TCREUR_Public/060630.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, June 30, 2006, Vol. 7, No. 129

                            Headlines


A U S T R I A

ARIAL: Claims Registration Period Expires July 4
BCS FITNESS: Claims Registration Period Ends July 4
ELEKTRO RANSMAYR: Claims Registration Period Ends July 10
FRANZ RANSMAYR: Claims Registration Period Ends July 10
FREAG FRANZ: Proof of Claim Deadline Slated for July 10

FUHRLINGER: First Creditors' Meeting Slated for July 4
KETTL: First Creditors' Meeting Slated for July 17
KW COMPUTER: First Creditors' Meeting Slated for July 3
STRABAG SE: Allows Special Audit for Ed. Zublin Unit


F I N L A N D

BENEFON OYJ: To Begin TWIG Discovery Shipment in Third Quarter


F R A N C E

ALSTOM SA: Inks EUR100-Mln Contract to Modernize Rifaa II Site
EUTELSAT COMMS: Repaying SatBirds Loan with New EUR1.9-Bln Debt
VALLAURIS II: S&P Assigns BB Rating to Class IV Notes


G E R M A N Y

GLOBE-FRUITS: Claims Registration Ends Aug. 30
JESSEN FENSTERBAU: Claims Registration Ends July 21
OWIS STEUERBERATUNGSGESELLSCHAFT: Sets Aug. 25 Claims Bar Date
RAMMINGER CORPORATE: Claims Registration Ends July 31
SCHOENEN FERTIGHAUS: Claims Registration Ends July 21


H U N G A R Y

BORSODCHEM RT: Injects PLN8-Mln Fresh Capital to Polish Unit


I R E L A N D

AVEBURY FINANCE: Moody's Rates US$3.5-Mln Class E Notes at Ba1
SMURFIT KAPPA: Fitch Affirms Issuer Default Rating at B+


I T A L Y

BANCA POPOLARE: Consob Okays EUR720 Million Capital Hike
TISCALI SPA: Names Mario Mariani as Tiscali Italia Unit CEO


K A Z A K H S T A N

ALTEI: Creditors Must File Claims by July 14
CENTER OF THE FOREIGN POLITICS: Creditors' Claims Due July 14
SKRON: Creditors Must File Claims by July 14
SNAB-AGRO: Proof of Claim Deadline Slated for July 14
TANDEM: Proof of Claim Deadline Slated for July 14

TARA: Kyzylorda Court Opens Bankruptcy Proceedings
TURGENSKY REPAIR: Claims Registration Ends July 14


L U X E M B O U R G

THESEUS EUROPEAN CLO: S&P Assigns BB Rating to Class E Notes


N E T H E R L A N D S

GETRONICS NV: Partners with Ubmatrix to Enter XBRL Market


R U S S I A

AGROS-BREAD-PRODUCT-VORONEZH: Court Opens Bankruptcy Process
AUTO-TRANSPORT ENTERPRISE: N. Orlushin to Manage Assets
BASHKIRSKIY CLOTH: Bankruptcy Hearing Slated for Sept. 6
BUILDER: Tyumen Court Commences Bankruptcy Supervision
GAZPROM: Plans to Purchase Additional Gas Volume From Rosneft

KLETNYANSKOYE GRAIN: V. Pochtovyj to Manage Insolvency Assets
LUKOIL: First Quarter Net Income Up 43% to US$1.7 Billion
LUKOIL: Shareholders Approve Dividend Payment
LUKOYANOV-REAL-BAZA: Bankruptcy Hearing Slated for Aug. 29
MAYSKIY ELECTRONIC: Court Begins Bankruptcy Supervision

OKTYABRSKIY LEATHER-SHOE: Court Begins Bankruptcy Process
PAUSTOVSKAYA SPINNING-WEAVING: M. Anikin to Manage Assets
PERM-NEFTE-MASH-REMONT: Bankruptcy Hearing Slated for July 26
POVOLZHSKAYA TRANSPORT: Court Commences Bankruptcy Supervision
ROSNEFT: Plans to Sell Additional Gas Volume to Gazprom

SOUTHERN TELECOM: Shareholders Approve 2005 Annual Report
SYAMOZERSKIY FISHING: Bankruptcy Hearing Slated for Aug. 28
VOLGA-ENERGO-RESOURCE: Court Starts Bankruptcy Supervision


T U R K E Y

* S&P Revises Outlook on Seven Turkish Banks to Stable


U K R A I N E

BLUE STAR: Court Names Volodimir Kostuk to Liquidate Assets
KARBON: Lviv Court Starts Bankruptcy Supervision
LAPARIT: Court Appoints S. Koshenko to Manage Insolvency Assets
MIKROPRILAD-MARKET: Court Names Nadiya Slidzyona as Liquidator
ODESVODOKANAL: Court Appoints Volodimir Shnyakin as Liquidator

PEREMOGA: Court Starts Bankruptcy Supervision
PRAGMAKONTAKT: Court Names O. Sherban to Liquidate Assets
SOKAL' KOMBI-FOOD: Court Names Oksana Gentsh to Manage Assets
SVITANOK: Court Names Nadiya Slidzyona as Insolvency Manager
TUPKAL: Court Appoints Kirilo Liseyev as Insolvency Manager


U N I T E D   K I N G D O M

A & S SELF DRIVE: Financial Woes Trigger Liquidation
A.C.A (FMC): Winds Up Assets & Appoints Liquidator
ACTU8 RECRUITMENT: Hires Joint Liquidators from Begbies Traynor
ANK LOGISTICS: Creditors Pass Winding Up Resolution
BIGFT GROUP: Winds Up Business & Appoints Liquidator

BRIDGE PERSONNEL: Mounting Liabilities Prompt Liquidation
C.M. STORES: Creditors Confirm Liquidator's Appointment
CASH CONTROL: Creditors Resolve to Liquidation
COLONIAL CONSTRUCTION: Jane Walker Leads Liquidation Procedure
DP FURNITURE: Taps Stephen Goderski to Liquidate Assets

DALBY ASSOCIATES: Brings In Joint Liquidators from Baker Tilly
GALLIUM INNOVATIONS: Names David Anthony Horner Liquidator
LIAM CHIVERS: Claims Filing Period Ends Dec. 31
KITE STORE: Appoints Peter Richard Dewey as Liquidator
WORLD OF CALENDARS: Creditors Opt to Liquidate Assets

                            *********

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


ARIAL: Claims Registration Period Expires July 4
------------------------------------------------
Creditors owed money by Construction, Trade and Transport LLC
Arial (FN 245982p) have until July 4 to file written proofs of
claims to court-appointed property manager Michael Lang at:

         Mag. Michael Lang
         Maria-Theresien-Strasse 9/4
         1090 Vienna, Austria
         Tel: 319 32 60
         Fax: 319 32 60-9
         E-Mail: lang@brandlang.com

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 18 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
May 16 (Bankr. Case No. 4 S 82/06w).  Martin Koroschetz
represents Mr. Lang in the bankruptcy proceedings.


BCS FITNESS: Claims Registration Period Ends July 4
---------------------------------------------------
Creditors owed money by LLC BCS Fitness Studio (FN 199376a) have
until July 4 to file written proofs of claims to court-appointed
property manager Arno Maschke at:

         Dr. Arno Maschke
         Mariahilfer Strasse 50
         1070 Vienna, Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-Mail: schulyok-unger@csg.at

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 18 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
May 16 (Bankr. Case No. 2 S 83/06b).  Dr. Georg Unger represents
Dr. Maschke in the bankruptcy proceedings.


ELEKTRO RANSMAYR: Claims Registration Period Ends July 10
---------------------------------------------------------
Creditors owed money by LLC Elektro Ransmayr (FN 211800x) have
until July 10 to file written proofs of claims to court-
appointed property manager Gerhard Rothner at:

         Dr. Gerhard Rothner
         Schillerstrasse 1
         4020 Linz, Austria
         Tel: 0732/6673260
         Fax: 0732/66732029
         E-mail: g.rothner@wildmoser-koch.com

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 24 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522, 5th Floor
         Linz, Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on May 16 (Bankr. Case No. 12 S 42/06y).  Mag. Elisabeth Burger-
Huber represents Dr. Rothner in the bankruptcy proceedings.


FRANZ RANSMAYR: Claims Registration Period Ends July 10
-------------------------------------------------------
Creditors owed money by LLC Dr. Franz Ransmayr (FN 82381z) have
until July 10 to file written proofs of claims to court-
appointed property manager Gerhard Rothner at:

         Dr. Gerhard Rothner
         Schillerstrasse 1
         4020 Linz, Austria
         Tel: 0732/6673260
         Fax: 0732/66732029
         E-Mail: g.rothner@wildmoser-koch.com

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 24 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522, 5th Floor
         Linz, Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on May 16 (Bankr. Case No. 12 S 43/06w).  Mag. Elisabeth Burger-
Huber represents Dr. Rothner in the bankruptcy proceedings.


FREAG FRANZ: Proof of Claim Deadline Slated for July 10
-------------------------------------------------------
Creditors owed money by LLC FREAG Franz Ransmayr (FN 244662y)
have until July 10 to file written proofs of claims to court-
appointed property manager Gerhard Rothner at:

         Dr. Gerhard Rothner
         Schillerstrasse 1
         4020 Linz, Austria
         Tel: 0732/6673260
         Fax: 0732/66732029
         E-mail: g.rothner@wildmoser-koch.com

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 24 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522, 5th Floor
         Linz, Austria

Headquartered in Linz, Austria the Debtor declared bankruptcy on
May 16 (Bankr. Case No. 12 S 41/06a).  Mag. Elisabeth Burger-
Huber represents Dr. Rothner in the bankruptcy proceedings.


FUHRLINGER: First Creditors' Meeting Slated for July 4
------------------------------------------------------
Creditors owed money by LLC Fuhrlinger (FN 86470m) are
encouraged to attend the first creditors' meeting at 10:00 a.m.
on July 4 to consider the adoption of the rule by revision and
accountability.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522, 5th Floor
         Linz, Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy
on May 16 (Bankr. Case No. 38 S 26/06m).  Markus Weixlbaumer
served as the court-appointed property manager for the bankrupt
estate.


KETTL: First Creditors' Meeting Slated for July 17
--------------------------------------------------
Creditors owed money by LLC Kettl (FN 226142m) are encouraged to
attend the first creditors' meeting at 9:30 a.m. on July 17 to
consider the adoption of the rule by revision and
accountability.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522, 5th Floor
         Linz, Austria

Creditors have until today, July 3 to file written proofs of
claim to court-appointed property manager Georg Maxwald at:

         Dr. Georg Maxwald
         Dametzstrasse 51
         4020 Linz, Austria
         Tel: 77 11 41
         Fax: 78 30 44
         E-Mail: maxwald-bauer@aon.at

Headquartered in Leonding, Austria, the Debtor declared
bankruptcy on May 16 (Bankr. Case No. 12 S 41/06a).


KW COMPUTER: First Creditors' Meeting Slated for July 3
-------------------------------------------------------
Creditors owed money by KW Computer (FN 39253a) will convene for
its first meeting at 10:30 a.m. today, July 3, to consider the
adoption of the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222, 2nd Floor
         Graz, Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on May 16 (Bankr. Case No. 26 S 56/06i).


STRABAG SE: Allows Special Audit for Ed. Zublin Unit
----------------------------------------------------
Strabag SE has agreed to the request of the Lenz family for a
special audit at German construction firm Ed. Zublin to review
the integration of the companies' construction and civil
engineering operations, Borsen Zeitung says.

Strabag also conceded with the Lenz family's request that calls
for Zublin to distribute EUR880,000 of its EUR2.9 million profit
as dividend.  Strabag, which had intended to retain the profits
in full, holds a strategic 57% stake in Zublin, while the Lenz
family holds the remaining 43% stake, the German daily says.
Thomas Liebscher of Shearmann & Sterling will carry out the
special audit.

Strabag CEO Hans-Peter Haselsteiner said the concession does not
represent a lack of confidence in the Zublin's management board.
According to the report, Mr. Haselsteiner hopes that concessions
would lead to constructive talks between Strabag and the Lenz
family in the interests of Zublin.

                          About Strabag

Headquartered in Spittal, Austria, Strabag SE --
http://www.strabag.at/-- is the largest construction company in
the country with EUR9.8 billion in revenues and 40,000 employees
in 2005.  The group offers services including architecture and
engineering, tunneling, and general construction.  Strabag has
operations in Austria, Germany, and Hungary and in other
countries in Central and Eastern Europe.

As reported in the TCR-Europe on June 1, Standard & Poor's
Ratings Services raised its corporate credit rating on Austria-
based engineering and construction group Strabag SE to 'BB+'
from 'BB' due to the group's solid business performance.  The
outlook is stable.

At the same time, the rating on Strabag's senior unsecured
EUR150 million notes issued at the Strabag SE level under the
EUR500 million medium term note program was raised to 'BB+' from
'BB'.

Conversely, additional major debt-financed acquisitions could
put negative pressure on the ratings.


=============
F I N L A N D
=============


BENEFON OYJ: To Begin TWIG Discovery Shipment in Third Quarter
--------------------------------------------------------------
Benefon Oyj reveals that the launch of its integrated GPS/GSM
personal navigation device, TWIG discovery, is on schedule to
commence shipping in the third quarter to its primary markets.

The first TWIG product, TWIG Discovery, has now passed all legal
certification requirements including FTA, opening the way for
sales into the GSM mobile global market. In addition all pre-
production has been completed with mass production set to
commence next month.

Market roll out launch plans are now underway in the primary
markets of Finland, Germany, Spain, U.K., Denmark and Sweden,
followed with a second launch phase in France, The Netherlands,
Russia and China.

"TWIG Discovery is the first of many, on our new product
roadmap, and we intend to capture our advantage within this
market by continuously updating our services and solutions
offering, thereby delivering an exciting portfolio of personal
navigation products to our customers", tells Simon Button, Chief
Technology Officer.

Once TWIG Discovery is launched the company will update its
financial forecast for the year 2006 including a rolling 12
months financial forecast in order to provide an accurate
projection of the trend's within the business and their effect
on Benefon's financial performance.

"Benefon will demonstrate its performance capability by
delivering a robust stable product that will meet the needs of
our customers within the fast growing navigation market", says
Jonathan Bate, Chief Executive Officer.

Headquartered in Salo, Finland, Benefon Oyj --
http://www.benefon.com/-- provides mobile telematics solutions
saving lives, securing assets and improving field management.

At Dec. 31, 2005, Benefon Oyj's had EUR4.97 in total assets and
EUR7.30 million in total liabilities, resulting in a EUR2.33
million stockholders' deficit.


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


ALSTOM SA: Inks EUR100-Mln Contract to Modernize Rifaa II Site
--------------------------------------------------------------
Alstom S.A. has signed a contract, worth more than EUR100
million, with the Ministry of Electricity and Water, Kingdom of
Bahrain for the modernization of the Rifaa II power plant.

The single-cycle power plant consists of six type GT13D2 gas
turbines operating on fuel gas.  The plant is over 20 years old
and while it continues to operate reliably, it requires
significant investment to ensure its long-term performance and
competitiveness.  The modernization project will not only
restore gas turbine output and efficiency lost due to the
effects of ageing, but will vastly improve overall plant
performance and meet the highest environmental standards.
Customer maintenance costs will also be significantly reduced.

The scope of the contract includes the replacement of existing
gas turbine single burners with ALSTOM's well-proven EV burner
technology to significantly reduce NOx emissions.

The plant's gas turbines will be upgraded to GT13DM comprising
new blades, vanes and vane carriers.  The benefits of the
upgrade include the extension of major overhaul intervals from
three to every four years, increased efficiency and power
output, and reduced life-cycle costs of the turbines.

Instrumentation and control and electrical systems will also be
modernized, incorporating Turbopack 3000, ALSTOM's modular
service solution for the upgrade and modernization of electrical
systems.

The plant will be upgraded between November 2006 and 2009 during
scheduled major overhauls of the gas turbines.

"We are delighted to be chosen by MEW for this project which
will bring major environmental benefits and give the Rifaa II
plant a second life in preparation for its important long-term
role in Bahrain's growing power generation market," Hans-Peter
Meer, Senior Vice President of Power Service, commented.  "This
success is based on our extensive upgrade and modernization
experience and our competence in engineering integrated plant
service solutions that support our customers' competitiveness."

                           About Alstom

Headquartered in Paris, France, Alstom S.A. --
http://www.alstom.com/-- is a leading maker of power-generation
systems and constructs power plants, rail equipment, luxury
passenger ships, naval vessels, and natural gas tankers.  It
also produces electrical drives, motors, and generators.  The
group generates EUR13 billion in annual revenues and employs
more than 70,000 people worldwide.  The group posted EUR865
million in net loss and EUR1.4 billion in net debt for the
financial year 2004/2005.


EUTELSAT COMMS: Repaying SatBirds Loan with New EUR1.9-Bln Debt
---------------------------------------------------------------
Eutelsat Communications signed a facilities agreement for a
EUR1.9 billion loan on June 8, fully arranged and underwritten
by Banc of America Securities Ltd., BNP Paribas, Lloyds TSB Bank
plc, and The Royal Bank of Scotland plc, who were appointed as
Mandated Lead Arrangers and joint Bookrunners.

The proceeds of the refinancing will be used to repay in full
before June 30, 2006, the EUR1.6 billion senior debt contracted
by SatBirds Finance Sarl, a Luxembourg-based intermediate
holding company between Eutelsat Communications and Eutelsat SA,
and to increase financial flexibility of the Eutelsat Group.

The refinancing process will:

   -- reduce the blended cost of senior debt by 75 basis points,
      taking down the senior debt margin to 100 basis points;

   -- extend maturity of the senior debt to June 2013; and

   -- soften restrictive covenants thresholds.

The refinancing marks the first milestone in the Group corporate
structure simplification process which aims to result in direct
ownership of Eutelsat SA by Eutelsat Communications by fiscal
year 2007-2008.

               Improvement of Senior Debt Profile

The newly raised senior debt combines a EUR1.6 billion senior
term loan facility with a EUR300 million senior revolving credit
facility with these terms:

                                                Revolving Credit
                             Senior Term Loan       Facility
                             ----------------   ----------------
  Maximum principal amount     EUR1.6 billion     EUR300 million
  Maturity                          June 2013          June 2013
  Margin ratchet (bp)              75 - 162.5         75 - 162.5
  Margin (as of June 8, 2006)             100                100
                                              Undrawn on closing

                  Interest Rate Hedging Strategy

In the framework of the refinancing, the Group will maintain the
long-term interest rate protective hedging strategy already in
place:

   -- EURIBOR capped below 3.25% up to April 2008;
   -- EURIBOR capped below 3.75% beyond April 2008 until April
      2010.

                Increased Financial Flexibility

The terms of the Group's new senior debt include the following
financial covenants, providing the Group with additional
financial flexibility:

   -- Net Debt to EBITDA less than or equal to 5.5x, decreasing
      over time.

   -- EBITDA to net cash interest payable greater than or equal
      to 2.75x.

Current leverage remains unchanged; Net Debt to EBITDA stood at
3.8x at Dec. 31, 2005.

The senior debt refinancing is expected to lower the Group's
interest charge by approximately EUR12 million per annum on a
full year basis, from fiscal year 2006-2007 on.

The cost of the transaction will be amortized over seven years.
In addition, this refinancing will lead to the non-cash write-
off of 36 million euros of loan set-up fees related to former
senior debt facilities which will be booked under financial
expenses in the current fiscal year.

                      About the Company

Headquartered in Paris, France, Eutelsat Communications --
http://www.eutelsat.com/-- is the holding company of Eutelsat
S.A.  The Group is a leading satellite operator with capacity
commercialised on 23 satellites providing coverage over the
entire European continent, as well as the Middle East, Africa,
India and significant parts of Asia and the Americas.  The Group
is one of the world's three leading satellite operators in terms
of revenues.  Its satellites are used for broadcasting nearly
1,800 TV and 900 radio stations to more than 120 million cable
and satellite homes.  The Group also provides TV contribution
services, corporate networks, mobile positioning and
communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and inflight applications.

                        *     *     *

As reported in TCR-Europe on June 23, Moody's Investors Service
assigned a (P)B1 rating to Eutelsat Communication S.A.'s new
Term Loan and Revolving Credit Facilities, which replace similar
facilities at SatBirds Finance, an intermediate holding company
and financing vehicle set up in the context of Eutelsat S.A.'s
leveraged recapitalization.

The ratings for the facility at Satbirds Finance have been
withdrawn.  Eutelsat Communication's corporate family rating
remains at Ba3 and the outlook for all ratings remains positive.


VALLAURIS II: S&P Assigns BB Rating to Class IV Notes
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR274.4 million floating-rate notes to be
issued by Vallauris II CLO PLC, a special purpose entity.  At
the same time, Vallauris II will issue EUR32.2 million of
unrated notes.

The collateral portfolio for the Vallauris II transaction
consists of senior secured, second-lien, and mezzanine leveraged
loans with a target par amount of EUR300 million.  The
collateral manager may also invest in synthetic securities and
structured finance securities.  The portfolio will be about 70%
ramped-up on the closing date and the collateral manager is
responsible for acquiring the full target portfolio par amount
within a year of closing.

The collateral will be actively managed during the reinvestment
period, with an up to 20% annual discretionary trading bucket,
subject to a number of reinvestment conditions.  After the end
of the reinvestment period, scheduled principal proceeds, along
with sale proceeds from defaulted assets, will be used to redeem
the notes.  Unscheduled principal proceeds and sale proceeds
from credit-improved and credit-impaired obligations may still
be reinvested.

This is the second leveraged loan CLO transaction originated and
managed by Natexis Banques Populaires.

                       Ratings List
                   Vallauris II CLO PLC
    EUR306.6 Million Floating-Rate And Subordinated Notes

                        Prelim.        Prelim.
         Class          rating         amount (Mil. EUR)
         -----          ------         ------
           I             AAA            187.8
           II            AA              52.3
           III           BBB             25.4
           IV            BB               8.9
           Subordinated  NR              32.2

           NR - Not rated



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


GLOBE-FRUITS: Claims Registration Ends Aug. 30
----------------------------------------------
Creditors of Globe-Fruits GmbH have until Aug. 30 to register
their claims with court-appointed provisional administrator Dr.
Joachim Heitsch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on July 20, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Charlottenburg
         II. Stock Saal 218
         Amtsgerichtsplatz 1
         14057 Berlin
         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 Charlottenburg opened bankruptcy
proceedings against Globe-Fruits GmbH on June 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The administrator can be reached at:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The Debtor can be reached at:

         Globe-Fruits GmbH
         BeusselstraŠe 44
         10553 Berlin
         Germany


JESSEN FENSTERBAU: Claims Registration Ends July 21
---------------------------------------------------
Creditors of Jessen Fensterbau GmbH have until July 21 to
register their claims with court-appointed provisional
administrator Caroline Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 29, 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 Aachen
         3 Etage
         Sitzungssaal K 5
         Alter Posthof 1
         52062 Aachen
         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 Aachen opened bankruptcy proceedings
against Jessen Fensterbau GmbH on June 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The administrator can be reached at:

         Caroline Schmitz
         Waisenhausstr. 3
         52349 Dueren
         Germany

The Debtor can be reached at:

         Jessen Fensterbau GmbH
         Millenerweg 25
         52538 Selfkant
         Germany

         Attn: Joerg Wilhelm Jessen, Manager
         Sofienring 82
         52538 Selfkant
         Germany


OWIS STEUERBERATUNGSGESELLSCHAFT: Sets Aug. 25 Claims Bar Date
--------------------------------------------------------------
Creditors of OWIS Steuerberatungsgesellschaft mbH have until
Aug. 25 to register their claims with court-appointed
provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on July 19, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Charlottenburg
         II. Stock Saal 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the
administrator's report at 9:15 on Oct. 18, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against OWIS Steuerberatungsgesellschaft mbH on
June 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The administrator can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The Debtor can be reached at:

         OWIS Steuerberatungsgesellschaft mbH
         Schubartstrasse 57
         13509 Berlin
         Germany


RAMMINGER CORPORATE: Claims Registration Ends July 31
-----------------------------------------------------
Creditors of Ramminger Corporate & Marketing Communication GmbH
have until July 31 to register their claims with court-appointed
provisional administrator Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Aug. 31, 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 Charlottenburg
         II. Stock Saal 218
         Amtsgerichtsplatz 1
         14057 Berlin
         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 Charlottenburg opened bankruptcy
proceedings against Ramminger Corporate & Marketing
Communication GmbH on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The administrator can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The Debtor can be reached at:

         Ramminger Corporate & Marketing Communication GmbH
         Buelowstr. 66
         10783 Berlin
         Germany


SCHOENEN FERTIGHAUS: Claims Registration Ends July 21
-----------------------------------------------------
Creditors of Schoenen Fertighaus Produktion GmbH have until
July 21 to register their claims with court-appointed
provisional administrator Siegfried Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Aug. 21, 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 Aachen
         3 Etage
         Sitzungssaal K 5
         Alter Posthof 1
         52062 Aachen
         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 Aachen opened bankruptcy proceedings
against Schoenen Fertighaus Produktion GmbH on May 29.
Consequently, all pending proceedings against the company have
been automatically stayed.

The administrator can be reached at:

         Siegfried Mueller
         Zum Markt 10
         53894 Mechernich
         Germany

The Debtor can be reached at:

         Schoenen Fertighaus Produktion GmbH
         Gewerbegebiet-Am Muerel 13
         53945 Blankenheim
         Attn: Mathias Schoenen, Manager


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


BORSODCHEM RT: Injects PLN8-Mln Fresh Capital to Polish Unit
------------------------------------------------------------
BorsodChem Rt. increased the capital of its fully owned Polish
subsidiary Petrochemia Blachownia by PLN8 million on June 28.

The capital increase is in accord with the Company's strategy
disclosed last year in the acquisition announcement of
Petrochemia Blachownia.

The capital increase will contribute towards the current
capacity expansions on site, strengthening the safety and
technical engineering as well as further enhancing the quality
of Petrochemia Blachownia's aromatics products, such increasing
profitability and overall corporate value of BorsodChem.

                      About BorsodChem

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

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

At Dec. 31, 2005, BorsodChem had HUF237.9 billion in total
assets, HUF98.9 billion in total liabilities and HUF139.02
billion in total shareholders' equity.

                        *     *     *

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


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


AVEBURY FINANCE: Moody's Rates US$3.5-Mln Class E Notes at Ba1
--------------------------------------------------------------
Moody's Investors Service assigned these ratings to the Notes of
Avebury Finance CDO plc, a limited purpose vehicle incorporated
under the laws of Ireland:

   -- US$9.7 million Class X Floating Rate Notes due 2012: Aaa;

   -- US$879.5 million Class A-1A Revolving Floating Rate Notes
due 2051: Aaa;

   -- US$55 million Class A-2 Floating Rate Notes due 2051: Aaa;

   -- US$37 million Class B Floating Rate Notes due 2051: Aa1;

   -- US$14 million Class C Deferrable Floating Rate Notes due
2051: A2;

   -- US$6 million Class D Deferrable Floating Rate Notes due
2051: Baa2; and

   -- US$3.5 million Class E Deferrable Floating Rate Notes due
2051: Ba1.

About US$5 million Subordinated Notes have been issued but not
rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity date of each Class of Notes.

These ratings are based upon:

   -- an assessment of the credit quality and of the
diversification of the assets to be included in the
portfolio;

   -- an assessment of the eligibility criteria, reinvestment
criteria and portfolio limits applicable to the future
additions to the portfolio;

   -- the overcollateralization of the notes;

   -- the protection against losses through the subordination of
the more junior classes of notes to the more senior
classes of notes;

   -- the expertise of KBC Financial Product U.K. Limited. in
      the management of structured finance portfolios; and

   -- the legal and structural integrity of the transaction.

Avebury Finance CDO plc is a managed cash flow CDO relating to
an US$1,000,000,000 portfolio of structured finance securities.
The portfolio will be dynamically managed by KBC Financial
Product U.K. Limited.  KBC Financial Product U.K.'s
professionals have been involved in the management of 11
synthetic CDO transactions from 2001 to 2006.  Avebury Finance
CDO plc is the first cash CDO transaction KBC FP manages.  The
average rating constraint of the portfolio is set at a 48 ten-
year rating factor, which is equivalent to a rating in between
Aa3 and A1.

A large portion of the portfolio has already been acquired at
the closing date and the remaining portion will be acquired
during the six-month ramp-up period in compliance with portfolio
guidelines.  Thereafter, the portfolio of structured finance
securities will be actively managed and the portfolio manager
may advise the issuer to buy or sell collateral debt securities.
Any addition or removal of collateral debt securities will be
subject to a number of portfolio criteria.


SMURFIT KAPPA: Fitch Affirms Issuer Default Rating at B+
--------------------------------------------------------
Fitch Ratings affirmed Smurfit Kappa Acquisitions' Issuer
Default Rating at 'B+'.  At the same time the agency affirmed
the instrument ratings.  A Stable Outlook has been assigned.

The stable outlook assigned to Smurfit Kappa Group's ratings
reflects Fitch's view that EBITDA will return to growth during
the course of 2006 and that SKG will be in a position to
generate significant cashflow for debt repayment from 2007-8.

"SKG's results for the first quarter of 2006 were weaker than
previous periods, but Fitch expects improvements during the
course of the year as corrugated price increases are implemented
and cost synergies from the merger and from plant closures take
effect," said Michelle De Angelis, Director in Fitch's Leveraged
Finance team in London.  "Nonetheless, Fitch will continue to
monitor SKG's progress in this regard closely, as the current
rating and outlook are predicated on the expected stabilization
of EBITDA performance at YE05 levels or higher."

Although pro forma revenues increased by 4%, SKG reported EBITDA
of EUR172 million for Q106, down 12% (pro forma) year-on-year
and representing a margin of just 9.8%.  The main contributory
factors to the margin squeeze were higher energy costs (up
approx. EUR30 million year-on-year) and higher packaging-grade
paper prices which were not immediately passed through to the
end corrugated customer -- although SKG's level of vertical
integration offers the company some protection in this regard.

SKG has confirmed that a 3% increase in corrugated prices has
now largely been implemented, and expects further price
increases during the course of 2006.  This will enable the
company to recoup margin and improve results.  Fitch estimates
that SKG could report YE06 EBITDA of between EUR825 million to
EUR900 million, depending on the level of price increases
implemented by SKG.

The 'B+' IDR reflects the combination of Kappa Packaging and
Jefferson Smurfit Group into SKG, now Europe's largest
integrated manufacturer of containerboard, corrugated containers
and other paper-based packaging products.  The combined SKG
operations include some of the most efficient production
facilities in Europe, and offer significant synergy potential.

Although SKG's high financial leverage limits the company's
financial flexibility, its expected future ability to generate
cash for debt repayment supports the 'B+' IDR.  In terms of the
industry, whilst there are signs of improvement in market
conditions, and the supply-demand imbalance is improving, high
input costs, namely energy, continue to squeeze margins.
Therefore the ability of SKG to implement price increases,
deliver synergy benefits, grow EBITDA, reduce leverage and
realise cash from disposals will be key to the maintenance of
the current rating.

SKG instrument ratings affirmed:

   -- Smurfit Kappa Acquisitions Senior Secured Facilities:
      'BB+'/'RR1';

   -- Smurfit Kappa Funding plc Senior Notes due 2012: 'B'/
      'RR5';

   -- Smurfit Kappa Funding plc Senior Subordinated Notes due
      2015: 'B-'/'RR6';

   -- Smurfit Kappa Holdings plc Senior PIK Notes due 2015:
      'CCC+'/'RR6'


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


BANCA POPOLARE: Consob Okays EUR720 Million Capital Hike
--------------------------------------------------------
Commissione Nazionale per le Societa e la Borsa (Consob),
Italy's stock market regulator, approved the publication of the
Prospectus linked with the option offer to Banca Popolare
Italiana shareholders and convertible bondholders on June 27.

Under the terms of the offer -- decided by the Board of
Directors of Banca Popolare Italiana on May 18, on the basis of
the delegation conferred upon them by the Extraordinary Meeting
of Shareholders of April 29, -- 105,795,900 ordinary shares will
be issued, having a nominal value of EUR3.00 each, regular
dividend.

They will be offered as options to the shareholders and the
holders of convertible bonds under the loan termed "Banca
Popolare di Lodi 2000/2010 Subordinated Convertible Bond Loan"
in a ratio of 21 new ordinary shares for every 100 shares and/or
convertible bonds held, at a price of EUR6.80 each, of which
EUR3.80 as share premium, for a total equivalent value of
EUR719.4 million.

Option rights must be exercised from July 3 to 21 inclusive and
will be negotiable on the stock exchange from July 3 to 14
inclusive.

Any option rights not exercised by July 21 will be offered on
the stock exchange by the company, pursuant to article 2441,
paragraph 3, of the Civil Code.

Backing up the offer is a guarantee put forward by Mediobanca -
Banca di Credito Finanziario S.p.A.

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                        *     *     *

As reported in the TCR-Europe on April 3, Fitch Ratings
downgraded Banca Popolare Italiana's Issuer Default and Short-
term ratings to BBB from BBB+ and F3 from F2 respectively.  Its
Individual and Support rating are affirmed at C and 3
respectively.  Its senior debt and trust preferred stock are
also downgraded to BBB and BB+ respectively from BBB+ and BBB-.
The Issuer Default, Short-term and Individual ratings are
removed from Rating Watch Negative.  A Stable Outlook is
assigned for the Issuer Default rating.


TISCALI SPA: Names Mario Mariani as Tiscali Italia Unit CEO
-----------------------------------------------------------
The Board of Directors of Tiscali Italia Srl, an Italian
operating subsidiary fully owned by Tiscali S.p.A., has
appointed Mario Mariani as CEO of Tiscali Italia, following the
resignation of Sergio Cellini for personal reasons.

After a long standing experience in technological innovation,
Mario Mariani, 39, in 1995 joined Video On Line -- first ever
Italian ISP and first in the world to offer free Internet -- in
its start up phase following, as product manager, the
development of the on line internet services.

In 1996, following the acquisition of Video On Line by Telecom
Italia, Mariani became product manager of Tin.it.  In 1998
Mariani joined the newly founded Tiscali S.p.A. where he has
held different managerial positions both in Italy and at
corporate level.

Starting as marketing and product manager for Italy, he was then
appointed Senior Vice President Business Development and Board
Member of Tiscali Services,in charge of the development of Media
and Value Added Services and of Tiscali Lab.  Mariani is also a
member of Tiscali Group's Management Committee.

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries
through acquisitions.   Tiscali has more than seven million
subscribers, of which over 1.5 million are broadband users.
It has sold non-core assets to raise money to cover a EUR250
million bond that matured in July.  Former chairman and founder
Renato Soru owns almost 30% of the company.

                        *     *     *

As reported in the TCR-Europe on March 8, Fitch Ratings
sustained Italy-based Tiscali S.p.A.'s Long-term Issuer Default
Rating at CCC with Stable Outlook.  Tiscali's Short-term rating
is downgraded to C from B to be in line with the CCC IDR.  At
the same time, the agency affirmed Tiscali Finance SA's EUR209
million guaranteed notes at B-/RR2.


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


ALTEI: Creditors Must File Claims by July 14
--------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Altei insolvent on April 24.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until July 14 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Jumabayeva Str. 109-308
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


CENTER OF THE FOREIGN POLITICS: Creditors' Claims Due July 14
-------------------------------------------------------------
CJSC Center of the Foreign Politics and Analysis has declared
insolvency.  Creditors have until July 14 to submit written
proofs of claim to:

         CJSC Center of the Foreign Politics and Analysis
         Seifullina Ave. 232-70
         050050 Almaty
         Kazakhstan


SKRON: Creditors Must File Claims by July 14
--------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Skron insolvent on April 24.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until July 14 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Jumabayeva Str. 109-308
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


SNAB-AGRO: Proof of Claim Deadline Slated for July 14
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Snab-Agro insolvent on April 26.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until July 14 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Jumabayeva Str. 109-308
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


TANDEM: Proof of Claim Deadline Slated for July 14
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktobe Region
declared LLP Tandem insolvent.

Creditors have until July 14 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Aktube Region
         Altynsarina Str. 31
         Aktobe
         Aktobe Region
         Kazakhstan
         Tel: 8 (3132) 21-30-32


TARA: Kyzylorda Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region commenced bankruptcy proceedings against OJSC Tara on
May 10.

Proofs of claim will be accepted at:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda Region
         Aiteke bi Str. 29
         Kyzylorda
         Kyzylorda Region
         Kazakhstan


TURGENSKY REPAIR: Claims Registration Ends July 14
--------------------------------------------------
OJSC Turgensky Repair and Engineering Works has declared
insolvency.  Creditors have until July 14 to submit written
proofs of claim to:

         OJSC Turgensky Repair and Engineering Works
         Jeltoksan Str. 139
         Turgen
         Enbekshikazakhsky District
         Almaty Region
         Kazakhstan


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


THESEUS EUROPEAN CLO: S&P Assigns BB Rating to Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR296 million senior secured and
deferrable floating-rate notes to be issued by Theseus
European CLO S.A.  At the same time, Theseus European CLO will
issue unrated notes to the amount of EUR35 million.

At closing, Theseus European CLO will issue floating-rate notes,
the proceeds of which, after paying transaction fees and
expenses, will be invested in a portfolio of predominantly
senior-secured leveraged loans.  The transaction has a six-year
reinvestment period.  The collateral manager will be INVESCO
Senior Secured Management Inc.

This transaction will be INVESCO's fifth leveraged loan CLO,
following INVESCO European CDO I S.A., Petrusse European CLO
S.A., Alzette European CLO S.A., all involving mainly European
leveraged loans, and Moselle CLO S.A., involving an
approximately equal split of European and U.S. leveraged loans.
INVESCO also manages nine other CLO transactions in the U.S.

The weighted-average life of the transaction is 11 years from
the effective date.  During the period following the effective
date until the payment date in August 2007, the manager can
extend the weighted-average life once by no more than one year,
subject to the class E par value ratio being at least equal to
its level as of the effective date, and satisfaction of the
collateral quality tests and portfolio profile tests.

The ratings reflect:

   -- commensurate credit enhancement in the form of
overcollateralization and subordination;

   -- a diversified collateral pool of loans and derivative
financial instruments;

   -- currency risk protections;

   -- strong collateral investment guidelines;

   -- the expected insolvency-remoteness of the issuer; and

   -- various amortization triggers.

                        Ratings List
                  Theseus European CLO S.A.
                EUR331 Million Senior Secured
              and Deferrable Floating-Rate Notes

                           Prelim.        Prelim.
            Class          rating         amount (Mil. EUR)
            -----          ------         ------
             A              AAA            235.0
             B              AA              16.0
             C              A               19.0
             D              BBB             11.0
             E              BB              15.0
             F(1)           NR              35.0

        (1) The class F notes are subordinated.
            NR - Not rated.


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


GETRONICS NV: Partners with Ubmatrix to Enter XBRL Market
---------------------------------------------------------
Getronics N.V. and UBmatrix Inc. have recently signed a Letter
of Intent to join forces in the XBRL market in the Netherlands,
Spain, Portugal and the U.K.

XBRL is an international XML-based standard specially developed
for making data more portable.  XBRL is presently being adopted
most rapidly in the area of financial and regulatory reporting.
In connection with this, the Dutch government is now actively
encouraging and trying to accelerate the use of XBRL for
corporate regulatory reporting.

To help achieve its aim, the Dutch government has now launched
the Dutch Taxonomy Project.  This project, a joint effort by the
Dutch Ministry of Finance and Ministry of Justice, will enable
companies to easily submit their financial details
electronically to the Tax Office, Chamber of Commerce and
Netherlands Central Office for Statistics, using the open
standard XBRL.  The use of XBRL may reduce the administrative
burden for reporting companies by as much as 25%.

Getronics Netherlands division (Getronics PinkRoccade) is
helping client organizations to integrate XBRL into their
financial systems.  Getronics helps ensure that its clients'
financial software is XBRL compatible and that the Dutch XBRL
taxonomy is fully integrated.  It also provides updates to
support any new releases of the required software.  Getronics
has chosen to work with UBmatrix because UBmatrix both has
considerable experience with XBRL and also offers the industry's
most complete set of XBRL software solutions, which Getronics
can now make available to its clients.

The Dutch government and business sector are presently working
together to stimulate the adoption of XBRL.  On June 9, Minister
Donner (Justice), Minister Zalm (Finance), Minister Pechthold
(Government Reform and Kingdom Relations), State Secretary van
Gennip (Economic Affairs) and representatives from business,
including Getronics and UBmatrix, signed an accord signifying
the commitment of the Dutch government to support XBRL.

Dutch government has asked Getronics to take part in this
important project because of the company's strong position in a
broad variety of markets, including education, local and central
government, and finance.  Getronics' involvement confirms its
position as an applications service provider of choice and
enables the company to help reduce the administrative burden on
the public and private sector.

                         About UBmatrix

Headquarted in Washinton, U.S.A., UBmatrix Inc., --
http://www.ubmatrix.com/-- offers the industry's leading
enterprise software platform for liberating information trapped
within an organization's computer applications and documents.
The group's software software, offering the power of XBRL, makes
the structure and underlying meaning of information portable
within organizations and for exchange over the Internet.
Organizations rely on UBmatrix solutions to exchange business
data.

                       About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V. --
http://www.getronics.com/-- designs, integrates and manages ICT
infrastructures and business solutions for many of the world's
largest global and local companies and organizations, helping
them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                        *     *     *

As reported in the TCR-Europe on March 9, Standard & Poor's
Ratings Services lowered its long-term corporate credit rating
on Dutch IT services group Getronics N.V. to 'B' from 'B+'.

At the same time, Standard & Poor's lowered its ratings on
Getronics' senior unsecured notes to 'CCC+' from 'B-', still two
notches below the corporate credit rating.  Standard & Poor's
also lowered its ratings on Getronics' EUR300 million senior
secured bank loan to 'B' from 'B+', the same as the corporate
credit rating.  The loan has a '3' recovery rating, indicating
expectation of meaningful (50%-80%) recovery of principal in the
event of a payment default.


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


AGROS-BREAD-PRODUCT-VORONEZH: Court Opens Bankruptcy Process
------------------------------------------------------------
The Arbitration Court of Voronezh Region has commenced
bankruptcy supervision procedure on LLC Agros-Bread-Product-
Voronezh (Case No. A14-1749/2006-9/166).

The Temporary Insolvency Manager is:

         Mr. A. Zapryagaev
         Floor 6
         Entrance 1
         Lenina Str. 219
         355017 Stavropol
         Russia

The Debtor can be reached at:

         LLC Agros-Bread-Product-Voronezh
         Volya
         Novousmanskiy Region
         356240 Voronezh Region
         Russia


AUTO-TRANSPORT ENTERPRISE: N. Orlushin to Manage Assets
-------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. N. Orlushin
as insolvency manager for CJSC Auto-Transport Enterprise.  He
can be reached at:

         N. Orlushin
         Marshala Krylova Str. 3A
         440026 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-1149/2006-112b/3.

The Debtor can be reached at:

         CJSC Auto-Transport Enterprise
         Nagornaya Str. 1
         Sursk
         Gorodishenskiy Region
         442300 Penza Region
         Russia


BASHKIRSKIY CLOTH: Bankruptcy Hearing Slated for Sept. 6
--------------------------------------------------------
The Arbitration Court of Bashkortostan Republic will convene at
11:00 a.m. on Sept. 6 to hear the bankruptcy supervision
procedure on OJSC Bashkirskiy Cloth Combine (TIN 0269007235).

The hearing will be held at:

         The Arbitration Court of Bashkortostan Republic
         Okt Revolyutsii Str. 63A
         Ufa
         450057 Bashkortostan Republic
         Russia

The case is docketed under Case No. A07-2970/06-G-KhRM.

The Temporary Insolvency Manager is:

         Mr. I. Khayrullin
         Lenina Str. 56a
         Nizhnetroitskiy
         Tuymazy
         452784 Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Bashkirskiy Cloth Combine
         Lenina Str. 56a
         Nizhnetroitskiy
         Tuymazy
         452784 Bashkortostan Republic
         Russia


BUILDER: Tyumen Court Commences Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Tyumen Region has commenced bankruptcy
supervision procedure on LLC builder.  The case is docketed
under Case No. A-70-2299/3-06.

The Temporary Insolvency Manager is:

         Mr. S. Shilov
         N. Fedorova Str. 11/10
         Tyumen Region
         Russia

The Debtor can be reached at:

         LLC Builder
         Vagay
         Tyumen Region
         Russia


GAZPROM: Plans to Purchase Additional Gas Volume From Rosneft
-------------------------------------------------------------
Fuel groups OAO Rosneft and OAO Gazprom are holding talks over a
long-term gas purchase agreement, Interfax says.

According to the report, Gazprom intends to acquire additional
volumes of gas from Rosneft, which recently increased its output
forecasts from 2006 to 2010.  Based on SPE standards, Rosneft is
planning to sell:

   -- 9.7 billion cubic meters of gas in 2006;
   -- 10.35 billion cubic meters of gas in 2007;
   -- 11.9 billion cubic meters of gas in 2008;
   -- 12.6 billion cubic meters of gas in 2009; and
   -- 14.2 billion cubic meters of gas in 2010.

Rosneft gas output in 2005 was 13.1 billion cubic meters, 43%
higher than in 2004.

                         About Rosneft

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

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

                        About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom --
http://www.gazprom.ru/eng-- produces 94% of the country's
natural gas, controls 25% of the world's reserves, and is also
the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.

                         *     *     *

As reported in the TCR-Europe on Jan. 18, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
OAO Gazprom to 'BB+' from 'BB'.

As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings
upgraded Gazprom International S.A. Series 1 US$1.25-billion
structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB'
from 'BBB-'.

The upgrade follows Fitch's upgrade of OAO Gazprom's, the
world's largest gas company, Senior Unsecured local and foreign
currency ratings to 'BB+' from 'BB', and a change in Gazprom's
going concern assessment, which is now equivalent to a 'BBB'
rating compared to 'BBB-' previously.


KLETNYANSKOYE GRAIN: V. Pochtovyj to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. V.
Pochtovyj as insolvency manager for OJSC Kletnyanskoye Grain
Receiving Enterprise.  He can be reached at:

         V. Pochtovyj
         Post User Box 130
         241050 Bryansk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-1801/05-28.

The Debtor can be reached at:

         OJSC Kletnyanskoye Grain Receiving Enterprise
         Dekabristov Str. 14
         Kletnya
         242820 Bryansk Region
         Russia


LUKOIL: First Quarter Net Income Up 43% to US$1.7 Billion
---------------------------------------------------------
OAO Lukoil published its consolidated U.S. GAAP financial
accounts for the first quarter of 2006 on Wednesday.

The company reported US$1.7 billion net income, compared to a
US$1.2 billion net income for the same period in 2005.  EBITDA
was US$2.8 billion, which is 43.2% higher year-on-year, and
revenue from sales in the first quarter of 2006 was US$14.9
billion.

The increase in net income resulted from favorable market
conditions, refining margins growth, hydrocarbon production and
refinery throughputs increase as well as from costs control.  At
the same time the growth of net income was restrained by
strengthening of the ruble against the dollar and growth of tax
burden.

Tax expenses by the Company in the first quarter of 2006 totaled
US$5.1 billion, up 45.3%, while operating expenses in the first
quarter of 2006 rose by 15.1% year-on-year.

Real appreciation of the ruble against the dollar is a
significant factor, affecting our operating expenses in Russia.
For the twelve-month period ended March 31, 2006, the real ruble
appreciation was 10.9%.

Average hydrocarbon lifting costs rose from US$2.52 up to
US$2.82 per boe, or by 11.9% y-o-y.  Taking into account the
strengthening of the ruble against the dollar in real terms,
average lifting costs remained at the same level as in the first
quarter of 2005.

Capital expenditures including non-cash transactions were
US$1.16 billion, which is US$225 million higher year-on-year.

In the first quarter of 2006 LUKOIL hydrocarbon production grew
by 10.5% and reached 2,122 boe per day.

In the first quarter of 2006 LUKOIL increased its average daily
production of crude oil by 4.6% to 169.4 million barrels, or
23.0 million tons (including share in affiliates).  Average flow
rate per well increased from 11.00 tons per day in the first
quarter of 2005 to 11.15 tons per day in the first quarter of
2006.

Gas production (including share in affiliates) in the first
quarter of 2006 was 3,665 million cubic meters, which is 97.8%
higher y-o-y.  This growth is due to the increase of natural gas
production at the Nakhodkinskoye field. The field produced 1,823
million cubic meters of natural gas in the first quarter of
2006.

Production of petroleum products at LUKOIL refineries increased
by 12.4% y-o-y and totaled 11,279 thousand tons.

LUKOIL sold 30.3 million tons of crude oil and petroleum
products in the first quarter of 2006, which is 8.8% higher y-o-
y. The share of international sales (including near-abroad
countries) in total volume of sales was 81.8% compared with
81.2% in the first quarter of 2005.  Retail sales of petroleum
products increased by 363,000 tons or by 17.1% y-o-y during the
first three months of 2006.  Revenues from retail sales grew by
US$643 million (46.2%).

A full-text copy of Lukoil's financial statements for the first
quarter of 2006 is available at no charge at
http://ResearchArchives.com/t/s?c90

Headquartered in Moscow, Russia, OAO Lukoil, is the country's
largest vertically integrated oil & gas company in terms of
reserves, and one of the largest oil & gas companies in the
world.  In the first nine months of 2005, the group produced
1.92 million barrels of oil equivalent (boe) per day and in 2004
had refinery throughput of 44 million tons.  Total SPE reserves
in 2004 were just over 20 billion boe.  The group's 2005 nine-
month revenues were US$40.6 billion.

                        *     *     *

As reported in the TCR-Europe on Jan. 26, Moody's Investors
Service has changed the outlook of OAO Lukoil's Ba1 Corporate
Family Rating and Ba2 Issuer Rating to positive from stable.

Moody's last rating action on LUKOIL was on April 26, when the
agency upgraded the company's ratings from Ba2/Ba3 to Ba1/Ba2.


LUKOIL: Shareholders Approve Dividend Payment
---------------------------------------------
Shareholders of OAO Lukoil approved Wednesday the payment of
dividends based on the company's performance in 2005 in the
amount of RUB33 per ordinary share.

The Annual General Shareholders Meeting held in Moscow also
adopted changes and amendments to the Company Charter, the
Regulations on the Board of Directors and the company's Audit
Commission, aiming to improve corporate governance.

The shareholders also adopted amount of remuneration and
compensation of expenses to the members of the Board of
Directors and Lukoil's Audit Commission.

ZAO KPMG was approved as Lukoil's independent auditor.

The AGSM also elected the Audit Commission and approved the
interested/related party transactions.

Vagit Yu. Alekperov was elected President of OAO LUKOIL for a
term of five years.

The shareholders elected 11 members of the Board of Directors:

   1. Vagit Yu. Alekperov, President of OAO LUKOIL;

   2. Mikhail P. Berezhnoi, Director General of the Non-State
      Pension Fund LUKOIL-Garant;

   3. Valery I. Grayfer, Director General of OAO RITEK;

   4. Oleg E. Kutafin, Rector (President) of the Moscow State
      Academy of Law;

   5. Ravil U. Maganov, First Vice President of OAO LUKOIL;

   6. Richard Matzke, Former Vice Chairman of Chevron
      Corp;

   7. Kevin Meyers, President of Russia/Caspian Region,
      ConocoPhillips;

   8. Sergei A. Mikhailov, Director General of OOO Management
      Consulting;

   9. Nikolai A. Tsvetkov, Chairman of the Management Committee
      of OAO URALSIB;

  10. Igor V. Sherkunov, Chairman of the Board of Directors of
      ZAO Investment Group Capital;

  11. Aleksander N. Shokhin, President of the Russian Union of
      Industrialists and Entrepreneurs (Employers);

Valery Graifer, OAO RITEK Director General, was re-elected
Chairman of the newly elected Board of Directors at the Board of
Directors Meeting held after the AGSM of OAO LUKOIL.

President of LUKOIL Vagit Alekperov and Chairman of the Board of
Directors Valery Graifer, speaking before the shareholders,
noted that LUKOIL emerged as the undisputed leader among Russian
private oil & gas companies in recent years.  Since its
creation, LUKOIL has gone from a local vertically integrated oil
company to transnational corporation, working successfully on
all major international hydrocarbon markets and on a level with
the global market leaders in main business segments.  Beyond
question, 2005 was the best year in LUKOIL's history.

LUKOIL achieved its main goal, which is to increase considerably
shareholder value of the Company.  LUKOIL's shares occupied
leading positions on the Russian markets in 2005, their price
grew by 95.7%.  Net profit of LUKOIL Group in 2005 was US$6443
million, which is 51.7% more than for 2004.  Return on average
capital employed rose from 19.3% to 23.3%.  The Company is
steadily increasing the absolute size of dividends.  Dividends
for 2005 reached 33 rubles (US$1.20) per share, offering 1.3%
dividend yield and representing over 15% of 2005 net profit.
Overall shareholders return last year was 99%.

Conditions on the world hydrocarbon market were particularly
favorable in 2005.  However, high export duties and mineral
extraction tax enforced under Russian law took away most extra
export revenue, obtained due to oil prices above US$25 per
barrel.  The Company's tax charge was US$18.7 billion,
representing an 78.2% increase from last year.  Thus major
growth of company value and improvement of its financial results
were mainly achieved thanks to increased efficiency of LUKOIL in
all aspects of its business.

The Company`s efforts in the Exploration & Production segment
were focused on increase of production volumes, as well as on
ensuring consistent, long-term growth of production through
increase of the resource base.  Oil production in 2005 totaled
90.16 million tonnes and gas production was 7.57 billion cubic
meters. Average daily production of hydrocarbons was 1.94
million barrels of oil equivalent, which is 5.4% more than in
2004.

The Company successfully increased its resource potential last
year through both geological exploration and acquisitions.
LUKOIL discovered a new high-quality oil field in the Northern
Caspian.  The field is the largest oil discovery of the last
decade in Russia.  As part of energetic expansion of its
international Exploration & Production segment, LUKOIL acquired
Nelson Resources Limited, which owns significant reserves in
Kazakhstan.  This acquisition increased the share of
international projects in overall LUKOIL hydrocarbon production
from 5.2% to 6.8%, which fully coincides with the Company's
development strategy.  LUKOIL also significantly strengthened
its competitive positions in Kazakhstan, advancing from ninth to
fourth biggest hydrocarbon producer in that country.

The Company continued consolidation of its Exploration &
Production assets in 2005, buying the remaining half of
SeverTEK, which has licenses to develop fields in the Nenets
Autonomous District and the Republic of Komi, and consolidating
another company, Tursunt.  LUKOIL also acquired a 66% interest
in Geoilbent.  LUKOIL continued its strategy of transformation
from an oil company into an oil & gas company.

The Board of Directors approved a long-term program for
development of Company gas business, targeting rapid increase in
natural gas production.  The share of gas in overall production
of hydrocarbons by the Company will increase to 33%.  The main
aim of the program is to increase value of the Company by
commercializing gas reserves.  In 2005 the Company commissioned
the Nakhodkinskoye gas field, which is one of the fields in the
Bolshekhetskaya Depression.  Development of fields in this
region is integral to LUKOIL's gas business strategy.

In the Refining & Marketing segment the Company prioritized
improvement of product quality, as well as modernization of
production facilities and development of the marketing network.
The program of modernization of LUKOIL`s refineries is intended
to improve their technical and economic parameters and to enable
output of high-quality petroleum products of high quality,
matching Euro-3 and Euro-4 standards, as well as reducing
environmental impact.  LUKOIL is the first Russian oil company
to begin large-scale production of Euro-4 diesel fuel with
improved environmental characteristics and to launch mass sales
of the new fuel.  According to the plan for development of
LUKOIL's Russian refineries, annual production of diesel fuel to
Euro-4 standards will exceed 10 million tonnes by 2010.

LUKOIL significantly extended its marketing network in 2005,
enabling the Company to bring its products to the end-user
worldwide.  LUKOIL bought the Finnish companies Oy Teboil Ab and
Suomen Petrooli Oy, giving the Group access to the Finnish
petroleum market.  The Company also took steps to expand its
presence on the East European retail market, particularly in
Hungary and Macedonia.

Cooperation between LUKOIL and ConocoPhillips was continued in
2005.  The joint venture, Naryanmarneftegaz, was set up as part
of the strategic partnership.  This company develops hydrocarbon
reserves in the promising Timan-Pechora oil & gas province in
northern European Russia.  ConocoPhillips increased its stake in
LUKOIL share capital to 16.1% by the end of 2005.  According to
conditions of the shareholder agreement, the ConocoPhillips
stake in LUKOIL can go as high as 20%.

In the year 2005 LUKOIL achieved major operating successes and
success in increasing shareholder value.  The competitive
advantages of the Company are its high-quality assets, strong
financial and operating indicators, resource base, cutting-edge
technologies and talented people.

Headquartered in Moscow, Russia, OAO Lukoil, is the country's
largest vertically integrated oil & gas company in terms of
reserves, and one of the largest oil & gas companies in the
world.  In the first nine months of 2005, the group produced
1.92 million barrels of oil equivalent (boe) per day and in 2004
had refinery throughput of 44 million tons.  Total SPE reserves
in 2004 were just over 20 billion boe.  The group's 2005 nine-
month revenues were US$40.6 billion.

                        *     *     *

As reported in the TCR-Europe on Jan. 26, Moody's Investors
Service has changed the outlook of OAO Lukoil's Ba1 Corporate
Family Rating and Ba2 Issuer Rating to positive from stable.

Moody's last rating action on LUKOIL was on April 26, when the
agency upgraded the company's ratings from Ba2/Ba3 to Ba1/Ba2.


LUKOYANOV-REAL-BAZA: Bankruptcy Hearing Slated for Aug. 29
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region will convene at
10:00 a.m. on Aug. 29 to hear the bankruptcy supervision
procedure on OJSC lukoyanov-real-baza.  The case is docketed
under Case No. A 43-3401/2006,24-22.

The Temporary Insolvency Manager is:

         Mr. E. Ulyankin
         Office 805
         Nesterova Str. 9
         603005 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         OJSC Lukoyanov-Real-Baza
         Pushkina Str. 5
         Lukoyanov
         607800 Nizhniy Novgorod
         Russia


MAYSKIY ELECTRONIC: Court Begins Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Kabardino Balkariya Republic has
commenced bankruptcy supervision procedure on OJSC Mayskiy
Factory of Electronic Engineering.

The Temporary Insolvency Manager is:

         Mr. V. Kibishev
         Baksanskoye Shosse 3
         Chegem
         Kabardino Balkariya Republic
         Russia

The Debtor can be reached at:

         OJSC Mayskiy Factory of Electronic Engineering:
         Mayskiy
         Kabardino Balkariya Republic
         Russia


OKTYABRSKIY LEATHER-SHOE: Court Begins Bankruptcy Process
---------------------------------------------------------
The Arbitration Court of Bashkortostan Republic has commenced
bankruptcy supervision procedure on OJSC Oktyabrskiy Leather-
Shoe Factory (TIN 0265023388).  The case is docketed under Case
No. A07-24525/05-G-FLE.

The Temporary Insolvency Manager is:

         Ms. Z. Sattarova
         Initsiativanaya Str. 12
         Dorogino Location
         Kirillovo
         Ufimskiy Region
         450069 Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Oktyabrskiy Leather-Shoe Factory
         Sadovoye Koltso Str. 1
         452620 Bashkortostan Republic
         Russia


PAUSTOVSKAYA SPINNING-WEAVING: M. Anikin to Manage Assets
---------------------------------------------------------
The Arbitration Court of Vladimir Region appointed Mr. M. Anikin
as insolvency manager for OJSC Paustovskaya Spinning-Weaving
Mill.  He can be reached at:

         M. Anikin
         Elektrozavodskaya Str. 7
         Room 203
         600009 Vladimir
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A11-3211/2005-K1-46B.

The Debtor can be reached at:

         OJSC Paustovskaya Spinning-Weaving Mill
         Paustovo
         Vyaznikovskiy Region
         Vladimir Region
         Russia


PERM-NEFTE-MASH-REMONT: Bankruptcy Hearing Slated for July 26
-------------------------------------------------------------
The Arbitration Court of Perm Region will convene on July 26 on
bankruptcy supervision procedure on OJSC Perm-Nefte-Mash-Remont.
The case was docketed under Case No. A50-3333/2006-B.

The Temporary Insolvency Manager is:

         Mr. V. Trusov
         Kombaynerov Str. 34
         614036 Perm Region
         Russia

The Debtor can be reached at:

         OJSC Perm-Nefte-Mash-Remont
         Komsomolskiy Pr. 92
         614010 Perm Region
         Russia


POVOLZHSKAYA TRANSPORT: Court Commences Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Chuvashiya Republic has commenced
bankruptcy supervision procedure on CJSC Povolzhskaya Transport
Company.  The case was docketed under Case No. A79-148/2006.

The Temporary Insolvency Manager is:

         Mr. S. Kachin
         Zh. Trilinskogo Str. 13
         Cheboksary
         428020 Chuvashiya Republic
         Russia

The Debtor can be reached at:

         CJSC Povolzhskaya Transport Company
         Vinokurova Str.10.
         Novocheboksarsk
         Chuvashiya Republic
         Russia


ROSNEFT: Plans to Sell Additional Gas Volume to Gazprom
-------------------------------------------------------
Fuel groups OAO Rosneft and OAO Gazprom are holding talks over a
long-term gas purchase agreement, Interfax says.

According to the report, Gazprom intends to acquire additional
volumes of gas from Rosneft, which recently increased its output
forecasts from 2006 to 2010.  Based on SPE standards, Rosneft is
planning to sell:

   -- 9.7 billion cubic meters of gas in 2006;
   -- 10.35 billion cubic meters of gas in 2007;
   -- 11.9 billion cubic meters of gas in 2008;
   -- 12.6 billion cubic meters of gas in 2009; and
   -- 14.2 billion cubic meters of gas in 2010.

Rosneft gas output in 2005 was 13.1 billion cubic meters, 43%
higher than in 2004.

                          About Rosneft

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

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


                          About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom --
http://www.gazprom.ru/eng-- produces 94% of the country's
natural gas, controls 25% of the world's reserves, and is also
the world's largest gas producer.  It focuses on gas
exploration, processing, transport, and marketing.

                         *     *     *

As reported in the TCR-Europe on Jan. 18, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
OAO Gazprom to 'BB+' from 'BB'.

As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings
upgraded Gazprom International S.A. Series 1 US$1.25-billion
structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB'
from 'BBB-'.

The upgrade follows Fitch's upgrade of OAO Gazprom's, the
world's largest gas company, Senior Unsecured local and foreign
currency ratings to 'BB+' from 'BB', and a change in Gazprom's
going concern assessment, which is now equivalent to a 'BBB'
rating compared to 'BBB-' previously.


SOUTHERN TELECOM: Shareholders Approve 2005 Annual Report
---------------------------------------------------------
Shareholders of Southern Telecommunications Co. (UTK) approved
the company's Annual report, annual financial accounts,
including profit and loss statement (profit and loss accounts),
and distribution of profits and losses for 2005 fiscal year on
June 27.

The AGM adopted the decision to pay these 2005 dividend:

   -- preference share dividend amounting to RUB0.031395 per one
      payable in cash prior to Aug. 25;

   -- ordinary share dividend amounting to RUB0.01031 per one
      share payable in cash prior to Dec. 15.

The annual General Shareholders' Meeting elected a new
membership of the Company's Board of Directors, 11 directors in
number.  The elected members of the UTK Board of Directors:

   -- Boris Dmitrievich Antonyuk, Deputy Minister for
      Information Technologies and Communications of the Russian
      Federation

   -- Valentina FyodorovnaVeremianina, Deputy Director of the
      Legal department of Svyazinvest OJSC

   -- Andrey Alexandrovich Vinkov, Reviewer of ANO Magazine
      Expert

   -- Anatoly Anatolievich Gavrilenko, General Director of
      Leader CJSC

   -- Yevgeny Petrovich Yenin, General Director 0f IK Russkiy
      monolit

   -- Elena Viktorovna Zabuzova, Director of Economic Planning
      and Budgeting Department of Svyazinvest OJSC

   -- Denis Viktorovich Kulikov, Expert of Investor protection
      association

   -- Stanislav Nikolaevich Panchenko, Deputy Director General
      of Svyazinvest OJSC

   -- Ekaterina Alexandrovna Punina, Chief specialist of
      Corporate Governance Department of Svyazinvest OJSC

   -- Elena Petrovna Selvich, Director of Finance Department of
      Svyazinvest OJSC

   -- Vladimir Pavlovich Yuriev, Head of Economy, Finance and
      Public Property Board of Federal Communication Agency

The Auditing Commission of "UTK" PJSC has elected five persons
to sit on the committee, including:

   -- Alla Albertovna Ganeeva, Head of the section of
      Telecommunications Department of Svyazinvest OJSC

   -- Tatiana Yurievna Zubova, Deputy head of the methodology
      section of Accounting Department of Svyazinvest OJSC

   -- Dmitry Anatolievich Loshakov, Chief specialist of Economic
      Planning and Budgeting Department of Svyazinvest OJSC

   -- Natalia Vadimovna Feoktistova, Head of the section of
      Legal Department of Svyazinvest OJSC

   -- Kirill Viktorovich Frolov, Deputy Director of Internal
      Audit Department of Svyazinvest OJSC

LLC Ernst and Young was appointed the Company's external auditor
for the year 2006.

The shareholders determined the rates of deductions (percent)
for calculation of the size of annual remuneration payable to
the members of the Board of Directors.

The AGM took a decision to introduce amendments and additions
into the Company's Charter, Regulations on the procedure for
holding a General Shareholders' Meeting, Provisions on the Board
of Directors, Provisions on the Management Board, Provisions on
the Auditing Commission.

                      About the Company

Headquartered in Krasnador, Russia, Southern Telecommunications
Co. -- http://www.stcompany.ru/-- provides local, long-
distance, and cellular telephone, paging and telegraph services.

                        *     *     *

Southern Telecommunications carries Moody's Investors' Service's
Caa1 issuer rating and B3 long-term corporate family rating
since 2004.  Standard & Poor's also assigned junk ratings to the
Company's issuer credit in 2005.


SYAMOZERSKIY FISHING: Bankruptcy Hearing Slated for Aug. 28
-----------------------------------------------------------
The Arbitration Court of Kareliya Republic will convene on
Aug. 28 to hear the bankruptcy supervision procedure on LLC
Syamozerskiy Fishing Factory.  The hearing will be held at:

         The Arbitration Court of Kareliya Republic
         Krasnoarmeyskaya Str. 24A
         Petrozavodsk
         Russia

The case is docketed under Case No. A26-699/2006-1814.

The Temporary Insolvency Manager is:

         Mr. E. Otchiev
         Post User Box 8
         Petrozavodsk
         185035 Kareliya Republic
         Russia

The Debtor can be reached at:

         LLC Syamozerskiy Fishing Factory
         Post User Box 8
         Petrozavodsk
         185035 Kareliya Republic
         Russia


VOLGA-ENERGO-RESOURCE: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Samara Region has commenced bankruptcy
supervision procedure on CJSC Volga-Energo-Resource (TIN
6318217172).

The case was docketed under Case No. A55-1261/2006.

The Temporary Insolvency Manager is:

         Mr. V. Kolesnikov
         Apartment 91
         Demokraticheskaya Str. 6
         443031 Samara
         Russia

The Debtor can be reached at:

         CJSC Volga-Energo-Resource
         Zavodskoye Shosse 5
         443017 Samara
         Russia


===========
T U R K E Y
===========


* S&P Revises Outlook on Seven Turkish Banks to Stable
------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to stable
from positive on seven Turkish banks:

   -- T.C. Ziraat Bankasi A.S.;
   -- Turkiye Is Bankasi A.S.;
   -- Turkiye Garanti Bankasi A.S.;
   -- Garanti Finansal Kiralama A.S.;
   -- Ko?bank;
   -- Turkiye Vakiflar Bankasi T.A.O.; and
   -- OYAK Bank A.S.

At the same time, Standard & Poor's affirmed its 'BB-/B' long-
and short-term counterparty credit ratings on Ziraat, Isbank,
Garanti Leasing, Ko?bank, VakifBank, and OYAK Bank.  The 'BB-'
long-term counterparty credit rating on Garanti was also
affirmed.

The outlook revision follows that on the sovereign, the Republic
of Turkey, reflecting deteriorating prospects for improved
economic fundamentals.

"Despite significant strengthening of the Turkish banking system
following major restructuring, the increased presence of foreign
banks, and four successive years of growth and modernization,
the deteriorating economic prospects will somewhat constrain
this positive momentum," said Standard & Poor's credit analyst
Magar Kouyoumdjian.

"Banks are expected to be resilient to the recent volatility,
but inflationary pressure and hikes in interest rates would
affect their loan growth, financial performance, and asset
quality.  The severity of the turmoil could become more acute
the longer it drags on," he added.

                        Ratings List

                                      To             From
                                      --             ----
T.C. Ziraat Bankasi A.S.
Turkiye Is Bankasi A.S.
Garanti Finansal Kiralama A.S.
Kocbank
Turkiye Vakiflar Bankasi T.A.O.
OYAK Bank A.S.
   Counterparty Credit Rating     BB-/Stable/B   BB-/Positive/B
   CDs                               BB-/B           BB-/B

Turkiye Garanti Bankasi A.S.
  Counterparty credit rating      BB-/Stable/--  BB-/Positive/--

NB: This list does not include all ratings affected.


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


BLUE STAR: Court Names Volodimir Kostuk to Liquidate Assets
-----------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region appointed Volodimir
Kostuk as Liquidator/Insolvency Manager for LLC Blue Star Laser
(code EDRPOU 21728898).  He can be reached at:

         Volodimir Kostuk
         Chornovol Str. 23
         76018 Ivano-Frankivsk Region
         Ukraine
         Telefax: 8 (0432) 77-73-78

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 3.  The case is docketed
under Case No. B-13/32.

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

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         LLC Blue Star Laser
         Semen Petlura Str. 10
         76005 Ivano-Frankivsk Region
         Ukraine


KARBON: Lviv Court Starts Bankruptcy Supervision
------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on Karbon (code EDRPOU 25552901) on
Feb. 24.  The case is docketed under Case No. 6/25-5/10.

The Temporary Insolvency Manager is:

         Ivan Denderis
         Rahivska Str. 18/2
         79000 Lviv Region
         Ukraine

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Karbon
         Yavornitskij Str. 105
         Sokal
         80000 Lviv Region
         Ukraine


LAPARIT: Court Appoints S. Koshenko to Manage Insolvency Assets
---------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. S. Koshenko as
Liquidator/Insolvency Manager for LLC Laparit (code EDRPOU
33301855).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 20.  The case is docketed
under Case No. 43/244.

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 Laparit
         Grushevskij Str. 28/2
         Kyiv Region
         Ukraine


MIKROPRILAD-MARKET: Court Names Nadiya Slidzyona as Liquidator
--------------------------------------------------------------
The Economic Court of Lviv Region appointed Nadiya Slidzyona as
Liquidator/Insolvency Manager for Mikroprilad-Market (code
EDRPOU 25233886).

He can be reached at:

         Nadiya Slidzyona
         Novoznesenska Str. 103
         79000 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 29.  The case is docketed
under Case No. 6/34-8/55.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Mikroprilad-Market
         Nishinskij Str. 35
         79014 Lviv Region
         Ukraine


ODESVODOKANAL: Court Appoints Volodimir Shnyakin as Liquidator
--------------------------------------------------------------
The Economic Court of Odessa Region appointed Volodimir Shnyakin
as Liquidator/Insolvency Manager for CJSC Odesvodokanal (code
EDRPOU 03351378).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 25.  The case is docketed
under Case No. 24-32-2/249-03-7272.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         CJSC Odesvodokanal
         Basejna Str. 5
         65005 Odessa Region
         Ukraine


PEREMOGA: Court Starts Bankruptcy Supervision
---------------------------------------------
The Economic Court of Donetsk Region commenced bankruptcy
supervision procedure on LLC Peremoga (code EDRPOU 30875918) on
March 20.  The case is docketed under Case No. 5/52 B.

The Temporary Insolvency Manager is:

         Oleksij Ivanov
         Teatralnij Avenue 21/404
         83055 Donetsk Region
         Ukraine

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Peremoga
         Pobeda
         Starobeshevskij District
         87232 Donetsk Region
         Ukraine


PRAGMAKONTAKT: Court Names O. Sherban to Liquidate Assets
---------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. O. Sherban as
Liquidator/Insolvency Manager for LLC Pragmakontakt (code EDRPOU
32960423).  He can be reached at:

         O. Sherban
         a/b 157
         01030 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 20.  The case is docketed
under Case No. 43/14.

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 Pragmakontakt
         M. Raskova Str. 11/218
         02002 Kyiv Region
         Ukraine


SOKAL' KOMBI-FOOD: Court Names Oksana Gentsh to Manage Assets
-------------------------------------------------------------
The Economic Court of Lviv Region appointed Oksana Gentsh as
Liquidator/Insolvency Manager for LLC Sokal' Kombi-Food Plant
(code EDRPOU 00688367).  She can be reached at:

         Oksana Gentsh
         Sheptitskij Str. 39/1
         Sokal
         80000 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 26.  The case is docketed
under Case No. 6/2-29/2.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Sokal' Kombi-Food Plant
         Lesya Ukrainka Str. 29
         Zhvirka
         Sokal District
         80040 Lviv Region
         Ukraine


SVITANOK: Court Names Nadiya Slidzyona as Insolvency Manager
------------------------------------------------------------
The Economic Court of Lviv Region appointed Nadiya Slidzyona as
Liquidator/Insolvency Manager for Agricultural LLC Svitanok
(code EDRPOU 04950135).  He can be reached at:

         Nadiya Slidzyona
         Novoznesenska Str. 103
         79000 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 9.  The case is docketed
under Case No. 6/27-5/12.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Svitanok
         Hliptsi
         Mostiskij District
         81366 Lviv Region
         Ukraine


TUPKAL: Court Appoints Kirilo Liseyev as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Odessa Region appointed Kirilo Liseyev as
Liquidator/Insolvency Manager for LLC Tupkal (code EDRPOU
32972465).  He can be reached at:

         Kirilo Liseyev
         a/b 81
         65111 Odessa Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 12.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Tupkal
         Katerininska Str. 27
         65045 Odessa Region
         Ukraine


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


A & S SELF DRIVE: Financial Woes Trigger Liquidation
----------------------------------------------------
A & S Self Drive Limited is winding up its operations after
creditors established the company could no longer continue its
business due to mounting debts.

Paul James Fleming of Parkin S. Booth & Co. was appointed
Liquidator.

The company can be reached at:

         A & S Self Drive Limited
         Stanley Mill
         Stanley Street
         Blackburn BB1 3BW
         United Kingdom
         Tel: 01254 693 495


A.C.A (FMC): Winds Up Assets & Appoints Liquidator
--------------------------------------------------
A.C.A. (FMC) Limited is liquidating its assets after creditors
chose to wind up the company's operations during an
extraordinary general meeting on April 7.

Gerald Irwin of Irwin & Company was appointed Liquidator.

The Debtor can be reached at:

         A.C.A. (FMC) Limited
         Park Farm Cottage
         St. Giles Close
         Wendlebury
         Bicester
         Oxfordshire OX252PZ
         United Kingdom
         Tel: 01869 253 200


ACTU8 RECRUITMENT: Hires Joint Liquidators from Begbies Traynor
---------------------------------------------------------------
Rob Sadler and Michael Saville of Begbies Traynor were appointed
Joint Liquidators of Actu8 Recruitment Limited after creditors
agreed to liquidate the company's assets during an extraordinary
general meeting on April 7.

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

The company can be reached at:

         Actu8 Recruitment Limited
         Fountain Ho
         South PDE
         Leeds LS1 5QX
         United Kingdom
         Tel: 0113 297 4900
         Fax: 0113 297 4901


ANK LOGISTICS: Creditors Pass Winding Up Resolution
---------------------------------------------------
Creditors ANK Logistics Limited passed a resolution to wind up
the company's operations during an extraordinary general meeting
on March 27.

Nedim Ailyan of Abbott Fielding was nominated Liquidator.

The company can be reached at:

         ANK Logistics Limited
         Warwick Mill
         Oldham Road
         Middleton
         Manchester M24 1AZ
         United Kingdom
         Tel: 0161 643 1871


BIGFT GROUP: Winds Up Business & Appoints Liquidator
----------------------------------------------------
Creditors of Bigft Group Limited decided to wind up the
company's operations during an extraordinary general meeting on
April 10.

Subsequently, N. A. Bennett of Leonard Curtis was appointed
Liquidator.

The company can be reached at:

         Bridge Personnel Limited
         70 Main Street
         Broughton Astley
         Leicester LE9 6RD
         United Kingdom
         Tel: 01455 286 666
         Fax: 01455 286 444


BRIDGE PERSONNEL: Mounting Liabilities Prompt Liquidation
---------------------------------------------------------
Bridge Personnel Limited is voluntarily liquidating its assets
after creditors found out the company could no longer continue
its operations due to mounting liabilities.

David John Watchorn of Elwell Watchorn & Saxton LLP was
appointed Joint Liquidators.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.

The company can be reached at:

         Bridge Personnel Limited
         70 Main Street
         Broughton Astley
         Leicester
         Leicestershire LE9 6RD
         United Kingdom
         Tel: 01455 286 666
         Fax: 01455 286 444


C.M. STORES: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------
Creditors of C.M. Stores Limited confirmed the appointment of
Stephen Franklin as Liquidator during an extraordinary general
meeting on April 6.

The company can be reached at:

         C.M. Stores Limited
         121 Kings Road
         London SW3 4PL
         United Kingdom
         Tel: 020 7351 9361


CASH CONTROL: Creditors Resolve to Liquidation
----------------------------------------------
Creditors of Cash Control Machines (Support) Limited resolved to
liquidate the company's assets during an extraordinary general
meeting on April 10.

Kevin James Wilson Weir and Gregory Andrew Palfrey of Smith &
Williamson Limited were appointed Joint Liquidators.

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.

The company can be reached at:

         Cash Control Machines (Support) Limited
         17 Monks Brook Industrial Park
         School Close
         Chandler's Ford
         Eastleigh
         Hampshire SO534RA
         United Kingdom
         Tel: 023 8025 5525
         Fax: 023 8025 3197


COLONIAL CONSTRUCTION: Jane Walker Leads Liquidation Procedure
--------------------------------------------------------------
Jane Walker, of Errington Walker Limited, was appointed
Liquidator after creditors passed a resolution to wind up the
company on March 31.

The company can be reached at:

         Colonial Construction Limited
         33 Newlands Road
         Birmingham B30 2SA
         United Kingdom
         Tel: 0121 246 0533
         Fax: 0121 242 3988


DP FURNITURE: Taps Stephen Goderski to Liquidate Assets
-------------------------------------------------------
DP Furniture Express (Aldershot) Limited is liquidating its
assets after creditors agreed to wind up the company on
April 10.

Stephen Goderski of Geoffrey Martin & Co. was appointed
Liquidator.

The company can be reached at:

         DP Furniture Express (Aldershot) Limited
         21 The Galleries
         High Street
         Aldershot
         Hampshire GU111PF
         United Kingdom
         Tel: 01252 329 453


DALBY ASSOCIATES: Brings In Joint Liquidators from Baker Tilly
--------------------------------------------------------------
Dalby Associates Limited is liquidating its assets after
creditors approved a resolution to wind up the company on
April 5.

Phillip Hartland Allen and Guy Edward Brooke Mander of Baker
Tilly were appointed Joint Liquidators.

Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading
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.

The company can be reached at:

         Dalby Associates Limited
         Unit 1-2
         Kingfisher Business Park
         Arthur Street
         Redditch
         Worcestershire B98 8LG
         United Kingdom
         Tel: 01527 527 007


GALLIUM INNOVATIONS: Names David Anthony Horner Liquidator
----------------------------------------------------------
David Anthony Horner of David Horner & Co. was appointed
Liquidator of Gallium Innovations Limited after creditors
decided to wind up the company on April 7.

The company can be reached at:

         Gallium Innovations Limited
         225 Newgate Street
         Bishop Auckland
         County Durham DL147EL
         United Kingdom
         Tel: 01388 661 212


LIAM CHIVERS: Claims Filing Period Ends Dec. 31
-----------------------------------------------
Creditors of Liam Chivers (Civil Engineering) Limited have until
Dec. 31 to send in their full names, addresses and descriptions,
full particulars of debts or claims, and the names and addresses
of Solicitors, if any, to appointed Liquidator, Peter Roderick
Frowde, of McCabe Ford Williams.

The company can be reached at:

         Liam Chivers (Civil Engineering) Limited
         324 High Street
         Rochester
         Kent ME1 1BT
         United Kingdom
         Fax: 01622 890 576


KITE STORE: Appoints Peter Richard Dewey as Liquidator
------------------------------------------------------
Peter Richard Dewey of Dewey & Co. was appointed Liquidator of
The Kite Store Limited after creditors passed a resolution to
wind up the company on April 6.

The company can be reached at:

         The Kite Store Limited
         48 Neal Street
         London WC2H9PA
         United Kingdom
         Tel: 020 7836 1666
         Fax: 020 7836 2510


WORLD OF CALENDARS: Creditors Opt to Liquidate Assets
-----------------------------------------------------
Creditors of World of Calendars Limited opted to liquidate the
company's assets during an extraordinary general meeting on
April 10.

Martin Christopher Hepworth of Hepworth Joyce Associates Ltd.
was appointed Liquidator.

The company can be reached at:

         World of Calendars Limited
         257A Croydon Road
         Beckenham
         Kent BR3 3PS
         United Kingdom
         Tel: 020 8249 6447

                           *********

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 Paderog,
and Joy Agravante, 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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