TCREUR_Public/060703.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, July 3, 2006, Vol. 7, No. 130

                            Headlines


A U S T R I A

ALS HOCH: Claims Registration Period Ends July 10
BE-KA: Claims Registration Period Ends July 11
DELTA BAU: Claims Registration Period Ends July 12
HELMUT KAIBL: Claims Registration Period Ends July 25
KLETZMAYR TRANSPORT: Creditors' Meeting Slated for July 13


B E L G I U M

SOLUTIA INC: Citigroup Pledges EUR200 Million Loan Commitment


F R A N C E

EASTMAN KODAK: Withdraws From Chalon-sur-Saone Operations


G E R M A N Y

AUTOHAUS BECKER: Claims Registration Ends July 8
AUTOWELT PLUS: Claims Registration Ends July 20
BAHN+MODELL: Claims Registration Ends July 10
ESTRICH- U. ELEKTROANLAGEN: Claims Registration Ends July 11
GEBR. STAHL: Claims Registration Ends July 21

GFB GESELLSCHAFT: Claims Registration Ends July 11
GLM-NEUMANN: Claims Registration Ends July 18
LITHO BREMEN: Creditors' Meeting Slated for July 13
REDANTS CARGO: Creditors' Meeting Slated for July 20
SCHREWE BAU: Claims Registration Ends July 19


I C E L A N D

STRAUMUR-BURDARAS: Fitch Affirms Individual Rating at C/D


I R E L A N D

HARVEST CLO: Fitch Assigns BB Rating on EUR17 Million Notes


I T A L Y

FIAT SPA: Exits From Sestrieres S.p.A. & IPI SpA


K A Z A K H S T A N

BAVDUN: Creditors Must File Claims by July 14
BULAYEVSKOYE ATP: Creditors Must File Claims by July 14
FIRMA DAVRAN: Almaty Court Sets July 14 Claims Bar Date
ISTANBUL AVIATOUR: Claims Registration Ends July 14
KAZGOLD: East Kazakhstan Court Opens Bankruptcy Proceedings

KAZROSSERVIS: Proof of Claim Deadline Slated for July 14
SHAHZARAT: Proof of Claim Deadline Slated for July 14
SKALA LTD: Creditors' Claims Due July 14
SPORT: East Kazakhstan Court Starts Bankruptcy Process
VTORSVETMET: Creditors' Claims Due July 14


L U X E M B O U R G

COLT TELECOM: Cancels Share Listing After Scheme Takes Effect


R U S S I A

BOGORODSKAYA STOCKING: Court Names N. Kochugov to Manage Assets
BOYARKA: Court Appoints O. Klemeshov as Insolvency Manager
DOROGINSKIY BRICKWORKS: V. Poroshkov to Manage Assets
INGOSSTRAKH INSURANCE: S&P Lifts Credit Rating to BB+
KARMASKALINSKOYE REPAIR-TECHNICAL: Bankruptcy Supervision Begins

KASIMOVO-AGRO-KHIM: Court Names M. Mordashov to Manage Assets
KIRENSK-STROY-SERVICE: Court Names S. Sizov to Manage Assets
KIROVSKOYE: Court Appoints E. Sablin as Insolvency Manager
KLIPPAN AB: Paper Manufacturer to File for Bankruptcy
KUYURGAZINSKAYA RAY-SEL-KHOZ-TEKHNIKA: Bankruptcy Process Starts
LAKASHINSKIY SPIRIT: Court Starts Bankruptcy Supervision

LGOV-MEAT: Court Names O. Nestruev as Insolvency Manager
SEVERSTAL: Arcelor Shareholders Votes Against Merger
TAZOVSKIY FISHING: Court Commences Bankruptcy Supervision
YUNIKAR: Court Names Ms. G. Rabina as Insolvency Manager
ZABAYKALSKAYA TIMBER: Court Begins Bankruptcy Supervision

ZAVOLZHSKOYE: Court Commences Bankruptcy Supervision



T U R K E Y

YASAR HOLDING: Fitch Places B+ on Local & Foreign Currency IDRs


U K R A I N E

AVITOS: Court Appoints Kiril Liseyev as Liquidator
DEMETRA: Court Begins Bankruptcy Supervision
JSCB GARANT: Liquidation Procedure Commences
KOLOS: Court Names Hristina Podoprigorova to Liquidate Assets
KONSTANTINIVKA' REALIZING: Svitlana Atamanenko to Manage Assets

SOVETSKE REPAIR-TRANSPORT: Court Starts Bankruptcy Supervision
STAL: Court Names Svitlana Mogilan as Insolvency Manager
SVITLOVODSK' HEAT-INSULATING: G. Zabolotnij to Liquidate Assets
TROITSKE: Dnipropetrovsk Court Begins Bankruptcy Supervision


U N I T E D   K I N G D O M

ABBEY SCHOOL: Creditors' Meeting Slated for July 5
AUDUS NOBLE: Hires Grant Thornton to Administer Assets
COLT TELECOM: Cancels Share Listing After Scheme Takes Effect
DOUBAR LTD: Creditors Confirm Voluntary Liquidation
EASTMAN KODAK: Shutting Down Kirkby Manufacturing Plant

EURO WIND: Moody's Rates Insurance-Linked Notes at Low-B
FAMILY PHOTOGRAPHERS: Taps David Rubin as Joint Administrators
FAMINGAY INVESTMENTS: Creditors Pass Winding Up Resolution
FIRST CHOICE: Creditors Resolve to Liquidation
FOOTPRINT INTERIORS: Brings in Joint Liquidators from Mazars LLP

GIRL SURF: Financial Woes Trigger Liquidation
HALON MENSWEAR: Hires Liquidator from Hodgsons
HARLAND RISE: Creditors Ratify Winding Up Resolution
INGRAM & GLASS: Names William Anthony Batty as Administrator
INTEGRATED DATA: Taps Gerald Frederick Davis to Liquidate Assets

MARTIS ENGINEERING: Appoints Adrian David Allen as Administrator
MORPHEUS BEDS: Brings In Bond Partners to Administer Assets
NEWGATE FUNDING: Moody's Rates EUR2.3-Mln Class E Notes at Ba2
NTL CABLE: Fitch Keeps Senior Notes on Watch Negative
OLWEN DIRECT: Creditors' Meeting Slated for July 10

PILKINGTON PLC: S&P Withdraws Low-B Corporate Credit Ratings
SCOTT'S OF NEWBURY: Hires Administrators from B&C Associates
SOLUTION FOOTWEAR: Taps Richard James Philpott as Administrator
SUCCESSOR CA1: Moody's Assigns Ba3 Rating to Class A Notes
START II: S&P Assigns BB+ Rating to US$15.2-Mln Class E Notes

SUCCESSOR HURRICANE MODELED: Moody's Rates Class B Notes at B1
SUCCESSOR HURRICANE INDUSTRY: Moody's Rates Notes at Low-B
SUCCESSOR II: Moody's Assigns B3 Rating to Class A Notes
SUCCESSOR IV: Moody's Rates Class A Insurance-Linked Notes at B3
THERMOTECH AIR: Appoints Joint Administrators from KPMG

WOOLWORTHS GROUP: Moody's Withdraws Ba2 Issuer Rating

                            *********


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


ALS HOCH: Claims Registration Period Ends July 10
-------------------------------------------------
Creditors owed money by Construction LLC ALS Hoch- und Tief (FN
251086w) have until July 10 to file written proofs of claims to
court-appointed property manager Arno Lerchbau at:

         Dr. Arno Lerchbau
         Marburgerkai 47
         8010 Graz, Austria
         Tel: 0316/822244-0
         Fax: 0316/822244-22
         E-mail: office@lerchbaumer.co.at

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 25 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 205
         2nd Floor
         Hall K
         Graz, Austria

Headquartered in Graz, the Debtor declared bankruptcy on May 18
(Bankr. Case No. 40 S 26/06f).  


BE-KA: Claims Registration Period Ends July 11
----------------------------------------------
Creditors owed money by Construction LLC Be-Ka (FN 250472t) have
until July 11 to file written proofs of claims to court-
appointed property manager Georg Kahlig at:

         Dr. Georg Kahlig
         Siebensterngasse 42
         1070 Vienna, Austria
         Tel: 523 47 91
         Fax: 523 47 91 33
         E-mail: kahlig.partner@aon.at

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on July 25 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 2102
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 18 (Bankr. Case No. 45 S 30/06z).  Gerhard Stauder
represents Dr. Kahlig in the bankruptcy proceedings.


DELTA BAU: Claims Registration Period Ends July 12
--------------------------------------------------
Creditors owed money by LLC Delta Bau -Plan (FN 60577i) have
until July 12 to file written proofs of claims to court-
appointed property manager Verena Riedherr at:

         Dr. Verena Riedherr
         Bayernstr. 11a
         5020 Salzburg, Austria
         Tel: 0062-830023
         Fax: 0662-830023-22
         E-mail: verena.riedherr@lmr.at

Creditors and other interested parties are encouraged to attend
the meeting at 10:15a.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 Salzburg
         Room 221
         2nd Floor
         Salzburg, Austria

Headquartered in Salzburg, the Debtor declared bankruptcy on
May 18 (Bankr. Case No. 23 S 35/06a).


HELMUT KAIBL: Claims Registration Period Ends July 25
-----------------------------------------------------
Creditors owed money Transport LLC & Co KG Helmut Kaibl (FN
214779b) have until July 25 to file written proofs of claims to
court-appointed property manager Heinz Kassmannhuber at:

         Dr. Heinz Kassmannhuber
         Stelzhamerstrasse 11
         4400 Steyr,Austria
         Tel: 07252/50 300
         E-mail: office@sks-law.at

Creditors and other interested parties are encouraged to attend
the meeting at 1:45 p.m. on Aug. 8 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         2nd Floor
         Steyr, Austria

Headquartered in Rohr im Kremstal, Austria, the Debtor declared
bankruptcy on May 18 (Bankr. Case No. 14 S 28/06z).


KLETZMAYR TRANSPORT: Creditors' Meeting Slated for July 13
----------------------------------------------------------
Creditors owed money by Transport and Courier LLC Kletzmayr
Transport- und Botendienst (FN 108195k) are encouraged to attend
the creditors' meeting at 11:00 a.m. on July 13 to consider the
adoption of the rule by revision and accountability.

The first creditors' meeting will be held at:

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

Headquartered in Attnang - Puchheim, Austria, the Debtor
declared bankruptcy on May 18 (Bankr. Case No. 20 S 62/06b).   
Dr. Rudolf Franzmayr serves as the court-appointed property
manager for the bankrupt estate.  


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


SOLUTIA INC: Citigroup Pledges EUR200 Million Loan Commitment
-------------------------------------------------------------
Solutia Europe SA/NV, a Solutia Inc. subsidiary, received a
fully underwritten commitment from Citigroup Global Markets
Limited for a EUR200 million loan maturing in 2011 to refinance
its EUR200 million of 10% Euro notes due in 2008.  The new loan
is priced at EURIBOR plus 2.75%, which is currently about 6%.  
SESA anticipates closing the transaction on Aug. 1, 2006.

Under the terms of the new loan, SESA will also be able to
complete the previously announced sale of its Pharmaceutical
Services business, which it expects to occur in August.

"This new financing brings significant benefits to Solutia, and
demonstrates the continued confidence the financial markets have
in the company," said Jim Sullivan, senior vice president and
chief financial officer, Solutia Inc.  "We project this new
financing will result in significant interest savings for
Solutia. In addition, it allows us greater flexibility to divest
non-core assets, such as our Pharmaceutical Services business."

                       About Solutia Inc.

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


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


EASTMAN KODAK: Withdraws From Chalon-sur-Saone Operations
---------------------------------------------------------
In its latest action responding to the overall decline in
traditional film imaging, Eastman Kodak Company will continue to
progressively withdraw manufacturing activities from the Kodak
Industrie Chalon Plant in Chalon-sur-Saone, France by a job
reduction program.

Kodak will end x-ray film finishing operations at the site.  The
closure will affect about 300 jobs, and the operations will be
transferred to other Kodak plants with available capacity.

"We will work to smoothly implement these changes, so that
customers can rely on the same high-quality x-ray film products
they have always received from Kodak," said J.P. Martel,
president of Kodak Industrie.

Martel emphasized that Kodak has intensified efforts to develop
an industrial park, the Burgundy Region Industrial Park, at the
Chalon site, helping secure positions for a significant number
of employees through divestitures and by attracting new
businesses to the site. He pointed to a number of recent
successes in that regard and said that the total number of jobs
preserved through these developments could reach 700.

Kodak Industrie said it would fulfill its contractual
commitments to employees and implement a severance program.  
This program could include a voluntary retirement and separation
program, other opportunities for employee relocation within the
industrial park and assistance for employees seeking new jobs.  

                      About Eastman Kodak

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

                         *     *     *

As reported in the Troubled Company Reporter on May 25, 2006,
Fitch downgraded Eastman Kodak's Issuer Default Rating to 'B'
from 'BB-' and the company's senior unsecured debt to 'B-' from
'B+' on May 16, 2006.  The Outlook remains Negative. The ratings
reflected Fitch's growing concern regarding EK's ability to
generate profitable organic digital revenue growth and
sufficient free cash flow to offset continual declines in the
company's traditional business.

As reported in the Troubled Company Reporter on May 9, 2006,
Moody's Investors Service placed the ratings of the Eastman
Kodak Company on review for possible downgrade.  Ratings placed
on Review for Possible Downgrade included the Company's
Corporate Family Rating at B1; Senior Unsecured Rating at B2;
and Senior Secured Credit Facilities at Ba3.


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


AUTOHAUS BECKER: Claims Registration Ends July 8
------------------------------------------------
Creditors of Autohaus Becker Betriebs GmbH have until July 8 to
register their claims with court-appointed provisional
administrator Christian Hanken.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 8, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aurich
         Room 018
         Schlossplatz 2
         26603 Aurich
         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 Aurich opened bankruptcy proceedings
against Autohaus Becker Betriebs GmbH on May 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Autohaus Becker Betriebs GmbH
         Adeweg 31
         26529 Osteel
         Germany

         Attn: Lars Juergens, Manager
         Bruntjer Way 28
         26894 Nortmoor
         Germany

The administrator can be contacted at:

         Christian Hanken
         Barrier Route 3
         D-26409 Wittmund
         Germany
         Tel: 04462/919114
         Fax: 04462/919191


AUTOWELT PLUS: Claims Registration Ends July 20
-----------------------------------------------
Creditors of autowelt plus AG Dreher & Hailer have until July 20
to register their claims with court-appointed provisional
administrator Mathias Dorn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 10, 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 Kempten
         Room Nr. 139/I
         Residenzplatz 4-6
         87435 Kempten
         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 Kempten opened bankruptcy proceedings
against autowelt plus AG Dreher & Hailer on June 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         autowelt plus AG Dreher & Hailer
         Sonthofener Road 13
         87509 Immenstadt
         Germany

The administrator can be contacted at:

         Mathias Dorn
         Allgaeuer Road 1
         87435 Kempten
         Germany
         Tel: 0831/5800434
         Fax: 0831/5800464


BAHN+MODELL: Claims Registration Ends July 10
---------------------------------------------
Creditors of Bahn+Modell Fichte & Lenk GmbH Modellbahn- und
Spielwarenfachgeschaft have until July 10 to register their
claims with court-appointed provisional administrator Jan
Gartner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 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 Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         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 Dresden opened bankruptcy proceedings
against Bahn+Modell Fichte & Lenk GmbH Modellbahn- und
Spielwarenfachgeschaft on May 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Bahn+Modell Fichte & Lenk GmbH
         Modellbahn- und Spielwarenfachgeschaft
         Market 20
         02763 Zittau
         Germany

The administrator can be contacted at:

         Jan Gartner
         Weisseritzstrasse 3
         01067 Dresden
         Germany
         Web: http://www.worako.de/


ESTRICH- U. ELEKTROANLAGEN: Claims Registration Ends July 11
------------------------------------------------------------
Creditors of Estrich- u. Elektroanlagen Ing. L. Heckmann GmbH &
Co. KG have until July 11 to register their claims with court-
appointed provisional administrator Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 22, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Room 4.309
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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 Darmstadt opened bankruptcy proceedings
against Estrich- u. Elektroanlagen Ing. L. Heckmann GmbH & Co.
KG on June 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Estrich- u. Elektroanlagen Ing. L. Heckmann
         GmbH & Co. KG
         Fichtenstrasse 16
         69483 Wald-Michelbach
         Germany

The administrator can be contacted at:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim
         Germany
         Tel: 0621/87708-0
         Fax: 0621/8770820


GEBR. STAHL: Claims Registration Ends July 21
---------------------------------------------
Creditors of Gebr. Stahl GmbH have until July 21 to register
their claims with court-appointed provisional administrator
Thomas Steger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 11, 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 Bad Neuenahr-Ahrweiler
         Hall 4
         William route 55-57
         53474 Bad Neuenahr-Ahrweiler
         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 Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Gebr. Stahl GmbH on April 24.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Gebr. Stahl GmbH
         Attn: Ralf Stahl, Manager
         Diesel Route 24
         53424 Remagen Oberwinter
         Germany

The administrator can be contacted at:

         Thomas Steger
         Kolnstr. 135
         53757 St. Augustin
         Germany
         Tel: 02241/90600
         Fax: 02241/906090


GFB GESELLSCHAFT: Claims Registration Ends July 11
--------------------------------------------------
Creditors of GfB Gesellschaft fuer Baustoffe mbH Vertrieb und
Beratungen have until July 11 to register their claims with
court-appointed provisional administrator Bardo M. Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 22, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Rooms 4.309
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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 Darmstadt opened bankruptcy proceedings
against GfB Gesellschaft fuer Baustoffe mbH Vertrieb und
Beratungen on June 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         GfB Gesellschaft fuer Baustoffe mbH
         Vertrieb und Beratungen
         Attn: Hans-Peter Petrat, Manager
         Riemen 4
         64832 Babenhausen
         Germany

The administrator can be contacted at:

         Bardo M. Sigwart
         Ostend 14
         64347 Griesheim
         Germany
         Tel: 06155/60930
         Fax: 06155/66297


GLM-NEUMANN: Claims Registration Ends July 18
---------------------------------------------
Creditors of GLM-Neumann Verwaltung GmbH have until July 18 to
register their claims with court-appointed provisional
administrator Gideon Bohm.

Creditors and other interested parties are encouraged to attend
the meeting at 11:55 a.m. on Aug. 15, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         4th Floor
         Sievekingplatz 1
         20355 Hamburg
         Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against GLM-Neumann Verwaltung GmbH on June 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         GLM-Neumann Verwaltung GmbH
         Rahlau 52
         22045 Hamburg
         Germany

         Attn: Dieter Neschen, Manager
         Schmelzerstrasse 30
         47877 Willich
         Germany

         Marinus Marc Renne, Manager
         Raadhuisstraht 5
         NL-5261 EH
         Vugt/Niederlande
         Germany

The administrator can be contacted at:

         Dr. Gideon Bohm
         Bachstrasse 85a
         22083 Hamburg
         Germany
         Tel: 040/3208360
         Fax: 040/32083636


LITHO BREMEN: Creditors' Meeting Slated for July 13
---------------------------------------------------
The court-appointed provisional administrator for Litho Bremen
GmbH, Stefanie Luethje, will present her first report on the
Company's insolvency proceedings at a creditors' meeting at
11:15 a.m. on July 13.

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

         The District Court of Bremen
         Hall 115
         Court House (new building)
         Ostertorstr. 25-31
         28195 Bremen, Germany

The Court will also verify the claims set out in the
administrator's report at 11:00 a.m. on Aug. 31 at the same
venue.

Creditors have until July 18 to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against Litho Bremen GmbH on June 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Litho Bremen GmbH
         Funkschneise 19
         28309 Bremen
         Germany

The administrator can be reached at:

         Stefanie Luethje
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: 792570
         Fax: 7925757
         Web: http://www.oelb.de/
         E-mail: luethje@oelb.de  


REDANTS CARGO: Creditors' Meeting Slated for July 20
----------------------------------------------------
The court-appointed provisional administrator for RedAnts Cargo-
Carrier-Verwaltungs GmbH, Bernd Peters, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:00 a.m. on July 20.

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

         The District Court of Bremen
         Hall 115
         Court House (New Building)
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Aug. 24 at the same
venue.

Creditors have until Aug. 1 to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against RedAnts Cargo-Carrier-Verwaltungs GmbH on May 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         RedAnts Cargo-Carrier-Verwaltungs GmbH
         Arster Hemm 54
         28279 Bremen
         Germany

         Attn: Heinrich Lohmann, Manager
         Sonnenberg 3
         28857 Syke-Barrien
         Germany

The administrator can be reached at:

         Dr. Bernd Peters
         Wall 146
         28195 Bremen
         Germany
         Tel: 0421/2440090
         Fax: 0421/24400929


SCHREWE BAU: Claims Registration Ends July 19
---------------------------------------------
Creditors of Schrewe Bau Friedrich Schrewe GmbH & Co.
Kommanditgesellschaft have until July 19 to register their
claims with court-appointed provisional administrator Stefan
Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 9, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         4. Ebene
         Court Route 6
         33602 Bielefeld
         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 Bielefeld opened bankruptcy proceedings
against Schrewe Bau Friedrich Schrewe GmbH & Co.
Kommanditgesellschaft on May 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Schrewe Bau Friedrich Schrewe GmbH & Co.
         Kommanditgesellschaft
         Attn: Siegfried Sowa, Manager
         Ravensberger Str. 60
         32312 Luebbecke
         Germany

The administrator can be contacted at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke, Germany


=============
I C E L A N D
=============


STRAUMUR-BURDARAS: Fitch Affirms Individual Rating at C/D
---------------------------------------------------------
Fitch Ratings affirmed Straumur-Burdaras Investment Bank ratings
at Issuer Default of BBB-, Short-term F3, Individual C/D, and
Support 3.  

The Outlook on the IDR is Stable.  This rating action follows
the turbulences experienced at the Board of Directors of the
bank recently.

Straumur has operated in its current form since August 2005 --
when it merged with part of the Burdaras group -- at which time
shareholders elected time a new board of directors consisting of
five members.  Fitch notes the board's majority decision last
week to change the bank's CEO, and the recurring conflicts among
Straumur's board members that came to light.

A shareholder meeting to re-elect Straumur's board has
subsequently been called for July 19.  In addition, a
substantial change in the shareholder structure is expected,
following the sale of stakes of several minority shareholders
totaling 24.4% of Straumur to FL Group, one of Iceland's largest
investment groups; this was announced on June 28 and is subject
to regulatory approval and a shareholder meeting of FL Group.

Given the very short track record of the bank in its current
form, and the still-early stage of its franchise development in
corporate and debt finance business - so moving away from its
previous profile as an equity fund - it is Fitch's view that it
is essential that the bank benefits from strong support from its
shareholders, and therefore, its board of directors.

The agency will closely monitor the outcome of the shareholder
meeting in July and notes that further lack of consensus at
board level would be a concern as it may endanger the bank's
ability to deliver on its targets.  An adverse reaction to
events by other stakeholders could also have negative
consequences.

Fitch further comments that this situation highlights some
features of the Icelandic market, including significant related-
party interests.  While this is partly due to the small size of
this market, it can not be excluded that it might lead to some
corporate governance issues and the agency would welcome a
reduction in related party business and a simplification of
ownership structures in the Icelandic market generally.

Straumur's ratings are underpinned by the bank's strong capital
base, a pre-requisite in Fitch's view, until the bank has
achieved a satisfactory level of stable revenue streams,
developed a track record in corporate and debt finance, and
reduced its large equity exposures.  While acknowledging Q106
results reporting positive trends in these areas, Fitch expects
these trends to continue in the future and notes that any
deviation from these goals would put downward pressures on the
ratings.

Straumur was the second-largest bank in Iceland by equity at
end-March 2006, but ranked fourth by total assets.  It received
its investment-banking license in January 2004, and has since
pursued its strategy to become a leading specialized investment
bank in the Nordic region.  Its operations are divided into five
main businesses: proprietary trading, capital markets, treasury,
corporate finance and debt finance.


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


HARVEST CLO: Fitch Assigns BB Rating on EUR17 Million Notes
-----------------------------------------------------------
Fitch Ratings assigned Harvest CLO IV PLC's upcoming issue of
EUR752 million notes due 2021 final ratings.  

The arbitrage collateralized loan obligation is a securitization
of primarily European senior secured loans.  This transaction is
the fourth European CLO managed by Mizuho Corporate Bank
Limited.

   -- EUR456 million Class A-1A floating-rate notes: AAA
      XS0254041493;

   -- EUR74 million Class A-1B floating-rate notes: AAA
      XS0254042541;

   -- EUR50 million Class A-2 floating-rate notes: AAA
      XS0254042970;

   -- EUR54.6 million Class B-1 floating-rate notes: AA
      XS0254043861;

   -- EUR4.4 million Class B-2 fixed-rate notes: AA
      XS0254046963;

   -- EUR29 million Class C floating-rate notes: A
      XS0254048746;

   -- EUR11.1 million Class D-1 floating-rate notes: BBB
      XS0254050213;
  
   -- EUR8.9 million Class D-2 fixed-rate notes: BBB
      XS0254052771;

   -- EUR15.4 million Class E-1 floating-rate notes: BB
      XS0254054553;

   -- EUR1.6 million Class E-2 fixed-rate notes: BB
      XS0254055360;
   
   -- EUR47 million Class F subordinated notes: not rated
      XS0254058034;

   -- EUR20 million Class M combination notes: AAA
      XS0254059784;

   -- EUR6 million Class N combination notes: AA
      XS0254060790; and

   -- EUR13.9 million Class O combination notes: BBB
      XS0254064438.

The ratings of the Class A-1A, A-1 B and A-2 notes address
ultimate repayment of principal at maturity and timely payment
of interest according to the terms of the notes.  For all other
rated classes of notes, the ratings address ultimate payment of
principal and interest, including any deferred interest, at
maturity.  

The ratings on the Class N and O combination notes address the
ultimate payment of principal only from funds received on their
respective components.  The rating on the Class M combination
note is credit-linked to the rating assigned to the sovereign
debt of the French Republic and addresses the ultimate return of
principal only from interest and principal proceeds of the Class
F component and the repayment of the French OAT strip component.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager subject to the guidelines outlined in the collateral
management agreement.  The guidelines limit the collateral
manager's portfolio allocations with respect to obligor,
industry and asset type.  

Fitch assigned Mizuho Corporate Bank Limited a CDO Asset Manager
Rating of 2 for leveraged loans on May 17, based on the
company's long history and good market position in the European
leveraged finance market, and its longstanding and experienced
leveraged finance professionals.  The ratings are also based on
the credit enhancement provided to the various Classes of notes,
which consists of the subordinated notes, structural protection
covenants and excess spread.

The issuer is a company with limited liability, incorporated
under the laws of Ireland.  The proceeds from the note issuance
will be used to purchase a portfolio of primarily European
senior secured loans.


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


FIAT SPA: Exits From Sestrieres S.p.A. & IPI SpA
------------------------------------------------
The Fiat Group sold Sestrieres SpA to Via Lattea SpA on June 29.
Sestrieres SpA, whose total value was set at approximately EUR30
million, operates 62 ski-lift facilities within one of the
largest European ski resorts.

Purchasers committed themselves to guaranteeing the continuity
of the industrial plan of the Company to support the further
development of the Sestriere venue.

On June 22, Fiat Partecipazioni sold its 10% residual stake in
IPI SpA to Risanamento SpA for a counter value of approximately
EUR25.7 million, thus recording a gain of approximately EUR9
million at the consolidated level.  

The transaction was envisaged in the agreements signed with
Risanamento in March 2003 and is consistent with the Group's
strategy of focusing on its core automotive business.

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

                        *     *     *

In August 2005, S&P revised its outlook on Fiat to stable from
negative.  At the same time, it affirmed its 'BB-' long-term and
'B' short-term corporate credit ratings on the group.

As reported in the Troubled Company Reporter-Europe on Feb. 10,
Fitch Ratings has changed the Outlook on Fiat S.p.A.'s 'BB-'
Senior Unsecured rating to Stable from Negative.  The agency has
at the same time affirmed the Senior Unsecured and Short-term
'B' ratings.  EUR6 billion of debt is affected by this Rating
action.  The Outlook change is underpinned by early signs that
the restructuring plan is on track, the stabilization of Fiat
Auto's market shares in late 2005 and the successful resolution
of a number of credit issues.


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


BAVDUN: Creditors Must File Claims by July 14
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Bavdun insolvent on April 19.

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

         LLP Bavdun
         Karasai batyr Str. 15a
         Talgar
         Almaty Region
         Kazakhstan
         Tel: 8 (274) 2-73-36
              8 (3003) 21-43-31


BULAYEVSKOYE ATP: Creditors Must File Claims by July 14
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared OJSC Bulayevskoye ATP Agropromtrans
insolvent on Feb. 8.  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
         Valihanova Str. 19-149  
         Petropavlovsk, North Kazakhstan Region
         Kazakhstan


FIRMA DAVRAN: Almaty Court Sets July 14 Claims Bar Date
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Firma Davran insolvent on April 6.

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

         LLP Firma Davran
         Office 74, 75
         Kazybek bi Str. 50
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-12-50
              8 (3272) 72-18-09


ISTANBUL AVIATOUR: Claims Registration Ends July 14
---------------------------------------------------
LLP Istanbul Aviatour has declared insolvency.  Creditors have
until July 14 to submit written proofs of claim to:

         LLP Istanbul Aviatour
         Office 17
         Jeltoksan Str. 159
         Almaty, Kazakhstan


KAZGOLD: East Kazakhstan Court Opens Bankruptcy Proceedings
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region commenced bankruptcy proceedings against CJSC Kazgold on
April 14.


KAZROSSERVIS: Proof of Claim Deadline Slated for July 14
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Kazrosservis insolvent.  Creditors have until
July 14 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Atyrau Region
         3rd floor
         Abai Str. 10
         Atyrau
         Atyrau Region
         Kazakhstan


SHAHZARAT: Proof of Claim Deadline Slated for July 14
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Shahzarat insolvent on April 14.  
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
         Valihanova Str. 19-149  
         Petropavlovsk, North Kazakhstan Region
         Kazakhstan


SKALA LTD: Creditors' Claims Due July 14
----------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Skala Ltd. insolvent on April 17.  
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
         Valihanova Str. 19-149  
         Petropavlovsk, North Kazakhstan Region
         Kazakhstan


SPORT: East Kazakhstan Court Starts Bankruptcy Process
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared East Kazakhstan Trade and Purchase JSC Sport
insolvent on April 20.  Subsequently, bankruptcy proceedings
were introduced at the company.


VTORSVETMET: Creditors' Claims Due July 14
------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Vtorsvetmet insolvent on Dec. 23, 2005.

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

         LLP Vtorsvetmet
         Budabai akyna Str. 11
         Kyzylorda
         Kyzylorda Region
         Kazakhstan
         Tel: 8 (3272) 25-30-11
              8 (3272) 27-23-65
              8 (3272) 27-24-55
              8 (3004) 15-42-15


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


COLT TELECOM: Cancels Share Listing After Scheme Takes Effect
-------------------------------------------------------------
COLT Telecom Group PLC and COLT Telecom Group S.A.'s Scheme of
Arrangement became effective on June 30 and that COLT S.A. is
now the holding company of the COLT Group.

The listing of the ordinary shares of COLT will be cancelled, at
COLT's request, with effect from the commencement of business
today, July 3.

Under the Scheme, COLT Shareholders are entitled to one COLT
S.A. Scheme Share for every three shares in COLT Telecom Group
PLC held at the Scheme Record Time.

The COLT S.A. Scheme Shares were issued and will be admitted to
the Official List and to trading on the London Stock Exchange
today.

Depositary Interests representing COLT S.A. Scheme Shares are
expected will also be credited to CREST accounts and share
certificates for COLT S.A. Scheme Shares will be posted.  Any
old share certificates relating to COLT can be destroyed.

COLT also confirmed that COLT Telecom Group PLC was re-
registered as a private limited company, COLT Telecom Group
Limited.

COLT Telecom Group S.A. disclosed that COLT Shareholders have
agreed to purchase 128,002,863 Open Offer Shares in connection
with the Open Offer announced on May 5, representing
approximately 74.4% of the Open Offer Shares.

This figure includes Fidelity's pro rata share of the Open Offer
Shares, which it agreed to acquire or procure that its
affiliates acquire.  Fidelity will also acquire the balance of
43,990,164 Open Offer Shares.  The Open Offer is subject to
Admission having become effective by no later than 8.00 a.m.
today, or such later time and date as is agreed by COLT Telecom
Group S.A., COLT Lux Finance S.a r.l and Fidelity.

The Open Offer Shares will rank pari passu with the COLT S.A.
Scheme Shares and trading of those shares on the London Stock
Exchange is expected to commence at 8.00 a.m. on July 3.

With effect today, July 3, the ticker symbol CTM will be
withdrawn and replaced by COLT.

Headquartered in London, England, Colt Telecom --
http://www.colt.net/-- offers business communication services  
across Europe.  Through its fiber optic network, the Company
offers voice, bandwidth, e-business and managed network services
to finance, industry and service sector customers and
governments.

                        *     *     *

On March 1, Standard & Poor's Ratings Services placed its 'B-'
long-term corporate credit rating on European business
telecommunications provider COLT Telecom Group PLC on
CreditWatch with positive implications.  This follows the
group's announcement that it is to create a new European holding
company, raise GBP300 million in equity, and undergo debt
reduction.


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


BOGORODSKAYA STOCKING: Court Names N. Kochugov to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
N. Kochugov as insolvency manager for OJSC Bogorodskaya Stocking
Factory.  He can be reached at:

         Mr. N. Kochugov
         Universitetskaya Str. 6
         600024 Vladimir
         Russia
         Tel/Fax: 8(0922) 34-06-78

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-23883/2005 24-398.

The Debtor can be reached at:

         OJSC Bogorodskaya Stocking Factory
         452750 Nizhniy Novgorod Region
         Russia


BOYARKA: Court Appoints O. Klemeshov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. O.
Klemeshov as insolvency manager for CJSC Boyarka.  He can be
reached at:

         O. Klemeshov
         Post User Box 174
         630077 Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-19335/05-10/312.
         
The Debtor can be reached at:

         CJSC Boyarka
         Boyarka
         Kolyvanskiy Region
         633162 Novosibirsk Region
         Russia


DOROGINSKIY BRICKWORKS: V. Poroshkov to Manage Assets
-----------------------------------------------------
The Arbitration Court of Novosibirsk Region appointed Mr. V.
Poroshkov as insolvency manager for CJSC Doroginskiy Brickworks.  
He can be reached at:

         V. Poroshkov
         Post User Box 337
         630102 Novosibirsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-17956/05-4/308.

The Debtor can be reached at:

         CJSC Doroginskiy Brickworks
         Tsentralnaya Str. 4
         Dorogino
         Novosibirsk Region
         Russia


INGOSSTRAKH INSURANCE: S&P Lifts Credit Rating to BB+
----------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and insurer financial strength ratings on
Russia-based insurer Ingosstrakh Insurance Co. to 'BB+'
from 'BB' and its Russia national scale rating to 'ruAA+' from
'ruAA'.  The outlook is stable.
     
"The upgrade reflects Ingosstrakh's considerable improvement in
the investment profile and positive track record by
Ingosstrakh's management team," said Standard & Poor's credit
analyst Tatiana Grineva.

The ratings also reflect Ingosstrakh's progressive strengthening
of its competitive advantages in Russia through intensive growth
of its personal lines portfolio and sustained good operating
performance.  These strengths are offset, however, by the still-
marginal quality of the investment portfolio by international
standards, untested financial flexibility, and high industry and
country risks.

The stable outlook reflects our expectation of sustainable good
operating performance, with a net combined ratio less than 100%,
ROE of 15%, a further improving quality of the investment
portfolio, and maintenance of capital adequacy--according to our
risk-based capital model--within the 'BBB' range.

"In the medium term, Ingosstrakh still faces challenges to
maintain its capitalization in line with its ambitious growth
levels and execution risk of becoming the leading Russian
insurer by doubling its premium income by 2009," said Ms.
Grineva.

The ratings could be raised if Ingosstrakh improves the quality
of the investment portfolio to good from marginal; and
demonstrates its financial flexibility and capacity to manage
country industry risk, possibly through an IPO.  "Over the
medium term, any significant and sustained deterioration in
earnings, capitalization, or quality of the investment may cause
the ratings to be lowered," she added.


KARMASKALINSKOYE REPAIR-TECHNICAL: Bankruptcy Supervision Begins
----------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on OJSC karmaskalinskoye
repair-technical enterprise.  The case is docketed under Case
No. A07-36020/05-G-ADM.

The Temporary Insolvency Manager is:

         Mr. N. Bortnikov
         Post User Box 1780
         Solikamsk-13
         618553 Perm Region

The Debtor can be reached at:

         OJSC Karmaskalinskoye Repair-Technical Enterprise
         K. Marksa Str. 56.
         Okulon
         Karmaskalinskiy Region
         453010 Bashkortostan Republic
         Russia


KASIMOVO-AGRO-KHIM: Court Names M. Mordashov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Ryazan Region appointed for OJSC
Kasimovo-Agro-Khim (TIN 6204000017).  He can be reached at:

         Dzerzhinskogo Str. 4-2
         Petrozavodsk
         185035 Kareliya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A54-9353/2005 S20.

The Debtor can be reached at:

         OJSC Kasimovo-Agro-Khim
         Podlipki
         Kasimovskiy Region
         391359 Ryazan Region
         Russia


KIRENSK-STROY-SERVICE: Court Names S. Sizov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. S. Sizov
as insolvency manager for OJSC Kirensk-Stroy-Service.  He can be
reached at:

         S. Sizov
         Post User Box 1609
         664007 Irkutsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-2661/06-29.

The Debtor can be reached at:

         OJSC Kirensk-Stroy-Service
         Voroninskaya Str. 10
         Kirensk
         Irkutsk Region
         Russia


KIROVSKOYE: Court Appoints E. Sablin as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Khakasiya republic appointed Mr. E.
Sablin as insolvency manager for CJSC Kirovskoye.  He can be
reached at:

         E. Sablin
         Kirova Str. 54
         Kirovo
         Altay Region
         655672 Khakasiya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A74-5481/2005.

The Debtor can be reached at:

         CJSC Kirovskoye
         Kirova Str. 54
         Kirovo
         Altay Region
         655672 Khakasiya Republic
         Russia


KLIPPAN AB: Paper Manufacturer to File for Bankruptcy
-----------------------------------------------------
Klippan AG is filing for bankruptcy protection, Nordic Business
Report cites n24.se.

According to the report, the fine paper manufacturer cites its
inability to finance its operations due to the continued decline
of both volume and price.  The company, which employs 600, was
recently acquired by Weland AB and delisted from the Stockholm
Stock Exchange, n24.se relates.

Headquartered in Lessebo, Sweden, Klippan AB manufactures and
markets fine specialty papers since 1693.  It has production
plants in Klippan and Lessebo.  Klippan Mill is situated next to
Ronne Brook in Skane while Lessebo Mill is situated by Lake Laen
in Smaland.  KLIPPAN's total production capacity amounts to
120,000 tons of paper.  Lessebo has a total production capacity
of 33,000 tons of chlorine-free sulphite pulp.


KUYURGAZINSKAYA RAY-SEL-KHOZ-TEKHNIKA: Bankruptcy Process Starts
----------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on OJSC Kuyurgazinskaya Ray-
Sel-Khoz-Tekhnika.  

The case was docketed under Case No. A07-39322/05-G-KhRM.

The Temporary Insolvency Manager is:

         Mr. V. Ivanov
         Gaya Str. 23A.
         460000 Orenburg
         Russia

The Debtor can be reached at:

         OJSC Kuyurgazinskaya Ray-Sel-Khoz-Tekhnika
         Vatutina Str. 2.
         Ermolaevo
         Kuyurgazinskiy Region
         453360 Bashkortostan Republic
         Russia


LAKASHINSKIY SPIRIT: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Ryazan Region has commenced bankruptcy
supervision procedure on OJSC Lakashinskiy Spirit Distillery.  
The case was docketed under Case No. A54-1005/2006-S1.

The Temporary Insolvency Manager is:

         Mr. V. Motorzhin
         Room 1
         Polonskogo Str. 19
         390000 Ryazan Region

The Debtor can be reached at:

         OJSC Lakashinskiy Spirit Distillery
         Lakash
         Spasskiy Region
         Ryazan Region
         Russia


LGOV-MEAT: Court Names O. Nestruev as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Kursk Region appointed Mr. O. Nestruev
as insolvency manager for OJSCov-Meat (TIN 4613000286, OGRN
1024600646784).  He can be reached at:

         O. Nestruev
         Apartment 60
         Orlovskaya Str. 26
         305048 Kursk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A35-5430/05 g.  

The Debtor can be reached at:

         OJSCov-Meat
         ov
         ovskiy Region
         307750 Kursk Region


SEVERSTAL: Arcelor Shareholders Votes Against Merger
----------------------------------------------------
Shareholders reject the proposed SeverStal merger at an
extraordinary shareholders' meeting on June 30.

Shareholders representing a large majority of the share capital
were present or represented at the meeting.  Approximately, 58%
of the outstanding share capital of Arcelor, or 96% of the
shares present or represented at the meeting, voted against the
proposed SeverStal merger.

Based on this result, Mr. Kinsch stated that the strategic
alliance agreement with Mr. Mordashov will be terminated in
accordance with the terms of such agreement.

The second resolution, relating to the convocation of a further
shareholders' meeting to approve the proposed SeverStal merger,
had been added to the agenda of the shareholders meeting at the
request of persons who represented that they were shareholders
and that they collectively held more than 30% of Arcelor's share
capital.

As signatories of the letter did not represent 30% of Arcelor's
outstanding share capital, as claimed, but less than 20% of the
share capital, which is the minimum threshold provided by the
Luxembourg law, the proposed resolution was withdrawn from the
agenda.

                        About Arcelor

Headquartered in Avenue de la Liberte, Luxembourg, Arcelor S.A.
http://www.arcelor.com/-- is the number one steel company in  
the world with EUR32.6 billion in turnover in 2005.  The company
holds leadership positions in its main markets: automotive,
construction, household appliances and packaging as well as
general industry.  In 2006, Arcelor employs 110,000 associates
in over 60 countries.  The company places its commitment to
sustainable development at the heart of its strategy and
ambitions to be a benchmark for economic performance, labor
relations and social responsibility.

                        About Severstal

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

As at March 1, 2004, 82.75% of Severstal's share capital was
controlled directly or indirectly by Alexey Mordashov, Chairman
of Severstals Board of Directors.  Institutional investors held
around 6.5% of Severstals shares while management and employees
held the remaining 10.75%.

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

                        *     *     *

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

The Watch Positive of Severstal will be resolved following
either a vote on June 30 by Arcelor shareholders on its offer,
or the outcome of Mittal's offer.  

As reported in the TCR-Europe on May 30, Standard & Poor's
Ratings Services placed its 'B+' long-term corporate credit
rating on Russia-based integrated steel maker OAO Severstal on
CreditWatch with positive implications, following the
announcement of an agreed merger with Luxembourg steelmaker
Arcelor S.A.

Moody's Investors Service also placed the corporate family
rating of B1 and the senior unsecured rating of B2 of Severstal
on review for possible upgrade following the intention of
Severstal's majority owner to merge Severstal and its mining
assets with Arcelor.

On Feb. 13, Moody's has changed the outlook of Severstal's
ratings from stable to positive, following the company's
announcement of the acquisition of a majority interest in mining
assets currently held by affiliated parties outside the
borrowing group.


TAZOVSKIY FISHING: Court Commences Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Yamalo-Nenetskiy autonomous Region has
commenced bankruptcy supervision procedure on State Enterprise
Tazovskiy Fishing Factory.  The case is docketed under Case No.
A81-7402/2005.

The Temporary Insolvency Manager is:

         Mr. O. Zuev
         Pechorskiy Pr. 110
         Pechora
         169600 Komi Republic

The Debtor can be reached at:

         State Enterprise Tazovskiy Fishing Factory
         Tazovskiy Region
         Yamalo-Nenetskiy Autonomous Region
         Russia


YUNIKAR: Court Names Ms. G. Rabina as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Vladimir Region appointed Ms. G. Rabina
as insolvency manager for CJSC Yunikar.  He can be reached at:

         G. Rabina
         Elektrozavodskaya Str. 7
         600009 Vladimir
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A11-19370/2005-K1-127B/8B.

The Debtor can be reached at:

         CJSC Yunikar
         Sotsialisticheskaya Str. 16/1
         Kovrov
         Vladimir Region
         Russia


ZABAYKALSKAYA TIMBER: Court Begins Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Chita Region has commenced bankruptcy
supervision procedure on LLC Zabaykalskaya Timber Corporation
(TIN 7536046426).  

The case is docketed under Case No. A78-13316/2006-B-98.

The temporary insolvency manager is:

         Ms. T. Danilova
         Post User Box 353.
         672049 Chita
         Russia

The Debtor can be reached at:

         LLC Zabaykalskaya Timber Corporation
         Tsentralnaya Str. 12
         Khushega
         Khilokskiy Region
         673220 Chita Region
         Russia


ZAVOLZHSKOYE: Court Commences Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Saratov Region has commenced bankruptcy
supervision procedure on OJSC Zavolzhskoye.  The case is
docketed under Case No. A57-364B/05-32.

The Temporary Insolvency Manager is:

         Mr. S. Shulgin
         Beloglinskaya Str. 8A
         410028 Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Zavolzhskoye
         Otkormochnyj.
         Dergachevskiy Region
         Saratov Region
         Russia


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


YASAR HOLDING: Fitch Places B+ on Local & Foreign Currency IDRs
---------------------------------------------------------------
Fitch Ratings placed Yasar Holding A.S. local currency and
foreign currency Issuer Default ratings of B+, both with Stable
Outlooks.  Yasar National Long-term rating is A- with a Stable
Outlook.

Yasar's ratings reflect the strong position of the group's food
and paint operations and its ownership of the leading local
brands in their respective markets.  Based on the growth
prospects in packaged food and the construction sectors in
Turkey, Yasar is targeting to double its consolidated revenues
to YTL2 billion while improving its EBITDA margin from 11% to
17% by 2010.  

Yasar is also targeting a significant reduction in its leverage
by 2010, which is currently at 3.8x.  The group has minimal
capacity expansion requirements in the intermediate term.
Generation of an annual net free cash flow of YTL49 million
should be achievable in FY06 and this will  be applied
exclusively to debt reduction in FY06.  

Being a privately held company, Yasar Holding is not planning to
pay dividends to its shareholders for the next four to five
years.  Dividend policy of Yasar's listed subsidiaries is to
distribute major part of their profits.  After the 2001
macroeconomic crisis, Yasar streamlined its operations by
ceasing activities in some sectors which led to c.15%
consolidated revenue reduction and 200 bps operating margin
gains in the last four years.  Yasar nearly halved its net debt
to YTL480 million over the 2001-2005 period.

The key strategic objectives of the group include organic growth
from its existing businesses, the improvement of gross and
operating profitability, and to decrease leverage.  Fitch
believes that these should be achievable to a large extent.

Fitch comments as well that the ratings also reflect possible
challenges to Yasar in maintaining its market share and premium
pricing in the event of an economic downturn.  Foreign currency-
denominated raw material prices, especially in the paint and
related chemicals sectors, as well as the large proportion of
foreign currency-denominated debt within the group remain points
of concern.  On the operational side, the expectation of cost
containment and, hence, profitability improvements to support
the on-going de-leveraging efforts and the related execution
risks are factored in the rating.

The Stable Outlook reflects Fitch's view that strong domestic
demand, together with under-utilized capacities in Yasar's
plants would help improve the company's volume growth and not
put pressure on its cash flows with expansionary capital
expenditure requirements.

Established in 1945 and fully controlled by the Selcuk Yasar
family, the company has interests in food and beverage, paint,
tissue paper production, tourism, contracting, foreign trade,
engineering and energy businesses.  The group reported YTL1.3
billion consolidated sales in FY05, 63% of which were sales from
food and beverage, 24% from paint businesses.  

Other subsidiaries represent 13% of group-consolidated revenues.
Yasar has six publicly listed subsidiaries in food, beverage,
paint, tissue papers and tourism sectors.  It had YTL509 million
in debt at YE05, approximately half of which was short-term bank
debt.  At YE05, 76% of the group's debt was foreign currency-
denominated.


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


AVITOS: Court Appoints Kiril Liseyev as Liquidator
--------------------------------------------------
The Economic Court of Kyiv Region appointed Kiril Liseyev as
Liquidator/Insolvency Manager for LLC Scientific-Production
Trade-Industrial Company Avitos (code EDRPOU 24935161).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 20.  The case is docketed
under Case No. 43/242.

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 Scientific-Production
         Trade-Industrial Company Avitos
         Kikvidze Str. 13
         Kyiv Region
         Ukraine


DEMETRA: Court Begins Bankruptcy Supervision
--------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on LLC Demetra (code EDRPOU 30741295) on
Feb. 23.  The case is docketed under Case No. 2-5/6164-2006.

The Temporary Insolvency Manager is:

         Mr. A. Galishev
         Sevastopolska Str. 30/11
         Simferopol
         95000 AR Krym Region
         Ukraine

The Economic Court of AR Krym Region is located at:  

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         LLC Demetra
         Marchenko Str. 12a
         Simferopol
         98220 AR Krym Region
         Ukraine


JSCB GARANT: Liquidation Procedure Commences
--------------------------------------------
The National Bank of Ukraine commenced liquidation procedure on
OJSC JSCB Garant (code EDRPOU 25719206) on Feb. 28.

The Debtor can be reached at:

         OJSC JSCB Garant
         Rusanivska Naberezhna Str. 18
         02154 Kyiv Region
         Ukraine


KOLOS: Court Names Hristina Podoprigorova to Liquidate Assets
-------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Hristina
Podoprigorova as Liquidator/Insolvency Manager for Agricultural
LLC Kolos (code EDRPOU 03748979).  

         Hristina Podoprigorova
         Office 708         
         Pratsi Avenue 33/55
         Berdyansk
         71118 Zaporizhya Region
         Ukraine
         Tel: (06153) 7-18-00

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 6.  The case is docketed
under Case No. 19/45/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Kolos
         Lenin Str. 1
         Novomlinivka
         Rozivskij District
         70320 Zaporizhya Region
         Ukraine


KONSTANTINIVKA' REALIZING: Svitlana Atamanenko to Manage Assets
---------------------------------------------------------------
The Economic Court of Donetsk Region appointed Svitlana
Atamanenko as Liquidator/Insolvency Manager for OJSC
Konstantinivka' Realizing Bread Products Base (code EDRPOU
02043019).

         Svitlana Atamanenko
         Sibirtsev Str. 17/321                  
         Artemivsk
         84500 Donetsk Region
         Ukraine
         Phone/Fax: 8 (062) 340-16-48

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 9.  The case is docketed
under Case No. 5/25 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Konstantinivka' Realizing Bread Products Base
         85107 Donetsk Region
         Miroshnichenko Str. 31
         Konstantinivka
         Ukraine


SOVETSKE REPAIR-TRANSPORT: Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on OJSC Sovetske Repair-Transport
Enterprise (code EDRPOU 03563376) on March 23.  The case is
docketed under Case No. 2-5/7693-2006.

The Temporary Insolvency Manager is:

         Vasil Kuhta
         Simferopol, a/b 2745
         95048 AR Krym Region
         Ukraine

The Economic Court of AR Krym Region is located at:  

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         OJSC Sovetske Repair-Transport Enterprise
         Mehanizatoriv Str. 1
         Sovetskij
         97200 AR Krym Region
         Ukraine


STAL: Court Names Svitlana Mogilan as Insolvency Manager
--------------------------------------------------------
The Economic Court of Kirovograd Region appointed Svitlana
Mogilan as Liquidator/Insolvency Manager for CJSC STAL (code
EDRPOU 31377791).  He can be reached:

         Svitlana Mogilan
         Kropivnitskij Str. 7/5
         25006 Kirovograd Region
         Ukraine
         Phone/Fax: (0522) 22-54-23

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 20.  The case is docketed
under Case No. 10/88.

The Economic Court of Kirovograd Region is located at:

         Lunacharski str. 29
         25006 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         CJSC Stal
         Svitlovodsk, Lenin Str. 23
         Kirovograd Region
         Ukraine


SVITLOVODSK' HEAT-INSULATING: G. Zabolotnij to Liquidate Assets
---------------------------------------------------------------
The Economic Court of Kirovograd Region appointed Mr. G.
Zabolotnij as Liquidator/Insolvency Manager for OJSC
Svitlovodsk' Heat-Insulating and Building Materials Plant (code
EDRPOU 05821693).  He can be reached at:

         G. Zabolotnij
         Lenin Str. 23
         25006 Kirovograd Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 15.  The case is docketed
under Case No. 10/101.

The Economic Court of Kirovograd Region is located at:

         Lunacharski str. 29
         25022 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         OJSC Svitlovodsk' Heat-Insulating
         and Building Materials Plant
         Molodizhna Str. 65
         Vlasivka
         Svitlovodsk District
         27552 Kirovograd Region
         Ukraine


TROITSKE: Dnipropetrovsk Court Begins Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Troitske (code EDRPOU 30720851) on
April 20.  The case is docketed under Case No. B 40/65/06.

The Temporary Insolvency Manager is:

         Rostislav Talan
         a/b 158
         49000 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Troitske
         Shevchenko Str. 34
         Troitske
         Pavlograd District
         51491 Dnipropetrovsk Region
         Ukraine


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


ABBEY SCHOOL: Creditors' Meeting Slated for July 5
--------------------------------------------------
Creditors of The Abbey School Tewkesbury (Company Number
03341934) will meet at 10:30 a.m. on July 5 at:

         Abbey School
         Church Street
         Tewkesbury
         Gloucestershire GL20 5PD
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on July 4 at:

         Peter Alan Langard
         Administrator
         Langard Lifford Hall
         Lifford Hall
         Lifford Lane
         Kings Norton
         Birmingham, B30 3JN
         United Kingdom
         Tel: 0121 459 1222
         Fax: 0121 433 5268
         E-mail: info@liffordhall.co.uk


AUDUS NOBLE: Hires Grant Thornton to Administer Assets
------------------------------------------------------
Keith Hinds, Joseph P. McLean and Tony Flynn of Grant Thornton
U.K. LLP were appointed joint administrators of Audus Noble
Group Limited (Company Number 4177832) on May 25.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.  

Audus Noble Group Limited can be reached at:

         Blyth Industrial Estate
         Cowpen Road
         Blyth
         Northumberland NE24 5TD
         United Kingdom
         Tel: 01670 543 100
         Fax: 01670 364 800


COLT TELECOM: Cancels Share Listing After Scheme Takes Effect
-------------------------------------------------------------
COLT Telecom Group PLC and COLT Telecom Group S.A.'s Scheme of
Arrangement became effective on June 30 and that COLT S.A. is
now the holding company of the COLT Group.

The listing of the ordinary shares of COLT will be cancelled, at
COLT's request, with effect from the commencement of business
today, July 3.

Under the Scheme, COLT Shareholders are entitled to one COLT
S.A. Scheme Share for every three shares in COLT Telecom Group
PLC held at the Scheme Record Time.

The COLT S.A. Scheme Shares were issued and will be admitted to
the Official List and to trading on the London Stock Exchange
today.

Depositary Interests representing COLT S.A. Scheme Shares are
expected will also be credited to CREST accounts and share
certificates for COLT S.A. Scheme Shares will be posted.  Any
old share certificates relating to COLT can be destroyed.

COLT also confirmed that COLT Telecom Group PLC was re-
registered as a private limited company, COLT Telecom Group
Limited.

COLT Telecom Group S.A. disclosed that COLT Shareholders have
agreed to purchase 128,002,863 Open Offer Shares in connection
with the Open Offer announced on May 5, representing
approximately 74.4% of the Open Offer Shares.

This figure includes Fidelity's pro rata share of the Open Offer
Shares, which it agreed to acquire or procure that its
affiliates acquire.  Fidelity will also acquire the balance of
43,990,164 Open Offer Shares.  The Open Offer is subject to
Admission having become effective by no later than 8.00 a.m.
today, or such later time and date as is agreed by COLT Telecom
Group S.A., COLT Lux Finance S.a r.l and Fidelity.

The Open Offer Shares will rank pari passu with the COLT S.A.
Scheme Shares and trading of those shares on the London Stock
Exchange is expected to commence at 8.00 a.m. on July 3.

With effect today, July 3, the ticker symbol CTM will be
withdrawn and replaced by COLT.

Headquartered in London, England, Colt Telecom --
http://www.colt.net/-- offers business communication services  
across Europe.  Through its fiber optic network, the Company
offers voice, bandwidth, e-business and managed network services
to finance, industry and service sector customers and
governments.

                        *     *     *

On March 1, Standard & Poor's Ratings Services placed its 'B-'
long-term corporate credit rating on European business
telecommunications provider COLT Telecom Group PLC on
CreditWatch with positive implications.  This follows the
group's announcement that it is to create a new European holding
company, raise GBP300 million in equity, and undergo debt
reduction.


DOUBAR LTD: Creditors Confirm Voluntary Liquidation
---------------------------------------------------
Creditors of Doubar Limited confirmed the company's voluntary
liquidation during an extraordinary general meeting on April 12.

They also ratified the appointment of Freddy Khalastchi of
Harris Lipman LLP as Liquidator.

The company can be reached at:

         Doubar Limited
         Richmond House
         Pond Close
         Walkern Road
         Stevenage
         Hertfordshire SG1 3QP
         United Kingdom
         Tel: 01462 675 377
         Fax: 01462 484 352


EASTMAN KODAK: Shutting Down Kirkby Manufacturing Plant
-------------------------------------------------------
Eastman Kodak Company committed to shut down the Synthetic
Chemicals operation and associated support facilities that
produce chemicals used in the manufacture of photographic
products in Kirkby, England, on June 27, 2006.

In conjunction with this action, the Company will incur charges
totaling approximately $37 million.  Included in the
restructuring related charges of approximately $29 million are
employee termination benefits of approximately $7 million,
building and plant equipment accelerated depreciation and
inventory write-offs of approximately $14 million, and other
exit costs of approximately $8 million.  

In addition, the Company will record approximately $8 million in
operational charges related to executing this action.  The
severance, other exit costs, and the operational charges require
the outlay of cash, while the accelerated depreciation and
inventory write-offs represent non-cash charges.  The estimated
restructuring related charges exclude the potential impacts from
any pension plan settlement or curtailment gains or losses that
may be incurred, as these amounts are not currently
determinable. These actions are expected to be complete by year-
end 2007.

This action is a part of the Company's restructuring program
that was originally announced on January 22, 2004 and
subsequently expanded on July 20, 2005.  The Company expects
that it will continue to consolidate its worldwide operations in
order to eliminate excess capacity.

                         About Eastman Kodak

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

                         *     *     *

As reported in the Troubled Company Reporter on May 25, 2006,
Fitch downgraded Eastman Kodak's Issuer Default Rating to 'B'
from 'BB-' and the company's senior unsecured debt to 'B-' from
'B+' on May 16, 2006.  The Outlook remains Negative. The ratings
reflected Fitch's growing concern regarding EK's ability to
generate profitable organic digital revenue growth and
sufficient free cash flow to offset continual declines in the
company's traditional business.

As reported in the Troubled Company Reporter on May 9, 2006,
Moody's Investors Service placed the ratings of the Eastman
Kodak Company on review for possible downgrade.  Ratings placed
on Review for Possible Downgrade included the Company's
Corporate Family Rating at B1; Senior Unsecured Rating at B2;
and Senior Secured Credit Facilities at Ba3.


EURO WIND: Moody's Rates Insurance-Linked Notes at Low-B
--------------------------------------------------------
Moody's Investors Service assigned ratings to these Notes issued
by Successor Euro Wind Ltd., a special purpose Cayman Islands
exempted company for the benefit of Swiss Reinsurance Company:

   -- US$97,130,000 Series 1 Class A Principal At-Risk Variable
Rate Notes due June 6, 2008: Ba3;

   -- US$18,500,000 Series 1 Class B Principal At-Risk Variable
Rate Notes due June 6, 2008: B1;

   -- US$110,750,000 Series 1 Class C Principal At-Risk Variable
Rate Notes due June 6, 2008: B3;

   -- US$3,000,000 Series 2 Class A Principal At-Risk Variable
Rate Notes due June 6, 2007: Ba3; and

   -- US$3,000,000 Series 2 Class C Principal At-Risk Variable
Rate Notes due June 6, 2007: B3.

Investors in the Notes effectively provide reinsurance coverage
to Swiss Reinsurance Company from certain windstorms in Europe.

Moody's ratings address the ultimate cash receipt of all
required interest and principal payments as provided by the
governing documents, and is based on the expected loss posed to
the note holders relative to the promise of receiving the
present value of such payments.

The rating is based on Moody's analysis of the probability of
occurrence of qualifying events, their timing and the severity
of losses experienced by investors should those events occur
during the risk period.

Moody's review of the transaction has included extensive review
of the technical basis, methodology and historical data used to
develop the probabilistic risk model used by EQECAT for the
analysis of potential losses and sensitivity analysis of
critical parameters of the model.

This review, together with a detailed analysis of the
transaction's legal structure and the financial strength of the
various parties to the transaction, provided Moody's with
sufficient comfort that the resulting ratings adequately
captures the risk to investors in these securities.


FAMILY PHOTOGRAPHERS: Taps David Rubin as Joint Administrators
--------------------------------------------------------------
Asher Miller and Henry Lan of David Rubin & Partners were
appointed joint administrators of The Family Photographers Group
Limited (Company Number 02033275) on May 31.

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

Headquartered in London, The Family Photographers Group Limited
is engaged in portrait photographic services.


FAMINGAY INVESTMENTS: Creditors Pass Winding Up Resolution
----------------------------------------------------------
Creditors of Famingay Investments Limited passed a resolution to
wind up the company's operations during an extraordinary general
meeting on April 10.

Lisa Hogg and David Elliot of Wilson Field were appointed Joint
Liquidators.

The company can be reached at:

         Famingay Investments Limited
         Rowan Ho, Northampton Business Park
         Poppleton
         North Yorkshire YO266QU
         United Kingdom
         Tel: 01904 787 810
         Fax: 01904 787 820


FIRST CHOICE: Creditors Resolve to Liquidation
----------------------------------------------
Creditors of First Choice Direct Services Limited resolved to
liquidate the company's assets during an extraordinary general
meeting on April 11.

Steven Draine and David Rolph of Moore Stephens Corporate
Recovery were appointed Joint Liquidators.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

First Choice Direct Services Limited can be reached at:
  
         85-87 Sydney Road
         Watford WD187XZ
         United Kingdom
         Tel: 01923 240 400
         Fax: 01923 240 200


FOOTPRINT INTERIORS: Brings in Joint Liquidators from Mazars LLP
----------------------------------------------------------------
Footprint Interiors Limited is liquidating its assets after
creditors agreed to wind up the company on April 6.

Paul Charlton and Robert Adamson, of Mazars LLP, were appointed
Joint Liquidators.

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

Footprint Interiors Limited can be reached at:

         The Media Centre
         7 Northumberland Street
         Huddersfield
         HD1 1RL
         United Kingdom
         Tel: 0870 990 5099
              01482 833 344
         Fax: 0870 990 5098
         Web: http://www.footprintinteriors.co.uk/


GIRL SURF: Financial Woes Trigger Liquidation
---------------------------------------------
Girl Surf Limited is winding up its operations after creditors
established the company could no longer continue its business
due to mounting debts.

Subsequently, Stephen John Burkinshaw was appointed Liquidator.

The company can be reached at:

         Girl Surf Limited
         CIBI Walk
         Frogmore Street
         Abergavenny
         Gwent NP7 5AJ
         United Kingdom
         Tel: 01873 852 812


HALON MENSWEAR: Hires Liquidator from Hodgsons
----------------------------------------------
David Emanuel Merton Mond, of Hodgsons was appointed Liquidator
after creditors passed a resolution to wind up the company on
March 23.

The company can be reached at:

         Halon Menswear Limited
         46-47 High Street
         Shrewsbury SY1 1ST
         United Kingdom
         Tel: 01743 344 804


HARLAND RISE: Creditors Ratify Winding Up Resolution
----------------------------------------------------
Creditors of Harland Rise Property Services Limited ratified a
resolution to wind up the company together with the appointment
of Alan H. Tomlinson as Liquidator during an extraordinary
general meeting on April 5.

The company can be reached at:

         Harland Rise Property Services Limited
         591 West Derby Road
         Liverpool L13 8AE
         United Kingdom
         Tel: 0151 289 1010


INGRAM & GLASS: Names William Anthony Batty as Administrator
------------------------------------------------------------
William Antony Batty of Antony Batty & Co. was appointed
administrator of Ingram & Glass (2005) Limited (Company Number
05310730) on May 30.

The administrator can be contacted at:

         Antony Batty & Company
         3 Field Court
         Grays Inn
         London WC1R 5EF
         United Kingdom
         Tel: 020 7831 1234
         Fax: 020 7430 2727
         E-mail: antonybatty@hotmail.com  

Headquartered in Godalming, United Kingdom, Ingram & Glass
(2005) Limited is engaged in treatment and coal metals.


INTEGRATED DATA: Taps Gerald Frederick Davis to Liquidate Assets
----------------------------------------------------------------
Gerald Frederick Davis, of Heathcote & Coleman, was appointed
Liquidator of Integrated Data Solutions Limited after creditors
decided to wind up the company on April 11.

The company can be reached at:

         Integrated Data Solutions Limited
         Unit C-E Leona Trading Estate
         Nimmings Road
         Halesowen
         West Midlands B62 9JQ
         United Kingdom
         Tel: 0121 454 8080


MARTIS ENGINEERING: Appoints Adrian David Allen as Administrator
----------------------------------------------------------------
Adrian David Allen of Baker Tilly was appointed administrator of
Martis Engineering Limited (Company Number 01297013) on
May 31.

Headquartered in Birmingham, 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.

Martis Engineering Limited can be reached at:

         Oldmedow Road
         King's Lynn
         Norfolk PE30 4JL
         United Kingdom
         Tel: 01553 762 538
         Fax: 01553 767 296


MORPHEUS BEDS: Brings In Bond Partners to Administer Assets
-----------------------------------------------------------
Theodolous Papanicola of Bond Partners LLP was appointed
administrator of Morpheus Beds Tetbury Limited (Company Number
03945465) on June 5.

The administrator can be reached at:

         Bond Partners LLP
         The Grange
         100 High Street
         London N14 6TG
         United Kingdom
         Tel: 020 8444 2000
         Fax: 020 8444 3400

Headquartered in Tetbury, United Kingdom Morpheus Beds Tetbury
Limited manufactures furniture.


NEWGATE FUNDING: Moody's Rates EUR2.3-Mln Class E Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
eight classes of residential mortgage backed notes issued by
Newgate Funding PLC:

   -- GBP160,000,000 Class A1 Mortgage Backed Floating Rate
Notes due December 2050: Aaa;

   -- Detachable A1 Coupon: Aaa;

   -- GBP47,550,000 Class A2 Mortgage Backed Floating Rate Notes
due December 2050: Aaa;

   -- Detachable A2 Coupon: Aaa;

   -- GBP190,550,000 Class A3a Mortgage Backed Floating Rate
Notes due December 2050: Aaa;

   -- Detachable A3a Coupon: Aaa;

   -- EUR34,000,000 Class A3b Mortgage Backed Floating Rate
Notes due December 2050: Aaa;

   -- Detachable A3b Coupon: Aaa;

   -- GBP12,550,000 Class M Mortgage Backed Floating Rate Notes
due December 2050: Aa1;

   -- GBP22,000,000 Class Ba Mortgage Backed Floating Rate Notes
due December 2050: Aa3;

   -- EUR12,000,000 Class Bb Mortgage Backed Floating Rate Notes
due December 2050: Aa3;

   -- GBP9,000,000 Class Ca Mortgage Backed Floating Rate Notes
due December 2050: A3;

   -- EUR14,500,000 Class Cb Mortgage Backed Floating Rate Notes
due December 2050: A3;

   -- GBP5,000,000 Class Da Mortgage Backed Floating Rate Notes
due December 2050: Baa3;

   -- EUR13,400,000 Class Db Mortgage Backed Floating Rate Notes
due December 2050: Baa3;

   -- GBP2,300,000 Class E Mortgage Backed Floating Rate Notes
due December 2050: Ba2; and

   --  2006-2 Mortgage Early Repayment Certificates due December
2050: Aaa.

Moody's assigned provisional ratings for the above classes of
Notes on June 2.  The Class T and Class Q Deferrable Notes are
not rated by Moody's

Investors in the Detachable A1 Coupon, Detachable A2 Coupon,
Detachable A3a and A3b Coupon do not receive any payments of
principal, and will be paid interest at a rate of 0.75% per
annum, for quarters 1 to 4, increasing to 1.00% per annum, in
quarters 5 to 8 and further increasing to 1.25% per annum, in
quarters 9 to 12, calculated on the sterling equivalent of the
outstanding balance of the Class A1, A2, A3a and A3b Notes.

The Issuer, Newgate Funding plc, is a special purpose vehicle
incorporated in England and Wales, which is ultimately owned by
a charitable trust.  The Issuer is a multi-issuance vehicle and
this transaction represents the second series to be issued under
its MTN style Program. T he Issuer will fund the purchase price
of the series mortgage portfolio using the proceeds of the
Notes.  A portion of the proceeds of the DACs, Class T and Q
Deferrable Notes will be used to fund the balance of the reserve
fund, the discount reserve fund, costs and the expenses
associated with issuing the Notes.

This transaction is the ninth securitization of non-conforming
credit mortgage loans originated by entities belonging to the
Mortgages Group trading under the name of Mortgages PLC.  As in
the prior Mortgages plc securization, the assets supporting the
Notes are sub-prime and non-conforming first residential
mortgage loans originated by entities trading under the name of
Mortgages PLC and secured on residential properties in England,
Wales, Northern Ireland and Scotland.  

A part of underlying loan portfolio consists of loans to
borrowers classified by the originator as near prime or near
prime plus, with stricter criteria for adverse credit compared
to non-conforming mortgage loans.  Mortgages PLC will be
responsible for the day-to-day servicing of the loans, handling
arrears cases and approving further advances and product
conversions.

The ratings of the Notes are based upon an analysis of the
characteristics of the mortgage pool backing the Notes, the
protection the Notes receive from credit enhancement against
defaults and arrears in the mortgage pool, and the legal and
structural integrity of the issue.  The credit enhancement
available in the deal is provided in the form of excess spread,
reserve fund fully funded at 1.3% of the original note,
subordination of the Class M, Class B, Class C, Class D and
Class E Notes.  The Class A1 Notes represent 32.01%, the Class
A2 Notes represent 9.51% and the Class A3 Notes represent
42.80%.  Subject to certain conditions being met, the reserve
fund may amortize up to a floor of 0.50% of the original note
balance.

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
with respect to the Notes by the final legal maturity date.
Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.

The Mortgage Early Repayment Certificates are backed solely by
mortgage early redemption charges that may become payable by
borrowers in the pool on early redemption of their loans within
a certain period.  The Aaa rating on the MERC's addresses the
likelihood of receipt by MERC holders of such amounts if they
are received by the Issuer.  It assumes, without any independent
investigation, that payment of the mortgage early redemption
charges under the mortgage loans is legally valid, binding and
enforceable, and that such amounts are actually collected from
borrowers and received by the Issuer.  The amount receivable by
MERC holders also depends on prepayment rates within the pool.
The rating does not address such prepayment rates.


NTL CABLE: Fitch Keeps Senior Notes on Watch Negative
-----------------------------------------------------
Fitch Ratings revised its guidance on the potential notching of
NTL Cable PLC's senior notes following the company's
announcement of potential changes to its refinancing plans.  

The agency states that NTL Cable's senior notes remain on Rating
Watch Negative.  At the same time, NTL Inc.'s Issuer Default
rating at B+ with Stable Outlook is affirmed, as is its Short-
term rating at B.  NTL Investment Holdings Limited's GBP4.975
billion senior secured credit facilities are affirmed at BB+ and
Recovery rating RR1.

The NTL Cable PLC notes on Rating Watch Negative:

   -- GBP375 million 9.75% senior notes due 2014: B+/RR4;
   -- US$425 million 8.75% senior notes due 2014: B+/RR4; and
   -- EUR225 million 8.75% senior notes due 2014: B+/RR4.

Fitch's revised guidance follows NTL's announcement of possible
changes to its proposed funding structure.  NTL indicated that
it may refinance GBP600 million in bridge financing via issuance
of senior unsecured notes at either NTL Investment Holdings
Limited, a finance subsidiary of that company, or at NTL Cable.

Fitch's previous expectation was, the GBP600 million of new
notes would be raised at NTL Cable and rank pari passu to the
existing notes, on the basis of which it had indicated the
potential for the NTL Cable notes to be downgraded one notch
to B.  

In the event that new senior notes are issued at NTLIH or a
finance subsidiary thereof, the amount of senior debt ranking
ahead of the NTL Cable notes will increase and estimated
recoveries of the existing notes will be reduced.  In this event
Fitch expects the NTL Cable notes to be downgraded by up to two
notches to B-.  The agency confirms that should the new notes be
raised at NTL Cable on a pari passu basis, it then expects its
original indication of a one notch downgrade of the NTL Cable
notes to apply.

Fitch will resolve the Rating Watch status on the NTL Cable
notes and assign ratings to the new notes, once the group's
funding plans have been finalized.


OLWEN DIRECT: Creditors' Meeting Slated for July 10
---------------------------------------------------
Creditors of Olwen Direct Marketing Services (Croydon) Limited
(formerly Vertis Direct Marketing Services (Croydon) Limited)
will meet at 11:00 a.m. on July 10 at:

         The Winston Suite
         Croydon Park Hotel
         7 Altyre Road
         Croydon
         Surrey CR9 5AA
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on July 7 at:
      
         Harris Lipman LLP
         2 Mountview Court
         310 Friern Barnet Lane
         Whetstone
         London N20 0YZ
         United Kingdom
         Tel: (020) 8446 9000
         Fax: (020) 8446 9537
         Web: http://www.harris-lipman.co.uk


PILKINGTON PLC: S&P Withdraws Low-B Corporate Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+' long-term
and 'B' short-term corporate credit ratings on U.K.-based
Pilkington PLC, at the company's request, and after early
redemption of Pilkington's EUR350 million notes outstanding, due
2008.  The latter was the only debt being rated.  

The early redemption of the notes follows a tender offer
launched by Nippon Sheet Glass Co. Ltd., which recently acquired
Pilkington PLC.


SCOTT'S OF NEWBURY: Hires Administrators from B&C Associates
------------------------------------------------------------
Jeffrey Mark Brenner and Filippa Connor of B & C Associates were
appointed joint administrators of Scott's of Newbury Limited
(Company Number 04595338) on June 1.

The administrators can be reached at:

         B & C Associates
         Trafalgar House
         Grenville Place
         Mill Hill
         London NW7 3SA
         United Kingdom
         Tel: 0208 906 7730
         Fax: 0208 906 7731
         E-mail: filippa@bcassociates.uk.com

Scott's of Newbury Limited is engaged in office equipment
dealership.


SOLUTION FOOTWEAR: Taps Richard James Philpott as Administrator
---------------------------------------------------------------
Richard James Philpott of KPMG LLP Restructuring was appointed
administrator of Solution Footwear Limited (Company Number
3922179) on June 7.

KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a  
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.

Headquartered in Nottingham, United Kingdom, Solution Footwear
Limited retails footwear and leather goods.


SUCCESSOR CA1: Moody's Assigns Ba3 Rating to Class A Notes
----------------------------------------------------------
Moody's Investors Service assigned ratings to these Notes issued
by Successor Cal Quake Parametric Ltd., a special purpose Cayman
Islands exempted company for the benefit of Swiss Reinsurance
Company:

   -- Ba3 to the US$47,500,000 Series 1 Class A Principal At-
Risk  Variable Rate Notes due June 6, 2008.

Investors in the Notes effectively provide reinsurance coverage
to Swiss Reinsurance Company from certain earthquakes in
California.

Moody's ratings address the ultimate cash receipt of all
required interest and principal payments as provided by the
governing documents, and is based on the expected loss posed to
the note holders relative to the promise of receiving the
present value of such payments.  

The rating is based on Moody's analysis of the probability of
occurrence of qualifying events, their timing and the severity
of losses experienced by investors should those events occur
during the risk period.  

Moody's review of the transaction has included extensive review
of the technical basis, methodology and historical data used to
develop the probabilistic risk model used by EQECAT for the
analysis of potential losses and sensitivity analysis of
critical parameters of the model.

This review, together with a detailed analysis of the
transaction's legal structure and the financial strength of the
various parties to the transaction, provided Moody's with
sufficient comfort that the resulting ratings adequately
captures the risk to investors in these securities.


START II: S&P Assigns BB+ Rating to US$15.2-Mln Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings assigned its final credit ratings to
the US$182.4 million credit-linked notes to be issued by Start
II CLO Ltd., a special-purpose entity incorporated in the Cayman
Islands.
     
The transaction is a partially funded synthetic balance-sheet
collateralized loan-obligation referencing a portfolio of bank
loans and other eligible obligations to corporates, financial
institutions, and sovereign entities that are either publicly
rated or unrated by Standard & Poor's.  

The transaction is regarded by Standard Chartered Bank as a
critical step in its active portfolio management program, and
will help to inject liquidity into SCB's balance sheet and
increase its origination and growth capacity.
     
Lehman Bros. Asia Ltd. and SCB act as co-arrangers, and Lehman
Bros. International (Europe) and SCB are joint lead managers for
this deal.

The ratings assigned to the notes issued by Start II CLO Ltd.
reflect:

   -- Standard & Poor's assessment of the credit risk of the
reference portfolio;
  
   -- the actual credit support provided by the subordination
amount to each class of notes;

   -- the credit quality of Standard Chartered Bank as swap
counterparty and the undertaking of SCB to pay quarterly
swap premium for Class A, Class B, Class C, and Class D
notes in advance;

   -- the credit quality of the authorized investment; and
  
   -- the legal structure of the transaction, which includes
bankruptcy-remoteness of the issuer.
     
Standard & Poor's rating addresses the likelihood that
cumulative net losses in the reference portfolio will not exceed
the subordination amount for the rated notes under the credit
default swap.  To determine the credit-enhancement level,
Standard & Poor's CDO Evaluator has been used.  Recovery levels
have been assigned by using Standard & Poor's standard criteria
for synthetic CDO transactions.

                  Preliminary Ratings Assigned
                       Start II CLO Ltd.

   Class    Rating     Amount (mil. US$)   Legal final maturity       
   -----    ------     ------              --------------------

     A       AAA        108.0                   June 29, 2012
     B       AAA         24.0                   June 29, 2012
     C        AA-        20.0                   June 29, 2012
     D       BBB+        15.2                   June 29, 2012
     E        BB+        15.2                   June 29, 2012


SUCCESSOR HURRICANE MODELED: Moody's Rates Class B Notes at B1
--------------------------------------------------------------
Moody's Investors Service announced assigned ratings to these
Notes issued by Successor Hurricane Modeled Ltd., a special
purpose Cayman Islands exempted company for the benefit of Swiss
Reinsurance Company:

   -- B1 to the $42,250,000 Series 1 Class B Principal At-Risk
Variable Rate Notes due December 6, 2007.

Investors in the Notes effectively provide reinsurance coverage
to Swiss Reinsurance Company from certain hurricanes in the
North Atlantic.

Moody's ratings address the ultimate cash receipt of all
required interest and principal payments as provided by the
governing documents, and is based on the expected loss posed to
the note holders relative to the promise of receiving the
present value of such payments.

The rating is based on Moody's analysis of the probability of
occurrence of qualifying events, their timing and the severity
of losses experienced by investors should those events occur
during the risk period.

Moody's review of the transaction has included extensive review
of the technical basis, methodology and historical data used to
develop the probabilistic risk model used by EQECAT for the
analysis of potential losses and sensitivity analysis of
critical parameters of the model.

This review, together with a detailed analysis of the
transaction's legal structure and the financial strength of the
various parties to the transaction, provided Moody's with
sufficient comfort that the resulting ratings adequately
captures the risk to investors in these securities.



SUCCESSOR HURRICANE INDUSTRY: Moody's Rates Notes at Low-B
----------------------------------------------------------
Moody's Investors Service assigned ratings to these Notes issued
by Successor Hurricane Industry Ltd., a special purpose Cayman
Islands exempted company for the benefit of Swiss Reinsurance
Company:

   -- US$14,000,000 Series 1 Class B Principal At-Risk Variable
      Rate Notes due Dec. 6, 2007: B1;  

   -- US$7,250,000 Series 1 Class C Principal At-Risk Variable
      Rate Notes due Dec. 6, 2007: B2; and

   -- US$54,000,000 Series 1 Class F Principal At-Risk Variable
      Rate Notes due Dec. 6, 2007: B2.

In addition, Successor Hurricane Industry Ltd. issued
US$34,250,000 Series 1 Class D Principal At-Risk Variable Rate
Notes due December 6, 2007; US$5,000,000 Series 1 Class E
Principal At-Risk Variable Rate Notes due December 6, 2007;
US$10,250,000 Series 2 Class D Principal At-Risk Variable Rate
Notes due June 6, 2007 and US$35,000,000 Series 2 Class E
Principal At-Risk Variable Rate Notes due June 6, 2007 that were
not rated by Moody's.

Investors in the Notes effectively provide reinsurance coverage
to Swiss Reinsurance Company from certain hurricanes in the
North Atlantic.

Moody's ratings address the ultimate cash receipt of all
required interest and principal payments as provided by the
governing documents, and is based on the expected loss posed to
the note holders relative to the promise of receiving the
present value of such payments.

The rating is based on Moody's analysis of the probability of
occurrence of qualifying events, their timing and the severity
of losses experienced by investors should those events occur
during the risk period.

Moody's review of the transaction has included extensive review
of the technical basis, methodology and historical data used to
develop the probabilistic risk model used by EQECAT for the
analysis of potential losses and sensitivity analysis of
critical parameters of the model.

This review, together with a detailed analysis of the
transaction's legal structure and the financial strength of the
various parties to the transaction, provided Moody's with
sufficient comfort that the resulting ratings adequately
captures the risk to investors in these securities.


SUCCESSOR II: Moody's Assigns B3 Rating to Class A Notes
--------------------------------------------------------
Moody's Investors Service assigned ratings to these Notes issued
by Successor II Ltd., a special purpose Cayman Islands exempted
company for the benefit of Swiss Reinsurance Company:

   -- B3 to the US$73,200,000 Series 1 Class A Principal At-Risk
Variable Rate Notes due June 6, 2008.

In addition, Successor II Ltd. issued US$154,250,000 Series 1
Class E Principal At-Risk Variable Rate Notes due June 6, 2008
that was not rated by Moody's.

Investors in the Notes effectively provide reinsurance coverage
to Swiss Reinsurance Company from four perils:

   -- certain hurricanes in the North Atlantic;

   -- certain windstorms in Europe;

   -- certain earthquakes in California; and

   -- certain earthquakes in Japan.

Moody's ratings address the ultimate cash receipt of all
required interest and principal payments as provided by the
governing documents, and is based on the expected loss posed to
the note holders relative to the promise of receiving the
present value of such payments.  

The rating is based on Moody's analysis of the probability of
occurrence of qualifying events, their timing and the severity
of losses experienced by investors should those events occur
during the risk period.  

Moody's review of the transaction has included extensive review
of the technical basis, methodology and historical data used to
develop the probabilistic risk model used by EQECAT for the
analysis of potential losses and sensitivity analysis of
critical parameters of the model.

This review, together with a detailed analysis of the
transaction's legal structure and the financial strength of the
various parties to the transaction, provided Moody's with
sufficient comfort that the resulting ratings adequately
captures the risk to investors in these securities.


SUCCESSOR IV: Moody's Rates Class A Insurance-Linked Notes at B3
----------------------------------------------------------------
Moody's Investors Service assigned ratings to these Notes issued
by Successor IV Ltd., a special purpose Cayman Islands exempted
company for the benefit of Swiss Reinsurance Company:

   -- B3 to the US$30,000,000 Series 1 Class A Principal At-Risk
Variable Rate Notes due June 6, 2008.

Investors in the Notes effectively provide reinsurance coverage
to Swiss Reinsurance Company from two perils:

   -- certain hurricanes in the North Atlantic; and

   -- certain windstorms in Europe.

Moody's ratings address the ultimate cash receipt of all
required interest and principal payments as provided by the
governing documents, and is based on the expected loss posed to
the note holders relative to the promise of receiving the
present value of such payments.  

The rating is based on Moody's analysis of the probability of
occurrence of qualifying events, their timing and the severity
of losses experienced by investors should those events occur
during the risk period.  

Moody's review of the transaction has included extensive review
of the technical basis, methodology and historical data used to
develop the probabilistic risk model used by EQECAT for the
analysis of potential losses and sensitivity analysis of
critical parameters of the model.

This review, together with a detailed analysis of the
transaction's legal structure and the financial strength of the
various parties to the transaction, provided Moody's with
sufficient comfort that the resulting ratings.


THERMOTECH AIR: Appoints Joint Administrators from KPMG
-------------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint administrators of Thermotech Air Conditioning Limited
(Company Number 02934384) on June 2.

KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a  
strong global network of member firms with 9,500 partners and
staff working in 22 offices across the U.K. providing audit, tax
and advisory services.

Headquartered in Stockport, United Kingdom, Thermotech Air
Conditioning Limited is engaged in air conditioning
installation.


WOOLWORTHS GROUP: Moody's Withdraws Ba2 Issuer Rating
-----------------------------------------------------
Moody's Investors Service withdrew Woolworths Group plc's issuer
rating of Ba2.  Moody's has withdrawn Woolworths Group's rating
at the request of the company.  

Headquartered in London, UK, Woolworths Group plc is a major
U.K. retailer.  For the fiscal year ended January 2006, the
company reported net sales of GBP2.6 billion.


                           *********


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
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Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *