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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

                           E U R O P E

           Wednesday, October 4, 2006, Vol. 7, No. 197

                            Headlines


A U S T R I A

ANDREAS SCHLAGER: Claims Registration Period Ends October 10
GATX CORP: Selling Majority of Aircraft Leasing Business
KNAPP: Claims Registration Period Ends October 25
KNK: Creditors' Meeting Slated for October 16
KOMPLETTSERVICE KALAB: Claims Registration Period Ends Oct. 11

LIBO: Creditors' Meeting Slated for October 16
LINHART TRUCK: Claims Registration Period Ends October 9
MOEWE4MOEBELWERKSTATT: Creditors' Meeting Slated for Oct. 24
NATASCHA BRUCKNER: Creditors' Meeting Slated for October 24


B E L G I U M

AEP INDUSTRIES: Moody's Assigns Loss-Given-Default Rating
ARMSTRONG WORLD: Emerges From Chapter 11 Protection
ARMSTRONG WORLD: Parent Loses Ownership Upon Chapter 11 Exit
ARMSTRONG WORLD: Moody's Assigns Ba2 Corp. Family Rating
GOODYEAR TIRE: USW to End Contract Extension Tomorrow


C R O A T I A

DIRECTED ELECTRONICS: Moody's Tags LGD3 Rating to Secured Loans


C Y P R U S

CYPRUS POPULAR: Moody's Affirms D+ Financial Strength Rating


C Z E C H   R E P U B L I C

DABLICE REAL: Moody's Assigns Ba1.cz National Scale Rating


F R A N C E

AAR CORP: Moody's Assigns Loss-Given-Default Ratings
ATARI INC: Sells Shiny Entertainment to Foundation 9
CMA CGM: High Growth Strategy Cues S&P to Affirm BB+ Ratings
INTRAWEST CORP: Moody's Assigns Loss-Given-Default Ratings
RHODIA S.A.: Commences Cash Tender Offer on Outstanding Notes

RHODIA S.A.: Moody's Assigns (P)B2 Rating to EUR1.1-Bln Notes
RHODIA SA: S&P Assigns B- Rating to EUR1.1-Bln Sr. Debt Issuance


G E R M A N Y

ATECO GMBH: Claims Registration Ends October 13
ENCORE MEDICAL: Moody's Junks Unit's Proposed US$215-Mln Notes
ENCORE MEDICAL: S&P Junks Proposed US$215-Mln Senior Notes
F.B. VERTRIEBS: Claims Registration Ends October 17
FLEMMING & CO.: Claims Registration Ends October 13

HARALD RANGETINER: Claims Registration Ends October 15
HEGES GMBH: Claims Registration Ends October 16
MHB MOBILE: Claims Registration Ends October 13
MUENKEL GMBH: Claims Registration Ends October 17
PS GESELLSCHAFT: Claims Registration Ends October 13

SUPRA GEBAUDEREINIGUNGS: Claims Registration Ends October 13
T-X GASTRONOMIE: Claims Registration Ends October 16


I R E L A N D

DIGITAL DESCRIPTOR: Posts US$12.4 Mil. Equity Deficit at June 30


I T A L Y

BOMBARDIER INC: Moody's Assigns Loss-Given-Default Ratings
FIAT SPA: Buys Back 2.3 Million Ferrari Shares from Mediobanca
FIAT SPA: Fitch Keeps BB- Rating on Ferrari Stake Repurchase
HEXCEL CORP: Moody's Assigns Loss-Given-Default Ratings


K A Z A K H S T A N

ALIAN KZ: Creditors Must File Claims by Oct. 25
ARTI-SIGUAR: Creditors Must File Claims by Oct. 27
CENTRE: Proof of Claim Deadline Slated for Oct. 27
DAN-AGRO: Proof of Claim Deadline Slated for Oct. 25
GAZIZ: Claims Registration Ends Oct. 27

JOSPAR: Claims Registration Ends Oct. 25
KF GLOBA: Creditors' Claims Due Oct. 20
MEGATEL LTD: Creditors' Claims Due Oct. 25
MEREKE: Claims Filing Period Ends Oct. 27


K Y R G Y Z S T A N

ELORMA: Proof of Claim Deadline Slated for Nov. 12
UMAY-FENIKS: Creditors Must File Claims by Nov. 12


L U X E M B O U R G

CIRSA CAPITAL: Moody's Puts B1 Rating on Review & May Downgrade
GOODYEAR TIRE: USW to End Contract Extension Tomorrow
MILLS CORP: Laurence Siegel Steps Down as Chief Executive


M A L T A

DIRECTED ELECTRONICS: Moody's Tags LGD3 Rating to Secured Loans


N E T H E R L A N D S

AEP INDUSTRIES: Moody's Assigns Loss-Given-Default Rating
CALPINE CORP: Sells Thomassen to Ansaldo Energia for US$23.5 Mln
COPERNICUS EURO: Fitch Affirms B Rating on Class D Notes
LIBBEY GLASS: Moody's Confirms B2 Corporate Family Rating


P O L A N D

ELEKTRIM SA: Declares Bankruptcy to Avert Creditor Suit
JTT COMPUTER: MCI Management Files PLN40-Mln Suit vs. State
WALCOWNIA RUR: Court Snubs Insolvency Filings; Liquidation Nears


P O R T U G A L

INTERTAPE POLYMER: To Explore Strategic & Financial Alternatives
LIBBEY GLASS: Moody's Confirms B2 Corporate Family Rating


R U S S I A

AIRPORT MAMA: Bankruptcy Hearing Slated for December 5
ARMAVIR-GLASS: Krasnodar Court Starts Reorganization Process
AVEST: Khabarovsk Court Starts Bankruptcy Supervision
BALT-WOOD-EXPORT: Bankruptcy Hearing Slated for Oct. 2
BELAVTO-MAZ-CENTRE: Omsk Court Starts Bankruptcy Supervision

BOMBARDIER INC: Moody's Assigns Loss-Given-Default Ratings
BUILDING MATERIALS: Creditors Must File Claims by November 2
CHEMIST: Moscow Court Names A. Kubasov as Insolvency Manager
CHERKASSKOYE: Penza Court Starts Bankruptcy Supervision
ENERGO-SERVICE: Court Names N. Deryabina as Insolvency Manager

FIN-INVEST: Court Names M. Polyakov as Insolvency Manager
IVANOVSKIY BAKERY 1: Court Names I. Borzov to Manage Assets
KOSPASH-COAL: Court Names M. Shamanaeva as Insolvency Manager
KULIKOVSKOYE: Court Names T. Gorbacheva as Insolvency Manager
LIMANSKAYA JOINT-STOCK: Court Starts Bankruptcy Supervision

MACHINE TOOL: Court Names S. Sakhnenko as Insolvency Manager
MAGNITOGORSK METALLURGICAL: S&P Lifts Long-Term Rating to BB
MILK LLC: Irkutsk Court Names T. Zykina as Insolvency Manager
MOTOR BASE 6: Voronezh Court Starts Bankruptcy Supervision
OREL-VTOR-MET: Court Names P. Naumenko as Insolvency Manager

PASHINSKIY TIMBER: Court Names S. Lebedev as Insolvency Manager
POSEVNINSKOYE GRAIN: A. Senotrusov to Manage Insolvency Assets
ROSBANK: Fitch Places Issuer Default B+ on Rating Watch Positive
ROSIN FACTORY: Court Starts V. Lyutov as Insolvency Manager
SIB-METAL: Court Names K. Khmelevskiy as Insolvency Manager

STUD CHESMENSKIY: Court Starts A. Gladkov as Insolvency Manager
TAMBOV-STROY: Tambov Court Starts Bankruptcy Supervision
VARIANT-INFORM: Court Starts Bankruptcy Supervision Procedure
ZHELEZNOGORSKOYE MILK: Y. Alyabyev to Manage Insolvency Assets
ZOLOTAYA NIVA: Court Names E. Kasatkin as Insolvency Manager


S P A I N

AFFILIATED COMPUTER: Filing Delay Cues Moody's to Review Ratings
CIRSA BUSINESS: Moody's Puts Ratings on Review & May Downgrade
FTA SANTANDER: Fitch Junks EUR10.2 Million Series E Notes
HEXCEL CORP: Moody's Assigns Loss-Given-Default Ratings
SANTANDER CONSUMER: S&P Junks Class E EUR10.2 Million Notes


S W E D E N

ARMSTRONG WORLD: Emerges From Chapter 11 Protection
ARMSTRONG WORLD: Parent Loses Ownership Upon Chapter 11 Exit
ARMSTRONG WORLD: Moody's Assigns Ba2 Corp. Family Rating


S W I T Z E R L A N D

AFFILIATED COMPUTER: Filing Delay Cues Moody's to Review Ratings
ENCORE MEDICAL: Moody's Junks Unit's Proposed US$215-Mln Notes
ENCORE MEDICAL: S&P Junks Proposed US$215-Mln Senior Notes
GATX CORP: Selling Majority of Aircraft Leasing Business
HCA INC: Moody's Assigns Loss-Given-Default Ratings


U K R A I N E

BORSHIVHLIBOPRODUKTI: Court Starts Bankruptcy Supervision
CLUB KALUSH: Court Names Tetyana Gudyak as Insolvency Manager
ITO MINI-WEST: Kyiv Court Names Viktor Denisenko as Liquidator
KOLOS SOF: Court Names Dmitro Selevko as Insolvency Manager
KROKUS: Court Names Marina Muzhdabayeva as Insolvency Manager

MIRAGROPROD: Court Names District Tax Agency as Liquidator
ROSKAT: Court Names Yaroslav Derevyanchenko as Liquidator
STANDARD BANK: Fitch Gives B- Rating on Forum's Upcoming Issue


U N I T E D   K I N G D O M

888 HOLDINGS: Says US Biz Suspension to Have Material Effect
A.L.MUNRO: Claims Filing Period Ends Oct. 26
AAR CORP: Moody's Assigns Loss-Given-Default Ratings
ACACIA GARDENS: Appoints Administrators from Begbies Traynor
AGM FABRICATIONS: Joint Liquidators Take Over Operations

ALLSEAL GASKET: Taps Joint Liquidators from Royce Peeling Green
APPLIANCE XPRESS: Creditors' Meeting Slated for October 12
APW ELECTRONICS: Hires Liquidator from Middleton Partners
APW ENCLOSURE: Names Peter James Yeldon Liquidator
APW NEW: Appoints Liquidator to Wind Up Business

ARMOR HOLDINGS: Moody's Assigns Loss-Given-Default Ratings
ARRAY CABLE: Liquidator Sets Oct. 24 Claims Bar Date
BARNETT & GRAHAM: Names Michael Kienlen as Administrator
BEDWELL TILLING: Calls In Joint Liquidators from Gerald Edelman
BERTUCCI'S CORP: Moody's Withdraws Caa1 Rating on Senior Notes

BORDERMAN LIMITED: Appoints Administrator from Armstrong Watson
BRITISH AIRWAYS: Pension Deficit Rises to GBP2.1 Billion
BRITISH INFLUENCE: Creditors' Meeting Slated for October 6
CAGED LIMITED: Taps Baker Tilly to Administer Assets
CITY CONTINUOUS: Brings In Liquidator from Fergusson & Co. Ltd.

CITY ENGINEERING: Hires Joint Administrators from DTE Leonard
COLLINS & AIKMAN: Defends Move to Carry Probe on Major Customers
COLLINS & AIKMAN: Issues Rejection Notice for Some GECC Leases
DFM ENTERPRISES: Hires Richard Ian Williamson as Liquidator
DISPENSING AUTOMATION: Names Joint Liquidators from Lines Henry

DRS TECHNOLOGIES: Moody's Assigns Loss-Given-Default Ratings
ELDRIDGE ASSOCIATES: Brings In Tenon Recovery as Administrators
ELITE TRANSACTIONS: Colin Burke Leads Liquidation Procedure
FGX INTERNATIONAL: Moody's Assigns Loss-Given-Default Ratings
FLEMING FABRICATIONS: Creditors Confirm Liquidator's Appointment

FORCE FITNESS: Taps Vincent A. Simmons to Liquidate Assets
FRANKY LEE: Appoints Joint Liquidators from Abbott Fielding
G CLANCEY: Creditors' Meeting Slated for October 11
GOSHAWK INSURANCE: Posts Unaudited Results for First Half 2006
H.S.P STRATHCLYDE: Hires Peter James Yeldon as Liquidator

HEXFAX LIMITED: Creditors' Meeting Slated for October 13
INCENTIVE DESIGN: Creditors Confirm Liquidator's Appointment
ITRAXX CROSSOVER: Fitch Keeps B+ Ratings on Series 4 Notes
ITRAXX EUROPE: Fitch Keeps B+ Rating on Crossover Series 3 CLN
KASCO EUROPE: Brings In Joint Liquidators from Harrisons

L B COURIERS: Appoints Liquidator from Redman Nichols
LEICESTERSHIRE DRAINAGE: Creditors' Claims Due Oct. 24
MEPC LIMITED: Fitch Affirms & Withdraws B- Default Rating
N & D CONTRACTS: Tony Mitchell Leads Liquidation Procedure
P & A WOOD: Creditors Confirm Liquidator's Appointment

PARTYGAMING PLC: Plans to Suspend US Business After Law Passes
PINT LTD: Calls In Liquidator from Middleton Partners
QUICK BRICK: Joint Liquidators Take Over Operations
SEA CONTAINERS: Filing Delay Prompts NYSE to Suspend Trading
SHEENE MILL: Brings In Administrators from Smith & Williamson

SHOP FOR MOBILES: Hires Joint Liquidators from Mazars LLP
SIMPLY COPIERS: Names Julianne Anne Palmer Liquidator
SOFTBANK MOBILE: S&P Keeps BB+ Ratings on CreditWatch Negative
SOLUTIA INC: Wants Plan-Filing Period Extended to Apr. 10, 2007
SPEEDLINE ENTERPRISES: Hires Gagen Dulari Sharma as Liquidator

SPEEDTERN LIMITED: Creditors' Meeting Slated for October 10
STANDARD BANK: Fitch Gives B- Rating on Forum's Upcoming Issue
STEINWAY MUSICAL: Moody's Downgrades Rating on Sr. Notes to B1
SUNNYDENE DAIRIES: Claims Registration Ends Oct. 31
TELFORD DOORS: Creditors Confirm Liquidator's Appointment

TIME REVOLUTION: Peter O'Hara Leads Liquidation Procedure
TRIGEM COMPUTER: Receives Lone Bid from Human & Technology
TRIGEM COMPUTER: Disposes Stake in Korea ePlatform
TRIGEM COMPUTER: Inks Pact with Gateway on Stay Modification
TYSON FOODS: Resolves Government Hiring Concerns in Six Sites

VKL NURSING: Appoints N. A. Bennett to Liquidate Assets
WAINWRIGHT PRINT: Brings In Liquidator from Poppleton & Appleby
WARP NINE: Calls In Liquidator from Andrew Michaels & Co. Ltd.
WILKES TRADING: Alisdair J. Findlay Leads Liquidation Procedure

* Upcoming Meetings, Conferences and Seminars

                            *********

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


ANDREAS SCHLAGER: Claims Registration Period Ends October 10
------------------------------------------------------------
Creditors owed money by LLC Andreas Schlager (FN 186550p) have
until Oct. 10 to file written proofs of claims to court-
appointed property manager Gernot Prattes at:

         Dr. Gernot Prattes
         Schinitzgasse 7
         8605 Kapfenberg, Austria
         Tel: 03862-22161
         Fax: 03862-22161-10
         E-mail: info@zsizsik.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 8 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Bruck an der Mur, Austria, the Debtor declared
bankruptcy on Aug. 29 (Bankr. Case No. 17 S 65/06m).


GATX CORP: Selling Majority of Aircraft Leasing Business
--------------------------------------------------------
GATX Corp. has signed a definitive agreement to sell the
majority of its aircraft leasing business to a consortium of
investors including Macquarie Bank and affiliated investment
funds of Och Ziff Capital Management Group.  The transaction is
expected to close by year-end.

The consortium, Macquarie Aircraft Leasing Limited, will acquire
GATX's wholly owned aircraft and will seek to acquire assets
within the aircraft leasing joint ventures managed by GATX.
GATX anticipates that the majority of the employees at its
aircraft leasing business will accompany the assets to MALL.

The air assets subject to the agreement with MALL, including
GATX's joint venture investments, total approximately $1.5
billion in net book value, or 21% of GATX's total assets. The
sale will result in an after-tax charge in the range of $50 - 70
million to be taken by GATX in the third quarter. After the
required prepayment of air-specific debt and taxes, GATX expects
cash proceeds from the sale, assuming all assets contemplated in
the transaction are sold, to be approximately $500 million.
GATX will determine the use of those proceeds upon completion of
the transaction.

Brian A. Kenney, president and CEO of GATX Corporation, stated,
"GATX has been in the commercial aircraft leasing business since
1968, building a valuable operating lease platform and portfolio
of aircraft.  We believe that the sale of this platform to MALL
will enable GATX to realize greater value for our shareholders
than we could realize from continuing to own the business, and
will position GATX to pursue opportunities in our higher return
rail and specialty businesses."

The sale is subject to customary closing conditions, third-party
consents and regulatory approvals.

Based in Chicago, Illinois, GATX Corporation --
http://www.gatx.com/-- provides lease financing and related
services to customers operating rail, marine and other targeted
assets. GATX is a leader in leasing transportation assets and
controls one of the largest railcar fleets in the world.
Applying over a century of operating experience and strong
market and asset expertise, GATX provides quality assets and
services to customers worldwide including France, Germany,
Poland, Switzerland, Austria, and the United Kingdom.  GATX
Corp. is the principal operating subsidiary GATX Financial
Corporation.   At June 30, 2006, GATX Financial reported total
assets of $6.1 billion.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 2, 2006,
Moody's Investors Service placed the ratings of GATX Financial
Corp. (senior Baa3, short-term Prime-3) and affiliates on review
for possible upgrade following the firm's announcement that it
has agreed to sell a majority of its commercial aircraft leasing
business to a consortium of investors, including Macquarie Bank
and affiliated investment funds of Och Ziff Capital Management
Group.


KNAPP: Claims Registration Period Ends October 25
-------------------------------------------------
Creditors owed money by LLC Knapp (FN 195756b) have until
Oct. 25 to file written proofs of claims to court-appointed
property manager Klaus Schiller at:

         Dr. Klaus Schiller
         Stadtplatz 27
         4690 Schwanenstadt, Austria
         Tel: 07673/6720
         Fax: 07673/6720-20
         E-mail: office@kanzlei-schiller.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 2 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         1st Floor
         Maria Theresia Strasse 12
         Wels, Austria

Headquartered in Kohlgrube, Austria, the Debtor declared
bankruptcy on Aug. 29 (Bankr. Case No. 20 S 102/06k).


KNK: Creditors' Meeting Slated for October 16
---------------------------------------------
Creditors owed money by Trade LLC KNK (FN 129500t) are
encouraged to attend the creditors' meeting at 10:15 a.m. on
Oct. 16 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 7 (Bankr. Case No. 3 S 97/06v).  Michael Lesigang serves
as the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Michael Lesigang
         Landstrasser Main Street 14-16/8
         1030 Vienna, Austria
         Tel: 715 25 26
         Fax: 715 25 26-27
         E-mail: michael@lesigang.at


KOMPLETTSERVICE KALAB: Claims Registration Period Ends Oct. 11
--------------------------------------------------------------
Creditors owed money by OEG Komplettservice Kalab & Kratz (FN
250874h) have until Oct. 11 to file written proofs of claims to
court-appointed property manager Felix Stortecky at:

         Dr. Felix Stortecky
         Dr.-Karl-Lueger-Place 2
         1010 Vienna, Austria
         Tel: 01/513 88 37
         Fax: 01/514 35 40
         E-mail: ra-stortecky@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Oct. 25 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         2nd Floor
         Korneuburg, Austria

Headquartered in Ganserndorf, Austria, the Debtor declared
bankruptcy on Aug. 29 (Bankr. Case No. 36 S 99/06k).


LIBO: Creditors' Meeting Slated for October 16
----------------------------------------------
Creditors owed money by LLC Libo (FN 254901f) are encouraged to
attend the creditors' meeting at 10:30 a.m. on Oct. 16 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 5 (Bankr. Case No. 3 S 94/06b).  Walter Kainz serves as
the court-appointed property manager of the bankrupt estate.
Eva Wexberg represents Dr. Kainz in the bankruptcy proceedings.

The property manager can be reached at:

         Dr. Walter Kainz
         c/o Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna, Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at


LINHART TRUCK: Claims Registration Period Ends October 9
--------------------------------------------------------
Creditors owed money by LLC Linhart Truck Service (FN 214026w)
have until Oct. 9 to file written proofs of claims to court-
appointed property manager Michael Lesigang at:

         Dr. Michael Lesigang
         Landstrasser Main Street 14-16/8
         1030 Vienna, Austria
         Tel: 715 25 26
         Fax: 715 25 26/27
         E-mail: michael@lesigang.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 23 to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 23 (Bankr. Case No. 3 S 115/06s).  The Trade Court of
Vienna ordered Aug. 31 the shutdown of the Debtor's business.


MOEWE4MOEBELWERKSTATT: Creditors' Meeting Slated for Oct. 24
------------------------------------------------------------
Creditors owed money by LLC moewe4moebelwerkstatt (FN 218400b)
are encouraged to attend the creditors' meeting at 10:40 a.m. on
Oct. 24 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Persenbeug, Austria, the Debtor declared
bankruptcy on Aug. 29 (Bankr. Case No. 14 S 136/06z).  Franz
Hofbauer serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Franz Hofbauer
         Main Place 6
         3370 Ybbs an der Donau, Austria
         Tel: 07412/52731
         Fax: 07412/52731
         E-mail: dr.hofbauer@wibs.at


NATASCHA BRUCKNER: Creditors' Meeting Slated for October 24
-----------------------------------------------------------
Creditors owed money by KEG Natascha Bruckner (FN 221360f) are
encouraged to attend the creditors' meeting at 11:00 a.m. on
Oct. 24 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on Aug. 29 (Bankr. Case No. 14 S 135/06b).  Christian
Lind serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Dr. Christian Lind
         Kremser Lane 4
         3100 St. Poelten, Austria
         Tel: 02742/351 550
         Fax: 02742/351 550-5
         E-mail: office.st.poelten@ulsr.at


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B E L G I U M
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AEP INDUSTRIES: 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 U.S. non-paper packaging sector, the rating
agency confirmed its Ba3 Corporate Family Rating for AEP
Industries and its B1 rating on the company's $175 million
7.875% Senior Notes Due 2015.  Moody's assigned the debentures
an LGD4 rating suggesting noteholders will experience a 69% 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%).

AEP Industries Inc. manufactures and markets plastic packaging
films, including polyethylene, polyvinyl chloride and
polypropylene flexible packaging products for the industrial and
agricultural applications.  AEP operates in eight countries in
North America, Europe and Asia Pacific.  On Feb. 10, 2005, the
company disposed off AEP Industries Packaging France SAS and on
March 25, 2005, the Group disposed off Termofilm SpA.  On
Feb. 23, 2006, the company acquired Mercury Plastics Inc.  In
Europe, the company maintains operations in Belgium and the
Netherlands.


ARMSTRONG WORLD: Emerges From Chapter 11 Protection
---------------------------------------------------
The "Fourth Amended Plan of Reorganization, as Modified," of
Armstrong World Industries, Inc., dated Feb. 21, 2006, has
become effective and AWI has emerged from Chapter 11 on Oct. 2,
2006.

As reported in the Troubled Company Reporter on Sept. 8, 2006,
the Plan, which was confirmed by the Honorable Eduardo C.
Robreno of the U.S. District Court for the Eastern District of
Pennsylvania, includes a comprehensive settlement resolving
AWI's asbestos liability by establishing and funding a trust to
compensate all current and future asbestos personal injury
claimants.

"This is an exciting day for Armstrong and its employees," said
Michael D. Lockhart, AWI's Chairman and Chief Executive Officer.
"Today we emerged from Chapter 11 having made significant
operational improvements that provide the opportunity to grow
and strengthen our business.

"In addition to resolving AWI's asbestos liability, we used the
time in Chapter 11 to restructure our flooring business to make
it more competitive," Mr. Lockhart said.  "We made substantial
improvements in our cost structure by closing several plants and
streamlining our workforce in the U.S.  We have also expanded
capacity to manufacture wood flooring, broadened our product
lines and improved product quality and customer service."

AWI has had several consecutive quarters of improved financial
performance.  In the second quarter of 2006 AWI nearly doubled
its operating income (from US$36.6 million to US$72.5 million)
from a year ago.  This increase was primarily due to increased
manufacturing productivity and a 3% sales increase.  For the
first six months of 2006, AWI's operating income increased to
US$120.7 million (compared to US$44.3 million for the first six
months of 2005).  The improvement in operating income was
primarily due to higher sales, improved manufacturing
productivity, and reduced SG&A expenses.

"I would like to thank the nearly 15,000 Armstrong employees
around the world for their hard work, dedication and loyalty
during the past six years," said Mr. Lockhart.  "Armstrong has
gone through a lengthy and challenging Chapter 11
reorganization.  We could not have overcome the many obstacles
we encountered without the outstanding effort and commitment of
our employees."

                         Exit Financing

AWI expects to receive commitments for a total of US$1.1 billion
in a senior credit facility, including:

   (i) a US$300 million revolving credit facility;
  (ii) a US$300 million term loan with a five year maturity; and
(iii) a US$500 million term loan with a seven year maturity.

The Revolving Credit Facility is immediately available to
support AWI's ongoing liquidity needs.  Both term loans are
expected to be funded on or about Oct. 16, 2006, and will be
utilized to satisfy distributions under the Plan.

"We are emerging from Chapter 11 with less debt and a stronger
balance sheet than six years ago," said Mr. Lockhart.  "Our
solid capital structure, combined with our recent financial
performance, means that our employees, customers, distributors,
suppliers and other business partners can be assured that the
company is on strong financial footing with good prospects for
continued growth and profitability going forward."

                         Plan Provisions

Pursuant to the Plan, AWI has established a trust in accordance
with the provisions of section 524(g) of the U.S. Bankruptcy
Code to resolve all current and future asbestos personal injury
claims.  AWI is funding the Trust by making a one-time
contribution of cash, insurance assets and common stock of the
reorganized AWI.  Those assets will be administered by the
Trust's trustees and used to pay asbestos claims in accordance
with the provisions of the Plan and the related Trust documents.
The reorganized AWI will have no role or responsibility in the
administration of the Trust.  Pursuant to the Plan, all present
and future asbestos personal injury claims must be asserted
against the Trust, and all asbestos claimants will be
permanently enjoined from pursuing their claims against the
reorganized AWI.

The Plan provides for general unsecured creditors to receive a
combination of cash and common stock of the reorganized AWI on
account of their allowed claims.  Distributions to unsecured
creditors are expected to begin on October 17, 2006.  Plans for
listing and trading of AWI's new common stock are expected to be
announced next week.

Pursuant to the Plan, the ownership of AWI by its former parent,
Armstrong Holdings, Inc., ended upon AWI's emergence from
Chapter 11.  All AWI stock owned by AHI has been cancelled.

                       Board of Directors

AWI has a new, nine member Board of Directors.  Mr. Lockhart
will continue to serve as Chairman and CEO of AWI, and no senior
management changes are expected.  In addition to Mr. Lockhart,
Judith R. Haberkorn and John J. Roberts, both of whom had served
on the Board of AHI, will serve on the new AWI Board.  The six
additional members of the new AWI Board are:

   * James J. Gaffney -- Chairman of Imperial Sugar Company;
     former Chairman and CEO of General Aquatics, Inc;

   * Robert C. Garland -- CEO of AFR Holdco, Inc., American
     Fiber Resources and Great Lakes Pulp Company;

   * Scott D. Miller -- President and CEO of the Six Sigma
     Academy; former Vice Chairman and President of Hyatt Hotels
     Corporation;

   * Russell F. Peppet -- Special Advisor to Park Avenue Equity
     Partners, a private equity firm; formerly Vice Chairman of
     Peat, Marwick, Mitchell & Co., now KPMG;

   * Arthur J. Pergament -- Founder and CEO of Pergament
     Advisors, LLC, a New York based asset manager serving the
     institutional and high net worth communities; and

   * Hon. Alexander M. Sanders, Jr. -- former President of
     Charleston College and Chief Judge on the South Carolina
     Court of Appeals.

                     Fresh Start Accounting

AWI will adopt fresh-start financial reporting as of its
emergence from Chapter 11.  Fresh start accounting requires the
Company to mark-to-market its entire balance sheet, similar to
purchase accounting.  This includes revaluing assets and
liabilities to current estimated fair value, setting
shareholders' equity at an amount to be determined by a third
party valuation, and recording any portion of the equity value
that cannot be attributed to specific tangible or intangible
assets as goodwill.  The adoption of fresh start accounting will
have a material effect on AWI's financial statements, primarily
due to additional non-cash expenses related to higher asset
values.  As a result of the application of fresh start reporting
as of Oct. 2, 2006, AWI's financial statements in future periods
will not be comparable with prior financial statements.

A full-text copy of the Fourth Amended Plan of Reorganization is
available for free at http://ResearchArchives.com/t/s?fb4

                      About Armstrong World

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.

The Company and its debtor-affiliates filed for chapter 11
protection on December 6, 2000 (Bankr. Del. Case No. 00-04469).
Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C. Silberglied, Esq., at Richards, Layton & Finger,
P.A., represent the Debtors in their restructuring efforts.  The
Debtors tapped the Feinberg Group for analysis, evaluation, and
treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

When the Debtors filed for protection from their creditors, they
listed US$4,032,200,000 in total assets and US$3,296,900,000 in
liabilities.  The Bankruptcy Court confirmed AWI's plan on
Nov. 18, 2003.  The District Court Judge Robreno confirmed AWI's
Modified Plan on Aug. 14, 2006.  The Clerk entered the formal
written confirmation order on Aug. 18, 2006.


ARMSTRONG WORLD: Parent Loses Ownership Upon Chapter 11 Exit
------------------------------------------------------------
Pursuant to Armstrong World Industries, Inc.'s "Fourth Amended
Plan of Reorganization, as Modified," dated Feb. 21, 2006,
ownership of AWI by Armstrong Holdings, Inc. ended upon AWI's
emergence from Chapter 11 on Oct. 2, 2006.  All AWI stock owned
by AHI has been cancelled.

As reported in the Troubled Company Reporter on Aug. 30, 2006,
AHI has a pending claim in AWI's Chapter 11 case.  The AHI Claim
relates to intercompany charges and credits between the
companies.  If and to the extent the AHI Claim or any part of it
is allowed in AWI's Chapter 11 case, AHI would recover on such
claim on the same basis as other creditors of AWI will recover
under the AWI Plan.

AHI also disclosed that the Armstrong group of companies,
including AHI and AWI, may be entitled to receive a tax refund
based upon a carry back of a portion of the group's tax losses
to prior years, which may include a substantial ordinary income
loss by AHI as a result of cancellation of AHI's ownership in
AWI.  A study is underway to determine the amount of that loss.
Depending on the size of the loss, AHI may also be entitled to
additional benefits from carrying forward any balance of its tax
loss and the use of its tax loss to recover estimated taxes paid
by the Armstrong group of companies in 2006.  The Armstrong
group's tax losses may be utilized in different ways, which may
benefit AHI and AWI differently, and AHI's and AWI's respective
preferences for utilization of the group's tax losses may
conflict.

In order to address these issues with AWI, the Board of
Directors of AHI appointed a special committee of the Board.
The committee will determine how AHI should deal with the AHI
Claim and AHI's interest in utilizing the Armstrong group's tax
losses, as well as any other issues that may arise between AHI
and AWI.  The committee intends to pursue a joint resolution of
these issues with AWI.  The special committee is comprised of
AHI Board members Jerre Stead and Edward Sellers.  Neither of
these directors is a current or prospective director or officer
of AWI.  The special committee appointed the law firm of
McDermott, Will & Emery to advise them in connection with these
matters.

In addition, on Oct. 2, 2006, Judith Haberkorn, Ruth Owades,
Jesse Arnelle, James Marley and John Roberts resigned from the
AHI Board.  Messrs. Stead, Sellers and Michael D. Lockhart, as
Chairman, remain as Directors.

A full-text copy of the Fourth Amended Plan of Reorganization is
available for free at http://ResearchArchives.com/t/s?fb4

                      About Armstrong World

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.

The Company and its debtor-affiliates filed for chapter 11
protection on December 6, 2000 (Bankr. Del. Case No. 00-04469).
Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C. Silberglied, Esq., at Richards, Layton & Finger,
P.A., represent the Debtors in their restructuring efforts.  The
Debtors tapped the Feinberg Group for analysis, evaluation, and
treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

When the Debtors filed for protection from their creditors, they
listed US$4,032,200,000 in total assets and US$3,296,900,000 in
liabilities.  The Bankruptcy Court confirmed AWI's plan on
Nov. 18, 2003.  The District Court Judge Robreno confirmed AWI's
Modified Plan on Aug. 14, 2006.  The Clerk entered the formal
written confirmation order on Aug. 18, 2006.


ARMSTRONG WORLD: Moody's Assigns Ba2 Corp. Family Rating
--------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating on Armstrong
World Industries, Inc.'s new credit facility and a Corporate
Family Rating of Ba2.  The ratings outlook is stable.

The Ba2 Corporate Family Rating reflects the company's low
leverage, strong cash flow, brand name, and geographic presence.
The company's initial leverage is approximately 2.1 times, while
its free cash flow divided by funded debt should be over 12% for
2007, depending on the homebuilding slowdown.

The company's free cash flow available for debt repayment is
being reduced by a large capital expenditure program that is
anticipated to be around US$150 million for 2007.  This compares
with US$165 million in anticipated depreciation.  Were the
slowdown to meaningfully affect Armstrong's sales, its capital
expenditure program is expected to be reduced.

Ratings/Assessments assigned:

    * Corporate Family Rating, Ba2;

    * Probability-of-default rating, rated Ba3;

    * US$300 million Gtd. Sr. Sec. Revolver due 2011,
      rated Ba2, (LGD 2, 30%);

    * US$300 million Gtd. Sr. Sec. Term Loan A due 2011,
      rated Ba2 (LGD 2, 30%);

    * US$500m Gtd. Sr. Sec. Term Loan B due 2013,
      rated Ba2, (LGD 2, 30%); and

    * Speculative Grade Liquidity Rating, rated SGL -1.

The ratings outlook is stable.

The rating/outlook could improve if the company were to show
significant progress in its underperforming operations and if
free cash flow were anticipated to be over 15% on sustainable
basis.

The ratings may deteriorate if free cash flow were to decline to
under 10% on a sustainable basis or if the company's
underperforming operations were to deteriorate.  Leverage of
over 3 times would also create ratings pressure.

Armstrong is headquartered in Lancaster, PA. AWI is a Leading
global manufacturer of floors, ceilings and cabinets.  Revenues
for 2005 were US$3.5 billion.


GOODYEAR TIRE: USW to End Contract Extension Tomorrow
-----------------------------------------------------
The United Steelworkers of America delivered the required notice
to the Goodyear Tire and Rubber Company and that unless a
tentative agreement is reached; the contract will terminate at
1:00 p.m. on Oct. 5.

As a three-year master contract approached its July 22, 2006,
termination date, both sides entered into a day-to-day extension
agreement that provided both the company and the USW the option
of terminating the agreement upon delivering a 72-hour notice.

"We've been telling the company that we would stay at the
bargaining table as long as progress was being made," said USW
executive vice president Ron Hoover.  "There's no sense
continuing these talks if Goodyear is intent on gutting our
contract and closing our plants."

"It's a sad situation and a poor reflection on this company that
we are forced to take this action after all we have done for
them," Mr. Hoover added.

In 2003, the union agreed to a contract that provided the
company with much needed financial flexibility by agreeing to
wage, pension and health care concessions.  In addition, each
local union worked closely with local plant management to
increase productivity and enhance efficiencies.

The master contract between the USW and Goodyear covers 14,000
workers at 12 U.S. plants in Akron, Ohio; Gadsden, Ala.;
Buffalo, N.Y., St. Marys, Ohio; Lincoln, Neb.; Topeka, Kan.;
Tyler, Texas; Danville, Va.; Marysville, Ohio; Union City,
Tenn.; Sun Prairie, Wis.; and Fayetteville, N.C.

The USW represents more than 850,000 workers in the U.S. and
Canada.  Some 70,000 are employed in the tire and rubber
industry.

                        About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.  The company's European headquarters is based in
Brussels, Belgium.

                           *     *     *

As reported in the Troubled Company Reporter on June 8, 2006,
Fitch affirmed The Goodyear Tire & Rubber Company's Issuer
Default Rating at 'B'; $1.5 billion first lien credit facility
at 'BB/RR1'; $1.2 billion second lien term loan at 'BB/RR1';
$300 million third lien term loan at 'B/RR4'; $650 million third
lien senior secured notes at 'B/RR4'; and Senior Unsecured Debt
at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on June 23, 2005,
Moody's Investors Service assigned a B3 rating to Goodyear Tire
& Rubber Company's $400 million ten-year senior unsecured notes.

As reported in the Troubled Company Reporter on June 22, 2005,
Standard & Poor's Ratings Services assigned its 'B-' rating to
Goodyear Tire & Rubber Co.'s $400 million senior notes due 2015
and affirmed its 'B+' corporate credit rating.


=============
C R O A T I A
=============


DIRECTED ELECTRONICS: Moody's Tags LGD3 Rating to Secured Loans
---------------------------------------------------------------
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. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its B1 rating on Directed Electronics' US$100 million senior
secured revolver and its B1 rating on the Company's US$307
million senior secured term loan.  The Company also carries the
rating agency's B2 PDR rating.

Additionally, Moody's assigned an LGD3 rating to the US$100
million senior secured revolver, suggesting noteholders will
experience a 32% loss in the event of a default and an LGD3
rating to the US$307 million senior secured term loan,
suggesting noteholders will experience a 32% 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 Vista, California, Directed Electronics
(Nasdaq: DEIX) -- http://www.directed.com/-- is a designer and
marketer of consumer branded vehicle security and convenience
systems and a supplier of home audio, mobile audio and video,
and satellite radio products. Directed offers a broad range of
products, including security, remote start, hybrid systems, GPS
tracking and navigation, and accessories, which are sold under
its Viper(R), Clifford(R), Python(R), and other brand names. In
the home audio market, Directed designs and markets Definitive
Technology(R) and a/d/s/(R) premium loudspeakers. Directed's
mobile audio products include speakers, subwoofers, and
amplifiers sold under its Orion(R), Precision Power(R), Directed
Audio(R), a/d/s/(R), and Xtreme(R) brand names. Directed also
markets a variety of mobile video systems under the Directed
Video(R), Directed Mobile Media(R) and Automate(R) brand names.
Directed also markets and sells certain SIRIUS-branded satellite
radio products, with exclusive distribution rights for such
products to Directed's existing U.S. retailer customer base. Its
European market includes Austria, Bosnia, Bulgaria, Croatia,
Czech Republic, Denmark, Finland, Germany, Greece, Iceland,
Latvia, Malta, the Netherlands, Romania, Ukraine, and United
Kingdom.


===========
C Y P R U S
===========


CYPRUS POPULAR: Moody's Affirms D+ Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service affirmed Cyprus Popular Bank's
Baa1/Prime-2 ratings for foreign currency deposits, Baa1 for
senior unsecured debt, Baa2 for subordinated debt and D+
financial strength rating.

At the same time, Moody's has placed on review for possible
upgrade the Baa3/Prime-3 foreign currency deposit ratings of
Egnatia Bank SA (Greece), and has affirmed its D+ FSR.

Moody's also placed on review for possible upgrade the Baa3
senior debt and Ba1 subordinated debt ratings of Egnatia Finance
Plc.  This rating action results from CPB's move to acquire
Egnatia Bank and Marfin Financial Group.

As announced recently, CPB plans to buy EB and MFG, and then
proceed with a three-way merger involving the two banks and
CPB's Greek subsidiary, Laiki Bank (Hellas) SA.  To achieve
this, CPB will offer new shares to the shareholders of EB and
MFG and will offer to buy out the 20% minority shareholders of
Laiki Bank (Hellas).

The acquisitions, which are subject to regulatory and
shareholders' approval, are expected to be completed by year-end
2006.  The bid comes as a natural progression of the ownership
changes at the three banks that took place since early this
year, which resulted in MFG controlling 46% and 13% in EB and
CPB, respectively.

Based on June 2006 figures, the combined financial group -- to
be named Marfin Popular Bank -- is expected to have total assets
of EUR20.8 billion, a branch network of 300 units and major
operations in Cyprus and Greece, as well as some presence other
countries.

In affirming CPB's debt and deposit ratings, Moody's notes that
these ratings are underpinned by the bank's entrenched domestic
franchise, its systemic importance in its domicile and the
potential business and revenue diversification benefits to be
derived from the transaction.

The acquisition and integration of EB and MFG is expected to
result in a more diversified franchise in Greece, combining:

   -- EB's strong niche in consumer finance and in
      particular car finance,

   -- CPB's commercial banking business and expertise,
      and

   -- MFG's asset management and corporate banking activities.

The affirmation of CPB's FSR takes into account the expectation
that the combined entity will achieve cost and revenue synergies
-- relating to the integration of overlapping operations, better
funding profile and cross selling opportunities -- and that it
will enjoy satisfactory capitalization (an expected capital
adequacy ratio of 17%).  However, the FSR at the same time
recognises that integrating the three banks in Greece presents a
challenge involving considerable execution and operational risk.

Moody's decision to place EB's deposit ratings on review for
possible upgrade reflects the prospect of EB becoming part of
bigger and higher rated financial institution.

Headquartered in Nicosia, Cyprus, Cyprus Popular Bank had total
assets of EUR13.7 billion at June 2006.  Headquartered in
Athens, Greece, Egnatia Bank reported assets of EUR3.5 billion
at June 2006.


===========================
C Z E C H   R E P U B L I C
===========================


DABLICE REAL: Moody's Assigns Ba1.cz National Scale Rating
----------------------------------------------------------
Moody's Investors Service assigned Dablice Real a.s. a debt
instrument senior secured national scale rating of Ba1.cz with a
stable outlook following the earlier introduction of a National
Rating Scale in the Czech Republic and the initial publication
of ratings on June 15.

The rating scale provides a ranking of relative creditworthiness
(including relevant external support) in the Czech Republic and
uses Moody's globally recognized rating symbols, modified with a
'.cz' marker.  Moody's Investors Service continues to issue
within Czech Republic global scale ratings comparable
internationally, which would not carry the '.cz' marker.


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


AAR CORP: 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, the rating agency confirmed its B1 Corporate
Family Rating for AAR Corp.  Additionally, Moody's revised its
probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

                           Projected

                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   6.875% Notes
   Payable due
   2007                    B2       B1     LGD4        55%

   2.875% Conv.
   Notes Payable
   due 2024                B2       B1     LGD4        55%

   Sr. Unsecured
   Notes Shelf           (P)B2    (P)B1    LGD4        55%

   Sr. Subordinated
   Notes Shelf           (P)Caa1  (P)B3    LGD6        97%

   Preferred Stock
   Shelf                 (P)Caa3  (P)B3    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%).

AAR CORP -- http://www.aarcorp.com/-- a Chicago suburb near
O'Hare International Airport, employs approximately 3,500 people
at more than 40 locations around the world.


ATARI INC: Sells Shiny Entertainment to Foundation 9
----------------------------------------------------
Atari Inc. completed its strategic internal studio divesture
through the sale of Shiny Entertainment to Foundation 9
Entertainment.  Atari disclosed the operational streamlining and
portfolio refocus in early 2006.

"The sale of Shiny Entertainment completes the final phase of
our strategic restructuring," David Pierce, president and chief
executive officer of Atari, said.  "We now have a centralized
organization that can utilize external studio execution while
maintaining internal focus on creative development and
production."

Atari will retain its current project planning formerly
developed by Shiny, including Earthworm Jim.  The parties did
not disclose financial terms of the agreement.

                 About Foundation 9 Entertainment

Foundation 9 Entertainment -- http://www.F9E.com/-- develops
interactive entertainment products and properties, and is the
largest independent games developer in North America.  The
Company has studios in the San Francisco Bay Area, Vancouver,
Boston, Los Angeles, Newport Beach, Eugene, and Charlottetown.
Through its studios and core brands, Backbone Entertainment, The
Collective, Shiny, Pipeworks, ImaginEngine, and Digital Eclipse,
Foundation 9 Entertainment has worked with the largest names in
the game publishing world, including Electronic Arts, Konami,
Sega, Capcom and Take-Two Interactive.

New York-based Atari, Inc. (Nasdaq: ATAR) --
http://www.atari.com/-- develops interactive games for all
platforms and is one of the largest third-party publishers of
interactive entertainment software in the U.S.  The Company's
1,000+ titles include franchises such as The Matrix(TM) (Enter
The Matrix and The Matrix: Path of Neo), and Test Drive(R); and
mass-market and children's franchises such as Nickelodeon's
Blue's Clues(TM) and Dora the Explorer(TM), and Dragon Ball
Z(R).  Atari, Inc. is a majority-owned subsidiary of France-
based Infogrames Entertainment SA (Euronext - ISIN: FR-
0000052573), the largest interactive games publisher in Europe.

                        *     *     *

                     Going Concern Doubt

As reported in the Troubled Company Reporter on July 3, 2006,
Deloitte & Touche LLP expressed substantial doubt about Atari,
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the for the fiscal years
ended March 31, 2006 and 2005.  The auditing firm pointed to
Atari's significant operating losses and the expiration of its
line of credit facility.


CMA CGM: High Growth Strategy Cues S&P to Affirm BB+ Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
France-based container-shipping operator CMA CGM S.A. to
negative from stable.  At the same time, the 'BBB-' long-term
corporate credit and 'BB+' senior unsecured debt ratings on CMA
CGM were affirmed.

"The rating actions follow CMA CGM's high growth strategy, which
is more aggressive than expected," said Standard & Poor's credit
analyst Andreas Kindahl.  "This could, in contrast to
expectations of gradual debt reduction, leave the group
relatively leveraged for the ratings, especially because
industry conditions are also expected to further weaken in the
intermediate term."

The ratings on CMA CGM reflect the group's satisfactory business
profile, which is the result of its solid market position as one
of the world's largest container-shipping operators, with an
extensive route network and demonstrated substantial, profitable
organic growth.

The ratings, however, also reflect the cyclical and fragmented
industry characteristics of the liner industry, the group's
aggressive growth strategy, and relatively high-adjusted debt
leverage over the cycle.

Standard & Poor's is concerned that CMA CGM's continuous heavy
investment spending could lead to a lack of restoration of its
capital structure in the intermediate term, especially as
industry conditions are expected to materially weaken following
rapid industry-wide capacity additions.

Nevertheless, the group's strong market position and its
efficient operations should continue to support the group's
above-average profitability and, subsequently, its cash flow
generation ability over a business cycle.


INTRAWEST CORP: 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 Gaming, Lodging & Leisure sector, the rating
agency confirmed Intrawest Corp.'s Ba3 Corporate Family Rating.

Additionally, Moody's confirmed its probability-of-default
ratings and assigned loss-given-default ratings on these notes:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
$350 Million 7.5%
Sr. Unsec. Notes
Due 2013                  B1       B1      LGD5        76%

$225 Million 7.5%
Sr. Unsec. Notes
Due 2013                  B1       B1      LGD5        76%

CDN$125 Million
6.875% Sr. Unsec.
Notes Due 2009            B1       B1      LGD5        76%

Moody's 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

Based in Vancouver, British Columbia, Intrawest Corporation
(IDR:NYSE; ITW: TSX) -- http://www.intrawest.com/-- operates
destination resorts and adventure travel.  The company has
interests in 10 resorts at North America's most popular mountain
destinations, including Whistler Blackcomb, a host venue for the
2010 Winter Olympic and Paralympic Games.  Intrawest owns
Canadian Mountain Holidays, the largest heli-skiing operation in
the world, and an interest in Abercrombie & Kent, the world
leader in luxury adventure travel.  The Intrawest network also
includes Sandestin Golf and Beach Resort in Florida and Club
Intrawest -- a private resort club with nine locations
throughout North America.  Intrawest develops real estate at its
resorts and at other locations across North America and in
Europe.


RHODIA S.A.: Commences Cash Tender Offer on Outstanding Notes
-------------------------------------------------------------
Rhodia S.A. commenced a cash tender offer and consent
solicitation for any and all of its:

   -- EUR117,650,000 outstanding 10.5% senior notes due 2010;
   -- EUR700,000,000 outstanding 8.0% senior notes due 2010; and
   -- US$200,000,000 outstanding 7.625% senior notes due 2010.

The company disclosed Oct. 3 the price of its new issue of
EUR1.1 billion of senior floating rate notes due 2013 at a
coupon of Euribor + 275 bps.  The proceeds of the offering will
be used to finance a tender offer for certain of its outstanding
senior notes.

In conjunction with the tender offer, Rhodia is soliciting from
the holders of the notes consents to certain proposed amendments
to the indentures governing the notes to eliminate substantially
all of the restrictive and reporting covenants.

The tender offer and the consent solicitation are being made
pursuant to an Offer to Purchase and Consent Solicitation
Statement dated Oct. 2.

Total consideration is calculated based on a redemption price on
the first call date for the 8.00% senior notes due 2010 and the
7.625% senior notes due 2010, and on the maturity date for the
10.50% senior notes due 2010, and the yield for the relevant
Reference Security plus 50bps.

Pricing will occur at or around 3 p.m., London time, on
Oct. 16, in accordance with standard market practice and as
further specified in the Offer to Purchase.

To receive the total consideration holders must tender their
notes at or prior to 3 p.m., London time, on Oct. 13 for tenders
effectuated through Euroclear and Clearstream and at or prior to
5 p.m., New York time, on Oct. 13 for tenders effectuated
through DTC, unless extended by the Company.

Holders who tender their notes after the consent deadline will
be eligible to receive only the tender consideration.

Holders will receive the total consideration or the tender
consideration, as applicable, on the final settlement date,
which is expected to be Oct. 31, or, if Rhodia elects the early
purchase option, on the early settlement date, which is expected
to be Oct. 17.

Holders who validly tender their notes at or prior to the
consent deadline will be deemed to have consented to the
proposed amendments.  Tendered notes may be withdrawn and
consents may be revoked at any time prior to the consent
deadline, but not thereafter

The tender offer is scheduled to expire at 3 p.m., London time,
on Oct. 30.

Rhodia intends to finance the tender offer and consent
solicitation through a concurrent offering of EUR1.1 billion
senior floating rate notes due 2013 in a private placement to
certain eligible investors.  The concurrent offering of new
notes is expected to settle on Oct. 17.  Rhodia intends to
settle bonds tendered on or prior to the Consent Deadline also
on Oct. 17, the Early Settlement Date.

The tender offer and consent solicitation will be conducted
electronically via the Clearing Systems, in the case of bonds
held on Euroclear and Clearstream, and via DTC for bonds held on
DTC.

Headquartered in Paris, France, Rhodia SA (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  Rhodia employs around 19,500
people worldwide.   Rhodia is listed on Euronext Paris and the
New York Stock Exchange.

                           *     *     *

Standard & Poor's Ratings Services raised, in July 2006, its
long-term corporate credit rating on France-based chemical
producer Rhodia S.A. to 'B+' from 'B'.  At the same time, the
'B' short-term rating was affirmed and the rating on senior
unsecured and subordinated bonds was raised to 'B-' from 'CCC+'.
S&P said the outlook is stable.


RHODIA S.A.: Moody's Assigns (P)B2 Rating to EUR1.1-Bln Notes
-------------------------------------------------------------
Moody's Investors Service affirmed all ratings of Rhodia S.A.
following the tender announced by the Company for its:

   -- EUR118 million 10.50% 2010 senior unsecured notes,
   -- EUR700 million 8.0% 2010 senior unsecured notes, and
   -- US$200 million 7.625% 2010 senior unsecured notes,

that Moody's expect to be fully repaid by the end of October
2006.

Moody's assigned (P)B2 rating on the proposed EUR1.1 billion
senior unsecured floating rate notes that are to be raised by
the Company to fund the refinancing. Outlook is stable.  Upon
the refinancing of the tendered notes the ratings on these notes
will be withdrawn.

The (P)B2 rating assigned to the proposed EUR1.1 billion in
senior unsecured notes was notched down from the B1 corporate
family rating to reflect the effective subordination of the
notes to secured debt and debt issued by operating subsidiaries
within the group.  The notes will rank pari passu with the
remaining 2010 senior unsecured notes and ahead of Rhodia's
senior subordinated 2011 notes.

Moody's expects that over time Rhodia may further reduce its
secured debt and facilities raised at the operating level, while
at the time of the rating such priority debt accounted for c.
20% (including securitization facilities).

Moody's sees the announced refinancing as a first step in
achieving a more favorable financing structure.  The proposed
refinancing is expected to allow some cash interest savings
supporting the trend for returning to positive FCF generation,
as well as extended maturity and greater operating flexibility.
Assuming full repayment of the tendered notes, the refinancing
is not expected to materially affect the absolute level of the
Company's debt.

Moody's last rating action on Rhodia was on Sept. 4 when the
rating agency upgraded all ratings of the Company one notch
reflecting an improvement in Rhodia's operating performance over
recent quarters to 1H 2006 as well as the stability of the
company's liquidity.

The stable outlook continues to reflect Moody's expectation that
Rhodia's performance will show improved resilience in 2006,
supported by continuous demand and ability of the Company to
transfer increases in raw material prices and maintain its
margins.

Moody's may upgrade the ratings if Rhodia continues to show
sustainable improvement in its operations and margins, enabling
a reduction in the leverage towards x4.5 on Total Adjusted Debt
(including pension obligations) / EBITDA basis and robust cash
flow generation with FCF / Total Adjusted Debt (including
pension obligations) sustained at mid-single digits.

Ratings affected:

    * Corporate Family Rating affirmed at B1;

    * Rhodia S.A. Senior Unsecured ratings affirmed at B2;

    * Rhodia S.A. Senior Unsecured ratings on new notes
      assigned at (P) B2; and

    * Rhodia S.A. Senior Subordinated ratings affirmed at B3.

Based in Paris, France, Rhodia S.A. is a diversified specialty
chemicals group that generated consolidated Revenues of
EUR5,085 million and EUR2,631 million in 2005 and 1H 2006, and
EBITDA of 596 million in 2005 and EUR366 million in 1H 2006.


RHODIA SA: S&P Assigns B- Rating to EUR1.1-Bln Sr. Debt Issuance
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' rating to
Rhodia S.A.'s new EUR1.1 billion senior unsecured issue maturing
in 2013.  At the same time, Standard & Poor's affirmed its
'B+/B' long- and short-term corporate credit ratings on
France-based Rhodia, a chemicals producer with 2005 sales of
EUR5.1 billion.  The outlook is stable.

The issue is rated two notches below the corporate credit
rating, reflecting contractual and structural subordination.

"The debt issuance and concomitant high-yield debt redemption
confirm our expectations that Rhodia's liquidity situation and
refinancing capabilities remain manageable," said Standard &
Poor's credit analyst Khaled Zitouni.

This demonstrates Rhodia's commitment to improving its
financials, through cheaper debt, a lower overall interest
burden, more flexible debt, and a longer maturity profile.  In
the past quarters, Rhodia has achieved those goals through
several refinancings.

The ratings on Rhodia continue to reflect an aggressive
financial profile, low coverage by funds from operations (FFO)
of adjusted debt, thin free operating cash flow (FOCF)
generation, and exposure to competitive markets and volatile
raw-material prices that can pressure operating profits.

These weaknesses are partially offset by an improving EBITDA
margin, thanks to a wide-reaching refocusing and turnaround
plan, good markets and prospects, notably in the core polyamide
segment, and improving liquidity and financials.  The sale of
carbon credits is progressing as planned and the cash proceeds
will further help the group.  Standard & Poor's factors into our
calculations EUR100 million of guaranteed proceeds.

The stable outlook chiefly reflects our expectations that Rhodia
will be able to reach an FFO-to-adjusted-debt ratio of 10%-15%
from 2006 onward, as well as positive FOCF from its core
operations (excluding carbon credits).  Standard & Poor's also
expects the group to refrain from making acquisitions, to
continue its turnaround plan, and to apply any potential sale
proceeds to further deleveraging, as it has done in past years.

The rating could come under pressure if an imbalance occurs
between supply and demand in the core polyamide market or if
raw-material price rises cannot be passed on in a sufficient and
timely fashion.

The rating could be positively affected if Rhodia is able to
sustain a ratio of FFO to adjusted debt comfortably above 15%,
or if carbon credits provide meaningful proceeds that are
applied to deleveraging.


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


ATECO GMBH: Claims Registration Ends October 13
-----------------------------------------------
Creditors of ATECO GmbH have until Oct. 13 to register their
claims with court-appointed provisional administrator Bernd
Statz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 2 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Branch Office Insolvency Court
         Engelhardstrasse 21
         63450 Hanau, Germany

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

The District Court of Hanau opened bankruptcy proceedings
against ATECO GmbH on Aug. 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         ATECO GmbH
         Philipp-Reis-Road 5
         61137 Schoeneck, Germany

         Attn: Andreas Clessienne, Liquidator
         Richard-Wagner-Road 72
         65830 Kriftel, Germany

The administrator can be contacted at:

         Bernd Statz
         Muehlstrasse 25
         D-63526 Erlensee, Germany
         Tel: 06183/900370
         Fax: 06183/900371


ENCORE MEDICAL: Moody's Junks Unit's Proposed US$215-Mln Notes
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the proposed
US$375 million Senior Secured credit facilities of Encore
Medical Finance LLC, a subsidiary of Encore Medical Corp. It
also assigned a Caa1 rating to the proposed US$215 million
senior subordinated notes of Encore Finance.

Moody's also assigned a B2 Corporate Family Rating and
Speculative Grade Liquidity rating of SGL-2 to Encore. The
outlook for the ratings is stable.  Moody's concluded a review
of Encore Medical IHC, Inc.'s (Old) ratings and confirmed its
ratings.  Moody's will withdraw Old's ratings at the close of
the proposed transaction.

This rating action follows the June 30 announcement that The
Blackstone Group will acquire Encore for a total transaction
value of approximately US$895 million, including the assumption
of approximately US$340 million of existing Encore debt and
payment of transaction and finance costs.

Blackstone will fund the acquisition and the repayment of
Encore's outstanding existing debt through approximately US$350
million in an equity contribution as well as the proceeds from
the proposed debt financing.

In connection with the proposed acquisition, Moody's anticipates
that Encore will issue new US$375 million Senior Secured First
Lien Credit Facilities (comprised of a US$325 million term loan
and a US$50 million revolver) and US$215 million of Senior
Subordinated Notes.

The B2 corporate rating reflects Encore's high leverage, modest
cash flows relative to outstanding debt and its reliance on
large and transforming acquisitions to expand the size of the
company and its product portfolio.

Moody's notes that if Encore continues to acquire additional
companies, it would limit Encore's financial flexibility while
constraining future debt repayment, potentially stressing
existing credit metrics if additional leverage were used to
finance these transactions.

The SGL-2 speculative grade liquidity rating is based on Moody's
expectation that internally generated cash flow along with good
external liquidity will be sufficient to fund the company's
ongoing operational needs, as well as modest future
acquisitions.

Moody's expects Encore to generate good cash flow, allowing
Encore to fund working capital, capital expenditures, debt
service and modest acquisitions over the next twelve months
ending September 30, 2007.  Moody's anticipates that free cash
flow for the next twelve months will be approximately 2% to 4%
of adjusted debt.

Ratings assigned to Encore Medical Finance, LLC with a stable
outlook:

    * US$325 million Senior Secured Term Loan B, due 2013,
      rated Ba3, LGD2, 30%

    * US$50 million Senior Secured Revolver, due 2012,
      rated Ba3, LGD2, 30%

    * US$215 million Senior Subordinated Notes, due 2014,
      rated Caa1, LGD5, 84%

Ratings assigned to Encore Medical Corporation with a stable
outlook:

    * Corporate Family Rating, B2

    * PDR: B2

    * SGL-2

Moody's confirmed these ratings of Encore Medical IHC, Inc.
(Old) with a stable outlook:

    * US$50 million guaranteed senior secured revolver,
      rated Ba3, LGD2, 25%

    * US$150 million term loan B, rated Ba3, LGD2, 25%

    * US$165 million senior subordinated notes,
      rated Caa1, LGD5, 80%

    * Corporate Family Rating, rated B2

    * PDR: B2

    * SGL-3

After the close of the proposed transaction, Moody's will
withdraw the ratings assigned to Encore Medical IHC, Inc. (Old):

Encore is a diversified orthopedic device company that develops,
manufactures and distributes a comprehensive range of high
quality orthopedic devices, including sports medicine equipment
and products for orthopedic rehabilitation, pain management and
physical therapy and surgical implants.


ENCORE MEDICAL: S&P Junks Proposed US$215-Mln Senior Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its secured loan and
recovery ratings to Encore Medical Finance LLC's proposed US$50
million revolving credit facility maturing in 2012 and US$325
million term loan B maturing in 2013.  The loan was rated 'B'
with a recovery rating of '2', indicating the expectation for
substantial (80%-100%) recovery of principal in the event of a
payment default.

Standard & Poor's also assigned its 'CCC+' subordinated debt
rating to Encore Medical Finance LLC and Encore Medical Finance
Corp.'s proposed US$215 million senior subordinated notes
maturing in 2014.  The Blackstone Group intends to use the debt
proceeds and approximately US$350 million of equity to purchase
Encore Medical Corp., refinance Encore's existing debt, and fund
related transaction costs.

The 'B' corporate credit rating on Austin, Texas-based Encore
Medical Corp. was affirmed and removed from CreditWatch, where
it was placed with negative implications July 7 due to concerns
about the company's post-transaction debt leverage.  The rating
outlook is stable.

"The low-speculative-grade rating on Encore reflects the
company's significant reliance on electrotherapy products, its
acquisition-based growth strategy, and its highly leveraged
capital structure," said Standard & Poor's credit analyst Jesse
Juliano.

"These negative rating factors are only partially offset by the
company's strong positions in the niche physical therapy and
orthopedic rehabilitation equipment markets, and its liquidity,
which is consistent with the 'B' rating category."


F.B. VERTRIEBS: Claims Registration Ends October 17
---------------------------------------------------
Creditors of F.B. Vertriebs- und Montagegesellschaft fuer
Heizung und Sanitar mbH have until Oct. 17 to register their
claims with court-appointed provisional administrator Michael
Jendrossek.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 7 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wilhelmshaven
         Hall 109
         Old Building
         Market Route 15
         26382 Wilhelmshaven, Germany

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

The District Court of Wilhelmshaven opened bankruptcy
proceedings against F.B. Vertriebs- und Montagegesellschaft fuer
Heizung und Sanitar mbH on Aug. 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         F.B. Vertriebs- und Montagegesellschaft fuer Heizung
         und Sanitar mbH
         Gruener Weg 15
         26419 Schortens, Germany

         Attn: Friedrich-Wilhelm Broermann, Manager
         Ringstr. 30
         59597 Erwitte, Germany

The administrator can be contacted at:

         Michael Jendrossek
         Schlosserstr. 40
         26441 Jever, Germany
         Tel: 04461/745750
         Fax: 04461/745751
         E-mail: kanzlei@waculik.de


FLEMMING & CO.: Claims Registration Ends October 13
---------------------------------------------------
Creditors of Flemming & Co. GmbH have until Oct. 13 to register
their claims with court-appointed provisional administrator
Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 8 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Law Courts Prince Road 21
         Chemnitz, Germany

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

The District Court of Chemnitz opened bankruptcy proceedings
against Flemming & Co. GmbH on Aug. 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Flemming & Co. GmbH
         Attn: Frank Flemming, Manager
         Globenstein Nr. 5
         08355 Rittersgruen, Germany

The administrator can be contacted at:

         Dr. Stephan Thiemann
         Leipziger Str. 62
         09113 Chemnitz, Germany
         Web: http://www.pluta.net/


HARALD RANGETINER: Claims Registration Ends October 15
------------------------------------------------------
Creditors of Harald Rangetiner & Soehne Forstwirtschaft und
Handels-GmbH have until Oct. 15 to register their claims with
court-appointed provisional administrator Ulrich Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on Nov. 22 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Siegen
         Hall 009
         Ground Floor
         Principal Establishment
         Berliner Road 21-22
         57072 Siegen, Germany

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

The District Court of Siegen opened bankruptcy proceedings
against Harald Rangetiner & Soehne Forstwirtschaft und Handels-
GmbH on Aug. 23.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Harald Rangetiner & Soehne Forstwirtschaft
         und Handels-GmbH
         Attn: Harald, Bernd and Volker Rangetiner, Managers
         Richsteiner Str. 2
         57319 Bad Berleburg, Germany

The administrator can be contacted at:

         Ulrich Kuehn
         Riehler Str. 26
         50668 Cologne, Germany


HEGES GMBH: Claims Registration Ends October 16
-----------------------------------------------
Creditors of Heges GmbH have until Oct. 16 to register their
claims with court-appointed provisional administrator Matthias
Schneider.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Nov. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Amberg
         Room 115
         Meeting Room V
         1 Stick
         Baustadelgasse 1
         Amberg, Germany

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

The District Court of Amberg opened bankruptcy proceedings
against Heges GmbH on Aug. 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Heges GmbH
         Detterstrasse 8
         92421 Schwandorf, Germany

The administrator can be contacted at:

         Dr. Matthias Schneider
         Dr.-Gustav-Heinemann-Str. 14
         90491 Nuernberg, Germany
         Tel: 0911/587678-0
         Fax: 0911/587678-77


MHB MOBILE: Claims Registration Ends October 13
-----------------------------------------------
Creditors of MHB Mobile Hilfe fuer Behinderte GmbH have until
Oct. 13 to register their claims with court-appointed
provisional administrator Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 13 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Hamburg opened bankruptcy proceedings
against MHB Mobile Hilfe fuer Behinderte GmbH on Aug. 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         MHB Mobile Hilfe fuer Behinderte GmbH
         Bernstorffstr. 145
         22767 Hamburg, Germany

         Attn: Dieter Arnold, Manager
         Hoheluftchaussee 35
         20253 Hamburg, Germany

The administrator can be contacted at:

         Joachim Buettner
         Osdorfer Highway 230
         22549 Hamburg, Germany
         Tel: 8078810
         Fax: 807881-20


MUENKEL GMBH: Claims Registration Ends October 17
-------------------------------------------------
Creditors of Muenkel GmbH have until Oct. 17 to register their
claims with court-appointed provisional administrator Ralph
Buenning.

Creditors and other interested parties are encouraged to attend
the meeting at 8:55 a.m. on Nov. 15 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Hanover opened bankruptcy proceedings
against Muenkel GmbH on Aug. 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Muenkel GmbH
         Attn: Monika Muenkel, Manager
         Heisenstr. 9a
         30167 Hanover, Germany

The administrator can be contacted at:

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


PS GESELLSCHAFT: Claims Registration Ends October 13
----------------------------------------------------
Creditors of PS Gesellschaft fuer Wohnungsbau und
Wohnungserhaltung mbH have until Oct. 13 to register their
claims with court-appointed provisional administrator Achim
Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 13 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, Germany

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

The District Court of Dortmund opened bankruptcy proceedings
against PS Gesellschaft fuer Wohnungsbau und Wohnungserhaltung
mbH on Aug. 22.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         PS Gesellschaft fuer Wohnungsbau und
         Wohnungserhaltung mbH
         Feldstrasse 5
         59423 Unna, Germany

         Attn: Peter Schmitz, Manager
         Feldstr. 5
         59423 Unna, Germany

The administrator can be contacted at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund, Germany


SUPRA GEBAUDEREINIGUNGS: Claims Registration Ends October 13
------------------------------------------------------------
Creditors of Supra Gebaudereinigungs GmbH have until
Oct. 13 to register their claims with court-appointed
provisional administrator Rolf G. Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Nov. 13 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         Infanteriestr. 5
         Munich, Germany

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

The District Court of Munich opened bankruptcy proceedings
against Supra Gebaudereinigungs GmbH on Aug. 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Supra Gebaudereinigungs GmbH
         Winzererstr. 87
         80797 Munich, Germany

The administrator can be contacted at:

         Rolf G. Pohlmann
         Richard-Strauss-Str. 69
         81677 Munich, Germany
         Tel: (089) 548033-0
         Fax: (089) 548033-111


T-X GASTRONOMIE: Claims Registration Ends October 16
----------------------------------------------------
Creditors of T-X Gastronomie GmbH have until Oct. 16 to register
their claims with court-appointed provisional administrator
Frank Nikolaus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Nov. 6 at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Hall 293
         2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, Germany

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

The District Court of Essen opened bankruptcy proceedings
against T-X Gastronomie GmbH on Aug. 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         T-X Gastronomie GmbH
         Alfredstr. 99
         45131 Essen, Germany

         Attn: Hristos Stefanakakis, Manager
         Mueller-Breslau-Str. 42
         45130 Essen, Germany

The administrator can be contacted at:

         Dr. Frank Nikolaus
         Alfredstr. 108-112
         45131 Essen, Germany
         Tel: 87 90 40


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


DIGITAL DESCRIPTOR: Posts US$12.4 Mil. Equity Deficit at June 30
----------------------------------------------------------------
Digital Descriptor Systems, Inc., reported a US$2,024,062 net
loss for the three months ended June 30, 2006, a 12% increase
from the US$1,808,120 loss reported for the three months ended
June 30, 2005.  Management attributes the loss primarily to the
change in accounting procedures in which convertible debentures
are treated as derivative according to the guidance of SFAS133
and EITF00-19.

Revenues for the three months ended June 30, 2006 were
US$1,233,729 compared to US$875,513 for the three months ended
June 30, 2005, an increase of US$358,216 or 409%.  The company
generates its revenues through software licenses, hardware, post
customer support arrangements and other services.  The increase
in Digital Descriptor revenue is attributed to the purchase of
CGM Applied Security Technology, Inc in March, 2005.  CGM
Applied manufactures and distributes various Homeland Security
products.

At June 30, 2006, the Company's balance sheet showed total
assets of US$6,065,603 and total liabilities of US$18,482,020,
resulting in a US$12,416,417 shareholders' deficit.

A full-text copy of the Company's quarterly report is available
for free at http://researcharchives.com/t/s?12bf

"We are pleased with the results of our plan to date," says
Anthony Shupin, CEO of Digital Descriptor.  "Our earnings before
interest, taxes, depreciation and amortization are US$221,785
versus a negative US$214,124 in Q2 '05.  Our immediate focus has
been to achieve increased revenue along with positive cash-flow
results.  This will enable us to sustain the company as we grow
the use of our security products and services to more companies
and agencies throughout the world."

DDSI CFO Michael Pellegrino adds: "Overall, we have a healthier
company today than one year ago.  Total six month revenues,
compared '06 to '05 are up 277205% to US$1,476,8132,104,693 from
US$532,2271,024,388, while gross profit is up 277% increasing
US$944,586 over the prior year.  Operating income increased from
a loss in '05 of US$373,902 to a profit of US$109,184 for the
same period.  It must be noted that due to a change in
accounting methods, the reported cost of the company debt has
also increased by 132%.  However, the actual impact on our
operational cashflow has remained the same.  Net loss for the
period and year-to-date increased US$215,942 and US$516,938
respectively mainly due to an increase in expenses related to
our debt."

                     About Digital Descriptor

Based in Sea Girt, New Jersey, Digital Descriptor Systems --
http://www.ddsi-cpc.com/-- develops and markets integrated
enterprise-wide image applications specifically designed for
criminal justice organizations.  Customers include states,
cities, counties, corrections, justice and public safety
agencies.

Its subsidiary, CGM Applied Security Technologies, Inc. --
http://www.cgmsecuritysolutions.com/-- based in Somerset, New
Jersey, manufactures and distributes Homeland Security products
including indicative and barrier security seals, security tapes
and related packaging security systems, protective security
products for palletized cargo, physical security systems for
tractors, trailers and containers, as well as a number of highly
specialized authentication products.


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


BOMBARDIER 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, the rating agency confirmed its Ba2
Corporate Family Rating for Bombardier Inc.  Additionally,
Moody's revised its probability-of-default ratings and assigned
loss-given-default ratings on these loans and bond debt
obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Unsecured
   Notes                  Ba2      Ba2     LGD4       54%

   Industrial
   Revenue Bonds          Ba2      Ba2     LGD4       54%

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 Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.


FIAT SPA: Buys Back 2.3 Million Ferrari Shares from Mediobanca
--------------------------------------------------------------
Fiat S.p.A. exercised its call option to buy back from
Mediobanca S.p.A. and the other members of the consortium 2.3
million Ferrari S.p.A. shares, or 28.63% of the share capital.
The company raised its interest in Ferrari S.p.A. to 85%.  The
call option was provided for by the agreements signed on the
occasion of the sale, which took place in 2002.

The exercise price of the option amounts to approximately EUR892
million, to be paid upon closing expected within the next
several days.

Mubadala Development Company, which currently owns an
approximately 5% stake in Ferrari, on which Fiat holds a call
option, will remain a member of the Ferrari shareholder base.

Fiat will repurchase the Ferrari shares through the use of
available cash resources, without resort to the capital markets
for new financing.  Reflecting its healthy operating performance
and recent disposals of non-strategic assets, the Company enjoys
a strong cash position.

The transaction was part of the Group's strategy to focus on its
core business and enhance all its automotive activities, among
which Ferrari stands as an undisputedly prestigious and world-
renowned brand for its high technological content.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

As reported in TCR-Europe on Aug. 8, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Fiat
S.p.A. to 'BB' from 'BB-'.  At the same time, Standard & Poor's
affirmed its 'B' short-term rating on Fiat.  S&P said the
outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FIAT SPA: Fitch Keeps BB- Rating on Ferrari Stake Repurchase
------------------------------------------------------------
Fitch Ratings affirmed Fiat S.p.A.'s Issuer Default and senior
unsecured ratings at BB- and Short-term rating at B.  This
follows Fiat's exercise of its call option to buy back 29% of
Ferrari's capital from a consortium led by Mediobanca.  The
Outlook is Positive.

"We believe that this repurchase does not modify the positive
trend demonstrated by Fiat since 2005 and does not materially
affect its financial profile," Emmanuel Bulle, Director in
Fitch's European Corporates group disclosed.  Although the total
purchase amount is sizeable at EUR892 million, it is manageable
for the group, particularly in view of the cash inflows
generated by asset sales.

Fiat will finance the repurchase with cash generated by the sale
of Banca Unione di Credito completed in September 2006 for
CHF400 million and by the disposal of real estate-related assets
in H106.  Fiat will also use the cash inflow expected from the
creation of the joint venture between Fiat Auto and Credit
Agricole to manage Fiat Auto Financial Services.

Although Fitch notes that the valuation of the stake appears to
be on the high side, based on market multiples, the repurchase
is viewed as part of Fiat's strategy to focus on its core
business and enhance its automotive activities.

Fitch notes that the Ferrari stake repurchase marks a temporary
slowdown in the de-leveraging process initiated in 2005 as the
proceeds of the various asset sales will be used to exercise the
call option on Ferrari instead for debt reduction at Fiat.

However, Fitch views that the rationale underpinning the Outlook
change to Positive from Stable on Aug. 3 is intact.  In
particular, Fitch expects Fiat to continue to improve operating
margins and generate positive free cash flows from its
industrial operations in 2006.

Positive FCF and asset disposals enabled Fiat's net financial
debt to decline rapidly to EUR2.3 billion in H106 from EUR3.5
billion at FYE05 and from more than EUR10 billion at FYE04,
according to Fitch's calculations.

Underlying cash flows from operations turned positive in H106
due to higher margins at Fiat Auto and in the other divisions.
As a result, Fiat's credit ratios have significantly improved.
Total debt on EBITDA improved to 2.2x in H106 from 3x at FYE05
and 8.6x at FYE04.

In June 2002, Fiat sold a 34% stake in Ferrari to Mediobanca and
other financial partners but kept a call option to buy back
these shares.  In August 2005, Mediobanca sold a 5% stake to
Mubadala Development Company, which will continue to hold its
share.  Following this repurchase, Fiat will hold 85% of
Ferrari.


HEXCEL CORP: 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, the rating agency confirmed its B1 Corporate
Family Rating for Hexcel Corporation.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Secured Term
   Loan B due 2012         Ba3      Ba2    LGD2        26%

   Sr. Secured
   Revolver due 2010       Ba3      Ba2    LGD2        26%

   6.75% Sr. Subor.
   Notes due 2015           B3       B3    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%).

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE/PCX: HXL) develops, manufactures and markets lightweight,
high-performance reinforcement products, composite materials and
composite structures for use in commercial aerospace, space and
defense, electronics, and industrial applications.  In Europe,
the company maintains operations in Spain, France, UK, Belgium,
Austria, and Italy.


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


ALIAN KZ: Creditors Must File Claims by Oct. 25
-----------------------------------------------
LLP Company Alian KZ has declared insolvency.  Creditors have
until Oct. 25 to submit written proofs of claim to:

         LLP Alian KZ
         Suyunbai Str. 5
         Talgar
         Almaty Region


ARTI-SIGUAR: Creditors Must File Claims by Oct. 27
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Arti-Siguar insolvent on Aug. 21.

Creditors have until Oct. 27 to submit written proofs of claim.

The Specialized Inter-Regional Economic Court of Mangistau
Region can be reached at:

         Former Kindergarten 51
         Micro District 27
         Aktau
         Mangistau Region
         Kazakhstan
         Tel: 8 (3292) 41-22-37


CENTRE: Proof of Claim Deadline Slated for Oct. 27
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Firm Centre insolvent on Aug. 10 without the
introduction of the bankruptcy proceedings.

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

         LLP Centre
         Pobeda Square, 5
         Pavlodar
         Pavlodar Region
         Kazakhstan
         Tel: 8 (3182) 32-38-46


DAN-AGRO: Proof of Claim Deadline Slated for Oct. 25
----------------------------------------------------
LLP Dan-Agro has declared insolvency.  Creditors have until
Oct. 25 to submit written proofs of claim to:

         LLP Dan-Agro
         S. Mukanov Str. 37
         Turkestan
         South Kazakhstan Region
         Kazakhstan


GAZIZ: Claims Registration Ends Oct. 27
---------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Firm Gaziz insolvent on June 26.  Subsequently,
bankruptcy proceedings were introduced at the company.

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

         LLP Gaziz
         Micro District Taugul-3, 138
         Almaty Region
         050052 Almaty, Kazakhstan
         Tel: 8 (3222) 93-24-33
              8 (3332) 23-07-71


JOSPAR: Claims Registration Ends Oct. 25
----------------------------------------
LLP Company Jospar has declared insolvency.  Creditors have
until Oct. 25 to submit written proofs of claim to:

         LLP Jospar
         Suyunbai Str. 631
         Almaty, Kazakhstan


KF GLOBA: Creditors' Claims Due Oct. 20
---------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP KF Globa Star Co. insolvent.

Creditors have until Oct. 20 to submit written proofs of claim
to:

         LLP KF Globa Star Co.
         Jambyl Str. 9
         Karaganda
         Karaganda Region
         Kazakhstan


MEGATEL LTD: Creditors' Claims Due Oct. 25
------------------------------------------
LLP Megatel Ltd. has declared insolvency.  Creditors have until
Oct. 25 to submit written proofs of claim to:

         LLP Megatel Ltd.
         Seifullin Str. 472
         Almaty, Kazakhstan
         Tel: 8 (3272) 78-81-67


MEREKE: Claims Filing Period Ends Oct. 27
-----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Mereke insolvent on July 26.  Subsequently,
bankruptcy proceedings were introduced at the company.

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

         LLP Mereke
         Micro District Taugul-3, 138
         Almaty Region
         050052 Almaty, Kazakhstan
         Tel: 8 (3222) 93-24-33
              8 (3332) 23-07-71


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


ELORMA: Proof of Claim Deadline Slated for Nov. 12
--------------------------------------------------
LLC Elorma has declared insolvency.  Creditors have until
Nov. 12 to submit written proofs of claim to:

         LLC Elorma
         J. Pudovkin Str. 44a-4
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 90-18-61


UMAY-FENIKS: Creditors Must File Claims by Nov. 12
--------------------------------------------------
LLC Umay-Feniks has declared insolvency.  Creditors have until
Nov. 12 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 21-27-92.


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


CIRSA CAPITAL: Moody's Puts B1 Rating on Review & May Downgrade
---------------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade:

   -- the Ba3 corporate family rating of Cirsa Business Corp.
      S.A.,

   -- the B1 rating of Cirsa Finance Luxembourg S.A.'s EUR270
      million senior notes due 2014; and

   -- the B2 rating of Cirsa Capital Luxembourg S.A.'s EUR130
      million senior notes due 2012.

The rating action has been triggered by Moody's expectation
that, despite improved operating performance in the first half
of 2006, Cirsa may not improve its financial metrics quickly
enough over the near to medium term to preserve its current
rating level.

Moody's anticipates that any downgrade of Cirsa's ratings as a
result of the review process, which is expected to be completed
within the next three months, would be limited to a maximum of
one notch.  The review will focus on assessing the evolution of
profitability and credit metrics since the rating outlook was
changed to negative in September 2005.

While Cirsa's business risk profile continues to reflect "Ba"
characteristics, supported by its clear leadership of the
fragmented Spanish gaming market and the relatively favourable
fundamentals of the Spanish and Latin American gaming markets,
the company currently displays credit metrics commensurate with
a "B" rating.

Cirsa's current leverage is now above the levels factored into
the corporate family rating when it was downgraded to Ba3 in
June 2005.  Although Moody's notes that the company has been
able to reverse the decline in operating performance that it
experienced in 2005, the improvement has been slower and less
material than anticipated.

In Moody's opinion, the task of improving financial metrics will
prove to be increasingly challenging for Cirsa as a result of:

   -- the company's publicly stated intention to continue
      to pursue external growth opportunities,

   -- the high concentration of profitability in the
      two riverboat casinos in Buenos Aires, which are
      exposed to high regulatory and litigation risk, and

   -- the delays associated with achieving profitability
      in the Manufacturing and Interactive divisions.

In order for Cirsa to maintain its current Ba3 rating, Moody's
would need to see evidence that the company can in the near term
achieve stronger ratios than those currently displayed and
sustain these levels over time, including retained cash flow
(RCF) to debt of above 15% and debt to EBITDA of under 5x.  As
of June 2006, these ratios were 10% and 5.8x, respectively, on a
last-twelve-month basis.

This rating action follows the change in outlook to negative on
September 2005.

Ratings affected:

    * Cirsa Business Corporation S.A's corporate family
      rating of Ba3;

    * B1 rating of Cirsa Finance Luxembourg S.A.'s
      EUR270 million senior notes due 2014l; and

    * B2 rating of Cirsa Capital Luxembourg S.A.'s
      EUR130 million senior notes due 2012.

Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company, with substantial operations in Latin America.
In H1 2006, Cirsa generated net revenues of EUR820 million.


GOODYEAR TIRE: USW to End Contract Extension Tomorrow
-----------------------------------------------------
The United Steelworkers of America delivered the required notice
to the Goodyear Tire and Rubber Company and that unless a
tentative agreement is reached; the contract will terminate at
1:00 p.m. on Oct. 5.

As a three-year master contract approached its July 22, 2006,
termination date, both sides entered into a day-to-day extension
agreement that provided both the company and the USW the option
of terminating the agreement upon delivering a 72-hour notice.

"We've been telling the company that we would stay at the
bargaining table as long as progress was being made," said USW
executive vice president Ron Hoover.  "There's no sense
continuing these talks if Goodyear is intent on gutting our
contract and closing our plants."

"It's a sad situation and a poor reflection on this company that
we are forced to take this action after all we have done for
them," Mr. Hoover added.

In 2003, the union agreed to a contract that provided the
company with much needed financial flexibility by agreeing to
wage, pension and health care concessions.  In addition, each
local union worked closely with local plant management to
increase productivity and enhance efficiencies.

The master contract between the USW and Goodyear covers 14,000
workers at 12 U.S. plants in Akron, Ohio; Gadsden, Ala.;
Buffalo, N.Y., St. Marys, Ohio; Lincoln, Neb.; Topeka, Kan.;
Tyler, Texas; Danville, Va.; Marysville, Ohio; Union City,
Tenn.; Sun Prairie, Wis.; and Fayetteville, N.C.

The USW represents more than 850,000 workers in the U.S. and
Canada.  Some 70,000 are employed in the tire and rubber
industry.

                        About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.  The company's European headquarters is based in
Brussels, Belgium.

                           *     *     *

As reported in the Troubled Company Reporter on June 8, 2006,
Fitch affirmed The Goodyear Tire & Rubber Company's Issuer
Default Rating at 'B'; $1.5 billion first lien credit facility
at 'BB/RR1'; $1.2 billion second lien term loan at 'BB/RR1';
$300 million third lien term loan at 'B/RR4'; $650 million third
lien senior secured notes at 'B/RR4'; and Senior Unsecured Debt
at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on June 23, 2005,
Moody's Investors Service assigned a B3 rating to Goodyear Tire
& Rubber Company's $400 million ten-year senior unsecured notes.

As reported in the Troubled Company Reporter on June 22, 2005,
Standard & Poor's Ratings Services assigned its 'B-' rating to
Goodyear Tire & Rubber Co.'s $400 million senior notes due 2015
and affirmed its 'B+' corporate credit rating.


MILLS CORP: Laurence Siegel Steps Down as Chief Executive
---------------------------------------------------------
Laurence C. Siegel has retired as Chief Executive Officer of The
Mills Corporation and has been appointed non-executive Chairman
of the Board.  Mills continues to work with Kan Am USA
Management XXII and Colony Capital Acquisitions, LLC to resolve
the complex issues necessary to close the Meadowlands Xanadu
transaction.  If and when this transaction is concluded, Mr.
Siegel may join the new joint venture and would then remain on
Mills' Board but resign as non-executive Chairman.

Mark S. Ordan, who has served as the Company's Chief Operating
Officer since March 2006, has been appointed as the Company's
Chief Executive Officer and President, effective immediately.
Mr. Ordan joined The Mills after a career as a specialty retail
CEO and as a long time Board member and past chairman of Federal
Realty Investment Trust.  Mr. Ordan will resign from the Federal
Realty Investment Trust as he assumes his new position at The
Mills.

"Mark has helped strengthen our operations since March and the
Company will continue to benefit from his leadership as it
pursues the previously announced strategic alternatives
process," said Mr. Siegel.

"Larry's vision and energy have helped Mills build a unique
portfolio of assets, and everyone at the Company is pleased that
we will benefit from his continued involvement on the Board of
Directors.  I look forward to leading Mills as we pursue the
sale of part or all of the Company," said Mr. Ordan.

In connection with his retirement, Mr. Siegel will be entitled
to severance and other payments.  Mr. Ordan will also be
eligible to receive certain additional compensation as Chief
Executive Officer and President.

                     NYSE Trading Extension

In a letter dated Sept. 28, 2006, the New York Stock Exchange
informed the Company that the NYSE had granted the Company an
additional three-month trading period through Jan. 2, 2007.  In
granting that extension, the NYSE recommended that the Company
disclose to the market certain 2006 operating metrics and noted
that it would reevaluate the three-month extension at the end of
October 2006 in light of that disclosure recommendation.  The
letter further stated that the NYSE would closely monitor the
Company's progress toward filing its 2005 Form 10-K and that
failure to do so could result in suspension of the Company's
listing privileges prior to Jan. 2, 2007.  In addition, the NYSE
informed the Company that, in the event that the Company does
not complete the filing of its 2005 Form 10-K with the SEC by
April 2, 2007, the NYSE will move forward with the initiation of
suspension and delisting procedures.

                    About The Mills Corporation

Headquartered in Chevy Chase, Maryland, The Mills Corporation
(NYSE:MLS) -- http://www.themills.com/-- develops, owns,
manages retail destinations including regional shopping malls,
market dominant retail and entertainment centers, and
international retail and leisure destinations.  The Company owns
42 properties in the U.S., Canada and Europe, totaling 51
million square feet.  In addition, The Mills has various
projects in development, redevelopment or under construction
around the world.

                         *     *     *

As reported in the Troubled Company Reporter on March 24, 2006,
The Mills Corporation disclosed that the Securities and Exchange
Commission has commenced a formal investigation.

The SEC initiated an informal inquiry in January after the
Company reported the restatement of its prior period financials.

Mills is restating its financial results from 2000 through 2004
and its unaudited quarterly results for 2005 to correct
accounting errors related primarily to certain investments by a
wholly-owned taxable REIT subsidiary, Mills Enterprises, Inc.,
and changes in the accrual of the compensation expense related
to its Long-Term Incentive Plan.


=========
M A L T A
=========


DIRECTED ELECTRONICS: Moody's Tags LGD3 Rating to Secured Loans
---------------------------------------------------------------
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. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its B1 rating on Directed Electronics' US$100 million senior
secured revolver and its B1 rating on the Company's US$307
million senior secured term loan.  The Company also carries the
rating agency's B2 PDR rating.

Additionally, Moody's assigned an LGD3 rating to the US$100
million senior secured revolver, suggesting noteholders will
experience a 32% loss in the event of a default and an LGD3
rating to the US$307 million senior secured term loan,
suggesting noteholders will experience a 32% 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 Vista, California, Directed Electronics
(Nasdaq: DEIX) -- http://www.directed.com/-- is a designer and
marketer of consumer branded vehicle security and convenience
systems and a supplier of home audio, mobile audio and video,
and satellite radio products. Directed offers a broad range of
products, including security, remote start, hybrid systems, GPS
tracking and navigation, and accessories, which are sold under
its Viper(R), Clifford(R), Python(R), and other brand names. In
the home audio market, Directed designs and markets Definitive
Technology(R) and a/d/s/(R) premium loudspeakers. Directed's
mobile audio products include speakers, subwoofers, and
amplifiers sold under its Orion(R), Precision Power(R), Directed
Audio(R), a/d/s/(R), and Xtreme(R) brand names. Directed also
markets a variety of mobile video systems under the Directed
Video(R), Directed Mobile Media(R) and Automate(R) brand names.
Directed also markets and sells certain SIRIUS-branded satellite
radio products, with exclusive distribution rights for such
products to Directed's existing U.S. retailer customer base. Its
European market includes Austria, Bosnia, Bulgaria, Croatia,
Czech Republic, Denmark, Finland, Germany, Greece, Iceland,
Latvia, Malta, the Netherlands, Romania, Ukraine, and United
Kingdom.


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


AEP INDUSTRIES: 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 U.S. non-paper packaging sector, the rating
agency confirmed its Ba3 Corporate Family Rating for AEP
Industries and its B1 rating on the company's $175 million
7.875% Senior Notes Due 2015.  Moody's assigned the debentures
an LGD4 rating suggesting noteholders will experience a 69% 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%).

AEP Industries Inc. manufactures and markets plastic packaging
films, including polyethylene, polyvinyl chloride and
polypropylene flexible packaging products for the industrial and
agricultural applications.  AEP operates in eight countries in
North America, Europe and Asia Pacific.  On Feb. 10, 2005, the
company disposed off AEP Industries Packaging France SAS and on
March 25, 2005, the Group disposed off Termofilm SpA.  On Feb.
23, 2006, the company acquired Mercury Plastics Inc.  In Europe,
the company maintains operations in Belgium and the Netherlands.


CALPINE CORP: Sells Thomassen to Ansaldo Energia for US$23.5 Mln
----------------------------------------------------------------
Calpine Corp. has completed the sale of its Netherlands-based
gas turbine manufacturing affiliate Thomassen Turbine Systems
B.V. to Ansaldo Energia, S.p.A., for EUR18.5 million, or
approximately US$23.5 million.

Robert P. May, chief executive officer, stated, "The sale of TTS
further strengthens Calpine's renewed commitment to the North
American power business.  As we advance our restructuring
program, Calpine will continue to pursue opportunities to
enhance liquidity and our core power generation and trading
business through the sale of non-strategic assets."

The Company disclosed that it continues to maintain and service
its gas turbine parts and components through its in-house
Turbine Maintenance Group, based in Pasadena, Texas.  TMG
supports the Company's Power Operations group by providing
technical support and maintenance parts inventory to help
engineer high reliability into the company's fleet of natural
gas-fired turbines, steam turbines and generators.

                    About Thomassen Turbine

Thomassen Turbine Systems, B.V., designs, manufactures and
services gas turbine systems and operates in The Netherlands,
Abu
Dhabi and the United Arab Emirates, with field offices in
Australia and India.  Calpine acquired TTS in 2003.

                     About Ansaldo Energia

Ansaldo Energia, S.p.A. is a company in the Finmeccanica group
based in Genova, Italy, and a leader in the supply of gas
turbines, steam turbines, generators and global services for
power generation plants.

                    About Calpine Corporation

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
US$26,628,755,663 in total assets and US$22,535,577,121 in total
liabilities.


COPERNICUS EURO: Fitch Affirms B Rating on Class D Notes
--------------------------------------------------------
Fitch Ratings affirmed all Classes of Copernicus Euro CDO I B.V.
following a satisfactory performance review.

   -- Class A floating-rate notes (ISIN XS0131033994) AAA;
   -- Class B-1 floating-rate notes (ISIN XS0131035007) A-;
   -- Class B-2 fixed-rate notes (ISIN XS0131115536) A-;
   -- Class C-1 floating-rate notes (ISIN XS0131036310) BBB;
   -- Class C-2 fixed-rate notes (ISIN XS0131113838) BBB; and
   -- Class D fixed-rate notes (ISIN XS0131037045) B/DR1.

The transaction's performance remains stable.  Despite minor
breaches of portfolio quality tests, Fitch has found the credit
enhancement for all Classes to be sufficient to withstand the
agency's stress tests at their current rating levels.

As of the August 2006 remittance report, the average portfolio
credit quality, depicted by the Weighted Average Fitch Factor,
deteriorated slightly to 54 from 52 in August 2005, both
equivalent to a B rating.  In addition, the CCC+ and below'
bucket has increased to 6.12% of the portfolio from 4.51% over
the same time period, compared to a maximum test level of 5%

The transaction has passed all of its coverage tests with the
exception of the minimum par value test.  This means that after
the reinvestment period, which ends in August 2006, the manager
cannot sell credit-improved assets and reinvest its proceeds,
unless the minimum par test value is maintained or improved.
However, the test may be cured up to the end of the reinvestment
period.

In July 2001, Copernicus Euro CDO I B.V. a limited liability
company incorporated under the laws of the Netherlands, issued
EUR350 million of various Classes of fixed- and floating-rate
notes and invested the proceeds in a portfolio of speculative-
grade debt securities.


LIBBEY GLASS: Moody's Confirms B2 Corporate Family 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. Consumer Products sector, the rating
agency confirmed its B2 Corporate Family Rating for Libbey Glass
Inc., and its B2 rating on the company's $306 million senior
secured notes due 2011.  Additionally, Moody's assigned an LGD3
rating to the notes, suggesting noteholders will experience a
49% 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 Toledo, Ohio, Libbey Glass Inc., (NYSE: LBY) is
the largest manufacturer of glass tableware in North America,
and one of the largest manufacturers of glass tableware in the
world.  The Company serves foodservice, retail, industrial and
business-to-business customers in over 90 countries including
the Netherlands and Portugal.


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


ELEKTRIM SA: Declares Bankruptcy to Avert Creditor Suit
-------------------------------------------------------
Elektrim S.A. filed a bankruptcy petition with the possibility
of an arrangement on Sept. 29, five days before its creditors
were set to launch a lawsuit over the bankruptcy, the Warsaw
Business Journal reports.

Creditors are demanding the company's liquidation and the
introduction of an official bankruptcy assignee since they have
not received payments from the company for nearly two years, the
paper relates.

By filing a bankruptcy petition, Elektrim can make a last-minute
ditch to rescue the company, which can refrain the court from
introducing a bankruptcy assignee, allowing management to
continue to run the business and hold on to its stock listing.

According to the report, Elektrim wants to propose a 10%
reduction of debt and the postponement of payments; however, it
will be the Court that decides how to best satisfy creditor
demands.

As reported in TCR-Europe on April 26, Law Debenture Trust
Corp., in its capacity as Elektrim's bond trustee, was granted
an enforcement clause, allowing bondholders to take possession
of the group's assets, against which the debts have been
secured.

Elektrim bondholders' spokesperson Kamila Gorecka said the debt
claims against the company could be satisfied through the sale
of the bankrupt estate.  She stressed that debt collectors must
prioritize the bondholders' claims once Elektrim is declared
bankrupt.  Ms. Gorecka, however, noted that Elektrim's
properties could be seized regardless of the bankruptcy
proceedings.

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- is a public holding company quoted on
the Warsaw Stock Exchange.  Its most valuable assets are
Elektrim Telekomunikacja Sp. z o.o. and Elektrownia Patnow-
Adamow-Konin S.A.  Since 1999, Elektrim has implemented a far-
reaching restructuring program to improve its operational
efficiency and strengthen its position in the market.  It plans
to concentrate in two industries -- telecommunications and
power.

In November 2005, an English court rejected Elektrim's appeal on
a decision declaring it in breach of bond conditions.  The Court
ordered Elektrim in September 2005 to immediately buy back
EUR471.4 million of bonds for having broken a restructuring
agreement signed in 2002.  Holders demanded immediate buyout of
their bonds, which are now worth EUR470 million.  Elektrim was
due to redeem the bonds on Dec. 15, 2005, but failed.

Elektrim said it was impossible to redeem the bonds since the
court has frozen its assets.  Bondholders filed the motion to
freeze Elektrim's assets, fearing the group would hide its
assets and declare bankruptcy to avoid repaying its debt.  The
company said it would repay the debt if the collateral were
cancelled.


JTT COMPUTER: MCI Management Files PLN40-Mln Suit vs. State
-----------------------------------------------------------
MCI Management S.A. is filing a PLN40-million damage suit
against the Polish government for the latter's role in the
collapse of IT group JTT Computer S.A., Puls Biznesu says.

JTT went bankrupt in 2004 after an erroneous PLN10-million tax
charge by Wroclaw tax authorities, Puls Biznesu reports.  The
group's collapse forced MCI to sell its 40% stake for PLN45,000.
MCI acquired the stake for PLN10.2 million.

"If the company was operating today, it would be worth over
PLN100 million and would probably bring big profits to its
shareholders," Andrzej Lis, MCI investment director, told AFX
News.

Fourteen other former JTT shareholders are also suing the state,
represented by the Public Prosecutor's Office and the lawyers'
office, for PLN52 million in damages.  The Public Prosecutor's
Office earlier said that the state is not guilty for JTT's
bankruptcy.

"It is a complicated case and the proceedings may last several
years," Mr. Lis was quoted by Puls Biznesu as saying.  "The case
will be taken to the European Court of Justice if necessary."

Mr. Lis added MCI is ready to lower its demands to below PLN30
million.

"We have chances for a big compensation," Mr. Lis said.
"However, even we receive symbolic PLN100,000, we will still be
the winners.  It is the principle that matters."

Headquartered in Wroclaw, Poland, MCI Management S.A. --
http://www.mci.com.pl/2a.php-- invests in the most attractive
IT, Internet and mobile projects as well as biotechnology/life
science companies in region of Central and Eastern Europe.  The
fund provides capital as well as sector support for its
portfolio companies while contributing to their growth.

Headquartered in Wroclaw, Poland, JTT Computer S.A. --
http://www.jtt.pl/-- manufactures computers and provides
network services.


WALCOWNIA RUR: Court Snubs Insolvency Filings; Liquidation Nears
----------------------------------------------------------------
Walcownia Rur Jednosc Sp. z o.o. might end up in liquidation
even before it could start its operations after the Katowice
Court rejected two insolvency petitions filed by the company's
management and a shareholder, Puls Biznesu says.

WRJ's management sought to declare the company insolvent while
stakeholder Enpol opted for insolvency with a possibility of
settlement.  The ruling effectively ended WRJ's construction
works, which had been ongoing for 25 years.

As reported in Nov. 23, 2005, in the TCR-Europe, WRJ had said it
needed PLN150 million to complete the building's construction.
The Polish government had shouldered the bulk of the PLN600
million construction expenses.

"If WRJ management has arguments, they can appeal.  Otherwise
they should conduct a [general shareholders' meeting] and
announce insolvency immediately," Marek Mioduszewski, spokesman
for 40.6% owner TF Sielsia, was quoted by Puls Biznesu sa
saying.

Eugeniusz Majza, managing director of Enpol, warned that the
Court's decision might spur creditors to start demanding debt
repayments.

According to the report, Russian Sinara Trading had offered to
acquire the company for EUR37.5 million from TMK Group and
conclude the construction works in 18 months.

Headquartered in Siemianowice Slaskie, Poland, Walcownia Rur
Jednosc Sp. z o.o. -- http://www.steeltube.pl/-- manufactures
the pipes for Zetom, Tuev Nord, GL, LRS, PRS, TDT companies.

WRJ's management filed for bankruptcy on Nov. 14, 2005, after
Enpol filed an involuntary bankruptcy petition on Nov. 9, 2005,
to demand debt payment and after shareholders did not approve a
PLN125 million capital increase.

The Katowice Court commenced insolvency proceedings against WRJ
on March 28, 2006.


===============
P O R T U G A L
===============


INTERTAPE POLYMER: To Explore Strategic & Financial Alternatives
----------------------------------------------------------------
The Board of Directors of Intertape Polymer Group Inc. will
initiate a process to explore and evaluate various strategic and
financial alternatives available to enhance shareholder value.

"Having completed an in-depth operational and financial review,
the Board of Directors has authorized the Company to evaluate
the strategic and financial options that may be available to it
and to initiate a process to explore ways of enhancing
shareholder value," stated Michael L. Richards, Chairman of the
Board.  "The Board will consider a full range of alternatives
with the best interests of the Company and its shareholders in
mind."

The Company has now engaged TD Securities Inc. as its financial
advisor to assist with the process.  As previously announced,
the Company had retained TD Securities to assist with its
operational and financial review.

"Intertape has strong relationships with its customers, and as
we go through this process, service to our customers will remain
paramount.." H. Dale McSween, Interim Chief Executive Officer,
said.  "As part of Intertape's continuing commitment to its
customers and core markets, the Company recently announced new
initiatives, including the market launch of the protective
packaging air pillows product line, the installation of a new
seven-layer cast film line scheduled for start up in late
October and the commissioning of a new co-extrusion blown film
line.

                         Revenue Decline

The Company also anticipates its revenue for the third quarter
will be approximately $195 million as compared to $222 million
in the second quarter of 2006.  The decline in revenue reflects
a softening of demand in the Company's markets, particularly
those relating to the North American housing markets.  To adjust
to current market conditions, the Company has continued to
implement various cost reduction measures designed to align its
cost base with anticipated lower volumes.  The Company expects
to begin to realize the benefit of its previously disclosed cost
cutting measures, including the Brighton plant closure which has
been accelerated to Nov. 1, 2006.  In addition, the Company
continues to make improvements in its working capital
utilization.

The Company anticipates that when it reports its third quarter
results it may not be in compliance with certain financial
covenants under its term credit agreement and will be
endeavoring to seek any required amendment of its covenants
under such agreement.

Mr. McSween added, "We have a good relationship with our lenders
developed over a number of years and look forward to their
support through the process being announced today."

                          CEO Selection

As part of its continuing process of identifying a new Chief
Executive Officer, Intertape has interviewed a number of highly
qualified candidates, among whom a short list has been selected.

Mr. McSween concluded, "This process is designed to try and
deliver enhanced value to shareholders while at the same time
positioning the Company to take advantage of other
opportunities.  During this time, we will seek to strengthen our
business for the benefit of our customers, employees, suppliers
and lenders."

               About Intertape Polymer Group

Based in Montreal, Quebec and Sarasota/Bradenton, Florida,
Intertape Polymer Group (TSX: ITP) (NYSE: ITP) develops and
manufactures specialized polyolefin plastic and paper based
packaging products and complementary packaging systems for
industrial and retail use.  The Company employs 2,450 employees
with operations in 18 locations, including 13 manufacturing
facilities in North America and one in Europe.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'B+' long-term
foreign & local issuer credit rating to Intertape Polymer Group
Inc. in July 2004.


LIBBEY GLASS: Moody's Confirms B2 Corporate Family 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. Consumer Products sector, the rating
agency confirmed its B2 Corporate Family Rating for Libbey Glass
Inc., and its B2 rating on the company's $306 million senior
secured notes due 2011.  Additionally, Moody's assigned an LGD3
rating to the notes, suggesting noteholders will experience a
49% 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 Toledo, Ohio, Libbey Glass Inc., (NYSE: LBY) is
the largest manufacturer of glass tableware in North America,
and one of the largest manufacturers of glass tableware in the
world.  The Company serves foodservice, retail, industrial and
business-to-business customers in over 90 countries including
the Netherlands and Portugal.


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


AIRPORT MAMA: Bankruptcy Hearing Slated for December 5
------------------------------------------------------
The Arbitration Court of Irkutsk Region will convene at 11:00
a.m. on Dec. 5 to hear the bankruptcy supervision procedure on
OJSC Airport Mama (TIN 3802009839).  The case is docketed under
Case No. A19-13126/06-38.

The Temporary Insolvency Manager is:

         V. Safonov
         Post User Box 146
         664025 Irkutsk Region
         Russia

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         OJSC Airport Mama
         Komsomolskaya Str. 23
         Mama
         Mamasko-Chuyskiy Region
         666811 Irkutsk Region
         Russia


ARMAVIR-GLASS: Krasnodar Court Starts Reorganization Process
------------------------------------------------------------
The Arbitration Court of Krasnodar Region commenced external
management bankruptcy procedure on CJSC Armavir-Glass.
The case is docketed under Case No. A-32-67682/2005-46/722-B.

The External Insolvency Manager is:

         A. Sasin
         6th floor
         1st entrance
         Lenina Str. 219
         Stavropol Region
         Russia

The Arbitration Court of Krasnodar Region is located at:

         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         CJSC Armavir-Glass
         P. Osipenko Str. 172
         Armavir
         352909 Krasnodar Region
         Russia


AVEST: Khabarovsk Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Khabarovsk Region commenced bankruptcy
supervision procedure on OJSC Dalnevostochnyj Radio-Electronic
Factory Avest.  The case is docketed under Case No.
A 73-8630/2006-38.

The Temporary Insolvency Manager is:

         V. Ignatov
         Vokzalnaya Str. 19-6
         Priamurskiy
         Smidovichskiy Region
         679180 EAO
         Russia

The Debtor can be reached at:

         OJSC Dalnevostochnyj Radio-Electronic Factory Avest
         Building 4
         Leningradskaya Str. 80
         Komsomolsk-na-Amure
         681018 Khabarovsk Region
         Russia


BALT-WOOD-EXPORT: Bankruptcy Hearing Slated for Oct. 2
------------------------------------------------------
The Arbitration Court of Kaliningrad Region will convene at
10:30 a.m. on Oct. 2 to hear the bankruptcy supervision
procedure on LLC Balt-Wood-Export.  The case is docketed under
Case No. A21-1749/2006.

The Temporary Insolvency Manager is:

         D. Kharybin
         Donskogo Str. 7-209
         Kaliningrad Region
         Russia

The Arbitration Court of Kaliningrad Region is located at:

         Rokossovskogo Str. 2
         Kaliningrad Region
         Russia

The Debtor can be reached at:

         D. Kharybin
         Donskogo Str. 7-209
         Kaliningrad Region
         Russia


BELAVTO-MAZ-CENTRE: Omsk Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Omsk Region will convene at 10:00 a.m.
on Nov. 28 to hear the bankruptcy supervision procedure on CJSC
Belavto-Maz-Centre.  The case is docketed under Case No.
A46-8074/2006.

The Temporary Insolvency Manager is:

         A. Biryukov
         Post User Box 2004
         Central Post Office
         650000 Kemerovo Region
         Russia

The Debtor can be reached at:

         CJSC Belavto-Maz-Centre
         10 Let Oktyabrya Str. 219
         Omsk Region
         Russia


BOMBARDIER 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, the rating agency confirmed its Ba2
Corporate Family Rating for Bombardier Inc.  Additionally,
Moody's revised its probability-of-default ratings and assigned
loss-given-default ratings on these loans and bond debt
obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Unsecured
   Notes                  Ba2      Ba2     LGD4       54%

   Industrial
   Revenue Bonds          Ba2      Ba2     LGD4       54%

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 Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.


BUILDING MATERIALS: Creditors Must File Claims by November 2
------------------------------------------------------------
Creditors of CJSC Building Materials have until Nov. 2 to submit
written proofs of claim to:

         N. Natarov, Insolvency Manager
         Post User Box 251
         634045 Novosibirsk Region
         Russia

The Arbitration Court of Novosibirsk Region commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A45-13062/06-4/286.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Building Materials
         Fabrichnaya Str. 13.
         630007 Novosibirsk Region
         Russia


CHEMIST: Moscow Court Names A. Kubasov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. A. Kubasov as
Insolvency Manager for CJSC Chemist (TIN 5005014863).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-27450/05.

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         CJSC Chemist
         Zavodskaya Str. 1
         Voskresensk
         140200 Moscow Region
         Russia


CHERKASSKOYE: Penza Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Penza Region has commenced bankruptcy
supervision procedure on LLC Cherkasskoye.  The case is docketed
under Case No. A49-2910/2006-277b/10.

The Temporary Insolvency Manager is:

         S. Lukin
         K. Marksa Str. 106
         Livny
         303850 Orel Region
         Russia

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         LLC Cherkasskoye
         Potlovka
         Kolysheyskiy Region
         442512 Penza Region
         Russia


ENERGO-SERVICE: Court Names N. Deryabina as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Samara Region appointed Ms. N.
Deryabina as Insolvency Manager for OJSC Energo-Service.  She
can be reached at:

         N. Deryabina
         Post User Box 2204
         443052 Samara Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-8190/06.

The Debtor can be reached at:

         OJSC Energo-Service
         Spasskoye
         Samara Region
         Russia


FIN-INVEST: Court Names M. Polyakov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. M. Polyakov
as Insolvency Manager for OJSC Fin-Invest.  He can be reached
at:

         M. Polyakov
         Post User Box 130
         Vorovskogo Str. 140
         Barnaul
         656002 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-5377/06-B.

The Debtor can be reached at:

         OJSC Fin-Invest
         Proletarskaya Str. 252a
         Barnaul
         656008 Altay Region
         Russia


IVANOVSKIY BAKERY 1: Court Names I. Borzov to Manage Assets
-----------------------------------------------------------
The Arbitration Court of Ivanovo Region appointed Mr. I. Borzov
as Insolvency Manager for LLC Ivanovskiy Bakery 1.  He can be
reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A17-1744/06-14-B.

The Arbitration Court of Ivanovo Region is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo Region
         Russia

The Debtor can be reached at:

         LLC Ivanovskiy Bakery 1
         Konspirativnyj Per. 14
         Ivanovo Region
         Russia


KOSPASH-COAL: Court Names M. Shamanaeva as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Perm Region appointed Ms. M. Shamanaeva
as Insolvency Manager for OJSC Kospash-Coal (TIN 5915005194, KPP
591501001).  She can be reached at:

         M. Shamanaeva
         Novaya Str. 8
         Fomichi
         Kishertskiy Region
         617611 Perm Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-5111/2006-B.

The Arbitration Court of Perm Region is located at:

         Lunacharskogo Str. 3
         Perm Region
         Russia

The Debtor can be reached at:

         OJSC Kospash-Coal
         Vakhrusheva Str. 15
         Kizel
         618350 Perm Region
         Russia


KULIKOVSKOYE: Court Names T. Gorbacheva as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Ms. T.
Gorbacheva as Insolvency Manager for CJSC Kulikovskoye.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-7892/06-29/47.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Kulikovskoye
         Kulikovskoye
         Chulymskiy Region
         633570 Novosibirsk Region
         Russia


LIMANSKAYA JOINT-STOCK: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Astrakhan Region commenced bankruptcy
supervision procedure on OJSC Limanskaya Joint-Stock Movable
Mechanized Column.  The case is docketed under Case No.
A06-4946/2006-18.

The Temporary Insolvency Manager is:

         V. Goncharov
         Kholzunova Str. 19-9
         400123 Volgograd Region
         Russia

The Arbitration Court of Astrakhan Region is located at:

         Gubernatora A. Guzhvina Str. 6.
         Astrakhan Region
         Russia

The Debtor can be reached at:

         OJSC Limanskaya Joint-Stock Movable Mechanized Column
         Promyslovaya Str. 2
         Liman
         Astrakhan Region
         Russia


MACHINE TOOL: Court Names S. Sakhnenko as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Chita Region appointed Mr. S. Sakhnenko
as Insolvency Manager for OJSC Machine Tool Plant.  He can be
reached at:

         S. Sakhnenko, Insolvency Manager
         Post User Box 891
         Central Post Office
         672000 Chita Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A78-3149/2006-B-547.

The Debtor can be reached at:

         OJSC Machine Tool Plant
         Stroiteley Str. 1
         Energetikov
         Chita Region
         Russia


MAGNITOGORSK METALLURGICAL: S&P Lifts Long-Term Rating to BB
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russia-based steelmaker OAO
Magnitogorsk Metallurgical Kombinat to 'BB' from 'BB-',
reflecting continuing improvements in the company's operating
performance and financial risk profile.  The outlook is stable.
At the same time, the Russia national scale rating on MMK was
raised to 'ruAA' from 'ruAA-'.

"The rating action reflects the gradually enhancing quality of
the company's asset base, together with increased operating
efficiency, considerable debt reduction, strong liquidity, and
still-high cash flow generation," said Standard & Poor's credit
analyst Tatiana Kordyukova.

In recent years, MMK has invested in the modernization of its
production assets and succeeded in converting what used to be
the oldest steel works in the country into competitive
steelmaking facilities.  Although, unlike most local (but not
international) competitors, the company lacks vertical
integration in raw materials, it has managed to maintain
operating margins that are not worse than those of its
vertically integrated peers.  This reflects the higher
efficiency of its operations and a strong long-term bargaining
position with certain suppliers.  MMK has experienced supply
disruptions in the past, but these were relatively quickly
repaired with no material weakening in profitability.

Standard & Poor's considers that the company's financial
position would be able to sustain a potential decline in steel
prices without significant deterioration in credit quality.  The
rating agency also expects MMK to keep debt below US$2 billion
and avoid any large debt intake during the implementation of its
growth projects.

"Any future rating upgrade will require further strengthening of
the company's business profile, together with the clarification
of its corporate governance policies, shareholding structure,
and the nature of relationships with shareholders," Ms.
Kordyukova added.

Reduced dividend repayments from 2007 are already factored into
the ratings.  The ratings have some flexibility for growth
investments.  The ratings might come under pressure if MMK
continues to pursue its sizable cash distributions to
shareholders coupled with its major investment projects.


MILK LLC: Irkutsk Court Names T. Zykina as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed for LLC Milk
(TIN 3823009830).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-5299/06-37.

The Arbitration Court of Irkutsk Region is located at:

         Room 303
         Gagarina Avenue 70
         664025 Irkutsk Region
         Russia

The Debtor can be reached at:

         LLC Milk
         Aleksandrovka
         Bratskiy Region
         665740 Irkutsk Region
         Russia

MOTOR BASE 6: Voronezh Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Voronezh Region has commenced
bankruptcy supervision procedure on OJSC Motor Base 6.  The case
is docketed under Case No. A14-4770-2006 120/7b.

The Temporary Insolvency Manager is:

         A. Rufanov
         Post User Box 59
         394030 Voronezh Region
         Russia

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Motor Base 6
         Transportnaya Str. 2
         Pavlovsk
         Voronezh Region
         Russia


OREL-VTOR-MET: Court Names P. Naumenko as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. P. Naumenko
as Insolvency Manager for OJSC Orel-Vtor-Met.  He can be reached
at:

         P. Naumenko
         Office 304
         K. Marksa Str. 62
         305029 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-1550/06-20b.

The Arbitration Court of Orel Region is located at:

         Gorkogo Str. 42
         302000 Orel Region
         Russia

The Debtor can be reached at:

         OJSC Orel-Vtor-Met
         Moskovskaya Str. 43 A
         Orel Region
         Russia


PASHINSKIY TIMBER: Court Names S. Lebedev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. S.
Lebedev as Insolvency Manager for CJSC Pashinskiy Timber
Combine.  He can be reached at:

         S. Lebedev
         Kamenskaya Str. 64a
         Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-12804/06-4/268.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Pashinskiy Timber Combine
         Sovetskaya Str. 15
         Novosibirsk Region
         Russia


POSEVNINSKOYE GRAIN: A. Senotrusov to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. A.
Senotrusov as Insolvency Manager for OJSC Posevninskoye Grain
Receiving Enterprise.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-10293/06-48/153.

         Lenina Str. 62A-10
         660049 Krasnoyarsk Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Posevninskoye Grain Receiving Enterprise
         Vokzalnaya Str. 4
         Posevnaya
         Cherepanovskiy Region
         Novosibirsk Region
         Russia


ROSBANK: Fitch Places Issuer Default B+ on Rating Watch Positive
----------------------------------------------------------------
Fitch Ratings placed Russia-based Rosbank's ratings of foreign
currency and local currency Issuer Default B+, Short-term B,
Support 4 and National Long-term A- on Rating Watch Positive.

This follows the announcement that Societe Generale has
increased its stake on Rosbank to 20% minus 1 share and acquired
from Interros Holdings a call option to further increase its
stake to 50% plus 1 share.  Rosbank's Individual rating is
affirmed at D.

At the same time, Fitch assigned final ratings of Long-term B+
and Recovery RR4 to the Series 23 issue of RUB5 billion fixed-
rate RUB notes of Dali Capital PLC to be used to finance an
unsecured loan to Rosbank.  The Long-term rating of the notes is
also placed on RWP.

The call option for Rosbank's shares can be exercised at any
time between now and end-2008.  In Fitch's view, there is a
strong possibility that Societe Generale will exercise the
option, after which there will be a greater probability of
support for Rosbank being forthcoming in case of need.

Rosbank was founded in 1992 and ranks among the top 10 banks in
Russia by total assets.  About 70% of its shares are currently
controlled by Interros, one of Russia's largest financial
industrial groups, with interests in the metals, power-machine
building, agricultural and insurance sectors.


ROSIN FACTORY: Court Starts V. Lyutov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. V. Lyutov as
Insolvency Manager for OJSC Rosin Factory.  He can be reached
at:

         V. Lyutov
         Post User Box 3503
         Barnaul
         656049 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-23218/05-B.

The Debtor can be reached at:

         OJSC Rosin Factory
         Pushkina Str. 30
         Barnaul
         656056 Altay Region
         Russia


SIB-METAL: Court Names K. Khmelevskiy as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. K.
Khmelevskiy as Insolvency Manager for CJSC Sib-Metal.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-8222/0b-54/238.

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Sib-Metal
         Putevaya Str. 8
         630032 Novosibirsk Region
         Russia


STUD CHESMENSKIY: Court Starts A. Gladkov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. A.
Gladkov as Insolvency Manager for OJSC Stud Chesmenskiy.  He can
be reached at:

         A. Gladkov
         Kotovskogo Str. 2
         Bobrov
         397702 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-3384/2006 86/27b.

The Arbitration Court of Voronezh Region is located at:

         Room 606
         Srednemoskovskaya Str. 77
         Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Stud Chesmenskiy
         Chesmenka
         Bobrovskiy Region
         Voronezh Region
         Russia


TAMBOV-STROY: Tambov Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Tambov Region has commenced bankruptcy
supervision procedure on OJSC Tambov-Stroy.  The case is
docketed under Case No. A64-809/06-21.

The Temporary Insolvency Manager is:

         P. Neznanov
         Moskovskaya Str. 19V
         Tambov Region
         Russia

The Debtor can be reached at:

         OJSC Tambov-Stroy
         Moskovskaya Str. 19V
         Tambov Region
         Russia


VARIANT-INFORM: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Arbitration Court of Ulyanovsk Region commenced bankruptcy
supervision procedure on CJSC Variant-Inform.  The case is
docketed under Case No. A72-1480/06-20/48-B.

The Temporary Insolvency Manager is:

         M. Kiyamov
         Lugovaya Str. 26
         Nadezhdino
         Koshkinskiy Region
         446802 Samara Region
         Russia

The Debtor can be reached at:

         CJSC Variant-Inform
         L'va Tolstogo Str. 54
         432071 Ulyanovsk Region
         Russia


ZHELEZNOGORSKOYE MILK: Y. Alyabyev to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. Y. Alyabyev
as Insolvency Manager for CJSC Zheleznogorskoye Milk (TIN
4606004547).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-3502/06 g.

The Arbitration Court of Kursk Region is located at:

         K. Marksa Str. 25
         305004 Kursk Region
         Russia

The Debtor can be reached at:

         CJSC Zheleznogorskoye Milk
         Dtudenok
         Zheleznogorskiy Region
         Kursk Region
         Russia


ZOLOTAYA NIVA: Court Names E. Kasatkin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. E. Kasatkin
as Insolvency Manager for LLC Grain Processing Company Zolotaya
Niva.  He can be reached at:

         E. Kasatkin
         Post User Box 5601
         443081 Samara Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-8187/2006-7.

The Debtor can be reached at:

         LLC Grain Processing Company Zolotaya Niva
         Rabochaya Str. 5
         Bezenchuk
         Samara Region
         Russia


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


AFFILIATED COMPUTER: Filing Delay Cues Moody's to Review Ratings
----------------------------------------------------------------
Moody's Investors Service placed the Ba2 ratings of Affiliated
Computer Services on review for possible downgrade.  The review
for downgrade was prompted by the company's ongoing independent
investigation into historical stock option practices, which has
resulted in the company's delay in filing its 10-K for its
fiscal year ended June 2006.  The company has received certain
waivers from credit facility lenders through Dec. 31 related to
the options matter.

The review will examine the company's access to internal and
external sources of liquidity as well as the prospects for
filing the June 10-K and subsequent financial statements with
the SEC by Dec. 31.  As part of this review, Moody's will assess
the company's acquisition plans and contract commitments.  If
the company becomes current in the filing of its financial
statements by Dec. 31 and any restatement is unlikely to result
in a material cash outflow, the ratings will likely be confirmed
at Ba2.

Ratings Placed on Review for Possible Downgrade:

    * Ba2 Senior Secured Term Loan Rating
    * Ba2 Senior Secured Revolving Credit Facility Rating
    * Ba2 Senior Notes Rating ($500 Million due 2010 and 2015)
    * Ba2 Corporate Family Rating

Affiliated Computer Services, Inc., located in Dallas, Texas,
provides I/T and business process outsourcing services.


CIRSA BUSINESS: Moody's Puts Ratings on Review & May Downgrade
--------------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade the Ba3 corporate family rating of Cirsa Business
Corp. S.A., the B1 rating of Cirsa Finance Luxembourg S.A.'s
EUR270 million senior notes due 2014 and the B2 rating of Cirsa
Capital Luxembourg S.A.'s EUR130 million senior notes due 2012.
The rating action has been triggered by Moody's expectation
that, despite improved operating performance in the first half
of 2006, Cirsa may not improve its financial metrics quickly
enough over the near to medium term to preserve its current
rating level.

Moody's anticipates that any downgrade of Cirsa's ratings as a
result of the review process, which is expected to be completed
within the next three months, would be limited to a maximum of
one notch.  The review will focus on assessing the evolution of
profitability and credit metrics since the rating outlook was
changed to negative in September 2005.

While Cirsa's business risk profile continues to reflect "Ba"
characteristics, supported by its clear leadership of the
fragmented Spanish gaming market and the relatively favourable
fundamentals of the Spanish and Latin American gaming markets,
the company currently displays credit metrics commensurate with
a "B" rating.

Cirsa's current leverage is now above the levels factored into
the corporate family rating when it was downgraded to Ba3 in
June 2005.  Although Moody's notes that the company has been
able to reverse the decline in operating performance that it
experienced in 2005, the improvement has been slower and less
material than anticipated.

In Moody's opinion, the task of improving financial metrics will
prove to be increasingly challenging for Cirsa as a result of:

   -- the company's publicly stated intention to continue
      to pursue external growth opportunities,

   -- the high concentration of profitability in the
      two riverboat casinos in Buenos Aires, which are
      exposed to high regulatory and litigation risk, and

   -- the delays associated with achieving profitability
      in the Manufacturing and Interactive divisions.

In order for Cirsa to maintain its current Ba3 rating, Moody's
would need to see evidence that the company can in the near term
achieve stronger ratios than those currently displayed and
sustain these levels over time, including retained cash flow
(RCF) to debt of above 15% and debt to EBITDA of under 5x.  As
of June 2006, these ratios were 10% and 5.8x, respectively, on a
last-twelve-month basis.

This rating action follows the change in outlook to negative on
September 2005.

Ratings affected:

    * Cirsa Business Corporation S.A's corporate family
      rating of Ba3;

    * B1 rating of Cirsa Finance Luxembourg S.A.'s
      EUR270 million senior notes due 2014l; and

    * B2 rating of Cirsa Capital Luxembourg S.A.'s
      EUR130 million senior notes due 2012.

Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company, with substantial operations in Latin America.
In H1 2006, Cirsa generated net revenues of EUR820 million.


FTA SANTANDER: Fitch Junks EUR10.2 Million Series E Notes
---------------------------------------------------------
Fitch Ratings assigned expected ratings to FTA Santander
Consumer Spain Auto 06's notes totaling EUR1.36 billion due in
October 2016 as:

   -- EUR1.28 billion Series A: AAA;
   -- EUR22.3 million Series B: AA;
   -- EUR22.3 million Series C: A;
   -- EUR22.9 million Series D: BBB; and
   -- EUR10.2 million Series E: CCC.

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

The expected ratings address payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Series B, C and D notes, as
well as the repayment of principal by legal final maturity date.
The Series E notes will be issued to finance the creation of the
reserve fund at closing.

The good performance of the Series E notes is subject to highly
favorable conditions for the collateral backing the Series A to
D notes, and therefore its expected rating is supported by the
recovery rate that note holders are likely to receive during the
life of the transaction.

This EUR1.36 billion transaction is a true sale securitization
of auto loans originated in Spain by Santander Consumer, E.F.C.,
S.A, a wholly owned and fully integrated subsidiary of Santander
Consumer Finance.  This is the second auto loan securitization
transaction to be brought to the market by SCF.

The previous transaction closed in December 2002.  Like the
preceding deal this transaction has a two-and-a-half-year
revolving period, after which the transaction will amortize
sequentially.

The issuer will be legally represented and managed by Santander
de Titulizacion S.G.F.T., S.A., a limited-liability company
incorporated under the laws of Spain, whose activities are
limited to the management of securitization funds.


HEXCEL CORP: 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, the rating agency confirmed its B1 Corporate
Family Rating for Hexcel Corporation.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Secured Term
   Loan B due 2012         Ba3      Ba2    LGD2        26%

   Sr. Secured
   Revolver due 2010       Ba3      Ba2    LGD2        26%

   6.75% Sr. Subor.
   Notes due 2015           B3       B3    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%).

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE/PCX: HXL) develops, manufactures and markets lightweight,
high-performance reinforcement products, composite materials and
composite structures for use in commercial aerospace, space and
defense, electronics, and industrial applications.  In Europe,
the company maintains operations in Spain, France, UK, Belgium,
Austria, and Italy.


SANTANDER CONSUMER: S&P Junks Class E EUR10.2 Million Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1,360.2 million floating-rate notes to
be issued by Fondo de Titulizacion de Activos Santander Consumer
Spain Auto 06, a special-purpose entity.

The notes are backed by auto loan receivables originated by
Santander Consumer, E.F.C., S.A., a subsidiary of Santander
Consumer Finance, S.A. (SCF).  SCF is the European consumer
finance subsidiary of Spain's largest bank, Banco Santander
Central Hispano, S.A.

This is SCF's second securitization in Spain.  The previous
transaction, Santander Consumer Finance Spain 02-1, Fondo de
Titulizacion de Activos, also rated by Standard & Poor's, closed
in December 2002.

"This transaction differs from the last one in that SCF will
securitize not only loans to individuals to buy new vehicles,
but also loans to individuals to buy used vehicles, and loans to
enterprises to buy new and used vehicles," explained Standard &
Poor's credit analyst Soledad Martinez-Tercero.

The issuer will purchase from SCF the auto loan receivables and,
in turn, issue five classes of notes.  The class E notes will
not be backed by the receivables and the proceeds will be used
to fund the initial reserve fund.

                       Ratings List
           Fondo de Titulizacion de Activos
           Santander Consumer Spain Auto 06
         EUR1,360.2 Million Floating-Rate Notes

                        Prelim.        Prelim.
         Class          rating         amount (Mil. EUR)
         -----          ------         ------
         A              AAA            1,282.5
         B              AA                22.3
         C              A                 22.3
         D              BBB               22.9
         E              CCC-              10.2


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


ARMSTRONG WORLD: Emerges From Chapter 11 Protection
---------------------------------------------------
The "Fourth Amended Plan of Reorganization, as Modified," of
Armstrong World Industries, Inc., dated Feb. 21, 2006, has
become effective and AWI has emerged from Chapter 11 on Oct. 2,
2006.

As reported in the Troubled Company Reporter on Sept. 8, 2006,
the Plan, which was confirmed by the Honorable Eduardo C.
Robreno of the U.S. District Court for the Eastern District of
Pennsylvania, includes a comprehensive settlement resolving
AWI's asbestos liability by establishing and funding a trust to
compensate all current and future asbestos personal injury
claimants.

"This is an exciting day for Armstrong and its employees," said
Michael D. Lockhart, AWI's Chairman and Chief Executive Officer.
"Today we emerged from Chapter 11 having made significant
operational improvements that provide the opportunity to grow
and strengthen our business.

"In addition to resolving AWI's asbestos liability, we used the
time in Chapter 11 to restructure our flooring business to make
it more competitive," Mr. Lockhart said.  "We made substantial
improvements in our cost structure by closing several plants and
streamlining our workforce in the U.S.  We have also expanded
capacity to manufacture wood flooring, broadened our product
lines and improved product quality and customer service."

AWI has had several consecutive quarters of improved financial
performance.  In the second quarter of 2006 AWI nearly doubled
its operating income (from US$36.6 million to US$72.5 million)
from a year ago.  This increase was primarily due to increased
manufacturing productivity and a 3% sales increase.  For the
first six months of 2006, AWI's operating income increased to
US$120.7 million (compared to US$44.3 million for the first six
months of 2005).  The improvement in operating income was
primarily due to higher sales, improved manufacturing
productivity, and reduced SG&A expenses.

"I would like to thank the nearly 15,000 Armstrong employees
around the world for their hard work, dedication and loyalty
during the past six years," said Mr. Lockhart.  "Armstrong has
gone through a lengthy and challenging Chapter 11
reorganization.  We could not have overcome the many obstacles
we encountered without the outstanding effort and commitment of
our employees."

                         Exit Financing

AWI expects to receive commitments for a total of US$1.1 billion
in a senior credit facility, including:

   (i) a US$300 million revolving credit facility;
  (ii) a US$300 million term loan with a five year maturity; and
(iii) a US$500 million term loan with a seven year maturity.

The Revolving Credit Facility is immediately available to
support AWI's ongoing liquidity needs.  Both term loans are
expected to be funded on or about Oct. 16, 2006, and will be
utilized to satisfy distributions under the Plan.

"We are emerging from Chapter 11 with less debt and a stronger
balance sheet than six years ago," said Mr. Lockhart.  "Our
solid capital structure, combined with our recent financial
performance, means that our employees, customers, distributors,
suppliers and other business partners can be assured that the
company is on strong financial footing with good prospects for
continued growth and profitability going forward."

                         Plan Provisions

Pursuant to the Plan, AWI has established a trust in accordance
with the provisions of section 524(g) of the U.S. Bankruptcy
Code to resolve all current and future asbestos personal injury
claims.  AWI is funding the Trust by making a one-time
contribution of cash, insurance assets and common stock of the
reorganized AWI.  Those assets will be administered by the
Trust's trustees and used to pay asbestos claims in accordance
with the provisions of the Plan and the related Trust documents.
The reorganized AWI will have no role or responsibility in the
administration of the Trust.  Pursuant to the Plan, all present
and future asbestos personal injury claims must be asserted
against the Trust, and all asbestos claimants will be
permanently enjoined from pursuing their claims against the
reorganized AWI.

The Plan provides for general unsecured creditors to receive a
combination of cash and common stock of the reorganized AWI on
account of their allowed claims.  Distributions to unsecured
creditors are expected to begin on October 17, 2006.  Plans for
listing and trading of AWI's new common stock are expected to be
announced next week.

Pursuant to the Plan, the ownership of AWI by its former parent,
Armstrong Holdings, Inc., ended upon AWI's emergence from
Chapter 11.  All AWI stock owned by AHI has been cancelled.

                       Board of Directors

AWI has a new, nine member Board of Directors.  Mr. Lockhart
will continue to serve as Chairman and CEO of AWI, and no senior
management changes are expected.  In addition to Mr. Lockhart,
Judith R. Haberkorn and John J. Roberts, both of whom had served
on the Board of AHI, will serve on the new AWI Board.  The six
additional members of the new AWI Board are:

   * James J. Gaffney -- Chairman of Imperial Sugar Company;
     former Chairman and CEO of General Aquatics, Inc;

   * Robert C. Garland -- CEO of AFR Holdco, Inc., American
     Fiber Resources and Great Lakes Pulp Company;

   * Scott D. Miller -- President and CEO of the Six Sigma
     Academy; former Vice Chairman and President of Hyatt Hotels
     Corporation;

   * Russell F. Peppet -- Special Advisor to Park Avenue Equity
     Partners, a private equity firm; formerly Vice Chairman of
     Peat, Marwick, Mitchell & Co., now KPMG;

   * Arthur J. Pergament -- Founder and CEO of Pergament
     Advisors, LLC, a New York based asset manager serving the
     institutional and high net worth communities; and

   * Hon. Alexander M. Sanders, Jr. -- former President of
     Charleston College and Chief Judge on the South Carolina
     Court of Appeals.

                     Fresh Start Accounting

AWI will adopt fresh-start financial reporting as of its
emergence from Chapter 11.  Fresh start accounting requires the
Company to mark-to-market its entire balance sheet, similar to
purchase accounting.  This includes revaluing assets and
liabilities to current estimated fair value, setting
shareholders' equity at an amount to be determined by a third
party valuation, and recording any portion of the equity value
that cannot be attributed to specific tangible or intangible
assets as goodwill.  The adoption of fresh start accounting will
have a material effect on AWI's financial statements, primarily
due to additional non-cash expenses related to higher asset
values.  As a result of the application of fresh start reporting
as of Oct. 2, 2006, AWI's financial statements in future periods
will not be comparable with prior financial statements.

A full-text copy of the Fourth Amended Plan of Reorganization is
available for free at http://ResearchArchives.com/t/s?fb4

                      About Armstrong World

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.

The Company and its debtor-affiliates filed for chapter 11
protection on December 6, 2000 (Bankr. Del. Case No. 00-04469).
Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C. Silberglied, Esq., at Richards, Layton & Finger,
P.A., represent the Debtors in their restructuring efforts.  The
Debtors tapped the Feinberg Group for analysis, evaluation, and
treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

When the Debtors filed for protection from their creditors, they
listed US$4,032,200,000 in total assets and US$3,296,900,000 in
liabilities.  The Bankruptcy Court confirmed AWI's plan on
Nov. 18, 2003.  The District Court Judge Robreno confirmed AWI's
Modified Plan on Aug. 14, 2006.  The Clerk entered the formal
written confirmation order on Aug. 18, 2006.


ARMSTRONG WORLD: Parent Loses Ownership Upon Chapter 11 Exit
------------------------------------------------------------
Pursuant to Armstrong World Industries, Inc.'s "Fourth Amended
Plan of Reorganization, as Modified," dated Feb. 21, 2006,
ownership of AWI by Armstrong Holdings, Inc. ended upon AWI's
emergence from Chapter 11 on Oct. 2, 2006.  All AWI stock owned
by AHI has been cancelled.

As reported in the Troubled Company Reporter on Aug. 30, 2006,
AHI has a pending claim in AWI's Chapter 11 case.  The AHI Claim
relates to intercompany charges and credits between the
companies.  If and to the extent the AHI Claim or any part of it
is allowed in AWI's Chapter 11 case, AHI would recover on such
claim on the same basis as other creditors of AWI will recover
under the AWI Plan.

AHI also disclosed that the Armstrong group of companies,
including AHI and AWI, may be entitled to receive a tax refund
based upon a carry back of a portion of the group's tax losses
to prior years, which may include a substantial ordinary income
loss by AHI as a result of cancellation of AHI's ownership in
AWI.  A study is underway to determine the amount of that loss.
Depending on the size of the loss, AHI may also be entitled to
additional benefits from carrying forward any balance of its tax
loss and the use of its tax loss to recover estimated taxes paid
by the Armstrong group of companies in 2006.  The Armstrong
group's tax losses may be utilized in different ways, which may
benefit AHI and AWI differently, and AHI's and AWI's respective
preferences for utilization of the group's tax losses may
conflict.

In order to address these issues with AWI, the Board of
Directors of AHI appointed a special committee of the Board.
The committee will determine how AHI should deal with the AHI
Claim and AHI's interest in utilizing the Armstrong group's tax
losses, as well as any other issues that may arise between AHI
and AWI.  The committee intends to pursue a joint resolution of
these issues with AWI.  The special committee is comprised of
AHI Board members Jerre Stead and Edward Sellers.  Neither of
these directors is a current or prospective director or officer
of AWI.  The special committee appointed the law firm of
McDermott, Will & Emery to advise them in connection with these
matters.

In addition, on Oct. 2, 2006, Judith Haberkorn, Ruth Owades,
Jesse Arnelle, James Marley and John Roberts resigned from the
AHI Board.  Messrs. Stead, Sellers and Michael D. Lockhart, as
Chairman, remain as Directors.

A full-text copy of the Fourth Amended Plan of Reorganization is
available for free at http://ResearchArchives.com/t/s?fb4

                      About Armstrong World

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.

The Company and its debtor-affiliates filed for chapter 11
protection on December 6, 2000 (Bankr. Del. Case No. 00-04469).
Stephen Karotkin, Esq., at Weil, Gotshal & Manges LLP, and
Russell C. Silberglied, Esq., at Richards, Layton & Finger,
P.A., represent the Debtors in their restructuring efforts.  The
Debtors tapped the Feinberg Group for analysis, evaluation, and
treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

When the Debtors filed for protection from their creditors, they
listed US$4,032,200,000 in total assets and US$3,296,900,000 in
liabilities.  The Bankruptcy Court confirmed AWI's plan on
Nov. 18, 2003.  The District Court Judge Robreno confirmed AWI's
Modified Plan on Aug. 14, 2006.  The Clerk entered the formal
written confirmation order on Aug. 18, 2006.


ARMSTRONG WORLD: Moody's Assigns Ba2 Corp. Family Rating
--------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating on Armstrong
World Industries, Inc.'s new credit facility and a Corporate
Family Rating of Ba2.  The ratings outlook is stable.

The Ba2 Corporate Family Rating reflects the company's low
leverage, strong cash flow, brand name, and geographic presence.
The company's initial leverage is approximately 2.1 times, while
its free cash flow divided by funded debt should be over 12% for
2007, depending on the homebuilding slowdown.

The company's free cash flow available for debt repayment is
being reduced by a large capital expenditure program that is
anticipated to be around US$150 million for 2007.  This compares
with US$165 million in anticipated depreciation.  Were the
slowdown to meaningfully affect Armstrong's sales, its capital
expenditure program is expected to be reduced.

Ratings/Assessments assigned:

    * Corporate Family Rating, Ba2;

    * Probability-of-default rating, rated Ba3;

    * US$300 million Gtd. Sr. Sec. Revolver due 2011,
      rated Ba2, (LGD 2, 30%);

    * US$300 million Gtd. Sr. Sec. Term Loan A due 2011,
      rated Ba2 (LGD 2, 30%);

    * US$500m Gtd. Sr. Sec. Term Loan B due 2013,
      rated Ba2, (LGD 2, 30%); and

    * Speculative Grade Liquidity Rating, rated SGL -1.

The ratings outlook is stable.

The rating/outlook could improve if the company were to show
significant progress in its underperforming operations and if
free cash flow were anticipated to be over 15% on sustainable
basis.

The ratings may deteriorate if free cash flow were to decline to
under 10% on a sustainable basis or if the company's
underperforming operations were to deteriorate.  Leverage of
over 3 times would also create ratings pressure.

Armstrong is headquartered in Lancaster, PA. AWI is a Leading
global manufacturer of floors, ceilings and cabinets.  Revenues
for 2005 were US$3.5 billion.


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


AFFILIATED COMPUTER: Filing Delay Cues Moody's to Review Ratings
----------------------------------------------------------------
Moody's Investors Service placed the Ba2 ratings of Affiliated
Computer Services on review for possible downgrade.  The review
for downgrade was prompted by the company's ongoing independent
investigation into historical stock option practices, which has
resulted in the company's delay in filing its 10-K for its
fiscal year ended June 2006.  The company has received certain
waivers from credit facility lenders through Dec. 31 related to
the options matter.

The review will examine the company's access to internal and
external sources of liquidity as well as the prospects for
filing the June 10-K and subsequent financial statements with
the SEC by Dec. 31.  As part of this review, Moody's will assess
the company's acquisition plans and contract commitments.  If
the company becomes current in the filing of its financial
statements by Dec. 31 and any restatement is unlikely to result
in a material cash outflow, the ratings will likely be confirmed
at Ba2.

Ratings Placed on Review for Possible Downgrade:

    * Ba2 Senior Secured Term Loan Rating

    * Ba2 Senior Secured Revolving Credit Facility Rating

    * Ba2 Senior Notes Rating ($500 Million due 2010 and 2015)

    * Ba2 Corporate Family Rating

Affiliated Computer Services, Inc., located in Dallas, Texas,
provides I/T and business process outsourcing services.


ENCORE MEDICAL: Moody's Junks Unit's Proposed US$215-Mln Notes
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the proposed
US$375 million Senior Secured credit facilities of Encore
Medical Finance LLC, a subsidiary of Encore Medical Corp. It
also assigned a Caa1 rating to the proposed US$215 million
senior subordinated notes of Encore Finance.

Moody's also assigned a B2 Corporate Family Rating and
Speculative Grade Liquidity rating of SGL-2 to Encore. The
outlook for the ratings is stable.  Moody's concluded a review
of Encore Medical IHC, Inc.'s (Old) ratings and confirmed its
ratings.  Moody's will withdraw Old's ratings at the close of
the proposed transaction.

This rating action follows the June 30 announcement that The
Blackstone Group will acquire Encore for a total transaction
value of approximately US$895 million, including the assumption
of approximately US$340 million of existing Encore debt and
payment of transaction and finance costs.

Blackstone will fund the acquisition and the repayment of
Encore's outstanding existing debt through approximately US$350
million in an equity contribution as well as the proceeds from
the proposed debt financing.

In connection with the proposed acquisition, Moody's anticipates
that Encore will issue new US$375 million Senior Secured First
Lien Credit Facilities (comprised of a US$325 million term loan
and a US$50 million revolver) and US$215 million of Senior
Subordinated Notes.

The B2 corporate rating reflects Encore's high leverage, modest
cash flows relative to outstanding debt and its reliance on
large and transforming acquisitions to expand the size of the
company and its product portfolio.

Moody's notes that if Encore continues to acquire additional
companies, it would limit Encore's financial flexibility while
constraining future debt repayment, potentially stressing
existing credit metrics if additional leverage were used to
finance these transactions.

The SGL-2 speculative grade liquidity rating is based on Moody's
expectation that internally generated cash flow along with good
external liquidity will be sufficient to fund the company's
ongoing operational needs, as well as modest future
acquisitions.

Moody's expects Encore to generate good cash flow, allowing
Encore to fund working capital, capital expenditures, debt
service and modest acquisitions over the next twelve months
ending September 30, 2007.  Moody's anticipates that free cash
flow for the next twelve months will be approximately 2% to 4%
of adjusted debt.

Ratings assigned to Encore Medical Finance, LLC with a stable
outlook:

    * US$325 million Senior Secured Term Loan B, due 2013,
      rated Ba3, LGD2, 30%

    * US$50 million Senior Secured Revolver, due 2012,
      rated Ba3, LGD2, 30%

    * US$215 million Senior Subordinated Notes, due 2014,
      rated Caa1, LGD5, 84%

Ratings assigned to Encore Medical Corporation with a stable
outlook:

    * Corporate Family Rating, B2

    * PDR: B2

    * SGL-2

Moody's confirmed these ratings of Encore Medical IHC, Inc.
(Old) with a stable outlook:

    * US$50 million guaranteed senior secured revolver,
      rated Ba3, LGD2, 25%

    * US$150 million term loan B, rated Ba3, LGD2, 25%

    * US$165 million senior subordinated notes,
      rated Caa1, LGD5, 80%

    * Corporate Family Rating, rated B2

    * PDR: B2

    * SGL-3

After the close of the proposed transaction, Moody's will
withdraw the ratings assigned to Encore Medical IHC, Inc. (Old):

Encore is a diversified orthopedic device company that develops,
manufactures and distributes a comprehensive range of high
quality orthopedic devices, including sports medicine equipment
and products for orthopedic rehabilitation, pain management and
physical therapy and surgical implants.


ENCORE MEDICAL: S&P Junks Proposed US$215-Mln Senior Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its secured loan and
recovery ratings to Encore Medical Finance LLC's proposed US$50
million revolving credit facility maturing in 2012 and US$325
million term loan B maturing in 2013.  The loan was rated 'B'
with a recovery rating of '2', indicating the expectation for
substantial (80%-100%) recovery of principal in the event of a
payment default.

Standard & Poor's also assigned its 'CCC+' subordinated debt
rating to Encore Medical Finance LLC and Encore Medical Finance
Corp.'s proposed US$215 million senior subordinated notes
maturing in 2014.  The Blackstone Group intends to use the debt
proceeds and approximately US$350 million of equity to purchase
Encore Medical Corp., refinance Encore's existing debt, and fund
related transaction costs.

The 'B' corporate credit rating on Austin, Texas-based Encore
Medical Corp. was affirmed and removed from CreditWatch, where
it was placed with negative implications July 7 due to concerns
about the company's post-transaction debt leverage.  The rating
outlook is stable.

"The low-speculative-grade rating on Encore reflects the
company's significant reliance on electrotherapy products, its
acquisition-based growth strategy, and its highly leveraged
capital structure," said Standard & Poor's credit analyst Jesse
Juliano.

"These negative rating factors are only partially offset by the
company's strong positions in the niche physical therapy and
orthopedic rehabilitation equipment markets, and its liquidity,
which is consistent with the 'B' rating category."


GATX CORP: Selling Majority of Aircraft Leasing Business
--------------------------------------------------------
GATX Corp. has signed a definitive agreement to sell the
majority of its aircraft leasing business to a consortium of
investors including Macquarie Bank and affiliated investment
funds of Och Ziff Capital Management Group.  The transaction is
expected to close by year-end.

The consortium, Macquarie Aircraft Leasing Limited, will acquire
GATX's wholly owned aircraft and will seek to acquire assets
within the aircraft leasing joint ventures managed by GATX.
GATX anticipates that the majority of the employees at its
aircraft leasing business will accompany the assets to MALL.

The air assets subject to the agreement with MALL, including
GATX's joint venture investments, total approximately $1.5
billion in net book value, or 21% of GATX's total assets. The
sale will result in an after-tax charge in the range of $50 - 70
million to be taken by GATX in the third quarter. After the
required prepayment of air-specific debt and taxes, GATX expects
cash proceeds from the sale, assuming all assets contemplated in
the transaction are sold, to be approximately $500 million.
GATX will determine the use of those proceeds upon completion of
the transaction.

Brian A. Kenney, president and CEO of GATX Corporation, stated,
"GATX has been in the commercial aircraft leasing business since
1968, building a valuable operating lease platform and portfolio
of aircraft.  We believe that the sale of this platform to MALL
will enable GATX to realize greater value for our shareholders
than we could realize from continuing to own the business, and
will position GATX to pursue opportunities in our higher return
rail and specialty businesses."

The sale is subject to customary closing conditions, third-party
consents and regulatory approvals.

Based in Chicago, Illinois, GATX Corporation --
http://www.gatx.com/-- provides lease financing and related
services to customers operating rail, marine and other targeted
assets. GATX is a leader in leasing transportation assets and
controls one of the largest railcar fleets in the world.
Applying over a century of operating experience and strong
market and asset expertise, GATX provides quality assets and
services to customers worldwide including France, Germany,
Poland, Switzerland, Austria, and the United Kingdom.  GATX
Corp. is the principal operating subsidiary GATX Financial
Corporation.   At June 30, 2006, GATX Financial reported total
assets of $6.1 billion.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 2, 2006,
Moody's Investors Service placed the ratings of GATX Financial
Corp. (senior Baa3, short-term Prime-3) and affiliates on review
for possible upgrade following the firm's announcement that it
has agreed to sell a majority of its commercial aircraft leasing
business to a consortium of investors, including Macquarie Bank
and affiliated investment funds of Och Ziff Capital Management
Group.


HCA 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. Hospital and Long-term Care sectors,
the rating agency confirmed its Ba2 Corporate Family Rating for
HCA Inc.

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
   ----------           -------  -------  ------   ----------
   Senior Unsecured
   Revolving Credit
   Facility due 2009      Ba2      Ba2     LGD4       60%

   8.850% Senior
   Unsecured Notes
   due 2010               Ba2      Ba2     LGD4       60%

   7.250% Senior
   Unsecured Notes
   due 2008               Ba2      Ba2     LGD4       60%

   7.0% Senior
   Unsecured Notes
   due 2007               Ba2      Ba2     LGD4       60%

   5.5% Senior
   Unsecured Notes
   due 2007               Ba2      Ba2     LGD4       60%

   8.7% Medium
   Term Notes
   due 2010               Ba2      Ba2     LGD4       60%

   8.75% Senior
   Unsecured Notes
   due 2010               Ba2      Ba2     LGD4       60%

   7.875% Senior
   Unsecured Notes
   due 2011               Ba2      Ba2     LGD4       60%

   6.950% Senior
   Unsecured Notes
   due 2012               Ba2      Ba2     LGD4       60%

   6.3% Senior
   Unsecured Notes
   due 2012               Ba2      Ba2     LGD4       60%

   6.25% Senior
   Unsecured Notes
   due 2013               Ba2      Ba2     LGD4       60%

   6.75% Senior
   Unsecured Notes
   due 2013               Ba2      Ba2     LGD4       60%

   5.75% Senior
   Unsecured Notes
   due 2014               Ba2      Ba2     LGD4       60%

   9.0% Medium
   Term Notes
   due 2014               Ba2      Ba2     LGD4       60%

   6.375% Senior
   Unsecured Notes
   due 2015               Ba2      Ba2     LGD4       60%

   7.19% Unsecured
   Debentures
   due 2015               Ba2      Ba2     LGD4       60%

   6.5% Senior
   Unsecured Notes
   due 2016               Ba2      Ba2     LGD4       60%

   7.5% Senior
   Debentures
   due 2023               Ba2      Ba2     LGD4       60%

   8.36% Senior
   Debentures
   due 2024               Ba2      Ba2     LGD4       60%

   7.69% Senior
   Unsecured Notes
   due 2025               Ba2      Ba2     LGD4       60%

   7.58% Senior
   Unsecured Notes
   due 2025               Ba2      Ba2     LGD4       60%

   7.05% Unsecured
   Debentures
   due 2027               Ba2      Ba2     LGD4       60%

   7.5% Senior
   Unsecured Notes
   due 2033               Ba2      Ba2     LGD4       60%

   7.75% Unsecured
   Debentures
   due 2036               Ba2      Ba2     LGD4       60%

   7.5% Unsecured
   Debentures
   due 2095               Ba2      Ba2     LGD4       60%

   Other Medium
   Term Notes             Ba2      Ba2     LGD4       60%

   Unsecured Senior
   Shelf                (P)Ba2   (P)Ba2    LGD4       60%

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%).

HCA Inc. is a holding company that owns and operates hospitals
and related health care entities through various affiliates.  At
June 30, 2006, HCA owned and operated 176 hospitals, 92
freestanding surgery centers and facilities that provide
extensive outpatient and ancillary services.


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


BORSHIVHLIBOPRODUKTI: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Ternopil Region commenced bankruptcy
supervision procedure on OJSC Borshivhliboprodukti (code EDRPOU
00956081) on July 19.  The case is docketed under Case No. 10/B.

The Temporary Insolvency Manager is:

         Taras Vasil
         Centralna str.
         Puste
         Borshivskij District
         Ternopil Region
         Ukraine

The Economic Court of Ternopil Region is located at:

         Ostrozski Str. 14a
         46000 Ternopil Region
         Ukraine

The Debtor can be reached at:

         OJSC Borshivhliboprodukti
         Centralna str.
         Puste
         Borshivskij District
         Ternopil Region
         Ukraine


CLUB KALUSH: Court Names Tetyana Gudyak as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region appointed Tetyana
Gudyak as Liquidator/Insolvency Manager for Football Club Kalush
(code EDRPOU 22176934).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 14.  The case is docketed
under Case No. B-13/31.

The Economic Court of Ivano-Frankivsk Region is located at:

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         Football Club Kalush
         Grushevskij Str. 22
         Kalush
         Ivano-Frankivsk Region
         Ukraine


ITO MINI-WEST: Kyiv Court Names Viktor Denisenko as Liquidator
--------------------------------------------------------------
The Economic Court of Kyiv Region appointed Viktor Denisenko as
Liquidator/Insolvency Manager for LLC Ito Mini-West.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 31.  The case is docketed
under Case No. 23/355-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Ito Mini-West
         Tankova Str. 4
         04112 Kyiv Region
         Ukraine


KOLOS SOF: Court Names Dmitro Selevko as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Dmitro
Selevko as Liquidator/Insolvency Manager for LLC Kolos Sof (code
EDRPOU 31648766).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 15.  The case is docketed
under Case No. B 15/16/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Kolos Sof
         Lermontov Str.
         Novooleksiyivka
         Sofiyivskij District
         53100 Dnipropetrovsk Region
         Ukraine


KROKUS: Court Names Marina Muzhdabayeva as Insolvency Manager
-------------------------------------------------------------
The Economic Court of AR Krym appointed Marina Muzhdabayeva as
Liquidator/Insolvency Manager for Production-Commercial Firm
Krokus (code EDRPOU 31481367).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 22.  The case is docketed
under Case No. 2-6/12967-2006.

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         Production-Commercial Firm Krokus
         Tavrijska Str. 12-A
         Krasnoperekopsk
         96300 AR Krym Region
         Ukraine


MIRAGROPROD: Court Names District Tax Agency as Liquidator
----------------------------------------------------------
The Economic Court of Kyiv Region appointed the State Tax
Inspection of Mironivskij District of Kyiv Region as Liquidator
for Miragroprod (code EDRPOU 30170592).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
166/14 b-06.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         Miragroprod
         Centralne
         Mironivskij District
         08853 Kyiv Region
         Ukraine


ROSKAT: Court Names Yaroslav Derevyanchenko as Liquidator
---------------------------------------------------------
The Economic Court of Donetsk Region appointed Yaroslav
Derevyanchenko as Liquidator/Insolvency Manager for LLC Roskat
(code EDRPOU 30297794).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Aug. 31.  The case is docketed
under Case No. 27/149 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Roskat
         Sviderskij Str. 1
         83060 Donetsk Region
         Ukraine


STANDARD BANK: Fitch Gives B- Rating on Forum's Upcoming Issue
--------------------------------------------------------------
Fitch Ratings assigned Standard Bank plc's upcoming issue of
limited recourse loan participation notes expected ratings of
Recovery RR4 and Long-term B-.  The notes are to be used solely
for financing a loan to Ukraine-based Bank Forum, which is rated
Issuer Default B-, Short-term B, Individual D/E, and Support 5.
The Outlook on the IDR is Stable.  The final ratings are
contingent upon receipt of final documentation conforming
materially to information already received.

Standard Bank plc, a U.K.-domiciled fully authorized bank and a
wholly owned subsidiary of Standard Bank London Holdings PLC,
will only pay noteholders principal and interest received from
Forum.  It will charge certain rights and interests under the
loan agreement to Deutsche Trustee Company Limited for the
benefit of noteholders under a trust deed.

Its claims under the loan agreement will rank at least equally
with the claims of other senior unsecured creditors of Forum,
save those whose claims are preferred by any bankruptcy,
insolvency, liquidation or similar laws of general application.
Under Ukrainian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-H106, retail
deposits accounted for 30% of Forum's total liabilities,
according to the bank's reviewed IFRS accounts.

The loan agreement contains covenants restricting mergers and
disposals by Forum, transactions between the bank and its
affiliates and certain payments and distributions by the bank
and its subsidiaries.  It also contains a cross default clause
and a 'negative pledge' clause, the latter of which allows for
up to 15% of gross loans to customers to be securitized by Forum
and its subsidiaries.

Were such transactions to be undertaken, Fitch comments that the
nature and extent of any over-collateralization would be
assessed by the agency for any potential impact on unsecured
creditors.  Forum must ensure full compliance with capital
adequacy requirements of the National Bank of Ukraine and also
commits to maintaining a minimum total BIS capital adequacy
ratio of 11%.

According to National Bank of Ukraine, Forum was the 12th
largest Ukrainian bank by assets at end-June 2006.  Forum's
principal activities are corporate banking, with a focus on
small and medium-sized companies and retail banking.  The bank
is majority-owned by Leonid Yurushev, a local businessman, and
the members of his family.


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


888 HOLDINGS: Says US Biz Suspension to Have Material Effect
------------------------------------------------------------
888 Holdings and PartyGaming Plc will suspend their business
with U.S. customers after Congress passed laws curbing payments
for Internet gambling, Neil Craven writes for Bloomberg News.

Congress passed The Safe Port Act on Sept. 30, which contained
certain provisions known as the "Unlawful Internet Gambling
Enforcement Act of 2006" that will affect the processing of
payments between U.S. customers and online gambling companies
that are publicly traded and licensed and regulated in respected
jurisdictions.

The Act is expected to be signed into law by President Bush
within the next two weeks, and will become effective immediately
thereafter.  In addition, the Act requires the Secretary of
Treasury, within 270 days, to issue regulations requiring
financial institutions to block transactions in connection with
internet gaming.

If signed into law, it will immediately make unlawful the
receipt by a gambling business of proceeds or monies in
connection with unlawful internet gambling.  The Act does not
clarify the definition of unlawful gambling.  However, as the
first piece of Federal legislation dealing explicitly with
internet gaming, it does make clear that the US government
intends to stop the flow of funds from Americans to online
gaming operators through criminal sanction.  The Act also
asserts that, under US law, a wager must be permitted under the
laws both of the customer's place of residence and that of the
operator.

                        PartyGaming

PartyGaming said that if the President signs the Act into law,
the company will suspend all real money gaming business with US
residents indefinitely.

The Group's strategic focus remains on developing its existing
markets outside of the US and on developing new markets and
products.  Should activities in the US be suspended, the
Directors will also seek to re-align the Group's cost base to
accommodate the changed business environment.  However, any
suspension would also result in the Group's financial
performance falling significantly short of consensus forecasts
for 2006 and 2007.

"We have a substantial gaming business outside the US, one that
is highly profitable and growing rapidly on one of the most
technologically advanced platforms available," PartyGaming CEO
Mitch Garber said.  "In the first half of 2006 our non-US
business generated revenues of US$150 million, a 151% increase
over the comparable period in the previous year.  Gaming on the
internet is already a popular form of entertainment for millions
of adults and we will continue to expand our business into new
territories, offering fun, responsible and friendly competition
in a safe and secure environment for customers around the world.
PartyGaming is by far the largest online gaming company in terms
of non-US business and liquidity and we intend to focus on and
increase our advantage in that area."

Lilly Vitorovich of The Wall Street Journal reports that
PartyGaming has scrapped its maiden interim dividend, which
would allow the company to save about US$115 million to reinvest
in the company.

A company spokeswoman told WSJ that PartyGaming will use the
funds for acquisitions that may come up on its radar following
the recent fallout within the industry.

The US$0.03 per share dividend was to be paid to shareholders on
Oct.31.

"The board believes that cancellation of the interim dividend
will allow the company to take advantage of the many attractive
opportunities in the sector that will emerge over the coming
months," PartyGaming said in a statement.

                          888 Holdings

In the six months to June 30, 2006, 888 Holdings' revenues from
non-US players amounted to approximately 48 percent of the
Group's net gaming revenue and in the second quarter of 2006
approximately, 68 percent of first time depositors (new
customers) were non-US.  The Board believes the Company is well
placed to achieve further growth outside the US and will
continue to focus its attention on growth in non-US markets.

"Whil[e]suspension of US activities will have a material adverse
impact on results for this year and beyond, the Company has
significant cash resources which are more than adequate to
continue its operations and further develop its business taking
account of sums required to cover return of deposits to US
customers and the dividend payment due to be made to
shareholders on Oct. 31, 2006," the company said in a statement.

                       About PartyGaming

Headquartered in Gibraltar, United Kingdom, PartyGaming Plc --
http://www.partygaming.com/-- is the world's leading online
gaming company and owns and operates PartyPoker.com, the world's
largest online poker room.  The Group is also the world's
largest online casino and operates PartyCasino.com and
StarluckCasino Online.  In addition, the Group offers online
bingo through PartyBingo.com, online backgammon through
PartyGammon.com, and non-US facing sports betting through
Gamebookers.com.

Regulated and licensed by the Government of Gibraltar, the Group
has over 1,200 employees located in the head office and
operations centre in Gibraltar, a business process outsourcing
operation in Hyderabad, India and a marketing services
subsidiary in London.  The Group has customers in over 190
countries.

At June 30, 2006, the company's balance sheet showed US$91.5
million in unaudited positive equity, after reporting a US$45.9
million stockholders' deficit at Dec. 31, 2005.

                           About 888

Headquartered in Gibraltar, United Kingdom, 888 Holdings --
http://www.888holdingsplc.com/-- is one of the world's most
popular online gaming companies, offering a variety of online
casino, poker and skill games, and access to a third party
betting exchange, through its various websites 888.com, Casino-
on-Net.com, PacificPoker.com, ReefClubCasino.com, 888.tv,
888.info and Betmate.com.


A.L.MUNRO: Claims Filing Period Ends Oct. 26
--------------------------------------------
Creditors of A.L.Munro (Birmingham) Limited have until Oct. 26
to send their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Liquidator
to C. H. I. Moore of K.J. Watkin & Co. at:

         C. H. I. Moore
         K.J. Watkin & Co.
         Emerald House
         20-22 Anchor Road
         Aldridge
         Walsall
         United Kingdom

Headquartered in Birmingham, U.K., A.L.Munro (Birmingham)
Limited manufactures metal spinnings.


AAR CORP: 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, the rating agency confirmed its B1 Corporate
Family Rating for AAR Corp.  Additionally, Moody's revised its
probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------

   6.875% Notes
   Payable due
   2007                    B2       B1     LGD4        55%

   2.875% Conv.
   Notes Payable
   due 2024                B2       B1     LGD4        55%

   Sr. Unsecured
   Notes Shelf           (P)B2    (P)B1    LGD4        55%

   Sr. Subordinated
   Notes Shelf           (P)Caa1  (P)B3    LGD6        97%

   Preferred Stock
   Shelf                 (P)Caa3  (P)B3    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%).

AAR CORP -- http://www.aarcorp.com/-- a Chicago suburb near
O'Hare International Airport, employs approximately 3,500 people
at more than 40 locations around the world.


ACACIA GARDENS: Appoints Administrators from Begbies Traynor
------------------------------------------------------------
Francis Stevenson and Julie Anne Palmer of Begbies Traynor were
appointed joint administrators of Acacia Gardens Hotel Ltd.
(Company Number 05479412) on Sept. 19.

Headquartered in Manchester, Begbies Traynor --
http://www.begbies.com/-- assists companies, creditors,
financial institutions and individuals on all aspects of
financial restructuring and corporate recovery.

Acacia Gardens Hotel Ltd. can be reached at:

         81-83 High Street
         Poole
         Dorset BH15 1AH
         United Kingdom
         Tel: 01202 553127


AGM FABRICATIONS: Joint Liquidators Take Over Operations
--------------------------------------------------------
Gary Steven Pettit and Peter John Windatt of BRI Business
Recovery and Insolvency were appointed Joint Liquidators of AGM
Fabrications Limited on Sept. 14 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         AGM Fabrications Limited
         47 Wentin Close
         Corby
         Northamptonshire NN188NJ
         United Kingdom
         Tel: 01536 206 166


ALLSEAL GASKET: Taps Joint Liquidators from Royce Peeling Green
---------------------------------------------------------------
Peter Jones and Roderick M Withinshaw of Royce Peeling Green
Limited were appointed Joint Liquidators of Allseal Gasket &
Engineering Limited on Sept. 20 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Allseal Gasket & Engineering Limited
         Newby Road Industrial Estate
         Newby Road
         Hazel Grove
         Stockport
         Cheshire SK7 5DA
         United Kingdom
         Tel: 0161 483 4457
         Fax: 0161 480 2732


APPLIANCE XPRESS: Creditors' Meeting Slated for October 12
----------------------------------------------------------
Creditors of Appliance Xpress Limited (Company Number 3954788)
will meet at 11:00 a.m. on Oct. 12 at:

         Bishop Fleming
         Russell Bedford House
         City Forum
         250 City Road
         London EC1V 2QQ
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 11 at:

         Samuel Jonathan Talby and Jeremiah Anthony O'Sullivan
         Joint Administrative Receivers
         Bishop Fleming
         Russell Bedford House
         City Forum
         250 City Road
         London EC1V 2QQ
         United Kingdom

With offices in Bristol, Exeter, London, Plymouth, Torbay and
Truro, United Kingdom, Bishop Fleming --
http://www.bishopfleming.co.uk/-- is one of the biggest firms
of Chartered Accountants for South West U.K. businesses that
demand expert accounting and financial accounts management.


APW ELECTRONICS: Hires Liquidator from Middleton Partners
---------------------------------------------------------
Peter James Yeldon of Middleton Partners was appointed
Liquidator of APW Electronics Ltd. (formerly Vero Electronics
Limited, BICC-Vero Electronics Limited) on Sept. 13 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         APW Electronics Ltd.
         Electron Way
         Chandler's Ford
         Eastleigh
         Hampshire SO53 4ZR
         Tel: 023 8026 6300
         United Kingdom


APW ENCLOSURE: Names Peter James Yeldon Liquidator
--------------------------------------------------
Peter James Yeldon of Middleton Partners was appointed
Liquidator of APW Enclosure Systems U.K. Ltd. on Sept. 13 for
the creditors' voluntary winding-up procedure.

Headquartered in Sheffield, U.K., APW Enclosure Systems U.K.
Ltd. designs and manufactures electronics enclosures for the
telecommunications industry.


APW NEW: Appoints Liquidator to Wind Up Business
------------------------------------------------
Peter James Yeldon of Middleton Partners was appointed
Liquidator of APW New Forest Ltd. on Sept. 13 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         APW New Forest Ltd.
         Telecom Ho
         Calmore Industrial Estate
         Brunel Road
         Hampshire SO403SH
         United Kingdom
         Tel: 023 8026 4701
         Fax: 023 8086 6027


ARMOR HOLDINGS: 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, the rating agency confirmed its Ba3 Corporate
Family Rating for Armor Holdings Inc.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   2% Convertible
   Sr. Subordinated
   Notes due 2024          B1       B1     LGD5        77%

   8.25% Sr. Subor.
   Notes due 2013          B1       B1     LGD5        77%

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 Jacksonville, Florida, Armor Holdings, Inc.
manufactures and distributes security products and vehicle armor
systems for the law enforcement, military, homeland security,
and commercial markets.


ARRAY CABLE: Liquidator Sets Oct. 24 Claims Bar Date
----------------------------------------------------
Creditors of Array Cable & Harness Ltd. have until Oct. 24 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to appointed Liquidator
David N. Hughes of Janes at:

         David N. Hughes of Janes
         Owen House
         Trinity Lane
         Cheltenham
         Gloucestershire GL52 2NT
         United Kingdom

Headquartered in Swindon, U.K., Array Cable & Harness Ltd. --
http://www.array-cables.co.uk/ -- specializes in cable harness
manufacture, electro mechanical assembly, and ribbon cables and
assemblies.


BARNETT & GRAHAM: Names Michael Kienlen as Administrator
--------------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed
administrator of Barnett & Graham Ltd. (Company Number 00879174)
on Sept. 18.

Armstrong Watson -- http://www.armstrongwatson.co.uk/-- is an
independent firm of accountants, strategic business and
financial advisers.  The company operates in the north of
England and southern Scotland, employing over 330 team members
in 13 locations.

Barnett & Graham Ltd. can be reached at:

         Ewood Bridge Mill
         Manchester Road
         Haslingden
         Rossendale
         Lancashire BB4 6LB
         United Kingdom
         Tel: 01706 212 421
         Fax: 01706 226 194


BEDWELL TILLING: Calls In Joint Liquidators from Gerald Edelman
---------------------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill of Gerald Edelman
Business Recovery were appointed Joint Liquidators of Bedwell
Tiling Limited on Sept. 19 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Bedwell Tiling Limited
         Shoreham Lane
         St. Michaels
         Tenterden
         Kent TN306EG
         United Kingdom
         Tel: 01580 766 644
         Fax: 01580 766 622


BERTUCCI'S CORP: Moody's Withdraws Caa1 Rating on Senior Notes
--------------------------------------------------------------
Moody's Investors Service affirmed the Caa1, LGD4, 67% rating of
Bertucci's Corp.'s 10.75% guaranteed senior unsecured notes, due
July 15, 2008.  Moody's also affirmed the company's Caa1
corporate family and B3 loss given default ratings.  In
addition, Moody's changed the outlook to stable from negative.
Subsequently, Moody's will withdraw all ratings of Bertucci's
for business reasons.

Affirmation of the Caa1 ratings and stable outlook recognizes
the company's improved financial performance and operating
margins that have resulted in stronger credit metrics for the
LTM period ending June 30, 2006, with leverage on a debt to
EBITDA basis of about 6.0x, EBIT coverage of interest of
approximately 1.0x, and positive free cash flow.  However, the
ratings also take into consideration Bertucci's modest scale,
limited scope, and geographic concentration.

Moody's also recognizes the challenging environment throughout
the entire casual dining segment due to the negative impact of
higher energy prices and interest rates on consumer disposable
incomes that will likely persist over the intermediate term.  In
addition, although Bertucci's cash balance was approximately $23
million as of June 30, 2006, the company does not have a
revolving credit facility that could provide an alternate source
of liquidity.

Bertucci's Corp., headquartered in Northborough, Massachusetts,
operates 92 Bertucci's casual dining pizza restaurants
principally located in New England.  Revenue for the twelve
months ending June 30, 2006, was approximately
$210 million.


BORDERMAN LIMITED: Appoints Administrator from Armstrong Watson
---------------------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed
administrator of Borderman (Trucks) Ltd. (Company Number
01205077) on Sept. 19.

Armstrong Watson -- http://www.armstrongwatson.co.uk/-- is an
independent firm of accountants, strategic business and
financial advisers.  The company operates in the north of
England and southern Scotland, employing over 330 team members
in 13 locations.

Headquartered in Carlisle, United Kingdom, Borderman (Trucks)
Limited maintains and repairs motors.


BRITISH AIRWAYS: Pension Deficit Rises to GBP2.1 Billion
--------------------------------------------------------
The actuarial deficit in British Airways PLC New Airways Pension
Scheme is set to rise from GBP928 million to some GBP2.1
billion, despite a doubling of BA's contributions and a recovery
of the stock market.

The trustees have confirmed that annual contributions of GBP497
million would be needed to fund the scheme unless changes to
future benefits proposed earlier this year are introduced.  This
means the company's contributions would go up from five to 12
times members' contributions.

Negotiations between British Airways and the trustees are
underway to agree a funding plan including proposed benefit
changes.  Consultation continues with the trades unions.

The changes proposed include:

   -- raising the normal retirement age to 65;
   -- a slower accrual rate;
   -- inflation capped pensionable pay increases;
   -- capped pension increases on retirement at 2.5%; and
   -- sharing the impact of changes in life expectancy.

The proposal keeps a final salary scheme with no increase in
staff contribution rates and no changes to pension benefits
already earned.  Once the changes are accepted, BA proposes to
make a GBP500 million one-off payment to the scheme.

Independent financial analysis from PricewaterhouseCoopers for
the trustees led them to conclude that company contributions
'much in excess of the current levels may not be sustainable'.

In a letter to NAPS members in July, the trustees said BA could
not afford to use all its cash reserves to pay off all the
deficit because it would put the "long term viability of BA in
jeopardy".  "Reductions to future benefits were also likely to
be required to help reduce the deficit," they added.

"The deficit is massive and we must deal with it.  I believe our
proposal is a fair solution, which addresses the funding problem
and shares the cost of securing the future of our pensions and
BA.  The deficit is one of the biggest challenges we face and I
am determined that we will resolve it," Willie Walsh, British
Airways' chief executive disclosed.

                        About the Company

Headquartered in West Drayton, England, British Airways Plc --
http://www.ba.com/-- is the U.K.'s largest international
scheduled airline, flying to over 550 destinations.  The British
Airways group consists of British Airways Plc and a number of
subsidiary companies including in particular British Airways
Holidays Limited and British Airways Travel Shops Limited.

                        *     *     *

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


BRITISH INFLUENCE: Creditors' Meeting Slated for October 6
----------------------------------------------------------
Creditors of The British Influence Limited (Company Number
05138517) will meet at 10:30 a.m. on Oct. 6 at:

         Ideal Corporate Solutions Ltd.
         10 Eagley House
         Deakins Business Park
         Bolton BL7 9RP
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 5 at:

         Andrew Rosler
         Administrator
         Ideal Corporate Solutions
         10 Eagley House
         Deakins Business Park
         Bolton BL7 9RP
         United Kingdom
         Tel: 0800 731 2433


CAGED LIMITED: Taps Baker Tilly to Administer Assets
----------------------------------------------------
Andrew Martin Sheridan and Mark John Wilson of Baker Tilly were
appointed joint administrators of Caged Ltd. (Company Number
05515115) on Sept. 19.

Headquartered in Birmingham, United Kingdom, Baker Tilly --
http://www.bakertilly.co.uk/-- is an  independent firm of
chartered accountants and business advisers in the United
Kingdom.  The firm's annual fee income is over GBP168 million
and is part of a global network, which has 122 member firms in
85 countries as an independent member of Baker Tilly
International.

Headquartered in Hampshire, United Kingdom, Caged Ltd. is
engaged in motor engineering and chassis manufacturing.


CITY CONTINUOUS: Brings In Liquidator from Fergusson & Co. Ltd.
---------------------------------------------------------------
Malcolm Edward Fergusson of Fergusson & Co. Ltd. was appointed
Liquidator of City Continuous Forms Limited on Sept. 20 for the
creditors' voluntary winding-up procedure.

Headquartered in Newcastle Upon Tyne, U.K., City Continuous
Forms Limited supplies continuous forms and computer
stationeries.


CITY ENGINEERING: Hires Joint Administrators from DTE Leonard
-------------------------------------------------------------
A. Poxon and J. M. Titley of DTE Leonard Curtis were appointed
joint administrators of City Engineering Services (SW) Ltd.
(Company Number 05404329) on Sept. 18.

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

Headquartered in Bristol, United Kingdom, City Engineering
Services (SW) Ltd. installs electrical wiring.


COLLINS & AIKMAN: Defends Move to Carry Probe on Major Customers
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Collins &
Aikman Corporation and its debtor-affiliates tells the U.S.
Bankruptcy Court for the Eastern District of Michigan that it is
not using its request to conduct examinations and obtain
documents from Ford Motor Corporation, General Motors
Corporation, and DaimlerChrysler Corporation, to harass the
Debtors' major customers or gain leverage to improve the
recovery for its constituency.

The Committee response came in the wake of objections filed by
the Debtors, GM, Ford and DaimlerChrysler.

As reported in the Troubled Company Reporter on Aug. 18, 2006,
the Committee wished to obtain additional evidence relating to
potential causes of action that may be asserted against these
principal customers under applicable fraudulent transfer and
antitrust laws.

According to the Committee, it only wants to investigate the
extent and value of potential claims against the Customers to
whom the Debtors have proposed to grant sweeping releases in
their filed plan of reorganization, Michael S. Stamer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, in New York, explains.

While the Debtors assert that they are in the process of
investigating the Customers' claims, the Committee doubts the
Debtors' ability to make a credible investigation.

The Committee stands by its determination that colorable
fraudulent conveyance claims against the Customers continue to
exist.

Mr. Stamer asserts that an examination under Rule 2004 of the
Federal Rules of Bankruptcy Procedure is required to explore
fully the facts relating to the transactions at issue and to
quantify the claims that may be asserted against the Customers.

According to Mr. Stamer, the Committee is not required to plead
facts in support of an antitrust claim because a Rule 2004
request assumes that it cannot yet establish that claim.  The
purpose of a Rule 2004 examination is to investigate fully the
factual basis for that claim, Mr. Stamer says, citing In re
Metiom, Inc., 318 B.R. 263, 268 (S.D.N.Y. 2004) (good cause
under Rule 2004 is established by showing that examination is
necessary to establish claim of party seeking examination).

Moreover, Mr. Stamer points out that contrary to the objectors'
arguments, coordination by the Customers in renegotiating the
terms of their contracts with the Debtors -- whether tacit or
pursuant to explicit agreement -- would unquestionably
constitute collusion actionable under the Sherman Antitrust Act.

Certain of the objections assert that the requested discovery is
overbroad and burdensome.  Although the Committee believes its
discovery requests are narrowly tailored, it intends to approach
each of the objectors in an attempt to narrow further the scope
of discovery sought, Mr. Stamer relates.

"The Committee only seeks to acquit its fiduciary obligations to
the Debtors' unsecured creditors and ensure that appropriate
value is obtained for any and all claims that may be either
asserted against the Customers or otherwise satisfied," Mr.
Stamer says.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 41;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Issues Rejection Notice for Some GECC Leases
--------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates propose to
reject these lease schedules under their Master Lease Agreement
dated May 7, 1993, with General Electric Capital Corporation:

   (1) Schedule No. 5, Serial Nos. 96386 to 96390;
   (2) Schedule No. 16, Serial No. 299;
   (3) Schedule No. 7, Serial Nos. 96407, 96354, and 96353; and
   (4) Schedule No. 19, Serial No. 96381.

The rejection is retroactive to Sept. 22, 2006.

Parties wanting to object to the proposed rejection must file
and serve a written objection without further delay with the
U.S. Bankruptcy Court for the Eastern District of Michigan.

The U.S. District Court for the Eastern District of Michigan,
Southern Division, recently denied GECC's appeal with regard to
the Bankruptcy Court's ruling concerning the Master Lease
Agreement.

GECC had informed the Bankruptcy Court that it will take an
appeal to the District Court from the order denying its request
to compel payments under its master lease agreements with the
Debtors.

GECC wanted the District Court to determine whether:

   a. the Bankruptcy Court erred in denying GECC's request to
      compel payments first due at least 60 days after the
      Petition Date under certain master lease agreements; and

   b. the Bankruptcy Court erred by, over GECC's objection,
      instituting a procedure to rule on the relief requested in
      the Request when:

      (1) the procedure resulted in the denial of the Motion and
          the continued use by the Debtors of the equipment
          leased under the Products Leases without any evidence
          or suggestion that the Debtors will have the financial
          wherewithal to pay the accrued and accruing
          obligations under the Products Leases by which the
          Debtors remain bound;

      (2) the procedure is not contemplated by the Bankruptcy
          Code or the Federal Rules of Bankruptcy Procedure; and

      (3) the procedure denied GECC due process of law in
          violation of Article V of the Constitution in that it
          did not (a) afford GECC the opportunity to submit a
          brief, (b) allow GECC to conduct discovery, (c) allow
          GECC to depose the Debtors' witnesses, or (d) allow
          GECC to cross examine the Debtors' witnesses at the
          hearing.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
$3,196,700,000 in total assets and $2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 41;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DFM ENTERPRISES: Hires Richard Ian Williamson as Liquidator
-----------------------------------------------------------
Richard Ian Williamson of Campbell Crossley and Davis was
appointed Liquidator of DFM Enterprises Limited on Sept. 18 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         DFM Enterprises Limited
         Unit 11
         479 Rice Lane
         Liverpool
         Merseyside L9 8AP
         United Kingdom
         Tel: 0151 525 5300


DISPENSING AUTOMATION: Names Joint Liquidators from Lines Henry
---------------------------------------------------------------
Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators of Dispensing Automation Ltd. on Sept. 15 for
the creditors' voluntary winding-up procedure.

Headquartered in Huntingdon, U.K., Dispensing Automation Ltd. --
http://dispensingautomation.com/-- offers a comprehensive range
of meter, mix and dispense machines for handling Polyurethanes,
Epoxies, Silicones, Acrylics and many other multi-component
liquid materials requiring online metering and mixing.


DRS TECHNOLOGIES: 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, the rating agency confirmed its B1 Corporate Family
Rating for DRS Technologies Inc.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Secured
   Revolving Credit
   Facility due 2012      Ba3      Ba1     LGD2        12%

   Sr. Secured Term
   Loan due 2012          Ba3      Ba1     LGD2        12%

   6-5/8% Sr. Notes
   due 2016               B2       B1      LGD3        47%

   2% Sr. Convertible
   Notes due 2026         B2       B1      LGD3        47%

   6-7/8% Sr. Subor.
   Notes due 2013         B3       B3      LGD5        84%

   7-5/8% Sr. Subor.
   Notes due 2018         B3       B3      LGD5        84%

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 Parsippany, New Jersey, DRS Technologies --
http://www.drs.com/-- provides leading edge products and
services to defense, government intelligence and commercial
customers.  Focused on defense technology, the Company develops
and manufactures a broad range of mission critical systems.  The
company employs 6,000 people worldwide.


ELDRIDGE ASSOCIATES: Brings In Tenon Recovery as Administrators
---------------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint administrators of Eldridge Associates (SE) Ltd. (Company
Number 04526768) on Sept. 20.

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

Headquartered in East Sussex, United Kingdom, Eldridge
Associates (SE) Ltd. is engaged in construction and general
engineering.


ELITE TRANSACTIONS: Colin Burke Leads Liquidation Procedure
-----------------------------------------------------------
Colin Burke of Milner Boardman & Partners was appointed
Liquidator of Elite Transactions Limited on Sept. 19 for the
creditors' voluntary winding-up procedure.

Headquartered in Liverpool, U.K., Elite Transactions Limited
deals used cars.


FGX INTERNATIONAL: 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. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its B2 Corporate Family Rating for FGX International Limited.

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

                                             Projected
                  Old POD   New POD  LGD     Loss-Given
   Debt Issue     Rating    Rating   Rating  Default
   ----------     -------   ------   ------  -------
   US$15 million
   First Lien
   Revolver       B2        B1       LGD3     35%

   US$150 million
   First Lien
   Term Loan      B2        B1       LGD3     35%

   US$50 million
   Second Lien
   Term Loan      B3        Caa1     LGD5     84%

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 Smithfield, Rhode Island, FGX International Limited --
http://www.fgx.com/-- is a designer and marketer of non-
prescription reading glasses, sunglasses and costume jewelry
with a portfolio of brands including Foster Grant and
Magnivision.  FGXI has a strong international presence, with
over 15% of its net sales coming from international markets
including the U.K., Canada, and Mexico.


FLEMING FABRICATIONS: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------------
Creditors of Fleming Fabrications (U.K.) Limited confirmed on
June 22 the appointment of Anthony Harry Hyams of Marriotts LLP
as the company's Liquidator.

The company can be reached at:

         Fleming Fabrications (U.K.) Limited
         Derby Road
         London N18 2PA
         United Kingdom
         Tel: 020 8884 1752
         Fax: 020 8884 1756


FORCE FITNESS: Taps Vincent A. Simmons to Liquidate Assets
----------------------------------------------------------
Vincent A. Simmons of Bennett Verby was appointed Liquidator of
Force Fitness Systems Limited on Sept. 15 for the creditors'
voluntary winding-up proceeding.

Headquartered in Bolton, U.K., Force Fitness Systems Limited --
http://www.forcefitness.co.uk/-- designs and manufactures
strength and cardio equipment to many leading U.K. leisure
operators including: JJB Sports Health Clubs, Total Fitness,
Jarvis Hotels, British Aerospace and many local authority and
privately operated health club chains.


FRANKY LEE: Appoints Joint Liquidators from Abbott Fielding
-----------------------------------------------------------
Nedim Ailyan and Andrew Tate of Abbott Fielding were appointed
Joint Liquidators of Franky Lee Construction Limited on Aug. 10
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Franky Lee Construction Limited
         Whiteley Road
         Ripley
         Derbyshire DE5 3QL
         United Kingdom
         Tel: 01773 748 222


G CLANCEY: Creditors' Meeting Slated for October 11
---------------------------------------------------
Creditors of G Clancey Limited (Company Number 00366432) will
meet at 2:00 p.m. on Oct. 11 at:

         KPMG LLP
         2 Cornwall Street
         Birmingham B3 2DL
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 10 at:

         Mark Jeremy Orton
         Joint Administrator
         KPMG LLP
         2 Cornwall Street
         Birmingham B3 2RT
         United Kingdom
         Tel: (0121) 232 3000
         Fax: (0121) 232 3500

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


GOSHAWK INSURANCE: Posts Unaudited Results for First Half 2006
--------------------------------------------------------------
Goshawk Insurance Holdings PLC disclosed its interim results for
the six months ended June 30, 2006.

The group's after tax loss for the six month period was US$3
million, compared with a US$500 million net loss in the same
period last year.  The main drivers for the loss were the
continued high levels of both expenses and financing costs, due
to the default rates being charged on the group loans.  Group
net assets reduced from US$29 million at the year end to US$28
million.

At June 30, 2006, the company's balance sheet showed US$508
million in total assets, US$480 million in total liabilities and
US$27.7 million in total equity.

                     Operational Review

During the period, Rosemont Re still had a significant number of
policies in force and so, while management succeeded in
canceling many of these, material exposure remained throughout
the period.  Of particular concern was a significant earthquake
or windstorm loss and US$1 million was spent on reinsurance to
protect against a US earthquake or windstorm exceeding US$10
billion occurring during June, the first month of the hurricane
season.  As most of the policies then expired on June 30, 2006,
no further reinsurance has been purchased.

Cash and cash equivalents have reduced from US$351 million at
the year-end to US$303 million, compared with US$39 million for
the same period in 2005.  The main drivers of this reduction
have been net claims payments of US$58 million and net reduction
of group loans of US$21 million off-set by receipts of US$23
million from the liquidation of the investment portfolio with
the balance essentially comprising expenses, premiums and
investment income.  Claims have been broadly in line with
expectations subsequent to the increased net provision of US$3
million following the loss of the Harco arbitration and the
settlement of various other disputed contracts.

In an effort to optimize the run-off process the group is
currently in advanced discussions with PRO Insurance Solutions
Limited to outsource much of the run-off of Rosemont Re.  While
there is a modest saving envisaged the overall benefits include
access to greater resource in day to day operations as well as
the undertaking of audits of cedants to ensure the accuracy of
claims submitted.

                        Going Concern

As a result of Rosemont Re's statutory solvency falling below
the minimum level required under the license granted to it by
the Bermuda Monetary Authority, it is currently required to
receive BMA consent prior to making any returns of capital.

One consequence of this was that during 2005, the group breached
various covenants and undertakings made to its lenders and as a
consequence all amounts became repayable on demand.  Another
consequence is that the company has severely restricted access
to working capital and whilst it currently has sufficient funds
to meet its liabilities as they fall due, it will only be able
to continue as a going concern for the foreseeable future if
additional funding is secured.

In view of this, the directors explored with all key
stakeholders the possible options regarding the working capital
position of the group and resolved to raise GBP19.8 million (net
of expenses) by way of a rights issue.  Accordingly, the
facility agreement with the group's lenders was renegotiated on
Aug. 23, subject to certain conditions precedent, chief of which
is the repayment of a minimum amount of US$24.7 million from the
proceeds of a rights issue, the terms of which were agreed by
shareholders on Sept. 26, and which is unconditionally
underwritten by Phoenix Asset Management Partners Limited, the
group's largest shareholder.

The remainder of the proceeds of the rights issue will be
available to the company to meet its liabilities as they fall
due.  The directors are therefore satisfied that the group is
currently a going concern and that the preparation of these
accounts on that basis is appropriate.

                            Default

The loan due to Phoenix accrues interest at the rate of 10% and
is repayable at Oct. 31, 2006, or on receipt of the proceeds of
the rights issue, whichever is the sooner.

The loans due to Banks accrue interest at a variety of rates but
in the main are charged at a margin over LIBOR of 4.2511% plus
an additional 1% for the balances in default, or at 16% per
annum in the case of a tranche of US$15 million.

At June 30, 2006, and Dec. 31, 2005, the loans due to the banks
were in default, making the full balance payable on demand and
so the entire balance, which includes default interest accrued,
has been treated as repayable in less than one year.

                      About the Companies

GoshawK Insurance Holdings plc, a public limited company
incorporated and domiciled in the United Kingdom, together with
its subsidiaries transacted reinsurance business through its
Bermuda-based subsidiary Rosemont Reinsurance Ltd.

Through Rosemont Re, the group provided catastrophe reinsurance
of property and marine risks worldwide.  As a result of the 2005
hurricane losses to Rosemont Re, its subsequent credit rating
downgrade and its inability to raise additional capital or find
a buyer, Rosemont Re was placed into run-off in October 2005.


H.S.P STRATHCLYDE: Hires Peter James Yeldon as Liquidator
---------------------------------------------------------
Peter James Yeldon of Middleton Partners was appointed
Liquidator of H.S.P. Strathclyde Limited (formerly Strathclyde
Fabrications Ltd., Hillhouse Holdings Ltd. and Sandeln Limited)
on Sept. 13 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         H.S.P. Strathclyde Limited
         Beeley Wood Works
         Claywheels Lane
         Sheffield
         South Yorkshire S6 1ND
         United Kingdom
         Tel: 0114 232 3211
         Fax: 0114 285 2895


HEXFAX LIMITED: Creditors' Meeting Slated for October 13
--------------------------------------------------------
Creditors of Hexfax Limited (Company Number 01731212) will meet
at 10:00 a.m. on Oct. 13 at:

         Berg Kaprow Lewis
         35 Ballards Lane
         London N3 1XW
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 12 at:

         S. T. Bennett
         Joint Administrator
         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London N3 1XW
         United Kingdom
         Tel: 020 8922 9222
         Fax: 020 8922 9223


INCENTIVE DESIGN: Creditors Confirm Liquidator's Appointment
------------------------------------------------------------
Creditors of Incentive Design Ltd. confirmed on Aug. 17 the
appointment of Colin Ian Vickers of Vantis as the company's
Liquidator.

Headquartered in Littlehampton, U.K., Incentive Design Ltd.
manufactures kitchen furniture.


ITRAXX CROSSOVER: Fitch Keeps B+ Ratings on Series 4 Notes
----------------------------------------------------------
Fitch Ratings affirmed the iTraxx Crossover Series 4 credit-
linked note at a weighted average B+ rating.

The rating only indicates the average credit rating in the
reference pool of the notes.  It does not address other risks,
such as collateral risk and counterparty risk, which would be
addressed in a long-term credit rating.

The iTraxx Crossover references 40 European speculative-grade
entities.


ITRAXX EUROPE: Fitch Keeps B+ Rating on Crossover Series 3 CLN
--------------------------------------------------------------
Fitch Ratings affirmed iTraxx Europe Series 3 credit-linked
notes' weighted average rating at BBB+.  The iTraxx Hivol Series
3 CLN's and the iTraxx Crossover Series 3 CLN's weighted average
ratings are affirmed at BBB and B+ respectively.

The ratings indicate the average credit rating in the reference
pool of the notes.  They do not address other risks, such as
collateral risk and counterparty risk, which would be addressed
in a Long-term credit rating.

iTraxx Europe consists of 125 most liquid European credit-
default swaps as judged by a dealer poll.  iTraxx HiVol
comprises 30 of those entities with the highest spreads and the
iTraxx Crossover is 35 European crossover credits with ratings
no higher than BBB- with Negative Outlook.


KASCO EUROPE: Brings In Joint Liquidators from Harrisons
--------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
Joint Liquidators of Kasco (Europe) Limited on Sept. 20 for the
creditors' voluntary winding-up proceeding.

Headquartered in Bracknell, U.K., Kasco (Europe) Limited imports
golf equipment.


L B COURIERS: Appoints Liquidator from Redman Nichols
-----------------------------------------------------
Andrew James Nichols of Redman Nichols was appointed Liquidator
of L B Couriers Limited on Sept. 19 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         L B Couriers Limited
         Unit 2
         Hunmanby Industrial Estate
         Hunmanby
         Filey
         North Yorkshire YO14 0PH
         United Kingdom
         Tel: 01723 892897


LEICESTERSHIRE DRAINAGE: Creditors' Claims Due Oct. 24
------------------------------------------------------
Creditors of Leicestershire Drainage Co. Limited have until
Oct. 24 to send in their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their Solicitors (if any), to appointed
Liquidator David Paul Hudson of Begbies Traynor at:

         David Paul Hudson
         Begbies Traynor
         32 Cornhill
         London EC3V 3BT
         United Kingdom

The company can be reached at:

         Leicestershire Drainage Co. Limited
         Saddington Road
         Smeeton Westerby
         Leicester
         Leicestershire LE8 0QS
         United Kingdom
         Tel: 0116 279 6550
         Fax: 01858 279 655


MEPC LIMITED: Fitch Affirms & Withdraws B- Default Rating
---------------------------------------------------------
Fitch Ratings affirmed MEPC (1946) Limited's (formerly MEPC
Limited) ratings at Issuer Default B- with Negative Outlook,
senior unsecured BB-/RR1 and Short-term B and simultaneously
withdrawn them.

Fitch will no longer provide rating coverage of MEPC.


N & D CONTRACTS: Tony Mitchell Leads Liquidation Procedure
----------------------------------------------------------
Tony Mitchell of Cranfield Recovery Limited was appointed
Liquidator of N & D Contracts Limited (formerly Intercounty
Scaffolding Limited) on Sept. 19 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         N & D Contracts Limited
         Westwood Heath Road
         Coventry
         West Midlands CV4 8GN
         United Kingdom
         Fax: 024 7647 3776


P & A WOOD: Creditors Confirm Liquidator's Appointment
------------------------------------------------------
Creditors of P & A Wood Stourbridge Limited confirmed on
Sept. 18 the appointment of Roderick Graham Butcher of Butcher
Woods as the company's Liquidator.

The company can be reached at:

         P & A Wood Stourbridge Limited
         Grove House
         Bradley Road
         Stourbridge
         West Midlands DY8 1UX
         United Kingdom
         Tel: 01384 377 687
         Fax: 01384 392 225


PARTYGAMING PLC: Plans to Suspend US Business After Law Passes
--------------------------------------------------------------
PartyGaming Plc and 888 Holdings will suspend their business
with U.S. customers after Congress passed laws curbing payments
for Internet gambling, Neil Craven writes for Bloomberg News.

Congress passed The Safe Port Act on Sept. 30, which contained
certain provisions known as the "Unlawful Internet Gambling
Enforcement Act of 2006" that will affect the processing of
payments between U.S. customers and online gambling companies
that are publicly traded and licensed and regulated in respected
jurisdictions.

The Act is expected to be signed into law by President Bush
within the next two weeks, and will become effective immediately
thereafter.  In addition, the Act requires the Secretary of
Treasury, within 270 days, to issue regulations requiring
financial institutions to block transactions in connection with
internet gaming.

If signed into law, it will immediately make unlawful the
receipt by a gambling business of proceeds or monies in
connection with unlawful internet gambling.  The Act does not
clarify the definition of unlawful gambling.  However, as the
first piece of Federal legislation dealing explicitly with
internet gaming, it does make clear that the US government
intends to stop the flow of funds from Americans to online
gaming operators through criminal sanction.  The Act also
asserts that, under US law, a wager must be permitted under the
laws both of the customer's place of residence and that of the
operator.

                        PartyGaming

PartyGaming said that if the President signs the Act into law,
the company will suspend all real money gaming business with US
residents indefinitely.

The Group's strategic focus remains on developing its existing
markets outside of the US and on developing new markets and
products.  Should activities in the US be suspended, the
Directors will also seek to re-align the Group's cost base to
accommodate the changed business environment.  However, any
suspension would also result in the Group's financial
performance falling significantly short of consensus forecasts
for 2006 and 2007.

"We have a substantial gaming business outside the US, one that
is highly profitable and growing rapidly on one of the most
technologically advanced platforms available," PartyGaming CEO
Mitch Garber said.  "In the first half of 2006 our non-US
business generated revenues of US$150 million, a 151% increase
over the comparable period in the previous year.  Gaming on the
internet is already a popular form of entertainment for millions
of adults and we will continue to expand our business into new
territories, offering fun, responsible and friendly competition
in a safe and secure environment for customers around the world.
PartyGaming is by far the largest online gaming company in terms
of non-US business and liquidity and we intend to focus on and
increase our advantage in that area."

Lilly Vitorovich of The Wall Street Journal reports that
PartyGaming has scrapped its maiden interim dividend, which
would allow the company to save about US$115 million to reinvest
in the company.

A company spokeswoman told WSJ that PartyGaming will use the
funds for acquisitions that may come up on its radar following
the recent fallout within the industry.

The US$0.03 per share dividend was to be paid to shareholders on
Oct.31.

"The board believes that cancellation of the interim dividend
will allow the company to take advantage of the many attractive
opportunities in the sector that will emerge over the coming
months," PartyGaming said in a statement.

                          888 Holdings

In the six months to June 30, 2006, 888 Holdings' revenues from
non-US players amounted to approximately 48 percent of the
Group's net gaming revenue and in the second quarter of 2006
approximately, 68 percent of first time depositors (new
customers) were non-US.  The Board believes the Company is well
placed to achieve further growth outside the US and will
continue to focus its attention on growth in non-US markets.

"Whil[e]suspension of US activities will have a material adverse
impact on results for this year and beyond, the Company has
significant cash resources which are more than adequate to
continue its operations and further develop its business taking
account of sums required to cover return of deposits to US
customers and the dividend payment due to be made to
shareholders on Oct. 31, 2006," the company said in a statement.

                           About 888

Headquartered in Gibraltar, United Kingdom, 888 Holdings --
http://www.888holdingsplc.com/-- is one of the world's most
popular online gaming companies, offering a variety of online
casino, poker and skill games, and access to a third party
betting exchange, through its various websites 888.com, Casino-
on-Net.com, PacificPoker.com, ReefClubCasino.com, 888.tv,
888.info and Betmate.com.

                        About PartyGaming

Headquartered in Gibraltar, United Kingdom, PartyGaming Plc --
http://www.partygaming.com/-- is the world's leading online
gaming company and owns and operates PartyPoker.com, the world's
largest online poker room.  The Group is also the world's
largest online casino and operates PartyCasino.com and
StarluckCasino Online.  In addition, the Group offers online
bingo through PartyBingo.com, online backgammon through
PartyGammon.com, and non-US facing sports betting through
Gamebookers.com.

Regulated and licensed by the Government of Gibraltar, the Group
has over 1,200 employees located in the head office and
operations centre in Gibraltar, a business process outsourcing
operation in Hyderabad, India and a marketing services
subsidiary in London.  The Group has customers in over 190
countries.

At June 30, 2006, the company's balance sheet showed US$91.5
million in unaudited positive equity, after reporting a US$45.9
million stockholders' deficit at Dec. 31, 2005.


PINT LTD: Calls In Liquidator from Middleton Partners
-----------------------------------------------------
Peter James Yeldon of Middleton Partners was appointed
Liquidator of Pint Ltd. (formerly Wright Line Limited, Vero
Distribution Limited and Bicc-Vero Distribution Limited) on
Sept. 13 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Pint Ltd.
         Electron Way
         Chandlers Ford
         Eastleigh
         Hampshire SO534ZR
         United Kingdom
         Tel: 023 8026 6300
         Fax: 023 8026 8610


QUICK BRICK: Joint Liquidators Take Over Operations
---------------------------------------------------
G. Mummery and P. Atkinson were appointed Joint Liquidators of
Quick Brick Limited on Sept. 19 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Quick Brick Limited
         Fridaywood Farm
         Bounstead Road
         Blackheath
         Colchester
         Essex CO2 0DF
         United Kingdom
         Tel: 01206 575 975
         Fax: 01206 574116


SEA CONTAINERS: Filing Delay Prompts NYSE to Suspend Trading
------------------------------------------------------------
The New York Stock Exchange has suspended Sea Containers Ltd.'s
common shares and its Senior Notes from trading on the NYSE and
NYSE Arca prior to the market opening on Oct. 3.  The NYSE will
submit an application to the Securities and Exchange Commission
to delist these securities.

NYSE reached its decision because Sea Containers has not filed
its 2005 annual report on Form 10-K with the Securities and
Exchange Commission within six months following the due date of
such filing.  The NYSE also noted that the company has not yet
filed its quarterly reports on Form 10-Q during 2006.  These
conditions subjected Sea Containers' securities to the NYSE's
suspension and delisting procedures.

Sea Containers informed the NYSE that, due to its focus on its
proposed restructuring and potential reorganization and the fact
that the company remains uncertain as to when it will be able to
file its annual report, the company is not in a position to
contest the involuntary suspension and proposed delisting of its
common shares and its Senior Notes.  The Company expects these
securities to be delisted from the NYSE upon approval by the
Securities and Exchange Commission.

The suspension applies to these NYSE listed securities of Sea
Containers Ltd:

   -- Class A Common Shares;
   -- Class B Common Shares;
   -- 10 3/4% Senior Notes Due 2006;
   -- 7 7/8% Senior Notes Due 2008;
   -- 12 1/2% Senior Notes Due 2009; and
   -- 10 1/2% Senior Notes Due 2012.

And these NYSE ARCA listed securities:

   -- Class A Common Shares; and
   -- Class B Common Shares.

                      About Sea Containers

Headquartered in London, United Kingdom, Sea Containers --
http://www.seacontainers.com/-- engages in passenger and
freight transport and marine container leasing.  The Bermuda
registered company is primarily owned by U.S. shareholders and
its common shares have been listed on the New York Stock
Exchange (SCRA and SCRB) since 1974.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

                        *     *     *

In June 2006, Moody's Investors Service downgraded the senior
unsecured ratings and confirmed the senior secured rating of Sea
Containers -- Senior Unsecured to Caa3, Senior Secured at B3.
Moody's said the outlook is negative.

The downgrades were due to the increased probability of a
payment default following Sea Containers' disclosure that it is
unable to confirm whether it will pay the $115 million principal
amount of 10-3/4% senior unsecured notes due October 2006.

As reported in the Troubled Company Reporter on Aug. 15 2006,
Standard & Poor's Ratings Services said that its ratings on Sea
Containers Ltd., including the 'CCC-' corporate credit rating,
remain on CreditWatch with negative implications.  Ratings were
lowered to current levels May 1; they were initially placed on
CreditWatch with negative implications on Aug. 25, 2005.

The rating action followed the company's announcement that it is
continuing to evaluate a range of strategic and financial
alternatives, including the "appropriate level of debt capacity,
with the intent to engage the public note holders and other
stakeholders."


SHEENE MILL: Brings In Administrators from Smith & Williamson
-------------------------------------------------------------
Stephen Cork and Joanne Milner of Smith & Williamson were
appointed joint administrators of Sheene Mill Ltd. (Company
Number 3411376) on Sept. 8.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is
an independent professional and financial services group
employing over 1,200 people.  It is the leading provider of
investment management, financial advisory and accountancy
services to private clients, professional practices, mid to
large corporates and non-profit organizations.

Sheene Mill Ltd. can be reached at:

         Station Road
         Melbourn
         Royston
         Hertfordshire SG8 6DX
         United Kingdom
         Tel: 01763 261 393
         Fax: 01763 261 376


SHOP FOR MOBILES: Hires Joint Liquidators from Mazars LLP
---------------------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
Joint Liquidators of Shop for Mobiles Limited on Sept. 13 for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Shop for Mobiles Limited
         Dunston House
         Sheepbridge Works
         Dunston Road
         Chesterfield
         Derbyshire S41 9QD
         United Kingdom
         Tel: 0870 7447714


SIMPLY COPIERS: Names Julianne Anne Palmer Liquidator
-----------------------------------------------------
Julie Anne Palmer of Begbies Traynor was appointed Liquidator of
Simply Copiers Limited on Sept. 20 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Simply Copiers Limited
         89 Clare Road
         Stanwell
         Staines
         Middlesex TW197QP
         United Kingdom
         Tel: 01784 258 425


SOFTBANK MOBILE: S&P Keeps BB+ Ratings on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB+' long-term
ratings on Softbank Mobile Corp., which was renamed from
Vodafone K.K. on Oct. 1, 2006, remain on CreditWatch with
negative implications.

On Sept. 29, parent company Softbank Corp. announced that it
would adopt a business securitization scheme to refinance a
bridge loan used for the acquisition of the mobile phone
business from Vodafone Group PLC.

The ratings on Softbank Mobile were lowered to 'BB+' from 'A+'
and placed on CreditWatch on March 20 following Vodafone Group
PLC's agreement to sell its Japanese subsidiary to Softbank.

Softbank intends to enter into an agreement on the business
securitization in the middle of November and execute financing
at the end of November.  However, Standard & Poor's recognizes
that the refinancing method has yet to be fixed, and detailed
terms and conditions of the business securitization transaction
are subject to change.  Standard & Poor's will resolve the
CreditWatch after confirming the details of the refinancing and
business securitization.

Business securitization is a financing scheme in which an issuer
securitizes cash flows from a specific business, thereby
enhancing the probability of debt servicing.  In such
transactions, cash flows generated from the securitized business
are generally used to redeem the securities.

Softbank announced that, upon implementing the business
securitization scheme, all assets held by Softbank Mobile would
be pledged as collateral for the purpose of the transaction.
The credit quality of any debt outstanding that is not included
in the securitization at the time of closing may change,
depending on the seniority of the debt hierarchy following the
securitization.  However, such a possibility is not incorporated
into the current rating, as the conditions of the securitization
have yet to be finalized.

The ratings on Softbank Corp. remain unchanged.  Softbank has
enhanced its earnings outside the mobile telephone business, and
the company's debt-to-capital ratio is unlikely to further
deteriorate materially, even if securitization of the mobile
telephone business limits Softbank's access to cash flow from
the business.  In addition, given the high feasibility of the
business securitization and massive latent gains from security
holdings, Standard & Poor's believes that refinancing and
liquidity risk should be minor.


SOLUTIA INC: Wants Plan-Filing Period Extended to Apr. 10, 2007
---------------------------------------------------------------
Solutia Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to extend the period
during which they have the exclusive right to:

   (1) file a plan of reorganization through and including
       April 10, 2007; and

   (2) solicit and obtain acceptances of the Plan through and
       including June 11, 2007.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
says the Debtors have made significant progress toward their
reorganization since filing their last exclusivity request but
the JPMorgan Chase Bank and the Equity Committee Adversary
Proceedings continue to hinder the Debtors' progress.

According to Mr. Henes, the Debtors need more time to resolve
various outstanding issues before they can continue the Plan
process.

Mr. Henes assures that Court that the Debtors are not seeking an
extension of their Exclusive Periods to pressure their creditors
to accede to their reorganization demands.

The Debtors reserve their right to seek additional extensions of
their Exclusive Periods.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  The Company filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed $2,854,000,000 in assets and $3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., at Kirkland &
Ellis.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and
Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 70; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SPEEDLINE ENTERPRISES: Hires Gagen Dulari Sharma as Liquidator
--------------------------------------------------------------
Gagen Dulari Sharma was appointed Liquidator of Speedline
Enterprises Limited on Sept. 19 for the creditors' voluntary
winding-up proceeding.

Headquartered in West Bromwich, U.K., Speedline Enterprises
Limited manufactures road workers and wax jackets.


SPEEDTERN LIMITED: Creditors' Meeting Slated for October 10
-----------------------------------------------------------
Creditors of Speedtern Limited (Company Number 3415634) will
meet at 11:00 a.m. on Oct. 10 at:

         CRG Insolvency & Financial Recovery
         Alexandra Dock Business Centre
         Fisherman's Wharf
         Grimsby DN31 1UL
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on Oct. 9 at:

         Charles Howard Ranby-Gorwood
         Administrator
         CRG Insolvency & Financial Recovery
         Suite 4
         Alexandra Dock Business Centre
         Fishermans Wharf
         Grimsby
         Lincolnshire DN31 1UL
         United Kingdom
         Tel: 01472 250001


STANDARD BANK: Fitch Gives B- Rating on Forum's Upcoming Issue
--------------------------------------------------------------
Fitch Ratings assigned Standard Bank plc's upcoming issue of
limited recourse loan participation notes expected ratings of
Recovery RR4 and Long-term B-.  The notes are to be used solely
for financing a loan to Ukraine-based Bank Forum, which is rated
Issuer Default B-, Short-term B, Individual D/E, and Support 5.
The Outlook on the IDR is Stable.  The final ratings are
contingent upon receipt of final documentation conforming
materially to information already received.

Standard Bank plc, a U.K.-domiciled fully authorized bank and a
wholly owned subsidiary of Standard Bank London Holdings PLC,
will only pay noteholders principal and interest received from
Forum.  It will charge certain rights and interests under the
loan agreement to Deutsche Trustee Company Limited for the
benefit of noteholders under a trust deed.

Its claims under the loan agreement will rank at least equally
with the claims of other senior unsecured creditors of Forum,
save those whose claims are preferred by any bankruptcy,
insolvency, liquidation or similar laws of general application.
Under Ukrainian law, the claims of retail depositors rank above
those of other senior unsecured creditors.  At end-H106, retail
deposits accounted for 30% of Forum's total liabilities,
according to the bank's reviewed IFRS accounts.

The loan agreement contains covenants restricting mergers and
disposals by Forum, transactions between the bank and its
affiliates and certain payments and distributions by the bank
and its subsidiaries.  It also contains a cross default clause
and a 'negative pledge' clause, the latter of which allows for
up to 15% of gross loans to customers to be securitized by Forum
and its subsidiaries.

Were such transactions to be undertaken, Fitch comments that the
nature and extent of any over-collateralization would be
assessed by the agency for any potential impact on unsecured
creditors.  Forum must ensure full compliance with capital
adequacy requirements of the National Bank of Ukraine and also
commits to maintaining a minimum total BIS capital adequacy
ratio of 11%.

According to National Bank of Ukraine, Forum was the 12th
largest Ukrainian bank by assets at end-June 2006.  Forum's
principal activities are corporate banking, with a focus on
small and medium-sized companies and retail banking.  The bank
is majority-owned by Leonid Yurushev, a local businessman, and
the members of his family.


STEINWAY MUSICAL: Moody's Downgrades Rating on Sr. Notes to B1
--------------------------------------------------------------
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. consumer products sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Steinway
Musical Instruments, and downgraded its Ba3 rating to B1 on the
company's $175 million senior unsecured notes.  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%).

Steinway Musical Instruments -- http://www.steinwaymusical.com/
--through its operating subsidiaries, designs, manufactures and
markets high quality musical instruments.  The Company has one
of the most valuable collections of brands in the music
industry. Through a worldwide network of dealers, Steinway
Musical Instruments' products are sold to professional, amateur
and student musicians, as well as orchestras and educational
institutions.  The company employs a workforce of over 2,300 and
operates 14 manufacturing facilities in the United States and
Europe.


SUNNYDENE DAIRIES: Claims Registration Ends Oct. 31
---------------------------------------------------
Creditors of Sunnydene Dairies (NE) Limited have until Oct. 31
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to appointed Joint
Liquidator Simon John Lundy of Hawdon Bell & Co. at:

         Simon John Lundy
         Hawdon Bell & Co.
         4 Northumberland Place
         North Shields NE30 1QP
         United Kingdom

The company can be reached at:

         Sunnydene Dairies (NE) Limited
         43 Scafell Gardens
         Crook
         County Durham DL158PF
         United Kingdom
         Tel: 01388 765 883


TELFORD DOORS: Creditors Confirm Liquidator's Appointment
---------------------------------------------------------
Creditors of Telford Doors & Barriers Limited confirmed on
Sept. 19 the appointment of Neil Francis Hickling of Smith &
Williamson Limited as the company's Liquidator.

Headquartered in Telford, U.K., Telford Doors & Barriers Limited
-- http://www.telforddoors.co.uk/-- manufactures industrial
doors, gates railings and fencing, roller shutters and barriers,
and automated security systems.  The company also provides
manpower guarding, repairs and maintenance services.


TIME REVOLUTION: Peter O'Hara Leads Liquidation Procedure
---------------------------------------------------------
Peter O'Hara, of O'Hara & Co. was appointed Liquidator of Time
Revolution Limited on Sept. 18 for the creditors' voluntary
winding-up procedure.

Headquartered in Huddersfield, U.K., Time Revolution Limited
provides cleaning and maintenance services.


TRIGEM COMPUTER: Receives Lone Bid from Human & Technology
----------------------------------------------------------
Human & Technology Co. is the only bidder for TriGem Computer,
Inc.'s assets, Bloomberg News reports citing the South Korean
Maeil Business Newspaper.  The newspaper, in turn, cited an
unidentified official at Samjong KPMG, the accounting firm
arranging the sale, as its source.

Other potential bidders, including Lenovo Group, Ltd., and MBK
Partners, dropped out, Bloomberg adds.

As reported in the Troubled Company Reporter on Sept. 11, TriGem
received letters of interest from Lenovo Group, Ltd., and nine
other interested parties.

Yeon Jong Hyun, finance officer of Human & Technology, said he
expects his company to get exclusive negotiating rights with
TriGem as early as, Bloomberg relates.  Mr. Yeon declined to
disclose the amount of Human & Technology's offer.

Based in Cheongju, South Korea, Human & Technology makes hard-
disk drives.  It seeks to acquire TriGem to expand its product
line-up, according to Bloomberg.

In August 2006, TriGem received letters of interest from 10
interested parties, including Lenovo, MBK and Japanese PC maker
MCJ Co., Ltd.

Lenovo had denied it submitted a bid.  William Amelio, Lenovo's
chief executive officer, admitted that TriGem representatives
approached the Chinese PC maker, according to Reuters.  Mr.
Amelio told Reuters that a deal with TriGem is not forthcoming.

MBK Partners is a private equity fund established in 2005 by
former members of the Carlyle Fund, according to The Dong-A Ilbo
newspaper.

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/--  manufactures desktop PCs,
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.  Il-Hwan Park, the Foreign
Representative, filed a chapter 15 petition on Nov. 3, 2005
(Bankr. C.D. Calif. Case No. 05-50052).  Charles D. Axelrod,
Esq., at Stutman Treister & Glatt, P.C., represents the Foreign
Representative in the United States.  TriGem America
Corporation, an affiliate of the Debtor, filed for chapter 11
protection on June 3, 2005 (Bankr. C.D. Calif. Case No. 05-
13972).  TriGem Texas, Inc., another affiliate of the Debtor,
also filed for chapter 11 protection on June 8, 2005 (Bankr.
C.D. Calif. Case No. 05-14047). (TriGem Bankruptcy News, Issue
No. 7 Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


TRIGEM COMPUTER: Disposes Stake in Korea ePlatform
--------------------------------------------------
TriGem Computer, Inc., has sold all of its interests in Korea
ePlatform, according to Reuters Key Development.  TriGem held
104,166 common shares of Korea ePlatform, totaling
KRW4,999,968,000.

Korea ePlatform provides e-marketplace services.

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/--  manufactures desktop PCs,
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.  Il-Hwan Park, the Foreign
Representative, filed a chapter 15 petition on Nov. 3, 2005
(Bankr. C.D. Calif. Case No. 05-50052).  Charles D. Axelrod,
Esq., at Stutman Treister & Glatt, P.C., represents the Foreign
Representative in the United States.  TriGem America
Corporation, an affiliate of the Debtor, filed for chapter 11
protection on June 3, 2005 (Bankr. C.D. Calif. Case No. 05-
13972).  TriGem Texas, Inc., another affiliate of the Debtor,
also filed for chapter 11 protection on June 8, 2005 (Bankr.
C.D. Calif. Case No. 05-14047). (TriGem Bankruptcy News, Issue
No. 7 Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


TRIGEM COMPUTER: Inks Pact with Gateway on Stay Modification
------------------------------------------------------------
In a stipulation approved by the Hon. Thomas Donovan of the U.S.
Bankruptcy Court for the Central District of California, Il-Hwan
Park, the foreign representative of TriGem Computer, Inc., and
Gateway, Inc., and its affiliates agree to a limited
modification of the automatic stay imposed in TriGem's
Chapter 15 case.

The parties agree that the Gateway Entities may proceed with
their interpleader and request for a judicial determination
binding on TriGem and the Foreign Representative, as to whom the
Gateway Entities owe obligations pursuant to the Original Design
and Manufacture Agreement.

The Gateway Entities, however, are stayed from asserting
affirmative recoveries or other claims against TriGem or the
Foreign Representative.

TriGem assembles and delivers computers to be sold under
Gateway's eMachines label pursuant to the ODM Agreement.

As reported in the Troubled Company Reporter on Sept. 11, 2006,
Gateway and its affiliates asked the Court to lift the automatic
stay imposed in TriGem's Chapter 15 case so they may include
TriGem in a lawsuit filed by TriGem America Corporation.

TGA sued Gateway, Gateway Companies, Inc., and eMachines, Inc.,
in April 2006 to recover $14,954,560 plus interest for unpaid
invoices on account of computers sold by TriGem.  The complaint
alleged that beginning in October 2004, the Gateway Entities
ceased making payments on deliveries, despite TGA's repeated
demands.  TGA is a wholly owned U.S. subsidiary of TriGem.

TriGem has not taken any action to:

    (i) collect any amounts allegedly owed under the ODM
        Agreement for delivered computers;

   (ii) redesignate any other party to collect payments; or

  (iii) assert rights in the Adversary Proceeding.

Notwithstanding repeated requests by TGA and the Gateway
Entities, TriGem has refused to disclaim any interest it may
have in the funds owed under the ODM Agreement.

TGA filed a separate Chapter 11 case in June 2005 before the
U.S. Bankruptcy Court for the Central District of California,
Santa Ana Division.  TGA's lawsuit is pending before that court.

TriGem and the Foreign Representative clarify that, by entering
into the Stipulation, they neither consent to nor submit to the
personal jurisdiction of the Santa Ana Bankruptcy Court or any
other U.S. courts.

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/--  manufactures desktop PCs,
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.  Il-Hwan Park, the Foreign
Representative, filed a chapter 15 petition on Nov. 3, 2005
(Bankr. C.D. Calif. Case No. 05-50052).  Charles D. Axelrod,
Esq., at Stutman Treister & Glatt, P.C., represents the Foreign
Representative in the United States.  TriGem America
Corporation, an affiliate of the Debtor, filed for chapter 11
protection on June 3, 2005 (Bankr. C.D. Calif. Case No. 05-
13972).  TriGem Texas, Inc., another affiliate of the Debtor,
also filed for chapter 11 protection on June 8, 2005 (Bankr.
C.D. Calif. Case No. 05-14047). (TriGem Bankruptcy News, Issue
No. 7 Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


TYSON FOODS: Resolves Government Hiring Concerns in Six Sites
-------------------------------------------------------------
Tyson Foods, Inc., has resolved a disagreement with the Office
of Federal Contract Compliance Programs over employment
practices involving five U.S. locations in Arkansas and one in
Oklahoma.

The OFCCP conducted compliance evaluations of Tyson hiring
activity from 2002 to 2004 at poultry plants in Grannis,
Clarksville, Berryville and Van Buren, Arkansas, and Broken Bow,
Oklahoma, as well as a Springdale, Arkansas, trucking operation.
Based on statistical analyses, the federal agency subsequently
alleged the company discriminated against certain female and
minority job applicants for entry-level production jobs and some
trucking positions.  Tyson officials denied the claim, stating
there were legitimate non-discriminatory reasons for not hiring
the applicants.  However, the company acknowledged that its
defense of this position was hampered by the passage of time
since the reviews began and incomplete documentation of its
selection processes at these locations.

Tyson Foods has since implemented new procedures to ensure the
company retains all relevant documentation of its selection
processes and is also conducting more frequent audits of its
employment practices.  In addition, in an effort to avoid costly
and protracted litigation, Tyson has agreed to pay $1.5 million
to approximately 2,500 women and minorities who were not hired
during the period involved and to make employment offers to some
of those individuals who are still interested in working for the
company.

"We have a history of working cooperatively with the OFCCP and
remain committed to treating all job applicants fairly," said
Ken Kimbro, senior vice president of Human Resources for Tyson
Foods.  "Tyson has a very diverse workforce and strict policies
prohibiting discrimination in the workplace.  We also
communicate our position against discrimination through our Core
Values and Team Member Bill of Rights."

During the time period covered by the OFCCP reviews, Tyson's
representation of minorities at the named processing plants
averaged 59% while the number of females was 49%.

It is Tyson Foods' policy to provide a work environment free of
unlawful harassment and discrimination.  This position is also
reinforced by the company's Code of Conduct, which all Team
Members are required to follow.

Tyson supports diversity and inclusion in the workplace, through
the company's Office of Diversity Business Practices and its
Executive Diversity Business Council, led by Chairman John
Tyson.  Last year the Council initiated the creation of a new
program designed to identify and develop promising workers for
upward movement within the company.  This effort includes
specific attention to the development and advancement of women
and minorities.

The OFCCP is part of the U.S. Department of Labor's Employment
Standards Administration.  The agency is responsible for
ensuring that employers doing business with the federal
government comply with the laws and regulations requiring
nondiscrimination and affirmative action.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

                          *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2006,
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.).

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.

As reported in the Troubled Company Reporter on Sept. 21, 2006,
Moody's Investors Service took a number of rating actions in
relation to Tyson assigned a Ba1 rating to Tyson Foods, Inc.'s
$1 billion senior unsecured bank credit facility and to a
$345 million senior unsecured bank term loan for Tyson's
Lakeside Farms Industries Ltd. subsidiary, under a full Tyson
Foods, Inc. guarantee; affirmed Tyson's Ba1 corporate family
rating, its Not Prime short term rating and its SGL-3
speculative grade liquidity rating; and, applied Moody's new
Probability of Default and Loss Given Default rating methodology
to all of the company's long-term ratings.  The outlook on all
long term ratings continues to be negative.


VKL NURSING: Appoints N. A. Bennett to Liquidate Assets
-------------------------------------------------------
N. A. Bennett of Leonard Curtis was appointed Liquidator of VKL
Nursing and Healthcare Services Limited on Sept. 15 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         VKL Nursing and Healthcare Services Limited
         Shenley Road
         Borehamwood
         Hertfordshire WD6 1TH
         United Kingdom
         Tel: 020 8381 6254


WAINWRIGHT PRINT: Brings In Liquidator from Poppleton & Appleby
---------------------------------------------------------------
Stephen James Wainwright of Poppleton & Appleby was appointed
Liquidator of Wainwright Print Finishers Limited on Sept. 19 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Wainwright Print Finishers Limited
         Unit 6
         Dawson St
         Redfern Industrial Estate
         Hyde
         Cheshire SK141RD
         United Kingdom
         Tel: 016 1368 9797
         Fax: 0161 367 8732


WARP NINE: Calls In Liquidator from Andrew Michaels & Co. Ltd.
-------------------------------------------------------------
Andrew T. Clay of Andrew Michaels & Co. Ltd. was appointed
Liquidator of Warp Nine Limited on Sept. 18 for the creditors'
voluntary winding-up procedure.

Headquartered in Harrogate, U.K., Warp Nine Limited engages in
the rental and retail of videos and games.


WILKES TRADING: Alisdair J. Findlay Leads Liquidation Procedure
---------------------------------------------------------------
Alisdair J. Findlay of Findlay James was appointed Liquidator of
Wilkes Trading Limited on Sept. 20 for the creditors' voluntary
winding-up procedure.

Headquartered in Tiverton, U.K., Wilkes Trading Limited retails
leather goods.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
October 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Commercial Lenders Breakfast
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Panel & Breakfast Meeting: Financial Fraud
         Center Club, Baltimore, MD
            Contact: http://www.turnaround.org/

October 5, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Negotiations Workshop
         Standard Club, Chicago, IL
            Contact: http://www.turnaround.org/

October 6, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy 2006: Views from the Bench
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

October 10, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Center Club, Baltimore, Maryland
            Contact: 703-912-3309 or http://www.turnaround.org/

October 11, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Professional Development Meeting
         Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Melbourne, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

October 11-14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      2006 Annual Conference
         Milleridge Cottage, Long Island, New York
            Contact: 312-578-6900; http://www.turnaround.org/

October 12, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      UTS Fundamentals of Turnaround Management
         Mecure Hotel - Haymarket, Sydney, Australia
            Contact: http://www.turnaround.org/

October 16, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      A Year After BAPCPA
         Georgetown University Law Center, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

October 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Updates on the New Bankruptcy Law
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

October 18-19, 2006
   EUROMONEY
      2nd Annual Latin America Syndicated Loans Conference
         JW Marriott Hotel, Miami, FL
            Contact: http://www.euromoneyplc.com/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA of Nevada's 1st Breakfast Meeting
         The A,B,C's of Valuing and Selling a Business
            Palace Station, Las Vegas, NV
               Contact: http://www.turnaround.org/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Navigating the Potholes and Speed Bumps on Today's
      Economic Highway
         Waller Lansden Dortch & Davis
            Nashville, TN
               Contact: http://www.turnaround.org/

October 19, 2006
   BEARD AUDIO CONFERENCES
      Surviving the Digital Deluge:
         Best Practices in e-Discovery and Records Management
         for Bankruptcy Practitioners and Litigators
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

October 19, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Billards Networking Night - Young Professionals
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds - Expanded Financing Opportunities in Business
      Turnarounds
         Arizona
            Contact: http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 26, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series #3
         TBA, Calgary, Alberta
            Contact: 403-294-4954 or http://www.turnaround.org/

October 27, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Coach Dan Reeves
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

October 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      BK/TMA Golf Tournament
         Orange Tree Golf Resort, AZ
            Contact: 623-581-3597 or http://www.turnaround.org/

October 30-31, 2006
   Distressed Debt Summit: Preparing for the Next Default Cycle
      Financial Research Associates LLC
         Helmsley Hotel, New York, NY
            Contact: http://www.frallc.com/

October 31, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

October 31 - November 1, 2006
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
      IWIRC Annual Conference
         San Francisco, California
            Contact: http://www.iwirc.com/

November 1, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Dessert Reception
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

November 1, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Halloween Isn't Over! - Ghosts of turnarounds past who
         remind you about what you should have done differently
            Portland, Oregon
               Contact: http://www.turnaround.org/

November 1-4, 2006
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         San Francisco, California
            Contact: http://www.ncbj.org/

November 2, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA UK Annual Conference
         Millennium Gloucester Hotel, London, UK
            Contact: http://www.turnaround.org/

November 2-3, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Third Annual Conference on Physician Agreements & Ventures
      Successful Strategies for Medical Transactions and
      Investments
         The Millennium Knickerbocker Hotel - Chicago
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 3, 2006
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      AIRA/NCBJ Breakfast Program
         Marriott, San Francisco, CA
            Contact: 415-896-1600 or http://www.airacira.org/

November 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Marriott, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 7-8, 2006
   EUROMONEY
      5th Annual Distressed Debt Investment Symposium
         Hyatt Regency, London, UK
            Contact: http://www.euromoneyplc.com/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Meeting
         Marriott Tyson's Corner, Vienna, Virginia
            Contact: 703-912-3309 or http://www.turnaround.org/

November 8, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Australia National Conference
         Sydney, Australia
            Contact: http://www.turnaround.org/

November 9, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Webinar "Second Lien Financing or Investing: Are
      There Opportunities for You?"
         TMA HQ, Chicago, IL
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program
         St. Louis, Missouri
            Contact: 815-469-2935 or http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon Program - Cost Containment Strategies
         St. Louis, MO
            Contact: http://www.turnaround.org/

November 14, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Cocktail Reception Honoring the
      Bankruptcy Benches of the Southern &
      Eastern Districts of New York and New Jersey
      Association of the Bar of the City of New York
         New York, NY
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Reception with NYIC/NYTMA
         TBA, New York
            Contact: 908-575-7333 or http://www.turnaround.org/

November 15, 2006
   LI TMA Formal Event
      TMA Australia National Conference
         Long Island, New York
            Contact: http://www.turnaround.org/

November 15, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         Citrus Club, Orlando, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Duquesne Club, Pittsburgh, Pennsylvania
            Contact: http://www.turnaround.org/

November 16, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Program
         TBA, Seattle, Washington
            Contact: 503-223-6222 or http://www.turnaround.org/

November 16-17, 2006
   STRATEGIC RESEARCH INSTITUTE
      8th Annual West Distressed Debt Investing Forum
         Venetian Resort Hotel Casino, Las Vegas, NV
            Contact: http://www.srinstitute.com/

November 17, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast with Harry Nolan, Author of
         Airline without a Pilot - Lessons in Leadership
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

November 23, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Party
         Vancouver, British Columbia
            Contact: 403-294-4954 or http://www.turnaround.org/

November 27-28, 2006
   BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
      Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Essex House Hotel - New York
            Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

November 28, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint TMA Florida/ACG Tampa Bay Luncheon
      Buying and Selling a Troubled Company
         Centre Club, Tampa, FL
            Contact: http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Program
         TBA, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Turnaround Industry Trends
         Jasna Polana, Princeton, NJ
            Contact: http://www.turnaround.org/

November 30-December 2, 2006
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 6, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Dinner
         Portland, Oregon
            Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         The Newark Club, Newark, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      LI TMA Holiday Party
         TBA, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Christmas Function
         GE Commercial Finance, Sydney, Australia
            Contact: 0438 653 179 or http://www.turnaround.org/

December 20, 2006
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA, AVF & CFA
         Georgia Aquarium, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lender's Panel
         University Club, Jacksonville, FL
            Contact: http://www.turnaround.org/

January 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Lender's Panel Breakfast
         Westin Buckhead, Atlanta, GA
            Contact: http://www.turnaround.org/

January 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Distressed Investing Conference
         Wynn, Las Vegas, NV
            Contact: http://www.turnaround.org/

February 8-11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Certified Turnaround Professional (CTP) Training
         NY/NJ
            Contact: http://www.turnaround.org/

February 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA PowerPlay - Atlanta Thrashers
         Philips Arena, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

February 25-26, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Marriott Park City, UT
            Contact: http://www2.nortoninstitutes.org/

February 2007
   AMERICAN BANKRUPTCY INSTITUTE
      International Insolvency Symposium
         San Juan, Puerto Rico
            Contact: 1-703-739-0800; http://www.abiworld.org/

March 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Martini Madness Cocktail Reception with Geraldine Ferraro
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

March 15-18, 2007
   NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
      NABT Spring Seminar
         Ritz-Carlton Buckhead, Atlanta, GA
            Contact: http://www.NABT.com/

March 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

March 27-31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Conference
         Four Seasons Las Colinas, Dallas, Texas
            Contact: http://www.turnaround.org/

March 29-31, 2007
   ALI-ABA
      Chapter 11 Business Reorganizations
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

April 11-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800; http://www.abiworld.org/

April 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

April 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast meeting with Chapter President, Bruce Sim
         Westin Buckhead, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual TMA Atlanta Golf Outing
         White Columns, Atlanta, GA
            Contact: 678-795-8103 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, WY
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, RI
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

September 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Orlando, Florida
            Contact: http://www.ncbj.org/

October 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL
            Contact: 561-882-1331 or http://www.turnaround.org/

October 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

December 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

December 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South FL
            Contact: 561-882-1331 or http://www.turnaround.org/

January 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, FL

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
         JW Marriott S.p.A. and Resort, Las Vegas, NV
            Contact: http://www.airacira.org/

September 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

October 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place, Boston, Massachusetts
            Contact: 312-578-6900; http://www.turnaround.org/

October 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

October 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

   BEARD AUDIO CONFERENCES
      Coming Changes in Small Business Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Distressed Real Estate under BAPCPA
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
          http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Fundamentals of Corporate Bankruptcy and Restructuring
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Reverse Mergers - the New IPO?
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Dana's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Employee Benefits and Executive Compensation
      under the New Code
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


   BEARD AUDIO CONFERENCES
      Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
         http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Calpine's Chapter 11 Filing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Healthcare Bankruptcy Reforms
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      Changes to Cross-Border Insolvencies
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      The Emerging Role of Corporate Compliance Panels
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com

   BEARD AUDIO CONFERENCES
      Privacy Rights, Protections & Pitfalls in Bankruptcy
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

   BEARD AUDIO CONFERENCES
      High-Yield Opportunities in Distressed Investing
         Audio Conference Recording
            Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                           *********

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

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

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

                           *********

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

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

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

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

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

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


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