TCREUR_Public/061124.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

           Friday, November 24, 2006, Vol. 7, No. 234

                            Headlines


A U S T R I A

APPSOLUT SOFTWARE: Eisenstadt Court Orders Business Closure
BOEHM KG: Linz Court Orders Business Shutdown
BUCHDRUCKEREI PEISSER: Creditors' Meeting Slated for Nov. 30
GAMAN LLC: Creditors' Meeting Slated for November 28
KURT GUCZOGI: Creditors' Meeting Slated for December 4

MEKY TRANSPORT: Claims Registration Period Ends December 4
PROMISE XXS: Fitch Rates EUR49.5-Mln Class E Notes at BB

F I N L A N D

DYNEA INT'L: Sells U.S. Operations to Teacher's Private
DYNEA INT'L: Unit Sale Cues S&P's Developing Watch on B Rating


F R A N C E

ALCATEL SA: Partners with CTM to Roll Out IP Infrastructure
AUTOCAM CORP: Possible Non-Payment Cues S&P to Junk Ratings
PHILLIPS-VAN HEUSEN: Earns US$50.8 Million in Third Quarter 2006
POLYMER GROUP: Weak Performance Spurs S&P to Revise Outlook
TITAN EUROPE: Fitch Keeps Low-B Ratings on GBP4.2-Million Notes


G E R M A N Y

A. ST. BAU: Creditors' Meeting Slated for December 6
APPTIS INC: S&P Rates Proposed US$180-Mln Sr. Facility at 'B+'
BEAB CONSTRUCTION: Creditors' Meeting Slated for December 5
CS COMPONENT: Creditors' Meeting Slated for December 5
DAIMLERCHRYSLER AG: Mulls Subcompact Car Deal with Chery Auto

ERIK THEISSEN: Claims Registration Ends December 5
HUHN KABELMONTAGEN: Claims Registration Ends December 4
JAKOB MASCHINENBAU: Claims Registration Ends December 5
OPEN TEXT: Earns US$7.3 Million in First Quarter Ended Sept. 30
PROMISE-I MOBILITY: Moody's Rates Class E Notes at (P)Ba1

PROMISE XXS: Fitch Rates EUR49.5-Mln Class E Notes at BB
PROMISE-Z 2001: S&P Assigns Low-B Ratings to Class E Notes
RALF KOENCKE: Claims Registration Ends December 6
RC2 CORP: Earns US$19.4 Million in Third Quarter 2006
SALIX INTERNATIONAL: Claims Registration Ends December 1

SMART SME: Moody's Assigns (P)Ba2 Rating on Class E Notes
UM-FLIESEN: Claims Registration Ends November 29
VEREIN FREESTYLE: Claims Registration Ends November 29


H U N G A R Y

BORSODCHEM NYRT: Returned Shares Increases Treasury Stock


I R E L A N D

ADVANCED MEDICAL: Sees US$45-Mln Revenue Cut From Product Recall
ELAN CORP: Completes US$615 Million Senior Notes Offering
ENTRY FUNDING: Moody's Puts Low-B Ratings on EUR16-Million Notes


I T A L Y

SMART SME: Moody's Assigns (P)Ba2 Rating on Class E Notes


K A Z A K H S T A N

ATAMEKEN-2030 LLP: Akmola Court Opens Bankruptcy Proceedings
AVTOSPHERASNAB LLP: Creditors Must File Claims by Dec. 22
ERNA SERVICE: Claims Filing Period Ends Dec. 22
KAZ BEEF: Proof of Claim Deadline Slated for Dec. 22
LACORTE-PETROPAVLOVSK: Creditors' Claims Due Dec. 22

MEN-A LLP: Akmola Court Begins Bankruptcy Proceedings
TABYS JSC: Proof of Claim Deadline Slated for Dec. 22
TAIMAS LLP: Claims Filing Period Ends Dec. 22
TRANS EXPRESS: Proof of Claim Deadline Slated for Dec. 22
VAGONOREMONTNY ZAVOD: Court Starts Bankruptcy Procedure


K Y R G Y Z S T A N

KYRGYZRAZNOOPTORG JSC: Public Auction Scheduled for Dec. 18
VESTA-TOKMOK LLC: Public Auction Scheduled for Dec. 14


N E T H E R L A N D S

HARBOURMASTER CLO 7: Fitch Rates EUR23-Million Notes at BB
KONINKLIJKE AHOLD: Albert Heijn Unit to Convert Konmar Stores
LANCELOT 2006: Fitch Gives BB Rating to EUR12 -Mln Class E Notes
POLYMER GROUP: Weak Performance Spurs S&P to Revise Outlook


N O R W A Y

AKER KVAERNER: Inks Drilling Equipment Deal with PPL Shipyard
AKER KVAERNER: Unveils Financial Calendar for 2007


P O L A N D

AUTOCAM CORP: Possible Non-Payment Cues S&P to Junk Ratings
BORSODCHEM NYRT: Returned Shares Increases Treasury Stock


R U S S I A

AGRO-PROM-KHIMIYA: Court Names I. Borzov as Insolvency Manager
AVNYUGSKIY WOOD-PROM-KHOZ: Bankruptcy Hearing Slated for Jan. 15
BSPB FINANCE: Fitch Assigns B/RR4 Ratings to US$125-Mln Notes
CBOM FINANCE: Fitch Assigns B- Rating on US$100-Mln Eurobond
FLAX FACTORY: Court Names S. Lebedev as Insolvency Manager

INVESTMENTS AND SECURITIES: Names A. Koshechkov to Manage Assets
KHARANUTSKIY COAL: Court Names K. Sobolev as Insolvency Manager
PROKOPYEVSKIY FACTORY: Bankruptcy Hearing Slated for Feb. 28
NATUKHAEVSKAYA CJSC: Bankruptcy Hearing Slated for Mar. 5
NOVOPAVLOVSKOYE AGRO: Bankruptcy Hearing Slated for Jan. 22

SAMUSKIY FACTORY: Court Names S. Lizunov as Insolvency Manager
SEVESTRA CJSC: Court Names S. Lizunov as Insolvency Manager
SILIKANYJ FACTORY: Court Names V. Togmitov as Insolvency Manager
SLADKOVSKOYE CJSC: Court Starts External Bankruptcy Process
STROY-MONTAGE-3: Court Names S. Lebedev as Insolvency Manager

VIMPEL-COMMUNICATIONS: Moscow Court Finalizes UKS Acquisition
VIMPEL-COMMUNICATIONS: To Unveil Nine-Month Results on Nov. 30
VNESHTORGBANK JSC: Launches Vietnam-Russia Joint Venture Bank
ZAVODOUKOVSKIY LLC: Bankruptcy Hearing Slated for Dec. 28


S P A I N

BANKINTER 13: Moody's Junks EUR20.6-Million Series E Notes
FREEPORT-MCMORAN: Purchase Plan Prompts DBRS to Review Ratings
KONINKLIJKE AHOLD: Albert Heijn Unit to Convert Konmar Stores
VALENCIA HIPOTECARIO: Fitch Junks EUR10.4-Million Class D Notes


S W I T Z E R L A N D

ADVANCED MEDICAL: Sees US$45-Mln Revenue Cut From Product Recall


U K R A I N E

ATTIK CJSC: Court Names O. Sklyarenko as Insolvency Manager
AVTOLUKS LLC: Court Names Nina Sarichev as Insolvency Manager
HLIBOROB CJSC: Court Names Vitalij Peychev as Insolvency Manager
KALINA: Cherkassy Court Names Mikola Zanko as Liquidator
RIANT LLC: Rivne Court Names I. Dragun as Insolvency Manager

SIRET OJSC: Chernivtsi Court Starts Bankruptcy Supervision
SKIF-DOSTUP LLC: Court Names Sergij Moroz as Insolvency Manager
TORWOOD CONSULTING: Court Names Sergij Zhezherya as Liquidator
VIMPEL-COMMUNICATIONS: To Unveil Nine-Month Results on Nov. 30
VIMPEL-COMMUNICATIONS: Moscow Court Finalizes UKS Acquisition


U N I T E D   K I N G D O M

AIRCOOL LIMITED: Nominates David Rubin as Liquidator
AKER KVAERNER: Inks Drilling Equipment Deal with PPL Shipyard
AKER KVAERNER: Unveils Financial Calendar for 2007
ANGRY INCORPORATED: Taps John Twizell to Liquidate Assets
BARRY DAVIES: Creditors' Claims Due Jan. 9, 2007

BERNSTEIN GROUP: Taps KPMG to Administer Assets
BERRY BIRCH: Appoints Administrators from KPMG
CCT INTEGRATED: Brings In Liquidators from Kingston Smith
CHOICES INDEPENDENT: Brings In Begbies Traynor as Administrators
CLIFF COLE: Appoints Keith Barry Stout as Liquidator

COMMERCIAL GARAGE: Names T. Papanicola as Administrator
DELMARK ENGINEERING: Creditors' Meeting Slated for December 1
EMI GROUP: Inks Content Licensing Partnership with Gotuit Media
EMI GROUP: Inks Partnership Deal with Shanghai Media Group
ENRON CORP: Court Approves US$90MM Settlement with CFSB Parties

ENRON CORP: Seeks Approval for Deseret Generation Settlement
EQUITABLE LIFE: Wants Business Moved to Canada Life Under Scheme
FEDERAL-MOGUL: Court Places Insurers' Lift Stay Motion On Hold
FAIRGROUND GAMING: Liquidating Assets Following Unit Disposal
GENERAL MOTORS: Kirk Kerkorian Cuts GM Stake to 7.4%

HERTZ CORP: Moody's Changes Outlook After IPO Completion
INHOCO 3005: Appoints Joint Administrators from KPMG
INTERFACE INC: Moody's Lifts Rating to B1 on Improved Margin
MENDIP PLYWOOD: Hires Joint Administrators from BDO Stoy
P.J. BUTLER: Taps Begbies Traynor as Administrators

PHOENIX INDUSTRIAL: Appoints Begbies Traynor as Administrators
RIBBLESDALE ENGINEERING: Hires Liquidator from J M Marriott
SAMSONITE CORP: Offers Senior Notes & Declares Special Dividend
SAMSONITE CORP: S&P Revises Outlook on Special Dividend Issuance
SEA CONTAINERS: Can Assign Admin. Status to Claims Until Dec. 19

SEA CONTAINERS: Reports Initial Consolidated Cash Flow Forecast
SERVKO ELECTRICAL: Calls In Liquidators from Poppleton & Appleby
SEWARD DEVELOPMENTS: Appoints Begbies Traynor as Administrators
SISTERLARK LIMITED: Names Administrators from DTE
SOUTH COAST: Claims Filing Period Ends Dec. 21

TITAN EUROPE: Fitch Keeps Low-B Ratings on GBP4.2-Million Notes
TOTAL MOVE: Taps Menzies as Joint Administrators
UNITED POINT: Names Jeffrey Mark Brenner Liquidator
V-LAN LIMITED: Appoints DTE Leonard as Joint Administrators
VANILLE DIRECT: Brings In BDO Stoy to Administer Assets

WHITES & ELLAND: Brings In Joint Liquidators from Kroll
WILLIAM DOBSON: Creditors Confirm Liquidators' Appointment

* BOOK REVIEW: Trump: The Saga of America's Most Powerful Real
                      Estate Baron

                            *********

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A U S T R I A
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APPSOLUT SOFTWARE: Eisenstadt Court Orders Business Closure
-----------------------------------------------------------
The Land Court of Eisenstadt entered an order Oct. 10 closing
the business of LLC appsolut software (FN 228252s).  Court-
appointed property manager Adalbert Hausmann 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. Adalbert Hausmann
         Esterhazyplatz 6a
         7000 Eisenstadt, Austria
         Tel: 02682/64044
         Fax: 02682/64044 30
         E-mail: ra.schreiner@aon.at

Headquartered in Eisenstadt, Austria, the Debtor declared
bankruptcy on Aug. 24 (Bankr. Case No. 26 S 89/06z).


BOEHM KG: Linz Court Orders Business Shutdown
---------------------------------------------
The Land Court of Linz entered an order Oct. 10 shutting down
the business of KG Boehm (FN 24799w).  Court-appointed property
manager Rene Lindner 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. Rene Lindner
         4020 Linz, Austria
         Tel: 78 40 80-34
         Fax: 78 40 80-5
         E-mail: konkurs@hengstschlaeger-lindner.at

Headquartered in Saxen, Austria, the Debtor declared bankruptcy
on Oct. 6 (Bankr. Case No. 38 S 46/06b).


BUCHDRUCKEREI PEISSER: Creditors' Meeting Slated for Nov. 30
------------------------------------------------------------
Creditors owed money by LLC Buchdruckerei Peisser & Vogel (FN
58344a) are encouraged to attend the creditors' meeting at
2:25 p.m. on Nov. 30 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         2nd Floor
         Graz, Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Oct. 10 (Bankr. Case No. 25 S 90/06g).  Norbert Kollerics
serves as the court-appointed property manager of the bankrupt
estate.  Michael Axmann represents the debtor in the bankruptcy
proceedings.

The property manager can be reached at:

         Dr. Norbert Kollerics
         Klosterwiesgasse 61
         8010 Graz, Austria
         Tel: 0316/819291
         Fax: 0316/819291-9
         E-mail: office@kollerics.at

The debtor's representative can be reached at:

         Dr. Michael Axmann
         Kalchberggasse 10
         8010 Graz, Austria


GAMAN LLC: Creditors' Meeting Slated for November 28
----------------------------------------------------
Creditors owed money by LLC Gaman (FN 258235h) are encouraged to
attend the creditors' meeting at 9:15 a.m. on Nov. 28 to
consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Frauendorf an der Au, Austria, the Debtor
declared bankruptcy on Oct. 10 (Bankr. Case No. 14 S 161/06a).
Walter Anzboeck serves as the court-appointed property manager
of the bankrupt estate.

The property manager can be reached at:

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


KURT GUCZOGI: Creditors' Meeting Slated for December 4
------------------------------------------------------
Creditors owed money by LLC Kurt Guczogi (FN 242685s) are
encouraged to attend the creditors' meeting at 10:30 a.m. on
Dec. 4 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt, Austria

Headquartered in Oberpullendorf, Austria, the Debtor declared
bankruptcy on Oct. 10 (Bankr. Case No. 26 S 111/06k).  Christian
Supper serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Christian Supper
         Hauptplatz 1
         7350 Oberpullendorf, Austria
         Tel: 02612/43543
         Fax: 02612/43543-10
         E-mail: op@rss.at


MEKY TRANSPORT: Claims Registration Period Ends December 4
----------------------------------------------------------
Creditors owed money by LLC Meky Transport & Bau (FN 260454x)
have until Dec. 4 to file written proofs of claims to court-
appointed property manager Johannes Leon at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Dec. 18 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 10 (Bankr. Case No. 45 S 69/06k).


PROMISE XXS: Fitch Rates EUR49.5-Mln Class E Notes at BB
--------------------------------------------------------
Fitch Ratings assigned expected ratings to PROMISE XXS 2006-1
GmbH's issue of EUR460.75 million of floating-rate notes:

   -- EUR250,000 Class A+: AAA;
   -- EUR179,500,000 Class A: AAA;
   -- EUR108,000,000 Class B: AA;
   -- EUR78,500,000 Class C: A;
   -- EUR45,000,000 Class D: BBB; and
   -- EUR49,500,000 Class E: BB.

The Class F and G notes, totaling EUR45,000,000 and
EUR49,500,000 respectively are not rated.

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

The transaction is a partially funded synthetic collateralized
debt obligation referencing two sub portfolios, a HVB- and a BA-
CA originated portfolio, of German and Austrian small to medium-
sized enterprise loans, including promoted loans under programs
sponsored by German government-owned credit institutions and
Oesterreichische Kontrollbank AG.

The transaction provides credit protection on a portfolio
amounting to EUR4.5 billion that can be replenished in
compliance with a master amortization schedule until
November 2011.

The transaction is based on KfW's PROMISE program.  HVB and BA-
CA will buy credit protection in respect of their sub-portfolio
from KfW under a loss guarantee.  KfW will hedge its exposure
under the guarantees, by issuing credit-linked certificates of
indebtedness to be bought by the issuer, and by entering into a
senior credit default swap.  The issuer will hedge itself by
issuing credit-linked notes.

The expected ratings of the notes are based on the credit
quality of the reference portfolio, the credit enhancement, the
quality of the collateral, the strength of the swap counterparty
and the transaction's sound financial and legal structure. C

Credit enhancement for the Class A to E notes is provided by
synthetic excess spread and subordination, which is available on
a quarterly "use it-or-lose it basis".  The synthetic excess
spread is calculated based on the performing pool balance. The
expected ratings address the timely payment of interest and the
ultimate repayment of principal.

Replenishments may be conducted on a "not to worsen basis" but
will be suspended upon the breach of the replenishment
suspension trigger, which refers to the cumulative default ratio
exceeding 3.5%.  Replenishment criteria include a portfolio
weighted average life covenant taking into account
replenishments and scheduled amortizations.

The notes will be redeemed on a modified pro rata basis,
synthetically replicating either a pro rata redemption or a
sequential redemption scheme depending on the amount of expected
losses at each payment date.  Synthetic provisions are built
against the amortization of the lower ranking tranches.

The modified pro rata redemption switches to a fully sequential
redemption if the reference portfolio notional balance has
reduced to below 57% or if a sub-pool termination event has been
triggered.


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F I N L A N D
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DYNEA INT'L: Sells U.S. Operations to Teacher's Private
-------------------------------------------------------
Dynea International Oy sold its North American operations to
Teacher's Private Capital on Nov. 21.

The divestment of operations in North America allows Dynea to
focus on growing markets in Eastern Europe and Asia Pacific and
to further strengthen its market position in these areas.

"The divestment of Dynea's North American operations is a
logical step in our strategy to take a leading position in the
markets where we operate.  The transaction also gives us the
opportunity to create added value by investing in new technology
to support our customers," Roger Carlstedt, Dynea's president
and CEO disclosed.

Dynea's operations in North America include 13 production units
with approximately 700 employees in Canada, the United States
and Mexico, and annual sales of more than EUR450 million.

"This transaction will also give us resources for expansion in
our key growth areas.  With operations in 23 countries, Dynea
will continue to help its customers grow by providing value
through our leading resins and overlays technology world-wide,"
Filip Frankenhaeuser, Dynea's executive vice president and CFO
added.

                 About Teachers' Private Capital

Headquartered in Ontario, Canada, Teachers' Private Capital --
http://www.otpp.com/-- is a private investment arm of the CDN96
billion Ontario Teachers' Pension Plan, an independent
corporation responsible for investing the fund and administering
the pensions of Ontario's 264,000 active and retired teachers.
With more than CDN11 billion in assets, Teachers' Private
Capital is one of Canada's largest private investors, providing
equity and mezzanine debt capital for large and mid-cap
companies, venture capital for developing industries, and
financing for a growing portfolio of infrastructure and
timberland assets worldwide.

                   About Dynea International

Headquartered in Helsinki, Finland, Dynea International Oy --
http://www.dynea.com/-- provides adhesion and surfacing
solutions.  In 2005, Dynea had revenues of EUR1.2 billion.
After the transaction Dynea has 39 production units and some
2,200 employees in 23 countries in Europe, Asia Pacific and
South America.


DYNEA INT'L: Unit Sale Cues S&P's Developing Watch on B Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate rating on Finnish specialty chemicals company Dynea
International Oy on CreditWatch with developing implications,
following Dynea's announcement of the sale of its U.S. unit.

The CreditWatch developing status means that the rating could be
raised, lowered, or affirmed.

"The outcome will depend on the amount of the sale proceeds,
their use, and the business profile of the remaining assets,"
said Standard & Poor's credit analyst Lucas Sevenin.  The
company had debt of nearly EUR480 million at end-September 2006.

The rating could be favorably affected if:

   -- the proceeds are sufficient and used to redeem all or a
      great part of financial debt;

   -- the group obtains sufficient new financing for its
      remaining operations; and

   -- the group's leverage policy is in line with the
      new business profile.

On the other hand, the rating could be negatively affected if
the business profile of the remaining operations is far weaker
than at present and leverage does not decrease sufficiently to
compensate, and/or if S&P expects the leverage to increase to
fund potential future acquisitions.  Furthermore, the rating
agency expects to evaluate the company's new business strategy
and future financial policy.

The rating could, alternatively, be affirmed, depending on the
final mix of debt reduction and business risk profile.

"From a business standpoint, we view the sale of this main
EBITDA contributor as negative," said Mr. Sévenin.  "We will
resolve the CreditWatch status once we obtain more clarity on
the net amount and uses of proceeds, future operational
strategy, financial policy, and the main shareholder's
position."

The rating on Dynea primarily reflects its high leverage,
exposure to very competitive markets, and concentration in the
cyclical construction and furniture industries.  These factors
are somewhat offset by Dynea's strong market shares in the
formaldehyde-based resins industry, and its good geographic
diversification.

With 2005 sales of EUR1.1 billion, Dynea is one of the world's
largest producers of formaldehyde-based resins, key in the
manufacture of wood products--such as plywood and particle
board--used in the building industry.


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ALCATEL SA: Partners with CTM to Roll Out IP Infrastructure
-----------------------------------------------------------
Alcatel S.A. and Companhia de Telecomunicacoes de Macau S.A.R.L.
are collaborating to roll out critical infrastructure that will
enable sophisticated Internet Protocol communications services
for CTM's business and consumer customers in order to realize
the operator's "Digital Macau" vision.

CTM's "Digital Macau" project delivers a new generation of
communications services that will keep pace with and support the
Macau Special Administrative Region's sustained economic growth.
Next generation network services will be provided in four key
areas: mobile, broadband, high-speed data services and
applications.  Following its next generation network services
launch which is expected by the first quarter 2007, CTM will
further develop advanced services, and bandwidth on demand all
with the differentiated quality of service (QoS) necessary to
meet the needs of its customers.

"CTM is committed to provide a quality communications network
that responds immediately to the current explosive demand for
services, and is also designed to handle the future
communications and entertainment demands of Macau's growing
tourist economy," Phil Green, Chief Executive Officer of CTM,
said.  "This partnership will definitely mark an important step
for CTM in building "Digital Macau", supporting the growing
economy and fulfilling customers' needs."

"We are honored to collaborate with CTM as they introduce this
unique technology that supports their immediate needs in
realizing "Digital Macau" and provides the flexible and service-
rich foundation to expand their offerings as their business
requirements and subscriber growth demand," Basil Alwan,
President of Alcatel's IP activities, said.

The demand for advanced multimedia and data services in Macau is
expected to increase sharply in the coming years as investments
in the tourism and gaming sector increase.  Economic growth is
averaging eight to ten percent per year.  In 2006 alone, gaming
revenues will total US$6 billion - matching those of Las Vegas -
and hotel room capacity is expected to double to 30,000 by the
end of 2008.

Alcatel's IP portfolio has key features including high-
availability, quality of service, and scalability.  At the heart
of Alcatel's solution for CTM is the Alcatel 7750 Service Router
(SR), a superior multi-service edge router, built for service
providers who are looking to deliver a new wave of business and
residential services on a single IP/MPLS network.

The solution also includes the Alcatel 5620 Service Aware
Manager, which will enable CTM to rapidly provision VPLS, VPRN,
Internet enhanced services and virtual leased line services, for
a smooth evolution from traditional routers to service routers.

With more than 150 customers in 65 countries, Alcatel is
demonstrating that its IP portfolio is ideally suited for the
needs of operators who are transforming their networks for a new
phase of higher-value, user-driven service delivery.  According
to Synergy Research Group, Alcatel was #2 in the Services Edge
Router category in Q2 2006, with 19% market share, following
five consecutive quarters of market share gain.  Alcatel is
involved in more than 40 triple play projects and another 40
network transformation projects worldwide.  IPTV services are
expected to reach over 70 million subscribers by 2010.

                           About CTM

Companhia de Telecomunicacoes de Macau S.A.R.L. --
http://www.ctm.net -- is a joint venture of the international
telecommunications giants Cable and Wireless and Portugal
Telecom, together with CITIC Pacific and Macao Post.  Being the
only full telecom service provider of Macau, CTM plays an
important role in the development of the telecom infrastructure
and strives to provide world class telecommunications services
to Macau, which included Fixed Telephony, Mobile, Internet and
Enterprise Solutions.

                         About Alcatel

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

                         *     *     *

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

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


AUTOCAM CORP: Possible Non-Payment Cues S&P to Junk Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Kentwood, Mich.-based Autocam to 'CC' from 'CCC+' and
placed the ratings on CreditWatch with negative implications.
S&P also lowered the ratings on the company's senior secured
bank facilities to 'CC' from 'CCC+' and the senior subordinated
notes to 'C' from 'CCC-'.

These actions followed Autocam's statements, in its recent 10-Q
filing with the SEC, that it may be unable to meet its
Dec. 15, 2006, interest payment on its US$140 million senior
subordinated notes, that it is engaged in restructuring
discussions with holders of its senior subordinated notes
regarding a possible equity swap, that it does not expect to be
in compliance with financial covenants on its senior credit
facilities and second-lien credit facility as of Dec. 31, 2006,
and that it is seeking to amend its senior first-lien credit
facilities and its second-lien credit facility to provide
covenant relief.

Autocam is exploring various options to improve liquidity,
including selling assets and securing other sources of capital.
The company's balance sheet debt as of Sept. 30, 2006, totaled
US$320 million.

"We would lower the ratings further if the company fails to meet
its contractual debt obligations," said Standard & Poor's credit
analyst Nancy Messer.  "The downgrades reflect Autocam's
istressed financial situation and the increasing possibility
that the company will be forced to restructure in the near term.
We believe it is unlikely that the company will be able to
secure alternative financing in the absence of waivers for its
current covenants or incremental liquidity from its equity
sponsors, because of its very high debt leverage and weak
operating results."


PHILLIPS-VAN HEUSEN: Earns US$50.8 Million in Third Quarter 2006
----------------------------------------------------------------
Phillips-Van Heusen Corp. reported third quarter 2006 GAAP net
income of US$50.8 million, compared with third quarter 2005 GAAP
net income of US$40.3 million.  For the nine months, GAAP net
income was US$128.5 million in 2006 compared with US$88.8
million in 2005.

The Company reported that in the Calvin Klein licensing
business, operating earnings increased 31% and operating margins
were up almost 700 basis points.  The Company's wholesale and
retail businesses grew operating earnings a combined 17% on 6%
sales growth, as strong product drove gross margin improvements
in the quarter.

Total revenues in the third quarter of 2006 increased 7% to
US$568.3 million from US$533.2 million in the prior year.
Revenue growth was driven by an 11% increase in Calvin Klein
royalties due to continued growth from existing and new
licensees.  The comp store sales grew 11%.  In addition,
revenues benefited from the growth across all of the Company's
wholesale sportswear businesses, but were partially offset by an
anticipated sales decrease in the Company's wholesale dress
shirt business reflecting the residual impact of the
Federated/May door closings for the year.

For the nine months, total revenues increased 6% to US$1.5
billion in 2006 from US$1.4 billion in 2005.

The Company ended the quarter with US$358.6 million in cash, an
increase of US$188.3 million compared with the prior year's
third quarter.  Receivables ended the quarter 11% below prior
year levels.  Inventories ended the quarter 7% up from last year
and in line with the Company's sales growth projections for the
fourth quarter.  The Company's higher year over year cash
position, coupled with higher investment rates of return,
resulted in a 46% decrease in net interest expense for the third
quarter.

Commenting on the results, Emanuel Chirico, chief executive
officer, noted, "We are extremely pleased with our third quarter
results, which continue the positive trends we experienced in
the first half of this year.  The strength of the Calvin Klein
brand and the execution of our business model for that brand
continue to be key drivers in our earnings growth.  The
performance of Calvin Klein, along with the growth exhibited by
our outlet retail and wholesale sportswear businesses, enabled
us to again exceed our previous guidance."

Mr. Chirico continued, "During the third quarter, we announced
our agreement to acquire Superba Inc., a neckwear company with
estimated 2006 revenues of US$140 million.  The deal is expected
to be effective Jan. 1, 2007, and will be modestly accretive to
2007 earnings.  This acquisition is consistent with our strategy
of adding brands or product categories that are synergistic and
complement our existing businesses, in this case, dress shirts."

Mr. Chirico concluded, "Our brands continue to perform extremely
well across all channels of distribution, enabling us to
intensify the investments we are making in marketing our brands.
During this upcoming holiday season, we are planning a US$20
million increase in national advertising spending to support our
Calvin Klein, Van Heusen, IZOD, and Arrow brands.  We believe
that in the context of the changing retail landscape it is
critical to take our message directly to consumers.  We feel
that this continued commitment to the long-term strength of our
brands will pay dividends in the future."

                      2006 Revenues Guidance

The Company projects fourth quarter 2006 revenues to be in a
range of US$528 million to US$532 million, which represents an
increase of 15% to 16% over last year.  Total revenues for the
full year 2006 are expected to be US$2.06 billion to US$2.07
billion, which represents an increase of 8% over last year.

The Company's 2006 revenues and earnings guidance does not
reflect the impact of the pending acquisition of Superba Inc.,
which will not be expected to have a material effect on 2006
revenues and earnings.

Phillips-Van Heusen Corporation -- http://www.pvh.com/-- owns
and markets the Calvin Klein brand worldwide.  It is a shirt
company that markets a variety of goods under its own brands:
Van Heusen, Calvin Klein, IZOD, Arrow, Bass and G.H. Bass & Co.,
Geoffrey Beene, Kenneth Cole New York, Reaction Kenneth Cole,
BCBG Max Azria, BCBG Attitude, Sean John, MICHAEL by Michael
Kors, Chaps, and Donald J. Trump Signature.

                           *     *     *

As reported in the Troubled Company Reporter on Oct 10, 2006
Moody's Investors Service's in connection with the
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Canadian Retail sector,
confirmed its Ba3 Corporate Family Rating for Phillips Van
Heusen Corporation.


POLYMER GROUP: Weak Performance Spurs S&P to Revise Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Polymer Group Inc. to negative from stable.  All ratings,
including the 'BB-' corporate credit rating, were affirmed.

The outlook revision follows several quarters of weaker-than-
expected performance and somewhat higher-than-expected debt
primarily due to raw material cost escalation and some product
mix shifts.

Also contributing to the disappointing results were several one-
time items such as:

   -- costs related to technical problems associated with
      new equipment (since resolved),

   -- an acquisition that was not consummated,

   -- the closing of manufacturing capacity, and

   -- moving the company's headquarters.

"Despite signs that operating results have stabilized, and the
potential benefits of new plant investments, we are concerned
about the company's ability to return financial measures to
levels appropriate for the ratings, particularly given less
favorable economic prospects," said Standard & Poor's credit
analyst Cynthia Werneth.

The ratings on Polymer reflect the company's weak business
position as a producer of non-woven and oriented polyolefin
products and its aggressive financial profile.  The narrow focus
of Polymer's business operations is a limiting factor but is
partially offset by the company's leading positions in its niche
markets, good geographic sales and manufacturing diversity,
favorable long-term growth prospects in certain end markets, and
opportunities to increase sales and earnings following several
recently completed capacity expansions.

With annual revenues of nearly US$1 billion, Charlotte,
N.C.-based Polymer manufactures products that are used in a wide
range of disposable consumer applications, including baby
diapers, feminine hygiene products, household and consumer
wipes, disposable medical products, and various industrial
applications, including automotive, filtration, and protective
apparel.

Leading global manufacturers of consumer, medical, and
industrial products uses the company's non-wovens.  Long-term
industry growth rates are favorable and are driven by new
applications for non-wovens in developed countries and volume
increases in existing products as income levels increase in
developing countries.  However, recent weakness in auto and
housing end markets, as well as lower hygiene product sales in
connection with retailer de-stocking, have caused the company to
fill capacity with lower-margin products.  Although the retail
issue appears to be temporary, auto and housing market weakness
are likely to extend into the foreseeable future.


TITAN EUROPE: Fitch Keeps Low-B Ratings on GBP4.2-Million Notes
---------------------------------------------------------------
Fitch Ratings upgraded Titan Europe 2004-1 Plc's Class B to D
notes due 2013 and affirmed the rest:

   -- GBP64.9 million Class A (XS0205704405) affirmed at AAA;

   -- GBP0.05 million Class X (XS0205719692) affirmed at AAA;

   -- GBP9.7 million Class B (XS0205720195) upgraded to AAA from
      AA;

   -- GBP13.8 million Class C (XS0205720609) upgraded to AAA
      from A;

   -- GBP6.9 million Class D (XS0205721839) upgraded to BBB+
      from BBB-;

   -- GBP2.8 million Class E (XS0205722480) affirmed at BB; and

   -- GBP1.4 million Class F (XS0205722720) affirmed at B.

The rating actions reflect the increased subordination and the
expected redemption of the largest loan and subsequent
sequential principal allocation as well as the performance of
the two remaining loans.

The borrower of the largest loan, the GBP71.3 million Audras
loan, is in the final stages of selling the underlying property.
The loan will be prepaid and the principal will be used to
redeem Class A in full and Class B in part in January 2007.
This will further increase the subordination levels.

The pool will then comprise of only two of the original five
loans.  The GBP16.1 million Kandahar loan is secured on the
Salters Court Shopping Centre in Droitwich and the GBP12 million
CSAM loan is secured on a portfolio of seven commercial
properties across the U.K.

The loan-to-value of the CSAM loan stood at a low 30.8% and in
October 2006, the interest coverage ratio was strong at 2.6x.
On the other hand, Kandahar loan had a LTV of 67% and an ICR of
1.2x as at October 2006.

Although the latter's LTV is considered high, this is an
improvement from the original LTV of 87% after the Salters Court
Shopping Centre was re-valued at GBP26 million in April 2006, an
increase of GBP8 million.

The Kandahar loan's ICR on a forward 12 month basis is expected
to fall to 1.04x, breaching the covenant of 1.05x.  However,
this excludes additional income, e.g. rent from tenants staying
in the property after lease expiry and this breach can easily be
topped up from the available GBP1-million escrow fund.

The borrower has so far met all obligations and is expected to
continue to do so.  Several new leases with current rent-free
periods will start generating income in 2007 and therefore an
improvement will be expected at this time.

There is an available funds cap on the Classes E and F. Excess
spread is used to pay interest on Class X. So far, GBP1.3
million of excess spread was generated.


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


A. ST. BAU: Creditors' Meeting Slated for December 6
----------------------------------------------------
The court-appointed provisional administrator for A. ST. Bau &
Geruestbau GmbH, Petra Hilgers, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:45 a.m. on Dec. 6.

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

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

The Court will also verify the claims set out in the
administrator's report at 11:30 a.m. on March 14, 2007, at the
same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against A. ST. Bau & Geruestbau GmbH on Oct. 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         A. ST. Bau & Geruestbau GmbH
         Duesseldorfer Road 65
         10719 Berlin, Germany

The administrator can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin, Germany


APPTIS INC: S&P Rates Proposed US$180-Mln Sr. Facility at 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' debt rating
and '3' recovery rating to Apptis Inc.'s proposed US$180 million
senior secured bank facility.

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

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and negative outlook on Chantilly, Virginia-based
Apptis.

Proceeds from the proposed bank facility will be used to repay
existing debt, including an existing credit facility, US$50
million of senior subordinated cash pay notes, a portion of
Apptis' senior subordinated Holdco payment-in-kind notes, and
accrued PIK interest.  Standard & Poor's ratings affirmation
reflects the fact that this transaction is strictly a
refinancing, and does not meaningfully impact Apptis' financial
profile.


BEAB CONSTRUCTION: Creditors' Meeting Slated for December 5
-----------------------------------------------------------
The court-appointed provisional administrator for BEAB
Construction GmbH, Rolf Nacke, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:35 a.m. on Dec. 5.

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

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

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

Creditors have until Jan. 18, 2007, to register their claims
with the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against BEAB Construction GmbH on Oct. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BEAB Construction GmbH
         Kurfuerstenstr. 39
         10785 Berlin, Germany

The administrator can be reached at:

         Dr. Bernd Peters
         Gross-Berliner Damm 73 c
         12487 Berlin, Germany


CS COMPONENT: Creditors' Meeting Slated for December 5
------------------------------------------------------
The court-appointed provisional administrator for CS Component
Solutions GmbH, Hartwig Albers, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:45 a.m. on Dec. 5.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:30 a.m. on Jan. 2, 2007, at the
same venue.

The District Court of Charlottenburg opened bankruptcy
proceedings against CS Component Solutions GmbH on Sept. 26.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CS Component Solutions GmbH
         Zitadellenweg 34
         13599 Berlin, Germany

The administrator can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin, Germany


DAIMLERCHRYSLER AG: Mulls Subcompact Car Deal with Chery Auto
-------------------------------------------------------------
DaimlerChrysler AG is holding talks with Chinese auto maker
Chery Automobile Co. and an unnamed non-Chinese company about a
possible joint venture to produce a low-cost subcompact car,
company Group Chief Executive Tom LaSorda was quoted by The Wall
Street Journal as saying.

Mr. La Sorda added that if the alliance with the Chinese company
pursues, the cars would be distributed first in markets outside
the U.S., such as Canada, Mexico and Western Europe.

DaimlerChrysler AG Chairman and Chief Executive Officer Dieter
Zetcher told WSJ that the company is exploring alternatives to
develop lower-cost cars that are driving the Chinese market's
growth.  The lower-cost model will compete not only in the
subcompact "B" segment, but also in the larger segments
characterized in China by the Hyundai Elantra.

Mr. Zetcher told the WSJ that he is concerned that he sees
"manufacturers with significant volume" in subcompact and
compact car segments, "but I don't see many manufacturers being
profitable."

With regards to the overall health of Chrysler Group, Mr.
Zetsche emphasized that its U.S. unit is working on a plan to
recover from a US$1.5 billion loss in the third quarter.
However, the plan is not expected to be approved and disclosed
this year, Mr. White relates.

Meanwhile, DaimlerChrysler has launched the production of its
new generation Mercedez-Benz E Class at its factory outside
Beijing.  WSJ states that the company will also be participating
in a motor show in China in an effort to build sales volume in
the country for its brands.  In addition to the Chrysler 300
sedan and Mercedes E Class it already builds, the carmarker
expects to assemble five models in China next year.

                     About DaimlerChrysler

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

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

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

                        *     *     *

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

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

                           Outlook

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

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


ERIK THEISSEN: Claims Registration Ends December 5
--------------------------------------------------
Creditors of Erik Theissen GmbH have until Dec. 5 to register
their claims with court-appointed provisional administrator Jana
Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 12, 2007, 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 Bonn
         Hall S 2.22
         2. Stick
         William Route 21
         53111 Bonn, Germany

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

The District Court of Bonn opened bankruptcy proceedings against
Erik Theissen GmbH on Oct. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Erik Theissen GmbH
         Koelner Str. 116
         53894 Mechernich, Germany

         Attn: Erik Theissen, Manager
         Pfarrer-Pensky-Way 7
         53894 Mechernich, Germany

The administrator can be contacted at:

         Jana Dettmer
         Suerst 3
         53111 Bonn, Germany


HUHN KABELMONTAGEN: Claims Registration Ends December 4
-------------------------------------------------------
Creditors of Huhn Kabelmontagen + Projektierungen GmbH have
until Dec. 4 to register their claims with court-appointed
provisional administrator Ulrich Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 4, 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 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 Huhn Kabelmontagen + Projektierungen GmbH on Oct. 11.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Huhn Kabelmontagen + Projektierungen GmbH
         Attn: Markus Gote, Manager
         Juttaweg 26
         51069 Cologne, Germany

The administrator can be contacted at:

         Ulrich Kuehn
         Riehler Str. 26
         50668 Cologne, Germany


JAKOB MASCHINENBAU: Claims Registration Ends December 5
-------------------------------------------------------
Creditors of Jakob Maschinenbau GmbH have until Dec. 5 to
register their claims with court-appointed provisional
administrator Sylvia Rhein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 16, 2007, 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 Darmstadt
         Room 4.312
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt, 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 Darmstadt opened bankruptcy proceedings
against Jakob Maschinenbau GmbH on Oct. 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Jakob Maschinenbau GmbH
         Attn: Hans-Peter Jakob, Manager
         Gottlieb-Daimler-Road 5
         64319 Pfungstadt, Germany

The administrator can be contacted at:

         Sylvia Rhein
         Walter-Rathenau-Str. 24
         64646 Heppenheim, Germany
         Tel: 06252/6877-0
         Fax: 06252/6877-11


OPEN TEXT: Earns US$7.3 Million in First Quarter Ended Sept. 30
---------------------------------------------------------------
Open Text Corp. filed its first fiscal quarter financial
statements ended Sept. 30, 2006, with the U.S. Securities and
Exchange Commission Nov. 9, 2006.

Total revenue for the first quarter was US$101.2 million,
compared with US$92.6 million for the same period in the prior
fiscal year.  License revenue in the first quarter was
US$28.8 million, compared with US$24.9 million in the first
quarter of the prior fiscal year.

Adjusted net income in the quarter was US$12.2 million compared
with US$6.3 million for the same period in the prior fiscal
year.  Net income in accordance with U.S. generally accepted
accounting principles was US$7.3 million, compared with a net
loss of US$12.9 million for the same period in the prior fiscal
year.

The cash, cash equivalents and short-term investments balance as
of Sept. 30, 2006, was US$111.2 million.  Accounts receivable as
of Sept. 30, 2006, totaled US$76.7 million, compared with
US$73.6 million as of Sept. 30, 2005, and Days Sales Outstanding
was 68 days in the first quarter of fiscal 2007, compared with
71 days in the first quarter of fiscal 2006.

Operating cash flow in the first quarter of fiscal 2007 was
US$9.6 million compared with US$300,000 in the first quarter of
fiscal 2006.

"With the addition of Hummingbird, we are the largest
independent ECM provider.  The combination of deep vertical
solutions expertise, market independence and the ability to
leverage Microsoft, Oracle and SAP, allows us to scale to the
enterprise, offering customers comprehensive solutions and the
capability of implementing an enterprise wide ECM strategy,"
Open Text president and chief executive officer John Shackleton
said.

"Now that we have completed the Hummingbird acquisition, our
focus is on integrating the two organizations as quickly and
smoothly as possible," Mr. Shackleton said.

The majority of Hummingbird's integration will be completed
during the second quarter of fiscal 2007, which ends on
Dec. 31, 2006.  As part of the integration, Open Text is
reducing its worldwide workforce of 3,500 people by
around 15%.  The restructuring actions commenced in October 2006
and to date, around 60 percent of these reductions have been
completed.  The remaining staff reductions will to be completed
by the end of November 2006.  The staff reductions will be
focused on redundant positions or areas of the business that are
not consistent with the company's strategic focus.  Open Text is
also reducing 38 facilities by closing or consolidating offices
in certain locations.

"Actions are well underway to rationalize staff levels and
consolidate facilities to meet our operating goals.  Based on
our expected run-rate in our second quarter, these actions will
result in savings of around US$50 million for the current fiscal
year and on an annualized basis, around US$80 million beginning
in fiscal 2008," Open Text chief financial officer Paul
McFeeters said.

At Sept. 30, 2006, the Company's balance sheet showed
US$665.392 million, US$193.251 million in total liabilities,
US$6.025 million in minority interest, and US$466.116 million
in total shareholders' equity.

Full-text copies of the Company's first fiscal quarter
financials are available for free at
http://ResearchArchives.com/t/s?157c

Headquartered in Waterloo, Ontario, Open Text Corp.
(NASDAQ: OTEX, TSX: OTC) -- http://www.opentext.com/-- provides
Enterprise Content Management solutions that bring together
people, processes and information in global organizations.  The
company supports around 20 million seats across 13,000
deployments in 114 countries and 12 languages worldwide.  In
Europe, the company is headquartered in Grasbrunn, Germany.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 18,
Moody's Investors Service assigns a first-time Ba3 rating to the
senior secured facilities and B1 rating to the corporate family
of Open Text Corp.  The ratings reflect both the overall
probability of default of the company, to which Moody's assigns
a PDR of B2, and a loss-given-default of LGD-2 for the senior
secured facilities.  Moody's also assigned a SGL-1 speculative
grade liquidity rating, reflecting very good liquidity.  Moody's
said the ratings outlook is stable.

As reported in the Troubled Company Reporter on Sept. 12,
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Open Text Corp.  At the same time,
Standard & Poor's assigned its 'BB-' bank loan rating, with a
recovery rating of '2', to the company's proposed US$490 million
senior secured bank facility, which consists of a US$75 million
five-year revolving credit facility and a US$415 million seven-
year term loan B.


PROMISE-I MOBILITY: Moody's Rates Class E Notes at (P)Ba1
---------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the debt issuance of Promise-I Mobility 2006-1 GmbH:

   -- Super Senior Swap, 89.98% of the total protected notional
      amount: (P)Aaa;

   -- Class A+ Floating Rate Credit-linked Notes, 0.02% of the
      total protected notional amount: (P)Aaa;

   -- Class A Floating Rate Credit-linked Notes, 2.80% of the
      total protected notional amount: (P)Aaa;

   -- Class B Floating Rate Credit-linked Notes, 0.90% of the
      total protected notional amount; (P)Aa2;

   -- Class C Floating Rate Credit-linked Notes, 1.50% of the
      total protected notional amount: (P)A2;

   -- Class D Floating Rate Credit-linked Notes,
      1.95% of the total protected notional amount: (P)Baa2; and

   -- Class E Floating Rate Credit-linked Notes, 0.45% of the
      total protected notional amount: (P)Ba1.

The Class F Floating Rate Credit-linked Notes, 2.40% of the
total protected notional amount, will also be issued.  These
were not rated by Moody's.

The Notes have a scheduled maturity date in March 2015.  These
provisional ratings address the expected loss posed to investors
by the legal final maturity date of the Notes in March 2017.

Under this transaction, IKB Deutsche Industriebank AG buys
protection against losses incurred on EUR- and non-EUR
denominated loans to predominantly German SME borrowers
(including syndicated loans and sub-participations as well as
real estate lease refinancing and forfeiting) which were granted
by IKB pursuant to its credit and collection policies.
Protection is bought from Kreditanstalt fuer Wiederaufbau with
respect to each tranche.  KfW in turn sells credit-linked
certificates of indebtedness (Schuldscheine) to the issuer for
each mezzanine Class.

The initial amount of the reference portfolio is
EUR1,699,795,481.  However, the pool can be ramped up to the
replenishment cap of EUR2.4 billion which is scheduled to be
done with the outstanding loans from a clean up call of the
Promise I 2000-1 transaction.  The initial pool consists of 1009
reference claims belonging to 555 different debtor groups.

Replenishment is permitted during the first 4 years of the
transaction under the constraint of stringent replenishment
criteria such as concentration limits and Moody's CDOROM test.
Furthermore, the breach of certain replenishment triggers leads
to a temporary suspension or permanent termination of
replenishment.  However, if suspension trigger breaches are
cured, replenishment may resume.  Essentially, the replenishment
suspension and termination triggers relate to realized losses,
defaults and weighted average life of the reference pool.  For
replenishment the portfolio will have a weighted average IKB
rating of at least 2.35.

Moody's provisional ratings for Promise-I Mobility 2006-1 GmbH,
a German issuer, are based primarily on:

    (1) the credit quality and debtor composition of the
        reference pool, for which IKB's credit and collection
        policies were reviewed and internal ratings mapped to
        the Moody's scale based on a representative sample of
        debtors;

    (2) the Aaa rating of KfW as the Issuer of credit-linked
        certificates of indebtedness (Schuldscheine) serving as
        note collateral;

    (3) the replenishment suspension and termination triggers
        incorporated in the transaction;

    (4) the sound legal structure of KfW's established Promise
        program; and

    (5) the credit enhancement provided to the notes by the
        subordination of the more junior tranches.

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


PROMISE XXS: Fitch Rates EUR49.5-Mln Class E Notes at BB
--------------------------------------------------------
Fitch Ratings assigned expected ratings to PROMISE XXS 2006-1
GmbH's issue of EUR460.75 million of floating-rate notes:

   -- EUR250,000 Class A+: AAA;
   -- EUR179,500,000 Class A: AAA;
   -- EUR108,000,000 Class B: AA;
   -- EUR78,500,000 Class C: A;
   -- EUR45,000,000 Class D: BBB; and
   -- EUR49,500,000 Class E: BB.

The Class F and G notes, totaling EUR45,000,000 and
EUR49,500,000 respectively are not rated.

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

The transaction is a partially funded synthetic collateralized
debt obligation referencing two sub portfolios, a HVB- and a BA-
CA originated portfolio, of German and Austrian small to medium-
sized enterprise loans, including promoted loans under programs
sponsored by German government-owned credit institutions and
Oesterreichische Kontrollbank AG.

The transaction provides credit protection on a portfolio
amounting to EUR4.5 billion that can be replenished in
compliance with a master amortization schedule until
November 2011.

The transaction is based on KfW's PROMISE program.  HVB and BA-
CA will buy credit protection in respect of their sub-portfolio
from KfW under a loss guarantee.  KfW will hedge its exposure
under the guarantees, by issuing credit-linked certificates of
indebtedness to be bought by the issuer, and by entering into a
senior credit default swap.  The issuer will hedge itself by
issuing credit-linked notes.

The expected ratings of the notes are based on the credit
quality of the reference portfolio, the credit enhancement, the
quality of the collateral, the strength of the swap counterparty
and the transaction's sound financial and legal structure. C

Credit enhancement for the Class A to E notes is provided by
synthetic excess spread and subordination, which is available on
a quarterly "use it-or-lose it basis".  The synthetic excess
spread is calculated based on the performing pool balance. The
expected ratings address the timely payment of interest and the
ultimate repayment of principal.

Replenishments may be conducted on a "not to worsen basis" but
will be suspended upon the breach of the replenishment
suspension trigger, which refers to the cumulative default ratio
exceeding 3.5%.  Replenishment criteria include a portfolio
weighted average life covenant taking into account
replenishments and scheduled amortizations.

The notes will be redeemed on a modified pro rata basis,
synthetically replicating either a pro rata redemption or a
sequential redemption scheme depending on the amount of expected
losses at each payment date.  Synthetic provisions are built
against the amortization of the lower ranking tranches.

The modified pro rata redemption switches to a fully sequential
redemption if the reference portfolio notional balance has
reduced to below 57% or if a sub-pool termination event has been
triggered.


PROMISE-Z 2001: S&P Assigns Low-B Ratings to Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services placed its credit ratings on
the class B, C, D, E1, and E2 notes in the German SME CLO
transaction Promise-Z 2001-1 PLC on CreditWatch with positive
implications.  The class A+ and A notes are unaffected by these
rating actions.

The CreditWatch positive placements follow an initial review of
the most recent information on the transaction received by
Standard & Poor's.

Based on this analysis, the likelihood of a positive rating
action in this transaction has increased.  Levels of credit
enhancement available to the classes of notes placed on
CreditWatch positive have significantly increased since closing
as amortization has lowered the pool factor to below 50%.

"The transaction has built a five-year track record and is
performing very well," said credit analyst Viktor Milev.

The first-loss piece has shown minimal exhaustion until now.
Cumulative realized losses add up to 0.22% of the initial
principal balance.  The credit protection currently available to
the lowest-rated notes exceeds the outstanding nominal amounts
of all reference claims in credit event.  The transaction has
reached the end of the replenishment period and is now
amortizing.

Mr. Milev added: "We will now carry out a more detailed analysis
of the transaction to investigate whether any or all of these
notes can attain a higher rating.  The results of this review
and any changes in the ratings are expected within 60 to 90
days."

                          Ratings List
                      Promise-Z 2001-1 PLC
              EUR137.25 Million Credit-Linked Notes

                 Class                   Rating
                 -----                   ------
                            To                         From
                            --                         ----
    Ratings Placed On CreditWatch With Positive Implications

                 B       AA/Watch Pos       AA
                 C       A/Watch Pos        A
                 D       BBB/Watch Pos      BBB
                 E1      BB/Watch Pos       BB
                 E2      BB/Watch Pos       BB


RALF KOENCKE: Claims Registration Ends December 6
-------------------------------------------------
Creditors of Ralf Koencke KG have until Dec. 6 to register their
claims with court-appointed provisional administrator Ralph
Buenning.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 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 Hanover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover, 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 Hanover opened bankruptcy proceedings
against Ralf Koencke KG on Oct. 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Ralf Koencke KG
         Goseriede 1-5
         30159 Hanover, Germany

         Attn: Ralf Koencke, Manager
         Calenberger Esplanade 7
         30169 Hanover, Germany

The administrator can be contacted at:

         Ralph Buenning
         Karl-Wiechert-Avenue 1 c
         30625 Hanover, Germany
         Tel: 0511/554706-0
         Fax: 0511/554706-99


RC2 CORP: Earns US$19.4 Million in Third Quarter 2006
-----------------------------------------------------
RC2 Corp. reported US$19.4 million of net income for the third
quarter ended Sept. 30, 2006.  For the nine months ended
Sept. 30, 2006, net income was US$36 million.

The results for the third quarter and nine months ended
Sept. 30, 2006 include around US$1.0 million and US$3.2 million
respectively, in compensation expense for stock options.
Results for 2005 do not include compensation expense for stock
options.

Net income reported for the 2005 third quarter was US$18.3
million.  For the nine months ended Sept. 30, 2005, net income
was US$35.9 million.

                Third Quarter Operating Results

Net sales for the third quarter increased 12.5% to US$160.5
million compared with US$142.6 million for the third quarter a
year ago. Current year third quarter net sales excluding US$0.1
million in net sales from sold and discontinued product lines
increased 13.6% compared with third quarter 2005 net sales
excluding US$1.4 million in net sales from sold and discontinued
product lines.

The net sales increase was attributable to increases in the
children's toys and infant products categories, partially offset
by a decline in the collectible products category.  Sales in the
children's toys category increased by 28.4%, primarily driven by
the Thomas & Friends, John Deere and Bob the Builder toy product
lines.  Sales in the infant products category increased by 9.0%,
primarily driven by The First Years' Take & Toss(R) toddler
self-feeding system and Soothie(TM) bottle system and Learning
Curve's Lamaze infant toys.  As expected, sales in the
collectible products category continued to decrease.

Gross margin decreased to 47.2% from 48.9% in the prior year
quarter.  The 2006 third quarter gross margin reflects the
impact of a less favorable product and distribution mix and
higher product costs, especially in die-cast products, than that
experienced in the third quarter of 2005.  Selling, general and
administrative expenses as a percentage of net sales decreased
to 27.3% in the third quarter of 2006 compared with 28.0% in the
third quarter of 2005.  Selling, general and administrative
expenses for the 2006 third quarter include around US$0.9
million in compensation expense for stock options, while results
for the 2005 third quarter do not include any compensation
expense for stock options.  Operating income increased to
US$31.7 million from US$30.9 million in the year ago period, but
as a percentage of net sales, decreased to 19.8% from 21.7% in
the prior year third quarter.  Operating income for the quarter
ended September 30, 2005 includes US$2.0 million in gain on sale
of assets and US$0.6 million in catch-up amortization expense.
Excluding the gain on sale of assets, operating income for the
quarter ended September 30, 2005 was US$28.9 million or 20.3% of
net sales.

                 Year to Date Operating Results

Net sales for the nine months ended Sept. 30, 2006 increased
8.3% to US$376.7 million compared with US$347.9 million for the
nine months ended Sept. 30, 2005.  Current year to date net
sales excluding US$0.3 million in net sales from sold and
discontinued product lines, increased 9.5% compared with net
sales for the nine months ended Sept. 30, 2005 excluding US$4.2
million in net sales from sold and discontinued product lines.
The increase was attributable to the sales increases in the
children's toys and infant products categories, partially offset
by a decline in the collectible products category.

Gross margin for the nine months ended Sept. 30, 2006 decreased
to 47.2% as compared with 49.3% for the comparable period in
2005, due to a less favorable product and distribution mix and
higher product costs, especially in die-cast products.  Selling,
general and administrative expenses as a percentage of net sales
were 31.1% for the first nine months of 2006 as compared with
32.2% for the same period in 2005.  Selling, general and
administrative expenses for the first nine months of 2006
include around US$3.0 million in compensation expense for stock
options and around US$1.0 million in expenses related to
litigation involving The First Years which preceded its
acquisition by RC2.

Operating income decreased to US$59.7 million from US$60.5
million in the year ago period, and as a percentage of net
sales, decreased to 15.8% from 17.4% in the prior year first
nine months, primarily as a result of the stock option and
litigation expenses in the first nine months of 2006.  Operating
income for the 2005 year to date period also includes around
US$2.0 million in gain on the sale of assets and around US$0.6
million in catch-up amortization expense.  Operating income for
the nine months ended Sept. 30, 2005, excluding the gain on sale
of assets, was US$58.6 million or 16.8% of net sales.

                         Cash and Debt

As of Sept. 30, 2006, the company's outstanding debt balance was
US$58.8 million and its cash balances exceeded US$20 million.
The comparable figures at the end of the 2006 second quarter
were US$54 million and US$14 million, respectively.  Also during
the quarter, the company amended its credit facility, reducing
its applicable margin on borrowings, modifying the definition of
certain cash flow measures to exclude non-cash expense related
to equity awards and adding an accordion borrowing element.
Under the amended facility the company has additional borrowing
capacity of US$75.0 million.  The company expects to reduce
outstanding debt in the fourth quarter of 2006 and in the first
quarter of 2007.

Curt Stoelting, chief executive officer of RC2 commented, "We
are very pleased with our third quarter results and our
performance through the first nine months of 2006.  In the
seasonally high third quarter, our teams introduced new products
and expanded distribution for our key product lines which
delivered a comparable increase of over 10% in sales and
profits.  These results reflect our commitment to profitable
organic growth despite declining sales in the collectible
products category and product cost increases, especially in our
die-cast products."

"In the fourth quarter, we expect that die-cast products will
continue to put downward pressure on our gross margins.  We are
encouraged by recent declines in petroleum prices but remain
concerned about increasing inflation in China, which continues
to pressure our product costs.  We remain focused on continuing
our efforts to maintain and improve our margins by optimizing
product development efforts and supply chain costs while
eliminating low-performing products and reducing investment in
low-growth product lines."

Mr. Stoelting concluded, "We are well-positioned for 2007.  We
have noted very positive customer reactions to our 2007 product
lines including the new products that we debuted at the American
International Fall Toy Show in New York.  We remain confident in
our long-term strategy and business model, which is focused on
introducing new products based upon consumer insights.  We are
building a growing portfolio of branded product lines, which
provide stability in our earnings and cash flow and allow us the
opportunity to achieve sustainable organic growth.  Our strong
balance sheet gives us financial flexibility to expand our
business and create value for our shareholders."

                       Financial Outlook

The 2006 outlook remains the same as presented throughout the
year.  Net sales for 2005 excluding sold and discontinued
product lines totaled US$499.7 million.  From this base level of
2005 net sales, the company has experienced continued sales
growth in 2006.  Overall sales increases are dependent on a
number of factors including continued success and expansion of
existing product lines, successful introductions of new products
and product lines and renewal of key licenses.  Other key
factors include seasonality, overall economic conditions
including consumer retail spending and shifts in the timing of
that spending and the timing and level of retailer orders.

Based on current sales and margin estimates, the company
currently expects that full year 2006 diluted earnings per share
will range from US$2.60 to US$2.70.  This amount includes an
estimated US$0.12 per diluted share impact of expensing stock
options under SFAS 123(R) which took effect Jan. 1, 2006.  Pro
forma compensation expense for the year ended Dec. 31, 2005
under SFAS 123 (R) would have been around US$2.1 million, net of
tax benefit, or around US$0.10 per diluted share, which would
have resulted in diluted earnings per share of US$2.37 for 2005.

                        About RC2 Corp.

Based in Oak Brook, Illinois, RC2 Corporation (NASDAQ:RCRC) --
http://www.rc2corp.com/-- designs, produces and markets
innovative, high-quality toys, collectibles, hobby and infant
care products that are targeted to consumers of all ages.  RC2's
infant and preschool products are marketed under its
Learning Curve(R) family of brands, which includes The First
Years(R) by Learning Curve and Lamaze brands as well as popular
and classic licensed properties such as Thomas & Friends, Bob
the Builder, Winnie the Pooh, John Deere, and Sesame Street.
RC2 markets its collectible and hobby products under a portfolio
of brands including Johnny Lightning(R), Racing Champions(R),
Ertl(R), Ertl Collectibles(R), AMT(R), Press Pass(R), JoyRide(R)
and JoyRide Studios(R).  RC2 reaches its target consumers
through multiple channels of distribution supporting more than
25,000 retail outlets throughout North America, Europe,
Australia, and Asia Pacific.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 27, 2006,
Moody's Investors Service revised its Ba2 Corporate Family
Rating to Ba3 for RC2 Corporation, and held its Ba2 rating on
the company's Senior Secured Revolving Credit Facility Due 2008.
In addition, Moody's assigned an LGD3 rating to the credit
facility, suggesting noteholders will experience a 32% loss in
the event of a default.

Moody's also held its Ba2 rating on RC2 Corp.'s Senior Secured
Term Loan Due 2008, and assigned an LGD3 rating to these notes,
suggesting bondholders will experience a 32% loss in the event
of a default.


SALIX INTERNATIONAL: Claims Registration Ends December 1
--------------------------------------------------------
Creditors of Salix International GmbH have until Dec. 1 to
register their claims with court-appointed provisional
administrator Gerhard Fichter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Jan. 8, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Insolvency Court
         Rollwagstr. 10a
         74072 Heilbronn, 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 Heilbronn opened bankruptcy proceedings
against Salix International GmbH on Oct. 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Salix International GmbH
         Attn: Wolfgang Strack, Manager
         Aspergerstrasse 39
         74078 Heilbronn, Germany

The administrator can be contacted at:

         Gerhard Fichter
         Uhlandstrasse 4
         74072 Heilbronn, Germany
         Tel: 07131/888666
         Fax: 07131/888667


SMART SME: Moody's Assigns (P)Ba2 Rating on Class E Notes
---------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
five classes of credit-linked notes to be issued by SMART SME
CLO 2006-1, LTD.:

   -- EUR87-million Class A Notes due 2016: (P)Aaa;
   -- EUR118.9-million Class B Notes due 2016: (P)Aa2;
   -- EUR45-million Class C Notes due 2016: (P)A2;
   -- EUR49.3-million Class D Notes due 2016: (P)Baa2; and
   -- EUR58-million Class E Notes due 2016: (P)Ba2.

Moody's has not assigned a provisional rating to the
EUR84 million Class F Notes due 2016.

Moody's has not assigned a provisional rating to the
EUR2,457.8 million Senior Credit Default Swap between Deutsche
Bank and the Senior Credit Default Counterparty.

In this transaction Deutsche Bank is buying credit protection on
a reference portfolio of EUR2.9 billion consisting of loans to
SME clients of Deutsche Bank located in Germany, Italy and
Spain.  The reference portfolio can be replenished from the
closing date until the scheduled maturity date in December 2013
unless a termination event has occurred under the Credit Default
Swap or a replenishment suspension trigger is breached.

Under the transaction DB will enter into two credit default
swaps.  The Senior Credit Default Swap will be directly between
DB and the Senior Credit Default Swap Counterparty.
Additionally DB will enter into a Junior Credit Default Swap
with the SPV.

Under the Senior Credit Default Swap the Senior Swap
Counterparty receives from DB the fixed senior swap payments and
in return DB would receive the senior swap cash settlement
amounts if the Class A Notes were fully written down and
additional losses occurred in the reference portfolio.

Under the Junior Credit Default Swap, DB will pay fixed payments
to the SPV and in return DB will be hedged for losses occurring
in the reference portfolio up to an amount equal to the total
initial amount of notes issued by the special purpose vehicle
subject to losses exceeding the first loss threshold amount,
which serves as the first layer of credit enhancement.

In order to hedge its obligations under the Junior Credit
Default Swap, the SPV issues Class A to Class F Notes and
invests the note proceeds in Euro denominated cash deposits.

The credit-linked notes will be redeemed in bullet on the
scheduled maturity date on a sequential basis taking into
account the deferred funding amount, which is equal to the
outstanding defaulted amount of the reference portfolio at the
scheduled maturity date.

Principal allocation on the notes / principal reduction of the
notional amount of the Senior Credit Default Swap is fully
sequential and the loss allocation is done in full reverse
sequential order.

According to Moody's, the ratings of the notes are based, inter
alia, on these factors:

   -- the Class A to Class E Notes benefit from the
      subordination of the respective lower tranches and all
      classes additionally benefit from the first loss
      threshold as a first layer of credit enhancement to cover
      realised losses;


   -- relatively strong first loss threshold feature which can
      absorb realised losses up to a maximum of EUR81,200,000;

   -- the portfolio is well diversified in terms of obligor
      concentration. The largest reference entity accounts for
      0.70%, the top 10 account for 4.64%, the top 20 account
      for 7.62% and the top 50 account for 14.14% of the
      reference portfolio amount;

   -- relatively strong replenishment criteria. Each replenished
      portfolio must not have a Moody's weighted average rating
      factor (7 years) higher than 2000, which is almost
      matching with the weighted average rating factor of the
      initial portfolio;

   -- collateral is invested in Euro denominated cash deposits.
      The cash deposit bank, currently Deutsche Bank (Aa3/P-1),
      is required to have a A1 and P-1 rating -- at loss of
      either of the two ratings, the deposit bank will be
      changed;

   -- the reference portfolio can be replenished until but
      excluding the scheduled maturity date in December 2013
      (7 years replenishment period), which could potentially
      change the risk profile of the portfolio.  However, this
      risk is partially mitigated due to relatively tight
      replenishment suspension triggers and strong replenishment
      criteria;

   -- limited amount of default data was made available.
      Moody's only received historical one year default
      probabilities per internal rating class for the years 2004
      and 2005 for the German portfolio and one rating migration
      table for the year 2005 for the Spanish portfolio and no
      such analysis for the Italian portfolio.  As Deutsche Bank
      is using the same masterscale across business lines and
      across countries, Moody's used the rating mapping in place
      to derive the default probability of the reference
      entities in the portfolio;

   -- the loss definition includes interest accrued and
      external enforcement costs. The increased potential loss
      amount is mitigated and incorporated in the analysis as
      the loss given default data / write-off data, provided by
      Deutsche Bank takes interest accrued and external
      enforcement costs into account;

   -- the portfolio is concentrated in terms of industries.
      The largest industry makes up 19.49%, the second largest
      makes up 19.43% and the third largest makes up 13.96%
      of the reference portfolio amount.  Moody's has taken
      this industry concentration into account by using
      CDOROM to measure the volatility of the default rate
      distribution.  Additionally portfolio limits are set
       for the largest industries.

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

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


UM-FLIESEN: Claims Registration Ends November 29
------------------------------------------------
Creditors of UM-Fliesen GmbH have until Nov. 29 to register
their claims with court-appointed provisional administrator
Hans-W. Goetsch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         E 36 A
         3rd Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden, 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 Wiesbaden opened bankruptcy proceedings
against UM-Fliesen GmbH on Oct. 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         UM-Fliesen GmbH
         Attn: Uwe Mueller, Manager
         Siebenstein 4
         65510 Huenstetten, Germany

The administrator can be contacted at:

         Hans-W. Goetsch
         c/o Blersch/Goetsch/Partner Insolvenzverwaltungen
         Taunusstrasse 7a
         65183 Wiesbaden, Germany
         Tel: 0611/18089-100
         Fax: 0611/18089-189
         E-mail: mail@bgp-insol.de


VEREIN FREESTYLE: Claims Registration Ends November 29
------------------------------------------------------
Creditors of Verein Freestyle e.V. have until Nov. 29 to
register their claims with court-appointed provisional
administrator Norbert Kuepper.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Dec. 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Bielefeld opened bankruptcy proceedings
against Verein Freestyle e.V. on Oct. 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Verein Freestyle e.V.
         Sperlingsweg 38
         33335 Guetersloh, Germany

         Attn: Andre Landherr, Manager
         Steinstr. 5
         33602 Bielefeld, Germany

         Wolfgang Hahn, Manager
         Schoenstr. 116
         81543 Munich, Germany

The administrator can be contacted at:

         Dr. Norbert Kuepper
         Paderborner Str. 11
         33415 Verl, Germany


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


BORSODCHEM NYRT: Returned Shares Increases Treasury Stock
---------------------------------------------------------
BorsodChem Nyrt. informs its investors and other participants of
the capital markets that due to developments concerning its
Registered Employee Share Ownership Program, the number of the
Company's treasury shares changed.

Out of the 203,062 shares transferred to the employees'
securities accounts in HVB Bank Hungary Zrt.'s custody on
Nov. 9, 2005, the Company received back 216 pieces with a value
date of Nov. 21, 2006 from employees terminating their
employment relations.

Following the transaction the number of the Company's treasury
shares increased by 216 pieces to 1,192,963.

                        About BorsodChem

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

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

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

                        *     *     *

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


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


ADVANCED MEDICAL: Sees US$45-Mln Revenue Cut From Product Recall
----------------------------------------------------------------
Advanced Medical Optics Inc. anticipates a financial impact
associated with its voluntarily recall of certain eye care
product lots and the related manufacturing capacity constraints
caused by a production-line issue at its manufacturing plant in
China.

Advanced Medical expects the recall to reduce revenue for the
remainder of 2006 and 2007 by a total of US$40 million to
US$45 million.  This is due to expected product returns, supply
shortages and temporary lost market share, primarily in Japan
and Asia Pacific where the vast majority of products produced at
the China facility are shipped.  As a result, Advanced Medical
now expects its 2006 revenue to be between US$985 million and
US$1 billion, compared to prior guidance of  US$1,010 million to
US$1,020 million.  For 2007, the company now expects revenue to
be in the range of US$1,060 million and US$1,080 million,
compared to prior guidance in the range of US$1,080 million and
US$1,100 million.

Advanced Medical expects to incur charges and costs to complete
the recall, remedy the manufacturing issue and restore market
share.  For the remainder of 2006 and 2007, the company expects
these charges and costs to total around US$35 million to US$40
million, which primarily includes inventory writedowns, recall
costs, plant costs, freight and logistics costs, as well as
anticipated increased marketing expenses.

As a result of the change in anticipated revenue and the
associated reduction in margin, coupled with recall-related
spending for the balance of 2006 and the increased effective tax
rate due to reduction of earnings outside the U.S., AMO now
expects 2006 adjusted EPS to be between US$1.30 and US$1.40,
compared to previous guidance of US$1.85 to US$1.90.  For 2007,
the company now expects adjusted EPS to be between US$1.85 and
US$2.00, compared to prior guidance in the range of US$2.25 to
US$2.35.  These actions will affect other financial metrics such
as adjusted gross margin and adjusted operating margin for 2006
and 2007.  AMO will provide updated guidance on these measures
in future communications.

The company commenced the voluntary recall because of a
production-line issue at its manufacturing plant in China, which
could affect the sterility of the product.  Of the 2.9 million
units being recalled, only 183,000 units were shipped to the
U.S. and the remainder was shipped to Asia Pacific and Japan.

"This is a production-line issue and is not related to our
formulations, which have been used safely by contact lens
wearers for years," said Jim Mazzo, AMO chairman, president and
chief executive officer.  "While we believe the likelihood of
patients experiencing an adverse reaction is low based on our
investigation to date, we are implementing this voluntary recall
as a precautionary measure.  While this issue is limited to two
of the four production lines in the China facility, we have
temporarily ceased all manufacturing there to clean and sanitize
the plant.  We want to be abundantly certain that eye care
practitioners and their patients know they can continue to rely
on and trust AMO for products that meet high quality standards.
We are working aggressively to replace recalled product and
minimize the inconvenience this action may cause."

AMO plans to extend the time period of the temporary plant
closure in order to move forward a previously disclosed plan to
expand manufacturing capacity at the China facility.  These
plans include adding new filling lines and increasing packaging
capacity.  The company expects production at the China facility
to be suspended for around 10 to 12 weeks.  Operations at the
company's eye care facility in Alcobendas, Spain are unaffected
by this action and production continues uninterrupted.  None of
the recalled products were manufactured at the Spain facility,
which is the primarily supplier for the U.S. and European
markets.

For the first nine months of 2006, AMO's eye care sales were
US$208.6 million and represented around 28 percent of total
sales.  The company's largest eye care markets are the Americas
and Europe, which represented 34% and 28% of total eye care
sales, respectively, for the first nine months of 2006.  For
this same period, Japan and Asia Pacific eye care sales were 24
percent and 14 percent of total eye care sales.

                  About Advanced Medical Optics

Based in Santa Ana, California, Advanced Medical Optics, Inc.
(NYSE: EYE) -- http://wwwamo-inc.com/-- develops, manufactures
and markets ophthalmic surgical and contact lens care products.
AMO employs around 3,600 worldwide.  The company has
operations in 24 countries and markets products in 60 countries.
In Europe, the company maintains operations in Denmark, Finland,
France, Germany, Ireland, Italy, the Netherlands, Spain, Sweden,
Switzerland, and the United Kingdom.

                          *     *     *

In October 2006, Fitch simultaneously affirmed and withdrew its
ratings for Advanced Medical Optics Inc.

Affected ratings include the company's 'B+' Issuer Default
Rating and 'BB+/RR1' Senior Secured Credit Facility Rating.

Additionally, Moody's Investors Service confirmed its B1
Corporate Family Rating for Advanced Medical Optics in
connection with the rating agency's implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.


ELAN CORP: Completes US$615 Million Senior Notes Offering
---------------------------------------------------------
Elan Corp. plc reveals that its wholly owned subsidiaries, Elan
Finance public limited company and Elan Finance Corp., have
completed the previously announced offering of US$615 million
aggregate principal amount of Senior Notes.

The Senior Notes consist of US$465 million aggregate principal
amount of 8.875% Senior Fixed Rate Notes due 2013 and US$150
million aggregate principal amount of Senior Floating Rate Notes
due 2013.  The Senior Floating Rate Notes bear interest at a
rate, adjusted quarterly, equal to three-month LIBOR plus
4.125%.  Elan and certain of Elan's subsidiaries guarantee the
Senior Notes.

The Senior Notes were sold to investors at a price of 100% of
principal amount.  The Senior Notes were offered in the United
States, only to qualified institutional buyers pursuant to Rule
144A under the Securities Act of 1933, as amended (the
"Securities Act"), and to non-U.S.  persons in accordance with
Regulation S under the Securities Act.

Elan expects to, through its wholly owned subsidiary Elan
Capital Corp. Ltd., issue a redemption notice for the
outstanding US$254 million aggregate principal amount of 6.5%
Convertible Guaranteed Notes due 2008 issued by Elan Capital
Corp. Ltd. and guaranteed by Elan.

The net proceeds from the offering are expected to be used to
repay any Convertible Notes not converted into equity of Elan
(at a conversion price of US$7.42 per share) prior to the
redemption date and the remaining net proceeds are expected to
be used to repay all or a portion of the outstanding US$613
million aggregate principal amount of 7.25% Guaranteed Senior
Notes due 2008 issued by Athena Neurosciences Finance, LLC, a
wholly-owned subsidiary of Elan, and guaranteed by Elan, in each
case, within 90 days of the date hereof.

The Senior Notes have not been registered under the Securities
Act or any state securities laws and may not be offered or sold
in the United States or to U.S. persons absent registration
under, or an applicable exemption from, the registration
requirements of the Securities Act and applicable state
securities laws.

                      About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                        *     *     *

As reported in the TCR-Europe on Nov. 13, Standard & Poor's
Ratings Services assigned its 'B' rating to Elan Finance plc's
proposed offering of US$500 million senior unsecured notes due
2013, to be issued in a combination of fixed and floating-rate
notes.  Elan Finance plc is a wholly owned subsidiary of Dublin,
Ireland-based specialty pharmaceutical company Elan Corp. plc.
The notes are guaranteed on a senior unsecured basis by Elan and
all of its existing material subsidiaries.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  The ratings
outlook is stable.

Also, Moody's Investors Service assigned a B3 rating to the
proposed new senior unsecured notes of Elan Finance plc
reflecting a guarantee from Elan Corporation plc and material
subsidiaries.  At the same time, Moody's affirmed Elan's
existing ratings (B3 Corporate Family Rating) and the stable
rating outlook.

The rating outlook is stable.

Rating assigned:

Elan Finance plc

    * B3 fixed rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

    * B3 floating rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

Ratings affirmed:

Elan Corporation, plc

    * B3 corporate family rating

Elan Finance plc

    * B3 fixed rate senior notes of US$850 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

    * B3 floating rate senior notes of US$300 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

Athena Neurosciences Finance, LLC

    * B3 senior notes of US$613 million due 2008 (guaranteed
      by Elan Corporation, plc and subsidiaries)

Moody's does not rate Elan's US$254 million convertible notes
due 2008.


ENTRY FUNDING: Moody's Puts Low-B Ratings on EUR16-Million Notes
----------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings in
respect of the notes to be issued by Entry Funding No.1 plc:

   -- EUR358,500,000 Class A Floating Rate Asset
      Backed Notes: (P)Aaa;

   -- EUR8,000,000 Class B Floating Rate Asset
      Backed Notes: (P)Aa2;

   -- EUR8,000,000 Class C Floating Rate Asset
      Backed Notes: (P)A1;

   -- EUR10,000,000 the Class D Floating Rate Asset
      Backed Notes: (P)Baa1;

   -- EUR11,000,000 the Class E Floating Rate Asset
      Backed Notes: (P)Ba2; and

   -- EUR5,000,000 the Class F Floating Rate Asset
      Backed Notes: (P)B2;

The ratings address the expected loss posed to investors by the
legal final maturity in September 2013.

The portfolio comprises loan receivables governed by German law
and denominated in EUR.  The debtors are German small to medium
sized companies.  The loan receivables provide for repayment
either in fixed quarterly installments or in one single amount
at maturity.  Fixed and floating interest payments respectively
are made quarterly in arrears.  Generally, the loan receivables
are not secured by any collateral.  In case insolvency
proceedings are opened against a debtor, Entry would rank just
pari passu to other senior unsecured creditors of such debtor.
Overall, the portfolio consists of 273 loan receivables owed by
244 debtors.

Entry, the issuer, incorporated in Ireland as a limited
liability company, will issue six classes of rated Notes: Class
A, Class B, Class C, Class D, Class E and Class F Notes.  The
Notes have quarterly interest payment dates and will pay a
margin over 3 months EURIBOR.  The interest rate mismatch
between fixed rate portfolio assets and floating rate
liabilities will be hedged using an interest rate swap.  All
classes are expected to mature on the date falling around five
years after the issue date (which is in September 2011).  In
case not all Notes are redeemed in full on the expected maturity
date, the maturity of the Notes will extend until the legal
maturity in September 2013.

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
may differ from a provisional rating.


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


SMART SME: Moody's Assigns (P)Ba2 Rating on Class E Notes
---------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
five classes of credit-linked notes to be issued by SMART SME
CLO 2006-1, LTD.:

   -- EUR87-million Class A Notes due 2016: (P)Aaa;
   -- EUR118.9-million Class B Notes due 2016: (P)Aa2;
   -- EUR45-million Class C Notes due 2016: (P)A2;
   -- EUR49.3-million Class D Notes due 2016: (P)Baa2; and
   -- EUR58-million Class E Notes due 2016: (P)Ba2.

Moody's has not assigned a provisional rating to the
EUR84 million Class F Notes due 2016.

Moody's has not assigned a provisional rating to the
EUR2,457.8 million Senior Credit Default Swap between Deutsche
Bank and the Senior Credit Default Counterparty.

In this transaction Deutsche Bank is buying credit protection on
a reference portfolio of EUR2.9 billion consisting of loans to
SME clients of Deutsche Bank located in Germany, Italy and
Spain.  The reference portfolio can be replenished from the
closing date until the scheduled maturity date in December 2013
unless a termination event has occurred under the Credit Default
Swap or a replenishment suspension trigger is breached.

Under the transaction DB will enter into two credit default
swaps.  The Senior Credit Default Swap will be directly between
DB and the Senior Credit Default Swap Counterparty.
Additionally DB will enter into a Junior Credit Default Swap
with the SPV.

Under the Senior Credit Default Swap the Senior Swap
Counterparty receives from DB the fixed senior swap payments and
in return DB would receive the senior swap cash settlement
amounts if the Class A Notes were fully written down and
additional losses occurred in the reference portfolio.

Under the Junior Credit Default Swap, DB will pay fixed payments
to the SPV and in return DB will be hedged for losses occurring
in the reference portfolio up to an amount equal to the total
initial amount of notes issued by the special purpose vehicle
subject to losses exceeding the first loss threshold amount,
which serves as the first layer of credit enhancement.

In order to hedge its obligations under the Junior Credit
Default Swap, the SPV issues Class A to Class F Notes and
invests the note proceeds in Euro denominated cash deposits.

The credit-linked notes will be redeemed in bullet on the
scheduled maturity date on a sequential basis taking into
account the deferred funding amount, which is equal to the
outstanding defaulted amount of the reference portfolio at the
scheduled maturity date.

Principal allocation on the notes / principal reduction of the
notional amount of the Senior Credit Default Swap is fully
sequential and the loss allocation is done in full reverse
sequential order.

According to Moody's, the ratings of the notes are based, inter
alia, on these factors:

   -- the Class A to Class E Notes benefit from the
      subordination of the respective lower tranches and all
      classes additionally benefit from the first loss
      threshold as a first layer of credit enhancement to cover
      realised losses;

   -- relatively strong first loss threshold feature which can
      absorb realised losses up to a maximum of EUR81,200,000;

   -- the portfolio is well diversified in terms of obligor
      concentration. The largest reference entity accounts for
      0.70%, the top 10 account for 4.64%, the top 20 account
      for 7.62% and the top 50 account for 14.14% of the
      reference portfolio amount;

   -- relatively strong replenishment criteria. Each replenished
      portfolio must not have a Moody's weighted average rating
      factor (7 years) higher than 2000, which is almost
      matching with the weighted average rating factor of the
      initial portfolio;

   -- collateral is invested in Euro denominated cash deposits.
      The cash deposit bank, currently Deutsche Bank (Aa3/P-1),
      is required to have a A1 and P-1 rating -- at loss of
      either of the two ratings, the deposit bank will be
      changed;

   -- the reference portfolio can be replenished until but
      excluding the scheduled maturity date in December 2013
      (7 years replenishment period), which could potentially
      change the risk profile of the portfolio.  However, this
      risk is partially mitigated due to relatively tight
      replenishment suspension triggers and strong replenishment
      criteria;

   -- limited amount of default data was made available.
      Moody's only received historical one year default
      probabilities per internal rating class for the years 2004
      and 2005 for the German portfolio and one rating migration
      table for the year 2005 for the Spanish portfolio and no
      such analysis for the Italian portfolio.  As Deutsche Bank
      is using the same masterscale across business lines and
      across countries, Moody's used the rating mapping in place
      to derive the default probability of the reference
      entities in the portfolio;

   -- the loss definition includes interest accrued and
      external enforcement costs. The increased potential loss
      amount is mitigated and incorporated in the analysis as
      the loss given default data / write-off data, provided by
      Deutsche Bank takes interest accrued and external
      enforcement costs into account;

   -- the portfolio is concentrated in terms of industries.
      The largest industry makes up 19.49%, the second largest
      makes up 19.43% and the third largest makes up 13.96%
      of the reference portfolio amount.  Moody's has taken
      this industry concentration into account by using
      CDOROM to measure the volatility of the default rate
      distribution.  Additionally portfolio limits are set
       for the largest industries.

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

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


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


ATAMEKEN-2030 LLP: Akmola Court Opens Bankruptcy Proceedings
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Atameken-2030 on
Oct. 6.


AVTOSPHERASNAB LLP: Creditors Must File Claims by Dec. 22
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Avtospherasnab insolvent on Sept. 27.

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

         LLP Avtospherasnab
         Office 225
         Maulenov Str. 92
         Almaty, Kazakhstan
         Tel: 8 701 713 29-75


ERNA SERVICE: Claims Filing Period Ends Dec. 22
-----------------------------------------------
LLP Erna Service has declared insolvency.  Creditors have until
Dec. 22 to submit written proofs of claim to:

         LLP Erna Service
         Micro District 2-88
         Kulsary
         Atyrau Region
         Kazakhstan


KAZ BEEF: Proof of Claim Deadline Slated for Dec. 22
----------------------------------------------------
LLP Kaz Beef has declared insolvency.  Creditors have until
Dec. 22 to submit written proofs of claim to:

         LLP Kaz Beef
         Office 503/1
         Makataev Str. 47
         Almaty, Kazakhstan


LACORTE-PETROPAVLOVSK: Creditors' Claims Due Dec. 22
----------------------------------------------------
LLP Lacorte-Petropavlovsk has declared insolvency.  Creditors
have until Dec. 22 to submit written proofs of claim to:

         LLP Lacorte-Petropavlovsk
         Mir Str. 252
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


MEN-A LLP: Akmola Court Begins Bankruptcy Proceedings
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceedings against LLP Men-a on Oct. 6.


TABYS JSC: Proof of Claim Deadline Slated for Dec. 22
-----------------------------------------------------
JSC Company on Management of Investment Portfolio Tabys has
declared insolvency.

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

         JSC Tabys
         Office 205
         Dostyk Ave. 240
         Almaty, Kazakhstan


TAIMAS LLP: Claims Filing Period Ends Dec. 22
---------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Taimas insolvent on Aug. 29.

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

         LLP Taimas
         Ulbike akyn Str. 124/10
         Taraz
         Jambyl Region
         Kazakhstan
         Tel/Fax: 8 (3262) 34-53-1


TRANS EXPRESS: Proof of Claim Deadline Slated for Dec. 22
---------------------------------------------------------
LLP Trans Express has declared insolvency.  Creditors have until
Dec. 22 to submit written proofs of claim to:

         LLP Trans Express
         Rayimbek Str. 160a
         Almaty, Kazakhstan


VAGONOREMONTNY ZAVOD: Court Starts Bankruptcy Procedure
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region commenced bankruptcy proceeding against State Utility
Enterprise Aralsky Railway-Carriage Repair Works Vagonoremontny
Zavod on Oct. 6.


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


KYRGYZRAZNOOPTORG JSC: Public Auction Scheduled for Dec. 18
-----------------------------------------------------------
The Leninsky Regional Subdivision Service of the Court Officers
of Bishkek will auction JSC Kyrgyzraznooptorg's non-residential
premises to the public at 10:00 a.m. on Dec. 18 at:

         Tolstoi Str. 39
         Bishkek, Kyrgyzstan

The asset for sale is located at:

         Tolstoi Str. 39
         Bishkek, Kyrgyzstan

The property has a total area of 13,620 square meters.

The entity has declared a KGS4,488,300 starting price for the
property.

Interested bidders have until Dec. 17 to deposit an amount
equivalent to 5% of the starting price of the lot to:

         Settlement Account No. 1020002080100155
         Personal Account No. 205802444
         BIK 102202
         Leninsky Regional Court of Bishkek
         Leninskoye Department of OJSC Promstroybank

Participants may submit their bids at:

         Tolstoi Str. 39
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 65-12-93


VESTA-TOKMOK LLC: Public Auction Scheduled for Dec. 14
------------------------------------------------------
The bidding organizer and insolvency manager of LLC Vesta-Tokmok
will auction the company's knitting equipment complex to the
public at 10:00 a.m. on Dec. 14 at:

         Ovcharova Str. 39-a
         Tokmok, Kyrgyzstan

The starting price for the property is EUR278,254, which was
reduced by 80%.

The property is leased to a third person until 2014.

Interested bidders have until 2:00 p.m. on Dec. 13 to deposit an
amount equivalent to 10% of the starting price to:

         Settlement Account No. 1020002000271781
         Leninsky Department
         OJSC Kyrgyzpromstroibank
         MFO 101002

or to the cashier of LLC Vesta-Tokmok.

Participants may submit their bids at:

         Lineinaya Str. 67-58
         Bishkek, Kyrgyzstan
         Tel: (0-502) 55-11-97
              (+996 312) 62-42-04


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


HARBOURMASTER CLO 7: Fitch Rates EUR23-Million Notes at BB
----------------------------------------------------------
Fitch Ratings assigned Harbourmaster CLO 7 B.V.'s issue of
EUR925 million floating-rate notes due 2022 final ratings.  The
transaction, a European arbitrage collateralized loan
obligation, is a securitization of primarily senior secured
loans.

   -- EUR576 million Class A1 (XS0273833516) floating-rate
      notes: AAA;

   -- EUR149 million Class A2 (XS0273887363) floating-rate
      notes: AAA;

   -- EUR41 million Class A3 (XS0273889229) floating-rate notes:
      AA;

   -- EUR38 million Class A4 (XS0273890664) floating-rate notes:
      A;

   -- EUR38 million Class B1 (XS0273891639) floating-rate notes:
      BBB;

   -- EUR21 million Class B2 (XS0273893502) floating-rate notes:
      BB;

   -- EUR62 million Class C (XS0273894732) subordinated notes:
      not rated;

   -- EUR2 million Class S1 (XS0273895200) combination notes:
      BB;

   -- EUR5 million Class S2 (XS0273896273) combination notes:
      AA;

   -- EUR3 million Class S3 (XS0273896943) combination notes:
      BBB;

   -- EUR7 million Class S4 (XS0273897917) combination notes:
      BBB+; and

   -- EUR4 million Class S5 (XS0273900992) combination notes: A-

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

The ratings on the Class S1, S2, S3 and S5 combination notes
address the ultimate payment of principal from funds received on
their components, while for the S4 combination notes the rating
addresses the ultimate payment of principal and interest at a
coupon rate of 0.25% on the outstanding rated balance.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager subject to the guidelines outlined in the collateral
management agreement.  The said guidelines limit the collateral
manager's portfolio allocations with respect to obligor,
industry and asset type.

Fitch assigned Harbourmaster a CDO Asset Manager Rating of CAM2
for leveraged loans in September 2004 that was affirmed in
November 2005, based on the manager's strong credit underwriting
and workout experience.  Fitch has performed an on-site review
of Harbourmaster Capital Limited in November 2006 and will
review its CAM rating and update the CAM report on that basis
shortly.

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

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


KONINKLIJKE AHOLD: Albert Heijn Unit to Convert Konmar Stores
-------------------------------------------------------------
On Nov. 14, 2006, Koninklijke Ahold N.V. announced that the
transfer of nearly all Konmar stores from Laurus to the company
had been completed.

This signals the go-ahead for Albert Heijn to begin the
conversion of 21 of the Konmar stores.  Albert Heijn aims to
complete these renovations in time for Christmas.  Of the
original 23 stores that Albert Heijn is to take over from
Konmar, two will be transferred to Albert Heijn in first half of
2007.  Of the 21 remaining branches, nine are to be converted to
Albert Heijn XL stores.  The first is due to open in Utrecht on
Wednesday November 22, 2006.

Alongside these 9 XL stores, Albert Heijn will open 12 local
branches, of which four will be franchise stores.  That means
that two further branches will join the two original Konmar
franchise stores to make the total of four Albert Heijn
franchises.  Once the stores have been renovated, a very wide
range of products at an affordable price and the renowned Albert
Heijn quality will be available to customers of these stores.
Albert Heijn has taken on all former Konmar employees. They are
currently being trained and are gaining an extensive
acquaintance with Albert Heijn.

                       Sale and Relocation

In its approval of the takeover of the stores by Ahold, the NMa
stipulated that Albert Heijn must sell off a number of its
existing stores that are located in the vicinity of the newly
acquired Konmar stores. The sale of these stores will take place
in Almere, The Hague (two branches), Maassluis and Zoetermeer.
Moreover, in a number of cases there are plans to relocate
neighboring Albert Heijn stores to the converted Konmar
premises.

                         About Ahold

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

                        *     *     *

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


LANCELOT 2006: Fitch Gives BB Rating to EUR12 -Mln Class E Notes
----------------------------------------------------------------
Fitch Ratings assigned expected ratings to Lancelot 2006 B.V.'s
upcoming issue of EUR611.76 million floating-rate notes due
2073:

   -- EUR538.35 million Class A: AAA;
   -- EUR21.41 million Class B: AA;
   -- EUR19.88 million Class C: A;
   -- EUR19.88 million Class D: BBB; and
   -- EUR12.24 million Class E: BB.

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

This is a static cash flow securitization of a pool of
commercial mortgage loans granted by F. Van Lanschot Bankiers
N.V. to 159 private individuals, small to medium-sized entities
and special-purpose vehicles established by SMEs or individuals
in the Netherlands.  This is the first commercial mortgage-
backed SME loan cash securitization to be launched by VLB.

The expected ratings are based on the quality of the collateral,
available credit enhancement, the financial structure of the
transaction, the underwriting and servicing of the collateral
and the transaction's legal structure.

The expected ratings address timely payment of interest and the
repayment of principal by legal final maturity on the Class A to
D notes and the ultimate payment of interest and the repayment
of principal by legal final maturity on the Class E notes in
accordance with the terms and conditions of the documentation.

The mortgage loan receivables are secured by more than 700
commercial real estate properties in the Netherlands and will be
sold at the outset by the originator to the issuer.  The purpose
of the loans is to finance the operations or investments of
SMEs, leverage the borrowers' investment property, or achieve
favorable tax treatment of borrowers' estates.

The transaction benefits from structural protection via a
principal deficiency ledger to trap excess margin from the time
a loan has defaulted up to its outstanding balance.

The issuer is a private company with limited liability
incorporated under the laws of the Netherlands.


POLYMER GROUP: Weak Performance Spurs S&P to Revise Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Polymer Group Inc. to negative from stable.  All ratings,
including the 'BB-' corporate credit rating, were affirmed.

The outlook revision follows several quarters of weaker-than-
expected performance and somewhat higher-than-expected debt
primarily due to raw material cost escalation and some product
mix shifts.

Also contributing to the disappointing results were several one-
time items such as:

   -- costs related to technical problems associated with
      new equipment (since resolved),

   -- an acquisition that was not consummated,

   -- the closing of manufacturing capacity, and

   -- moving the company's headquarters.

"Despite signs that operating results have stabilized, and the
potential benefits of new plant investments, we are concerned
about the company's ability to return financial measures to
levels appropriate for the ratings, particularly given less
favorable economic prospects," said Standard & Poor's
credit analyst Cynthia Werneth.

The ratings on Polymer reflect the company's weak business
position as a producer of nonwoven and oriented polyolefin
products and its aggressive financial profile.  The narrow focus
of Polymer's business operations is a limiting factor but is
partially offset by the company's leading positions in its niche
markets, good geographic sales and manufacturing diversity,
favorable long-term growth prospects in certain end markets, and
opportunities to increase sales and earnings following several
recently completed capacity expansions.

With annual revenues of nearly US$1 billion, Charlotte,
N.C.-based Polymer manufactures products that are used in a wide
range of disposable consumer applications, including baby
diapers, feminine hygiene products, household and consumer
wipes, disposable medical products, and various industrial
applications, including automotive, filtration, and protective
apparel.

Leading global manufacturers of consumer, medical, and
industrial products uses the company's nonwovens.  Long-term
industry growth rates are favorable and are driven by new
applications for nonwovens in developed countries and volume
increases in existing products as income levels increase in
developing countries.  However, recent weakness in auto and
housing end markets, as well as lower hygiene product sales in
connection with retailer destocking, have caused the company to
fill capacity with lower-margin products.  Although the retail
issue appears to be temporary, auto and housing market weakness
are likely to extend into the foreseeable future.


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


AKER KVAERNER: Inks Drilling Equipment Deal with PPL Shipyard
-------------------------------------------------------------
Aker Kvaerner A.S.A. has been awarded a contract with PPL
Shipyard Pte Ltd. in Singapore for delivery of drilling
equipment for a Baker Marine Pacific Class 375 jack-up drilling
rig.  The total contract value is around US$15 million.

The award is based on a letter of intent signed with PPL
Shipyard Pte Ltd. in Singapore, October 2006.  The work is
undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in
Kristiansand.

The scope of work for Aker Kvaerner MH is to deliver drilling
equipment as well as engineering and commissioning services.

The jack-up drilling rig is scheduled for delivery at the end of
2008.  The drilling rig will be designed for worldwide
operation.

"This award confirms not only Aker Kvaerner's performance and
close cooperation with PPL Shipyard Pte Ltd on similar projects,
but also Aker Kvaerner MH's established position as a leading
supplier in the world-wide offshore drilling equipment segment,"
Roald Amundsen, President of Aker Kvaerner MH, said.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides engineering and construction services,
technology products and integrated solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

As reported in the TCR-Europe on April 26, Moody's Investors
Service upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


AKER KVAERNER: Unveils Financial Calendar for 2007
--------------------------------------------------
Aker Kvaerner ASA expects to publish its financial statements
for the fourth quarter of 2006 on Feb. 13, 2007, along with its
preliminary Annual Result for the fiscal year ended 2006.

The company's financial calendar for 2007 also shows:

      Event                                 Schedule
      -----                                 --------
      Annual General Meeting                March 29, 2007
      First Quarter Results 2007            April 25, 2007
      Second Quarter Results 2007           Aug. 2, 2007
      Third Quarter Results 2007            Oct. 23, 2007
      Capital Markets Day                   Nov. 30, 2007

Dates may be subject to change.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides engineering and construction services,
technology products and integrated solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

As reported in the TCR-Europe on April 26, Moody's Investors
Service upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


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


AUTOCAM CORP: Possible Non-Payment Cues S&P to Junk Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Kentwood, Mich.-based Autocam to 'CC' from 'CCC+' and
placed the ratings on CreditWatch with negative implications.
S&P also lowered the ratings on the company's senior secured
bank facilities to 'CC' from 'CCC+' and the senior subordinated
notes to 'C' from 'CCC-'.

These actions followed Autocam's statements, in its recent 10-Q
filing with the SEC, that it may be unable to meet its
Dec. 15, 2006, interest payment on its US$140 million senior
subordinated notes, that it is engaged in restructuring
discussions with holders of its senior subordinated notes
regarding a possible equity swap, that it does not expect to be
in compliance with financial covenants on its senior credit
facilities and second-lien credit facility as of Dec. 31, 2006,
and that it is seeking to amend its senior first-lien credit
facilities and its second-lien credit facility to provide
covenant relief.

Autocam is exploring various options to improve liquidity,
including selling assets and securing other sources of capital.
The company's balance sheet debt as of Sept. 30, 2006, totaled
US$320 million.

"We would lower the ratings further if the company fails to meet
its contractual debt obligations," said Standard & Poor's credit
analyst Nancy Messer.  "The downgrades reflect Autocam's
istressed financial situation and the increasing possibility
that the company will be forced to restructure in the near term.
We believe it is unlikely that the company will be able to
secure alternative financing in the absence of waivers for its
current covenants or incremental liquidity from its equity
sponsors, because of its very high debt leverage and weak
operating results."


BORSODCHEM NYRT: Returned Shares Increases Treasury Stock
---------------------------------------------------------
BorsodChem Nyrt. informs its investors and other participants of
the capital markets that due to developments concerning its
Registered Employee Share Ownership Program, the number of the
Company's treasury shares changed.

Out of the 203,062 shares transferred to the employees'
securities accounts in HVB Bank Hungary Zrt.'s custody on
Nov. 9, 2005, the Company received back 216 pieces with a value
date of Nov. 21, 2006 from employees terminating their
employment relations.

Following the transaction the number of the Company's treasury
shares increased by 216 pieces to 1,192,963.

                        About BorsodChem

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

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

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

                        *     *     *

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


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


AGRO-PROM-KHIMIYA: Court Names I. Borzov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. I. Borzov
as Insolvency Manager for OJSC Agro-Prom-Khimiya (TIN
3718001430).  He can be reached at:

         I. Borzov
         Office 207
         Bagaeva Str. 17
         153000 Ivanovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1434/06-1-B.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         OJSC Agro-Prom-Khimiya
         Gagarina Str. 68
         Pestyaki
         Ivanovo Region
         Russia


AVNYUGSKIY WOOD-PROM-KHOZ: Bankruptcy Hearing Slated for Jan. 15
----------------------------------------------------------------
The Arbitration Court of Arkhangelsk Region will convene on
Jan. 15, 2007, to hear the bankruptcy supervision procedure on
OJSC Avnyugskiy Wood-Prom-Khoz.  The case is docketed under Case
No. A05-7100/2006-28.

The Temporary Insolvency Manager is:

         A. Galin
         Post User Box 14
         Kotlas
         165300 Arkhangelsk Region
         Russia

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         OJSC Avnyugskiy Wood-Prom-Khoz
         Avnyugskiy
         Verkhnetoemskiy Region
         165511 Arkhangelsk Region
         Russia


BSPB FINANCE: Fitch Assigns B/RR4 Ratings to US$125-Mln Notes
-------------------------------------------------------------
Fitch Ratings assigned BSPB Finance PLC's US$125 million 9.501%
issue of limited recourse loan participation notes due 2009
final ratings of Recovery RR4 and Long-term B.

The notes are to be used solely for financing a loan to Russia-
based Bank Saint Petersburg, which is rated Issuer Default B
with Stable Outlook, Short-term B, Individual D, and Support 5.

BSP is a mid-sized Russian bank with a large presence in St.
Petersburg and the surrounding region.  The franchise is
currently focused primarily on serving local corporates, in part
by leveraging a close relationship with the St. Petersburg City
administration, although retail lending is also targeted to
grow.  The bank is ultimately controlled by senior management,
including the Chairman, Alexander Saveliev, with most of the
remainder owned by two groups of local investors.


CBOM FINANCE: Fitch Assigns B- Rating on US$100-Mln Eurobond
------------------------------------------------------------
Fitch Ratings assigned CBOM Finance Plc's US$100 million 9.5%
issue of limited recourse loan participation notes due 2009 with
interest step-up to 10.25% in 2007 final Recovery Rating RR4 and
Long-term B- ratings.

The notes are to be used solely for financing a loan to Russia's
Credit Bank of Moscow, which is rated Issuer Default B-, Short-
term B, Individual D, Support 5 and National Long-term BB+.  The
Outlooks on both the Issuer Default and the National Long-term
ratings are Positive.

CBOM was ranked the 57th-largest Russian bank by total assets at
end-H106.  Its core business lies in providing banking services
to medium-sized trading companies and also retail customers in
Moscow and the Moscow region.


FLAX FACTORY: Court Names S. Lebedev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. S.
Lebedev as Insolvency Manager for OJSC Flax Factory.  He can be
reached at:

         S. Lebedev
         Flax Factory
         Toguchinskiy Region
         Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-15565/06-10/322.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Flax Factory
         Flax Factory
         Toguchinskiy Region
         Novosibirsk Region
         Russia


INVESTMENTS AND SECURITIES: Names A. Koshechkov to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. A.
Koshechkov as Insolvency Manager for LLC Investments and
Securities.  He can be reached at:

         A. Koshechkov
         Vorkutinskaya 14-76
         Vologda Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-14200/06-123-60B.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         A. Koshechkov
         Vorkutinskaya 14-76
         Vologda Region
         Russia


KHARANUTSKIY COAL: Court Names K. Sobolev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. K. Sobolev
as Insolvency Manager for OJSC Kharanutskiy Coal Open Cast.  He
can be reached at:

         K. Sobolev
         Post User Box 176
         664011 Irkutsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-12743/06-29.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Kharanutskiy Coal Open Cast
         Dzerzhinskogo Str. 1
         664003 Irkutsk Region
         Russia


PROKOPYEVSKIY FACTORY: Bankruptcy Hearing Slated for Feb. 28
------------------------------------------------------------
The Arbitration Court of Kemerovo Region will convene at
10:30 a.m. on Feb. 28, 2007, to hear the bankruptcy supervision
procedure on LLC Prokopyevskiy Factory of Rubber Goods.  The
case is docketed under Case No. A27-14836/2006-4.

The Temporary Insolvency Manager is:

         A. Samokhin
         Lugovaya Str. 18
         Prokopyevsk
         653033 Kemerovo Region
         Russia

The Arbitration Court of Kemerovo Region is located at:

         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         LLC Prokopyevskiy Factory Of Rubber Goods
         Lugovaya Str. 18
         Prokopyevsk
         653033 Kemerovo Region
         Russia


NATUKHAEVSKAYA CJSC: Bankruptcy Hearing Slated for Mar. 5
---------------------------------------------------------
The Arbitration Court of Novorosiiysk Region will convene on
Mar. 5, 2007, to hear the bankruptcy supervision procedure on
CJSC Agricultural Company Natukhaevskaya.  The case is docketed
under Case No. A-32-19066/2006-46/1463-B.

The Temporary Insolvency Manager is:

         D. Sukhorukov
         Apartment 15
         Marksa Str. 25
         353900 Novorosiiysk Region
         Russia

The Debtor can be reached at:

         CJSC Agricultural Company Natukhaevskaya
         Krasnaya Str. 67
         Natukhaevskaya St.
         Novorosiiysk Region
         Russia


NOVOPAVLOVSKOYE AGRO: Bankruptcy Hearing Slated for Jan. 22
-----------------------------------------------------------
The Arbitration Court of Krasnodar Region will convene at
2:30 p.m. on Jan. 22, 2007, to hear the bankruptcy supervision
procedure on OJSC Novopavlovskoye Agro.  The case is docketed
under Case No. A 32-17000/2006-1/1006 B.

The Temporary Insolvency Manager is:

         G. Umarova
         Uralskaya Str. 134
         350059 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Novopavlovskoye Agro
         Novopavlovka
         Beloglinskiy Region
         Krasnodar Region
         Russia


SAMUSKIY FACTORY: Court Names S. Lizunov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. S. Lizunov
as Insolvency Manager for CJSC Samuskiy Factory.  He can be
reached at:

         S. Lizunov
         Govorova Str. 1A
         634057 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-7504/06.

The Debtor can be reached at:

         CJSC Samuskiy Factory
         Lenina Str. 21
         Samus
         Tomsk Region
         Russia


SEVESTRA CJSC: Court Names S. Lizunov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. S. Lizunov
as Insolvency Manager for CJSC Insurance Company Sevestra.  He
can be reached at:

         S. Lizunov
         Govorova Str. 1A
         634057 Tomsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-7491/06.

The Debtor can be reached at:

         CJSC Insurance Company Sevestra
         Kurchatova Str. 2-510
         Seversk
         Tomsk Region
         Russia


SILIKANYJ FACTORY: Court Names V. Togmitov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Buryatiya Republic appointed Mr. V.
Togmitov as Insolvency Manager for OJSC Silikanyj Factory.  He
can be reached at:

         V. Togmitov
         Room 300
         Solnechnaya Str. 7a
         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.
A10-1467/03.

The Arbitration Court of Buryatiya Republic is located at:

         Kommunisticheskaya Str. 51
         Ulan-Ude
         Russia

The Debtor can be reached at:

         OJSC Silikanyj Factory
         Silikatnyj
         Ulan-Ude
         670031 Buryatiya Republic
         Russia


SLADKOVSKOYE CJSC: Court Starts External Bankruptcy Process
-----------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced external
management bankruptcy procedure on CJSC Sladkovskoye.  The case
is docketed under Case No. A-32-1431/05-38/755-B.

The External Insolvency Manager is:

         D. Khomutov
         Post User Box 3477
         350001 Krasnodar Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Sladkovskoye
         Zelenaya Str. 13 A
         Tselinnyj
         Slavyanskiy Region
         353584 Krasnodar Region
         Russia


STROY-MONTAGE-3: Court Names S. Lebedev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. S.
Lebedev as Insolvency Manager for CJSC Stroy-Montage-3.  He can
be reached at:

         S. Lebedev
         Office 7
         Kamenskaya 64a
         Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-15057/06-10/311.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Stroy-Montage-3
         Ivanova  32-b7
         Novosibirsk Region
         Russia


VIMPEL-COMMUNICATIONS: Moscow Court Finalizes UKS Acquisition
-------------------------------------------------------------
The Moscow Arbitration Court upheld the validity of the
transaction on Open Joint Stock Company Vimpel-Communications'
acquisition of CJSC Ukrainian Radio Systems, dismissing the
third claim filed by Telenor East Invest AS which challenged the
transaction's validity.

VimpelCom is pleased by the dismissal and by the fact that the
two other claims filed by Telenor East Invest AS challenging the
validity of the acquisition of URS have also been dismissed by
the trial courts hearing each claim and on all appeals heard to
date.

                         About VimpelCom

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

                        *     *     *

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


VIMPEL-COMMUNICATIONS: To Unveil Nine-Month Results on Nov. 30
--------------------------------------------------------------
OJSC Vimpel-Communications will release its 2006 third quarter
and nine-month financial and operating results on Nov. 30, 2006.

The company will hold conference call and slide presentation of
the results at 6:30 p.m. Moscow time on the same date.

Alexander Izosimov, Chief Executive Officer, will host the
conference call.  Joining the conference call are:

   -- Elena Shmatova, Chief Financial Officer,

   -- Nikolay Pryanishnikov, Executive Vice President-General
      Director, Regions;

   -- Kent McNeley, Chief Marketing Officer, and

   -- Valery Goldin, Vice President of International and
      Investor Relations.

The call and slide presentation may be accessed via Webcast at:
http://www.vimpelcom.com/

                         About VimpelCom

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

                        *     *     *

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


VNESHTORGBANK JSC: Launches Vietnam-Russia Joint Venture Bank
-------------------------------------------------------------
Vietnam-Russia Joint Venture Bank officially opened on Nov. 19,
2006 in the presence of Vladimir Putin, President of Russia, and
Nguyen Minh Triet, President of the Socialist Republic of
Vietnam.

VRB is a joint venture of JSC Vneshtorgbank (VTB Bank) and the
Bank for Investment and Development of Vietnam (BIDV).  The
capital of a new financial institution amounts to US$10 million,
51% stake is owned by BIDV and 49% is acquired by VTB.  The key
business activities of VRB will be project finance, export-
import finance, lending to Russian enterprises operating in
Vietnam, and international settlements (Russia-Vietnam).

VRB will become the first Russian bank in Vietnam.

"A bank of such type is sure to further enhance bilateral trade
and economic relations; it will make trade settlements between
the two countries more accessible and facilitate implementing
large joint projects in Vietnam with the participation of
Russian capital," Andrey Kostin, VTB's CEO and Chairman, said.
"The VTB Group, a leading international financial holding in
Russia, is striving to expand its business in the countries of
the Asian-Pacific region and the establishment of VRB has become
a benchmark to accomplish these tasks."

A fundamental decision to set up Vietnam-Russia Joint Venture
Bank was made within the framework of an official visit of
Russian Prime Minister Mikhail Fradkov to Vietnam from Feb. 15-
17, 2006.  The Memorandum of establishing the bank was signed at
the 5th meeting of Vietnam-Russia task force on interbank
cooperation, which took place in Danang in May 2006.  The
signing of the bank's constituent document took place on Aug.
31, 2006, during a visit of Vietnamese representatives to
Moscow.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank and Vnesheconombank ratings at:

Vnesheconombank:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

Vneshtorgbank:

   -- Upgraded to foreign currency and local currency IDR BBB+
      from BBB with a Stable Outlook;

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


ZAVODOUKOVSKIY LLC: 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
Bakery Zavodoukovskiy.  The case is docketed under Case No.
A-70-7106/3-05.

The Temporary Insolvency Manager is:

         V. Vinogradov
         50 Let Profsoyuzov Str. 61
         644065 Omsk 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 Bakery Zavodoukovskiy
         Shosseynaya Str. 156
         Zavodoukovsk
         627141 Tyumen Region
         Russia


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


BANKINTER 13: Moody's Junks EUR20.6-Million Series E Notes
----------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
six series of Bonos de Titulizacion Hipotecaria to be issued by
Bankinter 13 Fondo De Titulizacion De Activos, a Spanish Asset
Securitisation Fund that has been created by Europea de
Titulizacion, S.G.F.T, S.A. Moody's has assigned these ratings:

   -- EUR85 million Series A1 notes: Aaa;
   -- EUR1,397.4 million Series A2 notes: Aaa;
   -- EUR22.4 million Series B notes: Aa3;
   -- EUR24.1 million Series C notes: A3;
   -- EUR20.5 million Series D notes: Ba1; and
   -- EUR20.6 million Series E notes: Ca.

The ratings address the expected loss posed to investors by the
legal final maturity (17 July 2049).  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal on Series A1, A2, B, C and D at par on or
before the rated final legal maturity date, and for ultimate
payment of interest and principal at par on or before the rated
final legal maturity date on Series E.

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

   (1) basis swap by which the index reference rates on the
       assets (12M Euribor) are exchanged against the index
       reference rate on the notes (3MEuribor);

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

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

   (4) the securing of 100% of loans by residential mortgages;
       and

   (5) the quality of Bankinter as originator and servicer.

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

   (1) excess spread is very tight;

   (2) Pro-rata amortisation of the B, C and D Series of notes
       leads to reduced credit enhancement of the senior class
       in absolute terms;

   (3) around 12.5% of the pool is comprised of second
       lien mortgage loans;

   (4) and this portfolio has some high LTV mortgage loans
       within it (23.14% of the portfolio consists of mortgage
       loans with an LT higher than 80%).  These increased risks
       were reflected in Moody's Credit Enhancement calculation.

This transaction marks the thirteenth time that Bankinter has
tapped the RMBS market.  The products being securitised are
first-lien mortgage loans granted to individuals, all of whom
will use these loans to acquire or refurbish properties located
in Spain. All of the mortgage loans were originated by
Bankinter, which will continue to service them.

As of October 28th 2006, the provisional portfolio comprised
12,198 loans for a total amount of EUR1,646,990,741.  The
original weighted average LTV (WALTV) is 65.89%.  The average
loan size is EUR135,021.  The loans were originated between 2003
and 2006 with a weighted average seasoning of 12.34 months.  All
the loans are paid through monthly installments, which are
debited to accounts held by the debtors at Bankinter.

Moody's based its ratings primarily on:

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

   (ii) historical performance information;

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

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

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

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.


FREEPORT-MCMORAN: Purchase Plan Prompts DBRS to Review Ratings
--------------------------------------------------------------
Dominion Bond Rating Service placed the rating of Freeport-
McMoRan Copper & Gold Inc.'s Senior Notes at BB (low) Under
Review with Developing Implications following Freeport's
announced offer to acquire all of Phelps Dodge Corporation's
common equity in a cash and stock takeover bid of US$25.9
billion.

The transaction is expected to close in the first quarter of
2007, subject to shareholder and regulatory approvals.

The rating action recognizes the strengthened business profile
as a result of the proposed acquisition but also incorporates
the uncertainty regarding the rate at which the Company would be
able to pay down the around US$16 billion in new debt to fund
the cash portion of the acquisition.

DBRS notes that the acquisition would strengthen the business
profile of the Company as the combined company would benefit
from additional operating assets, geographic diversification,
scale, development potential and a reduction in its political
risk profile.  Stand-alone Freeport is currently a one mine
company.  With the acquisition of Phelps, New Freeport would
operate 11 mines -- thus reducing mine operational risk
substantially.  New Freeport would have operating mines in four
countries and a large development project in the Congo.

Pro forma 2006 production by geography would be 42% in the
United States, 35% in Indonesia, 19% in Chile and 4% in Peru.
With around 1.6 million tonnes of copper production for 2006,
New Freeport would become the second-largest copper producer in
the world -- behind state-owned Corporación Nacional del Cobre
de Chile.  Phelps' Tenke Fungurume development project is
believed to be the largest undeveloped, high-grade copper/cobalt
project in the world.  The political risk profile of New
Freeport would be reduced as production from Indonesia would be
reduced from 100% for stand-alone Freeport to less than 40% for
the combined companies.

However, DBRS also notes that the acquisition would weaken the
financial profile of the Company as its leverage would increase
substantially.  Pro forma total debt for the combined companies
would be around US$18 billion, at Sept. 30, 2006.  New
Freeport's pro forma per cent gross debt-to-capital would be
around 64%, up from 33% for stand-alone Freeport at September
30, 2006.  New Freeport's pro forma cash flow-to-total debt for
the 12 months ended September 30, 2006, would be around 0.3x,
down from 1.4x for stand-alone Freeport.  The Company has
indicated that it would use free cash flow in the next few years
to pay down debt but it is uncertain how quickly the Company
could do so.

Furthermore, the Company plans to raise secured debt to complete
the acquisition. DBRS understands that the majority of the
permanent non-bridge bank debt at Freeport will be secured.
Additionally, the existing notes and bonds at both Freeport and
Phelps will likely be secured. DBRS awaits the Company's
decision regarding the collateral for the different categories
of debt.  Any unsecured debt will be rated at least one notch
below the secured debt to reflect structural subordination.

DBRS notes that New Freeport would become the largest mining
company in North America by market capitalization.  However,
DBRS notes that competing offers for either Phelps or Freeport
are possible.


KONINKLIJKE AHOLD: Albert Heijn Unit to Convert Konmar Stores
-------------------------------------------------------------
On Nov. 14, 2006, Koninklijke Ahold N.V. announced that the
transfer of nearly all Konmar stores from Laurus to the company
had been completed.

This signals the go-ahead for Albert Heijn to begin the
conversion of 21 of the Konmar stores.  Albert Heijn aims to
complete these renovations in time for Christmas.  Of the
original 23 stores that Albert Heijn is to take over from
Konmar, two will be transferred to Albert Heijn in first half of
2007.  Of the 21 remaining branches, nine are to be converted to
Albert Heijn XL stores.  The first is due to open in Utrecht on
Wednesday November 22, 2006.

Alongside these 9 XL stores, Albert Heijn will open 12 local
branches, of which four will be franchise stores.  That means
that two further branches will join the two original Konmar
franchise stores to make the total of four Albert Heijn
franchises.  Once the stores have been renovated, a very wide
range of products at an affordable price and the renowned Albert
Heijn quality will be available to customers of these stores.
Albert Heijn has taken on all former Konmar employees. They are
currently being trained and are gaining an extensive
acquaintance with Albert Heijn.

                       Sale and Relocation

In its approval of the takeover of the stores by Ahold, the NMa
stipulated that Albert Heijn must sell off a number of its
existing stores that are located in the vicinity of the newly
acquired Konmar stores. The sale of these stores will take place
in Almere, The Hague (two branches), Maassluis and Zoetermeer.
Moreover, in a number of cases there are plans to relocate
neighboring Albert Heijn stores to the converted Konmar
premises.

                         About Ahold

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

                        *     *     *

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


VALENCIA HIPOTECARIO: Fitch Junks EUR10.4-Million Class D Notes
---------------------------------------------------------------
Fitch Ratings assigned final ratings to Valencia Hipotecario 3
FTA's residential mortgage-backed floating-rate notes:

   -- EUR90 million Class A1: AAA;
   -- EUR780.7 million Class A2: AAA;
   -- EUR20.8 million Class B: A+;
   -- EUR9.1 million Class C: BBB; and
   -- EUR10.4 million Class D: CCC.

This EUR911 million transaction is the third standalone
securitization of residential mortgage loans originated by Banco
de Valencia.

The final ratings are based on the quality of the collateral,
the available credit enhancement, Banco Valencia's underwriting
and servicing capabilities, the integrity of the transaction's
legal and financial structure and Europea de Titulizacion's
administrative capabilities.

The final ratings address payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Class B and C notes, as
well as the repayment of principal by legal final maturity in
September 2044.

At closing credit enhancement for the Class A1 and A2 notes
totals 4.47% and is provided by the subordination of the Class B
and C notes and the reserve fund.  In addition to subordination
and the reserve fund, the transaction also benefits from excess
spread. The proceeds of the un-collateralized Class D notes are
used to fund the initial balance of the reserve account.


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


ADVANCED MEDICAL: Sees US$45-Mln Revenue Cut From Product Recall
----------------------------------------------------------------
Advanced Medical Optics Inc. anticipates a financial impact
associated with its voluntarily recall of certain eye care
product lots and the related manufacturing capacity constraints
caused by a production-line issue at its manufacturing plant in
China.

Advanced Medical expects the recall to reduce revenue for the
remainder of 2006 and 2007 by a total of US$40 million to
US$45 million.  This is due to expected product returns, supply
shortages and temporary lost market share, primarily in Japan
and Asia Pacific where the vast majority of products produced at
the China facility are shipped.  As a result, Advanced Medical
now expects its 2006 revenue to be between US$985 million and
US$1 billion, compared to prior guidance of  US$1,010 million to
US$1,020 million.  For 2007, the company now expects revenue to
be in the range of US$1,060 million and US$1,080 million,
compared to prior guidance in the range of US$1,080 million and
US$1,100 million.

Advanced Medical expects to incur charges and costs to complete
the recall, remedy the manufacturing issue and restore market
share.  For the remainder of 2006 and 2007, the company expects
these charges and costs to total around US$35 million to US$40
million, which primarily includes inventory writedowns, recall
costs, plant costs, freight and logistics costs, as well as
anticipated increased marketing expenses.

As a result of the change in anticipated revenue and the
associated reduction in margin, coupled with recall-related
spending for the balance of 2006 and the increased effective tax
rate due to reduction of earnings outside the U.S., AMO now
expects 2006 adjusted EPS to be between US$1.30 and US$1.40,
compared to previous guidance of US$1.85 to US$1.90.  For 2007,
the company now expects adjusted EPS to be between US$1.85 and
US$2.00, compared to prior guidance in the range of US$2.25 to
US$2.35.  These actions will affect other financial metrics such
as adjusted gross margin and adjusted operating margin for 2006
and 2007.  AMO will provide updated guidance on these measures
in future communications.

The company commenced the voluntary recall because of a
production-line issue at its manufacturing plant in China, which
could affect the sterility of the product.  Of the 2.9 million
units being recalled, only 183,000 units were shipped to the
U.S. and the remainder was shipped to Asia Pacific and Japan.

"This is a production-line issue and is not related to our
formulations, which have been used safely by contact lens
wearers for years," said Jim Mazzo, AMO chairman, president and
chief executive officer.  "While we believe the likelihood of
patients experiencing an adverse reaction is low based on our
investigation to date, we are implementing this voluntary recall
as a precautionary measure.  While this issue is limited to two
of the four production lines in the China facility, we have
temporarily ceased all manufacturing there to clean and sanitize
the plant.  We want to be abundantly certain that eye care
practitioners and their patients know they can continue to rely
on and trust AMO for products that meet high quality standards.
We are working aggressively to replace recalled product and
minimize the inconvenience this action may cause."

AMO plans to extend the time period of the temporary plant
closure in order to move forward a previously disclosed plan to
expand manufacturing capacity at the China facility.  These
plans include adding new filling lines and increasing packaging
capacity.  The company expects production at the China facility
to be suspended for around 10 to 12 weeks.  Operations at the
company's eye care facility in Alcobendas, Spain are unaffected
by this action and production continues uninterrupted.  None of
the recalled products were manufactured at the Spain facility,
which is the primarily supplier for the U.S. and European
markets.

For the first nine months of 2006, AMO's eye care sales were
US$208.6 million and represented around 28 percent of total
sales.  The company's largest eye care markets are the Americas
and Europe, which represented 34% and 28% of total eye care
sales, respectively, for the first nine months of 2006.  For
this same period, Japan and Asia Pacific eye care sales were 24
percent and 14 percent of total eye care sales.

                  About Advanced Medical Optics

Based in Santa Ana, California, Advanced Medical Optics, Inc.
(NYSE: EYE) -- http://wwwamo-inc.com/-- develops, manufactures
and markets ophthalmic surgical and contact lens care products.
AMO employs around 3,600 worldwide.  The company has
operations in 24 countries and markets products in 60 countries.
In Europe, the company maintains operations in Denmark, Finland,
France, Germany, Ireland, Italy, the Netherlands, Spain, Sweden,
Switzerland, and the United Kingdom.

                          *     *     *

In October 2006, Fitch simultaneously affirmed and withdrew its
ratings for Advanced Medical Optics Inc.

Affected ratings include the company's 'B+' Issuer Default
Rating and 'BB+/RR1' Senior Secured Credit Facility Rating.

Additionally, Moody's Investors Service confirmed its B1
Corporate Family Rating for Advanced Medical Optics in
connection with the rating agency's implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.


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


ATTIK CJSC: Court Names O. Sklyarenko as Insolvency Manager
-----------------------------------------------------------
The Economic Court of AR Krym Region appointed Mr. O. Sklyarenko
as Liquidator/Insolvency Manager for CJSC Attik (code EDRPOU
30225688).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 9.  The case is docketed
under Case No. 2-8/2676-2006.

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:

         CJSC Attik
         Roza Luksemburg Str. 23
         Kerch
         98300 AR Krym Region
         Ukraine


AVTOLUKS LLC: Court Names Nina Sarichev as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Odessa Region appointed Nina Sarichev as
Liquidator/Insolvency Manager for LLC AVTOLUKS (code EDRPOU
31619866).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 4.  The case is docketed
under Case No. 32/281-06-9490.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Avtoluks
         Promislova Str. 1-a
         Illichivsk
         68000 Odessa Region
         Ukraine


HLIBOROB CJSC: Court Names Vitalij Peychev as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Vitalij Peychev
as Liquidator/Insolvency Manager for Agricultural CJSC Hliborob
(code EDRPOU 03764979).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 3.  The case is docketed
under Case No. 10/448/06.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         Agricultural CJSC Hliborob
         40-richya Zhovtnya Str. 5
         Arbuzinka
         Mikolaiv Region Ukraine


KALINA: Cherkassy Court Names Mikola Zanko as Liquidator
--------------------------------------------------------
The Economic Court of Cherkassy Region appointed Mikola Zanko as
Liquidator/Insolvency Manager for Kalina (code EDRPOU 32330047).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 20.  The case is docketed
under Case No. 10/4210.

The Debtor can be reached at:

         Kalina
         Hmelnitskij Str. 25
         Medvedivka
         Chigirin District
         Cherkassy Region
         Ukraine


RIANT LLC: Rivne Court Names I. Dragun as Insolvency Manager
------------------------------------------------------------
The Economic Court of Rivne Region appointed Mr. I. Dragun as
Liquidator/Insolvency Manager for LLC Electric Systems Riant
(code EDRPOU 32920181).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 18.  The case is docketed
under Case No. 9/28.

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor can be reached at:

         LLC Electric Systems Riant
         Bila Str. 16
         Rivne Region
         Ukraine


SIRET OJSC: Chernivtsi Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Chernivtsi Region commenced bankruptcy
supervision procedure on OJSC Siret (code EDRPOU 25079824).  The
case is docketed under Case No. 8/106/b.

The Economic Court of Chernivtsi Region is located at:

         O. Kobilyanska Str. 14
         58000 Chernivtsi Region
         Ukraine

The Debtor can be reached at:

         OJSC Siret
         Verhni Petrivtsi
         Storozhinetskij District
         59034 Chernivtsi Region
         Ukraine


SKIF-DOSTUP LLC: Court Names Sergij Moroz as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Harkiv Region appointed Sergij Moroz as
Liquidator/Insolvency Manager for LLC Skif-Dostup (code EDRPOU
24338181).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 16.  The case is docketed
under Case No. B-39/123-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         LLC Skif-Dostup
         Bakulin Str. 11
         Harkiv Region
         Ukraine


TORWOOD CONSULTING: Court Names Sergij Zhezherya as Liquidator
--------------------------------------------------------------
The Economic Court of Lugansk Region appointed Sergij Zhezherya
as Liquidator/Insolvency Manager for Torwood Consulting Ukraine
(code EDRPOU 23482183).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Oct. 2.  The case is docketed
under Case No. 20/191 b.

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         Torwood Consulting Ukraine
         Oboronna Str. 20a
         91000 Lugansk Region
         Ukraine


VIMPEL-COMMUNICATIONS: To Unveil Nine-Month Results on Nov. 30
--------------------------------------------------------------
OJSC Vimpel-Communications will release its 2006 third quarter
and nine-month financial and operating results on Nov. 30, 2006.

The company will hold conference call and slide presentation of
the results at 6:30 p.m. Moscow time on the same date.

Alexander Izosimov, Chief Executive Officer, will host the
conference call.  Joining the conference call are:

   -- Elena Shmatova, Chief Financial Officer,

   -- Nikolay Pryanishnikov, Executive Vice President-General
      Director, Regions;

   -- Kent McNeley, Chief Marketing Officer, and

   -- Valery Goldin, Vice President of International and
      Investor Relations.

The call and slide presentation may be accessed via Webcast at:
http://www.vimpelcom.com/

                         About VimpelCom

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

                        *     *     *

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


VIMPEL-COMMUNICATIONS: Moscow Court Finalizes UKS Acquisition
-------------------------------------------------------------
The Moscow Arbitration Court upheld the validity of the
transaction on Open Joint Stock Company Vimpel-Communications'
acquisition of CJSC Ukrainian Radio Systems, dismissing the
third claim filed by Telenor East Invest AS which challenged the
transaction's validity.

VimpelCom is pleased by the dismissal and by the fact that the
two other claims filed by Telenor East Invest AS challenging the
validity of the acquisition of URS have also been dismissed by
the trial courts hearing each claim and on all appeals heard to
date.

                         About VimpelCom

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

                        *     *     *

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


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


AIRCOOL LIMITED: Nominates David Rubin as Liquidator
----------------------------------------------------
David Rubin of David Rubin & Partners was nominated Liquidator
of Aircool Limited on Nov. 7 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Aircool Limited
         14-20
         Sussex Way
         London N7 6RS
         United Kingdom
         Tel: 020 7272 5014


AKER KVAERNER: Inks Drilling Equipment Deal with PPL Shipyard
-------------------------------------------------------------
Aker Kvaerner A.S.A. has been awarded a contract with PPL
Shipyard Pte Ltd. in Singapore for delivery of drilling
equipment for a Baker Marine Pacific Class 375 jack-up drilling
rig.  The total contract value is around US$15 million.

The award is based on a letter of intent signed with PPL
Shipyard Pte Ltd. in Singapore, October 2006.  The work is
undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in
Kristiansand.

The scope of work for Aker Kvaerner MH is to deliver drilling
equipment as well as engineering and commissioning services.

The jack-up drilling rig is scheduled for delivery at the end of
2008.  The drilling rig will be designed for worldwide
operation.

"This award confirms not only Aker Kvaerner's performance and
close cooperation with PPL Shipyard Pte Ltd on similar projects,
but also Aker Kvaerner MH's established position as a leading
supplier in the world-wide offshore drilling equipment segment,"
Roald Amundsen, President of Aker Kvaerner MH, said.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides engineering and construction services,
technology products and integrated solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

As reported in the TCR-Europe on April 26, Moody's Investors
Service upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


AKER KVAERNER: Unveils Financial Calendar for 2007
--------------------------------------------------
Aker Kvaerner ASA expects to publish its financial statements
for the fourth quarter of 2006 on Feb. 13, 2007, along with its
preliminary Annual Result for the fiscal year ended 2006.

The company's financial calendar for 2007 also shows:

      Event                                 Schedule
      -----                                 --------
      Annual General Meeting                March 29, 2007
      First Quarter Results 2007            April 25, 2007
      Second Quarter Results 2007           Aug. 2, 2007
      Third Quarter Results 2007            Oct. 23, 2007
      Capital Markets Day                   Nov. 30, 2007

Dates may be subject to change.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides engineering and construction services,
technology products and integrated solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C.  The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.

                        *     *     *

As reported in the TCR-Europe on April 26, Moody's Investors
Service upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


ANGRY INCORPORATED: Taps John Twizell to Liquidate Assets
---------------------------------------------------------
John Twizell of Geoffrey Martin & Co. was appointed Liquidator
of Angry Incorporated Limited on Nov. 9 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Angry Incorporated Limited
         Clifford Chambers
         4 Clifford Street
         York
         North Yorkshire YO1 9RD
         United Kingdom
         Tel: 01904 642 201
         Fax: 01904 628 822


BARRY DAVIES: Creditors' Claims Due Jan. 9, 2007
------------------------------------------------
Creditors of Barry Davies Oriental Art 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:

         Barry Davies Oriental Art Limited
         1 Davies Street
         Mayfair
         London W1K 3DB
         United Kingdom
         Tel: 020 7408 0207
         Fax: 020 7493 3422


BERNSTEIN GROUP: Taps KPMG to Administer Assets
-----------------------------------------------
Myles Antony Halley, David Costley-Wood, Paul Andrew Flint and
Brian Green of KPMG LLP, were appointed joint administrators of
Bernstein Group Holdings Ltd. (Company Number 04956646) on
Nov. 10.

KPMG LLP -- http://www.kpmg.co.uk/-- in the U.K. is part of a
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.

Bernstein Group Holdings Ltd. can be reached at:

         Silburn House
         Great Bank Road
         Westhoughton
         Bolton
         Lancashire BL5 3XU
         United Kingdom
         Tel: 01942 840 840


BERRY BIRCH: Appoints Administrators from KPMG
----------------------------------------------
Finbarr Thomas O'Connell and Jane Bronwen Moriarty of KPMG LLP
were appointed joint administrators of Berry Birch & Noble
Insurance Brokers Ltd. (Company Number 01000919) on Nov. 10.

KPMG LLP -- http://www.kpmg.co.uk/-- in the U.K. is part of a
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.

Berry Birch & Noble Insurance Brokers Ltd. can be reached at:

         Summit House
         Glebe Way
         West Wickham
         Kent BR4 0RJ
         United Kingdom
         Tel: 020 8777 7778
         Fax: 020 8777 0790


CCT INTEGRATED: Brings In Liquidators from Kingston Smith
---------------------------------------------------------
Nicholas John Miller and Ian Robert of Kingston Smith & Partners
LLP were appointed Joint Liquidators of CCT Integrated Systems
Limited on Nov. 13 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         CCT Integrated Systems Limited
         Innovation Centre
         225 Marsh Wall
         Tower Hamlets
         London E14 9FW
         United Kingdom
         Tel: 020 7531 2600
         Fax: 020 7531 2629


CHOICES INDEPENDENT: Brings In Begbies Traynor as Administrators
----------------------------------------------------------------
Mark Fry and Peter Gotham of Begbies Traynor (South) LLP were
appointed joint administrators of Choices Independent Living and
Community Support Services (Company Number 03071553) 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.

Choices Independent Living & Community Support Service can be
reached at:

         The Co-op Centre
         11 Mowll Street
         Lambeth
         London SW9 6BG
         United Kingdom
         Tel: 020 7735 7700
         Fax: 020 7820 0723


CLIFF COLE: Appoints Keith Barry Stout as Liquidator
----------------------------------------------------
Keith Barry Stout was appointed Liquidator of Cliff Cole
Associates Limited on Nov. 7 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Cliff Cole Associates Limited
         15 Glassworks Studios
         Basing Place
         Hackney
         London E2 8AB
         United Kingdom
         Tel: 020 7739 6673
         Fax: 020 7729 8351


COMMERCIAL GARAGE: Names T. Papanicola as Administrator
-------------------------------------------------------
T. Papanicola of Bond Partners LLP was named administrator of
Commercial Garage Equipment Ltd. (Company Number 04460381) on
Nov. 13.

The administrator can be reached at:

         T. Papanicola
         Bond Partners LLP
         Turnpike Gate House
         Alcester Heath
         Alcester
         Warwickshire B49 5NJ
         United Kingdom
         Tel: 01789 766406

Commercial Garage Equipment Ltd. can be reached at:

         St. Peters Road
         Dudley
         West Midlands DY2 9HX
         United Kingdom
         Tel: 01384 410 008


DELMARK ENGINEERING: Creditors' Meeting Slated for December 1
-------------------------------------------------------------
Creditors of Delmark Engineering Limited (Company Number
01907320) will meet at 2:30 p.m. on Dec. 1 at:

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

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Nov. 30 at:

         Paul David Williams
         Joint Administrator
         Menzies Corporate Restructuring
         43-45 Portman Square
         London W1H 6LY
         United Kingdom
         Tel: 020 7487 7240

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.


EMI GROUP: Inks Content Licensing Partnership with Gotuit Media
---------------------------------------------------------------
Gotuit Media has signed a multi-year strategic content licensing
agreement with EMI Music, a unit of EMI Group Plc.

Through Gotuit Media, EMI will provide its extensive catalog of
music videos from many of the world's most popular artists to
consumers on both the Gotuit Broadband Video Portal at
www.gotuit.com in the U.S. and through the Gotuit Video on
Demand (VOD) cable service, available on select Time Warner and
Comcast cable systems.

Gotuit will now offer music video fans free access to EMI's
large catalogue of music videos from artists such as Chingy,
Corrine Bailey Rae, Coldplay, Fat Boy Slim, Gorillaz, Ice Cube,
Janet Jackson, Norah Jones, KORN, OK GO!, KT Tunstall, Latin
sensations RBD, Keith Urban and many more- - whether they're
watching online, or on the couch.

EMI joins the ranks of over 40 other top professional content
providers whose video programming is available through the
Gotuit.com broadband portal and VOD service.  With the addition
of the EMI music video catalogue, Gotuit will now have one of
the largest collections of licensed music videos available for
free on the Web.

"As EMI continues to move aggressively in the digital arena,
it's important that we maintain high standards for delivering
any of our artists' content," David Munns, Chairman and CEO of
EMI Music North America, said.  Gotuit offers viewers an
exciting and high-quality way to enjoy our artists' videos.
They're a valuable new channel for fans to connect with our
artists' music and creative vision.  Gotuit is also providing
EMI and its artists a great, new revenue stream that allows us
to monetize these videos."

With its simple, intuitive user interface and exceptional video
quality, Gotuit's market-leading Video on Demand service
consistency outperforms other similar VOD offerings.  Gotuit's
online destination, Gotuit.com combines the best in professional
content in the areas of music, sports, news and entertainment
with superior navigation technology for an unmatched consumer
experience.  Gotuit.com offers super fast viewing experience,
TV-like navigation and patented deep search capabilities that
allows users to search within a video, create personal video
playlists and share them with friends.

"Gotuit has focused exclusively on bringing the best in
professional content to our audiences whether on cable,
broadband or mobile platforms," said Mark Pascarella, CEO of
Gotuit Media.  "The addition of EMI Music as a new content
partner will further enhance Gotuit's position as a premier
provider of on-demand video products, while also providing
viewers with the latest popular music video content they crave."

                       About Gotuit Media

Gotuit Media -- http://www.gotuit.com/-- is a digital media
company delivering a new class of on-demand video products to
multiple platforms including broadband, mobile and cable.
Gotuit holds a broad portfolio of patents in the on-demand video
space, including several landmark awards concerning the use of
video metadata for improved navigation, video search, and
personalized viewing.

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries, including
Brazil, and with licensees in a further 20.  The group employs
over 6,600 people.  Revenues in 2005 were near EUR2 billion and
operating profit generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 1,
Standard & Poor's Rating Services lowered to 'BB' from 'BB+' its
long-term corporate and senior unsecured ratings on U.K.-based
music producer and distributor EMI Group PLC, following an
annual review.  S&P said the outlook is negative.

As reported in the TCR-Europe on Oct. 24, Moody's Investors
Service downgraded EMI Group plc's senior debt and guaranteed
debt ratings to Ba2 from Ba1.  At the same time Moody's assigned
a Ba2 Corporate Family Rating to EMI.  The downgrade is based on
Moody's expectation that EMI's debt protection measurements will
not improve near-term to a level commensurate with the Ba1
rating category.  Moody's said the rating outlook is now stable.


EMI GROUP: Inks Partnership Deal with Shanghai Media Group
----------------------------------------------------------
Shanghai Media Group and EMI Music disclosed of a strategic
content partnership across all of SMG's online, mobile and
traditional media outlets.

The deal will see the latest releases by EMI Music artists such
as Anson Hu, Xu Wei (China), Sandy Lam (Hong Kong), Richie Ren,
David Tao and Jolin Tsai (Taiwan), as well as global stars such
as Robbie Williams and the Rolling Stones, promoted on mobile,
broadband, print media, TV and radio. Music fans will be able to
use the various platforms to get closer to their favorite stars,
through online chat rooms, mobile applications, SMS competitions
and TV programming.  The two companies will also link for
special artist events.

Kicking off the new partnership are the Flowers Band -- signed
to EMI's Pushtyphoon label headquartered in Shanghai -- who
recently had their debut digital album Happy World released on
SMG's new media platforms.  The album can be downloaded and
streamed both on the Internet and via mobile phones.  The
Flowers Band's new music video can also be downloaded and
streamed exclusively for two weeks through the 'Dream Vision'
platform operated by SMG's mobile division Dragon New Media.
Ringtones and ringbacks by the Flowers Band will also be made
available to around one million subscribers to Dragon New
Media's service.

After an online press conference alongside Zhang Da Zhong, vice
president of SMG and Michael Hwang, chairman of EMI Music China
this morning, the band held an interactive online session with
Flowers' fans from across China.

"This agreement enables us to provide consumers in China with
new ways to experience and interact with music from their
favorite artists, while at the same time giving valuable and
highly targeted exposure for our artists through SMG's extensive
media network," Michael Hwang commented.

"The cross platform digital release of music with EMI is a major
step towards developing legitimate music distribution in China,"
Zhang Da Zhong said.  "It proves that new media has become a
major distribution channel for music, and sets a milestone for
new media development in China.  SMG will work closely with EMI
to market legitimate digital music through our media resources
and provide quality entertainment to China consumers."

                    About Shanghai Media Group

Shanghai Media Group is one of the world's most powerful and
influential Chinese-language media and entertainment groups,
with radio and TV as its core business.  Other related
businesses include performing arts and sports, technical service
and investment. SMG was founded in 2001 after merging Radio
Shanghai, Eastern Radio Shanghai, Shanghai Television, Oriental
Television Station and Shanghai Cable Television.

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries, including
Brazil, and with licensees in a further 20.  The group employs
over 6,600 people.  Revenues in 2005 were near EUR2 billion and
operating profit generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 1,
Standard & Poor's Rating Services lowered to 'BB' from 'BB+' its
long-term corporate and senior unsecured ratings on U.K.-based
music producer and distributor EMI Group PLC, following an
annual review.  S&P said the outlook is negative.

As reported in the TCR-Europe on Oct. 24, Moody's Investors
Service downgraded EMI Group plc's senior debt and guaranteed
debt ratings to Ba2 from Ba1.  At the same time Moody's assigned
a Ba2 Corporate Family Rating to EMI.  The downgrade is based on
Moody's expectation that EMI's debt protection measurements will
not improve near-term to a level commensurate with the Ba1
rating category.  Moody's said the rating outlook is now stable.


ENRON CORP: Court Approves US$90MM Settlement with CFSB Parties
-------------------------------------------------------------
The Honorable Arthur Gonzalez of the U.S. Bankruptcy Court for
the Southern District of New York approves the settlement
agreement dated Aug. 25, 2006, between Enron Corp., Enron North
America Corp., Enron Natural Gas Marketing Corp., Enron
Broadband Services, Inc., Enron Energy Services, Inc., EES
Service Holdings, Inc., Enron International Inc., Enron Energy
Services Operations, Inc., ECT Merchant Investments Corp., Enron
Power Marketing, Inc., Atlantic Commercial Finance, Inc., and:

    1. Credit Suisse First Boston, Inc.,
    2. Credit Suisse First Boston (USA), Inc.,
    3. Credit Suisse First Boston LLC,
    4. Credit Suisse First Boston International,
    5. Credit Suisse First Boston (USA) International, Inc.,
    6. Credit Suisse First Boston,
    7. Pershing LLC,
    8. DLJ Capital Funding, Inc.,
    9. DLJ Fund Investments Partners III, L.P.,
   10. ERNB Ltd., and
   11. Merchant Capital, Inc.

As reported in the Troubled Company Reporter on Nov. 7, 2006,
before the Oct. 15, 2002 bar date for filing claims, certain
of the CSFB Entities filed or caused to be filed 17 proofs of
claim for obligations allegedly owing to, or damages allegedly
suffered by, the CSFB Entities in connection with various credit
facilities or financial transactions referred as Brazos Office
Holdings, JT Holdings, Syndicated LC Facility, Revolver-Short
Term, and Revolver-Long Term.

In Sept. 2003, the Enron Parties commenced an action against
various financial institutions.  In the MegaClaims Litigation,
the Enron Parties allege that, in the late 1990's and early
2000's, the defendants, including the CSFB Entities, assisted a
small number of the Enron insiders in a scheme to manipulate and
misstate the true financial condition of the Enron Entities.
The Enron entities subsequently filed various adversary
proceedings to avoid and recover, among others, alleged
preferential fraudulent transfers in connection with the
purchase of Enron common stock.

Brian S. Rosen, Esq., at Weil, Gotshal & Manges LLP, in New
York, relates that over a period of several months, principals
of the Enron Parties and the CSFB Entities held several meetings
and telephone conversations to address whether a settlement of
the Claims and the CSFB Litigation might be possible and, if so,
on what terms and conditions.  The discussions, which included
participation by senior executives of both parties, intensified
in May and June 2006 and eventually resulted in the Settlement
Agreement.

The principal terms of the Settlement Agreement are:

   (1) the CSFB Entities will make a US$90,000,000 settlement
       payment to Enron;

   (2) certain CSFB Claims under the Revolver-Short Term and
       Syndicated L/C Credit Facilities will be allowed as
       Class 4 Claims against Enron in these amounts:

       Claimant                 Claim No.     Claim Amount
       --------                 ---------     ------------
       Rushmore Capital I, LLC      99049      US$10,022,994
       UBS AG, Stamford Branch      99196       43,767,075
       Citibank, as agent           14179        6,985,638
       Morgan Stanley
         Emerging Markets, Inc.     99226        1,278,771
       UBS AG, Stamford Branch      99215       18,888,170
       JPMorgan Chase, as Agent     11166       11,475,440

   (3) certain CSFB Claims will be subordinated and assigned to
       Enron and the Litigation Trust, to the extent it is
       formed pursuant to the Plan:

      Debtor Party     Claimant       Claim No.     Claim Amount
      ------------     --------       ---------     ------------
      Enron         CSFB               99119       US$5,549,802
      ENA           CSFB, as Agent      6215        2,934,499
      Enron         CSFB, as Agent      6216        1,467,250
                    JPMorgan Chase,
      ENA              as Agent        11235        5,865,000
                    JPMorgan Chase,
      EPMI             as Agent        11236        1,288,000
                    JPMorgan Chase,
      NEPCO           as Agent         22135        4,307,383
      Ventures      CSFB Entities      10808        4,250,120
      Enron         CSFB Entities      10807        4,157,672
      ENRON         CSFB Entities      12101        3,919,331
      ENA           CSFB Entities      13091       22,896,190
      Enron         CSFB Entities      13090        6,868,857
      ENA           CSFB Entities       7523      138,304,856
      Enron         CSFB Entities       7524      120,448,323
      ENA           CSFB Entities       7525       40,738,911

   (4) The Reorganized Debtors will cause the dismissal, with
       prejudice, of Counts XVI through XIX of the Equity
       Action;

   (5) the Enron Entities or the Reorganized Debtors will waive,
       release, acquit and discharge the CSFB Entities from any
       and all claims, demands, rights, liabilities, or causes
       of action relating to the MegaClaims Litigation and the
       MegaClaims Objection; and

   (6) Enron's claims against the CSFB Assignees will be deemed
       dismissed, with prejudice.

                       About Enron Corp.

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S.
Rosen, Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtor.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.  (Enron Bankruptcy News, Issue
No. 182; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ENRON CORP: Seeks Approval for Deseret Generation Settlement
------------------------------------------------------------
Enron Corp., Enron North America Corp., and Enron Power
Marketing, Inc., ask the Honorable Arthur Gonzalez of the U.S.
Bankruptcy Court for the Southern District of New York to
approve their settlement agreement with Deseret Generation &
Transmission Co-Operative.

Melanie Gray, Esq., at Weil, Gotshal & Manges LLP, in New York,
says that ENA and Deseret Generation are parties to an
electricity SWAP agreement, dated Oct. 31, 2001, and a
contingent call contract, dated April 30, 2001.

EPMI and Deseret also entered into a Confirmation Agreement,
dated April 30, 2001, for an electricity swap pursuant to the
Western Systems Power Pool Agreement effective as of Jan. 1,
1999.

Enron executed a US$75,000,000 Guaranty, dated May 1, 2001, to
support ENA's obligations to Deseret under the Contingent Call
Contract.

On Aug. 1, 2002, Deseret filed Claim Nos. 2594, 2595 and 2597
each for US$16,548,209 against Enron, EPMI and ENA.  Deseret
alleges that Enron agreed to guaranty ENA and EPMI's obligations
arising under the Contracts through the Guaranty and an
unexecuted guaranty agreement attached to the EPMI SWAP
Contract.

On Nov. 25, 2003, the Debtors filed Adversary Proceeding No.
03-93409 against Deseret, which sought to avoid the Guaranty
pursuant to Section 548 of the Bankruptcy Code.

On Jan. 8, 2004, the Debtors filed an objection to the Deseret
Claims, seeking to reduce the amounts of Claim Nos. 2597 and
2595.  The Debtors claimed that no amounts are due under the
Contingent Call Contract, the Guaranty, and the Unexecuted
Guaranty.

On Jan. 10, 2006, the Reorganized Debtors filed their
supplemental objection to the Deseret Claims, seeking to:

   (i) reduce the amounts of Claim Nos. 2597 and 2594, including
       a right of set-off in favor of EPMI for US$346,500 based
       on electricity delivered by EPMI to Deseret under the
       EPMI SWAP Contract; and

  (ii) disallow any claims for amounts allegedly owed under the
       Contingent Call Contract, the Guaranty, and the
       Unexecuted Guaranty.

To settle their disputes, the parties reached a settlement
agreement, which provides that:

   (1) Claim No. 2597 will be reduced and allowed as a Class 5
       Allowed General Unsecured Claim against ENA for
       US$2,150,925;

   (2) Claim No. 2595 will be reduced and allowed as a Class 6
       Allowed General Unsecured Claim against ENA for
       US$6,772,315;

   (3) Claim No. 2594 will be disallowed and expunged in its
       entirety;

   (4) they will mutually release each other from all claims
       related to the Contracts; and

   (5) the Adversary Proceeding will be dismissed with
       prejudice.

                       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)


EQUITABLE LIFE: Wants Business Moved to Canada Life Under Scheme
----------------------------------------------------------------
Equitable Life Assurance Society and Canada Life Limited ask the
High Court of Justice in the U.K. to sanction a scheme under
Part VII of the Financial Services and Markets Act 2000.

Equitable Life and Canada Life also ask the High Court to make
ancillary provisions in connection with the implementation of
the Scheme under Section 112 of the Act.

The application will be heard before the Companies Court Judge
at the Royal Court of Justice, Strand, London, on Feb. 1, 2007.

Under the Scheme, Equitable Life will transfer part of its
non-profit annuity pension business to Canada Life.  Equitable
Life will retain all liabilities in relation to its business
that occurred on or before the transfer became effective.

In addition, all policies that occurred before the transfer
became effective will remain with Equitable Life.  All policies
that arose on or after the transfer became effective will be
given to Canada Life.

Any person, including a policyholder or employee, who alleges to
be affected by the scheme may appear at the hearing.

Objections to the Scheme, if any, must be in writing and served
on:

   a. Solicitors for Equitable Life Assurance Society
      Lovells
      Atlantic House
      Holborn Viaduct
      London EC1A 2FG
      Tel: +44 (0) 20-7296-2000
      Fax: +44 (0) 20-7296-2001

   b. Solicitors for Canada Life Limited

      Slaughter and May
      One Bunhill Row
      London EC1Y 8YY
      Tel: +44 (0) 20-7600-1200
      Fax: +44 (0) 20-7090-6000

Copies of the Scheme is available free of charge at Equitable
Life's Web site http://www.equitable.co.uk/and from Canada
Life's Web site http://canadalife.co.uk/

The Scheme is also available by writing to:

      Equitable Life Assurance Society
      Walton Street, Aylesbury
      Bucks HP21 7QW
      United Kingdom
      Tel: 0845-1202-512
           +44 1296-386242

              -- or --

      Canada Life Limited
      Canada Life Place
      High Street, Potters Bar
      Hertfordshire EN6 5BA
      United Kingdom
      Tel: 0845-6060-708
           +44 1707-422022

Equitable Life Assurance Society -- http://www.equitable.co.uk/
-- is a closed life insurer.

                            *     *     *

Standard & Poor's Ratings Services raised in May 2006 the long-
term counterparty credit rating on U.K.-based life insurer The
Equitable Life Assurance Society to 'BB' from 'B+'.


FEDERAL-MOGUL: Court Places Insurers' Lift Stay Motion On Hold
--------------------------------------------------------------
The Honorable Joseph H. Rodriguez, Senior U.S. District Court
Judge for the District of Delaware, granted the request of
certain insurers of Federal-Mogul Corp. and directed the Hon.
Judith K. Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware, to place the insurers' request to lift the
automatic stay off the Bankruptcy Court's calendar pending
determination by the District Court of the Insurers' request to
withdraw the reference of the Lift Stay Motion.

In a separate order, Judge Fitzgerald ruled that the Insurers'
request to lift the automatic stay to commence a state court
insurance coverage action constitutes a core proceeding.

Federal-Mogul Products Inc., with the Insurers' consent,
previously filed with the Bankruptcy Court, an agreed proposed
order, which provided that hearings on the Lift-Stay Motion will
be taken off the calendar pending resolution of the Insurers'
Withdraw-Reference Motion.  The Insurers ask Judge Fitzgerald to
reconsider the Modified Agreed Order and enter, instead, the
original Agreed Order to allow the Withdraw-Reference Motion to
be addressed in due course by the U.S. District Court for the
District of Delaware, as contemplated by 28 U.S.C. Section
157(d).

Brian L. Kasprzak, Esq., at Marks, O'Neill, O'Brien and
Courtney, P.C., in Wilmington, Delaware, asserted that
scheduling the Lift-Stay Motion for hearing in the Bankruptcy
Court before the District Court even addresses the merits of the
Withdraw-Reference Motion means that the Bankruptcy Court is
intruding on the District Court's prerogative to determine
whether particular matters in a bankruptcy case ought to be
decided by the District Court rather than the Bankruptcy Court.

Mr. Kasprzak also pointed out that by addressing the Lift-Stay
Motion separately from the District Court's consideration of the
Insurers' Abstention Motion the Bankruptcy Court creates the
very risk of inconsistent rulings and resultant judicial
inefficiency that the Withdraw-Reference Motion seeks to avoid.

Furthermore, Mr. Kasprzak argued that implementation of the
Modified Agreed Order will upset an agreement among the parties
to an adversary proceeding commenced by DII Industries, LLC,
against F-M Products.

"A court ought to be reluctant to unravel a negotiated
scheduling agreement reached at arm's-length by litigation
adversaries, unless manifest injustice would result from the
parties' agreement," Mr. Kasprzak notes.  "Surely, no injustice
would result from approving a negotiated arrangement
specifically designed to permit the District Court to exercise
discretion granted it by Congress to decide if the Lift-Stay
Motion should be decided by that Court in tandem with the
Abstention Motion, or separately by [the Bankruptcy] Court."

             Insurers Tackle F-M Products' Responses

It is apparent from F-M Product's response to the Insurers'
Motions that it agrees that coverage litigation ought to proceed
now in a state court, Mr. Kasprzak tells Judge Fitzgerald.

Mr. Kasprzak says F-M Products' argument against the Lift-Stay
Motion boils down to "a contention that a debtor should be
permitted to manipulate the automatic stay for tactical forum-
shopping purposes in order to gain an artificial litigation
priority over its adversaries."  The Debtor argues that the
Insurers' proposed New York action is no longer necessary,
because it already filed a coverage suit in New Jersey state
court, making the New York action duplicative.

Mr. Kasprzak contends that the basic premise of the Debtor's
argument is wrong, because "courts do not allow a debtor to use
the automatic stay as a sword rather than a shield."

Accordingly, the Insurers want the Debtor's objection to the
Lift-Stay overruled.

"[T]he courts of New York and New Jersey should be allowed to
sort out which case proceeds," Mr. Kasprzak says.

Mr. Kasprzak notes that even if the law did permit F-M Products
to misuse the stay, its claim that the New Jersey action is an
adequate substitute for the insurance companies' proposed New
York action ignores the fact that there are other claimants to
the insurance policies besides the Debtor who would be parties
to the New York action, but cannot be joined to the New Jersey
action because of the automatic stay.  Unlike the insurance
companies' proposed New York suit, the Debtor's New Jersey
action cannot comprehensively resolve the parties' coverage
disputes, Mr. Kasprzak explains.

Compagnie Europeenne D'Assurances Industrielles support the
Insurers' position.

            F-M Products Wants Lift-Stay Motion Denied

F-M Products asks the Bankruptcy Court to deny the Insurers'
Lift-Stay request because there is no longer any plausible
ground for filing a lawsuit in New York state court.

James E. O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones
& Weintraub LLP, in Wilmington, Delaware, informs the Bankruptcy
Court that F-M Products filed its own coverage action in the
Superior Court of New Jersey seeking to establish (i) scope of
property that belongs to its bankruptcy estate and (ii) coverage
rights as an insured party.  He points out that F-M Products'
true position is as "plaintiff," hence, F-M Products has
exercised its rights to choose the appropriate state court
forum.

"The New Jersey Superior Court is the appropriate state court
forum because New Jersey has the most substantial relationship
to relevant parties and events during all of the years at
issue," Mr. O'Neill tells Judge Fitzgerald.

To the extent that the District Court refuses to abstain from
hearing an adversary proceeding originally filed by Dresser
Industries, Inc., against F-M Products, as well as a group of
around 70 insurers, there will be never be a need for anyone to
file any lawsuit in New York in connection with the disputed
coverage issues, Mr. O'Neill notes.  The coverage disputes will
have to be resolved in the District Court, he points out.

In addition, to the extent that the District Court does abstain
and the parties resume their fight in New Jersey Superior Court,
then any insurers that are dissatisfied with F-M Products'
choice of forum will be able to seek dismissal of the New Jersey
Action on the grounds of forum non-conveniens, Mr. O'Neill
explains.

Only if a dismissal is granted would the insurers have any
legitimate basis for seeking to drag F-M Products -- a debtor
with limited resources -- into another state court, Mr. O'Neill
contends.

         Withdraw-Reference Motion Should Also Be Denied

F-M Products also ask Judge Fitzgerald to deny the Insurers'
request to withdraw the reference of the Lift-Stay Motion from
the Bankruptcy Court because the issues raised are "basic
bankruptcy law questions that are best considered and decided by
[a] bankruptcy court, which specializes in bankruptcy law and is
familiar with [F-M Products'] financial condition and
reorganization efforts."

Considering F-M Products' filing of its New Jersey Action, F-M
Products maintains that it does not oppose discretionary
abstention in the Adversary Proceeding except as to "corporate
successorship" issue, which has been fully briefed and is ripe
for decision.

Certain Underwriters of Lloyd's, London and London Market
Companies; Employers Mutual Casualty Company; European
Reinsurance Company of Zurich; and Swiss Reinsurance Company
support the Insurers' Withdraw-Reference Motion.

The Underwriters, et al., believe that failure to withdraw the
reference could result in inconsistent rulings by the District
and Bankruptcy Courts.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No.01- 10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 119; Bankruptcy Creditors' Service Inc.
http://bankrupt.com/newsstand/or 215/945-7000).


FAIRGROUND GAMING: Liquidating Assets Following Unit Disposal
-------------------------------------------------------------
Fairground Gaming Holdings plc will hold an Extraordinary
General Meeting at 10:00 on Dec. 11 to approve:

   * the disposal of the company's Spin Palace Group assets; and

   * the cessation of common stock trading in the London Stock
     Exchange-Alternative Investments Market.

On Nov. 17, the company agreed to dispose of its gaming
operations and infrastructure in their entirety to Seahouses
Holdings Limited, a major shareholder.

These operations and the infrastructure to support them are
conducted and held by FGH Acquisitions (Spin) Ltd. and its
subsidiaries.

                     Terms of the Disposal

The total estimated consideration payable for The Spin Palace
Group is GBP11.1 million which is to be satisfied by:

   -- a cash payment of GBP5.09 million;

   -- the reclassification of Seahouses' 9,100,100 ordinary
      shares in Fairground Gaming into Deferred Shares which
      will have no voting and only notional economic rights; and

   -- the cancellation of Seahouses' 27,294,707 warrants to
      subscribe for 27,294,707 new ordinary shares in Fairground
      Gaming;

The value attributed to ordinary shares reclassified into
Deferred Shares and cancellation of warrants is around GBP6
million on the basis of 16.5 pence being the market price per
ordinary share in the Company on Nov. 16, 2006.

As the Disposal is a sale of shares, Seahouses will acquire The
Spin Palace Group with all the liabilities of The Spin Palace
Group including player balances and all leases, and will take
over all employees.

The Executive Directors of Fairground Gaming will not remain
with the operations that are being disposed of.

Seahouses has advised the Company that it has no intention to
operate the business of the Spin Palace Group in the United
States.

Following the completion of the disposal, the company's board of
directors intends to apply for delisting of its ordinary shares
on LSE's Alternative Investments Market and wind-up Fairground
Gaming's business and return cash to shareholders.

                      Voluntary Liquidation

The Board intends to liquidate Fairground Gaming and to
distribute the cash balance to the remaining non-Seahouses
shareholders, who in aggregate will hold 28,626,324 ordinary
shares in the Company, as a return of capital.

Subsequent to the Disposal, the Company expects that it will be
left with around GBP6.16 million in cash after providing for
winding-up costs and fees related to the Disposal.  It is
estimated that this will yield around 21.5 pence per ordinary
share in the Company and it is expected that this liquidation
distribution will take place by the end of February 2007.

This payment would represent a premium of around 68% to the
average weighted price of an ordinary share in the Company from
the period of Oct. 13, 2006, when the UIGEA was signed into law
to Nov. 16, 2006.

The board anticipates that if the resolutions are passed and the
disposal is completed on Dec. 15, a liquidator will be appointed
the day after and distributions will be made to shareholder by
the end of February 2007.

Guardian Trust Company Limited, as trustee for the Federation
Trust, which holds 2,783,824 Ordinary Shares representing around
9.7 percent of the Ordinary Shares eligible to vote in favor of
the Resolutions, has irrevocably undertaken to vote in favor of
the Resolutions.  Evan Gregory Hoff is interested in such
Ordinary Shares by virtue of the fact that his immediate family
are members of the class of discretionary beneficiaries of the
Federation Trust.

                        Expected Timetable
                        ------------------

   Latest time and date for
   receipt of Proxy Forms            10:00, Dec. 9

   Extraordinary General Meeting     10:00, Dec. 11

   Completion of Disposal            Dec. 15

   Appointment of Liquidator         Dec. 15

   Shares cease trading on AIM       7:00, Dec. 18

   Distribution to Shareholders      Around Feb. 28, 2007

                      UIGE Act of 2006

Following the passing of the Unlawful Internet Gambling
Enforcement Act of 2006 on Oct. 13 in the United States, the
Spin Palace Group terminated participation by US-based customers
in its casino and poker activities.

According to Fairground Gaming, the recent passing of UIGEA has
adversely impacted the company.  The Board terminated
participation by US-based customers in the Spin Palace Group's
casino and poker activities before President Bush signed UIGEA
into law.  The impact on the business of the Spin Palace Group
has predictably been severe with around 70 percent of the Spin
Palace Group's revenue being lost.  As a result, the Board
urgently embarked on a process of evaluating alternative
strategies, including the sale of either part or all of the
business of the Spin Palace Group, with a view to maximizing
Shareholder value.  The Board believes the Disposal is the
optimal course of action.

"The closure of our U.S.-facing activity and the impact of that
legislation on the listed company environment continues to be
deeply felt, with our business now only marginally profitable,"
Fairground Gaming CEO Evan Gregory Hoff said.  "Accordingly, in
the interests of maximizing value for our shareholders, we
believe it is in the best interests of all our shareholders to
accept this offer for The Spin Palace Group and for the Company
to proceed along the lines announced."

The Company's unaudited interim financial results for the six
month period to June 30, 2006, showed total assets of US$87.4
million (including intangible assets of US$64.2 million), total
liabilities of US$49.8 million and shareholders' funds of
US$37.6 million.  The loss for the period amounted to
US$109,000.  This loss comprised revenue for 15 days from the
Spin Palace Group of US$785,000, administrative expenses of
US$1,183,000 and financing income of US$289,000.  Administrative
expenses included costs for the Fairground Gaming operation for
the half year of US$701,000.

                         Board Changes

On and with effect from completion of the Disposal, Richard
Howard Akitt will resign from the Board.  All other directors
will resign prior to, or with the appointment of the liquidator.

As Seahouses holds 9,100,100 Ordinary Shares representing around
24 percent of Fairground Gaming's issued share capital as at the
date of Nov. 17, the disposal is considered a related party
transaction under the AIM Rules.  Accordingly Seahouses will not
vote on any of the Resolutions.

                      About Spin Palace

The Spin Palace Group comprises online casino and poker
operations licensed in the Kahnawake Mohawk Territory of Canada
offering customers more than 200 different casino and poker
games.  Net gaming revenue (the difference between amounts
wagered by active players and the amounts paid out to active
players minus bonuses paid to active players) in 2005 was almost
US$30 million from a base of around US$19 million in 2004.  All
but three percent of this revenue was generated through casino
activities, with the remainder through poker games.

Headquartered in Douglas, Isle of Man, Fairground Gaming Plc --
http://www.fairgroundgaming.com/-- was formed in 2005 with the
specific purpose of taking advantage of expected consolidation
within the online gaming sector.  The company was floated on the
AIM market of the London Stock Exchange in October 2005, with
the stock symbol FGH.


GENERAL MOTORS: Kirk Kerkorian Cuts GM Stake to 7.4%
----------------------------------------------------
Billionaire investor Kirk Kerkorian's Tracinda Corp. had sold
US$462 million of stock in General Motor Corp., cutting its
stake in the automaker to 7.4% from 9.9% of outstanding shares,
Kevin Krolicki of Reuters reports.

According to the source, Mr. Kerkorian dropped his plans to buy
more GM shares after Jerome York's resignation from GM board and
the closure of potential partnership deal between GM and the
Nissan Motor Co.-Renault SA alliance, which sent GM stock
dropping 5% on the New York Stock Exchange.  Carlos Ghosn heads
both Nissan and Renault.

John D. Stoll and Stephen Wisnefski of the Wall Street Journal
reports that Mr. Kerkorian had been the driving force behind the
talks but failed to work it out because of a dispute over the
specific equity arrangement of a potential tie-up, which leads
to the resignation of his associate Mr. York from GM's board
after GM ended the deal.

The move to sell shares led many analysts to believe that Mr.
Kerkorian's plans include the possibility of Tracinda seeking a
proxy fight to place its members on GM's board of directors,
Wall Street relates.

Bloomberg states that Mr. Kerkorian offered to buy US$825
million in shares of Las Vegas-based, casino operator MGM
Mirage, the same day when the stake sale was announced.
Tracinda, GM's second largest shareholder, seeks to pay US$55 a
share to increase its stake in MGM to 61.7%.

In a filing with the U.S. Securities and Exchange Commission,
Tracinda agreed to sell 14 million shares in a private
transaction for US$33 each.  The purchase is to be settled
today, Nov. 24, 2006.

                       About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries and its vehicles are sold in 200 countries.

                            *    *    *

As reported in the TCR-Europe on Nov. 16, Standard & Poor's
Ratings Services assigned its 'B+' bank loan rating to General
Motors Corp.'s proposed US$1.5 billion senior term loan
facility, expiring 2013, with a recovery rating of '1'.  The
'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

At the same time, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the proposed US$1.5 Billion secured term loan
of General Motors Corp.  The term loan will be secured by a
first priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corporation.


HERTZ CORP: Moody's Changes Outlook After IPO Completion
--------------------------------------------------------
Moody's Investors Service changed the rating outlook of The
Hertz Corp. to stable from negative following the completion of
a US$1.3 billion IPO by Hertz Global Holdings, Inc., the
acquisition vehicle through which equity sponsors Clayton,
Dubilier & Rice, Inc., The Carlyle Group and Merrill Lynch
Global Private Equity acquired Hertz in December of 2005.

Proceeds from the IPO have been used to repay a US$1 billion
loan facility that funded a US$1 billion dividend payment to its
common stockholders (consisting of equity sponsors and
management) in June 2006, and to make an additional US$260
million distribution to common stockholders prior to the IPO.

The change in outlook to stable reflects Moody's view that the
repayment of the Hertz Holdings US$1 billion loan addresses the
potential financial risk posed to Hertz when its parent company
took on this obligation.  Because dividends from Hertz represent
the only source of earnings, cash flow and debt service capacity
for Hertz Holdings, the US$1 billion loan could have resulted in
added pressure on Hertz to make such payments.  The outlook had
been changed to negative on June 29 as a result of this risk.

The stable outlook also reflects the rating agency's view that
although Hertz's leverage increased considerably as a result of
the December 2005 buyout, the company's competitive position and
credit metrics, relative to those of its rental-company peers,
will remain supportive of a Ba3 corporate family rating.
Hertz's car rental operations enjoy a leading position in the
on-airport segment and a growing presence in the off-airport
market.  In addition, the company's equipment rental unit, Hertz
Equipment Rental Company, benefits from the continuing strong
rebound in the commercial construction market.

The principal operating challenges the company faces include:

   -- the weak financial position of its OEM
      automobile suppliers,

   -- the rising cost of vehicles, and

   -- the exposure to changes in used car prices due to
      higher purchases of risk vehicles that are not covered
      by OEM repurchase agreements.

In addition, the equipment rental markets of HERC remain highly
cyclical.

Despite these operating challenges, Hertz's competitive
strengths should enable the company to gradually strengthen its
credit metrics as the healthy construction cycle continues and
as it begins to harvest the benefits of efforts to manage higher
fleet costs.  These efforts include:

   -- modestly extending the holding period for cars,

   -- purchasing a higher percentage of risk vehicles, and

   -- increasing the pace at which it passes on higher
      vehicle costs to customers.

At September 2006 LTM Debt/EBITDA was 4.5x, YTD EBIT/Interest
was 1.3x, and LTM EBITDA/Interest was 3.8x.  In addition, the
company maintains a prudent level of liquidity with cash and
securities of US$436 million and US$1.6 billion available under
its ABL credit facility.

The Hertz Corp., headquartered in Park Ridge, New Jersey,
operates the largest general use car rental business in the
world, and one of the largest industrial, construction and
material handling rental businesses in North America.


INHOCO 3005: Appoints Joint Administrators from KPMG
----------------------------------------------------
Myles Antony Halley, David Costley-Wood, Paul Andrew Flint and
Brian Green of KPMG LLP were appointed joint administrators of
Inhoco 3005 Ltd. (Company Number 04956429) on Nov. 10.

KPMG LLP -- http://www.kpmg.co.uk/-- in the U.K. is part of a
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.

Headquartered in Manchester, England, Inhoco 3005 Ltd.
manufactures kitchen units.


INTERFACE INC: Moody's Lifts Rating to B1 on Improved Margin
------------------------------------------------------------
Moody's Investors Service upgraded the long-term ratings of
Interface Inc., which had been on positive outlook since
April 17.

The upgrade reflects the company's sustained improvement in
operating margin and free cash flow generation; it also further
acknowledges Interface's financial and operating recovery
following a severe slowdown in the corporate interiors market in
the period from 2001 through 2003.

The upgrade also reflects the company's issuance of 5.75 million
shares (including the exercise of an over-allotment option) at
US$14.65 per share, resulting in net proceeds of around US$79
million on Nov. 10 and the company's intention to use the
proceeds to repay outstanding debt.

Rating actions:

   -- original US$150 million 7.3% guaranteed
      senior unsecured notes due 2008, upgraded
      to B1 (LGD 3, 48%) from B2 (LDG 3, 49%);

   -- US$175 million 10.375% guaranteed senior unsecured
      notes due 2010, upgraded to B1 (LGD 3, 48%)
      from B2 (LDG 3, 49%);

   -- US$135 million 9.5% guaranteed senior subordinated
      notes due 2014, upgraded to B3 (LGD 5, 88%) from
      Caa1 (LDG 5, 89%);

   -- Corporate Family Rating, upgraded to B1 from B2; and

   -- Probability of Default Rating, upgraded to B1 from B2.

The outlook for the ratings is stable.

Further improvements in diversification efforts, sustainable
adjusted free cash flow to debt ratios of about 10%, EBIT to
interest coverage comfortably above two times and continuing
delivering below adjusted debt to EBITDA of 3 times would
provide a certain degree of financial flexibility to manage what
remains a cyclical business and could lead to a positive
outlook.

Lack of progress with the company's segmentation strategy or
indications of slowdown in core markets resulting in a decline
in adjusted free cash flow to debt below 5%, EBIT to interest
coverage below 1.5 times could result in downward pressure on
the ratings.  Cash or debt-financed acquisitions or the
assumption of additional indebtedness could result in a
downgrade.


MENDIP PLYWOOD: Hires Joint Administrators from BDO Stoy
--------------------------------------------------------
Graham David Randall and David Harry Gilbert of BDO Stoy Hayward
LLP were appointed joint administrators of Mendip Plywood Ltd.
(Company Number 01998482) on Nov. 9.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

Mendip Plywood Ltd. can be reached at:

         Peartree Industrial Estate
         Bath Road
         Langford
         Bristol
         Avon BS40 5DJ
         United Kingdom
         Tel: 01934 853 385
         Fax: 01934 853 344


P.J. BUTLER: Taps Begbies Traynor as Administrators
---------------------------------------------------
Gary Lee and Kevin Coates of Begbies Traynor were appointed
joint administrators of P.J. Butler & Son Ltd. (Company Number
00546679) on Nov. 10.

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

Headquartered in Oldbury, England, P.J. Butler & Son Ltd. is
engaged in freight transport by road.


PHOENIX INDUSTRIAL: Appoints Begbies Traynor as Administrators
--------------------------------------------------------------
David Robert Acland and Steven John Williams of Begbies Traynor
were appointed joint administrators of Phoenix Industrial
Flooring Ltd. (Company Number 03112419) on Nov. 8.

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

Phoenix Industrial Flooring Ltd. can be reached at:

         Littleton Business Park
         Littleton Drive
         Cannock
         Staffordshire WS12 4TR
         United Kingdom
         Tel: 01543 466 906


RIBBLESDALE ENGINEERING: Hires Liquidator from J M Marriott
-----------------------------------------------------------
Jonathan Malcolm Timmis of J M Marriott & Co. was appointed
Liquidator of Ribblesdale Engineering Limited on Nov. 13 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Ribblesdale Engineering Limited
         Station Road
         Settle
         North Yorkshire BD249AD
         United Kingdom
         Tel: 01729 824 010
         Fax: 01729 824 019


SAMSONITE CORP: Offers Senior Notes & Declares Special Dividend
---------------------------------------------------------------
Samsonite Corp. is commencing offers to purchase for cash any
and all of its outstanding 8-7/8% Senior Subordinated Notes due
2011 and Floating Rate Senior Notes due 2010.

The current aggregate outstanding principal amount of Senior
Subordinated Notes is US$164,970,000, and the current aggregate
outstanding principal amount of Floating Rate Notes is
EUR100,000,000.

In connection with the offers to purchase, the Company is
soliciting consents to certain proposed amendments to the Notes
and the indentures governing the Notes, which will eliminate
substantially all of the restrictive covenants and certain
provisions relating to events of default and amend certain other
related provisions.  Holders may not tender their Notes without
also delivering consents or deliver consents without also
tendering their Notes.

Each offer to purchase will expire at 9:00 a.m., New York City
time, on Dec. 20, 2006, unless extended or earlier terminated.
The consent solicitations will expire at 9:00 a.m., New York
City time, on Dec. 6, 2006, unless extended.

The "Total Consideration" shall be:

   (i) US$1,088.75 for each $1,000 principal amount of
       Senior Subordinated Notes tendered on or prior to
       the Consent Date, and not validly withdrawn prior
       to execution of the applicable supplemental
       indenture, plus accrued and unpaid interest on
       such principal amount of Senior Subordinated Notes
       to, but not including, the Initial Payment Date, and

   (ii) EUR1,020 for each EUR1,000 principal amount of
        Floating Rate Notes tendered on or prior to the
        Consent Date, and not validly withdrawn prior
        to execution of the applicable supplemental
        indenture, plus accrued and unpaid interest on
        such principal amount of Floating Rate Notes to, but
        not including, the Initial Payment Date.  The
        Total Consideration includes the Consent Payment.
        The "Tender Offer Consideration" is equal to the
        Total Consideration minus the applicable
        Consent Payment.

If the requisite number of consents required to amend the
applicable indenture is received and the applicable offer to
purchase is consummated, the Company will make consent payments
of:

   (i) in the case of Senior Subordinated Notes, US$20
       per US$1,000 principal amount of Senior
       Subordinated Notes for which consents have been
       validly delivered and not revoked on or prior to
       the Consent Date for such Notes, and

   (ii) in the case of Floating Rate Notes, EUR20 per
        EUR1,000 principal amount of Floating Rate Notes
        for which consents have been validly delivered and
        not revoked on or prior to the Consent Date for
        such Notes.

If the Notes are accepted for payment pursuant to the offers,
holders who validly tender (and do not validly withdraw) their
Notes pursuant to the offers on or prior to the applicable
Consent Date will receive the applicable Total Consideration on
the applicable Initial Payment Date.  Holders that validly
tender their Notes after the applicable Consent Date, but on or
prior to the applicable Expiration Date, will receive the
applicable Tender Offer Consideration only but not the
applicable Consent Payment on the applicable Subsequent Payment
Date.  No tenders will be valid if submitted after the
Expiration Date.

The "Initial Payment Date" is expected to be on or promptly
following the Initial Acceptance Date.  The "Initial Acceptance
Date," is expected to be the date that all conditions to the
respective offer have been satisfied.  The "Subsequent Payment
Date" is expected to be on or promptly following the Subsequent
Acceptance Date.  The "Subsequent Acceptance Date" is expected
to be the first business day on which any Notes are validly
tendered and not withdrawn after 9:00 a.m., New York City time,
on the Consent Date but on or prior to the Expiration Date.  The
Initial Acceptance Date and the Subsequent Acceptance Date may,
if the conditions to the respective offer have not been
satisfied prior thereto, be the same date.

The terms of the offers to purchase and consent solicitations,
including the conditions to the Company's obligations to accept
the Notes tendered and consents delivered and pay the applicable
Tender Offer Consideration and Consent Payment, are set forth in
the Company's Offers to Purchase and Consent Solicitation
Statement, dated Nov. 21, 2006.

One of the conditions to completing the offers is that the
Company has available funds sufficient to pay the total
consideration with respect to all notes (regardless of the
amount of notes tendered) from:

   (i) borrowings under a new credit facility on terms
       and conditions acceptable to Samsonite, in its
       sole discretion, on or prior to the Initial
       Acceptance Date and

   (ii) cash on hand.

The Company may amend, extend or terminate the offers to
purchase and consent solicitations at any time in its sole
discretion without making any payments with respect thereto.

The offers to purchase and consent solicitations are part of a
series of transactions that are expected to include these
components:

    * the conversion of at least 90% of the
      Company's outstanding shares of convertible
      preferred stocks into shares of its common stock;

    * the entering into a new credit facility consisting of
      an approximately US$450 million term loan facility and
      an approximately US$80 million revolving credit
      facility; and

    * the distribution of approximately US$175 million in
      cash in the form of a special dividend to the
      Company's stockholders and dilution adjustment payments
      to its option holders.

The Company's board of directors has formed a special committee
of its independent directors to review and evaluate the
Preferred Stock Conversion and the Distribution, including the
declaration of the Special Dividend, to negotiate the terms of
such transactions with representatives of the holders of its
Preferred Stock and to make recommendations to the Company's
board of directors.  There can be no assurance that these
transactions will be completed or that the Special Dividend will
be declared.

The Company has been informed by its major stockholders that
collectively hold over 90% of its outstanding shares of the
Preferred Stock that if the Company's board of directors
declares the Special Dividend, then the holders will convert all
their shares of Preferred Stock into shares of the Company's
common stock immediately prior to the payment of the Special
Dividend.

The Company expects to enter into a new credit facility
consisting of an approximately US$450 million senior secured
term loan facility and an approximately US$80 million senior
secured revolving credit facility, including a letter of credit
sub-facility.  The proceeds of the term loan facility, along
with a portion of the proceeds of the revolving credit facility
and cash on hand, are expected to be used to finance the payment
of the Special Dividend and the offers to purchase the Notes.

The new credit facility is expected to be secured with
substantially all of the Company's domestic assets and certain
foreign assets, and contain conditions precedent,
representations and warranties, covenants and events of default
customary for transactions of this type.  In addition, the new
credit facility is expected to be prepayable by the Company at
any time without any penalty or premium and contain mandatory
prepayments provisions customary for transactions of this type.

The Company expects the revolving credit facility to have a
maturity of six years and the term loan facility to have a
maturity of seven years.  There can be no assurance that the
Company will be able to enter into the new credit facility as
described above.  The Company may restructure and/or reduce the
amount of borrowings under the new credit facility depending on
the amount of the Special Dividend declared by its board of
directors or if the board decides not to declare the Special
Dividend.

Deutsche Bank AG, London Branch and Merrill Lynch&Co. are the
dealer managers for the offers to purchase and the solicitation
agents for the consent solicitations.

Samsonite Corporation (OTCBB: SAMC.OB) --
http://www.samsonite.com/-- designs, manufactures and
distributes luggage, casual bags, business cases and travel
related products throughout the world.  The Company also
licenses its brand names and is involved with the design and
sale of apparel.  The company's executive offices are located in
London, England.

                             *   *   *

As reported in the Troubled Company Reporter-Europe on Sept. 15,
Moody's Investors Service placed the long-term ratings of
Samsonite Corporation, under review for possible upgrade:

      * B1 corporate family rating
      * B1 on the senior unsecured notes
      * B3 on the 8.875% subordinated notes


SAMSONITE CORP: S&P Revises Outlook on Special Dividend Issuance
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Samsonite Corp. to negative from stable.  At the same time, it
affirmed ratings on the company, including the 'BB-' corporate
credit rating.  The company had around US$306.8 million of total
debt outstanding as of July 31, 2006.

The revised outlook follows the company's announcement that it
plans to issue a US$175 million special dividend to the
company's shareholders.  "We believe the special dividend
reflects a more aggressive financial policy and will result in
higher pro forma debt leverage," said Standard & Poor's credit
analyst Mark Salierno.

As part of the transaction, Samsonite will refinance its
outstanding public debt.  The company plans to enter into a new,
US$530 million senior secured credit facility, consisting of an
US$80 million revolving credit facility and a US$450 million
term loan.  Proceeds of these facilities will be used to pay the
special dividend, and to fund the company's offer to repay the
remainder of its EUR100 million floating-rate notes due 2010 and
US$165 million on its outstanding senior subordinated notes due
2011.  S&P expects these transactions to close by the end of
December 2006.  As a result of the refinancing and the
incremental debt added to the company's balance sheet, the
rating agency expects pro forma lease- and pension-adjusted debt
leverage to increase to slightly more than 4x from about 3.2x as
of July 31, 2006.

The ratings on Samsonite reflect:

   -- its aggressively leveraged financial profile,
   -- narrow business focus, and
   -- exposure to the travel-and-tourism industry.

These factors are somewhat offset by the company's strong market
position as a leading global manufacturer and distributor of
luggage, casual bags, business cases, and other travel-related
products.


SEA CONTAINERS: Can Assign Admin. Status to Claims Until Dec. 19
----------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware grants, on an interim basis, Sea
Containers Inc. and its debtor-affiliates' request to accord
administrative priority expense status to all Intercompany
Claims, through and including Dec. 19, 2006.

As reported in the Troubled Company Reporter on Oct. 30, 2006,
in the normal operations of their business, the Debtors engage
in intercompany transactions involving intercompany trade and
intercompany cash and capital needs.

As a result, there are numerous intercompany claims that reflect
intercompany receivables and payments made in the ordinary
course of the Debtors' businesses.  These Intercompany
Transactions include, but are not limited to expense allocation
and advances.

At any given time, there may be Intercompany Claims owing among
the Debtors.  The Debtors maintain records of all Intercompany
Transactions and can ascertain, trace and account for all
Intercompany Transactions.

                      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
15/945-7000).


SEA CONTAINERS: Reports Initial Consolidated Cash Flow Forecast
---------------------------------------------------------------
Sea Containers Ltd. and its subsidiaries Sea Containers
Services Ltd. and Sea Containers Caribbean Inc. delivered a
consolidated cash flow forecast with the U.S. Bankruptcy Court
for the District of Delaware on Nov. 1, 2006.

Ian C. Durant, vice president for finance and chief financial
officer of Sea Containers Ltd., disclosed of in a regulatory
filing with the Securities and Exchange Commission that certain
assets of the Debtors and their non-debtor subsidiaries may be
sold during the next twelve months, which may result in
additional available cash for the Debtors.

       Period                  Forecast Closing Cash
       ------                  ---------------------
       October 2006                    US$49,100,000
       November 2006                      48,200,000
       December 2006                      49,800,000
       January 2007                       48,100,000
       February 2007                      43,900,000
       March 2007                         38,200,000
       April 2007                         34,700,000
       May 2007                           29,900,000
       June 2007                          24,100,000
       July 2007                          13,600,000
       August 2007                        10,600,000
       September 2007                      6,200,000
       October 2007                        3,600,000

A full-text copy of the Consolidated Cash Flow Forecast is
available for free at http://researcharchives.com/t/s?152f

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SERVKO ELECTRICAL: Calls In Liquidators from Poppleton & Appleby
----------------------------------------------------------------
Stephen James Wainwright and Stephen Lord of Poppleton & Appleby
were appointed Joint Liquidators of Servko Electrical Limited
(formerly J Wright Electrical Services Limited) on Nov. 10 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Servko Electrical Limited
         Quantas House
         Rooley Lane
         Bradford
         West Yorkshire BD4 7SJ
         United Kingdom
         Tel: 01274 689 696


SEWARD DEVELOPMENTS: Appoints Begbies Traynor as Administrators
---------------------------------------------------------------
David Paul Hudson and Timothy John Edward Dolder of Begbies
Traynor were appointed joint administrators of Seward
Developments Ltd. (Company Number 04985123) on Nov. 13.

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

Seward Developments Ltd. can be reached at:

         121 London Road
         Marks Tey
         Colchester
         Essex CO6 1EB
         United Kingdom
         Tel: 01206 212 040
         Fax: 01206 212 041


SISTERLARK LIMITED: Names Administrators from DTE
-------------------------------------------------
A. Clifton and N. A. Bennett of DTE Leonard Curtis were
appointed joint administrators of Sisterlark Ltd. (t/a
YellowPatter Sheet Metal Products) (Company Number 04301361) on
Nov. 10.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Sisterlark Ltd. can be reached at:

         Unit N
         Chantry Lane
         Storrington
         Pulborough
         West Sussex RH20 4TA
         United Kingdom
         Tel: 01903 748 000
         Fax: 01903 742 668


SOUTH COAST: Claims Filing Period Ends Dec. 21
----------------------------------------------
Creditors of South Coast Access Limited have until Dec. 21 to
prove their debts by sending written statements of the amount
they claim to be due to them from the Company to appointed Joint
Liquidators Frank Wessely and Peter James Hughes-Holland at:

         Vantis
         81 Station Road
         Marlow
         Buckinghamshire SL7 1NS
         United Kingdom

The company can be reached at:

         South Coast Access Limited
         Lovells Yard
         Lynch Lane
         Weymouth
         Dorset DT4 9DU
         United Kingdom
         Tel: 01305 839 999


TITAN EUROPE: Fitch Keeps Low-B Ratings on GBP4.2-Million Notes
---------------------------------------------------------------
Fitch Ratings upgraded Titan Europe 2004-1 Plc's Class B to D
notes due 2013 and affirmed the rest:

   -- GBP64.9 million Class A (XS0205704405) affirmed at AAA;

   -- GBP0.05 million Class X (XS0205719692) affirmed at AAA;

   -- GBP9.7 million Class B (XS0205720195) upgraded to AAA from
      AA;

   -- GBP13.8 million Class C (XS0205720609) upgraded to AAA
      from A;

   -- GBP6.9 million Class D (XS0205721839) upgraded to BBB+
      from BBB-;

   -- GBP2.8 million Class E (XS0205722480) affirmed at BB; and

   -- GBP1.4 million Class F (XS0205722720) affirmed at B.

The rating actions reflect the increased subordination and the
expected redemption of the largest loan and subsequent
sequential principal allocation as well as the performance of
the two remaining loans.

The borrower of the largest loan, the GBP71.3 million Audras
loan, is in the final stages of selling the underlying property.
The loan will be prepaid and the principal will be used to
redeem Class A in full and Class B in part in January 2007.
This will further increase the subordination levels.

The pool will then comprise of only two of the original five
loans.  The GBP16.1 million Kandahar loan is secured on the
Salters Court Shopping Centre in Droitwich and the GBP12 million
CSAM loan is secured on a portfolio of seven commercial
properties across the U.K.

The loan-to-value of the CSAM loan stood at a low 30.8% and in
October 2006, the interest coverage ratio was strong at 2.6x.
On the other hand, Kandahar loan had a LTV of 67% and an ICR of
1.2x as at October 2006.

Although the latter's LTV is considered high, this is an
improvement from the original LTV of 87% after the Salters Court
Shopping Centre was re-valued at GBP26 million in April 2006, an
increase of GBP8 million.

The Kandahar loan's ICR on a forward 12 month basis is expected
to fall to 1.04x, breaching the covenant of 1.05x.  However,
this excludes additional income, e.g. rent from tenants staying
in the property after lease expiry and this breach can easily be
topped up from the available GBP1-million escrow fund.

The borrower has so far met all obligations and is expected to
continue to do so.  Several new leases with current rent-free
periods will start generating income in 2007 and therefore an
improvement will be expected at this time.

There is an available funds cap on the Classes E and F. Excess
spread is used to pay interest on Class X. So far, GBP1.3
million of excess spread was generated.


TOTAL MOVE: Taps Menzies as Joint Administrators
------------------------------------------------
Andrew Gordon Stoneman and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Total Move Solution Ltd. (Company Number 05038812) on Nov. 13.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

Total Move Solution Ltd. can be reached at:

         Mudlands Industrial Estate
         Manor Way
         Rainham
         Essex RM13 8RH
         United Kingdom
         Tel: 020 8984 0000
         Fax: 020 8984 0010


UNITED POINT: Names Jeffrey Mark Brenner Liquidator
---------------------------------------------------
Jeffrey Mark Brenner of B & C Associates was appointed
Liquidator of United Point of Purchase Limited on Nov. 10 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Interserve House
         Ruscome Park
         Ruscome Lane
         Twyford
         Reading RG10 9JU
         Berkshire
         United Kingdom
         Tel: 0118 934 3777
         Fax: 0118 934 3667


V-LAN LIMITED: Appoints DTE Leonard as Joint Administrators
-----------------------------------------------------------
P. D. Masters and A. Clifton of DTE Leonard Curtis were
appointed joint administrators of V-Lan Ltd. (Company Number
04408463) on May 9.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

V-Lan Ltd. can be reached at:

         The Lodge Trinity House
         Trinity Street
         Leamington Spa
         Warwickshire CV32 5YN
         United Kingdom
         Tel: 01926 452 122
         Fax: 01926 425 489


VANILLE DIRECT: Brings In BDO Stoy to Administer Assets
-------------------------------------------------------
Simon Edward Jex Girling and Mark Peter George Roach of BDO Stoy
Hayward LLP were appointed joint administrators of Vanille
Direct Ltd. (Company Number 05179815) on Nov. 13.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

Vanille Direct Ltd. can be reached at:

         337 Bath Road
         Slough
         Berkshire SL1 5PR
         United Kingdom
         Tel: 0117 934 2800


WHITES & ELLAND: Brings In Joint Liquidators from Kroll
-------------------------------------------------------
Robert A. H. Maxwell and Stuart C. E. Mackellar of Kroll were
appointed Joint Liquidators of Whites & Elland Limited on
Nov. 14 for the creditors' voluntary winding-up procedure.

Headquartered in Harrogate, England, Whites & Elland Limited --
http://www.whitesandelland.co.uk/-- offers painting and
decorating services for domestic commercial and industrial in
both interior and exterior fields.


WILLIAM DOBSON: Creditors Confirm Liquidators' Appointment
----------------------------------------------------------
Creditors of William Dobson & Partner Limited confirmed Nov. 10
the appointment of Gordon S. Goldie and Allan David Kelly of
Tait Walker as the company's Liquidators.

Headquartered in Newcastle upon Tyne, England, William Dobson &
Partner Limited -- http://www.dobsonelectricals.co.uk/-- offers
a wide range of services including design, installation,
testing, commissioning and maintenance of electrical equipment
such as security alarm systems, CCTV, personal attack systems,
fire alarm systems, among others.


* BOOK REVIEW: Trump: The Saga of America's Most Powerful Real
               Estate Baron
--------------------------------------------------------------
Author:     Jerome Tuccille
Publisher:  Beard Books
Paperback:  288 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982234/internetbankru
pt

This is the remarkable unfinished saga of an extraordinary
American.  When this book was first published in 1985, Donald J.
Trump was scarcely into his fourth decade.

He made the leap from local New York City boy who had made good
to a national and even world-prominent figure.

It all started some 10 years earlier when Trump gambled that New
York City would rebound from its financial morass.  People
laughed and scoffed at that time, but he was right, and he has
profited mightily from his faith and vision.

This is compelling reading about the inside machinations of his
glamorous world.

                           *********

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 * * *