TCREUR_Public/061123.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

           Thursday, November 23, 2006, Vol. 7, No. 233   

                            Headlines

A U S T R I A

AXEL - EXPORT: Vienna Court Orders Business Closure
BOWLING-ANLAGEN: St. Poelten Court Orders Business Shutdown
ELEKTRO SANDLEITEN: Vienna Court Orders Business Closure
ROLF WENNINGER: Linz Court Shuts Down Business


B U L G A R I A

BULGARIAN POST: Fitch Affirms Individual Rating at C/D


F I N L A N D

OM GROUP: Selling Nickel Assets to Norilsk for US$408 Million
OM GROUP: Moody's Changes Outlook to Positive on Sale Agreement
OM GROUP: Nickel Assets Sale Prompts S&P to Revise Outlook


F R A N C E

HERTZ CORP: S&P Assigns Low-B Ratings on Synthetic Securities
LEAR CORP: Commences US$850-Million Senior Notes Tender Offer
LEAR CORP: Hikes Amount of Offered Notes to US$900 Million
LEAR CORP: Fitch Assigns B/RR4 Ratings to US$900-Mln Notes
XINHUA FINANCE: Moody's Affirms B2 Rating on Senior Bonds


G E O R G I A

* Increased Geopolitical Risk Spurs S&P to Revise Rating Outlook


G E R M A N Y

APPLER-FESTIVAL: Creditors' Meeting Slated for November 30
ANTHRACITE EURO: Moody's Assigns (P)Ba2 Rating on Class E Notes
BEHR GMBH: Moody's Assigns (P)Ba1 Rating on Perpetual Securities
BEUSCHLEIN GMBH: Claims Registration Ends November 30
CAPCOM CO.: Moody's Places Ba2 Senior Debt Rating Under Review

DHS BETRIEBS: Claims Registration Ends December 4
HAUS FUER ALLE: Claims Registration Ends December 4
HELD SCHUHE: Claims Registration Ends December 1
HOWESTA DEUTSCHLAND: Claims Registration Ends November 30
KKS IT-DIENSTLEISTUNGEN: Creditors' Meeting Slated for Dec. 1

PEGO GMBH: Claims Registration Ends December 1
PROMISE XXS: S&P Puts Low-B Ratings on EUR123.5-Million Notes
REKA GMBH: Claims Registration Ends November 30
SEMPER FINANCE: Fitch Rates EUR32.7-Mln Class E Notes at BB
XINHUA FINANCE: Moody's Affirms B2 Rating on Senior Bonds


G R E E C E

OVERSEAS SHIPHOLDING: Earns US$90.8 Million in Third Quarter


H U N G A R Y

ERSTE BANK: Moody's Lifts Financial Strength Rating to D+


I T A L Y

LEAR CORP: Commences US$850-Million Senior Notes Tender Offer
LEAR CORP: Hikes Amount of Offered Notes to US$900 Million
LEAR CORP: Fitch Assigns B/RR4 Ratings to US$900-Mln Notes


K A Z A K H S T A N

AK-ALMA LLP: Aktube Court Begins Bankruptcy Proceedings
AKJARSKOYE PATP: Court Commences Bankruptcy Proceedings
AKTOBE AGRO: Creditors' Claims Due Jan. 3, 2007
ALTYN DEN: Proof of Claim Deadline Slated for Jan. 3, 2007
ASTANA AVTO: Claims Filing Period Ends Jan. 3, 2007

BUHTARMA VODOKANAL: Court Opens Bankruptcy Proceedings
KA-PEKSSTROY LLP: Creditors Must File Claims by Jan. 3, 2007
KAZ TRUCK: South Kazakhstan Court Starts Bankruptcy Procedure
KAZZINC JSC: Proof of Claim Deadline Slated for Dec. 6
LOGIKA LLP: Almaty Court Begins Bankruptcy Proceedings

MYRZAKENT LLP: Court Opens Bankruptcy Proceedings


K Y R G Y Z S T A N

ASCENT-TRAVEL LLC: Creditors' Claims Due Jan. 5, 2007
GOLDTASH LLC: Claims Registration Ends Jan. 5, 2007
STF SERVICE: Claims Filing Period Ends Jan. 5, 2007


L U X E M B O U R G

ELEX ALPHA: Moody's Assigns (P)Ba3 Rating on Class E Notes
EVRAZ GROUP: Fitch Keeps BB Rating on Oregon Steel Purchase
NOVELIS CORP: Moody's Confirms Ba2 Sr. Secured Term Loan Rating
PETROCOMMERCE FINANCE: Moody's Assigns Ba3 Rating on Notes


N E T H E R L A N D S

AMSTEL SECURITISATION: Moody's Rates Class E Notes at (P)Ba2
GLOBAL POWER: Morgan Stanley Commits US$85 Million DIP Financing
GLOBAL POWER: Wants Court Approval to Use BofA's Cash Collateral
HEXION SPECIALTY: Boosting Local Operations Via Land Purchase
LANCELOT 2006: S&P Assigns BB Rating on EUR12-Mln Class E Notes

SOLECTRON CORP: Board Terminates Stockholder Rights Plan
SOLECTRON CORP: Moody's Changes Outlook on Restructuring Program


N O R W A Y

INTERGRAPH CORP: Moody's Cuts First Lien Loans' Rating to B1


R U S S I A

ALCO OJSC: Court Names N. Zherebtsova as Insolvency Manager
ANASHENSKIY BUTTER: Bankruptcy Hearing Slated for Feb. 6
ARIG US-BREAD: Court Names B. Tsybenov as Insolvency Manager
BANK PETROCOMMERCE: Moody's Rates Loan Participation Debt at Ba3
BLAGOVESHENSKAYA SK-FACTORY: Court Hearing Slated for Dec. 25

BUILDER: Court Names R. Yamilov as Insolvency Manager
BUILDING DETAIL: Court Names V. Zorin as Insolvency Manager
CAR REPAIR: Asset Sale Slated for December 5
CONTACT CJSC: Court Names S. Okulov as Insolvency Manager
DAL-OIL-PRODUCT: Court Names A. Krylov as Insolvency Manager

DELTA-Z CJSC: Samara Bankruptcy Hearing Slated for December 19
EASTERN TEXTILE: Court Names A. Trifonov as Insolvency Manager
FISHING HARBOR-SOCHI: Court Names E. Leyliyan to Manage Assets
INTRADE RUSSIA: Court Names S. Suvorov as Insolvency Manager
INVEST TRADE: Court Names V. Nazimov as Insolvency Manager

KRUPPSKIY FISHING: Pskov Court Starts Bankruptcy Supervision
LENINSKIY COMBINE: Court Names S. Fetisov as Insolvency Manager
MARYINSKAYA OJSC: Moscow Bankruptcy Hearing Slated for Dec. 27
MASTERCROFT LIMITED: Fitch Keeps Issuer Default Rating at BB
MURASHOV LLC: Court Names P. Tarasov as Insolvency Manager

NAROVCHATSKOYE CJSC: Court Starts Bankruptcy Supervision
PETROCOMMERCE FINANCE: Moody's Assigns Ba3 Rating on Notes
PROGRESSOVSKIY BREAD: Names M. Miroshnichenko to Manage Assets
RED OCTOBER-SOCHI: Court Names E. Leyliyan to Manage Assets
RESOURCE-INVEST: Court Starts Bankruptcy Supervision Procedure

SALOMATIN OJSC: Court Starts Bankruptcy Supervision Procedure
SAVVINSKOYE CJSC: Yaroslavl Bankruptcy Hearing Slated for Feb. 6
SHIPPING COMPANY: Bankruptcy Hearing Slated for April 11
SPETS-STROY-MATERIALS: Court Starts Bankruptcy Supervision
SOKOLSKIY PULP: Court Names V. Ostroverkh as Insolvency Manager

TATNEFT OAO: Fitch Upgrades Issuer Default Rating to B+
TIMBER FACTORY: Tyumen Bankruptcy Hearing Slated for Dec. 28
TOMSKAYA TIMBER: Court Names A. Kulakov as Insolvency Manager
YUKOS OIL: Federal Bailiffs Hold RUR15.8 Billion Claim


S P A I N

FREEPORT-MCMORAN: Inks US$25.9-Bln Merger Deal with Phelps Dodge
FREEPORT-MCMORAN: Phelps Dodge Purchase Prompts Moody's Review
FREEPORT-MCMORAN: US$25.9-Bln Merger Deal Cues S&P's Watch Neg.
FTPYME BANCAJA 4: Fitch Junks EUR24-Million Class E Notes
HERTZ CORP: S&P Assigns Low-B Ratings on Synthetic Securities

MADRID RMBS: Moody's Rates EUR7-Million Series E Notes at Ba2


S W I T Z E R L A N D

GLENCORE INTERNATIONAL: Kazakh Unit Declares Insolvency
NOVELIS INC: Moody's Confirms B1 Corporate Family Rating


U K R A I N E

BILOGIRYAMOLPRODUKT LLC: Court Starts Bankruptcy Supervision
DREVOZA LLC: Court Names Uzhgorod Tax Agency as Liquidator
KOSENT-AGR LLC: Donetsk Court Starts Bankruptcy Supervision
LADA SERVICE: Regional Bankruptcy Agency to Liquidate Assets
MEBLEVIK: Court Names Sergij Romanchuk as Insolvency Manager

OSNOVA: Lviv Court Commences Bankruptcy Supervision
SOUTH BIRD: AR Krym Court Starts Bankruptcy Supervision
TUSTAN: Lviv Court Names Sergij Romanchuk as Insolvency Manager

* Moody's Changes Rating Outlook of 11 Banks to Positive


U N I T E D   K I N G D O M

ADVANCED CABLING: Creditors Confirm Liquidator's Appointment
ANTHRACITE EURO: Moody's Assigns (P)Ba2 Rating on Class E Notes
CAFE SOCIETY: Brings In Administrators from PKF
CAMBISTA TECHNOLOGIES: Creditors' Claims Due Jan. 9, 2007
CAPCOM CO.: Moody's Places Ba2 Senior Debt Rating Under Review

DURA AUTOMOTIVE: Can Access US$300-Million DIP Financing
ENGINEER CONTRACT: Claims Filing Period Ends Dec. 19
ENRON CORP: Reaches Stipulation Resolving L/C Claim Distribution
FARRINGDON MORTGAGES: S&P Puts B2a Notes Rating on Watch Neg.
FORD MOTOR: Restates First & Second Quarter Financial Statements

FRANK DULLOP: Names Martin Charles Armstrong Liquidator
GOLDEN ROD: Appoints Joint Liquidators from CBA
GREAT NORTH: Pays GBP35.7-Mln Dividend to Sea Containers
HERO MOTORBIKE: Brings In Liquidators from Wilson Field
HILTRONICS LIMITED: Appoints Administrator from Piper Thomson

IM RUSSIA: Taps George Michael to Liquidate Assets
INDEPENDENT PLASTICS: Hires Liquidator from Haines Watts
INDIGO FITNESS: Taps Tenon Recovery to Administer Assets
INTERIOR LANDSCAPING: Appoints Liquidator from Richard Floyd
INTERMEC INC: Reveals Restructuring Plan to Streamline Business

INTERMEC INC: Earns US$3.4 Million in Third Quarter 2006
JJ PLASTIC: Claims Registration Ends April 9, 2007
JMI LOGISTICS: Appoints Joint Administrators from Ernst & Young
LIFE OF LEISURE: Creditors' Meeting Slated for December 8
MONEY PARTNERS: Moody's Rates GBP14.75-Mln Class B2 Notes at Ba2

MOSSLEY HILL: Claims Filing Period Ends Dec. 25
NTL INC: Board Believes Proposed Offer Undervalues ITV
OVERSEAS SHIPHOLDING: Earns US$90.8 Million in Third Quarter
PORTFOLIO ART: Hires Begbies Traynor as Joint Administrators
QUEEN STREET: S&P Rates EUR16-Million Class E Notes at BB-

RICHLAND MEDIA: Brings In Mazars LLP to Administer Assets
ROOK ENGINEERING: Calls In Liquidators from Tenon Recovery
SAUNDERS AND STONE: Taps Begbies Traynor as Administrators
SEA CONTAINERS: Wants to Extend Time to File SALS and SOFAS
SEA CONTAINERS: Taps Carter Ledyard as Special Counsel

SEA CONTAINERS: Gets GBP35.7-Million Dividend from GNER
SPIRIT AEROSYSTEMS: S&P Lifts Rating to BB After IPO Pricing
SOLECTRON CORP: Moody's Changes Outlook on Restructuring Program
SOUND MONSTERS: Creditors' Meeting Slated for November 29
SR GENT: Creditors' Meeting Slated for November 30

STARLING FINANCE: S&P Lifts Rating on Installment Notes to BB+
STURDY SALES: Brings In Administrators from Baker Tilly
SUMBA LIMITED: Joint Liquidators Take Over Operations

* Upcoming Meetings, Conferences and Seminars

                            *********

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


AXEL - EXPORT: Vienna Court Orders Business Closure
---------------------------------------------------
The Trade Court of Vienna entered an order Oct. 2 closing the
business of LLC AXEL - Export - Import (FN 75976f).  

Court-appointed property manager Andrea Eisner recommended the
business closure after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 1 (Bankr. Case No. 3 S 107/06i).  


BOWLING-ANLAGEN: St. Poelten Court Orders Business Shutdown
-----------------------------------------------------------
The Land Court of St. Poelten entered an order Oct. 2 shutting
down the business of LLC Bowling-Anlagen (FN 243698f).  

Court-appointed property manager Christian Kies recommended the
business shutdown after determining that the continuing
operations would reduce the value of the estate.

The property manager can be reached at:

         Mag. Christian Kies
         Rathausplatz 8
         3270 Scheibbs, Austria
         Tel: 07482/44222
         Fax: 07482/44222-4
         E-mail: christian.kies@aon.at  

Headquartered in Purgstall an der Erlauf, Austria, the Debtor
declared bankruptcy on Sept. 13 (Bankr. Case No. 14 S 145/06y).  


ELEKTRO SANDLEITEN: Vienna Court Orders Business Closure
--------------------------------------------------------
The Trade Court of Vienna entered an order Oct. 2 closing the
business of OEG Elektro Sandleiten Hufnagl & Dafert (FN
143782w).  

Court-appointed property manager Andrea Prochaska recommended
the business closure after determining that the continuing
operations would reduce the value of the estate.

The property manager and his representative can be reached at:

         Mag. Andrea Prochaska
         c/o Mag. Christoff Beck
         Wassergasse 33/12
         1030 Vienna, Austria
         Tel: 718 77 50
         Fax: 718 77 50 15
         E-mail: anwalt@andrea-prochaska.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 21 (Bankr. Case No. 4 S 116/06w).  Christoff Beck
represents Mag. Prochaska in the bankruptcy proceedings.


ROLF WENNINGER: Linz Court Shuts Down Business
----------------------------------------------
The Land Court of Linz entered an order Oct. 2 shutting down the
business of LLC Rolf Wenninger (FN 87329a).  Court-appointed
property manager Reinhold Zeinhofer recommended the business
shutdown after determining that the continuing operations would
reduce the value of the estate.

The property manager can be reached at:

         Mag. Reinhold Zeinhofer
         Hofgasse 9
         4020 Linz, Austria
         Tel: 77 88 98
         Fax: 77 88 98-99
         E-mail: zs@anwaltskanzlei.co.at   

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Sept. 27 (Bankr. Case No. 12 S 76/06y).  


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


BULGARIAN POST: Fitch Affirms Individual Rating at C/D
------------------------------------------------------
Fitch Ratings upgraded Bulgarian Post Bank's Issuer Default and
Support ratings to A- and 1 from BBB+ and 2 respectively.  These
rating actions follow the upgrade of EFG Eurobank Ergasias,
BPB's 99.7% owner, to IDR A from A-.  

Following the upgrade, the Outlook is Stable, reflecting that of
Eurobank's IDR.  BPB's Short-term and Individual ratings are
affirmed at F2 and C/D.

The IDR, Short-term and Support ratings for BPB reflect the very
high potential support from Eurobank, in case of need, as well
as the bank's close integration and cooperation with its parent.

A change in Eurobank's ability and/or propensity to support the
bank could affect BPB's IDR, Outlook and Support rating,
although any upward movement in those ratings is currently
limited by the A- Country Ceiling for Bulgaria.

BPB has been part of Eurobank since July 2004 and is important
to Eurobank's expansion strategy in Eastern Europe.  BPB
provides a broad range of banking services through its domestic
branch network.


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


OM GROUP: Selling Nickel Assets to Norilsk for US$408 Million
-------------------------------------------------------------
OM Group Inc. has entered into a definitive agreement to sell
all of its nickel assets to Norilsk Nickel for US$408 million in
cash, on a debt-free/cash-free basis, plus a potential post
closing adjustment for net working capital.  

The transaction, which has been unanimously approved by the
Board of Directors of both companies, is subject to approval by
regulatory authorities as well as other customary closing
conditions.

The announcement is in line with OM Group's previously stated
business objective to monetize its nickel business, which
management has concluded is a non-core asset.  The company
expects to use the proceeds of the transaction to improve its
financial flexibility and strengthen its position to grow
operations, including through potential strategic acquisitions
and increased new product development.

"This transaction represents an important step in our effort to
re-tool OM Group's business model into one that delivers more
predictable and sustainable financial results, and better
positions us to continue to build long-term value for our
shareholders," said Joe Scaminace, chairman and chief executive
officer.  "Through this transaction, we would simultaneously
achieve three mission-critical objectives in our strategic
transformation into a diversified specialty chemicals and
advanced materials company.  Those objectives are to focus the
company on its strengths in developing and producing value-added
specialty products for customers that serve dynamic markets; to
lessen the impact of metal price volatility on our bottom line;
and to support our aggressive growth plans."

The company believes that the timing for such a transaction is
ideal given today's historically high nickel prices.  "While our
intent was not to try to time the market, we believe this is an
ideal time in the base metals cycle to exit the nickel business.
In our estimation, the current value of the business is greater
than its future value as it's a capital intensive business for
us where we have faced raw material feed constraints and
significant price volatility," Scaminace said.  "More important,
we believe we have found a unique buyer for this business - one
that is well-positioned to create a broader working relationship
with us."

Given the complementary geography and operations, OM Group
believes there are unique synergies between the two companies
that could be leveraged to advance their respective strategies,
build on their core competencies and unlock value for their
shareholders.

"At the conclusion of this transaction, OMG's Specialties
segment will enter into five-year supply agreements with
Norilsk's trading subsidiary that will, among other things,
further strengthen our supply chain and secure consistent raw
materials for our specialties business," said Scaminace.  'The
supply agreements include: up to 2,500 metric tons (mt) per year
of cobalt metal, up to 2,500 mt per year of crude cobalt
hydroxide concentrate and up to 1,500 mt per year of crude
cobalt sulfate, along with various nickel-based raw materials
used in OMG's electronic chemicals business."

The transaction is expected to close in the first quarter of
2007.  The nickel business will be classified as a discontinued
operation, including reclassification of prior periods, in all
future filings.  OM Group remains committed to providing the
highest level of service to its nickel customers through the
transition period, and it expects the change to new ownership to
be seamless for employees and customers.

                    About MMC Norilsk Nickel

OJSC MMC Norilsk Nickel is Russia's largest mining and
metallurgical company and the world's largest producer of nickel
and palladium, as well as a major producer of platinum and
copper.  OJSC MMC Norilsk Nickel is listed on the MICEX and RTS
Russian stock exchanges (GMKN_RU), and the company's ADRs are
traded over the counter in New York (NILSY_US), London (MNOD_LI)
and Berlin (NNIA_GR).


                     About OM Group, Inc.

Headquartered in Cleveland, Ohio, OM Group, Inc. (NYSE: OMG)
-- http://www.omgi.com/-- produces metal-based specialty  
chemicals for about 30 industries, including aerospace,
automotive, computer, construction and consumer electronics.  OM
Group's base metal chemistry products include organics,
inorganics, powders and metals (nickel, cobalt and copper).  The
company offers about 1,500 products to roughly 3,300 customers;
about two-thirds of the company's sales are in Finland.  It also
has sales and/or manufacturing operations in Germany and the
United Kingdom.

                          *    *    *

As reported in the Troubled Company Reporter on Nov. 22, Moody's
Investors Service affirmed OM Group Inc.'s B2 corporate family
rating and B3 rating on its US$400 million notes due 2011, and
moved the ratings outlook to under review for possible upgrade.

The change in outlook follows the report by the company that it
had signed an agreement with Norilsk Nickel regarding the sale
of OMG's nickel business.

Ratings under review:

      -- Corporate family rating at B2

      -- US$400 million guaranteed senior subordinated notes due
         2011 at B3, LGD4, 58%


OM GROUP: Moody's Changes Outlook to Positive on Sale Agreement
---------------------------------------------------------------
Moody's Investors Service affirmed OM Group Inc.'s B2 corporate
family rating and B3 rating on its US$400 million notes due
2011, and moved the ratings outlook to under review for possible
upgrade.  

The change in outlook follows the announcement by the company
that it had signed an agreement with Norilsk Nickel regarding
the sale of OMG's nickel business.

Ratings under review:

   -- Corporate family rating B2; and

   -- US$400-million guaranteed senior subordinated notes due  
      2011 B3 (LGD4, 58%).

OMG's sale of its nickel business includes the sale of the
nickel refinery in Harjavalta, Finland, the mining and leaching
plant in Cawse, Australia and equity investments in MPI Nickel
Pty. Ltd. and Talvivaaran Kaivososakeyhtio on a debt-free, cash-
free basis for a cash purchase price of US$408 million, subject
to a post closing working capital adjustment.  

Additionally, OMG has negotiated five supply agreements with the
buyer for the supply of certain raw materials to its remaining
cobalt-based Specialties business and nickel-based raw materials
used in OMG's electronic chemicals business.  The boards of
directors of both companies have approved the transaction, which
will take OMG out of the nickel business and represents a
significant step in the firm's strategy of becoming a specialty
chemicals and advanced materials company with less volatile
earnings.

The review for a possible upgrade will consider the closing of
the nickel business sale, the ultimate use of net sale proceeds,
and whether the firm's operating margins and cash flow continue
to be supportive of a higher rating.   The company's
subordinated notes are callable at a price of 104.625% of the
face amount during the year starting December 15, 2006.  
However, OMG could also invest in strategic acquisitions and
increased new product development as it pursues its strategic
growth and diversification plans.

Following the transaction, OMG will benefit from decreased
volatility in earnings as the profitability of the nickel
business is tied to commodity nickel prices that have
experienced significant volatility in the past year.  However,
Moody's notes that the fortunes of OMG's earnings are still
partially tied to the price of cobalt, which can be volatile.
The divestiture will also lead to a reduction in net debt such
that the firm will have cash balances exceeding its outstanding
debt, increased liquidity, and flexibility in financing internal
and external growth opportunities.  Moody's believes that the
company will be in a strong position to make modest acquisitions
to support its new strategy, but significant additional debt
above current levels could limit upward movement of the ratings.

OMG is a vertically integrated international producer of cobalt
and nickel-based specialty chemicals, whereby the company
applies proprietary technology to unrefined cobalt and nickel
raw materials to market more than 1,500 different products used
in many end markets such as rechargeable batteries, coatings,
custom catalysts, and liquid detergents.  OMG's revenues for the
LTM ended Sept. 30, 2006 were approximately US$1.3 billion.


OM GROUP: Nickel Assets Sale Prompts S&P to Revise Outlook  
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
OM Group Inc. to positive from stable.  The 'B+' corporate
credit rating on this Cleveland, Ohio-based company was also
affirmed.

The outlook revision reflects the potential for a strengthening
of the business risk profile as management invests the proceeds
from the planned sale of its nickel assets into businesses
capable of delivering more stable and predictable earnings.

"Moreover, there are indications that management's financial
policies and approach to strategic acquisitions favor less
reliance on debt as it transforms OM Group's business model,"
said Standard & Poor's Ratings Services credit analyst
Wesley E. Chinn.


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


HERTZ CORP: S&P Assigns Low-B Ratings on Synthetic Securities
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on two
synthetic securities related to Hertz Corp. and its related
entities and removed them from CreditWatch, where they were
placed with negative implications on June 30.

The rating actions reflect the affirmation of the long-term
corporate credit and senior unsecured debt ratings on
Hertz Corp. (BB-/Negative/NR) and its related entities and their
removal from CreditWatch negative on Nov. 16, 2006.

The ratings on the affected synthetic securities listed below
are weak-linked to the underlying collateral, Hertz Corp. debt.
    
Ratings Affirmed and Off Watch Negative
   
                   SATURNS Trust No. 2003-8
  US$25 million Hertz Corp. debenture-backed callable units
                    and interest only units
   
                           Rating
                
              Class          To             From
              -----          --             ----
              A              BB-            BB-/Watch Neg
              B              BB-            BB-/Watch Neg
   
                  SATURNS Trust No. 2003-15
         US$25 million 7.0% class A callable units,
notional amount 0.851% class B interest-only callable units
   
                           Rating

              Class          To             From
              -----          --             ----
              A              BB-            BB-/Watch Neg
              B              BB-            BB-/Watch Neg


LEAR CORP: Commences US$850-Million Senior Notes Tender Offer
-------------------------------------------------------------
Lear Corporation is commencing a tender offer for up to US$850
million aggregate principal amount of its 8.125% senior notes
due 2008, of which approximately EUR237 million is outstanding,
and its 8.11% senior notes due 2009, of which approximately
US$593 million is outstanding.

The tender offer will expire at midnight, New York City time, on
Dec. 19, 2006, unless extended.

Lear is offering to purchase for cash at a purchase price of
EUR1,045 per EUR1,000 principal amount at maturity plus accrued
interest any and all 2008 notes that are validly tendered and
not withdrawn on or prior to 5:00 p.m., New York City time, on
Dec. 5, 2006, unless extended. The purchase price for any 2008
notes validly tendered after Dec. 5, 2006 and prior to the
expiration of the tender offer is EUR1,025 per EUR1,000
principal amount at maturity plus accrued interest.

Lear is concurrently offering to purchase for cash, at a
purchase price of US$1,055 per US$1,000 principal amount at
maturity plus accrued interest, 2009 notes that are validly
tendered and not withdrawn on or prior to 5:00 p.m., New York
City time, on Dec. 5, 2006, unless extended.

The purchase price for any 2009 notes validly tendered after
December 5, 2006 and prior to the expiration of the tender offer
is US$1,035 per US$1,000 principal amount at maturity plus
accrued interest.  

The tender offer for the 2009 notes will be in an aggregate
amount such that the aggregate principal amount of 2008 notes
and 2009 notes purchased in the tender offer will not exceed an
aggregate maximum tender offer amount of US$850 million. Lear
has the right to increase or waive the maximum tender offer
amount in its sole discretion.

All notes purchased in the tender offer will be retired upon
consummation of the tender offer.  Payments of the tender
consideration for the notes validly tendered and not withdrawn
shall be made pursuant to the terms of the Offer to Purchase
that will be furnished to all holders of the 2008 and 2009
notes.  The consummation of the tender offer is conditioned
upon, among other things, completion of the company's previously
announced US$900 million private offering and other customary
closing conditions.  If any of the conditions are not satisfied,
Lear is not obligated to accept for payment, purchase or pay
for, or may delay the acceptance for payment of, any tendered
notes, and may terminate the tender offer.  Subject to
applicable law, Lear may waive any condition applicable to the
tender offer and extend or otherwise amend the tender offer.

Citigroup Corporate and Investment Banking is the dealer manager
for the tender offer. Questions regarding the tender offer may
be directed to Citigroup Corporate and Investment Banking at
800-558-3745 (toll free) or at 212-723-6106 (collect).

Global Bondholder Services Corporation is acting as information
agent and the depositary. Copies of the Offer to Purchase,
Letter of Transmittal and related documents may be obtained at
no charge from Global Bondholder Services Corporation at 866-
873-5600 (toll-free) or at 212-430-3774 (collect).  The Company
has also retained Dexia Banque Internationale a Luxembourg to
act as depositary for the 2008 notes.

The tender offer may only be made pursuant to the Offer to
Purchase. Holders of the notes should read carefully the Offer
to Purchase and related materials because they contain important
information related to the tender offer.  Lear intends to mail a
copy of the applicable Offer to Purchase and Letter of
Transmittal and related documents to each of the holders of
senior notes.

                    About Lear Corporation

Headquartered in Southfield, Michigan , Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior   
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India. Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey and Venezuela.

                          *     *     *

As reported in the TCR-Europe on Nov. 22, Standard & Poor's
Ratings Services assigned its 'B-' ratings to Lear Corp.'s
US$300 million senior notes due 2013 and its US$400 million
senior notes due 2016.

Lear's 'B+' corporate credit and other ratings were affirmed.
The outlook is negative.  

Moody's Investors Service has assigned a B3, LGD4, 61% rating to
Lear Corporation's new offering of US$700 million of unsecured
notes.

At the same time, Moody's affirmed Lear's Corporate Family
Rating of B2, Speculative Grade Liquidity rating of SGL-2 and
negative outlook.

All other long-term ratings are unchanged.


LEAR CORP: Hikes Amount of Offered Notes to US$900 Million
----------------------------------------------------------
Lear Corp. has priced the offering of US$900 million in new
senior notes.  This offering is an increase of US$200 million
from the US$700 million offering amount previously announced by
Lear.

The US$900 million offering includes US$300 million in senior
notes due 2013 and US$600 million in senior notes due 2016. The
notes will be senior unsecured obligations of the company.  The
US$300 million of seven-year notes will be sold at par and will
bear interest at a rate of 8.50%.  The US$600 million of ten-
year notes will be sold at par and will bear interest at a rate
of 8.75%. The financing is scheduled to close on November 24,
2006.

These new notes will be purchased by Citigroup Global Markets
Inc. and are expected to be eligible for resale under Rule 144A
of the Securities Act of 1933.

Lear intends to use the net proceeds from this offering to pre-
fund the repayment or repurchase of any and all of Lear's
outstanding 8.125% senior notes due 2008 and a substantial
portion of the outstanding 8.11% senior notes due 2009.

This news release is not an offer to purchase, nor a
solicitation of an offer to sell, any securities. The notes have
not been registered under the Securities Act of 1933, as amended,
or applicable state securities laws and may not be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities
Act and applicable state securities laws.

                    About Lear Corporation

Headquartered in Southfield, Michigan, Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior   
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India. Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey and Venezuela.

                          *     *     *

As reported in the TCR-Europe on Nov. 22, Standard & Poor's
Ratings Services assigned its 'B-' ratings to Lear Corp.'s
US$300 million senior notes due 2013 and its US$400 million
senior notes due 2016.

Lear's 'B+' corporate credit and other ratings were affirmed.
The outlook is negative.  

Moody's Investors Service has assigned a B3, LGD4, 61% rating to
Lear Corporation's new offering of US$700 million of unsecured
notes.

At the same time, Moody's affirmed Lear's Corporate Family
Rating of B2, Speculative Grade Liquidity rating of SGL-2 and
negative outlook.

All other long-term ratings are unchanged.


LEAR CORP: Fitch Assigns B/RR4 Ratings to US$900-Mln Notes
----------------------------------------------------------
Fitch Ratings assigned rating of B/RR4 to Lear Corp.'s US$900
million in new senior unsecured notes.  The notes are divided
into two tranches, with US%300 million maturing in 2013 and
US$600 million maturing in 2016.

The notes will be guaranteed by certain Lear direct and indirect
subsidiaries.  Proceeds will be used to tender for Lear's
outstanding 8.125% unsecured senior notes due 2008 and a
significant portion of the outstanding 8.11% unsecured senior
notes due 2009, resulting in a slight increase in Lear's
unsecured debt mix, but not enough to change Fitch's recovery
analysis.

The refinancing extends debt maturities by five to eight years,
and together with Lear's bank facilities, provides substantial
liquidity and time to focus on restructuring efforts.  The
Outlook is Negative.

Lear will continue to face very difficult conditions in the U.S.
market due to declining production at Ford and GM, high
commodity costs and Lear's restructuring efforts.  New business
wins and reduced capital expenditures will help support
operating results during the restructuring process, but any
improvement in the company's leverage position in 2007 is
expected to be modest.

The pending formation of a joint venture to which Lear will
contribute its interiors operations is viewed as a positive due
to that unit's operating losses and high capital expenditure
requirements.

Fitch's current ratings are unaffected by the refinancing of
like debt and are as follows:

   -- Issuer Default Rating at B;
   -- Senior secured bank debt at BB/RR1; and
   -- Senior unsecured debt at B/RR4.


XINHUA FINANCE: Moody's Affirms B2 Rating on Senior Bonds
---------------------------------------------------------
Moody's Investors Service affirmed its B2 rating for the senior
unsecured bonds issued by Xinhua Finance Ltd. following the
completion of the issuance.  

At the same time, Moody's has affirmed its B2 corporate family
rating for XFL and removed these ratings from provisional
status.  The ratings outlook is stable.

The bond proceeds will mainly be utilized for:

   -- debt refinancing,

   -- future strategic acquisitions, and

   -- general corporate purposes.

XFL, which listed on the Mother Board of the Tokyo Stock
Exchange in October 2004, is an integrated provider of indices,
ratings, financial news and investor relations, especially in
regard to China.  It has 19 offices and 20 news bureaus across
Asia, Australia, North America and Europe.  It covers key
Chinese and international markets.


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


* Increased Geopolitical Risk Spurs S&P to Revise Rating Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Government of Georgia to stable from positive, owing to
increased geopolitical risk.  At the same time, the 'B+/B' long-
term and short-term sovereign credit ratings were affirmed.

"The outlook change reflects Standard & Poor's view that the
geopolitical risks in the region have increased significantly
and may impair positive trends in external liquidity, investor
sentiment, and economic growth," said Standard & Poor's credit
analyst Luc Marchand.  "These risks are partly balanced by still
strong economic prospects, underpinned by rapid reform,
continued prudent fiscal policies, and an increasingly market-
oriented economic structure."

The sovereign's ongoing success in increasing government
revenues is expected to support moderate general government
deficits of about 2.6% of GDP in 2007, declining to 2.2% in
2008, and 2.0% in 2009.  High nominal GDP growth and
privatization will contribute to a reduction of the net general
government debt burden to an expected 20% of GDP in 2007, with a
further improvement projected to 16% in 2008.  This compares
favorably with a level of 57% in 2003 and a 2006 median for 'B'
rated sovereigns of 44%.

The ratings are constrained by geopolitical risk, relatively
high inflation, a comparatively undeveloped financial sector,
and a narrow economic structure.

Georgia's weak external indicators are aggravated by tensions in
its relationship with Russia, a key trading partner, and compare
unfavorably with peers.  Russia's unilateral trade embargo on
Georgia imposed in Oct. 2006 and an announced hike in the price
of gas supplied to Georgia by Russia's state-owned Gazprom
starting in Jan. 2007 will contribute to a deterioration in the
current account deficit, to about 15% of GDP in 2007 from about
11% in 2006, and 8.8% in 2005.  Gross external financing needs
(current account payments and short-term debt by maturity) are
estimated at 121% of current account receipts (CARs) and usable
reserves in 2006, compared with a 'B' median of 108%.

The monetary environment is also a weakness, with inflation
having accelerated to an expected average of 8.5% in 2006,
following rapid expansion in domestic credit and strong capital
inflows.  While the central bank of Georgia is in the process of
developing a full supplement of monetary policy tools, these
currently remain of limited effectiveness in countering price
pressures, in part because of the relative underdevelopment of
the financial sector and markets.

The ratings are also constrained by the country's low level of
economic development, which is only partly balanced by Georgia's
good economic growth prospects.  Estimated at US$1,700 in 2006,
per capita GDP is low.  Advancement depends on the country's
continued success in improving the market orientation of its
institutional framework and business environment, in reducing
corruption, and in strengthening the legal system, all of which
are key priorities for the government.  Indeed, Georgia was
rated the top reformer globally in 2006, jumping from 112th
place to 37th place in the "Assessment of Doing Business
Survey", reflecting the urgency with which the government is
addressing these shortfalls.

The stable outlook balances prudent fiscal policies and a strong
track record of reforms with an anticipated deterioration in
external indicators, increased geopolitical risk, and high
development needs.  The difficult relationship with Russia, in
combination with ongoing internal pressures related to the
independence-seeking regions of Abkhazia and South Ossetia, may
further strain external liquidity, and diminish investor
confidence and economic expansion.  The successful management of
the potential consequences of these risks would likely lead to
the reinstatement of the positive outlook and an eventual
upgrade, particularly if coupled with institutional and
infrastructure development.  Further slippage in external
performance, a reversal of fiscal performance, or increased
inflationary pressures would put downward pressure on the
ratings.


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


APPLER-FESTIVAL: Creditors' Meeting Slated for November 30
----------------------------------------------------------
The court-appointed provisional administrator for Appler-
Festival GmbH, Hans-Joerg Laudenbach, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m. on Nov. 30.

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

         The District Court of Marburg/Lahn
         Hall 157
         District Court Building
         Universitatsstrasse 48
         35037 Marburg/Lahn, Germany      

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m. on Jan. 17, 2007, at the
same venue.

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

The District Court of Marburg/Lahn opened bankruptcy proceedings
against Appler-Festival GmbH on Oct. 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Appler-Festival GmbH
         Attn: Gerd Itzenhauser, Manager
         Ludwigsecke 7
         34621 Frielendorf, Germany

The administrator can be reached at:

         Dr. Hans-Joerg Laudenbach
         Fach 62
         Carlo-Mierendorff-Road 15
         35398 Giessen, Germany
         Tel: 0641/98292-15
         Fax: 0641/98292-85


ANTHRACITE EURO: Moody's Assigns (P)Ba2 Rating on Class E Notes
---------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to these
Notes to be issued by Anthracite Euro CRE CDO 2006-1 p.l.c., the
first Commercial Real Estate CDO comprised entirely of European
collateral:

   -- EUR142,500,000 Class A Senior Floating Rate Notes due
      2042: (P)Aaa;

   -- EUR29,000,000 Class B Senior Floating Rate Notes due
      2042: (P)Aa1

   -- EUR48,500,000 Class C Deferrable Interest Floating Rate  
      Notes due 2042: (P)A1;   

   -- EUR31,000,000 Class D Deferrable Interest Floating Rate   
      Notes due 2042: (P)Baa2; and

   -- EUR25,000,000 Class E Deferrable Interest Floating Rate
      Notes due 2042: (P)Ba2.

The structure also includes an EUR66,500,000 Class F
Subordinated Notes due 2042, which has not been rated by
Moody's.

The provisional ratings address the expected loss posed to
investors by the legal final maturity date of each Class of
Notes.

These provisional 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 Blackrock Financial Management,
      Inc. in the management of B, C and Mezzanine
      real estate loans, CMBS tranches, REOC and REIT debt; and

   5. the legal and structural integrity of the transaction.

Anthracite Euro CRE CDO 2006-1 p.l.c. is a managed Commercial
Real Estate CDO relating to a EUR335,000,000 portfolio of B, C
and Mezzanine real estate loans, CMBS tranches, REOC and REIT
debt.  The portfolio will be managed by Blackrock Financial
Management, Inc.

Approximately 90% of the portfolio will be already acquired at
the closing date and the remaining portion will be acquired
during the ramp-up period.  Thereafter, the portfolio of
securities will be actively managed and the portfolio manager
may advise the issuer to buy or sell collateral debt securities.
Any addition or removal of collateral debt securities will be
subject to a number of portfolio criteria.

The portfolio at closing will comprise B and C real estate loans
and CMBS bonds for respectively 56.6% and 36.6% of the target
par amount.  The underlying assets are mainly drawn from the UK
and Germany.  The collateral will be predominantly denominated
in Euros, but may also consist of assets denominated in other
eligible currencies such as British Pounds, Danish Crowns,
Norwegian Crowns, Swedish Crowns and Swiss Francs.  The FX risk
related to all the non Euro assets will be hedged via perfect
asset swaps with eligible counterparties.

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


BEHR GMBH: Moody's Assigns (P)Ba1 Rating on Perpetual Securities
----------------------------------------------------------------
Moody's Investors Services assigned a provisional (P)Ba1 rating
to the proposed issuance of junior subordinated perpetual
securities by Behr GmbH & Co. KG rated Baa2 for senior unsecured
debt.  

The assigned rating and the basket designation will be subject
to satisfactory final documentation.  The outlook for the
ratings is stable.

Moody's said that the (P)Ba1 rating for the junior subordinated
perpetual securities reflects the level of subordination of this
security relative to other debt obligations of Behr.  In
particular, the bonds will be the most junior debt obligations
of the issuer and subordinated to and ranking behind the claims
of all other unsubordinated and subordinated creditors.

The instrument will, in Moody's view, have sufficient equity-
like features to allow it to receive basket "D" treatment, i.e.
75% equity and 25% debt for financial leverage purposes.

The basket allocation is based on these rankings for the three
dimensions of equity:

   (i) No maturity: Moderate -- The Notes will have no
       maturity and a regular first call option by the issuer
       no earlier than after 7 [or 10] years (with a
       100 bp coupon step-up thereafter).  Prior to the
       first call date the issuer has the right to redeem
       the bonds upon a tax, gross-up, capital or
       accounting event.  Potential redemption on such
       call dates will be covered by satisfactory
       replacement language where the issuer expresses
       its intention that the instrument can only be replaced
       by one with the same or more equity-like
       characteristics.  Additionally, the issuer has the
       right to redeem the bonds for cash upon a Change
       of Control event with such call not being subject
       to replacement language.

   (ii) No ongoing payments: Strong -- Deferral of interest
        will be mandatory upon breach of a certain
        financial trigger, defined as cash flow  
       (net income, minority income, depreciation of
        non-current assets, increase of provisions and other
        non-cash expenses less write-ups on non-current
        assets and the decrease of provisions and other
        non-cash income) divided by interest expenses
        falling below 3-times.  Once deferred, interest
        payments can only be settled through the
        alternative coupon settlement mechanism giving
        the company the right to settle either with the
        proceeds of a capital increase (i.e. an increase
        of partnership interests) or with Eligible
        Securities defined as long-dated
        non-cumulative securities with mandatory deferral,
        which are only senior to common equity.  In the
        event that neither a capital increase is possible
        nor Eligible Securities can be issued, Behr will
        have the ability to issue PIK securities, which will
        be limited to 15% of the principal amount
        whereas Eligible Securities cannot exceed 25% of
        the principal amount (together, PIK and
        Eligible Securities are limited to 15% of the
        principal amount).  Moody's views the use of
        PIK securities as the last resort.  While PIK
        and Eligible Securities must not be used beyond
        their respective caps there is no limit on
        settlement out of the proceeds of a capital
        increase.  Any distributions that cannot be
        settled within 5 years through the alternative
        coupon settlement mechanism will be entirely
        forgiven.  In addition, the issuer has the option
        to defer interest subject to certain provisions.
        Any such optionally deferred interests are
        cumulative and payable in cash.  Furthermore,
        any optional deferral by the issuer or
        mandatory deferral based on a breach of the
        financial trigger, leads to a
        "dividend stopper" obligation -- a self-restriction
        on Behr's general and limited partners, which
        prohibits payments in relation to the partners
        equity claims and significantly limits payments
        in relation to their debt claims.

   (iii) Loss absorption: Strong - In the event of
         liquidation, the securities will rank junior to
         all other senior and subordinated creditors of
         the issuer.

Moody's notes that if Behr calls the existing hybrid in the
event of a Change of Control (effectively a change in ownership
that results in Behr's senior ratings falling below investment
grade) as per the hybrid's terms and conditions, the company
will also make a tender offer at par to all holders of those
current and future debt instruments that do not contain explicit
Change of Control clauses.

Moody's understands that the notes are mainly used to replace
existing debt.  Moody's partial equity treatment of the notes
thus provides an element of flexibility in the rating agency's
assessment of the group's financial profile.

Headquartered in Stuttgart, Germany, Behr GmbH & Co. KG is a
leading supplier of thermal management products (e.g., heating
and vehicle air conditioning modules and engine cooling systems)
for the automotive industry as well as for other industrial
applications (e.g., railways, aircraft and construction
machinery).  In 2005, Behr reported sales of EUR3.1 billion.


BEUSCHLEIN GMBH: Claims Registration Ends November 30
-----------------------------------------------------
Creditors of Beuschlein GmbH have until Nov. 30 to register
their claims with court-appointed provisional administrator
Markus Schadler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Meeting Room 2
         II. Stick
         Law Branch
         Virchowstr. 14
         Wuerzburg, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

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

The Debtor can be contacted at:

         Beuschlein GmbH
         Attn: Friedrich Beuschlein, Manager
         Spitalgasse 17b
         97082 Wuerzburg, Germany

The administrator can be contacted at:

         Dr. Markus Schadler
         Hofstr. 3
         97070 Wuerzburg, Germany
         Tel: 0931/45202953


CAPCOM CO.: Moody's Places Ba2 Senior Debt Rating Under Review
--------------------------------------------------------------
Moody's Investors Service placed Capcom Co. Ltd.'s Ba2 senior
unsecured long-term debt rating under review for possible
upgrade.  

This action reflects Moody's expectation that Capcom's earnings
and cash flow will continue to stabilize and grow over the
intermediate term.

In its review, Moody's will assess its business strategy to
next-generation home video game hardware platforms over the
medium term, and how this strategy will enable it to improve its
financial performance, as well as its financial policy.

Capcom is a leading home video game software developer and, in
Moody's view, has the advanced technology needed to develop
popular titles.  Its very popular game software titles have
posted strong worldwide sales.

Over the last couple of years, Capcom has taken various measures
to rationalize its organization, aimed at increasing its ability
to continue to launch popular and profitable game software
titles and to pursue growth opportunities both in Japan and
abroad.  It has implemented its multi-platform strategy to
provide its game software titles to all the home video-game
hardware platforms and has established alliances with other
leading software developers through development and distribution
of software titles.  Furthermore, it has maintained stable
arcade operations and arcade games sales businesses, as well as
contents expansion business, which includes development and
sales of contents to mobile telecommunications service.  These
initiatives will contribute to stabilizing sales and earnings,
in Moody's view.

As a result of these efforts, the company's interim financial
results for the half-year ended September 2006 showed
significant improvement over the same period of the prior year.
Its new software titles, especially "Dead Rising" for
Microsoft's Xbox 360 in North America and Europe, have
contributed to growing sales and earnings.  Moody's views
positively that Capcom has demonstrated an ability to develop
software for next-generation systems and create new game titles.

Capcom's capital structure has been recovering over the last two
years after posting extraordinary losses for restructuring in
FYE 3/2003 and FYE 3/2004.  At end-September 2006, the company
had about JPY41 billion in debt, but also JPY35.9 billion of
cash and deposits.  The company continues to prioritize its debt
reduction, mainly reducing it by using cash on hand.

Capcom Co., Ltd., headquartered in Osaka, Japan, is one of
Japan's leading developers of home video-game software.  The
company also engages in arcade operations and arcade games sales
businesses.  Its consolidated sales in FYE3/2006 were
JPY70.3 billion.


DHS BETRIEBS: Claims Registration Ends December 4
-------------------------------------------------
Creditors of DHS Betriebs- und Wirtschaftsberatung Ltd. have
until Dec. 4 to register their claims with court-appointed
provisional administrator Nikolai Manke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 2, 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 Uelzen
         Hall 1
         Main Building
         Fritz Roever Road 5
         29525 Uelzen, 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 Uelzen opened bankruptcy proceedings
against DHS Betriebs- und Wirtschaftsberatung Ltd. on Oct. 6.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         DHS Betriebs- und Wirtschaftsberatung Ltd.
         Sternstr. 36
         29525 Uelzen, Germany

         Attn: Ulrich Hatesaul, Manager
         Johnsburg 16
         29525 Uelzen, Germany

The administrator can be contacted at:

         Nikolai Manke
         Ringstrasse 9
         29525 Uelzen, Germany
         Tel: 0581/9010-0
         Fax: 0581/901020


HAUS FUER ALLE: Claims Registration Ends December 4
---------------------------------------------------
Creditors of Haus fuer Alle(s) GmbH have until Dec. 4 to
register their claims with court-appointed provisional
administrator Martin Dreschers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Jan. 8, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 3
         3rd Floor
         Alter Posthof 1
         52062 Aachen, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Aachen opened bankruptcy proceedings
against Haus fuer Alle(s) GmbH on Oct. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Haus fuer Alle(s) GmbH
         Attn: Manfred Rixen, Manager
         Rathausplatz 3
         41844 Wegberg, Germany

The administrator can be contacted at:

         Dr. Martin Dreschers
         Juelicher Road 116
         52070 Aachen, Germany


HELD SCHUHE: Claims Registration Ends December 1
------------------------------------------------
Creditors of Held Schuhe GmbH & Co. KG 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 9:20 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 Held Schuhe GmbH & Co. KG on Oct. 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Held Schuhe GmbH & Co. KG
         Moenckebergstrasse 7
         20095 Hamburg, Germany

         Attn: Micheale Bruns, Manager
         Moordamm 54
         25474 Ellerbek, Germany

The administrator can be contacted at:

         Dr. Thilo Streck
         Neuer Wall 86
         20354 Hamburg, Germany


HOWESTA DEUTSCHLAND: Claims Registration Ends November 30
---------------------------------------------------------
Creditors of Howesta Deutschland GmbH (Erzgebirge) have until
Nov. 30 to register their claims with court-appointed
provisional administrator Frank Ruediger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Jan. 11, 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 Chemnitz
         Hall 28
         Law Courts Prince Road 21
         Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against Howesta Deutschland GmbH (Erzgebirge) on Oct. 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Howesta Deutschland GmbH (Erzgebirge)
         Attn: Guenter Reinhold, Manager
         Karlsbader Road 10-14
         09465 Sehmatal-Sehma, Germany

The administrator can be contacted at:

         Frank Ruediger Scheffler
         Ulmenstrasse 14
         09112 Chemnitz, Germany
         E-mail: www.tiefenbacher.de


KKS IT-DIENSTLEISTUNGEN: Creditors' Meeting Slated for Dec. 1
-------------------------------------------------------------
The court-appointed provisional administrator for KKS IT-
Dienstleistungen GmbH, Bernd Peters, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:25 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 9:00 a.m. on Jan. 19, 2007, at the
same venue.

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

The District Court of Verden (Aller) opened bankruptcy
proceedings against KKS IT-Dienstleistungen GmbH on Oct. 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         KKS IT-Dienstleistungen GmbH
         Bremer Str. 22
         28870 Ottersberg, Germany

         Attn: Dr. Hans-Juergen Alfred Krause, Manager
         Meeschendorfer Weide
         23779 Neukirchen, Germany

         Dirk Schiermeyer, Manager
         Bremer Str. 22
         28870 Ottersberg, Germany

The administrator can be reached at:

         Dr. Bernd Peters
         Wall 146
         28195 Bremen, Germany
         Tel: 0421/244009-0
         Fax: 0421/244009-29


PEGO GMBH: Claims Registration Ends December 1
----------------------------------------------
Creditors of PeGo GmbH have until Dec. 1 to register their
claims with court-appointed provisional administrator Sabine
Aldermann.

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

The meeting of creditors will be held at:

         The District Court of 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 PeGo GmbH on Oct. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         PeGo GmbH
         Wasserstr. 15
         59423 Unna, Germany

         Attn: Frank Eberhard Harnisch, Manager
         Suedfriedhof 19
         59423 Unna, Germany

The administrator can be contacted at:

         Dr. Sabine Aldermann
         Landgrafenstr. 2 a
         44139 Dortmund, Germany


PROMISE XXS: S&P Puts Low-B Ratings on EUR123.5-Million Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the floating-rate credit-linked notes to be
issued by PROMISE XXS-2006-1 GmbH, a special purpose entity.
  
The transaction is a partially funded synthetic balance sheet
CLO, referencing a portfolio of bank loans to SMEs in Germany
and Austria.  The transaction aims to provide economic capital
relief to Bayerische Hypo- und Vereinsbank AG and Bank Austria
Creditanstalt AG, and to transfer the credit risk associated
with the portfolio.
  
The originators are HVB and Bank Austria Creditanstalt.  The
reference portfolio is large and well diversified by sector and
region.  The structure will benefit from an experienced
portfolio administrator.
  
                        Ratings List
                   PROMISE XXS-2006-1 GmbH
        EUR595.75 Million Floating-Rate Credit-Linked Notes
  
                             Prelim.        Prelim.
              Class          rating         amount (Mil. EUR)
              -----          ------         ------
              A+             AAA            0.25
              A              AAA            179.5
              B              AA             108
              C              A              78.5
              D              BBB            56.5
              E              BB             78.5
              F              B-             45
              G              NR             49.5
  
              NR-Not rated.


REKA GMBH: Claims Registration Ends November 30
-----------------------------------------------
Creditors of REKA GmbH have until Nov. 30 to register their
claims with court-appointed provisional administrator Christian
Frystatzki.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 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 Cologne
         Meeting Room 1240
         12th Floor
         Luxemburger Road 101
         50939 Cologne, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Cologne opened bankruptcy proceedings
against REKA GmbH on Oct. 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         REKA GmbH
         Attn: Irfan Alici, Manager
         Friedenstr. 50
         50226 Frechen, Germany

The administrator can be contacted at:

         Dr. Christian Frystatzki
         Sankt Augustiner Str. 94 a
         53225 Bonn, Germany


SEMPER FINANCE: Fitch Rates EUR32.7-Mln Class E Notes at BB
-----------------------------------------------------------
Fitch Ratings assigned Semper Finance 2006-1 Ltd.'s floating-
rate notes due 2082 expected ratings:

   -- EUR1,360,000,000 senior swap: AAA;
   -- EUR500,000 Class A+: AAA;
   -- EUR138,000,000 Class A: AAA;
   -- EUR111,500,000 Class B: AA;
   -- EUR92,500,000 Class C: A;
   -- EUR83,000,000 Class D: BBB;
   -- EUR32,700,000 Class E: BB;
   -- EUR7,400,000 Class F: non-rated; and
   -- EUR25,072,544 Threshold Amount: non-rated.

The ratings reflect the characteristics of the reference
portfolio and the integrity of the legal and financial
structures.  The ratings also address the timely payment of
interest on the notes and the ultimate repayment of principal by
final documents conforming to information already received.

This transaction is a synthetic securitization of commercial
mortgage loans originated by Eurohypo AG and secured by German
properties.

As at the cut-off date on Oct. 2, 2006, the reference portfolio
consisted of 1,773 EUR-denominated mortgage loans originated by
Eurohypo with an aggregate current balance of EUR1.851 billion.
The loans were granted to operating housing associations and are
secured by one or more residential multi-family assets located
in East Germany and Berlin.

As at Oct. 2, 2006, no loan was in arrears, and none of them
have ever been in arrears for more than 10 days since October
2002.  The reference claims in the portfolio are secured either
by senior- or subordinate-ranking mortgages.  The vast majority
of the loans in the portfolio are seasoned fixed-rate loans,
amortizing over approximately 30 years.

The portfolio is collateralized by 1,506 multi-family housing
properties with a most recent appraisal value of approximately
EUR3.806 billion.  The collateral is 100% located in the eastern
part of Germany and Berlin, whereas Saxony contributes the
highest share of the portfolio's market value, followed by
Berlin.


XINHUA FINANCE: Moody's Affirms B2 Rating on Senior Bonds
---------------------------------------------------------
Moody's Investors Service affirmed its B2 rating for the senior
unsecured bonds issued by Xinhua Finance Ltd. following the
completion of the issuance.  

At the same time, Moody's has affirmed its B2 corporate family
rating for XFL and removed these ratings from provisional
status.  The ratings outlook is stable.

The bond proceeds will mainly be utilized for:

   -- debt refinancing,
   -- future strategic acquisitions, and
   -- general corporate purposes.

XFL, which listed on the Mother Board of the Tokyo Stock
Exchange in October 2004, is an integrated provider of indices,
ratings, financial news and investor relations, especially in
regard to China.  It has 19 offices and 20 news bureaus across
Asia, Australia, North America and Europe.  It covers key
Chinese and international markets.


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


OVERSEAS SHIPHOLDING: Earns US$90.8 Million in Third Quarter
------------------------------------------------------------
Overseas Shipholding Group Inc. reported operating income of
US$94 million from consolidated revenue of US$265 million for
the quarter ended Sept. 30, 2006.

For the three months ended Sept. 30, 2005, the Company reported
operating income of US$84 million, from consolidated revenue of
US$203 million.

For the quarter ended Sept. 30, 2006, Time Charter Equivalent
revenues increased by 31% to US$254.8 million from US$194.8
million in the third quarter of 2005.  The Company disclosed
that the TCE revenue performance was the result of strong rates
across its VLCC, Aframax, Panamax and Handysize Product Carrier
fleets.

EBITDA for the third quarter was US$135.6 million compared with
US$135.4 million in the third quarter of 2005.  Net income for
the quarter ended Sept. 30, 2006 was US$90.8 million, compared
with US$72.1 million, for the third quarter of 2005.  The
current quarter benefited from gains on vessel sales and sale of
securities of US$15.8 million, compared with US$22.4 million, in
the same period a year ago.  In addition, the current quarter
reflects the impact of a US$27 million increase in the reserve
related to the U.S. Department of Justice investigation.

For the first nine months ended Sept. 30, 2006, the Company
reported a 9% increase in TCE revenues to US$751.2 million from
US$690.5 million in the comparable period of 2005.  EBITDA for
the first nine months of 2006 decreased to US$424.8 million from
US$535.1 million in the first nine months of 2005 and including
the increase in the reserve.  Net income for the nine month
period ended Sept. 30, 2006 was US$279.4 million, compared with
US$351.1 million in the comparable 2005 period.  The first nine
months of 2006 benefited from gains on vessel sales and sale of
securities of US$21.1 million, compared with US$60.7 million in
the comparable period of 2005.

Operating income was US$297 million from consolidated revenue of
US$787 million for the nine months ended Sept. 30, 2006, versus
operating income of US$389 million from consolidated revenue of
US$716 million for the comparable period in 2005.

Morten Arntzen, president and chief executive officer, stated,
"Third quarter TCE revenues were largely the result of a strong
spot rate environment in both the crude and product
transportation sectors and additions to our product carrier
fleet.  The increase in operating income before gains and
special charges reflects the benefits from OSG's diverse fleet
and chartering strategy."

Mr. Arntzen continued, "Our objective to achieve a market
leadership position in the U.S. Flag sector will be realized
upon the completion of the Maritrans acquisition.  This is
another example of our ongoing efforts to transform OSG, which
began nearly three years ago.  Our shareholders will continue to
benefit from OSG's leadership position, fleet diversification
and spot/time-charter mix that will ensure competitive returns
not only in a strong rate environment but throughout all market
cycles."

TCE revenues in the third quarter of 2006 for the International
Crude Tanker segment were US$175.9 million, an increase of 42%
quarter-over-quarter, which were partially offset by a decrease
in revenue days for VLCCs as a result of increased drydocking
and repair days and the sale of three older Aframax tankers.  
TCE revenues for the International Product Carriers segment
increased 25% to US$55 million from US$44.2 million in the prior
year.  Its U.S. segment TCE revenues decreased 7% quarter-over-
quarter to US$19 million from US$20.4 million in the same period
a year ago.

Income from vessel operations was US$88.9 million in the third
quarter of 2006, compared with US$82.9 million in the same
period a year earlier.  For the quarter ended Sept. 30, 2006,
total ship operating expenses increased US$56.6 million to
US$176.9 million from US$120.3 million in the corresponding
quarter in 2005, of which US$27 million relates to the reserve
taken for the U.S. Department of Justice investigation.

                        Financial Profile

At Sept. 30, 2006, the Company's shareholders' equity increased
by US$242.1 million to US$2.1 billion and liquidity, including
undrawn bank facilities, increased to more than US$2.27 billion.  
Total long-term debt as of Sept. 30, 2006 was US$799.4 million
compared with US$965.7 million at Dec. 31, 2005.  Liquidity
adjusted debt to capital was 9.7% as of Sept. 30, 2006, an
improvement from 24.5% as of Dec. 31, 2005.

The Company further disclosed that, in 2004 and the first
quarter of 2005, it made provisions totaling US$10 million for
anticipated fines and contributions to environmental protection
programs associated with a possible settlement of the U.S.
Department of Justice investigation.  In the third quarter of
2006, the Company, based on discussions with the U.S. Department
of Justice that resumed in August 2006, made an additional US$27
million provision.

Overseas Shipholding Group Inc. (NYSE:OSG) --
http://www.osg.com/-- is a publicly traded tanker company, with  
a combined owned, operated and newbuild fleet of 118 vessels
aggregating 12.9 million dwt and 865,000 cbm.  The Company has
offices in Athens, London, Manila, Montreal, Newcastle, New York
City and Singapore.

                        *     *     *

As reported in the TCR-Europe on Oct. 27, Moody's Investors
Service confirmed its Ba1 Corporate Family Rating for Overseas
Shipholding Group Inc. in connection with Moody's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the transportation sector.


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


ERSTE BANK: Moody's Lifts Financial Strength Rating to D+
---------------------------------------------------------
Moody's Investors Service upgraded the bank financial strength
rating of Erste Bank Hungary to D+ from D.  The outlook on the
BFSR is now stable following the upgrade.  

The rating action does not affect the A2/P-1 foreign currency
deposit ratings of the bank, both of which have been affirmed
with stable outlook. The bank is 99.9% owned by Erste bank AG
(rated A1/P-1/C+) whose expected support underpins EBH's foreign
currency bank deposit ratings.

Moody's stated that the upgrade of the FSR to D+ concludes the
review for possible upgrade initiated on July 4, 2006.  The
rating review has focused on assessing the sustainability of the
bank's recent achievements as well as on the vulnerability of
the bank to foreign currency risk in light of importance of the
bank's foreign currency lending and the recent depreciation of
the Hungarian forint.

Moody's said that it believes that a moderate depreciation of
the Hungarian forint and a moderate increase in Swiss franc
interest rates should not lead to a material deterioration in
the bank's financial fundamentals.  The rating agency added that
the bank's business and financial performance in 2006 have so
far been in line with its expectations and the bank's own
forecasts.

In placing the FSR on review, Moody's acknowledged the good
progress of the bank since the merger of Postabank into Erste
Bank Hungary in September 2004.  The two businesses have been
successfully integrated, resulting in significant cost and
revenue synergies for EBH.  The bank has strengthened its retail
franchise and secured its position as the third largest retail
bank in Hungary by market share and improved its financial
fundamentals by significantly increasing operating revenues and
containing costs in 2005.  The EBH risk management systems have
also been implemented throughout the Postabank network.

Headquartered in Hungary, Budepest, Erste bank Hungary is the
country's fifth largest bank by total assets.  At the end of
3Q 2006, it had unaudited consolidated total assets under IFRS
amounting to HUF1,685 (EUR6.5 billion) vs. HUF1,453 billion
(EUR5.74 billion) at the end of 2005.  The bank also posted
consolidated IFRS net profit of HUF16.7 billion for 1-3Q 2006
vs. IFRS net profit of HUF18.8 billion for 2005.


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


LEAR CORP: Commences US$850-Million Senior Notes Tender Offer
-------------------------------------------------------------
Lear Corporation is commencing a tender offer for up to US$850
million aggregate principal amount of its 8.125% senior notes
due 2008, of which approximately EUR237 million is outstanding,
and its 8.11% senior notes due 2009, of which approximately
US$593 million is outstanding.

The tender offer will expire at midnight, New York City time, on
Dec. 19, 2006, unless extended.

Lear is offering to purchase for cash at a purchase price of
EUR1,045 per EUR1,000 principal amount at maturity plus accrued
interest any and all 2008 notes that are validly tendered and
not withdrawn on or prior to 5:00 p.m., New York City time, on
Dec. 5, 2006, unless extended. The purchase price for any 2008
notes validly tendered after Dec. 5, 2006 and prior to the
expiration of the tender offer is EUR1,025 per EUR1,000
principal amount at maturity plus accrued interest.

Lear is concurrently offering to purchase for cash, at a
purchase price of US$1,055 per US$1,000 principal amount at
maturity plus accrued interest, 2009 notes that are validly
tendered and not withdrawn on or prior to 5:00 p.m., New York
City time, on Dec. 5, 2006, unless extended.

The purchase price for any 2009 notes validly tendered after
December 5, 2006 and prior to the expiration of the tender offer
is US$1,035 per US$1,000 principal amount at maturity plus
accrued interest.  

The tender offer for the 2009 notes will be in an aggregate
amount such that the aggregate principal amount of 2008 notes
and 2009 notes purchased in the tender offer will not exceed an
aggregate maximum tender offer amount of US$850 million. Lear
has the right to increase or waive the maximum tender offer
amount in its sole discretion.

All notes purchased in the tender offer will be retired upon
consummation of the tender offer.  Payments of the tender
consideration for the notes validly tendered and not withdrawn
shall be made pursuant to the terms of the Offer to Purchase
that will be furnished to all holders of the 2008 and 2009
notes.  The consummation of the tender offer is conditioned
upon, among other things, completion of the company's previously
announced US$900 million private offering and other customary
closing conditions.  If any of the conditions are not satisfied,
Lear is not obligated to accept for payment, purchase or pay
for, or may delay the acceptance for payment of, any tendered
notes, and may terminate the tender offer.  Subject to
applicable law, Lear may waive any condition applicable to the
tender offer and extend or otherwise amend the tender offer.

Citigroup Corporate and Investment Banking is the dealer manager
for the tender offer. Questions regarding the tender offer may
be directed to Citigroup Corporate and Investment Banking at
800-558-3745 (toll free) or at 212-723-6106 (collect).

Global Bondholder Services Corporation is acting as information
agent and the depositary. Copies of the Offer to Purchase,
Letter of Transmittal and related documents may be obtained at
no charge from Global Bondholder Services Corporation at 866-
873-5600 (toll-free) or at 212-430-3774 (collect).  The Company
has also retained Dexia Banque Internationale a Luxembourg to
act as depositary for the 2008 notes.

The tender offer may only be made pursuant to the Offer to
Purchase. Holders of the notes should read carefully the Offer
to Purchase and related materials because they contain important
information related to the tender offer.  Lear intends to mail a
copy of the applicable Offer to Purchase and Letter of
Transmittal and related documents to each of the holders of
senior notes.

                    About Lear Corporation

Headquartered in Southfield, Michigan , Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior   
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India. Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey and Venezuela.

                          *     *     *

As reported in the TCR-Europe on Nov. 22, Standard & Poor's
Ratings Services assigned its 'B-' ratings to Lear Corp.'s
US$300 million senior notes due 2013 and its US$400 million
senior notes due 2016.

Lear's 'B+' corporate credit and other ratings were affirmed.
The outlook is negative.  

Moody's Investors Service has assigned a B3, LGD4, 61% rating to
Lear Corporation's new offering of US$700 million of unsecured
notes.

At the same time, Moody's affirmed Lear's Corporate Family
Rating of B2, Speculative Grade Liquidity rating of SGL-2 and
negative outlook.

All other long-term ratings are unchanged.


LEAR CORP: Hikes Amount of Offered Notes to US$900 Million
----------------------------------------------------------
Lear Corporation has priced the offering of US$900 million in
new senior notes.  This offering is an increase of US$200
million from the US$700 million offering amount previously
announced by Lear.

The US$900 million offering includes US$300 million in senior
notes due 2013 and US$600 million in senior notes due 2016. The
notes will be senior unsecured obligations of the company.  The
US$300 million of seven-year notes will be sold at par and will
bear interest at a rate of 8.50%.  The US$600 million of ten-
year notes will be sold at par and will bear interest at a rate
of 8.75%. The financing is scheduled to close on November 24,
2006.

These new notes will be purchased by Citigroup Global Markets
Inc. and are expected to be eligible for resale under Rule 144A
of the Securities Act of 1933.

Lear intends to use the net proceeds from this offering to pre-
fund the repayment or repurchase of any and all of Lear's
outstanding 8.125% senior notes due 2008 and a substantial
portion of the outstanding 8.11% senior notes due 2009.

This news release is not an offer to purchase, nor a
solicitation of an offer to sell, any securities. The notes have
not been registered under the Securities Act of 1933, as amended,
or applicable state securities laws and may not be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities
Act and applicable state securities laws.

                    About Lear Corporation

Headquartered in Southfield, Michigan , Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior   
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India. Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey and Venezuela.

                          *     *     *

As reported in the TCR-Europe on Nov. 22, Standard & Poor's
Ratings Services assigned its 'B-' ratings to Lear Corp.'s
US$300 million senior notes due 2013 and its US$400 million
senior notes due 2016.

Lear's 'B+' corporate credit and other ratings were affirmed.
The outlook is negative.  

Moody's Investors Service has assigned a B3, LGD4, 61% rating to
Lear Corporation's new offering of US$700 million of unsecured
notes.

At the same time, Moody's affirmed Lear's Corporate Family
Rating of B2, Speculative Grade Liquidity rating of SGL-2 and
negative outlook.

All other long-term ratings are unchanged.


LEAR CORP: Fitch Assigns B/RR4 Ratings to US$900-Mln Notes
----------------------------------------------------------
Fitch Ratings assigned rating of B/RR4 to Lear Corp.'s US$900
million in new senior unsecured notes.  The notes are divided
into two tranches, with US$300 million maturing in 2013 and
US$600 million maturing in 2016.

The notes will be guaranteed by certain Lear direct and indirect
subsidiaries.  Proceeds will be used to tender for Lear's
outstanding 8.125% unsecured senior notes due 2008 and a
significant portion of the outstanding 8.11% unsecured senior
notes due 2009, resulting in a slight increase in Lear's
unsecured debt mix, but not enough to change Fitch's recovery
analysis.

The refinancing extends debt maturities by five to eight years,
and together with Lear's bank facilities, provides substantial
liquidity and time to focus on restructuring efforts.  The
Outlook is Negative.

Lear will continue to face very difficult conditions in the U.S.
market due to declining production at Ford and GM, high
commodity costs and Lear's restructuring efforts.  New business
wins and reduced capital expenditures will help support
operating results during the restructuring process, but any
improvement in the company's leverage position in 2007 is
expected to be modest.

The pending formation of a joint venture to which Lear will
contribute its interiors operations is viewed as a positive due
to that unit's operating losses and high capital expenditure
requirements.

Fitch's current ratings are unaffected by the refinancing of
like debt and are as follows:

   -- Issuer Default Rating at B;
   -- Senior secured bank debt at BB/RR1; and
   -- Senior unsecured debt at B/RR4.


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


AK-ALMA LLP: Aktube Court Begins Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Ak-Alma on
Oct. 18.


AKJARSKOYE PATP: Court Commences Bankruptcy Proceedings
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against LLP Akjarskoye
Patp on Oct. 16.


AKTOBE AGRO: Creditors' Claims Due Jan. 3, 2007
-----------------------------------------------
LLP Aktobe Agro Spets Project Aktobe Agro Special Project has
declared insolvency.  Creditors have until Jan. 3, 2007, to
submit written proofs of claim to:

         LLP Aktobe Agro Spets Project
         Depovskaya Str. 16
         Aktobe
         Aktube Region
         Kazakhstan
         Tel: 8 (3132) 23-77-95
              8 (3132) 23-77-92


ALTYN DEN: Proof of Claim Deadline Slated for Jan. 3, 2007
----------------------------------------------------------
OJSC Altyn Den has declared insolvency.  Creditors have until
Jan. 3, 2007, to submit written proofs of claim to:

         OJSC Altyn Den
         Usenov Str. 44
         Momyshuly
         Jualynsky District
         Jambyl Region
         Kazakhstan


ASTANA AVTO: Claims Filing Period Ends Jan. 3, 2007
---------------------------------------------------
LLP Astana-Avto-Story has declared insolvency.  Creditors have
until Jan. 3, 2007, to submit written proofs of claim to:

         LLP Astana-Avto-Story
         Promploshadka
         Vishnevskoye Highway
         Almaty District
         Astana, Kazakhstan


BUHTARMA VODOKANAL: Court Opens Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against LLP Buhtarma
Water Channel Buhtarma Vodokanal on Oct. 6.


KA-PEKSSTROY LLP: Creditors Must File Claims by Jan. 3, 2007
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Ka-Peksstroy insolvent on Oct. 5.

Creditors have until Jan. 3, 2007, to submit written proofs of
claim to:

         LLP Ka-Peksstroy
         Office 523
         Maulenov Str. 92
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-65-03
              8 (7017) 26-48-54


KAZ TRUCK: South Kazakhstan Court Starts Bankruptcy Procedure
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Kaz Truck.


KAZZINC JSC: Proof of Claim Deadline Slated for Dec. 6
------------------------------------------------------
JSC Kazzinc, a subsidiary of Glencore International AG, has
declared insolvency.  Creditors have until Dec. 6 to submit
written proofs of claim to:

         Dostyk Ave. 85
         Almaty, Kazakhstan

                         About Glencore

Headquartered in Zug, Switzerland, Glencore International AG --
http://www.glencore.com/-- is one of the world's largest  
suppliers of a wide range of commodities and raw materials
including metals and minerals, agricultural products, and
energy.  Glencore is a diversified natural resources
conglomerate with interests in companies involved in mining,
smelting, refining, and processing.  It indirectly employs over
2,000 people worldwide in some 50 offices in over 40 countries.
In its industrial operations the company directly or indirectly
employs over 50,000 people in 22 plants in 14 countries.

                         About Kazzinc

Headquartered in Ust-Kamenogorsk, Kazakhstan, JSC Kazzinc
-- http://www.kazinc.com/-- is a major fully integrated Zinc  
producer with considerable Copper, precious metals and Lead
credits.  It employs some 22,000 people in mining, ore dressing,
metallurgy, power generation and mechanical production.  The
company was established in 1997 through the merger of Eastern
Kazakhstan's three main non-ferrous metals companies - "Ust-
Kamenogorsk Lead and Zinc Combinate", "Leninogorsk Polymetallic
Combinate" and "Zyrianovsk Lead Combinate".  The controlling
block of shares in Kazzinc has since been sold off by the State
to the private sector, with Glencore International AG of
Switzerland becoming the company's main investor.


LOGIKA LLP: Almaty Court Begins Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against LLP Logika
(RNN 600400068901) on Oct. 11.


MYRZAKENT LLP: Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region commenced bankruptcy proceedings against
LLP Myrzakent.


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


ASCENT-TRAVEL LLC: Creditors' Claims Due Jan. 5, 2007
-----------------------------------------------------
LLC Ascent-Travel has declared insolvency.  Creditors have until
Jan. 5, 2007, to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 51-21-57.


GOLDTASH LLC: Claims Registration Ends Jan. 5, 2007
---------------------------------------------------
LLC Goldtash has declared insolvency.  Creditors have until
Jan. 5, 2007, to submit written proofs of claim to:

         LLC Goldtash
         Karasuisky Side Street 21
         Najnaya-Alaarcha
         Alamudun District
         Bishkek, Kyrgyzstan
         Tel: (0-502) 30-83-15


STF SERVICE: Claims Filing Period Ends Jan. 5, 2007
---------------------------------------------------
LLC STF Service has declared insolvency.  Creditors have until
Jan. 5, 2007, to submit written proofs of claim to:

         LLC STF Service
         Kojevennaya Str. 1a
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 90-76-47


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


ELEX ALPHA: Moody's Assigns (P)Ba3 Rating on Class E Notes
----------------------------------------------------------
Moody's assigned provisional credit ratings to these six classes
of notes to be issued by eleX Alpha S.A., a Luxembourg special
purpose company:

   -- EUR80,000,000 Class A-1 Senior Secured Revolving
      Floating Rate Notes, due 2022: (P)Aaa;

   -- EUR178,000,000 Class A-2 Senior Secured Delayed
      Draw Floating Rate Notes, due 2022: (P)Aaa;

   -- EUR38,000,000 Class B Senior Secured Floating Rate
      Notes, due 2022: (P)Aa2;

   -- EUR20,000,000 Class C Senior Secured Deferrable
      Floating Rate Notes, due 2022: (P)A2;

   -- EUR22,000,000 Class D Senior Secured Deferrable
      Floating Rate Notes, due 2022: (P)Baa3; and

   -- EUR22,000,000 Class E Senior Secured Deferrable
      Floating Rate Notes, due 2022: (P)Ba3.

EUR40,000,000 Subordinated Notes, due 2022 are expected to be
issued, but these notes will not be rated by Moody's.

The provisional ratings address the expected loss posed to
investors by the legal final maturity in 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 provisional ratings are based upon:

   1. an assessment of the eligibility criteria and
      portfolio guidelines applicable to the future additions
      to the portfolio;

   2. the protection against losses through the subordination
      of the more junior classes of notes to the more
      senior classes of notes and the excess spread available
      in the transaction;

   3. the overcollateralization of the notes;

   4. the proposed currency swap transactions, which
      insulate the Issuer from the volatility of the
      foreign currency exchange rates in respect of
      non-Euro denominated obligations;

   5. the expertise of DWS Finanz-Service GmbH as a
      collateral adviser; and

   6. the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately
EUR388 million, comprised primarily of European senior secured
loans, second lien loans and mezzanine obligations and high
yield bonds, with a predominance of senior secured loans.  This
portfolio is dynamically managed with DWS Finanz-Service GmbH
acting in the capacity of collateral adviser to the Issuer.  

This portfolio will be partially acquired on the closing date
and partially acquired during the 6-month ramp-up period in
compliance with portfolio guidelines (which include, among other
tests, a diversity score test, a weighted average rating factor
test and a weighted average spread test).  Thereafter, the
portfolio of loans will be actively managed pursuant to the
advice of the collateral adviser to buy or sell assets in the
portfolio.  Any addition or removal of assets will be subject to
a number of portfolio criteria.

Moody's issues provisional 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
(if any) may differ from a provisional rating.

The transaction is arranged by Barclays Capital (the investment
banking division of Barclays Bank PLC).


EVRAZ GROUP: Fitch Keeps BB Rating on Oregon Steel Purchase
-----------------------------------------------------------
Fitch Ratings affirmed Luxembourg-based Evraz Group SA's Issuer
Default and senior unsecured ratings at BB and its Short-term
rating at B.  

The affirmation follows the announcement that the company plans
to acquire the US-based steel maker Oregon Steel Mills Inc. for
US$2.3 billion.  

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd.- Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.  
Evraz Securities SA's senior unsecured rating is affirmed at BB.  
The Outlooks on the Issuer Default ratings are Stable.

The acquisition will be financed by US$500 million cash and
US$1.8 billion new debt.  The additional debt will not have a
material negative impact on Evraz's credit metrics.  Assuming
that the actual acquisition will take place in 2006, Fitch
expects net debt/EBITDA ratio of the consolidated entity on a
pro forma basis to reach 1.55x, which is roughly in line with
the net debt/EBITDA of 1.5x ceiling set by the company.  Both
Evraz and Oregon Steel Mills are profitable and have moderate
credit profiles.

Evraz made limited acquisitions of overseas assets in the past;
it operates a steel rolling mill in Italy and a steel plant in
Czech Republic.  It is not the first Russian company to gain
access to the US market; Severstal acquired US-based steel mill
Rouge Industries Inc. in 2004.  In Fitch's view, international
acquisitions allow Russian companies to increase their
recognition abroad as well as their geographic diversity.

The acquisition of Oregon Steel Mills, a relatively small steel
producer in the US specializing in production of specialty and
commodity steel products, will enable the consolidated company
to become the world's number one in rail production.  Fitch
notes that this acquisition may be used by Evraz, as a platform
for further acquisitions in the US.

It will also provide synergies in the rail business, given that
rail products account for 14% of Evraz's FY05 revenues and 26%
of Oregon Steel Mills' volume sales.  In addition, Evraz has
already established business relations with Oregon Steel Mills
by supplying slab to the latter.  Following the acquisition,
Evraz plans to expand its slab supplies to Oregon Steel Mills,
which has shut down its own slab production facilities.

Fitch notes that the current acquisition will limit somewhat
Evraz's future financial flexibility within its current rating.
Furthermore, Fitch will monitor the integration of the two
businesses.

Evraz is Russia's largest vertically integrated steel producer
by output and ranks 15th in the world.  In 2005 it produced 13.9
million tons of crude steel.  Its revenues totaled US$6.5
billion and EBITDA margin was at 29%.


NOVELIS CORP: Moody's Confirms Ba2 Sr. Secured Term Loan Rating
---------------------------------------------------------------
Moody's Investors Service confirmed Novelis Inc.'s corporate
family rating at B1, and its B1 PDR and also confirmed the Ba2
rating on its US$500 million senior secured credit facility, and
the Ba2 rating on its senior secured term loan.  The
US$1.4 billion senior unsecured notes were upgraded from B3 to
B2.

Moody's also confirmed the Ba2 senior secured term loan rating
for Novelis Corp., guaranteed by Novelis Inc.  At the same time,
Moody's changed Novelis's speculative grading liquidity rating
to SGL-2 from SGL-4.  The outlook is stable.  This concludes the
review of debt ratings for possible downgrade, initiated on
May 16, 2006, following Novelis's announcement to further delay
the filing of its financial statements, the downgrade review of
which continued after Novelis's long-term debt ratings were
downgraded on Sept. 5, 2006.

The confirmation reflects the progress Novelis has made in
getting current on its financial reporting requirements and the
elimination of any potential default under the senior unsecured
notes, which could have forced an acceleration of payment.  

In addition, the confirmation reflects Novelis's substantial
global footprint in the aluminum rolled products industry and
Moody's expectation that improving performance will be evident
in 2007 as the negative drag of the can price ceiling diminishes
on contract restructuring.  The upgrade of the senior unsecured
notes reflects their improved standing in the waterfall under
Moody's loss given default methodology following further paydown
in the secured term loans (to US$711 million in aggregate) and
the increased proportion of these unsecured notes in the capital
structure.

The B1 corporate family rating reflects the challenges Novelis
is facing in its 2006 performance and the resultant
deterioration in earnings and debt protection metrics.  Novelis'
performance has suffered due to its remaining exposure to
certain can contracts with price ceilings (which are below the
current aluminum prices) and the worse-than-expected impact of
the differential between used beverage can prices and primary
aluminum prices (which impacts the company's expected internal
hedge position).

In addition, the rating considers the increased cost profile
from both an operational perspective and as a result of the
increased costs associated with the review and restatement of
Novelis's financial statements since its spin-off from Alcan,
the increased interest costs due to waivers required under the
bank agreements, and the step-up in the interest rates on the
notes due to non-registration.  However, the rating acknowledges
the company's substantive global position in the aluminum rolled
products markets and its debt reduction performance since its
spin-off from Alcan.

Moody's sees 2006 as a transition year for Novelis both
operationally and from a management and reporting perspective.
With the delayed filing and restatement of financial statements
now behind the company, as well as the weak performance through
the first three quarters of 2006, which resulted largely from
price caps on some of its can sheet contracts, Moody's expects
improved operating margins and a continued focus on debt
reduction throughout 2007.

The stable outlook reflects Moody's expectation that the current
favorable business environment for aluminum rolled products for
aerospace, automotive, commercial construction and industrial
applications will continue into 2007 allowing for improved
earnings and cash flow generation.  

Moody's also expects that losses associated with certain
contracts with price ceilings (which are below current aluminum
prices), recorded at approximately US$115 million for the 2006
third quarter alone, will be significantly reduced as roughly
half of the affected contracts move to more market based pricing
in 2007.  Moody's also believes that hedging strategies
implemented in the third quarter should help mitigate the degree
of exposure to losses on the remaining contracts.

The change to SGL-2 reflects Novelis's improved liquidity
following the timely filing of its third quarter 10-Q and the
improved cushion under its renegotiated financial covenants in
its bank revolver and term loan facilities.  The SGL-2 rating
also captures the expectation that, despite negative free cash
flow generation in Q2 and Q3, 2006, the company will demonstrate
improved performance in 2007 as a substantial portion of
contracts with price ceilings begin to move to a more market
based pricing.

Novelis Inc.

Ratings Confirmed:

    * Corporate Family Rating, B1
    * Probability of default rating. PDR-B1
    * Gtd. Sr. Sec. Revolving Credit Facility, Ba2, LGD2, 24%
    * Gtd Sr. Sec Term Loan B, Ba2, LGD2, 24%

Ratings Upgraded

    * Sr. Global Notes to B2, LGD5, 74% from B3, LGD5, 76%
    * Speculative Grade Liquidity Rating to SGL-2 from SGL-4

Novelis Corp.

Ratings Confirmed

    * Gtd. Sr. Sec Term Loan B Ba2, LGD2, 24%

Headquartered in Atlanta, Georgia, Novelis is the world's
largest producer of aluminum rolled products.  In 2005, the
company had total shipments of approximately 3.1 million tons
and generated approximately US$8.3 billion in revenues.


PETROCOMMERCE FINANCE: Moody's Assigns Ba3 Rating on Notes
----------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the issue of
Loan Participation Notes by Luxembourg-based special purpose
vehicle, Petrocommerce Finance S.A., for the sole purpose of
funding a senior unsecured loan to Bank Petrocommerce (rated
Ba3/NP/D-/stable).  

The loan will represent senior unsecured debt of Bank
Petrocommerce and will rank pari passu with its other senior
unsecured debts.  The amount of the issue and its tenor have yet
to be determined, depending on market conditions.  The outlook
for the rating is stable.

According to the terms and conditions of the Notes, Bank
Petrocommerce and its subsidiaries must comply with a number of
covenants such as negative pledge, limitations on mergers and
disposals as well as on transactions with affiliates, and a
covenant to maintain a minimum capital adequacy ratio of 10%.
The Notes will be governed by and construed in accordance with
English law.

Bank Petrocommerce is headquartered in Moscow, Russia, and
reported total assets of RUR111.5 billion (US$4.1 billion) and
total equity of RUR14.9 billion (US$551 million) under IFRS
(unaudited) as at June 30, 2006.  As at end-September 2006 it
ranked 17th largest bank in Russia in terms of total assets as
reported under Russian accounting rules.


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


AMSTEL SECURITISATION: Moody's Rates Class E Notes at (P)Ba2
------------------------------------------------------------
Moody's Investors Service assigned the provisional credit
ratings to the notes issued by Amstel Securitisation of
Contingent Obligations 2006-1 B.V.:

   -- EUR6,160,000,000 Unfunded Super Senior and Class A+1/A+2
      Credit-Linked Floating Rate Notes due 2016: (P)Aaa;

   -- EUR518,000,000 Class A1/A2 Credit-Linked Floating Rate   
      Notes due 2016: (P)Aaa;

   -- EUR70,000,000 Class B Credit-Linked Floating Rate Notes
      due 2016: (P)Aa2;

   -- EUR35,000,000 Class C Credit-Linked Floating Rate Notes
      due 2016: (P)A2;

   -- EUR49,000,000 Class D Credit-Linked Floating Rate Notes
      due 2016: (P)Baa2; and

   -- EUR70,000,000 Class E Credit-Linked Floating Rate Notes  
      due 2016: (P)Ba2.

Classes A+2 and A2 will be issued in USD denominated notes.  The
final USD/EUR breakdown of Classes A+1/A+2 and A1/A2 will be
decided upon at closing, as will the split between the A+1/A+2
classes and the unfunded senior swap.

Moody's did not assign a rating to the 98,000,000 Class F
Credit-Linked Floating Rate Notes due 2016 issued by ASCO 1.

The provisional ratings address the expected loss posed to
investors by the legal final maturity.  The rating on the
Unfunded Super Senior addresses the likelihood and extent of any
payment being due by the protection seller.  These 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.

The Issuer is providing protection to ABN Amro Bank N.V. (Aa3,
Prime-1), via credit default swaps, on a EUR7 billion portfolio.

This reference portfolio is composed of credit positions
(counterparty risk) resulting from derivative contracts that ABN
Amro has transacted with over 1800 investment grade corporate
entities.  Approximately 86% of these entities are incorporated
in Aaa-rated countries (mainly the US and Western European
countries), approximately 8% in Aa-rated countries and the
remainder in A-rated countries.  ABN Amro has the possibility to
add and/or remove reference entities from the portfolio, so long
as the portfolio maintains certain credit characteristics. The
main constraints are:

   (i) a total exposure no greater than Euro 7 billion;

(ii) a weighted-average rating factor no greater than 400;

    (iii) a maximum single obligor exposure of 1.00% of the
          portfolio, decreasing to 0.20% for the lowest rated
          entities.  A mapping between ABN Amro's
          internal ratings and Moody's ratings is used to
          assess the credit quality of unrated
          reference entities.  At the time they are
          first included in the portfolio, all
          reference entities must have either a Moody's
          rating or a mapped rating in the investment
          grade range.

The vehicle's obligations firstly under the credit default
swaps, and secondly towards the noteholders will be
collateralised either by cash deposited pursuant to a cash
deposit agreement or by securities acquired pursuant to a repo
agreement.  ABN Amro will be the initial counterparty under both
agreements.  Upon certain downgrade triggers, ABN Amro will be
required to find a replacement deposit bank, in the case of the
cash deposit agreement.  With respect to the repo agreement, ABN
Amro will be required either to find a replacement repo
counterparty or post additional securities to mitigate the
vehicle's exposure under the repo.


GLOBAL POWER: Morgan Stanley Commits US$85 Million DIP Financing
----------------------------------------------------------------
Global Power Equipment Group Inc. received a commitment from
Morgan Stanley Senior Funding Inc. for debtor-in-possession
credit facilities in an aggregate amount of up to US$85 million.

The DIP credit facilities are subject to further due diligence
by Morgan Stanley and certain other customary conditions,
including approval by the United States Bankruptcy Court for the
District of Delaware.  Among other purposes, the proceeds of the
DIP credit facilities will be used to refinance Global Power's
existing senior secured revolving debt and term loan, facilitate
bonding and performance obligations under letters of credit, and
provide further liquidity to Global Power in support of its
ordinary course business operations.

Global Power obtains an interim DIP credit facility in an
aggregate amount of US$10 million arranged by Bank of America,
the proceeds of which will be used to support a letter of credit
facility for Global Power's Williams Industrial Services Group
business until such time as the DIP credit facilities to be
provided by Morgan Stanley become available.

"We are pleased with the progress we are making in ensuring that
Global Power continues to have adequate levels of financing to
stabilize our operations and meet customer needs as we move
forward with our reorganization," John Matheson, President and
Chief Executive Officer of Global Power, said.  "The interim DIP
credit facility arranged by Bank of America fills a unique need
of our Williams business, which requires letters of credit and
bonding in its ongoing work.  At the same time, we are pleased
to have secured a commitment from Morgan Stanley to provide
permanent DIP credit facilities for use by our entire
organization."

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. (OTC Pink Sheets: GEGQQ) --
http://www.globalpower.com/-- provides power generation  
equipment and maintenance services for its customers in the
domestic and international energy, power and infrastructure and
service industries.  The Company designs, engineers and
manufactures a range of heat recovery and auxiliary equipment
primarily used to enhance the efficiency and facilitate
the operation of gas turbine power plants as well as for other
industrial and power-related applications.  The Company has
facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn,
Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai,
China; Nanjing, China; and Heerleen, The Netherlands.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.  The Debtors' exclusive period to filed a
chapter 11 plan expires on Jan. 26, 2007.


GLOBAL POWER: Wants Court Approval to Use BofA's Cash Collateral
----------------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates
ask the U.S. Bankruptcy Court for the District of Delaware for
permission to use the cash collateral securing repayments of its
obligations to Bank of America N.A.

On Oct. 1, 2004, the Debtors entered into a US$1 million credit
agreement with Bank of America N.A.  On Apr. 1, 2005, the
Debtors further entered into a US$25 million term loan and US$75
million revolving credit facility joint agreement with the U.S.
Bank of National Association and Bank of Oklahoma N.A., their
senior lenders.  These obligations were secured by liens and
security interest in substantially of the Debtors' assets.

The Debtors' proposed cash collateral will be used to fund its
administration and operating expenses.  Additionally, the
Debtors pledge approximately US$8.5 million in cash and cash
equivalent to further secure the Debtors' obligations.

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. (OTC Pink Sheets: GEGQQ) --
http://www.globalpower.com/-- provides power generation  
equipment and maintenance services for its customers in the
domestic and international energy, power and infrastructure and
service industries.  The Company designs, engineers and
manufactures a range of heat recovery and auxiliary equipment
primarily used to enhance the efficiency and facilitate
the operation of gas turbine power plants as well as for other
industrial and power-related applications.  The Company has
facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn,
Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai,
China; Nanjing, China; and Heerleen, The Netherlands.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.  The Debtors' exclusive period to filed a
chapter 11 plan expires on Jan. 26, 2007.


HEXION SPECIALTY: Boosting Local Operations Via Land Purchase
-------------------------------------------------------------
As part of an effort to enhance the efficiency of its Edmonton,
Alberta operations, Hexion Specialty Chemicals has purchased two
parcels of land adjacent to its Edmonton plant and will improve
the rail and logistics infrastructure at the site.

The company recently purchased a 1-acre plot adjacent to its
current operations in West Edmonton at 12621 156th St. NW.
Hexion had previously purchased another, adjacent 2-acre parcel
from AEP Industries, which ceased operations at that location
last year. Together, the two parcels provide Hexion the space to
enhance the flow of inbound and outbound materials through
infrastructure improvements that will include new rail, loading
and unloading facilities.  The total cost of the projects is
anticipated to be US$4 million to US$5 million.

"These land purchases and planned improvements will allow us to
continue to enhance service to our regional forest products
customers," said Mark Alness, vice president for Hexion's
Phenolic & Forest Products Division.  "Our business has grown
steadily over the years and we had become cramped within the
original site footprint. This series of improvement projects
will provide better logistics at the site, which in turn will
enable us to more efficiently manage the flow of both raw
materials and the volume of finished products.  More than 900
million pounds of UF and PF resins are produced each year at the
Edmonton facility."

In addition, an agreement with CN will enable Hexion to import
methanol, a key raw material, to the Edmonton facility.  This
agreement is vital to the site, as Celanese Corporation has
announced it will close its Edmonton, Alberta methanol plant by
the end of 2006.  CN will play a key role by providing
transportation and logistics solutions through the Cargo Flow
facility it is establishing at its West Edmonton Bissell rail
yard.

Hexion is the world's leading producer of thermosetting resins.
It manufactures resins, adhesives and waxes at the Edmonton
plant that are used by the forest products industry to produce
plywood, laminated veneer lumber, oriented strandboard,
particleboard and other engineered wood products.  The site,
established in 1952, employs 132 people in manufacturing, sales,
research and support roles.

Since the mid 1980s, the Edmonton plant has undergone 9 major
expansions with a total capital investment of US$85 million and
is now the premier regional center for resin production in
Western Canada, serving 57 customer locations.  The company
estimates that resins from the Edmonton site are involved in the
annual production of almost 11 billion square feet of wood
products representing US$4.5 billion in customer sales.

The forest products industry continues its steady growth in the
region, with almost three billion square feet of additional
oriented strand board production capacity expected to be added
by 2009, according to industry publications.

The R&D center within the Edmonton complex is a global center of
excellence for Hexion's research into advanced resin systems for
oriented strandboard production.  These resin systems have been
a critical part of the company's continued growth, and products
resulting from this local research are used by Hexion customers
throughout the world.

Hexion also has significant operations in Vancouver, British
Columbia, and Laval and St. Romuald in Quebec.  These operations
all serve the Canadian forest products industry.

"Our customers are growing rapidly in Canada and especially in
Alberta and British Columbia," Mr. Alness said.  "We will
continue to invest in the region to serve the industry and our
customers."

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

                          *     *     *

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

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

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

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

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


LANCELOT 2006: S&P Assigns BB Rating on EUR12-Mln Class E Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR600 million asset-backed floating-rate
notes to be issued by Lancelot 2006 B.V., a special purpose
entity.
  
Lancelot 2006 is the first securitization of mortgages
originated by F. van Lanschot Bankiers N.V.
  
The portfolio only includes loans that are granted to finance
buy-to-let properties, though in a number of instances the
borrower's private residence has been included in the security
package or additional guarantees are pledged in favor of the
issuer.  The structure is similar to previous transactions
arranged by Rabobank Nederland.
  
A substantial number of loans are contracted or guaranteed by
private individuals, a majority of which are customers of Van
Lanschot and have other revenue streams than rental income on
their real-estate investments.  The loans and the underlying
collateral have, therefore, not been analyzed in isolation
but along with consideration of the underlying borrower risk.
  
The collateral consists of performing loans secured by mainly
first-ranking (or first- and consecutive-ranking) mortgages over
properties in The Netherlands, owned and serviced by Van
Lanschot.  Other collateral consists of guarantees, investment
portfolios, and pledged lease agreements, but Standard
& Poor's analysis has been exclusively based on the mortgage
collateral.  
  
Van Lanschot is the oldest independent bank in The Netherlands
and provides lending, asset management, and other financial
services to high-net-worth individuals, midsize (mostly family
owned) businesses, and health care-related businesses.
  
A key consideration in the rating analysis is the strong
protection for noteholders provided by a combination of
subordination, a liquidity facility, a reserve fund, and excess
spread to cover credit losses and income shortfalls.
  
                           Ratings List
                         Lancelot 2006 B.V.
           EUR600 Million Asset-Backed Floating-Rate Notes
  
                              Prelim.        Prelim.
               Class          rating         amount (Mil. EUR)
               -----          ------         ------
               A              AAA            528
               B              AA             21
               C              A              19.5
               D              BBB            19.5
               E              BB             12


SOLECTRON CORP: Board Terminates Stockholder Rights Plan
--------------------------------------------------------
Solectron Corp.'s Board of Directors has voted to terminate the
company's stockholder rights plan, or "poison pill."

In addition, the Board established a new corporate governance
policy providing that any future poison pill will require
stockholder approval prior to adoption.  

The new policy does, however, give the Board limited discretion
to adopt a new stockholder rights plan without first seeking
stockholder approval if a majority of the independent directors
believes the implementation of a rights plan is necessary for
the proper exercise of the Board's fiduciary responsibilities.  
In such a circumstance, the rights plan would need ratification
by the company's stockholders within twelve months of adoption,
or it would automatically expire.

"Our decision to terminate the stockholder rights plan and
establish this new policy reflects the Board's continuing
commitment to corporate governance best practices," said Michael
Cannon, Solectron's President and Chief Executive Officer.  "The
Board believes that our new policy balances our stockholders'
concerns and the protection of our stockholders' best
interests."

The Board's actions will accelerate the expiration date of the
company's current stockholder rights plan to Nov. 27, 2006.  It
was due to expire in July 2011.

                        About Solectron

Headquartered in Milpitas, California, Solectron Corporation
(NYSE: SLR) -- http://www.solectron.com/-- provides a full  
range of worldwide manufacturing and integrated supply chain
services to the world's premier high-tech electronics companies.  
Solectron's offerings include new-product design and
introduction services, materials management, product
manufacturing, and product warranty and end-of-life support.  
The company operates in more than 20 countries on five
continents including France, Germany, Hungary, The Netherlands,
Romania, Turkey, United Kingdom, among others.  It had sales
from continuing operations of US$10.6 billion in fiscal 2006.

                           *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology in September 2006, the rating agency confirmed its
B1 Corporate Family Rating for Solectron Corp.  

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$450 million 0.5%
   Convertible Senior
   Notes due 2034          B1       B3     LGD5        86%

   US$150 million 8.0%
   Senior Subordinated
   Notes due 2016          B3       B3     LGD6        95%

   US$64 million 7.97%
   Subordinated
   Debentures due
   November 2006           B3       B3     LGD6        95%


SOLECTRON CORP: Moody's Changes Outlook on Restructuring Program
----------------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family
Rating of Solectron Corp. and other ratings affirmed included
the B3 ratings of its US$450 million Convertible Senior Notes
due 2034 and the US$150 million Senior Subordinated Notes due
2016 guaranteed by it.  

The ratings reflect both the overall probability of default of
the company, to which Moody's assigns a PDR of B1, and a loss
given default of LGD4.  The rating outlook was revised to
positive.

The change in the outlook reflects:

     (i) significant de-leveraging over the past 2-3 years
         which resulted in improved credit ratios (leverage
         and coverage);

    (ii) recent improvements though still modest in
         financial performance especially over the second half
         of fiscal 2006;

   (iii) the expectation of stronger performance in fiscal
         2007 in terms of revenue growth, profitability
         and free-cash-flow generation;

    (iv) a liquid balance sheet with a net cash position and
         no significant maturity over the next 3 years; and

     (v) the franchise value of Solectron as a tier one
         EMS provider in the electronic supply chain.

The outlook also incorporates the announcement of Solectron's
restructuring program, which is scheduled to be completed in the
current fiscal year.  The company expects to consolidate and/or
close down 700,000 square feet of facilities in US and Western
Europe and reduce headcount by about 1400 persons.  About
US$60 million of total charges are associated with this phase
with annual cost savings estimated at about US$30 million.

The B1 rating continues to reflect:

     (i) the intensely competitive landscape in the EMS
         industry with Asian competitors posing a more
         serious threat;

    (ii) the volatile nature of the EMS industry and the
         on-going consolidating trend by EMS' OEM customers
         which further accentuates the lumpiness of the
         sector's (including Solectron's) key customers;

   (iii) Solectron's modest revenue growth of 1.1% in
         an environment of favorable end-market demand of
         over 10% CAGR, coupled with a preponderance of
         revenues (over 70% of total) in the traditional
         end-markets;

    (iv) still weak albeit improving profitability and
         return measures; and

     (v) negative free cash flow partly impacted by
         inventory build up in fiscal 2006.

Ratings/assessments affirmed:

    * Corporate family rating B1;

    * Probability-of-default rating B1;

    * US$450 million 0.5% Convertible Senior Notes due 2034
      at B3 (LGD5, 89%); and

    * US$150 million 8% Senior Subordinated Notes due 2016,
      B3 (LGD5, 89%).

Ratings/assessments withdrawn on Nov. 15, 2006:

    * US$64 million 7.97% Subordinated Debentures
      due November 2006, B3 (LGD6, 95%).

The rating could be revised upward if:

   (i) there is further evidence of revenue stability and
       growth and diversification partly due to growth in
       non-traditional end-markets; and

   (ii) improvement in profitability and return metrics
        and better working capital management to result
        in positive free-cash-flow.

Moody's will also be monitoring the success of the company's
restructuring program and its impact on profitability.  Moody's
does not foresee Solectron's corporate family rating to falling
below the current B1 unless significant developments resulting
in deterioration of revenue, return and cash flow measures.

Solectron Corp., headquartered in Milpitas, California, is a
leading electronics manufacturing and services (EMS) i.e.
customized, integrated manufacturing and supply chain management
services, provider to OEMs in the electronics industry.  For the
twelve months ended August 2006, the company generated
approximately US$10.5 billion in net sales and US$342 million in
adjusted EBITDA (excludes non-recurring and unusual charges).


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


INTERGRAPH CORP: Moody's Cuts First Lien Loans' Rating to B1
------------------------------------------------------------
Moody's Investors Service lowered the ratings for the proposed
first lien loans of Intergraph Corporation to B1 from Ba3 based
on the effects of a change in capital structure by the company:

      -- The first lien term loan has been increased to
         US$420 million from US$390 million;

      -- the second lien term loan has been decreased to
         US$200 million from US$275 million;

      -- the revolver is unchanged at US$75 million; and

      -- an un-rated, non-recourse collateralized mortgage
         backed note has been added.

Although this structural change does not impact the corporate
family rating or total amount of debt, the impact to the
individual tranches of debt based on Moody's Loss Given Default
methodology includes a lowering of the first lien senior secured
rating from Ba3 to B1 as well as new LGD assessments.

These ratings have been changed:

      -- US$75 million Senior Secured Revolving Credit Facility,
         to B1, LGD3, 34% from Ba3

      -- US$420 million Senior Secured First Lien, to B1, LGD3,
         34% from Ba3

These ratings are unchanged:

      -- Corporate family rating, B2

      -- Probability of default, B2

      -- US$200 million Senior Secured Second Lien, Caa1 LGD5,
         86%

      -- Outlook, stable

Intergraph is being acquired by a consortium of private equity
buyers for US$1.3 billion.  The acquisition will be financed by
the proceeds of the first and second lien debt, the
collateralized mortgage backed facility, equity from the private
equity groups, cash on hand and proceeds from US$60 million of
un-rated non-recourse PIK loans.

Intergraph is a provider of spatial information management
software and systems with 2005 revenues of US$577 million.  The
company is headquartered in Huntsville, Alabama.


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


ALCO OJSC: Court Names N. Zherebtsova as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Khakasiya Republic appointed Ms. N.
Zherebtsova as Insolvency Manager for OJSC Alco.  She can be
reached at:

         N. Zherebtsova
         Kuznetskiy Pr. 127A
         650051 Kemerovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
a47-3263/2006.

The Debtor can be reached at:

         OJSC Alco
         Abaza
         Khakasiya Republic
         Russia


ANASHENSKIY BUTTER: Bankruptcy Hearing Slated for Feb. 6
--------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region will convene on
Feb. 6, 2007, to hear the bankruptcy supervision procedure on
OJSC Anashenskiy Butter Factory.  The case is docketed under
Case No. A33-13291/2006.

The Temporary Insolvency Manager is:

         A. Astakhov
         Post User Box 12676
         660021 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Anashenskiy Butter Factory
         Anash
         Novoselovskiy Region
         Krasnoyarsk Region
         Russia


ARIG US-BREAD: Court Names B. Tsybenov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Buryatiya Republic appointed Mr. B.
Tsybenov as Insolvency Manager for CJSC Arig Us-Bread.  He can
be reached at:

         B. Tsybenov
         Apartment 42
         Solnechnaya Str. 2
         Ulan-Ude
         670031 Buryatiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A10-44373640/06.

The Arbitration Court of Buryatiya Republic is located at:

         Kommunisticheskaya Str. 51
         Ulan-Ude
         Russia

The Debtor can be reached at:

         CJSC Arig Us-Bread
         Radikaltseva Str. 4
         Ulan-Ude
         Buryatiya Republic
         Russia


BANK PETROCOMMERCE: Moody's Rates Loan Participation Debt at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the issue of
Loan Participation Notes by Luxembourg-based special purpose
vehicle, Petrocommerce Finance S.A., for the sole purpose of
funding a senior unsecured loan to Bank Petrocommerce (rated
Ba3/NP/D-/stable).  

The loan will represent senior unsecured debt of Bank
Petrocommerce and will rank pari passu with its other senior
unsecured debts.  The amount of the issue and its tenor have yet
to be determined, depending on market conditions. The outlook
for the rating is stable.

According to the terms and conditions of the Notes, Bank
Petrocommerce and its subsidiaries must comply with a number of
covenants such as negative pledge, limitations on mergers and
disposals as well as on transactions with affiliates, and a
covenant to maintain a minimum capital adequacy ratio of 10%.
The Notes will be governed by and construed in accordance with
English law.

Bank Petrocommerce is headquartered in Moscow, Russia, and
reported total assets of RUR111.5 billion (US$4.1 billion) and
total equity of RUR14.9 billion (US$551 million) under IFRS
(unaudited) as at June 30, 2006.  As at end-September 2006 it
ranked 17th largest bank in Russia in terms of total assets as
reported under Russian accounting rules.


BLAGOVESHENSKAYA SK-FACTORY: Court Hearing Slated for Dec. 25
-------------------------------------------------------------
The Arbitration Court of Amur Region will convene on Dec. 25 to
hear the bankruptcy supervision procedure on LLC
Blagoveshenskaya Sk-Factory of Reinforced-Concrete Products (TIN
2801086194).  The case is docketed under Case No. A04-6844/
06-12/217 B.

The Temporary Insolvency Manager is:

         M. Miroshnichenko
         Lenina Str. 191
         Blagoveshensk
         Amur Region
         Russia

The Debtor can be reached at:

         LLC Blagoveshenskaya Sk-Factory of Reinforced-Concrete
         Products
         Bolnichnaya Str. 79/1
         Blagoveshensk
         Amur Region
         Russia


BUILDER: Court Names R. Yamilov as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. R.
Yamilov as Insolvency Manager for Municipal Unitary Enterprise
Builder (TIN 0228002781).  He can be reached at:

         R. Yamilov
         Post User Box 132
         Ufa
         450112 Bashkortostan republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-39325/05-G-KhRM.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         Municipal Unitary Enterprise Builder
         Mira Str. 13/4
         Karaidel
         Bashkortostan Republic
         Russia


BUILDING DETAIL: Court Names V. Zorin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. V. Zorin as
Insolvency Manager for OJSC Building Detail.  He can be reached
at:

         V. Zorin
         Post User Box 4608
         Barnaul
         656049 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-11757/06-B.

The Debtor can be reached at:

         OJSC Building Detail
         658200 Altay Region
         Russia


CAR REPAIR: Asset Sale Slated for December 5
---------------------------------------------
The insolvency manager, the bidding organizer for OJSC Car
Repair, will open a public auction for the company's properties
at 2:00 p.m. on Dec. 5 at:

         The insolvency manager, the bidding organizer
         Office 413
         7th Gvardeyskaya Str. 12
         400005 Volgograd Region
         Russia

Participants have until Dec. 1 to deposit an amount equivalent
to 10% of the starting price to:

         OJSC Car Repair
         Settlement Account 40702810811250100364
         Correspondent Account 30101810100000000647
         BIK 041806647
         Kalacheevskoye OSB 3952
         TIN 3409002436
         KPP 340901001
         Volgogradskoye OSB 8621

Bidding documents must be submitted at:

         The insolvency manager, the bidding organizer
         Office 413
         7th Gvardeyskaya Str. 12
         400005 Volgograd Region
         Russia

The Debtor can be reached at:

         OJSC Car Repair
         Zavodskaya Str. 1
         Kalach-na-Donu
         404503 Volgograd Region
         Russia


CONTACT CJSC: Court Names S. Okulov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Omsk Region appointed Mr. S. Okulov as
Insolvency Manager for CJSC Trading Company Contact (TIN
5503010766).  He can be reached at:

         S. Okulov
         Mira Pr. 189
         644085 Omsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A46-14024/2006.

The Debtor can be reached at:

         CJSC Trading Company Contact
         Omsk Region
         Russia


DAL-OIL-PRODUCT: Court Names A. Krylov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. A.
Krylov as Insolvency Manager for CJSC Dal-Oil-Product (TIN
2703003351).  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.
A73-10442/2006-39.

The Debtor can be reached at:

         CJSC Dal-Oil-Product
         Kirova Str. 53
         Komsomolsk-na-Amure
         Russia


DELTA-Z CJSC: Samara Bankruptcy Hearing Slated for December 19
--------------------------------------------------------------
The Arbitration Court of Samara Region will convene at 3:00 p.m.
on Dec. 19 to hear the bankruptcy supervision procedure on CJSC
Delta-Z (TIN 6383004167).  The case is docketed under Case No.
A55-9390/2006.

The Temporary Insolvency Manager is:

         A. Titov
         Office 400
         7th Gvardeyskaya Str. 2a
         400005 Volgograd Region
         Russia

The Arbitration Court of Samara Region is located at:

         Avrory Str. 148
         Samara Region
         Russia

The Debtor can be reached at:

         CJSC Delta-Z
         Moskovskoye Shosse 1
         Syzran
         446026 Samara Region
         Russia


EASTERN TEXTILE: Court Names A. Trifonov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad Region
appointed Mr. A. Trifonov as Insolvency Manager for CJSC Eastern
Textile.  He can be reached at:

         A. Trifonov
         Post User Box 383
         OPS-100
         1701000 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-28619/2006.

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 Eastern Textile
         Ivana Chernykh 11
         St. Petersburg Region
         Russia


FISHING HARBOR-SOCHI: Court Names E. Leyliyan to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. E.
Leyliyan as Insolvency Manager for CJSC Fishing Harbor-Sochi.  
He can be reached at:

         E. Leyliyan
         Office 428
         Krasnaya Str. 180
         350020 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A32-17365/2006-46/1354-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Fishing Harbor-Sochi
         Sochi Region
         Russia


INTRADE RUSSIA: Court Names S. Suvorov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. S. Suvorov as
Insolvency Manager for CJSC Intrade Russia.  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.
A40-45383/06-103-853B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Intrade Russia
         Gorokhovskiy Per. 8
         Moscow Region
         Russia


INVEST TRADE: Court Names V. Nazimov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
V. Nazimov as Insolvency Manager for CJSC Invest Trade Oil (TIN
5258035712).  He can be reached at:

         V. Nazimov
         Post User Box 132
         603005 Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-27918/2006 36-849.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Invest Trade Oil
         Udmurtskaya Str. 1
         603135 Nizhniy Novgorod Region
         Russia


KRUPPSKIY FISHING: Pskov Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Pskov Region commenced bankruptcy
supervision procedure on LLC Kruppskiy Fishing Factory.  The
case is docketed under Case No. A52-1417/2006/4.

The Temporary Insolvency Manager is:

         A. Isaev
         Post User Box 42
         Main Post Office
         180000 Pskov Region
         Russia

The Arbitration Court of Pskov Region is located at:

         Nekrasova Str. 23
         Pskov
         Russia

The Debtor can be reached at:

         LLC Kruppskiy Fishing Factory
         Krupp
         Pechorskiy Region
         181533 Pskov Region
         Russia


LENINSKIY COMBINE: Court Names S. Fetisov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. S.
Fetisov as Insolvency Manager for CJSC Leninskiy Combine of
Tinned Goods.  He can be reached at:

         S. Fetisov
         Office 400
         7th Gvardeyskaya Str. 2A
         400005 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-6415/06-s50.

The Debtor can be reached at:

         CJSC Leninskiy Combine of Tinned Goods
         Territory of MI LKZ
         Promzona
         Leninsk
         404620 Volgograd Region
         Russia


MARYINSKAYA OJSC: Moscow Bankruptcy Hearing Slated for Dec. 27
--------------------------------------------------------------
The Arbitration Court of Moscow Region will convene on Dec. 27
to hear the bankruptcy supervision procedure on OJSC Maryinskaya
(OGRN 1022602222170).  The case is docketed under Case No.
A41-K2-19220/06.

The Temporary Insolvency Manager is:

         OJSC Maryinskaya
         Oktyabrskiy Pr. 20
         Troitsk
         Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Maryinskaya
         Oktyabrskiy Pr. 20
         Troitsk
         Moscow Region
         Russia


MASTERCROFT LIMITED: Fitch Keeps Issuer Default Rating at BB
------------------------------------------------------------
Fitch Ratings affirmed Luxembourg-based Evraz Group SA's Issuer
Default and senior unsecured ratings at BB and its Short-term
rating at B.  

The affirmation follows the announcement that the company plans
to acquire the US-based steel maker Oregon Steel Mills, Inc. for
US$2.3 billion.  

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd. -- Evraz's core subsidiary with most of its assets
concentrated in Russia -- at Issuer Default BB and Short-term B.  
Evraz Securities SA's senior unsecured rating is affirmed at BB.  
The Outlooks on the Issuer Default ratings are Stable.

The acquisition will be financed by US$500 million cash and
US$1.8 billion new debt.  The additional debt will not have a
material negative impact on Evraz's credit metrics.  Assuming
that the actual acquisition will take place in 2006, Fitch
expects net debt/EBITDA ratio of the consolidated entity on a
pro forma basis to reach 1.55x, which is roughly in line with
the net debt/EBITDA of 1.5x ceiling set by the company.  Both
Evraz and Oregon Steel Mills are profitable and have moderate
credit profiles.

Evraz made limited acquisitions of overseas assets in the past;
it operates a steel rolling mill in Italy and a steel plant in
Czech Republic.  It is not the first Russian company to gain
access to the US market; Severstal acquired US-based steel mill
Rouge Industries Inc. in 2004.  In Fitch's view, international
acquisitions allow Russian companies to increase their
recognition abroad as well as their geographic diversity.

The acquisition of Oregon Steel Mills, a relatively small steel
producer in the US specializing in production of specialty and
commodity steel products, will enable the consolidated company
to become the world's number one in rail production.  Fitch
notes that this acquisition may be used by Evraz, as a platform
for further acquisitions in the US.

It will also provide synergies in the rail business, given that
rail products account for 14% of Evraz's FY05 revenues and 26%
of Oregon Steel Mills' volume sales.  In addition, Evraz has
already established business relations with Oregon Steel Mills
by supplying slab to the latter.  Following the acquisition,
Evraz plans to expand its slab supplies to Oregon Steel Mills,
which has shut down its own slab production facilities.

Fitch notes that the current acquisition will limit somewhat
Evraz's future financial flexibility within its current rating.
Furthermore, Fitch will monitor the integration of the two
businesses.

Evraz is Russia's largest vertically integrated steel producer
by output and ranks 15th in the world.  In 2005 it produced 13.9
million tons of crude steel.  Its revenues totaled US$6.5
billion and EBITDA margin was at 29%.


MURASHOV LLC: Court Names P. Tarasov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Murmansk Region appointed Mr. P.
Tarasov as Insolvency Manager for LLC North Timber Company
Murashov.  He can be reached at:

         P. Tarasov
         Post User Box 19
         OPS-100
         170100 Tver Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A42-4804/2006.

The Arbitration Court of Murmansk Region is located at:

         Knipovicha Str. 20
         Murmansk Region
         Russia

The Debtor can be reached at:

         LLC North Timber Company Murashov
         Zavodskaya Str. 57
         Zlenoborskiy
         Kandalaksha
         Murmansk Region
         Russia


NAROVCHATSKOYE CJSC: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Chelyabinsk Region commenced bankruptcy
supervision procedure on CJSC Narovchatskoye.  The case is under
Case No. A76-20684/2006-36-173.

The Temporary Insolvency Manager is:

         V. Kovalev
         Kooperativnaya Str. 12
         Narovchatka
         Agapovskiy Region
         457419 Chelyabinsk Region
         Russia

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         V. Kovalev
         Kooperativnaya Str. 12
         Narovchatka
         Agapovskiy Region
         457419 Chelyabinsk Region
         Russia


PETROCOMMERCE FINANCE: Moody's Assigns Ba3 Rating on Notes
----------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the issue of
Loan Participation Notes by Luxembourg-based special purpose
vehicle, Petrocommerce Finance S.A., for the sole purpose of
funding a senior unsecured loan to Bank Petrocommerce (rated
Ba3/NP/D-/stable).  

The loan will represent senior unsecured debt of Bank
Petrocommerce and will rank pari passu with its other senior
unsecured debts.  The amount of the issue and its tenor have yet
to be determined, depending on market conditions. The outlook
for the rating is stable.

According to the terms and conditions of the Notes, Bank
Petrocommerce and its subsidiaries must comply with a number of
covenants such as negative pledge, limitations on mergers and
disposals as well as on transactions with affiliates, and a
covenant to maintain a minimum capital adequacy ratio of 10%.
The Notes will be governed by and construed in accordance with
English law.

Bank Petrocommerce is headquartered in Moscow, Russia, and
reported total assets of RUR111.5 billion (US$4.1 billion) and
total equity of RUR14.9 billion (US$551 million) under IFRS
(unaudited) as at June 30, 2006.  As at end-September 2006 it
ranked 17th largest bank in Russia in terms of total assets as
reported under Russian accounting rules.


PROGRESSOVSKIY BREAD: Names M. Miroshnichenko to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Amur Region appointed Ms. M.
Miroshnichenko as Insolvency Manager for LLC Progressovskiy
Bread (TIN 2806005216).  She can be reached at:

         M. Miroshnichenko
         Lenina Str. 191
         Blagoveshensk
         Amur Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A04-5093/06-6/138 B.

The Debtor can be reached at:

         LLC Progressovskiy Bread
         Promyshlennaya Str. 10
         Progress
         Amur Region
         Russia


RED OCTOBER-SOCHI: Court Names E. Leyliyan to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. E.
Leyliyan as Insolvency Manager for CJSC Red October-Sochi.  He
can be reached at:

         E. Leyliyan
         Office 428
         Krasnaya Str. 180
         350020 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A32-17364/2006-46/1353-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Red October-Sochi
         Sochi Region
         Russia


RESOURCE-INVEST: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on CJSC Resource-Invest.  The case is docketed under
Case No. A40-58747/06-38-1144B.

The Temporary Insolvency Manager is:

         A. Eremin
         Mira Pr. 101-V
         129085 Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Resource-Invest
         Building 1
         Rubtsovskaya Quay 3
         105082 Moscow Region
         Russia


SALOMATIN OJSC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Kaliningrad Region commenced bankruptcy
supervision procedure on OJSC Salomatin.  The case is docketed
under Case No. A21-4602/2006.

The Temporary Insolvency Manager is:

         O. Soldatov
         Rostovskaya Str. 32-59
         236023 Kaliningrad Region
         Russia

The Arbitration Court of Kaliningrad Region is located at:  

         Rokossovskogo Str. 2
         Kaliningrad Region
         Russia

The Debtor can be reached at:

         OJSC Salomatin
         Pervomayskoye
         Gusevskiy Region
         Kaliningrad Region
         Russia


SAVVINSKOYE CJSC: Yaroslavl Bankruptcy Hearing Slated for Feb. 6
----------------------------------------------------------------
The Arbitration Court of Yaroslavl Region will convene at 10:00
a.m. on Feb. 6, 2007, to hear the bankruptcy supervision
procedure on CJSC Savvinskoye (TIN 7704037874).  The case is
docketed under Case No. A40-40828/06-123-816/B.

The Temporary Insolvency Manager is:

         N. Azev
         Post User Box 70
         124482 Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Savvinskoye
         Building 2
         Savvinskaya Quay 7
         119121 Moscow Region
         Russia


SHIPPING COMPANY: Bankruptcy Hearing Slated for April 11
--------------------------------------------------------
The Arbitration Court of Sakha Republic-Yakutiya will convene at
9:30 a.m. on Apr. 11, 2007, to hear the bankruptcy supervision
procedure on OJSC Shipping Company.  The case is docketed under
Case No. A58-5681/06.

The Temporary Insolvency Manager is:

         S. Zhumaev
         Post User Box 89
         127560 Moscow Region
         Russia

The Arbitration Court of Sakha Republic-Yakutiya is located at:
         
         Room 405
         Kurashova Str. 28
         677000 Sakha Republic-Yakutiya
         Russia

The Debtor can be reached at:

         OJSC Shipping Company
         Naberezhnaya Str. 59
         Lensk
         678140 Sakha Republic-Yakutiya
         Russia


SPETS-STROY-MATERIALS: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Irkutsk Region commenced bankruptcy
supervision procedure on LLC Spets-Stroy-Materials.  The case is
docketed under Case No. A19-7593/06-29.

The Temporary Insolvency Manager is:

         A. Krulikovskiy
         Krasnokazachya Str. 119
         664081 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region is located at:  

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         LLC Spets-Stroy-Materials
         Office 306
         Oktyabrskoy Revolyutsii Str. 1
         Irkutsk Region
         Russia


SOKOLSKIY PULP: Court Names V. Ostroverkh as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. V.
Ostroverkh as Insolvency Manager for OJSC Sokolskiy Pulp and
Paper Mill (OGRN 1023502489670, TIN 3527000989).  He can be
reached at:

         V. Ostroverkh
         Sovetskiy Pr. 8
         Sokol
         162130 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A13-7223/2005-25.

The Debtor can be reached at:

         OJSC Sokolskiy Pulp and Paper Mill
         Sovetskiy Pr. 8
         Sokol
         162130 Volgograd Region
         Russia


TATNEFT OAO: Fitch Upgrades Issuer Default Rating to B+
-------------------------------------------------------
Fitch Ratings upgraded Tatarstan-based Tatneft's Issuer Default
rating to B+ from B and affirmed the Short-term rating at B.  
The Outlook remains Positive.  

The upgrade is based on the completed filing of the company's
audited 2005 US GAAP financial results and the publication of
H106 results based on US GAAP.

In August 2006, Fitch changed the Outlook on the company's IDR
to Positive from Stable and indicated that the agency would
consider an upgrade of Tatneft's IDR once the company
demonstrated a resumption of timely financial result filing for
2005.  This most recent filing now brings the company in line
with peers in information disclosure.

It also reveals a number of positive results including an
extension of a key production license, reduced borrowings, and a
reorganization plan to allow management to focus on the
company's core businesses.

The Positive Outlook foresees improving operating performance as
well as the resolution of recent corporate governance problems
relating to the timely filing of financial statements.  Fitch
would expect to again upgrade the IDR once Tatneft has
implemented its initiatives to address the company's weak
internal controls identified by its auditors.

Additionally, Fitch expects that Tatneft will be able to
significantly enhance its business profile with the
commissioning of its new refinery at Nizhnekamsk.  The new
refinery is designed to address the two problems that have beset
the Russian oil industry, through the efficient refining of sour
crude oil and improving the quality of Russian export crude.

As such, the project enjoys support, not only at the republic
level, but also at the federal level, and has been awarded
US$610 million from the Federal Investment Fund of the Russian
Federation for the construction of crude oil and refined product
pipelines and a rail link infrastructure intended to boost
product export capacity.  When the new refinery is complete,
Tatneft will be able to refine 65% of its high-sulphur crude in
the Russian Federation, reducing the amount blended in the
Transneft pipeline.

Tatneft is Russia's sixth largest oil production company,
operating mainly in the semi-autonomous Republic of Tatarstan
located approximately 750 km southeast of Moscow within the
Russian Federation.  Tatneft and its subsidiaries are engaged in
crude oil exploration, development and production, representing
over 80% of all the crude oil produced in Tatarstan.

The company is also engaged in the refining and marketing of
crude oil and refined products as well as petrochemicals and has
equity interests in the banking sector.  The Republic of
Tatarstan holds a 36% interest in Tatneft as well as a golden
share.  As such, the Republic is able to exercise considerable
influence over the company's operations.


TIMBER FACTORY: Tyumen Bankruptcy Hearing Slated for Dec. 28
------------------------------------------------------------
The Arbitration Court of Tyumen Region will convene on Dec. 28
to hear the bankruptcy supervision procedure on LLC Timber
Factory.  The case is docketed under Case No. A-70-5901/3-2006.

The Temporary Insolvency Manager is:

         I. Lukashenok
         Pichugina Str. 15-313
         640018 Kurgan Region
         Russia

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         LLC Timber Factory
         Sherbakova Str. 158
         Tyumen Region
         Russia


TOMSKAYA TIMBER: Court Names A. Kulakov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. A. Kulakov
as Insolvency Manager for LLC Tomskaya Timber Company.  He can
be reached at:

         A. Kulakov
         Kuleva Str. 33-18
         634034 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-6622/06.

The Debtor can be reached at:

         LLC Tomskaya Timber Company
         Pushkina Str. 62-5
         Tomsk Region
         Russia


YUKOS OIL: Federal Bailiffs Hold RUR15.8 Billion Claim
------------------------------------------------------
The Moscow Arbitration Court has upheld a RUR15.8 billion claim
filed by the Federal Bailiffs Service against bankrupt OAO Yukos
Oil Co., RIA Novosti reports.

According to the report, the Federal Tax Service's claim has now
increased to RUR369.6 billion (US$13.7 billion).

As reported in the TCR-Europe on Nov. 20, the Court upheld
additional back-tax and corporate claims prompting an increase
in debt claims against Yukos.  Yukos is now ordered to pay
US$23.6 billion, including the US$1.6 billion (RUR42.04 billion)
increase recently approved by the arbitration court.  

The court ordered Yukos to include the Federal Tax Service's
claim of RUR42 billion (US$1.58 billion), along with claims from
three oil companies:

   -- Ulyanovsknefteprodukt (RUR21.7 million/US$814,000),    
   -- Tomsknefteprodukt (RUR41.6 million/US$1.6 million), and
   -- Ecoproekt (RUR6.2 million/US$233,000),

into its claims registry.  As of Nov. 2, up to US$22 billion
(RUR586.6 billion) in claims have been asserted against Yukos
Oil.  However, the list of creditors, originally numbering at
54, has now expanded to more than 60 registered creditors.

Yukos is also facing another RUR42.8 million (US$1.6 billion) in
debt claims, including RUR38 billion (US$1.43 billion) from the
Federal Tax Service.  The court has postponed the hearings for
these claims until Dec. 25.

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

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

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

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

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

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


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


FREEPORT-MCMORAN: Inks US$25.9-Bln Merger Deal with Phelps Dodge
----------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. and Phelps Dodge Corp. have
signed a definitive merger agreement under which FCX will
acquire Phelps Dodge for approximately US$25.9 billion in cash
and stock, creating the world's largest publicly traded copper
company.

The combined company will be a new industry leader with large,
long-lived, geographically diverse assets and significant proven
and probable reserves of copper, gold, and molybdenum.

The company's increased scale of operations, management depth,
and strengthened cash flow will provide an improved platform to
capitalize on growth opportunities in the global market.

The combined company will be the largest North American-based
mining company.

The company will enjoy an excellent cost position, long reserve
life, a diversified geographic footprint, and an attractive
growth profile.

FCX currently operates the world-class Grasberg mine, located in
Papua, Indonesia, which is the world's largest copper and gold
mine in terms of reserves.

Phelps Dodge has mines in operation or under development in
North and South America, and Africa, including the world-class
Tenke Fungurume development project in the Democratic Republic
of the Congo.

The combined company will represent one of the most
geographically diversified portfolios of operating, expansion
and growth projects in the copper mining industry.

James R. Moffett, chairman of the board of FCX, said: "This
transaction combines two leading mining companies to form a
strong industry leader at a time when we see significant long-
term opportunities in our industry.  FCX has been built through
our exploration and development capabilities, and we will focus
on aggressively pursuing opportunities in the extensive Phelps
Dodge asset portfolio."

Richard C. Adkerson, FCX's president and chief executive
officer, said: "This acquisition is financially compelling for
FCX shareholders, who will benefit from significant cash flow
accretion, lower cost of capital, and improved geographic and
asset diversification.  The new FCX will continue to invest in
future growth opportunities with high rates of return and will
aggressively seek to reduce debt incurred in the acquisition
using the substantial free cash flow generated from the combined
business."

Mr. Adkerson continued: "Together, FCX and Phelps Dodge will
have the size, management depth and financial strength to
optimize existing operations and accelerate our growth by
aggressively pursuing promising new development projects,
exploration and acquisitions. We are enthusiastic about the
addition of Phelps Dodge's highly regarded mining team, which
will complement our existing organization, and are delighted to
welcome Phelps Dodge's talented team to the FCX family."

J. Steven Whisler, chairman and chief executive officer of
Phelps Dodge, said: "This transaction provides Phelps Dodge
shareholders a significant premium for their shares and gives
them the opportunity to participate in the upside potential of a
geographically diversified industry leader possessing the scale
and asset quality to compete on the global stage successfully.  
I believe our management team, with its industry-recognized
reputation for operational excellence and technological
innovation, possesses the skills in open pit and underground
mining and mineral processing to add value to FCX's operations.  
We look forward to working with FCX to realize all of the
benefits of this combination, and its exciting portfolio of
growth and expansion projects, for our shareholders, customers,
employees and suppliers."

                     Terms of the Transaction

Under the terms of the transaction, FCX will acquire all of the
outstanding common shares of Phelps Dodge for a combination of
cash and common shares of FCX for a total consideration of
US$126.46 per Phelps Dodge share, based on the closing price of
FCX stock on Nov. 17, 2006.

Each Phelps Dodge shareholder would receive US$88.00 per share
in cash plus 0.67 common shares of FCX.  This represents a
premium of 33% to Phelps Dodge's closing price on Nov. 17, 2006,
and 29% to its one-month average price at that date.

The cash portion of US$18 billion represents approximately 70%
of the total consideration.  In addition, FCX would deliver a
total of 137 million shares to Phelps Dodge shareholders,
resulting in Phelps Dodge shareholders owning approximately 38%
of the combined company on a fully diluted basis.

The boards of directors of FCX and Phelps Dodge have each
unanimously approved the terms of the agreement and have
recommended that their shareholders approve the transaction.  
The transaction is subject to the approval of the shareholders
of FCX and Phelps Dodge, receipt of regulatory approvals and
customary closing conditions.  The transaction is expected to
close at the end of the first quarter of 2007.

FCX has received financing commitments from JPMorgan and Merrill
Lynch to fund the cash required to complete the transaction.  
After giving effect to the transaction, estimated pro forma
total debt at Dec. 31, 2006, would be approximately US$17.6
billion, or approximately US$15 billion net of cash.

                Combined Financials and Production

For the 12-month period ending Sept. 30, 2006, the companies had
combined revenues of US$16.6 billion, EBITDA (operating income
before depreciation, depletion and amortization) of US$7.0
billion, and operating cash flows of US$5.5 billion.

For the year 2006, the combined company's estimated EBITDA would
approximate US$7.9 billion and operating cash flows would
approximate US$6.5 billion.

On a pro forma basis for 2006, the combined company's production
would approximate 3.7 billion pounds of copper (3.1 billion
pounds net of minority interests), 1.8 million ounces of gold
(1.7 million ounces net of minority interests) and 69 million
pounds of molybdenum.

Combined proven and probable reserves at Dec. 31, 2005, would
approximate 75 billion pounds of copper, 41 million ounces of
gold and 1.9 billion pounds of molybdenum, net of minority
interests.

                    Benefits Of The Transaction

   * The combined company is well positioned to benefit from the
     positive copper market at a time when there is a scarcity
     of large-scale copper development projects combined with
     strong global demand for copper.  The combined company's
     copper production growth is expected to be approximately
     25% over the next three years.

   * The combined company will benefit from long-lived reserves
     totaling 75 billion pounds of copper, 41 million ounces of
     gold and 1.9 billion pounds of molybdenum, net of minority
     interests.

   * The combined company is expected to generate strong cash
     flows, enabling significant debt reduction.  For the year
     2006, the two companies are expected to generate estimated
     combined operating cash flows totaling US$6.5 billion.

   * FCX expects the transaction to be immediately accretive to
     FCX's earnings and cash flow.

   * The combined company's project pipeline will support
     industry-leading growth by delivering nearly 1 billion
     pounds of additional copper production capacity over the
     next three years.  Projects include Phelps Dodge's recent
     commissioning of the US$850 million expansion of the Cerro
     Verde mine in Peru; the development of the new US$550
     million Safford mine in Arizona; a potential project to
     extend the life of El Abra through sulfide leaching; the
     exciting Tenke Fungurume copper/cobalt project in the      
     Democratic Republic of the Congo, which is expected to
     begin production by 2009; the expansion of FCX's DOZ
     underground mine in Indonesia; and other developments of
     FCX's large-scale, high-grade underground ore bodies in the
     Grasberg district in Indonesia.

   * The combined company is expected to generate strong cash
     flows, enabling significant debt reduction.  For the year
     2006, the two companies are expected to generate estimated
     combined operating cash flows totaling US$6.5 billion.

   * FCX expects the transaction to be immediately accretive to
     FCX's earnings and cash flow.

   * The combined company will have significant high potential
     exploration rights in copper regions around the world,
     including FCX's existing prospective acreage in Papua,
     Indonesia, and Phelps Dodge's opportunities at its Tenke
     concession, the U.S. and South America, as well as Phelps
     Dodge's portfolio of exciting exploration targets.  FCX
     will continue its longstanding focus on adding value
     through exploration.

   * The combination of FCX's and Phelps Dodge's proven
     management and best practices in open pit and underground
     mining will facilitate the sharing of expertise to optimize
     operations across the asset base.  Phelps Dodge's unique
     mining and processing technology provides opportunities to
     be applied to optimize metal production at Grasberg.

              Management Team and Board of Directors

James R. Moffett, chairman of FCX, will continue as chairman.
Richard C. Adkerson, chief executive officer of FCX, will serve
as chief executive officer of the combined company.

Upon completion of the transaction, J. Steven Whisler, chairman
and chief executive officer of Phelps Dodge, is expected to
retire after more than 30 years of service to Phelps Dodge.

Timothy R. Snider will be chief operating officer of the
combined company, Ramiro G. Peru will be chief financial officer
and Kathleen L. Quirk will be chief investment officer.

Mark J. Johnson will continue as chief operating officer of
FCX's Indonesian operations and Michael J. Arnold will continue
in his executive management role, including serving as chief
financial and administrative officer of FCX's Indonesian
operations.

At closing, FCX will add to its board of directors three
independent members from Phelps Dodge's board, increasing the
size of the board to sixteen directors in total.

The parent company will retain the Freeport-McMoRan Copper &
Gold Inc. name and trade on the New York Stock Exchange under
the symbol "FCX."  The Phelps Dodge name will continue to be
used in its existing operations.

The corporate headquarters of the combined company will be
located in Phoenix, Arizona, and FCX will maintain its New
Orleans, Louisiana, office for accounting and administrative
functions for its Indonesian operations.

                         Financial Policy

FCX has an established financial policy of maintaining a strong
financial position and returning excess cash to shareholders
through dividends and share purchases.  The continuation of
positive copper markets would provide substantial cash flows to
enable the combined company to achieve significant near-term
debt reductions.  In addition, FCX intends to consider
opportunities over time to reduce debt further through issuances
of equity and equity-linked securities and possibly through
asset sales.  FCX expects to continue its regular annual common
dividend of
US$1.25 per share.  FCX is committed to its long-standing
tradition of maximizing value for shareholders.

                       Advisors and Counsel

J.P. Morgan Securities Inc. and Merrill Lynch & Co. are the
financial advisors of FCX.

Davis Polk & Wardwell and Jones, Walker, Waechter, Poitevent,
Carrere & Denegre L.L.P. are the legal counsel of FCX.

Citigroup Corporate and Investment Banking and Morgan Stanley &
Co. Incorporated are the financial advisors of Phelps Dodge.

Debevoise & Plimpton LLP is the legal counsel of Phelps Dodge.

                        About Phelps Dodge

Phelps Dodge Corporation (NYSE: PD) is one of the world's
leading producers of copper and molybdenum and is the largest
producer of molybdenum-based chemicals and continuous-cast
copper rod.  The company employs 15,000 people worldwide.

               About Freeport-McMoRan Copper & Gold

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold Inc. (NYSE: FCX) -- http://www.fcx.com/-- explores for,  
develops, mines, and processes ore containing copper, gold, and
silver in Indonesia, and smelts and refines copper concentrates
in Spain and Indonesia.


FREEPORT-MCMORAN: Phelps Dodge Purchase Prompts Moody's Review
--------------------------------------------------------------
Moody's Investors Service placed under review for possible
upgrade Freeport-McMoRan Copper & Gold Inc.'s Ba3 corporate
family rating and its B1 senior unsecured rating.

At the same time Moody's placed under review for possible
downgrade the Baa2 senior unsecured ratings of Phelps Dodge
Corporation.

The reviews were prompted by the joint announcement of Freeport
and Phelps Dodge that Freeport will acquire Phelps Dodge under a
merger agreement for a purchase price of approximately
US$25.9 billion in cash and shares.  Freeport has arranged debt
financing of approximately US$16 billion to fund the cash
portion of the deal, bringing the combined debt of both
companies, including Moody's adjustments for unfunded pensions
and operating leases, to approximately US$18.9 billion.

The review for upgrade of Freeport's ratings recognizes the
improved business profile Freeport will assume with the
acquisition of Phelps Dodge.  Its rating has reflected both its
single mine operation and the challenges that may arise from
doing business solely in Indonesia.

The acquisition of Phelps Dodge will significantly reduce
Freeport's dependence on one mine, although that mine will still
comprise a significant component of the production of Freeport
post acquisition.  However, Freeport will remain highly
concentrated in a single commodity, copper, and its financial
profile will change significantly as its debt increases to
US$18.9 billion.  

It is possible that the corporate family rating of Freeport will
be upgraded by one notch or affirmed, depending on the outcome
of the review.  It is unlikely that the rating will be
downgraded, unless metals prices or the outlook for metals
prices retreat appreciably from current levels.

The review for downgrade of Phelps Dodge reflects the
significant amount of debt that it will be called upon to
support at the Freeport level.  Phelps Dodge will provide an
upstream guarantee to the new and existing debt at Freeport.  In
all likelihood the existing rated debt of Phelps Dodge will be
assigned a non-investment grade rating upon conclusion of the
review.

On Review for Possible Downgrade:
   
   * Issuer: Cyprus Amax Minerals Company

      -- Senior Unsecured Regular Bond/Debenture, Placed on
         Review for Possible Downgrade, currently Baa2

   * Issuer: PD Capital Trust I

      -- Preferred Stock Shelf, Placed on Review for Possible
         Downgrade, currently (P)Baa3

   * Issuer: PD Capital Trust II

      -- Preferred Stock Shelf, Placed on Review for Possible
         Downgrade, currently (P)Baa3

   * Issuer: Phelps Dodge Corporation
   
      -- Multiple Seniority Shelf, Placed on Review for Possible    
         Downgrade, currently (P)Ba1

      -- Senior Unsecured Regular Bond/Debenture, Placed on
         Review for Possible Downgrade, currently Baa2

On Review for Possible Upgrade:

   * Issuer: Freeport-McMoRan Copper & Gold Inc.

      -- Corporate Family Rating, Placed on Review for Possible
         Upgrade, currently Ba3

Outlook Actions:

   * Issuer: Cyprus Amax Minerals Company

      -- Outlook, Changed To Rating Under Review From Positive

   * Issuer: Freeport-McMoRan Copper & Gold Inc.

      -- Outlook, Changed To Rating Under Review From Stable

   * Issuer: PD Capital Trust I

      -- Outlook, Changed To Rating Under Review From Positive

   * Issuer: PD Capital Trust II

      -- Outlook, Changed To Rating Under Review From Positive

   * Issuer: Phelps Dodge Corporation

      -- Outlook, Changed To Rating Under Review From Positive

The review will focus on:

      -- Freeport's plan to reduce debt from internally
         generated cash flow, the timeframe involved, and
         Moody's view of the ability of the company to do so
         under various metals price scenarios;

      -- the commitment of the company to reduce debt,
         particularly in view of its history of returning
         significant amounts of cash to shareholders,
         principally through special dividends;

      -- the likelihood of debt reduction from the issue of
         equity or equity-like securities;

      -- the likelihood of asset sales being used to reduce
         debt;

      -- the final legal and capital structure of the combined
         companies and whether any of the existing or new debt
         is structurally subordinated.

This analysis of the legal and capital structure will have an
impact on notching only, and not on the corporate family rating.
Moody's understands that the majority of the permanent, i.e.
non-bridge bank debt, at Freeport will be secured and that the
existing notes and bonds at Phelps Dodge may rank pari-passu
with this debt.

Moody's also understands that the new notes and bonds to be
issued by Freeport in replacement of the bridge debt may be
unsecured, thus ranking junior to the aforementioned debt.  In
considering Freeport's ability to reduce debt from internally
generated funds, Moody's will consider, in addition to various
metals price scenarios, various scenarios for both operating and
development costs, and expected and required capital expenditure
levels.

Moody's notes that there is no certainty that the proposed
transaction will be completed.  There could be other bids
involving these and perhaps other companies.  The final ratings
applicable to the debt of Freeport and Phelps Dodge will depend
on the final terms and structure of any transaction consummated.

Phelps Dodge Corporation is a Phoenix based producer of copper
and molybdenum and had revenue in 2005 of US$8.3 billion.

Freeport-McMoRan Copper & Gold Inc. is a Louisiana based
producer of copper and gold through its Grasberg mine in
Indonesia and revenue in 2005 of US$5.9 billion.


FREEPORT-MCMORAN: US$25.9-Bln Merger Deal Cues S&P's Watch Neg.
---------------------------------------------------------------
Standard & Poor's placed its 'BB-' corporate credit and its
other ratings on Freeport-McMoRan Copper & Gold Inc. on
CreditWatch with positive implications and its 'BBB' corporate
credit and its other ratings on Phelps Dodge Corp. on
CreditWatch with negative implications.

The actions followed the report that Freeport entered into an
agreement with Phelps Dodge to acquire Phelps in a transaction
valued at US$25.9 billion.

New Orleans, Louisiana-based Freeport will fund the acquisition
with approximately US$18 billion in cash and US$8 billion of
equity. Standard & Poor's expects the US$18 billion cash
componentto be funded by US$2.5 billion of existing cash
balances and approximately US$16 billion of debt.

Pro forma for the transaction, at Sept. 30, 2006, total debt,
including Standard & Poor's adjustment for debt-like
liabilities, will approximate an aggressive US$17.8 billion.

A successful acquisition of Phoenix, Arizona-based Phelps Dodge
would markedly enhance Freeport's position in the mining
industry by augmenting its reserve, production, and geographic
diversity while somewhat mitigating the company's exposure to
the political and legal risks of operating in Indonesia, which
historically have been key risk factors in the assessment of
Freeport's corporate credit ratings.

"However, we are concerned about the combined entity's
aggressive debt levels and the ability to reduce debt to more
appropriate levels within a reasonable timeframe," said Standard
& Poor's credit analyst Thomas Watters.

"We acknowledge the strong metals price environment but do not
expect current prices to remain near these levels during the
next several years.  Hence, it is quite possible the combined
entity will not be investment-grade, which would represent at
least a two-notch downgrade of our existing corporate credit
rating on Phelps Dodge."

"As part of our review, we will assess the company's ability to
reduce debt, which will encompass a review of the company's
capital expenditure plans and the potential for assets sales.  
However, given the current very active state of mergers and
acquisitions in the metals and mining industry, it is quite
possible further, more aggressive competing bids could
emerge," Mr. Watters added.

Standard & Poor's also plans to assess and review the final
corporate structure and the relative position of the various
debt issues in this structure.


FTPYME BANCAJA 4: Fitch Junks EUR24-Million Class E Notes
---------------------------------------------------------
Fitch Ratings affirmed FTPYME Bancaja 4, Fondo De Titulizacion
De Activos' notes due July 2038:

   -- EUR416.9 million Class A1 (ES0339731004 ) affirmed at AAA;

   -- EUR300 million Class A2 (ES0339731012) affirmed at AAA;

   -- EUR237.6 million Class A3(G) (ES0339731020) affirmed at
      AAA;

   -- EUR71.3 million Class B (ES0339731038) affirmed at A;

   -- EUR23.3 million Class C (ES0339731046) affirmed at BBB+;

   -- EUR25.5 million Class D (ES0339731053) affirmed at BB-;
      and

   -- EUR24 million Class E (ES0339731061) affirmed at CCC-.

FTPYME Bancaja 4 notes represent a cash flow securitization of
EUR1.5 billion loans to small and medium-sized Spanish
enterprises granted by Caja de Ahorros de Valencia Castellon y
Alicante.  The Class A3 (G) notes are backed by a guarantee from
the Kingdom of Spain.

The rating actions reflect the deal's stable performance to
date, low delinquency levels and sufficient credit enhancement.
As of September 2006 report, the total amount of outstanding
delinquencies of more than 90 days is only 0.75% and of arrears
over 180 days is only 0.41%.  

Furthermore, no rating triggers on transaction counterparties
have been hit and the credit enhancement has increased due to
the amortization of the notes in line with the amortization of
the collateral, hence leading to the affirmations of the notes.

The portfolio is currently composed of 3,364 loans, consisting
of mortgages, as well as loans secured with guarantees and
private backing.  In terms of geographic concentration, the
loans are mainly to obligors in Valencia and the largest
industry is real estate.

FTPYME Bancaja 4 is a special-purpose vehicle incorporated under
the laws of Spain with limited liability.  Its sole purpose is
to acquire a portfolio of loans from Bancaja as collateral for
the issuance of fixed-income securities.  The assets of FTPYME
Bancaja 4 were subscribed to by Europea de Titulizacion
S.G.F.T., S.A.  The Sociedad Gestora is a special-purpose
management company with limited liability, incorporated under
the laws of Spain.


HERTZ CORP: S&P Assigns Low-B Ratings on Synthetic Securities
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on two
synthetic securities related to Hertz Corp. and its related
entities and removed them from CreditWatch, where they were
placed with negative implications on June 30.

The rating actions reflect the affirmation of the long-term
corporate credit and senior unsecured debt ratings on
Hertz Corp. (BB-/Negative/NR) and its related entities and their
removal from CreditWatch negative on Nov. 16, 2006.

The ratings on the affected synthetic securities listed below
are weak-linked to the underlying collateral, Hertz Corp. debt.
    
Ratings Affirmed and Off Watch Negative
   
                   SATURNS Trust No. 2003-8
  US$25 million Hertz Corp. debenture-backed callable units
                    and interest only units
   
                           Rating
                
              Class          To             From
              -----          --             ----
              A              BB-            BB-/Watch Neg
              B              BB-            BB-/Watch Neg
   
                  SATURNS Trust No. 2003-15
         US$25 million 7.0% class A callable units,
notional amount 0.851% class B interest-only callable units
   
                           Rating

              Class          To             From
              -----          --             ----
              A              BB-            BB-/Watch Neg
              B              BB-            BB-/Watch Neg


MADRID RMBS: Moody's Rates EUR7-Million Series E Notes at Ba2
-------------------------------------------------------------
Moody's Investors Service assigned the definitive ratings to six
series of "Bonos de Titulizacion de Activos" to be issued by
Madrid RMBS I Fondo de Titulizacion de Activos, a Spanish asset
securitization fund that has been created by Titulizacion de
Activos, S.G.F.T, S.A.:

   -- EUR460-Mln Series A1 notes: Aaa;
   -- EUR1340-Mln Series A2 notes: Aaa;
   -- EUR70-Mln Series B notes: Aa2;
   -- EUR75-Mln Series C notes: A2;
   -- EUR34-Mln Series D notes: Baa2; and
   -- EUR7-Mln Series E notes: Ba2.

The products being securitized are first-lien mortgage loans
granted to individuals (all of whom will use these loans to
acquire properties located in Spain), originated by Caja Madrid
(Aa2/Prime-1), which will continue to service them.

As of Oct. 2006, the provisional portfolio comprised 13,434
loans for a total amount of EUR2,407,124,489.  The original
weighted average loan-to-value (WALTV) is 98.03%.  The current
WALTV is 95.34%.  The average loan size is EUR179,182.  The
loans were originated between 2000 and 2006, with a weighted
average seasoning of 1.64 years.  The pool is concentrated in
the Madrid (70%) and Catalonia (9%).

To hedge the potential mismatch risk derived from the fact that
the index reference rates on the assets side and the notes side
are different, or the risk derived from any amendment in the
terms of the mortgage agreements, the "Fondo" will enter into a
swap agreement with Caja Madrid.

Moody's definitive ratings address the expected loss posed to
investors by the legal final maturity.  The rating agency
believes that the structure of the Madrid RMBS I notes allows
for timely payment of interest and ultimate payment of principal
at par, on or before the 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.

Moody's bases its ratings on:

   (i) an evaluation of the underlying portfolio of mortgage
       loans securing the structure, and

  (ii) the transaction's structural protections, which include
       the subordination, the strength of the cash flows
      (including the reserve fund) and any excess spread
       available to cover losses.

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

strong underwriting and risk control criteria
    (including a robust in-house scoring system);

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

  (2) a six-month artificial write-off mechanism; and

  (3) the fact that 100% of the loans are secured by      
      residential mortgages.

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

  (1) the collateral consists exclusively of loans with an LTV
      greater than 80%;

  (2) the poolcut has a very strong concentration in Madrid;

  (3) the deferral of interest payments on each of Series B, C,
      D and E increases the expected loss on these subordinated
      series;

  (4) the Reserve Fund amortization trigger is slightly above
      the standard figures for the Spanish market;

  (5) the renegotiation limit of the loans on which the
      maturity can be extended is 15%, compared to the standard
      figure of 10% in the Spanish market and

  (6) pro-rata amortization of the Series B, C, D and E notes
      leads to reduced credit enhancement of the senior series
      in absolute terms.  These increased risks were reflected     
      in Moody's credit enhancement calculation.


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


GLENCORE INTERNATIONAL: Kazakh Unit Declares Insolvency
-------------------------------------------------------
A subsidiary of Glencore International AG in Kazakhstan has
declared insolvency.  Creditors have until Dec. 6 to submit
written proofs of claim to:

         Glencore International AG
         Dostyk Ave. 85
         Almaty, Kazakhstan

                         About Kazzinc

Headquartered in Ust-Kamenogorsk, Kazakhstan, JSC Kazzinc
-- http://www.kazinc.com/-- is a major fully integrated Zinc  
producer with considerable Copper, precious metals and Lead
credits.  It employs some 22,000 people in mining, ore dressing,
metallurgy, power generation and mechanical production.  The
company was established in 1997 through the merger of Eastern
Kazakhstan's three main non-ferrous metals companies - "Ust-
Kamenogorsk Lead and Zinc Combinate", "Leninogorsk Polymetallic
Combinate" and "Zyrianovsk Lead Combinate".  The controlling
block of shares in Kazzinc has since been sold off by the State
to the private sector, with Glencore International AG of
Switzerland becoming the company's main investor.

                        About Glencore

Headquartered in Zug, Switzerland, Glencore International AG --
http://www.glencore.com/-- is one of the world's largest  
suppliers of a wide range of commodities and raw materials
including metals and minerals, agricultural products, and
energy.  Glencore is a diversified natural resources
conglomerate with interests in companies involved in mining,
smelting, refining, and processing.  It indirectly employs over
2,000 people worldwide in some 50 offices in over 40 countries.
In its industrial operations the company directly or indirectly
employs over 50,000 people in 22 plants in 14 countries.


NOVELIS INC: Moody's Confirms B1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service confirmed Novelis Inc.'s corporate
family rating at B1, and its B1 PDR and also confirmed the Ba2
rating on its US$500 million senior secured credit facility, and
the Ba2 rating on its senior secured term loan.  The
US$1.4 billion senior unsecured notes were upgraded from B3 to
B2.

Moody's also confirmed the Ba2 senior secured term loan rating
for Novelis Corp., guaranteed by Novelis Inc.  At the same time,
Moody's changed Novelis's speculative grading liquidity rating
to SGL-2 from SGL-4.  The outlook is stable.  This concludes the
review of debt ratings for possible downgrade, initiated on
May 16, 2006, following Novelis's announcement to further delay
the filing of its financial statements, the downgrade review of
which continued after Novelis's long-term debt ratings were
downgraded on Sept. 5, 2006.

The confirmation reflects the progress Novelis has made in
getting current on its financial reporting requirements and the
elimination of any potential default under the senior unsecured
notes, which could have forced an acceleration of payment.  

In addition, the confirmation reflects Novelis's substantial
global footprint in the aluminum rolled products industry and
Moody's expectation that improving performance will be evident
in 2007 as the negative drag of the can price ceiling diminishes
on contract restructuring.  The upgrade of the senior unsecured
notes reflects their improved standing in the waterfall under
Moody's loss given default methodology following further paydown
in the secured term loans (to US$711 million in aggregate) and
the increased proportion of these unsecured notes in the capital
structure.

The B1 corporate family rating reflects the challenges Novelis
is facing in its 2006 performance and the resultant
deterioration in earnings and debt protection metrics.  Novelis'
performance has suffered due to its remaining exposure to
certain can contracts with price ceilings (which are below the
current aluminum prices) and the worse-than-expected impact of
the differential between used beverage can prices and primary
aluminum prices (which impacts the company's expected internal
hedge position).

In addition, the rating considers the increased cost profile
from both an operational perspective and as a result of the
increased costs associated with the review and restatement of
Novelis's financial statements since its spin-off from Alcan,
the increased interest costs due to waivers required under the
bank agreements, and the step-up in the interest rates on the
notes due to non-registration.  However, the rating acknowledges
the company's substantive global position in the aluminum rolled
products markets and its debt reduction performance since its
spin-off from Alcan.

Moody's sees 2006 as a transition year for Novelis both
operationally and from a management and reporting perspective.
With the delayed filing and restatement of financial statements
now behind the company, as well as the weak performance through
the first three quarters of 2006, which resulted largely from
price caps on some of its can sheet contracts, Moody's expects
improved operating margins and a continued focus on debt
reduction throughout 2007.

The stable outlook reflects Moody's expectation that the current
favorable business environment for aluminum rolled products for
aerospace, automotive, commercial construction and industrial
applications will continue into 2007 allowing for improved
earnings and cash flow generation.  

Moody's also expects that losses associated with certain
contracts with price ceilings (which are below current aluminum
prices), recorded at approximately US$115 million for the 2006
third quarter alone, will be significantly reduced as roughly
half of the affected contracts move to more market based pricing
in 2007.  Moody's also believes that hedging strategies
implemented in the third quarter should help mitigate the degree
of exposure to losses on the remaining contracts.

The change to SGL-2 reflects Novelis's improved liquidity
following the timely filing of its third quarter 10-Q and the
improved cushion under its renegotiated financial covenants in
its bank revolver and term loan facilities.  The SGL-2 rating
also captures the expectation that, despite negative free cash
flow generation in Q2 and Q3, 2006, the company will demonstrate
improved performance in 2007 as a substantial portion of
contracts with price ceilings begin to move to a more market
based pricing.

Novelis Inc.

Ratings Confirmed:

    * Corporate Family Rating, B1
    * Probability of default rating. PDR-B1
    * Gtd. Sr. Sec. Revolving Credit Facility, Ba2, LGD2, 24%
    * Gtd Sr. Sec Term Loan B, Ba2, LGD2, 24%

Ratings Upgraded

    * Sr. Global Notes to B2, LGD5, 74% from B3, LGD5, 76%
    * Speculative Grade Liquidity Rating to SGL-2 from SGL-4

Novelis Corp.

Ratings Confirmed

    * Gtd. Sr. Sec Term Loan B Ba2, LGD2, 24%

Headquartered in Atlanta, Georgia, Novelis is the world's
largest producer of aluminum rolled products.  In 2005, the
company had total shipments of approximately 3.1 million tons
and generated approximately US$8.3 billion in revenues.


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


BILOGIRYAMOLPRODUKT LLC: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Hmelnitskij Region commenced bankruptcy
supervision procedure on LLC Bilogiryamolprodukt (code EDRPOU
32191771) on Sept. 4.  The case is docketed under Case No.
17/200-B.

The Temporary Insolvency Manager is:

         Vitalij Opanasenko
         Hotovitskij Str. 8/120
         29000 Hmelnitskij Region
         Ukraine

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         LLC Bilogiryamolprodukt
         Bilogirya
         30200 Hmelnitskij Region
         Ukraine


DREVOZA LLC: Court Names Uzhgorod Tax Agency as Liquidator
----------------------------------------------------------
The Economic Court of Zakarpatska Region appointed the Uzhgorod
City State Tax Inspection as Liquidator for LLC Drevoza (code
EDRPOU 31907154).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
6/115.

The Economic Court of Zakarpatska Region is located at:

         Kotsubinski Str.2a
         Uzhgorod
         88000 Zakarpatska
         Ukraine

The Debtor can be reached at:

         LLC Drevoza
         Stavne
         Velikobereznyanskij District
         Zakarpatska Region
         Ukraine
         Liquidator


KOSENT-AGR LLC: Donetsk Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on LLC Kosent-Agr (code EDRPOU 24823060)
on Sept. 11.  The case is docketed under Case No. 5/154 B.

The Temporary Insolvency Manager is:

         I. Farberov
         Artema Str. 90/15
         83048 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Kosent-Agr
         Kalmikova Str. 3
         Kostyantinivka
         85113 Donetsk Region
         Ukraine


LADA SERVICE: Regional Bankruptcy Agency to Liquidate Assets
------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Vinnitsya
Regional Sector of Bankruptcy Questions as Liquidator for CJSC
Trade House Lada Service (code EDRPOU 20111150).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 26.  The case is docketed
under Case No. 5/320-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         CJSC Trade House Lada Service
         Mechnikov Str. 4
         Vinnitsya Region
         Ukraine


MEBLEVIK: Court Names Sergij Romanchuk as Insolvency Manager
------------------------------------------------------------
The Economic Court of Lviv Region appointed Sergij Romanchuk as
Liquidator/Insolvency Manager for Meblevik (code EDRPOU
30084603).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 14.  The case is docketed
under Case No. 6/99-7/198.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Meblevik
         Turash Str. 28
         Drogobich
         82100 Lviv Region
         Ukraine


OSNOVA: Lviv Court Commences Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on Osnova (code EDRPOU 30387238).  The
case is docketed under Case No. 6/135-4/217.

The Temporary Insolvency Manager is:

         Volodimir Chuyev
         V. Kokorudza Str. 12/8
         Lviv Region
         Ukraine

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Osnova
         Promislova Str. 50/52
         79024 Lviv Region
         Ukraine


SOUTH BIRD: AR Krym Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on LLC Trade House South Bird Factory
(code EDRPOU 32080710) on Oct. 17.  The case is docketed under
Case No. 2-6/14610-2006.  

The Temporary Insolvency Manager is:

         Vasil Kuhta
         Ruska Str. 94
         Simferopol
         95000 AR Krym Region
         Ukraine

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         LLC Trade House South Bird Factory
         Shkilna Str. 1
         Perove
         Simferopol District
         97560 AR Krym Region
         Ukraine


TUSTAN: Lviv Court Names Sergij Romanchuk as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Lviv Region appointed Sergij Romanchuk as
Liquidator/Insolvency Manager for Tustan (code EDRPOU 30084603).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 14.  The case is docketed
under Case No. 6/100-7/200.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Tustan
         Turash Str. 28
         Drogobich
         82100 Lviv Region
         Ukraine


* Moody's Changes Rating Outlook of 11 Banks to Positive
--------------------------------------------------------
Moody's Investors Service changed the outlook on the B2
long-term foreign currency deposit ratings of eleven Ukrainian
banks to positive.  The outlook on three Ukrainian banks'
outstanding foreign currency debt ratings was also changed to
positive.  This rating action was prompted by the recent change
in outlook on Ukraine's sovereign ratings to positive, and
applies to the foreign currency deposit and debt ratings of
banks that are constrained by the country ceilings.  The B2
long-term foreign currency deposit ratings of other rated
Ukrainian banks, whose ratings were not constrained by the
country ceilings, were not affected by this rating action.

On Nov. 10, Moody's changed the outlook on the government of
Ukraine's B1-rated local and foreign currency long term bonds
and Ukraine's B2-rated foreign currency bank deposit ceiling to
positive from stable.  Consequently, the rating outlook for
Ukraine's foreign currency country ceiling, which assesses the
likelihood of imposition of a general debt payments moratorium
in the event of a government default, is also changed to
positive from stable.  There were no changes in any other
ratings of the government of Ukraine: the local currency deposit
ceiling remained at Baa1, while the local currency guideline for
bonds and notes, the highest possible credit rating for any
issuer domiciled in Ukraine, remained at A3.  Short-term ratings
remained at Non-Prime.

Specifically, the outlook on the following foreign currency
deposit ratings was changed to Positive from Stable:

    * Bank Forum -- the B2 long-term foreign currency
      deposit rating

    * Bank Nadra -- the B2 long-term foreign currency
      deposit rating

    * Bank NRB Ukraine - the B2 long-term foreign currency
      deposit rating

    * Alfa Bank Ukraine - the B2 long-term foreign currency
      deposit rating

    * Ukreximbank - the B2 long-term foreign currency
      deposit rating

    * Ukrsotsbank - the B2 long-term foreign currency
      deposit rating

    * Privatbank - the B2 long-term foreign currency
      deposit rating

    * Raiffeisen Bank Aval - the B2 long-term foreign currency
      deposit rating

    * Calyon Bank Ukraine - the B2 long-term foreign currency
      deposit rating

    * Ukrsibbank - the B2 long-term foreign currency
      deposit rating

    * Index Bank - the B2 long-term foreign currency
      deposit rating

The outlook on the foreign currency debt ratings was changed to
Positive from Stable:

    * Ukreximbank -- the Ba2 long-term foreign currency senior  
      and subordinated unsecured debt ratings

    * Privatbank -- the Ba3 long-term foreign currency  
      subordinated debt rating

    * Ukrsibbank -- the Ba2 long-term foreign currency senior
      unsecured debt rating


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


ADVANCED CABLING: Creditors Confirm Liquidator's Appointment
------------------------------------------------------------
Creditors of Advanced Cabling Infrastructures Limited confirmed
Nov. 8 the appointment of Robert Stone of R. Duncan Stone & Co.
as the company's Liquidator.

Headquartered in Haverhill, England, Advanced Cabling
Infrastructures Limited -- http://www.aci-solutions.net/--  
manufactures fiber optic products including attenuators,
infrastructure assemblies, connectivity, adapters, patch panels
and cabinets.


ANTHRACITE EURO: Moody's Assigns (P)Ba2 Rating on Class E Notes
---------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to these
Notes to be issued by Anthracite Euro CRE CDO 2006-1 p.l.c., the
first Commercial Real Estate CDO comprised entirely of European
collateral:

   -- EUR142,500,000 Class A Senior Floating Rate Notes due
      2042: (P)Aaa;

   -- EUR29,000,000 Class B Senior Floating Rate Notes due
      2042: (P)Aa1

   -- EUR48,500,000 Class C Deferrable Interest Floating Rate  
      Notes due 2042: (P)A1;   

   -- EUR31,000,000 Class D Deferrable Interest Floating Rate   
      Notes due 2042: (P)Baa2; and

   -- EUR25,000,000 Class E Deferrable Interest Floating Rate
      Notes due 2042: (P)Ba2.

The structure also includes an EUR66,500,000 Class F
Subordinated Notes due 2042, which has not been rated by
Moody's.

The provisional ratings address the expected loss posed to
investors by the legal final maturity date of each Class of
Notes.

These provisional 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 Blackrock Financial Management,
      Inc. in the management of B, C and Mezzanine
      real estate loans, CMBS tranches, REOC and REIT debt; and

   5. the legal and structural integrity of the transaction.

Anthracite Euro CRE CDO 2006-1 p.l.c. is a managed Commercial
Real Estate CDO relating to a EUR335,000,000 portfolio of B, C
and Mezzanine real estate loans, CMBS tranches, REOC and REIT
debt.  The portfolio will be managed by Blackrock Financial
Management, Inc.

Approximately 90% of the portfolio will be already acquired at
the closing date and the remaining portion will be acquired
during the ramp-up period.  Thereafter, the portfolio of
securities will be actively managed and the portfolio manager
may advise the issuer to buy or sell collateral debt securities.
Any addition or removal of collateral debt securities will be
subject to a number of portfolio criteria.

The portfolio at closing will comprise B and C real estate loans
and CMBS bonds for respectively 56.6% and 36.6% of the target
par amount.  The underlying assets are mainly drawn from the UK
and Germany.  The collateral will be predominantly denominated
in Euros, but may also consist of assets denominated in other
eligible currencies such as British Pounds, Danish Crowns,
Norwegian Crowns, Swedish Crowns and Swiss Francs.  The FX risk
related to all the non Euro assets will be hedged via perfect
asset swaps with eligible counterparties.

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


CAFE SOCIETY: Brings In Administrators from PKF
-----------------------------------------------
Kerry Bailey and Jonathan D. Newell of PKF (U.K.) LLP were
appointed joint administrators of Cafe Society Enterprises Ltd.
(Company Number 03958089) on Nov. 7.

PKF (U.K.) LLP -- http://www.pkf.co.uk-- is one of the UK's  
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

Cafe Society Enterprises Ltd. can be reached at:

         4 Northgate Row
         Chester
         Cheshire CH1 2SA
         United Kingdom
         Tel: 01244 322 844
         Fax: 01244 345 281


CAMBISTA TECHNOLOGIES: Creditors' Claims Due Jan. 9, 2007
---------------------------------------------------------
Creditors of Cambista Technologies Limited (formerly Oval (1689)
Limited) have until Jan. 9, 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 John
Clark at:

         Menzies Corporate Restructuring
         43-45 Portman Square
         London W1H 6LY
         United Kingdom

The company can be reached at:

         Cambista Technologies Limited
         21 26
         Garlick Hill
         City Of London
         London EC4V2AU
         United Kingdom
         Tel: 02073320770


CAPCOM CO.: Moody's Places Ba2 Senior Debt Rating Under Review
--------------------------------------------------------------
Moody's Investors Service placed Capcom Co., Ltd.'s Ba2 senior
unsecured long-term debt rating under review for possible
upgrade.  

This action reflects Moody's expectation that Capcom's earnings
and cash flow will continue to stabilize and grow over the
intermediate term.

In its review, Moody's will assess its business strategy to
next-generation home video game hardware platforms over the
medium term, and how this strategy will enable it to improve its
financial performance, as well as its financial policy.

Capcom is a leading home video game software developer and, in
Moody's view, has the advanced technology needed to develop
popular titles.  Its very popular game software titles have
posted strong worldwide sales.

Over the last couple of years, Capcom has taken various measures
to rationalize its organization, aimed at increasing its ability
to continue to launch popular and profitable game software
titles and to pursue growth opportunities both in Japan and
abroad.  It has implemented its multi-platform strategy to
provide its game software titles to all the home video-game
hardware platforms and has established alliances with other
leading software developers through development and distribution
of software titles.  Furthermore, it has maintained stable
arcade operations and arcade games sales businesses, as well as
contents expansion business, which includes development and
sales of contents to mobile telecommunications service.  These
initiatives will contribute to stabilizing sales and earnings,
in Moody's view.

As a result of these efforts, the company's interim financial
results for the half-year ended September 2006 showed
significant improvement over the same period of the prior year.
Its new software titles, especially "Dead Rising" for
Microsoft's Xbox 360 in North America and Europe, have
contributed to growing sales and earnings.  Moody's views
positively that Capcom has demonstrated an ability to develop
software for next-generation systems and create new game titles.

Capcom's capital structure has been recovering over the last two
years after posting extraordinary losses for restructuring in
FYE 3/2003 and FYE 3/2004.  At end-September 2006, the company
had about JPY41 billion in debt, but also JPY35.9 billion of
cash and deposits.  The company continues to prioritize its debt
reduction, mainly reducing it by using cash on hand.

Capcom Co., Ltd., headquartered in Osaka, Japan, is one of
Japan's leading developers of home video-game software.  The
company also engages in arcade operations and arcade games sales
businesses.  Its consolidated sales in FYE3/2006 were
JPY70.3 billion.


DURA AUTOMOTIVE: Can Access US$300-Million DIP Financing
--------------------------------------------------------
DURA Automotive Systems Inc. received Court approval for the
US$300 million Debtor-in-Possession financing it arranged from
Goldman Sachs, GE Capital and Barclays, as part of DURA's
Chapter 11 filing, which encompasses the company's U.S. and
Canadian subsidiaries.

The company and its lenders will finalize the lending agreements
and close the loan facilities Monday, Nov. 27, 2006.

"We are pleased that we have accomplished our initial objectives
to stabilize the company while entering Chapter 11," said Larry
Denton, chairman and chief executive officer of DURA Automotive
Systems.  "While there is much work to be done to complete our
plan of reorganization, we are currently on schedule and
confident in our strategy.  The company's primary focus has
shifted back to running our business, delivering on our customer
commitments and competing for new business."

As part of the company's first day motions granted on October
31, DURA received approval to access US$50 million of its
approximately US$300 million in DIP financing.  Access to the
balance of the DIP facility was subject to the hearing held
today by U.S. Bankruptcy Court for the District of Delaware.  
The Court's approval,
allowing DURA full access to the DIP financing, ensures that
DURA can fund normal business operations and continue its
operational restructuring program, key goals of its Chapter 11
financial restructuring.

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
US$1,993,178,000 in total assets andUS$1,730,758,000 in total
liabilities.


ENGINEER CONTRACT: Claims Filing Period Ends Dec. 19
----------------------------------------------------
Creditors of Engineer Contract Services Limited have until
Dec. 19 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to appointed
Joint Liquidator Robert Knight at:

         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge TN9 1HG
         United Kingdom

The company can be reached at:

         Engineer Contract Services Limited
         3 Weston Avenue
         West Molesey
         Surrey KT8 1RG
         United Kingdom
         Tel: 020 8979 8969


ENRON CORP: Reaches Stipulation Resolving L/C Claim Distribution
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has approved a settlement agreement between Enron Corp. and its
affiliates, and JPMorgan Chase Bank N.A.  The Court-approved
stipulation will resolve distribution concerns of the Allowed
Syndicated L/C Claims.

The Court had approved on Sept. 29, 2005, a Syndicated L/C
Settlement Agreement between the Debtors and JPMorgan Chase.  
The Syndicated L/C Settlement resolved the dispute in connection
with the seven letters of credit issued by JPMorgan to the Enron
Entities under the Syndicated L/C Agreement.

On the same day, the Court also approved the Bilat L/C
Settlement Agreement between the Enron Entities and JPMorgan,
which resolved their dispute in connection with the eight
letters of credit issued by JPMorgan to the Enron Entities under
the Bilat L/C Agreement.

Pursuant to the terms of the Syndicated L/C Settlement and the
Bilat Settlement, the amount of the Allowed Syndicated LC Claims
and the Allowed LC Claims, will be reduced, on a dollar-for-
dollar basis, to the extent that funds are collected and
recovered from third parties relating to certain letters of
credit.

The Enron Entities have not made any distributions on the
Allowed
Claims pursuant to the Plan due to:

    -- the uncertainty surrounding the amount of distributions
       to be made for the Allowed Syndicated L/C Claims and the
       Allowed L/C Claims as a result of the potential
       reductions under the Syndicated L/C Agreement and the
       Bilat Agreement; and

    -- the possible need to seek disgorgement of distributions
       made pursuant to the Plan.

To resolve the issue of the distributions to be made for the
Allowed Claims, the parties entered into the stipulation, which
provides that:

   (1) Enron and NEPCO will make distributions on the Allowed
       Syndicated L/C Claims, including distributions that have
       been withheld, in accordance with the provisions and the
       timeframe under the Plan;

   (2) the Enron Entities will make distributions on the Allowed
       L/C Claims, including distributions that have been
       withheld, in accordance with the provisions and the
       timeframe under the Plan;

   (3) If any amounts are collected and recovered, whether by
       settlement, judgment or otherwise:

       (a) from any third party, including Quachita Power, LLC,
           Cogentrix Quachita Holdings, Inc., and Cogentrix
           Energy, Inc., with respect to the Quachita Overdraws,
           or

       (b) as a result of the Assigned Actions, that, pursuant
           to the Syndicated L/C Agreement or the Bilat
           Agreement, would affect a reduction in the amount of
           the Allowed Syndicated L/C Claims or the Allowed L/C
           Claims, on a dollar-for-dollar basis,

       the amount of distributions paid to the Allowed Claims
       that are subject to reduction under the terms of the
       Syndicated L/C Agreement the Bilat Agreement, will be
       immediately paid to the Enron Entities solely out of the
       amounts recovered; and
      
   (4) to the extent the funds are not delivered to the Enron
       Entities as required, the holder will hold the funds in
       trust solely for the benefit of the Enron Entities,
       provided, that until the funds are turned over to the
       Enron Entities, they will be under no obligation to make
       further distributions on account of the Allowed
       Syndicated L/C Claims or the Allowed L/C Claims.

                       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)


FARRINGDON MORTGAGES: S&P Puts B2a Notes Rating on Watch Neg.
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its credit rating on the class B2a notes
issued by Farringdon Mortgages No. 2 PLC.  

At the same time, the ratings on all other classes of notes and
the MERCS were affirmed.
  
The CreditWatch placements follow a full credit and cash flow
analysis of the most recent transaction information including
up-to-date loan-level data received by Standard & Poor's.  This
analysis showed that the likelihood of a negative rating action
on the class B2a notes has increased.
  
Farringdon 2 drew on its reserve for the first time on the
October 2006 interest payment date.  It drew GBP53,555, which
represented 2.51% of the opening quarter reserve balance of
GBP2,134,384 million.  The underlying collateral has performed
poorly, with levels of repossessions and losses generally higher
than other U.K. nonconforming transactions of a similar
seasoning.
  
This rating action follows a bulletin released by Standard &
Poor's on the day the investor report was received ("Farringdon
No. 2 U.K. RMBS Draws On Reserve Fund While S&P Awaits Loan-
Level Data" published on Oct. 16, 2006 on RatingsDirect).
  
The reserve fund has been building through the trapping of
excess spread from GBP1,200,000 (0.60%) of the outstanding
balance at closing toward the required amount of GBP4,440,000
(2.20%).  The reserve currently stands at GBP2,080,829.  This
represents 1.04% of the initial balance and 1.22% of the current
balance.
  
Excess spread is reduced by the presence of the detachable
coupons (DACs).  These pay a coupon of 2.13% based on the
notional balance of the class A notes and remain outstanding for
the life of these notes.  The payment on the DACs coupled with
the arrears position has reduced the amount of excess spread
available to build the reserve, and in the case of the October
IPD, cover losses.
  
Prepayments in Farringdon 2 have increased this quarter to
28.96%; this should help reduce the payments on the DACs.  High
prepayment speeds are also likely as borrowers come off their
"teaser" rates.  This should benefit the transaction as
prepayments will decrease the notional balance on which the DACs
are to be paid and shorten the life of such payments.
  
The total arrears balance for October was 25.45%, up from 22.21%
for the July period.  90+ day delinquencies including
repossessions are currently 12.98%.  This is above Standard &
Poor's weighted-average 90+ day delinquency index for
nonconforming transactions reported to be at 10.5% 12 months
seasoned.
  
From an arrears perspective and 13 months into the transaction,
Farringdon 2 has fared better than Farringdon Mortgages No. 1
PLC.  However, Rooftop's strategy has been revised to initiate
earlier repossessions and properties where appropriate and so
reduce holding costs.  This could account for the lower arrears
but higher levels of repossessions and losses experienced in
Farringdon 2.
  
There are currently 17 properties in repossession totaling
GBP2,258,153 or 1.33% of the outstanding balance.  Cumulatively,
repossessions have been GBP4,006,154 (2.00%) on 30 properties.  
Total realized losses this period were GBP219,117 from 10
properties, which translated to capital loss severities of
15.16%.  Cumulative losses to date are GBP299,919 from 14
properties.  
  
This quarter, one-third of loans previously in their discount
period came out of discount, resulting in some payment shocks.  
This leaves 34.5% of the pool on the second year of its three-
year stepped discount.  Farringdon 2 had a discount reserve to
cover the decrease in margin on the discounted loans for the
first year; this has now been fully utilized.  
  
The transaction benefits from the increase in available credit
enhancement as the transaction pays down.  Since closing, there
has been an increase of 1.2x at the 'AAA' level, 1.25x at the
'A' level, 1.34x at 'BBB', and 2.03x at 'BB'.  However, the
amount of loans currently in repossession and the lower margin
received from the 34.5% of loans remaining in their discount
periods is negatively affecting the transaction.  Furthermore,
the unfavorable economic environment, with two interest rate
hikes in August and November of this year, and the approach of
the Christmas period, increases the likelihood of a further
reserve draw on the January IPD.
  
Standard & Poor's continues to monitor this transaction closely.  
Rating action will be taken in the next three months.
  
Standard & Poor's affirmed the ratings on the Farringdon 1
transaction on July 20, 2006, following reserve draws, poor
performance and a subsequent placement of the subordinate notes
on CreditWatch negative.  The reserve in this transaction was
reported to be topped up on the October IPD by GBP205,829 in
excess spread, which brings the reserve to GBP1,264,492.  This
contributes significantly toward the total amount drawn from the
reserve of GBP312,871.
  
                       Ratings List
                Farringdon Mortgages No. 2 PLC
      GBP200 Million Mortgage-Backed Floating-Rate Notes
  
             Class                    Rating
              
                         To                 From
                         --                 ----

   Rating Placed On CreditWatch With Negative Implications
         
             B2a        BB/Watch Neg        BB
  
                     Ratings Affirmed

             A1a                            AAA
             A1a DAC                        AAA
             A2a                            AAA
             A2a DAC                        AAA
             M2a                            A
             B1a                            BBB
             MERCS                          AAA


FORD MOTOR: Restates First & Second Quarter Financial Statements
----------------------------------------------------------------
Ford Motor Company filed its amended financial statements for
quarterly periods ended March 31, 2006, and June 30, 2006, with
the U.S. Securities and Exchange Commission, to restate
consolidated and sector statements of income, balance sheets and
cash flows.

The restatements are related to an amended 2005 10-K Report
published in Troubled Company Reporter on Nov. 15, 2006.  The
amended annual report includes amended financial statements for
each of the years ended Dec. 31, 2003, 2004, and 2005, and
selected financial data for each of the years 2001 through 2005
to correct accounting for certain derivative transactions under
Paragraph 68 of the Statement of Financial Accounting Standards
133, Accounting for Derivative Instruments and Hedging
Activities.

             Restated First and Second Quarter Results

For the three months ended March 31, 2006, the Company incurred
a US$1.4 billion net loss on US$36.9 billion of net revenues
compared to US$875 million of net income earned on US$39.4
billion of net revenues for the same period in 2005.

At March 31, 2006, the Company's restated balance sheet showed
total assets of US$269 billion, total liabilities of US$255.6
billion and total stockholders' equity of US$12.2 billion.

For the three months ended June 30, 2006, the Company incurred a
US$317 million net loss on US$37.8 billion of net revenues
compared to US$1.2 billion of net income earned on US$38.7
billion of net revenues for the same period in 2005.

At June 30, 2006, the Company's restated balance sheet showed
total assets of US$277 billion, total liabilities of US$261.1
billion and total stockholders' equity of US$14.7 billion.

A Full-text copy of the company's amended financial statements
for the quarter ended March 30, 2006, are available for free at
http://researcharchives.com/t/s?1560

A full-text copy of the company's amended financial statements
for the quarter ended June 31, 2006, are available for free at
http://researcharchives.com/t/s?1561

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and  
distributes automobiles in 200 markets across six continents.  
With more than 324,000 employees worldwide, the company's core
and affiliated automotive brands include Aston Martin, Ford,
Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its
automotive-related services include Ford Motor Credit Company
and The Hertz Corporation.

                           *     *     *

In a TCR-Europe report on Nov. 17, Dominion Bond Rating Service
believes that the restatements have no material impact on  
the Company's financial position and do not warrant any rating  
actions.  The restatements do not affect the availability of the  
Company's committed credit facilities.  More importantly, the  
Company has taken action to remediate the material weaknesses in  
its accounting for certain derivative transactions under the  
Statement of Financial Accounting Standards 133.

As reported in the Troubled Company Reporter-Europe on Oct. 25,
Moody's Investors Service disclosed that Ford's very weak third
quarter performance, with automotive operations generating a
pre-tax loss of USUS$1.8 billion and a negative operating cash
flow of USUS$3 billion, was consistent with the expectations
which led to the September 19 downgrade of the company's long-
term rating to B3.

Standard & Poor's Ratings Services has placed its 'B' senior
unsecured debt issue ratings on Ford Motor Co. on CreditWatch
with negative implications.  At the same time, S&P affirmed all
other ratings on Ford, Ford Motor Credit Co., and related
entities, except the rating on Ford Motor Co. Capital Trust II
6.5% cumulative convertible trust preferred securities, which
was lowered to 'CCC-' from 'CCC.'

Fitch Ratings has also placed Ford Motor Company's 'B+/RR3'
senior unsecured debt on Rating Watch Negative reflecting Ford's
intent to raise secured financing that would impair the position
of unsecured debtholders.  Under Fitch's recovery rating
scenario it was estimated that unsecured holders would recover
around 68% in a bankruptcy scenario, equating to a
Recovery Rating of 'RR3' (50-70% recovery).


FRANK DULLOP: Names Martin Charles Armstrong Liquidator
-------------------------------------------------------
Martin Charles Armstrong of Turpin Barker Armstrong was
appointed Liquidator of Frank Dullop Travel Limited on Nov. 10
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Frank Dullop Travel Limited
         The Mall
         Bromley
         Kent BR1 1TS
         United Kingdom
         Tel: 020 8464 3217


GOLDEN ROD: Appoints Joint Liquidators from CBA
-----------------------------------------------
Mark Grahame Tailby and Neil Richard Gibson of CBA were
appointed Joint Liquidators of Golden Rod Ltd. (t/a Movenpick)
on Nov. 10 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Unit 74 Shires Shopping Centre
         High Street
         Leicester
         Leicestershire LE1 4FQ
         United Kingdom
         Tel: 0116 262 8348   


GREAT NORTH: Pays GBP35.7-Mln Dividend to Sea Containers
--------------------------------------------------------
Sea Containers Ltd. received a GBP35.7 million dividend from its
railway subsidiary, Great North Eastern Railway, before Sea
Containers filed for Chapter 11 protection on Oct. 15, Mark
Smith writes for The Herald.

For the year ended Jan. 7, 2006, GNER's pre-tax profits stood at
GBP8.6 million, compared with GBP22.2 million for the same
period in 2005.

"Sea Containers' Chapter 11 status does not affect the
operations of GNER.  Sea Containers is in Chapter 11, not GNER,"
Lisa Barnard, Sea Containers' director of communications was
quoted by the Herald as saying.

When asked by the Herald why GNER's pre-tax profit fell sharply,
Ms. Barnard answered, "That was the year of the July 7 (London)
bombings."

As per the accounts obtained by the Herald from the Companies
House, GNER's operating expenditure for the year ended Jan. 7,
2006, was GBP470.5 million from GBP15 million in 2005.

At 52 weeks to Jan. 7, 2006, GNER paid out a dividend of GBP8.8
million, compared with the GBP26.9 million dividend for the 53
weeks to Jan. 8, 2005.

Turnover was GBP477 million in 2006 compared with GBP475 million
in 2005.

Mr. Barnard told the Herald that she could not provide
additional information at this stage.

As reported in the TCR-Europe on Aug. 15, GNER must pay the U.K.
Department for Transport GBP1.3 billion for the right to run
trains on the east coast main line until 2015.

Sea Containers agreed to stand behind a GBP30 million standby
credit facility during the term of the franchise and a GBP10
million overdraft facility to provide additional working capital
if needed.

According to the Herald, rivals like FirstGroup and Virgin Rail
were waiting for GNER to falter to take over the east coast
franchise.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight  
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Limited -- http://www.gner.co.uk/-- operates  
high-speed express train services on the East Coast Main Line.
Most of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.


HERO MOTORBIKE: Brings In Liquidators from Wilson Field
-------------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed Joint
Liquidators of Hero Motorbike Ltd. (formerly Ludgate 328
Limited) on Nov. 9 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Hero Motorbike Ltd.
         Murray House
         45 Beech Street
         City Of London
         London EC2Y8AD
         United Kingdom
         Tel: 020 7953 9748


HILTRONICS LIMITED: Appoints Administrator from Piper Thomson
-------------------------------------------------------------
Tony James Thompson of Piper Thomson was appointed administrator
of Hiltronics Ltd. (Company Number 946261) on Nov. 7.

The administrator can be reached at:

         Tony James Thompson
         Piper Thompson
         Mulberry House
         53 Church Street
         Weybridge
         Surrey KT13 8DJ
         United Kingdom
         Tel: 01932855515

Hiltronics Ltd. can be reached at:

         Unit 60
         The Waterside Trading Centre
         Trumpers Way
         Ealing
         London W7 2QD
         United Kingdom
         Tel: 020 8867 9191
         Fax: 020 8579 6011


IM RUSSIA: Taps George Michael to Liquidate Assets
--------------------------------------------------
George Michael of Ashcrofts was appointed Liquidator of
IM Russia Partners Limited on Nov. 10 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         IM Russia Partners Limited
         55 Princes Gate
         City Of Westminster
         London SW7 2PN
         United Kingdom
         Tel: 020 7838 1010
         Fax: 020 7838 1300


INDEPENDENT PLASTICS: Hires Liquidator from Haines Watts
--------------------------------------------------------
Timothy Calverley of Haines Watts was appointed Liquidator of
Independent Plastics Limited on Nov. 7 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Independent Plastics Limited
         Unit 1   
         Planet Business Centre
         Newcastle Upon Tyne
         Tyne and Wear NE12 6RD
         United Kingdom
         Tel: 0191 2160401   


INDIGO FITNESS: Taps Tenon Recovery to Administer Assets
--------------------------------------------------------
Kenneth Robert Craig and Thomas Campbell MacLennan of Tenon
Recovery were appointed joint administrators of Indigo Fitness
Clubs Ltd. (t/a Energie Fitness Club) (Company Number 05465027)
on Nov. 3.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

Indigo Fitness Clubs Ltd. can be reached at:

         2 Leighton Road
         Eggington
         Leighton Buzzard
         Bedfordshire LU7 9PE
         United Kingdom
         Tel: 0118 944 1251  


INTERIOR LANDSCAPING: Appoints Liquidator from Richard Floyd
------------------------------------------------------------
Richard Eaglesfield Floyd of Richard Floyd & Co. was appointed
Liquidator of The Interior Landscaping Company Limited on Nov. 3
for the creditors' voluntary winding-up proceeding.

Headquartered in London, England, The Interior Landscaping
Company Limited -- http://www.the-ilc.co.uk/contact.htm/--
supplies, designs and installs personally tailored plant
displays.  The company also offers a full maintenance and
replacement service as well as bespoke carpentry service.  


INTERMEC INC: Reveals Restructuring Plan to Streamline Business
---------------------------------------------------------------
Intermec Inc. disclosed a restructuring plan to reduce costs,
streamline global operations and drive profitability.  

The restructuring will align global functional activities to
improve productivity, focus on customer facing programs to
facilitate growth, and control discretionary spending.

Larry D. Brady, chairperson and chief executive officer of
Intermec, said, "The many strategic and ownership changes which
have occurred in our industry require a more aggressive focus on
productivity in order to accelerate our competitive positioning.   
While difficult, this restructuring is essential to establish a
more agile and efficient posture required for competitive
success."

Intermec expects to take a total pre-tax restructuring charge of
US$7.6 million to US$8.6 million associated with the cost saving
initiatives.  The company expects to record approximately US$6.5
million to US$7.5 million of the total pre-tax charges in the
fourth quarter of 2006, with the remainder to be incurred in
subsequent quarters of 2007.

As part of the restructuring plan, Intermec will be reducing its
current worldwide workforce by approximately 9% by the end of
the first quarter of 2007.  The restructuring plan also includes
the consolidation of certain facilities on a global basis.

As a result of the restructuring and cost reduction initiatives,
the company expects to generate annual cost savings of
approximately US$22 million to US$25 million, with approximately
75% of the savings occurring in operating expenses and the
remainder of the savings associated with the cost of sales.
The savings will begin in the fourth quarter of 2006, with
substantially all of the benefit of these cost initiatives
expected to be realized by the end of the first quarter of 2007.  
Slightly more than half of the cost savings are related to the
restructuring actions with slightly less than half related to
other cost initiatives and decreased discretionary expenses.

Intermec also reported its EPS outlook for the fourth quarter of
2006.  Fully diluted EPS from continuing operations are expected
at US$0.05 with a range of plus-or-minus US$0.04, including the
impact of the anticipated after-tax restructuring charge of
US$0.07 per diluted share.

Intermec Inc. -- http://www.intermec.com/-- develops,  
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.  The company has locations in Singapore,
Australia, Bolivia, Brazil, China, France, Hong Kong, and the
United Kingdom.

                        *    *    *

As reported in the TCR-Europe on Oct. 31, Moody's Investors
Service confirmed its Ba2 Corporate Family Rating for Intermec
Inc., as well as its Ba3 rating on the company's US$400 million
Senior Unsecured Shelf in connection with Moody's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector.

Those debentures were assigned an LGD5 rating suggesting
noteholders will experience an 85% loss in the event of default.

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.


INTERMEC INC: Earns US$3.4 Million in Third Quarter 2006
--------------------------------------------------------
Intermec Inc. reported 2006 third quarter revenues of US$195.9
million and net earnings from continuing operations of US$3.4
million, compared with 2005 third quarter revenues of US$219.8
million and earnings of US$11.3 million.

The results for the current quarter include a restructuring
charge relating to the closure of Intermec's design centers in
Goteborg and Lund, Sweden, announced in the first quarter, which
negatively impacted operating profit by (US$1.8) million.  
Intermec adopted amendments to its US pension and certain
employee plans, effecting a "freeze" to benefit accruals for
most participants as of June 30, 2006.  These changes resulted
in a net curtailment gain that positively impacted operating
profit from continuing operations in the current quarter by
US$2.1 million, or US$.02 per diluted share.  Intermec's 2006
third quarter includes (US$0.8) million of incremental stock
compensation expense recorded under the provisions of FAS
123-R, which negatively impacted EPS by (US$0.01) per diluted
share.

The effective tax rate for the current-quarter was 37.2%,
compared with 12.4% in the prior-year quarter.

Intermec's third quarter 2006 revenue decreased 11%, compared
with the prior-year quarter.  Geographically, North American
revenues decreased 14% over the comparable prior-year period.  
Revenues in Europe, Mid-East and Africa decreased 17%; and the
rest of the world, consisting of Asia Pacific and Latin America,
increased 19%.

By product line during the third quarter, Intermec's Systems and
Solutions revenue decreased 20%, while Printer and Media
revenues increased 6% over the comparable prior-year period.  
Service revenue decreased 3% over the comparable prior-year
period.

During the quarter Intermec repurchased stock with an
aggregative value of approximately US$50 million pursuant to its
board authorization of US$100 million, at an average share price
of US$28.77.  The company's cash equivalents and short-term
investments position at the end of the third quarter was
US$237.7 million.  The decrease in cash equivalents and short-
term investments of US$85.1 million during the third quarter was
primarily due to the stock repurchases and to the increase in
inventory.

Larry D. Brady, the chairperson and chief executive officer of
Intermec, said, "In response to disappointing results for the
third quarter, we are accelerating cost initiatives and
aggressively reducing inventory.  We expect to announce specific
cost reduction plans and related restructuring activities before
the end of November."

           Other Third Quarter Business Highlights

   -- Intermec named Lanny H. Michael Senior Vice President
      and Chief Financial Officer.

During the quarter, Intermec introduced an array of new
products:

   -- The CN3, a small rugged mobile computer with unique
      communications capabilities, provides users with access
      to multiple voice and high-speed data options.  The CN3 is
      the first mobile computer to offer integrated GPS and
      Bluetooth capabilities along with 3G WAN and Cisco
      Compatible WiFi connectivity simultaneously in one device.

   -- The Intellibeam EX25 is the first area imaging bar code
      scan engine to read and decode 1D and 2D bar codes in any
      orientation from six inches to over 50 feet, as well as
      composite and postal codes.  The EX25 can also operate as
      an auto focusing camera in applications requiring
      photographs such as evidence of damaged, expired or
      unsealed goods.

   -- The CV30 is a rugged, fixed-mount computer designed to
      operate in challenging mobile vehicle based environments.
      The CV30 offers a choice of Microsoft Windows CE.NET 5.0
      or Windows Mobile 5.0 operating systems, multiple
      mounting options, Cisco Compatible WiFi, Bluetooth and
      RFID support.

Radio Frequency identification "RFID" was also a source of
highlights for
the quarter:

   -- Intermec received an award from Frost & Sullivan for
      RFID market strategy leadership in the Asia Pacific
      market for the years 2005-2006.  The Frost & Sullivan
      Award for Market Strategy Leadership is presented each
      year to a company whose market strategy has yielded
      significant gains in market presence during the research
      period.

   -- Intermec was selected to provide the Gen 2 RFID bag tag
      printer system for the Hong Kong International Airport
      or HKIA in Hong Kong.  The Intermec RFID Gen 2 printers
      will be installed at check-in counters to enhance the
      existing RFID baggage sorting system, which was first
      installed in 2005.  HKIA is the first airport in the
      world to implement an end-to-end RFID baggage
      tagging/sorting system.

Intermec announced Medallion Complete, a new world-class
extended service coverage program for Intermec data collection
equipment. Available in 14 countries around the world, Medallion
Complete covers eligible Intermec devices against incidental
damage experienced in the work environment.  Under normal
industry practice, incidental damage to data collection
equipment -- as opposed to normal wear or component failure --
is not covered by standard service agreements.  Repairs due to
damage are infrequent, but can be costly, as they typically
involve the most expensive components of a device, such as a
touch screen or LCD.

                   Fourth Quarter Outlook

Intermec also reported its GAAP basis revenue outlook for the
fourth quarter 2006.  Revenues for the period are expected to be
within a range of US$210 million to US$230 million.

Intermec Inc. -- http://www.intermec.com/-- develops,  
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.  The company has locations in Singapore,
Australia, Bolivia, Brazil, China, France, Hong Kong, and the
United Kingdom.

                        *    *    *

As reported in the TCR-Europe on Oct. 31, Moody's Investors
Service confirmed its Ba2 Corporate Family Rating for Intermec
Inc., as well as its Ba3 rating on the company's US$400 million
Senior Unsecured Shelf in connection with Moody's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector.

Those debentures were assigned an LGD5 rating suggesting
noteholders will experience an 85% loss in the event of default.

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.


JJ PLASTIC: Claims Registration Ends April 9, 2007
--------------------------------------------------
Creditors of JJ Plastic Fabrications (U.K.) Limited have until
April 9, 2007, to send in full particulars of their debts or
claims and the names and addresses of their Solicitors (if any),
to appointed Liquidator Michael F. McCarthy at:

         Walletts Insolvency Services
         2-6 Adventure Place
         Hanley
         Stoke-on-Trent ST1 3AF
         United Kingdom

Headquartered in Wolverhampton, England JJ Plastic Fabrications
U.K. Ltd. -- http://www.jjplasticfabricationsltd.co.uk/--  
supplies Circular flat tank covers, Circular conical tank covers
and a range of accessories including hatches, roof vents and
handrails.  The company also constructs bespoke tanks and
vessels.


JMI LOGISTICS: Appoints Joint Administrators from Ernst & Young
---------------------------------------------------------------
Ian Best and David K. Duggins of Ernst & Young LLP were
appointed joint administrators of J M I Logistics Ltd. (Company
Number 04779794) on Nov. 10.

Ernst & Young -- http://www.ey.com/-- is global organization  
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.

Headquartered in Sleaford, England, J M I Logistics Ltd. --
http://www.jmi-group.com/-- is a member of the HV Group of  
Companies, which provides transport and warehouse solutions to
an expanding international customer base encompassing
manufacturing and retail companies across all the apparel
related sectors.  It has operations and offices throughout
Europe and North Africa.


LIFE OF LEISURE: Creditors' Meeting Slated for December 8
---------------------------------------------------------
Creditors of Life of Leisure Limited (Company Number 4136568)
will meet at 2:00 p.m. on Dec. 8 at:

         Panos Eliades Franklin & Co.
         Albany House
         18 Theydon Road
         London E5 9NZ
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 7 at:

         Stephen Franklin
         Administrator
         Panos Eliades Franklin & Co.
         Albany House
         18 Theydon Road
         London E5 9NA
         United Kingdom
         Tel: 020 8815 4000
         Fax: 020 8815 4040


MONEY PARTNERS: Moody's Rates GBP14.75-Mln Class B2 Notes at Ba2
----------------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to these classes of Notes issued by Money Partners
Securities 4 Plc:

   -- GBP292,500,000 Class A1a Mortgage Backed Floating
      Rate Notes due 2040: Aaa;

   -- Class A1a Detachable Coupons due 2012: Aaa;

   -- EUR303,500,000 Class A1b Mortgage Backed Floating
      Rate Notes due 2040: Aaa;

   -- Class A1b Detachable Coupons due 2012: Aaa;

   -- GBP19,200,000 Class M1a Mortgage Backed Floating
      Rate Notes due 2040: Aa2;

   -- EUR40,150,000 Class M1b Mortgage Backed Floating
      Rate Notes due 2040: Aa2;

   -- GBP6,200,000 Class M2a Mortgage Backed Floating
      Rate Notes due 2040: A2;

   -- EUR31,000,000 Class M2b Mortgage Backed Floating
      Rate Notes due 2040: A2;

   -- GBP6,000,000 Class B1a Mortgage Backed Floating Rate
      Notes due 2040: Baa2;

   -- EUR14,300,000 Class B1b Mortgage Backed Floating
      Rate Notes due 2040: Baa2;

   -- GBP14,750,000 Class B2 Mortgage Backed Floating Rate
      Notes due 2040: Ba2; and

   -- Mortgage Early Redemption Certificates (MERCs)
      due 2040: Aaa.

Moody's assigned provisional ratings for the above Classes of
Notes on Oct. 27.

This transaction represents the fourth securitization of
non-conforming and impaired credit loans originated by Money
Partners Limited and Money Partners Loans Limited and purchased
on completion by Kensington Mortgage Company Limited.  This
transaction, unlike previous MPS transactions, also includes
loans originated by KMC (representing approx. 24.5%).

The ratings of the Notes are based upon:

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

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

   -- the legal and structural integrity of the issue, and

   -- a suitable standby servicer being appointed
      before closing.

The credit enhancement available in the deal is provided in the
form of excess spread, reserve fund (1.35% at closing building
up to a target of 2.10% of original note balance), subordination
of the Class M1 (7.70%), M2 (4.50%), B1 (2.60%) and B2 Notes
(2.45%).  Subject to certain conditions being met, including the
reserve fund being equal to or greater than 4.20% of the current
note balance, the reserve fund may amortize subject to a floor
of 1.05% of the original note balance.  The A1 Notes represent
82.75% of the Notes.

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

The Class A1a and A1b IOs do not receive any payments of
principal and earn interest at a rate of 1.15% per annum
calculated on the outstanding balance of the Class A1a and A1b
Notes, respectively, from the first interest payment date until
the interest payment date on March 2012.  The ratings of the IOs
address the Issuer's ability to make the promised payment of
interest.  However, they do not address the size of balance used
to calculate the amount due.

The Mortgage Early Redemption Certificates (MERCs) are backed
solely by mortgage early redemption charges that may become
payable by borrowers in the pool on early redemption of their
loans within a certain period.  The Aaa rating on the MERCs
addresses the likelihood of receipt by MERC holders of such
amounts if they are received by the Issuer. It assumes, without
any independent investigation,

   (i) that payment of the mortgage early redemption
       charges under the mortgage loans is legally
       valid, binding and enforceable, and

   (ii) that such amounts are actually collected from
        borrowers and received by the Issuer.  The
        amount receivable by MERC holders also depends
        on prepayment rates within the pool. The rating does
        not address such prepayment rates.


MOSSLEY HILL: Claims Filing Period Ends Dec. 25
-----------------------------------------------
Creditors of Mossley Hill Building Services Limited have until
Dec. 25 to send their names and addresses with particulars of
the debts or claims to appointed Joint Liquidator David Moore
at:

         Begbies Traynor
         No. 1 Old Hall Street
         Liverpool L3 9HF
         United Kingdom

The company can be reached at:

         Mossley Hill Building Services Limited
         Bridge Road
         Mossley Hill
         Liverpool
         Merseyside L18 5EG
         United Kingdom
         Tel: 0151 280 2868
         Fax: 0151 280 2868


NTL INC: Board Believes Proposed Offer Undervalues ITV
------------------------------------------------------
The Board of ITV Plc unanimously rejected NTL Inc.'s proposal,
principally for:

   -- the Board believes that whereas there is obvious appeal to
      NTL in gaining control of ITV's substantial and successful
      business, from ITV's perspective there is little, if any,
      strategic logic for ITV to combine with NTL;

   -- the Board feels unable to recommend to ITV's shareholders
      that they should take NTL stock as part consideration for
      their ITV shares; and

   -- the Board is clear that the proposed offer materially
      undervalues ITV.

In a separate statement, NTL said it noted BSkyB's acquisition
of a stake in ITV, which provides BSkyB with material influence
over ITV, Freeview and the U.K. media.

The company also noted ITV's subsequent announcement that it has
rejected an initial approach made prior to BSkyB's stakebuilding
exercise.  ITV has made no effort to engage in further
discussions with NTL since that initial approach.

Regardless of public statements by BSkyB, its holdings in ITV
will reduce competition and raise plurality concerns in the UK
media market.  NTL is considering all of its options in light of
these developments.

NTL's advisers gave the detail of the company's proposal to the
ITV Board on Nov. 9.

                          About ITV PLC

Headquartered in London, England, ITV PLC --
http://www.itvplc.com/-- is a U.K. media company, owning all of  
the regional Channel 3 licenses in England and Wales. The
company wholly owns three leading free-to-air digital channels:
ITV2, ITV3 and ITV4.  It owns the market leading cinema screen
advertising businesses in the U.K. and Republic of Ireland and
has similar joint ventures in continental Europe and the United
States.

                          About NTL Inc.

Headquartered in London, England, NTL Inc. (NASDAQ: NTLI) --
http://www.ntl.com/-- is a Delaware corporation and is  
publicly-traded is the US on the Nasdaq Global Select Market
under the symbol "NTLI."  The Company provides broadband,
digital television, telephony, content and communications
services, reaching over 50% of UK homes and 85% of UK
businesses.

                          *     *     *

As reported in the TCR-Europe on July 17, Fitch Ratings assigned
NTL Cable PLC's upcoming GBP300 million 10-year senior notes an
expected rating of B and a Recovery Rating of RR5.  NTL Cable's
existing senior notes remain on Rating Watch Negative.  Fitch
will resolve the Rating Watch status on the NTL Cable notes and
assign final rating to the new notes upon completion of the new
senior note issue.

The final rating is contingent on the receipt of final documents
conforming to information already received.  At the same time
the agency has affirmed NTL Inc's Issuer Default rating at B+
with Stable Outlook and its Short-term ratings at B.  NTL
Investment Holdings Limited's GBP5.28 billion senior secured
credit facilities are affirmed at BB+ and Recovery Rating RR1.


OVERSEAS SHIPHOLDING: Earns US$90.8 Million in Third Quarter
------------------------------------------------------------
Overseas Shipholding Group Inc. reported operating income of
US$94 million from consolidated revenue of US$265 million for
the quarter ended Sept. 30, 2006.

For the three months ended Sept. 30, 2005, the Company reported
operating income of US$84 million, from consolidated revenue of
US$203 million.

For the quarter ended Sept. 30, 2006, Time Charter Equivalent
revenues increased by 31% to US$254.8 million from US$194.8
million in the third quarter of 2005.  The Company disclosed
that the TCE revenue performance was the result of strong rates
across its VLCC, Aframax, Panamax and Handysize Product Carrier
fleets.

EBITDA for the third quarter was US$135.6 million compared with
US$135.4 million in the third quarter of 2005.  Net income for
the quarter ended Sept. 30, 2006 was US$90.8 million, compared
with US$72.1 million, for the third quarter of 2005.  The
current quarter benefited from gains on vessel sales and sale of
securities of US$15.8 million, compared with US$22.4 million, in
the same period a year ago.  In addition, the current quarter
reflects the impact of a US$27 million increase in the reserve
related to the U.S. Department of Justice investigation.

For the first nine months ended Sept. 30, 2006, the Company
reported a 9% increase in TCE revenues to US$751.2 million from
US$690.5 million in the comparable period of 2005.  EBITDA for
the first nine months of 2006 decreased to US$424.8 million from
US$535.1 million in the first nine months of 2005 and including
the increase in the reserve.  Net income for the nine month
period ended Sept. 30, 2006 was US$279.4 million, compared with
US$351.1 million in the comparable 2005 period.  The first nine
months of 2006 benefited from gains on vessel sales and sale of
securities of US$21.1 million, compared with US$60.7 million in
the comparable period of 2005.

Operating income was US$297 million from consolidated revenue of
US$787 million for the nine months ended Sept. 30, 2006, versus
operating income of US$389 million from consolidated revenue of
US$716 million for the comparable period in 2005.

Morten Arntzen, president and chief executive officer, stated,
"Third quarter TCE revenues were largely the result of a strong
spot rate environment in both the crude and product
transportation sectors and additions to our product carrier
fleet.  The increase in operating income before gains and
special charges reflects the benefits from OSG's diverse fleet
and chartering strategy."

Mr. Arntzen continued, "Our objective to achieve a market
leadership position in the U.S. Flag sector will be realized
upon the completion of the Maritrans acquisition.  This is
another example of our ongoing efforts to transform OSG, which
began nearly three years ago.  Our shareholders will continue to
benefit from OSG's leadership position, fleet diversification
and spot/time-charter mix that will ensure competitive returns
not only in a strong rate environment but throughout all market
cycles."

TCE revenues in the third quarter of 2006 for the International
Crude Tanker segment were US$175.9 million, an increase of 42%
quarter-over-quarter, which were partially offset by a decrease
in revenue days for VLCCs as a result of increased drydocking
and repair days and the sale of three older Aframax tankers.  
TCE revenues for the International Product Carriers segment
increased 25% to US$55 million from US$44.2 million in the prior
year.  Its U.S. segment TCE revenues decreased 7% quarter-over-
quarter to US$19 million from US$20.4 million in the same period
a year ago.

Income from vessel operations was US$88.9 million in the third
quarter of 2006, compared with US$82.9 million in the same
period a year earlier.  For the quarter ended Sept. 30, 2006,
total ship operating expenses increased US$56.6 million to
US$176.9 million from US$120.3 million in the corresponding
quarter in 2005, of which US$27 million relates to the reserve
taken for the U.S. Department of Justice investigation.

                        Financial Profile

At Sept. 30, 2006, the Company's shareholders' equity increased
by US$242.1 million to US$2.1 billion and liquidity, including
undrawn bank facilities, increased to more than US$2.27 billion.  
Total long-term debt as of Sept. 30, 2006 was US$799.4 million
compared with US$965.7 million at Dec. 31, 2005.  Liquidity
adjusted debt to capital was 9.7% as of Sept. 30, 2006, an
improvement from 24.5% as of Dec. 31, 2005.

The Company further disclosed that, in 2004 and the first
quarter of 2005, it made provisions totaling US$10 million for
anticipated fines and contributions to environmental protection
programs associated with a possible settlement of the U.S.
Department of Justice investigation.  In the third quarter of
2006, the Company, based on discussions with the U.S. Department
of Justice that resumed in August 2006, made an additional US$27
million provision.

Overseas Shipholding Group Inc. (NYSE:OSG) --
http://www.osg.com/-- is a publicly traded tanker company, with  
a combined owned, operated and newbuild fleet of 118 vessels
aggregating 12.9 million dwt and 865,000 cbm.  The Company has
offices in Athens, London, Manila, Montreal, Newcastle, New York
City and Singapore.

                        *     *     *

As reported in the TCR-Europe on Oct. 27, Moody's Investors
Service confirmed its Ba1 Corporate Family Rating for Overseas
Shipholding Group Inc. in connection with Moody's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the transportation sector.


PORTFOLIO ART: Hires Begbies Traynor as Joint Administrators
------------------------------------------------------------
Donald Bailey and Stephen L. Conn of Begbies Traynor were
appointed joint administrators of Portfolio Art & Design Ltd.
(Company Number 03626611) on Nov. 9.

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

Portfolio Art & Design Ltd. can be reached at:

         St. Georges Square
         Bolton
         Lancashire BL1 2HB
         United Kingdom
         Tel: 01204 383 822
         Fax: 01204 383 866


QUEEN STREET: S&P Rates EUR16-Million Class E Notes at BB-
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR362-million senior secured floating-
rate notes to be issued by Queen Street CLO I B.V.  

At the same time, an unrated portion of EUR38-million class F
notes will be issued as part of the credit support.
  
At closing, Queen Street will issue the notes, the proceeds of
which will be used to purchase a portfolio of predominantly
senior secured loans.  Approximately 70% of the target portfolio
is expected to be purchased at closing, with the remainder to be
acquired over the 239-day ramp-up period.  The transaction has a
reinvestment period of six years.
  
The portfolio will then be managed over the life of the
transaction, during which time the manager will be entitled to
sell assets, in particular, defaulted assets, credit-impaired
and credit-improved assets, and reinvest in substitute assets,
subject to a set of reinvestment criteria.  During the
reinvestment period, the manager will also be allowed to make
discretionary trades, in an amount not exceeding 20% in any 12-
month period.
  
This transaction will be managed by Indicus Investment
Management Ltd. (Cayman), but the manager will be delegating all
of its management responsibilities to its London-based
affiliate, Indicus Advisors LLP (Indicus) who will perform its
obligations under this transaction.
  
Indicus is a newly established manager, founded by former senior
members of the JPMorgan CDO structuring team.  This is its first
CLO transaction.
  
                          Ratings List
                    Queen Street CLO I B.V.
  EUR400 Million Senior Secured Floating-Rate And Subordinated
                             Notes
  
                             Prelim.        Prelim.
              Class          rating         amount (Mil. EUR)
              -----          ------         ------
              A              AAA            266
              B (1)          AA              31
              C              A-              34
              D              BBB-            15
              E              BB-             16
              F              NR              38
              P              NR             TBD
              Q              NR             TBD
              R              NR             TBD
              S              NR             TBD
              T              NR             TBD
              U              NR             TBD
              W              NR             TBD
  
   (1) It is possible that the class B notes may ultimately
       be split between a fixed and a floating part.  This
       is, however, still uncertain as of the date of
       this presale report.  Preliminary ratings have
       therefore been assigned, and the modeling done,
       assuming a 100% floating-rate of class B notes.
       Ratings will be adjusted if the split occurs.

       TBD-To be determined.
       NR-Not rated.


RICHLAND MEDIA: Brings In Mazars LLP to Administer Assets
---------------------------------------------------------
Philip Michael Lyon and Alistair Steven Wood of Mazars LLP were
appointed joint administrators of Richland Media &
Communications Ltd. (Company Number 04335622) on Nov. 7.

Mazars -- http://www.mazars.com/-- is an international,  
integrated and independent organization, specialized in audit,
accounting, tax and advisory services.

Richland Media & Communications Ltd. can be reached at:

         Mill 3
         The Business Park
         Pleasley Vale
         Mansfield
         Nottinghamshire NG19 8RL
         United Kingdom
         Tel: 01623 812 233


ROOK ENGINEERING: Calls In Liquidators from Tenon Recovery
----------------------------------------------------------
Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery were
appointed Joint Liquidators of Rook Engineering Solutions
Limited on Nov. 9 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Rook Engineering Solutions Limited
         2 Albion Close
         Fareham
         Hampshire PO169EW
         United Kingdom
         Tel: 023 9238 3635
         Fax: 023 9238 3652


SAUNDERS AND STONE: Taps Begbies Traynor as Administrators
----------------------------------------------------------
Robert Michael Young and Davil Hill of Begbies Traynor were
appointed joint administrators of The Saunders and Stone
Partnership Ltd. (Company Number 03064184) on Nov. 7.

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

Headquartered in Cardiff, England, The Saunders and Stone
Partnership Ltd. produces and sells meat and meat products.


SEA CONTAINERS: Wants to Extend Time to File SALS and SOFAS
-----------------------------------------------------------
Sea Containers, Ltd. and its debtor affiliates ask the Honorable
Kevin J. Carey of the U.S. Bankruptcy Court for the District of
Delaware for an additional 30 days, through and including
Dec. 14, 2006, within which they may file their:

    (1) schedules of assets and liabilities;
    (2) schedules of current income and expenditures;
    (3) schedules of executory contracts and
        unexpired leases; and
    (4) statements of financial affairs.

Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor,
LLP, in Wilmington, Delaware, relates that the Debtors have been
diligently gathering, reviewing, and assembling information from
their books and records and from documents relating to numerous
transactions, and have made significant progress towards
completing their Schedules and Statements.  Also, the Debtors
have retained BMC Group to, among other things, assist in
preparing their Schedules and Statements.

Mr. Brady tells Judge Carey a brief extension is necessary due
to, among others:

    -- the size and complexity of the Debtors' businesses;
    -- the diversity of their operations and assets; and
    -- the number of creditors.

Moreover, Mr. Brady says, an extension will provide the Debtors
sufficient time to finalize and file accurate and complete
Schedules and Statements.

The Court will convene a hearing on Dec. 19, 2006, to
consider the Debtors' request.  By application of Rule 9006-2 of
the Local Rules of Bankruptcy Practice and Procedures of the
United States Bankruptcy Court for the District of Delaware, the
deadline to file Schedules and Statements is automatically
extended through the conclusion of that hearing.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight   
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: Taps Carter Ledyard as Special Counsel
------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates ask the Honorable
Kevin J. Carey of the U.S. Bankruptcy Court for the District of
Delaware for permission to employ Carter Ledyard & Milburn LLP
as their special counsel for general domestic legal matters,
nunc pro tunc to Oct. 15, 2006.

Edwin S. Hetherington, vice president, general counsel, and
secretary of Sea Containers Ltd., tells Judge Carey that Carter
Ledyard has represented the Debtors as outside counsel for
general domestic legal matters since 1968.

Mr. Hetherington adds that the firm's professionals have become
very familiar with the Debtors and their business affairs, and
have gained extensive experience in most aspects of the Debtors'
general legal work and needs.

Among other things, Carter Ledyard has been providing services
and advice relating to:

    -- questions arising under the indentures relating to SCL's
       outstanding publicly held senior notes;

    -- the employee benefit plans maintained by Sea Containers
       America, Inc.; and

    -- filing necessary Forms 8-K with the Securities and
       Exchange Commission to announce material events.

A full-text copy of Carter Ledyard's scope of services is
available for free at:

              http://researcharchives.com/t/s?1530

Carter Ledyard will be paid for its services based on their
customary hourly rates:

      Professional                     Hourly Rate
      ------------                     -----------
      Partners and Counsel             $350 - $650
      Associates                       $200 - $390
      Para-professionals               $125 - $235

The firm will also be reimbursed for necessary out-of-pocket
expenses.

According to Mr. Hetherington, Carter Ledyard has received a
$200,000 prepetition retainer for providing the Debtors with
representation on certain of the General Legal Matters.  A
portion of the retainer has been applied to outstanding balances
existing as of the Petition Date, and the remainder will
constitute a general retainer for postpetition services and
expenses.

In addition to the retainer, Mr. Hetherington says, Carter
Ledyard received $3,946,660 from the Debtors within one year
prior to the Petition Date on account of services rendered with
regard to certain of the General Domestic Legal Matters.

James Gadsden, Esq., a partner at Carter Ledyard & Milburn LLP,
assures the Court that his firm does not hold or represent any
interests adverse to the Debtors, or to their estates in matters
upon which his firm is to be engaged.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight   
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: Gets GBP35.7-Million Dividend from GNER
-------------------------------------------------------
Sea Containers Ltd. received a GBP35.7 million dividend from its
railway subsidiary, Great North Eastern Railway, before Sea
Containers filed for Chapter 11 protection on Oct. 15, Mark
Smith writes for The Herald.

For the year ended Jan. 7, 2006, GNER's pre-tax profits stood at
GBP8.6 million, compared with GBP22.2 million for the same
period in 2005.

"Sea Containers' Chapter 11 status does not affect the
operations of GNER.  Sea Containers is in Chapter 11, not GNER,"
Lisa Barnard, Sea Containers' director of communications was
quoted by the Herald as saying.

When asked by the Herald why GNER's pre-tax profit fell sharply,
Ms. Barnard answered, "That was the year of the July 7 (London)
bombings."

As per the accounts obtained by the Herald from the Companies
House, GNER's operating expenditure for the year ended Jan. 7,
2006, was GBP470.5 million from GBP15 million in 2005.

At 52 weeks to Jan. 7, 2006, GNER paid out a dividend of GBP8.8
million, compared with the GBP26.9 million dividend for the 53
weeks to Jan. 8, 2005.

Turnover was GBP477 million in 2006 compared with GBP475 million
in 2005.

Mr. Barnard told the Herald that she could not provide
additional information at this stage.

As reported in the TCR-Europe on Aug. 15, GNER must pay the U.K.
Department for Transport GBP1.3 billion for the right to run
trains on the east coast main line until 2015.

Sea Containers agreed to stand behind a GBP30 million standby
credit facility during the term of the franchise and a GBP10
million overdraft facility to provide additional working capital
if needed.

According to the Herald, rivals like FirstGroup and Virgin Rail
were waiting for GNER to falter to take over the east coast
franchise.

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Limited -- http://www.gner.co.uk/-- operates  
high-speed express train services on the East Coast Main Line.
Most of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight  
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  


SPIRIT AEROSYSTEMS: S&P Lifts Rating to BB After IPO Pricing
------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Spirit AeroSystems Inc. to 'BB' from 'BB-' and removed
it from CreditWatch, where it was placed with positive
implications on July 6.  The outlook is positive.  

The rating action, indicated by Standard & Poor's on Sept. 15,
follows the pricing of Spirit's IPO at US$26 per share of common
stock, which raised about US$270 million for the firm and
US$1.2 billion for selling shareholders, including Onex Corp.,
Spirit's majority owner.

At the same time, Standard & Poor's affirmed its 'BB+' bank loan
and '1' recovery ratings on Spirit's new US$983 million bank
financing; these ratings were not on CreditWatch.  The ratings
on the previous bank facility are being withdrawn.  The
aerospace supplier will have about US$600 million of debt
outstanding following a US$100 million pay-down of the term loan
B from the IPO proceeds, which will also be used for certain
payments related to a union equity participation program that
will be triggered by the IPO.

"The upgrade is based on better-than-expected financial
performance, continued favorable conditions in the commercial
aircraft market, the improved competitive position of Boeing
Co., Spirit's primary customer, and a stronger capital structure
following the IPO," said Standard & Poor's credit analyst
Roman Szuper.

The ratings on Spirit reflect:

   -- participation in the cyclical and competitive
      commercial aerospace industry,

   -- reliance on one customer (Boeing) for about 90% of
      sales, and

   -- significant near-term expenditures related to
      development of Boeing's new 787 jetliner scheduled
      to enter service in 2008.  

Those factors are offset somewhat by the company's position as
the largest independent supplier of structures for commercial
aircraft and substantial customer advances to fund most of the
787 development costs.

A continued favorable environment in the commercial aircraft
market and further improvement in Spirit's financial performance
could result in stronger credit measures, warranting an upgrade
in the intermediate term.  An outlook revision to stable is not
likely, but could be driven by major problems on the 787.


SOLECTRON CORP: Moody's Changes Outlook on Restructuring Program
----------------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family
Rating of Solectron Corp. and other ratings affirmed included
the B3 ratings of its US$450 million Convertible Senior Notes
due 2034 and the US$150 million Senior Subordinated Notes due
2016 guaranteed by it.  

The ratings reflect both the overall probability of default of
the company, to which Moody's assigns a PDR of B1, and a loss
given default of LGD4.  The rating outlook was revised to
positive.

The change in the outlook reflects:

     (i) significant de-leveraging over the past 2-3 years
         which resulted in improved credit ratios (leverage
         and coverage);

    (ii) recent improvements though still modest in
         financial performance especially over the second half
         of fiscal 2006;

   (iii) the expectation of stronger performance in fiscal
         2007 in terms of revenue growth, profitability
         and free-cash-flow generation;

    (iv) a liquid balance sheet with a net cash position and
         no significant maturity over the next 3 years; and

     (v) the franchise value of Solectron as a tier one
         EMS provider in the electronic supply chain.

The outlook also incorporates the announcement of Solectron's
restructuring program, which is scheduled to be completed in the
current fiscal year.  The company expects to consolidate and/or
close down 700,000 square feet of facilities in US and Western
Europe and reduce headcount by about 1400 persons.  About
US$60 million of total charges are associated with this phase
with annual cost savings estimated at about US$30 million.

The B1 rating continues to reflect:

     (i) the intensely competitive landscape in the EMS
         industry with Asian competitors posing a more
         serious threat;

    (ii) the volatile nature of the EMS industry and the
         on-going consolidating trend by EMS' OEM customers
         which further accentuates the lumpiness of the
         sector's (including Solectron's) key customers;

   (iii) Solectron's modest revenue growth of 1.1% in
         an environment of favorable end-market demand of
         over 10% CAGR, coupled with a preponderance of
         revenues (over 70% of total) in the traditional
         end-markets;

    (iv) still weak albeit improving profitability and
         return measures; and

     (v) negative free cash flow partly impacted by
         inventory build up in fiscal 2006.

Ratings/assessments affirmed:

    * Corporate family rating B1;

    * Probability-of-default rating B1;

    * US$450 million 0.5% Convertible Senior Notes due 2034
      at B3 (LGD5, 89%); and

    * US$150 million 8% Senior Subordinated Notes due 2016,
      B3 (LGD5, 89%).

Ratings/assessments withdrawn on Nov. 15, 2006:

    * US$64 million 7.97% Subordinated Debentures
      due November 2006, B3 (LGD6, 95%).

The rating could be revised upward if:

   (i) there is further evidence of revenue stability and
       growth and diversification partly due to growth in
       non-traditional end-markets; and

  (ii) improvement in profitability and return metrics
       and better working capital management to result
       in positive free-cash-flow.

Moody's will also be monitoring the success of the company's
restructuring program and its impact on profitability.  Moody's
does not foresee Solectron's corporate family rating to falling
below the current B1 unless significant developments resulting
in deterioration of revenue, return and cash flow measures.

Solectron Corp., headquartered in Milpitas, California, is a
leading electronics manufacturing and services (EMS) i.e.
customized, integrated manufacturing and supply chain management
services, provider to OEMs in the electronics industry.  For the
twelve months ended August 2006, the company generated
approximately US$10.5 billion in net sales and US$342 million in
adjusted EBITDA (excludes non-recurring and unusual charges).


SOUND MONSTERS: Creditors' Meeting Slated for November 29
---------------------------------------------------------
Creditors of Sound Monsters Limited (Company Number 04281009)
will meet at 11:00 a.m. on Nov. 29 at:

         Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent ME4 4QU
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Nov. 28 at:

         David Elliott
         Administrator
         Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent ME4 4QU
         United Kingdom
         Tel: +44 (01634) 895100
         Fax: +44 (01634) 895101

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.


SR GENT: Creditors' Meeting Slated for November 30
--------------------------------------------------
Creditors of Sr Gent (U.K.) Limited (Company Number 02516074)
will meet at 10:30 a.m. on Nov. 30 at:

         PricewaterhouseCoopers LLP
         Plumtree Court
         London EC4A 4HT
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Nov. 29 at:

         M. D. Gercke, I. D. Green and S. A. Pearson
         Joint Administrative Receivers
         Pricewaterhousecoopers LLP
         Plumtree Court
         London EC4A 4HT
         United Kingdom
         Tel: [44] (20) 7583 5000
         Fax: [44] (20) 7822 4652

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.  


STARLING FINANCE: S&P Lifts Rating on Installment Notes to BB+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit rating to
'BB+' from 'BB' on the US$15 million fixed-rate credit-linked
installment notes series 2006-12 issued by Starling Finance PLC.
  
The raising of the rating on the series 2006-12 notes reflects
the upgrade of the long-term foreign currency sovereign credit
rating on the Republic of Peru to 'BB+' from 'BB', to which this
transaction is weak-linked.


STURDY SALES: Brings In Administrators from Baker Tilly
-------------------------------------------------------
Graham Paul Bushby and Mark John Wilson of Baker Tilly were
appointed joint administrators of Sturdy Sales Ltd. (Company
Number 04478564) on Nov. 8.

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

Headquartered in Brackley, England, Sturdy Sales Ltd.
manufactures and constructs garages.


SUMBA LIMITED: Joint Liquidators Take Over Operations
-----------------------------------------------------
Peter Robin Bacon and Carl Derek Faulds of Portland Business &
Financial Solutions Ltd. were appointed Joint Liquidators of
Sumba Limited on Nov. 10 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Sumba Limited
         Unit 4
         Easton Lane
         Winchester Trade Park
         Winchester
         Hampshire SO237FA
         United Kingdom
         Tel: 01962 868 122


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/  

November 23-24, 2006
   EUROMONEY CONFERENCES
      5th Annual China Conference
         China World Hotel
         Beijing, China
            Contact: http://www.euromoneyconferences.com/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint TMA Florida/ACG Tampa Bay Luncheon
      Buying and Selling a Troubled Company
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Some Do's and Don'ts in Investing in Turnarounds
         University Club, Milwaukee, WI
            Contact: http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30, 2006
   EUROMONEY CONFERENCES
      Euromoney/DIFC Annual Conference
      Managing superabundant liquidity
         Madinat Jumeirah, Dubai
            Contact: http://www.euromoneyconferences.com/

November 30, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Restructuring Around Intellectual Property -
      Preserving Value When Trouble Lurks
         Carnelian Room, San Francisco, CA
            Contact: http://www.turnaround.org/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 1, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         Garden Grove, CA
            Contact: http://www.ceb.com/

December 4-5, 2006
   PRACTISING LAW INSTITUTE
      Mortgage Servicing & Default Management
         Washington, DC
            Contact: http://www.pli.edu/

December 5, 2006
   EUROMONEY CONFERENCES
      CFO Forum
         Hyatt Regency, Hangzhou, China
            Contact: http://www.euromoneyconferences.com/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Intellectual Property -
      Are You Overlooking Significant Value?
         5th Avenue Suites, Portland, OR
            Contact: http://www.turnaround.org/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/  

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Cash Management After The Storm:
      Near-Term Planning for Long-Term Business Success
         Sheraton, Metairie, LA
            Contact: http://www.turnaround.org/

December 8, 2006
   CEB
      Creditors' Remedies & Debtors' Rights
         Los Angeles / Century City, CA
            Contact: http://www.ceb.com/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 25-27, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Hyatt Regency, Denver, CO
            Contact: 1-703-739-0800; http://www.abiworld.org/

February 8-9, 2007
   EUROMONEY
      Leveraged Finance Asia
         JW Marriott Hong Kong
            Contact: http://www.euromoneyplc.com/

February 21-22, 2007
   EUROMONEY
      Euromoney Pakistan Conference
      Perceptions & Realities
         Marriott Hotel, Islamabad, Pakistan
            Contact: http://www.euromoneyplc.com/

February 22, 2007
   EUROMONEY
      2nd Annual Euromoney Japan Forex Forum
         Mandarin Oriental, Tokyo, Japan
            Contact: http://www.euromoneyplc.com/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 1, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 2, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Bankruptcy Battleground West
         Regency Beverly Wilshire, Los Angeles, CA
            Contact: http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 21-22, 2007
   EUROMONEY
      2nd Annual Vietnam Investment Forum
         Melia, Hanoi, Vietnam
            Contact: http://www.euromoneyplc.com/

March 21-22, 2007
   EUROMONEY
      Euromoney Indian Financial Market Congress
         Grand Hyatt, Mumbai, India
            Contact: http://www.euromoneyplc.com/

March 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "The Six Keys of Sustained Profitable Growth"
      Rodney Page, Senior Partner of Blue Springs Partners
         Citrus Club, Orlando, FL
            Contact: http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - East
         JW Marriott, Washington, DC
            Contact: http://www.abiworld.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

April 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      "Why Prospects Become Clients"
      Mark Fitzgerald, President of Sales Training Institute Inc
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, PA
            Contact: http://www.ali-aba.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
      Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
         New York, NY
            Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
         New York, NY
            Contact: http://www.abiworld.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, SC
            Contact: http://www.abiworld.org/

August 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
         Cambridge, MD
            Contact: http://www.abiworld.org/

September 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
         Las Vegas, NV
            Contact: http://www.abiworld.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, DC
            Contact: http://www.abiworld.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott Spa and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, MI
            Contact: http://www.abiworld.org/

August 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, FL
            Contact: http://www.abiworld.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
         Tucson, AZ
            Contact: http://www.abiworld.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;           
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price        
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;  
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy  
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing  
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      BAPCPA One Year On: Lessons Learned and Outlook
         Contact: http://www.beardaudioconferences.com/
                  240-629-3300

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Clash of the Titans -- Bankruptcy vs. IP Rights
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Deepening Insolvency - Widening Controversy: Current
Risks,          
      Latest Decisions
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Market Opportunities
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation under the New
      Code
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Homestead Exemptions under BAPCPA
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Reverse Mergers-the New IPO?
         Contact: http://www.beardaudioconferences.com/
         240-629-3300

   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge: Best Practices in E-
      Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

   BEARD AUDIO CONFERENCES
      When Tenants File -- A Landlord's BAPCPA Survival Guide
         Contact: http://www.beardaudioconferences.com/  
         240-629-3300

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *