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         T R O U B L E D   C O M P A N Y   R E P O R T E R

           Monday, September 25, 2006, Vol. 10, No. 228

                             Headlines

ADVOCACY & RESOURCES: Files Schedules of Assets and Liabilities
AHERN RENTALS: Moody's Assigns Loss-Given-Default Rating
ALL-AMERICAN SPORTPARK: June 30 Balance Sheet Upside-Down by $7MM
ALLIED WASTE: Moody's Assigns Loss-Given-Default Ratings
AMC ENTERTAINMENT: Incurs $7.7 Million Net Loss in First Quarter

AMERICAN REAL: Subsidiary to Offer $250 Million of Senior Notes
AMERICAN AXLE: Transferring Work on Camaro Car to Mexican Plant
ANCHOR GLASS: Chief Executive Officer Mark Burgess Resigns
AQUILA INC: Buys Calpine Corp's Aries Power Plant for $158.5 Mil.
ASARCO LLC: Wants to File Stock Sale Motion Under Seal

ASARCO LLC: Court Okays Weinstein Kitchenoff as Special Counsel
AVIS BUDGET: Moody's Assigns Loss-Given-Default Ratings
BAYOU GROUP: Taps Navigant Consulting as Financial Advisor
BAYOU GROUP: Wants Klestadt & Winters as Conflicts Counsel
BAYTEX ENERGY: Moody's Assigns Loss-Given-Default Rating

BELDEN & BLAKE: Moody's Assigns Loss-Given-Default Rating
BORGWARNER INC: Customer Volume Decline Spurs 19% Workforce Cut
BRASKEM S.A.: Announces Amount of Early Tenders for 12.50% Notes
BRASKEM S.A.: Fitch Rates Proposed $275 Million Sr. Notes at BB+
BRIGHAM EXPLORATION: Moody's Assigns Loss-Given-Default Rating

BROOKLYN HOSPITAL: Has Until March 2007 to Decide on Leases
CABLEVISION SYSTEMS: Files Delinquent Financial Statements
CABLEVISION SYSTEMS: S&P Affirms BB Rating & Removes Watch
CALPINE CORP: Sells Aries Power Plant to Aquila Inc. for $158.5MM
CALPINE CORP: Selling Turbine Equipment on October 11

CASELLA WASTE: Moody's Assigns Loss-Given-Default Rating
CATHOLIC CHURCH: Tort Litigants Balk at Spokane & OAIC Settlement
CATHOLIC CHURCH: Mediation Ends Without Resolution on Plan Issues
CENTRAL FREIGHT: Amends Merger Agreement with North American Truck
CHAPARRAL ENERGY: Moody's Assigns Loss-Given-Default Rating

CHESAPEAKE ENERGY: Moody's Assigns Loss-Given-Default Ratings
CIMAREX ENERGY: Moody's Assigns Loss-Given-Default Rating
CLAYTON WILLIAMS: Moody's Assigns Loss-Given-Default Rating
COMPLETE RETREATS: Wants De Minimis Asset Sale Procedures Approved
COMPLETE RETREATS: Creditors' Panel Hires Bingham as Lead Counsel

COMPLETE RETREATS: Panel Wants DIP Objection Extended to Oct. 26
COMPTON PETROLEUM: Moody's Assigns Loss-Given-Default Rating
COMSTOCK RESOURCES: Moody's Assigns Loss-Given-Default Rating
CONGOLEUM CORP: Files Tenth Modified Joint Plan of Reorganization
CONVERSION SERVICES: Incurs $1.5 Mil. Net Loss in Second Quarter

COUDERT BROTHERS: Case Summary & 20 Largest Unsecured Creditors
DAVID ADKINS: Case Summary & 18 Largest Unsecured Creditors
DELL INC: Faces NASDAQ Delisting Due to Form 10-Q Late Filing
DELTA PETROLEUM: Moody's Assigns Loss-Given-Default Rating
DENBURY RESOURCES: Moody's Assigns Loss-Given-Default Ratings

DOE RUN: Peruvian Subsidiary Resolves Labor Strike
DOE RUN: Names Theodore Fox as New Chief Financial Officer
DOUGLAS WILD: Voluntary Chapter 11 Case Summary
DSL.NET INC: Receives Strategic Investment From MegaPath
DSL.NET INC: Incurs $5.7 Mil. Net Loss in 2006 Second Quarter

EASTMAN KODAK: To Shut Down Portion of New York Chemical Operation
EMO CORP: Involuntary Chapter 11 Case Summary
ENCORE ACQUISITION: Moody's Assigns Loss-Given-Default Ratings
ENERGY PARTNERS: Moody's Assigns Loss-Given-Default Rating
EXCO RESOURCES: Moody's Assigns Loss-Given-Default Rating

EXIDE TECHNOLOGIES: Reports $75 Mil. Rights Offering & Stock Sale
EXIDE TECHNOLOGIES: Bregman Disposes of 220 Shares of Common Stock
FALCONBRIDGE: Proceeds with Subsequent Acquisition of Novicourt
FESTIVAL FUN: S&P Affirms B Rating & Revises Outlook to Negative
FIDELITY MUTUAL: Okayed Plan Provides 100% Company Stock Transfer

FORD MOTOR: Vice President A.J. Wagner to Retire on January 2007
FOREST OIL: Moody's Assigns Loss-Given-Default Ratings
FREESCALE SEMICONDUCTOR: Fitch Lowers Sr. Facility's Rating to BB+
GREENMAN TECH: Equity Deficit Widens to $11.6 Million at June 30
GEORGIA GULF: Offering $750 Million of Senior Notes

H&E EQUIPMENT: Moody's Assigns Loss-Given-Default Ratings
HARVEST OPERATIONS: Moody's Assigns Loss-Given-Default Rating
HELIX ENERGY: Moody's Assigns Loss-Given-Default Ratings
HERTZ CORPORATION: Moody's Assigns Loss-Given-Default Ratings
HESS CORPORATION: Moody's Assigns Loss-Given-Default Ratings

HILCORP ENERGY: Moody's Assigns Loss-Given-Default Ratings
HORSESHOE NAIL: Case Summary & Nine Largest Unsecured Creditors
HOUSTON EXPLORATION: Moody's Assigns Loss-Given-Default Rating
IESI CORPORATION: Moody's Assigns Loss-Given-Default Ratings
IMAGEWIRE SYSTEMS: Has $1.8MM Working Capital Deficit at June 30

INCO LTD: Reaches Tentative Labor Pact with Union Workers
INTEGRAL VISION: Net Loss Rises to $762,000 in Second Quarter 2006
IPC ACQUISITION: Moody's Assigns Loss-Given-Default Ratings
KENNETH MORGAN: Case Summary & 18 Largest Unsecured Creditors
KH EXPRESS: Case Summary & 20 Largest Unsecured Creditors

KIRKLAND KNIGHTSBRIDGE: Case Summary & 34 Largest Unsec. Creditors
LAZARD LTD: Names Georges Ralli as Chief Executive Officer
LSP-KENDALL: LS's Portfolio Acquisition Cues S&P's Rating Watch
LYONDELL CHEMICAL: Repays Portion of Term Loan from Notes Proceeds
MARGO CARIBE: Deloitte Resigns as Independent Accountant

MARINER ENERGY: Moody's Assigns Loss-Given-Default Rating
MINDREADY SOLUTIONS: March 31 Balance Sheet Upside-Down by $3 Mil.
MULTIPLAN INC: S&P Assigns B+ Rating to $360 Million Senior Loan
NEFF RENTALS: Moody's Assigns Loss-Given-Default Rating
NES RENTALS: Moody's Assigns Loss-Given-Default Rating

NEWFIELD EXPLORATION: Moody's Assigns Loss-Given-Default Ratings
NOVELIS INC: 2006 1st Quarter Financials Filing Cures Default
OCEAN WEST: Posts $3.6 Mil. Net Loss in 2006 Second Quarter
OFFICEMAX INC: S&P Affirms B+ Rating & Revises Outlook to Stable
OWENS CORNING: Appoints 3 New Members to its Board of Directors

PARADIGM MEDICAL: June 30 Balance Sheet Upside-Down by $1.6 Mil.
PARAMOUNT RESOURCES: Moody's Assigns Loss-Given-Default Ratings
PENHALL INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
PEP BOYS: Seeks to Expand Credit Facility by $120 Million
PERSONA COMMS: Moody's Assigns Loss-Given-Default Ratings

PETROHAWK ENERGY: Moody's Assigns Loss-Given-Default Ratings
PETROQUEST ENERGY: Moody's Assigns Loss-Given-Default Rating
PINNACLE ENTERTAINMENT: Eyeing $250 Mil. Credit Facility Increase
PIONEER NATURAL: Moody's Assigns Loss-Given-Default Ratings
PITTSFIELD WEAVING: Case Summary & 20 Largest Unsecured Creditors

PLAINS EXPLORATION: Moody's Assigns Loss-Given-Default Ratings
POGO PRODUCING: Moody's Assigns Loss-Given-Default Ratings
POPULAR CLUB: Court to Hear Lease Rejection Plea on October 2
PRO TECH: Losses Continue in 2006 Second Quarter
Q-C PERRYVILLE: Case Summary & 16 Largest Unsecured Creditors

QUICKSILVER RESOURCES: Moody's Assigns Loss-Given-Default Rating
RANGE RESOURCES: Moody's Assigns Loss-Given-Default Ratings
REVLON INC: Elects David Kennedy as Director, President and CEO
ROSS DEVELOPMENT: Case Summary & Largest Unsecured Creditor
SEAGATE TECH: Discloses Pricing for $1.5 Billion of Senior Notes

SILICON GRAPHICS: Court Approves Ernst & Young as Auditors
SILICON GRAPHICS: Gets Okay to Hire Deloitte FAS as Accountants
SILICON GRAPHICS: LGE Gets Okay to Withdraw Lift Stay Motion
SOUTHWESTERN ENERGY: Moody's Assigns Loss-Given-Default Ratings
STEVE HETRICK: Case Summary & 10 Largest Unsecured Creditors

STOLLE MACHINERY: Moody's Assigns Loss-Given-Default Ratings
STONE ENERGY: Moody's Assigns Loss-Given-Default Ratings
SUNSTATE EQUIPMENT: Moody's Assigns Loss-Given-Default Rating
SWIFT ENERGY: Moody's Assigns Loss-Given-Default Ratings
TELESOURCE INT'L: Mar. 31 Stockholders' Deficit Rises to $9.3 Mil.

TELESOURCE INT'L: 2006 Second Quarter Net Loss Down to $482,034
TYSON FOODS: S&P Lowers Rating on $2.1 Billion Sr. Debt to BB+
UNITED RENTALS: Moody's Assigns Loss-Given-Default Ratings
VANGUARD CAR: Moody's Assigns Loss-Given-Default Ratings
VENOCO INC: Moody's Assigns Loss-Given-Default Ratings

VICTORIA INDUSTRIES: Earns $95,747 in Six-Months Ended June 30
W&T OFFSHORE: Moody's Assigns Loss-Given-Default Ratings
WASTE SERVICES: Moody's Assigns Loss-Given-Default Ratings
WCA WASTE: Moody's Assigns Loss-Given-Default Rating
WERNER LADDER: Wants To Extend Lease Decision Period to Jan. 8

WERNER LADDER: Committee Wants Directors to Produce Documents
WESCO AIRCRAFT: Moody's Assigns Loss-Given-Default Ratings
WESTERN OIL: Moody's Assigns Loss-Given-Default Ratings
WHITING PETROLEUM: Moody's Assigns Loss-Given-Default Ratings
WINDOW ROCK: Hires Deeth Williams as Special Canadian Counsel

WINDOW ROCK: Hires MachPherson Kwok as Special Property Counsel
WINN-DIXIE: Wants Court to Retroactively Approve 12 Agreements
WINN-DIXIE: Wants 26 Contracts & Leases Rejected Effective Oct. 5
WINSTAR COMMS: Trustee Wants Court to Approve Patient Safety Pact
WINSTAR COMMS: Frank Rosen Wants Payment of $263,146 Fee

ZOOMERS HOLDING: Excl. Plan Filing Period Stretched to November 27
ZOOMERS HOLDING: Court Sets December 15 as Claims Bar Date

* BOND PRICING: For the week of September 18 -- September 22, 2006

                             *********

ADVOCACY & RESOURCES: Files Schedules of Assets and Liabilities
---------------------------------------------------------------
Advocacy & Resources Corporation delivered to the U.S. Bankruptcy
Court for the Middle District of Tennessee its schedules of assets
and liabilities, disclosing:

     Name of Schedule              Assets           Liabilities
     ----------------              ------           -----------
  A. Real Property               $6,779,100
  B. Personal Property           $7,308,068
  C. Property Claimed
     as Exempt
  D. Creditors Holding                              $11,044,333
     Secured Claims                                
  E. Creditors Holding                                 $488,349
     Unsecured Priority Claims
  F. Creditors Holding                               $7,967,484
     Unsecured Nonpriority
     Claims
                               ------------        ------------
     Total                      $14,087,168         $19,500,166

Headquartered in Cookeville, Tennessee, Advocacy and Resources
Corporation is a non-profit corporation that manufactures food
products for feeding programs operated by the U.S. Government.
Customers include the U.S. Department of Agriculture, the
Department of Defense, and other private distribution firms.  The
Company filed for chapter 11 protection on June 20, 2006 (Bankr.
M.D. Tenn. Case No. 06-03067).  John Hayden Rowland, Esq., at
Baker Donelson Bearman Caldwell and Berkowitz, P.C., represents
the Debtor.  When the Debtor filed for chapter 11 protection, it
estimated assets and debts between $10 million and $50 million.


AHERN RENTALS: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. rental company sector last week, the
rating agency confirmed its B2 Corporate Family Rating for Ahern
Rentals, Inc., and its B3 rating on the company's $175 million
issue of 9.25% second priority senior secured notes due 2012.  
Additionally, Moody's assigned an LGD5 rating to those bonds,
suggesting noteholders will experience a 73% loss in the event of
a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Ahern Rentals, headquartered in Las Vegas, Nevada, is a regional
equipment supplier in the Mid-West and West Coast regions.


ALL-AMERICAN SPORTPARK: June 30 Balance Sheet Upside-Down by $7MM
-----------------------------------------------------------------
All-American SportPark, Inc., incurred a $191,690 net loss on
$654,450 of net revenues for the three months ended June 30, 2006,
compared to a $146,219 net loss on $638,173 of net revenues in
2005, the Company disclosed in its second quarter financial
statements on Form-10QSB filed with the Securities and Exchange
Commission.

At June 30, 2006, the Company's balance sheet showed $1,103,946 in
total assets and $8,770,971 in total liabilities, resulting in a
$7,767,388 stockholders' deficit.

The Company's June 30 balance sheet also showed strained liquidity
with $44,893 in total current assets available to pay $2.2 million
in total current liabilities coming due within the next 12 months.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1225

                       Going Concern Doubt

Piercy Bowler Taylor & Kern in Las Vegas, Nevada, raised
substantial doubt about All-American SportPark's ability to
continue as a going concern after auditing the Company's
consolidated financial statements for the year ended
Dec. 31, 2005.  The auditor pointed to the Company's recurring
operating losses, negative working capital, and substantial
shareholders' deficiency.

                 About All-American SportPark

All-American SportPark, Inc., manages and operates the Callaway
Golf Center.  The CGC includes the Divine Nine par 3 golf course
fully lighted for night golf, a 110-tee two-tiered driving range,
a 20,000 square foot clubhouse which includes the Callaway Golf
fitting center and Pro Shop and two tenants, the Saint Andrews
Golf Shop retail store and a restaurant.


ALLIED WASTE: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. solid waste sector last week, the rating
agency confirmed its B2 Corporate Family Rating for Allied Waste
Industries, Inc., and its Allied Waste North America, Inc.,
subsidiary, and that intermediate subsidiary's subsidiary
Browning-Ferris Industries, Inc.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-default
ratings on these debt obligations and equity securities:

Issuer: Allied Waste Industries, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $230 million 4.25%
   senior subordinated
   convertible bonds
   due 2034              Caa2     Caa1     LGD5       85%

   $600 million 6.25%
   senior mandatory
   convertible
   preferred stock
   due 2008              Caa3     Caa1    LGD6        98%

Issuer: Allied Waste North America, Inc. (Subsidiary)

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $1.575 billion
   guaranteed senior
   secured revolver
   due 2010               B1       Ba3     LGD2       26%

   $1.275 billion
   guaranteed senior
   secured term loan
   due 2012               B1       Ba3     LGD2       26%

   $495 million
   guaranteed senior
   secured Tranche A
   letter of credit
   facility due 2012      B1       Ba3     LGD2      26%

   $750 million 8.5%
   guaranteed senior
   secured notes
   due 2008               B2       B2      LGD4      57%

   $595 million 7.125%
   guaranteed senior
   secured notes
   due 2016               B2       B2      LGD4      57%

   $350 million 6.5%
   guaranteed senior
   secured notes
   due 2010               B2       B2      LGD4      57%

   $400 million 5.75%
   guaranteed senior
   secured notes
   due 2011               B2       B2      LGD4      57%

   $275 million
   6.375% guaranteed
   senior secured
   notes due 2011         B2       B2      LGD4      57%

   $251 million 9.25%
   guaranteed senior
   secured notes
   due 2012               B2       B2      LGD4      57%

   $450 million
   7.875% guaranteed
   senior secured
   notes due 2013         B2       B2      LGD4      57%

   $425 million
   6.125% guaranteed
   senior secured
   notes due 2014         B2       B2      LGD4      57%

   $600 million 7.25%
   guaranteed senior
   secured notes
   due 2015               B2       B2      LGD4      57%

   $400 million
   7.375% guaranteed
   senior unsecured
   notes due 2014         Caa1     B3      LGD4      64%

Issuer: Browning-Ferris Industries, Inc.
         (assumed by Allied Waste North America, Inc.)

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $156 million
   6.375% senior
   secured notes
   due 2008               B2       B2      LGD4      57%

   $96 million 9.25%
   secured debentures
   due 2021               B2       B2      LGD4      57%

   $293 million 7.4%
   secured debentures
   due 2035               B2       B2      LGD4      57%

   $280 million of
   industrial revenue
   bonds                  Caa1     B3      LGD4      64%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Based in Scottsdale, Arizona, Allied Waste Industries, Inc.
(NYSE: AW) -- http://www.investor.alliedwaste.com/-- provides  
collection, recycling and disposal services to residential,
commercial and industrial customers in the United States.  As of
Dec. 31, 2005, the Company operated a network of 310 collection
companies, 166 transfer stations, 169 active landfills and 57
recycling facilities in 37 states and Puerto Rico.


AMC ENTERTAINMENT: Incurs $7.7 Million Net Loss in First Quarter
----------------------------------------------------------------
AMC Entertainment Inc. incurred a $7.7 million net loss on
$651.1 million of net revenues for the three months ended
June 29, 2006, compared to a $27.7 million net loss on
$412.7 million of revenues in 2005.

The Company's June 30 balance sheet also showed strained liquidity
with $442 million in total current assets available to pay
$468.7 million in total current liabilities coming due within the
next 12 months.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?122f

Headquartered in Kansas City, Missouri, AMC Entertainment Inc. --
http://www.amctheatres.com/-- is a worldwide leader in the  
theatrical exhibition industry.  The company serves more than 250
million guests annually through interests in 415 theatres and
5,672 screens in 12 countries including the United States.

                            *    *    *

As reported in the Troubled Company Reporter on July 14, 2006,
Standard & Poor's Ratings Services placed its ratings on AMC
Entertainment Inc., including the 'B' corporate credit rating, on
CreditWatch with negative implications, based on the company's
high leverage and S&P's expectations that it will be difficult to
bring leverage down consistent with the timeline that S&P's rating
had originally anticipated.


AMERICAN REAL: Subsidiary to Offer $250 Million of Senior Notes
---------------------------------------------------------------
American Real Estate Partners, L.P.'s indirect wholly-owned
subsidiary, American Entertainment Properties Corp., intends to
offer $250 million aggregate principal amount of senior floating
rate notes due 2014 in a private placement transaction.

Subject to the receipt of approval from Nevada gaming authorities,
the net proceeds from the offering will be used to pay a dividend
to its direct parent, and to pay fees and expenses of the
offering.

The notes to be offered have not been registered under the
Securities Act of 1933 or applicable state securities laws and may
not be offered or sold in the United States absent registration or
an applicable exemption from the registration requirements of the
Securities Act of 1933 and applicable state securities laws.

American Real Estate Partners, L.P. -- http://www.areplp.com/--
a master limited partnership, is a diversified holding company
engaged in a variety of businesses.  AREP's businesses currently
include gaming; oil and gas exploration and production; real
estate and home fashion.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 28, 2006,
Standard & Poor's Rating Services raised its ratings on senior
debt issued by American Real Estate Partners L.P. to 'BB+' from
'BB.'  The outlook is stable.


AMERICAN AXLE: Transferring Work on Camaro Car to Mexican Plant
---------------------------------------------------------------
American Axle & Manufacturing's workers at its Buffalo plant were
disappointed when the company decided to send work on General
Motor's new Camaro muscle car to Mexico, Business First of Buffalo
reports.

"I'm disappointed and disgusted," Kevin Donovan, the United Auto
Workers union's Region 9 assistant director, told Business First.  
"The plant worked hard to make American Axle a success which gave
them the opportunity to build plants in Mexico.  Now the company
is taking work that we worked real hard to bring here and is
putting it into Mexico."

Mr. Donovan told Business First that 130 local jobs probably would
have been involved in producing components for the Camaro, which
is being introduced in the 2008 model year.  The plant has about
650 hourly workers.  Several hundred more are on layoff, some
since early this year.

Plant officials assured workers that American Axle will
aggressively pursue other new work for the Delavan Avenue
facility, the same report says.

                    About American Axle  

American Axle & Manufacturing -- http://www.aam.com/--    
manufactures, engineers, designs and validates driveline and
drivetrain systems and related components and modules, chassis  
systems and metal-formed products for light trucks, sport utility
vehicles and passenger cars.  In addition to locations in the
United States, AAM also has offices or facilities in Brazil,
China, England, Germany, India, Japan, Mexico, Poland, Scotland
and South Korea.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 17, 2006,  
Standard & Poor's Ratings Services assigned its 'BB' rating to
the new $50 million senior unsecured term loan of American Axle &
Manufacturing Inc. (BB/Negative/--).  

The corporate credit ratings on American Axle and parent company,
American Axle & Manufacturing Holdings Inc., are 'BB'.  The rating
outlook is negative.  The company has about $717 million of lease-
adjusted debt and $425 million of underfunded employee benefit
liabilities.


ANCHOR GLASS: Chief Executive Officer Mark Burgess Resigns
----------------------------------------------------------
Anchor Glass Container Corporation's CEO, Mark S. Burgess, has
resigned effective immediately.

In making the announcement, Mr. Burgess said, "I have enjoyed my
time at Anchor, and am proud that I could participate in the
company's turnaround efforts during the last year.  With the
company now on firm financial footing with a promising future, it
is time for me to spend more time with my family and explore other
opportunities."

Jim Continenza, Director and former Chairman of Anchor's
Compensation Committee has assumed the role of CEO.  Mr.
Continenza previously has served as CEO of Telligent, Inc.
and most recently has served on the board of directors for
Rural Cellular Corp., Inc., Maxim Crane Works, Inc., and USA
Mobility, Inc. He also served as a director for Microcell
Telecommunications, Inc. of Canada, which was acquired by Rogers
Wireless, Inc.

"We thank Mark for his contributions in leading the company
through the bankruptcy process and his efforts in helping the
company return to profitable operations," Anchor's Board Chairman
Eugene Davis said.  "We wish him well in his future endeavors."

Headquartered in Tampa, Florida, Anchor Glass Container
Corporation is the third-largest manufacturer of glass containers
in the United States.  Anchor manufactures a diverse line of flint
(clear), amber, green and other colored glass containers for the
beer, beverage, food, liquor and flavored alcoholic beverage
markets.  The Company filed for chapter 11 protection on Aug. 8,
2005 (Bankr. M.D. Fla. Case No. 05-15606).  Robert A. Soriano,
Esq., at Carlton Fields PA, represents Anchor Glass in its
restructuring efforts.  Edward J. Peterson, III, Esq., at
Bracewell & Guiliani, represents the Official Committee of
Unsecured Creditors.  When Anchor Glass filed for protection from
its creditors, it listed $661.5 million in assets and $666.6
million in debts.  The Court confirmed Anchor Glass' second
Amended Plan of Reorganization on April 18, 2006.  Anchor Glass
emerged from Chapter 11 protection on May 3, 2006.


AQUILA INC: Buys Calpine Corp's Aries Power Plant for $158.5 Mil.
-----------------------------------------------------------------
Aquila, Inc. has agreed to purchase a 580-megawatt, natural gas-
fired power plant, known as the "Aries" plant, in Pleasant Hill,
Missouri, from Calpine Corporation for $158.5 million.

The parties submitted the purchase agreement to the U.S.
Bankruptcy Court for Southern District of New York, on
Sept. 22, 2006.  The transaction is subject to bankruptcy court
approval, following an opportunity for other parties to submit
higher or better bids under bidding procedures adopted by the
court.  If the court adopts the procedural schedule proposed by
the parties, the transaction is expected to close in December of
this year.  The transaction is also subject to approval by the
Federal Energy Regulatory Commission.

"With our communities in Missouri continuing to grow, some at
double-digit rates, and the increasing demand for electricity by
our customers, we need additional power," said Keith Stamm,
Aquila's senior vice president and chief operating officer.  
"Adding the Aries power plant to our utility fleet of power
generating facilities will keep us in a position to satisfy our
customers' needs."

Aquila intends to utilize the Aries facility as an "intermediate-
capacity" power plant.  Intermediate power plants are generally
used to provide power over an extended period of time to
supplement base load coal and nuclear power plants.  It is
Aquila's intention to offer employment to all current employees at
the Aries facility.

                       About Calpine Corp.

Headquartered in San Jose, California, Calpine Corporation (OTC
Pink Sheets: CPNLQ) -- http://www.calpine.com/-- supplies  
customers and communities with electricity from clean, efficient,
natural gas-fired and geothermal power plants.  Calpine owns,
leases and operates integrated systems of plants in 21 U.S. states
and in three Canadian provinces.  Its customized products and
services include wholesale and retail electricity, gas turbine
components and services, energy management and a wide range of
power plant engineering, construction and maintenance and
operational services.

The Company filed for chapter 11 protection on Dec. 20, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-60200).  Richard M. Cieri, Esq.,
Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G.
Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their
restructuring efforts.  Michael S. Stamer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors.  As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities.

                           About Aquila

Based in Kansas City, Missouri, Aquila, Inc. (NYSE:ILA) --
http://www.aquila.com/-- operates electricity and natural  
gas transmission and distribution utilities serving customers
in Colorado, Iowa, Kansas, Michigan, Minnesota, Missouri and
Nebraska.  The company also owns and operates power generation
assets.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 18, 2006,
Moody's Investors Service upgraded the $300 million senior secured
bank facility of Aquila, Inc., to Ba2 from Ba3.  At the same time,
Moody's raised Aquila's corporate family rating to B1 from B2.  
Moody's rating of Aquila's long-term senior unsecured obligations
remains unchanged at B2.  The rating outlook is changed to stable
from positive.

As reported in the Troubled Company Reporter on Sept. 6, 2006,
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Aquila Inc. to 'B' from 'B-'.  The rating remains
on CreditWatch with positive implications.

At the same time, Standard & Poor's raised its short-term
corporate credit rating to 'B-2' from 'B-3' and removed the rating
from CreditWatch with positive implications.


ASARCO LLC: Wants to File Stock Sale Motion Under Seal
------------------------------------------------------
ASARCO LLC seeks authority from the U.S. Bankruptcy Court for the
Southern District of Texas in Corpus Christi to file its motion to
sell shares of stock and open a brokerage account under seal.

Tony M. Davis, Esq., at Baker Botts L.L.P., in Houston, Texas,
relates that ASARCO owns shares of stock in certain publicly
traded companies.  ASARCO has decided to sell its shares of
stock.  To effect the sale, ASARCO will open a brokerage account
solely for the purpose of the sale.

ASARCO wishes to avoid any detrimental impact on the stock market
that may result from the sale of its shares of the stock, which
would reduce the value of the assets, and therefore the amount
that it will realize from the stock sales.

ASARCO asks the Court to protect the commercial impact of the
information by authorizing it to file the Stock Sale Motion under
seal.

Mr. Davis says ASARCO has shared drafts with the Committees and
other constituencies before filing the sale motion, and does not
expect any objections to be filed in connection with the
pleadings.

                         About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--  
is an integrated copper mining, smelting and refining company.  
Grupo Mexico S.A. de C.V. isASARCO's ultimate parent.  The Company
filed for chapter 11protection on Aug. 9, 2005 (Bankr. S.D. Tex.
Case No. 05-21207).James R. Prince, Esq., Jack L. Kinzie, Esq.,
and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel
Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble,
Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the
Debtor in its restructuring efforts.  Lehman Brothers Inc.
provides the ASARCO with financial advisory services and
investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.  When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and
$1 billion in total debts.

The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525).  They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No.
05-21346) also filed for chapter 11 protection, and ASARCO has
asked that the three subsidiary cases be jointly administered
with its chapter 11 case.  On Oct. 24, 2005, Encycle/Texas' case
was converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7
Trustee. (ASARCO Bankruptcy News, Issue No. 29; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000)


ASARCO LLC: Court Okays Weinstein Kitchenoff as Special Counsel
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas in
Corpus Christi authorized ASARCO LLC to employ Weinstein
Kitchenoff & Asher, LLC, as its special litigation counsel, nunc
pro tunc to Aug. 9, 2005.

As reported in the Troubled Company Reporter on Sept. 4, 2006,
ASARCO Inc., ASARCO LLC's predecessor, retained Weinstein
Kitchenoff & Asher, LLC, to represent it in the investigation and
prosecution of the company's claims relating to antitrust
violations affecting the market for copper cathode and copper rod.

On behalf of Asarco Inc., Weinstein filed a complaint against
JPMorgan Chase & Co. and Morgan Guaranty Trust Company of New York
in the United States District Court for the Western District of
Wisconsin, alleging that:

   (a) the Defendants formed an unlawful conspiracy with other
       parties to raise, fix, stabilize, and maintain copper
       prices at artificially high levels, in violation of the
       Sherman Act; and

   (b) the conspiracy inflated the price of copper, causing
       injury to first purchasers of copper cathode and copper
       rod.

Asarco Inc. sought to recover damages against the Defendants,
plus attorney fees, costs, disbursement and interest.

In March 2004, the District Court granted the Defendants' motion
for summary judgment against ASARCO, finding that ASARCO's claims
had been filed after the expiration of the applicable four-year
limitations period.

Subsequently, ASARCO appealed the judgment.  In February 2006,
the Seventh Circuit Court of Appeals reversed the District
Court's order with respect to ASARCO's claims.  The Court of
Appeals found that there were issues of fact pertinent to the
date by which the Plaintiffs should have discovered their claims
and the related questions of equitable estoppel and fraudulent
concealment, which should have prevented the entry of summary
judgment against ASARCO and its co-plaintiffs.

Since the entry of the Seventh Circuit Order, James R. Prince,
Esq., at Baker Botts L.L.P., in Dallas, Texas, tells the Court
that the Antitrust Litigation has regained momentum and the
parties are now gearing up for factual and expert discovery on
the various open issues, most importantly the damages
calculation.

It is impossible to estimate ASARCO's potential recovery from the
litigation now, Mr. Prince contended.  The actual number depends
on:

   -- the magnitude of ASARCO's copper cathode purchases during
      the relevant period, September 1993 to mid-1996; and

   -- the effect that the market manipulation had on the price of
      copper cathode.

Nonetheless, the recovery could potentially involve a substantial
amount of money, Mr. Prince said.

Since the resolution of the appeal, Mr. Prince noted that
Weinstein has been hard at work preparing the case for trial and
obtaining, through discovery of the parties to the litigation and
third-party discovery, the evidence necessary to prove damages at
trial.  It is estimated that the action will be tried in July
2007.

Thus, ASARCO find it imperative to retain Weinstein to continue
to represent it in the ongoing Copper Antitrust Litigation.

Weinstein will be compensated under a contingency-fee
arrangement:

                                       Recovery
                    --------------------------------------------
                     Before      After     During   By Judgment/
Timing of Recovery Discovery   Discovery   Trial    After Trial
-----------------  ---------   ---------   ------   -----------
On Amounts up to
$5,000,000            30%        33.33%    33.33%      33.33%

On increments of
$5,000,000 to
$10,000,000           26%        31%       32%         33.33%

In addition to the contingency fee, Weinstein will be reimbursed
for its pro rata share of litigation expenses.  The reimbursement
of expenses is also contingent on the successful conclusion of
the litigation.

Weinstein intends to associate additional firms as counsel and
local counsel.  Weinstein and all other additional firms may
enter into a fee-sharing agreement among themselves.  The fee-
sharing agreement, however, will not result in any fee increase
or other cost or compensation to be paid by ASARCO, Mr. Prince
noted.

Robert S. Kitchenoff, Esq., member of Weinstein Kitchenoff &
Asher, LLP, assured the Court that his firm does not represent
any interest adverse to ASARCO and its estate.  Thus, Weinstein
is a "disinterested person" as defined in Section 101(14) of
Bankruptcy Code.

                         About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--  
is an integrated copper mining, smelting and refining company.  
Grupo Mexico S.A. de C.V. isASARCO's ultimate parent.  The Company
filed for chapter 11protection on Aug. 9, 2005 (Bankr. S.D. Tex.
Case No. 05-21207).James R. Prince, Esq., Jack L. Kinzie, Esq.,
and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel
Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble,
Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the
Debtor in its restructuring efforts.  Lehman Brothers Inc.
provides the ASARCO with financial advisory services and
investment banking services.  Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.  When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and
$1 billion in total debts.

The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525).  They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No.
05-21346) also filed for chapter 11 protection, and ASARCO has
asked that the three subsidiary cases be jointly administered
with its chapter 11 case.  On Oct. 24, 2005, Encycle/Texas' case
was converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7
Trustee. (ASARCO Bankruptcy News, Issue No. 29; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/
or 215/945-7000)


AVIS BUDGET: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. rental company sector last week, the
rating agency confirmed its Ba2 Corporate Family Rating for Avis
Budget Car Rental, LLC.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Gtd. Sr. Sec.
   Revolving Credit
   Facility due 2011     Ba2       Ba1     LGD3     30%

   Gtd. Sr. Sec.
   Term Loan B
   due 2012              Ba2       Ba1     LGD3     30%

   7.625% Sr. Unsec.
   Gl. Notes due 2014    Ba3       Ba3     LGD5     74%

   7.750% Sr. Unsec.
   Gl. Notes due 2016    Ba3       Ba3     LGD5     74%

   Flt. Rt. Sr. Unsec.
   Notes due 2014        Ba3       Ba3     LGD5     74%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Based in Parsippany, New Jersey, and operating under the AVIS and
BUDGET brand names, Avis Budget Car Rental, LLC, is the one of the
largest general use car rental companies in the world.  Avis is a
leading supplier to the premium travel segment and Budget is
considered a top value brand in the leisure segment.  For 2005,
the rental company maintained an average fleet of 372,000
vehicles.  Approximately 84% and 80% of the domestic Avis and
Budget car rental revenues, respectively, were derived from
airport locations in 2005.


BAYOU GROUP: Taps Navigant Consulting as Financial Advisor
----------------------------------------------------------
Bayou Group LLC and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to employ Navigant
Consulting Inc. as their financial advisor, nunc pro tunc to
Aug. 25, 2006.

Navigant Consulting is expected to:

     a) analyze the Debtors' books and records, review banking and
        brokerage records, review forensic investigations,
        investigate potentially recoverable funds, review fair and
        equitable distribution methodologies and associated
        financial, and perform other inquires as may be mutually
        agreed upon;

     b) provide reports of work performed and testimony regarding
        its findings, as appropriate and mutually agreed upon; and

     c) consult with the Debtors or counsel on matters that are
        not duplicative of services provided by other
        professionals.

The firm's professionals will bill between $235 and $650 per hour
for this engagement.  

The Debtor assures the Court that the firm does not hold any
interest adverse to the Debtors' estate and is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached at:

     Navigant Consulting Inc.
     20 Madison Avenue Extension
     Albany, NY 12203-5326
     Tel : (518) 464-2700
     Fax : (518) 456-6008
     http://www.navigantconsulting.com/

Headquartered in Chicago, Illinois, Bayou Group, LLC, operates and
manages hedge funds.  The company and its affiliates filed for
chapter 11 protection on May 30, 2006 (Bankr. S.D.N.Y. Case No.
06-22306).  Elise Scherr Frejka, Esq., at Dechert LLP, represents
the Debtors in their restructuring efforts.  When the Debtors
filed for protection from their creditors, they estimated assets
and debts of more than $100 million.


BAYOU GROUP: Wants Klestadt & Winters as Conflicts Counsel
----------------------------------------------------------
Bayou Group LLC and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to employ Klestadt &
Winters LLP as their conflicts counsel, nunc pro tunc to
Aug. 25, 2006.

Klestadt & Winters is expected to:

     a) provide legal advice with respect to the Debtors' powers
        and duties as debtor-in-possessions;

     b) take all necessary actions to protect and preserve the
        estates of the Debtors, including the prosecution of
        actions on the Debtors' behalf, the defense of any
        actions commenced against the Debtors, the negotiations
        of disputes in which the Debtors are involved, and the
        preparation of objections to claims filed against the
        Debtors' estates;

     c) prepare on behalf of the Debtors, as debtors-in-
        possession, all necessary motions, applications,
        answers, orders, and other papers in connection with
        the administration of the Debtors' estates;

     d) evaluate, institute, assert, prosecute, defend,
        compromise, and settle claims and causes of action on
        behalf of the Debtors, as well as claims and causes of
        actions for fraudulent conveyance and other third party
        actions on behalf of the Debtors;

     e) negotiate and draft the plan and all documents related
        thereto, including, but not limited to, the disclosure
        statements and ballots for voting thereon;

     f) take all necessary to confirm and implement the plan,
        including, if necessary, modifications thereof and
        negotiate financing therefore; and

     g) perform all other necessary and appropriate legal
        services in connection with the prosecution of these
        cases.

The Debtors inform the Court that Tracy L. Klestadt, Esq., will
bill $475 per hour for this engagement.  The Debtors further show
that the firm's attorneys will bill between $175 to $475 per hour.  
The firm's paralegals bill at $125 per hour.

The Debtors assure the Court that the firm does not hold any
interest adverse to its estates and is a "disinterested person" as
that term defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Klestadt & Winters LLP
     292 Madison Avenue, 17th Floor
     New York, NY 10017-6314
     Tel: (212) 972-3000
     Fax: (212) 972-2245

Headquartered in Chicago, Illinois, Bayou Group, LLC, operates and
manages hedge funds.  The company and its affiliates filed for
chapter 11 protection on May 30, 2006 (Bankr. S.D.N.Y. Case No.
06-22306).  Elise Scherr Frejka, Esq., at Dechert LLP, represents
the Debtors in their restructuring efforts.  When the Debtors
filed for protection from their creditors, they estimated assets
and debts of more than $100 million.


BAYTEX ENERGY: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B1 Corporate
Family Rating for Baytex Energy, Ltd., and its B3 rating on the
company's 9.625% Senior Subordinated Global Exchange Notes due
2010.  Additionally, Moody's assigned an LGD5 rating to those
bonds, suggesting noteholders will experience a 77% loss in the
event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as its research has shown that credit losses on
bank loans have tended to be lower than those for similarly rated
bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).


BELDEN & BLAKE: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Caa1 Corporate
Family Rating for Belden & Blake Corporation, and its Caa1 rating
on the company's 8.75% Senior Secured Guaranteed Global Notes due
2012.  Additionally, Moody's assigned an LGD4 rating to those
bonds, suggesting noteholders will experience a 67% loss in the
event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Belden & Blake Corporation -- http://www.beldenblake.com/--   
develops, produces, operates and acquires oil and natural gas
properties in the Appalachian and Michigan Basins (a region which
includes Ohio, Pennsylvania, New York and Michigan).  The company
is a subsidiary of Capital C, an affiliate of EnerVest Management
Partners, Ltd.


BORGWARNER INC: Customer Volume Decline Spurs 19% Workforce Cut
---------------------------------------------------------------
In response to declining North American auto industry production,
BorgWarner Inc. is in the process of reducing its North American
workforce by approximately 850 people, or 13%, spread across its
19 operations in the U.S., Canada and Mexico.  The reductions are
driven by recent customer volume decreases and restructurings, and
are expected to be substantially completed by the end of October.

"We continue to adjust our North American operations to the
realities of the region's drastic volume declines and customer
restructurings, despite the fact that our growth in other parts of
the world remains strong," said Tim Manganello, chairman and CEO.
"All of our North American operations are affected by the
significant recent actions at Ford, DaimlerChrysler, General
Motors and other customers.  This is more than a 'one customer,
one product' issue.  We are resizing our North American operations
in response to current market conditions, and will continue to
proactively manage our North American business as we build
infrastructure in those regions of the world where we are
growing."

The company also revised its full-year 2006 earnings guidance down
to $3.95 to $4.10 per share due to the significant recent customer
volume declines and a greater-than-expected impact from higher
commodity prices.  The range excludes a one-time cost of
approximately $0.15 per share related to the restructuring.
Previous guidance was $4.35-$4.60 per share for the full year.

Mr. Manganello noted that despite weak industry conditions in
North America, the company still expects to grow company-wide 2006
sales at the low end of its original guidance of 5% to 7% and be
back on track for 7% to 9% growth in 2007.

"The North American auto industry is undergoing fundamental
change," he said.  "The steps we are taking are difficult but
necessary to assure our long-term growth.  Demand for our
technologies that improve fuel economy, emissions reductions,
performance and vehicle stability in Europe and Asia, continue to
drive our above-industry-average growth."

The full-year 2006 impact on the company from commodity price
increases is estimated at $40 million, up from the previous
estimate of $25 million, primarily due to recent increases in the
cost of nickel used in turbochargers.  Nickel prices have almost
doubled from $6.50 per pound in the first quarter of 2006 to an
expected $12.00 a pound projected for the second half of the year.
BorgWarner uses about 6.5 million pounds of nickel a year in its
turbochargers.

The company's balance sheet remains strong and net cash provided
by operating activities is expected to be $425 million for the
year.

Headquartered in Auburn Hills, Michigan, BorgWarner Inc. (NYSE:
BWA) -- http://www.borgwarner.com/-- engages in the manufacture  
and sale of engineered systems and components for vehicle power
train applications worldwide.  The company operates manufacturing
and technical facilities in 62 locations in 17 countries.  Its
customers include Ford, VW/Audi, DaimlerChrysler, General Motors,
Toyota, Renault/Nissan, Hyundai/Kia, Honda, BMW, Caterpillar,
Navistar International, and Peugeot.


BRASKEM S.A.: Announces Amount of Early Tenders for 12.50% Notes
--------------------------------------------------------------
Braskem S.A. disclosed that as of 5:00 p.m., New York City time,
on Sept. 18, 2006, $183,855,000 in aggregate principal amount of
its outstanding $275,000,000 principal amount of 12.50% Notes due
2008 (CUSIP Nos.: 10553H AD 4 and 10553J AD 0; ISIN Nos.
US10553HAD44 and US10553JAD00; Common Code Nos. 018005328 and
018005484) had been tendered and not withdrawn pursuant to
Braskem's cash tender offer for the Notes announced on Aug. 29,
2006.

Braskem notes that, subject to the conditions in the Offer to
Purchase and the related Letter of Transmittal:

     1. The total consideration which will be paid for Notes
        validly tendered prior to 5:00 p.m., New York City time,
        on Sept. 18, 2006, includes an early tender premium in the
        amount of U.S.$20 per U.S.$1,000 principal amount of
        Notes.  Consideration to be paid for Notes validly
        tendered after 5:00 p.m., New York City time, on
        Sept. 18, 2006, and prior to 5:00 p.m., New York City
        time, on Wednesday, Sept. 27, 2006, will not include the
        early tender premium.

     2. After 5:00 p.m., New York City time, on Sept. 18, 2006,
        tendered Notes may not be withdrawn except in the limited
        circumstances set forth in the Offer to Purchase.

     3. The consideration will be determined by reference to the
        bid-side yield on the reference U.S. Treasury note as of
        2:00 p.m., New York City time, on Monday, Sept. 25, 2006,
        unless the tender offer is extended or terminated earlier.

     4. The tender offer will expire at 5:00 p.m., New York City
        time, on Wednesday, Sept. 27, 2006, unless extended or
        earlier terminated.

Braskem has retained ABN AMRO Bank N.V., London Branch, and
Citigroup Global Markets Inc. to act as Dealer Managers for the
tender offer, JPMorgan Chase Bank, N.A. to act as the depositary
for the tender offer, and D.F. King & Co., Inc. to act as
information agent for the tender offer.

                           About Braskem

Braskem -- http://www.braskem.com.br/-- is the second largest  
Brazilian-owned private industrial company.  Braskem operates 14
manufacturing plants located throughout Brazil, and it has an
annual production capacity of 6 million tons of petrochemical and
chemical products.


BRASKEM S.A.: Fitch Rates Proposed $275 Million Sr. Notes at BB+
----------------------------------------------------------------
Fitch assigned a rating of 'BB+' to Braskem S.A.'s proposed
issuance of $275 million senior unsecured notes due 2017.  The
notes are being offered under Rule 144A Regulation S.  The
proceeds of the offering are expected to be used to prepay
existing debts and extend debt maturities.

Fitch also maintained foreign currency and local currency Issuer
Default Ratings of 'BB+' and a national scale rating of 'AA(bra)'
for Braskem.  The Rating Outlook is Stable.

Braskem's ratings are supported by:

   * the company's moderate leverage;
   * strong liquidity and debt composition; and
   * solid but highly volatility operating cash flow.

Braskem also benefits from its leadership position in the
petrochemical industry in Latin America and Brazil.

The integration of its first and second generation activities
provides the company with a competitive advantage within the
Brazilian petrochemical industry and has allowed Braskem to
achieve substantial synergies and lower costs.

In addition, growing sales volumes and a strong pricing
environment has enabled the company to lower debt leverage and
increase liquidity over the last several years.

Braskem is exposed to volatile naphtha prices, which are linked to
the price of a barrel of oil, and represent one of the company's
largest cost components.  Fluctuations in the price of oil and
naphtha may directly impact Braskem's profitability and sales
volumes given the difficulties of passing on price increases along
the petrochemical chain in the international markets.

In the first half of 2006, Braskem's financial performance was
negatively affected as a result of increasing feedstock (naphtha)
costs that have significantly weakened credit protection measures
to the weaker end of the category.  During the first half of 2006,
Braskem reported a 50% reduction in EBITDA and resulted in
leverage measured by Gross Debt/EBITDA of 4.0x versus 2.4x in 2005
and 2.2 x in 2004, while Net Debt/EBITDA was 3.0x at June 30, 2006
compared to 1.4x in 2005 and 1.5x in 2004.

Over the last several years, Braskem's credit protection measures
had shown significant improvement, which should enable Braskem to
operate satisfactorily during this challenging period.

Additionally, Fitch expects that Braskem will maintain adequate
liquidity which should limit its exposure to refinancing risk, and
that in 2007 the company should improve leverage to levels more
consistent with historical levels.  Financial performance is
expected to remain under pressure under the remainder of the year.

The Brazilian petrochemical industry began experiencing pressure
in the fourth quarter of 2005 due to:

   * increasing naphtha prices;

   * a larger additional supply of polyethylene from the entrance
     of a new player in the domestic market;

   * limited ability to pass on prices within the chain, which
     pressures margins; and

   * appreciation of the local currency, which negatively
     influenced the sector's revenues and exports.

The average price of naphtha increased 31% in H106 ($570.00 per
ton) compared with the same period in 2005 ($436.00 per ton).  

In addition, the entrance into the market of a new producer with a
high polyethylene capacity contributed to make the passing on of
greater price increases more difficult.

As of June 30, 2006, Braskem had BRL5.9 billion ($2.7 billion) in
total debt and BRL1.3 billion ($621 million) in cash and financial
investments.

During the first half of 2006, the company generated an EBITDA of
BRL670 million, including BRL112 million of non-recurring income,
a sharp reduction compared with the BRL1.3 billion EBITDA
registered in the first half of 2005.

The company's free cash flow in this period was also significantly
affected due to its weak performance and registered a negative
value of BRL1billion.  Cash flow was affected by smaller business
margins:

   * by an increase in the need for working capital (BRL444
     million) due to increased exports, by the acquisition of
     shares in Politeno (BRL238 million);

   * by the greater acquisition of naphtha in the local market;
     and

   * by the disbursement of dividends (BRL363 million).

Free cash flow is expected to improve in second half of 2006 due
to a decline in exports, a reduction in the volume of investments
in 2006 from BRL900 million to BRL750 million.

Over the next quarters, Braskem's credit profile will come under
pressure due to the increase in its leveraging and the challenging
scenario that the petrochemical industry should face in 2006 and
2007.  Braskem is concluding studies to realize investments in a
new petrochemical complex in Venezuela.  The project, in
partnership with Pequiven, could involve new risks for Braskem,
depending on the volume of resources required by the project.

Braskem is the largest petrochemical company in Latin America,
producing 6 million tons of primary, secondary and intermediary
petrochemical products, with an integrated production of first and
second generation petrochemicals.  The company has grown in the
past four years due to the integration of six Brazilian
petrochemical companies:

   * Copene Petroquimica do Nordeste S.A.,
   * OPP Quimica S.A.,
   * Polialden Petroquimica S.A.,
   * Trikem S.A.,
   * Proppet S.A., and
   * Nitrocarbono S.A.

At present the company is organized into four business units:
basic inputs, polyolefins, vinyls and business development.
Braskem is controlled by the Odebrecht Group and Norquisa, which
have 47.5% and 25.4%, respectively, of its voting capital.


BRIGHAM EXPLORATION: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Caa1 Corporate
Family Rating for Brigham Exploration Company, and its Caa2 rating
on the company's 9.625% Senior Unsecured Global Notes due 2012.  
Additionally, Moody's assigned an LGD4 rating to those bonds,
suggesting noteholders will experience a 68% loss in the event of
a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Brigham Exploration Company is headquartered in Austin, Texas.


BROOKLYN HOSPITAL: Has Until March 2007 to Decide on Leases
-----------------------------------------------------------
The Honorable Carla E. Craig of the U.S. Bankruptcy Court for the
Eastern District of New York extended until March 26, 2007, The
Brooklyn Hospital Center and Caledonian Health Center, Inc.'s
period to assume, assume and assign or reject their unexpired
leases of non-residential real property.

When they filed for bankruptcy, the Debtors were parties to seven
unexpired leases of nonresidential real property under which one
of the Debtors is a lessee.  A list of the leases is available for
free at http://researcharchives.com/t/s?1234

The Debtors told the Court that they cannot make a decision on
these leases pending the completion of their Comprehensive Master
Plan and Five-Year Business Plan.  According to the Debtors, the
Master and Business plans will serve as the basis for future
dialogue and negotiation with their creditors, unions, and other
constituencies over a plan of reorganization.

Headquartered in Brooklyn, New York, The Brooklyn Hospital Center
-- http://www.tbh.org/-- provides a variety of inpatient and  
outpatient services and education programs to improve the well
being of its community.  The Debtor, together with Caledonian
Health Center, Inc., filed for chapter 11 protection on Sept. 30,
2005 (Bankr. E.D.N.Y. Case No. 05-26990).  Lawrence M. Handelsman,
Esq., and Eric M. Kay, Esq., at Stroock & Stroock & Lavan LLP
represent the Debtors in their restructuring efforts.  Glenn B.
Rice, Esq., at Otterbourg, Steindler, Houston & Rosen, P.C.,
represents the Official Committee of Unsecured Creditors.  Mark
Dominick Alvarez at Alvarez & Marsal, LLC, serves as the
Committee's financial advisor.  When the Debtors filed for
protection from their creditors, they listed $233,000,000 in
assets and $337,000,000 in debts.


CABLEVISION SYSTEMS: Files Delinquent Financial Statements
----------------------------------------------------------
Cablevision Systems Corporation has reported complete financial
results for the second quarter ended June 30, 2006.

The Company had previously released select second quarter
operating and financial measures, citing an expected restatement
of financial statements for periods prior to its second quarter of
2006.  On Thursday, the Company filed with the Securities and
Exchange Commission a Form 10-K/A for the year ended Dec. 31,
2005, and a Form 10-Q/A for the quarter ended March 31, 2006.  The
Company also filed its Form 10-Q for the quarter ended
June 30, 2006.

A full-text copy of the Company's amended 2005 annual report is
available for free at http://researcharchives.com/t/s?1236

A full-text copy of the Company's Form 10-Q for the quarter ended
June 30, 2006, is available for free at:

          http://researcharchives.com/t/s?1235

Consolidated net revenue for the second quarter of 2006 grew 15.6%
to more than $1.4 billion compared to the prior year period,
reflecting solid revenue growth in Telecommunications Services,
Rainbow and Madison Square Garden.  Operating income grew 75.1% to
$166.5 million and adjusted operating cash flow increased 17.5% to
$469.9 million.

Total company results were impacted by certain events in both the
second quarter of 2006 and the second quarter of 2005.  Excluding
these items, the company's second quarter net revenue, operating
income, and AOCF would have increased 15.0%, 38.5% and 9.2%,
respectively.

In addition, in April 2006 the Company paid a $10 per share
special cash dividend (a total of approximately $2.96 billion)
funded by approximately $3 billion of additional debt.  Second
quarter 2006 total net interest expense reflects a significant
increase, as compared to the prior year period, principally as a
result of the additional borrowing.

Cablevision reported a sharp decline in second-quarter earnings,
as the company disclosed that it's received a grand-jury subpoena
related to stock-options practices.

Telecommunications Services

Telecommunications Services net revenues for the second quarter
2006 rose 17.2% to $1,049.1 million, operating income increased
52.7% to $198.2 million, and AOCF grew 24.0% to $439.1 million,
all compared to the prior year period.

Second quarter 2006 operating income and AOCF include a reduction
in technical and operating expenses of $26.5 million relating to
the resolution of a contractual programming dispute.  Excluding
this item, second quarter operating income and AOCF would have
increased 32.1% and 16.4%, respectively.

Telecommunications Services includes Cable Television -
Cablevision's "Optimum" branded video, high-speed data, and voice
residential and commercial services offered over its cable
infrastructure -- and its "Optimum Lightpath" branded, fiber-
delivered commercial data and voice services.

Cable Television

Cable Television second quarter 2006 net revenues increased 17.9%
to $1,008.4 million, operating income increased 48.1% to $202.8
million and AOCF rose 25.4% to $423.1 million, each compared to
the prior year period.  The increases in net revenue, operating
income, and AOCF resulted principally from growth in video, high-
speed data, and voice customers, which is reflected in the
addition of more than 1.5 million Revenue Generating Units since
the second quarter of 2005.  

Lightpath

For the second quarter 2006, Lightpath net revenues increased
11.3% to $52.9 million, operating loss declined 35.2% to $4.6
million and AOCF declined 5.5% to $16 million, each as compared to
the prior year period.

The increase in net revenue is primarily attributable to growth in
Optimum Voice call completion activity and Ethernet data services
over Lightpath's fiber infrastructure, offset in part by a decline
in traditional phone service usage.  Second quarter 2006 operating
loss and AOCF results reflect revenue growth and a credit to
carrier costs, offset by increased marketing and network expenses,
as compared to the prior year period.  In addition, the decline in
operating loss was primarily impacted by lower depreciation and
amortization in the second quarter of 2006 compared to the prior
year period.  Revenue related to Optimum Voice call completion
activity has no net impact on operating loss or AOCF.  Lightpath
revenue excluding Optimum Voice call activity would have increased
1.0%.

Rainbow

Rainbow consists of the Company's National Programming services -
AMC, IFC and WE tv (formerly known as WE: Women's Entertainment)
as well as Other Programming which includes: FSN Bay Area, fuse,
MagRack, sportskool, News 12 Networks, IFC Entertainment, VOOM HD
Networks, Rainbow Network Communications, Rainbow Advertising
Sales Corp. and other Rainbow ventures.  After the resolution of a
contractual dispute with one of its major affiliates, the
operations of FSN Chicago were shut down in June 2006.

Rainbow net revenues for the second quarter 2006 increased 10.7%
to $225.9 million, operating loss declined 84.5% to $1.7 million
and AOCF rose 11.0% to $32.5 million, all compared to the prior
year period.  Second quarter 2005 results exclude certain
affiliate revenue attributable to the quarter that was not
recognized, due to a contractual dispute, until the third quarter
of 2005 when such dispute was resolved.  If this net revenue had
been recognized in the second quarter of 2005, second quarter 2006
net revenue would have increased 7.5% while operating loss and
AOCF would have declined 66.4% and 7.5%, respectively.

AMC/IFC/WE

Second quarter 2006 net revenues increased 12.0% to $151.7
million, operating income rose 20.3% to $39.3 million and AOCF
rose 15.5% to $57.6 million, each compared to the prior year
period.

Other Programming

Second quarter 2006 net revenues rose 4.9% to $79.9 million,
operating loss declined 5.8% to $41.0 million, and the AOCF
deficit increased $4.5 million to $25.1 million, all as compared
to the prior year period.  The increase in net revenue was driven
primarily by higher revenue at the regional sports and news
networks, IFC Entertainment and fuse, partially offset by the
impact of the closure of two Metro Channels in 2005.

The increase in AOCF deficit is primarily driven by operating
losses at VOOM HD Networks, regional news networks, fuse and the
2005 closure of the Metro Channels, offset by a reduction in
expenses at IFC Entertainment and the growth in revenue discussed
above.

Madison Square Garden

Madison Square Garden's primary businesses include: MSG Network,
FSN New York, the New York Knicks, the New York Rangers, the New
York Liberty, MSG Entertainment, the MSG Arena complex and Radio
City Music Hall.

Madison Square Garden's second quarter 2006 net revenue increased
6.9% to $162.0 million compared to the second quarter of 2005.
Second quarter 2006 operating income declined $8 million to an
operating loss of $0.4 million and AOCF declined to $18 million
from $29.8 million, both compared to the prior year period.

                         About Cablevision

Headquartered in Manhattan, Cablevision Systems Corp. (NYSE: CVC)
-- http://www.cablevision.com/-- provides cable TV service to   
about 3 million customers in and around New York City.  The firm
has upgraded its network and services to include digital cable,
movies-on-demand, and VoIP telephony.  It also operates business
communications service provider Cablevision Lightpath and regional
sports channels.  Cablevision controls Madison Square Garden, the
New York Knicks and the New York Rangers, plus Radio City Music
Hall.  Cablevision pulled plans to spin off its cable network
unit, Rainbow Media Holdings, and instead closed that company's
money-losing satellite TV assets.  Chairman Charles Dolan and his
family control Cablevision.


CABLEVISION SYSTEMS: S&P Affirms BB Rating & Removes Watch
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed the ratings of
Bethpage, New York-based cable TV operator Cablevision Systems
Corp. and its related entities, including its 'BB' corporate
credit rating, and removed all the ratings from CreditWatch
following the company's filing of its delayed second-quarter
2006 10-Q.

The ratings had been placed on CreditWatch with negative
implications on Aug. 8, 2006, following the company's disclosure
that it reviewed its past practices related to the granting of
stock options and stock appreciation rights, and had determined
that it would need to restate its financial statements to record
adjustments related to these.

Subsequent to that, the company was notified by its term loan B
and certain unsecured creditors that it was not in compliance with
financial reporting requirements, and its term loan A and
revolving credit lenders provided waivers for its lack of
compliance through Sept. 22, 2006.

"With the filing of its second-quarter 10-Q, and its restated 2005
10-K and first-quarter 2005 10-Q, and accompanying delivery of
financial reports to its creditors, the company is now in
compliance with all its financial reporting covenants," said
Standard & Poor's credit analyst Catherine Cosentino.

The magnitude of the restatements was not material.  The negative
outlook reflects the lack of clarity on the potential financial
impact of the outstanding investigations by the SEC and Department
of Justice related to the stock compensation issues, as well as
the shareholder derivative lawsuits prompted by these issues.

The ratings on Cablevision reflect the solid investment-grade
characteristics of Cablevision's core cable TV business composed
of three million basic subscribers in the metropolitan New
York/New Jersey area.

These favorable business characteristics are partly offset by
the company's aggressive financial policy, including its April
2006 payment of a $3 billion dividend to shareholders.  Debt to
EBITDA is expected to be in about the mid-6x area on an operating
lease-adjusted basis for 2006, including contractual purchase
commitments, but excluding collateralized indebtedness for
monetization transactions.

The company's favorable business profile includes very attractive
demographics, healthy broadband penetration, and good market
acceptance of its telephony service.  As of June 30, 2006,
Cablevision had cable modem and telephony penetration of homes
passed of 42% and 22%, respectively.


CALPINE CORP: Sells Aries Power Plant to Aquila Inc. for $158.5MM
-----------------------------------------------------------------
Calpine Corporation agreed to sell a 580-megawatt, natural gas-
fired power plant, known as the "Aries" plant, in Pleasant Hill,
Missouri, to Aquila Inc. for $158.5 million.

The parties submitted the purchase agreement to the U.S.
Bankruptcy Court for Southern District of New York, on Sept. 22,
2006.  The transaction is subject to bankruptcy court approval,
following an opportunity for other parties to submit higher or
better bids under bidding procedures adopted by the court.  If the
court adopts the procedural schedule proposed by the parties, the
transaction is expected to close in December of this year.  The
transaction is also subject to approval by the Federal Energy
Regulatory Commission.

"With our communities in Missouri continuing to grow, some at
double-digit rates, and the increasing demand for electricity by
our customers, we need additional power," said Keith Stamm,
Aquila's senior vice president and chief operating officer.  
"Adding the Aries power plant to our utility fleet of power
generating facilities will keep us in a position to satisfy our
customers' needs."

Aquila intends to utilize the Aries facility as an "intermediate-
capacity" power plant.  Intermediate power plants are generally
used to provide power over an extended period of time to
supplement base load coal and nuclear power plants.  It is
Aquila's intention to offer employment to all current employees at
the Aries facility.

                           About Aquila

Based in Kansas City, Missouri, Aquila, Inc. (NYSE:ILA) --
http://www.aquila.com/-- operates electricity and natural  
gas transmission and distribution utilities serving customers
in Colorado, Iowa, Kansas, Michigan, Minnesota, Missouri and
Nebraska.  The company also owns and operates power generation
assets.

                       About Calpine Corp.

Headquartered in San Jose, California, Calpine Corporation (OTC
Pink Sheets: CPNLQ) -- http://www.calpine.com/-- supplies  
customers and communities with electricity from clean, efficient,
natural gas-fired and geothermal power plants.  Calpine owns,
leases and operates integrated systems of plants in 21 U.S. states
and in three Canadian provinces.  Its customized products and
services include wholesale and retail electricity, gas turbine
components and services, energy management and a wide range of
power plant engineering, construction and maintenance and
operational services.

The Company filed for chapter 11 protection on Dec. 20, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-60200).  Richard M. Cieri, Esq.,
Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G.
Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their
restructuring efforts.  Michael S. Stamer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors.  As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities.


CALPINE CORP: Selling Turbine Equipment on October 11
-----------------------------------------------------
Calpine Corporation and its debtor-affiliates will conduct an
auction of unused General Electric Model PG241FA 60Hz duel fuel
combustion turbine and all related equipment and materials at
10:00 a.m., EST, on Oct. 11, 2006.

The auction will be held at:

     Kirkland & Ellis LLP
     Citigroup Center
     153rd Street
     New York, New York 10022-4611

The current purchase bid on the property is $16 million by
Invenergy Thermal LLC pursuant to a purchase and sale agreement it
entered into with the Debtors on Aug. 10, 2006.

To participate in the auction, interested parties must submit
qualifying bids not later than 5:00 p.m. of Oct. 5, 2006.

A hearing to consider results of the sale will be held on
Oct. 12, 2006, 10:00 a.m., at Room 623, One Bowling Green, in New
York City.

Headquartered in San Jose, California, Calpine Corporation (OTC
Pink Sheets: CPNLQ) -- http://www.calpine.com/-- supplies  
customers and communities with electricity from clean, efficient,
natural gas-fired and geothermal power plants.  Calpine owns,
leases and operates integrated systems of plants in 21 U.S. states
and in three Canadian provinces.  Its customized products and
services include wholesale and retail electricity, gas turbine
components and services, energy management and a wide range of
power plant engineering, construction and maintenance and
operational services.

The Company filed for chapter 11 protection on Dec. 20, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-60200).  Richard M. Cieri, Esq.,
Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G.
Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their
restructuring efforts.  Michael S. Stamer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors.  As of Dec. 19, 2005, the Debtors listed
$26,628,755,663 in total assets and $22,535,577,121 in total
liabilities.


CASELLA WASTE: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. solid waste sector last week, the rating
agency confirmed its B1 Corporate Family Rating for Casella Waste
Systems, Inc., and its B3 rating on the company's $195 million
issue of senior subordinated notes due 2013.  Additionally,
Moody's assigned an LGD5 rating to those bonds, suggesting
noteholders will experience an 83% loss in the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Casella Waste Systems, Inc., based in Rutland, Vermont, is a
vertically-integrated regional solid waste services company that
provides collection, transfer, disposal and recycling services to
residential, industrial and commercial customers, primarily in the
eastern United States.  As of May 31, 2006, the company owned
and/or operated nine Subtitle D landfills, two landfills permitted
to accept construction and demolition materials, 39 solid waste
collection operations, 33 transfer stations, 39 recycling
facilities, one waste-to-energy facility and had a 50% interest in
a joint venture that manufactures, markets and sells cellulose
insulation made from recycled fiber.  For the 2006 fiscal year,
which ended April 30, 2006, the company had revenues of
approximately $526 million.


CATHOLIC CHURCH: Tort Litigants Balk at Spokane & OAIC Settlement
-----------------------------------------------------------------
The Committee of Tort Litigants appointed in the bankruptcy case
of the Catholic Diocese of Spokane asks the U.S. Bankruptcy Court
for the Eastern District of Washington to deny Spokane's request
to settle its insurance dispute with the Oregon Auto Insurance
Company.

James I. Stang, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub LLP, in Los Angeles, California, asserts that the
fairness and reasonableness of Spokane's settlement agreement with
Oregon Auto cannot be properly assessed because:

   * the settlement request does not discuss exactly what Oregon
     Auto is getting for the $6,000,000 settlement amount; and

   * it is difficult to understand what value to ascribe to the
     release of Oregon Auto from any obligation under the
     policies.

Additionally, there are potential inconsistencies and confusion
regarding how the $6,000,000 can be used, Mr. Stang tells Judge
Williams.  It is impossible to understand the reasonableness or
fairness of the Settlement when it is unclear to whom the proceeds
are to be paid and for what.

Mr. Stang notes that the actual insurance policies issued by
Oregon Auto have not been located.  Hence, there is no evidence
that indicates who is defined as an "insured" under the Oregon
Auto Policy.  "The definition of insured could be exceedingly
broad, and include any entities or individuals associated with the
Diocese, as other insurance policies have provided."

Moreover, the fairness and reasonableness of the Settlement cannot
be gauged since there exists the obvious potential for someone --
like a school or any association affiliated with the Catholic
Bishop of Spokane -- to claim that they are an "insured" under the
Policy, and to make a claim, valid or not, against Oregon Auto,
similar to the assertions made by Morning Star Boys' Ranch.

Morning Star has objected to the Oregon Auto Settlement
Agreement, asserting that it has a legally protected interest in
Oregon Auto's insurance policy.

Whether or not Morning Star's objection is well taken, Mr. Stang
says it is an example of the kind of claimant who rejects the
notion that the Settlement Agreement and the Proposed Order apply
to them.  

Mr. Stang further says if a claimant similar to Morning Star does
come forward, the action could potentially trigger the indemnity
provision of the Settlement Agreement, resulting in, at the very
least, Oregon Auto making an administrative claim for attorney's
fees.  That potential burden on the estate would not only affect
distributions to creditors, but might even affect the $6,000,000
settlement fund since, according to Spokane's Proposed Order, the
amount can be utilized, upon a court order, to pay administrative
claims ahead of unsecured creditor claims.

The definition of "Tort Claim" also raises the possibility that
any non-victim or survivor who is subject to a tort claim may have
a claim to the $6,000,000 settlement amount, Mr. Stang adds.  The
ramifications include the potential that the settlement fund might
not be disbursed until all indemnity claims of third party
defendants are resolved and that the Diocese could use these funds
to pay defense costs incurred subsequently.

Mr. Stang adds that the Settlement Agreement and Proposed Order
also contain provisions that may be illegal or unenforceable, or
both.

The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004.  Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 69; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


CATHOLIC CHURCH: Mediation Ends Without Resolution on Plan Issues
-----------------------------------------------------------------
Final mediation talks in the bankruptcy case of the Diocese of
Spokane wrapped up earlier than scheduled, according to the
SpokesmanReview.com.  

The mediation was supposed to go for two days on Sept. 14 and 15,
2006.  SpokesmanReview's staff writer John Stucke says
participants negotiated until the evening of September 14, but
cancelled the next day's session.  The parties did not say whether
a settlement has been reached, or what transpired on the mediation
table, Mr. Stucke relates.

Bankruptcy Court Judge Zive described the Diocese's case as
"complex and difficult to resolve," but did not give any hint if
the mediation will continue, Mr. Stucke notes.

As previously reported, the Diocese intended to amend its plan of
reorganization if the mediation talks would be unsuccessful.  The
Diocese suggested a conference to be held on October 23, 2006, to
set a schedule for all matters related to competing plans.

Judge Williams said if mediation fails, she would conduct hearings
in December 2006, and expects to approve a plan of reorganization
early next year, SpokesmanReview notes.

The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004.  Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 69; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


CENTRAL FREIGHT: Amends Merger Agreement with North American Truck
------------------------------------------------------------------
Central Freight Lines, Inc., executed a First Amendment to its
Merger Agreement with North American Truck Lines, LLC, and Green
Acquisition Company.

The Company disclosed its entry into an Agreement and Plan of
Merger with NATL and Green on Jan. 30, 2006, under which Green
will merge with and into the Company, with the Company continuing
as the surviving corporation.  NATL and Green are controlled by
Jerry Moyes, with Green being a wholly owned subsidiary of NATL.

The First Amendment provides for:

   -- Elimination of the financing condition to the obligation of
      NATL and Green to effect the Merger.

   -- Extension of the date to complete the Merger from
      July 31, 2006 to November 30, 2006.

   -- Approval of the amendment of options to purchase the
      Company's common stock held by Robert V. Fasso, president
      and chief executive officer, so that the options may be
      exercised after the consummation of the Merger, which
      eliminated the need for a Subscription Agreement with
      Mr. Fasso.

   -- Cancellation of the options to purchase the Company's
      common stock held by Mr. Moyes at the effective time of the
      Merger.

   -- Clarification that certain pending litigation is not
      subject to the condition requiring settlement within the
      Company's applicable insurance policy limits.

   -- Revision of other provisions to correspond with the
      revisions to the Merger Agreement.

The Company also executed an amendment to Mr. Fasso's existing
stock option agreement, which included:

   -- Mr. Fasso may acquire up to 504,000 shares of common stock
      of the Merger's surviving corporation at the current
      exercise price of $1.35 per share.

   -- The vesting of options to purchase 51,934 shares of common
      stock of the surviving corporation will accelerate and be
      exercisable at the effective time of the Merger, with the
      remaining continuing to vest in accordance with the original
      vesting schedule, unless Mr. Fasso's employment is
      terminated or there is a sale of assets, a merger or a
      change in control, in which case all of his options will be
      fully-vested and exercisable on the termination date.

   -- Provisions in Mr. Fasso's original option agreement
      relating to a right of repurchase in the event of
      termination of employment and a right of first refusal prior
      to a public offering have been deleted.

   -- In the event Mr. Moyes proposes to sell all or part of his
      shares of common stock of the surviving corporation, to a
      third party, excluding any affiliate of Mr. Moyes, Mr. Moyes
      may require Mr. Fasso to have all or a portion of his vested
      options cancelled in exchange for a payment in cash by the
      third party pursuant to the Stockholders' Agreement on the
      same terms and conditions, including the per share price and
      the date of transfer, as is applicable to Mr. Moyes.

Based in Waco, Texas, Central Freight Lines, Inc. (Nasdaq: CENF)
-- http://www.centralfreight.com/- is a regional less-than-
truckload trucking company that has operations in the Southwest,
Midwest, and Northwest regions of the United States.  The Company
offers inter-regional service between operating regions and
maintain alliances with other similar companies to complete
transportation of shipments outside the Company's operating
territory.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on May 17, 2006,
McGladrey & Pullen, LLP, in Dallas, Texas, raised substantial
doubt about Central Freight Lines, Inc.'s ability to continue as a
going concern after auditing the Company's consolidated financial
statements for the year ended Dec. 31, 2005.  The auditor pointed
to the Company's recurring losses from operations and negative
working capital.


CHAPARRAL ENERGY: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B2 Corporate
Family Rating for Chaparral Energy, Inc., and its B3 rating on the
company's 8.5% Senior Unsecured Global Notes due 2015.  
Additionally, Moody's assigned an LGD4 rating to those bonds,
suggesting noteholders will experience a 70% loss in the event of
a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Chaparral Energy, Inc. is headquartered in Oklahoma City,
Oklahoma.


CHESAPEAKE ENERGY: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba2 Corporate
Family Rating for Chesapeake Energy Corporation.  Additionally,
Moody's revised or held its probability-of-default ratings and
assigned loss-given-default ratings on these debt and equity
securities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Security Issue       Rating   Rating   Rating   Default
   --------------       -------  -------  ------   ----------
   7.75% Sr. Unsec.
   Gtd. Global Notes
   due 2015               Ba2      Ba2     LGD4       60%

   7.5% Sr. Unsec.
   Gtd. Global Bonds
   due 2013               Ba2      Ba2     LGD4       60%

   6.875% Sr. Unsec.
   Gtd. Global Notes
   due 2016               Ba2      Ba2     LGD4       60%

   7.5% Sr. Unsec.
   Global Notes
   due 2014               Ba2      Ba2     LGD4       60%

   7% Sr. Unsec.
   Global Notes
   due 2014               Ba2      Ba2     LGD4       60%

   6.375% Sr. Unsec.
   Gtd. Global Notes
   due 2015               Ba2      Ba2     LGD4       60%

   6.625% Sr. Unsec.
   Gtd. Global Notes
   due 2016               Ba2      Ba2     LGD4       60%

   6.5% Sr. Unsec.
   Global Notes
   due 2017               Ba2      Ba2     LGD4       60%

   6.875% Sr. Unsec.
   Gtd. Global Notes
   due 2020               Ba2      Ba2     LGD4       60%

   2.75% Gtd. Conv.
   Notes due 2035         Ba2      Ba2     LGD4       60%

   7.625% Sr. Unsec.
   Gtd. Sr Notes
   due 2013               Ba2      Ba2     LGD4       60%

   6.25% Sr. Unsec.
   Gtd. Global Notes
   due 2018               Ba2      Ba2     LGD4       60%

   5% Cumulative
   Convertible
   Preferred Stock
   (Series 2003)          B2       B1      LGD6       99%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Chesapeake is an Oklahoma City-based company focused on the
exploration, production and development of natural gas.  The
company's proved reserves remain predominantly natural gas and
are based 100% in North America.  Chesapeake's operations are
concentrated primarily in the Mid-Continent, South Texas, the
Permian Basin, and the Appalachia Basin.  The company's reserve
growth in recent years reflects the company's aggressive
acquisition strategy and consistent success through the drill-bit.


CIMAREX ENERGY: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba3 Corporate
Family Rating for Cimarex Energy Co., and it lowered its rating on
the company's 9.6% Senior Unsecured Guaranteed Global Notes due
2012 to B1.  Additionally, Moody's assigned an LGD5 rating to
those bonds, suggesting noteholders will experience a 73% loss in
the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Denver-based Cimarex Energy Co. is an independent oil and gas  
exploration and production company with principal operations in  
the Mid-Continent, Gulf Coast, Permian Basin of West Texas and New
Mexico and Gulf of Mexico areas of the U.S.


CLAYTON WILLIAMS: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B2 Corporate
Family Rating for Clayton Williams Energy, Inc., and maintained
its B3 rating on the company's 7.75% Senior Unsecured Global Notes
due 2013.  Additionally, Moody's assigned an LGD5 rating to those
bonds, suggesting noteholders will experience a 75% loss in the
event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Clayton Williams Energy, Inc. is an independent energy company  
located in Midland, Texas.


COMPLETE RETREATS: Wants De Minimis Asset Sale Procedures Approved
------------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates seek permission
from the U.S. Bankruptcy Court for the District of Connecticut to
implement uniform procedures for the sale of their De Minimis
Assets, free and clear of liens, claims, and encumbrances.

In connection with their reorganization efforts, the Debtors will
be exiting several properties in various geographic locations
throughout the duration of their bankruptcy cases, Jeffrey K.
Daman, Esq., at Dechert LLP, in Hartford, Connecticut, informs
the Court.  Consequently, the Debtors need to relocate or dispose
their furnishings or assets located at those properties.

According to Mr. Daman, the Debtors' assets are typically modeled
on "high-end" luxury furniture but no longer have significant
monetary value due to usage and minor cosmetic damages sustained
during relocations.  The Debtors do not anticipate a future need
for the assets and it will cost several thousand dollars for them
to move or store the assets, Mr. Daman relates.

Moreover, filing individual motions to sell the assets or
conducting a public auction could limit the net proceeds of any
sale, Mr. Daman says.

To facilitate and effectuate cost-efficient and timely sales of
the De Minimis Assets, the Debtors propose these procedures:

   (a) The Debtors are authorized to conduct separate sales of De
       Minimis Assets up to an aggregate value of $75,000 per
       Sale Transaction.

   (b) The Debtors are authorized to consummate a Sale without
       further notice if:

          * Sale proceeds are less than $25,000;

          * the buyer is not an insider, employee, or affiliate
            of the Debtors;

          * no Event of Default exists under the DIP Credit
            Agreement; and

          * neither the De Minimis Asset nor the place where it
            is located is subject to a prepetition mortgage lien
            in favor of one of the Debtors' prepetition lenders.

   (c) The Debtors will deliver a written notice of each proposed
       sale to the counsels for the Official Committee of
       Unsecured Creditors, The Patriot Group, LLC, and LPP
       Mortgage, Ltd., if no Event of Default exists under the
       DIP Credit Agreement and:

          * the De Minimis Assets will be sold for more than
            $25,000;

          * the De Minimis Assets will be sold to an insider,
            employee, or affiliate of the Debtors; or

          * the De Minimis Assets or its location is subject to a
            prepetition mortgage lien in favor of one of the
            Debtors' prepetition lenders.

       If the DIP Credit Agreement has been replaced and all the
       Debtors' obligations to Patriot and LPP Mortgage have been
       satisfied, the Debtors will deliver the Notice to:

          * the counsel for the agent or lenders under a
            Replacement DIP Agreement;

          * the office of the United States Trustee; and

          * any holder of a known lien, claim, or encumbrance
            relating to the De Minimis Asset to be sold or its
            location.

   (d) Notices will be served on the date of service and will
       contain:

          * a brief, reasonably detailed description of the De
            Minimis Asset to be sold;

          * the identity of the Proposed Purchaser and a
            description of its relationship, if any, to the
            Debtors;

          * the proposed purchase price;

          * a statement indicating whether or not the Debtors
            have received offers from other parties and the range
            of the offers, if any; and

          * a brief, reasonably detailed explanation of the
            Debtors' efforts in marketing the De Minimis Asset
            and why the Debtors chose the Proposed Purchaser's
            offer.

       The Debtors will have the right to make non-material
       amendments to the proposed Sale's terms without serving an
       amended Notice on the Notice Parties.

   (e) Objections to a proposed Sale and any alternative offers
       for the De Minimis Assets should be filed and served, or
       delivered, by the seventh business day after the Notice is
       served, to Joel H. Levitin, Esq., at the offices of
       Dechert LLP, at 30 Rockefeller Plaza, in New York.
       Otherwise, the Debtors will be authorized to consummate
       the Sale without further notice or Court order.

   (f) If an Objection is properly filed, the Debtors and the
       objecting Notice Party will use good faith efforts to
       resolve it.  If the Debtors and the objecting Notice Party
       are unable to achieve a consensual resolution, the Debtors
       will not proceed with the proposed Sale unless and until
       the Court approves the Sale.

   (g) The Debtors, in their sole and absolute discretion, may
       seek Court approval at any time of any proposed Sale.

   (h) Within three business days after the closing of any Sale,
       the Debtors will deliver to the Notice Parties a
       settlement statement.

The proposed Procedures will minimize administrative costs, speed
the necessary sales of the De Minimis Assets, create value for
the Debtors' estates, increase the Debtors' liquidity and
preserve the rights of interested parties to object to, or make
higher or better offers with respect to, the proposed
transaction, Mr. Daman asserts.

The proceeds of any Sales will be applied to reduce the balance
of the DIP Credit Agreement, pursuant to which Patriot and LPP
Mortgage have senior liens on the De Minimis Assets, Mr. Daman
tells the Court.

                     About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts.  Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors.  No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts.  (Complete Retreats
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COMPLETE RETREATS: Creditors' Panel Hires Bingham as Lead Counsel
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut gave
the Official Committee of Unsecured Creditors in Complete
Retreats LLC and its debtor-affiliates' chapter 11 cases
permission to retain Bingham McCutchen LLP as its lead counsel,
nunc pro tunc to Aug. 3, 2006.

As reported in the Troubled Company Reporter on Aug. 24, 2006,
Committee Chair Joel S. Lawson III informed that Court that
Bingham has since represented the Committee in the Debtors'
cases.  

Among other things, Bingham:

   -- reviewed and analyzed the Debtors' first-day motions and
      proposed orders;

   -- was involved in the discussions of the Debtors' proposed
      postpetition financing arrangements, including discussions
      of the terms and conditions for repayment of the Debtors'
      prepetition financing facility; and

   -- consulted with the Debtors and their legal, financial and
      restructuring advisors in connection with their
      operations, management and administration of the
      bankruptcy cases.

As the Committee's lead counsel, Bingham will:

   (a) provide legal advice with respect to the Committee's
       rights, powers, and duties;

   (b) represent the Committee at all hearings and other
       proceedings;

   (c) advise and assist in the Committee's discussions with the
       Debtors and other parties in interest, regarding the
       overall administration of the bankruptcy cases;

   (d) assist the Committee in analyzing the claims of the
       Debtors' creditors and negotiate with the creditors;

   (e) assist with the Committee's investigation of the assets,
       liabilities, and financial condition of the Debtors and
       of the operations of the Debtors' businesses;

   (f) assist the Committee in its analysis of, and negotiations
       with, the Debtors or any third party concerning matters
       related to, among other things, formulating the terms of
       a plan or plans of reorganization;

   (g) assist and advise the Committee with respect to its
       communications with the general creditor body regarding
       matters in the bankruptcy cases;

   (h) review and analyze all pleadings, orders, statements of
       operations, schedules, and other legal documents;

   (i) prepare, on behalf of the Committee, all pleadings,
       orders, reports and other legal documents as may be
       necessary to further the Committee's interests and
       objectives; and

   (j) perform all other legal services for the Committee that
       may be necessary and proper to facilitate the discharge
       by the Committee of its duties in the bankruptcy cases
       and any related proceedings.

Mr. Lawson said Bingham has had extensive Chapter 11 creditors'
committee experience and knowledge and is particularly well suited
for the type of representation required
by the Committee.

"[Bingham] has both a national and international practice, with
more than 950 lawyers in 12 offices throughout the United
States, as well as in London and Tokyo," Mr. Lawson noted, "and
has experience in all aspects of the law that are likely to
arise in the bankruptcy cases."

The Debtors will pay Bingham based on its customary hourly
rates:

   Professional                     Hourly Rate
   ------------                     -----------
   Partners & Counsel             US$445 - US$850
   Counsel & Associates           US$175 - US$535
   Paraprofessionals              US$100 - US$315

   Attorney                       Hourly Rate
   --------                       -----------
   Michael J. Reilly, Partner       US$750
   Jonathan B. Alter, Partner          550
   Daniel McGillycuddy, Partner        525
   William F. Govier, Counsel          435
   Kurt A. Mayr, Counsel               400
   Richard H. Agins, Associate         340
   Peter H. Bruhn, Associate           255

Michael J. Reilly, a partner at Bingham McCutchen LLP, told
the Court that the firm has represented, and will likely
continue to represent, certain creditors of the Debtors and
various other parties adverse to the Debtors in matters
unrelated to the Debtors' bankruptcy cases.

A list of the Interested Parties that Bingham currently
represents in matters unrelated to the Debtors' cases is
available for free at http://researcharchives.com/t/s?1028  

Other than the identified Interested Parties, Mr. Reilly assured
the Court that Bingham has no other connection with the Debtors,
their creditors, the Acting United States Trustee for Regions 2
and any other parties-in-interest.

Mr. Reilly also assured the Court that Bingham is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code,
and does not hold or represent any interest adverse to the
Debtors' estates with respect to the matters for which it is to
be retained.

                     About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts.  Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors.  No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts.  (Complete Retreats
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COMPLETE RETREATS: Panel Wants DIP Objection Extended to Oct. 26
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in Complete Retreats
LLC and its debtor-affiliates' chapter 11 cases asks the U.S.
Bankruptcy Court for the District of Connecticut to further
extend, until Oct. 26, 2006, the period for the Committee to
object to the Debtors' DIP financing pact with The Patriot Group,
LLC, and LPP Mortgage, Ltd.

The Committee says it needs the extension to enable it to carry
out a thorough investigation of matters relevant to the Debtors'
prepetition financing.

The Honorable Alan H.W. Shiff previously gave the Committee
and any party-in-interest with requisite standing until Oct. 3,
2006, to object to the validity of the Prepetition Obligations or
assert any Lender Claims.

Kate K. Simon, Esq., at Bingham McCutchen LLP, in Hartford,
Connecticut, notes that the Court may, however, extend the
Objection Period for up to two successive periods of not more
than 30 days each for good cause shown.

Ms. Simon emphasizes that among other tasks, the Committee needs
to:

   -- gather information and analyze numerous real estate
      transactions, many of which involve overseas properties and
      documentation in foreign languages; and

   -- conduct examinations of individuals with knowledge of the
      estate transactions.

The Patriot and LPP Mortgage, the lenders for the $10,000,000 DIP
Financing Facility, consent to the Committee's request, Ms. Simon
informs the Court.

                     About Complete Retreats

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.  Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245).  Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts.  Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors.  No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts.  (Complete Retreats
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COMPTON PETROLEUM: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B1 Corporate
Family Rating for Compton Petroleum Corporation and maintained its
B2 rating on the 7.625% Senior Unsecured Guaranteed Notes due 2013
issued by Compton Petroleum Finance Corporation.  Additionally,
Moody's assigned an LGD5 rating to those bonds, suggesting
noteholders will experience a 71% loss in the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Compton Petroleum Corp. is headquartered in Calgary, Alberta.


COMSTOCK RESOURCES: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B1 Corporate
Family Rating for Comstock Resources, Inc., and maintained its B2
rating on the company's 6.875% Senior Unsecured Guaranteed Notes
due 2012.  Additionally, Moody's assigned an LGD5 rating to those
bonds, suggesting noteholders will experience a 72% loss in the
event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Comstock Resources, Inc. (NYSE: CRK), is an independent energy
company based in Frisco, Texas and is engaged in oil and gas
acquisitions, exploration and development primarily in Louisiana
and Texas and in the Gulf of Mexico through its ownership in Bois
d'Arc Energy, Inc. (NYSE: BDE)


CONGOLEUM CORP: Files Tenth Modified Joint Plan of Reorganization
-----------------------------------------------------------------
Congoleum Corporation and its debtor-affiliates filed with the
U.S. Bankruptcy Court for the District of New Jersey, their Tenth
Modified Joint Plan of Reorganization Under Chapter 11 of the
Bankruptcy Code.

The Debtors filed and proposed the Tenth Modified Plan jointly
with the Official Committee representing their Unsecured Asbestos
Creditors.  The modifications reflected in the Tenth Modified
Plan largely address the treatment that the holders of the
Debtors' 8.625% Senior Notes Due 2008 will receive under its plan
of reorganization.  Specifically, on the effective date of the
Tenth Modified Plan and conditioned upon the Bondholders as a
class voting to accept the Tenth Modified Plan, the existing
senior notes will be cancelled and the Debtor will issue
$100 million aggregate principal amount of new senior notes due
Aug. 2011.  Interest on the New Senior Notes will be payable semi-
annually at the rate of 10% per annum.  The New Senior Notes will
be secured by a lien on or security interest in all of the
Debtors' assets, which will be subordinate in priority only to the
Debtors' working capital exit credit facility, which will be on
substantially the same terms as its existing credit facility.

The New Senior Notes will be contractually senior in priority and
right of payment to the Plan Trust Note and the New Convertible
Security, with the exception of certain litigation recoveries from
a law firm that are to be pledged to the Plan Trust.  In addition
to the New Senior Notes and after the effective date of the Tenth
Modified Plan, the Bondholders may receive an additional
$5 million from the Debtors contingent upon their consummating
certain insurance recoveries, which will be held in escrow and
paid to the Bondholders if certain contingencies occur and
conditions are met.

A full text-copy of the Tenth Modified Plan may be viewed at no
charge at http://ResearchArchives.com/t/s?1222

A full text-copy of the Proposed Disclosure Statement of the Tenth
Modified Plan may be viewed at no charge at
http://ResearchArchives.com/t/s?1223

Based in Mercerville, New Jersey, Congoleum Corporation (AMEX:CGM)
-- http://www.congoleum.com/-- manufactures and sells resilient  
sheet and tile floor covering products with a wide variety of
product features, designs and colors.  The Company filed for
chapter 11 protection on Dec. 31, 2003 (Bankr. N.J. Case No.
03-51524) as a means to resolve claims asserted against it related
to the use of asbestos in its products decades ago.

Richard L. Epling, Esq., Robin L. Spear, Esq., and Kerry A.
Brennanat, Esq., at Pillsbury Winthrop Shaw Pittman LLP represent
the Debtors in their restructuring efforts.  Elihu Insulbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Claimants' Committee.  R. Scott Williams serves as the Futures
Representative, and is represented by lawyers at Orrick,
Herrington & Sutcliffe LLP, and Ravin Greenberg PC. Michael S.
Stamer, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the
Official Committee of Unsecured Bondholders.  When Congoleum filed
for protection from its creditors, it listed $187,126,000 in total
assets and $205,940,000 in total debts.

At June 30, 2006. Congoleum Corporation's balance sheet showed a
$44,013,000 stockholders' deficit compared to a $44,960,000
deficit at Dec. 31, 2005.  Congoleum is a 55% owned subsidiary of
American Biltrite Inc. (AMEX: ABL).


CONVERSION SERVICES: Incurs $1.5 Mil. Net Loss in Second Quarter
----------------------------------------------------------------
Conversion Services International, Inc., posted a $1.5 million net
loss on $6.6 million of net revenues for the three months ended
June 30, 2006, compared to $1.9 million of net income earned on
$6.5 million of net revenues in 2005.

At June 30, 2006, the Company's balance sheet showed $15,960,372
in total assets and $16,702,726 in total liabilities, resulting in
a $742,354 stockholders' deficit.

The Company's June 30 balance sheet also showed strained liquidity
with $4.3 million in total current assets available to pay
$13.4 million in total current liabilities coming due within the
next 12 months.  As of June 30, 2006, the Company had a cash
balance of $52,000.

The Company's debt level currently requires interest of
approximately $90,000 per month, $67,000 of which is being paid
currently and the balance is due to be paid upon maturity of the
notes.  The Company's $165,000 note with Adam and Larry Hock, the
former owners of Integrated Strategies, Inc., matures on
Oct. 28, 2006.  Additionally, the $1 million convertible note to
Sands Brothers matures on Jan. 1, 2007, and the $3.1 million
overadvance on Laurus Master Fund, Ltd.'s credit facility is due
to be retired by Dec. 31, 2007, through monthly reductions of
$258,000 per month beginning in February 2007.  The $1 million
term note with Laurus is currently being repaid through monthly
payments of approximately $45,000 per month, which end in December
2007.  These maturities will require the Company to retire
approximately $5.2 million of debt principal between July 2006 and
December 2007.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1227

             About Conversion Services International

Based at East Hanover, New Jersey, Conversion Services
International, Inc. (Amex: CVN) -- http://www.csiwhq.com/--   
provides professional services focusing on strategic consulting,
data warehousing, business intelligence, business process
reengineering, as well as integration and information technology
management solutions.  CSI offers an array of products and
services to help companies define, develop, and implement the
warehousing and strategic use of both enterprise-wide and specific
categories of strategic data.


COUDERT BROTHERS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Coudert Brothers LLP
        1114 Avenue of the Americas
        41st Floor
        New York, NY 10036

Bankruptcy Case No.: 06-12226

Type of Business: The Debtor is an international law firm
                  specializing in complex cross border
                  transactions and dispute resolution.

Chapter 11 Petition Date: September 22, 2006

Court: Southern District of New York (Manhattan)

Judge: Robert D. Drain

Debtor's Counsel: Tracy L. Klestadt, Esq.
                  Klestadt & Winters, LLP
                  292 Madison Avenue, 17th Floor
                  New York, NY 10017
                  Tel: (212) 972-3000

Estimated Assets: $10 Million to $50 Million

Estimated Debts:  $10 Million to $50 Million

Debtor's 20 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Lyman Gardens Apartments LLC  Judgment                $2,560,000
c/o Ronald Rus, Esq.
Rus, Milband & Smith
2600 Michelson Drive
Seventh Floor
Irvine, CA 92612

San Francisco Cannery, LLC                            $1,870,683
2801 Leavenworth Street
San Francisco, CA 94133

Coudert Brothers LLP          Contributions to        $1,559,848
Employees Pension             Employee Benefit
c/o Anthony Williams, Esq.    Plan
Trustee
1114 Avenue of the Americas
New York, NY 10036

Inland Revenue UK             Income Tax Due          $1,084,095
St. John's House, Merton Rd.  1/31/06 & 7/31/06
Bootle, Merseyside L69 9BB    (FY 2005)
United Kingdom

Ministry of Finance Belgium   Withholding Tax           $800,903
Burxelles Etranger            Non-Resident
Cantersteen 47 - 1000         Partners 2005
Bruxelles, Belgium

Equity Office Properties                                $593,670
Department 16490
P.O. Box 827634
Philadelphia, PA 19182

CSI, Inc.                                               $467,062
P.O. Box 775485
St. Louis, MO 63177

Petilon J. Claude                                       $323,926
22 Rue De La Montague
St. Genevieve
75005 Paris, France

Lionbrook Property                                      $313,460
Partnership Nomine
Sempler Fraser Ws
80 George Street
Edinburgh, Midlothian EH2
United Kingdom

Fuji Xerox Australia Pty.                               $309,891
Ltd.
Credit Department, Locked
Bag 2051
North Ryde
Australia NSW 02113

Inland Revenue UK             Income Tax - Non          $291,736
St. John's House, Merton Rd.  UK Resident
Bootle, Merseyside L69 9BB    Partners FY 2004
United Kingdom

Stein & Lubin LLP                                       $264,972
Transamerica Pyramid
600 Montgomery St., 14th Fl.
San Francisco, CA 94111

Adobe Systems Inc.                                      $263,707
75 Remittance Drive
Suite 1025
Chicago, IL 60675

Sprint                                                  $262,964
P.O. Box 930331
Atlanta, GA 31193

Corporation of London                                   $254,993
Chamberlain of London
P.O. Box 270
Guildhall, London
United Kingdom EC2P2EJ

Comptroller of Income Taxes   Income Tax 2005 on        $215,036
55 Newton Road                Office Profits
Revenue House
Singapore 307987

Lewis Brisbois Bisgaaard &                              $208,055
Smith LLP
221 North Figueroa Street
Suite 1200
Los Angeles, CA 90012

Trizec Properties, Inc.                                 $196,871
Western Region
601 South Figueroa Street
Suite 2650
Los Angeles, CA 90017

Xerox                                                   $191,551
4 Rue Nicolas Robert
Aulnay-Sous-Bois Cedex
France 93607

1114 Trizec Swig LLC                                    $185,864
Church Street Station
P.O. Box 6756
New York, NY 10249


DAVID ADKINS: Case Summary & 18 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: David Len Adkins
        Lisa Lynn Adkins
        5014 Indiana Beach Road
        Monticello, IN 47960

Bankruptcy Case No.: 06-40301

Chapter 11 Petition Date: September 22, 2006

Court: Northern District of Indiana (Hammond Division at
       Lafayette)

Judge: Robert E. Grant

Debtors' Counsel: Alfred E. McClure, Esq.
                  McClure & O'Farrell
                  987 South Creasy Lane
                  Lafayette, IN 47905
                  Tel: (765) 446-8228

Estimated Assets: $1 Million to $10 Million

Estimated Debts:  $1 Million to $10 Million

Debtor's 18 Largest Unsecured Creditors:

   Entity                              Claim Amount
   ------                              ------------
First National Bank of Omaha                $19,010
1620 Dodge Street, St. Co.
Omaha, NE 68197

Advanta Customer Service                    $18,275
P.O. Box 30715
Salt Lake City, UT 84130-0715

Bank of America                             $32,495
100 North Tryon Center
Charlotte, NC 28255

Direct Merchants                            $16,467
P.O. Box 85305
Louisville, KY 40285-5305

MBNA America                                $31,803
P.O. Box 15137
Wilmington, DE 19886-5137

First National Bank of Omaha                $16,278

Citi Bank                                   $16,208

First USA Bank                              $15,575

Chase Bank Card Services                    $15,575

Fleet Credit Card Services                  $15,178

HSBC Card Services                          $15,087

Untaluti Improvements Inc.                  $14,730

Citi Bank                                   $13,136

People's Bank                               $12,277

Twin Lakes Regional Sewer District          $12,000

Bank of America                             $10,651

Beneficial Finance                          $10,165

LVNV Funding LLC                            $10,117


DELL INC: Faces NASDAQ Delisting Due to Form 10-Q Late Filing
-------------------------------------------------------------
Dell Inc. has reported plans to request a hearing before a NASDAQ
Listing Qualifications Panel in response to its receipt, on
Sept. 15, of a NASDAQ Staff Determination letter indicating Dell
is not in compliance with the filing requirement for continued
listing as set forth in Marketplace Rule 4310(c)(14).

As anticipated, the letter was issued in accordance with NASDAQ
rules due to the delayed filing of the company's Form 10-Q for the
quarter ended Aug. 4, 2006.  Pending a decision by the panel, Dell
shares will remain listed on The NASDAQ Stock Market.

As previously announced, Dell is unable to file its Form 10-Q for
the quarterly period ended Aug. 4, 2006, because of questions
raised in connection with an informal investigation by the U.S.
Securities and Exchange Commission into certain accounting and
financial reporting matters, and the subsequently initiated
independent investigation by the audit committee of its board
of directors.

The SEC requests for information were joined by a similar request
from the United States Attorney for the Southern District of New
York, who has subpoenaed documents related to the company's
financial reporting from 2002 to the present.  The company said it
will file the report as soon as possible.

Dell, Inc. (NASDAQ: DELL) -- http://www.dell.com-- designs,   
develops, manufactures, markets, sells, and provides support for
various computer systems and services to customers worldwide.


DELTA PETROLEUM: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Caa1 Corporate
Family Rating for Delta Petroleum Corporation, and changed its
rating on the company's 7% Senior Unsecured Guaranteed Global
Notes due 2015 to Caa2.  Additionally, Moody's assigned an LGD5
rating to those bonds, suggesting noteholders will experience a
74% loss in the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Based in Denver, Colorado, Delta Petroleum Corporation (NASDAQ:
DPTR) is an oil and gas exploration and development company.  The
Company's core areas of operations are the Gulf Coast and Rocky
Mountain Regions, which comprise the majority of its proved
reserves, production and long-term growth prospects.


DENBURY RESOURCES: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba3 Corporate
Family Rating for Denbury Resources, Inc.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings to these two bond issues:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.5% Sr. Sub. Global
   Notes due 2013         B2       B1      LGD4       62%

   7.5% Sr. Sub. Global
   Notes due 2015         B2       B1      LGD4       62%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Denbury Resources, Inc. -- http://www.denbury.com/-- is a growing  
independent oil and gas company.  The Company is the largest oil
and natural gas operator in Mississippi, owns the largest reserves
of CO2 used for tertiary oil recovery east of the Mississippi
River, and holds key operating acreage in the onshore Louisiana
and Texas Barnett Shale areas.  The Company increases the value of
acquired properties in its core areas through a combination of
exploitation drilling and proven engineering extraction practices.


DOE RUN: Peruvian Subsidiary Resolves Labor Strike
--------------------------------------------------
The Doe Run Company's subsidiary, Doe Run Peru, resolved a labor
dispute on Sept. 15, 2006, at its Cobriza Mining Division.  The
peaceful demonstration began the morning of Sept. 14 and concluded
at 8 p.m. on Sept. 15.  A Peru Ministry of Labor mediator
facilitated the discussion and helped reach an amicable solution.

"We are pleased to hear that our counterparts in Peru were able to
quickly work through specifics," said Barbara Shepard, vice
president of human resources and community relations for The Doe
Run Company.  "When labor discussions happen at the local level,
it provides for more clear and open communication.  The quick
resolution in Cobriza is an excellent example of collaboration and
earnest dialogue among all the participating parties."

Doe Run Peru will continue to provide snacks and meals to select
workers and adjust transportation schedules, among other requests.
Likewise, the company will continue to ensure that contractors
comply with all applicable labor regulations.  The workers also
committed to increasing productivity and efficiency.

"All of our employees have returned to work, and production was
largely unaffected," reported Dr. Juan Carlos Huyhua, president
and general manager of Doe Run Peru.  "We appreciate the important
role our employees and contractors play in providing quality
metals to the world."

Doe Run Peru's Cobriza mine is an underground copper mine that
produces copper concentrates in southern Peru.

Based in St. Louis, Mo., The Doe Run Company --
http://www.doerun.com/-- is a privately held natural resources  
company dedicated to environmentally responsible mineral
production, metals fabrication, recycling and reclamation.  The
company and its subsidiaries deliver products and services needed
to provide power, protection and convenience through premium
products and associated metals including lead, zinc, copper, gold
and silver.  As the operator of one of the world's only multi-
metal facilities and the Americas' largest integrated lead
producer, Doe Run employs more than 5,000 people, with U.S.
operations in Missouri, Washington and Arizona, and Peruvian
operations in Cobriza and La Oroya.

                     Going Concern Doubt

As reported in the Troubled Company Reporter on March 30, 2006,
Crowe Chizek and Company LLC expressed substantial doubt about The
Doe Run Resources Corporation ability to continue as a going
concern after auditing the Company's financial statements for the
years ended October 31, 2005, and 2004.

The auditing firm pointed to Doe Run's subsidiary, Doe Run Peru's
significant capital requirements under environmental commitments,
which, if not met, could result in defaults of Doe Run Peru's
credit agreements.  Crowe Chizek also noted Doe Run Peru's
substantial contingencies related to tax and significant debt
service obligations.


DOE RUN: Names Theodore Fox as New Chief Financial Officer
----------------------------------------------------------
The Doe Run Company has named Theodore P. Fox, III, as its new
chief financial officer.  With more than 30 years of corporate
financial experience, Mr. Fox will assume responsibility for all
financial functions of the $1 billion company beginning Sept. 25.  
He will report to Bruce Neil, president and chief executive
officer of The Doe Run Company.

Among his duties, Mr. Fox will be active on the executive
leadership team of The Doe Run Company, helping to guide its
future course as a global supplier of metals and associated
services.  Doe Run employs more than 5,000 people, with U.S.
operations in Missouri, Washington and Arizona, and Peruvian
operations in Cobriza and La Oroya.

Mr. Fox comes to Doe Run from Bunge Limited, an integrated,
global agribusiness and food company, where he served as
controller from 1999 through 2002.  Previously, Mr. Fox served
as the chief financial officer for The Solae Company in St.
Louis, and has worked in financial positions for Amax Inc., a
former NYSE mining company.

"Terry Fox is a welcome addition to our Doe Run team.  He'll
help usher Doe Run into a new phase as we continue to improve
our business by meeting the needs of our customers globally,"
Mr. Neil said.  "Terry's financial leadership will help Doe Run
meet the challenges we face as a global metals company."

Formerly a certified public accountant and a first lieutenant in
the U.S. Army, Fox holds a master's degree in business
administration from UCLA and a bachelor's degree in economics
from the University of Delaware.  He resides in Chesterfield,
Mo.

Based in St. Louis, Mo., The Doe Run Company --
http://www.doerun.com/-- is a privately held natural resources  
company dedicated to environmentally responsible mineral
production, metals fabrication, recycling and reclamation.  The
company and its subsidiaries deliver products and services needed
to provide power, protection and convenience through premium
products and associated metals including lead, zinc, copper, gold
and silver.  As the operator of one of the world's only multi-
metal facilities and the Americas' largest integrated lead
producer, Doe Run employs more than 5,000 people, with U.S.
operations in Missouri, Washington and Arizona, and Peruvian
operations in Cobriza and La Oroya.

                     Going Concern Doubt

As reported in the Troubled Company Reporter on March 30, 2006,
Crowe Chizek and Company LLC expressed substantial doubt about The
Doe Run Resources Corporation ability to continue as a going
concern after auditing the Company's financial statements for the
years ended October 31, 2005, and 2004.

The auditing firm pointed to Doe Run's subsidiary, Doe Run Peru's
significant capital requirements under environmental commitments,
which, if not met, could result in defaults of Doe Run Peru's
credit agreements.  Crowe Chizek also noted Doe Run Peru's
substantial contingencies related to tax and significant debt
service obligations.


DOUGLAS WILD: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Douglas L. Wild and Jean M. Wild
        2095 Ohadi Drive
        Wall Township, NJ 07719

Bankruptcy Case No.: 06-19002

Chapter 11 Petition Date: September 21, 2006

Court: District of New Jersey (Trenton)

Debtor's Counsel: Jeffrey B. Saper, Esq.
                  Law Offices of Jeffrey B. Saper, PC
                  The Lexington Building
                  180 Tuckerton Road
                  Medford, NJ 08055
                  Tel: (856) 985-9770

Estimated Assets: $100,000 to $500,000

Estimated Debts:  $1 Million to $10 Million

The Debtor did not file its list of 20 Largest Unsecured
Creditors.


DSL.NET INC: Receives Strategic Investment From MegaPath
--------------------------------------------------------
MegaPath Inc., a privately held company and leading provider of
Virtual Private Network solutions and other managed IP services,
has made a strategic investment in DSL.net, Inc., which will allow
MegaPath to acquire substantially all of the equity of DSL.net
upon receiving regulatory and shareholder approvals.

"DSL.net is known for offering its broadband customers high
performance and reliability, over our own network, through
innovative service offerings designed to increase our customers'
productivity and business profitability," said David Struwas,
Chief Executive Officer of DSL.net.  "By combining DSL.net's and
MegaPath's infrastructure and service offerings, we will be in a
position to offer customers outstanding network performance and
the most comprehensive set of managed IP services available
anywhere.  This is great news for both companies' customers."

DSL.net currently offers services via its own facilities in over
350 collocations located in Vermont, New Hampshire, Massachusetts,
Connecticut, Pennsylvania, Rhode Island, New York, New Jersey,
Delaware, Maryland, Virginia and Washington, D.C.

As the leading IP Managed Service Provider in North America,
MegaPath can offer DSL.net customers expanded broadband coverage
throughout the U.S. and Canada.  MegaPath can also provide a full
range of integrated security, IP telephony, remote access and
site-to-site IP VPN services to augment DSL.net's network
services.  The acquisition, once completed, will give MegaPath
access to DSL.net's broadband facilities and network expertise to
deliver these services throughout the Northeast and Mid-
Atlantic regions, which have the highest concentration of
businesses in the United States.

"This strategic investment gives us the opportunity to accelerate
MegaPath's growth and improve its profitability, while also
providing us with greater control over the quality of service we
offer our customers," said Craig Young, Chairman and Chief
Executive Officer of MegaPath.  "We are eager to help DSL.net
customers grow their businesses by leveraging our wide array of
managed IP services, expanded network reach, and additional
operational and engineering resources.  Moreover, the combined
company would offer the financial strength and market leadership
that enterprise customers look for when selecting a service
provider to manage their business-critical communications."

The strategic investment by MegaPath was funded in part by certain
of MegaPath's existing investors, which include Fidelity Ventures,
Rho Ventures, U.S. Venture Partners, Columbia Capital, Trident
Capital and Boston Millennia Partners.

Both companies will continue to operate separately in a "business
as usual" manner until the acquisition occurs, which is expected
to happen on or about year end, although this date is subject to
change.

                          About MegaPath

MegaPath -- http://www.megapath.com/-- is the leading provider of  
managed IP communications services in North America.  MegaPath
leverages its wide selection of broadband connectivity, Virtual
Private Networks, Voice over IP and security technologies to
enable businesses to lower costs, increase security and enhance
productivity.

                            About DSL.net

DSL.net, Inc. -- http://www.dsl.net/-- provides broadband  
communications services to businesses.  The Company combines its
own facilities, nationwide network infrastructure and Internet
Service Provider capabilities to provide high-speed Internet
access, private network solutions and value-added services
directly to small- and medium-sized businesses or larger
enterprises looking to connect multiple locations.

                       Going Concern Doubt

Carlin, Charron & Rosen, LLP, expressed substantial doubt about
DSL.net, Inc.'s ability to continue as a going concern after
auditing the Company's financial statements for the year ended
Dec. 31, 2006.   The auditing firm pointed to the Company's
recurring losses from operations.


DSL.NET INC: Incurs $5.7 Mil. Net Loss in 2006 Second Quarter
-------------------------------------------------------------
DSL.net, Inc., reported a $5.7 million net loss from continuing
operations for the second quarter of 2006, compared to net loss
from continuing operations of $3.1 million for the second
quarter of 2005.

Net loss from continuing operations for the six months ended
June 30, 2006 was $10.6 million, compared to net loss from
continuing operations of $6.6 million for the same period in 2005.

Revenue from continuing operations for the second quarter of 2006
was $9.5 million, as compared to revenue from continuing
operations of $12.7 million for the second quarter of 2005.
Revenue from continuing operations for the six months ended June
30, 2006 was $19.6 million as compared to revenue from continuing
operations of $26.4 million for the same period in 2005.

The Company's balance sheet at June 30, 2006, showed $18,566,000
in total assets and $23,057,000 in total liabilities, resulting in
a $4,491,000 equity deficit.

A full-text copy of the Company's quarterly report is available
for free at http://researcharchives.com/t/s?123d

"Our results of operations have continued to decline in the second
quarter, primarily due to declining sales and customer churn, and
also due to certain expenses incurred in connection with our cost
reduction efforts initiated in the fourth quarter of 2005, the
results of which the Company may not fully realize until later
periods," said David F. Struwas, the Company's chief executive
officer.  "We believe that our outstanding network assets, VoIP
platform and technical abilities have operational value that can
be commercially leveraged either by the Company, with additional
funding, or by a strategic partner."

"Based on our current plans and projections, we believe that our
existing cash resources will be sufficient to fund our operations
through the third quarter of 2006," said Walter Keisch, the
Company's chief financial officer.  "We will need to raise
additional financing in the third quarter of 2006 in order to meet
our ongoing operating requirements and to repay all of our secured
debt obligations.  We continue to actively pursue financing and
strategic opportunities, although there can be no guarantee that
we will succeed in closing any of such transactions."

                       Going Concern Doubt

Carlin, Charron & Rosen, LLP, expressed substantial doubt about
DSL.net, Inc.'s ability to continue as a going concern after
auditing the Company's financial statements for the year ended
Dec. 31, 2006.   The auditing firm pointed to the Company's
recurring losses from operations.

                            About DSL.net

DSL.net, Inc. -- http://www.dsl.net/-- provides broadband  
communications services to businesses.  The Company combines its
own facilities, nationwide network infrastructure and Internet
Service Provider capabilities to provide high-speed Internet
access, private network solutions and value-added services
directly to small- and medium-sized businesses or larger
enterprises looking to connect multiple locations.


EASTMAN KODAK: To Shut Down Portion of New York Chemical Operation
------------------------------------------------------------------
Eastman Kodak Company committed to shut down a portion of its
Synthetic Chemicals operations in Rochester, New York.  The plant
produces chemicals used in the manufacture of photographic
products.

In conjunction with the action, the Company will incur
restructuring related charges totaling approximately $27 million,
including employee termination benefits of approximately
$7 million, building and plant equipment accelerated depreciation
and inventory write-offs of approximately $13 million, and other
exit costs of approximately $7 million.

The severance and other exit costs require the outlay of cash,
while the accelerated depreciation and inventory write-offs
represent non-cash charges.  The estimated restructuring related
charges exclude any pension plan settlement or curtailment gains
or losses that may be incurred.  The actions are expected to be
complete by Dec. 31, 2007.

The action is part of the Kodak's restructuring program.  The
Company expects to continue to consolidate its worldwide
operations in order to eliminate excess capacity.

Headquartered in Rochester, New York, Eastman Kodak Company
-- http://www.kodak.com/-- is a worldwide vendor of imaging  
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional and
digital printing, document scanning, and multi-vendor IT services;
and Display & Components - supplying original equipment
manufacturers with imaging sensors as well as intellectual
property and materials for the organic light-emitting diode and
LCD display industries.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2006,
Moody's Investors Service placed Eastman Kodak Company on review
for possible downgrade.  Ratings under review include the
Company's B1 Corporate Family Rating; B2 Senior Unsecured Rating;
and Ba3 rating on the Senior Secured Credit Facilities.

Moody's review continues to focus on the company's potential sale
of the Kodak Health Group as well as the fundamental operating
performance of the company.

As reported in the Troubled Company Reporter on Aug. 7, 2006,
Standard & Poor's Ratings Services placed its ratings on Eastman
Kodak Co. (B+/Watch Neg/--) on CreditWatch with negative
implications.  The Rochester, New York-based imaging company had
$3.5 billion in debt as of June 30, 2006.


EMO CORP: Involuntary Chapter 11 Case Summary
---------------------------------------------
Alleged Debtor: EMO Corporation
                5910 Courtyard Drive
                Austin, TX 78731

Case Number: 06-11499

Involuntary Petition Date: September 22, 2006

Chapter: 11

Court: Western District of Texas (Austin)

Judge: Frank R. Monroe

Petitioners' Counsel: Stephen W. Sather, Esq.
                      Barron & Newburger, P.C.
                      1212 Guadalupe, Suite 104
                      Austin, TX 78701
                      Tel: (512) 476-9103 Ext. 220
                      Fax: (512) 476-9253
         
   Petitioners                   Nature of Claim   Claim Amount
   -----------                   ---------------   ------------
To the Rescue, Ltd.                                    $119,175
c/o Pam McCaa, CFO
2392 Lois Lane
Brownsville, TX 78520

Roger Van Syoc                                          $97,000
1341 Tuskawilla Road
Suite 112
Winter Springs, FL 32708

Dan Metz                                                $84,000
2511 Westminster Terrace
Orlando, FL 32765

Van Brollini                                            $42,000
9225 East Tanque Verde Road
Suite 39-102
Tucson, AZ 85749

Robert Montgomery                Customer               $38,400
13270 Trautwein Road
Austin, TX 78737

Blaine Ruble                                            $23,296
1641 North Memorial Drive
P.O. Box 144
Lancaster, OH 43130

James Long                                               $4,000
608 Cutlass
Austin, TX 78734

Michael Berren                   Deposited Funds         $2,800
3022 Egrets Landing Drive
Lake Mary, FL 32746


ENCORE ACQUISITION: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba3 Corporate
Family Rating for Encore Acquisition Company.  Additionally,
Moody's revised its probability-of-default ratings and assigned
loss-given-default ratings to these three bond issues:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   6.25% Sr. Sub.
   Global Notes
   due 2014               B2       B1      LGD4       69%

   6% Sr. Sub.
   Global Notes
   due 2015               B2       B1      LGD4       69%

   7.25% Sr. Sub.
   Gtd. Notes
   due 2017               B2       B1      LGD4       69%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Fort Worth, Texas, Encore Acquisition Company
(NYSE: EAC) -- http://www.encoreacq.com/-- is an independent  
energy company engaged in the acquisition, development and
exploitation of North American oil and natural gas reserves.
Organized in 1998, Encore's oil and natural gas reserves are in
four core areas: the Cedar Creek Anticline of Montana and North
Dakota; the Permian Basin of West Texas and Southeastern New
Mexico; the Mid Continent area, which includes the Arkoma and
Anadarko Basins of Oklahoma, the North Louisiana Salt Basin, the
East Texas Basin and the Barnett Shale; and the Rocky Mountains.


ENERGY PARTNERS: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B2 Corporate
Family Rating for Energy Partners, Ltd., and changed its rating on
the company's 8.75% Senior Unsecured Guaranteed Global Notes due
2010 to B3.  Additionally, Moody's assigned an LGD5 rating to
those bonds, suggesting noteholders will experience a 73% loss in
the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in New Orleans, Louisiana, Energy Partners Ltd.
(NYSE:EPL) -- http://www.eplweb.com/-- is an independent oil and  
natural gas exploration and production company.  Founded in 1998,
the Company's operations are focused along the U. S. Gulf Coast,
both onshore in south Louisiana and offshore in the Gulf of
Mexico.


EXCO RESOURCES: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B2 Corporate
Family Rating for EXCO Resources, Inc., and maintained its B3
rating on the company's 7.25% Senior Unsecured Guaranteed Global
Notes due 2011.  Additionally, Moody's assigned an LGD5 rating to
those bonds, suggesting noteholders will experience a 77% loss in
the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Based in Denver, Colorado, Delta Petroleum Corporation (NASDAQ:
DPTR) is an oil and gas exploration and development company.  The
Company's core areas of operations are the Gulf Coast and Rocky
Mountain Regions, which comprise the majority of its proved
reserves, production and long-term growth prospects.  

Headquartered in Dallas, Texas, EXCO Resources, Inc. --
http://www.excoresources.com/-- is an independent energy company  
principally engaged in the acquisition, exploitation and
development of oil and natural gas properties.  EXCO targets
acquisitions of onshore, North American oil and natural gas
properties, with particular emphasis on Appalachia, Eastern and
Western Texas, Mid Continent and the Rocky Mountain regions.


EXIDE TECHNOLOGIES: Reports $75 Mil. Rights Offering & Stock Sale
-----------------------------------------------------------------
Exide Technologies previously entered into a Standby Purchase
Agreement dated June 28, 2006, as amended, with Tontine Capital
Partners, L.P., Legg Mason Investment Trust Inc., and Arklow
Capital, LLC.

The Standby Purchase Agreement sets forth the terms of a
$50,000,000 private placement of newly issued Exide common stock
and a standby purchase commitment for newly issued shares not
purchased by shareholders in the Company's $75,000,000 rights
offering.

To satisfy a condition required to finalize the Standby Purchase
Agreement transactions, Francis M. Corby, Jr., executive vice
president and chief financial officer of Exide, disclosed with
the Securities and Exchange Commission on Sept. 19, 2006, that
Tontine nominated, and the Board has appointed, Paul W. Jennings,
as a director.  Tontine has waived the closing condition requiring
the appointment of two directors.

Mr. Jennings, 49, is President and Chief Executive Officer
of Innospec Inc. (NASDAQ:IOSP), an international specialty
chemicals company with 1,000 employees in 23 countries that is
headquartered in England.  Since Mr. Jennings was named President
and CEO in June 2005, he has overseen the company's new strategic
direction and implementation of the new global Innospec brand.

From November 2002 through his appointment as CEO, Mr. Jennings
served as Innospec's Executive Vice President and Chief Financial
Officer.

He previously served as CFO for Griffin LLC, a joint venture
between Griffin Corporation and Dupont, and from 1986 to 1999
held positions of CFO and Vice President of Finance for various
divisions and regions of Courtaulds plc, working in the United
States, Europe and Singapore.

                  Parties Enter into Agreements

Mr. Corby further disclosed that Exide and Tontine have executed
a letter agreement dated Sept. 18, 2006, to permit Tontine
additional time to nominate a second director candidate by
December 31.

A copy of the Letter Agreement is available at no charge at:

               http://researcharchives.com/t/s?121d

In addition, a registration rights agreement dated Sept. 18, 2006,
was entered among Exide, Tontine, Legg Mason and Arklow, a copy of
which is available at no charge at:

               http://researcharchives.com/t/s?121e

                Closes $75 Mil. Rights Offering

Exide has completed its rights offering.  The Company sold
10,928,730 shares of its common stock to existing stockholders,
excluding Tontine Capital Partners, L.P. and its affiliates and
Arklow Capital, LLC, and the Company also sold 10,499,841 shares
of common stock to Tontine, Legg Mason Investment Trust, Inc., and
Arklow Capital, LLC pursuant to standby commitments under the
previously announced Standby Purchase Agreement, generating
aggregate gross proceeds of approximately $75 million.  The rights
offering expired on Sept. 14, 2006.  Exide also completed on
Sept. 18, 2006 the sale of 14,285,714 additional shares of common
stock to Tontine and Legg Mason for $50 million.

                           About Exide

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and  
distributes lead acid batteries and other related electrical
energy storage products.  The Company filed for chapter 11
protection on Apr. 14, 2002 (Bankr. Del. Case No. 02-11125).  
Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland &
Ellis, represented the Debtors in their successful restructuring.  
Exide's confirmed chapter 11 Plan took effect on May 5, 2004.  On
April 14, 2002, the Debtors listed $2,073,238,000 in assets and
$2,524,448,000 in debts.  (Exide Bankruptcy News, Issue No. 91;
Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand/)


EXIDE TECHNOLOGIES: Bregman Disposes of 220 Shares of Common Stock
------------------------------------------------------------------
Mitchell S. Bregman, president of Industrial Energy Americas,
disposed of 220 shares of Exide Technologies' common stock on
Sept. 8, 2006.

The shares were sold by Mr. Bregman to address 2005 taxable
income for shares granted under a certain 2004 stock incentive
plan that vested in 2005, but which were not issued until 2006.

As a result, Mr. Bregman now beneficially owns 14,888 Exide
shares.

                           About Exide

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and  
distributes lead acid batteries and other related electrical
energy storage products.  The Company filed for chapter 11
protection on Apr. 14, 2002 (Bankr. Del. Case No. 02-11125).  
Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland &
Ellis, represented the Debtors in their successful restructuring.  
Exide's confirmed chapter 11 Plan took effect on May 5, 2004.  On
April 14, 2002, the Debtors listed $2,073,238,000 in assets and
$2,524,448,000 in debts.  (Exide Bankruptcy News, Issue No. 91;
Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand/)


FALCONBRIDGE: Proceeds with Subsequent Acquisition of Novicourt
---------------------------------------------------------------
Xstrata's subsidiary Falconbridge Limited and Falconbridge's
subsidiary Novicourt Inc. will proceed with a subsequent
acquisition transaction by way of amalgamation.  Under the
transaction, Falconbridge will acquire the remaining common shares
of Novicourt which were not tendered to Falconbridge's offer,
dated June 26, 2006, to purchase all of the outstanding common
shares of Novicourt.   The board of directors of Novicourt
approved the amalgamation on Sept. 18, 2006.

Falconbridge holds, directly or indirectly, a number of common
shares sufficient to enable all required corporate and securities
laws approvals to be obtained at the special meeting of
shareholders of Novicourt to be held on Oct. 17, 2006, for the
purpose of approving the amalgamation.  The management information
circular of Novicourt in connection with the special meeting was
mailed to registered owners and sent to intermediaries for mailing
to beneficial owners earlier today.

Once the subsequent acquisition transaction is completed,
Falconbridge expects that the Novicourt common shares will be
delisted from the Toronto Stock Exchange and that Novicourt will
cease to be a reporting issuer.

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a   
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries.  The Company owns nickel mines in
Canada and the Dominican Republic and operates a refinery and
sulfuric acid plant in Norway.  It is also a major producer of
copper (38% of sales) through its Kidd mine in Canada and its
stake in Chile's Collahuasi mine and Lomas Bayas mine.  Its
other products include cobalt, platinum group metals, and zinc.

                        *    *    *

Falconbridge's CDN$150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.


FESTIVAL FUN: S&P Affirms B Rating & Revises Outlook to Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Festival Fun Parks LLC to negative from stable.

At the same time, Standard & Poor's affirmed its ratings,
including the 'B' corporate credit rating, on the company.

Newport Beach, California-based Festival is an operator of water
parks and family entertainment centers.  Total debt was
$160 million at June 30, 2006.

"The outlook revision reflects soft operating performance and
rising debt leverage in the first half of 2006," said Standard &
Poor's credit analyst Hal F. Diamond.

"We are concerned that this trend may continue in the second half
of the year."

The rating reflects:

   * the company's high debt leverage;

   * reliance on favorable weather during the short, summer water
     park operating season; and

   * potentially volatile profitability.

These factors are only partially mitigated by its minimal business
diversity through geographic dispersion of parks.

Festival owns and operates 32 facilities in eight states,
including eight water parks, 23 family entertainment centers, and
one nature theme park.


FIDELITY MUTUAL: Okayed Plan Provides 100% Company Stock Transfer
-----------------------------------------------------------------
Pursuant to The Fidelity Mutual Life Insurance Company's Fourth
Amended Plan of Rehabilitation approved by the Commonwealth Court
of Pennsylvania on Aug. 29, 2006, the Company will be
transferring, to a qualified bidder, 100% of the Company through a
stock transaction or 100% of the Company's insurance business
through a reinsurance assumption transaction.

Contracts will be endorsed to non-participating, non-voting
status, and policyholder dividends will be replaced by non-
guaranteed element credits.  Contract values, benefits and
guarantees will not be changed.

Persons who are mutual members as of Aug. 31, 2001, will receive
distributions in exchange for their mutual member interests.

A copy of the Plan is available for free at https://www.fmlic.com/
or by written request to:

    The Fidelity Mutual Life Insurance Company, In Rehabilitation
    Attn: Plan Copies
    250 King of Prussia Road
    Radnor, Pennsylvania 19087-5295

The ongoing rehabilitation of The Fidelity Mutual Life Insurance
Company -- https://www.fmlic.com/ -- involves the largest
insolvency of an insurance company in Pennsylvania.  Fidelity has
more than $1 billion in assets.  Adelman, Lavine Gold and Levin --
http://www.adelmanlaw.com/-- represents Fidelity's Policyholders'
Committee.


FORD MOTOR: Vice President A.J. Wagner to Retire on January 2007
----------------------------------------------------------------
A.J. Wagner, president of Ford Motor Credit Company North America
and a vice president of Ford Motor Company, has elected to retire
after 33 years with the company.  His retirement is effective
Jan. 1, 2007.

Since October 2003, Mr. Wagner has led the sales, marketing,
credit and brand functions for Ford Motor Credit's business in the
United States and Canada, which accounts for 75% of the company's
receivables.  Ford Motor Credit's North American operations
provides retail and lease vehicle financing, dealer inventory
financing and commercial lending for the Ford, Lincoln, Mercury,
Aston Martin, Jaguar, Land Rover, Volvo and Mazda brands.

"A.J.'s outstanding dealer relations and business skills have made
a major contribution to our credit organization in North America,"
said Ford Executive Chairman Bill Ford.  "He is an excellent sales
leader who has used his considerable energy to support our product
sales and our profitable financial operations.  He also has been a
strong advocate for our dealers and for the value that Ford Motor
Company provides to them."

Mr. Wagner joined the company in 1973 and held numerous positions
throughout the Ford Motor Credit organization in leasing,
marketing, dealer credit, operations services, field operations
and strategic planning.  He was executive vice president of Ford
Credit North America handling the Ford, Lincoln and Mercury
brands.  He served as senior vice president of Western U.S.
Operations, vice president of Major Accounts and vice president of
Marketing.  Mr. Wagner was also Field Operations manager and
regional manager at Ford Motor Company's Ford Division.

Mr. Wagner served on three company boards: Ford Motor Credit
Company, Ford Credit Canada, of which he was chairman, and Ford
Direct, LLC.

Mr. Wagner holds a bachelor's degree in finance from the
University of Wisconsin and a master's degree in business
administration and finance from the University of Detroit.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
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.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 22, 2006,
Dominion Bond Rating Service placed long-term debt rating of
Ford Motor Company Under Review with Negative Implications
following announcement that Ford will sharply reduce its North
American vehicle production in 2006.  DBRS lowered on July 21,
2006, Ford Motor Company's long-term debt rating to B from BB,
and lowered its short-term debt rating to R-3 middle from R-3
high.  DBRS also lowered Ford Motor Credit Company's long-term
debt rating to BB(low) from BB, and confirmed Ford Credit's
short-term debt rating at R-3(high).

Fitch Ratings also downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company to 'B' from 'B+'.
Fitch also lowered the Ford's senior unsecured rating to
'B+/RR3' from 'BB-/RR3' and Ford Credit's senior unsecured
rating to 'BB- /RR2' from 'BB/RR2'.  The Rating Outlook remains
Negative.

Standard & Poor's Ratings Services also placed its 'B+' long-
term and 'B-2' short-term ratings on Ford Motor Co., Ford Motor
Credit Co., and related entities on CreditWatch with negative
implications.

As reported in the Troubled Company Reporter on July 24, 2006,
Moody's Investors Service lowered the Corporate Family and
senior unsecured ratings of Ford Motor Company to B2 from Ba3
and the senior unsecured rating of Ford Motor Credit Company to
Ba3 from Ba2.  The Speculative Grade Liquidity rating of Ford
has been confirmed at SGL-1, indicating very good liquidity over
the coming 12 month period.  The outlook for the ratings is
negative.


FOREST OIL: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba3 Corporate
Family Rating for Forest Oil Corp.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-default
ratings to these three bond issues:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   8% Sr. Unsec.
   Global Notes
   due 2008               Ba3      B1      LGD5       71%

   8% Sr. Unsec.
   Global Notes
   due 2011               Ba3      B1      LGD5       71%

   7.75% Sr. Unsec.
   Global Notes
   due 2014               Ba3      B1      LGD5       71%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Forest Oil Corporation -- http://www.forestoil.com/-- is engaged  
in the acquisition, exploration, development, and production of
natural gas and crude oil in North America and selected
international locations.  Forest's principal reserves and
producing properties are located in the United States in the Gulf
of Mexico, Alaska, Louisiana, Oklahoma, Texas, Utah, and Wyoming,
and in Canada. Forest's common stock trades on the New York Stock
Exchange under the symbol FST.


FREESCALE SEMICONDUCTOR: Fitch Lowers Sr. Facility's Rating to BB+
------------------------------------------------------------------
Fitch downgraded Freescale Semiconductor Inc.'s Issuer Default
Rating, senior unsecured notes, and senior unsecured bank credit
facility to 'BB+' from 'BBB-' following the company's confirmation
that it has entered into a definitive agreement to be purchased by
a consortium of private equity firms for $17.6 billion, the
largest ever technology leveraged buy-out.

The ratings remain on Rating Watch Negative.  Approximately
$850 million of debt securities are affected by Fitch's action.

Fitch believes the IDR of the new company would likely be 'B+' or
lower due to:

   * the company's increased leverage;

   * deteriorated credit protection measures; and

   * limited free cash flow pro forma for the anticipated
     incremental debt service.

The resolution of Fitch's Rating Watch will be determined by:

   * an evaluation of the ultimate financing of the transaction;

   * overall mix of securities in the capital structure; and

   * the company's ability to generate free cash flow after the
     transaction closes.

Fitch believes debt levels will increase to $8.5-$11.5 billion,
assuming the private equity consortium contributes 35%-50% of
equity as is typical for LBO transactions within the current
market environment.

While the change of control put contained within the indenture
covering the existing senior unsecured notes is effective, Fitch
anticipates Freescale will tender for or repay the existing $850
million of senior unsecured notes and ultimately refinance the
current bank facility.

At that time, Fitch will withdraw ratings on these securities and
assign issue-specific and recovery ratings on the new debt
securities.


GREENMAN TECH: Equity Deficit Widens to $11.6 Million at June 30
----------------------------------------------------------------
GreenMan Technologies, Inc., incurred a $981,386 net loss on
$5.4 million of net revenues for the three months ended June 30,
2006, compared to a $1.8 million net loss on $5.7 million of net
revenues in 2005.

At June 30, 2006, the Company's balance sheet showed $10.6 million
in total assets and $22.3 million in total liabilities, resulting
in an $11.6 million stockholders' deficit.  The Company's equity
deficit stood at $8.6 million as of Dec. 31, 2005.

The Company's June 30 balance sheet also showed strained liquidity
with $4.4 million in total current assets available to pay $8.6
million in total current liabilities coming due within the next 12
months.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1226

                        Going Concern Doubt

As reported in the Troubled Company Reporter on June 6, 2006, Wolf
& Company, PC, in Boston, Massachusetts, raised substantial
doubt about GreenMan Technologies Inc.'s ability to continue as a
going concern after auditing the Company's consolidated financial
statements for the year ended Sept. 30, 2005.  The auditor pointed
to the Company's losses from operations and working capital
deficiency of $8,667,886 at Sept. 30, 2005.

                         About GreenMan

Based in Lynnfield, Massachusetts, GreenMan Technologies, Inc.
(OTCBB: GMTI), markets scrap granular tires in the United States.  
The company's products are used as a tire-derived fuel used by
pulp and paper producers.


GEORGIA GULF: Offering $750 Million of Senior Notes
---------------------------------------------------
Georgia Gulf Corporation intends to offer a total of $750 million
of Senior Notes due 2014 and Senior Subordinated Notes due 2016.  

Georgia Gulf will use the net proceeds from the offering, together
with borrowings under the company's new senior secured credit
facility, to finance the purchase price for the acquisition of
Royal Group Technologies Limited, to repay some of Royal Group's
existing indebtedness, to refinance some of Georgia Gulf's
existing indebtedness, and to pay fees and expenses related to
these transactions.

The offering will be made only to qualified institutional buyers
in accordance with Rule 144A under the Securities Act of 1933, as
amended, and to non-U.S. persons in reliance on Regulation S under
the Securities Act.  The notes will not be registered under the
Securities Act and may not be offered or sold without registration
unless an exemption from such registration is available under the
Securities Act and applicable state securities laws.

Headquartered in Atlanta, Georgia Gulf -- http://www.ggc.com/--  
manufactures and markets two integrated product lines,
chlorovinyls and aromatics.  The company generated revenues of
$2.3 billion for the year ended Dec. 31, 2005.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 22, 2006,   
Fitch Ratings assigned a 'BB-' rating to Georgia Gulf's proposed
senior unsecured notes due 2014 and a 'B' rating to the company's
proposed senior subordinated notes due 2016.  These ratings affect
approximately $750 million of new notes.

The Issuer Default Rating would be downgraded to 'BB-' from 'BB'
upon the closing of Georgia Gulf's acquisition of Royal Group
Technologies and the Rating Outlook would be Negative.

As reported in the Troubled Company Reporter on Sept. 21, 2006,
Moody's Investors Service lowered the corporate family rating of
Georgia Gulf Corporation to Ba3 from Ba2.  In addition, Moody's
lowered the ratings on its $100 million guaranteed unsecured notes
due 2013 to B1 from Ba3.

Moody's also assigned B1 ratings to the company's new guaranteed
senior unsecured notes due 2014 and a B2 rating to its guaranteed
senior subordinated notes due 2016.  The company plans to issue
roughly $750 million in new notes ($500 million unsecured and $250
million subordinated).  However, these amounts may change
depending on market demand.

Finally, Moody's affirmed the Ba2 ratings on the company's new
$1.175 billion senior secured facilities.  The new credit
facilities and notes will finance the $1.5 billion acquisition of
Royal Group Technologies Ltd.


H&E EQUIPMENT: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. rental company sector last week, the
rating agency confirmed its B1 Corporate Family Rating for H&E
Equipment Services, Inc.  Additionally, Moody's confirmed its
probability-of-default ratings and assigned new loss-given-default
ratings on these bond issues:

                                                   Projected
                                 POD      LGD      Loss-Given
   Debt Issue                    Rating   Rating   Default
   ----------                    -------  ------   ----------
   11.125% 2nd Priority
   Sr. Sec. Nts due 2012           B1      LGD4       56%

   8.375% Gtd. Sr. Unsec.
   Notes due 2016                  B3      LGD5       80%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Based in Baton Rouge, Louisiana, H&E Equipment Services, Inc.,
(NASDAQ:HEES) -- http://www.he-equipment.com/-- is an integrated  
equipment services company with 47 full-service facilities
throughout the Intermountain, Southwest, Gulf Coast, West Coast
and Southeast regions of the United States.  The Company is
focused on heavy construction and industrial equipment and rents,
sells and provides parts and service support for four core
categories of specialized equipment: hi-lift or aerial platform
equipment; cranes; earthmoving equipment; and industrial lift
trucks.


HARVEST OPERATIONS: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B2 Corporate
Family Rating for Harvest Operations Corp., and maintained its B3
rating on the company's 7.875% Senior Unsecured Global Notes due
2011.  Additionally, Moody's assigned an LGD5 rating to those
bonds, suggesting noteholders will experience a 76% loss in the
event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Based in Denver, Colorado, Delta Petroleum Corporation (NASDAQ:
DPTR) is an oil and gas exploration and development company.  The
Company's core areas of operations are the Gulf Coast and Rocky
Mountain Regions, which comprise the majority of its proved
reserves, production and long-term growth prospects.  

Harvest Operations Corp. is a wholly owned subsidiary of Harvest
Energy Trust which is headquartered in Calgary, Alberta, Canada.


HELIX ENERGY: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B2 Corporate
Family Rating for Helix Energy Solutions Group, Inc.  
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings to these two loan
facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Gtd.
   Term Loan              B2       B1      LGD3       37%

   Sr. Sec. Gtd.
   Revolving Credit
   Facility               B2       B1      LGD3       37%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Helix Energy Solutions Group, Inc., headquartered in Houston,
Texas, is engaged in the exploration and production of oil and
natural gas primarily in the Gulf of Mexico and provides oilfield
services to the oil and gas industry.


HERTZ CORPORATION: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. rental company sector last week, the
rating agency confirmed its Ba3 Corporate Family Rating for The
Hertz Corporation.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Term
   Facility               Ba2      Ba1     LGD2       17%

   Sr. Sec. Revolving
   ABL Facility           Ba2      Ba1     LGD2       17%

   Sr. Unsec. Notes       B1       B1      LGD4       61%

   Sr. Unsec. Notes
   (stub of old
   tendered notes,
   covenant stripped)     B2       B2      LGD6       90%

   Sr. Sub. Notes         B3       B2      LGD6       90%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

                         About Hertz

Hertz was acquired from Ford Motor Co. by Clayton, Dubilier & Rice
Inc., The Carlyle Group, and Merrill Lynch Global Private Equity
in December 2005.  The acquisition, which added over $2 billion of
debt to Hertz's balance sheet, has resulted in an increase in its
borrowing costs, and credit ratios have weakened from their
previous relatively healthy levels.

In addition, the company's historically strong financial
flexibility has declined somewhat, with around two-thirds of its
tangible assets now secured, compared to around 10% previously.

Hertz, the largest global car rental company, participates
primarily in the on-airport segment of the car rental industry.
This segment, which generates approximately 69% of Hertz's
consolidated revenues, is heavily reliant on airline traffic.
Demand tends to be cyclical, and can also be affected by global
events such as wars, terrorism, and disease outbreaks.

Hertz has also grown its off-airport business (12% of consolidated
revenues), the segment of the car rental business that is less
cyclical and more profitable, but which is dominated by 'A-' rated
Enterprise Rent-A-Car Co.

Through its Hertz Equipment Rental Corp. subsidiary (HERC, 18% of
consolidated revenues), Hertz also operates one of the larger
industrial and construction equipment renters in the U.S., along
with some European locations.  This market had been depressed for
several years due to the weak economy and overexpansion by several
market participants, but has experienced improving trends since
2004 as market participants reduced their capacity growth and
demand strengthened.


HESS CORPORATION: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba1 Corporate
Family Rating for Hess Corporation.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-default
ratings to these securities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.375% Sr. Unsec.
   Notes due 2009         Ba1      Ba1     LGD4       55%

   7.875% Sr. Unsec.
   Bonds due 2029         Ba1      Ba1     LGD4       55%

   7.3% Sr. Unsec.
   Notes due 2031         Ba1      Ba1     LGD4       55%

   6.65% Sr. Unsec.
   Notes due 2011         Ba1      Ba1     LGD4       55%

   7.125% Sr. Unsec.
   Bonds due 2033         Ba1      Ba1     LGD4       55%

   5.75% Pollution
   Control Revenue
   Bonds, Ser 2002
   due 2032               Ba1      Ba1     LGD 4       55%

   6.05% Pollution
   Control Revenue
   Bonds, Ser 2004
   due 2034               Ba1      Ba1     LGD4       55%

   Multiple Seniority
   Shelf (Senior
   Unsecured             (P)Ba1  (P)Ba1    LGD4       55%

   Multiple Seniority
   Shelf (Subordinate)   (P)Ba2  (P)Ba2    LGD6       97%

   Multiple Seniority
   Shelf (Cumulative
   Preferred)            (P)Ba3  (P)Ba2    LGD6       97%

   Multiple Seniority
   Shelf (Non-Cumulative
   Preferred)            (P)Ba3  (P)Ba2    LGD6       97%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in New York, Hess Corporation (NYSE:HES) --
http://www.hess.com/-- is a global integrated energy company   
engaged in the exploration for and the development, production,
purchase, transportation and sale of crude oil and natural gas.
The Corporation also manufactures, purchases, trades and markets
refined petroleum and other energy products.


HILCORP ENERGY: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B2 Corporate
Family Rating for Hilcorp Energy I, L.P.  Additionally, Moody's
maintained its B3 probability-of-default ratings and assigned
loss-given-default ratings to these three bond issues:

                                                   Projected
                                          LGD      Loss-Given
   Debt Issue                             Rating   Default
   ----------                             ------   ----------
   10.5% Sr.Unsec. Global Notes due 2010   LGD4       67%
   7.75% Sr. Unsec. Global Notes due 2015  LGD4       67%
   9% Sr. Unsec. Global Notes due 2016     LGD4       67%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Hilcorp Energy Company and Hilcorp Energy I, L.P. are
headquartered in Houston, Texas.


HORSESHOE NAIL: Case Summary & Nine Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Horseshoe Nail Ranch L.P.
        6110 New Hope Road
        Aubrey, TX 76227

Bankruptcy Case No.: 06-41556

Chapter 11 Petition Date: September 22, 2006

Court: Eastern District of Texas (Sherman)

Debtor's Counsel: Eric A. Liepins, Esq.
                  Eric A. Liepins, P.C.
                  12770 Coit Road, Suite 1100
                  Dallas, TX 75251
                  Tel: (972) 991-5591
                  Fax: (972) 991-5788

Total Assets: $3,708,000

Total Debts:    $165,617

Debtor's Nine Largest Unsecured Creditors:

   Entity                             Claim Amount
   ------                             ------------
ROM Financial                             $131,076
4949 Westgrove, Suite 200
Dallas, TX 75248

Mustang Special Utility District           $32,000
5315 Highway 377 South
Aubrey, TX 76227

Tony Langdon Auction Services               $2,200
808 Squires Lane
Aubrey, TX 76227

Strittmatter Irrigation                       $341
800 North Highway 277
Pilot Point, TX 76258

Aubrey ISD                                 Unknown
300 East McKinney Street
Denton, TX 76202

Brunswick Properties LLC                   Unknown

Denton County                              Unknown

James H. Moore & Associates                Unknown

Pilot Point ISD                            Unknown


HOUSTON EXPLORATION: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba3 Corporate
Family Rating for The Houston Exploration Company, and maintained
its B2 rating on the company's 7% Senior Subordinated Guaranteed
Global Notes due 2013.  Additionally, Moody's assigned an LGD5
rating to those bonds, suggesting noteholders will experience an
83% loss in the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Based in Denver, Colorado, Delta Petroleum Corporation (NASDAQ:
DPTR) is an oil and gas exploration and development company.  The
Company's core areas of operations are the Gulf Coast and Rocky
Mountain Regions, which comprise the majority of its proved
reserves, production and long-term growth prospects.  

Headquartered in Houston, Texas, The Houston Exploration Co. --
http://www.houstonexploration.com/-- is an independent natural  
gas and crude oil producer engaged in the development,
exploitation, exploration and acquisition of natural gas and crude
oil properties. The company's operations are focused in South
Texas, the Gulf of Mexico, the Arkoma Basin, East Texas, and in
the Rocky Mountains.


IESI CORPORATION: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. solid waste sector last week, the rating
agency confirmed its B1 Corporate Family Rating for IESI
Corporation.  Additionally, Moody's confirmed its probability-of-
default ratings and assigned loss-given-default ratings on these
loans facilities:

                                                   Projected
                                 POD      LGD      Loss-Given
   Debt Issue                    Rating   Rating   Default
   ----------                    -------  ------   ----------
   $200 million senior
   secured revolver due 2010      Ba3      LGD3       30%

   $185 million senior
   secured term loan B due 2012   Ba3      LGD3       30%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

IESI is an indirect subsidiary of BFI Canada Income Fund, which is
based in Toronto, Ontario and provides non-hazardous solid waste
collection and landfill disposal services for over 1 million
customers in the US and Canada.  BFI Fund had consolidated
revenues of CDN$732 million for the twelve month period ending
June 30, 2006.


IMAGEWIRE SYSTEMS: Has $1.8MM Working Capital Deficit at June 30
----------------------------------------------------------------
ImageWare Systems, Inc., incurred a $1.3 million net loss on
$2.8 million of net revenues for the three months ended
June 30, 2006, compared to a $1.9 million net loss on $1.9 million
of net revenues in 2005.

The Company's June 30 balance sheet also showed strained liquidity
with $3.1 million in total current assets available to pay
$5 million in total current liabilities coming due within the next
12 months.

At June 30, 2006, ImageWare had available cash of $480,000 and
$106,000 in restricted cash securing its performance on certain
software implementation contracts.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1229

                        Going Concern Doubt

Stonefield Josephson, Inc., in San Diego, California, raised
substantial doubt about ImageWare Systems' ability to continue as
a going concern after auditing the Company's consolidated
financial statements for the year ended Dec. 31, 2005.  The
auditor pointed to the Company's substantial net losses and
substantial monetary liabilities in excess of monetary assets, and
had an accumulated deficit of $64,321,551.

ImageWare Systems, Inc. (AMEX:IW) -- http://www.iwsinc.com/-- is   
the leading global developer of digital imaging, identification
and biometric software solutions for the corporate, government,
law enforcement, professional photography, transportation,
education and healthcare markets, among others.  ImageWare's
secure credential and biometric product lines are used to produce
ID cards, driver licenses, passports, national medical health
cards, national IDs and more.  The Company's law enforcement and
biometric product lines provide the public safety market with
booking, investigative and identification solutions that can be
accessed and shared via PC, Web and wireless platforms.  
ImageWare's professional digital imaging product line provides
professional photographers with automated, in-studio and mobile
solutions to facilitate the transition from film-based photography
to digital imaging.  Founded in 1987, ImageWare is headquartered
in San Diego, with offices in Canada, Europe and Asia.


INCO LTD: Reaches Tentative Labor Pact with Union Workers
---------------------------------------------------------
Inco Ltd. and the United Steelworkers union at Voisey's Bay nickel
mine in eastern Canada have reached a tentative labor agreement,
Reuters reports.  Union representative Ken Dawson said "We're
trying to get the vote done on Tuesday."

On July 28, 2006, about 120 workers went on stike at the Labrador
mine when the two parties failed to negotiate their first labor
agreement.  Inco closed its operations at the mine due to the
strike.

Before the strike, reports showed that Voisey's Bay was expected
to produce 120 million pounds (54 million kg) of nickel in
concentrate this year.  The mine started production in September
2005.

                         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.


INTEGRAL VISION: Net Loss Rises to $762,000 in Second Quarter 2006
------------------------------------------------------------------
Integral Vision Inc.'s net loss for the three months ended
June 30, 2006 increased to $762,000 from a $737,000 net loss in
the same quarter last year.

Total net revenues for the current quarter increased to $338,000
compared to total net revenues of $8,000 in the three months ended
June 30, 2005.

The Company's balance sheet at June 30, 2006, showed $1,988,000
in total assets, $1,084,000 in total liabilities, and $904,000 in  
total stockholders' equity.  

Full text copies of the Company's financial statements for the
quarter ended June 30, 2006 are available for free at:

               http://researcharchives.com/t/s?11ec

                       Going Concern Doubt

In May 2006, the Troubled Company Reporter disclosed that Rehmann
Robson in Troy, Michigan, raised substantial doubt about Integral
Vision, Inc.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for
the year ended Dec. 31, 2004, and 2005.  The auditor pointed to
the Company's recurring losses and difficulties in achieving
necessary sales to attain profitability.

Integral Vision, Inc. (OTCBB: INVI) -- http://www.iv-usa.com/--   
develops, manufactures, and markets flat panel display inspection
systems to ensure product quality in the display manufacturing
process.


IPC ACQUISITION: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology last week, the rating agency assigned its B2 Corporate
Family Rating for IPC Acquisition Corp.  Additionally, Moody's
revised or held its probability-of-default ratings and assigned
loss-given-default ratings on these loan facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   First Priority
   Senior Secured
   Credit Facilities     Ba3       B1      LGD3     [30%-50%]

   Second Lien
   Secured Term Loan     Caa1      Caa1    LGD5     [70%-90%]

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

New York City-based IPC Acquisition Corporation provides voice
communications solutions to enterprises, primarily in the
financial services industry.


KENNETH MORGAN: Case Summary & 18 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Kenneth E. Morgan
        P.O. Box 1887
        Starkville, MS 39759

Bankruptcy Case No.: 06-12272

Chapter 11 Petition Date: September 20, 2006

Court: Northern District of Mississippi (Aberdeen)

Judge: David W. Houston III

Debtor's Counsel: Jeffery M. Navarro, Esq.
                  P.O. Box 532
                  Aberdeen, MS 39730
                  Tel: (662) 369-7073
                  Fax: (662) 256-3706

Total Assets: $10,636,800

Total Debts:   $5,986,465

Debtor's 18 Largest Unsecured Creditors:

   Entity                        Nature of Claim     Claim Amount
   ------                        ---------------     ------------
NMC Materials, Inc.              Concrete                 $93,834
P.O. Box 1347
Starkville, MS 39760

Regions Bank                     152 A&B Yellowjacket     $35,120
Fka Union Planters Bank          Drive, Starkville, MS
823 Central Highway 12 West
Starkville, MS 39759

Wattins B. Duggins, Jr.                                   $35,000
1401 Adams Street
Vicksburg, MS 39180

TCM Bank, N.A.                   Mastercard Credit Card   $27,169
P.O. Box 327
Columbus, MS 39703

John Deere Credit                                         $19,533
P.O. Box 6600
Johnston, IA 50131-6600

Watkins, Ward & Stafford         Accounting               $19,262

Rackley Oil, Inc.                Vehicle Gas Cards        $13,255

Starkville Discount Drugs        Prescription Drugs       $10,581

David W. Edwards, P.C.           Medical Bills            $10,397

Bankfirst Financial Services     2000 Land Rover          $14,035
                                 Location- 1670          Secured:
                                 Horseshoe Circle,        $10,000
                                 Starkville, MS      Senior Lien:
                                                          $14,035

Commercial Receivers, Inc.                                 $6,450

Black's Dozier Construction      Dirt Work                 $3,163

TJM, Inc.                        Porta Jon on job site     $3,159

North MS Medical Center          Medical Bills             $2,921

MS Industrial Waste              Garbage Pick-up           $2,316

East MS Lumber Company                                     $2,231

Handyman Rentals                                           $2,206

Progressive Insurance Co.        Vehicle Insurance         $2,091


KH EXPRESS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: KH Express, LLC
        2800 West 21st Street, Suite 4
        Erie, PA 16506
        Tel: (814) 838-0776
        Fax: (814) 836-1961

Bankruptcy Case No.: 06-11176

Type of Business: The Debtor offers packaging and
                  labeling services.

Chapter 11 Petition Date: September 22, 2006

Court: Western District of Pennsylvania (Erie)

Debtor's Counsel: Michael S. Jan Janin, Esq.
                  Quinn Buseck Leemhuis Toohey & Kroto Inc.
                  2222 West Grandview Boulevard
                  Erie, PA 16506-4508
                  Tel: (814) 833-2222

Estimated Assets: Less than $50,000

Estimated Debts:  $1 Million to $10 Million

Debtor's 20 Largest Unsecured Creditors:

   Entity                              Claim Amount
   ------                              ------------
Compass Insurance Agency                   $110,000
Mueller Division
5285 East Williams Circle, Suite 4500
Tucson, AZ 85711

State Worker's Insurance Fund               $68,000
100 Lackwanna Avenue
P.O. Box 5100
Scranton, PA 18505-5100

United Refining Company                     $60,000
Fleet Fuel
P.O. Box 659452
San Antonio, TX 78265-9452

First Insurance Funding Corp.               $60,000
450 Skokie Boulevard, Suite 1000
Northbrook, IL 60062

United Refining Company                     $40,000
P.O. Box 89460
Cleveland, OH 44101-6460

Nextel Partners, Inc.                        $6,500

Buseck, Barger, Bleil, & Co.                 $6,000

Five Star International                      $3,800

William Scotsman, Inc.                       $2,900

Highmark Blue Cross                          $2,300

AFLAC                                        $1,550

Hunter Erie Truck                            $1,500

Wieland Automotive                           $1,500

NY State Thurway Authority                   $1,200

Robert A. Simonin Agency                     $1,000

Sprint                                       $1,000

Fleetwash, Inc.                                $800

Verizon                                        $650

Diamond Auto Glass                             $400

Verizon                                        $400


KIRKLAND KNIGHTSBRIDGE: Case Summary & 34 Largest Unsec. Creditors
------------------------------------------------------------------
Debtor: Kirkland Knightsbridge, LLC
        dba Kirkland Ranch Winery
        P.O. Box 5450
        Napa, CA 94581-0450

Bankruptcy Case No.: 06-10628

Debtor-affiliate filing separate chapter 11 petition:

      Entity                        Case No.
      ------                        --------
      Kirkland Cattle Company       06-10630

Type of Business: The Debtors operate vineyards and wineries in
                  the Napa Valley region and breeds cattle for
                  commercial consumption.
                  See http://www.kirklandranchwinery.com/

Chapter 11 Petition Date: September 21, 2006

Court: Northern District of California (Santa Rosa)

Debtor's Counsel: John H. MacConaghy, Esq.
                  MacConaghy and Barnier, PLC
                  645 1st Street West, Suite D
                  Sonoma, CA 95476
                  Tel: (707) 935-3205

                            Estimated Assets   Estimated Debts
                            ----------------   ---------------
      Kirkland              $50 Million to     $10 Million to
      Knightsbridge, LLC    $100 Million       $50 Million

      Kirkland Cattle       $10 Million to     $10 Million to
      Company               $50 Million        $50 Million

A. Kirkland Knightsbridge, LLC's 20 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Jackson Walker LLP               Professional          $104,827
P.O. Box 130989                  Services
Dallas, TX 75313-0989

Henry Oddo Austin & Fletcher     Professional           $70,829
1700 Pacific Avenue              Services
Suite 2700
Dallas, TX 75201

Saxco-Demptos Inc.               Trade Debt             $63,436
2301 River Road, Suite 101
Louisville, KY 40206

Merrill, Nomura & Molineux, LLP  Professional           $39,729
350 Rose Street                  Services
Danville, CA 94526-3320

Delta Gunite Solano              Trade Debt             $19,650
1735 Enterprise Drive
Fairfield, CA 94553

WS Packaging                     Trade Debt             $12,830

Blue Cross of California         Employee Health         $6,194
                                 Insurance Premium

HPD Consolidations, Inc.         Trade Debt              $4,285

Oenophilia                       Trade Debt              $3,871

Put'em Pins Enterprise           Trade Debt              $1,669

Biagi Bros.                      Trade Debt              $1,410

Complete Welders Supply          Trade Debt              $1,303

Tyco Fire & Security             Trade Debt              $1,243

Bay Alarm                        Trade Debt              $1,231

Staples Business Advantage       Trade Debt              $1,117

Collopack Solutions, LLC         Trade Debt                $987

Winery Row.Com                   Trade Debt                $783

Carrie & Co.                     Trade Debt                $763

Cartons & Crate Shipping Co.     Trade Debt                $758

Napa County Recycling                                      $754

B. Kirkland Cattle Company's 14 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
Wilbur-Ellis                     Trade Debt              $7,390
P.O. Box 45326
San Franciscio, CA 94145-0326

West Cal Tractor                 Trade Debt              $2,409
4101 South Moorland Avenue
Santa Rosa, CA 95407-0326

Napa Valley Petroleum            Trade Debt              $2,191
P.O. Box 2670
Napa, CA 94558-0528

Home Depot Credit Services       Trade Debt              $2,188
P.O. Box 9100
Des Moines, IA 50368-9100

Riechers Spence                  Trade Debt              $2,161
1541 Third Street
Napa, CA 94559

Bert Williams & Sons, Inc.       Trade Debt              $1,250

Farm Plan                        Trade Debt              $1,056

Merrill, Nomura & Molineux LLP   Professional Services     $780

Cingular Wireless                Trade Debt                $521

Silverado Country Club           Trade Debt                $455

Quinlan's Tire Service           Trade Debt                $420

M & M Sanitary                   Trade Debt                $310

Pace Supply                      Trade Debt                $267

Zee Medical Company              Trade Debt                $142


LAZARD LTD: Names Georges Ralli as Chief Executive Officer
----------------------------------------------------------
Lazard Ltd. reported that Georges Ralli has been named Chief
Executive and William Rucker, Deputy Chief Executive, of Lazard's
European investment banking business, effective immediately.

"Georges is the right leader, and this is the right team, to
accelerate our growth in Europe," said Bruce Wasserstein, Chairman
and Chief Executive Officer of Lazard.  "With these important
steps, we integrate our European investment banking business under
clear leadership, and advance the next generation of management."

Senior management of Lazard Europe will include Mr. Ralli, Mr.
Rucker, Bruno Roger and Jeffrey Rosen.   In addition, Erik Maris,
Matthieu Pigasse and Antonio Weiss have been appointed as Vice
Chairmen of Lazard European Investment Banking, with senior
management responsibilities in Europe.

"We have made great progress since our announcement last year of
plans to reorganize and unify our European investment banking
business, based on clients and our expertise," said Mr. Ralli.  
"This reinforces Lazard's ability to conduct business as one firm
throughout Europe."

Mr. Ralli will continue as Chief Executive of Lazard Paris and Mr.
Rucker will continue as Chief Executive of Lazard London.  Mr.
Bruno Roger also is Chairman of Global Investment Banking
for Lazard and Chairman of Lazard Paris.  Mr. Rosen is a Deputy
Chairman of Lazard.

"I'm delighted to be working with Georges to build on our success
to date across Europe, while continuing to lead London," said Mr.
Rucker.  "Lazard is distinct in its ability to offer our clients
premier advice through the combination of industry knowledge,
local intelligence and geographic reach."

Lazard Ltd. -- http://www.lazard.com/-- one of the world's   
preeminent financial advisory and asset management firms, operates
from 29 cities across 16 countries in North America, Europe, Asia,
Australia and South America.  With origins dating back to 1848,
the firm provides services including mergers and acquisitions
advice, asset management, and restructuring advice to
corporations, partnerships, institutions, governments, and
individuals.

                        *     *     *

At June 30, 2006, the Company's balance sheet showed $2.1 billion
in total assets and $2.8 billion in total liabilities, resulting
in $745 million stockholders' deficit.


LSP-KENDALL: LS's Portfolio Acquisition Cues S&P's Rating Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' rating on
LSP-Kendall Energy LLC's $411 million senior secured term
loan B on CreditWatch with developing implications.

The rating action follows Dynegy Inc.'s Sept. 15, 2006,
announcement that it is acquiring LS Power Group's generation
portfolio, including the Kendall asset and all its contracts.  
The company also announced that, in the event the overall
acquisition is not consummated, Dynegy would still acquire the
Kendall project.

In Standard & Poor's view, one of these two scenarios will occur
and, in either case, the project contracts will remain in place.

"The effect on the rating is limited to Dynegy's credit profile as
a primary offtaker, but, at this rating level, the rating is not
affected by the change in sponsor," said Standard & Poor's credit
analyst Daniel Welt.

The Kendall facility is a nominal 1,160 MW (980 MW combined cycle
capacity and 180 MW duct-firing peaking capacity) four-unit gas-
fired plant in Minooka, Illinois, located approximately 30 miles
southwest of Chicago.


LYONDELL CHEMICAL: Repays Portion of Term Loan from Notes Proceeds
------------------------------------------------------------------
Lyondell Chemical Company has closed its $1.7 billion senior
unsecured note offerings consisting of $875 million of 8% Senior
Unsecured Notes due Sept. 15, 2014, and $900 million of 8.25%
Senior Unsecured Notes due Sept. 15, 2016.

The Company is using $875 million of the approximately
$1.7 billion net proceeds from the offerings to repay a portion of
the seven-year term loan used to finance its Aug. 16, 2006,
acquisition of CITGO Petroleum Corporation's 41.25% interest in
LYONDELL-CITGO Refining LP.

The Company is also using net proceeds from the offerings to
purchase approximately $760 million in aggregate principal amount
of its 9.625% Series A, Senior Secured Notes due 2007,
representing approximately 90% of the outstanding principal amount
of the Notes, that have been tendered to date pursuant to its cash
tender offer and consent solicitation, which was reported in The
Troubled Company Reporter in Sept. 7, 2006.

The amount tendered to date constitutes a majority in principal
amount of the outstanding Notes and thus the Consent Solicitation
has been approved.  The amendments eliminate substantially all the
restrictive covenants, certain events of default, and certain
other provisions contained in the indenture.  The supplemental
indenture effecting the proposed amendments has been executed and
has become effective.

The Offer and the Consent Solicitation will expire at midnight
Eastern Time on Oct. 2, 2006.  Withdrawal rights with respect to
tendered Notes have expired.

The total consideration per $1,000 principal amount of Notes
validly tendered and accepted for purchase is $1,023.78, of which
$30 is the consent payment.  Holders whose Notes are validly
tendered after the Consent Payment Deadline and prior to the
Expiration Date and accepted for purchase will receive the total
consideration minus the $30 consent payment per $1,000 principal
amount of Notes.  Accrued and unpaid interest on Notes will be
paid in cash on all validly tendered Notes accepted for purchase
up to, but not including, the applicable payment date for the
Offer.  The applicable payment date is on Sept. 20, 2006, for
Notes tendered on or prior to the Consent Payment Deadline.  The
applicable payment date is on Oct. 3, 2006, for Notes tendered
after the Consent Payment Deadline and prior to the Expiration
Date.

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) is North America's third-largest independent, publicly
traded chemical company.  Lyondell manufacturers basic chemicals
and derivatives including ethylene, propylene, titanium dioxide,
styrene, polyethylene, propylene oxide and acetyls.  It also
refines heavy, high-sulfur crude oil and produces gasoline-
blending components.  It operates on five continents and employs
approximately 11,000 people worldwide.

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 11, 2006
Moody's Investors Service confirmed the corporate family ratings
of Lyondell Chemical Company, Equistar Chemical LP and Millennium
Chemical Inc. and assigned Ba3 ratings to Lyondell's new $800
million credit facility and $1.775 billion term loan facility, and
B1 ratings to $1.775 billion of new unsecured notes maturing in
2014 and 2016.

As reported in the Troubled Company Reporter on Sept. 11, 2006
Fitch Ratings assigned a 'BB-' to Lyondell's new $1.775 billion
senior unsecured notes due 2014 and 2016 and affirms Issuer
default rating at 'BB-'; Senior secured credit facility and term
loan at 'BB+';  Senior secured notes and debentures at 'BB+'; and
Senior subordinated notes at 'B'.

The Rating Outlook for Lyondell remains Stable.  Approximately
$5.4 billion of debt is covered by the actions.


MARGO CARIBE: Deloitte Resigns as Independent Accountant
--------------------------------------------------------
Deloitte & Touche LLP resigned on Sept. 14, 2006, as Margo Caribe,
Inc.'s independent registered public accounting firm, the company
disclosed in a filing with the U.S. Securities and Exchange
Commission.  

Margo Caribe said there were no disagreements with the accounting
firm over irregularities during the company's two most recent
fiscal years and the subsequent interim periods through the date
of Deloitte's resignation.

Deloitte's report dated Sept. 6, 2006, relating to the financial
statements of Margo Caribe, included an explanatory paragraph
relating to the uncertainty concerning the company's ability to
continue as a going concern.  The auditor pointed to the Company's
continuing losses since 2003 to 2005.

In addition, Deloitte noted material weaknesses to Margo Caribe's
internal controls after auditing the company's financial reports
for the year ended Dec. 31, 2005.  The material weaknesses noted
by Deloitte are:

   1) Margo Caribe did not maintain a sufficient complement of
      personnel to maintain an appropriate accounting and
      financial reporting structure commensurate with its
      activities;
  
   2) the company's limited number of personnel does not allow
      for an appropriate level of segregation of duties;

   3) the company does not have an appropriate fraud detection
      program to address the risk that the financial statements
      may be materially misstated as a result of fraud; and

   4) the company did not maintain adequate controls and
      procedures to assure the identification and reporting of
      certain transactions with related parties.

Headquartered in Vega Alta, Puerto Rico, Margo Caribe, Inc.
-- http://www.MargoCaribe.com-- and its subsidiaries primarily    
engage in the production, distribution, and sale of various
tropical plants to the interior and exterior landscapers,
wholesalers, and retailers in Puerto Rico and the Caribbean.  
The company also manufactures and distributes a line of planting
media and aggregates; distributes lawn and garden products,
including plastic and terracotta pottery, planting media, and
mulch; and provides landscaping design and installation
services.  In addition, Margo Caribe distributes fertilizers,
pesticides, and various outdoor products.  The Company
manufactures potting soils, professional growing mixes, river
rock, gravel, and related aggregates.


MARINER ENERGY: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B2 Corporate
Family Rating for Mariner Energy, Inc., and lowered its rating on
the company's 7.5% Senior Unsecured Guaranteed Global Bonds due
2013 to Caa1.  Additionally, Moody's assigned an LGD5 rating to
those bonds, suggesting noteholders will experience a 78% loss in
the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Houston, Texas, Mariner Energy, Inc. --
http://www.mariner-energy.com/-- is an independent oil and gas  
exploration, development and production company with principal
operations in the Gulf of Mexico and the Permian Basin in West
Texas.


MINDREADY SOLUTIONS: March 31 Balance Sheet Upside-Down by $3 Mil.
------------------------------------------------------------------
Mindready Solutions Inc. reported its financial results for the
first quarter ended March 31, 2006.

Sales for the first quarter of 2006 were $5.4 million, an increase
of $1.1 million compared to $4.3 million for the same period in
2005.  This increase is driven by the sales generated by the
businesses acquired during fiscal 2005, Specialized Test
Engineering Inc. in Colorado and Radical Systems, Inc. in Alabama.  
Operating losses before amortization of property and equipment,
interest expense, exchange gains, stock-based compensation and
non-recurring charges was $279,000 for the first quarter of 2006
compared to $37,000 for the corresponding period in 2005.

Net loss was $3 million for the first quarter of 2006 compared to
$184,000 for the corresponding period in 2005.  Most of this loss,
$2.3 million, is due to the non-recurring charges related to the
failed acquisition of UTTC United Tri-Tech Corporation.  It is
expected that UTTC shall have a relatively minor effect on the
second quarter of 2006 and none thereafter.

At March 31, 2006, the Company's balance sheet showed a
stockholders' deficit of $3,312,000, compared to a deficit of
$2,449,000 at Dec. 31, 2005.

                     Under Cease Trade Order

The Autorite des marches financiers du Quebec, has allowed
Mindready until Sept. 22, 2006 to file the interim financial
statements for the quarter ended June 30, 2006.  The company is
still currently under a management cease trade order resulting
from the non-deposit of the interim financial statements for the
quarter ended June 30, 2006 before the prescribed deadline.  The
management cease trade order will be maintained until such interim
financial statements are duly filed.  The company will continue
issuing notices of default to keep the market informed of the
situation.

Furthermore, the regulatory authorities may impose a general cease
trade order if Mindready fails to file the aforementioned
documents prior to the above-mentioned deadline.

"Publishing first quarter results soon to be followed by second
quarter results brings us very close to being fully compliant with
our filing requirements delayed by the problems with UTTC," said
Marc Lamy, President and Chief Executive Officer.  "Although these
problems have taken considerable energies from our main
operations, they are mostly behind us and our focus on cost
cutting initiatives and the launch of new products should bear
fruit during the latter half of 2006."

                    About Mindready Solutions

Mindready Solutions Inc. (TSX: MNY) -- http://www.mindready.com/
-- is a supplier of innovative solutions for test and embedded
systems serving the aerospace & defense, automotive &
transportation and telecommunications markets from design to
manufacturing.


MULTIPLAN INC: S&P Assigns B+ Rating to $360 Million Senior Loan
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' counterparty
credit rating on MultiPlan Inc. and removed it from CreditWatch
with negative implications, where it was placed on Aug. 31, 2006.

Standard & Poor's outlook on MultiPlan is negative.

At the same time, Standard & Poor's assigned its 'B+' rating to
MultiPlan's proposed 6.5-year, $360 million senior secured bank
loan due 2013 (Term Loan C).  This is the same level as the
counterparty credit rating and existing term loan.  The new term
loan is being issued via an amendment to existing credit
facilities established in April 2006.  The proceeds will be used
to finance the acquisition of Preferred Healthcare Systems Inc.

The ratings had been placed on CreditWatch following the
announcement of MultiPlan's intent to acquire PHCS.  Given the
relative significance of the deal, business risk is expected to
increase during the next 12-18 months as the integration plan is
executed, which could result in operational and financial
performance challenges if the process is not properly managed.

But if done well, the acquisition of PHCS would ultimately
significantly strengthen MultiPlan's competitive position by
materially increasing its scale and diversifying its product and
customer mix.

The rating on MultiPlan continues to reflect:

   * its very good earnings profile;
   * established competitive position; and
   * potential for meaningfully improved scale.

Offsetting factors include:

   * significant financial leverage;

   * marginal to weak balance-sheet characteristics; and

   * integration risk associated with the company's pending
     acquisition of PHCS.

"The negative outlook reflects the potential for the rating to
be lowered by one notch if earnings and cash flow were to be
diminished because of integration challenges related to the
company's acquisition of PHCS," said Standard & Poor's credit
analyst Joseph Marinucci.

"If Multiplan were to effectively integrate the planned
acquisition of PHCS, the outlook could be revised to stable."


NEFF RENTALS: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. rental company sector last week, the
rating agency confirmed its B3 Corporate Family Rating for Neff
Rentals, LLC, and its Caa1 rating on the company's 11.25% Second
Priority Senior Secured Notes due 2012.  Additionally, Moody's
assigned an LGD4 rating to those bonds, suggesting noteholders
will experience a 64% loss in the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Neff, headquartered in Miami, Florida, is a regional equipment
rental company in the Southeast and Mid-Atlantic regions.


NES RENTALS: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. rental company sector last week, the
rating agency confirmed its B3 Corporate Family Rating for NES
Rentals Holdings, Inc., and its Caa1 rating on the company's
Second Priority Senior Secured Term Loan due 2013.  Additionally,
Moody's assigned an LGD5 rating to that loan facility, suggesting
lenders will experience a 76% loss in the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

NES Rentals Holdings, Inc., based in Chicago, Illinois, is one of
the largest equipment rental companies in the United States, with
annual sales approaching $600 million.


NEWFIELD EXPLORATION: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba2 Corporate
Family Rating for Newfield Exploration Company.  Additionally,
Moody's revised its probability-of-default ratings and assigned
loss-given-default ratings to these four bond issues:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.45% Sr. Unsec.
   Notes due 2007         Ba2     Ba1      LGD2       25%

   7.625% Sr. Unsec.
   Notes due 2011         Ba2     Ba1      LGD2       25%

   6.625% Sr. Sub.
   Notes due 2014         Ba3     Ba3      LGD5       78%

   6.625% Sr. Sub.
   Notes due 2016         Ba3     Ba3      LGD5       78%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Newfield Exploration Company -- http://www.newfield.com/-- is an  
independent crude oil and natural gas exploration and production
company.  The Company relies on a proven growth strategy that
includes balancing acquisitions with drill bit opportunities.
Newfield's areas of operation include the Gulf of Mexico, the U.S.
onshore Gulf Coast, the Anadarko and Arkoma Basins of the Mid-
Continent, the Uinta Basin of the Rocky Mountains and offshore
Malaysia.  The Company has international development projects
underway in the U.K. North Sea and in Bohai Bay, China.


NOVELIS INC: 2006 1st Quarter Financials Filing Cures Default
--------------------------------------------------------------
Novelis Inc. filed its financial results for the first quarter
ended March 31, 2006, with the Securities and Exchange Commission
on Sept. 15, 2006.

At March 31, 2006, the Company's balance sheet showed $5.743
million in total assets, $5.210 million in total liabilities,
$150,000 in minority interests, and $383,000 in total
shareholders' equity.

Through strong operating cash flows, the Company reduced its debt
by $103 million during the first quarter, which was in excess of
its principal payment obligations.  Cash and cash equivalents at
March 31, 2006, were $124 million compared with $100 million at
the end of 2005.

While Novelis generated positive cash flow during the quarter, it
incurred a net loss of $74 million on sales of $2.3 billion
compared with the first quarter of 2005 when it reported net
income of $22 million on sales of $2.1 billion.  Total rolled
product shipments increased to 741 kilotonnes (kt) from 713 kt in
the first quarter of 2005, an increase of approximately 4%.

Included in the net loss for the first quarter of 2006 is
$102 million of income tax expense.  Significant tax expense items
in the quarter include:

   -- a $33 million increase in valuation allowances primarily
      related to tax losses in certain jurisdictions where the
      Company believes, based on current facts and circumstances,
      it is more likely than not that it will not be able to
      utilize those losses;

   -- $13 million of exchange translation and re-measurement
      items; and

   -- $44 million due to foreign tax rate differences resulting
      from the application of an estimated annual effective tax
      rate to profit and loss entities.

Of the $102 million of tax expense for the quarter, approximately
$10 million is current tax expense.  Cash taxes paid during the
first quarter of 2006 were $12 million.

"We have incurred significant deferred tax expense during our
first five quarters as a public company," Chief Financial Officer
Rick Dobson said.  "While we expect our tax expense to decline by
year-end, we are taking proactive tax planning actions to develop
the most efficient tax structure for the Company."

Mr. Dobson added that Novelis plans to host an investor conference
call on Friday, September 29, in which the Company will provide
earnings and cash flow guidance for 2006 and 2007.

Earnings before income taxes in the first quarter of 2006 were
$28 million, compared with $57 million for the year-earlier
period.  The 2006 pre-tax earnings were negatively impacted by a
number of items, including higher metal prices that the Company
was unable to pass through to certain customers as a result of
metal price ceilings, higher energy and transportation costs, the
adverse effects of currency exchange rates, and expenses related
to the Company's restatement and review process and delayed
financial reporting.

As a result of metal price ceilings on a portion of the Company's
can sheet sales in North America, Novelis was unable to pass on
approximately $95 million of metal price increases in the first
quarter.  This was partially offset by the positive change in the
fair market value of derivatives purchased to hedge this risk.

"Novelis business operations remain strong," William T. Monahan,
chairman and interim chief executive officer, said, "and we
continue to generate solid cash flow as we remain focused on debt
reduction, efficient use of our global assets, and investments to
upgrade our product portfolio.  We also continue to work toward
removing the remaining price ceilings."

                       Filing Cures Default

Under the indenture governing the Company's Senior Notes, Novelis
is required to deliver to the trustee a copy of its periodic
reports filed with the U.S. Securities and Exchange Commission
within the time periods specified by SEC rules.  

The Company received an effective notice of default on July 21,
2006, from the trustee with respect to its 2005 Annual Report and
its 2006 first quarter financial statements.  The notice required
the Company to file the financial report by Sept. 19, 2006.  By
filing the Form 10-Q for the first quarter of 2006, the Company
has cured this default.

Novelis also received an effective notice of default from the
trustee on Aug. 24, 2006, with respect to its Form 10-Q for the
second quarter of 2006, and is required to file this report by
Oct. 23, 2006.  The Company expects to file its Form 10-Q for the
second quarter before the deadline and to be current with its
filings after it files its third-quarter report during the fourth
quarter of the year.

"We have made progress in improving the quality of our financial
reporting process and we expect this progress to continue through
the balance of the year as we work toward becoming current with
our SEC filings," Mr. Monahan stated.

                        About Novelis Inc.

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  The company has operations in
Malaysia and Korea.

Full-text copies of the Company's first quarter financials are
available for free at http://ResearchArchives.com/t/s?1221

                           *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2006,
Moody's Investors Service downgraded Novelis Inc.'s corporate
family rating to B1 from Ba3, the bank revolver rating to Ba3  
from Ba2, the bank term loan rating to Ba3 from Ba2, and senior
unsecured notes to B2 from B1.  Moody's also downgraded Novelis
Corp.'s bank term loan rating to Ba3 from Ba2.


OCEAN WEST: Posts $3.6 Mil. Net Loss in 2006 Second Quarter
-----------------------------------------------------------
Ocean West Holding Corp. has filed its second quarter financial
statements for the three months ended June 30, 2006, with the
Securities and Exchange Commission.

The Company reported a $3,697,378 net loss on $4,958 of revenues
for the second quarter of 2006 compared with a $7,953,076 net loss
on $3,586 of revenues for the same period in 2005.

At June 30, 2006, the Company's balance sheet showed $2,247,864 in
total assets, $1,154,109 in total current liabilities, and
$1,093,755 in total stockholders' equity.  The Company had
$148,746 in total current assets available to pay its current
debts at June 30, 2006.

Full-text copies of the Company's second quarter financials are
available for free at http://ResearchArchives.com/t/s?1233

                        Going Concern Doubt

Webb & Company, P.A., in Boynton Beach, Fla., raised substantial
doubt about Ocean West Holding Corp.'s ability to continue as a
going concern after auditing their consolidated financial
statements for the year ended Dec. 31, 2005.  The auditor pointed
to the Company's net loss and negative working capital.

                         About Ocean West

Ocean West Holding Corporation is a retail and wholesale mortgage
banking company primarily engaged in the business of originating
and selling loans secured by real property with one-to-four units.  
The Company offers a wide range of products aimed primarily at
high quality, low risk borrowers, currently in the state of
California.  Under its current business strategy, it makes most of
its loans to: purchase existing residences, refinance existing
mortgages, consolidate other debt, and finance home improvements,
education or similar needs.


OFFICEMAX INC: S&P Affirms B+ Rating & Revises Outlook to Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook for
Naperville, Illinois-based OfficeMax Inc. to stable from negative.
At the same time, the 'B+' corporate credit rating and other
ratings were affirmed.

"This action reflects the company's improved profitability and
cash flow generation as management's turnaround initiatives have
started to take traction," said Standard & Poor's credit analyst
Stella Kapur.

OfficeMax's turnaround strategy has been:

   * targeting improvements in the company's supply chain and
     corporate infrastructure;

   * cost savings initiatives to boost operating margins; and

   * a remerchandising initiative to attract more profitable
     business and middle-market customers in both its contract and
     retail operations.

While same-location sales were essentially flat in the first half
of 2006 in its contract operations, operating margins in this
segment improved due to cost containment and a greater focus on
higher-margin middle-market business opportunities.  Contract
segment income grew to $111 million in the first two quarters,
from $42 million last year.

While revenues in its retail operations declined year-over-year
due to the closure of 109 underperforming stores, segment
profitability levels benefited from lower inventory clearance
activity and improved promotional activity.  

After adjusting for a $99 million store closing charge, retail
segment income was $79 million, or 3.8% of sales, compared to $7.4
million a year earlier.

While Standard & Poor's still believes that it may take some time
for OfficeMax to realize meaningful benefits from its turnaround
initiatives, the company should experience modest near-term
benefits.  After factoring operating income margins of 3% to 3.5%
in 2006, lease-adjusted debt to EBITDA is anticipated to be in the
mid-5x area (or high-4x area after adjusting for special charges,
which have primarily been cash charges).

The ratings reflect OfficeMax 's weak credit metrics, inconsistent
operating and cash flow track record, and the still-considerable
challenge of turning around its operations in a highly competitive
office supply market led by more robust players such as Staples
Inc. and Office Depot Inc.

OfficeMax, with around 870 stores, has a large North American
retail store base and a contract stationery and catalog business.


OWENS CORNING: Appoints 3 New Members to its Board of Directors  
---------------------------------------------------------------
Owens Corning appointed three new members to its board of
directors.  Ralph F. Hake, F. Philip Handy and Joseph F. Neely
bring to Owens Corning a unique blend of experience that includes
leading public companies, growing well-known consumer brands,
expanding global operations, managing product manufacturing and
steering companies through important transitions.

"This is an exciting time in Owens Corning's history, and we look
forward to benefiting from the collective experience and
leadership of our new board members," said Michael Thaman,
chairman and chief financial officer.  "Mr. Hake, Mr. Handy and
Mr. Neely each bring a unique set of skills and knowledge that
further strengthens Owens Corning's board of directors in advance
of our expected re-listing on the New York Stock Exchange later
this year."

As chairman and chief executive officer for the Maytag Corporation
from June 2001 until Whirlpool Corporation acquired the company in
April 2006, Mr. Hake helped Maytag renew itself through cost-
cutting efforts, new product introductions and increased emphasis
on product innovation and brand building.  Prior to joining
Maytag, Mr. Hake was executive vice president and chief financial
officer of the Fluor Corporation, a $12 billion California-based
engineering and construction company. He previously served on the
board of directors for the National Association of Manufacturers
and was chairman of the organization's taxation and economic
policy group.  He currently serves on the board of directors of
ITT Industries.

Since October 2001, Mr. Handy has served as the chief executive
officer of Strategic Industries, a worldwide service and
manufacturing company with sales of $700 million.  Mr. Handy has
senior-level experience at retail and financial services companies
and has previously served as chairman and chief executive officer
of two public companies, Chart House Restaurant Group and Rewards
Networks.  Currently, he is a member of the board of directors for
Anixter International, Inc., Rewards Networks, Inc., and WCI
Communities, Inc.

Mr. Neely has significant experience managing and growing
companies with well-known consumer branded products.  Currently,
he is chief executive officer of Gold Toe Brands, Inc., a leading
designer and manufacturer of socks.  Mr. Neely served as senior
vice president of the Sara Lee Corporation from 1987 to 1993,
where he was responsible for the Personal Products Group, which
included the L'eggs, Hanes, Bali, Champion, Playtex, Isotoner and
Coach brands.  During his tenure, the Personal Products Group
tripled in size, with a significant amount of growth coming from
expansions and acquisitions in Europe and Asia.

                  Board Member Lewis to Resign

Owens Corning also disclosed that Walker Lewis resigned from the
company's board of directors.  Mr. Lewis was a member of Owens
Corning's board since 1993.  Currently, he serves as chairman of
Devon Value Advisers, a financial consulting and investment
banking firm with offices in Greenwich, Connecticut, Atlanta,
Georgia, and New York.

"Mr. Lewis brought great insight and wisdom to Owens Corning
during his tenure on our board of directors," said Mr. Thaman.  
"On behalf of the board, I would like to thank him for his service
to Owens Corning during the past 13 years."

None of the new appointees has yet been named to serve on any
committee of Owens Corning's Board of Directors.

Owens Corning's Board of Directors now consists of 12 members.  In
conjunction with the company's emergence from bankruptcy, the
board will expand to include four additional members who will be
appointed by certain representatives of the company's creditors.

                       About Owens Corning

Owens Corning (OTC: OWENQ.OB) -- http://www.owenscorning.com/--  
manufactures fiberglass insulation, roofing materials, vinyl
windows and siding, patio doors, rain gutters and downspouts.
Headquartered in Toledo, Ohio, the Company filed for chapter 11
protection on Oct. 5, 2000 (Bankr. Del. Case. No. 00-03837).
Norman L. Pernick, Esq., at Saul Ewing LLP, represents the
Debtors.  Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered,
represents the Official Committee of Asbestos Creditors.  James J.
McMonagle serves as the Legal Representative for Future Claimants
and is represented by Edmund M. Emrich, Esq., at Kaye Scholer LLP.


PARADIGM MEDICAL: June 30 Balance Sheet Upside-Down by $1.6 Mil.
----------------------------------------------------------------
Paradigm Medical Industries Inc.'s balance sheet at June 30, 2006,
showed total assets of $$2,275,000 and total liabilities of
$3,909,000, resulting in a $1,634,000 stockholders' deficit.

For the three months ended June 20, 2006, the Company's net loss
decreased to $755,000 on sales of $718,000, from a $3,276,000 net
loss on sales of $885,000 for the same quarter last year.

Full-text copies of the Company's financial statements for the
three months ended June 30, 2006, is available for free at:

               http://researcharchives.com/t/s?122c

Headquartered in Salt Lake City, Utah, Paradigm Medical Industries
Inc. designs, develops, manufactures, and sales diagnostic and
surgical eye care products.  The company markets its products
through direct sales representatives, independent sales
representatives, and ophthalmic product distributors in the United
States, as well as internationally through a network of dealers.
Paradigm was founded by Thomas F. Motter and Robert W. Millar in
1989.


PARAMOUNT RESOURCES: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Caa1 Corporate
Family Rating for Paramount Resources LTD.  Additionally, Moody's:

     -- maintained its Caa2 probability-of-default rating on the
        company's 8.5% Senior Secured Notes due 2013 and assigned
        an LGD4 rating to those bonds, suggesting noteholders
        will experience a 60% loss in the event of a default; and

     -- maintained its Caa1 probability-of-default rating on the
        company's Senior Secured Guaranteed Term Loan due 2012
        and assigned a LGD3 rating to that loan facility,
        suggesting lenders will experience a 47% loss in the
        event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Paramount Resources is headquartered in Calgary, Alberta, Canada.


PENHALL INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. rental company sector last week, the
rating agency confirmed its B2 Corporate Family Rating for Penhall
International, Inc., and its B3 rating on the company's 12% Second
Priority Senior Secured Notes due 2014.  Additionally, Moody's
assigned an LGD4 rating to those bonds, suggesting noteholders
will experience a 64% loss in the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Penhall International Corp., headquartered in Anaheim, California,
is the largest provider of concrete cutting, breaking and highway
grinding services in the United States.


PEP BOYS: Seeks to Expand Credit Facility by $120 Million
---------------------------------------------------------
The Pep Boys - Manny, Moe & Jack has engaged Wachovia Capital
Markets, LLC, to structure, arrange and privately syndicate a
$120 million increase to its current $200 million senior secured
term loan facility, expected to be completed in October or
November 2006.  The proceeds from the facility will be used to
repay other indebtedness.

The closing of the amendment and restatement of the Wachovia
facility is subject to a successful syndication, the execution of
definitive agreements, the absence of any material adverse change
in the Company's business or the financial markets and certain
other customary closing conditions.

CFO Harry Yanowitz said, "We expect that this facility will be the
final piece of the puzzle to extend the Company's debt maturity
profile."

                        Quarterly Dividend

On Sept. 7, 2006, the Company announced that its Board of
Directors approved the payment of the next quarterly dividend of
$.0675 per share payable on Oct. 23, 2006, to shareholders of
record on Oct. 9, 2006.  The annual dividend of $.27 per share
currently yields approximately 2.1%.

The Board of Directors also approved the renewal of its share
repurchase program, which had approximately $45,000,000 of its
original $100,000,000 authorization remaining and was set to
expire on Sept. 30, 2006.  The Company has not made any share
repurchases during fiscal 2006.  Under the renewed program, the
Board reset the authority back to $100,000,000 for repurchases to
be made from time to time in the open market or in privately
negotiated transactions through Sept. 30, 2007.

                          About Pep Boys

The Pep Boys - Manny, Moe & Jack -- http://pepboys.com/-- has 593  
stores and more than 6,000 service bays in 36 states and Puerto
Rico.  Along with its vehicle repair and maintenance capabilities,
the Company also serves the commercial auto parts delivery market
and is one of the leading sellers of replacement tires in the
United States.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 22, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' rating on Pep
Boys-Manny, Moe & Jack's term loan after the company announced
plans to increase the size of the facility by $120 million to $320
million.  Proceeds from the additional $120 million term loan will
be used to refinance its convertible notes which mature in June
2007.  At the same time, the rating on the $357.5 million asset-
based revolver was raised to 'B+' from 'B' to properly realign its
ratings with the term loan and to reflect Standard & Poor's
increased comfort with the collateral and terms securing this
facility.  The 'B-' corporate credit and other ratings were
affirmed; the outlook is negative.


PERSONA COMMS: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology last week, the rating agency assigned its B2 Corporate
Family Rating for Persona Communications Corp.  Additionally,
Moody's revised or held its probability-of-default ratings and
assigned loss-given-default ratings on these loan facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   First Lien
   Senior Secured
   Credit Facilities     Ba3       Ba3     LGD3     [30%-50%]

   Second Lien
   Senior Secured
   Credit Facilities     Caa1      Caa1    LGD5     [70%-90%]

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Persona is the fifth largest cable company in Canada, based in St.
John's, Newfoundland.


PETROHAWK ENERGY: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B2 Corporate
Family Rating for PetroHawk Energy Corporation.  Additionally,
Moody's maintained its B3 probability-of-default ratings and
assigned LGD5 loss-given-default ratings, suggesting holders of
the company's 9.125% Senior Unsecured Global Notes due 2013 and
7.125% Senior Unsecured Global Notes due 2012 will experience a
71% loss in the event of a default:

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Petrohawk Energy Corporation (NASDAQ: HAWK) is an independent oil
and gas company engaged in the acquisition, development,
production and exploration of natural gas and oil properties
located in North America.  Petrohawk's properties are concentrated
in the East Texas/North Louisiana, Gulf Coast, South Texas,
Permian Basin, Anadarko and Arkoma regions.


PETROQUEST ENERGY: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Caa1 Corporate
Family Rating for PetroQuest Energy, Inc., and changed its rating
on the company's 10.375% Senior Unsecured Guaranteed Global Notes
due 2012 to Caa1.  Additionally, Moody's assigned an LGD4 rating
to those bonds, suggesting noteholders will experience a 68% loss
in the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

PetroQuest Energy, Inc., is an independent energy company engaged
in the exploration, development, acquisition and production of oil
and natural gas reserves in the Gulf Coast Basin, Texas and
Oklahoma.  PetroQuest trades on the Nasdaq National Market under
the ticker symbol "PQUE".


PINNACLE ENTERTAINMENT: Eyeing $250 Mil. Credit Facility Increase
-----------------------------------------------------------------
Pinnacle Entertainment intends to ask the lenders under its
$750 million credit facility for, among other things, an increase
in the amount of its credit facility by $250 million.

The Company also intends to amend certain covenants and other
conditions of the credit facility to improve overall financing
flexibility, in particular as it relates to the Company's
agreement to acquire the entities that own The Sands and Traymore
sites in Atlantic City, NJ.

Headquartered in Las Vegas, Nevada, Pinnacle Entertainment, Inc.,
(NYSE: PNK) -- http://www.pnkinc.com/-- owns and operates casinos  
in Nevada, Louisiana, Indiana and Argentina, owns a hotel in
Missouri, receives lease income from two card club casinos in the
Los Angeles metropolitan area, has been licensed to operate a
small casino in the Bahamas, and owns a casino site and has
significant insurance claims related to a hurricane-damaged casino
previously operated in Biloxi, Mississippi.  Pinnacle opened a
major casino resort in Lake Charles, Louisiana in May 2005 and a
new replacement casino in Neuquen, Argentina in July 2005.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 8, 2006
Moody's Investors Service affirmed the ratings and positive
outlook of Pinnacle Entertainment following the signing of a
definitive agreement under which Pinnacle agreed to purchase the
entities that own The Sands and Traymore sites in Atlantic City
for approximately $250 million, plus an additional $20 million for
certain tax-related benefits and real estate.  Pinnacle has a B2
corporate family rating, B1 senior secured bank debt rating, and
Caa1 senior subordinated debt rating.

As reported in the Troubled Company Reporter on May 24, 2006,
Standard & Poor's Ratings Services revised its CreditWatch
implications on Las Vegas-based casino owner and operator Pinnacle
Entertainment Inc. to positive from negative.

As reported in the Troubled Company Reporter on Mar. 15, 2006,
Fitch Ratings has placed the ratings of Pinnacle Entertainment on
Rating Watch Negative.  The ratings affected include 'B' issuer
default rating; 'BB/RR1' senior secured credit facility rating;
and 'CCC+/RR6' senior subordinated note rating.


PIONEER NATURAL: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba1 Corporate
Family Rating for Pioneer Natural Resources Company.  
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings to these securities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.2% Sr. Unsec.
   Bonds due 2028         Ba1     Ba1      LGD4       56%

   6.5% Sr. Unsec.
   Notes due 2008         Ba1     Ba1      LGD4       56%

   5.875% Sr. Unsec.
   Notes due 2012         Ba1     Ba1      LGD4       56%

   5.875% Sr. Unsec.
   Notes due 2016         Ba1     Ba1      LGD4       56%

   6.875% Sr. Unsec.
   Notes due 2018         Ba1     Ba1      LGD4       56%

   8.25% Sr. Unsec.
   Notes due 2007         Ba1     Ba1      LGD4       56%

   Multiple Seniority
   Shelf (Senior
   Unsecured)           (P)Ba1  (P)Ba1     LGD4       56%

   Multiple Seniority
   Shelf (Senior
   Subordinated)        (P)Ba2  (P)Ba2     LGD6       97%

   Multiple Seniority
   Shelf (Subordinated) (P)Ba2  (P)Ba2     LGD6       97%

   Multiple Seniority
   Shelf (Preferred)    (P)Ba3  (P)Ba2     LGD6       97%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Dallas, Texas, Pioneer Natural Resources Company
(NYSE:PXD) -- http://www.pxd.com/-- is an independent oil and gas  
exploration and production company, with operations in the United
States, Canada and Africa.


PITTSFIELD WEAVING: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Pittsfield Weaving Company
        55 Barnstead Road
        Pittsfield, NH 03263

Bankruptcy Case No.: 06-11214

Type of Business: The Debtor is a full service, global provider of
                  brand identification to the apparel and soft
                  goods industries, and manufactures woven and
                  printed labels and RFID/EAS solutions.
                  See http://www.pwcolabel.com/

Chapter 11 Petition Date: September 20, 2006

Court: District of New Hampshire (Manchester)

Judge: Mark W. Vaughn

Debtor's Counsel: William S. Gannon, Esq.
                  William S. Gannon PLLC
                  889 Elm Street, 4th Floor
                  Manchester, NH 03101
                  Tel: (603) 621-0833
                  Fax: (603) 621-0830

Estimated Assets: $10 Million to $50 Million

Estimated Debts:  $1 Million to $10 Million

Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
CES Designs                        Services              $241,615
2613 Cambridge Road
Burlington, NC 27215

Public Service of NH               Utility               $221,306
P.O. Box 330
Manchester, NH 03105-0330

Nixon Peabody                      Legal Fees            $105,246
900 Elm Street
Manchester, NH 03101

The Israeli Processing Co., Ltd.   Services               $87,855
P.O. Box 33
Yavne, Israel

Checkpoint Systems                 Services               $42,692
P.O. Box 8538-0379
Philadelphia, PA 19171-0379

Town of Pittsfield                 Taxes                  $33,970

American Express Delta             Credit Card            $33,414

Cigna Healthcare                   Insurance              $29,962

Global Fiber & Yarns               Supplies               $29,291

Ogilvy Renault                     Services               $20,467

Rosenthal & Rosenthal, Inc.        Services               $18,008

American Express                   Credit Card            $16,452

Vaupal Americas, Inc.              Services               $13,101

United Parcel Service              Trade Debt             $12,907

Bornstein & Sweatt P.C.            Services               $12,519

Spang Management Co., Inc.         Services               $10,950

First Bankcard                     Credit Card            $10,414

Memic Indemnity Co.                Insurance               $9,418

Amerigas Propane LP                Vendor                  $8,433

JB Yarn                            Supplies                $6,997


PLAINS EXPLORATION: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba2 Corporate
Family Rating for Plains Exploration and Production Co.  
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings to these two bond issues:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.125% Sr. Unsec.
   Global Notes
   due 2014               Ba2      Ba2     LGD4       57%

   8.75% Sr. Sub.
   Gtd. Global Notes
   due 2012               Ba3      B1      LGD5       87%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Houston, Texas, Plains Exploration & Production
(NYSE: PXP) -- http://www.plainsxp.com/-- is an independent oil  
and gas company primarily engaged in the upstream activities of
acquiring, exploiting, developing and producing oil and gas in its
core areas of operation: onshore and offshore California, West
Texas and the Gulf Coast region of the United States.


POGO PRODUCING: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba3 Corporate
Family Rating for Pogo Producing Company.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings to these securities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   8.25% Sr. Sub.
   Notes due 2011         B2       B1      LGD4       70%

   6.625% Sr. Sub.
   Global Notes
   due 2015               B2       B1      LGD4       70%

   6.875% Sr. Sub.
   Global Notes
   due 2017               B2       B1      LGD4       70%

   7.875% Sr. Sub.
   Global Notes
   due 2013               B2       B1      LGD4       70%

   Multiple Seniority
   Shelf (Senior
   Unsecured)           (P)Ba3  (P)Ba2     LGD3       33%

   Multiple Seniority
   Shelf (Subordinate)  (P)B2   (P)B1      LGD4       70%

   Multiple Seniority
   Shelf (Junior
   Subordinate)         (P)B2   (P)B2      LGD6       97%

   Multiple Seniority
   Shelf (Preferred
   Shelf)               (P)B3   (P)B2      LGD6       97%

   Trust II Preferred
   Shelf                (P)B2   (P)B2      LGD6       97%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Houston, Texas, Pogo Producing Company (NYSE:
PPP) -- http://www.pogoproducing.com/-- explores for, develops   
and produces oil and natural gas.  Pogo owns approximately
4,000,000 gross leasehold acres in major oil and gas provinces in
North America, 3,119,000 acres in New Zealand and 1,480,000 acres
in Vietnam.


POPULAR CLUB: Court to Hear Lease Rejection Plea on October 2
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey will
convene a hearing at 10:00 a.m., on Oct. 2, 2006, to consider
Popular Club Plan, Inc.'s request to reject certain equipment
leases.  The hearing will be held at Court Room #3D of the U.S.
Bankruptcy Court, 50 Market Street in Newark, New Jersey.

A list of the leases the Debtor wants to reject is available for
free at http://researcharchives.com/t/s?1232

Brian W. Hofmeister, Esq., at Teich Groh, said the Debtor will not
file a brief in connection with the lease rejection motion since
there are no novel issues of law involved therein.

Headquartered in Garfield, New Jersey, Popular Club Plan, Inc. --
http://www.popularclub.com/-- is a catalog retailer.  The Company   
filed for chapter 11 protection on Aug. 4, 2006 (Bankr. D. N.J.
Case No. 06-17231).  Barry W. Frost, Esq., at Teich Groh,
represents the Debtor.  Chad Brian Friedman, Esq., and Stephen
Ravin, Esq., at Ravin Greenberg PC, represents the Official
Committee of Unsecured Creditors.  When the Debtor filed for
protection from its creditors, it listed total assets of
$10,740,500 and total debts of $5,496,884.


PRO TECH: Losses Continue in 2006 Second Quarter
------------------------------------------------
Pro Tech Communications, Inc., incurred a $1.9 million net loss on
$300,197 of net revenues for the three months ended June 30, 2006,
compared to a $429,064 net loss on $288,082 of revenues in 2005.

At June 30, 2006, the Company's balance sheet showed $1.4 million
in total assets and $5.7 million in total liabilities, resulting
in a $4.3 million stockholders' deficit.  The Company's equity
deficit stood at $1.9 million as of Dec. 31, 2005.

The Company's June 30 balance sheet also showed strained liquidity
with $388,366 in total current assets available to pay $1.1
million in total current liabilities coming due within the next 12
months.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?122e

                        Going Concern Doubt

As reported in the Troubled Company Reporter on April 12, 2006,
Eisner LLP in New York raised substantial doubt about Pro Tech
Communications' ability to continue as a going concern after
auditing the financial statements for the years ended
Dec. 31, 2004, and 2005.  The auditor pointed to the company's net
losses since inception, working capital deficit, stockholders'
equity deficit, and financial dependence and support from its
principal stockholder, NCT Group, Inc.

Headquartered in Fort Pierce, Florida, Pro Tech Communications,
Inc. -- http://www.protechcommunications.com/-- engineers,   
designs, and distributes audio and communications solutions and
other products for business users, industrial users, and
consumers.  The company's products include Apollo(TM) headsets and
amplifiers for use in contact centers; ProCom(TM) headsets for use
in quick-service restaurants; NoiseBuster(R) noise canceling
consumer audio headphones; and NoiseBuster(R) noise canceling
safety earmuffs for use in high noise industrial environments.


Q-C PERRYVILLE: Case Summary & 16 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Q-C Perryville, LLC
        7 West Ridgely Road, Suite 100
        Lutherville, MD 21093

Bankruptcy Case No.: 06-15847

Debtor-affiliate filing separate chapter 11 petition:

      Entity                      Case No.
      ------                      --------
      Q-C Golden Mile II LLC      06-15846

Type of Business: The Debtors are real estate developers.

Chapter 11 Petition Date: September 22, 2006

Court: District of Maryland (Baltimore)

Judge: James F. Schneider

Debtor's Counsel: Marc Robert Kivitz, Esq.
                  201 North Charles Street, Suite 1330
                  Baltimore, MD 21201
                  Tel: (410) 625-2300
                  Fax: (410) 576-0140

                               Total Assets   Total Debts
                               ------------   -----------
      Q-C Perryville, LLC        $4,500,000    $2,007,926

      Q-C Golden Mile II LLC     $1,145,000      $638,853

A. Q-C Perryville, LLC's Seven Largest Unsecured Creditors:

   Entity                              Claim Amount
   ------                              ------------
Quillen Development, Inc.                  $400,000
7 West Ridgely Road, Suite 100
Lutherville, MD 21093

CSX Transporation, Inc.                     $20,000
P.O. Box 116651
Atlanta, GA 30368-6651

C.J. Jonston, Inc.                          $10,000
9500 Amberly Lane
Perry Hall, MD 21128

Treasurer                                   $10,000
Cecil County, Maryland
129 East Main Street, Room 117
Elkton, MD 21921

AT&T                                         $4,500
Right of Way Department
3001 Cobb Parkway, Room 162-017
Atlanta, GA 30339

Vollmer Associates                           $1,876

Erie Insurance                               $1,620

B. Q-C Golden Mile II LLC's Nine Largest Unsecured Creditors:

   Entity                              Claim Amount
   ------                              ------------
Quillen Development, Inc.                  $300,000
7 West Ridgely Road, Suite 100
Lutherville, MD 21093

Whiteford, Preston & Taylor                 $45,000
Thomas J. Whiteford, Esq.
210 West Pennsylvania Avenue
Towson, MD 21204

Colbert, Matz & Rosenflet, Inc.             $12,773
2835 Smith Avenue, Suite G
Baltimore, MD 21209

C.J. Jonston, Inc.                          $10,000
9500 Amberly Lane
Perry Hall, MD 21128

Office of Budget & Finance                   $2,863
Baltimore County, Maryland
400 Washington Avenue, Room 150
Towson, MD 21204

Timely Lawn Care                             $2,710

Campbell Nolan & Associates                  $2,000

Erie Insurance Co.                             $648

Mr. Gary D. Johnson                            $200


QUICKSILVER RESOURCES: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba3 Corporate
Family Rating for QuickSilver Resources, Inc., and changed its
rating on the company's 7.125 Senior Subordinated Guaranteed Notes
due 2016 to B1.  Additionally, Moody's assigned an LGD5 rating to
those bonds, suggesting noteholders will experience a 76% loss in
the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Fort Worth, Texas -- Quicksilver Resources Inc.
-- http://www.qrinc.com/-- is a natural gas and crude oil  
producer engaged in the development and acquisition of long-lived
producing natural gas and crude oil properties.


RANGE RESOURCES: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba3 Corporate
Family Rating for Range Resources Corporation.  Additionally,
Moody's revised its probability-of-default ratings and assigned
loss-given-default ratings to these three bond issues:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.375% Sr. Sub.
   Gtd. Global Notes
   due 2013               B2       B1      LGD5        74%

   6.375% Sr. Sub.
   Gtd. Global Notes
   due 2015               B2       B1      LGD5        74%

   7.5% Sr. Sub.
   Gtd. Global Notes
   due 2016               B2       B1      LGD5        74%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Forth Worth, Texas, Range Resources Corporation
(NYSE:RRC) -- http://www.rangeresources.com/-- is an independent  
oil and gas company operating in the Southwestern, Appalachian and
Gulf Coast regions of the United States.  The Company pursues a
balanced growth strategy that targets exploitation of its sizeable
inventory of lower risk development drilling locations with higher
potential exploration projects and a complementary acquisition
effort.  Range seeks to manage risk in every aspect of its
business while generating attractive returns.


REVLON INC: Elects David Kennedy as Director, President and CEO
---------------------------------------------------------------
Revlon, Inc.'s Board of Directors has elected David L. Kennedy as
a Director and as President and Chief Executive Officer,
succeeding Jack Stahl, who is leaving the Company to pursue other
interests.

Mr. Kennedy is the Company's Executive Vice President, Chief
Financial Officer and Treasurer.  While Mr. Kennedy's appointment
is effective immediately, Mr. Stahl has agreed to stay on as an
advisor for 30 days to ensure a smooth transition to the new
leadership.

Mr. Stahl said, "I've greatly enjoyed my tenure at Revlon, and
believe we've laid a strong foundation for future growth at the
Company. However, in order to pursue other interests, I've come to
the decision that it is time to pass the baton to a new leader.
David and I have worked together for twenty years, and I couldn't
be leaving the Company in better hands."

Ronald Perelman, chairman of the board, said, "David Kennedy is a
talented, experienced executive who, as president of Revlon
International, restored meaningful profitability to the
international business through aggressive control of costs and
strong top-line growth.  David steps into his new role with a deep
knowledge of Revlon and our industry.  We believe he will provide
the Company with outstanding leadership as we move to strengthen
Revlon's brands, improve performance and build value for
shareholders.  Jack Stahl has made significant contributions to
our Company over the last four years, and we appreciate his
tireless efforts."

Mr. Kennedy joined Revlon in 2002 as executive vice president and
president of Revlon International.  Earlier in the year he was
appointed chief financial officer of the Company and its wholly
owned operating subsidiary, Revlon Consumer Products Corporation.

Mr. Kennedy's 33-year business career includes several senior
management and senior financial positions with The Coca-Cola
Company and Coca-Cola affiliates, including serving as managing
director of Coca-Cola Amatil Ltd., a publicly held company based
in Australia, and as general manager of The Coca-Cola Fountain
Division.  He also served in various key financial positions at
Columbia Pictures.  A certified public accountant, Mr. Kennedy
spent the first eight years of his career at Ernst & Young.

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a  
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The Company's vision is to deliver the promise
of beauty through creating and developing the most consumer
preferred brands.  The Company's brands include Revlon(R),
Almay(R), Vital Radiance(R), Ultima(R), Charlie(R), Flex(R), and
Mitchum(R).


ROSS DEVELOPMENT: Case Summary & Largest Unsecured Creditor
-----------------------------------------------------------
Debtor: Ross Development LLC
        5370 Barrett Road
        Ferndale, WA 98248

Bankruptcy Case No.: 06-13259

Chapter 11 Petition Date: September 22, 2006

Court: Western District of Washington (Seattle)

Judge: Thomas T. Glover

Debtor's Counsel: Timothy W. Dore, Esq.
                  Ryan Swanson & Cleveland, PLLC
                  1201 3rd Avenue, Suite 3400
                  Seattle, WA 98101-3034
                  Tel: (206) 464-4224
                  Fax: (206) 621-7568

Estimated Assets: $1 Million to $10 Million

Estimated Debts:  $1 Million to $10 Million

Debtor's Largest Unsecured Creditor:

   Entity                        Nature of Claim     Claim Amount
   ------                        ---------------     ------------
Olympic Coast Investment Inc.    Loan -                $3,619,145
801 2nd Avenue, Suite 315        Jan. 25, 2006        Collateral:
Seattle, WA 98104                                      $2,600,000

c/o Bernard Lanz
The Lanz Firm PS
1200 Westlake Avenue North
Suite 809
Seattle, WA 98109
Tel: (206) 382-1827


SEAGATE TECH: Discloses Pricing for $1.5 Billion of Senior Notes
----------------------------------------------------------------
Seagate Technology disclosed the pricing of its offering of
$300 million of Floating Rate Senior Notes due 2009, $600 million
of 6.375% Senior Notes due 2011 and $600 million of 6.8% Senior
Notes due 2016.

The notes are expected to be issued by Seagate Technology HDD
Holdings, a direct wholly-owned subsidiary of the Company, and
fully and unconditionally guaranteed by the Company.

The 2009 Notes will bear interest at a floating rate equal to
three-month LIBOR plus 0.84% per year, the 2011 Notes will bear
interest at the rate of 6.375% per year, and the 2016 Notes will
bear interest at the rate of 6.800% per year.  Interest will be
payable quarterly on Jan. 1, April 1, July 1 and Oct. 1 for the
2009 Notes and semi-annually on April 1 and Oct. 1 for the
2011 Notes and 2016 Notes.

The Company may redeem the 2011 Notes and the 2016 Notes at any
time prior to their maturity for a specified make-whole premium
redemption price.  The 2009 Notes will not be redeemable prior to
their maturity date.

The net proceeds from the offering is intended to be used to
redeem the $400 million principal amount of the Company's
8% Senior Notes due 2009, to fund a portion of its $2.5 billion
stock repurchase program and for general corporate purposes.

In connection with the offering, the Company and Seagate
Technology HDD Holdings entered into an Underwriting Agreement
with the underwriters of the offering.

As reported in the Troubled Company Reporter on Sept. 15, 2006
Morgan Stanley, JPMorgan and Goldman, Sachs & Co. are acting as
joint book-running managers of the offering.

Headquartered in Scotts Valley, California, Seagate Technology
(NYSE: STX) -- http://www.seagate.com/-- is the worldwide leader  
in the design, manufacturing and marketing of hard disc drives,
providing products for a wide-range of Enterprise, Desktop, Mobile
Computing, and Consumer Electronics applications.  Seagate's
business model leverages technology leadership and world-class
manufacturing to deliver industry-leading innovation and quality
to its global customers, and to be the low cost producer in all
markets in which it participates.  The company is committed to
providing award-winning products, customer support and reliability
to meet the world's growing demand for information storage.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 13, 2006,
Moody's Investors Service affirmed the Ba1 Corporate Family Rating
of Seagate Technology HDD Holdings.

At the same time, Moody's assigned new ratings to a proposed new
debt issuance of $1.25 billion to finance Seagate's recently
announced $2.5 billion stock buyback program, as well as refinance
Seagate's existing $400 million 2009 notes.  Ratings assigned
include a Ba1 rating on Floating rate notes due 2009, Ba1 rating
on Senior notes due 2011 and 2016.


SILICON GRAPHICS: Court Approves Ernst & Young as Auditors
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approves the application of Silicon Graphics, Inc., and its
debtor-affiliates to employ Ernst & Young LLP, nunc pro tunc to
July 3, 2006.  The Court rules that the firm's compensation will
not exceed $70,000 without its further order.

As reported in the Troubled Company Reporter on Aug. 17, 2006,
Ernst & Young is expected to:

   * provide transition services in connection with the Debtors'
     audit; and

   * perform certain post-report review procedures relating to
     the reuse of the firm's prepetition audit report.

Ernst & Young's professionals will be paid based on their
customary hourly rates:

       Partners and Principals                  $690 to $730
       Senior Manager                           $590 to $665
       Manager                                  $495 to $565
       Senior Staff                             $300 to $420
       Staff                                    $240 to $260

Rhonda W. Munnerlyn, a partner of Ernst & Young, assured the
Court that her firm is a "disinterested person" as defined in
Section 101(14) of the Bankruptcy Code and as modified by Section
1107(b) of the Bankruptcy Code.

                      About Silicon Graphics

Headquartered in Mountain View, California, Silicon Graphics, Inc.
(OTC: SGID) -- http://www.sgi.com/-- offers high-performance  
computing.  SGI helps customers solve their computing challenges,
whether it's sharing images to aid in brain surgery, finding oil
more efficiently, studying global climate, providing technologies
for homeland security and defense, enabling the transition from
analog to digital broadcasting, or helping enterprises manage
large data.  The Debtor and 13 of its affiliates filed for chapter
11 protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).  Gary Holtzer, Esq., and Shai Y. Waisman, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts.  Judge Lifland confirms the Debtors' Plan
of Reorganization on Sept. 19, 2006.  When the Debtors filed for
protection from their creditors, they listed total assets of
$369,416,815 and total debts of $664,268,602.  (Silicon Graphics
Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SILICON GRAPHICS: Gets Okay to Hire Deloitte FAS as Accountants
---------------------------------------------------------------
Silicon Graphics, Inc., and its debtor-affiliates obtained
authority from the U.S. Bankruptcy Court for the Southern District
of New York to employ Deloitte Financial Advisory Services LLP to
provide accounting services -- specifically fresh-start accounting
-- relating to the Debtors' emergence from Chapter 11, nunc pro
tunc to June 29, 2006.

As reported in the Troubled Company Reporter on Aug. 16, 2006,
Deloitte FAS will:

    (a) assist with Disclosure Statement and Financial
        Projections;

    (b) prepare and substantiate fresh-start balance sheet under
        Statement of Position 90-7;

    (c) post fresh-start entries back to Books of Entry;

    (d) provide application support;

    (e) assist and provide valuation work per fresh-start under
        SOP90-7; and

    (f) assist with accounting and financial reporting.

The Debtors will pay Deloitte FAS for its services in accordance
with negotiated hourly rates:

       Partner, Principal, or Director          $600 to $750
       Senior Manager                           $475 to $580
       Manager                                  $400 to $500
       Senior Staff                             $275 to $375
       Staff

Kirk Blair, a partner of Deloitte FAS, assured the Court that his
firm is a "disinterested person," as defined in Section 101(14) of
the Bankruptcy Code.  Deloitte FAS has no connection with, and
holds no interest adverse to, the Debtors, their creditors, or any
other party-in-interest, Mr. Blair said.

                      About Silicon Graphics

Headquartered in Mountain View, California, Silicon Graphics, Inc.
(OTC: SGID) -- http://www.sgi.com/-- offers high-performance  
computing.  SGI helps customers solve their computing challenges,
whether it's sharing images to aid in brain surgery, finding oil
more efficiently, studying global climate, providing technologies
for homeland security and defense, enabling the transition from
analog to digital broadcasting, or helping enterprises manage
large data.  The Debtor and 13 of its affiliates filed for chapter
11 protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).  Gary Holtzer, Esq., and Shai Y. Waisman, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts.  Judge Lifland confirms the Debtors' Plan
of Reorganization on Sept. 19, 2006.  When the Debtors filed for
protection from their creditors, they listed total assets of
$369,416,815 and total debts of $664,268,602.  (Silicon Graphics
Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SILICON GRAPHICS: LGE Gets Okay to Withdraw Lift Stay Motion
------------------------------------------------------------
The Hon. Burton R. Lifland of the U.S. Bankruptcy Court for the
Southern District of New York approves the stipulation between the
Debtors and LG Electronics, Inc., which among other things,
provides that LGE will withdraw its lift stay request, without
prejudice.

As reported in the Troubled Company Reporter on Sept. 12, 2006,
the Debtors and LGE agreed that:

    * LGE withdraws the lift stay request, without prejudice,
      provided that it will not seek again for relief from the
      automatic stay prior to the confirmation of the Plan;

    * Upon Court approval of the stipulation, LGE agrees that it
      will not file any objection on any ground and will not
      oppose the confirmation of the Plan;

    * LGE withdraws with prejudice its protective claims, which
      are deemed expunged and will not be entitled to payment.
      LGE's Claim No. 623 against Silicon Graphics, Inc., the
      Debtors' objection to the Claim, and the Ad Hoc Committee's
      joinder to the objection, will not be impaired provided
      that:

       -- Claim No. 623 will be treated as a General Unsecured
          Silicon Graphics Claim in Class 6 and discharged under
          the Plan;

       -- the validity of the Claim will be adjudicated and
          determined in the Court unless the Parties agree or the
          Court orders otherwise.

      The Plan and any order confirming the Plan will enjoin LGE
      from taking any action against the Debtors or Reorganized
      Debtors outside of the Court to assert patent infringement
      claims to the extent the claims first arise before the
      Petition Date.  The Reorganized Debtors will not be liable
      to LGE or its subsidiaries for any claims of infringement of
      the LGE Patents which first arise prior to the Petition
      Date;

    * any valid administrative expense claim asserted by LGE will
      be paid as provided by the Plan, or as provided in a Court
      order or by agreement of the parties.  However, the Debtors
      will not be required to pay LGE on account of any
      Administrative Expense Claim in excess of $1,500,000.  Any
      Administrative Expense Claim asserted by LGE against Silicon
      Graphics may be asserted outside of the Court in the same
      action in which LGE may assert any post-effective date
      claims alleging infringement of the LGE Patents.  LGE waives
      any Administrative Expense Claims alleging infringement of
      the LGE Patents against any of the Debtors except Silicon
      Graphics.  The Plan and Confirmation Order will not enjoin
      LGE from commencing litigation against Silicon Graphics
      asserting patent infringement claims relating to the LGE
      Patents, to the extent the claims first arise between May 8,
      2006, and the Plan Effective Date; and

    * the Plan and Confirmation Order will not enjoin LGE from
      commencing litigation against the Reorganized Debtors
      asserting patent infringement claims relating to the LGE
      Patents, but only insofar as the claims first arise after
      the Plan's Effective Date.

                      About Silicon Graphics

Headquartered in Mountain View, California, Silicon Graphics, Inc.
(OTC: SGID) -- http://www.sgi.com/-- offers high-performance  
computing.  SGI helps customers solve their computing challenges,
whether it's sharing images to aid in brain surgery, finding oil
more efficiently, studying global climate, providing technologies
for homeland security and defense, enabling the transition from
analog to digital broadcasting, or helping enterprises manage
large data.  The Debtor and 13 of its affiliates filed for chapter
11 protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).  Gary Holtzer, Esq., and Shai Y. Waisman, Esq.,
at Weil Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts.  Judge Lifland confirms the Debtors' Plan
of Reorganization on Sept. 19, 2006.  When the Debtors filed for
protection from their creditors, they listed total assets of
$369,416,815 and total debts of $664,268,602.  (Silicon Graphics
Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SOUTHWESTERN ENERGY: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba2 Corporate
Family Rating for Southwestern Energy Company.  Additionally,
Moody's revised its probability-of-default ratings and assigned
loss-given-default ratings to these three bond issues:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.625% Sr. Unsec.
   Medium Term Notes
   due 2027               Ba2      Ba3     LGD5       81%

   7.35% Sr. Unsec.
   Medium Term Notes
   due 2017               Ba2      Ba3     LGD5       81%

   7.125% Sr. Unsec.
   Medium Term Notes
   due 2017               Ba2      Ba3     LGD5       81%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Southwestern Energy Company -- http://www.swn.com/-- is an  
integrated energy company headquartered in Houston, Texas,
primarily focused on the exploration for and production of natural
gas.


STEVE HETRICK: Case Summary & 10 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Steve Hetrick
        Svetlana V. Hetrick
        8612 Old Dominion Drive
        McLean, VA 22102

Bankruptcy Case No.: 06-11154

Chapter 11 Petition Date: September 20, 2006

Court: Eastern District of Virginia (Alexandria)

Judge: Robert G. Mayer

Debtor's Counsel: Lawrence J. Anderson, Esq.
                  Pels, Anderson & Lee, LLC
                  4833 Rugby Avenue, 4th Floor
                  Bethesda, MD 20814
                  Tel: (301) 986-5570
                  Fax: (301) 986-5571

Estimated Assets: $10 Million to $50 Million

Estimated Debts:  $1 Million to $10 Million

Debtor's 10 Largest Unsecured Creditors:

   Entity                        Nature of Claim     Claim Amount
   ------                        ---------------     ------------
American Express                                         $132,236
P.O. Box 1270
Newark, NJ 07101-1270

Nealon & Associates              Credit Card Charges      $49,170
119 North Henry Street
Alexandria, VA 22314

Wachovia                         Credit Card Charges      $31,105
Bankcard Services
P.O. Box 15137
Wilmington, DE 19886-5137

MBNA America                     Credit Card Charges      $17,715
P.O. Box 15137
Wilmington, DE 19886-5137

Bank of America                  Credit Card Charges      $17,571
P.O. Box 2463
Spokane, WA 99210-2463

AOL Cardmember Services          Credit Card Charges      $16,228

Premier Financial Services       Car Rental               $14,516

American Express                                           $8,081

Discover                         Credit Card Charges       $6,019

Metropolitan ENT and             Medical Expenses          $2,118
Facial Plastic


STOLLE MACHINERY: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology last week, the rating agency assigned its B2 Corporate
Family Rating for Stolle Machinery Company, LLC.  Additionally,
Moody's revised or held its probability-of-default ratings and
assigned loss-given-default ratings on these loan facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   First Priority
   Senior Secured
   Credit Facilities     Ba3       B1      LGD3     [30%-50%]

   Second Lien
   Secured Term Loan     Caa1      Caa1    LGD5     [70%-90%]

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Stolle, headquartered in Centennial, Colorado, provides capital
equipment, tooling, spare parts and services to the beverage and
food can industries.  Revenues for the 12-month period ended
June 30, 2006, were in excess of $200 million.


STONE ENERGY: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B2 Corporate
Family Rating for Stone Energy Corporation.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings to these three bond issues:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Unsec. Flt Rt
   Global Notes
   due 2010               B3       B2      LGD3       45%

   8.25% Sr. Sub. Gtd.
   Notes due 2011        Caa1     Caa1     LGD5       82%

   6.75% Sr. Sub.
   Global Notes
   due 2014              Caa1     Caa1     LGD5       82%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Lafayette, Louisiana, Stone Energy Corporation
(NYSE:SGY) -- http://www.stoneenergy.com/-- is an independent oil  
and gas company and is engaged in the acquisition and subsequent
exploration, development, operation and production of oil and gas
properties located in the conventional shelf of the Gulf of
Mexico, deep shelf of the GOM, deep water of the GOM, Rocky
Mountain Basins and the Wiliston Basin.


SUNSTATE EQUIPMENT: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. rental company sector last week, the
rating agency confirmed its B2 Corporate Family Rating for
Sunstate Equipment Co., LLC, and its B3 rating on the company's
10.5% Second Priority Senior Secured Notes due 2013.  
Additionally, Moody's assigned an LGD5 rating to those bonds,
suggesting noteholders will experience a 76% loss in the event of
a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Sunstate, headquartered in Phoenix, Arizona is a regional
equipment rental company in the Southwest region.


SWIFT ENERGY: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba3 Corporate
Family Rating for Swift Energy Company.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings to these securities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.625% Sr. Unsec.
   Notes due 2011         B1       Ba2     LGD3       40%

   9.375% Sr. Sub.
   Notes due 2012         B2       B2      LGD5       81%

   Multiple Seniority
   Shelf (Senior
   Unsecured)           (P)B1    (P)Ba2    LGD3       40%

   Multiple Seniority
   Shelf (Senior
   Subordinate)         (P)B2    (P)B2     LGD5       81%

   Multiple Seniority
   Shelf (Subordinate) (P)Caa1   (P)B2     LGD6       97%

   Multiple Seniority
   Shelf (Preferred)   (P)Caa1   (P)B2     LGD6       97%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Swift Energy Company engages in developing, exploring, acquiring,
and operating oil and gas properties, with a focus on onshore and
inland waters oil and natural gas reserves in Texas and Louisiana
and onshore oil and natural gas reserves in New Zealand.  The
Company was founded in 1979 and its headquarters is located in
Houston, Texas.


TELESOURCE INT'L: Mar. 31 Stockholders' Deficit Rises to $9.3 Mil.
------------------------------------------------------------------
Telesource International, Inc., has filed its financial statements
for the first quarter ended March 31, 2006, with the Securities
and Exchange Commission.

                             Revenues

Construction Revenues

Construction revenues decreased to $0 from $380,345 for the three
months ended March 31, 2006, compared with March 31, 2005.  The
decrease was due to the completion of all major construction
projects.  The Company did not enter into any new construction
contracts during 2005 or the first quarter of 2006 and has altered
its construction strategy to enter into only limited construction
projects in partnership with its major investor, Sayed Hamid
Behbehani & Sons Co. W.L.L.

Service Fees

Service fees for power generation plant decreased 7.2% to $916,922
from $988,157 for the three months ended March 31, 2006, compared
with the three months ended March 31, 2005.  This decrease is due
to less energy demand in the Fiji plants.

Finance Lease Revenues

Finance lease revenues decreased 21.1% to $173,021 from $219,231
for the three months ended March 31, 2006, compared with the three
months ended March 31, 2005.  The decrease is due to the declining
balance of minimum lease payments, which are amortized over the
term of the Tinian power plant contract to yield a constant rate
of return.

Net loss available to common stockholders was $1,065,060 for the
three months ended March 31, 2006, and $1,215,341 for the three
months ended March 31, 2005.  The lower net loss during the first
three months of 2006 versus 2005 was attributed to lower general
and administrative expenses.

                           Balance Sheet

At March 31, 2006, the Company's balance sheet showed $11,125,701
in total assets and $20,493,963 in total liabilities, resulting in
a $9,368,262 stockholders' deficit.  The Company had an $8,243,717
deficit at Dec. 31, 2005.

The Company's March 31 balance sheet also showed strained
liquidity with $5,922,966 in total current assets available to pay
$14,179,254 in total current liabilities payable in the next 12
months.

Full-text copies of the Company's first quarter financials are
available for free at http://ResearchArchives.com/t/s?122b

                        Going Concern Doubt

As reported in the Troubled Company Reporter on Aug. 3, 2006, L J
Soldinger Associates, LLC, in Deer Park, Illinois, raised
substantial doubt about Telesource International, Inc.'s ability
to continue as a going concern after auditing the Company's
consolidated financial statements for the year ended Dec. 31,
2005, and 2004.  The auditor pointed to the Company's recurring
operating losses and capital deficiency.

                  About Telesource International

Telesource International, Inc. (Pink Sheeet: TSCI) has three main
operating segments:  i) power generation, ii) construction of
power plants and construction services, and iii) brokerage of
goods and services.  Sayed Hamid Behbehani & Sons Co. W.L.L., a
Kuwait-based civil, electrical and mechanical construction
company, currently controls over 85% of the Company's shares.

Telesource International is located in Lombard, Illinois, the
Company's headquarters, where it operates a small service for
the procurement, export and shipping of U.S. fabricated products
for use by the Company's subsidiaries or for resale to customers
outside of the U.S.

Telesource Fiji, Ltd., a subsidiary, is located on the island of
Fiji where it maintains and operates diesel fired electric power
generation plants for the sale of electricity in the country.  The
Company also is attempting to develop future construction and
other energy related business activities in Fiji.

Telesource CNMI, Inc., is on the island of Tinian, an island in
the Commonwealth of Mariana Islands (U.S. Territory), where it
operates a diesel fired electric power generation plant for the
sale of electricity to the local power grid.

In Saipan, the Company maintains offices for coordinating
marketing and development activities in the region and is
responsible for all operations including the development of future
construction projects and energy conversion opportunities in the
region.


TELESOURCE INT'L: 2006 Second Quarter Net Loss Down to $482,034
---------------------------------------------------------------
Telesource International, Inc., filed its financial statements for
the second quarter ended June 30, 2006, with the Securities and
Exchange Commission on Sept. 7, 2006.

                             Revenues

Service Fees

Service fees for power generation plant increased 32.7% to
$1,134,531 from $855,087 for the three months ended June 30, 2006,
compared with the three months ended June 30, 2005.  This increase
is due to more energy demand in the Fiji plants.

Construction Revenues

Construction revenues decreased to $0 from $734,228 for the three
months ended June 30, 2006, compared with June 30, 2005.  The
decrease was due to the completion of all major construction
projects in 2005.  The Company did not enter into any new
construction contracts during 2005 or the first half of 2006 and
has altered its construction strategy to enter into only limited
construction projects in partnership with its major investor,
Sayed Hamid Behbehani & Sons Co. W.L.L.

Finance Lease Revenues

Finance lease revenues decreased 22.7% to $160,776 from $208,081
for the three months ended June 30, 2006, compared with the three
months ended June 30, 2005.  The decrease is due to the declining
balance of minimum lease payments, which are amortized over the
term of the Tinian power plant contract to yield a constant rate
of return.

Net loss available to common stockholders was $482,034 for the
three months ended June 30, 2006, and $1,388,231 for the three
months ended June 30, 2005.  The lower net loss during the first
half of 2006 versus 2005 was driven by lower costs of revenues and
operating expenses.

                           Balance Sheet

At June 30, 2006, the Company's balance sheet showed $11,086,669
in total assets and $20,916,622 in total liabilities, resulting in
a $9,829,953 stockholders' deficit.  The Company had a $9,368,262
deficit at March 31, 2006.

The Company's June 30 balance sheet also showed strained liquidity
with $6,453,300 in total current assets available to pay
$15,291,344 in total current liabilities payable in the next 12
months.

Full-text copies of the Company's first quarter financials are
available for free at http://ResearchArchives.com/t/s?122d

                        Going Concern Doubt

As reported in the Troubled Company Reporter on Aug. 3, 2006, L J
Soldinger Associates, LLC, in Deer Park, Illinois, raised
substantial doubt about Telesource International, Inc.'s ability
to continue as a going concern after auditing the Company's
consolidated financial statements for the year ended Dec. 31,
2005, and 2004.  The auditor pointed to the Company's recurring
operating losses and capital deficiency.

                  About Telesource International

Telesource International, Inc. (Pink Sheeet: TSCI) has three main
operating segments:  i) power generation, ii) construction of
power plants and construction services, and iii) brokerage of
goods and services.  Sayed Hamid Behbehani & Sons Co. W.L.L., a
Kuwait-based civil, electrical and mechanical construction
company, currently controls over 85% of the Company's shares.

Telesource International is located in Lombard, Illinois, U.S.A.,
the Company's headquarters, where it operates a small service for
the procurement, export and shipping of U.S. fabricated products
for use by the Company's subsidiaries or for resale to customers
outside of the mainland.

Telesource Fiji, Ltd., a subsidiary, is located on the island of
Fiji where it maintains and operates diesel fired electric power
generation plants for the sale of electricity in the country.  The
Company also is attempting to develop future construction and
other energy related business activities in Fiji.

Telesource CNMI, Inc., is on the island of Tinian, an island in
the Commonwealth of Mariana Islands (U.S. Territory), where it
operates a diesel fired electric power generation plant for the
sale of electricity to the local power grid.

In Saipan, the Company maintains offices for coordinating
marketing and development activities in the region and is
responsible for all operations including the development of future
construction projects and energy conversion opportunities in the
region.


TYSON FOODS: S&P Lowers Rating on $2.1 Billion Sr. Debt to BB+
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' rating
to Springdale, Arkansas-based meat processor Tyson Foods Inc.'s
$1 billion unsecured revolving credit facility maturing Sept. 10,
2010, guaranteed by wholly owned subsidiary Tyson Fresh Meats Inc.
(formerly IBP Inc.).

Also, a 'BBB-' rating was assigned to Canadian operating
subsidiary Lakeside Farm Industries Ltd.'s $345 million unsecured
three-year term loan, guaranteed by Tyson and Tyson Fresh Meats.

At the same time, Standard & Poor's lowered its rating on $2.1
billion of the company's outstanding senior unsecured debt to
'BB+' from 'BBB-' because these debt issues do not have the
benefit of the Tyson Fresh Meats guarantee, which was recently
provided to the holders of Tyson's 6.6% notes due 2016.

Under Standard & Poor' notching criteria, the holders of the
$2.1 billion of debt are disadvantaged because of the amount of
priority debt ahead of it.  The 'BBB-' rating on the 6.6% notes
was affirmed.

The 'BBB-' rating on Tyson Fresh Meats' senior unsecured debt was
also affirmed, due to this debt's priority position in the event
of bankruptcy.

In addition, Standard & Poor's affirmed its 'BBB-' long-term
corporate credit rating and 'A-3' short-term rating on Tyson and
its 'BBB-' long-term corporate credit rating on Tyson Fresh Meats.
The rating outlook is negative.

About $4.2 billion of consolidated debt (including capitalized
operating leases) was outstanding at July 1, 2006.

"The 'BBB-' corporate credit rating reflects Tyson's market
positions in the poultry and meat production businesses, its
position as a low-cost producer, and the high barriers to entry
in these industries," said Standard & Poor's credit analyst Jayne
Ross.

"Partially mitigating these strengths are the company's lower
operating margins following its acquisition of beef and
pork producer Tyson Fresh Meats and the inherent cyclical nature
of the protein sector."

Tyson is the world's largest fully integrated producer, processor,
and marketer of poultry-based products, which account for about
32% of its total sales.  The company is also the world's largest
processor of fresh beef and a leading pork processor.  Beef and
pork operations account for about 57% of sales and have much lower
EBITDA margins than the company's poultry segment, which produces
a much greater amount of value-added poultry products.

The prepared foods segment accounts for the remaining portion of
sales; this division manufactures and markets frozen and
refrigerated food products.  Tyson's products are sold through the
food service, retail, and wholesale club channels, as well as
internationally.


UNITED RENTALS: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. rental company sector last week, the
rating agency confirmed its B1 Corporate Family Rating for United
Rentals (North America), Inc.  Additionally, Moody's revised or
held its probability-of-default ratings and assigned loss-given-
default ratings on these loans, bond debt obligations and QUIPS:

Issuer: United Rentals (North America), Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Revolving
   Credit Facility
   due 2009               B1       Ba1     LGD2       16%

   Sr. Sec.
   Institutional
   Letter of Credit
   Facility due 2011      B1       Ba1     LGD2       16%

   Sr. Sec. Term
   Loan due 2011          B1       Ba1     LGD2       16%

   6.5% Gtd. Sr.
   Unsec. Nts due
   2012                   B2       B1      LGD4       52%

   7.75% Gtd. Sr.
   Sub. Nts due 2013      B3       B3      LGD5       83%

   7.0% Gtd. Sr. Sub.
   Nts due 2014           B3       B3      LGD5       83%

   1.875% Gtd.
   Convertible Nts
   due 2023               B3       B3      LGD5       83%


Issuer: United Rentals Trust I

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   6.5% Convertible
   Quarterly Income
   Pref. Securities
   (QUIPS) due 2028      Caa1     B3       LGD6       96%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

United Rentals, headquartered in Greenwich, Connecticut, is the
world's largest equipment rental company and operates more than
750 rental locations throughout the United States, Canada, and
Mexico.


VANGUARD CAR: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. rental company sector last week, the
rating agency confirmed its B1 Corporate Family Rating for
Vanguard Car Rental USA Holdings, Inc.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Revolving
   Credit Facility
   due 2012               B2       Ba3     LGD3       37%

   Sr. Sec. Term Loan
   due 2013               B2       Ba3     LGD3       37%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Vanguard Car Rental USA Holdings Inc., headquartered in Tulsa,
Oklahoma, is the world's third largest general use daily car
rental and operates under the National and Alamo brand names.


VENOCO INC: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B3 Corporate
Family Rating for Venoco, Inc.  Additionally, Moody's:

     -- maintained its Caa1 probability-of-default rating on the
        company's Senior Secured Guaranteed Second Lien Term Loan
        due 2011 and assigned an LGD4 rating to that loan
        facility, suggesting lenders will experience a 64% loss
        in the event of a default; and

     -- maintained its Caa1 probability-of-default rating on the
        company's 8.75% Senior Unsecured Guaranteed Global Notes
        due 2011 and assigned a LGD4 rating to those bonds,
        suggesting noteholders will experience a 64% loss in the
        event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Venoco, Inc. is headquartered in Carpinteria, California.


VICTORIA INDUSTRIES: Earns $95,747 in Six-Months Ended June 30
--------------------------------------------------------------
Victoria Industries, Inc., filed its financial statements for the
six-months ended June 30, 2006, with the Securities and Exchange
Commission.  The Company did not report their results of
operations for the three months ended June 30, 2006.

For the six months ended June 30, 2006, the Company reported
$95,747 of net income on $4,842,025 of revenues compared with
$19,897 of net income on $1,810,990 of revenues for the same
period in 2005.

At June 30, 2006, the Company's balance sheet showed $3,989,072 in
total assets, $2,859,649 in total current liabilities, and
$1,129,423 in total stockholders' equity.

Full-text copies of the Company's second quarter financials are
available for free at http://ResearchArchives.com/t/s?1230

                        Going Concern Doubt

John A. Braden & Company, PC, in Houston, Tex., raised substantial
doubt about Victoria Industries, Inc.'s ability to continue as a
going concern after auditing the consolidated financial statements
for the year ended Dec. 31, 2005.  The auditor pointed to the
Company's prior operating losses, limited revenue history,
dependence on narrow customer base, limited funding, and lack of
assurance that the lumber business it is involved in will generate
sufficient funds.

                     About Victoria Industries

New York-based Victoria Industries, Inc., is a holding company.  
The Company's subsidiaries, Victoria Resources, Inc., Victoria
Lumber, LLC, Victoria Siberian Wood, and Coptent Trading are
involved in the marketing and distribution of the Company's
forestry products.  The Group's principal customers are based in
Eastern Siberia and Far East regions of Russia, and North
provinces of China - Inner Mongolia and Heyluntszyan.


W&T OFFSHORE: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its B2 Corporate
Family Rating for W&T Offshore, Inc.  Additionally, Moody's
assigned its B1 probability-of-default rating to the company's:

  -- Senior Secured Guaranteed Revolving Revolving Credit
     Facility due 2009;

  -- Senior Secured Guaranteed Term Loan A due 2007; and

  -- Senior Secured Guaranteed Term Loan B due 2010.

Further, Moody's assigned an LGD2 rating to the three loan
facilities, suggesting lenders will experience a 28% loss in the
event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Houston, Texas, W&T Offshore, Inc., (NYSE: WTI)
-- http://www.wtoffshore.com/-- is an independent oil and natural  
gas company focused primarily in the Gulf of Mexico, including
exploration in the deepwater.  Founded in 1983, W&T now holds
working interests in over 100 fields in federal and state waters
and a majority of its daily production is derived from wells it
operates.


WASTE SERVICES: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. solid waste sector last week, the rating
agency confirmed its B3 Corporate Family Rating for Waste
Services, Inc.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given-default
ratings on two loans and a bond issue:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $60 million senior
   secured revolving
   credit facility
   due 2009               B2      Ba3      LGD2       20%

   $146 million senior
   secured term loan
   facility due 2011      B2      Ba3      LGD2       20%

   $160 million senior
   subordinated notes
   due 2014               Caa2    Caa1     LGD5       76%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as its research has shown that credit losses on
bank loans have tended to be lower than those for similarly rated
bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Waste Services Inc. -- http://www.wasteservicesinc.com/-- is a   
multi-regional, integrated solid waste services company that
provides collection, transfer, disposal and recycling services in
the United States and Canada.


WCA WASTE: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. solid waste sector last week, the rating
agency confirmed its B1 Corporate Family Rating for WCA Waste
Corporation.  Additionally, Moody's revised its probability-of-
default rating to B3 for $150 million of senior unsecured notes
due 2014 issues by WCA Waste Systems, Inc.  Further, Moody's
assigned an LGD5 rating to those bonds, suggesting noteholders
will experience a 76% loss in the event of a default.  

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Houston, Texas, WCA Waste Corporation
(Nasdaq:WCAA) -- http://www.wcawaste.com/-- is an integrated   
company engaged in the transportation, processing, and disposal of
non-hazardous solid waste.  The Company's operations consist of
twenty landfills, twenty-one transfer stations/material recovery
facilities and twenty-four collection operations located
throughout Alabama, Arkansas, Colorado, Florida, Kansas, Missouri,
New Mexico, North Carolina, South Carolina, Tennessee and Texas.  
The Company's common stock is traded on the NASDAQ National Market
System under the symbol "WCAA."


WERNER LADDER: Wants To Extend Lease Decision Period to Jan. 8
--------------------------------------------------------------
Werner Holding Co. (DE), Inc., aka Werner Ladder Company, and its
debtor-affiliates, ask the U.S. Bankruptcy Court for the District
of Delaware to extend to Jan. 8, 2006, their Oct. 10, 2006
deadline to assume or reject their unexpired real property leases.

Pursuant to Section 365(d) of the Bankruptcy Code, a bankruptcy
court may, for "cause", approve a 90-day extension of the initial
120-day period within which a debtor-in-possession must assume or
reject unexpired nonresidential real property leases.

Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor, LLP
in Wilmington, Delaware, explains that the Debtors' unexpired
leases are spread throughout the country, including the leases
associated with their manufacturing plant in Merced, California,
three distribution centers, 10 warehouses, the corporate
headquarters, and their sales offices.

According to Mr. Brady, certain of the real property leases are
important assets of the Debtors' estates, including the leases
under the distribution network, which the Debtors are presently
analyzing to assess the value of the leases to determine whether
efficiencies can be generated to reduce the costs associated with
the distribution network.  The Debtors' distribution network
accounts over $50,000,000 in costs each year.

The Debtors believe that they will assume a majority of the real
property leases and reject some of the leases relating to their
warehouses.  The Debtors, however, profess that an extension to
the Lease Decision Period will give them more time to continue
the process of restructuring their distribution network in an
orderly manner and finish the analysis of the network.  Further,
the extension would afford the Debtors the ability to determine
if there are any cost-saving opportunities that would enable
them to increase the distribution network's overall efficiency;
thus resulting in an increase of the Debtors' profitability.

Mr. Brady assures the Court that the extension will not damage or
prejudice the counterparties to the leases because the Debtors
will perform all of their undisputed postpetition obligations
under the leases in a timely fashion as required by Section
365(d)(3).

Pursuant to Del. Bankr. L.R. 9006-2, the filing of the Debtors'
request prior to the expiration of the 120-day period serves as
an automatic extension of Lease Decision Period until the time
the Court rules on the request.

                      About Werner Ladder

Headquartered in Greenville, Pennsylvania, Werner Co. --
http://www.wernerladder.com/-- manufactures and distributes   
ladders, climbing equipment and ladder accessories.  The company
and three of its affiliates filed for chapter 11 protection on
June 12, 2006 (Bankr. D. Del. Case No. 06-10578).

The firm of Willkie Farr & Gallagher LLP serves as the Debtors'
counsel.  Kara Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and
Robert S. Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP,
represents the Debtors as its co-counsel.  The Debtors have
retained Rothschild Inc. as their financial advisor.  Greenberg
Traurig LLP is counsel to the Official Committee of Unsecured
Creditors.  Jefferies & Co serves as the Committee's financial
advisor.

At March 31, 2006, the Debtors reported total assets of
$201,042,000 and total debts of $473,447,000.  (Werner Ladder
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


WERNER LADDER: Committee Wants Directors to Produce Documents
-------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in
bankruptcy cases of Werner Holding Co. (DE), Inc., aka Werner
Ladder Company, and its debtor-affiliates, asks the U.S.
Bankruptcy Court for the District of Delaware to enter an order
requiring 14 former and current members of the Debtors'
board of directors and 11 third parties, which include the
Debtors' Prepetition Junior and Senior Secured Lenders and their
agents as well as additional parties subsequently identified by
the Committee, upon service of a subpoena, to:

   (1) produce to the Committee documents relating to its
       investigation, in respect to Stipulations concerning the
       validity of the claims and liens asserted by the Debtors'
       Prepetition Senior and Junior Lenders, not later than 10  
       days following service of the document request; and

   (2) appear for deposition by the Committee's counsel at a
       mutually convenient location and time, but no later than
       Oct. 13, 2006.

The Directors identified by the Committee include Mamoun Askari,
James O. Egan, James F. Hardymon, Dennis G. Heiner, Charles K.
Marquis, Peter J. Nolan, Howard L. Solot, Christopher J.
Stadler, Thomas J. Sullivan, Dana R. Snyder, Stephen Tampini,
Donald M. Werner, Michael E. Werner, and Michael S. Wong.

The Third Parties identified by the Committee are Black Diamond
Commercial Finance, L.L.C., Credit Suisse, CS, Investcorp
International Inc., Investcorp S.A., Investcorp Investment Equity
Limited, JPMorgan Chase Bank, N.A., Leonard Green & Partners,
L.P., Loughlin Meghji & Company, Inc., Morgan Stanley Senior
Funding, Inc., and Rothschild, Inc.

In the Court's final order authorizing the Debtors to obtain
$99 million of DIP financing from, among others, Black Diamond
Commercial Finance LLC, the Debtors made several stipulations
binding their estates.  The stipulations concern the validity of
the claims and liens asserted by the Debtors' Prepetition Senior
and Junior Lenders.

The DIP Order provides that the Stipulations are binding on the
Creditors Committee unless, no later than 90 days after entry of
the DIP Order, the Committee files an adversary proceeding against
the Prepetition Lenders.  The Committee has until Oct. 23, 2006 to
investigate and challenge the Prepetition Lenders' claims.

Victoria W. Counihan, Esq., at Greenberg Traurig, LLP, in
Wilmington, Delaware, relates that, since the Creditors
Committee's formation, it has been actively investigating issues
relating to the Stipulations.  Among other things, the Committee
obtained certain information and documents from the Debtors
pursuant to a motion under Rule 2004 of the Federal Rules of
Bankruptcy Procedure.

As part of its investigation, the Committee needs to obtain
discovery from 14 former and current members of the Debtors'
board of directors and 11 third parties, which include the
Debtors' Prepetition Junior and Senior Secured Lenders and their
agents relating to the Stipulations.  The discovery may reveal
additional persons or entities possessing information relevant to
the Committee's investigation.

The Creditors Committee seeks to establish streamlined and
consistent procedures for obtaining discovery from the Directors
and the Third Parties, while eliminating the need for numerous
separate motions and multiple court hearings under Rule 2004.

Ms. Counihan asserts that the Committee's request would provide a
consistent and efficient procedure for the Committee to conduct
third-party discovery, and will help it to timely conduct its
investigation under the DIP Order.  She adds that the request
will minimize the Court's involvement in the discovery process
and reduce the associated costs for all parties.

Ms. Counihan notes that, unless the Committee is able to quickly
and efficiently continue its investigation by way of obtaining
necessary discovery from the Rule 2004 Parties, it may be unable
to timely or thoroughly complete the investigation, which no
doubt could cause substantial harm to the Committee, other
unsecured creditors and other parties-in-interest in the Debtors'
cases.

                           Responses

(a) Credit Suisse, Cayman Islands Branch

Credit Suisse, Cayman Islands Branch, administrative agent under
the Junior Prepetition Credit Facility, takes no position with
respect to the Committee's request for authority to issue and
serve upon a subpoena that requires the bank to produce documents
and appear for a deposition in connection with the Claims
Investigation.

However, Credit Suisse is concerned that nothing in the
Committee's request limits the scope of the discovery to the
Claims Investigation, or even to matters related to the Werner
companies.  The scope of the Claims Investigation should be
specified to assist all parties in avoiding any disputes that
otherwise might arise regarding the scope of the discovery
request, suggests Robert Jay Moore, Esq., at Milbank, Tweed,
Hadley & McCloy LLP, in Los Angeles, California.

In addition, to assist the parties in avoiding disputes over
their respective rights, Credit Suisse asks the Court to enter an
order providing that the Committee and the Rule 2004 Parties will
comply with the requirements of Rule 9016 of the Federal Rules of
Bankruptcy Procedure.

JPMorgan Chase Bank, N.A., administrative agent under the Senior
Prepetition Credit Facility, and Black Diamond Commercial
Finance, LLC, sole administrative agent for the DIP Lenders,
support Credit Suisse's Limited Objection.

(b) Howard Solot and Donald Werner

Howard L. Solot and Donald M. Werner have received identical
letters from the Creditors Committee requesting them to preserve
information relating to the Claims Investigation.

Mr. Solot was executive vice president and chief operating
officer of the Debtors until March 1999 and was a member of the
board of directors of Werner Holding Co. (DE), Inc., until 2004.

Mr. Werner was president of the Debtors until December 1999.  He
continues to serve on Werner Holding's board of directors as
chairman.

David W. Carickhoff, Jr., Esq., at Blank Rome LLP, in Wilmington,
Delaware, notes that the Committee, despite having over two
months to investigate the appropriateness of the provisions of
the Stipulations, has waited until September 13, 2006 to file the
Rule 2004 Motion.

Mr. Carickhoff adds that, in violation of Del. Bankr. L.R. 2004-
1(a), the Committee failed to attempt to confer with the proposed
examinees, Messrs. Solot and Werner, prior to the filing of the
Motion.

Had the Committee conferred with the former directors, as
required, it would have learned that Messrs. Solot and Werner do
not have any documents in their possession responsive to the
Committee's requests for production that were not provided to
them by the Debtors in their capacity as directors,
Mr. Carickhoff says.

Because the documents requested from them would be duplicative of
those documents already requested from the Debtors, Messrs. Solot
and Werner ask the Court to deny the Committee's Rule 2004 Motion
as it relates to them.

To the extent the Court denies their objection, Messrs. Solot and
Werner ask the Court to strike the Committee's request for "All
notes or minutes of meetings/communications concerning . . .
Werner" as the request is too broad and vague.

(c) Ad Hoc Second Lien Committee

The Ad Hoc Committee of Holders of Second Lien Claims opposes the
Creditors Committee's proposal to depose examination of, and
request for documents from, third parties not identified in the
Rule 2004 Motion.

Robert Jay Moore, Esq., at Milbank, Tweed, Hadley, & McCloy LLP,
in Los Angeles California, asserts that due process concerns
advise against granting the Creditors Committee the power to
compel discovery and deposition appearances without giving the
potential deponents the ability to raise objections, or the Court
the opportunity to process that was established with clear time
and scope guidelines which all parties in the Debtors' cases have
relied.

The Second Lien Committee acknowledges that the discovery process
would have to be expedited.  The Creditors Committee, however,
should not be given the power to compel compliance with unknown
discovery requests on unidentified parties, without notice to
those parties or other parties-in-interest, Mr. Moore asserts.

Accordingly, the Second Lien Committee requests that the Court
not provide the Creditors Committee with "unlimited extra-
judicial authority" to issue subpoenas and propound discovery on
the unidentified third parties, without at least subjecting that
process to the review of the parties in economic interest in the
cases and the close supervision of the Court.

The Second Lien Committee also complains that the Committee has
taken an approach that will maximize the costs and minimize the
efficiency of the process.  Mr. Moore avers that the Creditors
Committee:

    -- should have made their Rule 2004 request two months ago;
       and

    -- could and should have approached the Prepetition Lenders
       informally three months ago to begin the process of
       identifying relevant documents for production.

According to Mr. Moore, the estates will now be burdened with the
certainty and expense of numerous overlapping depositions asking
the same questions and seeking the same materials that will be
conducted with at least three sets of lawyers -- for the Debtors,
the Creditors Committee, and the Prepetition Lenders -- present
at the deposition.

(d) Rothschild

Rothschild's Inc. asks the Court to deny the Creditors
Committee's request.

David J. Baldwin, Esq., at Potter Anderson & Corroon LLP, in
Wilmington, Delaware, explains that the Rule 2004 Motion should
be denied because it seeks overbroad and burdensome discovery
from non-debtor third party Rothschild.

Mr. Baldwin notes that Rothschild has served as Werner's
financial advisor for just nine months and had no involvement in
the financing transactions the Committee seeks to investigate.  
"Yet the Motion seeks production of documents from Rothschild
concerning every aspect of its relationship with Werner, without
any apparent limitation."

Rothschild contacted the Creditors Committee's counsel in an
attempt to narrow the scope of the discovery, but surprisingly
the Committee, according to Mr. Baldwin, could not identify
which, if any, of its proposed discovery would apply to
Rothschild.

Mr. Baldwin adds that the Rule 2004 Motion precludes Rothschild
from objecting to any discovery that the Committee might serve on
Rothschild that is "similar in form" to the extremely broad
discovery requests.

Although it has cooperated with the Committee in the discovery
matters and will continue to do so, Rothschild is constrained to
object to the Rule 2004 Motion lest it be subjected to open-ended
discovery without any right to object.

Because the Rule 2004 Motion is procedurally improper, and would
unfairly burden Rothschild without benefiting the Debtors'
estate, it should be denied, Mr. Baldwin contends.

                     About Werner Ladder

Headquartered in Greenville, Pennsylvania, Werner Co. --
http://www.wernerladder.com/-- manufactures and distributes   
ladders, climbing equipment and ladder accessories.  The company
and three of its affiliates filed for chapter 11 protection on
June 12, 2006 (Bankr. D. Del. Case No. 06-10578).

The firm of Willkie Farr & Gallagher LLP serves as the Debtors'
counsel.  Kara Hammond Coyle, Esq., Matthew Barry Lunn, Esq., and
Robert S. Brady, Esq., Young, Conaway, Stargatt & Taylor, LLP,
represents the Debtors as its co-counsel.  The Debtors have
retained Rothschild Inc. as their financial advisor.  Greenberg
Traurig LLP is counsel to the Official Committee of Unsecured
Creditors.  Jefferies & Co serves as the Committee's financial
advisor.

At March 31, 2006, the Debtors reported total assets of
$201,042,000 and total debts of $473,447,000.  (Werner Ladder
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


WESCO AIRCRAFT: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology last week, the rating agency assigned its B2 Corporate
Family Rating for Wesco Aircraft Hardware Corp.  Additionally,
Moody's revised or held its probability-of-default ratings and
assigned loss-given-default ratings on these loan facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   First Priority
   Senior Secured
   Credit Facilities     Ba3       B1      LGD3     [30%-50%]

   Second Lien
   Credit Facilities     Caa1      Caa1    LGD5     [70%-90%]

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Wesco Aircraft Hardware Corp., headquartered in Valencia, CA, is a
wholly owned subsidiary of Wesco Holdings Inc.  Wesco provides
integrated Just-in-Time inventory management services and
distributor of aerospace components to the global aerospace
industry.


WESTERN OIL: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba2 Corporate
Family Rating for Western Oil Sands Inc.  Additionally, Moody's
assigned its Ba3 probability-of-default rating to the company's
8.375% Senior Secured Second Third Priority Secured Notes due
2012.  Further, Moody's assigned an LGD4 rating to those notes,
suggesting noteholders will experience a 64% loss in the event of
a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Western Oil Sands Inc. -- http://www.westernoilsands.com/-- is a  
Canadian oil sands corporation, which holds a 20% undivided
interest in the Athabasca Oil Sands Project together with Shell
Canada Limited (60%) and Chevron Canada Limited (20%).


WHITING PETROLEUM: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector last week, the rating agency confirmed its Ba3 Corporate
Family Rating for Whiting Petroleum Corporation.  Additionally,
Moody's assigned its B1 probability-of-default rating to the
company's:

   -- 7.25% Senior Subordinated Guaranteed Global Notes due 2012,
   -- 7.25% Senior Subordinated Guaranteed Notes due 2013, and
   -- 7.00% Senior Subordinated Guaranteed Global Notes due 2014.

Further, Moody's assigned an LGD5 rating to the three note issues,
suggesting noteholders will experience a 76% loss in the event of
a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating methodology
will also enhance the consistency in Moody's notching practices
across industries and will improve the transparency and accuracy
of Moody's ratings as Moody's research has shown that credit
losses on bank loans have tended to be lower than those for
similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's opinion
of expected loss are expressed as a percent of principal and
accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to
LGD6 (loss anticipated to be 90% to 100%).

Based in Denver, Colorado, Whiting Petroleum Corporation
(NYSE: WLL) -- http://www.whiting.com/-- is a holding company   
engaged in oil and natural gas acquisition, exploitation,
exploration and production activities primarily in the Rocky
Mountains, Permian Basin, Gulf Coast, Michigan and Mid-Continent
regions of the United States.


WINDOW ROCK: Hires Deeth Williams as Special Canadian Counsel
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
gave Window Rock Enterprises Inc. permission to employ Deeth
Williams Wall LLP as its special Canadian regulatory counsel.

The Debtor tells the Court that Deeth Williams specializes in all
aspects of intellectual property law, particularly in healthcare,
including biotechnology, pharmaceuticals and consumer products.
The Firm represents Canadian and international clients in
negotiation of all forms of agreements relating to products,
processes and technology.

Deeth Williams will:

   a) represent the Debtor with respect to the Debtor's
      compliance with the regulations of Health Canada and other
      federal regulatory agencies, as well as any applicable
      provincial statutes and regulations, including providing
      consultation to the Debtor regarding the Debtor's
      compliance with federal and provincial regulations
      regarding the sale and marketing of the Debtor's products;
      and

   b) take other action and perform other services as the Debtor
      may require.

Gordon S. Jepson, Esq., a Deeth Williams partner, will be paid
$425 per hour for his work.  Mr. Gordon further disclosed that
M. Sue Diaz will bill the Debtor $325 per hour for her services.

Mr. Gordon assured the Court that his Firm does not represent any
interest materially adverse to the Debtor, pursuant to Section
327(e) of the Bankruptcy Code.

Headquartered in Brea, California, Window Rock Enterprises Inc.
-- http://windowrock.net/-- manufactures and sells all-natural    
dietary and nutritional supplements.  The Debtor also produces its
own TV, radio and print advertising campaigns for nutritional
and dietary supplements and has distribution in over 40,000 Food
Drug Mass Clubs as well as Health and Fitness Channels.  The
Company filed for chapter 11 protection on Nov. 23, 2005 (Bankr.
C.D. Calif. Case No. 05-50048).  Robert E. Opera, Esq., and
Garrick A. Hollander, Esq., at Winthrop Couchot PC, and Robert E.
Darby, Esq., and Anthony DiResta, Esq., at Fulbright & Jaworski
L.L.P., represent the Debtor in its restructuring efforts.  The
Official Committee of Unsecured Creditors selected Peiztman, Weg &
Kempinsky, LLP, as its counsel.  When the Debtor filed for
protection from its creditors, it estimated assets between
$10 million to $50 million and debts of more than $100 million.


WINDOW ROCK: Hires MachPherson Kwok as Special Property Counsel
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
gave Window Rock Enterprises Inc. permission to employ MachPherson
Kwok Chen & Heid LLP as its special intellectual property counsel.

MacPherson Kwok will:

   a) provide legal advisory services related to its prosecution
      and procurement of trademarks and patents, and litigation
      and licensing of intellectual property, including follow-up
      matters regarding compliance settlements; and

   b) perform other related services as the Debtor may require.

Steven M. Levitan, Esq., a member at MacPherson Kwok, discloses
that the Firm's professionals bill:

        Professional            Hourly Rate
        ------------            -----------
        Steve Levitan              $395
        Thomas Chen                $365
        Jennifer Lantz             $325
        John Kim                    $75

The Firm has received two retainer fees from the Debtor:

    i) a $50,000 fee for representing the Debtor with respect to
       the prosecution and procurement of trademarks; and

   ii) a $50,000 fee for representing the Debtor with respect to
       intellectual property litigation matters.

Mr. Levitan assures the Court that MacPherson Kwok does not hold
any interest adverse to the Debtor or its estate.

Headquartered in Brea, California, Window Rock Enterprises Inc.
-- http://windowrock.net/-- manufactures and sells all-natural    
dietary and nutritional supplements.  The Debtor also produces its
own TV, radio and print advertising campaigns for nutritional
and dietary supplements and has distribution in over 40,000 Food
Drug Mass Clubs as well as Health and Fitness Channels.  The
Company filed for chapter 11 protection on Nov. 23, 2005 (Bankr.
C.D. Calif. Case No. 05-50048).  Robert E. Opera, Esq., and
Garrick A. Hollander, Esq., at Winthrop Couchot PC, and Robert E.
Darby, Esq., and Anthony DiResta, Esq., at Fulbright & Jaworski
L.L.P., represent the Debtor in its restructuring efforts.  The
Official Committee of Unsecured Creditors selected Peiztman, Weg &
Kempinsky, LLP, as its counsel.  When the Debtor filed for
protection from its creditors, it estimated assets between
$10 million to $50 million and debts of more than $100 million.


WINN-DIXIE: Wants Court to Retroactively Approve 12 Agreements
--------------------------------------------------------------
Winn-Dixie Stores, Inc., and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Middle District of Florida to approve
certain agreements either terminating or assigning the Debtors'
Leases and Subleases, retroactively to the date these agreements
were executed.

Before their bankruptcy filing, the Debtors leased each of these
stores from the landlords and subleased them to other parties:

Store No.  Landlord                        Subtenant
---------  --------                        ---------
  62 (FL)  John C. Strougo                   N/A
692 (FL)  Crystal Beach Plaza Investors   Nielsen Media Research
992 (MA)  WBFV, Inc.                      Food Lion LLC
1487 (MS)  145 Associates, Ltd.            Piggly Wiggly Alabama
                                             Distributing Co.
1563 (LA)  P.S. Franklin, Ltd.               N/A
1564 (LA)  W-D Oakdale, LLC                Real Estate, Inc.
1682 (KY)  Chester Dix Pikeville Corp.     K-VA-T Food Stores
1838 (GA)  JA-Rivermont, et al. (building)   N/A
1838 (GA)  Rivermont Square Assoc. (land)    N/A
1987 (GA)  Holbrook Heritage Hills LP      All American Quality
                                             Foods, Inc.
1991 (GA)  Marketplace Club LLC            Goodwill Industries of
                                             North Georgia, Inc.
2047 (NC)  BHBS, Inc.                      Philip & Karen Lawson
                                           & Michael & Tammy Page

D.J. Baker, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in
New York, relates that, during the pendency of the Debtors'
Chapter 11 cases, each of the Landlords and Subtenants have
entered into agreements with the Debtors either terminating or
assigning the Leases and Subleases.

The postpetition agreements are:

Store No.  Agreement                        Effective Date
---------  ---------                        --------------
  62       Lease Termination Agreement        11/30/2005

692       Assignment and Release of Lease
             Obligations Agreement             8/31/2006

992       Sublease Termination Agreement      9/09/2005

1487       Assignment and Lease Assumption;
             Sublease Termination Agreement
             & Notice of Lease Assignment     10/31/2005

1563       Lease Termination Agreement         8/19/2005

1564       Assignment and Lease Assumption
             & Sublease Assignment            10/31/2005

1682       Assignment and Lease Assumption;
             Sublease Termination Agreement
             & Notice of Lease Assignment     12/31/2005

1838-Bldg. Land Lease Modification & Sublease
             Termination Agreement; Assignment
             & Assumption of Land Lease &
             Sublease                          6/01/2006

1838-land  Land Lease Modification & Sublease
             Termination Agreement; Assignment
             & Assumption of Land Lease &
             Sublease                          6/01/2006

1987       Assigment & Lease Assumption;
             Sublease Termination Agreement   12/28/2005

1991       Lease Termination Agreement;
             Sublease Termination Agreement   12/31/2005

2047       Sublease Termination Agreement      8/10/2005

Pursuant to the Agreements, the Landlords and Subtenants have
also waived all claims they may have against the Debtors.

Mr. Baker tells the Court that, by entering into the Agreements,
Winn-Dixie will avoid any and all claims by the Landlords and
Subtenants for any damages arising under the Leases and
Subleases.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.  
Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.  When the Debtors filed for protection from their
creditors, they listed $2,235,557,000 in total assets and
$1,870,785,000 in total debts.  (Winn-Dixie Bankruptcy News,
Issue No. 53; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


WINN-DIXIE: Wants 26 Contracts & Leases Rejected Effective Oct. 5
-----------------------------------------------------------------
Pursuant to Sections 105(a) and 365 of the Bankruptcy Code, Winn-
Dixie Stores, Inc., and its debtor-affiliates seek consent from
the U.S. Bankruptcy Court for the Middle District of Florida to
reject 26 executory contracts and unexpired leases effective as of
Oct. 5, 2006.

The Contracts are for goods and services that are no longer
necessary to the Debtors' businesses.  A list of the Contracts to
be rejected can be downloaded for free at:

               http://ResearchArchives.com/t/s?122a

By rejecting the Contracts, the Debtors will avoid unnecessary
expenses and burdensome obligations that provide no tangible
benefit to their estates or creditors, Cynthia C. Jackson, Esq.,
at Smith Hulsey & Busey, in Jacksonville, Florida, says.

In addition, the Debtors ask the Court to establish October 16,
2006 as the deadline for filing of claims arising from the
rejection of the Contracts.

The Debtors believe that several of the Contracts may not be
contracts or leases or be otherwise executory or non-expired, but
have sought to reject them out of an abundance of caution to
obtain certainty as to rejection damages that may be brought.

The Debtors reserve the right to challenge the contractual,
executory or unexpired nature of any of the Contracts.

Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers.  The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi.  The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840).  D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.  
Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors.  Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors.  Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee.  When the Debtors filed for protection from their
creditors, they listed $2,235,557,000 in total assets and
$1,870,785,000 in total debts.  (Winn-Dixie Bankruptcy News,
Issue No. 53; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


WINSTAR COMMS: Trustee Wants Court to Approve Patient Safety Pact
-----------------------------------------------------------------
Christine C. Shubert, the Chapter 7 Trustee overseeing the
liquidation of Winstar Communications, Inc.'s estates, asks the
U.S. Bankruptcy Court for the District of Delaware to approve a
settlement agreement between:

    (a) herself, as trustee for the parent company of Winstar
        Global Media, Inc., Winstar Radio Networks, LLC, and
        Winstar Radio Productions, LLC, on the one hand; and

    (b) Patient Safety Technologies, Inc., formerly-known-as
        Franklin Capital Corporation, on the other hand.

On Nov. 8, 2005, the Court authorized the retention of Frank,
Rosen, Snyder & Moss, L.L.P., as special counsel to the Trustee.

According to Sheldon K. Rennie, Esq., at Fox Rothschild LLP, in
Wilmington, Delaware, Frank Rosen represented the Trustee in
connection with the filing of an action against Patient Safety in
the U.S. District Court for the Southern District of New York for
the collection of a $1,000,000 promissory note issued in
conjunction with the August 8, 2001, sale of certain radio assets
by various non-debtor entities to Franklin Capital.

Specifically, Mr. Rennie notes, the non-debtor entities included
WGM, WRN, and WRP.  One of the debtor-entities, Winstar
Communications, is the sole shareholder of WCI Capital Corp.,
which owns 95% of Winstar New Media, which likewise owns 100% of
the non-debtor entities, WGM, WRN and WRP.  In other words, WCI
is the parent company of WGM, WRN and WRP, Mr. Rennie says.

To avoid costly litigation, and without an admission of liability
on the part of either party, the parties have entered into a
settlement agreement and release regarding the settlement of the
District Action.

The significant terms of the Agreement are:

    (a) Patient Safety will pay the Trustee and her attorneys,
        Frank Rosen, $750,000, if the entire $750,000 is paid on
        or before July 2, 2007.  Patient Safety will owe
        $1,200,000, less any payments made, if the entire $750,000
        is not paid on or before July 2.  The $1,200,000 will be
        evidenced by a Judgment Promissory Note pursuant to which
        a Judgment may be entered if there's a default in the
        payment;

    (b) Of the $750,000, the first $150,000 will be paid by
        Patient Safety to its attorney, Richard J. Babnick Jr.,
        Esq., at Sichenzia Ross Friedman Ference LLP, and held in
        Sichenzia Ross' attorney trust.  Within five business days
        of the Court's approval of the Agreement, Mr. Babnick will
        cause the $150,000 held in Sichenzia Ross' attorney trust
        account to be paid over to Frank Rosen for the benefit of
        Ms. Shubert, in her capacity as trustee of the parent
        company of WGM;

    (c) Of the remaining $600,000 due after the first $150,000
        payment, payments will be made to Frank Rosen -- for Ms.
        Shubert's benefit -- at the rate of 25% of the gross
        amount of all equity capital raised by Patient Safety.  To
        effectuate these payments, Patient Safety will deposit
        100% of its equity raises in Sichenzia Ross' attorney
        trust account and the funds from the capital raises, at
        any given increment, will be disbursed as (i) 25% of the
        funds to Frank Rosen, and (ii) the remaining 75% of the
        funds as directed by Patient Safety.  The payments must be
        made to Frank Rosen within five business days after the
        closing of any capital raise and Sichenzia Ross' receipt
        of the funds from Patient Safety's capital raises in
        Sichenzia Ross' attorney trust Account.  Each payment will
        be credited against the $600,000 balance until the balance
        is paid in full.

        However, notwithstanding these provisions, and even if
        there are insufficient equity raises:

          (i) at least $150,000 of the $600,000 balance owed will
              have been paid to Frank Rosen on Ms. Shubert's
              behalf, on or before Jan. 1, 2007, and if the
              First Milestone has not been achieved by Jan. 1,
              Patient Safety will immediately pay WGM an amount
              equal to the difference between the amounts
              previously paid to WGM and the $600,000 balance to
              achieve this milestone; and

         (ii) a second $150,000 of the now remaining $450,000
              balance owed will have been paid to Frank Rosen,
              also for Ms. Shubert's benefit, on or before
              April 1, 2007, and if the Second Milestone has not
              been achieved by April 1, Patient Safety will
              immediately pay WGM an amount equal to the
              difference between the amounts previously paid to
              WGM and the $450,000 balance to achieve this second
              milestone.

        Any funds held in Sichenzia Ross' escrow for the benefit
        of WGM, but not yet distributed to WGM, will be included
        in calculating whether Patient Safety has satisfied the
        First and Second Milestones;

    (d) To secure the payments, Ault Glazer Bodnar Acquisition
        Fund will pledge its rights and privileges associated with
        the first mortgage held on the parcel of land situation in
        the southwest quarter of the southeast quarter of Section
        27, Township 16 South, Range 1 West situated in Jefferson
        County, Alabama.  The Trustee will require a current title
        insurance report and a property and casualty insurance
        policy on the property listing her as a loss payee paid
        for by Patient Safety.  The property and casualty
        insurance policy will be maintained in full force and
        effect through the time when the entire amount due will be
        paid to Frank Rosen.  Furthermore, once Patient Safety
        satisfies its payment obligations in full, WGM will
        release the pledge back to the Ault Glazer.
        Notwithstanding the Pledge, Patient Safety may sell the
        Property underlying the first mortgage and apply the
        proceeds to the payment of amounts owed;

    (e) Simultaneously with the execution of the Agreement, the
        parties will execute a Stipulation of Dismissal of Action,
        with prejudice, which may be filed without further notice
        with the District Court; and

    (f) The parties irrevocably, unconditionally, and generally
        release, acquit, and forever discharge each other from any
        and all claims, provided, however, that nothing will
        release the parties from any of their duties, covenants,
        obligations, representations, or warranties under the
        Agreement.

A full-text copy of the Settlement Agreement is available for free
at http://ResearchArchives.com/t/s?1237

Headquartered in New York, New York, Winstar Communications, Inc.,
provides broadband services to business customers.  The Company
and its debtor-affiliates filed for chapter 11 protection on
April 18, 2001 (Bankr. D. Del. Case Nos. 01-01430 through
01-01462). The Debtors obtained the Court's approval converting
their case to a chapter 7 liquidation proceeding in January 2002.  
Christine C. Shubert serves as the Debtors' chapter 7 trustee.  
When the Debtors filed for bankruptcy, they listed $4,975,437,068
in total assets and $4,994,467,530 in total debts. (Winstar
Bankruptcy News, Issue No. 74; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


WINSTAR COMMS: Frank Rosen Wants Payment of $263,146 Fee
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
the retention of Frank, Rosen, Snyder & Moss, L.L.P., on Nov. 8,
2005, as special counsel to Christine C. Shubert, the Chapter 7
Trustee overseeing the liquidation of Winstar Communications,
Inc.'s estates, as reported in the Troubled Company Reporter on
Nov. 25, 2005.

Frank Rosen asks the Court's approval of, and the Court's order
compelling payment of, fees for professional services rendered
during the period from Aug. 1, 2005, through Sept. 7, 2006.

Specifically, the firm seeks:

    (a) payment of a $262,500 fee; and
    (b) reimbursement of $646 in expenses.

In a settlement agreement entered by the Trustee for Court
approval, Patient Safety Technologies, Inc., formerly known-as
Franklin Capital Corporation, will pay the Trustee $750,000,
which must be paid on or before July 2, 2007.

Pursuant to the Retention Order, Frank Rosen is entitled to 35%
of the recovery of the $750,000, after reimbursement of actual,
necessary expenses and other changes incurred by the firm.
Patient Safety is required to pay the total settlement funds in
certain installment payments, which is set forth in the agreement
documenting the Settlement.

So long as Patient Safety pays in accordance with the terms of
the Settlement by July 2, 2007, the recovery is $750,000.  Thus,
Frank Rosen's compensation is $262,500.

Pursuant to the terms of the Settlement, and in the event of a
default in payment by Patient Safety where the amount Patient
Safety is obligated to pay to the Trustee is increased to
$1,200,000, Frank reserves the right to seek additional sums owed
in accordance with the compensation arrangement authorized in the
Retention Order.

Headquartered in New York, New York, Winstar Communications, Inc.,
provides broadband services to business customers.  The Company
and its debtor-affiliates filed for chapter 11 protection on
April 18, 2001 (Bankr. D. Del. Case Nos. 01-01430 through
01-01462). The Debtors obtained the Court's approval converting
their case to a chapter 7 liquidation proceeding in January 2002.  
Christine C. Shubert serves as the Debtors' chapter 7 trustee.  
When the Debtors filed for bankruptcy, they listed $4,975,437,068
in total assets and $4,994,467,530 in total debts.  (Winstar
Bankruptcy News, Issue No. 74; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)  


ZOOMERS HOLDING: Excl. Plan Filing Period Stretched to November 27
------------------------------------------------------------------
The Honorable Alexander L. Paskay of the U.S. Bankruptcy Court for
the Middle District of Florida in Fort Myers extended, until
Nov. 27, 2006, Zoomers Holding Company, LLC's exclusive period to
file a Plan of Reorganization.  Judge Paskay also gave the Debtor
until Jan. 29, 2007, to solicit acceptances of its Plan.

Lara Roeske Fernandez, Esq., at Trenam, Kemker, Scharf, Barkin,
Frye, O'neill & Mullis, PA, told the Court that these
circumstances constitute cause to extend the Debtor's exclusivity:

     a) the Debtor recently retained new counsel to represent its
        interests in its bankruptcy case; and

     b) the Debtor has been actively marketing the sale of the
        major asset of the Debtor, an amusement park, as well as
        seeking conventional loans, equity financing, or partial
        DIP financing with respect to completing the Park.

Headquartered in Osprey, Florida, Zoomers Holding Company, LLC,
filed for chapter 11 protection on Apr. 28, 2006 (Bankr. M.D. Fla.
Case No. 06-02008).  Richard J. McIntyre, Esq., at Trenam, Kemker,
Scharf, Barkin, Frye, O'Neill & Mullis, P.A., represents the
Debtor.  No Official Committee of Unsecured Creditors has been
appointed in this case.  When the Debtor filed for protection from
its creditors, it estimated assets and debts between $10 million
and $50 million.


ZOOMERS HOLDING: Court Sets December 15 as Claims Bar Date
----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida in
Fort Myers set Dec. 15, 2006, as the deadline for all creditors
owed money by Zoomers Holding Company, LLC, on account of claims
arising prior to April 28, 2006, to file formal written proofs of
claim.

Proofs of claims or interests must be filed be filed with the:

             Clerk of the Bankruptcy Court
             801 North Florida Avenue, Suite 727
             Tampa, FL 33602

A copy of each proof of claim or interest must also be served on
the Debtor's attorneys at:

   Trenam, Kemker, Scharf, Barkin, Frye, O'neill & Mullis, PA
   2700 Bank of America Plaza
   101 East Kennedy Boulevard (33602)
   PO Box 1102
   Tampa, FL 33601-1102
   Telephone: (813) 223-7474
   Fax: (813) 229-6553

Headquartered in Osprey, Florida, Zoomers Holding Company, LLC,
filed for chapter 11 protection on Apr. 28, 2006 (Bankr. M.D. Fla.
Case No. 06-02008).  Richard J. McIntyre, Esq., at Trenam, Kemker,
Scharf, Barkin, Frye, O'Neill & Mullis, P.A., represents the
Debtor.  No Official Committee of Unsecured Creditors has been
appointed in this case.  When the Debtor filed for protection from
its creditors, it estimated assets and debts between $10 million
and $50 million.


* BOND PRICING: For the week of September 18 -- September 22, 2006
------------------------------------------------------------------

Issuer                               Coupon   Maturity  Price
------                               ------   --------  -----
ABC Rail Product                     10.500%  01/15/04     1
ABC Rail Product                     10.500%  12/31/04     1
Adelphia Comm.                        3.250%  05/01/21     0
Adelphia Comm.                        6.000%  02/15/06     0
Adelphia Comm.                        7.500%  01/15/04    59
Adelphia Comm.                        7.750%  01/15/09    60
Adelphia Comm.                        7.875%  05/01/09    61
Adelphia Comm.                        8.125%  07/15/03    60
Adelphia Comm.                        8.375%  02/01/08    61
Adelphia Comm.                        9.250%  10/01/02    61
Adelphia Comm.                        9.375%  11/15/09    64
Adelphia Comm.                        9.500%  02/15/04    59
Adelphia Comm.                        9.875%  03/01/05    62
Adelphia Comm.                        9.875%  03/01/07    63
Adelphia Comm.                       10.250%  06/15/11    64
Adelphia Comm.                       10.250%  11/01/06    60
Adelphia Comm.                       10.500%  07/15/04    61
Adelphia Comm.                       10.875%  10/01/10    61
Allegiance Tel.                      11.750%  02/15/08    45
Allegiance Tel.                      12.875%  05/15/08    48
Amer & Forgn Pwr                      5.000%  03/01/30    59
Amer Color Graph                     10.000%  06/15/10    70
Ames Dept. Stores                    10.000%  04/15/06     0
Antigenics                            5.250%  02/01/25    63
Anvil Knitwear                       10.875%  03/15/07    69
Armstrong World                       6.350%  08/15/03    66
Armstrong World                       6.500%  08/15/05    66
Armstrong World                       7.450%  05/15/29    67
Armstrong World                       9.000%  06/15/04    66
ATA Holdings                         13.000%  02/01/09     4
Autocam Corp.                        10.875%  06/15/14    61
Avado Brands Inc                     11.750%  06/15/09     1
Bank New England                      8.750%  04/01/99     5
Bank New England                      9.500%  02/15/96    11
BBN Corp                              6.000%  04/01/12     0
Budget Group Inc                      9.125%  04/01/06     0
Burlington North                      3.200%  01/01/45    57
Calpine Corp                          4.000%  12/26/06    25
Calpine Corp                          4.750%  11/15/23    47
Calpine Corp                          6.000%  09/30/14    39
Calpine Corp                          7.625%  04/15/06    73
Calpine Corp                          7.750%  04/15/09    72
Calpine Corp                          7.750%  06/01/15    37
Calpine Corp                          7.875%  04/01/08    74
Calpine Corp                          8.500%  02/15/11    50
Calpine Corp                          8.625%  08/15/10    50
Calpine Corp                          8.750%  07/15/07    72
Calpine Corp                         10.500%  05/15/06    72
Charter Comm Hld                     10.000%  05/15/11    74
Chic East Ill RR                      5.000%  01/01/54    50
CIH                                   9.920%  04/01/14    67
CIH                                  10.000%  05/15/14    67
CIH                                  11.125%  01/15/14    69
Clark Material                       10.750%  11/15/06     0
Collins & Aikman                     10.750%  12/31/11     9
Color Tile Inc                       10.750%  12/15/01     0
Columbia/HCA                          7.050%  12/01/27    72
Columbia/HCA                          7.500%  11/15/95    70
Comcast Corp                          2.000%  10/15/29    39
Comprehens Care                       7.500%  04/15/10    65
Cray Research                         6.125%  02/01/11     5
Dal-Dflt09/05                         9.000%  05/15/16    28
Dana Corp                             5.850%  01/15/15    73
Dana Corp                             7.000%  03/15/28    75
Delco Remy Intl                       9.375%  04/15/12    51
Delco Remy Intl                      11.000%  05/01/09    57
Delphi Trust II                       6.197%  11/15/33    68
Delta Air Lines                       2.875%  02/18/24    26
Delta Air Lines                       7.541%  10/11/11    38
Delta Air Lines                       7.700%  12/15/05    26
Delta Air Lines                       7.900%  12/15/09    26
Delta Air Lines                       8.000%  06/03/23    26
Delta Air Lines                       8.270%  09/23/07    75
Delta Air Lines                       8.300%  12/15/29    27
Delta Air Lines                       8.540%  01/02/07    73
Delta Air Lines                       9.200%  09/23/14    73
Delta Air Lines                       9.250%  03/15/22    26
Delta Air Lines                       9.750%  05/15/21    25
Delta Air Lines                      10.000%  06/01/11    58
Delta Air Lines                      10.000%  06/05/13    74
Delta Air Lines                      10.000%  08/15/08    26
Delta Air Lines                      10.060%  01/02/16    73
Delta Air Lines                      10.080%  06/16/07    65
Delta Air Lines                      10.125%  05/15/10    26
Delta Air Lines                      10.375%  02/01/11    23
Delta Air Lines                      10.375%  12/15/22    22
Deutsche Bank NY                      8.500%  11/15/16    69
Dov Pharmaceutic                      2.500%  01/15/25    57
Dura Operating                        8.625%  04/15/12    67
Dura Operating                        9.000%  05/01/09    12
Dura Operating                        9.000%  05/01/09    59
Duty Free Int'l                       7.000%  01/15/04     0
Dyersburg Corp                        9.750%  09/01/07     0
Eagle-Picher Inc                      9.750%  09/01/13    74
Encysive Pharmac                      2.500%  03/15/12    73
Epix Medical Inc.                     3.000%  06/15/24    70
Fedders North AM                      9.875%  03/01/14    68
Federal-Mogul Co.                     7.375%  01/15/06    55
Federal-Mogul Co.                     7.500%  01/15/09    57
Federal-Mogul Co.                     8.160%  03/06/03    50
Federal-Mogul Co.                     8.330%  11/15/01    58
Federal-Mogul Co.                     8.370%  11/15/01    51
Federal-Mogul Co.                     8.800%  04/15/07    58
Finova Group                          7.500%  11/15/09    29
Ford Motor Co                         7.400%  11/01/46    74
Ford Motor Co                         7.700%  05/15/97    74
GB Property Fndg                     11.000%  09/29/05    51
Graftech Intl                         1.625%  01/15/24    74
Graftech Intl                         1.625%  01/15/24    74
Gulf Mobile Ohio                      5.000%  12/01/56    73
Gulf States Stl                      13.500%  04/15/03     0
HNG Internorth                        9.625%  03/15/06    36
Home Prod Intl                        9.625%  05/15/08    60
Inland Fiber                          9.625%  11/15/07    62
Insight Health                        9.875%  11/01/11    44
Iridium LLC/CAP                      10.875%  07/15/05    26
Iridium LLC/CAP                      11.250%  07/15/05    26
Iridium LLC/CAP                      13.000%  07/15/05    25
Iridium LLC/CAP                      14.000%  07/15/05    23
Isolagen Inc.                         3.500%  11/01/24    72
K&F Industries                        9.625%  12/15/10    70
Kaiser Aluminum                       9.875%  02/15/02    33
Kaiser Aluminum                      12.750%  02/01/03     8
Kellstrom Inds                        5.500%  06/15/03     0
Kitty Hawk Inc                        9.950%  11/15/04     2
Kmart Corp                            8.540%  01/02/15    28
Kmart Corp                            8.990%  07/05/10     4
Kmart Corp                            9.350%  01/02/20    10
Kmart Funding                         8.800%  07/01/10    30
Liberty Media                         3.750%  02/15/30    60
Liberty Media                         4.000%  11/15/29    63
Lifecare Holding                      9.250%  08/15/13    74
Macsaver Financl                      7.400%  02/15/02     4
Macsaver Financl                      7.600%  08/01/07     3
Macsaver Financl                      7.875%  08/01/03     0
Merisant Co                           9.500%  07/15/13    66
Merrill Lynch                        10.000%  08/15/12    72
Movie Gallery                        11.000%  05/01/12    62
MSX Int'l Inc.                       11.375%  01/15/08    69
Muzak LLC                             9.875%  03/15/09    56
New Orl Grt N RR                      5.000%  07/01/32    67
Northern Pacific RY                   3.000%  01/01/47    57
Northern Pacific RY                   3.000%  01/01/47    57
Northwest Airlines                    6.625%  05/15/23    50
Northwest Airlines                    7.248%  01/02/12    20
Northwest Airlines                    7.625%  11/15/23    50
Northwest Airlines                    7.875%  03/15/08    51
Northwest Airlines                    8.700%  03/15/07    49
Northwest Airlines                    8.875%  06/01/06    52
Northwest Airlines                    9.179%  04/01/10    23
Northwest Airlines                    9.875%  03/15/07    53
Northwest Airlines                   10.000%  02/01/09    50
Northwest Stl&Wir                     9.500%  06/15/01     0
NTK Holdings Inc                     10.750%  03/01/14    67
Oakwood Homes                         8.125%  03/01/09     9
Oscient Pharm                         3.500%  04/15/11    64
Outboard Marine                       7.000%  07/01/02     0
Outboard Marine                       9.125%  04/15/17     0
Outboard Marine                      10.750%  06/01/08     4
Overstock.com                         3.750%  12/01/11    74
Owens Corning                         7.000%  03/15/09    55
Owens Corning                         7.500%  05/01/05    57
Owens Corning                         7.500%  08/01/18    57
Owens Corning                         7.700%  05/01/08    57
Owens-Corning Fiber                   8.875%  06/01/02    55
PCA LLC/PCA Fin                      11.875%  08/01/09    24
Pegasus Satellite                     9.625%  10/15/49    11
Pegasus Satellite                     9.750%  12/01/06    11
Phar-mor Inc                         11.720%  09/11/02     0
Piedmont Aviat                       10.250%  01/15/49     1
Pixelworks Inc                        1.750%  05/15/24    71
Plainwell Inc                        11.000%  03/01/08     2
Pliant Corp                          13.000%  07/15/10    40
Polaroid Corp.                        7.250%  01/15/07     0
Polaroid Corp.                       11.500%  02/15/06     0
Primus Telecom                        3.750%  09/15/10    48
Primus Telecom                        8.000%  01/15/14    63
PSINET Inc                           10.500%  12/01/06     0
PSINET Inc                           11.000%  08/01/09     0
Radnor Holdings                      11.000%  03/15/10    24
Railworks Corp                       11.500%  04/15/09     1
Read-Rite Corp.                       6.500%  09/01/04    15
RJ Tower Corp.                       12.000%  06/01/13    39
Salton Inc                           12.250%  04/15/08    74
Solectron Corp                        0.500%  02/15/34    73
Tekni-Plex Inc.                      12.750%  06/15/10    74
Tom's Foods Inc                      10.500%  11/01/04     9
Toys R Us                             7.375%  10/15/18    72
Tribune Co                            2.000%  05/15/29    65
Triton Pcs Inc.                       8.750%  11/15/11    71
Triton Pcs Inc.                       9.375%  02/01/11    72
Tropical Sportsw                     11.000%  06/15/08     7
Twin Labs Inc.                       10.250%  05/15/06     2
United Air Lines                      7.270%  01/30/13    56
United Air Lines                      7.870%  01/30/19    54
United Air Lines                      9.020%  04/19/12    56
United Air Lines                      9.350%  04/07/16    30
United Air Lines                      9.560%  10/19/18    61
United Air Lines                     10.020%  03/22/14    44
United Air Lines                     10.110%  02/19/49    44
United Air Lines                     10.125%  03/22/15    50
United Homes Inc                     11.000%  03/15/05     0
US Air Inc.                          10.300%  07/15/49     6
US Air Inc.                          10.550%  01/15/49    45
US Air Inc.                          10.700%  01/01/49    22
US Air Inc.                          10.700%  01/15/49    23
US Air Inc.                          10.700%  01/15/49    44
US Air Inc.                          10.700%  01/15/49    45
US Air Inc.                          10.700%  01/15/49    45
US Air Inc.                          10.700%  01/15/49    45
US Air Inc.                          10.750%  01/01/49     0
US Air Inc.                          10.750%  01/15/49    24
USAutos Trust                         5.100%  03/03/11    75
Venture Holdings                      9.500%  07/01/05     1
Venture Holdings                     11.000%  06/01/07     0
Vesta Insurance Group                 8.750%  07/15/25    10
Werner Holdings                      10.000%  11/15/07    22
Westpoint Steven                      7.875%  06/15/05     0
Westpoint Steven                      7.875%  06/15/08     0
Wheeling-Pitt St                      6.000%  08/01/10    69
Winn-Dixie Store                      8.875%  04/01/08    70
Winsloew Furniture                   12.750%  08/15/07    26
Xerox Corp.                           0.570%  04/21/18    34
Ziff Davis Media                     12.000%  07/15/10    40

                             *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $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
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts.  The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.

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.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                             *********

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 is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marie Therese V. Profetana, Robert Max Victor M. Quiblat II,
Shimero R. Jainga, Joel Anthony G. Lopez, Melvin C. Tabao, Rizande
B. Delos Santos, Cherry A. Soriano-Baaclo, Christian Q. Salta,
Jason A. Nieva, Lucilo M. Pinili, Jr., Tara Marie A. Martin and
Peter A. Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9474.

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 subscription rate is $725 for 6 months 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
$25 each.  For subscription information, contact Christopher Beard
at 240/629-3300.

                    *** End of Transmission ***