TCREUR_Public/061127.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

           Monday, November 27, 2006, Vol. 7, No. 235

                            Headlines


A U S T R I A
A.M.M. LLC: Wiener Neustadt Court Orders Business Shutdown
NRG TRADING: Creditors' Meeting Slated for December 13
STAHLBAU BEWEHRUNGSSTAHL: Creditors' Meeting Slated for Dec. 6
TRUCK & WOOD: Creditors' Meeting Slated for November 30
ZAGAR LLC: Creditors' Meeting Slated for December 6
B U L G A R I A
* Fitch Affirms Municipality of Blagoevgrad's Rating at BB+
F R A N C E
AUTOCAM CORP: May Not Comply with Covenants on December 2006
CA INC: Declares US$0.04 Per Share Quarterly Cash Dividend
G E R M A N Y
ASTRANS LOGISTICS: Claims Registration Ends December 6
BORSCHEL ELECTRONIC: Claims Registration Ends December 1
DETTERBECK BETEILIGUNGEN: Claims Registration Ends December 8
E-MAC DE: Moody's Rates EUR3.5-Million Class F Notes at (P)Ba3
E-MAC DE: S&P Rates EUR3.5-Million Class F Notes at BB
EDMUND DIEHL: Claims Registration Ends December 8
FIS FULDA: Claims Registration Ends December 4
GRUEN BAUTRAGER: Claims Registration Ends December 6
HORST KRAUSE: Creditors' Meeting Slated for December 1
ILTIFAT GMBH: Creditors' Meeting Slated for December 8
NRG ENERGY: Completes US$1.35 Billion Hedge Reset Transactions
PROMISE COLOR: S&P Places Low-B Ratings on CreditWatch Positive
PROMISE XXS: S&P Puts Low-B Ratings on CreditWatch Positive
RICHARD RAUBER: Claims Registration Ends December 7
TRIMON AG: Claims Registration Ends December 6
TRIPOS INC: Selling All of Unit's Assets to Vector Capital
I R E L A N D
INTERPUBLIC GROUP: Earns US$5.8 Million in Third Quarter 2006
INTERPUBLIC GROUP: S&P Rates Proposed Floating Rate Notes at B
I T A L Y
HILTON HOTELS: Declares US$0.04 Per Share Dividend
HILTON HOTELS: Seeks Modification to Greater Portland Judgment
INTERNATIONAL PAPER: Earns US$201 Million in 2006 Third Quarter
PARMALAT SPA: Credit Suisse, BNL Settle Suit for US$50 Million
K A Z A K H S T A N
ADANI-SK: Creditors Must File Proofs of Claims by January 5
AK-BIDAI CJSC: Creditors' Proofs of Claims Due December 22
ALEMBEK LLP: Proofs of Claim Deadline Slated for January 5
INTERSOFT-EKIBASTUZ: Claims Registration Ends December 22
KAZAKHSTANSKAYA FINANSOVAYA: Creditors' Claims Due January 5
MUNAI REMONT: Claims Filing Period Ends December 22
NAFTO-CENTRE LLP: Astana Court Starts Bankruptcy Procedure
PAVLODAR TRANS: Claims Registration Ends December 22
PULSAR INTERNATIONAL: Claims Filing Period Ends December 22
STROY ALLIANCE: Proof of Claim Deadline Slated for January 3
SUPER-BAI LLP: Creditors Must File Claims by December 22
TAMIRIS INTERNATIONAL: Creditors' Claims Due January 5
TRANSSFERA LLP: Claims Filing Period Ends January 5
TVK LLP: East Kazakhstan Court Opens Bankruptcy Proceedings
VIVAT LLP: Creditors Must File Proofs of Claims by January 5
K Y R G Y Z S T A N
EURO VISION: Creditors' Proofs of Claims Due January 12
TRANS-ALTYN-SERVICE: Claims Registration Ends January 12
L U X E M B O U R G
MDM DPR: Parent Issues Five-Year Dual-Tranche Series 2006 Notes
MILLICOM INT'L: Moody's Lifts Ratings on Robust Performance
N E T H E R L A N D S
PHELPS DODGE: Freeport Takeover Depends on Commodity Prices
X5 RETAIL: Completes Acquisition of OOO Metronom AG
P O L A N D
AUTOCAM CORP: May Not Comply with Covenants on December 2006
R U S S I A
AIF CJSC: Court Names M. Mulyukov as Insolvency Manager
APASTOVO-AGRO-KHIM-SERVICE: Names I. Gilyazov to Manage Assets
BARNAULSKIY MEAT: Names L. Prikhod'ko as Insolvency Manager
BAYMAK-MIXED FODDER: Bankruptcy Hearing Slated for December 4
GOLDEN TELECOM: Acquires Corus ISP for US$1.2 Million
KARAKULSKOYE CJSC: Bankruptcy Hearing Slated for January 18
KRASNOYARUZHSKIY BACON: Names A. Myakotin to Manage Assets
MDM BANK: Issues Five-Year Dual-Tranche Series 2006 Notes
MENDELEEVSKIY ELEVATOR: Names V. Shumilov to Manage Assets
MOBILE TELESYSTEMS: Assails Bitel's Press Release
ROMANOVSKIY MEAT: Names L. Prikhod'ko to Manage Assets
ROSNEFT OIL: Inks Sakhalin Development Deal with BP
ROSNEFT OIL: Repays US$150-Million Five-Year Eurobond
STAL-SNAB LLC: Court Starts Bankruptcy Supervision Procedure
TAMYR CJSC: Court Starts Bankruptcy Supervision Procedure
TELEPORT-TP CJSC: Bankruptcy Hearing Slated for February 27
TROITSKIY COMBINE: Court Names G. Popov to Manage Assets
URALSVYAZINFORM OAO: Fitch Revises Ratings' Outlook to Stable
USTYANSKOYE BREAD: Court Names A. Zamaraev to Manage Assets
VNESHTORGBANK JSC: Launches Bankcard Servicing of UnionPay
X5 RETAIL: Completes Acquisition of OOO Metronom AG
YURYEVETSKIY BREWERY: Names A. Gataulin to Manage Assets
S P A I N
IM GRUPO: S&P Junks Rating on EUR30-Million Class E Notes
INTERPUBLIC GROUP: Earns US$5.8 Million in Third Quarter 2006
INTERPUBLIC GROUP: S&P Rates Proposed Floating Rate Notes at B
S W E D E N
HILTON HOTELS: Declares US$0.04 Per Share Dividend
HILTON HOTELS: Seeks Modification to Greater Portland Judgment
S W I T Z E R L A N D
HERCULES INC: Earns US$34.2 Million in Quarter Ended Sept. 30
U K R A I N E
GOLDEN TELECOM: Acquires Corus ISP for US$1.2 Million
MOBILE TELESYSTEMS: Assails Bitel's Press Release
PRIVATBANK CJSC: Fitch Keeps Issuer Default Rating at B
VNESHTORGBANK JSC: Launches Bankcard Servicing of UnionPay
U N I T E D   K I N G D O M
ALBION SPRING: Creditors' Meeting Slated for December 4
AMBER COMMUNICATIONS: Appoints Gerald Irwin as Liquidator
ANDREW KELLARD: Creditors' Meeting Slated for November 30
ASPECT VEHICLE: Names David Norman Kaye Liquidator
ATRIUM TRAINING: Creditors' Meeting Slated for November 30
BODY ULTIMATE: Brings In Liquidators from Wilson Field
BRITISH AIRWAYS: Inks Code Share Pact with Caribbean Airlines
BROWNE TRANSPORT: Claims Filing Period Ends December 9
CA INC: Declares US$0.04 Per Share Quarterly Cash Dividend
CROWN HOLDINGS: Seeks Noteholders' OK on Add'l US$200-Mil. Debt
CT PACKAGING: Creditors' Meeting Slated for December 4
DESIGNLAB SYSTEMS: Creditors' Claims Due Dec. 13
DTE SOFTWARE: Liquidator Sets December 13 as Claims Bar Date
ENRON CORP: Wants Energen, Et Al. Settlement Pacts Approved
ENRON CORP: Seeks Approval for T. Thorn Settlement Agreement
FEDERAL-MOGUL: Judge Fitzgerald Okays DIP Credit Pact Amendment
FORD CREDIT: Fitch Rates US$59-Million Class D Notes at BB+
GATEWAY CARAVANS: Brings In Lines Henry as Joint Administrators
GLASS FIBRE: Hires Liquidator from Jackson Gregory & Co.
GOLDEN FALLS: Creditors' Claims Due December 15
GREENLAKE LEISURE: Taps Tenon Recovery to Administer Assets
GSM LOGISTICS: Joint Liquidators Take Over Operations
HILTON HOTELS: Files Request to Modify Partial Final Judgment
I C REFURBISHMENTS: Appoints Alan Simon to Liquidate Assets
IMMEL PUBLISHING: Taps Kevin Goldfarb to Liquidate Assets
INTERFACE INC: Financial Recovery Cues Moody's to Lift Ratings
INTUWAVE LIMITED: Appoints Baker Tilly as Joint Administrators
JANE VALLERO: Appoints Liquidator from Kallis & Co.
KRISPY KREME: Posts US$135.8MM Net Loss in Year Ended Jan. 2006
LIZARD DEVELOPMENTS: Hires Liquidator from Ward & Co.
M S A CONSTRUCTION: Brings In Liquidator from Pattinsons
PHELPS DODGE: Freeport Takeover Depends on Commodity Prices
PNEU-TECH LIMITED: Ian. C. Brown Leads Liquidation Procedure
PRUDENTIAL ASSURANCE: Announces Final Implementation of Scheme
QUAY CONTACT: Hires Begbies Traynor to Administer Assets
R DAVIES: Claims Registration Ends December 10
SEA CONTAINERS: Court Okays Sidley Austin as Bankruptcy Counsel
SEA CONTAINERS: Court Okays Kirkland & Ellis As Special Counsel
SHAY FURNITURE: Creditors Confirm Liquidator's Appointment
SL PROMOTIONS: BDO Stoy Appointed as Joint Administrators
STENOCHAIR LIMITED: Names Liquidators from BRI Business Recovery
TRIPOS INC: Selling All of Unit's Assets to Vector Capital
UIC INSURANCE: Filing of Scheme Claims Ends March 7


                            *********


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


A.M.M. LLC: Wiener Neustadt Court Orders Business Shutdown
----------------------------------------------------------
The Land Court of Wiener Neustadt entered an order Oct. 4
shutting down the business of LLC A.M.M. (FN 127035t).  Court-
appointed property manager Georg Rupprecht 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. Georg Rupprecht
         Hauptplatz 9-13
         2500 Baden bei Vienna, Austria
         Tel: 02252/86580
         Fax: 02252/86580-3
         E-mail: rupprecht@lexacta.com

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


NRG TRADING: Creditors' Meeting Slated for December 13
------------------------------------------------------
Creditors owed money by LLC NRG Trading (FN 222088a) are
encouraged to attend the creditors' meeting at 10:40 a.m. on
Dec. 13 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall IV
         1st Floor
         Leoben, Austria

Headquartered in Leoben, Austria, the Debtor declared bankruptcy
on Oct. 4 (Bankr. Case No. 17 S 77/06a).  Christian Puchner
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Dr. Christian Puchner
         Max-Tendler-Road 22
         8700 Leoben, Austria
         Tel: 03842-44551
         Fax: 03842-44551-22
         E-mail: office@ra-puchner.at


STAHLBAU BEWEHRUNGSSTAHL: Creditors' Meeting Slated for Dec. 6
--------------------------------------------------------------
Creditors owed money by LLC Stahlbau Bewehrungsstahl (FN
261366m) are encouraged to attend the creditors' meeting at
9:30 a.m. on Dec. 6 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 4 (Bankr. Case No. 5 S 134/06z).  Ulrike Bauer serves as
the court-appointed property manager of the bankrupt estate.
Michael Rebasso represents Dr. Bauer in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Ulrike Bauer
         c/o Mag. Michael Rebasso
         Elisabethstrasse 26
         1010 Vienna, Austria
         Tel: 5877820
         Fax: 587 78 20 9
         E-mail: ra.bauer@aon.at


TRUCK & WOOD: Creditors' Meeting Slated for November 30
-------------------------------------------------------
Creditors owed money by LLC Truck & Wood Transporte (FN 65426s)
are encouraged to attend the creditors' meeting at 9:30 a.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 Wiener Neustadt
         Room 15
         Wiener Neustadt, Austria

Headquartered in Neusiedl, Austria, the Debtor declared
bankruptcy on Oct. 4 (Bankr. Case No. 10 S 90/06y).  Alfred
Steinbuch serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Alfred Steinbuch
         Herrengasse 7
         2620 Neunkirchen, Austria
         Tel: 02635/630430
         Fax: 02635/6304322
         E-mail: dr.steinbuch@csg.at


ZAGAR LLC: Creditors' Meeting Slated for December 6
---------------------------------------------------
Creditors owed money by LLC Zagar (FN 89129y) are encouraged to
attend the creditors' meeting at 9:15 a.m. on Dec. 6 to consider
the adoption of the rule by revision and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 4 (Bankr. Case No. 5 S 135/06x).  Kurt Freyler serves as
the court-appointed property manager of the bankrupt estate.
Hans Rant represents Dr. Freyler in the bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Kurt Freyler
         c/o Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna, Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at


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


* Fitch Affirms Municipality of Blagoevgrad's Rating at BB+
-----------------------------------------------------------
Fitch Ratings affirmed the Municipality of Blagoevgrad's
international foreign and local currency ratings at BB+ and
Short-term foreign currency rating at B.  The Outlook is Stable.

The ratings reflect the municipality's continued debt-free
position, its still limited contingent liabilities and its
prudent budgetary management.  However, they also take into
account Blagoevgrad's limited budgetary flexibility and high
expenditure needs.

The Stable Outlook reflects Fitch's expectations that
Blagoevgrad will continue with its prudent management and will
not contract major financial liabilities in the medium term.
Fitch will monitor Bulgaria's accession and the decentralization
process, which may prove positive for the municipality's credit
quality in the medium term.

Blagoevgrad has not contracted any debt in the last six years
and has mainly covered its investments through assets sales,
allowing the city to report balanced accounts from 2003 to 2005.
The availability of new sources related to the EU cohesion funds
and additional transfers from the government should allow the
city to carry out its investments with limited financing
requirements over the next three years.

Fitch understands that the main projects of the city's
investments plan of around BGN85 million over 2007-2009 are
subject to the availability of state transfers and therefore the
agency does not expect any major increase in municipal
liabilities.

EU accession will facilitate the further development of
Blagoevgrad's economy and the narrowing of its infrastructural
gap with the available cohesion funds.  However, in Fitch's view
the city's infrastructure is more adequate than other Bulgarian
municipalities due to the presence of higher education centers
with two universities and good transportation networks.

In addition, any further development of the city's commercial
and industrial activities in line with the booming private
property market, as it happened in 2006, could prove positive
for the city's accounts.  They may trigger further growth in
local tax bases, feeding operating revenue.

Blagoevgrad budgetary flexibility is tight by international
standards.  Operating balance on average was slightly negative
over the 2000-2005 period.  Blagoevgrad's revenue is highly
dependent on state-redistributed tax for state-delegated
responsibilities.  This leaves it little leeway for financing
additional expenses and makes revenue outturns relatively
unpredictable.  Hence the municipality's ability to cope with
additional spending needs is subject to decisions made by
central government.

This has been recently mitigated by the considerable local tax
proceeds following the devolution of tax collection
responsibility to the municipality.  Further, the
decentralization process could prove positive for the city in
the medium term by allowing more revenue flexibility for
Bulgarian local governments.

In addition, the municipality remains prudent in its budgeting
process.  Additional expenses are only decided when sufficient
revenue is collected.  The city intends to avoid any increase in
its indirect liabilities in the medium term by closely
controlling its shareholdings in municipal companies.

The municipality of Blagoevgrad is located in South Western
Bulgaria.  Its population totaled 83,750 in 2005.  As with other
Bulgarian municipalities, it carries out mandatory state-
delegated and municipal responsibilities.  It is therefore
mainly active in education, healthcare, social aid and municipal
public services and infrastructure.


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


AUTOCAM CORP: May Not Comply with Covenants on December 2006
------------------------------------------------------------
Autocam Corp. disclosed of in a regulatory filing with the U.S.
Securities and Exchange Commission that based on its current
projections, it might be unable to comply with the financial
covenants set in its senior credit facilities and second lien
credit facility as of Dec. 31, 2006.

The company however said that it was in compliance with the
covenants as of Sept. 30, 2006.  The company's senior credit
facilities and second lien credit facility's financial covenants
are tested at each calendar quarter-end.

                        Credit Facilities

As of Sept. 30, 2006, the company says that it borrowed
US$23.1 million under its revolving credit facilities to fund
liquidity needs as cash generated from operations was
insufficient to meet the company's requirements.  As of
Sept. 30, 2006, the company had US$17.3 million remaining under
its revolving credit facilities and its senior credit facilities
permits the company to factor without recourse an additional
US$9.5 million of trade receivables.

Subsequent to Sept. 30, 2006, the company discloses that it
borrowed US$15.8 million of funds available under the revolving
credit facilities, and as of Nov. 13, 2006, had cash holdings of
US$13.1 million.  The company says that since it only had
US$1.2 million remaining in its revolving credit facilities as
of Nov. 13, 2006, the company's short-term liquidity needs must
be met primarily from cash on hand and cash generated from
operations.  The company relates that these sources could be
insufficient to meet its debt service and day-to-day operating
expenses during the fourth quarter.

The company discloses that the interest payments on its senior
subordinated notes are due Dec. 15, 2006, while interest
payments on its senior credit facility and second lien credit
facility are due Dec. 29, 2006.

Failure to make these payments within the applicable 30-day
grace period in the case of the senior subordinated notes and
the applicable five-day grace period under the senior credit
facilities and second lien credit facility, the company says,
would constitute events of default under these notes and credit
facilities.

                           Options

The company discloses that in order to improve its near-term
liquidity, it is exploring a variety of options, which include:

    * reducing investment in working capital;
    * selling idle equipment; and
    * securing other sources of capital for its operations.

The company further discloses that it intends to engage in
discussion with its senior and second lien lenders to seek
further amendments to its senior credit facilities and second
lien credit facility to provide for covenant relief.  It also
intends to engage in restructuring discussion with holders of
the company's senior subordinated notes.

The company says it cannot assure that the discussions with its
lenders will be successful.  If the company is not successful,
then upon an event of default, the senior and second lien
lenders will have the ability to exercise all of their rights,
including requiring the amounts outstanding under the senior
credit facilities and the second lien credit facility to become
due and payable.

Headquartered in Kentwood, Michigan, Autocam Corporation --
http://www.autocam.com/-- is a wholly-owned subsidiary of Titan
Holdings, Inc.  Autocam manufactures extremely close tolerance
precision-machined, metal alloy components, sub-assemblies and
assemblies, primarily for performance and safety critical
automotive applications.  The company provides these products
from its facilities in North America, Europe, South America and
Asia to some of the world's largest suppliers to the automotive
industry. These suppliers include Autoliv, Delphi Corporation,
Robert Bosch GmbH, Siemens VDO, TRW Automotive, Inc. and ZF
Friedrichshafen AG.  The company has operations in Brazil,
France and China.

                        *     *     *

As reported in the TCR-Europe on Nov. 24, 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-'.


CA INC: Declares US$0.04 Per Share Quarterly Cash Dividend
----------------------------------------------------------
CA Inc.'s board of directors has declared a regular, quarterly
cash dividend of US$0.04 per share.  The dividend will be paid
on Dec. 29, 2006, to stockholders of record at the close of
business on Dec. 15, 2006.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries including France, Germany, Italy and the
United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 9,
2006, Moody's Investors Service affirmed CA's Ba1 senior
unsecured rating and negative rating outlook following the
company's announcement of fiscal second quarter financial
results and fiscal 2007 revised guidance.

In a TCR-Europe report on Oct. 10, 2006, Moody's confirmed its
Ba1 Corporate Family Rating for CA Inc. in connection with
Moody's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the U.S. Technology
Software sectors.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, with
negative implications.  S&P said the outlook is negative.


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


ASTRANS LOGISTICS: Claims Registration Ends December 6
------------------------------------------------------
Creditors of Astrans Logistics GmbH have until Dec. 6 to
register their claims with court-appointed provisional
administrator Guenter Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Dec. 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, 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 Essen opened bankruptcy proceedings
against Astrans Logistics GmbH on Oct. 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Astrans Logistics GmbH
         Attn: Anton Schmirler, Manager
         Knippenburg 38
         46238 Bottrop, Germany

The administrator can be contacted at:

         Dr. Guenter Trutnau
         III. Hagen 30
         45127 Essen, Germany
         Tel: (0201) 1095-3


BORSCHEL ELECTRONIC: Claims Registration Ends December 1
--------------------------------------------------------
Creditors of Borschel Electronic International Ltd. have until
Dec. 1 to register their claims with court-appointed provisional
administrator Olaf Boerner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Dec. 14, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel, Germany

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

The District Court of Kassel opened bankruptcy proceedings
against Borschel Electronic International Ltd. on Sept. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Borschel Electronic International Ltd.
         Attn: Andreas Borschel, Manager
         Ziegelei 7
         34260 Kaufungen, Germany

The administrator can be contacted at:

         Olaf Boerner
         Brüder-Grimm-Place 4
         D-34117 Kassel, Germany
         Tel: 0561/71200-25
         Fax: 0561/71200-69
         E-mail: boerner@branomo.de


DETTERBECK BETEILIGUNGEN: Claims Registration Ends December 8
-------------------------------------------------------------
Creditors of Detterbeck Beteiligungen GmbH have until Dec. 8 to
register their claims with court-appointed provisional
administrator Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Jan. 10, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against Detterbeck Beteiligungen GmbH on Oct. 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Detterbeck Beteiligungen GmbH
         Attn: Andreas Detterbeck and Stipp Juric, Manager
         Mittelweg 114b
         20149 Hamburg, Germany

The administrator can be contacted at:

         Joachim Buettner
         Osdorfer Highway 230
         22549 Hamburg, Germany


E-MAC DE: Moody's Rates EUR3.5-Million Class F Notes at (P)Ba3
--------------------------------------------------------------
Moody's Investors Service assigned provisional long-term credit
ratings to the Notes to be issued by E-MAC DE 2006-II B.V.:

   -- EUR151,000,000 Senior Class A1 Mortgage-Backed Notes
      due February 2048: (P)Aaa;

   -- EUR465,700,000 Senior Class A2 Mortgage-Backed Notes
      due February 2058: (P)Aaa;

   -- EUR35,000,000 Mezzanine Class B Mortgage-Backed Notes
      due February 2058: (P)Aa1;

   -- EUR24,500,000 Junior Class C Mortgage-Backed Notes
      due February 2058: (P)Aa3;

   -- EUR14,000,000 Subordinated Class D Mortgage-Backed Notes
      due February 2058: (P)A3;

   -- EUR9,800,000 Subordinated Class E Mortgage-Backed Notes
      due February 2058: (P)Baa2; and

   -- EUR3,500,000 Subordinated Class F Notes
      due February 2058: (P)Ba3.

E-MAC DE 2006-II is the third transaction securitizing mortgage
loans originated by GMAC RFC Bank GmbH.  Many of the structural
features are similar to the previous E-MAC DE 2005-I (closed in
June 2005) and E-MAC DE 2006-I (closed in June 2006)
transactions.  GMAC Bank started its business in January 2004
and has since then originated residential mortgage loans granted
to German individuals.

The servicing of the loan portfolio will be done by Kreditwerk
Hypotheken-Management GmbH while the special servicing of
delinquent loans will be conducted by Rechtsanwälte Paulus
Westerwelle.

Around 19% (EUR100 million) of the pool consist of non-disbursed
mortgage loans.  This type of loans were also part of the
previous transactions, however in previous transactions the
initial purchase price for the respective loan was only paid by
the Issuer once the loan was fully drawn.  During the interim
period the initial purchase price was held in the Construction
Loan Account in the name of the Issuer.  For E-MAC DE 2006-II,
the disbursed part of the loan is paid for by the Issuer at
closing.  The initial purchase price for the non-disbursed part
of the loans is put in the Construction Loan Account in the name
of the Issuer.  The non-disbursed loan part needs to be fully
drawn within a maximum period of one year after origination of
each loan.  If a loan is not fully disbursed after one year, the
loan will be bought back by GMAC Bank.  Finally an additional
temporary Construction Loan Reserve Account of EUR4.8m supports
the structure for the first year.

Similar to Dutch E-MAC transactions, part of the proceeds
(approx. EUR150 million) of the A1, A2, B, C, D and E Notes will
be retained by the Issuer and will be used to purchase a further
pool of mortgage loans within the first three months after
closing.  Any amounts that are retained for pre-funding will, to
the extent not applied to the purchase of further loans, be
applied to the redemption of the Notes in February 2007.

The Class F Notes will fund the initial balance of the Reserve
Fund and will be repaid by available excess spread on the
interest payment date in November 2008 and thereafter.

The issuer enters into an interest swap agreement in order to
hedge its interest rate exposure due to the mismatch of the
fixed interest received under the securitized loans and the
floating interest payments due under the Notes.

Until November 2010 any repayments received under the mortgage
loans will be used to redeem the Notes in sequential order
starting with the Class A1 Notes.  In and after November 2010,
the target amortization criteria must be met in order to apply
principal funds on a targeted amortization basis.

The transaction benefits from several positive features are:

   (1) the protection against losses through the subordination
       of the junior tranches and the availability of excess
       spread to cover losses,

   (2) the Reserve Account, which is funded at closing at
       EUR3.5m (0.5% of initial balance of A1, A2, B, C, D and
       E Notes) and will be built up to EUR8.4m (1.2% of
       initial balance of A1, A2, B, C, D and E Notes) by
       trapping of available excess spread, and

    (3) the availability of a liquidity facility of the higher
        of 3% of current outstanding balance of A1, A2, B, C, D
        and E Notes and 0.6% of initial balance of A1, A2, B, C,
        D and E Notes at closing provided by The Royal Bank of
        Scotland plc (Aa1, Prime-1).

Less favorable features and their mitigants are, inter alia,
that:

   (1) the pool consists of high LTV loans which might lead to
       an above market average default frequency of the
       borrowers.  In addition, some regional concentrations in
       excess of the German benchmark exist in certain federal
       states.  All these features have improved compared to
       the previous two E-MAC DE transactions (E-MAC DE 2005-I
       and E-MAC DE 2006-I), but were taken into account by
       Moody's loan-by-loan analysis and resulted in penalties;

    (2) almost 19% of the pool are comprised of non-disbursed
        mortgage loans. For the first time in an E-MAC DE
        structure, the initial purchase price of the drawn
        amount of partially disbursed loans is paid at closing
        at the transaction by the Issuer.  The non-disbursed
        amounts will be kept in the Construction Loan Account in
        the name of the Issuer. In previous transactions the
        initial purchase price related to partially disbursed
        loans was only paid once the respective loans were
        disbursed completely. Residual legal uncertainties exist
        with this set-up, however, structural features (limited
        exposure, buy-back provision and Construction Loan
        Reserve Account) and a legal opinion mitigate the risk;
        and

    (3) about 22% of the final pool amount is pre-funded,
        therefore the characteristics of the loans to be added
        could be different to the preliminary pool.  This risk
        is mitigated by the eligibility criteria for the pre-
        funding period.

The provisional 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 at par on or before the rated
final legal maturity date.  Moody's issues provisional ratings
in advance of the final sale of securities, but these ratings
represent only Moody's preliminary credit opinions.  Upon a
conclusive review of the transaction and associated
documentation, Moody's will endeavor to assign definitive
ratings to the Notes.  A definitive rating may differ from a
provisional rating.


E-MAC DE: S&P Rates EUR3.5-Million Class F Notes at BB
------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the mortgage-backed floating-rate notes to be
issued by E-MAC DE 2006-II B.V., a special purpose entity.

This transaction is structured as a true-sale RMBS.  The
collateral is a pool of mortgage loans, which are secured by
residential properties in Germany.  The originator is GMAC-RFC
Bank GmbH.

In this transaction, there is a significant percentage of
construction loans in the pool.  These are loans that are only
partially disbursed to date, and where future disbursements
depend on the progress of the building construction.  There is
an additional cash reserve to cover the additional risk
associated with these loans.


                         Ratings List

                      E-MAC DE 2006-II B.V.
      EUR703.5 Million Mortgage-Backed Floating-Rate Notes

                             Prelim.            Prelim.
              Class          rating         amount (Mil. EUR)
              -----          ------         -----------------
              A1             AAA                   151
              A2             AAA                   465.7
              B              AA                    35
              C              A                     24.5
              D              BBB                   14
              E              BBB-                   9.8
              F (1)          BB                     3.5

    (1) The proceeds of the class F notes will be used to fund
        the cash reserve fund.


EDMUND DIEHL: Claims Registration Ends December 8
-------------------------------------------------
Creditors of Edmund Diehl GmbH have until Dec. 8 to register
their claims with court-appointed provisional administrator
Carsten Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 a.m. on Jan. 10, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Siegen
         Hall 009
         Ground Floor
         Principal Establishment
         Berliner Road 21-22
         57072 Siegen, 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 Siegen opened bankruptcy proceedings
against Edmund Diehl GmbH on Oct. 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Edmund Diehl GmbH
         Ernst-Heinkel-Str. 6
         57299 Burbach, Germany

         Attn: Guenter Diehl, Manager
         Heister 13
         57299 Burbach, Germany

The administrator can be contacted at:

         Carsten Koch
         Mauerstr. 1
         35781 Weilburg, Germany


FIS FULDA: Claims Registration Ends December 4
----------------------------------------------
Creditors of FIS Fulda Immobilienservice GmbH have until Dec. 4
to register their claims with court-appointed provisional
administrator Sandra Mitter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Jan. 15, 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 Fulda
         Room 3100
         District Court Building
         Koenigstrasse 38
         36037 Fulda, 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 Fulda opened bankruptcy proceedings
against FIS Fulda Immobilienservice GmbH on Sept. 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         FIS Fulda Immobilienservice GmbH
         Attn: Hans-Georg Niederhausen, Manager
         Leipziger Str. 77
         36037 Fulda, Germany

The administrator can be contacted at:

         Sandra Mitter
         Kanzlei Leonhardt, Westhelle & Partner
         Wilhelmshoeher Avenue 270
         34131 Kassel, Germany
         Tel: 0561/3166-311
         Fax: 0561/3166-312


GRUEN BAUTRAGER: Claims Registration Ends December 6
----------------------------------------------------
Creditors of Gruen Bautrager GmbH have until Dec. 6 to register
their claims with court-appointed provisional administrator
Ulrich Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         2nd Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen, 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 Tuebingen opened bankruptcy proceedings
against Gruen Bautrager GmbH on Sept. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Gruen Bautrager GmbH
         Attn: Stefanie Stein, Manager
         Sitz in Nagold, Germany

The administrator can be contacted at:

         Michael Hubberten
         Echazufer 24
         72764 Reutlingen, Germany


HORST KRAUSE: Creditors' Meeting Slated for December 1
------------------------------------------------------
The court-appointed provisional administrator for Horst Krause
Grosshandel fuer Raucherbedarf GmbH, Ruediger Wienberg, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 10:05 a.m. on Dec. 1.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on March 2, 2007, at the
same venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Horst Krause Grosshandel fuer Raucherbedarf
GmbH on Aug. 31.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Horst Krause Grosshandel fuer Raucherbedarf GmbH
         Saalburgstr. 3
         12099 Berlin, Germany

The administrator can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin, Germany


ILTIFAT GMBH: Creditors' Meeting Slated for December 8
------------------------------------------------------
The court-appointed provisional administrator for Iltifat GmbH,
Joachim Heitsch, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:30 a.m. on
Dec. 8.

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

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

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on March 23, 2007, at the
same venue.

Creditors have until Jan. 27, 2007 to register their claims with
the court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Iltifat GmbH on Sept. 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Iltifat GmbH
         Friedrichshaller Str. 20
         14199 Berlin, Germany

The administrator can be reached at:

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


NRG ENERGY: Completes US$1.35 Billion Hedge Reset Transactions
--------------------------------------------------------------
NRG Energy Inc. completed its Hedge Reset transactions reported
on Nov. 3, 2006.  These transactions included around
US$1.35 billion in payments made to hedge counter-parties to
reset the price levels to current market prices of certain
legacy hedges acquired in February 2006.

"We received a very favorable response from our senior credit
facility holders and the high yield note market," commented
Robert Flexon, NRG Executive Vice President and Chief Financial
Officer.  "Completing these transactions provides the company
with a more appropriate level of flexibility to execute our
capital allocation plans," added Flexon.

The payments were funded with US$250 million from existing cash
balances and the proceeds of the closing of a public offering of
US$1,100 million in aggregate principal amount of 7.375% senior
notes due 2017.

NRG also disclosed the approval and closing of an amendment to
its existing senior credit facilities.  The amendments, among
other things:

   -- permit the incurrence of the debt to fund the hedge resets
      described above;

   -- increase the amount of the synthetic letter of credit
      facility from US$1,000 million to US$1,500 million to
      support incremental hedging activity;

   -- increase to US$500 million the amount immediately
      available for unrestricted use by the company, which may
      be used among other things for share repurchases; and

   -- provide additional flexibility to NRG with respect to
      certain covenants governing or restricting the use of
      excess cash flow, new investments, new indebtedness and
      permitted liens.

NRG Energy, Inc. (NYSE: NRG) -- http://www.nrgenergy.com/--
presently owns and operates a diverse portfolio of power-
generating facilities, primarily in Texas and the Northeast,
South Central and Western regions of the United States.  Its
operations include baseload, intermediate, peaking, and
cogeneration facilities, thermal energy production and energy
resource recovery facilities.  NRG also has ownership interests
in generating facilities in Australia and Germany.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reports that Fitch
Ratings affirmed the issuer default and instrument ratings of
NRG Energy following the company's announced hedge reset and
capital allocation program.  The Rating Outlook is Stable.

The Troubled Company Reporter - Asia Pacific also reports that
Moody's Investors Service changed the rating outlook to negative
from stable for NRG Energy, Inc. following the announcement that
the company had entered into a series of transactions with
counter-parties to reset and extend existing power and gas
hedges at market prices, requiring a payment to counter-parties
of around US$1.35 billion.  Moody's also affirmed all existing
ratings of NRG and assigned a B1 rating to the planned issuance
of US$1.1 billion of senior unsecured notes which will be used
by NRG to partially fund the counter-party payment.


PROMISE COLOR: S&P Places Low-B Ratings on CreditWatch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its credit ratings on
certain classes of notes in the German SME CLO transactions
Promise XXS 2003-1 PLC and Promise Color 2003-1 PLC on
CreditWatch with positive implications.

Bayerische Hypo-und Vereinsbank AG (HVB; A/Stable/A-1)
originated both transactions.

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

Based on this analysis, the likelihood of a positive rating
action in both transactions 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 factors of the transactions
to below 50%.

"Both transactions securitized static asset pools, not revolving
ones.  Amortization has, therefore, directly affected the
enhancement levels," said credit analyst Viktor Milev.

Loss allocation to date has been minimal in both transactions.
The credit protection currently available to the lowest-rated
notes exceeds the outstanding nominal amounts of all impaired
reference obligations.

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 XXS 2003-1 PLC

       EUR454.55-Million Floating-Rate Credit-Linked Notes
                               and
             EUR1.947-Billion Senior Credit Default Swap

      Ratings Placed On CreditWatch With Positive Implications

                                   Rating
                                   ------
                 Class    To                      From
                 -----    --                      ----
                 B        AA/Watch Pos            AA
                 C        A/Watch Pos             A
                 D        BBB/Watch Pos           BBB
                 E        BB/Watch Pos            BB
                 F        B/Watch Pos             B

                    Promise Color 2003-1 PLC

     EUR218.15 Million Credit-Linked Floating-Rate Notes
                             and
     EUR894.45 Million For Two Senior Credit Default Swaps

   Ratings Placed On CreditWatch With Positive Implications

                                    Rating
                                    ------
                 Class    To                       From
                 -----    --                       ----
                 B        A/Watch Pos              A
                 C        BBB/Watch Pos            BBB
                 D        BB/Watch Pos             BB
                 E        B/Watch Pos              B


PROMISE XXS: S&P Puts Low-B Ratings on CreditWatch Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its credit ratings on
certain classes of notes in the German SME CLO transactions
Promise XXS 2003-1 PLC and Promise Color 2003-1 PLC on
CreditWatch with positive implications.

Bayerische Hypo-und Vereinsbank AG (HVB; A/Stable/A-1)
originated both transactions.

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

Based on this analysis, the likelihood of a positive rating
action in both transactions 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 factors of the transactions
to below 50%.

"Both transactions securitized static asset pools, not revolving
ones.  Amortization has, therefore, directly affected the
enhancement levels," said credit analyst Viktor Milev.

Loss allocation to date has been minimal in both transactions.
The credit protection currently available to the lowest-rated
notes exceeds the outstanding nominal amounts of all impaired
reference obligations.

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 XXS 2003-1 PLC

       EUR454.55-Million Floating-Rate Credit-Linked Notes
                               and
             EUR1.947-Billion Senior Credit Default Swap

      Ratings Placed On CreditWatch With Positive Implications

                                   Rating
                                   ------
                 Class    To                      From
                 -----    --                      ----
                 B        AA/Watch Pos            AA
                 C        A/Watch Pos             A
                 D        BBB/Watch Pos           BBB
                 E        BB/Watch Pos            BB
                 F        B/Watch Pos             B

                    Promise Color 2003-1 PLC

     EUR218.15 Million Credit-Linked Floating-Rate Notes
                             and
     EUR894.45 Million For Two Senior Credit Default Swaps

   Ratings Placed On CreditWatch With Positive Implications

                                    Rating
                                    ------
                 Class    To                       From
                 -----    --                       ----
                 B        A/Watch Pos              A
                 C        BBB/Watch Pos            BBB
                 D        BB/Watch Pos             BB
                 E        B/Watch Pos              B


RICHARD RAUBER: Claims Registration Ends December 7
---------------------------------------------------
Creditors of Richard Rauber GmbH Schlosserei und Metallbau have
until Dec. 7 to register their claims with court-appointed
provisional administrator Karsten Toetter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Jan. 8, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against Richard Rauber GmbH Schlosserei und Metallbau on
Oct. 9.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Richard Rauber GmbH Schlosserei und Metallbau
         Attn: Ingrid Rauber, Manager
         Brandstuecken 26
         22549 Hamburg, Germany

The administrator can be contacted at:

         Karsten Toetter
         Speersort 4/6
         20095 Hamburg, Germany


TRIMON AG: Claims Registration Ends December 6
----------------------------------------------
Creditors of Trimon AG have until Dec. 6 to register their
claims with court-appointed provisional administrator Markus M.
Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 17, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Law Courts Prince Road 21
         Chemnitz, Germany

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

The District Court of Cologne opened bankruptcy proceedings
against Trimon AG on Oct. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Trimon AG
         Attn: Johannes Duentsch and
         Jens-Heinrich Marquardt, Managers
         Weststrasse 49
         09112 Chemnitz, Germany

The administrator can be contacted at:

         Markus M. Merbecks
         Ludwigstrasse 58
         09113 Chemnitz, Germany
         E-mail: ramerbecks@aol.com


TRIPOS INC: Selling All of Unit's Assets to Vector Capital
----------------------------------------------------------
Tripos Inc. has entered into a definitive agreement to sell
substantially all of the assets of its Discovery Informatics
business to Vector Capital.  The sale, expected to close in the
first quarter of 2007, is an initial step in the liquidation of
Tripos.

Liquidating distributions, in an amount to be determined, are
expected to begin around six months after the closing of this
transaction.  Tripos' preliminary estimate is that there would
be between US$6 million to US$12 million available for
distribution to common stockholders assuming:

    * completion of the sale of its Discovery Informatics
      business to Vector,

    * sale of its Discovery Research business,

    * completion of certain other transactions, and

    * satisfaction of all liabilities at amounts currently
      estimated.

"This transaction will allow the Discovery Informatics business
to continue to serve its computational chemistry and enterprise
research IT customers as a private company with greater access
to growth capital," said Dr. John P. McAlister, president and
CEO of Tripos.  "Furthermore, it will enable the Discovery
Informatics business to strengthen its core SYBYL® business and
continue to develop innovative scientific software products and
services to meet the evolving needs of the pharmaceutical and
biotechnology industries."

Tripos also reported that it is in discussions to sell its
U.K.-based Discovery Research business and related assets.
Tripos will make prompt public disclosure of any definitive
agreements for the sale of part or all of its Discovery Research
business.

"In January 2006, we announced that Tripos had engaged
investment bankers to assist the board in evaluating a range of
strategic alternatives for the company, including mergers and
acquisitions, becoming a private company, and separating its
informatics and research businesses" Commenting on these
announcements, Dr. McAlister added.  "Since then, we have
undertaken an intensive search for the best alternative for our
stockholders, and have engaged in extensive and in some cases
advanced negotiations with several parties, including strategic
investors and financial investors in the United States, Asia and
Europe.  The board recommends that stockholders approve this
transaction based upon its belief that accepting the offer from
Vector and proceeding with the liquidation and dissolution of
Tripos provides a greater certainty of value to our stockholders
than the continued uncertainty of operating Tripos in its
current form or under any other structure that we might
reasonably put in place."

             Asset Sale and Proposed Liquidation

Under the asset purchase agreement, Tripos will sell its
Discovery Informatics business for around US$25.6 million in
cash, subject to adjustment based upon net working capital at
closing.  Tripos will retain certain assets and substantially
all the liabilities of the business, which must be disposed of
or satisfied before any distribution to shareholders.  Tripos'
Board of Directors has approved the transaction and recommends
that Tripos' stockholders approve the transaction at a special
meeting of stockholders at a date to be determined.  The
transaction is subject to numerous customary terms and
conditions, including approval by Tripos' stockholders and
limited post-closing indemnification.  Seven Hills Partners,
LLC, acted as exclusive financial advisor to Tripos in this
transaction.

Tripos' preliminary estimate is that there would be between
US$6 million and US$12 million available for distribution to
common stockholders, assuming completion of the Vector
transaction, sale of the Discovery Research business on the
terms currently being negotiated, and sale of certain other
corporate assets, such as the Missouri headquarters building,
surplus U.K. investments and an investment in a private equity
fund.

A substantial portion of the proceeds from this transaction, in
an amount that can only be estimated at this time, will be
needed to pay debts, other liabilities and any corporate taxes
that in a liquidation must be satisfied before stockholders can
be paid.  The exact timing and amount of any liquidating
distributions cannot be predicted at this time.  Under the
agreement, Tripos will not be able to make any distributions to
its common stockholders for six months after closing.

The amount and timing of liquidating distributions are subject
to a number of uncertainties, some of which are not fully within
Tripos' control, including Tripos' ability to consummate the
sale of its Discovery Informatics and Discovery Research
businesses at the prices and terms currently under negotiation;
the price Tripos is able to obtain for certain corporate assets
that are not part of the transactions under discussion; the
terms upon which Tripos is able to settle its outstanding
liabilities and other liabilities that will arise in a
liquidation; the costs that Tripos will incur while it remains a
public company that files reports with the Securities and
Exchange Commission; and the duration and expense of the
liquidation process.

Tripos plans to file a proxy statement with the SEC containing
more detailed information about the proposed asset sale to
Vector and other elements of its plan for liquidation and
dissolution, including additional information about estimated
proceeds to stockholders.  Following SEC review of the proxy
statement, Tripos will schedule a special meeting of
stockholders and distribute the proxy statement.  It is
currently anticipated that the special meeting will be held
early in 2007.

Tripos, Inc. -- http://www.tripos.com/-- (Nasdaq:TRPS) combines
leading-edge technology and innovative science to deliver
consistently superior chemistry-research products and services
for the biotechnology, pharmaceutical and other life science
industries.  Within Tripos' Discovery Informatics business, the
company provides software products and consulting services to
develop, manage, analyze and share critical drug discovery
information.  Within Tripos' Discovery Research business,
Tripos' medicinal chemists and research scientists partner
directly with clients in their research initiatives, leveraging
state-of-the-art information technologies and research
facilities.  The company has offices in the U.K., Germany and
Australia.


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


INTERPUBLIC GROUP: Earns US$5.8 Million in Third Quarter 2006
-------------------------------------------------------------
For the three months ended Sept. 30, 2006, Interpublic Group of
Companies Inc. recorded US$5.8 million of net income on
US$1.4 billion of net revenues, in contrast to a
US$102.8 million net loss on US$1.4 billion of net revenues for
the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed US$1.9
billion in total assets and US$1.1 billion in total liabilities.

A full-text copy of the company's quarterly report is available
for free at http://researcharchives.com/t/s?1599

At a regularly scheduled meeting on Oct. 26, 2006, the Board of
Directors of the company elected William T. Kerr as a non-
management director.  Mr. Kerr was also appointed to serve as a
member of the Audit Committee and the Compensation Committee.

                         Material Weakness

The company has identified numerous material weaknesses in its
internal control over financial reporting, Management's
Assessment on Internal Control Over Financial Reporting, and
Item 9A., Controls and Procedures, of its 2005 Annual Report on
Form 10-K.  As a result, the company has determined that its
internal control over financial reporting was not effective as
of Dec. 31, 2005.

The company is in the process of implementing remedial measures
to address the material weaknesses in its internal control over
financial reporting.  However, because of its decentralized
structure and its many disparate accounting systems of varying
quality and sophistication, the company has extensive work
remaining to remedy these material weaknesses.

The company has developed a comprehensive plan to remedy its
material weaknesses, which was presented to the Audit Committee
in July of 2006 and is in the process of being implemented.  The
plan provides for remediation of all the identified material
weaknesses by Dec. 31, 2007.  Until its remediation is
completed, the company will continue to incur the expenses and
management burdens associated with the manual procedures and
additional resources required to prepare its Consolidated
Financial Statements.

                    About Interpublic Group

Interpublic Group of Companies Inc. (NYSE:IPG) --
http://www.interpublic.com/-- is one of the world's leading
organizations of advertising agencies and marketing services
companies. Major global brands include Draft FCB Group,
FutureBrand, GolinHarris International, Initiative, Jack Morton
Worldwide, Lowe Worldwide, MAGNA Global, McCann Erickson,
Momentum, MRM, Octagon, Universal McCann and Weber Shandwick.
Leading domestic brands include Campbell-Ewald, Carmichael
Lynch, Deutsch, Hill Holliday, Mullen, The Martin Agency and
R/GA.

The company has operations worldwide, including in Argentina,
Australia, Chile, China, India, Indonesia, Ireland, Japan,
Malaysia, Panama, Spain, Thailand, the United States and
Venezuela, among others.


INTERPUBLIC GROUP: S&P Rates Proposed Floating Rate Notes at B
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' rating to
floating-rate notes due 2010 proposed by Interpublic Group of
Cos. Inc., to be issued in exchange for the same principal
amount of its old floating-rate notes due 2008.

At the same time, Standard & Poor's placed the rating on these
notes on CreditWatch with negative implications.  The new notes
differ from the old notes principally in the lower interest rate
and an extension of the maturity date.

The ratings on the outstanding debt of Interpublic remain on
CreditWatch with negative implications, where they were placed
on March 22, 2006, as a result of declines in Interpublic's core
business and the rating agency's reduced confidence in the
company's prospects for cash flow generation.

"We expect to evaluate Interpublic's operating outlook and
business strategies within the next several weeks in order to
complete our CreditWatch review," said Standard & Poor's credit
analyst Deborah Kinzer.

"Rating downside is currently limited to one notch," Kinzer
added.

Ratings List:

   * Ratings Remaining On CreditWatch

   * Interpublic Group of Cos. Inc.

      -- Corporate Credit Rating at B/Watch Neg/B-3
      -- Short-Term Credit Rating at B-3/Watch Neg
      -- Senior Unsecured Debt at B/Watch Neg

New Rating:

   * CreditWatch/Outlook Action

   * Interpublic Group of Cos. Inc.

      -- US$250 Million Floating-Rate Notes at B/Watch Neg

Interpublic Group of Companies Inc. (NYSE:IPG) --
http://www.interpublic.com/-- is one of the world's leading
organizations of advertising agencies and marketing services
companies. Major global brands include Draft FCB Group,
FutureBrand, GolinHarris International, Initiative, Jack Morton
Worldwide, Lowe Worldwide, MAGNA Global, McCann Erickson,
Momentum, MRM, Octagon, Universal McCann and Weber Shandwick.
Leading domestic brands include Campbell-Ewald, Carmichael
Lynch, Deutsch, Hill Holliday, Mullen, The Martin Agency and
R/GA.

The company has operations worldwide, including in Argentina,
Australia, Chile, China, India, Indonesia, Ireland, Japan,
Malaysia, Panama, Spain, Thailand, the United States and
Venezuela, among others.


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


HILTON HOTELS: Declares US$0.04 Per Share Dividend
--------------------------------------------------
Hilton Hotels Corp. declared a dividend of US$.04 per share,
payable in cash on Dec. 15, 2006, to stockholders of record at
the close of business on Dec. 1, 2006.

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally.

Hilton Hotels also operates in the United Kingdom,
Germany, Belgium, Estonia, Lithuania, Norway, Denmark, Finland,
Italy, The Netherlands, Sweden, Indonesia, Australia, Austria,
India, Philippines, Vietnam. Trinidad and Tobago

                       *     *     *

As reported in the TCR-Europe on Oct. 19, Moody's Investors
Service's confirmed its Ba2 Corporate Family Rating for
Hilton Hotels Corp., in implementation of its new Probability-
of-Default and Loss-Given-Default rating methodology for the
gaming, lodging and leisure sectors.

Additionally, Moody's held its Ba2 probability-of-default
ratings and assigned its LGD4 loss-given-default ratings on
these loans and bond debt obligations: Senior Notes with an
average rate of 8.1% due 2007 - 2031; Chilean inflation indexed
note effective rate 7.65% due 2009; 3.375% Contingently
convertible senior notes due 2023; Minimum Leases Commitments;
Term Loan A at adjustable rates due 2011; Term Loan B at
adjustable rates due 2013; and Revolving loans at adjustable
rates, due 2011.  Moody's said these obligations have a 53%
Projected Loss-Given Default.

Moody's also held its (P)Ba2 probability-of-default ratings and
assigned a LGD4 loss-given-default rating with a Projected Loss-
Given Default to the Company's Senior unsecured debt shelf.


HILTON HOTELS: Seeks Modification to Greater Portland Judgment
--------------------------------------------------------------
Hilton Hotels Corp. filed a request with the Anti-Trust Division
of the United States Department of Justice to modify a Partial
Final Judgment in United States vs. Greater Portland Convention
Association Inc., et al.

The Partial Final Judgment prohibits the defendants -- Greater
Portland, Hilton Hotels, ITT Sheraton Corporation of America and
Cosmopolitan Investment Inc. -- and their subsidiaries and
successors from:

   -- agreeing with any other hotel to give or promise to give
      preferential treatment for the purchase of hotel supplies
      to hotel suppliers; or

   -- giving or promising to give preferential treatment for the
      purchase of hotel supplies to any hotel suppliers on the
      basis of payments, contributions or dues paid by suppliers
      to any convention bureau.

Hiton proposes to add this modification to the original
prohibition:

"Provided, however, that nothing in this Section shall be
construed to prohibit any hotel defendant from:

   -- developing hotel supply purchasing programs for its owned,
      managed and franchised hotels; or

   -- participating in bona fide group purchasing organizations
      or programs notwithstanding the fact that such
      organizations or programs may include one or more hotels."

Hilton is seeking the modifications to ensure that the Partial
Final Judgment would not be interpreted so as to prohibit the
defendants from engaging in the specified activities.

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally.

Hilton Hotels also operates in the United Kingdom,
Germany, Belgium, Estonia, Lithuania, Norway, Denmark, Finland,
Italy, The Netherlands, Sweden, Indonesia, Australia, Austria,
India, Philippines, Vietnam. Trinidad and Tobago

                       *     *     *

As reported in the TCR-Europe on Oct. 19, Moody's Investors
Service's confirmed its Ba2 Corporate Family Rating for
Hilton Hotels Corp., in implementation of its new Probability-
of-Default and Loss-Given-Default rating methodology for the
gaming, lodging and leisure sectors.

Additionally, Moody's held its Ba2 probability-of-default
ratings and assigned its LGD4 loss-given-default ratings on
these loans and bond debt obligations: Senior Notes with an
average rate of 8.1% due 2007 - 2031; Chilean inflation indexed
note effective rate 7.65% due 2009; 3.375% Contingently
convertible senior notes due 2023; Minimum Leases Commitments;
Term Loan A at adjustable rates due 2011; Term Loan B at
adjustable rates due 2013; and Revolving loans at adjustable
rates, due 2011.  Moody's said these obligations have a 53%
Projected Loss-Given Default.

Moody's also held its (P)Ba2 probability-of-default ratings and
assigned a LGD4 loss-given-default rating with a Projected Loss-
Given Default to the Company's Senior unsecured debt shelf.


INTERNATIONAL PAPER: Earns US$201 Million in 2006 Third Quarter
---------------------------------------------------------------
International Paper Company earned US$201 million of net income
on US$5.8 billion of net revenues for the three months ended
Sept. 30, 2006, compared to US$1 billion of net income on
$5.9 billion of net revenues for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$24.6 billion in total assets and US$18.8 billion in total
liabilities.

A full-text copy of the company's quarterly report is available
for free at http://researcharchives.com/t/s?1597

On Oct. 25, 2006, the company amended its existing receivables
securitization program that provided up to US$1.2 billion of
commercial paper-based financings with a facility fee of 0.20%
and an expiration date in November 2007, to provide up to US$1
billion of available commercial paper-based financings with a
facility fee of 0.10% and an expiration date in October 2009.

                            Acquisition

On Oct. 30, 2006, the company completed its previously announced
sale of around 900,000 acres of forestlands in Louisiana, Texas
and Arkansas to an investor group led by TimberStar, a
subsidiary of iStar Financial Inc.  The purchase price for this
transaction was around US$1.13 billion with around
US$330 million paid in cash and US$800 million in promissory
notes.

In addition, the company, on Nov. 3, 2006, completed its
previously announced sale of around 4.2 million acres of
forestlands located across the southern U.S. and Michigan to an
investor group led by Resource Management Service, LLC.  The
purchase price is around US$4.96 billion consisting of around
$1.04 billion paid in cash and US$3.92 billion in promissory
notes.

                     About International Paper

Based in Stamford, Connecticut, International Paper Company
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the
forest  products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia,
specifically Japan and China.  These businesses are complemented
by an extensive North American merchant distribution system.
International Paper is committed to environmental, economic and
social sustainability, and has a long-standing policy of using
no wood from endangered forests.

                           *     *     *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper
Company on Dec. 5, 2005.


PARMALAT SPA: Credit Suisse, BNL Settle Suit for US$50 Million
--------------------------------------------------------------
Credit Suisse Group and Banca Nazionale del Lavoro S.p.A. filed
a memorandum of understanding in a Federal District Court in
Manhattan to settle for US$25 million each a class action filed
by investors of Parmalat S.p.A., the Wall Street Journal
reports.

The information was revealed by Stuart Grant, managing director
of Grant & Eisenhofer, PA, which is representing Hermes Group, a
U.K. pension-fund manager that had invested in Parmalat stock.

Aside from the monetary settlement, the financial institutions
agreed to institute changes in their corporate governance that
will hopefully prevent future problems, Mr. Grant said.  Details
of those governance changes have yet to be fully worked out,
according to him.

                        Case Background

U.S. holders of Parmalat bonds filed a securities fraud
complaint in the U.S. District Court for the Southern District
of New York against a number of Parmalat banks and auditors
claiming that during the class period -- Jan. 5, 1999 through
Dec. 18, 2003-- those individuals, along with Old Parmalat's
banks and accounting firms, structured and participated in a
series of fraudulent schemes designed to hide Old Parmalat's
growing debts to third parties and artificially inflate its
assets, revenues and ultimately, the market prices of its
securities.

The scheme culminated in Old Parmalat's financial collapse when
it was revealed that the company's total consolidated debt had
been understated by nearly US$10 billion and its total net
assets, or shareholder equity, had been overstated by US$16.4
billion.  Parmalat, an international food and dairy company,
filed for bankruptcy in Italy in December 2003.

In October 2005, the court in Parma, Italy issued a decree
approving a "composition" or agreement with Old Parmalat's
creditors causing Parmalat S.p.A. to formally succeed Old
Parmalat and triggering the transfer of Old Parmalat's assets
and liabilities to New Parmalat.

Thus, unlike U.S. bankruptcy, Parmalat S.p.A., or "New Parmalat"
did not get a "fresh start" with its pre-petition debts being
discharged.

Rather, it emerged with the assets and liabilities of its
predecessor companies that were not discharged in the
Extraordinary Administration.

In its first official prospectus, New Parmalat recognized that
plaintiffs in the U.S. securities class action could assert
claims against it in the U.S.

For these reasons, lead plaintiffs moved for leave to assert
federal securities fraud claims against New Parmalat based on
the actions of Old Parmalat and its officers, directors,
statutory auditors and others prior to Extraordinary
Administration.

In June, Grant & Eisenhofer and Cohen Milstein, law firms
leading a securities class action against Parmalat S.p.a., filed
a fresh motion seeking permission to amend their complaint to
assert claims against Parmalat S.p.A.

The amended complaint was filed in U.S. District Court for the
Southern District of New York.  Grant & Eisenhofer represents
Parmalat shareholders, including U.K.-based Hermes Focused Asset
Management Europe Ltd.  Law firm Cohen Milstein Hausfeld & Toll,
P.L.L.C. represents Parmalat's former bondholders.

The amended complaint also contains new allegations against
accounting Grant Thornton LLP, which had previously been
dismissed from the case, showing that it controlled its U.S.
affiliate, defendant Grant Thornton International, which had
participated in the fraud.

Plaintiffs also amended their claims against Credit Suisse First
Boston, now known as Credit Suisse.  They added new claims
against related entities:

     -- Credit Suisse First Boston International, now known as
        Credit Suisse International,

     -- Credit Suisse First Boston (Europe) Limited, now known
        as Credit Suisse Securities (Europe) Limited, and

     -- Credit Suisse Group,

for their direct participation in, or control of entities that
participated in, the fraud.

The Class Action Reporter relates that a third amended complaint
has already been filed.

In summary, defendants in this class action includes:

     -- new Parmalat S.p.A.
     -- Deloitte & Touche;
     -- Mr. James Copeland, as an individual;
     -- Grant Thornton;
     -- Citigroup, including Buconero, Vialattea, Eureka
        Securitization;
     -- Bank of America;
     -- Credit Suisse;
     -- Banca Nazionale del Lavoro;
     -- Banca Intesa; Morgan Stanley;
     -- the law office of Pavia Ansaldo;
     -- the law office of Zini Associates; and
     -- other individuals.

Hermes Focus Asset Management Europe Limited; Cattolica
Partecipazioni S.p.A.; Solotrat; Societe Moderne des
Terrassements Parisiens; and Capital & Finance Asset Management,
S.A., had asked the Honorable Lewis A. Kaplan of the U.S.
District Court for the Southern District of New York to deny
separate motions filed by Grant Thornton LLP and Credit Suisse
to dismiss their third amended consolidated class action
complaint (Class Action Reporter, Sept. 25, 2006).

The suit is "In Re: Parmalat Securities Litigation, Case No.
1:04-cv-00030-LAK-HBP," filed in the U.S. District Court for the
Southern District of New York under Judge Lewis A. Kaplan with
referral to Judge Henry B. Pitman.

Representing the plaintiffs are:

     (1) Patrick J. Coughlin of Milberg, Weiss, Bershad, Hynes &
         Lerach, L.L.P., 100 Pine Street, San Francisco, CA
         94111, Phone: (415) 288-4545;

     (2) Joshua Seth Devore of Cohen, Milstein, Hausfeld & Toll,
         PLLC (DC), 1100 New York Avenue, N.W. West Towen #500,
         Washington, D.C., DC 20005, Phone: (202)408-4600, Fax:
         (202)-408-4699, E-mail: jdevore@cmht.com;

     (3) Stuart M. Grant of Grant & Eisenhofer, PA (DE), Chase
         Manhattan Centre, 1201 North Market Street, Wilmington,
         DE 19801, Phone: (302) 622-7000, Fax: (302) 622-7100,
         E-mail: sgrant@gelaw.com; and

     (4) Mario Alba, Jr. of Lerach, Coughlin, Stoia, Geller,
         Rudman & Robbins, LLP(LIs), 58 South Service Road,
         Suite 200, Melville, NY 11747, Phone: 631-367-7100,
         Fax: 631-367-1173, E-mail: malba@lerachlaw.com

Representing the defendants are:

     (1) Christopher Moore Brubaker of Kittredge Donley Elson
         Fullem & Emb (PA), 400 Market Street, Suite 200,
         Philadelphia, PA 19106, Phone: (215)-829-9900, Fax:
         (215)-829-9888, E-mail: cbrubaker@kdefe.com;

     (2) Donald C. Moss of Moss & Moss, L.L.P., 170 East 61st
         Street, New York, NY 10021, Phone: (212) 644-1000;

     (3) Norina I. Edelman of Sidley Austin LLP(Washington),
         1501 K Street, N.W., Washington, DC 20005, Phone: (202-
         736-8739, Fax: (202)-736-8711, E-mail:
         nedelman@sidley.com;

     (4) Dana Leigh Post of Kramer Levin Naftalis & Frankel,
         LLP, 1177 Avenue of the Americas, New York, NY 10036,
         Phone: (212) 839-5667, Fax: (212) 839-5599, E-mail:
         dpost@sidley.com;

     (5) Howard A. Ellins of Davis Polk & Wardwell, 450
         Lexington Avenue, New York, NY 10017, Phone: (212)-450-
         4248, Fax: (212)-450-5548, E-mail: ellins@dpw.com;

     (6) Dennis Eugene. Glazer of Davis Polk & Wardwell, 450
         Lexington Avenue, New York, NY 10017, Phone: (212)-450-
         4900 Fax: (212)-450-3900, E-mail:
         dennis.glazer@dpw.com;

     (7) Loren Kieve of Quinn, Emanuel, Urquhart, Oliver &
         Hedges, 50 California Street, 22nd Flr., San Francisco,
         CA 94104-2543, Phone: (415) 875-6320, Fax: (415) 875-
         6700, E-mail: lorenkieve@quinnemanuel.com; and

     (8) Mark Adam Kirsch of Clifford Chance US, LLP(NYC!), 31
         West 52nd Street, New York, NY 10019-6131, Phone: (212)
         878-8192, Fax: (212) 878-8375, E-mail:
         mark.kirsch@cliffordchance.com.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has 40-
some brand product line, which includes yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.


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


ADANI-SK: Creditors Must File Proofs of Claims by January 5
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region entered on Sept. 25 an order placing
LLP Adani-sk into compulsory liquidation.

Creditors have until Jan. 5, 2007, to submit written proofs of
claim to:

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


AK-BIDAI CJSC: Creditors' Proofs of Claims Due December 22
----------------------------------------------------------
CJSC Ak-Bidai has declared insolvency.  Creditors have until
Dec. 22 to submit written proofs of claim to:

         CJSC Ak-Bidai
         Ujnaya Str. 9
         Tayinsha
         Tayinshynsky District
         North Kazakhstan Region
         Kazakhstan


ALEMBEK LLP: Proofs of Claim Deadline Slated for January 5
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
entered an order placing LLP Alembek (RNN 531400041346) into
compulsory liquidation.

Creditors have until Jan. 5, 2007, to submit written proofs of
claim to:

         LLP Alembek
         Room 208
         Jansugurov Str. 113a
         Taldykorgan
         Almaty Region
         Kazakhstan
         Tel: 8 (32822) 24-19-77


INTERSOFT-EKIBASTUZ: Claims Registration Ends December 22
---------------------------------------------------------
LLP Intersoft-Ekibastuz Ltd. has declared insolvency.  Creditors
have until Dec. 22 to submit written proofs of claim to:

         LLP Intersoft-Ekibastuz Ltd.
         Stroitelnaya Str. 29-33
         Ekibastuz
         Pavlodar Region
         Kazakhstan


KAZAKHSTANSKAYA FINANSOVAYA: Creditors' Claims Due January 5
------------------------------------------------------------
JSC Kazakh Financial Company Kazakhstanskaya Finansovaya
Kompaniya has declared insolvency.

Creditors have until Jan. 5, 2007, to submit written proofs of
claim to:

         JSC Kazakhstanskaya Finansovaya Kompaniya
         Tulebaev Str. 149-19
         Almaty, Kazakhstan


MUNAI REMONT: Claims Filing Period Ends December 22
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Munai Remont Komplekt insolvent on Sept. 22.

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

         LLP Munai Remont Komplekt
         Industrial Zone
         Janaozen
         Mangistau Region
         Kazakhstan
         Tel: 8 (32934) 33-851


NAFTO-CENTRE LLP: Astana Court Starts Bankruptcy Procedure
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana
commenced bankruptcy proceedings against LLP Nafto-Centre
(RNN 031400154786) on Oct. 31.

LLP Nafto-Centre is located at:

         Abai Ave. 94-427
         Almaty District
         Astana, Kazakhstan


PAVLODAR TRANS: Claims Registration Ends December 22
----------------------------------------------------
LLP Pavlodar Trans Energo Service has declared insolvency.
Creditors have until Dec. 22 to submit written proofs of claim
to:

         LLP Pavlodar Trans Energo Service
         Sheshemekov Str. 11g
         Ekibastuz
         Pavlodar Region
         Kazakhstan


PULSAR INTERNATIONAL: Claims Filing Period Ends December 22
-----------------------------------------------------------
LLP Pulsar International has declared insolvency.  Creditors
have until Dec. 22 to submit written proofs of claim to:

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


STROY ALLIANCE: Proof of Claim Deadline Slated for January 3
------------------------------------------------------------
LLP Stroy Alliance Limited has declared insolvency.  Creditors
have until Jan. 3, 2007, to submit written proofs of claim to:

         LLP Stroy Alliance Limited
         Manas Str. 32a
         Almaty, Kazakhstan
         Tel: 8 (3272) 37-83-78


SUPER-BAI LLP: Creditors Must File Claims by December 22
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Super-Bai insolvent on Oct. 6.

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

         LLP Super-Bai
         Department of Agriculture
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


TAMIRIS INTERNATIONAL: Creditors' Claims Due January 5
------------------------------------------------------
LLP Tamiris International LLC has declared insolvency.
Creditors have until Jan. 5, 2007 to submit written proofs of
claim to:

         LLP Tamiris International LLC
         Micro District "Samal-2", 16b-26
         Almaty, Kazakhstan


TRANSSFERA LLP: Claims Filing Period Ends January 5
---------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region entered on Sept. 18 an order placing LLP
Scientific-Engineering Rail Road Company Transsfera into
compulsory liquidation.

Creditors have until Jan. 5, 2007, to submit written proofs of
claim to:

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


TVK LLP: East Kazakhstan Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against LLP TVK on
Oct. 26.


VIVAT LLP: Creditors Must File Proofs of Claims by January 5
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Vivat insolvent on Oct. 17 without the
introduction of the bankruptcy proceedings.

Creditors have until Jan. 5, 2007, to submit written proofs of
claim to:

         LLP Vivat
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-06-50


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


EURO VISION: Creditors' Proofs of Claims Due January 12
-------------------------------------------------------
LLC Euro Vision Trading Ltd. has declared insolvency.  Creditors
have until Jan. 12, 2007, to submit written proofs of claim to:

         LLC Euro Vision Trading Ltd.
         Shamsinskaya Str. 3-35
         Tokmok
         Chui Region
         Kyrgyzstan
         Tel: (+996 3138) 5-12-15


TRANS-ALTYN-SERVICE: Claims Registration Ends January 12
--------------------------------------------------------
LLC Trans-Altyn-Service has declared insolvency.  Creditors have
until Jan. 12, 2007, to submit written proofs of claim to:

         LLC Trans-Altyn-Service
         Vasiliev Str. 83
         Bishkek, Kyrgyzstan


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


MDM DPR: Parent Issues Five-Year Dual-Tranche Series 2006 Notes
---------------------------------------------------------------
OJSC Moscow Business World, also known as MDM Bank, successfully
launched and priced a dual-tranche debt issuance from a newly
established future flow diversified payment rights
securitization program.

The issuance consisted of a EUR225 million Series 2006-A tranche
and a US$200 million Series 2006-B tranche.  Both tranches have
final maturities of five years and an average life of 2.5 years.

"We are pleased with the breadth of investor interest in our
first DPR issue, which is the largest borrowing transaction for
MDM Bank to date," Andrey Ilyin, MDM Bank's CFO, commented."
"The DPR program is a substantial enhancement of our funding
toolkit that we will continue to successfully employ for
profitable above-market growth in corporate, SME and retail
segments."

This new issue is the largest DPR issuance to date from Russia
and the CIS Region, and is the second securitization this year
from MDM Bank.  It is also the first time that a Euro-
denominated DPR securitization has been issued by a Russian
bank. "By offering investors a Euro-denominated series MDM was
able to attract investors that had not participated in the
recent US$-denominated securitization to come out of Russia",
said James Walters, Head of EEMEA ABS at Dresdner Kleinwort.
"MDM has had a great year in utilizing securitization to provide
funding and has been Russia's largest ABS issuer in 2006".

"The transaction is another great success for MDM Bank, coming
hot-on-the-heels of their recent car loan securitization", said
Alex von Sponeck, Head of CEEMEA Debt Capital Markets at Merrill
Lynch. "The Bank is at the forefront of Russian banks in
developing a diversified and sophisticated funding platform
which accesses a range of different investor bases".

The Notes were priced at par, and are priced at Euribor +200bps
and US$Libor +200bps respectively.  The Notes are rated two
notches higher than the Ba2 Senior Unsecured rating of MDM. This
is only the second time that a future flow issuance from Russia
has achieved a two notch ratings upgrade.

The debut DPR securitization represents a great achievement for
MDM Bank with strong investor interest in the Notes.  The
transaction also serves to significantly diversify MDM Bank's
investor base, with the overwhelming majority of investors in
the transaction being new investors for the Bank.

Dresdner Bank AG London Branch and Merrill Lynch International
as Joint Arrangers structured the program for the issuance.  The
issuance is executed through the MDM DPR Finance Company S.A.,
which is a special-purpose company incorporated under the laws
of Luxembourg.

Headquartered in Moscow, Russia, OJSC MDM Bank --
http://www.mdmbank.com/provides financial services organized
across four divisions: corporate banking, retail banking, and
investment banking.  The bank owns and operates 100 offices
throughout Russia.

                        *     *     *

As reported in the Troubled Company Reporter on March 14,
Moody's Investors Service has assigned Ba2 and Not Prime long-
and short-term foreign currency bank deposit ratings and a D
Financial Strength Rating (FSR) to MDM Bank (Russia), which is
the lead operating entity in MDM Financial Group (MDM FG),
comprising over 90% of the group's total IFRS-consolidated
assets and shareholders' equity.

At the same time Moody's has affirmed the Ba2/Not Prime ratings
assigned to MDM Bank's US$2 billion Program for the Issuance of
Loan Participation Notes.  The Notes will be issued by, but with
limited recourse to, MDM International Funding Plc (Ireland) for
the sole purpose of financing advances to MDM Bank.  The outlook
for all ratings is stable.

According to Moody's, the Ba2/Not Prime/D ratings are based on
the fundamental credit strength of MDM Bank, and do not
incorporate any potential support from the authorities in case
of need.


MILLICOM INT'L: Moody's Lifts Ratings on Robust Performance
-----------------------------------------------------------
Moody's Investors Service upgraded the ratings of Millicom
International Cellular S.A.

Ratings upgraded:

Millicom International Cellular S.A.

   -- Corporate Family Rating to Ba3 from B1;
   -- US$550-million senior notes to B2 from B3; and

The outlook on the ratings is stable.

The upgrade reflects:

   (i) the company's continued robust operational and financial
       performance;

   (ii) resolution of uncertainty associated with a potential
        change in ownership following completion of their
        strategic review;

   (iii) the company's modest level of debt; e.g. on a
         nine month annualized basis Millicom was leveraged
         at 1.7x Total Debt to reported EBITDA and 0.7x on a
         Net Debt basis (both excluding license
        obligations);and

   (iv) Millicom's ability to compensate revenue and EBITDA
        growth despite a loss of its Business Cooperation
        Agreement in Vietnam.

Moody's notes that the company operates in markets which exhibit
heightened political and economic risks endemic to emerging
markets; e.g. the majority of the company's revenue and EBITDA
is generated in Central America (El Salvador, Guatemala and
Paraguay).  The second largest and the fastest growing region in
terms of revenue and EBITDA is Africa.

Moody's does not have published ratings on many of Millicom's
countries of operations in Africa.  At the same time, these
markets show high growth momentum in mobile penetration due to
limited fixed line coverage, currently relatively modest mobile
penetration levels and improving macroeconomic conditions.
Moody's believes that Millicom is well positioned to benefit
from anticipated growth in these markets over the medium term.

As of Sept. 31, 2006, the company had US$567.4 million in cash
and cash equivalents.  Moody's believes that the company is
likely to use this cash for organic growth, particularly in
light of the recently increased capital expenditure
requirements, and possible buy-out of minority interests. The
rating does not factor in any material debt financed
acquisitions.

Moody's however recognizes that Millicom intends to spend around
US$200 million over the next three years to finance its
investment in Colombia Movil S.A. through debt incurrence.
Furthermore, consolidation of Colombia Movil in Q4 2006 will
increase Millicom's debt metrics.  At the same time, Millicom's
recently announced sale of Paktel Limited will decrease its
licence obligations going forward.

Millicom is modestly leveraged at around 1.7x Total Debt to
EBITDA on an annualized nine months EBITDA basis (excluding
around US$200 million in unpaid license fees with the majority
of those for Paktel Ltd.).  Moody's believes that the company
has to retain a relatively modest leverage to mitigate risks
associated with its operations in emerging markets.

The outlook on the rating is stable reflecting Moody's
expectations that the company will continue to grow its revenue
and EBITDA fuelled by subscriber growth.  Furthermore, the
outlook relies on the expectation that the company will finance
its growth mostly with internally generated cash flow.  At the
same time the outlook reflects an increased level of capital
expenditure.  Moody's notes that Millicom has recently raised
its capital expenditure guidance for 2006 and 2007; e.g. the
company expects to spend over US$700 million in 2006 and higher
amount in 2007.

What could change the rating - Up

    * continued robust operational and financial performance;

    * adherence to conservative financial policy.

What could change the rating - Down

    * material debt financed acquisitions and / or shareholder
      distributions resulting in leverage metrics higher than
      2.0x Net Debt to EBITDA on an extended basis;

    * incurrence of material licence obligations;

    * deterioration in the company's operational performance
      due to risks associated with its countries of operations.

Millicom International Cellular S.A., headquartered in
Luxembourg, is a global telecommunications investor with
cellular operations in Latin America, Africa and Asia.  In
Q3 2006, the company generated US$402.5 million in revenue and
US$178.7 million in reported EBITDA.


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


PHELPS DODGE: Freeport Takeover Depends on Commodity Prices
-----------------------------------------------------------
Analysts told Business News Americas that the wisdom of
Freeport-McMoRan Copper & Gold's proposed takeover of Phelps
Dodge will depend on future commodity prices.

Victor Flores, an HSBC analyst, explained to BNamericas, "It all
revolves around what the commodity prices do.  Our view is that
commodity prices will stay fairly robust but they WILL decline.
Maybe they [Freeport] have insights that we don't."

According to BNamericas, Mr. Flores was referring to Freeport's
ability to manage its new debt structure.

BNamericas relates that under the cash and stock transaction,
Freeport will pay US$126.46 per Phelps Dodge share, representing
a 33% premium over the latter's closing share price on Nov. 17.

Freeport told BNamericas that it will take on debt to pay the
US$18 billion cash portion, representing 70% of the total
consideration of US$25.9 billion.  Including the transaction,
pro forma net debt is estimated at US$15 billion in 2006 versus
estimated Ebitda of US$7.9 billion.

"Freeport is betting on the cycle lasting a lot longer.  I don't
mean necessarily higher copper prices than the current but ones
that are still well above the long-term levels that companies
and analysts use on a planning basis," Nick Hatch, an analyst at
Investec, commented to BNamericas.

Richard Adkerson, chief executive officer of Freeport, told
BNamericas that copper prices do not have to be as good as 2006
for the deal to make sense.

BNamericas underscores that a Freeport said in a presentation
that it saw pro forma annual average Ebitda for 2007-09 of just
under US$4 billion at copper prices of US$1.50 per pound, almost
US$6 billion at US$2 per pound and US$8 billion at US$2.5 per
pound.

According to the report, analysts agreed that the deal would
provide Freeport with important diversification.

Mr. Flores told BNamericas, "They potentially gain a lower risk
rating for the company by putting the Indonesian asset within a
larger portfolio."

BNamericas emphasizes that Freeport's only mining operation is
the world class, low-cost Grasberg copper mine in Indonesia.

Meanwhile, Mr. Hatch is doubtful that another firm will compete
with Freeport on Phelps Dodge, BNamericas relates.

Mr. Hatch told BNamericas, "This one is substantially above
Phelps' closing share price and there are relatively few
companies that would want to pay that kind of money."

However, Mr. Flores admitted to BNamericas that it is possible
that firms would bid against Freeport, given this year's trend.

"As we have seen already in several cases this year, a deal that
starts off on one path ends up going down a very different
path," Mr. Flores told BNamericas.

The analysts agreed that the 2006 historical level of
consolidation in the mining sector will likely drop off next
year in response to probable lower metal prices and fewer
opportunities, according to BNamericas.

The Freeport-Phelps Dodge deal is yet to be approved by the two
firm's shareholders.  The deal will be closed at the end of the
first quarter of next year, BNamericas states.

                   About Freeport McMoRan

Freeport-McMoran Copper & Gold Inc. -- through its majority-
owned subsidiary, PT Freeport Indonesia -- is engaged in copper,
gold and silver mining and production operations.  The company
owns around 90.64% of PT Freeport Indonesia, and the
Government of Indonesia owns the remaining approximate 9.36%.
The company's principal asset is the Grasberg minerals district.
During the year ended Dec. 31, 2005, net additions and revisions
to the aggregate proven and probable reserves of the Grasberg
and other Block A ore bodies in the Grasberg minerals district
totaled around 132 million metric tons of ore
representing increases of 2.1 billion recoverable pounds of
copper, 0.4 million recoverable ounces of gold and 12.1 million
recoverable ounces of silver.

                     About Phelps Dodge

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.  It
maintains operations in Mexico, Puerto Rico, Thailand, China,
Japan, the Netherlands, and the United Kingdom, among others.

                        *    *    *

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.


X5 RETAIL: Completes Acquisition of OOO Metronom AG
---------------------------------------------------
X5 Retail Group N.V. discloses of the closing of the transaction
for the acquisition of 100% of OOO "Metronom AG", following the
approval of the Supervisory Board of X5 Retail Group N.V. and
statuary government approvals, including antimonopoly
authorities.

As a result, X5 Retail Group N.V. acquired a business having
retail premises of around 33,000 square metres in commercially
attractive districts of the city of Moscow, as well as a wholly
owned distribution and office center in the central part of
Moscow with total capacity of more than 17,000 square meters,
with a land plot of 4.3 hectares.

Through this acquisition, Pyaterochka Holding N.V. also acquired
an established and growing operational business of 16
supermarkets in the city of Moscow, with the rights for the
retail operations in the Russian Federation under "Merkado" and
"Merkadona" trademarks.

The total enterprise value of the transaction is US$200 million,
of which the enterprise value of the operational business --
excluding the value of real estate -- is around US$50 million.

"We are happy to announce closing of a transaction which gives
us a valuable addition to our real estate portfolio but also
significantly enhances our already leading position in the most
important retail market of Russia -- the city of Moscow," Lev
Khasis, Group CEO, commented.  "The Merkado supermarkets will be
integrated into either "Perekrestok" or "Pyaterochka" formats
and we will ensure that the services of the acquired chain will
be quickly brought to the level of the Group's existing quality
standards."

"The Merkado chain is a highly profitable business which will
further enhance the financial performance of the Group," Vitaliy
Podolskiy, Group CFO added.  "During the integration process, we
will make sure that the operations of the acquired chain are
uninterrupted, particularly in terms of continued supplies to
the stores and guaranteed payments for already executed
supplies."

                   About Pyaterochka Holding

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.5chka.com/-- operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

Pyaterochka's 2004 net revenues were US$1.1 billion.  The
company has reported unaudited net revenues of US$1.4 billion
for 2005.

                          *     *     *

As reported in the TCR-Europe on Aug. 29, Moody's Investors
Service downgraded the corporate family rating of Pyaterochka
Holding N.V. to B1 from Ba3.  Moody's said the outlook for the
rating is stable.

Standard & Poor's Services affirmed its 'BB-' long-term
corporate credit rating on Pyaterochka Holding N.V., the owner
of Russia's largest grocery retail network.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term corporate credit
and 'ruAA-' Russia national scale on Pyaterochka's guaranteed
operating subsidiary OOO Agrotorg.

The 'ruAA-' Russia national scale on the senior unsecured and
senior secured debt issued by related entity Pyaterochka Finance
have also been affirmed.

All were removed from CreditWatch with negative implications,
where they had been placed on April 12, following Pyaterochka's
announced acquisition of Russia's leading supermarket chain
Perekrestok.  S&P said the outlook is negative.


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


AUTOCAM CORP: May Not Comply with Covenants on December 2006
------------------------------------------------------------
Autocam Corp. disclosed of in a regulatory filing with the U.S.
Securities and Exchange Commission that based on its current
projections, it might be unable to comply with the financial
covenants set in its senior credit facilities and second lien
credit facility as of Dec. 31, 2006.

The company however said that it was in compliance with the
covenants as of Sept. 30, 2006.  The company's senior credit
facilities and second lien credit facility's financial covenants
are tested at each calendar quarter-end.

                        Credit Facilities

As of Sept. 30, 2006, the company says that it borrowed
US$23.1 million under its revolving credit facilities to fund
liquidity needs as cash generated from operations was
insufficient to meet the company's requirements.  As of
Sept. 30, 2006, the company had US$17.3 million remaining under
its revolving credit facilities and its senior credit facilities
permits the company to factor without recourse an additional
US$9.5 million of trade receivables.

Subsequent to Sept. 30, 2006, the company discloses that it
borrowed US$15.8 million of funds available under the revolving
credit facilities, and as of Nov. 13, 2006, had cash holdings of
US$13.1 million.  The company says that since it only had
US$1.2 million remaining in its revolving credit facilities as
of Nov. 13, 2006, the company's short-term liquidity needs must
be met primarily from cash on hand and cash generated from
operations.  The company relates that these sources could be
insufficient to meet its debt service and day-to-day operating
expenses during the fourth quarter.

The company discloses that the interest payments on its senior
subordinated notes are due Dec. 15, 2006, while interest
payments on its senior credit facility and second lien credit
facility are due Dec. 29, 2006.

Failure to make these payments within the applicable 30-day
grace period in the case of the senior subordinated notes and
the applicable five-day grace period under the senior credit
facilities and second lien credit facility, the company says,
would constitute events of default under these notes and credit
facilities.

                           Options

The company discloses that in order to improve its near-term
liquidity, it is exploring a variety of options, which include:

    * reducing investment in working capital;
    * selling idle equipment; and
    * securing other sources of capital for its operations.

The company further discloses that it intends to engage in
discussion with its senior and second lien lenders to seek
further amendments to its senior credit facilities and second
lien credit facility to provide for covenant relief.  It also
intends to engage in restructuring discussion with holders of
the company's senior subordinated notes.

The company says it cannot assure that the discussions with its
lenders will be successful.  If the company is not successful,
then upon an event of default, the senior and second lien
lenders will have the ability to exercise all of their rights,
including requiring the amounts outstanding under the senior
credit facilities and the second lien credit facility to become
due and payable.

Headquartered in Kentwood, Michigan, Autocam Corporation --
http://www.autocam.com/-- is a wholly-owned subsidiary of Titan
Holdings, Inc.  Autocam manufactures extremely close tolerance
precision-machined, metal alloy components, sub-assemblies and
assemblies, primarily for performance and safety critical
automotive applications.  The company provides these products
from its facilities in North America, Europe, South America and
Asia to some of the world's largest suppliers to the automotive
industry. These suppliers include Autoliv, Delphi Corporation,
Robert Bosch GmbH, Siemens VDO, TRW Automotive, Inc. and ZF
Friedrichshafen AG.  The company has operations in Brazil,
France and China.

                        *     *     *

As reported in the TCR-Europe on Nov. 24, 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-'.


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


AIF CJSC: Court Names M. Mulyukov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed
Mr. M. Mulyukov as Insolvency Manager for CJSC AIF.  He can be
reached at:

         M. Mulyukov
         Post User Box 20
         Main Post Office
         Ufa
         450000 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-13666/06-G-MOG.

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         CJSC AIF
         Lenina Str. 238
         Iglino
         Iglinskiy Region
         452410 Bashkortostan Republic
         Russia


APASTOVO-AGRO-KHIM-SERVICE: Names I. Gilyazov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. I.
Gilyazov as Insolvency Manager for OJSC Apastovo-Agro-Khim-
Service.  He can be reached at:

         I. Gilyazov
         Post User Box 5
         GOS 3
         Chistopol
         422983 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-5527/2006-SG4-26.

The Arbitration Court of Tatarstan Republic is located at:

         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan Republic
         Russia

The Debtor can be reached at:

         OJSC Apastovo-Agro-Khim-Service
         Karatunskiy KhPP
         Apastovskiy Region
         Tatarstan Republic
         Russia


BARNAULSKIY MEAT: Names L. Prikhod'ko as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Altay Region appointed Ms. L.
Prikhod'ko as Insolvency Manager for LLC Barnaulskiy Meat
Combine.  She can be reached at:

         L. Prikhod'ko
         Post User Box 3077
         Barnaul
         656015 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-11530/06-B.

The Debtor can be reached at:

         LLC Barnaulskiy Meat Combine
         Barnaul
         Altay Region
         Russia


BAYMAK-MIXED FODDER: Bankruptcy Hearing Slated for December 4
-------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic will convene at
11:00 a.m. on Dec. 4 to hear the commenced bankruptcy
supervision procedure on OJSC Baymak-Mixed Fodder (TIN
0254008941).  The case is docketed under Case No. A07-12475/06-
G-GRA.

The Temporary Insolvency Manager is:

         F. Yunusov
         Br. Kadomtsevykh Str. 6
         Ufa
         450059 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Baymak-Mixed Fodder
         Obyezdnoye Shosse 1
         Baymak
         Baymakskiy Region
         453630 Bashkortostan Republic
         Russia


GOLDEN TELECOM: Acquires Corus ISP for US$1.2 Million
-----------------------------------------------------
Golden Telecom Inc. discloses that it acquired 100% interest in
ZAO Corus ISP for US$1.2 million.  Corus ISP is an alternative
telecommunications services provider in Ekaterinburg, the fifth
largest and dynamically growing city in Russia.

Corus ISP is one of the pioneers of Internet services in
Ekaterinburg, presently focusing on broadband access for
corporate clients, with its market share estimated at around 7%.
Corus ISP has an extensive network in central Ekaterinburg, with
around 29 km of owned and leased channels, and more than 120
point of presence.

Golden Telecom has provided services to its clients in
Ekaterinburg for more than 10 years.  Scope and quality of
operations were enhanced dramatically when in August 2004 ZAO
TeleRoss-Ekaterinburg, OOO UralRelcom and the Ekaterinburg
branch of Combellga were merged into the Ekaterinburg branch of
Golden Telecom.  Successful integration of these companies
enabled Golden Telecom to offer a wide range of
telecommunication products and services.

Currently, the Company is the leading provider of broadband
access services, local and zonal telephone services, data
communication, and corporate networks development.  The Company
estimates that it has around 26% of the corporate market and
over 10% of the total fixed-line market in Ekaterinburg.

This acquisition will place Golden Telecom in the center of
Ekaterinburg's communications market due to Corus ISP's network
infrastructure and existing business clients, thus increasing
the Company's Ekaterinburg market share in the corporate segment
to around 33%.

"We acquired Corus ISP to further our regional expansion and
speed the development of broadband services for corporate and
residential clients in Ekaterinburg," Jean-Pierre Vandromme,
Chief Executive Officer of Golden Telecom noted.  "We look
forward to providing complementary Internet, data, and voice
services which will strengthen our presence in this growing
regional market."

                      About Golden Telecom

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

                          *     *     *

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

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


KARAKULSKOYE CJSC: Bankruptcy Hearing Slated for January 18
-----------------------------------------------------------
The Arbitration Court of Chelyabinsk Region will convene on
Jan. 18, 2007, to hear the bankruptcy supervision procedure on
CJSC Karakulskoye.  The case is docketed under Case No. A76-
20218/2006-52-186.

The Temporary Insolvency Manager is:

         V. Gilmanov
         Kirova Str. 118
         456091 Chelyabinsk Region
         Russia

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         CJSC Karakulskoye
         Karakulskoye
         Oktyabrskiy Region
         457144 Chelyabinsk Region
         Russia


KRASNOYARUZHSKIY BACON: Names A. Myakotin to Manage Assets
----------------------------------------------------------
The Arbitration Court of Belgorod Region appointed Mr. A.
Myakotin as Insolvency Manager for CJSC Krasnoyaruzhskiy Bacon.
He can be reached at:

         A. Myakotin
         Office 304
         Chumichova Str. 126
         308014 Belgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A08-7971/06-24 B.

The Arbitration Court of Belgorod Region is located at:

         Narodnyj Avenue 135
         308600 Belgorod Region
         Russia

The Debtor can be reached at:

         CJSC Krasnoyaruzhskiy Bacon
         Tsentralnaya Str. 72
         Krasnaya Yaruga
         Belgorod Region
         Russia


MDM BANK: Issues Five-Year Dual-Tranche Series 2006 Notes
---------------------------------------------------------
OJSC Moscow Business World, also known as MDM Bank, successfully
launched and priced a dual-tranche debt issuance from a newly
established future flow diversified payment rights
securitization program.

The issuance consisted of a EUR225 million Series 2006-A tranche
and a US$200 million Series 2006-B tranche.  Both tranches have
final maturities of five years and an average life of 2.5 years.

"We are pleased with the breadth of investor interest in our
first DPR issue, which is the largest borrowing transaction for
MDM Bank to date," Andrey Ilyin, MDM Bank's CFO, commented."
"The DPR program is a substantial enhancement of our funding
toolkit that we will continue to successfully employ for
profitable above-market growth in corporate, SME and retail
segments."

This new issue is the largest DPR issuance to date from Russia
and the CIS Region, and is the second securitization this year
from MDM Bank.  It is also the first time that a Euro-
denominated DPR securitization has been issued by a Russian
bank. "By offering investors a Euro-denominated series MDM was
able to attract investors that had not participated in the
recent US$-denominated securitization to come out of Russia",
said James Walters, Head of EEMEA ABS at Dresdner Kleinwort.
"MDM has had a great year in utilizing securitization to provide
funding and has been Russia's largest ABS issuer in 2006".

"The transaction is another great success for MDM Bank, coming
hot-on-the-heels of their recent car loan securitization", said
Alex von Sponeck, Head of CEEMEA Debt Capital Markets at Merrill
Lynch. "The Bank is at the forefront of Russian banks in
developing a diversified and sophisticated funding platform
which accesses a range of different investor bases".

The Notes were priced at par, and are priced at Euribor +200bps
and US$Libor +200bps respectively.  The Notes are rated two
notches higher than the Ba2 Senior Unsecured rating of MDM. This
is only the second time that a future flow issuance from Russia
has achieved a two notch ratings upgrade.

The debut DPR securitization represents a great achievement for
MDM Bank with strong investor interest in the Notes.  The
transaction also serves to significantly diversify MDM Bank's
investor base, with the overwhelming majority of investors in
the transaction being new investors for the Bank.

Dresdner Bank AG London Branch and Merrill Lynch International
as Joint Arrangers structured the program for the issuance.  The
issuance is executed through the MDM DPR Finance Company S.A.,
which is a special-purpose company incorporated under the laws
of Luxembourg.

Headquartered in Moscow, Russia, OJSC MDM Bank --
http://www.mdmbank.com/provides financial services organized
across four divisions: corporate banking, retail banking, and
investment banking.  The bank owns and operates 100 offices
throughout Russia.

                        *     *     *

As reported in the Troubled Company Reporter on March 14,
Moody's Investors Service has assigned Ba2 and Not Prime long-
and short-term foreign currency bank deposit ratings and a D
Financial Strength Rating (FSR) to MDM Bank (Russia), which is
the lead operating entity in MDM Financial Group (MDM FG),
comprising over 90% of the group's total IFRS-consolidated
assets and shareholders' equity.

At the same time Moody's has affirmed the Ba2/Not Prime ratings
assigned to MDM Bank's US$2 billion Program for the Issuance of
Loan Participation Notes.  The Notes will be issued by, but with
limited recourse to, MDM International Funding Plc (Ireland) for
the sole purpose of financing advances to MDM Bank.  The outlook
for all ratings is stable.

According to Moody's, the Ba2/Not Prime/D ratings are based on
the fundamental credit strength of MDM Bank, and do not
incorporate any potential support from the authorities in case
of need.


MENDELEEVSKIY ELEVATOR: Names V. Shumilov to Manage Assets
----------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. V. Shumilov
as Insolvency Manager for OJSC Mendeleevskiy Elevator.  He can
be reached at:

         V. Shumilov
         Zarayaskaya Str. 12-1
         Perm Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-15691/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         OJSC Mendeleevskiy Elevator
         Lenina Str. 23
         Mendeleevo
         Karagayskiy Region
         Perm Region
         Russia


MOBILE TELESYSTEMS: Assails Bitel's Press Release
-------------------------------------------------
Mobile TeleSystems OJSC disclosed that in light of numerous
requests from the media regarding the press release issued on
behalf of Bitel, MTS deems it necessary to make these
statements:

   -- the information distributed on behalf of Bitel is part of
      an unprincipled propaganda campaign carried out with the
      aim of pressuring the courts to render a decision on the
      title of ownership of Bitel;

   -- the dissemination of this information by Bitel coincides
      with developments in court proceedings in the Isle of Man
      that MTS views as favorable to the Company.

   -- MTS in the past did not comment on the information issued
      by the current management of Bitel as it was unlawfully
      appointed and will refrain from doing so in the future;

   -- if the statements issued by the current management of
      Bitel are received and taken into consideration by any
      court, MTS will be more than happy to provide its fullest
      cooperation.

   -- as always MTS will inform the public of all the
      significant changes surrounding Bitel.

Also, on Nov. 8, 2006, MTS sent official letters to the
management of OJSC Vimpel-Communications and Telenor that stated
its position on Bitel and warned of the possibility of criminal
proceedings in the event that Vimpelcom acquired the Kyrgyz GSM
operator Sky Mobile, which is owned by Altimo and received
Bitel's assets after they were transferred by Bitel's unlawful
management.

The company appreciated the fact that Vimpelcom's Board of
Directors did not make the decision to acquire Sky Mobile.

                    About Mobile TeleSystems

Headquartered in Moscow, Russia, Mobile TeleSystems OJSC --
http://www.mtsgsm.com/-- company provides global system for
mobile communications technology-based mobile telecommunications
services in Russia, Belarus, Ukraine, Uzbekistan and
Turkmenistan.  Since June 2000, MTS' Level 3 ADRs have been
listed on the New York Stock Exchange (ticker symbol MBT).

As of Dec. 31, 2005, MTS had a working capital deficit of
US$631.6 million, compared with a US$189 million working capital
deficit at Dec. 31, 2004.

MTS is rated to BB-/outlook stable by S&P in and Ba3/outlook
stable by Moody's.


ROMANOVSKIY MEAT: Names L. Prikhod'ko to Manage Assets
------------------------------------------------------
The Arbitration Court of Altay Region appointed Ms. L.
Prikhod'ko as Insolvency Manager for Municipal Enterprise
Romanovskiy Meat Processing Combine.  She can be reached at:

         L. Prikhod'ko
         Post User Box 3077
         Barnaul
         656015 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-11664/06-B.

The Debtor can be reached at:

         Municipal Enterprise Romanovskiy Meat Processing
         Combine
         Romanovo
         Altay Region
         Russia


ROSNEFT OIL: Inks Sakhalin Development Deal with BP
---------------------------------------------------
OJSC Rosneft and BP signed Shareholder and operating agreements
for joint activity on the East-Schmidt (Sakhalin-5) and the
West-Schmidt (Sakhalin-4) licence blocks.

Projects are implemented under the effective legal framework
between Rosneft (51%) and BP (49%).  Operational management of
the projects will be conducted by CJSC Elvary Neftegas
established in 2003 for exploration on the Kaigansko-Vasuykansky
licence block (Sakhalin-5).  It is planned that exploration
activities on both blocks including drilling of 6 wells will be
financed by BP until commerciality is confirmed; following
commercial discovery the expenses will be reimbursed from
Rosneft's share of production.

Subsoil users of the blocks are two 100% Rosneft subsidiaries
CJSCs "Vostok Schmidt Neftegas" and "Zapad Schmidt Neftegas".

Exploration on the blocks and design of the joint development
strategy on Sakhalin-4 and Sakhalin-5 are currently being
conducted.  Set up of joint production and transportation
infrastructure will allow optimisation of the projects' capex
and may support the creation of the island's biggest oil and gas
complex in the North Sakhalin.

Management of the companies believes BP's considerable offshore
knowledge combined with more than 75 years of Rosneft's
experience in Sakhalin would allow the most effective use of
modern technologies and compliance with health, safety, security
and environmental requirements.

Lord Browne and Sergey Bogdanchikov signed a joint statement
expressing satisfaction with the achieved agreements that open
up new opportunities for both companies at the next stage of
their cooperation.

"These agreements are the major step in the ongoing cooperation
of our companies offshore Sakhalin," the companies said in a
statement. "We would like to congratulate employees of Rosneft
and BP who worked on the agreements and wish them every success
in 2007 and in the future".

                        About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/english/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

Standard & Poor's assigned B+ ratings to Rosneft's long-term and
local foreign issuer credit, while Fitch assigned BB+ ratings to
the Company's foreign currency and local currency long-term debt
in 2005.


ROSNEFT OIL: Repays US$150-Million Five-Year Eurobond
-----------------------------------------------------
OJSC Rosneft made the final coupon and maturity payment to
retire its five-year Eurobond issue for US$150 million on
Nov. 20, 2006.

The bond issue was placed in November 2001 as the first
corporate Eurobond from a Russian issuer following the country's
financial crisis in 1998.  The terms of the bonds included a
biannual coupon payment equivalent to over 12% interest per
annum. Rosneft is pleased to confirm that all payments over the
life of the bonds have been paid in full and on time.

Both favorable market conditions and Rosneft's increased
profitability and resulting strengthened financial profile have
allowed the Company to substantially improve its financing terms
over the past several years, as evidenced by the Company's
recent bank facilities including a US$2 billion loan signed in
February 2006 at the rate of Libor plus 65 basis points.

Rosneft management continues to work to optimize funding sources
and improve borrowing terms, thereby lowering the Company's cost
of capital and improving returns to shareholders.
About Rosneft

                        About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/english/-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

Standard & Poor's assigned B+ ratings to Rosneft's long-term and
local foreign issuer credit, while Fitch assigned BB+ ratings to
the Company's foreign currency and local currency long-term debt
in 2005.


STAL-SNAB LLC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Perm Region commenced bankruptcy
supervision procedure on LLC Stal-Snab.  The case is docketed
under Case No. A50-31652/2005-B.

The Temporary Insolvency Manager is:

         A. Smirnov
         Post User Box 246
         Lysva
         618900 Perm Region
         Russia

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         LLC Stal-Snab
         Vosstaniya Str. 12
         617113 Perm Region
         Russia


TAMYR CJSC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
bankruptcy supervision procedure on CJSC Tamyr. The case is
docketed under Case No A07-14704/06-G-FLE.

The Temporary Insolvency Manager is:

         M. Mulyukov
         Post User Box 20
         Main Post Office
         Ufa
         450000 Bashkortostan Republic
         Russia

The Arbitration Court of Bashkortostan Republic is located at:

         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan Republic
         Russia

The Debtor can be reached at:

         CJSC Tamyr
         Apartment 814
         Khalturina St. 39
         Ufa
         Bashkortostan Republic
         Russia


TELEPORT-TP CJSC: Bankruptcy Hearing Slated for February 27
-----------------------------------------------------------
The Arbitration Court of Moscow will convene at 11:30 a.m. on
Feb. 27, 2007, to hear the bankruptcy supervision procedure on
CJSC Teleport-Tp (TIN 7717023519).  The case is docketed under
Case No.
A40-63127/06-78-1168 B.

The Temporary Insolvency Manager is:

         M. Chernyj
         Mira Pr. VVTs
         129223 Moscow Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Teleport-Tp
         Mira Pr. VVTs
         129223 Moscow Region
         Russia


TROITSKIY COMBINE: Court Names G. Popov to Manage Assets
--------------------------------------------------------
The Arbitration Court of Chelyabinsk Region appointed Mr. G.
Popov as Insolvency Manager for OJSC Troitskiy Combine Of
Beverages (TIN 7418011716).  He can be reached at:

         G. Popov
         Office 82
         Komsomolskiy Pr. 11
         454008 Chelyabinsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-13127/2006-52-100.

The Arbitration Court of Chelyabinsk Region is located at:

         Vorovskogo Str. 2
         454091 Chelyabinsk Region
         Russia

The Debtor can be reached at:

         OJSC Troitskiy Combine Of Beverages
         Lovchikova Str. 41
         Troitsk
         457100 Chelyabinsk Region
         Russia


URALSVYAZINFORM OAO: Fitch Revises Ratings' Outlook to Stable
-------------------------------------------------------------
Fitch Ratings changed the Outlooks on OAO Uralsvyazinform's
Issuer Default and National Long-term ratings to Stable from
Negative.  The Issuer Default rating is affirmed at B+ and the
National Long-term rating at A-.  The Short-term rating is
affirmed at B.

The company's three domestic bonds of RUR2 billion, RUR2 billion
and RUR3 billion are affirmed at National Long-term A-.  At the
same time, Fitch assigned Urals' RUR3-billion bond issue 7
maturing in March 2012 a National Long-term A- rating.

The Outlook change reflects Urals' plans to reign in its capital
expenditure, which should have a positive impact on its free
cash flow generation and leverage.  The ratings reflect the
company's strong and stable fixed-line and mobile market
positions in its operational area in the Urals and part of
Western Siberia.

Its market position in local services is unlikely to be rivaled
in the foreseeable future while a mass network upgrade has
improved service quality, which should help maintain and
strengthen its position in the corporate segment.

Urals has largely completed an overhaul of its fixed-line
backbone infrastructure and significantly upgraded its last-mile
network, with digitalization expected to reach 73% at end-2006.
Its network is the most extensive in the region and, after its
recent modernization, is capable of offering a wide range of
VAS.

Demand for such services, most notably broadband internet,
remains strong, providing the company with good growth
opportunities in VAS.  However, in absolute terms VAS revenue
contribution has been modest.

Deregulation of the long-distance market in January 2006
strengthened Urals' role as a core infrastructure provider and
alleviated competition pressure, although newer mobile and VoIP
technologies remain key threats.

The introduction of calling party pays rule in July 2006 is to
have a modestly positive effect on revenues.  Although Urals
faces significant regulatory risk, such as the threat of the
endorsed tariff increases being delayed or insufficient to
compensate for a rise in costs, the level of cross-subsidization
has reduced markedly, making regulatory risk less of a concern.

In the mobile segment the company has successfully defended its
market share, while cost efficiencies at both the fixed-line and
mobile networks make Urals well equipped to withstand future
competitive pressures.  The ratings also reflect the dominant
influence of the company's majority shareholder, Svyazinvest, on
the strategic decision-making process at Urals and its lobbying
support.

Urals' leverage is somewhat higher than its direct peers with
net debt/EBITDA of 2.5x at end-2005.  In 2006 the management is
planning to slash capital expenditure by significant 28% yoy to
around RUR8billion.

Although this is unlikely to be sufficient to turn the company's
free cash flow positive, in relative terms Fitch expects EBITDA
growth to outpace debt increase so that Urals' leverage metrics
are likely to ease.  The company is expected to return to being
free cash flow positive in 2007, which will result in net
debt/EBITDA of around 2x.

At the moment Urals' maturity profile is heavily skewed towards
short-term debt with maturities of up to two years dominating
its balance sheet.  This exposes it to significant refinancing
risks and makes it vulnerable to the debt market sentiment.
However, the company has partially addressed this issue; in
March 2006 Urals issued an amortizing domestic RUR3 billion bond
with a put option in 2009 to refinance a significant portion of
its short-term debt.


USTYANSKOYE BREAD: Court Names A. Zamaraev to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Arkhangelsk Region appointed Mr. A.
Zamaraev as Insolvency Manager for OJSC Ustyanskoye Bread
Enterprise (TIN 2922006436).  He can be reached at:


         A. Zamaraev
         Post User Box 18
         160004 Vologda Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A05-3800/2006-28.

The Arbitration Court of Arkhangelsk Region is located at:

         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         OJSC Ustyanskoye Bread Enterprise
         Kostylevo St. 20
         Ustyanskiy Region
         Arkhangelsk Region
         Russia


VNESHTORGBANK JSC: Launches Bankcard Servicing of UnionPay
----------------------------------------------------------
JSC Vneshtorgbank has started bankcard servicing of the Chinese
processing company UnionPay in its several ATMs, located in
Moscow and the regions, bordering the People's Republic of
China.

Later on, the cards of this payment system will be accepted by
the entire ATM network and trade and servicing outlets of both
VTB and other banks of the VTB Group.

According to VTB, this banking product will be an easy and safe
settlements instrument for the Chinese people on the territory
of Russia.  This will facilitate to further strengthening of
trade and economic relations between the two countries.

UnionPay is a unique nationwide processing company in China.
The company provides services for all financial institutions of
China issuing bankcards.  The volume of UnionPay paid-up capital
is CNY1.65 billion (around US$200 million).  The number of
UnionPay cards issued is over 900 million.

                       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's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.

Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB
with a Stable Outlook; and Short-term to F2 from F3.  Fitch
affirmed the Support rating at 2.


X5 RETAIL: Completes Acquisition of OOO Metronom AG
---------------------------------------------------
X5 Retail Group N.V. discloses of the closing of the transaction
for the acquisition of 100% of OOO "Metronom AG", following the
approval of the Supervisory Board of X5 Retail Group N.V. and
statuary government approvals, including antimonopoly
authorities.

As a result, X5 Retail Group N.V. acquired a business having
retail premises of around 33,000 square metres in commercially
attractive districts of the city of Moscow, as well as a wholly
owned distribution and office center in the central part of
Moscow with total capacity of more than 17,000 square meters,
with a land plot of 4.3 hectares.

Through this acquisition, Pyaterochka Holding N.V. also acquired
an established and growing operational business of 16
supermarkets in the city of Moscow, with the rights for the
retail operations in the Russian Federation under "Merkado" and
"Merkadona" trademarks.

The total enterprise value of the transaction is US$200 million,
of which the enterprise value of the operational business --
excluding the value of real estate -- is around US$50 million.

"We are happy to announce closing of a transaction which gives
us a valuable addition to our real estate portfolio but also
significantly enhances our already leading position in the most
important retail market of Russia -- the city of Moscow," Lev
Khasis, Group CEO, commented.  "The Merkado supermarkets will be
integrated into either "Perekrestok" or "Pyaterochka" formats
and we will ensure that the services of the acquired chain will
be quickly brought to the level of the Group's existing quality
standards."

"The Merkado chain is a highly profitable business which will
further enhance the financial performance of the Group," Vitaliy
Podolskiy, Group CFO added.  "During the integration process, we
will make sure that the operations of the acquired chain are
uninterrupted, particularly in terms of continued supplies to
the stores and guaranteed payments for already executed
supplies."

                   About Pyaterochka Holding

Headquartered in the Netherlands, X5 Retail Group N.V. --
http://www.5chka.com/-- operates a large store network largely
covering the Moscow region and St. Petersburg but also has a
good presence in other Russian regions through its franchise
operations.  The company has recently acquired two of its
successful regional franchise operations -- in Yekaterinburg and
Chelyabinsk.

Pyaterochka's 2004 net revenues were US$1.1 billion.  The
company has reported unaudited net revenues of US$1.4 billion
for 2005.

                          *     *     *

As reported in the TCR-Europe on Aug. 29, Moody's Investors
Service downgraded the corporate family rating of Pyaterochka
Holding N.V. to B1 from Ba3.  Moody's said the outlook for the
rating is stable.

Standard & Poor's Services affirmed its 'BB-' long-term
corporate credit rating on Pyaterochka Holding N.V., the owner
of Russia's largest grocery retail network.  At the same time,
Standard & Poor's affirmed its 'BB-' long-term corporate credit
and 'ruAA-' Russia national scale on Pyaterochka's guaranteed
operating subsidiary OOO Agrotorg.

The 'ruAA-' Russia national scale on the senior unsecured and
senior secured debt issued by related entity Pyaterochka Finance
have also been affirmed.

All were removed from CreditWatch with negative implications,
where they had been placed on April 12, following Pyaterochka's
announced acquisition of Russia's leading supermarket chain
Perekrestok.  S&P said the outlook is negative.


YURYEVETSKIY BREWERY: Names A. Gataulin to Manage Assets
--------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. A.
Gataulin as Insolvency Manager for OJSC Yuryevetskiy Brewery.
He can be reached at:

         A. Gataulin
         Kudryashova Str. 106-45
         153038 Ivanovo Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1852/06-10-B.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         OJSC Yuryevetskiy Brewery
         Krasnougolnyj Per. 1
         Yuryevets
         Ivanovo Region
         Russia


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


IM GRUPO: S&P Junks Rating on EUR30-Million Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR2.03-billion floating-rate notes to be
issued by IM GRUPO BANCO POPULAR FTPYME I, Fondo de Titulizacion
de Activos, a special purpose entity.

The originators of this transaction are Banco de Andalucia S.A.,
Banco de Castilla S.A., Banco de Credito Balear S.A., Banco de
Galicia S.A., Banco de Vasconia S.A., and Banco Popular Espanol,
S.A.  Grupo Banco Popular is Spain's fifth-largest financial
institution.

At closing, the originators will sell to the issuer a
EUR2.03-billion closed portfolio of secured and unsecured loans
granted to Spanish SMEs.

To fund this purchase on behalf of the issuer, the trustee,
InterMoney Titulizacion, S.G.F.T., S.A., will issue nine classes
of floating-rate, quarterly paying notes.

This is the fifth securitization undertaken by Grupo Banco
Popular.  IM GRUPO BANCO POPULAR FTPYME I is the third CLO of
loans originated to SME corporate clients and self-employed
borrowers.  This securitization comprises a mixed pool of
underlying mortgage-backed and unsecured assets.

                          Ratings List
    IM GRUPO BANCO POPULAR FTPYME I, Fondo de Titulizacion de
                             Activos
                 EUR2.03-Billion Floating-Rate Notes

                                Prelim.        Prelim.
                 Class          rating         amount (Mil. EUR)
                 -----          ------         ------
                 A1             AAA            230
                 A2             AAA            250
                 A3             AAA            1,096.6
                 A4             AAA            150
                 A5(G) (1)      AAA            155.4
                 B              AA             30
                 C              A              28
                 D              BBB            60
                 E (2)          CCC-           30

   (1) The class A5(G) notes are protected by a EUR155.4 million
       guarantee by the Kingdom of Spain.  The standalone rating
       on the class A5(G) notes is 'AAA'.

   (2) The class E notes will be issued to fund the initial
       reserve fund.  The reserve fund will build to its
       required amount by the trapping of excess spread.


INTERPUBLIC GROUP: Earns US$5.8 Million in Third Quarter 2006
-------------------------------------------------------------
For the three months ended Sept. 30, 2006, Interpublic Group of
Companies Inc. recorded US$5.8 million of net income on
US$1.4 billion of net revenues, in contrast to a
US$102.8 million net loss on US$1.4 billion of net revenues for
the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$1.9 billion in total assets and US$1.1 billion in total
liabilities.

A full-text copy of the company's quarterly report is available
for free at http://researcharchives.com/t/s?1599

At a regularly scheduled meeting on Oct. 26, 2006, the Board of
Directors of the company elected William T. Kerr as a non-
management director.  Mr. Kerr was also appointed to serve as a
member of the Audit Committee and the Compensation Committee.

                         Material Weakness

The company has identified numerous material weaknesses in its
internal control over financial reporting, Management's
Assessment on Internal Control Over Financial Reporting, and
Item 9A., Controls and Procedures, of its 2005 Annual Report on
Form 10-K.  As a result, the company has determined that its
internal control over financial reporting was not effective as
of Dec. 31, 2005.

The company is in the process of implementing remedial measures
to address the material weaknesses in its internal control over
financial reporting.  However, because of its decentralized
structure and its many disparate accounting systems of varying
quality and sophistication, the company has extensive work
remaining to remedy these material weaknesses.

The company has developed a comprehensive plan to remedy its
material weaknesses, which was presented to the Audit Committee
in July of 2006 and is in the process of being implemented.  The
plan provides for remediation of all the identified material
weaknesses by Dec. 31, 2007.  Until its remediation is
completed, the company will continue to incur the expenses and
management burdens associated with the manual procedures and
additional resources required to prepare its Consolidated
Financial Statements.

                    About Interpublic Group

Interpublic Group of Companies Inc. (NYSE:IPG) --
http://www.interpublic.com/-- is one of the world's leading
organizations of advertising agencies and marketing services
companies. Major global brands include Draft FCB Group,
FutureBrand, GolinHarris International, Initiative, Jack Morton
Worldwide, Lowe Worldwide, MAGNA Global, McCann Erickson,
Momentum, MRM, Octagon, Universal McCann and Weber Shandwick.
Leading domestic brands include Campbell-Ewald, Carmichael
Lynch, Deutsch, Hill Holliday, Mullen, The Martin Agency and
R/GA.

The company has operations worldwide, including in Argentina,
Australia, Chile, China, India, Indonesia, Ireland, Japan,
Malaysia, Panama, Spain, Thailand, the United States and
Venezuela, among others.


INTERPUBLIC GROUP: S&P Rates Proposed Floating Rate Notes at B
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' rating to
floating-rate notes due 2010 proposed by Interpublic Group of
Cos. Inc., to be issued in exchange for the same principal
amount of its old floating-rate notes due 2008.

At the same time, Standard & Poor's placed the rating on these
notes on CreditWatch with negative implications.  The new notes
differ from the old notes principally in the lower interest rate
and an extension of the maturity date.

The ratings on the outstanding debt of Interpublic remain on
CreditWatch with negative implications, where they were placed
on March 22, 2006, as a result of declines in Interpublic's core
business and the rating agency's reduced confidence in the
company's prospects for cash flow generation.

"We expect to evaluate Interpublic's operating outlook and
business strategies within the next several weeks in order to
complete our CreditWatch review," said Standard & Poor's credit
analyst Deborah Kinzer.

"Rating downside is currently limited to one notch," Kinzer
added.

Ratings List:

   * Ratings Remaining On CreditWatch

   * Interpublic Group of Cos. Inc.

      -- Corporate Credit Rating at B/Watch Neg/B-3
      -- Short-Term Credit Rating at B-3/Watch Neg
      -- Senior Unsecured Debt at B/Watch Neg

New Rating:

   * CreditWatch/Outlook Action

   * Interpublic Group of Cos. Inc.

      -- US$250 Million Floating-Rate Notes at B/Watch Neg

Interpublic Group of Companies Inc. (NYSE:IPG) --
http://www.interpublic.com/-- is one of the world's leading
organizations of advertising agencies and marketing services
companies. Major global brands include Draft FCB Group,
FutureBrand, GolinHarris International, Initiative, Jack Morton
Worldwide, Lowe Worldwide, MAGNA Global, McCann Erickson,
Momentum, MRM, Octagon, Universal McCann and Weber Shandwick.
Leading domestic brands include Campbell-Ewald, Carmichael
Lynch, Deutsch, Hill Holliday, Mullen, The Martin Agency and
R/GA.

The company has operations worldwide, including in Argentina,
Australia, Chile, China, India, Indonesia, Ireland, Japan,
Malaysia, Panama, Spain, Thailand, the United States and
Venezuela, among others.


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


HILTON HOTELS: Declares US$0.04 Per Share Dividend
--------------------------------------------------
Hilton Hotels Corp. declared a dividend of US$.04 per share,
payable in cash on Dec. 15, 2006, to stockholders of record at
the close of business on Dec. 1, 2006.

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally.

Hilton Hotels also operates in the United Kingdom,
Germany, Belgium, Estonia, Lithuania, Norway, Denmark, Finland,
Italy, The Netherlands, Sweden, Indonesia, Australia, Austria,
India, Philippines, Vietnam. Trinidad and Tobago

                          *     *     *

As reported in the TCR-Europe on Oct. 19, Moody's Investors
Service's confirmed its Ba2 Corporate Family Rating for
Hilton Hotels Corp., in implementation of its new Probability-
of-Default and Loss-Given-Default rating methodology for the
gaming, lodging and leisure sectors.

Additionally, Moody's held its Ba2 probability-of-default
ratings and assigned its LGD4 loss-given-default ratings on
these loans and bond debt obligations: Senior Notes with an
average rate of 8.1% due 2007 - 2031; Chilean inflation indexed
note effective rate 7.65% due 2009; 3.375% Contingently
convertible senior notes due 2023; Minimum Leases Commitments;
Term Loan A at adjustable rates due 2011; Term Loan B at
adjustable rates due 2013; and Revolving loans at adjustable
rates, due 2011.  Moody's said these obligations have a 53%
Projected Loss-Given Default.

Moody's also held its (P)Ba2 probability-of-default ratings and
assigned a LGD4 loss-given-default rating with a Projected Loss-
Given Default to the Company's Senior unsecured debt shelf.


HILTON HOTELS: Seeks Modification to Greater Portland Judgment
--------------------------------------------------------------
Hilton Hotels Corp. filed a request with the Anti-Trust Division
of the United States Department of Justice to modify a Partial
Final Judgment in United States vs. Greater Portland Convention
Association Inc., et al.

The Partial Final Judgment prohibits the defendants -- Greater
Portland, Hilton Hotels, ITT Sheraton Corporation of America and
Cosmopolitan Investment Inc. -- and their subsidiaries and
successors from:

   -- agreeing with any other hotel to give or promise to give
      preferential treatment for the purchase of hotel supplies
      to hotel suppliers; or

   -- giving or promising to give preferential treatment for the
      purchase of hotel supplies to any hotel suppliers on the
      basis of payments, contributions or dues paid by suppliers
      to any convention bureau.

Hiton proposes to add this modification to the original
prohibition:

"Provided, however, that nothing in this Section shall be
construed to prohibit any hotel defendant from:

   -- developing hotel supply purchasing programs for its owned,
      managed and franchised hotels; or

   -- participating in bona fide group purchasing organizations
      or programs notwithstanding the fact that such
      organizations or programs may include one or more hotels."

Hilton is seeking the modifications to ensure that the Partial
Final Judgment would not be interpreted so as to prohibit the
defendants from engaging in the specified activities.

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally.

Hilton Hotels also operates in the United Kingdom,
Germany, Belgium, Estonia, Lithuania, Norway, Denmark, Finland,
Italy, The Netherlands, Sweden, Indonesia, Australia, Austria,
India, Philippines, Vietnam. Trinidad and Tobago

                          *     *     *

As reported in the TCR-Europe on Oct. 19, Moody's Investors
Service's confirmed its Ba2 Corporate Family Rating for
Hilton Hotels Corp., in implementation of its new Probability-
of-Default and Loss-Given-Default rating methodology for the
gaming, lodging and leisure sectors.

Additionally, Moody's held its Ba2 probability-of-default
ratings and assigned its LGD4 loss-given-default ratings on
these loans and bond debt obligations: Senior Notes with an
average rate of 8.1% due 2007 - 2031; Chilean inflation indexed
note effective rate 7.65% due 2009; 3.375% Contingently
convertible senior notes due 2023; Minimum Leases Commitments;
Term Loan A at adjustable rates due 2011; Term Loan B at
adjustable rates due 2013; and Revolving loans at adjustable
rates, due 2011.  Moody's said these obligations have a 53%
Projected Loss-Given Default.

Moody's also held its (P)Ba2 probability-of-default ratings and
assigned a LGD4 loss-given-default rating with a Projected Loss-
Given Default to the Company's Senior unsecured debt shelf.


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


HERCULES INC: Earns US$34.2 Million in Quarter Ended Sept. 30
-------------------------------------------------------------
Hercules Inc. reported a net income of US$34.2 million for the
quarterly period ended Sept. 30, 2006, compared to net income of
US$24 million for the third quarter of 2005.

A net loss of US$3.4 million was reported for the nine months
ended Sept. 30, 2006 as compared to net income of US$38.1
million for the same period in 2005.

Net income from ongoing operations for the third quarter of 2006
was US$40.9 million as compared to net income from ongoing
operations of US$24.6 million in the third quarter of 2005.  Net
income from ongoing operations for the nine months ended Sept.
30, 2006 was US$102.5 million.

Cash flow from operations for the nine months ended Sept. 30,
2006 was US$107.0 million, an increase of US$31.2 million as
compared to the same period last year.

Net sales in the third quarter of 2006 were US$513.1 million, a
decrease of 1% from the same period last year.  Excluding the
impact of the sale of our majority interest in FiberVisions,
sales increased 14% from the same period of last year.  Volume
and pricing increased by 15% and 2%, respectively.  Rates of
exchange also increased sales by 2%, while product mix was 5%
unfavorable during the quarter.  Net sales for the nine months
ended Sept. 30, 2006 were US$1.541 billion, an increase of 10%
as compared to the same period in 2005, excluding the impact of
the FiberVisions transaction.

"Our people continue to deliver excellent results with strong
growth in sales, earnings and cash flow," commented Craig A.
Rogerson, President and Chief Executive Officer.  "We continue
to drive results through innovation, geographic expansion, a
disciplined approach to capital and investment deployment and a
focus on cash generation."

Excluding the impact of the FiberVisions transaction, net sales
in the third quarter of 2006 increased in all regions of the
world. Sales increased 21% in North America, 10% in Europe, 5%
in Latin America and 6% in Asia Pacific as compared to the same
period last year.

Reported profit from operations in the third quarter of 2006 was
US$72.4 million, an increase of 45% compared with US$50.0
million for the same period in 2005.  Profit from ongoing
operations in the third quarter of 2006 was US$76.4 million, an
increase of 25% compared with US$61.0 million in the third
quarter of 2005.  Severance, restructuring and other exit costs
were US$4.1 million in the third quarter of 2006 as compared to
US$9.6 million in the same period last year.

Interest and debt expense was US$16.7 million in the third
quarter of 2006, down US$5.8 million, or 26%, compared with the
third quarter of 2005, reflecting lower outstanding debt
balances and improved debt mix, partially offset by increased
variable short term rates.  Interest expense for the nine months
ended Sept. 30, 2006 was US$54.1 million, a decrease of US$13.4
million, or 20%, from the same period of last year.

Net debt, total debt less cash and cash equivalents, was
US$882.7 million at Sept. 30, 2006, a decrease of US$149.0
million from year-end 2005.

Capital spending was US$26.3 million in the third quarter and
US$49.2 million year to date.  This compares to US$19.8 million
and US$45.7 million in the third quarter and year to date
periods last year, respectively. Cash outflows for severance,
restructuring and other exit costs were US$7.4 million in the
quarter and US$20.8 million year to date.

                            Outlook

"We remain confident in our growth strategy and optimistic about
both earnings and cash flow growth for the balance of the year
and as we look to 2007," said Mr. Rogerson.  "Aqualon's volumes
should continue to be strong across its markets and pricing
should show steady improvement.  Paper Technologies' volumes are
expected to improve, driven by our new product pipeline, and
continued pricing discipline should maintain gross margins."

Hercules Inc. (NYSE:HPC) -- http://www.herc.com/-- manufactures
and markets chemical specialties globally for making a variety
of products for home, office and industrial markets.  The
company has its regional headquarters in China and Switzerland,
and a production facility in Brazil.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reports that
Moody's Investors Service confirmed Hercules Inc.'s Ba2
Corporate Family Rating, in connection with Moody's
implementation of its Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Chemicals and Allied
Products sectors.


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


GOLDEN TELECOM: Acquires Corus ISP for US$1.2 Million
-----------------------------------------------------
Golden Telecom Inc. discloses the acquisition of 100% interest
in ZAO Corus ISP for US$1.2 million.  Corus ISP is an
alternative telecommunications services provider in
Ekaterinburg, the fifth largest and dynamically growing city in
Russia.

Corus ISP is one of the pioneers of Internet services in
Ekaterinburg, presently focusing on broadband access for
corporate clients, with its market share estimated at around 7%.
Corus ISP has an extensive network in central Ekaterinburg, with
around 29 km of owned and leased channels, and more than 120
point of presence.

Golden Telecom has provided services to its clients in
Ekaterinburg for more than 10 years.  Scope and quality of
operations were enhanced dramatically when in August 2004 ZAO
TeleRoss-Ekaterinburg, OOO UralRelcom and the Ekaterinburg
branch of Combellga were merged into the Ekaterinburg branch of
Golden Telecom.  Successful integration of these companies
enabled Golden Telecom to offer a wide range of
telecommunication products and services.

Currently, the Company is the leading provider of broadband
access services, local and zonal telephone services, data
communication, and corporate networks development.  The Company
estimates that it has around 26% of the corporate market and
over 10% of the total fixed-line market in Ekaterinburg.

This acquisition will place Golden Telecom in the center of
Ekaterinburg's communications market due to Corus ISP's network
infrastructure and existing business clients, thus increasing
the Company's Ekaterinburg market share in the corporate segment
to around 33%.

"We acquired Corus ISP to further our regional expansion and
speed the development of broadband services for corporate and
residential clients in Ekaterinburg," Jean-Pierre Vandromme,
Chief Executive Officer of Golden Telecom noted.  "We look
forward to providing complementary Internet, data, and voice
services which will strengthen our presence in this growing
regional market."

                      About Golden Telecom

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

                          *     *     *

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

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


MOBILE TELESYSTEMS: Assails Bitel's Press Release
-------------------------------------------------
Mobile TeleSystems OJSC disclosed that in light of numerous
requests from the media regarding the press release issued on
behalf of Bitel, MTS deems it necessary to make these
statements:

   -- the information distributed on behalf of Bitel is part of
      an unprincipled propaganda campaign carried out with the
      aim of pressuring the courts to render a decision on the
      title of ownership of Bitel;

   -- the dissemination of this information by Bitel coincides
      with developments in court proceedings in the Isle of Man
      that MTS views as favorable to the Company.

   -- MTS in the past did not comment on the information issued
      by the current management of Bitel as it was unlawfully
      appointed and will refrain from doing so in the future;

   -- if the statements issued by the current management of
      Bitel are received and taken into consideration by any
      court, MTS will be more than happy to provide its fullest
      cooperation.

   -- as always MTS will inform the public of all the
      significant changes surrounding Bitel.

Also, on Nov. 8, 2006, MTS sent official letters to the
management of OJSC Vimpel-Communications and Telenor that stated
its position on Bitel and warned of the possibility of criminal
proceedings in the event that Vimpelcom acquired the Kyrgyz GSM
operator Sky Mobile, which is owned by Altimo and received
Bitel's assets after they were transferred by Bitel's unlawful
management.

The company appreciated the fact that Vimpelcom's Board of
Directors did not make the decision to acquire Sky Mobile.

                    About Mobile TeleSystems

Headquartered in Moscow, Russia, Mobile TeleSystems OJSC --
http://www.mtsgsm.com/-- company provides global system for
mobile communications technology-based mobile telecommunications
services in Russia, Belarus, Ukraine, Uzbekistan and
Turkmenistan.  Since June 2000, MTS' Level 3 ADRs have been
listed on the New York Stock Exchange (ticker symbol MBT).

As of Dec. 31, 2005, MTS had a working capital deficit of
US$631.6 million, compared with a US$189 million working capital
deficit at Dec. 31, 2004.

MTS is rated to BB-/outlook stable by S&P in and Ba3/outlook
stable by Moody's.


PRIVATBANK CJSC: Fitch Keeps Issuer Default Rating at B
-------------------------------------------------------
Fitch Ratings affirmed CJSC Privatbank's ratings at Issuer
Default B, Short-term B, Individual D, and Support 4.  The
Outlook on the Issuer Default rating remains Positive,
reflecting that of the Ukrainian sovereign.

"In light of the bank's improving core profitability, its scale
and general improvements in the operating environment, Privat's
standalone financial strength is now sufficient to warrant a B
IDR without considering possible support from the Ukrainian
authorities," Lindsey Liddell, director of Fitch's Financial
Institutions Group diclosed.

Previously, the bank's IDR had been driven solely by potential
support being forthcoming from the Ukrainian authorities.
However, the Positive Outlook on Privat's IDR continues to
reflect that of the Ukrainian sovereign, since a sovereign
upgrade would raise the support floor for the bank.

Privat's ratings reflect its modest capitalization, particularly
in view of ongoing rapid loan growth, relatively high loan
concentrations and weaknesses in the operating environment.
However, the ratings also consider the bank's quite low funding
concentration, broad domestic franchise and sizeable market
shares, which should stand it in good stead in the Ukrainian
banking market notwithstanding rising competition.

A significant improvement in capitalization, which Fitch deems
unlikely, and in operating efficiency, along with franchise
expansion and further improvements in the operating environment,
could contribute to improvement in Privat's standalone
creditworthiness.

Downward pressure on the Individual rating could result from
deterioration in capitalization or a failure to manage the
credit and operational risks associated with rapid growth,
notably in retail lending.

Privat is the largest bank in Ukraine by total assets, equity,
retail deposits and number of branches.  Three individuals with
extensive industrial assets ultimately own around 94% of the
bank.  The remaining 6% is held by its senior management.


VNESHTORGBANK JSC: Launches Bankcard Servicing of UnionPay
----------------------------------------------------------
JSC Vneshtorgbank has started bankcard servicing of the Chinese
processing company UnionPay in its several ATMs, located in
Moscow and the regions, bordering the People's Republic of
China.

Later on, the cards of this payment system will be accepted by
the entire ATM network and trade and servicing outlets of both
VTB and other banks of the VTB Group.

According to VTB, this banking product will be an easy and safe
settlements instrument for the Chinese people on the territory
of Russia.  This will facilitate to further strengthening of
trade and economic relations between the two countries.

UnionPay is a unique nationwide processing company in China.
The company provides services for all financial institutions of
China issuing bankcards.  The volume of UnionPay paid-up capital
is CNY1.65 billion (around US$200 million).  The number of
UnionPay cards issued is over 900 million.

                       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's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.

Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB
with a Stable Outlook; and Short-term to F2 from F3.  Fitch
affirmed the Support rating at 2.


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


ALBION SPRING: Creditors' Meeting Slated for December 4
-------------------------------------------------------
Creditors of Albion Spring Company Ltd. (fka Willoughby (9)
Limited) (Company Number 02833780) will meet at 10:00 a.m. on
Dec. 4 at:

         The Park Inn
         Birmingham Road
         West Bromwich B70 6RS
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 1 at:

         Mark Hopkins and Robert Hunt
         Joint Administrative Receivers
         Pricewaterhousecoopers LLP
         Cornwall Court
         19 Cornwall Street
         Birmingham B3 2DT
         United Kingdom
         Tel: [44] (121) 200 3000
         Fax: [44] (121) 200 2464

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.


AMBER COMMUNICATIONS: Appoints Gerald Irwin as Liquidator
---------------------------------------------------------
Gerald Irwin of Irwin & Company was appointed Liquidator of
Amber Communications & Networks Limited on Nov. 13 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Amber Communications & Networks Limited
         Drews Lane
         Birmingham
         West Midlands B8 2SL
         United Kingdom
         Tel: 0121 246 4644
         Fax: 0121 246 4744


ANDREW KELLARD: Creditors' Meeting Slated for November 30
---------------------------------------------------------
Creditors of Andrew Kellard Associates Ltd. (Company Number
05134138) will meet at 10:30 a.m. on Nov. 30 at:

         Smith & Williamson Limited
         No. 1 Bishops Wharf
         Walnut Tree Close
         Guildford GU1 4RA
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Nov. 29 at:

         Anthony Murphy
         Joint Administrator
         Smith & Williamson Ltd.
         No 1 Bishops Wharf
         Walnut Tree Close
         Guildford GU1 4RA
         United Kingdom
         Tel: 01483 407 100
         Fax: 01483 301 232

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


ASPECT VEHICLE: Names David Norman Kaye Liquidator
--------------------------------------------------
David Norman Kaye of Crawfords was appointed Liquidator of
Aspect Vehicle Engineering Limited on Nov. 10 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Aspect Vehicle Engineering Limited
         Unit 13
         Maritime Enterprise Park
         Atlas Road
         Bootle
         Merseyside L20 4DY
         United Kingdom
         Tel: 0151 922 6292


ATRIUM TRAINING: Creditors' Meeting Slated for November 30
----------------------------------------------------------
Creditors of Atrium Training Services Ltd. (Company Number
04049510) will meet at 10:00 a.m. on Nov. 30 at:

         Rothman Pantall & Co.
         Clareville House
         26-27 Oxendon Street
         London SW1Y 4EP
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Nov. 29 at:

         R. D. Smailes
         Joint Administrator
         Rothman Pantall & Co.
         Clareville House
         26-27 Oxendon Street
         London SW1Y 4EP
         United Kingdom
         Tel: +44 (0) 20 7930 7272
         Fax: +44 (0) 20 7930 9849

Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/-- was
established in 1955 as a general accountancy practice, and has
grown to its present 18 offices across the South of England. It
is one of the largest independent firms of Chartered Accountants
in the region, and rank in the top 40 in the United Kingdom.


BODY ULTIMATE: Brings In Liquidators from Wilson Field
------------------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed Joint
Liquidators of Body Ultimate International Limited on Nov. 7 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Body Ultimate International Limited
         50-54 Farriers Way
         Bootle
         Merseyside L30 4XL
         United Kingdom
         Tel: 0870 870 1501


BRITISH AIRWAYS: Inks Code Share Pact with Caribbean Airlines
-------------------------------------------------------------
British Airways has signed a code share accord with Caribbean
Airlines, which will take the place of British West Indies
Airlines on Jan. 1, Newsday reports.

According to a press statement, Caribbean Airlines' flight code
will be placed on British Airways' services from Port-of-Spain
as well as from Barbados and Antigua.

Newsday relates that British Airways will launch service from
Port-of-Spain to London Gatwick, with three flights each week
via Barbados on a Boeing 777.

British Airways operates three flights weekly from Crown Point,
Tobago, Newsday states.

"We welcome Caribbean Airlines as our latest code share partner
and look forward to our future relationship.  We are delighted
to be starting service from Port-of-Spain.  Port-of-Spain is the
industrial capital of the Southern Caribbean as well as a
thriving leisure destination," Dr. Oliver King, commercial
senior vice president of British Airways' Latin America and
Caribbean operations, told Newsday.

                About British West Indies Airlines

British West Indies aka BWIA was founded in 1940, and for more
than 60 years has been serving the Caribbean islands from
Trinidad and Tobago, the hub of the Americas, linking the twin
island republic and many other Caribbean islands with North
America, South America, the United Kingdom and Europe.

                     About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BROWNE TRANSPORT: Claims Filing Period Ends December 9
------------------------------------------------------
Creditors of Browne Transport Limited have until Dec. 9 to send
their names and addresses and particulars of their debts or
claims and the names and addresses of the Solicitors (if any) to
appointed Joint Liquidators Robert Michael Young and Ian Michael
Rose at:

         Begbies Traynor
         The Old Barn
         Caverswall Park
         Caverswall Lane
         Stoke-on-Trent ST3 6HP
         United Kingdom

The company can be reached at:

         Browne Transport Limited
         Unit 3
         New Road
         Rainham Trading Estate
         Rainham
         Essex RM138RA
         United Kingdom
         Tel: 079 6625 9403


CA INC: Declares US$0.04 Per Share Quarterly Cash Dividend
----------------------------------------------------------
CA Inc.'s board of directors has declared a regular, quarterly
cash dividend of US$0.04 per share.  The dividend will be paid
on Dec. 29, 2006, to stockholders of record at the close of
business on Dec. 15, 2006.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries including France, Germany, Italy and the
United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 9,
Moody's Investors Service affirmed CA's Ba1 senior unsecured
rating and negative rating outlook following the company's
announcement of fiscal second quarter financial results and
fiscal 2007 revised guidance.

In a TCR-Europe report on Oct. 10, Moody's confirmed its Ba1
Corporate Family Rating for CA Inc. in connection with Moody's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Technology Software
sectors.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, with
negative implications.  S&P said the outlook is negative.


CROWN HOLDINGS: Seeks Noteholders' OK on Add'l US$200-Mil. Debt
---------------------------------------------------------------
Crown Holdings Inc. commenced a solicitation of consents from
holders of 6-1/4% First Priority Senior Secured Notes due 2011
to incur an additional US$200 million of pari passu first
priority indebtedness.

The company also want to make certain amendments to the
indenture relating to the Notes dated as of Sept. 1, 2004, among
Crown European Holdings SA, a French societe anonyme, as
guarantor and Wells Fargo Bank N.A. as trustee.

The Proposed Amendments will amend certain provisions contained
in Sections 1.01 and 4.10(b) of the Indenture:

   -- to increase the company's and its subsidiaries' ability to
      incur indebtedness and liens, and

   -- to make restricted payments, including without limitation,
      redemption, repurchase, or other acquisition or retirement
      of shares of its common stock,

by conforming certain terms and conditions set forth in the
Indenture to the terms and conditions of its other senior debt
agreements.

Among other things, the Proposed Amendments will allow the
company to incur an additional US$200,000,000 of Pari Passu
First Priority indebtedness secured by the collateral securing
the Notes and to make US$100,000,000 of additional restricted
payments of any type.

The Consent Solicitation will expire at 5:00 p.m., New York City
time, on Dec. 4, 2006.  The approval of the proposed amendments
requires the consent of holders of at least a majority in
aggregate principal amount of the outstanding Notes.

Philadelphia, Pa.-based Crown Holdings Inc. (NYSE: CCK)
-- http://www.crowncork.com/-- through its affiliated
companies, supplies packaging products to consumer marketing
companies around the world.  The company has operations in
Argentina, China and Eastern Europe.

                           *     *     *

Standard & Poor's Ratings Services affirmed its 'BB-' rating and
its '2' recovery rating on Crown Holdings Inc.'s existing US$1.5
billion credit facilities including its US$200 million add-on
senior secured term loan B due 2012.


CT PACKAGING: Creditors' Meeting Slated for December 4
------------------------------------------------------
Creditors of CT Packaging (U.K.) Ltd. (Company Number 05840445)
will meet at 10:30 a.m. on Dec. 4 at:

         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Dec. 1 at:

         Andrew Andronikou
         Joint Administrator
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London EC2Y 5DH
         United Kingdom
         Tel: 020 7216 4600
         Fax: 020 7638 2159


DESIGNLAB SYSTEMS: Creditors' Claims Due Dec. 13
------------------------------------------------
Creditors of Designlab Systems Ltd. have until Dec. 13 to send
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
David N. Hughes at:

         Janes
         Owen House
         Trinity Lane
         Cheltenham
         Gloucestershire GL52 2NT
         United Kingdom

The company can be reached at:

         Designlab Systems Ltd.
         9 Darblay Street
         City Of Westminster
         London W1F 8DR
         United Kingdom
         Tel: 020 7437 5621
         Fax: 020 7734 1582


DTE SOFTWARE: Liquidator Sets December 13 as Claims Bar Date
------------------------------------------------------------
Creditors of DTE Software Systems Ltd. have until Dec. 13 to
send their full names and surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to appointed
Liquidator David N. Hughes at:

         Janes
         Owen House
         Trinity Lane
         Cheltenham
         Gloucestershire GL52 2NT
         United Kingdom

The company can be reached at:

         DTE Software Systems Ltd.
         8 Partridge Close
         Cepen Park North
         Chippenham
         Wiltshire SN14 6XY
         United Kingdom
         Tel: 01249 445052


ENRON CORP: Wants Energen, Et Al. Settlement Pacts Approved
-----------------------------------------------------------
The reorganized Enron Corp. and its debtor-affiliates ask the
Honorable Arthur Gonzalez of the U.S. Bankruptcy Court for the
Southern District of New York to approve six separate settlement
agreements between these parties:

    Debtor Party                    Customer
    ------------                    --------
    Enron North America Corp.       Alabama Gas Corporation &
                                    Energen Resources Corp.

    Enron Energy Services, Inc.     Pacific Telesis Group, nka
                                    AT&T Teleholdings, Inc.

    EESI                            Bay City Flower Co., Inc.

    ENA                             Total International Limited

    Enron Power Marketing, Inc.     Mississippi Delta Energy
                                    Agency

    Enron Energy Services
    North America, Inc.             T Group America, Inc.

According to Evan R. Fleck, Esq., at Cadwalader, Wickersham &
Taft LLP, in New York, the Reorganized Debtors and the Customers
were parties to various prepetition contracts relating to the
Debtors' supply of power and other services to the Customers.
Enron Corp. issued various guarantees as credit support for the
Contracts with Alabama Gas and Energen Resources.

Certain disputes between the Debtors and the Customers arose
under the prepetition contracts.

The Debtors commenced adversary proceedings against certain of
the Customers:

     Date        Debtor      Defendants            Case No.
     ----        ------      ---------             --------
     08/09/04    ENA         Alabama & Energen     04-03769
     05/02/06    EPMI        Mississippi Delta     06-01454
     07/27/06    ENA         Total International   06-01674

Following negotiations regarding the Contracts, the parties
entered into the settlements agreements and agree that:

   (1) the Customers will make a settlement payment to the
       applicable Reorganized Debtor or Debtor;

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

   (3) all liabilities scheduled in favor of Alabama Gas and
       Energen Resources, Pacific Telesis, and Bay City will be
       deemed irrevocably withdrawn, with prejudice, and to the
       extent applicable expunged; and

   (4) the Adversary Proceedings will be dismissed.

The settlement agreement with Alabama Gas and Energen Resources
also provides that all claims filed by Alabama and Energen
against ENA and the applicable Reorganized Debtor in connection
with the Contracts will be deemed withdrawn, with prejudice, and
to the extent applicable expunged, provided, however, that Claim
Nos. 7276 and 7277 will each be reduced and allowed for
$12,500,000.

                       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 T. Thorn Settlement Agreement
------------------------------------------------------------
Enron Corp. and its debtor-affiliates ask the Honorable Arthur
Gonzalez of the U.S. Bankruptcy Court for the Southern District
of New York to approve a settlement agreement between the
Debtors and Terence H. Thorn, a former employee for the Debtors.

On Aug. 15, 2001, Terence H. Thorn received US$420,000 from
Enron Corp. as severance payment for his employment term with
the Debtors, recounts Jeffrey K. Milton, Esq., at Milbank,
Tweed, Hadley & McCloy LLP, in New York.

On Oct. 15, 2002, Mr. Thorn filed three claims against Enron
-- Claim No. 1800700 for US$100,826, Claim No. 1800800 for
US$1,747, and Claim No. 1793800 for US$805,560.  On the same
day, Mr. Thorn also filed Claim No. 1800800 for US$617,464
against Enron Global Markets LLC.

On Dec. 1, 2003, the Official Committee of Unsecured Creditors,
on behalf of Enron and Enron Global, commenced Adversary
Proceeding No. 03-93615 to recover, among other things,
a transfer made by Enron to Mr. Thorn.

In their 83rd and 88th Omnibus Claims Objections, the
Reorganized
Debtors sought to:

     * reduce without allowance Claim No. 1800700 to US$23,540;

     * reclassify without allowance Claim No. 1800800 as a
       general unsecured claim; and

     * reduce without allowance Claim No. 1800900 to US$394,085
       and reclassify it as a general unsecured claim against
       Enron.

On May 12, 2005, the Court sustained the 83rd Omnibus Claims
Objection with respect to Claim Nos. 1800700, 1800800, and
1800900.

To settle their disputes, the parties entered into a settlement,
under which the parties agreed that:

   (1) Claim No. 1793800 will be reduced to US$700,000 and
       allowed as a Class 4 General Unsecured Claim under the
       Plan;

   (2) Claim Nos. 1800700, 1800800, and 1800900 will be
       disallowed in their entirety and expunged;

   (3) the Adversary Proceeding will be dismissed with
       prejudice; and

   (4) the parties will mutually release each other from all
       claims related to the transfer payment and the Adversary
       Proceeding.

Pursuant to Rule 9019(a) of the Federal Rules of Bankruptcy
Procedure, the Creditors Committee asks the Court to approve the
settlement.

                       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)


FEDERAL-MOGUL: Judge Fitzgerald Okays DIP Credit Pact Amendment
---------------------------------------------------------------
The Honorable Judith K. Fitzgerald of the U.S. Bankruptcy Court
for the District of Delaware approved an amendment to Federal-
Mogul Corporation and its debtor affiliates' Final DIP Order, to
permit the Debtors to pledge up to an additional US$15,000,000
to secure obligations under various hedging agreements.  The
Court also authorized the Debtors to file the Fee Letter under
seal.

The Fee Letter will remain under seal and confidential, and will
not be made available to anyone other than the Court, the U.S.
Trustee, certain parties to whom the Debtors have provided
copies of the Fee Letter, and the Plan Proponents' counsel.

Subject to Citigroup USA Inc.'s consent, a redacted copy of the
Fee Letter will be made available to any party who requests for
the copy.

             Debtors Want to Pledge Another US$15-Mil.
                  to Secure Hedging Obligations

The Bankruptcy Court issued an order in November 2005
authorizing the Debtors to enter into and perform obligations
under an amended debtor-in-possession credit agreement, and
continue to use cash collateral and provide adequate protection.

Pursuant to the Final DIP Order, the Debtors were permitted to
grant pari passu liens and superpriority claims to Citicorp USA
Inc. and certain lenders party to a 2004 Credit Agreement in
respect of the Debtors' obligations under postpetition hedge
agreements with respect to ordinary course hedging transactions,
in an aggregate notional amount of up to US$30,000,000.  The
US$30,000,000 limitation on Postpetition Hedging Agreements had
also been included in a prior DIP order issued in 2004.

Scotta E. McFarland, Esq., at Pachulski, Stang, Ziehl, Young,
Jones & Weintraub P.C., in Wilmington, Delaware, relates that
the Debtors utilize the Postpetition Hedging Agreements to
manage, among other things, their exposure to fluctuating
commodities prices.  By doing so, the Debtors are able to limit
the volatility of the prices of raw materials necessary for
their manufacturing businesses.  That, in turn, allows for
greater certainty in managing the Debtors' finances and improved
financial forecasting, as well as guarding against the prospect
that a radical increase in the price of necessary materials
could reduce the Debtors' profitability.

In addition, the Debtors' management believes that utilizing the
Postpetition Hedging Agreements has resulted in a net cost
savings to the Debtors' estates.

Since the entry of the 2004 DIP Order, the Debtors have managed
to enter into and secure their obligations under various
Postpetition Hedging Agreements while remaining within the
US$30,000,000 limit imposed by the Final DIP Order.  However,
Ms. McFarland notes, the prices of many of the Debtors' raw
materials have risen sharply in the last several months, and the
prices for new hedging agreements relating to those materials
have risen accordingly.

As a result, while the US$30,000,000 limit was previously
adequate to accommodate all of the Debtors' needs to secure
obligations under the Postpetition Hedging Agreements, that
limit now prevents the Debtors from hedging the quantity of raw
materials on which they had previously been able to hedge their
price exposure, Ms. McFarland says.  Within the week of Sept.
18, 2006, the agent for the postpetition lenders advised the
Debtors that they had nearly exhausted their ability to enter
into new Postpetition Hedging Agreements.

The Debtors intend to continue entering into Postpetition
Hedging Agreements with respect to roughly the same level of raw
materials as the Debtors have been hedging their exposure on
previously.  Accordingly, the Debtors ask the Court to modify
the Final DIP Order to permit them to pledge up to an additional
US$15,000,000 to secure obligations under various hedging
agreements.

The Debtors are not seeking to modify the Amended DIP Agreement,
Ms. McFarland explains.  The Debtors are seeking to take
advantage of the Agreement's existing provision, which permits
them to incur as "[l]iens consisting of deposits with derivative
traders as may be required pursuant to the terms of the
International Swap Dealers Association Master Agreements in
connection with the Borrowers' foreign exchange, commodities and
interest hedging programs in an aggregate amount not to exceed
at any time US$15,000,000."

Consistent with the carve-out for Permitted Liens, the Debtors
also want the modified Final DIP Order to confirm that the liens
on the cash collateral deposited to secure the Hedging Deposit
Transactions will have priority over the liens granted to secure
other obligations.

The Debtors assert that modification of the Final DIP Order will
allow them to further control the impact of raw materials
pricing on their businesses, resulting in greater predictability
of future performance results.

The Debtors assure the Court that their request will not
prejudice their creditors but will, instead, benefit all
parties-in-interest by providing opportunity to enhance the
Debtors' ability to manage risk and price volatility before
expiration of their current DIP financing facility.

Moreover, the Debtors have conferred with representatives of the
agents for both the prepetition and postpetition lenders and
understand that the agents have no objection to their Motion.

Before the commitments under the Final DIP Order expires on
Dec. 9, 2006, the Debtors will seek approval of further
amendments to the Amended DIP Agreement to incorporate relief
similar to the Motion.  The Motion only seeks temporary relief
in that it will be superseded by the Amended DIP Agreement in
the next few months, Ms. McFarland says.

           FMO Wants DIP Facility Extended to July 2007

The Debtors also want to modify certain terms under their
existing US$775,000,000 postpetition debtor-in-possession
facility, to:

   (a) extend its expiry date from Dec. 9, 2006, through the
       earlier of:

       (1) the substantial consummation of the Debtors' Plan of
           Reorganization; and

       (2) July 1, 2007;

   (b) effect amendments necessary to permit the Debtors to
       implement the company Voluntary Arrangements for certain
       of the U.K. Debtors and position themselves for a
       successful emergence from Chapter 11; and

   (c) accommodate changes in the Debtors' business since the
       time they entered into the Existing DIP Agreement.

Scotta E. McFarland, Esq., at Pachulski Stang Ziehl Young Jones
& Weintraub LLP, in Wilmington, Delaware, relates that the
Debtors and Citicorp USA, Inc., the administrative agent under
the Existing DIP Facility, negotiated and agreed to the proposed
amendments.

Pursuant to a Commitment Letter dated Oct. 23, 2006, CUSA will
use its best efforts to arrange a syndicate of lenders for:

   -- an amended US$500,000,000 superpriority senior secured DIP
      revolving credit facility; and

   -- an amended US$275,000,000 superpriority senior secured DIP
      term loan facility.

CUSA also commits to provide up to US$55,000,000 of the
Revolving Credit Facility.

Citigroup Global Markets, Inc., will serve as sole lead arranger
and bookrunner for the Modified DIP Facility.  CUSA will act as
sole administrative agent and sole collateral agent for the
Modified DIP facility.

CUSA's commitment and CGMI's undertakings will terminate on
Dec. 11, 2006.

In return for the Commitment, the Debtors will pay CUSA
undisclosed amounts as arrangement and other fees, as well as
other expenses incurred in connection with the negotiation,
documentation, approval and closing of the transactions
contemplated by the Commitment Letter.  Specific terms with
respect to CUSA's fees are included in a Fee Letter.

The Debtors, therefore, seek the Court's authority to enter into
a Commitment and Fee letters with CUSA and CGMI.

In a separate filing, the Debtors sought and got permission from
the Court to file the Fee Letter under seal.

Proceeds of the Modified DIP Facility will be used, among
others, to fund:

   * the Debtors' working capital needs and other general
     corporate services; and

   * the retention of certain intercompany loan notes pursuant
     to a Settlement Agreement dated September 26, 2005, among
     Federal-Mogul Corporation; T&N Limited; the U.K.
     Administrators; the U.K. Plan Proponents; High River
     Limited Partnership; and the U.K. Pension Protection Fund.

Ms. McFarland explains that the extension of the Existing DIP
Facility's expiry date will give the Debtors access to financing
while they are under Chapter 11 protection.

Ms. McFarland says amendments to certain terms of the Existing
DIP Facility are necessary to:

   -- address certain tax-related restructurings and take
      advantage of certain tax efficiencies;

   -- permit the Debtors to perform any remaining obligation
      under the company Voluntary Arrangements, which became
      effective on October 11, 2006; and

   -- allow the Debtors to progress toward their successful
      emergence from Chapter 11 protection.

If the terms of the Existing DIP Facility are modified, the
Debtors will be able to use their financing more effectively and
in a manner that more accurately tracks their present strategic
business plan, Ms. McFarland adds.

CUSA and the Debtors have not yet agreed to the precise terms of
the amendments, Ms. McFarland notes.  Among other amendments,
the Debtors propose to increase the permitted amount for first
priority liens and superpriority claims granted to certain
Hedging Parties.

The increase in Permitted Liens will help the Debtors in
managing their exposure to fluctuations in raw materials pricing
and interest rate risk, Ms. McFarland says.

Ms. McFarland also notes that substantially all of the other
material terms of the Debtors' postpetition financing will
remain unchanged.

Ms. McFarland adds that the Debtors will also seek the Court's
permission to enter into any ancillary documents that may be
necessary to effect the terms of the Modified DIP Agreement,
including an amended security and pledge agreement.

Each Plan Proponent either does not object to the request at
present, or is anticipated by the Debtors to not object to the
request, Ms. McFarland further relates.

Judge Fitzgerald will conduct a hearing on the Debtors' request
on Nov. 28, 2006, at 1:30 p.m. in Pittsburgh, Pennsylvania.
Deadline to file objections will be on Nov. 9.

A full-text copy of CUSA and CGMI's Commitment Letter is
available for free at http://ResearchArchives.com/t/s?1585

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).


FORD CREDIT: Fitch Rates US$59-Million Class D Notes at BB+
-----------------------------------------------------------
Fitch rates the Ford Credit Auto Owner Trust 2006-C asset backed
notes:

      -- US$664,000,000 class A-1 5.3574% 'F1+';
      -- US$205,000,000 class A-2a 5.29% 'AAA';
      -- US$856,441,000 class A-2b floating-rate 'AAA';
      -- US$509,551,000 class A-3 5.16% 'AAA';
      -- US$325,000,000 class A-4a 5.15% 'AAA';
      -- US$251,838,000 class A-4b floating-rate 'AAA';
      -- US$88,795,000 class B 5.3% 'A';
      -- US$59,196,000 class C 5.47% 'BBB+';
      -- US$59,196,000 class D 6.89% 'BB+'.

The ratings on the notes are based upon their respective levels
of subordination, the specified credit enhancement amount, and
the yield supplement overcollateralization amount.  All ratings
reflect the transaction's sound legal structure, the high
quality of the retail auto receivables originated by Ford Motor
Credit Company, and the strength of Ford Credit as servicer.

The weighted average APR in the 2006-C transaction is 4.401%.
As with previous deals, the 2006-C transaction incorporates a
YSOC feature to compensate for receivables with interest rates
below 8.50%.  The YSOC is subtracted from the pool balance to
calculate bond balances and the first priority, second priority,
and regular principal distribution amounts, resulting in the
creation of 'synthetic' excess spread.  These amounts enhance
the receivables' yield and are available to cover losses and
turbo the class of securities then entitled to receive principal
payments.

Initial enhancement for the class A notes as a percentage of the
adjusted collateral balance is 5.5%. Initial enhancement for the
class B notes is 2.5%.  Initial enhancement for the class C
notes is 0.50% provided by the reserve account.

On the closing date, the aggregate principal balance of the
notes will be 102% of the initial pool balance less the YSOC.
The class D notes represent the undercollateralized 2%.  During
amortization, both excess spread and principal collections are
available to reduce the bond balance.  Hence, if excess spread
is positive, the bonds will amortize more quickly than the
collateral.  It is this mechanism that ensures that the class D
notes are collateralized and the specified credit enhancement
level is achieved.

Furthermore, the 2006-C transaction provides significant
structural protection through a shifting payment priority
mechanism.  In each distribution period, a test will be
performed to calculate the amount of desired collateralization
for the notes versus the actual collateralization.  If the
actual level of collateralization is less than the desired
level, then payments of interest to subordinate classes may be
suspended and made available as principal to higher rated
classes.

Based on the loss statistics of Ford Credit's prior
securitizations and Ford's U.S. retail portfolio performance,
Fitch expects consistent performance from the pool of
receivables in the 2006-C pool.  For the nine months ending
Sept. 30, 2006, average net portfolio outstanding totaled around
US$57.7 billion, total delinquencies were 2.10%, and net losses
were 0.63% of the average net portfolio outstanding.


GATEWAY CARAVANS: Brings In Lines Henry as Joint Administrators
---------------------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
joint administrators of Gateway Caravans Ltd. (Company Number
05258660) on Nov. 13.

The administrators can be reached at:

         Neil Henry and Michael Simister
         Lines Henry
         Sixth Floor
         Grafton Tower
         Stamford New Road
         Altrincham
         Cheshire WA14 1DQ
         United Kingdom
         Tel: 0161 929 1905
         Fax: 0161 929 1977

Gateway Caravans Ltd. can be reached at:

         Kelvin Business Park
         Grange Road
         Batley
         West Yorkshire WF17 6PB
         United Kingdom
         Tel: 01924 479058


GLASS FIBRE: Hires Liquidator from Jackson Gregory & Co.
--------------------------------------------------------
Peter Anthony Jackson of Jackson Gregory & Co. was appointed
Liquidator of Glass Fibre Design Limited (formerly Bucklemile
Limited) on Nov. 9 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Glass Fibre Design Limited
         Unit F5
         Halesfield 23
         Telford
         Shropshire TF7 4NY
         United Kingdom
         Tel: 01952 580 800
         Fax: 01952 581 581


GOLDEN FALLS: Creditors' Claims Due December 15
-----------------------------------------------
Creditors of Golden Falls Limited have until Dec. 15 to send
their full forenames and surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to appointed
Liquidator Richard Neville at:

         Neville & Co.
         10 & 11 Lynher Building
         Queen Anne's Battery
         Plymouth PL4 0LP
         United Kingdom

The company can be reached at:

         Golden Falls Limited
         10 Pendennis Place
         Penzance
         Cornwall TR182BD
         United Kingdom
         Tel: 01736 362 467
         Fax: 01736 366 696


GREENLAKE LEISURE: Taps Tenon Recovery to Administer Assets
-----------------------------------------------------------
Ian William Kings of Tenon Recovery was named administrator of
Greenlake Leisure Ltd. (Company Number 05130213) on Nov. 8.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

Headquartered in Peterlee, England, Greenlake Leisure Ltd. is
engaged in selling caravans and managing caravan parks.


GSM LOGISTICS: Joint Liquidators Take Over Operations
-----------------------------------------------------
Carl Derek Faulds and James Richard Tickell of Portland Business
& Financial Solutions Ltd. were appointed Joint Liquidators of
GSM Logistics Limited on Nov. 10 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         GSM Logistics Limited
         16 Langlands Place
         East Kilbride
         Glasgow
         Lanarkshire G75 0YF
         United Kingdom
         Tel: 01355 570 388
         Fax: 01355 570 448


HILTON HOTELS: Files Request to Modify Partial Final Judgment
-------------------------------------------------------------
Hilton Hotels Corp., a party defendant in the Partial Judgment
entered in United States v. Greater Portland Convention
Association, Inc., et al., Civil No. 70-310 on Nov. 29, 1971,
has filed a request with the Antitrust Division of the United
States Department of Justice to modify the Partial Final
Judgment.

The Partial Final Judgment settled the United States' complaint
alleging violations of Section I of the Sherman Act, 15 U.S.C. §
I, with respect to certain defendants:

   -- Greater Portland Convention Association, Inc.,

   -- Hilton Hotels Corp.,

   -- ITT Sheraton Corporation of America, and

   -- Cosmopolitan Investment, Inc.

The Partial Judgment prohibits defendants and their
subsidiaries, successors and assigns from, inter alia,

   (1) agreeing with any other hotel to give or promise to
       give preferential treatment for the purchase of
       hotel supplies to hotel suppliers, or

   (2) giving or promising to give preferential treatment
       for the purchase of hotel supplies to any hotel
       suppliers on the basis of payments, contributions,
       or dues paid by suppliers to any convention bureau.

While the latter prohibition, contained in § V of the Partial
Final Judgment, will remain unaffected by the proposed
modification, Hilton's proposed modification will add this
language to the former prohibition, found in § IV of the Partial
Final Judgment.

Provided, however, that nothing in this Section will be
construed to prohibit any hotel defendant from:

   1. Developing hotel supply purchasing programs for its
      owned, managed and franchised hotels; or

   2. Participating in bona fide group purchasing
      organizations or programs notwithstanding the fact
      that such organizations or programs may include one
      or more other hotels.

Hilton is seeking these modifications to ensure that § IV of the
Partial Final Judgment would not be interpreted so as to
prohibit the hotel defendants from engaging in these specified
activities.

Hilton understands that in the course of evaluating the request
the Antitrust Division will also consider whether the Partial
Final Judgment should be terminated in its entirety.

Interested persons are invited to submit comments regarding both
the proposed modifications and a potential termination of the
Partial Final Judgment to:

         John R. Read
         Chief
         Litigation III Section
         Antitrust Division
         U.S. Department of Justice
         Liberty Place Building
         325 Seventh Streeet, N.W.
         Suite 300
         20530 Washington, D.C.
         United States

Comments must be received by the Antitrust Division within
thirty (30) days from the date of this publication.

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally.
In Europe, Hilton Hotels operates in the United Kingdom,
Germany, Belgium, Denmark, Finland, Italy, The Netherlands,
among others.

                       *     *     *

As reported in the TCR-Europe on Oct. 19, Moody's Investors
Service's confirmed its Ba2 Corporate Family Rating for
Hilton Hotels Corp., in implementation of its new Probability-
of-Default and Loss-Given-Default rating methodology for the
gaming, lodging and leisure sectors.

Additionally, Moody's held its Ba2 probability-of-default
ratings and assigned its LGD4 loss-given-default ratings on
these loans and bond debt obligations: Senior Notes with an
average rate of 8.1% due 2007 - 2031; Chilean inflation indexed
note effective rate 7.65% due 2009; 3.375% Contingently
convertible senior notes due 2023; Minimum Leases Commitments;
Term Loan A at adjustable rates due 2011; Term Loan B at
adjustable rates due 2013; and Revolving loans at adjustable
rates, due 2011.  Moody's said these obligations have a 53%
Projected Loss-Given Default.

Moody's also held its (P)Ba2 probability-of-default ratings and
assigned a LGD4 loss-given-default rating with a Projected Loss-
Given Default to the Company's Senior unsecured debt shelf.


I C REFURBISHMENTS: Appoints Alan Simon to Liquidate Assets
-----------------------------------------------------------
Alan Simon of Langley Group LLP was appointed Liquidator of
I C Refurbishments Limited on Nov. 9 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         I C Refurbishments Limited
         Unit 34
         Crayford Industrial Estate
         Swaisland Drive
         Crayford
         Dartford
         Kent DA1 4HS
         United Kingdom
         Tel: 01322 310 950
         Fax: 01322 310 951


IMMEL PUBLISHING: Taps Kevin Goldfarb to Liquidate Assets
---------------------------------------------------------
Kevin Goldfarb was appointed Liquidator of Immel Publishing
Limited (formerly Innotronic Limited and Diplema Four Limited)
on Nov. 14 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Immel Publishing Limited
         14 Dover Street
         City Of Westminster
         London W1S 4LW
         United Kingdom
         Tel: 020 7491 1799
         Fax: 020 7493 5524


INTERFACE INC: Financial Recovery Cues Moody's to Lift Ratings
--------------------------------------------------------------
Moody's Investors Service upgraded the long-term ratings of
Interface, Inc., which had been on positive outlook since
April 17, 2006.

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 at US$14.65 per share, resulting in net proceeds of
around US$79 million on Nov. 10, 2006 and the company's
intention to use the proceeds to repay outstanding debt.

These are the rating actions:

   -- Upgraded the original US$150 million 7.3% guaranteed
      senior unsecured notes due 2008 to B1, LGD3, 48% from B2,
      LDG3, 49%;

   -- Upgraded the US$175 million 10.375% guaranteed senior
      unsecured notes due 2010 to B1, LGD3, 48% from B2, LDG3,
      49%;

   -- Upgraded the US$135 million 9.5% guaranteed senior
      subordinated notes due 2014 to B3, LGD5, 88% from Caa1,
      LDG5, 89%;

   -- Upgraded the Corporate Family Rating to B1 from B2;

   -- Upgraded the Probability of Default Rating 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
delevering below adjusted debt to EBITDA of 3x 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 1.5x could result in downward pressure on the
ratings.  Cash or debt-financed acquisitions or the assumption
of additional indebtedness could result in a downgrade.

Interface Inc. -- http://www.interfacesustainability.com/-- is
a manufacturer and marketer of floor coverings and fabrics
headquartered in Atlanta, Georgia.

The company has locations in North America, Europe, Australia
and Thailand, among others.


INTUWAVE LIMITED: Appoints Baker Tilly as Joint Administrators
--------------------------------------------------------------
Graham Paul Bushby and Geoffrey Lambert Carton-Kelly of Baker
Tilly were appointed joint administrators of Intuwave Ltd.
(Company Number 03790048) on Nov. 13.

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

Intuwave Ltd. can be reached at:

         Siena Court
         Broadway
         Maidenhead
         Berkshire SL6 1NJ
         United Kingdom
         Tel: 01628 509 022
         Fax: 01628 509 122


JANE VALLERO: Appoints Liquidator from Kallis & Co.
---------------------------------------------------
Kikis Kallis of Kallis & Co. was appointed Liquidator of
Jane Vallero Design Ltd. on Nov. 14 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Jane Vallero Design Ltd.
         108 Swan Lane
         Barnet
         London N20 0PP
         United Kingdom
         Tel: 020 8343 9663


KRISPY KREME: Posts US$135.8MM Net Loss in Year Ended Jan. 2006
---------------------------------------------------------------
Krispy Kreme Doughnut, Inc. reported a US$135.8 million net loss
on US$543.4 million of revenues for the fiscal year ended
Jan. 31, 2006, compared with a US$198.3 million net loss on
US$707.8 million of revenues for the same period in 2005.

Both revenues from company owned stores and franchisee stores
declined in fiscal 2006 compared with fiscal 2005, as did
company sales to franchise stores.  This was offset mainly by
lower recorded direct operating expenses of US$474.6 million in
fiscal 2006, compared with US$598.3 million in fiscal 2005.  In
addition, the company recognized lower impairment charges and
lease termination costs of US$55.1 million in 2006 compared to
US$161.8 million in 2005.

At June 30, 2006, the company's balance sheet showed
US$410.8 million in total assets, US$302.2 million in total
liabilities, and US$108.7 million in total stockholders' equity.

The company's balance sheet at Jan. 29, 2006 also showed
US$147 million in total current assets available to pay
US$153.9 million in total current liabilities.

A full-text copy of the company's annual report is available for
free at http://researcharchives.com/t/s?1485

                     About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
around 323 Krispy Kreme stores and 79 satellites operating
systemwide in 43 U.S. states, Australia, Canada, Mexico, the
Republic of South Korea and the United Kingdom.

The company generates revenues from three distinct sources:
company-owned stores, franchise fees and royalties from
franchise stores, and a vertically integrated supply chain.

Freedom Rings, LLC, company's franchisee in Eastern
Pennsylvania, Delaware and Southern New Jersey, filed on Oct.
16, 2005 for Chapter 11 protection with the Delaware Bankruptcy
Court (Bankr. D. Del. Case No. 05-14268).  Following closure of
its four remaining stores, the Bankruptcy Court confirmed
Freedom Rings' plan of liquidation on April 20, 2006 and its
operations have been substantially wound up.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, filed for
restructuring on April 15, 2005, pursuant to the Companies'
Creditors Arrangement Act with the Ontario Superior Court of
Justice.  Krispy Kreme Doughnut Corp. agreed to pay around
US$9.3 million to two secured creditors to settle its
obligations with respect to its guarantees pertaining to certain
indebteness and related equipment agreements.  In exchange, a
newly formed subsidiary of Krispy Kreme Doughnut Corp. acquired
substantially all of the operating assets of KremeKo, as
authorized by the Ontario Court.

Glazed Investments, LLC, company's franchisee in Colorado,
Minnesota and Wisconsin, filed for Chapter 11 protection on Feb.
3, 2006 (Bankr. N.D. Ill. Case No. 06-00932).  Subsequent to
this filing, Glazed Investments sold its remaining 12 Krispy
Kreme stores to Western Dough, Krispy Kreme's area developer for
Nevada, Utah, Idaho, Wyoming and Montana, for appoximately US$10
million.  This sale was facilitated by the Chapter 11 filing, by
permitting the assets to be sold free and clear of all liens,
claims and encumbrances.

Under the plan of liquidation filed by Glazed Investments, it
will be dissolved after distribution of the sale proceeds to
creditors, and Krispy Kreme will not receive any payment on
account of its ownership in Glazed Investments.  While a
substantial portion of Glazed Investments' debts were retired
from the sale proceeds and liquidation of other assets, Krispy
Kreme paid around US$1 million of its franchisee's debt which
was guaranteed by it.


LIZARD DEVELOPMENTS: Hires Liquidator from Ward & Co.
-----------------------------------------------------
Lyn Marie Green of Ward & Co. was appointed Liquidator of Lizard
Developments Limited on Nov. 10 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Lizard Developments Limited
         1 Park Street
         Shifnal
         Shropshire TF11 9BA
         United Kingdom
         Tel: 01952 400770


M S A CONSTRUCTION: Brings In Liquidator from Pattinsons
--------------------------------------------------------
Ian Pattinson of Pattinsons was appointed Liquidator of M S A
Construction Limited on Nov. 10 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         M S A Construction Limited
         157 Sapcote Road
         Burbage
         Hinckley
         Leicestershire LE102AT
         United Kingdom
         Tel: 01455 440 022
         Fax: 01455 440 033


PHELPS DODGE: Freeport Takeover Depends on Commodity Prices
-----------------------------------------------------------
Analysts told Business News Americas that the wisdom of
Freeport-McMoRan Copper & Gold's proposed takeover of Phelps
Dodge will depend on future commodity prices.

Victor Flores, an HSBC analyst, explained to BNamericas, "It all
revolves around what the commodity prices do.  Our view is that
commodity prices will stay fairly robust but they WILL decline.
Maybe they [Freeport] have insights that we don't."

According to BNamericas, Mr. Flores was referring to Freeport's
ability to manage its new debt structure.

BNamericas relates that under the cash and stock transaction,
Freeport will pay US$126.46 per Phelps Dodge share, representing
a 33% premium over the latter's closing share price on Nov. 17.

Freeport told BNamericas that it will take on debt to pay the
US$18 billion cash portion, representing 70% of the total
consideration of US$25.9 billion.  Including the transaction,
pro forma net debt is estimated at US$15 billion in 2006 versus
estimated Ebitda of US$7.9 billion.

"Freeport is betting on the cycle lasting a lot longer.  I don't
mean necessarily higher copper prices than the current but ones
that are still well above the long-term levels that companies
and analysts use on a planning basis," Nick Hatch, an analyst at
Investec, commented to BNamericas.

Richard Adkerson, chief executive officer of Freeport, told
BNamericas that copper prices do not have to be as good as 2006
for the deal to make sense.

BNamericas underscores that a Freeport said in a presentation
that it saw pro forma annual average Ebitda for 2007-09 of just
under US$4 billion at copper prices of US$1.50 per pound, almost
US$6 billion at US$2 per pound and US$8 billion at US$2.5 per
pound.

According to the report, analysts agreed that the deal would
provide Freeport with important diversification.

Mr. Flores told BNamericas, "They potentially gain a lower risk
rating for the company by putting the Indonesian asset within a
larger portfolio."

BNamericas emphasizes that Freeport's only mining operation is
the world class, low-cost Grasberg copper mine in Indonesia.

Meanwhile, Mr. Hatch is doubtful that another firm will compete
with Freeport on Phelps Dodge, BNamericas relates.

Mr. Hatch told BNamericas, "This one is substantially above
Phelps' closing share price and there are relatively few
companies that would want to pay that kind of money."

However, Mr. Flores admitted to BNamericas that it is possible
that firms would bid against Freeport, given this year's trend.

"As we have seen already in several cases this year, a deal that
starts off on one path ends up going down a very different
path," Mr. Flores told BNamericas.

The analysts agreed that the 2006 historical level of
consolidation in the mining sector will likely drop off next
year in response to probable lower metal prices and fewer
opportunities, according to BNamericas.

The Freeport-Phelps Dodge deal is yet to be approved by the two
firm's shareholders.  The deal will be closed at the end of the
first quarter of next year, BNamericas states.

                   About Freeport McMoRan

Freeport-McMoran Copper & Gold Inc. -- through its majority-
owned subsidiary, PT Freeport Indonesia -- is engaged in copper,
gold and silver mining and production operations.  The company
owns around 90.64% of PT Freeport Indonesia, and the
Government of Indonesia owns the remaining approximate 9.36%.
The company's principal asset is the Grasberg minerals district.
During the year ended Dec. 31, 2005, net additions and revisions
to the aggregate proven and probable reserves of the Grasberg
and other Block A ore bodies in the Grasberg minerals district
totaled around 132 million metric tons of ore
representing increases of 2.1 billion recoverable pounds of
copper, 0.4 million recoverable ounces of gold and 12.1 million
recoverable ounces of silver.

                     About Phelps Dodge

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.  It
maintains operations in Mexico, Puerto Rico, Thailand, China,
Japan, the Netherlands, and the United Kingdom, among others.

                        *    *    *

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.


PNEU-TECH LIMITED: Ian. C. Brown Leads Liquidation Procedure
------------------------------------------------------------
Ian C. Brown of Parkin S. Booth & Co. was appointed Liquidator
of Pneu-Tech Limited (formerly A V Jones Limited) on Nov. 14 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Pneu-Tech Limited
         The Grange
         Plas Bennion Road
         Penycae
         Wrexham
         Clwyd LL141TP
         United Kingdom
         Tel: 01978 810 873
         Fax: 01978 822 285


PRUDENTIAL ASSURANCE: Announces Final Implementation of Scheme
--------------------------------------------------------------
The final implementation of the solvent scheme of arrangement
made between The Prudential Assurance Co. Ltd. and its
respective scheme creditors occurred on Oct. 31.

The Scheme Manager, Whittington Insurance Services Ltd.
confirmed that all scheme liabilities were settled or otherwise
determined and all established liabilities were paid in full in
accordance with the terms of the solvent scheme, pursuant to
section 425 of the Companies Act 1985.

The High Court of Justice in England and Wales sanctioned the
solvent scheme on July 9, 2004.

The Scheme Manager can be reached at:

         Whittington Insurance Services Ltd.
         c/o John Leppard
         33 Creechurch Lane
         London EC3A 5EB
         United Kingdom
         Tel: +44 (0) 207 220 1851
         Fax: +44 (0) 207 929 1315
         E-mail: prupearlscheme@whittingtoninsurance.com

or

         PricewaterhouseCoopers LLP
         E-mail: prupearlscheme@uk.pwc.com


QUAY CONTACT: Hires Begbies Traynor to Administer Assets
--------------------------------------------------------
Paul Stanley and Gary Lee of Begbies Traynor were appointed
joint administrators of Quay Contact Ltd. (Company Number
05145743) 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.

Headquartered in Cardiff, England Quay Contact Ltd. is engaged
in call center activities.


R DAVIES: Claims Registration Ends December 10
----------------------------------------------
Creditors of R Davies Maintenance Limited have until Dec. 10 to
send in their names and addresses and particulars of their debts
or claims, and the names and addresses of their Solicitors (if
any), to appointed Joint Liquidators Ian Michael Rose and Robert
Michael Young at:

         Begbies Traynor
         The Old Barn
         Caverswall Park
         Caverswall Lane
         Stoke-on-Trent
         Staffordshire ST3 6HP
         United Kingdom

The company can be reached at:

         R Davies Maintenance Limited
         130 Manor Way
         Ruislip
         Middlesex HA4 8HR
         United Kingdom
         Tel: 01895 623 422


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

As reported in the Troubled Company Reporter on Nov. 16, 2006,
Sidley Austin is expected to:

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

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

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

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

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

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

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

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

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

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

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

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SEA CONTAINERS: Court Okays Kirkland & Ellis As Special Counsel
---------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates obtained
permission from the U.S. Bankruptcy Court for the District of
Delaware to employ Kirkland & Ellis LLP as their special
conflicts litigation counsel for litigation relating to GE SeaCO
SRL, nunc pro tunc to Oct. 15, 2006.

As reported in the Troubled Company Reporter on Nov. 17, 2006,
Edwin S. Hetherington, vice president, general counsel and
secretary of Sea Containers Ltd., explains that the Debtors want
Kirkland to prosecute or defend litigation or contested matters
involving GE Capital Corporation and some of its subsidiaries
concerning GE SeaCo and other matters adverse to GE.

Mr. Hetherington notes that the Debtors' general reorganization
and bankruptcy counsel, Sidley Austin LLP, represents GE in
matters wholly unrelated to the Debtors and their Chapter 11
cases.

Because Sidley also represents the Debtors in connection with
all operational and substantive aspects of the Chapter 11
proceedings, including with respect to issues raised by GE, the
Debtors want Kirkland to serve as their special conflicts
litigation counsel to the limited extent that underlying
litigation or certain contested matters are commenced by GE or
the Debtors during the pendency of the Chapter 11 proceedings.

                      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).


SHAY FURNITURE: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------
Creditors of Shay Furniture Limited confirmed on Nov. 14 the
appointment of Jonathan Lord of Bridgestones as the company's
Liquidator.

The company can be reached at:

         Shay Furniture Limited
         Unit 9
         King St. Trading Estate
         Middlewich
         Cheshire CW10 9EJ
         United Kingdom
         Tel: 01606 738558


SL PROMOTIONS: BDO Stoy Appointed as Joint Administrators
---------------------------------------------------------
C. K. Rayment and M. H. Thompson of BDO Stoy Hayward LLP were
appointed joint administrators of SL Promotions Ltd. (Company
Number 04598937) on Nov. 6.

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.

SL Promotions Ltd. can be reached at:

         Atlantic House
         Falkland Close
         Charter Avenue Industrial Estate
         Coventry
         West Midlands CV4 8AU
         United Kingdom
         Tel: 024 7646 1234
         Fax: 024 7646 4433


STENOCHAIR LIMITED: Names Liquidators from BRI Business Recovery
----------------------------------------------------------------
Peter John Windatt and Gary Steven Pettit of BRI Business
Recovery and Insolvency were appointed Joint Liquidators of
Stenochair Limited on Nov. 15 for the creditors' voluntary
winding-up procedure.

Headquartered in Olney, England, Stenochair Limited --
http://www.stenochair.co.uk/-- manufactures office seating,
reception furniture and table systems for over.  The company's
products include operator chairs, task chairs, executive chairs,
soft furniture, among others.


TRIPOS INC: Selling All of Unit's Assets to Vector Capital
----------------------------------------------------------
Tripos Inc. has entered into a definitive agreement to sell
substantially all of the assets of its Discovery Informatics
business to Vector Capital.  The sale, expected to close in the
first quarter of 2007, is an initial step in the liquidation of
Tripos.

Liquidating distributions, in an amount to be determined, are
expected to begin around six months after the closing of this
transaction.  Tripos' preliminary estimate is that there would
be between US$6 million to US$12 million available for
distribution to common stockholders assuming completion of the
sale of its Discovery Informatics business to Vector, sale of
its Discovery Research business, completion of certain other
transactions described below, and satisfaction of all
liabilities at amounts currently estimated.

"This transaction will allow the Discovery Informatics business
to continue to serve its computational chemistry and enterprise
research IT customers as a private company with greater access
to growth capital," said Dr. John P. McAlister, president and
CEO of Tripos.  "Furthermore, it will enable the Discovery
Informatics business to strengthen its core SYBYL® business and
continue to develop innovative scientific software products and
services to meet the evolving needs of the pharmaceutical and
biotechnology industries."

Tripos also reported that it is in discussions to sell its
U.K.-based Discovery Research business and related assets.
Tripos will make prompt public disclosure of any definitive
agreements for the sale of part or all of its Discovery Research
business.

"In January 2006, we announced that Tripos had engaged
investment bankers to assist the board in evaluating a range of
strategic alternatives for the company, including mergers and
acquisitions, becoming a private company, and separating its
informatics and research businesses" Commenting on these
announcements, Dr. McAlister added.  "Since then, we have
undertaken an intensive search for the best alternative for our
stockholders, and have engaged in extensive and in some cases
advanced negotiations with several parties, including strategic
investors and financial investors in the United States, Asia and
Europe.  The board recommends that stockholders approve this
transaction based upon its belief that accepting the offer from
Vector and proceeding with the liquidation and dissolution of
Tripos provides a greater certainty of value to our stockholders
than the continued uncertainty of operating Tripos in its
current form or under any other structure that we might
reasonably put in place."

             Asset Sale and Proposed Liquidation

Under the asset purchase agreement, Tripos will sell its
Discovery Informatics business for around US$25.6 million in
cash, subject to adjustment based upon net working capital at
closing.  Tripos will retain certain assets and substantially
all the liabilities of the business, which must be disposed of
or satisfied before any distribution to shareholders.  Tripos'
Board of Directors has approved the transaction and recommends
that Tripos' stockholders approve the transaction at a special
meeting of stockholders at a date to be determined.  The
transaction is subject to numerous customary terms and
conditions, including approval by Tripos' stockholders and
limited post-closing indemnification.  Seven Hills Partners,
LLC, acted as exclusive financial advisor to Tripos in this
transaction.

Tripos' preliminary estimate is that there would be between
US$6 million and US$12 million available for distribution to
common stockholders, assuming completion of the Vector
transaction, sale of the Discovery Research business on the
terms currently being negotiated, and sale of certain other
corporate assets, such as the Missouri headquarters building,
surplus U.K. investments and an investment in a private equity
fund.

A substantial portion of the proceeds from this transaction, in
an amount that can only be estimated at this time, will be
needed to pay debts, other liabilities and any corporate taxes
that in a liquidation must be satisfied before stockholders can
be paid.  The exact timing and amount of any liquidating
distributions cannot be predicted at this time.  Under the
agreement, Tripos is not able to make any distributions to its
common stockholders for six months after closing.

The amount and timing of liquidating distributions are subject
to a number of uncertainties, some of which are not fully within
Tripos' control, including Tripos' ability to consummate the
sale of its Discovery Informatics and Discovery Research
businesses at the prices and terms currently under negotiation;
the price Tripos is able to obtain for certain corporate assets
that are not part of the transactions under discussion; the
terms upon which Tripos is able to settle its outstanding
liabilities and other liabilities that will arise in a
liquidation; the costs that Tripos will incur while it remains a
public company that files reports with the Securities and
Exchange Commission; and the duration and expense of the
liquidation process.

Tripos plans to file a proxy statement with the SEC containing
more detailed information about the proposed asset sale to
Vector and other elements of its plan for liquidation and
dissolution, including additional information about estimated
proceeds to stockholders.  Following SEC review of the proxy
statement, Tripos will schedule a special meeting of
stockholders and distribute the proxy statement.  It is
currently anticipated that the special meeting will be held
early in 2007.

Tripos, Inc. -- http://www.tripos.com/-- (Nasdaq:TRPS) combines
leading-edge technology and innovative science to deliver
consistently superior chemistry-research products and services
for the biotechnology, pharmaceutical and other life science
industries.  Within Tripos' Discovery Informatics business, the
company provides software products and consulting services to
develop, manage, analyze and share critical drug discovery
information.  Within Tripos' Discovery Research business,
Tripos' medicinal chemists and research scientists partner
directly with clients in their research initiatives, leveraging
state-of-the-art information technologies and research
facilities.  The company has offices in the U.K., Germany and
Australia.


UIC INSURANCE: Filing of Scheme Claims Ends March 7
---------------------------------------------------
The High Court of Justice of England and Wales sanctioned the
Scheme of Arrangement between UIC Insurance Company Ltd. and
Scheme Creditors on Oct. 6, 2006.

A copy of the Court order was delivered for registration to the
Registrar of Companies in England and Wales on Nov. 6, making
the Scheme effective on that date.  Ipe Jacob & Richard White of
Grant Thornton U.K. LLP became Joint Scheme Officers on the
Effective Date.

                        Scheme Documents

Copies of the Scheme and the explanatory statement and other
pertinent documents, can be accessed from http://www.uic-gt.com/
or on CD or in hard copy by request from:

         David Burns
         Chiltington International Limited
         Holland House
         1-4 Bury Street
         London EC3A 5AW
         United Kingdom.
         Tel: 020 7621 6369
         Fax: 020 7621 6344
         E-mail: uic@chiltington.co.uk

Scheme Creditors have until March 7, 2007, to complete and
submit their Claim Forms, unless it is indicated on the Vote
Registration and Proxy Form that the same value submitted for
voting purposes be also submitted as a Scheme Claim.

If the Scheme Officers do not receive the Scheme Creditor's
claim form before the bar date, the latter may not receive
payment for the claim -- except in relation to Scheme Claims
that have been agreed by the Company and fallen due for payment
on or before the Effective Date, which have been included on a
Claim Form prepared by the Scheme Officers, but not returned by
the Scheme Creditors and received by the Scheme
Officers before the Bar Date.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.


                           *********

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.

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                 * * * End of Transmission * * *