 2005.

                          Ratings List
                 Highlander Euro CDO II B.V. and
              Highlander Euro CDO II (Cayman)Ltd.
  EUR700 Million Secured Floating-Rate And Subordinated Notes

                              Prelim.          Prelim.
        Class                 rating           amount (Mil. EUR)
        -----                 ------           ------

                    Highlander Euro CDO II B.V.

        A (primary)           AAA              479.5
        B (primary)           AA               56.0
        C (primary)           A-               42.0
        D (primary)           BBB-             28.0
        M (primary) (1)       NR               58.8
        F-2 (primary)         NR               35.7

                 Highlander Euro CDO II (Cayman) Ltd.

        E (secondary) (1)     BB-              24.5
        F-1 (secondary
        preferred securities)(1) NR            34.3
        NR-Not rated.

   (1) The class M primary notes will be acquired by
       Highlander Euro CDO II (Cayman) Ltd., which will in
       turn issue the class E secondary notes and the
       class F-1 secondary preferred securities.


LUCENT TECHNOLOGIES U.S. Congress Okays Merger with Alcatel
------------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc. have received approval
from the Committee on Foreign Investment in the United States,
under provisions of the Exon-Florio amendment, to proceed with
their proposed merger transaction.

Alcatel and Lucent submitted a voluntary notice of the merger to
CFIUS in August 2006.  CFIUS prepared a recommendation on the
merger transaction to the President of the United States in the
final phase of the approval process and the President has
accepted the CFIUS recommendation that he not suspend or
prohibit the proposed merger transaction, provided that, in time
periods specified, the companies execute a National Security
Agreement and Special Security Agreement to which they have
agreed with U.S. Government agencies.

Alcatel and Lucent will execute within the specified time
periods the National Security Agreement and Special Security
Agreement to which they have previously agreed with U.S.
Government agencies.

The companies are moving quickly to finalize the transaction and
expect to complete the merger on Nov. 30, 2006, which is within
the six-to twelve-month timeframe originally announced April 2,
2006.

                         About Alcatel

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

                   About Lucent Technologies

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

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

                           *     *     *

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

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

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

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


POLYMER GROUP: Moody's Changes Outlook on Underperformance
----------------------------------------------------------
Moody's Investors Service changed the rating outlook of Polymer
Group, Inc. to negative from stable.

The change in outlook reflects the company's performance at
levels, which are below Moody's expectations from the time of
its prior review in November 2005.

Specifically, the change in outlook expresses concern regarding
negative cash flow generation, potentially narrow cushions under
financial covenants, weakness in demand in certain segments and
the effect of lags in passing on increases to converters in a
rising raw material price environment, which resulted in
substantive reductions in gross margins in 2006.  Moody's is
also concerned that such challenges will be harder to manage at
a time when top management is in transition.

Notwithstanding high financial leverage, weak interest coverage
and weaker than expected cash flow generation in 2006 for the
rating category, the B1 ratings remain supported by PGI's
competitive strengths, multi-year contracts (some indexed to raw
materials), long-standing customer relationships and Moody's
assessment of overall enterprise value in relation to debt
levels.  The ratings are further supported by the successful
completion of several capital projects, including the expansion
of the company's manufacturing capacity in Suzhou, China and
North Carolina, US in 2006 and the potential contribution from
these assets in 2007 and beyond.

The ratings reflect pricing and volume constraints imposed by
intense competition in both nonwovens and oriented polymers from
often larger and financially stronger companies.  The ratings
are further constrained by business requirements for substantial
and ongoing capital expenditures (including a growth component)
to maintain, improve and expand manufacturing facilities, as
well as weak interest coverage for the rating category.

Continuing negative or weak cash flow metrics, significant debt-
financed acquisitions and lack of progress toward improved total
leverage metrics could result in a downgrade.

If the company is able to execute on existing investments in
emerging markets thereby improving free cash flow to debt ratios
to about 5% on a sustainable basis, this could stabilize the
ratings outlook.  Meaningful steps toward debt reduction
resulting in adjusted debt to EBITDA ratios below 4 times and
improved EBIT to interest coverage above 1.5 times could result
in improvements in rating outlook or eventually to an upgrade.

The negative outlook applies to these ratings:

   -- B1 (LGD3, 33%) rated US$45 million senior
      secured revolver due 2010;

   -- B1 (LGD3, 33%) rated US$410 million senior secured
      term loan B due 2012;

   -- B1 Corporate Family Rating; and

   -- B2 Probability of Default Rating.

The outlook for the ratings was changed to negative from stable.

Headquartered in Charlotte, North Carolina, Polymer Group, Inc.,
is one of the world's leading producers of nonwovens and
produces and markets engineered materials.  PGI is a global
supplier to leading consumer and industrial product
manufacturers, including Procter & Gamble and Johnson & Johnson.
PGI's spunmelt and spunlace products are engineered to
specification and sold principally to converters that
manufacture a wide range of end-use products, including, for
example, disposable diapers, wipes, surgical gowns, wound care
dressings and protective apparel.  Durable uses include
furniture and bedding, electrical insulation and geotextiles.
The company operates 22 manufacturing facilities in 10 countries
throughout the world.  Net revenues for the twelve months ended
Sept. 30, 2006 were about US$1 billion.


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


INTERTAPE POLYMER: Amends Debt Facilities to Ease Covenants
------------------------------------------------------------
Intertape Polymer Group Inc. executed definitive documentation
to amend its credit facilities, in a manner, which will
accommodate the recent changes in its business results and
provide it with the flexibility needed to manage its business.

The amendments to the credit facilities permit the add back of
certain one-time charges in connection with the Company's
continuing cost cutting efforts, accommodate its impairment
charge and relax the interest coverage covenant, leverage ratio
covenant and fixed charges covenant.

The Company's credit facilities as amended will permit IPG
to exclude from the calculation of its consolidated earnings
before income taxes, depreciation and amortization up to
$4.35 million in restructuring charges related to severance
and retail restructuring costs, goodwill impairment charges of
up to $120 million and costs associated with the amendment of
the credit facilities, all of which are expected to be taken in
the fiscal quarters ending Dec. 31, 2006 or March 31, 2007.

"IPG appreciates the support of its Lenders in approving these
amendments," H. Dale McSween, Interim Chief Executive Officer
stated.  "The Company continues to implement its restructuring
plan and the amendments are an important step in that process."

                     About Intertape Polymer

Based in Montreal, Quebec and Sarasota/Bradenton, Florida,
Intertape Polymer Group Inc. (TSX: ITP)(NYSE: ITP) --
http://www.intertapepolymer.com/-- develops and manufactures
specialized polyolefin plastic and paper based packaging
products and complementary packaging systems for industrial and
retail use.  The Company employs approximately 2450 employees
with operations in 18 locations, including 13 manufacturing
facilities in North America and one in Europe.

                         *     *     *

As reported in the TCR-Europe on Oct. 6, Standard & Poor's
Ratings Services placed its ratings, including its 'B+'
corporate credit rating, on Intertape Polymer Group Inc. on
CreditWatch with negative implications.  The CreditWatch
placement follows the company's recent announcement that its
Board of Directors will initiate a process to explore various
strategic and financial alternatives.  The nature of options
being explored and the timeline of the exercise have not been
announced, but the culmination of such an exercise could result
in a change of ownership.


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


BUILDER LLC: Court Names D. Natalkin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. D. Natalkin as Insolvency Manager for LLC Builder.
He can be reached at:

         D. Natalkin
         Apartment 43
         Building 5
         Y. Gagarina Pr. 26
         196135 St. Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-37333/2006.

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:

         LLC Builder
         Zheleznovodskaya Str. 17/5
         St. Petersburg Region
         Russia


CASINO VENICE: Court Names D. Natalkin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. D. Natalkin as Insolvency Manager for CJSC Casino
Venice.  He can be reached at:

         D. Natalkin
         Apartment 43
         Building 5
         Y. Gagarina Pr. 26
         196135 St. Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-37339/2006.

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 Casino Venice
         Korablestroiteley Str. 21
         St. Petersburg Region
         Russia


CHEGDOMYSNKAYA FACTORY: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Khabarovsk Region commenced bankruptcy
supervision procedure on LLC Chegdomysnkaya Factory Dry-
Cleaner's.  The case is docketed under Case No. A73-8782/
2006-39.

The Temporary Insolvency Manager is:

         V. Kaminskiy
         Post User Box 51/19
         680031 Khabarovsk Region
         Russia

The Debtor can be reached at:

         LLC Chegdomysnkaya Factory Dry-Cleaner's
         Pionerskaya Str. 2
         Chegdomyn
         682630 Khabarovsk Region
         Russia


CHUSOVSKIYE DIARY: Court Names Y. Svetlakov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. Y. Svetlakov
as Insolvency Manager for CJSC Chusovskiye Diary Products.  He
can be reached at:

         Y. Svetlakov
         Bereznikovskaya Str. 75A-12
         Berezniki
         618400 Perm Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-15562/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         CJSC Chusovskiye Diary Products
         Krupskoy Str. 14
         Chusovoy
         Perm Region
         Russia


EAR CJSC: Khabarovsk Court Names A. Krylov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. A.
Krylov as Insolvency Manager for CJSC Ear (TIN 2707000320).  He
can be reached at:

         A. Krylov
         Office 9
         Amurskiy Avenue 11
         680028 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-73-10143/2006-9.

The Debtor can be reached at:

         CJSC Ear
         Dzerzhinskogo Str. 4
         Vikin
         Khabarovsk Region
         Russia


GAS-PROM-OPTICS: Tyumen Bankruptcy Hearing Slated for Jan. 30
-------------------------------------------------------------
The Arbitration Court of Tyumen Region will convene at 9:00 a.m.
on Jan. 30, 2007, to hear the bankruptcy supervision procedure
on CJSC Gas-Prom-Optics.  The case is docketed under Case No.
A70-8093/3-06.

The Temporary Insolvency Manager is:

         A. Skilov
         Kedrovaya 127a
         Tyumen Region
         Russia

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Gas-Prom-Optics
         Respubliki Str. 45/4
         Tyumen Region
         Russia


GAZPROM NEFT: Considers Joint Venture with OAO Lukoil
-----------------------------------------------------
OAO Lukoil and OAO Gazprom Neft will form a joint venture for
operating projects and acquiring assets in Russia and abroad,
RIA Novosti says.

"It will unite our resources for joint projects in currently
operating oil fields and in obtaining licenses for new ones,"
Ravil Maganov, a member of Lukoil management board, said.

The companies, Mr. Maganov said, are currently holding talks on
the matter.  Mr. Maganov declined to divulge the stakes of the
companies in the joint venture.

                          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.

                       About Gazprom Neft

Headquartered in Moscow, Russia, Gazprom Neft OAO --
http://www.gazprom-neft.ru/-- explores, produces, refines,
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in the Omsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.

                          *     *     *

As reported in the TCR-Europe on Nov. 20, Standard & Poor's
Ratings Services placed its 'BB+' corporate credit rating and
'ruAA+' national scale rating on Russia-based oil company JSC
Gazprom Neft on CreditWatch with positive implications.


GAZPROM NEFT: Completes Navigator.55 Program at Omsk Refinery
-------------------------------------------------------------
Gazprom Neft OAO and Shell Global Solutions completed the
implementation of the joint Navigator.55 Program aimed at Omsk
Refinery improvement.

The parties have met the mutual commitments under the Program.
Shell Global Solutions and Omsk Refinery specialists have
jointly prepared 28 scenarios of Omsk Refinery development, and
four of them have been selected.  Shell Global Solutions and
Omsk Refinery specialists have also shared their experience, and
consultancy services have been provided during the Omsk Refinery
Improvement Program.

At present, the parties consider the Navigator.55 Project
completed.  However, the License Agreement for the software and
model purchase and use at Omsk Refinery signed by the companies
continues to be valid.  Gazprom Neft and Shell Global Solutions
are looking forward to future cooperation within new projects
and Programs.

Headquartered in Moscow, Russia, Gazprom Neft OAO --
http://www.gazprom-neft.ru/-- explores, produces, refines,
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in the Omsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.

                          *     *     *

As reported in the TCR-Europe on Nov. 20, Standard & Poor's
Ratings Services placed its 'BB+' corporate credit rating and
'ruAA+' national scale rating on Russia-based oil company JSC
Gazprom Neft on CreditWatch with positive implications.


GOLDEN TELECOM: Commences Internet Project in Nizhny Novgorod
-------------------------------------------------------------
Golden Telecom Inc. revealed that Agentstvo Delovoy Svyazi, its
subsidiary in Nizhny Novgorod, launched a massive Internet into
each Building project.

Broadband rollout is a key component of Golden Telecom's
strategy.  As reported earlier, Golden Telecom plans to rollout
a Fiber-to-the-Building based network in Nizhny Novgorod which
will cover 250,000 households.  The Company expects to provide
Triple Play services including High-Speed Internet Access, VoIP,
and Digital TV.

At the first stage of the project, a pilot zone embracing 1,560
households was commissioned in a residential district of Nizhny
Novgorod.  In the future, two more pilot zones with 2,297 and
3,488 households will be commissioned.

                      About Golden Telecom

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

                          *     *     *

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

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


HEAT NETWORK: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Chuvashiya Republic commenced
bankruptcy supervision procedure on OJSC Heat Network.  The case
is docketed under Case No. A79-6159/2006.

The Temporary Insolvency Manager is:

         N. Markelov
         Pochainskaya Str. 20
         603001 N. Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Heat Network
         Mariinskiy Posad
         Chuvashiya Republic
         Russia


INKOR-INVEST: Court Names N. Pomelov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. N. Pomelov as
Insolvency Manager for CJSC Investment Company Inkor-Invest (TIN
7720024463).  He can be reached at:

         N. Pomelov
         Post User Box 628
         603000 N. Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-32190/06-123-380B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Investment Company Inkor-Invest
         Building 2
         2nd Vladimirskaya Str. 62A
         Moscow Region
         Russia


INTERNATIONAL CORP: Court Names M. Vasilega to Manage Assets
------------------------------------------------------------
The Arbitration Court of Smolensk Region appointed Mr. M.
Vasilega as Insolvency Manager for CJSC International
Corporation of Finance and Investments.  He can be reached at:

         M. Vasilega
         Post User Box 100
         105318 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-62-943-N/06(2825/2006).

The Debtor can be reached at:

         CJSC International Corporation of Finance and
         Investments
         Smirnova Square 1
         Smolensk Region
         Russia


INTER-SUGAR: Court Names L. Ponomareva as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Ms. L.
Ponomareva as Insolvency Manager for CJSC Inter-Sugar (TIN
7716004810).  She can be reached at:

         L. Ponomareva
         Post User Box 600
         603000 Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-19349/06-95-205B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Inter-Sugar
         Building 1
         Ivovaya Str. 5/8
         Moscow Region
         Russia


KHASYNSKIY FACTORY: Court Names V. Monastyrskiy to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Magadan Region appointed Mr. V.
Monastyrskiy as Insolvency Manager for OJSC Khasynskiy Factory
of Wall Materials.  He can be reached at:

         V. Monastyrskiy
         Office 90
         Proletarskaya Str. 12
         685000 Magadan Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A37-1527/06-4/14b.

The Debtor can be reached at:

         OJSC Khasynskiy Factory of Wall Materials
         Zavodskaya Str. 2
         Stekolnyj
         686134 Magadan Region
         Russia


KRASNOGORSKOYE DSPMK: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Udmurtiya Republic commenced bankruptcy
supervision procedure on OJSC Krasnogorskoye Dspmk (TIN
1815000068).  The case is docketed under Case No. A71-005067/
2006-G21.

The Temporary Insolvency Manager is:

         V. Nagovitsyn
         Post User Box 972
         Izhevsk
         426069 Udmurtiya Republic
         Russia

The Arbitration Court of Udmurtiya Republic is located at:

         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         OJSC Krasnogorskoye Dspmk
         Yubileynaya Str. 12
         Krasnogorye
         427650 Udmurtiya Republic
         Russia


KOZHEVNIKOVO-GAS-SERVICE: Court Names I. Gorn to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed I. Gorn as
Insolvency Manager for OJSC Kozhevnikovo-Gas-Service.  He can be
reached at:

         I. Gorn
         Post User Box 2513
         634045 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-7475/06.

The Debtor can be reached at:

         OJSC Kozhevnikovo-Gas-Service
         Gagarina Str. 17
         Kozhevnikovo
         Tomsk Region
         Russia


KURILOVSKOYE CJSC: Court Names A. Khromov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Saratov Region appointed Mr. A. Khromov
as Insolvency Manager for CJSC Kurilovskoye.  He can be reached
at:

         A. Khromov
         Barnaulskaya Str. 34
         410049 Saratov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-57-420B/05-23.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         CJSC Kurilovskoye
         Kurilovka
         Novouzenskiy Region
         Saratov Region
         Russia


LENINGRADSKIY MAST-IMPREGNATION: Asset Sale Slated for Dec. 11
--------------------------------------------------------------
CJSC Financial Authorized Company of Anti-Crisis Management, the
bidding organizer for OJSC Leningradskiy Mast-Impregnation
Factory, will open a public auction for the company's properties
at 10:00 a.m. on Dec. 11 at:

         CJSC Financial Authorized Company of
         Anti-Crisis Management
         3rd floor
         Moskovskiy Pr. 111
         St. Petersburg Region
         Russia

The assets for sale are:

   -- Lot1: Immovable property of CJSC Leningradskiy Mast-
      Impregnation Factory.  Starting price is RUR33,136,000.

      The deposit is RUR300,000.

   -- Lot2: Movable property of CJSC Leningradskiy Mast-
      Impregnation Factory.  Starting price is RUR1,745,000.

      The deposit is RUR100,000.

To participate, bidders have until 12:30 p.m. on Dec. 8 to
deposit the amount to:

         CJSC Financial Authorized Company of
         Anti-Crisis Management
         Settlement Account 40702810655220116079i
         Severo-Zapadnom Branch of Sberbank RF MOSB 1877
         Correspondent Account 30101810500000000653
         BIK 044030653

Bidding documents must be submitted to:

         CJSC Financial Authorized Company of
         Anti-Crisis Management
         3rd floor
         Moskovskiy Pr. 111
         St. Petersburg Region
         Russia

The Debtor can be reached at:

         OJSC Leningradskiy Mast-Impregnation Factory
         Leningradskoye Shosse 1
         Otradnoye
         Kirovskiy Region
         Leningrad Region
         Russia


LUKOIL OAO: Considers Joint Venture with OAO Gazprom Neft
---------------------------------------------------------
OAO Lukoil and OAO Gazprom Neft will form a joint venture for
operating projects and acquiring assets in Russia and abroad,
RIA Novosti says.

"It will unite our resources for joint projects in currently
operating oil fields and in obtaining licenses for new ones,"
Ravil Maganov, a member of Lukoil management board, said.

The companies, Mr. Maganov said, are currently holding talks on
the matter.  Mr. Maganov declined to divulge the stakes of the
companies in the joint venture.

                       About Gazprom Neft

Headquartered in Moscow, Russia, Gazprom Neft OAO --
http://www.gazprom-neft.ru/-- explores, produces, refines,
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in the Omsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.

                          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: Budgets US$27 Bln for Overseas Production Until 2017
----------------------------------------------------------------
OAO Lukoil will invest around US$27 billion through 2017 to
expand its overseas production and fund projects and
acquisitions, says RIA Novosti citing Andrei Kuzyaev, President
of Lukoil Overseas Holding Ltd.

"In the long-term, in line with our development strategy, we
plan to produce at least 40 million tons of hydrocarbons by 2017
outside Russia, and to invest about US$27 billion not only in
current projects, but also in new acquisitions," Mr. Kuzyaev
said.

Investments for Lukoil Overseas include:

   -- US$2 billion investment to develop Kandym-Khauzak-Shady
      deposit in Uzbekistan, to produce 11 billion cubic meters
      of natural gas annually by 2011-2012;

   -- development of the Shah Deniz deposit in Azerbaijan, to
      start producing gas at yearend;

   -- development of the Zhambai oil field in Kazakhstan through
      a consortium comprising Lukoil (25%), KazMunaiGaz (50%)
      and Repsol (25%); and

   -- plans to develop an oil field in Iran, possibly the
      Azadegan deposit.

Mr. Kuzyaev recently signed an agreement with National Iranian
Oil Company to explore various deposits in Iran.  Mr. Kuzyaev
said Lukoil is cooperating with Norsk Hydro on three oil-
prospecting sites at Iran's Anaran deposit, under an agreement
signed in February 2003.

Ravil Maganov, LUKoil's first executive vice president, said the
company is eyeing Iran's Azadegan deposit.

                          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.


MAGLAJN ITM: Bankruptcy Hearing Slated for March 13
---------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
will convene on Mar. 13, 2007, to hear the bankruptcy
supervision procedure on CJSC Maglajn Itm (TIN 7826193440).
The case is docketed under Case No. A56-33366/2006.

The Temporary Insolvency Manager is:

         I. Rulev
         Apartment 108
         Klochkov Per. 4 k.2
         193318 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 Maglajn Itm
         Building 4N
         Admiralteyskaya Quay 12
         St. Petersburg Region
         Russia


MICHURISNKIY ECOLOGIST: Names V. Kuznetsov to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Tambov Region appointed Mr. V.
Kuznetsov as Insolvency Manager for OJSC Michurisnkiy Ecologist.
He can be reached at:

         V. Kuznetsov
         Yubileynaya Str. 46
         Ekaterinino
         Nikiforovskiy Region
         Tambov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A64-12169/15-18.

The Debtor can be reached at:

         OJSC Michurisnkiy Ecologist
         Zavoronezhskoye
         Michurinskiy Region
         393749 Tambov Region
         Russia


MONOLITH LLC: Court Names A. Polishenko as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Sakha Republic-Yakutiya appointed Mr.
A. Polishenko as Insolvency Manager for LLC Building Company
Monolith.  He can be reached at:

         A. Polishenko
         Office 65
         Korolenko Str. 28
         Yakutsk
         677000 Sakha Republic-Yakutiya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A58-5279/06.

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

         Kurashova Str. 28
         677000 Sakha Republic-Yakutiya
         Russia

The Debtor can be reached at:

         LLC Building Company Monolith
         Yakutsk
         Sakha Republic-Yakutiya
         Russia


MOSAIC COMPANY: Prices Units' Offer to Buy US$1.5-Bil Sr. Debts
---------------------------------------------------------------
The Mosaic Company has priced the previously announced tender
offers and consent solicitations by its subsidiaries:

   * Mosaic Global Holdings Inc., to purchase for cash any and
     all of its:

      -- 6.875% Debentures due 2007,
      -- 10.875% Senior Notes due 2008,
      -- 11.250% Senior Notes due 2011,
      -- 10.875% Senior Notes due 2013; and

   * Phosphate Acquisition Partners L.P. to purchase for cash
     any and all of its 7% Senior Notes due 2008.

The terms of the tender offers and consent solicitations for the
debt securities are detailed in Mosaic Global Holdings Inc.'s
and Phosphate Acquisition Partners L.P.'s respective Offer to
Purchase and Consent Solicitation Statements, each dated
Oct. 31, 2006.

The total consideration for each US$1,000 principal amount of
the 2011 Notes validly tendered and not withdrawn at or prior to
5:00 p.m. New York time on Nov. 14, is US$1,058.75, which
includes a consent payment of US$2.50.

The total consideration for each of the remaining senior notes
and debentures validly tendered and not withdrawn at or prior to
the Consent Date was determined as of 2:00 p.m., New York City
time, on Nov. 14, 2006, using the yield on the applicable U.S.
Treasury Security, as calculated by the Dealer Manager and
Solicitation Agent in accordance with standard market practice,
based on the bid-side price for such applicable U.S. Treasury
Note.

The total consideration for each US$1,000 principal amount of
the 2007 Debentures validly tendered prior to the Consent Date
was determined using the yield on the 3-7/8% U.S. Treasury
Security due July 31, 2007 at the Time of Pricing plus a fixed
spread of 50 basis points.  The yield on the 3-7/8% U.S.
Treasury Security at the Time of Pricing was 5.047%.
Accordingly, the total consideration, excluding accrued and
unpaid interest, for each US$1,000 principal amount of 2007
Debentures validly tendered and not withdrawn at or prior to the
Consent Date is US$1,007.93, which includes a consent payment of
US$30.00.  The tender offer consideration, excluding accrued and
unpaid interest, for each US$1,000 principal amount of 2007
Debentures validly tendered after the Consent Date but at or
before the "Expiration Date" is US$977.93, which equals the
total consideration less the consent payment.

The total consideration for each US$1,000 principal amount of
the MGH 2008 Notes validly tendered prior to the Consent Date
was determined using the yield on the 4-7/8% U.S. Treasury
Security due May 31, 2008 at the Time of Pricing plus a fixed
spread of 50 basis points.  The yield on the 4-7/8% U.S.
Treasury Security at the Time of Pricing was 4.810%.
Accordingly, the total consideration, excluding accrued and
unpaid interest, for each US$1,000 principal amount of MGH 2008
Notes validly tendered and not withdrawn at or prior to the
Consent Date is US$1,079.23, which includes a consent payment of
US$30.00.  The tender offer consideration, excluding accrued and
unpaid interest, for each US$1,000 principal amount of MGH 2008
Notes validly tendered after the Consent Date but at or before
the Expiration Date is US$1,049.23, which equals the total
consideration less the consent payment.

The total consideration for each US$1,000 principal amount of
the 2013 Notes validly tendered prior to the Consent Date was
determined using the yield on the 3-1/4% U.S. Treasury Security
due August 15, 2008 at the Time of Pricing plus a fixed spread
of 50 basis points.  The yield on the 3-1/4% U.S. Treasury
Security at the Time of Pricing was 4.753%.  Accordingly, the
total consideration, excluding accrued and unpaid interest, for
each US$1,000 principal amount of 2013 Notes validly tendered
and not withdrawn at or prior to the Consent Date is
US$1,138.33, which includes a consent payment of US$30.00.  The
tender offer consideration, excluding accrued and unpaid
interest, for each US$1,000 principal amount of 2013 Notes
validly tendered after the Consent Date but at or before the
Expiration Date is US$1,108.33, which equals the total
consideration less the consent payment.

The total consideration for each US$1,000 principal amount of
the PAP 2008 Notes validly tendered prior to the Consent Date
was determined using the yield on the 3% U.S. Treasury Security
due February 15, 2008 at the Time of Pricing plus a fixed spread
of 30 basis points.  The yield on the 3% U.S. Treasury Security
at the Time of Pricing was 4.900%.  Accordingly, the total
consideration, excluding accrued and unpaid interest, for each
US$1,000 principal amount of the PAP 2008 Notes validly tendered
and not withdrawn at or prior to the Consent Date is
US$1,020.66, which includes a consent payment of US$30.00.  The
tender offer consideration, excluding accrued and unpaid
interest, for each US$1,000 principal amount of the PAP 2008
Notes validly tendered after the Consent Date but at or before
the Expiration Date is US$990.66, which equals the total
consideration less the consent payment.

The offers will expire at midnight, New York City time, on
November 29, 2006, unless extended by Mosaic Global Holdings or
Phosphate Acquisition Partners, as applicable, in its sole
discretion.  The consummation of the tender offers is subject to
several conditions, including the receipt of net proceeds from
financings sufficient to pay for Senior Notes and Debentures
accepted in the tender offers.  Senior Notes and Debentures
tendered prior to the Consent Date may not be withdrawn after
the Consent Date unless Mosaic Global Holdings or Phosphate
Acquisition Partners, as applicable, reduces the amount of the
tender offer consideration, the consent payment or the principal
amount of Senior Notes or Debentures subject to the offers or is
otherwise required by law to permit withdrawal.

The offers are made upon the terms and subject to the conditions
set forth in the Offers to Purchase and Consent Solicitation
Statements dated October 31, 2006 that have been distributed to
registered holders of the debt securities.  Copies of the Offer
to Purchase and Consent Solicitation Statements can be obtained
from:

      MacKenzie Partners, Inc.
      Attention: Jeanne Carr or Simon Coope
      Phone: (800) 322-2885

None of The Mosaic Company, Mosaic Global Holdings Inc.,
Phosphate Acquisition Partners L.P., J.P. Morgan Securities
Inc., as the Dealer Manager and Solicitation Agent, or the
Information Agent/Depositary makes any recommendation as to
whether or not holders should sell their Senior Notes or
Debentures pursuant to the offers, and no one has been
authorized by any of them to make such a recommendation.
Holders must make their own decision as to whether to sell
Senior Notes and Debentures, and if so, the principal amount of
Senior Notes and Debentures to sell.

Questions concerning the terms of the offers may be directed to:

     J.P. Morgan Securities Inc.
     Dealer Manager and Solicitation Agent
     Attention: Laura Yachimski
     Phone: (212) 270-3994 (call collect)

Questions concerning procedures regarding the offers may be
directed to MacKenzie Partners.

                     About The Mosaic Company

The Mosaic Company -- http://www.mosaicco.com/-- produces and
markets concentrated phosphate and potash crop nutrients.  For
the global agriculture industry, Mosaic is a single source of
phosphates, potash, nitrogen fertilizers and feed ingredients.
In Europe, the company maintains operations and/or sales offices
in the Ukraine, France and Russia.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 14,
Standard & Poor's Ratings Services revised its outlook on The
Mosaic Co. to negative from stable.  Standard & Poor's affirmed
its 'BB' long-term and 'B-1' short-term corporate credit ratings
on the company.

As reported in the TCR-Europe on Nov. 9, 2006, Fitch assigned a
'BB' rating to The Mosaic Company's proposed senior unsecured
notes due 2014 and 2016 and a 'BB+' rating to the company's
proposed senior secured term loans.  The ratings affected
approximately US$950 million of new senior notes and  US$1.05
billion of new term loans.

Moody's Investors Service assigned Ba1 ratings to The Mosaic
Company's proposed new US$1.05 billion guaranteed senior secured
credit facilities.  Moody's also assigned B1 ratings to US$900
million of proposed senior unsecured debt.  Mosaic's Ba3
corporate family rating was affirmed but the ratings of the
existing revolver and the term loan A were downgraded to Ba1
from Baa3 and those of the existing senior unsecured debt
lowered to B1 from Ba3 in accordance with the LGD methodology.
Moody's said the ratings outlook is stable.


NEVO-WOOD CJSC: Court Names N. Dremanov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. N. Dremanov as Insolvency Manager for CJSC Nevo-
Wood (TIN 4703029681).  He can be reached at:

         N. Dremanov
         5-137
         Dimitrova
         Syktyvkar
         167023 Komi Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-17211/2006.

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:

         N. Dremanov
         5-137
         Dimitrova
         Syktyvkar
         167023 Komi Republic
         Russia


NORTH-WEST TRANSPORT-ENERGY: Names D. Natalkin to Manage Assets
---------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. D. Natalkin as Insolvency Manager for CJSC North-
West Transport-Energy Company.  He can be reached at:

         D. Natalkin
         Apartment 43
         Building 5
         Y. Gagarina Pr. 26
         196135 St. Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-37336/2006.

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 North-West Transport-Energy Company
         Room 3N
         Letter B
         14th Liniya 35
         V.O.
         St. Petersburg Region
         Russia


NOVAYA LLC: Kursk Court Names V. Selin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. V. Selin as
Insolvency Manager for LLC Poultry Farm Novaya.  He can be
reached at:

         V. Selin
         Volokonsk
         Bolshesoldatskiy Region
         308055 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-5805/06 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         LLC Poultry Farm Novaya
         Polevaya
         Medvenka
         Medvenskiy Region
         Kursk Region
         Russia


ROS-OIL-GAS-INTER-STROY: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Stavropol Region commenced bankruptcy
supervision procedure on CJSC Ros-Oil-Gas-Inter-Stroy.  The case
is docketed under Case No. A63-2362/05-S5.

The Temporary Insolvency Manager is:

         D. Sergienko
         6th Floor
         1st Entrance
         Lenina Str. 219
         355017 Stavropol Region
         Russia

The Arbitration Court of Stavropol Region is located at:

         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         D. Sergienko
         6th Floor
         1st Entrance
         Lenina Str. 219
         355017 Stavropol Region
         Russia


RUSSIAN CAPITAL: Court Names N. Dremanov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. N. Dremanov as Insolvency Manager for CJSC
Investment Company Russian Capital.  He can be reached at:

         N. Dremanov
         Dimitrova 5-137
         Syktyvkar
         167023 Komi Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-2573/2006.

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 Investment Company Russian Capital
         31a-22n
         Mokhovaya Str.
         St. Petersburg Region
         Russia


SERVICE CENTRE: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy Autonomous Region
commenced bankruptcy supervision procedure on CJSC Service
Centre Technology and Equipment for Well's Repair (TIN
8603076117).  The case is docketed under Case No. A-75-7571/
2006.

The Temporary Insolvency Manager is:

         A. Rupchev
         Office 184
         Internatsionalanaya Str. 18
         628600 Nizhnevartovsk Region
         Russia

The Arbitration Court of Khanty-Mansiyskiy Autonomous Region is
located at:

         Lenina Str. 54/1
         Khanty-Mansiysk Autonomous Region
         Russia

The Debtor can be reached at:

         CJSC Service Centre Technology and Equipment for
         Well's Repair
         457144 Khanty-Mansiyskiy Autonomous Region
         Russia


SORTAVALSKIY FISHING: Court Names B. Remnev to Manage Assets
------------------------------------------------------------
The Arbitration Court of Kareliya Republic appointed Mr. B.
Remnev as Insolvency Manager for CJSC Sortavalskiy Fishing
Factory (OGRN 1021000943501, TIN 1007001654).  He can be reached
at:

         B. Remnev
         Office 23
         Liteynyj Pr. 36
         191104 St. Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A26-6879/2006-182.

The Arbitration Court of Kareliya Republic is located at:

         Krasnoarmeyskaya Str. 24a
         Petrozavodsk
         185610 Kareliya Republic
         Russia

The Debtor can be reached at:

         CJSC Sortavalskiy Fishing Factory
         Promyshlennaya Str. 8
         Sortavala
         186790 Kareliya Republic
         Russia


TRANS-OIL-RESERVE: Court Names S. Suvorov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Trans-Oil-Reserve.  He can be
reached at:

         S. Suvorov
         Post User Box 183
         127018 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-45344/06-103-842B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Trans-Oil-Reserve
         Building 1
         Pokrovka 3/7
         Moscow Region
         Russia


URMARSKIY DIARY: Court Names N. Ignatyev as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Chuvashiya Republic appointed Mr. N.
Ignatyev as Insolvency Manager for OJSC Urmarskiy Diary.  He can
be reached at:

         N. Ignatyev
         Guzovskogo Str. 7/54
         Cheboksary
         Chuvashiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A79-6398/2005.

The Debtor can be reached at:

         OJSC Urmarskiy Diary
         Urmary
         Chuvashiya Republic
         Russia


VIMPEL-COMMUNICATIONS: Completes Armentel Acquisition Deal
----------------------------------------------------------
OJSC Vimpel-Communications concluded a deal to acquire Hellenic
Telecommunications Organization's 90% stake in CJSC Armenia
Telephone Company for EUR341.9 million, including the assumption
of EUR40 million in debts, RIA Novosti says.

The parties finalized the deal after Armenia's public services
regulation authorities approved the sale on Nov. 14.

The deal formalizes Vimpelcom's entry into the Armenian
telecommunications market, capturing an existing 600,000 fixed-
line and 400,000 mobile service subscribers through the GSM 900
and CDMA standards.

Andrei Bliznyuk, Vimpelcom's nominee for the director post at
Armentel, said the company would invest US$100 million in the
Armenian telecom sector in 2007.  Vimpelcom bested fellow
bidders MTC, ETISALAT, VTEL Holdings and Knightsbridge
Associates in a tender launched by OTE.

As reported in the TCR-Europe on Nov. 13, the Armenian
government is selling its 10% stake in Armentel to Vimpelcom.  A
sale, however, hinges on the condition that Vimpelcom discard
further expansion plans in the country, Communications Minister
Andranik Manukyan told RIA Novosti.

                         About VimpelCom

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

                        *     *     *

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


VOLGOGRAD-PROJECT-STROY: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Volgograd Region commenced bankruptcy
supervision procedure on CJSC Volgograd-Project-Stroy (TIN
3443040946).  The case is docketed under Case No. A12-15357/
06-s48.

The Temporary Insolvency Manager is:

         V. Pimenov
         Post User Box 2831
         400120 Volgograd Region
         Russia

The Debtor can be reached at:

         CJSC Volgograd-Project-Story
         Nilskaya Str. 4
         Volgograd Region
         Russia


WORLD OF SEA: Kamchatka Bankruptcy Hearing Slated for Jan. 18
-------------------------------------------------------------
The Arbitration Court of Kamchatka Region will convene on
Jan. 18, 2007, to hear the bankruptcy supervision procedure on
CJSC World of Sea.  The case is docketed under Case No.
A24-2135/06-16.

The Temporary Insolvency Manager is:

         E. Khramenok
         Post User Box 113
         683023 Petropavlovsk-Kamchatskiy 23 GOS
         Russia

The Debtor can be reached at:

         CJSC World of Sea
         50 Let Oktyabrya Pr. 20
         Kovran
         Tigilskiy Region
         688621 Kamchatka Region
         Russia


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


AYT GENOVA: Moody's Rates EUR10.7-Mln Series D Notes at (P)Ba3
--------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
five series of mortgage-backed securities (Bonos de Titulizacion
Hipotecaria) to be issued by AyT GENOVA HIPOTECARIO IX Fondo de
Titulizacion de Hipotecaria, a Spanish asset securitization fund
that has been created by Ahorro y Titulizacion, S.G.F.T, S.A.

Ratings assigned:

   -- EUR217.5 million Series A1 notes: (P)Aaa;
   -- EUR750 million Series A2 notes: (P)Aaa;
   -- EUR11 million Series B notes: (P)Aa3;
   -- EUR10.8 million Series C notes: (P)Baa1; and
   -- EUR10.7 million Series D notes: (P)Ba3.

The ratings address the expected loss posed to investors by the
legal final maturity (July 2039).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date, and not at any other expected maturity date.  The
ratings do not address the full redemption of the notes on the
expected 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.

Barclays is securitizing the loans from its Hipoteca Remunerada,
a loan product, which has very strong underwriting criteria as
Barclays is targeting affluent clients in Spain.

According to Moody's, this deal benefits from several credit
strengths including:

   (1) good quality collateral in terms of weighted average
       LTV (59.89%), seasoning (0.96 years) and
       geographical diversification;

   (2) interest rate swap to hedge interest rate risk in
       the transaction;

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

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

   (5) the fact that 100% of the loans are secured by
       first-lien residential mortgages; and

   (6) the quality of Barclays Bank S.A as originator
       and servicer.

However, Moody's notes that the deal also features credit
weaknesses, notably:

   (1) lack of information (employment type); however, a
       penalty was accordingly applied when calculating
       the credit enhancement,

   (2) weak margin on the loans (43 bps over 12-month
       Euribor).  This risk is sized in the subordination
       levels and in the reserve fund;

   (3) the fact that pro-rata amortization of the Series B,
       C and D notes leads to reduced credit enhancement of
       the senior class in absolute terms.  These
       increased risks were reflected in Moody's
       credit enhancement calculation; and

   (4) no limit has been established to the amount of loans
       for which maturity could be renegotiated, even though
       the extension of the maturity date could not be
       extended later than 3 years before the expected
       maturity on the notes.

The portfolio comprises 6,327 loans representing a provisional
portfolio of EUR1,019,185,743.  The securitized products are
first-lien mortgage loans granted to individuals, most of whom
will use these loans to acquire or refurbish a primary
residence.  The loans have a weighted average seasoning of
approximately 0.96 years.  The original weighted average LTV is
63.20%.  The current weighted average LTV is 59.89%.  The
mortgages consist of first charges on residential properties
that are all believed to be owner-occupied.  All the properties
on which the mortgage securities have been granted are covered
by property damage insurance and fire insurance.

Moody's based its ratings on:

   (1) an evaluation of the underlying portfolio of
       mortgage loans securing the structure, and

   (2) the transaction's structural protections, which
       include the subordinate position of all the
       subordinated notes with respect to Series A, the
       strength of the cash flows (including the reserve
       fund) and any excess spread available to cover losses.

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review
of the transaction and associated documentation, the rating
agency will endeavor to assign a definitive rating.  A
definitive rating (if any) may differ from a provisional rating.


AYT GENOVA: Fitch Places BB Ratings on EUR10.7-Mln Class D Notes
----------------------------------------------------------------
Fitch Ratings placed expected ratings to AyT Genova Hipotecario
IX, Fondo de Titulizacion Hipotecaria's mortgage-backed
floating-rate notes totaling EUR1 billion due in July 2039:

   -- EUR217.5 million Class A1: AAA;
   -- EUR750 million Class A2: AAA;
   -- EUR11 million Class B: AA-;
   -- EUR10.8 million Class C: BBB+; and
   -- EUR10.7 million Class D: BB.

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

This transaction is a cash flow securitization of a EUR1 billion
static pool of first-ranking residential mortgage loans
originated by Barclays Bank, S.A., an entity, which is 99.67%-
owned by Barclays Bank PLC.

This is the ninth residential mortgage securitisation to be
conducted by BBSA through the "Genova" program and the seventh
to be rated by Fitch.  As in previous Genova transactions, BBSA
originated the securitized mortgages and will continue to
service the portfolio.

The expected ratings are based on the quality of the underlying
collateral, the underwriting and servicing of the mortgage
loans, available credit enhancement and the sound legal and
financial structure of the transaction.

The expected ratings assigned to each of the notes address the
fund's capacity for timely payment of interest on each payment
date and for repayment of the principal during the life of the
operation and, in all events, prior to the legal maturity date,
according to the terms and conditions of the documentation,
which envisage interest deferral triggers on the Class B, C and
D notes.

The fund will be regulated by Spanish Securitisation Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to
transform into securities the mortgage participations it will
acquire from BBSA.  The PHs will be subscribed by Ahorro y
Titulizacion, S.G.F.T., S.A., whose sole function is to manage
asset-backed notes on behalf of the fund.

The securitized pool comprises Hipoteca Remunerada loans, an
amortizing mortgage product bearing a margin of 0.45% over 12-
month Euribor.  All loans are paid via direct debit since the
Hipoteca Remunerada product is marketed along with an interest-
bearing bank account.

Since Hipoteca Remunerada is primarily targeted at high-net-
worth Spanish clients, the average value of the properties
backing the mortgages is over EUR328,000 and many of them fall
into the high end of the Spanish property market, where demand
may slow in times of economic crisis.

Fitch addressed this risk in its recovery rate calculations by
increasing the market value decline assumptions for these high-
value properties through application of a jumbo stress of
between 15% and 25%.


RURALPYME FTPYME: Fitch Junks EUR24.05-Mln Series D Notes
---------------------------------------------------------
Fitch Ratings assigned Ruralpyme FTPYME 2 FTA, notes totaling
EUR617 million due in April 2030 expected ratings:

   -- EUR487 million Series A1: AAA;
   -- EUR53.7 million Series A2 (G): AAA;
   -- EUR29.1 million Series B: A;
   -- EUR23.2 million Series C: BBB-; and
   -- EUR24.05 million Series D: CC.

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

The issuer will be legally represented and managed by Europea de
Titulizacion SGFT SA, a limited liability and special-purpose
management company incorporated under Spanish law.  The expected
ratings address payment of interest on the notes according to
the terms and conditions of the documentation, subject to a
deferral trigger on the Class B and C notes, as well as the
repayment of principal by legal final maturity date.

The Class D notes will be issued to finance the creation of the
reserve fund at closing.  The good performance of the Class D
notes depends on very favorable conditions for the collateral
backing the Class A to C notes, and therefore its expected
rating is supported by the recovery rate that note holders are
likely to receive during the life of the transaction.  The
Kingdom of Spain will guarantee ultimate payment of interest and
principal on the Class A2 (G) notes.

This transaction involves the securitization of a EUR593 million
static pool of secured and unsecured loans granted to small and
medium-sized enterprises in Spain by 14 rural credit co-
operative banks.

To date, cajas rurales have participated in a total of 12th
securitization program, including eight residential mortgage-
backed securities and four SME collateralized loan obligations.

These cajas rurales are members of the Asociacion Espanola de
Cajas Rurales, which offers its 74 members a wide range of
wholesale and retail banking services through Banco Cooperativo
Espanol.  Banco Cooperativo's main role is that of central
treasurer and financial adviser.


SANTANDER CONSUMO: Moody's Junks EUR14.3-Mln Series F Notes
-----------------------------------------------------------
Moody's Investors Service assigned the provisional ratings to
the debt to be issued by Santander Consumo 2, Fondo de
Titulizacion de Activos:

   -- EUR1,738.5 million Series A notes:(P)Aaa;
   -- EUR25.7 million Series B notes:(P)Aa2;
   -- EUR61.7 million Series C notes:(P)A2;
   -- EUR47.5 million Series D notes:(P)Baa2;
   -- EUR26.6 million Series E notes:(P)Ba2; and
   -- EUR14.3 million Series F notes:(P)Caa2.

Santander Consumo 2, FTA is the second consumer loan-backed
securitisation transaction carried out by Banco Santander
Central Hispano, S.A.  The securitized pool comprises a mixture
of auto loans and consumer loans granted for other purposes.

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

(1) a swap agreement guaranteeing an excess spread of
    2.5% and covering the servicing fee;

(2) a 12-month artificial write-off mechanism;

(3) a granular securitized pool; and

(4) good geographical diversification of the pool.

Weaker features include:

(1) the fact that no historical information has been provided
in a format satisfactory to Moody's;

(2) a revolving period of up to three years;

(3) the negative impact of the interest deferral trigger
    on the subordinated series; and

(4) the negative carry and the reduction in the excess spread
    amount if BSCH fails to provide a sufficient amount of
    loans to be purchased by the fund during the revolving
    period.  These increased risks were reflected in the
    credit enhancement calculation.

The provisional pool of underlying assets comprised, as of
Oct. 2006, a portfolio of 222,242 loans granted to 207,390
borrowers resident in Spain for the purpose of financing
consumer goods (including auto loans) and services.  The loans
have been originated between 1991 and Aug. 2006, with a weighted
average seasoning of 1.55 years and a weighted average remaining
life of 5.6 years.  The weighted average interest rate is 6.2%,
with 36.5% of the loans linked to floating reference rates.  All
of the loans hold a personal guarantee.  Geographically the pool
is concentrated in the regions of Madrid (24%), Andalusia (15%)
and Catalonia (12%).  At closing, there will be no loans more
than 30 days in arrears.

Moody's based the provisional ratings primarily on:

     (i) an evaluation of the underlying portfolio of loans;
         the strict eligibility criteria with which any
         receivable must comply in order to be included in the
         securitized pool;

    (ii) the early amortization triggers put in place to stop
         the purchase of additional loans;

   (iii) historical performance information from the Spanish
         consumer loan market;
         the swap agreement;

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

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

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

The provisional ratings address the expected loss posed to
investors by the legal final maturity (April 20, 2035).  In
Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal at par with respect
to the Series A, B, C, D and E notes, and for ultimate payment
of interest and principal at par with respect to the Series F
notes, on or before the final legal maturity date.  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed,
but may have a significant effect on yield to investors.


SANTANDER CONSUMO: S&P Junks EUR14.3 Million Class F Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1,914.3 million asset-backed floating-
rate notes to be issued by Fondo de Titulizacion de Activos
Santander Consumo 2, a special purpose entity.

The notes are backed by unsecured performing loans originated by
Banco Santander Central Hispano, S.A., which is Spain's largest
bank.

The issuer will purchase from Santander loan receivables and, in
turn, issue six classes of notes.  The class F notes will not be
backed by the receivables.  The proceeds of these notes will be
used to fund the initial reserve fund.

This is Santander's second consumer loans securitization. The
previous transaction, Fondo de Titulizacion de Activos Consumo
Santander 1, was also rated by Standard & Poor's and closed in
October 2003.

                          Ratings List
       Fondo de Titulizacion de Activos Santander Consumo 2
       EUR1,914.3 Million Asset-Backed Floating-Rate Notes

                           Prelim.        Prelim.
        Class              rating         amount (Mil. EUR)
        -----              ------         ------
        A                  AAA            1,738.5
        B                  AA             25.7
        C                  A              61.7
        D                  BBB            47.5
        E                  BB             26.6
        F                  CCC-           14.3


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


CENTRALNE ENTERPRISE: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Chernigiv Region commenced bankruptcy
supervision procedure on State Experimental Enterprise Centralne
(code EDRPOU 00729876).  The case is docketed under Case No.
10/153/B.

The Temporary Insolvency Manager is:

         Sergij Ivanov
         Darvin Str. 19/15
         58000 Chernivtsi Region
         Ukraine

The Economic Court of Chernigiv Region is located at:

         Miru Avenue 20
         14000 Chernigiv Region
         Ukraine

The Debtor can be reached at:

         State Experimental Enterprise Centralne
         Kashtanova Str. 20
         58000 Chernivtsi Region
         Ukraine


GENERALI GARANT: Moody's Lifts Financial Strength Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency
Insurance Financial Strength Rating of Generali Garant Insurance
Company from B3 to Ba3 and assigned a positive outlook.

Moody's also assigned a first-time domestic currency IFSR of
Baa2 and a National Scale Rating of Aaa.ua to Generali Garant,
both with a stable outlook.

This rating action concludes the review for possible upgrade
announced on June 14.

Prior to its acquisition by Generali SpA announced in June and
completed in October 2006, Generali Garant was known as Garant
Auto Insurance Company.

Following the completion of the transaction, Generali owns a 51%
stake in Generali Garant, with 24.9% held by Tariel Vasadze, the
ultimate owner of the Ukrainian Automobile Corp., 9.8% by Yury
Lakhno, the CEO of Generali Garant.  As a result of this
acquisition, Generali will become a major player in the rapidly
growing Ukrainian insurance market, given Garant-Auto's #2
position in the non-life market and Garant Life's #3 position in
the life market.

Commenting on the new ratings, Moody's said that they reflect
the majority ownership by Generali SpA, rated Aa3 for insurance
financial strength, the strategic importance attached by
Generali to this subsidiary, the expectation of extensive
integration of Generali Garant into the Generali Group as
regards IT systems, intragroup reinsurance and branding, as well
as the expected capital increase in the first half of 2007.

Timour Boudkeev, Vice President -- Senior Credit Officer and
lead analyst for Generali Garant at Moody's, said: "Generali
Garant's foreign currency IFSR is constrained by Ukraine's
foreign currency bond ceiling, currently Ba3.  At the same time,
its domestic currency IFSR on a global scale of Baa2 is a true
reflection of the importance that the Ukrainian operation is
expected to have for the Generali Group going forward.  The
highest possible national scale rating of Aaa.ua also reflects
Generali Garant's pre-eminent credit standing compared to other
issuers in Ukraine."

Moody's said that these factors could lead to a change in
Generali Garant's ratings:

   -- a substantial change in the stand-alone
      credit fundamentals of Generali Garant;

   -- a rating action on its' ultimate parent, Generali SpA; and

   -- any form of disassociation of Generali Garant from
      the Generali Group.

In addition, Generali Garant's foreign currency IFSR could be
affected by any change (upwards or downwards) in Ukraine's
foreign currency bond ceiling, currently Ba3 with a positive
outlook.

The date of the previous rating action was 14 June 2006 when the
IFSR of Generali Garant (then known as Garant Auto) was placed
on review for possible upgrade.

Generali Garant had shareholders' equity of UAH63.571 million
under International Financial Reporting Standards as of
Dec. 31, 2005.  For FY 2005, it reported Gross Premiums Written
of UAH236.357 million and a Net Income of UAH6.367 million.

Rating actions:

Generali Garant Insurance Company

   -- foreign currency insurance financial strength
      rating, upgraded from B3 to Ba3 with a
      positive outlook.

Ratings assigned with a stable outlook:

   -- domestic currency insurance financial strength rating
      of Baa2; and

   -- national scale insurance financial strength rating
      of Aaa.ua.


GOLDEN TELECOM: Commences Internet Project in Nizhny Novgorod
-------------------------------------------------------------
Golden Telecom, Inc. revealed that Agentstvo Delovoy Svyazi, its
subsidiary in Nizhny Novgorod, launched a massive Internet into
each Building project.

Broadband rollout is a key component of Golden Telecom's
strategy.  As reported earlier, Golden Telecom plans to rollout
a Fiber-to-the-Building based network in Nizhny Novgorod which
will cover 250,000 households.  The Company expects to provide
Triple Play services including High-Speed Internet Access, VoIP,
and Digital TV.

At the first stage of the project, a pilot zone embracing 1,560
households was commissioned in a residential district of Nizhny
Novgorod.  In the future, two more pilot zones with 2,297 and
3,488 households will be commissioned.

                      About Golden Telecom

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

                          *     *     *

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

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


LIANKA LLC: Kyiv Court Names V. Sokotun as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. V. Sokotun as
Liquidator/Insolvency Manager for LLC Lianka (code EDRPOU
23309970).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 5.  The case is docketed
under Case No. 4/12-15/692-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Lianka
         Frunze Str. 19/21
         Kyiv Region
         Ukraine


RAJAGROHIM OJSC: Vinnitsya Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on OJSC Rajagrohim (code EDRPOU 05487461).
The case is docketed under Case No. 5/226-06.

The Temporary Insolvency Manager is:

         Stanislav Markovskij
         Kirov Str. 116
         Illintsi
         22700 Vinnitsya Region
         Ukraine

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         OJSC Rajagrohim
         Kirov Str. 116
         Illintsi
         22700 Vinnitsya Region
         Ukraine


REILROAD TIES: Kyiv Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Reinforced Concrete Reilroad Ties
Trade House (code EDRPOU 31744978) on Sept. 21.

The case is docketed under Case No. 15/533-b.  The Temporary
Insolvency Manager is Sergij Shkuro.

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 Reinforced Concrete Reilroad Ties Trade House
         Uritskij Str. 40/60
         03035 Kyiv Region
         Ukraine


ROXO LLC: Kyiv Court Names Ludmila Leluh as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Ludmila Leluh as
Liquidator/Insolvency Manager for LLC Kyiv Jewelry-Clock
Priduction Enterprise Roxo (code EDRPOU 31026825)

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 5.  The case is docketed
under Case No. 15/269-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Kyiv Jewelry-Clock Priduction Enterprise Roxo
         Trudenko Str. 2
         03022 Kyiv Region
         Ukraine


STYLE LLC: Court Names Oleg Linkevich as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Zhitomir Region appointed Oleg Linkevich
as Liquidator/Insolvency Manager for LLC Style (code EDRPOU
22065891).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 5.  The case is docketed
under Case No. 5/34 B.

The Debtor can be reached at:

         LLC Style
         Shkilna Str. 74
         Teterivka
         Zhitomir District
         12420 Zhitomir Region
         Ukraine


TELEHOUSE KYIV: Court Names O. Agafonov as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. O. Agafonov as
Liquidator/Insolvency Manager for LLC Telehouse Kyiv
International Communications (code EDRPOU 14345300).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 16.  The case is docketed
under Case No. 24/685-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Telehouse Kyiv International Communications
         Lvivska Str. 18-A
         03115 Kyiv Region
         Ukraine


TERNOPILLIFT: Ternopil Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Ternopil Region commenced bankruptcy
supervision procedure on Ternopillift (code EDRPOU 21167709).
The case is docketed under Case No. 17/B-781.

The Temporary Insolvency Manager is Mr. A. Turanov.

The Economic Court of Ternopil Region is located at:

         Ostrozski Str. 14a
         46000 Ternopil Region
         Ukraine

The Debtor can be reached at:

         Ternopillift
         Lichakivskij Str. 6
         Ternopil Region
         Ukraine


UKRDRUK CJSC: Court Appoints V. Sokotun as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Rivne Region appointed Mr. V. Sokotun as
Liquidator/Insolvency Manager for CJSC UKRDRUK (code EDRPOU
22567210).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 11.  The case is docketed
under Case No. 9/7.

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor can be reached at:

         CJSC Ukrdruk
         Yasna Str. 3
         Rivne Region
         Ukraine


VETA LLC: Dnipropetrovsk Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Veta (code EDRPOU 21938029).  The
case is docketed under Case No. 40/194-06.

The Temporary Insolvency Manager is:

         Igor Morozov
         Novomoskovsk
         51200 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Veta
         Novomoskovsk
         51200 Dnipropetrovsk Region
         Ukraine


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


ACORN JOINERY: Nominates Liquidators from Abbott Fielding
---------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated
Joint Liquidators of Acorn Joinery (Southern) Limited (formerly
East Hants Woodworking Limited) on Nov. 7 for the creditors'
voluntary winding-up procedure.

Headquartered in Bordon Heath, England, Acorn Joinery (Southern)
Limited -- http://www.acornjoinerysouthern.co.uk/-- offers a
wide range of carpentry and joinery services from flooring to
loft conversions, serving customers throughout the Hampshire
area.  The company specializes in windows, doors, staircases and
renovations.


ALAN T. CARR: Appoints Begbies Traynor as Administrators
--------------------------------------------------------
David Acland and Steven Williams of Begbies Traynor were
appointed joint administrators of Alan T. Carr Ltd. (Company
Number 01049963) on Nov. 8.

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

Allan T. Carr Ltd. can be reached at:

         Butts St.
         Leigh
         Lancashire WN7 3AE
         United Kingdom
         Tel: 01942 261996


BERRIES WINE: Names Anthony David Kent Liquidator
-------------------------------------------------
Anthony David Kent of Maidment Judd was appointed Liquidator of
Berries Wine Bar Limited on Nov. 7 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Berries Wine Bar Limited
         Leytonstone House
         Hanbury Drive
         Waltham Forest
         London E11 1GA
         United Kingdom
         Tel: 020 7329 4759
         Fax: 020 7329 4759


BLCS LIMITED: Taps Baker Tilly as Joint Administrators
------------------------------------------------------
John David Ariel and Karl Christopher Holmes of Baker Tilly were
appointed joint administrators of BLCS Ltd. (Company Number
03437311) on Nov. 1.

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.

BLCS Ltd. can be reached at:

         102 Lower Guildford Road
         Knaphill
         Woking
         Surrey GU21 2EP
         United Kingdom
         Tel: 08707879442
         Fax: 08707876610


BLOCKBUSTER INC: Fitch Affirms Issuer Default Rating at CCC
-----------------------------------------------------------
Fitch Ratings affirmed the ratings for Blockbuster Inc.:

   -- Issuer default rating CCC;
   -- Senior secured credit facility CCC/RR4; and
   -- Senior subordinated notes of CC/RR6.

Fitch has also revised Blockbuster's Rating Outlook to Stable
from Negative.  Approximately US$1.2 billion of debt is affected
by the action.

The ratings continue to reflect ongoing credit concerns which
include weak financial performance driven by pricing pressures
which continue to limit margin expansion, difficult industry
conditions, and intense competition from mass merchants, pay-
per-view suppliers, and online retailers.  The Stable Outlook
reflects Blockbuster's improved financial flexibility, stronger
liquidity position, and the company's cost cutting efforts that
have enabled Blockbuster to improve Free Cash Flow despite
ongoing revenue declines, and the Company's leading position in
the rental entertainment industry.

Importantly, Blockbuster's improved financial flexibility
includes covenant relief over 2006 and 2007, a stronger
liquidity position that has been aided by a US$150 million
preferred stock offering and LTM free cash flow of approximately
US$165 million.  The stable outlook also reflects Fitch's belief
that the Company will be able to meet its amended 2006 minimum
EBITDA covenant of US$210 million.

However, Blockbuster's revenue generation continues to be
negatively affected from structural changes in the industry,
competitive factors, and the company's strategic decision to
eliminate late fees in 2005.  Blockbuster's online movie rental
business, which is subscription based and was launched in 2004,
has not yet grown in size to offset competitive and industry
factors.

Despite these challenges, Blockbuster's operating margin and
operating EBITDA showed some improvement through the first three
quarters of 2006 as the company has significantly reduced its
advertising budget and overhead spend.  For the quarter ending
Sept. 30, 2006, Blockbuster's operating margin was 0.1% versus -
25.3% for third quarter-2005.

Operating EBITDA of US$64 million in the third quarter of 2006
reflected growth of 14% over US$56 million in 3Q'05.  These
positive variances reflect cost containment related to corporate
overhead, lower store level compensation, and reduced
advertising expenses.

Fitch notes that the cost cutting strategy has driven better
results however ongoing reduction of expenses like advertising
may be disadvantageous in the long run as it does not help grow
top line revenue.  Nevertheless, Fitch expects margin and
operating EBITDA improvement to continue in the historically
strong fourth quarter

Overall, Fitch remains concerned about Blockbuster's operational
policies, which have included major changes to its business
model in response to weakening market conditions.  These changes
include replacing lost revenue from the elimination of high
margin late rental fees in 2005.  Fitch views the elimination of
late fees as particularly risky and challenging given that
Blockbuster is now required to offset this source of operating
profit with substantial increases in rental and merchandise
revenues.

This may continue to be difficult for Blockbuster due to price
discounting employed by the company's online division and strong
competition in the home video/DVD market from mass merchants.
While Fitch recognizes that Blockbuster's online initiative has
grown, Fitch notes that these revenues typically carry a lower
gross margin, as do other areas such as video sales and game
sales.  This is important given Blockbuster's large fixed-cost
base due to its real estate leases, especially if the online
revenues cannibalize existing rental revenues.

Blockbuster generated meaningful discretionary free cash flow
over the last twelve months Sept. 30, 2006 due to the
aforementioned cost cuts as well as lower capital expenditures
offset by moderate working capital usage.  As such,
Blockbuster's free cash flow to total adjusted debt improved to
2.7% for LTM Sept. 30, 2006 from -3.4% for fiscal year 2005.

Blockbuster improved its financial flexibility in the last
twelve months by securing US$150 million in private equity
funding and using the proceeds to pay off the balance on its
revolving credit facility.  Importantly, Blockbuster has had no
borrowings on its facility for the last two quarters. Leverage
as measured by total adjusted debt to operating EBITDAR
strengthened from 7.8 times as of fiscal year 2005 to 6.7x as of
LTM Sept. 30, 2006.  Total debt to operating EBITDA also
improved from 7.0x in fiscal year 2005 to 3.9x in LTM Sept. 30,
2006.

Blockbuster's liquidity is improved and supported by cash
balances of US$255 million at third quarter end and availability
of US$293 million on its US$500 million secured revolving credit
facility, which matures 2011.  The secured credit facility has a
covenant package with amendments related to minimum EBITDA
levels, restricted payments, and future fixed charge coverage
and leverage tests.

Blockbuster has been in compliance with its amended covenants.
In addition, Fitch notes that Blockbuster must continue to
generate strong operating EBITDA in the coming year in order to
meet the fixed charge covenant of 1.35x for any four consecutive
fiscal quarters ending after Dec. 31, 2007.  Fitch expects
Blockbuster to continue reducing its fixed cost base and meet
this covenant.


BROOKLANDS EURO: Fitch Affirmed Ratings for Class E Notes at BB
---------------------------------------------------------------
Fitch affirmed ratings of Brooklands Euro Reference Linked Notes
2004-1 Ltd.'s notes, following a satisfactory performance
review:

   -- Class A1-a (ISIN XS0193140901): AAA;
   -- Class A1-b (ISIN XS0193141388): AAA;
   -- Class A2 (ISIN XS0193141891): AAA;
   -- Class B (ISIN XS0193142436): AA;
   -- Class C-E (ISIN XS0193142782): A;
   -- Class C-Y (ISIN XS0193142865): A;
   -- Class D (ISIN XS0193143590): BBB; and
   -- Class E (ISIN XS0193143913): BB.

The transaction has performed within expectations.  There have
been no credit events to date.  The Weighted Average Fitch
Factor has increased to 4.0 from 3.4 last year in March 2005.
The credit quality of the reference portfolio has slightly
deteriorated with the exposure to speculative- grade reference
entities increasing to 10.75% of the portfolio from 3.6% as of
January 2005's trustee report.  This deterioration has been
mitigated by the stable credit enhancement and increased
seasoning of the transaction.

The transaction represents a synthetic securitization of asset-
backed securities and corporate debt.  Brooklands has entered
into a credit swap with UBS AG, London Branch and issued the
notes listed above.  These are collateralized by AAA-rated
securities, which have been purchased pursuant to a repurchase
agreement with UBS.

Under the credit swap, Brooklands agrees to make payments to UBS
of up to a maximum of EUR187.5 million plus the interest on the
unrated Class F notes for losses on a substitutable portfolio of
publicly and privately rated ABS reference securities and
corporate reference entities with a notional amount of EUR750
million.  The rating on the JPY Class C-Y notes is credit-linked
to UBS, due to the notes being dependent on UBS taking on the
foreign exchange risk inherent in the JPY notes.

The ratings of the Class A to E notes address the full and
timely payment of interest and ultimate payment of principal by
the final maturity.

Up to the payment date in June 2014 obligors may be substituted
from the reference pool and replaced with other reference
entities or ABS reference securities, subject to certain
reference pool guidelines.  These reference guidelines include a
Vector test incorporating the Fitch Default Vector Model.


BULL SEARCH: Brings In Liquidators from Mercer & Hole
-----------------------------------------------------
John Anthony Dickinson and Steven Leslie Smith of Mercer & Hole
were appointed Joint Liquidators of Bull Search Limited
(formerly Charco 1009 Limited) on Oct. 31 for the creditors'
voluntary winding-up procedure.

Headquartered in Slough, England, Bull Search Limited --
http://www.bullsearch.co.uk/-- delivers recruitment and
business consultancy services.  The company specializes in the
recruitment of board directors, senior management and
executives.  It operates across all business disciplines in a
variety of industry sectors, including management consultancy,
pharmaceutical, healthcare, telecommunications, information
technology, leisure & entertainment, travel, banking and
financial services, FMCG, engineering, energy, oil and gas,
retail and manufacturing.


CLEAR CHANNEL: Inks US26.7-Bln Merger Deal with Private Equity
--------------------------------------------------------------
Clear Channel Communications Inc. executed a definitive merger
agreement with a group led by Thomas H. Lee Partners, L.P. and
Bain Capital Partners, LLC, pursuant to which the group will
acquire Clear Channel in a transaction with a total value of
approximately US$26.7 billion, including the assumption or
repayment of approximately US$8 billion of net debt.

Under the terms of the agreement, Clear Channel shareholders
will receive US$37.60 in cash for each share of Clear Channel
common stock they hold, representing a premium of approximately
25% over Clear Channel's average closing share price of US$29.99
during the 30 trading days ended Oct. 24, 2006, the day before
the Company first acknowledged that it was evaluating strategic
alternatives.

Morgan Stanley, Citigroup, and Deutsche Bank as well as Credit
Suisse, RBS and Wachovia are acting as financial advisors and
providing firm financing commitments to the private equity
group.  Morgan Stanley, Citigroup, Deutsche Bank, Credit Suisse
and RBS are also providing equity commitments.

The board of directors of Clear Channel, with the interested
directors recused from the vote, has unanimously approved the
merger agreement and has resolved to recommend that Clear
Channel's shareholders adopt the agreement.  A special advisory
committee consisting of disinterested directors unanimously
determined the terms of the transaction to be fair.

Mark P. Mays, the Chief Executive Officer of Clear Channel,
said, "We are very pleased to announce this transaction which
provides substantial value to our shareholders.  We look forward
to working with Thomas H. Lee Partners and Bain Capital Partners
to continue our business plan to provide exceptional programming
to our audiences and value to our advertising partners."

Scott Sperling, Co-President of Thomas H. Lee Partners, stated,
"Clear Channel is one of the nation's truly great companies that
has the finest collection of outdoor and radio assets in the
industry.  We are extremely pleased to be partnered with the
management team led by Mark and Randall Mays and to have the
opportunity to work with them and to grow this company that was
created by its Chairman and founder, L. Lowry Mays.  Clear
Channel has tremendous long term growth opportunities in both
the radio and outdoor businesses and we look forward to
partnering with Mark and Randall to create value in the years
ahead."

John Connaughton, a Managing Director at Bain Capital, said, "We
are very impressed with Clear Channel's strong management team
and the company's leadership positions in a variety of markets
and media formats. Clear Channel is an exceptional media
franchise that is well-positioned to grow thanks to the solid
foundation the Mays family has created.  We look forward to
partnering with Clear Channel as it continues to innovate in
meeting the changing needs of the audiences and advertisers it
serves."

The merger does not require the consent of unsecured note
holders and is not conditioned upon a merger, consolidation or
going private transaction involving Clear Channel Outdoor
Holdings, Inc.

The merger is subject to the approval of Clear Channel's
shareholders, requisite regulatory approvals and customary
closing conditions.  Under the merger agreement, Clear Channel
may solicit competing bids from third parties through
Dec. 7, 2006, and may negotiate with parties that submit
competing proposals by that time until Jan. 5, 2007.

Clear Channel may, at any time, subject to the terms of the
merger agreement, respond to unsolicited proposals.  If Clear
Channel accepts a superior proposal, a break up fee would be
payable by the Company.  There can be no assurance that the
solicitation of proposals will result in any alternative
transaction.

At the request of the disinterested directors, three members of
senior management have agreed to significantly reduce payments
that could be payable upon a change of control by an amendment
to their employment agreements.

Clear Channel also disclosed that it intends to solicit buyers
for 448 radio stations in selected small markets as well as for
its television broadcasting division.  The merger is not
conditioned on the consummation of any of these sale
transactions.

Goldman, Sachs & Co. is acting as exclusive financial advisor to
Clear Channel and Lazard Freres & Co. LLC is acting as financial
advisor to the special advisory committee.  Goldman, Sachs & Co.
and Lazard Freres & Co. LLC have each delivered a fairness
opinion to the Board and special advisory committee,
respectively.  Akin Gump Strauss Hauer & Feld LLP is acting as
legal advisor for Clear Channel and Sidley Austin LLP is acting
as legal advisor for the special advisory committee.  Ropes &
Gray LLP and Dow Lohnes PLLC are serving as legal advisors to
the private equity group.

                 About Bain Capital Partners, LLC

Headquartered in Boston, Massachusetts, Bain Capital --
http://www.baincapital.com/-- is a global private investment
firm that manages several pools of capital including private
equity, high-yield assets, mezzanine capital and public equity
with more than US$40 billion in assets under management.  Since
its inception in 1984, Bain Capital has made private equity
investments and add-on acquisitions in over 230 companies around
the world, including investments in a broad range of companies
such as Burger King, Warner Chilcott, Toys "R" Us, AMC
Entertainment, Sensata Technologies, Burlington Coat Factory and
ProSiebenSat1 Media.  It has offices in New York, London,
Munich, Tokyo, Hong Kong and Shanghai.

               About Thomas H. Lee Partners, LP

Thomas H. Lee Partners, L.P. is one of the oldest and most
successful private equity investment firms in the United States.
Since its founding in 1974, THL Partners has become the
preeminent growth buyout firm, investing approximately
US$12 billion of equity capital in more than 100 businesses with
an aggregate purchase price of more than US$100 billion,
completing over 200 add-on acquisitions for portfolio companies,
and generating superior returns for its investors and partners.
The firm currently manages approximately US$20 billion of
committed capital.  Notable transactions sponsored by the firm
include Dunkin Brands, VNU, Michael Foods, Houghton Mifflin
Company, Fisher Scientific, Experian, TransWestern, Snapple
Beverage and ProSiebenSat1 Media.

              About Clear Channel Communications

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

                          *     *     *

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


CLEAR CHANNEL: Acquisition Deal Spurs S&P to Cut Ratings to BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'BB+' from 'BBB-'.

The ratings remain on CreditWatch with negative implications,
where they were placed on Oct. 26, following the company's
announcement that it was exploring strategic alternatives to
enhance shareholder value.

The downgrade and continuing CreditWatch status followed its
announcement of a definitive agreement to be acquired in an LBO
by a group of investors led by Bain Capital Partners LLC and
Thomas H. Lee Partners L.P. for US$36.70 a share, or
approximately US$18.7 billion.  The total value of the
transaction is approximately US$26.7 billion, including the
assumption of the company's outstanding US$8 billion of
net debt.

The merger is subject to the agreement of Clear Channel's
shareholders and regulatory approval.

"Although the company has not announced specific financing terms
of the new capital structure, we would expect a marked increase
in leverage, which is likely to result in even further ratings
downside potential," said Standard & Poor's credit analyst
Michael Altberg.  "Even if the deal does not close, which we
believe is a relative low probability at this juncture, Clear
Channel has demonstrated an appetite for a higher level of
risk."

Accordingly, the financial policy expectations of Standard &
Poor's have changed, warranting a lower corporate credit rating.
The acquisition announcement comes on the heels of a number of
shareholder-favoring initiatives undertaken by Clear Channel.

Standard & Poor's will review its ratings on Clear Channel when
the new capital structure is announced and the rating agency can
gain greater clarity on the amount of equity that investors
would contribute in financing the proposed acquisition.


COLLINS & AIKMAN: Wants Wachovia to Surrender Property
------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Eastern District of Michigan to direct
Wachovia Bank and Trust Company, N.A., to turnover property that
is currently being held in trust by the Bank.

In December 1986, the Debtors established a trust to pay
supplemental retirement benefits to Donald F. McCullough, the
former chief executive officer of Collins & Aikman Corp.
Wachovia serves as Trustee of the C&A Rabbi Trust.

Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in New York,
tells the Court that pursuant to a trust agreement, the Trust
Assets are the Debtors' property and should be available for
distribution to their creditors.

Wachovia has informed the Debtors that it will transfer the
Trust Assets to the Debtors pursuant only to a judgment by a
"court of competent jurisdiction."

Mr. Cieri also relates that Wachovia has breached the Trust
Agreement by failing to discontinue payments to the beneficiary
of the C&A Rabbi Trust after being informed of the Debtors'
insolvency.

Contrary to its obligations under the Trust Agreement, Wachovia
did not independently determine whether the Debtors were in fact
insolvent within 30 days of receiving notice of insolvency.
Wachovia also did not discontinue the payment of benefits under
the Trust.

Instead, between June 2005 and October 2005, Wachovia continued
to use or invade the Trust Assets to pay monthly benefits to
Louise V. McCullough, the surviving spouse of Mr. McCullough and
the sole remaining beneficiary of the Trust, aggregating
$35,215.

The Debtors also seek to recover the monetary damages that they
have suffered as a result of Wachovia's breach of the Trust
Agreement.

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
$3,196,700,000 in total assets and $2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 45;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COTT CORPORATION: Earns US$6.6 Million in 2006 Third Quarter
------------------------------------------------------------
Cott Corp. reported a US$6.6 million net income on US$475.5
million of revenues for the third quarter ended Sept. 30, 2006,
compared with a US$1.8 million net loss on US$469.9 million of
revenues for the same period in 2005.

Despite registering a lower gross profit of US$62.0 million in
the third quarter of 2006, compared to a gross profit of US$65.4
million for the same period of 2005, the company managed to show
a profit of US$6.6 million largely due to lower recorded charges
for unusual items of US$9.3 million on a pre-tax basis in the
current quarter compared with a charge for unusual items of
US$25.7 million on a pre-tax basis in the same quarter in 2005.
This would account for the reported net income of US$6.6 million
in the third quarter of 2006 compared to the US$1.8 million net
loss for the same period in 2005.

The US$9.3 million of unusual items recorded in the third
quarter of 2006 consists of US$9.4 million of restructuring
charges, partially offset by a US$0.1 million gain related to a
recovery from a note receivable.

At Sept. 30, 2006, the company's consolidated balance sheet
showed US$1.2 billion in total assets, US$653.5 million in total
liabilities, US$21.9 million in minority interest, and US$513
million in stockholders' equity,

The company also disclosed that to assure long-term success and
profitability, it is focusing on reducing costs, becoming the
best partner to their retailer customers, and building and
sustaining a pipeline of innovation and new product development.

The company also reported that it will cease production at their
manufacturing plants in Elizabethtown, Kentucky and Wyomissing,
Pennsylvania by Dec. 31, 2006; and will reallocate production
volume to other manufacturing sites in North America.

Full-text copies of the company's consolidated financial
statements for the third quarter ended Sept. 30, 2006, are
available for free at http://researcharchives.com/t/s?1538

Headquartered in Toronto, Ontario, Canada, Cott Corporation
(NYSE:COT; TSX:BCB) -- http://www.cott.com/-- is a non-
alcoholic beverage company and a retailer brand beverage
supplier.  The Company commercializes its business in over 60
countries worldwide, with its principal markets being the United
States, Canada, the United Kingdom and Mexico.  Cott markets or
supplies over 200 retailer and licensed brands, and Company-
owned brands including Cott, Royal Crown, Vintage, Vess and So
Clear.  Its products include carbonated soft drinks, sparkling
and flavored mineral waters, energy drinks, juices, juice drinks
and smoothies, ready-to-drink teas, and other non-carbonated
beverages.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2006,
Moody's Investors Service's affirmed its Ba3 Corporate Family
Rating for Cott Corporation and its B1 Rating on Cott Beverages
Inc.'s 8% Subordinate Notes Due 2011, in connection with Moody's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. beverage company sector.
Moody's assigned an LGD5 rating to those bonds, suggesting
noteholders will experience a 74% loss in the event of a
default.


CRYSTAL BUILD: Nominates Liquidators from Abbott Fielding
---------------------------------------------------------
Nedim Ailyan and Hasan Mirza of Abbott Fielding were nominated
Joint Liquidators of Crystal Build & Design Limited on Oct. 26
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Crystal Build & Design Limited
         Unit 17
         Brookside Industrial Estate
         Wednesbury
         West Midlands WS100QZ
         United Kingdom
         Tel: 0121 505 5579


DELL INC: Looks to Release Third Quarter Results by Month's End
---------------------------------------------------------------
Dell Inc. intends to report its preliminary results for the
fiscal third quarter by the end of this month.  The move from
the originally scheduled date of November 16 reflects the level
of complexity the company is facing in the preparation of its
preliminary results.

The complexity arises out of the ongoing investigations by the
U.S. Securities and Exchange Commission and the company's Audit
Committee into certain accounting and financial reporting
matters, and the fact the company has not filed its Form 10-Q
for the second fiscal quarter.  When the company does announce
earnings it will be in the form of a press release only.

In addition, the company said that future earnings announcements
will be moved back by approximately one week versus Dell's prior
schedule.

The company also announced it has been informed that the SEC has
entered a formal order of investigation.  The delay in
announcing earnings is not related to that development.  Dell
continues to cooperate with the SEC, and is committed to
resolving all issues in connection with the investigation and
regaining compliance with all SEC filing requirements as soon as
possible.

Headquartered in Round Rock, Texas, Dell Inc. (NASDAQ: DELL) --
http://www.dell.com/-- designs, develops, manufactures,
markets, sells, and provides support for various computer
systems and services to customers worldwide.  Dell has regional
headquarters in Bracknell, England, for Europe, Middle East and
Africa and in Singapore to serve the Pacific Rim, including
Japan, India, China, Australia and New Zealand.

The company manufactures its computer systems in seven
locations: Austin, Texas; Nashville, Tenn.; Winston-Salem, North
Carolina; Eldorado do Sul, Brazil (Americas); Limerick, Ireland
(Europe, Middle East and Africa); Penang, Malaysia (Asia Pacific
and Japan) and Xiamen, China (China).  Dell sells its products
and services worldwide.


DURA AUTOMOTIVE: Gets Interim Nod to Pay Foreign Vendor Claims
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted,
on an interim basis, DURA Automotive Systems, Inc.'s request to
pay claims, prior to the filing for chapter 11 protection, owing
to vendors, service providers, regulatory agencies, and
governments located in foreign jurisdictions, including claims
for payment for direct and indirect materials and services
provided to the Debtors, as well as import or tax obligations.

The Debtors estimate they owe approximately $3,400,000 to
Foreign Vendors as of the Petition Date.  Of that amount, the
Foreign Claims of the foreign joint venture aggregate
approximately $100,000.

The Debtors also request that they be authorized to permit all
checks issued by them to the Foreign Vendors, prior to the
filing for chapter 11 protection, to clear the Debtors' bank
accounts.  The Debtors further request that the banks honor,
unless otherwise directed, any and all checks drawn by the
Debtors prior to the Petition Date to pay any of the
obligations, prior to the filing for chapter 11 protection,
owing to the Foreign Entities that have not cleared the banking
system prior to the Petition Date and any and all checks drawn
by the Debtors after the Petition Date to pay any claims, prior
to the filing for chapter 11 protection, of the Foreign Vendors.

Keith R. Marchiando, chief financial officer and vice president,
emphasizes the satisfaction of the Foreign Claims will not be
deemed to be an assumption or adoption of any agreements that
relate to those operations.

Mr. Marchiando tells the Court that the Debtors are making every
effort to avoid interruptions in the supply chain and the
adverse effects that even a temporary break in the supply chain
could have on their businesses.  Many of the Foreign Vendors
supply goods or services to the Debtors that are crucial to the
Debtors' ongoing U.S. and Canadian operations.  Moreover, Mr.
Marchiando says, some of these Foreign Vendors supply goods or
services to the Debtors that cannot be obtained from other
sources in sufficient quantity or quality or without significant
delays.  The Debtors regularly transact business with Foreign
Vendors of this type in Brazil, China, Czech Republic, France,
Germany, India, Japan, Korea, Mexico, Romania, Slovakia, Spain,
the United Kingdom, and elsewhere in Europe and Asia.  "[I]f
these goods are not obtained from Foreign Vendors without
interruption, the Debtors likely would not be able to fulfill
their obligations to their customers."

Mr. Marchiando notes Foreign Vendors might be confused or have
guarded reactions to the U.S. bankruptcy process.  "[T]here is a
significant risk that the nonpayment of even a single invoice
could cause a foreign vendor to stop shipping goods to the
Debtors on a timely basis and completely sever its business
relationship with the Debtors.  But even short of that,
nonpayment of prepetition claims may cause Foreign Vendors to
utilize extreme caution and adopt a wait-and-see attitude in
approaching the unfamiliar territory of Chapter 11, resulting in
costly delays in the shipment of additional goods.  The Debtors
can ill afford delays of this nature."

"If the Foreign Claims are not paid, the Foreign Vendors may
take precipitous action against the Debtors based upon an
erroneous belief that they are not subject to the jurisdiction
of the Court and, thus, not subject to the automatic stay
provisions of Section 362(a) of the Bankruptcy Code," Mr.
Marchiando notes.

The Debtors have a number of non-debtor affiliates located in
more than 15 foreign countries, and thus, the Foreign Vendors
may also take action against those non-debtor affiliates, or
against any property owned by the Debtors themselves located in
foreign territory.

If Foreign Vendors fail to ship goods or refuse to do business
with the Debtors because of a failure to pay the Foreign Claims,
or if foreign governmental entities seize goods from sole-source
suppliers because of a failure to pay the Foreign Claims, the
Debtors' manufacturing facilities utilizing those parts would
likely be forced to shut down less than 24 hours after the
missed shipment, Mr. Marchiando says.  Shortly after a shutdown
of one of the Debtors' facilities, the Debtors' OEM Customers
would likely be forced to halt production of their products on
one or more of their assembly lines.  Shutting down one assembly
line could cause an affected OEM Customer to assert damages
against the Debtors exceeding $10,000,000 per day.

Thus, the Debtors to continue the payment of Foreign Claims on
the agreement of the individual foreign vendor to continue
supplying goods and services to the Debtors on terms that are
consistent with the historical trade terms between the parties.
The Debtors propose that the Customary Trade Terms apply for the
remaining term of the Foreign Vendor's agreement with the
Debtors, as long as the Debtors agree to pay for those goods in
accordance with those terms.

The Debtors reserve the right to negotiate trade terms with any
vendor, as a condition to payment of any Foreign Claim, that
vary from the Customary Trade Terms to the extent the Debtors
determine that those terms are necessary to procure essential
goods or services or are otherwise in their best interests.

If a Foreign Vendor accepts a payment on account of an
obligation of the Debtors, prior to the filing for chapter 11
protection and thereafter, fails to provide the Debtors with the
requisite Customary Trade Terms, then:

    (a) any Foreign Payment received by the Foreign Vendor will
        be deemed an unauthorized postpetition transfer under
        Section 549 of the Bankruptcy Code that the Debtors may
        either:

           (i) recover from the Foreign Vendor in cash or goods,
               or

          (ii) at the Debtors' option, apply against any
               outstanding administrative claim held by that
               Foreign Vendor; and

    (b) upon recovery of any Foreign Payment, the corresponding
        prepetition claim of the Foreign Vendor will be
        reinstated in the amount recovered by the Debtors, less
        the Debtors' reasonable costs to recover those amounts.

The Debtors also seek authorization, but not direction, to
obtain written verification before issuing payment to a Foreign
Vendor that that Foreign Vendor will continue to provide goods
and services to the Debtors on Customary Trade Terms for the
remaining term of the Foreign Vendor's agreement with the
Debtors; provided, however, that the absence of such written
verification will not limit their rights.

Finally, to facilitate the payment of Foreign Vendors and, thus,
the avoidance of foreign actions against the Debtors and their
assets, the Debtors request that the banks be authorized and
required to (a) honor any checks drawn against their accounts,
but not cleared prior to the Petition Date, and (b) complete an
fund transfer requests made but not completed prior to the
Petition Date.

In addition, the Debtors seek the Court's permission to issue
postpetition checks and to make postpetition fund transfer
requests to replace any prepetition checks and transfers, prior
to the filing for chapter 11 protection, to Foreign Creditors
that may be dishonored by the banks.

The Court will convene a hearing on November 20, 2006, at 1:00
p.m. Eastern Time to consider final approval.

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had $1,993,178,000
in total assets and $1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 2; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


ENRON CORP: Reaches US$144,000,000 Settlement With Barclays PLC
---------------------------------------------------------------
Enron Corp. and its debtor-affiliates recently reached an
agreement with Barclays PLC to settle Barclays' portion in the
MegaClaim Litigation.

According to the terms of the agreement, Barclays will pay the
Debtors US$144,000,000 in cash and the Debtors, in turn, will
allow Barclays claims filed in the bankruptcy case totaling
US$310,000,000.

Barclays did not admit to any wrongdoing or liability in the
settlement.

John J. Ray III, Enron's Board Chairman, said, "The Barclays
agreement is the ninth settlement reached with the financial
institutions.  Today's announcement reflects our determination
to resolve the litigation and continue to deliver value to
creditors as quickly as possible, and reflects the lesser role
played by Barclays relative to others involved in the
litigation."

The settlement remains subject to the execution of definitive
agreements and the approval of the United States Bankruptcy
Court for the Southern District of New York.  Financial
institutions yet to settle with the Debtors include Citigroup
Inc. and Deutsche Bank AG.

According to Reuters, Barclays said that its 2006 earnings would
not be impacted by the US$144,000,000 because an adequate
provision had already been made for the likely cost in prior
periods.

The Debtors are represented in this matter by Susman Godfrey
LLP, Togut, Segal & Segal, and Venable LLP.

Barclays PLC is a global financial services provider engaged in
retail and commercial banking, credit cards, investment banking,
wealth management and investment management services.

                       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)


ERNEST S. TILL: Names Paul Michael McConnell as Administrator
-------------------------------------------------------------
Paul Michael McConnell of Monahans was named administrator of
Ernest S. Till & Co. Ltd. (Company Number 00500168) on Nov. 6.

The administrator can be reached at:

         Paul Michael McConnell
         Monahans
         38-42 Newport Street
         Swindon
         Wiltshire SN1 3DR
         United Kingdom
         Tel: 01793 521231
         Fax: 01793 512188
         E-mail: paulm@monahans.co.uk

Ernest S. Till & Co. Ltd. can be reached at:

         2 Gloucester Road North
         Bristol
         Avon BS7 0SF
         United Kingdom
         Tel: 0117 914 5400
         Fax: 0117 914 5404


EUROPEAN SECURITY: J. N. Bleazard Leads Liquidation Procedure
-------------------------------------------------------------
J. N. Bleazard of XL Business Solutions Ltd. was appointed
Liquidator of European Security Events Limited on Nov. 7 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         European Security Events Limited
         30 Wood Street
         Huddersfield
         West Yorkshire HD1 1DU
         United Kingdom
         Tel: 01484 515 150
         Fax: 01484 515 150


FLOWER TRENDS: Joint Liquidators Take Over Operations
-----------------------------------------------------
John Kelmanson and Elias Paourou of The Kelmanson Partnership
were appointed Joint Liquidators of Flower Trends Limited on
Nov. 8 for the creditors' voluntary winding-up proceeding.

         Flower Trends Limited
         Unit J Rose Indstrial Estate
         Marlow
         Buckinghamshire SL7 3HD
         United Kingdom
         Tel: 078 0171 9383


FORMULA FABRICATIONS: Taps Chris Williams to Liquidate Assets
-------------------------------------------------------------
Chris Williams of McTear Williams & Wood was appointed
Liquidator of Formula Fabrications (U.K.) Limited on Nov. 7 for
the creditors' voluntary winding-up proceeding.

Headquartered in Wymondham, England, Formula Fabrications (U.K.)
Limited -- http://formulafabricationsltd.com/-- is a family run
company established in 1972 providing CNC metal processing,
sheet metal fabrications, press brake work and one off and batch
work.  It has a wide and varied customer base that includes:
motor manufacturers, heating suppliers, conveying system
installers, electronic engineers, agricultural engineers,
control component engineers, technical training manufacturers
architectural services and vending machines.


GOODYEAR TIRE: Meets with Union to Discuss New Labor Deal
---------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed Friday that
bargaining teams from the company and the United Steelworkers
met last week in Cincinnati.

Goodyear presented copies of its latest proposals to the union's
full bargaining committee.  Goodyear reviewed its proposals in
detail and responded to questions from the union's bargaining
team.  The union made no new proposals.

The company said it is clear from the discussions that the two
primary issues continue to be retiree health care and the
announced closure of the Tyler, Texas plant.

Dates for further meetings with the union have not been
established.

Goodyear's latest proposal can be viewed at:

              http://researcharchives.com/t/s?155c

The United Steelworkers struck Goodyear on Oct. 5 after refusing
to further extend a three-year master contract with the company.

                     About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's
largest tire company.  The company manufactures tires,
engineered rubber products and chemicals in more than 90
facilities in 28 countries.  It has marketing operations in
almost every country around the world.  Goodyear employs more
than 80,000 people worldwide.

Goodyear employs more than 80,000 people worldwide.  It
has marketing operations in almost every country around the
world, including Indonesia, Australia, China, India, Korea,
Malaysia, New Zealand, Philippines, Singapore, Taiwan, and
Thailand.  The company's European headquarters is based in
Brussels, Belgium.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 27,
Moody's Investors Service confirmed its B1 Corporate Family
Rating for The Goodyear Tire & Rubber Company in connection with
the rating agency's implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology for the U.S.
Automotive and Equipment sectors.

As reported in the TCR-Europe on Oct. 26, Standard & Poor's
Ratings Services placed its 'B+' corporate credit rating on
Goodyear Tire & Rubber Co. on CreditWatch with negative
implications because of the potential for business disruptions
and earnings pressures that could result from the ongoing labor
dispute at some of its North American operations.  Goodyear has
total debt of about US$7 billion.


GOODYEAR TIRE: Fitch Junks US$1-Billion Senior Unsecured Notes
--------------------------------------------------------------
Fitch Ratings assigned debt and Recovery Ratings of CCC+/RR6 to
US$1 billion of new private placement notes issued by The
Goodyear Tire and Rubber Company.  All ratings remain on Rating
Watch Negative.

The new debt includes US$500 million of three-year floating rate
notes and US$500 million of five-year 8.625% notes.  Proceeds
will be used to refinance US$515 million of debt scheduled to
mature by March 2007 and for general corporate purposes,
including addressing the ongoing strike by the United
Steelworkers union.

Goodyear's existing debt and recovery ratings are:

   -- Issuer Default Rating B;
   -- US$1.5 billion first lien credit facility BB/RR1;
   -- US$1.2 billion second lien term loan BB/RR1;
   -- US$300 million third lien term loan B/RR4;
   -- US$650 million third lien senior secured notes B/RR4; and
   -- Senior unsecured debt CCC+/RR6.

Goodyear Dunlop Tires Europe B.V. (GDTE)

   -- EUR505 million European secured credit facilities BB/RR1.

Fitch placed Goodyear's ratings on Rating Watch Negative on
Oct. 18 following the company's US$975 million drawdown of its
US$1.5 billion revolver, effectively using the remaining
capacity under the revolver.  The net addition of nearly US$500
million of debt, excluding debt to be refinanced, further
supports GT's liquidity during the strike, which began Oct. 5.

The Rating Watch Negative reflects business risks posed by the
strike as well as concerns about GT's evolving financial
position and liquidity as the strike continues.

Demands on GT's cash include pension contributions, debt service
requirements, potential cash requirements related to the
resolution of the strike, uncertain access to any additional
financing, and continued operating challenges with respect to
the company's cost structure and raw material costs.  The
eventual outcome of the strike will be an important factor in
resolving the rating watch.


GREAT HALL: Fitch Places BB Rating on GBP5.4-Mln Class E Notes
--------------------------------------------------------------
Fitch Ratings assigned expected ratings to Great Hall Mortgages
No. 1 Plc Series 2006-1's multi-currency mortgage-backed
floating-rate notes due 2038:

   -- GBP384.975 million Class A1 and A2: AAA;
   -- GBP29.925 million Class B: AA;
   -- GBP16.425 million Class C: A;
   -- GBP13.275 million Class D: BBB; and
   -- GBP5.4 million Class E: BB.

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

The ratings are based on the collateral quality, available
credit enhancement, and the underwriting of Platform Funding
Limited.  They also consider the servicing capabilities of
Western Mortgage Services Limited as instructed by JP Morgan
Chase Bank, and the sound legal structure of the transaction.

Credit enhancement for the Class A notes totaling 15.6% is
provided by the subordination of the Class B notes, the Class C
notes, the Class D and the Class E notes as well as an initial
reserve fund.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its U.K. Residential Mortgage
Default Model III.  The agency also modeled cash flows using the
results of the default model with structural stresses including
various prepayment and interest rate scenarios.

The cash flow tests showed that each Class of notes could
withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest
shortfall, and that it can retire the principal by legal final
maturity.


GRESHAM CAPITAL: S&P Assigns B Rating on EUR12-Mln Class F Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR545.2 million (equivalent) secured
floating-rate notes to be issued by Gresham Capital CLO III B.V.
In addition, Gresham III will issue a class of EUR54.8 million
unrated subordinated notes.

The ratings reflect:

   -- commensurate credit enhancement in the form of
      overcollateralization and subordination;

   -- a diversified collateral pool of loans and derivative
      financial instruments;

   -- currency risk protections;

   -- strong collateral investment guidelines;

   -- the expected bankruptcy-remoteness of the issuer; and

   -- various amortization triggers.

At closing, Gresham III will issue floating-rate notes, the
proceeds of which, after paying transaction fees and expenses,
will be invested in a portfolio of predominantly senior-secured
leveraged loans.  The transaction has a five-year reinvestment
period and the collateral manager will be Investec Bank (U.K.)
Ltd.

Gresham III is Investec's third leveraged loan CDO.  The
transaction is managed by the London-based Investec Principal
Finance team, working in cooperation with Investec Acquisition
Finance, the group's London-based leveraged finance team.

This transaction features multicurrency revolving liabilities
intended to match multicurrency revolving loans purchased by the
issuer.

                             Ratings List
                       Gresham Capital CLO III B.V.
         EUR600 Million (Equivalent) Secured Floating-Rate Notes

                            Prelim.        Prelim.
              Class         rating         amount (Mil. EUR)
               ------         ------       ------
               A-1E           AAA          114.2
               A-1S (1)       AAA          60
               A-1R (2)       AAA          150
               A-2            AAA          60
               B              AA           51
               C              A            34
               D              BBB          31
               E              BB           33
               F              B            12
               Subordinated
               notes          NR           54.8

   (1) The class A-1S notes will be denominated and issued
       in pounds sterling.  The euro equivalent at closing
       is expected to be EUR60 million.

   (2) The class A-1R notes are revolving obligations and can
       be repaid and redrawn at any time during the
       reinvestment period.  The class A-1R notes may be
       drawn in various permitted currencies.  Advances in
       given currencies will be indexed to the interest
       rate index for the relevant currency.

    NR-Not rated.


ICE ALLIANCE: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------
Creditors of Ice Alliance Limited confirmed Nov. 9 the
appointment of Adrian Graham of Hamiltons Insolvency
Practitioners Limited as the company's Liquidator.

The company can be reached at:

         Ice Alliance Limited
         Friar Gate Court
         Friar Gate
         Derby
         Derbyshire DE1 1HE
         United Kingdom
         Tel: 01332 291 753


INCO LTD: Common Stock Ceases Trading on NYSE
---------------------------------------------
Inco Limited disclosed that its common shares had its final day
of trading on the New York Stock Exchange on Nov. 16.

The Inco common shares will continue to trade on the Toronto
Stock Exchange, in both Canadian dollars and U.S. dollars, until
Jan. 3, 2007, the date on which Inco has scheduled a special
meeting of its shareholders to consider an amalgamation
transaction which would enable Companhia Vale do Rio Doce to
acquire all of the Inco common shares that it does not already
own.

CVRD acquired approximately 86.57% of the issued and outstanding
common shares of Inco pursuant to its recently completed take-
over bid.

Inco's Board of Directors and management are working with CVRD
to ensure a smooth integration of the two companies, with a view
to creating a new global leader in the metals and mining
industry.

                       About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

                        *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


JANUS SECURITY: Creditors Confirm Voluntary Liquidation
-------------------------------------------------------
Creditors of Janus Security Limited confirmed Nov. 8 the
resolutions for voluntary liquidation and the appointment of
John Russell and Andrew Philip Wood of The P&A Partnership as
Liquidators.

The company can be reached at:

         Janus Security Limited
         Unit 50
         The Acorn Centre
         Barry Street
         Oldham
         Lancashire OL1 3NE
         United Kingdom
         Tel: 0161 627 5746


KOHLICO TRADING: Appoints Administrators from Vantis Plc
--------------------------------------------------------
Nick O'Reilly and Geoff Rowley of Vantis Plc were appointed
joint administrators of Kohlico Trading Ltd. (Company Number
02522103) 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.

Kohlico Trading Ltd. can be reached at:

         The Woodlands
         Stanmore Hill
         Stanmore
         Middlesex HA7 3DU
         United Kingdom
         Tel: 020 8954 4876
         Fax: 020 8954 7339


LISTAWOOD PROMOTIONAL: Brings In Administrators from Menzies
------------------------------------------------------------
Jason James Godefroy and Paul John Clark of Menzies Corporate
Restructuring were appointed Nov. 7 joint administrators of:

   -- Listawood Promotional Products Ltd. (Company Number
      04681728),

   -- Listawood Holdings Ltd. (Company Number 04682087), and

   -- Listawood Trade Supplies Ltd. (Company Number 03806359).

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

Headquartered in Fakenham, England, Listawood Promotional
Products Ltd., Listawood Holdings Ltd., and Listawood Trade
Supplies Ltd. are engaged in printing of promotional products.


MAINSTONE BUILDING: Claims Filing Period Ends Dec. 15
-----------------------------------------------------
Creditors of Mainstone Building Services Ltd. have until Dec. 15
to send in their names and addresses with particulars of their
debts or claims, and the names and addresses of their Solicitors
(if any), to appointed Joint Liquidator John William Lewis at:

         J W Lewis Insolvency Services Ltd.
         Suite B1
         White House Business Centre
         Forest Road
         Kingswood
         Bristol BS15 8NH
         United Kingdom

The company can be reached at:

         Mainstone Building Services Ltd.
         7 Stanshawe Crescent
         Yate
         Bristol
         Avon BS374EB
         United Kingdom
         Tel: 01454 883 200


MASTER ROOM: Liquidators Set Dec. 3 Claims Bar Date
---------------------------------------------------
Creditors of The Master Room Co. Limited have until Dec. 3 to
send their names and addresses and particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to appointed Joint Liquidators Ian Michael Rose and Robert
Michael Young at:

         Begbies Traynor
         The Old Barn
         Caverswall Park
         Caverswall Lane
         Stoke on Trent ST3 6HP
         United Kingdom

The company can be reached at:

         The Master Room Co. Limited
         66 Paddenswick Road
         Hammersmith And Fulham
         London W6 0UB
         United Kingdom
         Tel: 020 8743 8585
         Fax: 020 8743 6633


PIARCO STRUCTURES: Brings In P&A to Administer Assets
-----------------------------------------------------
Christopher Michael White and Andrew Philip Wood of The P&A
Partnership were appointed joint administrators of Piarco
Structures Ltd. (Company Number 05163370) on Nov. 2.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors

Headquartered in Rochdale, England, Piarco Structures Ltd.
designs timber framed houses.


PLUMBING & MECHANICAL: Taps Michael Chamberlain as Administrator
----------------------------------------------------------------
Michael Chamberlain of Chamberlain & Co. was appointed
administrator of Plumbing & Mechanical Services Ltd. (Company
Number 04788460) on Nov. 1.

The administrator can be reached at:

         Michael Chamberlain
         Chamberlain & Co.
         Aireside House
         24/26 Aire Street
         Leeds
         West Yorkshire LS1 4HT
         United Kingdom
         Tel: 0113 242 0808
         Fax: 0113 242 0866
         E-mail: mail@chamberlain-co.co.uk

Plumbing & Mechanical Services Ltd. can be reached at:

         9 Headlands Road
         Aldbrough
         Hull
         North Humberside HU11 4RR
         United Kingdom
         Tel: 01964 529214


POLARIS FITNESS: Creditors Confirm Liquidators' Appointment
-----------------------------------------------------------
Creditors of Polaris Fitness Limited confirmed Nov. 8 the
resolutions for voluntary liquidation and the appointment of
John Russell and Andrew Philip Wood of The P&A Partnership as
Liquidators.

Headquartered in Derby, England, Polaris Fitness Limited --
http://www.polaris-fitness.co.uk/-- supplies fitness equipment
to gyms and the leisure industry including cardiovascular and
strength equipment as well as innovative new products such as
whole body vibration training machines.  The company also
provides expert advice and consultation services to those who
are interested in starting their own fitness clubs.


PREMIER MAINTENANCE: Hires Liquidators from Recovery hjs
--------------------------------------------------------
Gordon Johnston and Shane Biddlecombe of Recovery hjs were
appointed Liquidators of Premier Maintenance & Installation
Services Limited (formerly Sundene Limited) on Nov. 7 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Premier Maintenance & Installation Services Limited
         Unit 3
         Alpine Business Centre
         Eastbury Road
         London E6 6LP
         United Kingdom
         Tel: 020 7476 5542


PROPERTY CARE: Appoints David Field to Liquidate Assets
-------------------------------------------------------
David Field of Centrum Recovery was appointed Liquidator of
Property Care Kitchens & Bedrooms Limited on Nov. 6 for the
creditors' voluntary winding-up proceeding.

Headquartered in Redruth, England, Property Care Kitchens &
Bedrooms Limited -- http://www.propertycareltd.com/-- supplies
and fits bedrooms, kitchens, and bathrooms.  The company's
complete service includes the planning, design, and installation
of bedrooms, kitchens, and bathrooms.


REJUVE LIMITED: Hires Administrator from Valentine & Co
-------------------------------------------------------
Mark Simon Reynolds of Valentine & Co. was appointed
administrator of Rejuve Ltd. (Company Number 05461637) on
Nov. 7.

The administrator can be reached at:

         Mark Simon Reynolds
         Valentine & Co.
         4 Dancastle Court
         14 Arcadia Avenue
         London N3 2HS
         United Kingdom
         Tel: 020 8343 3710
         Fax: 020 9343 4486

Rejuve Ltd. can be reached at:

         London Heathrow Airport
         Hounslow
         Middlesex TW6 1AP
         United Kingdom
         Tel: 020 8745 5719
         Fax: 020 8759 5195


SCOTTISH RE: Moody's Keeps Senior Unsecured Debt Rating at Ba3
--------------------------------------------------------------
Moody's Investors Service commented that after the recent
earnings release issued by Scottish Re Group Limited, Moody's
continues to review the company's ratings with direction
uncertain.

The Ba3 senior unsecured debt is affirmed.

The rating agency added that it anticipates that it will take
rating action on Scottish Re over the very near term, likely by
mid next week, by which time it expects to have more information
on the key driver of the outcome of the review process, which is
the probability that Scottish Re will secure an equity infusion
or sign a definitive agreement related to the sale of the
company.

According to the rating agency, the direction of the review
indicates the possibility that Scottish Re's ratings could be
downgraded, upgraded or confirmed depending on future
developments at Scottish Re.

The direction of the ratings review impacts the company's debt
ratings and the Baa3 insurance financial strength ratings of the
company's core insurance subsidiaries, Scottish Annuity & Life
Insurance Company Ltd. and Scottish Re, Inc.

If an equity investment in or sale of the company were
completed, the ultimate ratings of the company would depend upon
the structure of the deal, including an analysis of implicit and
explicit support provided.  Moody's added that a limited equity
investment in Scottish Re would have less upward ratings
pressure than an outright purchase of the company, with ongoing
explicit or implicit support.

"While the sales process has taken longer than anticipated, we
expect there to be more definitive information -- either
positive or negative -- on the likely outcome of that process by
next week, at which point we would intend to address the status
of our rating review," said Scott Robinson, Vice President &
Senior Credit Officer at Moody's.

"Given the extremely tight liquidity situation at the company,
positive momentum in the sales process is necessary for a
favorable resolution of the rating review.  Any further delay in
the process would likely result in further ratings downgrades,"
Robinson added.

The rating agency highlighted the risk that certain items may
need to be resolved prior to a sale.  Moody's also noted that a
potential investor could help expedite the resolution of these
items. For example, if necessary, an investor could help
Scottish Re eliminate its credit facility by helping to secure
alternate letters of credit.

Eliminating the credit facility is important since the agreement
limits the movement of funds from SALIC to the ultimate holding
company.  Convertible note holders have the right to put
$115 million of notes to Scottish Re at par on Dec. 6th, and as
a consequence, the company needs to move funds to the holding
company prior to that time to cover the potential call on
liquidity.

Notwithstanding the issues with the credit facility, Moody's
emphasized that the sales process is the key rating issue as it
is likely that in conjunction with any significant investment in
Scottish Re, an investor would provide some form of short-term
collateral and/or liquidity support to the company.

"Failure to raise outside capital would have an immediate and
adverse impact on the ratings of Scottish Re.  While Scottish
could potentially eliminate the bank facility on its own, we
believe that the company would be significantly challenged in a
runoff scenario," Robinson added.

On Sept. 5, 2006, Moody's changed the direction of the review on
the ratings of Scottish Re and the Baa3 IFS ratings of SALIC and
Scottish Re, Inc. to direction uncertain from review for
possible downgrade.

Scottish Re Group Limited is a Cayman Islands company with
principal executive offices located in Bermuda; it also has
significant operations in Charlotte NC, Denver CO and Windsor
England.

On Sept. 30, 2006, Scottish Re reported assets of $13.8 billion
and shareholders' equity of $1.3 billion.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


SKYEPHARMA PLC: Abbott Acquires Licensee Kos Pharmaceuticals
------------------------------------------------------------
SkyePharma PLC's exclusive licensee to jointly develop
Flutiform(TM), Kos Pharmaceuticals, Inc., was acquired by
Abbott.

Flutiform(TM) is the Company's novel combination product for
asthma and chronic obstructive pulmonary disease.

The Company also disclosed that Abbott in their statement said,
"Flutiform(TM), in-licensed from SkyePharma, is currently in
late-stage development for adult and adolescent asthma and will
provide an expanded presence for Abbott in the $10 billion
asthma market, in addition to Kos' currently marketed asthma
product."

Frank Condella, chief executive officer, said, "We are
encouraged by Abbott's statement regarding Flutiform(TM).  This
transaction is a positive development for our lead product.
Abbott brings additional size and marketing strength in the
primary care area which complements the specific expertise Kos
has in inhalation therapies."

Following discussions with the FDA on the Phase II trial
results, the Company further disclosed that the Phase III trial
of Flutiform(TM) started on schedule in February 2006 and it
believes that Flutiform(TM) should reach the U.S. market in
2009.

Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations.  There are now twelve approved products
incorporating SkyePharma's technologies in the areas of oral,
injectable, inhaled and topical delivery, supported by advanced
solubilisation capabilities.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on Aug. 1, 2006,
PricewaterhouseCoopers LLP in London raised substantial doubt
about Skyepharma PLC's ability to continue as a going concern
after auditing the company's financial statements for the year
ended Dec. 31, 2005.  The auditing firm pointed to the
uncertainty as to when Skyepharma's certain strategic
initiatives may be concluded and their effect on the company's
working capital requirements.


SNACK SOLUTIONS: Appoints Joint Administrators from DTE
-------------------------------------------------------
A. Poxon and P. Reeves of DTE Leonard Curtis were appointed
joint administrators of Snack Solutions Ltd. (Company Number
04275348) on Nov. 2.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Snack Solutions Ltd. can be reached at:

         Unit B16
         Moss Industrial Estate
         St. Helens Road
         Leigh
         Lancashire WN7 3PT
         United Kingdom
         Tel: 01942 680771


SPIRIT MENSWEAR: Names Ninos Koumettou as Administrator
-------------------------------------------------------
Ninos Koumettou of Alexander Lawson Jacobs was appointed
administrator of Spirit Menswear Ltd. (Company Number 5342801)
on Nov. 2.

The administrator can be reached at:

         Ninos Koumettou
         Alexander Lawson Jacobs
         1 Kings Avenue
         Winchmore Hill
         London EC1V 2NJ
         United Kingdom
         Tel: 0845 260 0590

Headquartered in Woking, England, Spirit Menswear Ltd. retails
men's clothing.


SPORT-LEICHT: Taps Alison M. Byrne to Administer Assets
-------------------------------------------------------
Alison M. Byrne of Byrne Associates was appointed administrator
of Sport-Leicht Ltd. (t/a Autotechnik) (Company Number 03291446)
on Nov. 6.

The administrator can be reached at:

         Alison M. Byrne
         Byrne Associates
         Suite 3 Farleigh House
         Farleigh Court
         Old Weston Road
         Flax Bourton
         Bristol, Avon BS48 1UR
         United Kingdom
         Tel: 01275 464 038
         Fax: 01275 462 937
         E-mail: alisonbyrne@byrneassociates.co.uk

Sport-Leicht Ltd. can be reached at:

         20B
         Polwarth Terrace
         Edinburgh
         Midlothian EH11 1NB
         United Kingdom
         Tel: 079 7012 3045


SWATCHMAKER LIMITED: Calls In Liquidator from Begbies Traynor
-------------------------------------------------------------
David Hill of Begbies Traynor was appointed Liquidator of
The Swatchmaker Limited on Nov. 7 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         The Swatchmaker Limited
         Ely Industrial Estate
         Williamstown
         Tonypandy
         Mid Glamorgan CF401RA
         United Kingdom
         Tel: 01443 423 111


THOMAS POTTER: Taps Tait Walker as Joint Administrators
-------------------------------------------------------
Gordon S. Goldie and Allan David Kelly of Tait Walker were
appointed joint administrators of Thomas Potter (Newcastle) Ltd.
(Company Number 00194729) on Nov. 3.

Tait Walker -- http://www.taitwalker.co.uk/-- have established
core service lines to meet the ever growing complexity of our
clients needs in a timely and efficient manner.

Thomas Potter (Newcastle) Ltd. can be reached at:

         Unit 9
         Gurney Way
         Aycliffe Industrial Park
         Newton Aycliffe
         County Durham DL5 6UJ
         United Kingdom
         Tel: 01325 317478


TIMBERTEC JOINERY: Brings In KPMG as Administrators
---------------------------------------------------
Paul Andrew Flint, Brian Green and David John Crawshaw of KPMG
LLP were appointed joint administrators of Timbertec Joinery
(U.K.) Ltd. (Company Number 04566734) on Nov. 7.

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

Timbertec Joinery (U.K.) Ltd. can be reached at:

         Union Lane
         Kingsclere
         Newbury
         Berkshire RG20 4ST
         United Kingdom
         Tel: 01635 268663


TIPS & TOES: Creditors' Claims Due Jan. 1, 2007
-----------------------------------------------
Creditors of Tips & Toes Limited have until Jan. 1, 2007, to
prove their debts by sending written statements of the amounts
they claim to be due to them from the Company to appointed Joint
Liquidator Paul David Williams at:

         Menzies Corporate Restructuring
         43-45 Portman Square
         London W1H 6LY
         United Kingdom

The company can be reached at:

         Tips & Toes Limited
         280 Upper Richmond Road
         London SW156TQ
         United Kingdom
         Tel: 020 8789 3050


VEDANTA RESOURCES: Moody's Reviews Ratings on Indian Investments
-------------------------- -------------------------------------
Moody's Investors Service placed the Baa3 corporate family
rating and the Ba1 long-term senior unsecured rating of Vedanta
Resources plc on review for possible downgrade.

The rating action follows the company's announcement that it
will enter into the commercial power generating business and
build a 2,400 MW power plant in the State of Orissa, India, at a
total cost of approximately US$1.9 billion.  In addition,
Vedanta intends to make further substantial investments in the
power generation business.

"Moody's believes that Vedanta's strategy to enter into
commercial power generation business will elevate business and
financial risks for the company," says Alan Greene, a Moody's
Senior Vice President - and the agency's lead analyst for
Vedanta.

"Moody's notes that while Vedanta has built several captive
power plants for its refineries and smelters, it has no track
record in the commercial power generation business in India,
which is a highly competitive industry whose dynamics are
significantly different than those of the metals and mining
industry.  Such strategy will further increase execution risks,
in addition to those related to its committed large-scale
project development program over the next 3-5 years," adds
Greene.

In addition, Moody's notes Vedanta's intention to consolidate
its business interests held by its 76% owned subsidiary,
Sterlite Industries (India) Ltd. in Hindustan Zinc Limited (HZL,
64.9% owned by Sterlite) and Bharat Aluminium Company Ltd
(BALCO, 51.0% owned by Sterlite) through the exercise of the
call options, subject to the India Government's approval.

Moody's recognizes that Vedanta is benefiting from the peak of
the industry cycle with high metal prices supporting strong cash
flow generation, as evidenced in the interim results for the
current financial year.  However, the substantial capex
requirements, expected to be part-funded by debt, will likely
put negative pressure on the company's leverage position.
Moody's also notes the potential call on Vedanta's cash
resources should it exercise its rights to increase its indirect
shareholdings in major operating companies, including HZL and
BALCO.

The review will focus on how the power project and acquisitions
or consolidation of its business interests will be funded, and
the related impact on the capital structure of Vedanta, with
consideration given to the proposed issue of ADRs by Sterlite.
Moody's will also assess Vedanta's ability to manage the
business risks associated with setting up the commercial power
generation business.

Headquartered in London, U.K., Vedanta Resources plc is a metals
and mining company focused on integrated zinc and
alumina/aluminium as well as copper smelting and refining
operations predominantly in India.  Listed on the London Stock
Exchange, the company is 54% owned by Volcan Investments Ltd.


VENDING LIMITED: Hires Kay Johnson Gee as Administrator
-------------------------------------------------------
Jonathan Elman Avery Gee of Kay Johnson Gee was appointed
administrator of Vending Ltd. (Company Number 01899347) on
Nov. 9.

The administrator can be reached at:

         Jonathan Elman Avery Gee
         Kay Johnson Gee
         Griffin Court
         201 Chapel Street
         Salford
         Manchester
         Greater Manchester M3 5EQ
         United Kingdom
         Tel: 0161 832 6221
         Fax: 0161 834 8479

Headquartered in Worcester, England, Vending Ltd. supplies,
services and operates vending machines.


VIENTIA DESIGN: Brings In Centrum Recovery as Administrator
-----------------------------------------------------------
David Andrew Field of Centrum Recovery Ltd. was appointed
administrator of Vientia Design Ltd. (formerly Natalie Clegg
Design Ltd) (Company Number 03690797) on Nov. 3.

The administrator can be reached at:

         David Andrew Field
         Centrum Recovery Ltd.
         Cambridge House
         North Church St.
         Bakewell
         Derbyshire DE45 1DB
         United Kingdom
         Tel: 01629 810260

Vientia Design Ltd./Natalie Clegg Design Ltd. can be reached at:

         Station Road
         Great Shelford
         Cambridge
         Cambridgeshire CB2 5LT
         United Kingdom
         Tel: 01223 847 755
         Fax: 01223 847 887


W. A. KELLY: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------
Creditors of W. A. Kelly & Company Limited confirmed on Nov. 8
the appointment of Stephen Franklin of Panos Eliades, Franklin &
Co. as the company's Liquidator.

The company can be reached at:

         W. A. Kelly & Company Limited
         94 Thornton Avenue
         Hounslow
         London W4 1QQ
         United Kingdom
         Tel: 020 8995 1234
         Fax: 020 8994 5628


WHITEHOUSE PRESSBRAKE: Taps Administrator from Findlay James
------------------------------------------------------------
Alisdair J. Findlay of Findlay James was appointed administrator
of Whitehouse Pressbrake & Shearing Ltd. (Company Number
02783172) on Nov. 1.

The administrator can be reached at:

         Alisdair J. Findlay
         Findlay James
         Saxon House
         Saxon Way
         Cheltenham
         Gloucestershire GL52 6QX
         United Kingdom
         Tel: 01242 576555
         Fax: 01242 576999
         E-mail: ajf@finjam.com

Headquartered in Dudley, England, Whitehouse Pressbrake &
Shearing Ltd. manufactures metal components.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141       19
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko              (2)         278     (509)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       70
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                      (1,031)       3,875      494
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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