TCREUR_Public/061201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, December 1, 2006, Vol. 7, No. 239

                            Headlines


A U S T R I A

ASA VERSICHERUNGSMAKLER: Manager Declares Insufficient Assets
BOUTIQUE WIESLER: Graz Court Orders Business Shutdown
CENTE LLC: Vienna Court Orders Business Shutdown
FS-GASTSTATTENBETRIEB: Creditors' Meeting Slated for December 14
HELGA JUTERSCHNIG: Claims Registration Ends December 5

HZHB LLC: Creditors' Meeting Slated for December 5
KA-BAUSERVICE: Ried im Innkreis Court Reopens Bankruptcy Case
SPIELZEUGSCHACHTEL LLC: Vienna Court Orders Business Closure


B E L G I U M

VNU GROUP: Posts EUR89-Million Net Loss for Third Quarter 2006
VNU GROUP: Names Jon Mandel as Chief Executive of NielsenConnect


F R A N C E

ALCATEL SA: Amends Joint Solicitation Statement with Lucent
LUCENT TECHNOLOGIES: Amends Solicitation Statement with Alcatel
LUCENT TECHNOLOGIES: Completes Support Network for TV Cabo
SCIENS CFO: Moody's Assigns EUR7.7-Mln Class E Notes at (P)Ba1


G E R M A N Y

AUTOHAUS FIX: Claims Registration Ends December 5
ESTRICH-CONCEPT: Creditors' Meeting Slated for December 7
HOLGER DETTMANN: Claims Registration Ends December 8
KLEBER FINANZ: Claims Registration Ends December 12
KOWATZKI + TORNOW: Claims Registration Ends December 12

MUSIKHAUS NAGEL: Claims Registration Ends December 13
PEGU-BAUTECHNIK: Claims Registration Ends December 7
ROKA BAU: Claims Registration Ends December 5
UNITED AUTO: Moody's Assigns B3 Rating on US$325-Mln Sr. Notes
VISTEON CORP: Fitch Rates Amended Senior Bank Debt at B/RR1


I R E L A N D

RIVERDEEP HOLDINGS: Inks Acquisition Deal with HM RiverGroup
RIVERDEEP HOLDINGS: Moody's Reviews Rating on Acquisition Deal
RIVERDEEP HOLDINGS: Begins Tender Offer for 9.25% Senior Notes


I T A L Y

ALITALIA SPA: Italian Government Pursuing Three Rescue Plans
INTERNATIONAL PAPER: Selling 13 Sawmills for US$325 Million Cash
SBARRO INC: Unveils Terms of MidOcean Merger Agreement
SBARRO INC: Moody's Affirms Junk Corporate & Unsecured Ratings
TISCALI SPA: Fitch Places CCC Default Rating on Watch Positive

WIND ACQUISITION: Fitch Puts EUR950-Mln Notes on Watch Positive


K A Z A K H S T A N

ALMATY CONSTRUCTION: Creditors' Claims Due Dec. 29
BUILD-SERVICE LLP: Creditors Must File Claims by Dec. 27
INTERTRANSSERVICE-M LLP: Claims Registration Ends Dec. 29
NEFTEBAZA OJSC: Claims Filing Period Ends Dec. 27
PHOENIX LLP: Karaganda Court Opens Bankruptcy Proceedings

SPETS KOMPLEKT: Proof of Claim Deadline Slated for Dec. 29
SYSTEM-2 LLP: Karaganda Court Starts Bankruptcy Procedure
TELETRADE & K: Claims Registration Ends Dec. 27
TITAN-AKTOBE LLP: Aktube Court Begins Bankruptcy Proceedings


K Y R G Y Z S T A N

TRIP LINE: Creditors' Claims Due Jan. 12, 2007


L U X E M B O U R G

SLAVINVEST FINANCE: Fitch Assigns B- Rating on Upcoming Eurobond


N E T H E R L A N D S

LUCENT TECHNOLOGIES: Amends Solicitation Statement with Alcatel
LUCENT TECHNOLOGIES: Completes Support Network for TV Cabo
VNU GROUP: Posts EUR89-Million Net Loss for Third Quarter 2006
VNU GROUP: Names Jon Mandel as Chief Executive of NielsenConnect


R U S S I A

ALBASHSKIE TINNED: Court Names P. Tarasov as Insolvency Manager
ALTAIR-TRANS CJSC: Court Names V. Leonov as Insolvency Manager
AMGUN'-WOOD CJSC: Court Names A. Krylov as Insolvency Manager
BAKERY-5 LLC: Court Names A. Budelev as Insolvency Manager
CRYSTAL OJSC: Kursk Court Names V. Sakhno as Insolvency Manager

EFREMOV-SEL-KHOZ-KHIMIYA: Names N. Shirokov to Manage Assets
EXPERIMENTAL BASE: Court Starts Bankruptcy Supervision
GRAIN PRODUCT: Court Names P. Alekseev as Insolvency Manager
KOZMODEMYANSK-MILK-RUS: Court Starts Bankruptcy Supervision
KRASNOGORSKIY BAKERY: Court Names I. Bashmakova to Manage Assets

LABINSK-OIL-PRODUCT: Court Starts Bankruptcy Supervision
NOVATEK OAO: Earns RUR11.23 Billion for First Nine Months 2006
ORLOVSKIY OJSC: Court Names M. Orlov as Insolvency Manager
PODDERZHKA OJSC: Bankruptcy Hearing Slated for March 13
RUSSIAN STANDARD: Moody's Rates Loan Participation Notes at Ba3

SEVERSTAL OAO: Holds Talk to Acquire Mittal's Weirton Steel
TRANSIT CJSC: Court Names I. Bashmakova as Insolvency Manager
YUKOS OIL: Arbitration Court Rules 4% Rise in Debt Claims
ZYRYANSKIY COAL: Asset Sale Slated for December 11


S P A I N

FREEPORT-MCMORAN: Earns US$365.7 Million in 2006 Third Quarter


S W I T Z E R L A N D

ARPATEC SOLUTIONS: Zug Court Closes Bankruptcy Proceedings
BAMO MANAGEMENT: Zug Court Closes Bankruptcy Proceedings
BAR 68 BAUMGARTNER: Thurgau Court Suspends Bankruptcy Process
BLUE DATA: Thurgau Court Suspends Bankruptcy Proceedings
BODAN SICHERHEITSDIENST: Court Suspends Bankruptcy Proceedings

E. DIEFFENBACHER: Glarus Court Closes Bankruptcy Proceedings
HIRSCHEN JSC: Kussnacht Court Begins Bankruptcy Proceedings
LARGOV JSC: Zug Court Orders Bankruptcy Case Closure
NETCALL COMMUNICATIONS: Zug Court Closes Bankruptcy Proceedings
RAUMDESIGN JSC: Hofe Court Suspends Bankruptcy Proceedings

WST LLC: Hofe Court Begins Bankruptcy Proceedings


U N I T E D   K I N G D O M

BABA LIMITED: Joint Liquidators Take Over Operations
BOLDU LIMITED: Appoints Gerald Irwin to Liquidate Assets
BENTOM FOODS: Claims Filing Period Ends Dec. 22
CHAMBERLAIN & GROVES: Claims Registration Ends Dec. 20
CONVERGENCE GROUP: Hires Administrators from Geoffrey Martin

DOUBLE DEE: Brings In Mazars as Joint Administrators
DURA AUTOMOTIVE: Hires Togut Segal as Conflicts Counsel
DURA AUTOMOTIVE: Ontario Court Grants Foreign Recognition Order
EPICURE CATERING: Taps Joint Administrators from Herron Fisher
FORD MOTOR: Moody's Rates US$15-Billion Sr. Sec. Loans at Ba3

FORD MOTOR: 38,000 Hourly Workers Accept Buyout Offer
GW 4107: Appoints Menzies as Joint Administrators
IAN MEARNS: Creditors' Meeting Slated for December 7
IM CAJA: Moody's Junks EUR10.8-Million Series E Notes
INCO LTD: Earns US$701 Million in 2006 Third Quarter

LIFE SCIENCES: Sept. 30 Equity Deficit Widens to US$25.3 Million
LOUPE SOLUTIONS: Taps Menzies to Administer Assets
PEARCE STONER: Names Paul John Webb as Administrator
PRICELINE.COM: Earns US$47.8 Million in Third Quarter 2006
QED FOOD: Creditors' Meeting Slated for December 6

QED HOLDINGS: Creditors' Meeting Slated for December 6
SEVERSTAL OAO: Holds Talk to Acquire Mittal's Weirton Steel
SIMPLY CLOTHES: Names Liquidators to Wind Up Business
SOLUTIA INC: U.S. Labor Secretary Wants Plan Confirmation Denied
SPIRAL SHOP: Hires Michael Bowell to Liquidate Assets

SPIRES INTERNATIONAL: Names Stephen M. Rout Liquidator
TEQNI-SPRAY: Gerald Irwin Leads Liquidation Procedure
UNITED AUTO: Moody's Assigns B3 Rating on US$325-Mln Sr. Notes
TISCALI SPA: Fitch Places CCC Default Rating on Watch Positive
VISION EMPLOYMENT: Creditors' Claims Due Feb. 9, 2007

VISION WINDOWS: Brings In Liquidator from McTear Williams & Wood

* BOOK REVIEW: The Chief Executives

                            *********

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


ASA VERSICHERUNGSMAKLER: Manager Declares Insufficient Assets
-------------------------------------------------------------
Dr. Thomas Zeitler, the court-appointed property manager for LLC
ASA Versicherungsmakler (FN 208475g), declared Oct. 3 that the
Debtor's property is insufficient to cover creditors' claim.

The Land Court of Linz is yet to rule on the property manager's
claim.

Headquartered in Traun, Austria, the Debtor declared bankruptcy
on Sept. 18 (Bankr. Case No. 38 S 42/06i).  

The property manager can be reached at:

         Dr. Thomas Zeitler
         Eisenhandstrasse 15
         4020 Linz, Austria
         Tel: 77 55 44-0
         Fax: 77 55 44-10
         E-mail: insolvenz@bzp.at  


BOUTIQUE WIESLER: Graz Court Orders Business Shutdown
-----------------------------------------------------
The Land Court of Graz entered Oct. 12 an order shutting down
the business of LLC Boutique Wiesler (FN 210291b).  

Court-appointed property manager Stefan Kohlfuerst 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. Stefan Kohlfuerst
         Marburgerkai 47
         8010 Graz, Austria
         Tel: 0316/815454
         Fax: 0316/815454-22
         E-mail: kohlfuerst@hofstaetter.co.at  

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Oct. 19 (Bankr. Case No. 25 S 84/06z).  


CENTE LLC: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered Oct. 4 an order shutting down
the business of LLC CENTE (FN 255848y).  

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

The property manager and his representative can be reached at:

         Mag. Gerhard Stauder
         c/o Dr. Georg Kahlig
         Siebensterngasse 42
         1070 Vienna, Austria
         Tel: 523 47 91
         E-mail: kahlig.partner@aon.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 14 (Bankr. Case No. 2 S 139/06p).  Georg Kahlig
represents Mag. Stauder in the bankruptcy proceedings.


FS-GASTSTATTENBETRIEB: Creditors' Meeting Slated for December 14
----------------------------------------------------------------
Creditors owed money by LLC FS-Gaststattenbetrieb (FN 154151v)
are encouraged to attend the creditors' meeting at 10:00 a.m. on
Dec. 14 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Land Court of Salzburg
         Room 221
         2nd Floor
         Salzburg, Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on Oct. 19 (Bankr. Case No. 23 S 72/06t).  Michael
Pallauf serves as the court-appointed property manager of the
bankrupt estate.  

The property manager can be reached at:

         Dr. Michael Pallauf
         Petersbrunstr. 13
         5020 Salzburg, Austria
         Tel: 0662-841202
         Fax: 0662-841202-50
         E-mail: officesalzburg@aaa-law.at


HELGA JUTERSCHNIG: Claims Registration Ends December 5
------------------------------------------------------
Creditors owed money by LLC Helga Juterschnig (FN 113249v) have
until Dec. 5 to file written proofs of claims to court-appointed
property manager Wilhelm Hausler at:

         Dr. Wilhelm Hausler
         Neunkirchner Road 17
         2700 Wiener Neustadt, Austria
         Tel: 02622/23221
         Fax: 02622/23221-22
         Email: wilhelm.haeusler@rechtsexpert.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Dec. 19 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Oct. 5 (Bankr. Case No. 11 S 105/06m).  


HZHB LLC: Creditors' Meeting Slated for December 5
--------------------------------------------------
Creditors owed money by LLC HZHB (FN 268239w) are encouraged to
attend the creditors' meeting at 9:15 a.m. on Dec. 5 to consider
the adoption of the rule by revision and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         16th Floor
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Oct. 5 (Bankr. Case No. 4 S 138/06f).  Eva Maria Bachmann-
Lang serves as the court-appointed property manager of the
bankrupt estate. Christian Bachmann represents Dr. Bachmann-Lang
in the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Eva Maria Bachmann-Lang
         c/o Dr. Christian Bachmann
         Opernring 8
         1010 Vienna, Austria
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at  


KA-BAUSERVICE: Ried im Innkreis Court Reopens Bankruptcy Case
-------------------------------------------------------------
The Land Court of Ried im Innkreis has ruled to reopen the
bankruptcy case of LLC KA-Bauservice (FN 139847h).  Dr. Wolfgang
Lamprecht will be reinstated as property manager of the bankrupt
estate.

The Court will approve Dr. Lamprecht's project by distribution,
which entitles creditors to recover an additional 0.05% on top
of the EUR177.85 sum previously distributed.

Headquartered in Gilgenberg, Austria, the Debtor's bankruptcy
case was reopened on Oct. 4 (Bankr. Case No. 17 S 46/01y).

The property manager can be reached at:

         Dr. Wolfgang Lamprecht
         Stadplatz 5
         5280 Braunau/Inn
         Tel: 07722/62 457
         Fax: 07722/62457-14
         E-mail: mail@kanzlei-lamprecht.at   


SPIELZEUGSCHACHTEL LLC: Vienna Court Orders Business Closure
------------------------------------------------------------
The Trade Court of Vienna entered Oct. 3 an order closing the
business of LLC Spielzeugschachtel (FN 247991v).  

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

The property manager can be reached at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna, Austria
         Tel: 512 97 06
         Fax: 512 97 06 20
         E-mail: ra-g.bauer@aon.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 25 (Bankr. Case No. 6 S 63/06s).  


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


VNU GROUP: Posts EUR89-Million Net Loss for Third Quarter 2006
--------------------------------------------------------------
VNU Group B.V. released its financial results for the three
months and the nine months ended Sept. 30, 2006.

The VNU Group registered EUR89 million in net loss against
EUR897 million in revenues for the third quarter of 2006,
compared with EUR50 million in net profit against EUR875 million
in revenues for the same period in 2005.

The company registered EUR141 million in net loss against
EUR2.68 billion in revenues for the first nine months of 2006,
compared with EUR93 million in net profit on EUR2.52 million in
revenues for the same period in 2005.

Results for the nine months ended Sept. 30, 2006, represent the
sum of the amounts for the Predecessor period from Jan. 1
through May 23, and for the Successor period from May 24 through
Sept. 30, 2006, the period following the sale of VNU.  

On May 24, VNU was acquired through a tender offer to
shareholders by Valcon Acquisition B.V., an entity formed by
investment funds associated with AlpInvest Partners, The
Blackstone Group, The Carlyle Group, Hellman & Friedman,
Kohlberg Kravis Roberts & Co., and Thomas H. Lee Partners.  The
price paid to VNU common shareholders was EUR29.50 per ordinary
share and EUR21.00 per 7% preferred share.  The tender offer was
settled on various dates from May 24 through Sept. 30 and Valcon
separately purchased all of VNU's issued and outstanding
preferred B shares for EUR102 million.  

Valcon's cumulative purchases of the outstanding common shares
and preferred B shares resulted in a combined 99.46% of VNU's
issued and outstanding share capital as of September 30,
2006.  Valcon continues to make open market purchases for
additional shares and intends to acquire the remaining VNU share
capital through a statutory squeeze-out procedure, which will be
completed in 2007.  The common and preferred stocks were
delisted from Amsterdam Euronext on July 11, and VNU was
converted from a Dutch NV to a Dutch BV and changed its name to
VNU Group BV.   

At Sept. 30, 2006, VNU Group had EUR11.8 billion in total
assets, EUR8.6 billion in total liabilities, and EUR3.1 billion
in shareholders' equity.

                         About VNU Group

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers    
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.

                        *     *     *

As reported in the TCR-Europe on July 20, Moody's Investors
Service downgraded the Corporate Family Rating of VNU NV to B2
from B1 and its senior unsecured debt ratings to Caa1 from B1.  
This concludes Moody's review of VNU's ratings, which was last
continued on May 26.

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

   -- 2.5% Yen MT Notes due 2011, the floating rate Euro MT
      Notes due 2010;

   -- 5.625% GBP MT Notes due 2010/17;

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

   -- Nielsen Media Research Inc.'s 7.6% Notes due 2009
      guaranteed by VNU.

In a TCR-Europe report on July 19, Standard & Poor's Ratings
Services has lowered its long-term corporate credit rating on
Dutch media group VNU N.V. to 'B' from 'B+', and affirmed its
'B' short-term corporate credit rating.

All ratings have been removed from CreditWatch, where they were
placed with negative implications on Oct. 12, 2005.  S&P said
the outlook is negative.


VNU GROUP: Names Jon Mandel as Chief Executive of NielsenConnect
----------------------------------------------------------------
Jon Mandel, one of Madison Avenue's most influential and well
known media-buying executives, has joined VNU Group B.V. as
chief executive officer of NielsenConnect, a newly formed
business unit.

The announcement was made by David L. Calhoun, chairman and
chief executive officer of VNU, to whom Mr. Mandel will report.  
Mr. Mandel will be based in VNU's U.S. headquarters in New York.

Mr. Mandel joins VNU from Group M, one of the world's largest
media communications companies, where he was chief of strategic
solutions.  Prior to his corporate role at Group M, Mr. Mandel
was chairman of MediaCom US, a Group M company.  MediaCom plans
and implements more than US$12 billion a year of its advertising
clients media spend.

"We are proud and delighted to welcome Jon to the VNU leadership
team," said Mr. Calhoun. "Jon's knowledge, experience and
enthusiasm are vital to our goal of taking this company to a
whole new level of client service.  His mission is to 'follow
the consumer.' That means connecting all of the different
information resources across VNU so our clients benefit from
clear, actionable information they need to grow their
businesses."

"NielsenConnect is about looking forward, and anticipating
what's coming next," said Mr. Mandel. "It's about connecting
consumer information in ways that have never been attempted so
our clients can spot trends and move more quickly to maximize
their relationships with their customers. I look forward to this
exciting challenge."

"As the creation of this new business indicates, we are
extending the world famous Nielsen brand across all elements of
VNU to connect our information and intelligence-gathering
capabilities for the benefit of clients," Mr. Calhoun added.  
"This is an important step in that process."

NielsenConnect, a new business unit, will draw information from
the dozens of VNU companies which collect, analyze and report on
consumer patterns and usage around the world. VNU's assets
represent the premiere suite of media and marketing information
which includes consumer purchase information, store data,
modeling assets, geo-demographic data, television ratings,
outdoor ratings, as well as movie, book, video and radio data.

A graduate of Vassar College, Mr. Mandel joined Grey Advertising
in 1974 working in various media planning positions on General
Foods and Procter & Gamble.

In 1977, he helped start the network television-buying group at
Grey.  When MediaCom was formed in the United States, Mr. Mandel
was senior vice president/director of National Broadcast at Grey
and he was named chief negotiating officer of MediaCom.

Over the years building MediaCom, Jon Mandel advised many
accounts in various roles including co-managing director, chief
negotiation officer, co-CEO, co-CEO of MediaCom Latino, chief
global buying officer of MediaCom Worldwide, in addition to his
role as chairman of MediaCom U.S.

Mandel has helped clients plan, implement and manage hundreds of
billions of dollars in marketing spend in virtually all
industries.  The several hundred clients who have worked with
Mandel include Volkswagen/Audi, Hasbro, Staples, Subway,
GlaxoSmithKline, Nokia, Royal Bank of Scotland, Playtex,
Cendent, Panasonic, SlimFast and Warner Bros.

Mr. Mandel is the only media professional to have served as a
member of the Board of Directors of the American Association of
Advertising Agencies.  He has also been on the AAAA Media Policy
Council and the chair of the organization's Television
Committee.  He is also a member of the Board of Directors of the
International Radio and Television Society.  He was the first
advertising professional to serve as chairman of the National
Association of Television Programming Executives, and has worked
closely with several industry councils, often as the sole agency
representative.

Mr. Mandel lives in Manhattan where he serves as a director of
the John A. Reisenbach Foundation, a nonprofit organization
dedicated to improving the quality of life in New York City
communities. He also sits on the Board of the NY Chapter of the
Juvenile Diabetes Research Foundation.

Mandel serves with the Kismet Fire Department on Fire Island.

                        About VNU Group

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers  
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.

                          *     *     *

As reported in the TCR-Europe on July 20, Moody's Investors
Service downgraded the Corporate Family Rating of VNU NV to B2
from B1 and its senior unsecured debt ratings to Caa1 from B1.  
This concludes Moody's review of VNU's ratings, which was last
continued on May 26.

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

   -- 2.5% Yen MT Notes due 2011, the floating rate Euro MT
      Notes due 2010;

   -- 5.625% GBP MT Notes due 2010/17;

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

   -- Nielsen Media Research Inc.'s 7.6% Notes due 2009
      guaranteed by VNU.

In a TCR-Europe report on July 19, Standard & Poor's Ratings
Services has lowered its long-term corporate credit rating on
Dutch media group VNU N.V. to 'B' from 'B+', and affirmed its
'B' short-term corporate credit rating.

All ratings have been removed from CreditWatch, where they were
placed with negative implications on Oct. 12, 2005.  S&P said
the outlook is negative.


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


ALCATEL SA: Amends Joint Solicitation Statement with Lucent
-----------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc. amended their joint
solicitation statement/prospectus, dated Nov. 14, 2006.  

Under the amended terms, Lucent will pay a one-time consent fee
only to holders of its 2.75% Series A Convertible Senior
Debentures due 2023 and 2.75% Series B Convertible Senior
Debentures due 2025 who consent to the terms of the joint
consent solicitation.  

For each US$1,000 in principal amount of each series of
debentures for which consents are received, consenting holders
will receive the product of US$7.50 multiplied by a fraction,
the numerator of which is the aggregate principal amount of
debentures of each series outstanding on the expiration date, as
defined below, and the denominator of which is the aggregate
principal amount of debentures of each series for which Alcatel
and Lucent received and accepted consents.

In addition, Alcatel and Lucent have extended the expiration
date of the revised joint consent solicitation until 5 p.m.  
Eastern Standard Time on Friday, Dec. 1.  All holders of the
debentures who have previously delivered consents do not need to
redeliver such consents, although they must sign certain tax
forms to receive the consent fee without U.S. federal backup
withholding.

Alcatel has filed a supplement to the joint solicitation
statement/prospectus, which reflects the aforementioned changes.  
Alcatel and Lucent advise all holders of the debentures to
review the section entitled "U.S. Federal Income Tax
Considerations," which has been amended and restated to reflect
important considerations respecting the U.S. federal income tax
consequences of the consent solicitation as it is currently
structured.

All other terms of the joint consent solicitation
statement/prospectus, dated Nov. 14, remain applicable,
including Alcatel's obligation to provide its full and
unconditional guaranty, which is unsecured and subordinated to
senior debt, regardless of whether a holder delivered a consent
prior to the expiration date.

Holders of the debentures can obtain copies of the supplement to
the consent solicitation statement/prospectus from:

         D.F. King & Co.
         Information Agent
         Tel: +1 (888) 887-0082 (U.S. toll-free)
              +1 (212) 269-5550 (for banks and brokers)

Bear, Stearns & Co. Inc. is acting as the Solicitation Agent for
the consent solicitation and can be contacted at +1 (877) 696-
BEAR (toll-free).

                   About Lucent Technologies

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

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

                         About Alcatel

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

                         *     *     *

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

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


LUCENT TECHNOLOGIES: Amends Solicitation Statement with Alcatel
---------------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc. amended their joint
solicitation statement/prospectus, dated Nov. 14, 2006.  

Under the amended terms, Lucent will pay a one-time consent fee
only to holders of its 2.75% Series A Convertible Senior
Debentures due 2023 and 2.75% Series B Convertible Senior
Debentures due 2025 who consent to the terms of the joint
consent solicitation.  

For each US$1,000 in principal amount of each series of
debentures for which consents are received, consenting holders
will receive the product of US$7.50 multiplied by a fraction,
the numerator of which is the aggregate principal amount of
debentures of each series outstanding on the expiration date, as
defined below, and the denominator of which is the aggregate
principal amount of debentures of each series for which Alcatel
and Lucent received and accepted consents.

In addition, Alcatel and Lucent have extended the expiration
date of the revised joint consent solicitation until 5 p.m.  
Eastern Standard Time on Friday, Dec. 1.  All holders of the
debentures who have previously delivered consents do not need to
redeliver such consents, although they must sign certain tax
forms to receive the consent fee without U.S. federal backup
withholding.

Alcatel has filed a supplement to the joint solicitation
statement/prospectus, which reflects the aforementioned changes.  
Alcatel and Lucent advise all holders of the debentures to
review the section entitled "U.S. Federal Income Tax
Considerations," which has been amended and restated to reflect
important considerations respecting the U.S. federal income tax
consequences of the consent solicitation as it is currently
structured.

All other terms of the joint consent solicitation
statement/prospectus, dated Nov. 14, remain applicable,
including Alcatel's obligation to provide its full and
unconditional guaranty, which is unsecured and subordinated to
senior debt, regardless of whether a holder delivered a consent
prior to the expiration date.

Holders of the debentures can obtain copies of the supplement to
the consent solicitation statement/prospectus from:

         D.F. King & Co.
         Information Agent
         Tel: +1 (888) 887-0082 (U.S. toll-free)
              +1 (212) 269-5550 (for banks and brokers)

Bear, Stearns & Co. Inc. is acting as the Solicitation Agent for
the consent solicitation and can be contacted at +1 (877) 696-
BEAR (toll-free).

                         About Alcatel

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

                   About Lucent Technologies

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

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

                           *     *     *

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

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

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

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


LUCENT TECHNOLOGIES: Completes Support Network for TV Cabo
----------------------------------------------------------
Lucent Technologies Inc. and TV Cabo, Portugal's largest pay-tv
operator, disclosed of the successful completion of a network
readiness assessment for TV Cabo's existing hybrid fiber/coaxial
(HFC) cable network.

"Migrating infrastructure to next-generation network technology
is a significant challenge for communications service
providers," said Nuno Almeida Carvalho, country manager for
Lucent Technologies in Portugal. "Lucent supports TV Cabo's
network upgrade process with a range of solutions and services,
based on its experience with numerous cable operators around the
world. A thorough network readiness assessment is a key factor
in introducing high-quality services such as VoIP over cable."

Lucent used a comprehensive methodology to provide a
comprehensive view of TV Cabo"s network capabilities. This
included a layer-by-layer analysis of the network, which
resulted in several technical recommendations in how to improve
performance.  In addition, a validation model for TV Cabo's HFC
cells was defined and then employed to assess the service
readiness of a specific subset of network cells.

The result was a set of recommendations and tools that allow TV
Cabo to refine its service deployment strategy of next-
generation communications services.

                          About TV Cabo

TV Cabo, a subsidiary of PT Multimedia, is the leader in the
Portuguese pay-tv market and one of the most important operators
in Europe, with over 1.4 million customers and a market share
above 80 percent.  TV Cabo's television subscription service is
available nationwide with distribution over cable and digital
satellite platforms.

                   About Lucent Technologies

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

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

                           *     *     *

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

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

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

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


SCIENS CFO: Moody's Assigns EUR7.7-Mln Class E Notes at (P)Ba1
--------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to the Notes to be issued in December 2006 by Sciens CFO
I Limited:

   -- EUR120,000,000 Class A Floating Rate Notes due 2014:
      (P)Aaa;

   -- EUR20,800,000 Class B Floating Rate Notes due 2014:
      (P)Aa2;

   -- EUR13,800,000 Class C Floating Rate Notes due 2014:
      (P)A1;

   -- EUR18,400,000 Class D Floating Rate Notes due 2014:
      (P)Baa1; and

   -- EUR7,700,000 Class E Floating Rate Notes due 2014:
      (P)Ba1.

This transaction is a "Collateralized Fund Obligation" that is
backed by interests in a diversified pool of hedge funds.  The
transaction is arranged by Bear, Stearns International Limited
and managed by Sciens CFO I Management Ltd.

The ratings adress the expected losses posed to the investors by
the legal final maturity.

According to Moody's, the ratings are primarily based on:

   -- the diversification of the underlying portfolio of hedge
      funds (individual and strategy concentrations);

   -- our estimation of the net asset value volatility for
      each strategy;

   -- the transaction's structural and legal protections; and

   -- the track record of the manager.

The Issuer will invest the proceeds of the issuance in shares of
Sciens CFO I Feeder Fund Ltd.  The investment advisor of the
Fund is Sciens CFO I Advisors Ltd.  The Fund will invest in a
diversified portfolio of hedge funds, each following its own
strategy.  The transaction's structure includes a frequent mark-
to-market process for the collateral pool and a set of "over-
collateralization ratios" that constitute sufficient credit
enhancement for the transaction.  Certain diversification
criteria and portfolio limitations must also be maintained.

In assessing the risks posed to investors in the rated classes,
Moody's also reviewed the structure of the Issuer itself,
particularly its liquidity and the liquidation period of the
units held by the Issuer in a stressed environment.  Moody's ran
simulations to calculate the frequency and the severity of each
market scenario, including stressed scenarios, for each class of
rated debt.  Moody's then derived an expected loss and a rating
for each tranche.

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


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


AUTOHAUS FIX: Claims Registration Ends December 5
-------------------------------------------------
Creditors of Autohaus Fix GmbH have until Dec. 5 to register
their claims with court-appointed provisional administrator
Klaus Wrede.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Dec. 19, 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 Stendal
         Hall 411
         Judicial Center "Albrecht der Bar"
         Scharnhorststrasse 40
         39576 Stendal, 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 Stendal opened bankruptcy proceedings
against Autohaus Fix GmbH on Oct. 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Autohaus Fix GmbH
         Uenglinger Road/Gewerbepark
         39576 Stendal, Germany

         Attn: Detlef Fix, Manager
         Kirchstr. 27
         39576 Stendal, Germany

The administrator can be contacted at:

         Klaus Wrede
         Lennestrasse 10
         39112 Magdeburg, Germany
         Tel: 0391/59733-0
         Fax: 0391/5973333


ESTRICH-CONCEPT: Creditors' Meeting Slated for December 7
---------------------------------------------------------
The court-appointed provisional administrator for Estrich-
Concept, Beratungs- und Ausfuehrungsgesellschaft mbH, Detlef
Ruediger Beckmann, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:10 a.m. on Dec. 7.

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 15, 2007, at the
same venue.

The District Court of Charlottenburg opened bankruptcy
proceedings against Estrich-Concept, Beratungs- und
Ausfuehrungsgesellschaft mbH on Oct. 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Estrich-Concept, Beratungs- und
         Mohriner Avenue 123-125
         12347 Berlin, Germany

The administrator can be reached at:

         Dr. Detlef Ruediger Beckmann
         Lietzenburger Road 77
         10719 Berlin, Germany


HOLGER DETTMANN: Claims Registration Ends December 8
----------------------------------------------------
Creditors of Holger Dettmann Verwaltungs- GmbH have until
Dec. 8 to register their claims with court-appointed provisional
administrator Stefan Niederste Frielinghaus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jan. 15, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7         
         Demmlerplatz 14
         Schwerin, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Schwerin opened bankruptcy proceedings
against Holger Dettmann Verwaltungs- GmbH on Oct. 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Holger Dettmann Verwaltungs- GmbH
         Perliner Str. 7
         19243 Boddin, Germany

The administrator can be contacted at:

         Stefan Niederste Frielinghaus
         Heinrich-Mann-Road 18
         19053 Schwerin, Germany


KLEBER FINANZ: Claims Registration Ends December 12
---------------------------------------------------
Creditors of Kleber Finanz Vermittlung GmbH have until Dec. 12
to register their claims with court-appointed provisional
administrator Harald Kroth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Jan. 9, 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 Karlsruhe
         Hall IV
         1st Floor
         Schlossplatz 23
         76131 Karlsruhe, 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 Karlsruhe opened bankruptcy proceedings
against Kleber Finanz Vermittlung GmbH on Oct. 10.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Kleber Finanz Vermittlung GmbH
         Attn: Michael Kleber, Manager
         Weiherweg 45
         68794 Oberhausen-Rheinhausen, Germany

The administrator can be contacted at:

         Harald Kroth
         Eisenbahnstr. 19-23
         77855 Achern, Germany
         Tel: 07841/7080


KOWATZKI + TORNOW: Claims Registration Ends December 12
-------------------------------------------------------
Creditors of Kowatzki + Tornow KG have until Dec. 12 to register
their claims with court-appointed provisional administrator
Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Jan. 9, 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 Hanover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hanover opened bankruptcy proceedings
against Kowatzki + Tornow KG on Oct. 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Kowatzki + Tornow KG
         Porschestr. 16
         30827 Garbsen, Germany

         Attn: Bruno Kowatzki, Manager
         Eckernkamp 9
         30851 Langenhagen, Germany

The administrator can be contacted at:

         Karina Schwarz
         Adenauerallee 4
         30175 Hanover, Germany
         Tel: 0511/2353150
         Fax: 0511/2353151


MUSIKHAUS NAGEL: Claims Registration Ends December 13
-----------------------------------------------------
Creditors of Musikhaus Nagel GmbH have until Dec. 13 to register
their claims with court-appointed provisional administrator Jens
Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Jan. 10, 2007, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover, Germany

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

The District Court of Hanover opened bankruptcy proceedings
against Musikhaus Nagel GmbH on Sept. 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Musikhaus Nagel GmbH
         Attn: Heidrun Nagel, Manager
         Leinstr. 23+26
         31535 Neustadt, Germany

The administrator can be contacted at:

         Jens Wilhelm
         Oskar-Winter-Str. 8
         30161 Hanover, Germany
         Tel: 0511/696846-0
         Fax: 0511/696846-79


PEGU-BAUTECHNIK: Claims Registration Ends December 7
----------------------------------------------------
Creditors of PEGU-Bautechnik GmbH have until Dec. 7 to register
their claims with court-appointed provisional administrator
Carsten Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Jan. 18, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Fritzlar
         Area 17
         Building A
         Schladenweg 1
         34560 Fritzlar, 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 Fritzlar opened bankruptcy proceedings
against PEGU-Bautechnik GmbH on Oct. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         PEGU-Bautechnik GmbH
         Albert-Schweitzer-Avenue 1
         34302 Guxhagen, Germany

         Attn: Helmut Wiegand, Manager
         Koppelweg 1
         34582 Borken, Germany

The administrator can be contacted at:

         Carsten Koch
         Wilhelmshoeher Avenue 270
         34131 Kassel, Germany
         Tel: 0561/3166311
         Fax: 0561/3166312


ROKA BAU: Claims Registration Ends December 5
---------------------------------------------
Creditors of ROKA Bau GmbH have until Dec. 5 to register their
claims with court-appointed provisional administrator Georg
Bernsau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Jan. 16, 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 Karlsruhe
         Hall IV
         1st Floor
         Schlossplatz 23
         76131 Karlsruhe, 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 Karlsruhe opened bankruptcy proceedings
against ROKA Bau GmbH on Oct. 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         ROKA Bau GmbH
         Attn: Norbert Geyer, Manager
         Finkenweg 4
         76706 Dettenheim, Germany

The administrator can be contacted at:

         Dr. Georg Bernsau
         Beethovenstr. 5
         76133 Karlsruhe, Germany
         Tel: (0721) 9856750


UNITED AUTO: Moody's Assigns B3 Rating on US$325-Mln Sr. Notes
--------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to United Auto
Group's proposed US$325-million senior subordinated notes.  At
the same time, the company's existing 9.625% subordinated notes
were upgraded to B2 from B3, with all other ratings affirmed.
The rating outlook is stable.

The net proceeds from the subordinated notes will be used to
repay around US$50 million outstanding under the US$600-illion
revolving credit facility (which may be reborrowed and utilized
for general corporate purposes, including acquisitions) with the
remainder used to repay floorplan financing and transaction
costs.  In March 2007, the company intends to re-borrow under
its floorplan and U.S. credit agreements and use the proceeds to
redeem its existing US$300-million 9.625% senior subordinated
notes.

The ratings for the senior subordinated facilities reflect both
the overall probability of default of the company, to which
Moody's assigns a PDR of B1, and a loss given default of LGD5
for the new subordinated notes and convertible senior
subordinated notes and an LGD4 for the 9.625% non-convertible
senior subordinated notes.  The ratings of all three facilities
reflect the significant amount of secured debt (floorplan
obligations and the secured revolver) ahead of the subordinated
notes in the capital structure.  

The new subordinated notes and convertible notes benefit from
the full guarantees of substantially all of the existing and
future wholly-owned U.S. subsidiaries, while the existing 9.625%
subordinated notes benefit from the full guarantees of
substantially all of the existing and future wholly-owned U.S.
subsidiaries and partially-owned U.S. subsidiaries.  The upgrade
in the 9.625% subordinated notes to B2 from B3 reflects a lower
expected loss driven largely by a lower LGD point estimate
(decrease to 69% from 81%) due to the additional debt cushion
(support) provided by the new subordinated notes.

The affirmation of United Auto's ratings reflects the company's
stable credit profile based on the criteria outlined in Moody's
U.S. Auto Retailers Rating Methodology.  United maps to a strong
single B rating on the majority of the factors described in the
methodology despite its modest exposure to the domestic car
manufacturers, which continue to experience operating
challenges, based on its slightly negative financial metrics and
modestly aggressive financial policies (one time debt financed
share repurchase earlier in 2006 and ongoing quarterly
dividends).  Moody's believes that the company's diverse
business model and strong cash flow generating abilities help
offset these uncertainties and the relatively high adjusted
leverage of just over 5x (adjusted debt/EBITDA).

Ratings affected:

Rating/assessments assigned:

   -- US$325-Mln Senior subordinated guaranteed notes at
      B3 (LGD5, 88%)

Ratings/assessments revised:

   -- US$300-Mln senior subordinated guaranteed notes to
      B2 (LGD4, 69%) from B3 (LGD5, 81%)

Ratings affirmed/assessments revised:

   -- US$375-Mln convertible senior subordinated notes at
      B3 (LGD 5, 88% from LGD6, 92%); and

   -- Corporate family rating at B1.

United Auto Group, headquartered in Detroit, Michigan, is one of
the largest automotive retailers in the U.S. and operates about
320 franchises.  Revenues approximated US$11.10.8 billion for
the LTM September 2006.


VISTEON CORP: Fitch Rates Amended Senior Bank Debt at B/RR1
-----------------------------------------------------------
Fitch Ratings rates the amended senior secured bank debt
announced by Visteon Corp. B/RR1.  The Issuer Default Rating
remains at CCC, and the senior unsecured rating remains at
CCC-/RR5.  The Rating Outlook is Negative.  

The amended secured bank debt provides an additional US$200
million in secured term loans, expanding to US$1 billion the
seven-year secured term loan that expires in June 2013.

The additional funding provides incremental liquidity as Visteon
proceeds on its three-year restructuring program.  With Ford's
recent announcements regarding fourth quarter production cuts,
Visteon acknowledged that it would be cash flow negative for the
full year 2006.

Fitch expects that Visteon will be challenged to produce
positive free cash flow through 2008, potentially leading to
further balance sheet deterioration.  Further access to external
capital is likely to be limited, although continued access to
restructuring funds contributed by Ford will continue to help
finance restructuring costs.

Issues affecting cash flow include declining Ford market share
and production, declining content per vehicle on Ford products,
relatively weak market positions in non-core product lines, high
commodity costs and the extent and timeframe of its
restructuring program.  

Even though Visteon has shown flexibility by reducing salaried
headcount by an additional 900, given the state of the
automotive industry, it is Fitch's view that incremental
restructuring may be required and as such, Visteon's cost
structure may need substantial improvement.  As a result, there
remains a significant element of uncertainty regarding future
profitability.


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


RIVERDEEP HOLDINGS: Inks Acquisition Deal with HM RiverGroup
------------------------------------------------------------
HM Rivergroup PLC has signed a definitive agreement to acquire
Houghton Mifflin Holding Company, Inc.  

The purchase price of around US$3.4 billion consists of around
US$1.75 billion in cash plus the assumption of around US$1.61
billion in net debt.  In addition, as part of the transaction,
certain Houghton Mifflin management and employees will roll over
US$40 million of their equity into equity of
HM Rivergroup.

Concurrent with the acquisition of Houghton Mifflin,
HM Rivergroup will acquire Riverdeep Holdings Ltd. in a share-
for-share exchange valuing Riverdeep at around US$1.2 billion,
including the assumption of net debt.  

The combination of Houghton Mifflin and Riverdeep will bring
together one of the most established and successful educational
book publishers in the United States with the premier publisher
of electronic courseware for the K-12 market in the United
States.  Houghton Mifflin and Riverdeep have combined revenues
and Adjusted EBITDA (earnings before interest, taxes,
depreciation and amortization) of around US$1.425 billion and
US$392 million, respectively, for the 12 months ended Sept. 30,
2006.

"We are excited about the future of HM Rivergroup and the
ability to capitalize on the convergence of print and digital
education platforms," said O'Callaghan. "The combined business
will leverage Houghton Mifflin's brand names, established
relationships and large sales force to provide customers with an
unrivaled product offering. On a personal level, I feel very
fortunate to establish a partnership with my long-time friend,
Tony Lucki, who is one of the most respected figures in the
educational publishing business."

"Riverdeep represents an excellent strategic fit with Houghton
Mifflin, bringing its high quality electronic courseware
offerings to our core basal textbook and supplemental products
business.  This combination will differentiate us from our
competitors and will enable us to participate as one of the
leading players in the fastest growing segment of the U.S.
school education market," said Tony Lucki, chairman, president
and CEO of Houghton Mifflin. "I am pleased to be joining forces
with Barry, whose passion and vision for this new enterprise are
inspiring." Mr. Lucki will become vice chairman of HM Rivergroup
while continuing as chairman, president and CEO of Houghton
Mifflin Company, the publishing business of HM Rivergroup.

HM Rivergroup will finance the acquisition of Houghton Mifflin
and the required refinancing of Houghton Mifflin's and
Riverdeep's debt with financing committed by Credit Suisse and
Citigroup Global Markets Ltd., as well as with the cash proceeds
of common equity subscribed for by certain institutions and
individuals, including Mr. O'Callaghan. After completion of the
transaction, Mr. O'Callaghan and the management group will own
around 50% of HM Rivergroup, former shareholders of Riverdeep
(other than Mr. O'Callaghan) will own around 15%, and new
investors will own the remaining
35%.

In connection with the transactions, Riverdeep Group Ltd., an
affiliate of HM Rivergroup, intends to commence a cash tender
offer to purchase any and all of its outstanding 9.25% senior
notes due 2011.  Also in connection with the transactions,
Riverdeep Interactive Learning USA, Inc., an affiliate of HM
Rivergroup, intends to commence a cash tender offer to purchase
any and all of the outstanding 8.25% senior notes due 2011 and
9.875% senior subordinated notes due 2013 of Houghton Mifflin
Company and any and all of the outstanding 11.5% senior discount
notes due 2013 of HM Publishing Corp.  In each case, any such
offers shall be made on the terms and subject to the conditions
set forth in the applicable Offer to Purchase and Consent
Solicitation Statement and related Consent and Letter of
Transmittal when they become available.  The Houghton Mifflin
Company 7.2% senior notes due 2011 will remain outstanding
following the transactions.  All other Riverdeep and Houghton
Mifflin indebtedness will be refinanced in conjunction with the
transactions.

HM Rivergroup expects to complete the acquisitions of Houghton
Mifflin and Riverdeep Holdings before the end of 2006, subject
to limited conditions, including the receipt of customary
regulatory approvals.  Following closing of the transactions, HM
Rivergroup will change its name to Houghton Mifflin Riverdeep
Group PLC.

Credit Suisse is acting as lead financial advisor and Citigroup
is also a financial advisor to HM Rivergroup.  Weil, Gotshal &
Manges LLP and Matheson Ormsby Prentice are acting as legal
advisors to HM Rivergroup.  Goldman, Sachs & Co. is acting as
financial advisor to Houghton Mifflin.  Ropes & Gray LLP and
Mason Hayes + Curran are acting as legal advisors to Houghton
Mifflin.  J & E Davy of Dublin, Ireland is serving as placement
agent for a portion of HM Rivergroup's common equity financing.

                 About Houghton Mifflin Company

Headquartered in Boston, Massachussets, Houghton Mifflin Company
-- http://www.hmco.com/-- publishes textbooks, instructional  
technology, assessments and other educational materials for
elementary and secondary schools and colleges. The Company also
publishes an extensive line of reference works and award-winning
fiction and nonfiction for adults and young readers.

               About Riverdeep Holdings Limited

Riverdeep Holdings Limited -- http://www.riverdeep.net/-- with  
offices in San Francisco, California; Cedar Rapids, Iowa;
Dublin, Ireland; and Manchester, United Kingdom, publishes
interactive products focusing on education and personal
productivity for the consumer and school markets.  Riverdeep's
portfolio of interactive products feature such well-known brands
as the Destination Success(R) solution, which includes
Destination Math(R) and Destination Reading(R); The Print
Shop(R); Reader Rabbit(R) and Kid Pix(R).

                          *    *    *
                
On Nov. 29, Moody's Investors Service placed the B2 Corporate
Family Rating of Riverdeep Holdings Plc and the ratings of its
rated subsidiaries under review for possible downgrade.  

Ratings placed under review include:

   -- Riverdeep Holdings Plc: CFR at B2;

   -- Riverdeep Group Ltd.: EUR300-million senior note
      due 2011 at B3; and

   -- Riverdeep Interactive Learning Ltd.: Sr. Secured
      Bank Facilities at B1.


RIVERDEEP HOLDINGS: Moody's Reviews Rating on Acquisition Deal
--------------------------------------------------------------
Moody's Investors Service placed the B2 Corporate Family Rating
of Riverdeep Holdings Plc and the ratings of its rated
subsidiaries under review for possible downgrade.  

The ratings review follows the announcement that Riverdeep
Holdings Ltd., Riverdeep's ultimate holding company, is being
acquired in a share for share transaction by HM Rivergroup PLC,
a newly-formed Irish public limited company, in which Barry
O'Callahan, Riverdeep Holding's CEO and controlling shareholder
has a significant interest.  The transaction values the
Riverdeep group at around US$1.2 billion.  Concurrently HM
Rivergroup has signed a definitive agreement to acquire Houghton
Mifflin Co., the U.S. educational publisher for around US$3.4
billion.

The proposed transactions, which remain subject to final
regulatory approvals, are expected to close by the end of the
year.  The transactions will substantially increase the new HM
Rivergroup/Riverdeep group's indebtedness in absolute terms and
its debt protection measurements will be weaker than
Riverdeep's.  HM Rivergroup has indicated that it intends to
tender for or refinance Riverdeep's existing debt at closing.
Ratings for debt completely repaid at closing will be withdrawn,
Moody's said.  The agency expects that the CFR of the new
Riverdeep group will migrate to a holdco higher up in the
holding structure.

Moody's review will in particular focus on assessing:

   (1) the details of the new Riverdeep group's capital
       structure and leverage;

  (ii) the outlook for the new group's operating performance,
       including the potential for synergies from the combined
       operations; and

(iii) details of the group's medium term operational and
       financial strategy.

Ratings placed under review include:

   -- Riverdeep Holdings Plc: CFR at B2;

   -- Riverdeep Group Ltd.: EUR300-million senior note
      due 2011 at B3; and

   -- Riverdeep Interactive Learning Ltd.: Sr. Secured
      Bank Facilities at B1.

Headquartered in Dublin, Ireland, Riverdeep provides educational
and personal publishing/productivity software principally in the
U.S. market.  Riverdeep reported net sales of USD141 million for
the year ended Dec. 31, 2005.


RIVERDEEP HOLDINGS: Begins Tender Offer for 9.25% Senior Notes
--------------------------------------------------------------
Riverdeep Holdings Ltd. commenced a tender offer to purchase for
cash any and all of its outstanding EUR300-million principal
9.25% Senior Notes due 2011 and consent solicitations for
certain proposed amendments to the indenture pursuant to which
the Notes were issued.

Holders of Notes must tender their Notes and deliver their
consents at or prior to 5:00 p.m., Central European Time, on
Dec. 12, 2006, unless such date is extended or earlier
terminated, to be eligible to receive the Total Consideration.

Holders of Notes who tender their Notes after 5:00 p.m., Central
European Time, on Dec. 12, 2006 but at or prior to 5:00 p.m.,
Central European Time, on Dec. 28, unless such date is extended
or earlier terminated, will be eligible to receive the Tender
Offer Consideration.

Holders who tender Notes must also deliver consents to the
proposed amendments to which, among other things, eliminate
substantially all of the restrictive covenants and certain
events of default contained in the indenture governing the
Notes.  Holders may not deliver consents without also tendering
their Notes and holders who have validly tendered their Notes
will be deemed by such tender to have delivered their consents.

                         Offer Timeline

    Event                         Calendar Date
    -----                         -------------
    Launch Date                   Nov. 29, 2006

    Consent Date                  Dec. 12, 2006, 5:00 p.m.,
                                  Central European Time

    Price Determination Date      Dec. 13, 2006

    Early Acceptance Time         Expected to be Dec. 13, 2006

    Early Payment Date            Expected to be Dec. 14, 2006

    Expiration Date               Dec. 28, 2006,
                                  at 5:00 p.m.,  
                                  Central European Time

    Final Acceptance Time         Promptly following
                                  the Expiration Date, and
                                  is expected to be
                                  Dec. 29, 2006
    Final Payment Date            December 29, 2006

The Tender Offer Consideration for each EUR1,000 principal
amount of Notes tendered and accepted for purchase pursuant to
the Offer, will be determined as specified in the Offer to
Purchase and Consent Solicitation Statement of the Company,
dated Nov. 29, on the basis of a yield to the applicable first
redemption date equal to the sum of

   (a) the present value on the Early Payment Date or the
       Final Payment Date (minus accrued interest), as the
       case may be, of (A) the applicable first redemption
       price and (B) the remaining scheduled interest
       payments on the Notes to and including the
       applicable first redemption date, in each case
       determined in accordance with standard market
       practice on the basis of a yield to the applicable
       first redemption date equal to the sum of (x) the
       yield to maturity of the BKO (Bundesschatzanweisungen)
       2.5% 23-March-07, as calculated by Credit Suisse
       Securities (Europe) Ltd., in accordance with standard
       market practice, based on the bid side price for the
       applicable Reference Security as of 10:00 a.m., Central
       European time, on the Price Determination Date, as
       displayed on the Bloomberg Government Pricing Monitor on
       the Bloomberg Reference Page, plus (y) the fixed spread
       specified for the Notes, minus

   (b) EUR30 per EUR1,000 principal amount of the Notes, which
       is equal to the Consent Payment.  

In addition, Holders who validly tender and do not validly
withdraw their Notes, and validly deliver and do not validly
revoke their Consents, will also be paid accrued and unpaid
interest up to, but not including the early payment date or the
final payment date, as the case may be.

The Total Consideration is equal to the Tender Offer
Consideration plus the consent payment equal to EUR30 for each
EUR1,000 principal amount of Notes for which consents have been
validly delivered and not validly revoked prior to the consent
date.

The consummation of the Offer is conditioned upon, among other
things, completion of the HM Rivergroup PLC's acquisition of
Houghton Holdings, Inc., including the related financing
transactions to be entered into in connection therewith.  If any
of the conditions are not satisfied, the Company is not
obligated to accept for payment, purchase or pay for, or may
delay the acceptance for payment of, any tendered notes, and may
terminate the Offer.  Subject to applicable law, the Company may
waive any condition applicable to the Offer and extend or
otherwise amend the Offer.

Credit Suisse Securities (Europe) Ltd. is dealer manager for the
Offer and solicitation agent for the Solicitations. Questions
about the Offer should be directed to Credit Suisse Securities
(Europe) Ltd., at +4420 7883 6748. The tender agent for the
offer is Deutsche Bank AG, London Branch.  Requests for the
Statement may be directed to Deutsche Bank AG, London Branch at
+4420 7547 5000.

               About Riverdeep Holdings Limited

Riverdeep Holdings Limited -- http://www.riverdeep.net/-- with  
offices in San Francisco, California; Cedar Rapids, Iowa;
Dublin, Ireland; and Manchester, United Kingdom, publishes
interactive products focusing on education and personal
productivity for the consumer and school markets.  Riverdeep's
portfolio of interactive products feature such well-known brands
as the Destination Success(R) solution, which includes
Destination Math(R) and Destination Reading(R); The Print
Shop(R); Reader Rabbit(R) and Kid Pix(R).

                          *    *    *
                
On Nov. 29, Moody's Investors Service placed the B2 Corporate
Family Rating of Riverdeep Holdings Plc and the ratings of its
rated subsidiaries under review for possible downgrade.  

Ratings placed under review include:

   -- Riverdeep Holdings Plc: CFR at B2;

   -- Riverdeep Group Ltd.: EUR300-million senior note
      due 2011 at B3; and

   -- Riverdeep Interactive Learning Ltd.: Sr. Secured
      Bank Facilities at B1.


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


ALITALIA SPA: Italian Government Pursuing Three Rescue Plans
------------------------------------------------------------
The Italian government is making a three-prong approach to bail
out national carrier Alitalia S.p.A., Tony Barber writes for the
Financial Times.

According to the report, Italy, which owns 49.9% of Alitalia, is
eyeing:

   -- a partnership with Air France-KLM;
   -- an alliance with an Asian carrier; or
   -- a consolidation of the domestic airline sector.

                           Air France

As reported in the TCR-Europe on Nov. 28, Alitalia confirmed
that it is holding talks with Air France over a possible
alliance.  Alitalia, however, said that the talks are "still at
an early stage and not exclusive."

Alitalia noted that it has been cooperating with Air France
under an extensive bilateral cooperation within SkyTeam, of
which both airlines are members, and has implemented since 2002
a cross-shareholding setup.

Airline industry experts, however, expressed doubts that an Air
France takeover would occur given Alitalia's history of
unprofitability, poor management, labor unrest and political
interference, FT relates.  People privy with the government
added that the Air France option would wilt if the Franco-Dutch
carrier has plans to turn Alitalia into a European regional
feeder for its own operations.

"This great company must not be treated like a person who is put
in the servant's room, while others give the commands and decide
the routes, hubs and investments," said Guglielmo Epifani,
leader of the CGIL union, which represents a number of Alitalia
employees.

                         Asian Partner

Several administration ministers, however, prefer an Asian
partner for Alitalia rather than Air France, FT reports.  
Foreign Minister Massimo D'Alema recently discussed with China
on a reciprocal deal that would let Chinese carrier use Italy as
a base for southern European and African markets.

                  Airline Sector Consolidation

Italy, FT reports, is also eyeing alliances or mergers for
Alitalia and smaller local airlines like Eurofly, Meridiana, Air
One and Volare, with the aim of forming a national carrier that
commands a large domestic market share and more profitable
routes, thus more attractive to a foreign partner.

FT says the government, however, might find it hard to
consolidate the local airline sector due to these reasons:

   -- Eurofly's biggest shareholder is currently in informal
      talks with an unknown party for an industrial tie-up;

   -- Air One is currently allied with Deutsche Lufthansa; and

   -- the Lazio Regional Tribunal declared Alitalia's takeover
      of low-cost carrier Volare Group invalid and validated an
      order by the State Council restart the auction process for
      the low-cost carrier within 60 days.

As reported in the TCR-Europe on Oct. 13, Italian Prime Minister
Romano Prodi said he foresees a bankrupt national carrier in
January 2007 unless involved parties come up with an "agreed
solution."

"Alitalia is going through the worst moment in its history," Mr.
Prodi told attendees of the Alitalia Summit.  "The situation is
totally out of control and I do not see any parachutes."

"We have until January to hammer out a solution which can avoid
bankruptcy," Mr. Prodi said, sharing the same observation posed
by Alitalia CEO Giancarlo Cimoli.

In a TCR-Europe report on Oct. 11, Mr. Cimoli revealed that
Alitalia is poised for collapse given its current cost structure
and market conditions.

"At present, the national carrier is unable to generate profit,
even for previously invested capital," Mr. Cimoli said.

Mr. Cimoli particularly blamed:

   -- excessive market regulations;
   -- high labor costs;
   -- recurrent labor strikes;
   -- rising oil prices;
   -- airport and regulatory inefficiencies; and
   -- unfair competitive advantages' enjoyed by low-cost
      airlines.

Mr. Cimoli also chided Italy's civil aviation and antitrust
authorities for their failure to secure Alitalia from "unfair"
competition.  Mr. Cimoli said these conditions have made it
unviable for Alitalia to compete with low-cost and foreign
rivals.

Mr. Cimoli had vowed to have Alitalia make a profit by year-end,
but reaching the goal seems unlikely after the carrier posted
EUR221 million in first-half net losses.  Mr. Cimoli said the
carrier is headed for a EUR300-million loss this year.

For the first nine months of 2006, Alitalia posted EUR275.4
million in pre-tax losses, up from up from EUR107.5 million for
the same period in 2005.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


INTERNATIONAL PAPER: Selling 13 Sawmills for US$325 Million Cash
----------------------------------------------------------------
International Paper Company will sell 13 of its sawmills to West
Fraser Timber Co. for US$325 million in cash, Christopher
Donville writes for Bloomberg News.  The sale is part of
International Paper's ongoing plan to focus on its industrial
packaging and office paper operations.

Mr. Donville reports that the deal, which would increase West
Fraser's lumber production capacity by 40%, is expected to close
in the first quarter of 2007.  

International Paper spokeswoman Amy Sawyer told Bloomberg that
the 13 sawmills represent about half of the Company's U.S.
timber products industry.  The Company continues to seek buyers
for its remaining wood products business, its Arizona Chemicals
unit and its beverage packaging business, Ms. Sawyer adds.

                           Asset Sales

On Oct. 30, the Company completed the previously announced sale
of around 900,000 acres of its 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.  Around US$330 million
was paid in cash and US$800 million in promissory notes.

In addition, the Company, on Nov. 3, completed the 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 was around US$4.96
billion.  Around US$1.04 billion was paid in cash and US$3.92
billion in promissory notes, the Troubled Company Report reports
on Nov. 24.

                        About West Fraser

Headquartered in Vancouver, Canada, West Fraser Timber Co Ltd. -
- http://www.westfraser.com/-- is an integrated forest products  
company producing lumber, wood chips, fibreboard, plywood, pulp,
linerboard, kraft paper, and newsprint.  The company carries on
its operations through subsidiary companies and joint ventures
owned directly or indirectly by the company's principal
operating subsidiary West Fraser Mills.

                     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.  
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.


SBARRO INC: Unveils Terms of MidOcean Merger Agreement
------------------------------------------------------
In a regulatory filing with the U.S. Securities and Exchange
Commission, Sbarro Inc., disclosed of the terms of it merger
agreement with MidOcean SBR Holdings, LLC, and MidOcean SBR
Acquisition Corp.

As reported in the Troubled Company Reporter on Nov. 28, the
Company signed a definitive agreement with MidOcean Partners.

Northpoint Advisors served as advisors to MidOcean while
Kirkland & Ellis LLP provided legal counsel to MidOcean.  Credit
Suisse and Bank of America will provide financing for the
transaction.  Willkie Farr & Gallagher LLP provided legal
counsel to Sbarro.

The Merger Agreement contemplates a merger whereby MidOCean
Acquisition will be merged with and into Sbarro, with Sbarro
continuing as the surviving corporation.

Under the Merger Agreement, the stockholders of Sbarro will
receive, in the aggregate:

    (i) cash consideration of US$417 million less adjusted debt;

   (ii) a distribution of certain cash of Sbarro in
        consideration for the delivery to Sbarro of certain
        shares of common stock of Sbarro; and

  (iii) a preferred interest in Holdings comprised of 33,000
        Class A Units, each with an initial stated value of
        US$1,000.

The purchase price is subject to adjustment in accordance with
the terms of the Merger Agreement.  Prior to consummation of the
transaction, Sbarro is required to transfer or assign the
Withdrawn Assets, as defined in the Merger Agreement, to
entities designated by the Stockholders in exchange for certain
shares of common stock of Sbarro.

The Company says that the Merger Agreement has been adopted and
approved by the Board of Directors of Sbarro, MidOCean Holdings
and MidOcean Acquisition and the stockholders of Sbarro and
MidOcean Acquisition.

The Merger is subject to the condition that any applicable
waiting period under the Hart-Scott Rodino Antitrust
Improvements Act of 1976, as amended, and any applicable foreign
competition filings shall have expired or been terminated, the
condition that Holdings shall have obtained debt financing in
the amounts described in, and on the terms and conditions set
forth in, the Debt Commitment Letter, as defined in the Merger
Agreement, or shall have obtained other debt financing on terms
reasonably satisfactory to Holdings in accordance with the terms
of the Merger Agreement, and other customary closing conditions.

Sbarro made certain representations and warranties to Holdings
and MergerSub in the Merger Agreement.  In addition, Sbarro
agreed to certain covenants, including, among others, subject to
certain exceptions, obligations not to take certain actions with
respect to the operation of Sbarro's business without the prior
consent of MidOCean Holdings, and not to solicit, negotiate,
consider or accept any proposal or offer from any person or
entity, other than MidOCean Holdings and its affiliates,
relating to the acquisition of any shares of the common stock of
Sbarro or the acquisition of any material assets of Sbarro and
its subsidiaries on a consolidated basis.

In addition, Sbarro agreed, contemporaneously with and subject
to the closing of the Merger, to irrevocably instruct the
trustee under Sbarro's indenture, dated as of Sept. 28, 1999, to
give a notice of redemption to the holders of all the 11% senior
notes due 2009 issued and outstanding under the Indenture, which
notice would provide that these notes will be redeemed 30 days
after the notice of redemption has been mailed.  However, the
parties also agreed to discuss and consider in good faith
alternatives to a post-closing redemption of the 11% senior
notes due 2009.

A full-text copy of the Agreement and Plan of Merger is
available for free at http://ResearchArchives.com/t/s?160b

                     About MidOcean Partners

Based in New York and London, MidOcean Partners LLC --
http://www.midoceanpartners.com/-- is a private equity firm   
focused on the middle market.  MidOcean is committed to
investing in high quality companies with stable market positions
and multiple opportunities for growth in the United States and
Europe.  Targeted sectors include consumer and leisure, media
and communications, business and financial services, and
industrials.  MidOcean utilizes a broad foundation of expertise
in its focus industries and its transatlantic platform to create
value for its investors and partners.

                         About Sbarro Inc.

Melville, New York-based Sbarro Inc. -- http://www.sbarro.com/
-- is a quick service restaurant chain that serves Italian
specialty foods.  The Company has around 1,000 locations across
34 countries and 11,000 employees under brand names such as
"Sbarro," "Umberto's," and "Carmela's Pizzeria."  In Europe, the
company has locations in the United Kingdom, Belgium, Cyprus,
Greece, Italy, The Netherlands, Poland, and Russia.


SBARRO INC: Moody's Affirms Junk Corporate & Unsecured Ratings
--------------------------------------------------------------
Moody's Investors Service affirmed Sbarro Inc.'s Caa1 corporate
family and senior unsecured ratings and changed the outlook to
developing from positive following the company's announcement
that it had entered into an agreement to be acquired by private
equity firm, MidOcean Partners, LLC for cash consideration of
US$417 million less adjusted debt.

The developing outlook incorporates uncertainty as to the
timing, nature and potential impact on creditors resulting from
any actions taken by the company. Moody's added that the revised
outlook anticipates a near-to-intermediate term resolution.  The
rating agency will continue to monitor developments and take
further rating action once financing details of the transaction
are announced.

Headquartered in Melville, New York, Sbarro, Inc. is a quick
service restaurant chain that serves Italian specialty foods.  
As of Oct. 8, 2006, the company owned and operated 479 and
franchised 476 restaurants worldwide under brand names such as
"Sbarro," "Umberto's," and "Carmela's Pizzeria."  In Europe, the
company has locations in the United Kingdom, Belgium, Cyprus,
Greece, Italy, The Netherlands, Poland, and Russia.  Total
revenues for fiscal 2005 were around US$348 million.


TISCALI SPA: Fitch Places CCC Default Rating on Watch Positive
--------------------------------------------------------------
Fitch Ratings placed Italy-based Tiscali S.p.A.'s Issuer Default
rating of CCC on Rating Watch Positive.  

Upon receipt of EUR255 million in proceeds from the sale of its
Tiscali Netherlands subsidiary, expected to occur on first
quarter 2007, the agency anticipates that the Rating watch will
be resolved and the IDR will be upgraded to B- from CCC.  At the
same time, the agency has affirmed the Short-term rating at C
and simultaneously withdrawn it.

Since September, Tiscali has repaid its EUR209.5 million
convertible notes by drawing down on the loan facility provided
by Silver Point Capital and by issuing new equity.  It has also
announced the sale of Tiscali Netherlands to KPN n.v. for EUR255
million, has presented its 2006-2010 business plan and has
announced a new EUR280 million facility from Banca Intesa to
replace the Silver Point Capital facilities.

The new facilities provided by Banca Intesa, together with the
proceeds of the sale of Tiscali Netherlands, will enable Tiscali
to carry out its plan to invest heavily in infrastructure in its
core markets of the U.K. and Italy and to offer new products and
services.

"Although Fitch remains skeptical over the long-term
sustainability of the standalone Internet service-provider
business model in the current competitive broadband markets,
Tiscali's new financing, combined with the EUR255 million from
the sale of Tiscali Netherlands, should provide sufficient
flexibility to sustain the business through the medium term,"
says David Shnaps, Analyst in Fitch's TMT team.

"The addition of new products following the acquisition of Video
Networks will complement existing services but is unlikely, in
Fitch's view, to be a significant driver of the business," Mr.
Shnaps added.

Fitch's skepticism over the standalone Internet service-provider
business model stems from competitors' strong product offerings,
superior financial resources, and their willingness to forego
incremental earnings in the immediate future, particularly in
the U.K.

The agency views that standalone ISPs such as Tiscali may find
it hard to generate sufficient positive cash flows after
investment to pay down debt if these competitive pressures
intensify further.  Nonetheless, even under a more conservative
forecast scenario, Tiscali's disposal proceeds and new Banca
Intesa funding should sustain the business in the short to
medium term.

Furthermore, despite Fitch's views on the standalone ISP
business model, the agency supports the company's strategy for
maintaining and building on its current broadband base,
currently comprising 400,000 LLU and 1.3 million wholesale
subscribers.  Ultimately, Tiscali's subscribers are expected to
remain a valuable and attractive asset to other telecoms
providers and this should provide more than sufficient debt
coverage for lenders.

Tiscali reported revenue from the U.K. and Italy of EUR625
million in the LTM to third quarter 2006.  This was a 20%
increase in the nine months since financial year 2005, while LTM
EBITDA from the U.K. and Italy rose to EUR118 million from EUR95
million at financial year 2005.  

Despite this increase, Tiscali had negative free cash flow of
EUR111 million in the months to third quarter 2006.  This is due
to interest expenses of EUR21 million and high group capital
expenditure cost of EUR125 million, a significant portion of
which relates to "broadband service activation costs.  

Tiscali had 1.7 million broadband subscribers as of September
2006.  After executing significant disposals over the past three
years, Tiscali has refocused its operations on two core markets,
the U.K. and Italy, compared to 15 countries previously.


WIND ACQUISITION: Fitch Puts EUR950-Mln Notes on Watch Positive
---------------------------------------------------------------
Fitch Ratings placed Wind Acquisition Finance S.A.'s B+/RR4-
rated EUR950 million and US$650 million senior notes on Rating
Watch Positive.  

This follows the announcement by Wind Telecomunicazioni S.p.A.
of its intention to prepay a further EUR462 million of its
senior secured debt by year end 2006.  

Fitch anticipates an upgrade of the senior notes to BB/RR2 upon
confirmation that the EUR462-million senior debt has been
permanently prepaid.

Wind's B+ Issuer Default rating is affirmed with a Positive
Outlook.  The Short-term rating is affirmed at B.  At the same
time, Fitch has affirmed Wind's first priority senior secured
facilities and Wind Finance SL S.A.'s EUR700 million second lien
notes at BB/RR2.

"The RWP on the senior notes reflects significantly improved
recovery prospects for this instrument in a distress scenario,"
Michelle De Angelis, Director in Fitch's Leveraged Finance team
in London disclosed.

"Simply put, the prepayment of EUR462 million of senior debt
means that there is expected to be EUR462 million in additional
value available to noteholders in a distress scenario, which
equates to around 30% of the outstanding amount of the notes,"
Mr. De Angelis added.

Fitch views that in a distressed scenario all parties involved
will attempt to preserve the going concern value of Wind and
avoid a liquidation of the company's assets where possible.  The
agency therefore applies a going concern approach to measure the
distressed enterprise value of Wind.

In Fitch's view Winds distressed EV, after allowing for 10%
administrative claims, would be around EUR7.5 billion.  This
valuation assumes a post-restructuring EBITDA level of EUR1.3
billion and a 6.4x EV multiple.

The resulting value is applied to the three classes of debt
issued by Wind using a strict waterfall of payments as indicated
in Fitch's criteria for Recovery ratings.  This would result in
recoveries of around 83% for the senior notes following the
anticipated prepayment, equivalent to a RR2 rating.

Adjusting for the prepayment, Wind's gross senior leverage will
reduce to 3.5x from 3.8x at Q306 and gross cash-pay leverage
will reduce to 4.5x from 4.8x while net cash-pay leverage will
remain at 4.3x.  The prepayment is also expected to postpone the
date of the first scheduled senior debt amortization to
December 2009, which provides the company with significant
flexibility in the short term.


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


ALMATY CONSTRUCTION: Creditors' Claims Due Dec. 29
--------------------------------------------------
LLP Almaty Construction Company Ltd. has declared insolvency.
Creditors have until Dec. 29 to submit written proofs of claim
to:
         
         LLP Almaty Construction Company Ltd.
         Polejaev Str. 92a
         Almaty, Kazakhstan

The juridical address is:

         Kunaev Str. 21
         Almaty, Kazakhstan


BUILD-SERVICE LLP: Creditors Must File Claims by Dec. 27
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Build-Service (RNN 600400093077) insolvent on Oct. 3.  
Subsequently, bankruptcy proceedings were introduced at the
company.

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

         LLP Build-Service
         Post Office Box 1
         JSC Kazpochta
         Post Office 57
         050057 Almaty, Kazakhstan
         Tel: 8 (3272) 37-03-31


INTERTRANSSERVICE-M LLP: Claims Registration Ends Dec. 29
---------------------------------------------------------
LLP Intertransservice-M has declared insolvency.  Creditors have
until Dec. 29 to submit written proofs of claim to:

         LLP Intertransservice-M
         Mametova Str. 131
         Karaganda
         Karaganda Region
         Kazakhstan


NEFTEBAZA OJSC: Claims Filing Period Ends Dec. 27
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
OJSC Martukskaya Petroleum Storage Depot Neftebaza insolvent on
Oct. 3.  Subsequently, bankruptcy proceedings were introduced at
the company.

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

         OJSC Martukskaya Petroleum Storage Depot Neftebaza
         Lineinaya Street
         Martuk
         Aktube Region
         Kazakhstan
         Tel: 8 (31331) 2-14-94


PHOENIX LLP: Karaganda Court Opens Bankruptcy Proceedings
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP Phoenix
(RNN 301200022392).  

LLP Phoenix is located at:

         Respublika Ave. 20-8
         Temirtau
         Karaganda Region
         Kazakhstan


SPETS KOMPLEKT: Proof of Claim Deadline Slated for Dec. 29
----------------------------------------------------------
LLP Spets Komplekt Postavka has declared insolvency.  Creditors
have until Dec. 29 to submit written proofs of claim to:

         LLP Spets Komplekt Postavka
         Mametova Str. 131
         Karaganda
         Karaganda Region
         Kazakhstan


SYSTEM-2 LLP: Karaganda Court Starts Bankruptcy Procedure
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region commenced bankruptcy proceedings against LLP System-2
(RNN 301200215829).

LLP System-2 is located at:

         Metallurgov Ave. 25
         Temirtau
         Karaganda Region
         Kazakhstan


TELETRADE & K: Claims Registration Ends Dec. 27
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Teletrade & K insolvent on Oct. 2.

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

         LLP Teletrade & K
         Tulebaev Str. 32-61
         Almaty, Kazakhstan
         Tel/Fax: 8 (3272) 71-42-59


TITAN-AKTOBE LLP: Aktube Court Begins Bankruptcy Proceedings
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
commenced bankruptcy proceedings against LLP Titan-Aktobe on
Oct. 20.


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


TRIP LINE: Creditors' Claims Due Jan. 12, 2007
----------------------------------------------
LLC Trip Line Ltd. Co. has declared insolvency.  Creditors have
until Jan. 12, 2007, to submit written proofs of claim to:

         LLC Trip Line Ltd. Co.
         Djantoshev Str. 18a
         Bishkek, Kyrgyzstan


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


SLAVINVEST FINANCE: Fitch Assigns B- Rating on Upcoming Eurobond
----------------------------------------------------------------
Fitch Ratings assigned Slavinvest Finance SA's upcoming issue of
limited recourse loan participation notes an expected Long-term
B- rating and an expected Recovery Rating of RR4.  

The notes are to be used for the sole purpose of financing a
loan to Slavinvestbank LLC, which is rated Issuer Default B-,
Short-term B, Individual D/E, Support 5 and National Long-term
BB+.

The bank's Issuer Default, Support and National Long-term
ratings are on Rating Watch Positive.  The final rating on the
bond is contingent upon receipt of final documentation
conforming materially to information already received.

Slavinvest Finance SA is a Luxembourg-domiciled special purpose
vehicle and will only pay noteholders principal and interest
received from SIB.  The SPV will charge certain of its rights
and interests under the loan agreement to Deutsche Corporate
Trustee Company Ltd. for the benefit of noteholders under a
trust deed.

The claims under the loan agreement will rank at least equally
with the claims of other senior unsecured creditors of SIB, save
those whose claims are preferred by any bankruptcy, insolvency,
liquidation or similar laws of general application.

Under Russian law, the claims of retail depositors and
accountholders rank above those of other senior unsecured
creditors.  At end-H106, retail deposits and accounts accounted
for 6.7% of total liabilities, according to the bank's reviewed
IFRS accounts. Furthermore, related-party liabilities constitute
a significant part of SIB's total liabilities.  

In Fitch's opinion, this could give rise to additional risks for
bondholders in a default scenario, albeit not to the extent that
these would justify a lower Recovery Rating than RR4 for the
current transaction.

The loan agreement contains covenants restricting mergers and
disposals by SIB and its material subsidiaries, transactions
between the bank and its affiliates and certain payments and
distributions by the bank and its subsidiaries.  It also
contains a cross default clause and a 'negative pledge' clause,
the latter of which allows for a degree of securitization by
SIB.

Were such transactions to be undertaken, Fitch comments that the
nature and extent of any over-collateralization would be
assessed by the agency for any potential impact on unsecured
creditors.  

SIB must ensure full compliance with Central Bank of Russia
regulations, including minimum mandatory capital adequacy
requirement currently set at 10%, and its minimum total capital
ratio as calculated in accordance with Basle I recommendations
should at any time not be less than 12% in case the bank is
rated below Issuer Default BB or not less than 10% if the bank
is rated at or above BB.

SIB is a small-sized universal bank, accounting for about 0.2%
of system assets, which operates through 17 branches and
additional offices in Russia.  The second largest bank in
Kazakhstan, Bank TuranAlem, directly owns about 16% of the
bank's voting shares.  The remaining 84% of shares are held by a
number of formal shareholders that have passed their shares in
the trust of TuranAlem Capital.


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


LUCENT TECHNOLOGIES: Amends Solicitation Statement with Alcatel
---------------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc. amended their joint
solicitation statement/prospectus, dated Nov. 14, 2006.  

Under the amended terms, Lucent will pay a one-time consent fee
only to holders of its 2.75% Series A Convertible Senior
Debentures due 2023 and 2.75% Series B Convertible Senior
Debentures due 2025 who consent to the terms of the joint
consent solicitation.  

For each US$1,000 in principal amount of each series of
debentures for which consents are received, consenting holders
will receive the product of US$7.50 multiplied by a fraction,
the numerator of which is the aggregate principal amount of
debentures of each series outstanding on the expiration date, as
defined below, and the denominator of which is the aggregate
principal amount of debentures of each series for which Alcatel
and Lucent received and accepted consents.

In addition, Alcatel and Lucent have extended the expiration
date of the revised joint consent solicitation until 5 p.m.  
Eastern Standard Time on Friday, Dec. 1.  All holders of the
debentures who have previously delivered consents do not need to
redeliver such consents, although they must sign certain tax
forms to receive the consent fee without U.S. federal backup
withholding.

Alcatel has filed a supplement to the joint solicitation
statement/prospectus, which reflects the aforementioned changes.  
Alcatel and Lucent advise all holders of the debentures to
review the section entitled "U.S. Federal Income Tax
Considerations," which has been amended and restated to reflect
important considerations respecting the U.S. federal income tax
consequences of the consent solicitation as it is currently
structured.

All other terms of the joint consent solicitation
statement/prospectus, dated Nov. 14, remain applicable,
including Alcatel's obligation to provide its full and
unconditional guaranty, which is unsecured and subordinated to
senior debt, regardless of whether a holder delivered a consent
prior to the expiration date.

Holders of the debentures can obtain copies of the supplement to
the consent solicitation statement/prospectus from:

         D.F. King & Co.
         Information Agent
         Tel: +1 (888) 887-0082 (U.S. toll-free)
              +1 (212) 269-5550 (for banks and brokers)

Bear, Stearns & Co. Inc. is acting as the Solicitation Agent for
the consent solicitation and can be contacted at +1 (877) 696-
BEAR (toll-free).

                         About Alcatel

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

                   About Lucent Technologies

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

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

                           *     *     *

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

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

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

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


LUCENT TECHNOLOGIES: Completes Support Network for TV Cabo
----------------------------------------------------------
Lucent Technologies Inc. and TV Cabo, Portugal's largest pay-tv
operator, disclosed of the successful completion of a network
readiness assessment for TV Cabo's existing hybrid fiber/coaxial
(HFC) cable network.

"Migrating infrastructure to next-generation network technology
is a significant challenge for communications service
providers," said Nuno Almeida Carvalho, country manager for
Lucent Technologies in Portugal. "Lucent supports TV Cabo's
network upgrade process with a range of solutions and services,
based on its experience with numerous cable operators around the
world. A thorough network readiness assessment is a key factor
in introducing high-quality services such as VoIP over cable."

Lucent used a comprehensive methodology to provide a
comprehensive view of TV Cabo"s network capabilities. This
included a layer-by-layer analysis of the network, which
resulted in several technical recommendations in how to improve
performance.  In addition, a validation model for TV Cabo's HFC
cells was defined and then employed to assess the service
readiness of a specific subset of network cells.

The result was a set of recommendations and tools that allow TV
Cabo to refine its service deployment strategy of next-
generation communications services.

                          About TV Cabo

TV Cabo, a subsidiary of PT Multimedia, is the leader in the
Portuguese pay-tv market and one of the most important operators
in Europe, with over 1.4 million customers and a market share
above 80 percent.  TV Cabo's television subscription service is
available nationwide with distribution over cable and digital
satellite platforms.

                   About Lucent Technologies

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

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

                           *     *     *

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

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

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

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


VNU GROUP: Posts EUR89-Million Net Loss for Third Quarter 2006
--------------------------------------------------------------
VNU Group B.V. released its financial results for the three
months and the nine months ended Sept. 30, 2006.

The VNU Group registered EUR89 million in net loss against
EUR897 million in revenues for the third quarter of 2006,
compared with EUR50 million in net profit against EUR875 million
in revenues for the same period in 2005.

The company registered EUR141 million in net loss against
EUR2.68 billion in revenues for the first nine months of 2006,
compared with EUR93 million in net profit on EUR2.52 million in
revenues for the same period in 2005.

Results for the nine months ended Sept. 30, 2006 represent the
sum of the amounts for the Predecessor period from Jan. 1
through May 23, and for the Successor period from May 24 through
Sept. 30, the period following the sale of VNU.  

On May 24, VNU was acquired through a tender offer to
shareholders by Valcon Acquisition B.V., an entity formed by
investment funds associated with AlpInvest Partners, The
Blackstone Group, The Carlyle Group, Hellman & Friedman,
Kohlberg Kravis Roberts & Co., and Thomas H. Lee Partners.  The
price paid to VNU common shareholders was EUR29.50 per ordinary
share and EUR21.00 per 7% preferred share.  The tender offer was
settled on various dates from May 24 through Sept. 30 and Valcon
separately purchased all of VNU's issued and outstanding
preferred B shares for EUR102 million.  

Valcon's cumulative purchases of the outstanding common shares
and preferred B shares resulted in a combined 99.46% of VNU's
issued and outstanding share capital as of September 30,
2006.  Valcon continues to make open market purchases for
additional shares and intends to acquire the remaining VNU share
capital through a statutory squeeze-out procedure, which will be
completed in 2007.  The common and preferred stocks were
delisted from Amsterdam Euronext on July 11, and VNU was
converted from a Dutch NV to a Dutch BV and changed its name to
VNU Group BV.   

At Sept. 30, 2006, VNU Group had EUR11.8 billion in total
assets, EUR8.6 billion in total liabilities, and EUR3.1 billion
in shareholders' equity.

                         About VNU Group

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers    
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.

                        *     *     *

As reported in the TCR-Europe on July 20, Moody's Investors
Service downgraded the Corporate Family Rating of VNU NV to B2
from B1 and its senior unsecured debt ratings to Caa1 from B1.  
This concludes Moody's review of VNU's ratings, which was last
continued on May 26.

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

   -- 2.5% Yen MT Notes due 2011, the floating rate Euro MT
      Notes due 2010;

   -- 5.625% GBP MT Notes due 2010/17;

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

   -- Nielsen Media Research Inc.'s 7.6% Notes due 2009
      guaranteed by VNU.

In a TCR-Europe report on July 19, Standard & Poor's Ratings
Services has lowered its long-term corporate credit rating on
Dutch media group VNU N.V. to 'B' from 'B+', and affirmed its
'B' short-term corporate credit rating.

All ratings have been removed from CreditWatch, where they were
placed with negative implications on Oct. 12, 2005.  S&P said
the outlook is negative.


VNU GROUP: Names Jon Mandel as Chief Executive of NielsenConnect
----------------------------------------------------------------
Jon Mandel, one of Madison Avenue's most influential and well
known media-buying executives, has joined VNU Group B.V. as
chief executive officer of NielsenConnect, a newly formed
business unit.

The announcement was made by David L. Calhoun, chairman and
chief executive officer of VNU, to whom Mr. Mandel will report.  
Mr. Mandel will be based in VNU's U.S. headquarters in New York.

Mr. Mandel joins VNU from Group M, one of the world's largest
media communications companies, where he was chief of strategic
solutions.  Prior to his corporate role at Group M, Mr. Mandel
was chairman of MediaCom US, a Group M company.  MediaCom plans
and implements more than US$12 billion a year of its advertising
clients media spend.

"We are proud and delighted to welcome Jon to the VNU leadership
team," said Mr. Calhoun. "Jon's knowledge, experience and
enthusiasm are vital to our goal of taking this company to a
whole new level of client service.  His mission is to 'follow
the consumer.' That means connecting all of the different
information resources across VNU so our clients benefit from
clear, actionable information they need to grow their
businesses."

"NielsenConnect is about looking forward, and anticipating
what's coming next," said Mr. Mandel. "It's about connecting
consumer information in ways that have never been attempted so
our clients can spot trends and move more quickly to maximize
their relationships with their customers. I look forward to this
exciting challenge."

"As the creation of this new business indicates, we are
extending the world famous Nielsen brand across all elements of
VNU to connect our information and intelligence-gathering
capabilities for the benefit of clients," Mr. Calhoun added.  
"This is an important step in that process."

NielsenConnect, a new business unit, will draw information from
the dozens of VNU companies which collect, analyze and report on
consumer patterns and usage around the world. VNU's assets
represent the premiere suite of media and marketing information
which includes consumer purchase information, store data,
modeling assets, geo-demographic data, television ratings,
outdoor ratings, as well as movie, book, video and radio data.

A graduate of Vassar College, Mr. Mandel joined Grey Advertising
in 1974 working in various media planning positions on General
Foods and Procter & Gamble.

In 1977, he helped start the network television-buying group at
Grey.  When MediaCom was formed in the United States, Mr. Mandel
was senior vice president/director of National Broadcast at Grey
and he was named chief negotiating officer of MediaCom.

Over the years building MediaCom, Jon Mandel advised many
accounts in various roles including co-managing director, chief
negotiation officer, co-CEO, co-CEO of MediaCom Latino, chief
global buying officer of MediaCom Worldwide, in addition to his
role as chairman of MediaCom U.S.

Mandel has helped clients plan, implement and manage hundreds of
billions of dollars in marketing spend in virtually all
industries.  The several hundred clients who have worked with
Mandel include Volkswagen/Audi, Hasbro, Staples, Subway,
GlaxoSmithKline, Nokia, Royal Bank of Scotland, Playtex,
Cendent, Panasonic, SlimFast and Warner Bros.

Mr. Mandel is the only media professional to have served as a
member of the Board of Directors of the American Association of
Advertising Agencies.  He has also been on the AAAA Media Policy
Council and the chair of the organization's Television
Committee.  He is also a member of the Board of Directors of the
International Radio and Television Society.  He was the first
advertising professional to serve as chairman of the National
Association of Television Programming Executives, and has worked
closely with several industry councils, often as the sole agency
representative.

Mr. Mandel lives in Manhattan where he serves as a director of
the John A. Reisenbach Foundation, a nonprofit organization
dedicated to improving the quality of life in New York City
communities. He also sits on the Board of the NY Chapter of the
Juvenile Diabetes Research Foundation.

Mandel serves with the Kismet Fire Department on Fire Island.

                        About VNU Group

Headquartered in Haarlem, Netherlands, VNU N.V. --
http://www.vnu.com/-- operates publishing businesses and offers  
marketing and media information.  The Company publishes and
distributes telephone directories, children's books and
periodicals, and business information periodicals.  VNU also
offers television and Internet usage data and advertising
expenditure analysis.

                          *     *     *

As reported in the TCR-Europe on July 20, Moody's Investors
Service downgraded the Corporate Family Rating of VNU NV to B2
from B1 and its senior unsecured debt ratings to Caa1 from B1.  
This concludes Moody's review of VNU's ratings, which was last
continued on May 26.

Rating downgraded to B2 from B1:

   -- Corporate Family Rating

Ratings downgraded to Caa1 from B1:

   -- floating rate Euro MT Notes due 2012;

   -- 6.75% Euro MT Notes due 2012;

   -- 2.5% Yen MT Notes due 2011, the floating rate Euro MT
      Notes due 2010;

   -- 5.625% GBP MT Notes due 2010/17;

   -- 5.5% Eurobonds due 2008;

   -- 6.75% Eurobonds due 2008;

   -- 6.625% Eurobonds due 2007;

   -- Euro MTN program; and

   -- Nielsen Media Research Inc.'s 7.6% Notes due 2009
      guaranteed by VNU.

In a TCR-Europe report on July 19, Standard & Poor's Ratings
Services has lowered its long-term corporate credit rating on
Dutch media group VNU N.V. to 'B' from 'B+', and affirmed its
'B' short-term corporate credit rating.

All ratings have been removed from CreditWatch, where they were
placed with negative implications on Oct. 12, 2005.  S&P said
the outlook is negative.


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


ALBASHSKIE TINNED: Court Names P. Tarasov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. P.
Tarasov as Insolvency Manager for LLC Albashskie Tinned Goods.  
He can be reached at:

         P. Tarasov
         Office 428
         Krasnaya Str. 180
         350030 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-18941/2006-46/1440-B.

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         LLC Albashskie Tinned Goods
         Sovetskaya Str. 24
         Novominskaya St.
         353730 Krasnodar Region
         Russia


ALTAIR-TRANS CJSC: Court Names V. Leonov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. V.
Leonov as Insolvency Manager for CJSC Altair-Trans.  He can be
reached at:

         V. Leonov
         Post User Box 86
         Kazan
         420108 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-19557/2006-SG4-16.

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:

         CJSC Altair-Trans
         Osinovo
         Zelenodolskiy Region
         Tatarstan Republic
         Russia


AMGUN'-WOOD CJSC: Court Names A. Krylov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. A.
Krylov as Insolvency Manager for CJSC Amgun'-Wood.  He can be
reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-10467/2006-9.

The Debtor can be reached at:

         CJSC Amgun'-Wood
         Truda Avenue 1
         Komsomolsk-na-Amure
         Russia


BAKERY-5 LLC: Court Names A. Budelev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Omsk Region appointed Mr. A. Budelev as
Insolvency Manager for LLC Bakery-5.  He can be reached at:

         A. Budelev
         5th Kordnaya Str. 65 b
         644018 Omsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A46-14018/2006.

The Debtor can be reached at:

         LLC Bakery-5
         Zelenaya Str. 13
         644032 Omsk Region
         Russia


CRYSTAL OJSC: Kursk Court Names V. Sakhno as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. V. Sakhno as
Insolvency Manager for OJSC Factory Crystal.  He can be reached
at:

         V. Sakhno
         Post User Box 90
         123290 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-5214/05 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         OJSC Factory Crystal
         Zheleznogorsk
         Kursk Region
         Russia


EFREMOV-SEL-KHOZ-KHIMIYA: Names N. Shirokov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. N. Shirokov
as Insolvency Manager for OJSC Efremov-Sel-Khoz-Khimiya.  He can
be reached at:

         N. Shirokov
         4th Floor
         3rd Kurskaya Str. 15
         302004 Orel Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-20/B-05.

The Arbitration Court of Tula Region is located at:

         Hall 35
         Sovetskaya Str. 112
         Tula Region
         Russia

The Debtor can be reached at:

         OJSC Efremov-Sel-Khoz-Khimiya
         Chernyatino
         Efremovskiy Region
         Tula Region
         Russia


EXPERIMENTAL BASE: Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Chuvashiya Republic commenced
bankruptcy supervision procedure on OJSC Experimental Base.
The case is docketed under Case No. A79-12807/2005.

The Temporary Insolvency Manager is:

         S. Domas'
         Post User Box 321
         620000 Ekaterinburg Region
         Russia

The Debtor can be reached at:

         OJSC Experimental Base
         Traktorostroiteley Str. 10
         Cheboksary
         Chuvashiya Republic
         Russia


GRAIN PRODUCT: Court Names P. Alekseev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Volgograd Region appointed Mr. P.
Alekseev as Insolvency Manager for OJSC Grain Product (TIN
3445005513).  He can be reached at:

         P. Alekseev
         Office 400
         7th Gvardeyskaya Str. 2a
         400005 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-7219/06-s57.

The Debtor can be reached at:

         OJSC Grain Product
         Raboche-Krestyanskaya Str. 44
         400074 Volgograd Region
         Russia


KOZMODEMYANSK-MILK-RUS: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Mariy El Republic commenced bankruptcy
supervision procedure on CJSC Kozmodemyansk-Milk-Rus.  The case
is docketed under Case No. A-38-2085-11/165-2006.

The Temporary Insolvency Manager is:

         V. Perepelkin
         Sotsialisticheskaya Str. 45
         450077 Ufa Region
         Russia

The Debtor can be reached at:

         CJSC Kozmodemyansk-Milk-Rus
         Kartukovo
         Gornomariyskiy Region
         425350 Mariy El Republic
         Russia


KRASNOGORSKIY BAKERY: Court Names I. Bashmakova to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Sakhalin Region appointed Ms. I.
Bashmakova as Insolvency Manager for OJSC Krasnogorskiy Bakery.  
She can be reached at:

         I. Bashmakova
         Dzerzhinskogo Str. 28
         680000 Khabarovsk Region

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A59-2528/06-S4.

The Arbitration Court of Sakhalin Region is located at:

         Kommunisticheskiy Pr. 24
         693020 Yuzhno-Sakhalinsk Region
         Russia

The Debtor can be reached at:

         OJSC Krasnogorskiy Bakery
         K. Marksa Str. 145
         Krasnogorsk
         Sakhalin Region
         Russia


LABINSK-OIL-PRODUCT: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced bankruptcy
supervision procedure on OJSC Labinsk-Oil-Product (TIN
2314016502).  The case is docketed under Case No. A-32-22322/
2006-44/1909 B.

The Temporary Insolvency Manager is:

         S. Dzharubaev
         Apartment 284
         Papova Str. 10
         Pridonskaya
         394040 Voronezh Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Labinsk-Oil-Product
         Pobedy Str. 173
         Krasnodar Region
         Russia


NOVATEK OAO: Earns RUR11.23 Billion for First Nine Months 2006
--------------------------------------------------------------
OAO Novatek released its financial results for the first nine
months ended Sept. 30, 2006, prepared according to International
Financial Reporting Standards.

The company posted RUR11.23 billion in net profit against
RUR37.1 billion in revenues for the first nine months of 2006,
compared with RUR10.76 billion in net profit against
RUR27.1 billion in revenues for the same period in 2005.

Novatek, RIA Novosti reports, also increased its nine-month
natural gas output by 9.8%, year-on-year, to 22.614 billion
cubic meters.

As of Sept. 30, 2006, Novatek's charter capital, is divided into
3,036,306 shares with a par value of RUR100 rubles each for
total value of RUR303.63 billion

                        About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration, production  
and processing of natural gas and liquid hydrocarbons. The
Company's upstream activities are concentrated in the prolific
Yamal-Nenets Region in Western Siberia.

For the first half of 2006, Novatek posted RUR7.2 billion in
net profit on RUR23.5 billion in revenues, compared to RUR7.9
billion in net profit on RUR17.4 billion in revenues for the
same period in 2005.   As of June 30, 2006, OAO Novatek had
RU80.5 billion in total assets, RUR17.2 billion in total
liabilities and RUR63.3 billion in total equity.

                        *     *     *

As reported in the TCR-Europe on March 21, Standard & Poor's
Services assigned its 'BB-' long-term corporate credit rating to
OAO Novatek, Russia's largest independent gas producer.  S&P
said the outlook is stable.


ORLOVSKIY OJSC: Court Names M. Orlov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. M. Orlov as
Insolvency Manager for OJSC Meat Combine Orlovskiy (TIN
6126000610).  He can be reached at:

         M. Orlov
         Yufimtseva Str. 14
         344012 Rostov-na-Donu
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-14212/06-S2-7.

The Arbitration Court of Rostov Region is located at:

         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Meat Combine Orlovskiy
         Severnaya Str. 147
         Orlovskiy
         Rostov Region
         Russia


PODDERZHKA OJSC: Bankruptcy Hearing Slated for March 13
-------------------------------------------------------
The Arbitration Court of Moscow will convene on Mar. 13, 2007,
to hear the bankruptcy supervision procedure on OJSC Insurance
Peasant Company Podderzhka (TIN 7708030855, OGRN 1027739554435).
The case is docketed under Case No. A40-55538/06-78-1068 B.

The Temporary Insolvency Manager is:

         N. Goncharov
         Room 307
         Kolkhoznaya Str. 3
         350042 Krasnodar Region
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Insurance Peasant Company Podderzhka
         Orlikov Per. 1/11
         107139 Moscow Region
         Russia


RUSSIAN STANDARD: Moody's Rates Loan Participation Notes at Ba3
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating, with stable
outlook, to the issue of Loan Participation Notes by a
Luxembourg-based special purpose vehicle, Russian Standard
Finance S.A., for the sole purpose of funding a subordinated
loan to Russian Standard Bank, which is currently rated Ba2/Not
Prime/D with stable outlook.  

The creditor rights under the loan agreement will be
subordinated to the claims of senior creditors and will rank
pari passu with other subordinated debt and senior to the claims
of the bank's equity holders, including preference shares.  The
issue has a ten-year tenor but the amount is yet to be
confirmed.

According to the terms and conditions of the Notes, RSB and its
material subsidiaries must comply with a number of covenants
such as limitations on mergers, disposals and transactions with
affiliates.  The Notes may become payable in the event that
RSB's rating is downgraded following a re-organization event
(such as a merger, accession, division, separation or
transformation).  In addition, as one of the financial
covenants, RSB is obliged-- unless such a requirement is waived
-- to maintain a ratio of capital to risk-weighted assets at a
pre-specified level inversely related to RSB's ratings.  Moody's
notes that, while the likelihood of any of the above covenants
being triggered is relatively low, any occurrence could
potentially have adverse liquidity implications for RSB and
might exert additional downward pressure on its ratings.

RSB is headquartered in Moscow, Russian Federation.  As at
June 30, 2006 the bank reported audited total assets of
US$5.6 billion and net income of US$242 million under IFRS for
the first six months of 2006.


SEVERSTAL OAO: Holds Talk to Acquire Mittal's Weirton Steel
-----------------------------------------------------------
OAO Severstal is holding talks to acquire Weirton Steel Corp.,
Mittal Steel's U.S. unit, Reuters cites a sourced report by
Kommersant.

According to the report, Mittal, following its merger with
Arcelor Steel this year, had to sell the latter's Dofasco unit
to avoid U.S. regulatory problems.  A Dutch shareholder of
Dofasco, however, refused Mittal's request to sell the Canadian
steelmaker to Thyssenkrupp AG.  

With the refusal, U.S. regulators told Mittal to sell either
Weirton Steel or its Sparrows Point site in Maryland.

"While this is clearly a preliminary report, and the transaction
may never occur, we believe that such a combination would
benefit Severstal by giving it more exposure to the U.S.
market," Moscow brokerage Aton told Reuters.

As reported in the TCR-Europe on Oct. 27, OAO Severstal expects
to raise US$1.7 billion in fresh funds from the sale of 15% of
its total shares in an initial public offering in London in
November.  The proceeds would be used to fund acquisitions and
boost Severstal's profile with foreign investors.  

"We will be ready for big moves in the future in terms of
mergers and acquisitions," Alexei Mordashov, Severstal's Chief
Exective, said.

                      About Weirton Steel

Headquartered in Weirton, West Virginia, Weirton Steel
Corporation -- http://www.weirton.com/-- produces flat-rolled  
carbon steel.  Weirton has two principal product lines: tin mill
products, which include a range of light gauge steels such as
black plate, tin coated steel and electrolytic chromium coated
steel that are consumed principally by the container and
packaging industry for food cans, general line cans and closure
applications, such as caps and lids and sheet steel products,
which include hot and cold rolled and both hot-dipped and
electrolytic galvanized steel, that are used in end use
applications, including the construction, appliance and
automotive industries.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel  
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

As of Dec. 31, 2005, Severstal had US$10.75 billion in total
assets, US$3.66 billion in total liabilities and US$7.09 billion
in total shareholders' equity.

                        *     *     *

As reported in the TCR-Europe on July 5, Standard & Poor's
Ratings Services kept its 'B+' long-term corporate credit rating
on Russian steelmaker OAO Severstal on CreditWatch with positive
implications following the consolidation of the company's mining
assets.

The rating was placed on CreditWatch on May 26, following the
announcement of a previously agreed merger between Severstal and
Luxembourg-based steelmaker Arcelor S.A.  This merger was
cancelled on June 30.

As reported in the TCR-Europe on June 28, Fitch Ratings
maintained the Rating Watch Positive status for OAO Severstal's
ratings of Issuer Default BB-, senior unsecured BB-, Short-term
B and National Long-term A+.

Severstal, which raised just over US$1 billion placing shares in
London this month, plans to acquire more assets on the way to
becoming the world's second-largest steel maker, its 41-year-old
billionaire owner, Alexei Mordashov, has said.

The company, Russia's largest steel maker if foreign assets are
included, already has a presence in North America after its
purchase of Rouge Steel.


TRANSIT CJSC: Court Names I. Bashmakova as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Sakhalin Region appointed Ms. I.
Bashmakova as Insolvency Manager for CJSC Transit.  She can be
reached at:

         I. Bashmakova
         Dzerzhinskogo Str. 28
         680000 Khabarovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A59-2271/06-S4.

The Arbitration Court of Sakhalin Region is located at:

         Kommunisticheskiy Pr. 24
         693020 Yuzhno-Sakhalinsk Region
         Russia

The Debtor can be reached at:

         CJSC Transit
         Sovetskaya Str. 41
         Kholmsk
         Sakhalin Region
         Russia


YUKOS OIL: Arbitration Court Rules 4% Rise in Debt Claims
---------------------------------------------------------
OAO Yukos Oil Co. is yet facing another surge of claims after
the Moscow Arbitration Court approved a 4% increase in debt
claims to US$25.2 billion, RIA Novosti states.

The new sum, RIA reports, includes US$826 million owed to
federal bailiffs, which was upheld by the arbitration court in
November, and US$45 million to Rosneft.  

Yukos' main creditors include the Federal Tax Service, state-run
OAO Rosneft, and two Yukos production units -- Samaraneftegaz
and Tomskneft.

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

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

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

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

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

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

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

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


ZYRYANSKIY COAL: Asset Sale Slated for December 11
--------------------------------------------------
G. Gromov, the insolvency manager, the bidding organizer for
OJSC Zyryanskiy Coal Pit Mine, will open a public auction for
the company's properties at 3:00 p.m. on Dec. 11 at:

        G. Gromov, the Insolvency Manager, the Bidding
        Organizer
        Krupskoy Str. 35
        Yakutsk
        Sakha Republic-Yakutiya
        Russia

The Company has set a RUR15.7 million starting price for the
auctioned assets.

Participants have until 3:00 p.m. on Dec. 6 to deposit an amount
equivalent to 20% of the starting price to:

         OJSC Zyryanskiy Coal Pit Mine (TIN 1408003063)
         Settlement Account 40702810676130100054 in Branch
         AC SB RF (OJSC) Severo-Vostochnyj Bank of
         Verkhnekolymskoye Branch #7734
         Correspondent Account 3010181040000000609
         BIK 049805609

Bidding documents must be submitted to:

         G. Gromov, the Insolvency Manager,
         the Bidding Organizer
         Krupskoy Str. 35
         Yakutsk
         Sakha Republic-Yakutiya
         Russia

The Debtor can be reached at:

         OJSC Zyryanskiy Coal Pit Mine
         Dorozhnaya Str. 12
         Ugolnoye
         Verkhnekolymskiy Region
         Sakha Republic-Yakutiya
         Russia


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


FREEPORT-MCMORAN: Earns US$365.7 Million in 2006 Third Quarter
--------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has filed its financial
statements for the three months ended Sept. 30, 2006, with the
U.S. Securities and Exchange Commission disclosing US$365.7
million of net income on US$1.6 billion of net revenues in
contrast to US$180.9 million of net income on US$983.2 million
of net revenues for the same period in 2005.

At Sept. 30, 2006, the Company's balance sheet showed US$5.2
billion in total assets and US$2.8 billion in total liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://researcharchives.com/t/s?1602

As of Sept. 30, 2006, the Company had total unrestricted cash
and cash equivalents of US$698.9 million and total outstanding
debt of US$774.5 million.  Total debt was reduced by a net
US$481.4 million during the first nine months of 2006, including
the following transactions:

   * US$286.1 million for the completion of a tender offer to
     induce conversion of 7% Convertible Senior Notes due 2011      
     into 9.3 million shares of FCX common stock in the third      
     quarter;

   * US$167.4 million for the mandatory redemption of Gold-
     Denominated Preferred Stock, Series II in the first quarter
     for US$236.4 million;

   * US$12.5 million for the final mandatory redemption of
     Silver-Denominated Preferred Stock in the third quarter for
     US$25.8 million;

   * US$30.5 million for privately negotiated transactions to
     induce conversion of 7% Convertible Senior Notes due 2011
     into 1.0 million shares of FCX common stock; and

   * US$11.5 million for purchase in an open market transaction
     of 10.5% Senior Notes due 2010 for US$12.4 million.

                         Merger Agreement

As reported in the Troubled Company Reporter on Nov. 22, 2006,
Freeport-McMoRan Copper & Gold Inc. and Phelps Dodge Corporation
have signed a definitive merger agreement under which FCX will
acquire Phelps Dodge for around US$25.9 billion in cash and
stock, creating the world's largest publicly traded copper
company.

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

                       Consulting Agreement

FM Services Company, a wholly owned subsidiary of Freeport-
McMoRan Copper & Gold Inc., entered into a supplemental
consulting agreement with B. M. Rankin, Jr., Freeport's
director. The supplemental agreement renews the consulting
agreement previously entered into with Mr. Rankin for an
additional one-year period beginning Jan. 1, 2007, and ending
Dec. 31, 2007.  All terms and conditions of Mr. Rankin's
original consulting agreement remain unchanged.

               About Freeport-McMoRan Copper & Gold

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

                            *    *    *

As reported in the Troubled Company Reporter-Europe on Nov. 24,
Dominion Bond Rating Service placed the rating of Freeport-
McMoRan Copper & Gold Inc.'s Senior Notes at BB (low) Under
Review with Developing Implications following Freeport's
announced offer to acquire all of Phelps Dodge Corporation's
common equity in a cash and stock takeover bid of US$25.9
billion.

In a TCR-Europe report on Nov. 23, Moody's Investors Service
placed under review for possible upgrade Freeport-McMoRan Copper
& Gold Inc.'s Ba3 corporate family rating and its B1 senior
unsecured rating.

In addition, Standard & Poor's placed its 'BB-' corporate credit
and its other ratings on Freeport-McMoRan Copper & Gold Inc. on
CreditWatch with positive implications and its 'BBB' corporate
credit and its other ratings on Phelps Dodge Corp. on
CreditWatch with negative implications.


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


ARPATEC SOLUTIONS: Zug Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Zug entered Oct. 16 an order closing the
bankruptcy proceedings of LLC Arpatec Solutions.

The Debtor can be reached at:

         LLC Arpatec Solutions
         Gewerbestrasse 9
         6330 Cham
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Zug
         Switzerland


BAMO MANAGEMENT: Zug Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Zug entered Oct. 19 an order closing the
bankruptcy proceedings of JSC Bamo Management.

The Debtor can be reached at:

         JSC Bamo Management
         6331 Hunenberg
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Zug
         Switzerland


BAR 68 BAUMGARTNER: Thurgau Court Suspends Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Court of Thurgau suspended the bankruptcy
proceedings of Bar 68 Baumgartner + Kaufmann on Oct. 20,
pursuant to Article 230 of the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Sept. 28, can be reached at:

         Bar 68 Baumgartner + Kaufmann
         St. Gallerstrasse
         8500 Frauenfeld
         Thurgau
         Switzerland

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld
         Thurgau
         Switzerland


BLUE DATA: Thurgau Court Suspends Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Thurgau suspended the bankruptcy
proceedings of JSC Blue Data on Nov. 9, pursuant to Article 230
of the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Aug. 9, can be reached at:

         JSC Blue Data
         Finkernstrasse 1
         8280 Kreuzlingen
         Thurgau
         Switzerland
         
The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld
         Thurgau
         Switzerland


BODAN SICHERHEITSDIENST: Court Suspends Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Thurgau suspended the bankruptcy
proceedings of LLC Bodan Sicherheitsdienst on Nov. 9, pursuant
to Article 230 of the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on May 22, can be reached at:

         LLC Bodan Sicherheitsdienst
         Bottighoferstrasse 1
         8280 Kreuzlingen
         Thurgau
         Switzerland

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld
         Thurgau
         Switzerland


E. DIEFFENBACHER: Glarus Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Glarus entered Oct. 10 an order closing
the bankruptcy proceedings of JSC E. Dieffenbacher.

The Debtor can be reached at:

         JSC E. Dieffenbacher
         Spielhof 14
         8750 Glarus
         Glarus
         Switzerland

The Bankruptcy Service of Glarus can be reached at:

         Bankruptcy Service of Glarus
         8750 Glarus
         Glarus
         Switzerland


HIRSCHEN JSC: Kussnacht Court Begins Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Kussnacht commenced bankruptcy
proceedings against JSC Hirschen on Oct. 11.

The Debtor can be reached at:

         JSC Hirschen
         Unterdorf 9
         6403 Kussnacht am Rigi
         Schwyz
         Switzerland

The Bankruptcy Service of Kussnacht can be reached at:

         Bankruptcy Service of Kussnacht
         6403 Kussnacht am Rigi
         Schwyz
         Switzerland


LARGOV JSC: Zug Court Orders Bankruptcy Case Closure
----------------------------------------------------
The Bankruptcy Court of Zug entered Oct. 17 an order closing the
bankruptcy proceedings of JSC Largov.

The Debtor can be reached at:

         JSC Largov
         Gubelstrasse 3
         6340 Baar
         Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Zug
         Switzerland


NETCALL COMMUNICATIONS: Zug Court Closes Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court of Zug entered Oct. 19 an order closing the
bankruptcy proceedings of JSC Netcall Communications.

The Debtor can be reached at:

         JSC Netcall Communications
         Chamerstrasse 115
         6300 Zug
         Switzerland

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Zug
         Switzerland


RAUMDESIGN JSC: Hofe Court Suspends Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Hofe in Wollerau suspended the
bankruptcy proceedings of JSC RaumDesign on Nov. 6, pursuant to
Article 230 of the Swiss Bankruptcy Code.

The Debtor, declared bankrupt on Aug. 21, can be reached at:

         JSC RaumDesign
         Driesbuelstrasse 11
         8808 Pfaffikon SZ
         Zurich
         Switzerland

The Bankruptcy Service of Hofe can be reached at:

         Bankruptcy Service of Hofe
         8832 Wollerau
         Schwyz
         Switzerland


WST LLC: Hofe Court Begins Bankruptcy Proceedings
-------------------------------------------------
The Bankruptcy Court of Hofe in Wollerau commenced bankruptcy
proceedings against LLC WST on Sept. 7.

The Debtor can be reached at:

         LLC WST
         Churerstrasse 80
         8808 Pfaffikon SZ
         Zurich
         Switzerland

The Bankruptcy Service of Hofe can be reached at:

         Bankruptcy Service of Hofe
         8832 Wollerau
         Schwyz
         Switzerland


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


BABA LIMITED: Joint Liquidators Take Over Operations
----------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman of Rothman
Pantall & Co. were appointed Joint Liquidators of Baba Limited
on Nov. 10 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Baba Limited
         11a Swains Lane
         London N6 6QX
         United Kingdom
         Tel: 020 8442 9111   


BOLDU LIMITED: Appoints Gerald Irwin to Liquidate Assets
--------------------------------------------------------
Gerald Irwin of Irwin & Company was appointed Liquidator of
Boldu Limited on Nov. 17 for the creditors' voluntary winding-up
procedure.

Headquartered in Birmingham, England, Boldu Limited --
http://www.boldu.co.uk/-- is a learning resource company that  
offers access to a wide range of learning materials and training
services.  Services include material sales, consultancy,
training delivery, training facilities, national and European
initiatives and Learndirect.


BENTOM FOODS: Claims Filing Period Ends Dec. 22
-----------------------------------------------
Creditors of Bentom Foods Limited have until Dec. 22 to send in
their names and addresses, particulars of their debts or claims,
and the names and addresses of their Solicitors (if any) to
appointed Liquidator Duncan Roderick Morris at:

         The Till Morris Partnership
         2 Church Street
         Warwick CV34 4AB
         United Kingdom

The company can be reached at:

         Bentom Foods Limited
         58 Clarendon Street
         Leamington Spa
         Warwickshire CV324PE
         United Kingdom
         Tel: 01926 771 285


CHAMBERLAIN & GROVES: Claims Registration Ends Dec. 20
------------------------------------------------------
Creditors of Chamberlain & Groves Limited have until Dec. 20 to
send their names and addresses and the particulars of their
debts or claims, and the name and address of their Solicitors,
if any, to appointed Liquidator Roger L. Cain at:

         Haslers
         Old Station Road
         Loughton IG10 4PL
         United Kingdom

The company can be reached at:

         Chamberlain & Groves Limited
         101-103 Boundary Road
         London E17 8NQ
         United Kingdom
         Tel: 020 8520 2688
         Fax: 020 8520 2190


CONVERGENCE GROUP: Hires Administrators from Geoffrey Martin
------------------------------------------------------------
Stephen Goderski and Geoffrey Martin of Geoffrey Martin & Co.
were appointed joint administrators of The Convergence Group Plc
(Company Number 01882286) on Nov. 17.

The administrators can be reached at:

         Stephen Goderski and Geoffrey Martin
         Geoffrey Martin & Co.
         St. James's House
         28 Park Place
         Leeds
         West Yorkshire LS1 2SP
         United Kingdom
         Tel: 0113 244 5141
         Fax: 0113 242 3851
         E-mail: geoffrey.martin@geoffreymartin.co.uk

The Convergence Group Plc can be reached at:

         The Stables
         Old Mint House
         High Road
         Upper Gatton
         Reigate
         Surrey RH2 0TZ
         United Kingdom
         Tel: 01737 644782  


DOUBLE DEE: Brings In Mazars as Joint Administrators
----------------------------------------------------
Philip Michael Lyon and Alistair Steven Wood of Mazars LLP were
appointed joint administrators of Double Dee Entertainment Ltd.
(Company Number 05002402) on Nov. 14.

Mazars -- http://www.mazars.com/-- is an international,  
integrated and independent organization, specialized in audit,
accounting, tax and advisory services.

Double Dee Entertainment Ltd. can be reached at:

         Jenya Stewton Gardens
         Wood Lane
         Louth
         Lincolnshire LN11 8RY
         United Kingdom
         Tel: 0121 236 7711


DURA AUTOMOTIVE: Hires Togut Segal as Conflicts Counsel
-------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates obtained
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Togut, Segal & Segal LLP as their conflicts
counsel, nunc pro tunc to Oct. 30, 2006.

The Debtors previously sought to employ Kirkland & Ellis LLP as
their lead counsel.

Keith Marchiando, chief financial officer of Dura Automotive
Systems Inc., relates that the Debtors want Togut Segal to
handle matters that the Debtors may encounter that cannot be
handled by Kirkland & Ellis because of a potential conflict of
interest or that can be more efficiently handled by Togut Segal.

As conflicts counsel, Togut Segal will:

    (a) advise the Debtors regarding their powers and duties as
        debtors-in-possession in the continued management and
        operation of their businesses and properties;

    (b) attend meetings and negotiate with representatives of
        creditors and other parties-in-interest;

    (c) take necessary action to protect and preserve the
        Debtors' estates, including prosecuting actions on the         
        Debtors' behalf, defending any action commenced against
        the Debtors and representing the Debtors' interests in
        negotiations concerning litigation in which the Debtors
        are involved, including objections to claims filed
        against the estates;

    (d) prepare, on the Debtors' behalf, motions, applications,
        answers, orders, reports and papers necessary to the
        administration of the estates;

    (e) advise the Debtors in connection with any potential sale
        of assets;

    (f) appear before the courts and protect the interests of
        the Debtors' estates; and

    (g) perform other necessary legal services and provide other
        necessary legal advice to the Debtors in connection with
        the Chapter 11 Cases.

The Debtors will pay Togut Segal:

        Professional                      Hourly Rate
        ------------                      -----------
        Counsel and Partners              US$560 to US$795
        Paralegals and Associates         US$115 to US$540

Albert Togut, Esq., a senior member of the firm, relates that
Togut Segal has received a US$50,000 retainer from the Debtors,
and has applied that retainer to services rendered and expenses
incurred before the Debtors' bankruptcy filing.

Mr. Togut assured the Court that his firm does not hold or
represent any interest adverse to the Debtors, and is a
"disinterested person" within the meaning of Section 101(14) of
the Bankruptcy Code.

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Ontario Court Grants Foreign Recognition Order
---------------------------------------------------------------
The Honorable Justice Sidney N. Lederman of the Ontario Superior
Court of Justice (Commercial List) in Canada ruled that
proceedings commenced by Dura Automotive Systems, Inc., and
certain of its affiliates before the U.S. Bankruptcy Court for
the District of Delaware under Chapter 11 of the U.S. Bankruptcy
Code are a "foreign proceeding" as defined in subsection 18.6(1)
of the Companies' Creditors Arrangement Act, R.S.C. 1985, c.
C-36, as amended.

Justice Lederman also holds that until and including
Dec. 15, creditors and other parties-in-interest subject to the
jurisdiction of the Canadian court are enjoined and restrained
from initiating or continuing actions in any court or tribunal
in Canada against the Debtors or that affect their ability to
carry on their business.  Any actions against the Debtors or
their former, current or future officers and directors are
stayed.

Suppliers and other parties providing service to the Debtors
are barred from discontinuing, failing to honor, altering,
interfering with, repudiating or ceasing to perform any right,
renewal right, contract, agreement, license or permit held by
the Debtors, absent their written consent or leave of the CCAA
Court.

The CCAA Court authorizes the Debtors to enter into a
postpetition Senior Secured Super-priority DIP Term Loan and
Guaranty Agreement with Goldman Sachs Credit Partners, L.P., as
agent; and a Senior Secured Super-priority DIP Revolving Credit
and Guaranty Agreement with General Electric Capital Corp., as
agent.  Goldman Sachs and GECC are granted liens and security
interests on the Debtors' property to secure repayment of the
DIP Loans.

The Debtors are also permitted to continue to utilize their
central cash management system currently in place.

                        D&O Indemnification

The CCAA Court authorizes the Debtors to indemnify their
directors and officers from all claims and causes of action with
respect to any liabilities or obligations related to their
capacities as directors and officers of the Debtors, except in
the event of the directors and officers' breach of their
fiduciary duties or grossly negligent or willful misconduct.

Justice Lederman also grants the directors and officers of Dura
Automotive's Canadian affiliates a charge on the Applicants'
Property not exceeding US$2,500,000 in the aggregate, as
security for the Applicants' indemnification obligations.

                        Information Officer

The CCAA Court appoints RSM Richter, Inc., as the Debtors'
information officer.  RSM will report to the Court at least once
every three months on the status of the U.S. bankruptcy
proceedings and other material information.

As information officer, RSM will not take possession of the
Debtors' property nor take part in the management or supervision
of the Debtors' business.

Nothing in the Initial CCAA Order, however, will prevent RSM
from acting as interim receiver, receiver, manager, monitor
under the CCAA, or trustee in bankruptcy of the Debtors, or
their business or property.

RSM will be paid on a monthly basis for its services.  The
Applicants are authorized to pay a CDN$25,000 retainer to RSM as
security for payment of its fees and disbursements outstanding
from time to time.

The CCAA Court also grants RSM an administration charge not
exceeding CDN$250,000 in the aggregate as security for its
professional fees and disbursements incurred.  The
Administration Charge will have priority over the DIP Lender's
Charge and the Directors' Charge, in that order.

The Administration Charge, DIP Lender's Charge and Directors'
Charge will rank in priority to all Encumbrances, other security
interests, trusts, liens and charges on the Debtors' property
in favor of other parties, excluding:

    1. existing purchase-money security interests and equipment
       financing leases registered in accordance with applicable
       personal property security legislation and recognized
       under the legislation as being entitled to priority over
       the security in place as of Nov. 1, 2006;

    2. with respect to any real property, (a) existing by-laws
       and regulations as to the use of the Debtors' property;
       (b) notices of lease; (c) subdivision, site plan
       control, development, servicing and other similar
       agreements with municipal and other governmental
       authorities; (d) permits, rights of access or user
       licenses, easements, and rights of way;

    3. future purchase-money security interests registered in
       accordance with applicable personal property security
       legislation and recognized under the legislation as being
       entitled to priority; and

    4. Encumbrances arising by operation of law -- other than as
       a result of a default in payment or performance of an
       obligation by the Debtors -- without any grant of a
       security interest by the Debtors, and that are given
       priority over prior fixed charges by statute or law in
       the event of the Debtors' bankruptcy.

A full-text copy of the Initial Recognition Order is available
at no charge at http://ResearchArchives.com/t/s?15c3

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 5;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


EPICURE CATERING: Taps Joint Administrators from Herron Fisher
--------------------------------------------------------------
Christopher Herron and Nicola Jayne Fisher of Herron Fisher were
appointed joint administrators of Epicure Catering and Party
Design Ltd. (Company Number 3959249) on Nov. 20.

The administrators can be reached at:

         Herron Fisher
         Capital Business Centre
         22 Carlton Road
         Croydon
         Surrey CR2 0BS
         United Kingdom
         Tel: 07956 640156
         E-mail: chris.herron@begbies-traynor.com

Epicure Catering & Party Design Ltd. can be reached at:

         Trident Business Centre
         89 Bickersteth Road
         London SW17 9SH
         United Kingdom
         Tel: 020 8516 7740
         Fax: 020 8516 7741


FORD MOTOR: Moody's Rates US$15-Billion Sr. Sec. Loans at Ba3
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3, LGD2,19% rating to
Ford Motor Company's proposed US$15 billion of senior secured
credit facilities that will consist of an US$8 billion revolving
credit facility and a US$7 billion term loan.  Moody's also
affirmed the company's existing ratings.

The outlook remains negative.

These rating actions reflect Moody's expectation that proceeds
from the new credit facility, and from the potential issuance of
US$3 billion in unsecured capital market transactions, will
provide the company with a year-end 2006 liquidity profile
consisting of US$30 billion in gross automotive cash and US$8
billion in unused committed credit lines.  This considerable
liquidity cushion should enable Ford to fund the US$17 billion
in operating losses and restructuring expenditures that the
company expects to incur from 2007 through 2009.

"Ford's three-year game plan is to make sure that it has the
liquidity it needs to fund a radical restructuring of its
business model.  By giving secured lenders a lien on essentially
all of its assets, Ford has pretty much covered the liquidity
portion of the plan.  The really tough part will be fixing the
business model; this represents a daunting challenge," Bruce
Clark, senior vice president with Moody's said,

The challenges Ford will face during the coming three years
include negotiating a 2007 UAW contract that offers meaningful
health care relief, accelerating the introduction of cars and
crossover vehicles, and establishing strong market acceptance
and healthy pricing for those vehicles despite intense
competition from Asian manufacturers.  The company might also
have to contend with a slowdown in the U.S. automotive industry.

"Ford should have the liquidity it needs through 2009. But it is
absolutely critical for the company to have established a
solidly competitive cost structure, share position and product
profile by then," Mr. Clark added.

The assignment of the Ba3,LGD2,19% rating to the secured credit
facilities reflects the favorable asset coverage and recovery
prospect of these obligations as modeled under Moody's Loss
Given Default Methodology.  The US$15 billion in facilities will
be secured by a lien on essentially all of Ford's assets,
including the shares of Ford Motor Credit Company, and will be
governed by a borrowing base.

The ratings, which are affirmed and remain unchanged are:

   -- corporate family of B3;
   -- senior unsecured of Caa1,LGD4, 62%;
   -- trust preferred of Caa2,LGD6, 93%; and,
   -- speculative grade liquidity rating of SGL-3.

Moody's noted that Ford's ability to maintain a sound liquidity
cushion during the next two years as it implements its
restructuring program and funds the anticipated cash
requirements will be an important factor in supporting the B3
corporate family rating.

This rating anticipates that through 2007, Ford's gross
automotive cash position will remain above US$20 billion.  
Should Ford's rate of cash consumption during 2007 make it
unlikely that this level of liquidity can be maintained, the B3
rating could be placed on review for possible downgrade.  The
rating could also come under pressure if manned capacity
utilization of the North American operations does not remain on
track to hit 100% by 2008, or if U.S. market share remains below
16.5% for 2007.

Ford Motor Company, headquartered in Dearborn, Michigan, is the
world's third largest automobile manufacturer.


FORD MOTOR: 38,000 Hourly Workers Accept Buyout Offer
-----------------------------------------------------
As part of a key objective of its North American turnaround
plan, Ford Motor Company confirmed Wednesday that, so far this
year, about 38,000 of its UAW-represented hourly workers have
accepted package offerings for voluntary separations from the
company.

This figure includes around 30,000 buyout offers preliminarily
accepted during the recent system-wide open enrollment period
that concluded this week for Ford hourly workers, including
those at the company's Automotive Components Holdings division.  
In addition, the figure includes about 8,000 acceptances
received earlier in 2006 during targeted plant-by-plant buyout
offerings to Ford and ACH employees.  Of the 38,000 total
acceptances, around 6,000 were by hourly employees at ACH.  Ford
began the year with about 83,000 UAW-represented employees.

The open enrollment period that began in October offered eight
different voluntary buyout packages to all of Ford's UAW-
represented employees.  The offers included traditional packages
for retirement-eligible employees, as well as non-traditional
packages for employees with at least one year of service.  Just
over half of the buyouts accepted during the recent open
enrollment period were by employees who accepted one of the non-
traditional packages, which provided options such as lump sum
payments, tuition reimbursements or scholarship funds for family
members.

The acceptances are preliminary, as all buyout offers are
voluntary and include an employee's opportunity to rescind
acceptance up until the time of their separation from the
company. The employee reductions will contribute toward major
objectives of the accelerated Way Forward plan for turning
around the company's North American operations.  On Sept. 15,
Ford announced its intention to reduce its North American hourly
workforce by 25,000 to 30,000 employees by the end of 2008,
including attrition and excluding employment reductions at ACH.

"One of Ford's priorities, and a large cost component of our Way
Forward plan for North America, is our ability to adjust
manufacturing capacity with demand, while continuing to reduce
operating costs and becoming more efficient," said Alan Mulally,
Ford president and CEO.  "While I know that in many cases
decisions to leave the company were difficult for our employees,
the acceptances received through this voluntary effort will help
Ford to become more competitive.

"We'd also like to thank the UAW for working closely with us in
developing packages that will help employees to move
productively into a new phase of their lives.  It is clear that
we were successful in providing appropriate options; this, in
turn, is helping the company to meet its cost objectives."

Hourly employees who accepted buyout packages during the recent
enrollment period will begin to leave the company in January
2007 and through the course of the year until all separations
are completed by Sept. 1, 2007.

"Ford and the UAW have addressed several important issues
throughout the year, which have allowed the company to reduce
costs and achieve efficiencies," Mulally said.  "Though there is
more work to be done, recent history demonstrates that together
we can significantly improve Ford's business."

Headquartered in Dearborn, Michigan, Ford Motor Company
(NYSE: F) -- http://www.ford.com/-- manufactures and  
distributes automobiles in 200 markets across six continents.  
With more than 324,000 employees worldwide, the company's core
and affiliated automotive brands include Aston Martin, Ford,
Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo.  Its
automotive-related services include Ford Motor Credit Company
and The Hertz Corporation.


GW 4107: Appoints Menzies as Joint Administrators
-------------------------------------------------
Andrew John Duncan and Jason James Godefroy of Menzies Corporate
Restructuring were appointed joint administrators of GW 4107
Ltd. (Company Number 05443740) on Nov. 17.

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

GW 4107 Ltd. can be reached at:

         15 High March
         High March Industrial Estate
         Daventry
         Northamptonshire NN11 4HB
         United Kingdom
         Tel: 020 7487 7240  


IAN MEARNS: Creditors' Meeting Slated for December 7
----------------------------------------------------
Creditors of Ian Mearns Holidays Ltd (Company Number 03645304)
will meet at 10:30 a.m. on Dec. 7 at:

         DTE Leonard Curtis
         85-89 Colmore Row
         Birmingham B3 2BB
         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. 6 at:

         P. D. Masters
         Joint Administrator
         DTE Leonard Curtis
         Bamfords Trust House
         85-89 Colmore Row
         Birmingham
         West Midlands B3 2BB
         United Kingdom
         Tel: 0121 200 2111
         Fax: 0121 200 2122

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.


IM CAJA: Moody's Junks EUR10.8-Million Series E Notes
-----------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the debt to be issued by IM CAJA LABORAL 1 FONDO DE TITULIZACION
DE ACTIVOS:

   -- EUR856.3-million Series A notes: (P) Aaa;
   -- EUR10.8-million Series B notes: (P) Aa2;
   -- EUR14.9- million Series C notes: (P) A1;
   -- EUR18-million Series D notes: (P) Baa3; and   
   -- EUR10.8-million Series E notes: (P) Ca.

This is the first transaction where CAJA LABORAL comes to market
on its own.  It had previously participated in TDA 9 FTH.  The
transaction consists of prime mortgage loans originated under
CAJA LABORAL's regular business practices.

The transaction will be structured with five different tranches.
As in other deals, the SPV will use the proceeds from the
issuance of the notes to purchase the mortgage loans portfolio.
The total initial purchase price of the mortgage loans will be
equal to the proceeds received from the issue of the rated Class
A, Class B Class C, and class D notes.  With the benefits from
the Equity tranche the Fondo will finance the reserve fund.

Strong features within this deal include among others:

   (1) good collateral in terms of LTV (CLTV = 63.23% );

   (2) a reserve fund to cover potential shortfalls in interest
       or principal;

   (3) a 12-month artificial write-off mechanism;

   (4) the fact that all the loans are secured by a first-lien
       mortgage guarantee and

   (5) a very strong seasoning.  It is worth pointing out that
       the reserve fund will be fully funded with the benefits
       from the issuance of Series E Notes.  

Weaker features include:

   (1) geographical concentration in the regions of
       Vasque Country and Navarra;

   (2) pro rata amortisation of the notes; and

   (3) the negative impact of the interest deferral
       trigger on the subordinated series.

These increased risks were reflected in the credit enhancement
calculation.

Moody's based the provisional ratings primarily on:

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

  (ii) historical performance information;

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

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

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

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

Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

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


INCO LTD: Earns US$701 Million in 2006 Third Quarter
----------------------------------------------------
Inco Limited reported the highest-ever quarterly earnings in the
company's 104-year history.  

Earnings on an adjusted basis for the third quarter of 2006 were
over four times the earnings for the third quarter of 2005,
while earnings in accordance with Canadian generally accepted
accounting principles were eleven times the earnings for the
third quarter of 2005.

Adjusted net earnings for the third quarter of 2006 were
US$653 million compared with adjusted net earnings of US$159
million for the third quarter of 2005.  Net earnings for the
third quarter of 2006 in accordance with Canadian GAAP were a
record US$701 million compared with net earnings of
US$64 million for the third quarter of 2005.  The principal
adjustment made in arriving at adjusted net earnings for the
third quarter of 2006 was the exclusion of net takeover-related
income of US$109 million after taxes.

"Our record quarterly earnings reflect the unprecedented
sustained strength we've seen in the nickel market, combined
with strong production from our operations," said Inco Chairman
and CEO Scott Hand.

For the third quarter of 2006, the London Metal Exchange
benchmark cash nickel price rose to a record quarterly average
of US$29,178 per ton (US$13.24 per pound), compared with the
third quarter of 2005 average of US$14,567 per ton (US$6.61 per
pound).  The LME cash nickel price set a record high of
US$34,750 per ton (US$15.76 per pound) on Aug. 24.  On Oct. 19,
the LME cash nickel price was US$33,395 per ton (US$15.15 per
pound).

Inco produced 125 million pounds of finished nickel in the third
quarter of 2006.  This was almost 13% higher than the company's
production in the third quarter of last year, due primarily to
the commencement of nickel concentrate production at Voisey's
Bay and additional production at the Company's Manitoba
operations.  The Company's nickel unit cash cost of sales, after
by-product credits, for the third quarter of 2006 was US$2.12
per pound, 30% lower than in the third quarter of 2005.  This
decrease was attributable to the positive impact of higher
average realized selling prices for copper and platinum group
metals and higher deliveries of Voisey's Bay copper concentrate
partially offset by an increase in nickel unit cash cost of
sales before by-product credits.

Based on these strong results, Inco generated US$857 million of
cash flow from operations in the third quarter, before a working
capital decrease of US$132 million and net receipts from
takeover-related activities of US$288 million.  The Company's
cash position of US$1,828 million at Sept. 30, 2006, and its
debt-to-capitalization ratio of 20% provide the Company with the
financial strength to support its growth strategy.

Net sales in the third quarter of 2006 increased significantly
by 114% compared with the third quarter of 2005.  The increase
was primarily due to increases in the Company's average realized
selling prices for nickel and copper, which increased by 99% and
90% for the third quarter of 2006 compared with the third
quarter of 2005.  In addition, deliveries of Inco-source and
tolled nickel and Inco-source copper increased by 5% and 59%,
respectively, during the third quarter of 2006 compared with the
third quarter of 2005.

                         Interest Expense

Interest expense increased by US$11 million and US$32 million in
the third quarter and first nine months of 2006 compared with
the corresponding periods of 2005.  Interest expense increased
primarily because no interest in respect of the Voisey's Bay
project has been capitalized in 2006 since the mine,
concentrator and related facilities commenced commercial
production in December 2005.

                      Takeover-related income

In the third quarter of 2006, in connection with the
unsuccessful offer to purchase Falconbridge Limited and the
unsuccessful business combination with Phelps Dodge Corporation,
certain break-up fees were received and paid, and other
transaction costs were incurred, which the Company recorded in
earnings.  For the first nine months of 2006, the Company
recorded income, on a net basis of US$174 million, which
primarily consists of the cash received from Falconbridge
Limited from a break-up fee in the amount of US$450 million
which was substantially offset by break-up fees paid to Phelps
Dodge Corporation and LionOre Mining International Ltd. as well
as other transaction costs.

               Third Quarter Dividend Consideration

At the meeting on Oct. 17, Inco's Board of Directors considered
whether to declare a dividend on Inco's common shares in respect
of the third quarter of 2006.  Inco's existing practice has been
to pay a regular quarterly dividend of US$0.125 per share.  The
CVRD Offer provides that, in the event that Inco should declare,
set aside or pay, after Sept. 1, any dividend (including a
regular quarterly dividend in accordance with Inco's current
dividend policy), distribution or payment on the common shares,
the consideration payable per common share pursuant to the CVRD
Offer (being CDNUS$86.00 in cash) will be reduced by the amount
of such dividend, distribution or payment.  In view of the
foregoing terms of the CVRD Offer, and given that the CVRD Offer
is scheduled to expire on Oct. 23, the Board of Directors
deferred its decision as to whether to declare a quarterly
dividend in respect of the third quarter of 2006 until after the
expiry time of the CVRD Offer.

                       About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily  
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

                        *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


LIFE SCIENCES: Sept. 30 Equity Deficit Widens to US$25.3 Million
----------------------------------------------------------------
Life Sciences Research Inc.'s balance sheet at Sept. 30, 2006,
showed total assets of US$204.8 million and total liabilities of
US$230.1 million, resulting in a total stockholders' deficit of
US$25.3 million.  At Dec. 31, 2005, the Company's total
stockholders' deficit stood at US$14.5 million.

For the third quarter ended Sept. 30, 2006, the Company reported
net income of US$2.6 million on revenues of US$49.4 million,
compared with net income of US$1.1 million on revenues of
US$43.7 million for the same quarter in the prior year.

The underlying increase, after adjusting for the impact of the
movement in exchange rates was 8.7%; with the U.K. showing a
12.4% increase and the U.S. a 3.5% decrease.

Cost of sales for the three months ended Sept. 30, 2006, were
US$36.4 million (73.6% of revenue), an increase of 14.9% on cost
of sales of US$31.7 million (72.4% of revenue) for the three
months ended Sept. 30, 2005.  The underlying increase, after
adjusting for the impact of the movement in exchange rates was
10.6%.  The increase in cost of sales as a percentage of revenue
was due to an increase in direct study costs as a percentage of
revenues and overheads as a percentage of revenues.  These
contributed 100 basis points and 60 basis points respectively to
the increase in cost of sales as a percentage of revenues.  

The increase in direct study costs was due to a change in study
mix, while increased power costs and depreciation contributed to
the increase in overheads.  There was a reduction of 40 basis
points in Labor costs as a percentage of revenue due to the
improved Labor efficiency as revenues increased offset in part
by higher pension costs.

Selling, general, and administrative expenses increased by 14.4%
to US$7.3 million for the three months ended Sept. 30, 2006,
from US$6.4 million in the corresponding period in 2005. The
underlying increase, after adjusting for the impact of the
movement in exchange rates was 18.9%.  Of the total increase of
US$900,000, US$400,000 was due to a reduction in exchange gains
and a further US$400,000 was due to higher professional fees.

A full text-copy of the Company's quarterly financial report may
be viewed at no charge at http://ResearchArchives.com/t/s?1600

With principal office at East Millstone, New Jersey, Life
Sciences Research Inc. -- http://www.lsrinc.net/-- is a global  
contract research organization providing product development
services to the pharmaceutical, agrochemical and biotechnology
industries.  LSR operates research facilities in the United
States (the Princeton Research Center, New Jersey) and the
United Kingdom (Huntingdon and Eye, England).


LOUPE SOLUTIONS: Taps Menzies to Administer Assets
--------------------------------------------------
Andrew Gordon Stoneman and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Loupe Solutions Ltd. (Company Number 05184084) on Nov. 21.

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

Loupe Solutions Ltd. can be reached at:

         15 Newport Street
         London SE11 6AJ
         United Kingdom
         Tel: 020 7735 1995
         Fax: 020 7582 6232


PEARCE STONER: Names Paul John Webb as Administrator
----------------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was named
administrator of Pearce Stoner Associates Ltd. (Company Number
039911923) on Nov. 10.

The administrator can be reached at:

         Paul John Webb
         Mayfields Insolvency Practitioners
         Church Steps House
         Queensway
         Halesowen
         West Midlands B63 4AB
         United Kingdom
         Tel: 0121 550 0011

Pearce Stoner Associates Ltd. can be reached at:

         Flat
         139 Brick Lane
         Tower Hamlets
         London E1 6SB
         United Kingdom
         Tel: 020 7247 7100
         Fax: 020 7739 1255


PRICELINE.COM: Earns US$47.8 Million in Third Quarter 2006
----------------------------------------------------------
Priceline.com Inc. disclosed a US$47.8 million net income on
US$313.5 million of revenues for the quarter ended
Sept. 30, 2006, compared with a US$170.6 million net income on
US$258.8 million of revenues for the same period in 2005.  

The decrease in net income is primarily due to a US$158.6
million non-cash tax benefit in the third quarter of 2005 from
reversing a portion of the company's deferred tax asset
valuation allowance in the period. In the third quarter of 2006,
the non-cash tax benefit was US$18.1 million.

Revenues in the third quarter of 2006 include the operating
results of Bookings B.V., which was acquired in July 2005.
  
At Sept. 30, 2006, Priceline.com's balance sheet showed
US$1.03 billion in total assets, US$704 million in total
liabilities, US$13.5 million in series B mandatorily redeemable
preferred stock, and US$317 million in total stockholders'
equity.

Priceline.com Inc. reported that gross travel bookings for the
quarter, which refers to the total dollar value, inclusive of
all taxes and fees, of all travel services purchased by
consumers, rose 47.8% year-over-year to US$903.2 million.

Priceline.com's GAAP gross profit for the third quarter 2006 was
US$123.5 million, up 54.4% from the prior year.

Pro forma gross profit for the third quarter 2006 was
US$122.3 million, an increase of 51.3% over the same period in
the prior year.  Pro forma net income for the quarter was
US$30.2 million, which compares to US$19.3 million, in the same
period a year ago.

"Priceline.com's third quarter performance surpassed our updated
guidance given on September 21 based on better-than-forecast
results for the month of September," said priceline.com
President and Chief Executive Officer Jeffery H. Boyd.
"Priceline Europe had an excellent quarter, with gross travel
bookings of US$398 million in the third quarter 2006, which
represents an organic growth rate of around 121%.  We believe
that international results were fueled by positive e-commerce
market trends, strong results in fast-growing continental
markets and contributions from inventory integration and cross-
sell programs."

During the third quarter, priceline.com completed an offering of
US$345 million principal amount of convertible senior notes.  
"We were pleased to complete this transaction at attractive
borrowing costs," said Robert Mylod, priceline.com's Chief
Financial Officer.  "A portion of the net proceeds were used to
purchase 3.9 million shares of priceline.com common stock and
the balance is available for the repayment of our previously
issued convertible notes over the next few years as well as for
general corporate purposes."

The company also completed its exchange offer for its
outstanding convertible notes payable in 2008 and 2010.  In the
exchange, 99.9% of the US$125 million aggregate principal amount
of convertible senior notes due 2008 and 100% of the US$100
million aggregate principal amount of convertible senior notes
due 2010 were exchanged in each case for notes which provide
for, among other things, principal repayment in cash rather than
shares.

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

              http://researcharchives.com/t/s?158e

                       About Priceline.com

Priceline.com Inc. (Nasdaq: PCLN) operates priceline.com, a
leading U.S. online travel service for value-conscious leisure
travelers, and Priceline Europe, a leading European online hotel
reservation service.

In the U.S., priceline.com offers customers a variety of ways to
save on their airline tickets, hotel rooms, rental cars,
vacation packages and cruises.

Priceline Europe operates one of Europe's fastest growing hotel
reservation services, operates in 40 countries in 12 languages
and offers its customers in Europe and the U.S. access to around
25,000 participating European hotels.

Priceline.com also operates the following travel websites:
Travelweb.com, Lowestfare.com, RentalCars.com and BreezeNet.com.
Priceline.com also has a personal finance service that offers
home mortgages, refinancing and home equity loans through an
independent licensee. Priceline.com licenses its business model
to independent licensees, including priceline mortgage and
certain international licensees.

                        *     *     *

As reported in the TCR-Europe on Oct. 2, Standard & Poor's
Ratings Services assigned its 'B' rating to online travel agency
Priceline.com Inc.'s USUS$150 million convertible senior notes
due 2011 and USUS$150 million convertible senior notes due 2013.  
At the same time, the rating agency affirmed the corporate
credit rating on the company at 'B'.


QED FOOD: Creditors' Meeting Slated for December 6
--------------------------------------------------
Creditors of QED Food Processing Systems (North America) Ltd.
(Company Number 05436391) will meet at noon on Dec. 6 at:

         Smith Cooper
         Wilmot House
         St. James Court
         Friar Gate
         Derby DE1 1BT
         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. 6 at:

         S. Gwinnutt
         Administrator
         Smith Cooper
         Wilmot House
         St James Court
         Friar Gate
         Derby
         Derbyshire DE1 1BT
         United Kingdom
         Tel: 01332 332021
         Fax: 01332 290439
         E-mail: smg@smithcooper.co.uk


QED HOLDINGS: Creditors' Meeting Slated for December 6
------------------------------------------------------
Creditors of QED Holdings Ltd. (Company Number 05436569) will
meet at 11:00 a.m. on Dec. 6 at:

         Smith Cooper
         Wilmot House
         St. James Court
         Friar Gate
         Derby DE1 1BT
         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. 6 at:

         S. Gwinnutt
         Administrator
         Smith Cooper
         Wilmot House
         St James Court
         Friar Gate
         Derby
         Derbyshire DE1 1BT
         United Kingdom
         Tel: 01332 332021
         Fax: 01332 290439
         E-mail: smg@smithcooper.co.uk


SEVERSTAL OAO: Holds Talk to Acquire Mittal's Weirton Steel
-----------------------------------------------------------
OAO Severstal is holding talks to acquire Weirton Steel Corp.,
Mittal Steel's U.S. unit, Reuters cites a sourced report by
Kommersant.

According to the report, Mittal, following its merger with
Arcelor Steel this year, had to sell the latter's Dofasco unit
to avoid U.S. regulatory problems.  A Dutch shareholder of
Dofasco, however, refused Mittal's request to sell the Canadian
steelmaker to Thyssenkrupp AG.  

With the refusal, U.S. regulators told Mittal to sell either
Weirton Steel or its Sparrows Point site in Maryland.

"While this is clearly a preliminary report, and the transaction
may never occur, we believe that such a combination would
benefit Severstal by giving it more exposure to the U.S.
market," Moscow brokerage Aton told Reuters.

As reported in the TCR-Europe on Oct. 27, OAO Severstal expects
to raise US$1.7 billion in fresh funds from the sale of 15% of
its total shares in an initial public offering in London in
November.  The proceeds would be used to fund acquisitions and
boost Severstal's profile with foreign investors.  

"We will be ready for big moves in the future in terms of
mergers and acquisitions," Alexei Mordashov, Severstal's Chief
Exective, said.

                      About Weirton Steel

Headquartered in Weirton, West Virginia, Weirton Steel
Corporation -- http://www.weirton.com/-- produces flat-rolled  
carbon steel.  Weirton has two principal product lines: tin mill
products, which include a range of light gauge steels such as
black plate, tin coated steel and electrolytic chromium coated
steel that are consumed principally by the container and
packaging industry for food cans, general line cans and closure
applications, such as caps and lids and sheet steel products,
which include hot and cold rolled and both hot-dipped and
electrolytic galvanized steel, that are used in end use
applications, including the construction, appliance and
automotive industries.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel  
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

As of Dec. 31, 2005, Severstal had US$10.75 billion in total
assets, US$3.66 billion in total liabilities and US$7.09 billion
in total shareholders' equity.


SIMPLY CLOTHES: Names Liquidators to Wind Up Business
-----------------------------------------------------
David L. Cockshott and Paul A. Whitwam of BWC Business Solutions
were appointed Joint Liquidators of Simply Clothes Limited on
Nov. 20 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Simply Clothes Limited
         2a Ropergate
         Pontefract
         West Yorkshire WF8 1LP
         United Kingdom
         Tel: 01977 600849   


SOLUTIA INC: U.S. Labor Secretary Wants Plan Confirmation Denied
----------------------------------------------------------------
U.S. Secretary of Labor Elaine L. Chao asks the U.S. Bankruptcy
Court for the Southern District of New York to deny confirmation
of Solutia Inc. and its debtor-affiliates' Joint Plan of
Reorganization because:

   (i) it is written in a way that it violates, or could be
       construed to violate, Title I of the Employee Retirement
       Income Security Act of 1974, 29 U.S.C. Section 1001; and

  (ii) it provides overly broad release language for non-Debtor
       parties.

Pursuant to her statutory authority to investigate possible
violations of Title I of ERISA, the Labor Secretary initiated an
investigation with respect to the Solutia Inc. Savings and
Investment Plan.

On June 27, the Labor Secretary filed a proof of claim against
the Debtors in the event violations for breach of fiduciary
duties under Title I of ERISA may give rise to claims for
restitution of losses against the Plan's fiduciaries.  The Claim
asserts a contingent and unliquidated amount because the claims
bar date was set before the Labor Secretary has completed her
investigation.

The Labor Secretary opposes the Plan's language to the extent
that it could give rise to arguments about whether those claims
against the fiduciaries of ERISA-covered plans, parties-in-
interest, and knowing participants in fiduciary breaches are
released.

Usha R. Smerdon, trial attorney for the Office of the Solicitor
of the U.S. Labor Department, in Kansas City, Missouri, relates
that releases of non-debtors are outside the Court's
jurisdiction and authority.  Even those courts that have
permitted those releases have done so only in very limited
circumstances that are not applicable in the Debtors' case, she
says.  Thus, the Labor Secretary maintains that the Plan should
specifically exclude ERISA fiduciaries, parties in interest and
knowing participants from its release provisions.

Ms. Smerdon states that the non-debtor fiduciaries and other
parties may attempt to assert that the Plan precludes any action
against them for the restoration of losses to the Plan or for
other equitable relief.

Moreover, Ms, Smerdon asserts that the non-debtor releases are
impermissible like in In re Metromedia Fiber Network, Inc.  
There are no existing unusual circumstances that would make
those releases necessary to the Plan's success, she avers.

The Debtors cannot show the exceptional circumstances necessary
to justify the non-debtor releases, even if those were
appropriate under Section 524(e) of the Bankruptcy Code, Ms.
Smerdon tells the Court.

Accordingly, the Labor Secretary insists that unless the Debtors
amend their Plan to address her objections, the Court should
deny the Plan confirmation.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its  
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.  
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.


SPIRAL SHOP: Hires Michael Bowell to Liquidate Assets
-----------------------------------------------------
Michael Bowell of MBI Equity Ltd. was appointed Liquidator of
The Spiral Shop Limited on Nov. 17 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         The Spiral Shop Limited
         2 Colemans Bridge
         Witham
         Essex CM8 3HP
         United Kingdom
         Tel: 0800 587 0121
         Fax: 08700940318


SPIRES INTERNATIONAL: Names Stephen M. Rout Liquidator
------------------------------------------------------
Stephen M. Rout of Stephen M. Rout & Company was appointed
Liquidator of Spires International (Cambridge) Limited on
Nov. 15 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Spires International (Cambridge) Limited
         102 Cherry Hinton Road
         Cambridge
         Cambridgeshire B1 7AJ
         United Kingdom
         Tel: 01223 300 903
         Fax: 01223 358 903


TEQNI-SPRAY: Gerald Irwin Leads Liquidation Procedure
-----------------------------------------------------
Gerald Irwin of Irwin & Company was appointed Liquidator of  
Teqni-Spray Limited on Nov. 20 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Teqni-Spray Limited
         67 Morris Road
         Leicester
         Leicestershire LE2 6BR
         United Kingdom
         Tel: 0116 270 3535
         Fax: 0116 270 1360


UNITED AUTO: Moody's Assigns B3 Rating on US$325-Mln Sr. Notes
--------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to United Auto
Group's proposed US$325-million senior subordinated notes.  

At the same time, the company's existing 9.625% subordinated
notes were upgraded to B2 from B3, with all other ratings
affirmed. The rating outlook is stable.

The net proceeds from the subordinated notes are expected to be
used to repay around US$50 million outstanding under the US$600-
illion revolving credit facility (which may be reborrowed and
utilized for general corporate purposes, including acquisitions)
with the remainder used to repay floorplan financing and
transaction costs.  In March 2007, the company intends to re-
borrow under its floorplan and U.S. credit agreements and use
the proceeds to redeem its existing US$300-million 9.625% senior
subordinated notes.

The ratings for the senior subordinated facilities reflect both
the overall probability of default of the company, to which
Moody's assigns a PDR of B1, and a loss given default of LGD5
for the new subordinated notes and convertible senior
subordinated notes and an LGD4 for the 9.625% non-convertible
senior subordinated notes.  The ratings of all three facilities
reflect the significant amount of secured debt (floorplan
obligations and the secured revolver) ahead of the subordinated
notes in the capital structure.  

The new subordinated notes and convertible notes benefit from
the full guarantees of substantially all of the existing and
future wholly-owned U.S. subsidiaries, while the existing 9.625%
subordinated notes benefit from the full guarantees of
substantially all of the existing and future wholly-owned U.S.
subsidiaries and partially-owned U.S. subsidiaries.  The upgrade
in the 9.625% subordinated notes to B2 from B3 reflects a lower
expected loss driven largely by a lower LGD point estimate
(decrease to 69% from 81%) due to the additional debt cushion
(support) provided by the new subordinated notes.

The affirmation of United Auto's ratings reflects the company's
stable credit profile based on the criteria outlined in Moody's
U.S. Auto Retailers Rating Methodology.  United maps to a strong
single B rating on the majority of the factors described in the
methodology despite its modest exposure to the domestic car
manufacturers, which continue to experience operating
challenges, based on its slightly negative financial metrics and
modestly aggressive financial policies (one time debt financed
share repurchase earlier in 2006 and ongoing quarterly
dividends).  Moody's believes that the company's diverse
business model and strong cash flow generating abilities help
offset these uncertainties and the relatively high adjusted
leverage of just over 5x (adjusted debt/EBITDA).

Ratings affected:

Rating/assessments assigned:

   -- US$325-Mln Senior subordinated guaranteed notes at
      B3 (LGD5, 88%)

Ratings/assessments revised:

   -- US$300-Mln senior subordinated guaranteed notes to
      B2 (LGD4, 69%) from B3 (LGD5, 81%)

Ratings affirmed/assessments revised:

   -- US$375-Mln convertible senior subordinated notes at
      B3 (LGD 5, 88% from LGD6, 92%); and

   -- Corporate family rating at B1.

United Auto Group, headquartered in Detroit, Michigan, is one of
the largest automotive retailers in the U.S. and operates about
320 franchises.  Revenues approximated US$11.10.8 billion for
the LTM September 2006.


TISCALI SPA: Fitch Places CCC Default Rating on Watch Positive
--------------------------------------------------------------
Fitch Ratings placed Italy-based Tiscali S.p.A.'s Issuer Default
rating of CCC on Rating Watch Positive.  

Upon receipt of EUR255 million in proceeds from the sale of its
Tiscali Netherlands subsidiary, expected to occur on first
quarter 2007, the agency anticipates that the Rating watch will
be resolved and the IDR will be upgraded to B- from CCC.  At the
same time, the agency has affirmed the Short-term rating at C
and simultaneously withdrawn it.

Since September, Tiscali has repaid its EUR209.5 million
convertible notes by drawing down on the loan facility provided
by Silver Point Capital and by issuing new equity.  It has also
announced the sale of Tiscali Netherlands to KPN n.v. for EUR255
million, has presented its 2006-2010 business plan and has
announced a new EUR280 million facility from Banca Intesa to
replace the Silver Point Capital facilities.

The new facilities provided by Banca Intesa, together with the
proceeds of the sale of Tiscali Netherlands, will enable Tiscali
to carry out its plan to invest heavily in infrastructure in its
core markets of the U.K. and Italy and to offer new products and
services.

"Although Fitch remains skeptical over the long-term
sustainability of the standalone Internet service-provider
business model in the current competitive broadband markets,
Tiscali's new financing, combined with the EUR255 million from
the sale of Tiscali Netherlands, should provide sufficient
flexibility to sustain the business through the medium term,"
says David Shnaps, Analyst in Fitch's TMT team.

"The addition of new products following the acquisition of Video
Networks will complement existing services but is unlikely, in
Fitch's view, to be a significant driver of the business," Mr.
Shnaps added.

Fitch's skepticism over the standalone Internet service-provider
business model stems from competitors' strong product offerings,
superior financial resources, and their willingness to forego
incremental earnings in the immediate future, particularly in
the U.K.

The agency views that standalone ISPs such as Tiscali may find
it hard to generate sufficient positive cash flows after
investment to pay down debt if these competitive pressures
intensify further.  Nonetheless, even under a more conservative
forecast scenario, Tiscali's disposal proceeds and new Banca
Intesa funding should sustain the business in the short to
medium term.

Furthermore, despite Fitch's views on the standalone ISP
business model, the agency supports the company's strategy for
maintaining and building on its current broadband base,
currently comprising 400,000 LLU and 1.3 million wholesale
subscribers.  Ultimately, Tiscali's subscribers are expected to
remain a valuable and attractive asset to other telecoms
providers and this should provide more than sufficient debt
coverage for lenders.

Tiscali reported revenue from the U.K. and Italy of EUR625
million in the LTM to Q306.  This was a 20% increase in the nine
months since FY05, while LTM EBITDA from the U.K. and Italy rose
to EUR118 million from EUR95 million at FY05.  

Despite this increase, Tiscali had negative free cash flow of
EUR111 million in the 9M to Q306.  This is due to interest
expenses of EUR21 million and high group capital expenditure
cost of EUR125 million, a significant portion of which relates
to "broadband service activation costs.  

Tiscali had 1.7 million broadband subscribers as of September
2006.  After executing significant disposals over the past three
years, Tiscali has refocused its operations on two core markets,
the U.K. and Italy, compared to 15 countries previously.


VISION EMPLOYMENT: Creditors' Claims Due Feb. 9, 2007
-----------------------------------------------------
Creditors of Vision Employment (Agency) Ltd. have until
Feb. 9, 2007, to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any) to appointed
Liquidator M. H. Abdulali at:

         M. H. Abdulali
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke-on-Trent ST1 5TL
         United Kingdom

The company can be reached at:

         Vision Employment (Agency) Ltd.
         393 Dudley Road
         Birmingham
         West Midlands B18 4HD
         United Kingdom
         Tel: 0121 555 7577   


VISION WINDOWS: Brings In Liquidator from McTear Williams & Wood
----------------------------------------------------------------
Andrew McTear of McTear Williams & Wood was appointed Liquidator
of Vision Windows & Conservatories Limited on Nov. 14 for the
creditors' voluntary winding-up procedure.

Headquarteed in Sudbury, England, Vision Windows &
Conservatories Limited -- http://www.upvcglass.co.uk/--  
supplies and fits windows and conservatories, doors, cane
furniture and, soffits and fascias.


                        *     *     *

As reported in the TCR-Europe on July 5, Standard & Poor's
Ratings Services kept its 'B+' long-term corporate credit rating
on Russian steelmaker OAO Severstal on CreditWatch with positive
implications following the consolidation of the company's mining
assets.

The rating was placed on CreditWatch on May 26, following the
announcement of a previously agreed merger between Severstal and
Luxembourg-based steelmaker Arcelor S.A.  This merger was
cancelled on June 30.

As reported in the TCR-Europe on June 28, Fitch Ratings
maintained the Rating Watch Positive status for OAO Severstal's
ratings of Issuer Default BB-, senior unsecured BB-, Short-term
B and National Long-term A+.

Severstal, which raised just over US$1 billion placing shares in
London this month, plans to acquire more assets on the way to
becoming the world's second-largest steel maker, its 41-year-old
billionaire owner, Alexei Mordashov, has said.

The company, Russia's largest steel maker if foreign assets are
included, already has a presence in North America after its
purchase of Rouge Steel.


* BOOK REVIEW: The Chief Executives
-----------------------------------
Author:     Isadore Barmash
Publisher:  Beard Books
Paperback:  260 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982285/Internetbankru
pt

The Chief Executives by Isadore Barmash is a provocative book
dealing with the chief executive cult in America.  This should
be read by anyone interested in the American corporate system
and those who run it.

Isadore Barmash, one of the country's most respected business
writers, takes a penetrating look into the minds, hearts,
consciences, attitudes, and life styles of the CEOs of the
1970s.

This surprisingly candid book is based upon extensive research
and interviews with influential corporate chiefs, management
consultants, and economists.

Among others, Reginald Jones of GE, Irving Shapiro of Du Pont,
and John de Butts of AT&T offer new insights into management's
modus operandi, problems, and their own special public and
private worlds.

                           *********

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, and Zora Jayda Zerrudo Sala, Editors.

Copyright 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *