TCREUR_Public/060705.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

              Wednesday, July 5, 2006, Vol. 7, No. 132     

                            Headlines


A U S T R I A

ARMONTEX: Vienna Court Rules Administrative Insolvency
BAWAG PSK: OeGB to Begin Formal Sale Process by Mid-July
BAWAG PSK: Oesterreichische Volksbanken Mulls Takeover Bid
DAKO: Awaits Court's Decision on Property Manager's Claim
EDITORIAL OFFICE: Court to Close Case After Final Allocation

GAE LEBENSMITTEL: First Creditors' Meeting Slated for July 14
GRS: Claims Registration Period Ends July 11
GUENTHER KNEIDINGER: Claims Registration Period Ends July 17
HOLMES: Awaits Court's Decision on Property Manager's Claim
OSKAR KLEIN: Court to Close Case After Final Allocation


F R A N C E

ALSTOM SA: Budgets EUR100 Million for Acquisitions
EUROTUNNEL GROUP: Creditors Seek Talks to Resolve Debt Crisis


G E R M A N Y

CEMAIX GMBH: Claims Registration Ends July 28
ERGONOM MASCHINENBAU: Claims Registration Ends July 31
FRIEDRICH MUELLER: Claims Registration Ends July 25
GEBRAUCHTWAGEN-CENTER: Claims Registration Ends July 25
GERBER UND PARTNER: Claims Registration Ends July 28

GUENCE & WOLF: Claims Registration Ends July 29
NETGURU INC: Haskell & White Raises Going Concern Doubt
STAHLBAU ELLERMANN: Claims Registration Ends July 27
VERWALTUNGSGESELLSCHAFT WAHLER: Claims Registration Ends July 31
WIRTSCHAFTSKANZLEI MUELLER: Claims Registration Ends July 29


K A Z A K H S T A N

AISBERG: Creditors Must File Claims by July 18
AULIE ATA: Jambyl Court Opens Bankruptcy Proceedings
GARANT: Proof of Claim Deadline Slated for July 18
HEATH LAMBERT: Proof of Claim Deadline Slated for July 18
IGILIK: Creditors Must File Claims by July 18

KARFA: Claims Registration Ends July 18
KRUIZ: Claims Registration Ends July 18
MTS AKJAR: Creditors' Claims Due July 18
ROST: Almaty Court Starts Bankruptcy Proceedings
VOSTOKFOBOS: Creditors' Claims Due July 18


N E T H E R L A N D S

ARRAN CORPORATE: Fitch Rates Six Debt Classes at Low-B


R U S S I A

AGRO-PROM-SNAB: Court Names A. Khalizov as Insolvency Manager
ASPHALT CONCRETE: Court Names A. Yazev as Insolvency Manager
BEREZKA: Saratov Court Appoints O. Ivanova as Insolvency Manager
BLAGOVARSKAYA SEL-KHOZ-KHIMIYA: I. Nigmatullin to Manage Assets
DROM: Court Appoints V. Motolygin as Insolvency Manager

GAS-STROY: Court Names A. Makarov as Insolvency Manager
KUSHNARENKOVSKIY CREAMERY: A. Shaykhetdinov to Manage Assets
LYSVENKOVSKOYE AUTO: Court Names K. Goncharov to Manage Assets
PLAVSK-AGRO-PROM-STROY: Court Names R. Budin Insolvency Manager
SEVERSTAL: Alexei Mordashov May Sell EUR3-Bln Shares in London

SEVERSTAL: Asset Consolidation Spurs S&P to Keep Positive Watch
SMIRNOVSKAYA SEL-KHOZ-TEKHNIKA: E. Naumov to Manage Assets
TNK-BP FINANCE: S&P Rates Proposed Unsecured Notes at BB+
TUYMAZINSKIY MEAT: A. Shaykhetdinov to Manage Insolvency Assets
VELIKOLUKSKIY BRICKWORKS: S. Lukyanov to Manage Assets

VENTILATION SERVICE: I. Mamatov to Manage Insolvency Assets
SHATURSKIY MEAT: Court Names N. Artemova as Insolvency Manager


S P A I N

FONCAIXA FTGENCAT: Fitch Junks EUR6 Million Series E Notes


U K R A I N E

BUDTORG: Court Names K. Tsimbalenko as Liquidator
DRUZHBA: Harkiv Court Starts Bankruptcy Supervision
GERMES-MET: Court Names S. Lunkova to Liquidate Assets
ITALMANIA: Court Names Tax Authority as Liquidator
MIRGOROD' BUILDING: Court Commences Bankruptcy Supervision

NEK: Court Names Tax Authority to Liquidate Assets
PODILLYA: Vinnitsya Court Begins Bankruptcy Supervision
PROGRES: Court Names Valentin Ivashuk as Insolvency Manager
SANATORIUM RADON: Court Names S. Marchenkov as Liquidator
SERVITUT: Court Names S. Lunkova as Insolvency Manager

SPORT LINE: Court Names State Tax Agency to Liquidate Assets
SOFIYA: Court Names Vasil Fedorenko to Manage Insolvency Assets
SOYUZELEKTROSTROJ: Court Starts Bankruptcy Supervision
STERH: Court Appoints O. Atayanets to Manage Insolvency Assets
TRIPILSKIJ PLANT: Court Names Yurij Petrenko as Liquidator

YAMPIL' AUTO-REPAIR: Court Names Valentin Ivashuk as Liquidator


U N I T E D   K I N G D O M

A J FENCING: Names Theodolous Papanicola as Administrator
ABRAPACK LTD: Creditors Pass Winding Up Resolution
ANOUSHKA G: Financial Woes Prompt Liquidation
ASCENSION LTD: Names Peter John Godfrey-Evans Liquidator
BEST YET: Taps Kikis Kallis to Liquidate Assets

BONNE BOUCHE: Appoints Joint Administrators from BDO Stoy
CAREER OPTIONS: Brings In Tenon Recovery to Administer Assets
CODENT LIMITED: Creditors' Meeting Slated for July 14
DAHLE UK: Creditors Resolve to Liquidation
EUROTUNNEL GROUP: Creditors Seek Talks to Resolve Debt Crisis

GENERAL MOTORS: Evaluating US$3-Bln Alliance with Renault-Nissan
GENERAL MOTORS: Moody's on Offer to Join Renault/Nissan Alliance
GOPPA FIREPLACES: Hires Baker Tilly to Administer Assets
GRACE MOTOR: Creditors' Meeting Slated for July 7
OPTIMUM RECRUITMENT: Appoints Geoff Kinlan as Administrator

SYNERGY.COM: Appoints Joint Administrators from Tenon Recovery
TIMBERLINE NORTHANTS: Joint Liquidators Take Over Operations
WESSEX CATERING: Brings In Liquidator from Moore Stephens LLP
WHITEFIELD FABRICATIONS: Names Tenon Recovery as Administrators
ZORRO PRINT: Hires Joint Liquidators from Harrisons


                            *********


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


ARMONTEX: Vienna Court Rules Administrative Insolvency
------------------------------------------------------
The Trade Court of Vienna declared LLC Armontex (FN 240889z)
under administrative insolvency, after court-appointed property
manager Robert Klein stated on May 19 that the Debtor's property
is insufficient to cover creditors' claims.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 21 (Bankr. Case No. 5 S 65/06b).  Thomas Deschka
represents Dr. Klein in the bankruptcy proceedings.


BAWAG PSK: OeGB to Begin Formal Sale Process by Mid-July
--------------------------------------------------------
Osterreichischer Gewerkschaftsbund (OeGB) will officially begin
the sale of Bawag PSK in mid-July, Chief Executive Ewald Nowotny
told the Financial Times Deutschland.

Morgan Stanley, which began inviting bids after Bawag inked a
US$675 million settlement deal with Refco Inc. investors, will
allow 10-12 possible buyers to access Bawag's accounts in
September or October this year, Mr. Nowotny revealed to the FTD.  
The chief executive added that a number of parties have
expressed interest in acquiring the financially embattled bank.  

Analysts peg Bawag's value at EUR1.8 billion, though its sale
might be complicated by the EUR900-million state-backed rescue
package.

As previously reported in TCR-Europe, parties interested in
acquiring Bawag include:

   -- Ukrainian tycoon Serhiy Klyuyev,
   -- Citigroup,
   -- Banco Santander Central Hispano,
   -- J.C. Flowers & Co. LLC,
   -- Cerberus Capital Management LP,
   -- Commerzbank AG,
   -- Generali,
   -- Allianz and
   -- Volksbanken-Investkredit

Bawag's parent company, OeGB, previously disclosed that it
prefers to sell the bank as a whole and not in pieces indicating
that the purchaser can break up the bank after the sale.  OeGB
has placed Bawag on the trading table following the bank's
alleged role in the collapse of Refco.  

                         About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                        *     *     *

As reported in the TCR-Europe on May 11, Moody's downgraded
BAWAG P.S.K's

   -- financial strength rating (BFSR) to D- from C-;
   -- Tier 1 debt rating to Baa3 from Baa2.

Both ratings remain under review for possible downgrade.  At the
same time, Moody's has also downgraded to Prime-2 with stable
outlook from Prime-1 the bank's short-term debt and deposit
rating.  The A3 long-term debt and deposit ratings and the Baa1
subordinated debt rating remain on review for possible
downgrade.

These ratings were downgraded as part the rating action:

   -- BAWAG P.S.K.: bank financial strength rating from C- to
      D-;

   -- BAWAG P.S.K.: short-term rating from P-1 to P-2;

   -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and
      deposit rating to Baa3 from Baa2;

   -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and
      deposit rating to Baa3 from Baa2; and

   -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and
      deposit rating to Baa3 from Baa2.

These ratings are under review for possible downgrade:

   -- BAWAG P.S.K.: bank financial strength rating of D-;

   -- BAWAG P.S.K.: long-term debt and deposit


BAWAG PSK: Oesterreichische Volksbanken Mulls Takeover Bid
----------------------------------------------------------
Oesterreichische Volksbanken, a cooperative bank, eyes to
purchase local rival Bawag P.S.K. for an undisclosed amount,
Reuters reports.

Franz Pinkl, OeVAG's chief executive, said acquiring Bawag would
expand the company's retail operations.  Mr. Pinkl, however,
admitted that OeVAG has to come up with enough cash from
shareholders to finance a possible takeover.

"Strategically, BAWAG would fit to us, because we could expand
our retail business," Mr. Pinkl told Reuters. "But you have to
be able to underpin this economically."

According to Reuters, OeVAG shareholders include:

   -- 61 cooperative banks, 58%;
   -- German cooperative bank DZ Bank, 25%;
   -- German insurer Ergo, 10%; and
   -- local cooperative bank Raiffeisen Zentralbank, 6%.

Meanwhile local banks Bank Austria Creditanstalt and Raiffeisen,
as well as German Insurer Allianz, have expressed interests in
acquiring Bawag, sources told Reuters.

As reported in TCR-Europe on June 26, Ukrainian tycoon Serhiy
Klyuyev is also considering a bid for Bawag.  Citigroup and
Banco Santander Central Hispano have also expressed interest in
acquiring the bank.

As reported in TCR-Europe on June 16, J.C. Flowers & Co. LLC and
Cerberus Capital Management LP may be considering bids for
Bawag.  Commerzbank AG, Generali, Allianz and Volksbanken-
Investkredit are also interested in launching an offer for Bawag
aside from the two US turnaround firms.  

Bawag's parent company, Osterreichischer Gewerkschaftsbund
(OeGB), previously disclosed that it prefers to sell the bank as
a whole and not in pieces indicating that the purchaser can
break up the bank after the sale.  OeGB has placed Bawag on the
trading table following the bank's alleged role in the collapse
of Refco Inc.  

Morgan Stanley has begun inviting bids after Bawag inked a
US$675 million settlement deal with Refco investors.  Analysts
peg Bawag's value at EUR1.8 billion, though its sale might be
complicated by the EUR900- million state-spearheaded rescue
package.

                         About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                        *     *     *

As reported in the TCR-Europe on May 11, Moody's downgraded
BAWAG P.S.K's

   -- financial strength rating (BFSR) to D- from C-;
   -- Tier 1 debt rating to Baa3 from Baa2.

Both ratings remain under review for possible downgrade.  At the
same time, Moody's has also downgraded to Prime-2 with stable
outlook from Prime-1 the bank's short-term debt and deposit
rating.  The A3 long-term debt and deposit ratings and the Baa1
subordinated debt rating remain on review for possible
downgrade.

These ratings were downgraded as part the rating action:

   -- BAWAG P.S.K.: bank financial strength rating from C- to
      D-;

   -- BAWAG P.S.K.: short-term rating from P-1 to P-2;

   -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and
      deposit rating to Baa3 from Baa2;

   -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and
      deposit rating to Baa3 from Baa2; and

   -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and
      deposit rating to Baa3 from Baa2.

These ratings are under review for possible downgrade:

   -- BAWAG P.S.K.: bank financial strength rating of D-;

   -- BAWAG P.S.K.: long-term debt and deposit


DAKO: Awaits Court's Decision on Property Manager's Claim
---------------------------------------------------------
Norbert Schopf, the court-appointed property manager for Trade
LLC Dako (FN 248619t), declared on May 19 that the Debtor does
not have enough assets to pay off creditors.

The Trade Court of Vienna is yet to rule on the property
manager's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 16, 2005 (Bankr. Case No. 5 S 93/05v).  Peter Zens
represents Dr. Schopf in the bankruptcy proceedings.


EDITORIAL OFFICE: Court to Close Case After Final Allocation
------------------------------------------------------------
The Land Court of St. Polten will close the bankruptcy case of
LLC Editorial Office Space Science (FN 173572 d) after creditors
received final allocation.

Headquartered in Purkersdorf, Austria, the Debtor declared
bankruptcy on May 10, 2001 (Bankr. Case No. 27 S 196/01m).  
Walter Anzbock served as the court-appointed property manager
for the bankrupt estate.  


GAE LEBENSMITTEL: First Creditors' Meeting Slated for July 14
-------------------------------------------------------------
Creditors owed money by LLC GAE Lebensmittel-Analyse- Service
(FN 194766x) are encouraged to attend the creditors' meeting at
9:30 a.m. on July 14 to consider the adoption of the rule by
revision and accountability.

The first creditors' meeting will be held at:

         The Land Court of Innsbruck
         Hall 214
         2nd Floor
         Maximilianstrasse 4
         6020 Innsbruck, Austria

Headquartered in Kufstein, Austria, the Debtor declared
bankruptcy on May 22 (Bankr. Case No. 7 S 16/06x).  Dr. Markus
Komarek serves as the court-appointed property manager of the
bankrupt estate.


GRS: Claims Registration Period Ends July 11
--------------------------------------------
Creditors owed money by LLC GRS (FN 261634g) have until July 11
to file written proofs of claims to court-appointed property
manager Michael Neuhauser at:

         Mag. Michael Neuhauser
         Esslinggasse 9
         1010 Vienna, Austria
         Tel:  536 50-0
         Fax: 536 50-14
         E-mail: officewien@aaa-law.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 Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
May 22 (Bankr. Case No. 4 S 86/06h).  Stefan Jahns represents
Mag. Neuhauser in the bankruptcy proceedings.


GUENTHER KNEIDINGER: Claims Registration Period Ends July 17
------------------------------------------------------------
Creditors owed money by LLC Guenther Kneidinger (FN 90315t) have
until July 17 to file written proofs of claims to court-
appointed property manager Christian Ebmer at:

         Mag. Christian Ebmer
         Schillerstrasse 12
         4020 Linz, Austria
         Tel: 0732/65 69 69-60
         Fax: 0732/65 69 69
         E-mail: office@hep.co.at  

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 31 to consider the adoption of
the rule by revision and accountability.

The first meeting of creditors will be held at:

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

Headquartered in Oberneukirchen, the Debtor declared bankruptcy
on May 22 (Bankr. Case No. 12 S 47/06h).


HOLMES: Awaits Court's Decision on Property Manager's Claim
-----------------------------------------------------------
Christian Pfandl, the court-appointed property manager for
Construction LLC Holmes (FN 195668y), declared on May 19 that
the Debtor does not have enough assets to pay off creditors.

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

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on April 19 (Bankr. Case No. 26 S 48/06p).  


OSKAR KLEIN: Court to Close Case After Final Allocation
-------------------------------------------------------
The Land Court of St. Polten will close the bankruptcy case of
LLC Oskar Klein (FN 117293 s) after the Debtor's final
allocation to creditors.

Headquartered in Tullnerbach, Austria, the Debtor declared
bankruptcy on May 16, 2000 (Bankr. Case No. 27 S 170/00m).  
Georg Thum served as the court-appointed property manager for
the bankrupt estate.  


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


ALSTOM SA: Budgets EUR100 Million for Acquisitions
--------------------------------------------------
Alstom S.A. is eyeing acquisitions after three years of asset
disposals, Bloomberg News reports.

Patrick Kron, Alstom's chief executive and chairman, said the
company would make "modest" acquisitions of up to EUR100 million
to prop up its train- and power- station making operations,
Bloomberg News relates.  Mr. Kron, however, ruled out merging
with European peers like Siemens AG.

"The group is smaller but more powerful," Mr. Kron told
Bloomberg News.  "We're moving to a more offensive phase."

Mr. Kron's accomplishments include doubling Alstom's value
within 12 months to EUR9.5 billion and achieving the company's
first annual profit in five years.

                           About Alstom

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

For the fiscal year ended March 31, 2006, Alstom posted EUR178
million in net profit on EUR13.4 billion in net sales, compared
to EUR628 million in net loss on EUR12.9 billion in net sales a
year ago.

As of March 31, 2006, Alstom had EUR18.408 billion in total
assets, EUR16.568 billion in total liabilities and EUR1.84
billion in total equity.  As of March 31, 2006, Alstom had
EUR8.785 billion in current assets and EUR11.802 billion in
current liabilities.


EUROTUNNEL GROUP: Creditors Seek Talks to Resolve Debt Crisis
-------------------------------------------------------------
Eurotunnel's Ad Hoc Committee agreed that the proposal presented
by the bondholder group, ARCO, does not comprise the basis for a
consensual deal and might mislead interested parties,
MarketWatch reports.

The Ad Hoc Committee called for Eurotunnel and ARCO to begin
talks as soon as possible between the three parties to resolve
the GBP6.18 billion debt crisis.

ARCO represents 68% of Eurotunnel's outstanding GBP1.9 billion
bonds and notes while the Ad Hoc Committee or the senior
creditors holds over 70% of the co-financier debt and over 50%
of Eurotunnel's total debt.

              Bondholders' Alternative Rescue Plan

Eurotunnel turned down the restructuring plan prepared by a
group of secured bondholders led by Deutsche Bank AG on June 27.

As reported in TCR-Europe on June 28, Eurotunnel believes that
the plan requires too much debt and gives too much to
bondholders.

The bondholders' restructuring plan, which valued the company at
EUR7.99 billion, aims to reduce 60% of total debt to EUR3.7
billion and issue a EUR2.175 billion convertible hybrid note
with a 4% coupon, The Wall Street Journal reports.  

The plan rivaled the preliminary restructuring agreement backed
by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and
Barclays PLC.  The plan, which valued the company at around
EUR7.03 billion, includes a EUR1.5 billion hybrid issue with a
6% to 9% coupon and would reduce debt by 54%.

Eurotunnel shareholders will consider approval of a turnaround
plan at an extraordinary shareholders' meeting slated for
July 27, after which Eurotunnel can sign a final deal.

                   Eurotunnel's Statement

Eurotunnel has clarified that the financial restructuring plan
approved by the Joint Board of Eurotunnel and the majority
creditors presented by the Ad Hoc Committee cannot be called the
'Goldman Sachs/Maquarie plan' to avoid misleading shareholders.

The Group reiterated that the Eurotunnel Plan was presented to
the Ad Hoc Committee for the first time on July 13, 2005; it was
the object of a Memorandum of Understanding, signed on
Jan. 31, before being finalized by a binding agreement on
May 23.

The preliminary agreement was subsequently the object of a
complete and complementary financing agreement, separate to the
plan itself, and signed on May 30 with a consortium of financial
institutions including, among others, Goldman Sachs and
Maquarie.

The plan was established with the principal senior and junior
creditors, the holders of the majority of the Group's debt and
without whom no restructuring is possible.  It is a binding
plan.  It is also a preliminary plan, which can still be
modified, once the minority creditors agree to negotiate with
the Group's management.

The Group noted that the alternative project presented by ARCO
has no contractual value and does not constitute a binding
commitment.

                        About the Company

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        *     *     *

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faces
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.

Eurotunnel needs to obtain approval from other creditors and
shareholders for a final agreement.  Absent a final agreement,
the Group may default in January 2007.

On April 26, Eurotunnel obtained a third extension of its credit
waiver, which calls for creditor talks to continue through
July 12.


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


CEMAIX GMBH: Claims Registration Ends July 28
---------------------------------------------
Creditors of cemaix GmbH have until July 28 to register their
claims with court-appointed provisional administrator Thomas
Georg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on Aug. 29, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 3
         3rd Floor
         Alter Posthof 1
         52062 Aachen, Germany

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

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

The Debtor can be contacted at:

         cemaix GmbH
         Huettenstr. 29-31
         52355 Dueren, Germany

         Christoph Grysar, Manager
         Dorfstr. 84
         52477 Alsdorf, Germany

The administrator can be contacted at:

         Thomas Georg
         Juelicher Road 116
         52070 Aachen, Germany
         

ERGONOM MASCHINENBAU: Claims Registration Ends July 31
------------------------------------------------------
Creditors of Ergonom Maschinenbau und Bautrager GmbH have until
July 31 to register their claims with court-appointed
provisional administrator Helmut Lorentz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 30, 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 Bingen am Rhein
         Room 9
         Law Courts
         Mainzer Road 52
         55411 Bingen am Rhein, 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 Bingen am Rhein opened bankruptcy
proceedings against Ergonom Maschinenbau und Bautrager GmbH on
June 7.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Ergonom Maschinenbau und Bautrager GmbH
         Weide 16
         55411 Bingen am Rhein, Germany

         Attn: Juergen Kauss, Manager
         Hellmersgarten 3
         65817 Eppstein, Germany

         Martin Wallenstein, Manager
         Layenmuehle 9
         55435 Gau-Algesheim, Germany

The administrator can be contacted at:

         Dr. Helmut Lorentz
         Kaiserstrasse 64
         55116 Mainz, Germany
         Tel: 06131/234551
         Fax: 06131/231094


FRIEDRICH MUELLER: Claims Registration Ends July 25
---------------------------------------------------
Creditors of Friedrich Mueller Holzbau GmbH have until July 25
to register their claims with court-appointed provisional
administrator Thorsten Konrad.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 18, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Heidelberg
         Hall 12
         Kurfuerstenanlage 21
         69115 Heidelberg, 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 Heidelberg opened bankruptcy proceedings
against Friedrich Mueller Holzbau GmbH on May 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Friedrich Mueller Holzbau GmbH
         Attn: Guenter Mueller, Manager
         Kleinen Bruch 5
         69412 Eberbach, Germany

The administrator can be contacted at:

         Thorsten Konrad
         Saarburger Ring 10-12
         68229 Mannheim, Germany
         Tel: 0621/483240
         Fax: 0621/483276


GEBRAUCHTWAGEN-CENTER: Claims Registration Ends July 25
-------------------------------------------------------
Creditors of Gebrauchtwagen-Center Eberswalde GmbH have until
July 25 to register their claims with court-appointed
provisional administrator Detlef-Ruediger Beckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 29, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt, 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 Frankfurt opened bankruptcy proceedings
against Gebrauchtwagen-Center Eberswalde GmbH on May 29.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gebrauchtwagen-Center Eberswalde GmbH
         Eberswalder Road 165
         16227 Eberswalde, Germany

The administrator can be contacted at:

         Dr. Detlef-Ruediger Beckmann
         Lietzenburger Str. 77
         10719 Berlin, Germany


GERBER UND PARTNER: Claims Registration Ends July 28
----------------------------------------------------
Creditors of Gerber und Partner GmbH have until July 28 to
register their claims with court-appointed provisional
administrator Holger Lessing.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 5, 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 Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main, 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 Frankfurt/Main opened bankruptcy
proceedings against Gerber und Partner GmbH on May 11.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Gerber und Partner GmbH
         Attn: Joseph Gerber, Manager         
         Hainer Way 154
         60599 Frankfurt/Main, Germany

The administrator can be contacted at:

         Dr. Holger Lessing
         Hanauer Highway 287-289
         D-60314 Frankfurt/Main, Germany
         Tel: 069/15051300
         Fax: 069/15051400


GUENCE & WOLF: Claims Registration Ends July 29
-----------------------------------------------
Creditors of Guence & Wolf Beteiligungs- und
Verwaltungsgesellschaft mbH have until July 29 to register their
claims with court-appointed provisional administrator Hans-Gert
Dhonau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 17, 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 Kreuznach
         Hall 309
         Ringstrasse 79
         55543 Bad Kreuznach, 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 Kreuznach opened bankruptcy
proceedings against Guence & Wolf Beteiligungs- und
Verwaltungsgesellschaft mbH on May 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Guence & Wolf Beteiligungs- und
         Verwaltungsgesellschaft mbH
         Wollsteiner Str. 8
         55543 Bad Kreuznach, Germany

         Attn: Tahsin Guence and Udo Albin Wolf, Managers
         Schlittweg 10
         55593 Ruedesheim, Germany

The administrator can be contacted at:

         Dr. Hans-Gert Dhonau
         Bahnhofstr. 7
         D-55566 Bad Sobernheim, Germany
         Tel: 06751/938013
         Fax: 06751/9380-36


NETGURU INC: Haskell & White Raises Going Concern Doubt
-------------------------------------------------------
netGuru, Inc. reported financial results for fiscal 2006 fourth
quarter and fiscal year ended March 31, 2006.

On Nov. 18, 2005, the Company completed the sale of its Research
Engineers International business to Bentley Systems,
Incorporated, and in January 2006 the Company sold its French
subsidiary.  All amounts pertaining to the Company's REI
business and French subsidiary are accounted for as discontinued
operations.  Final fiscal 2006 year-end results included a net
gain on sale of the REI business of US$21.5 million.

Net revenues for the quarter were US$1.10 million, compared to
US$1.13 million in fourth-quarter fiscal 2005.  Revenues from
collaborative software sales and services were US$274,000,
compared to US$203,000 in fourth-quarter last year; revenues
from IT services were US$822,000, compared to US$926,000.  Gross
profit for the quarter was US$517,000 versus US$554,000 in
fourth-quarter a year ago.

Total operating expenses for the quarter increased US$360,000 to
US$1.56 million from US$1.20 million in fourth-quarter fiscal
2005 due primarily to an increase in lawsuit settlements and
professional fees.  Operating loss for the quarter was US$1.04
million, compared to an operating loss of US$647,000 in fourth-
quarter last year.

Net loss for the quarter was US$1.85 million and included a loss
from continuing operations of US$927,000 and a loss from
discontinued operations of US$925,000.  For fiscal 2005 fourth
quarter, net income was US$138,000 and included a loss from
continuing operations of US$769,000 and income from discontinued
operations of US$907,000.

Net revenues for fiscal 2006 were US$3.87 million, compared to
US$4.55 million in fiscal 2005.  Net revenues from collaborative
software products and services were US$969,000 versus US$748,000
in fiscal 2005, and net revenues from IT services were US$2.90
million versus US$3.80 million in the prior fiscal year.  Gross
profit for fiscal 2006 was US$1.63 million, compared to US$1.99
million in fiscal 2005.

Operating expenses for fiscal 2006 totaled US$7.76 million,
which included an impairment charge of US$2.92 million to
account for a third-quarter write off of goodwill related to the
IT services and collaborative software divisions.  Operating
expenses in fiscal 2005 were US$4.38 million.  Operating loss
for fiscal 2006 was US$6.13 million versus an operating loss of
US$2.39 million in fiscal 2005.

Net income for fiscal 2006 was US$14.7 million and included a
loss from continuing operations of US$6.57 million and income
from discontinued operations of US$21.2 million.  Net loss for
fiscal 2005 was US$788,000 and included a loss from continuing
operations of US$2.79 million and income from discontinued
operations of US$2.00 million.

The Company commented that a special committee of its board of
directors has been evaluating the possible divestiture of some
of or all of the Company's remaining assets and operations, as
well as possible mergers and/or strategic acquisitions for the
Company and its information technology, collaborative software,
and engineering business process outsourcing businesses.  
Discussions with public and private entities have been, or are
being, held involving potential asset purchases, common stock
purchases, and reverse mergers.  The Company anticipates
entering into merger or sale agreement with one or more parties;
however, neither the timing nor completion of a deal can be
assured.

The Company further commented that its future capital
requirements will depend upon many factors, including sales and
marketing efforts, the development of new products and services,
possible future corporate mergers or strategic acquisitions or
divestitures, the progress of research and development efforts,
and the status of competitive products and services.  The
Company believes that the proceeds that remain from its sale of
its REI business, together with its operating revenues and the
proceeds from the sale of its French subsidiary, will be
adequate to extinguish all of its remaining liabilities and fund
its current operations through October 2006.  However, to the
extent the Company is in need of any additional financing, there
can be no assurance that any such additional financing will be
available on acceptable terms, or at all.  In addition, any
future financing may cause significant dilution to existing
stockholders.

                        Going Concern Doubt

Haskell & White LLP in Irvine, Calif., raised substantial doubt
about netGuru, Inc.'s ability to continue as a going concern
after auditing its consolidated financial statements for the
year ended March 31, 2006.  The auditor pointed to the Company's

   -- operating losses;

   -- negative cash flows from operations;

   -- sale of a significant portion of its operating assets;

   -- partial liquidation distribution to stockholders during
      the year ended March 31, 2006; and

   -- contemplation of selling additional operating assets.

A full-text copy of the Company's annual report is available for
free at http://ResearchArchives.com/t/s?ce4

                           About netGuru

Headquartered in Wurzburg, Germany, netGuru, Inc. (Nasdaq: NGRU)
-- http://www.netguru.com/-- is an engineering services company  
offering engineering business process outsourcing (EBPO)
services for the architecture, engineering, and construction
(A/E/C) industry; document/project collaboration
software/solutions for A/E/C companies, enterprise software
providers, software integrators, and other businesses engaged in
document/project-centric operations; and technical services and
support.  netGuru offices are located in the United States,
Europe, and India.


STAHLBAU ELLERMANN: Claims Registration Ends July 27
----------------------------------------------------
Creditors of Stahlbau Ellermann GmbH have until July 27 to
register their claims with court-appointed provisional
administrator Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 17, 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 Stahlbau Ellermann GmbH on May 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Stahlbau Ellermann GmbH
         Babenbecker Field 53
         32051 Herford, Germany

         Attn: Sven Busche, Manager
         Brunnenstr. 26
         32052 Herford, Germany

The administrator can be contacted at:

         Hans-Achim Ernst
         Bunsenstr. 3
         32052 Herford, Germany
         

VERWALTUNGSGESELLSCHAFT WAHLER: Claims Registration Ends July 31
----------------------------------------------------------------
Creditors of Verwaltungsgesellschaft Wahler & Co. mbH have until
July 31 to register their claims with court-appointed
provisional administrator Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Aug. 31, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Verwaltungsgesellschaft Wahler & Co. mbH on June 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Verwaltungsgesellschaft Wahler & Co. mbH
         Ferdinandstrasse 36
         20095 Hamburg, Germany

         Attn: Bernd Schmielau, Manager
         Delbrueckstrasse 12
         28209 Bremen, Germany

The administrator can be contacted at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg, Germany
         Tel: 36968351
         Fax: 36968383


WIRTSCHAFTSKANZLEI MUELLER: Claims Registration Ends July 29
------------------------------------------------------------
Creditors of Wirtschaftskanzlei Mueller GmbH have until July 29
to register their claims with court-appointed provisional
administrator Christoph Niering.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 29, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Area 1240
         12th Floor
         Principal Establishment
         Luxemburger Road 101
         50939 Cologne, 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 Cologne opened bankruptcy proceedings
against Wirtschaftskanzlei Mueller GmbH on May 22.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Wirtschaftskanzlei Mueller GmbH
         Attn: Alexander Mueller, Manager
         Aachener Str. 1214
         50859 Cologne, Germany

The administrator can be contacted at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Cologne, Germany
         Tel: 99 22 30-0
         Fax: +4922199223035


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


AISBERG: Creditors Must File Claims by July 18
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Aisberg insolvent on April 25.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until July 18 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Office 206
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


AULIE ATA: Jambyl Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
commenced bankruptcy proceedings against LLP Trade Financial
House Aulie Ata Kusy on May 10.


GARANT: Proof of Claim Deadline Slated for July 18
--------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared OJSC Garant insolvent on April 27.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until July 18 to submit written proofs of claim
to:

         OJSC Garant
         Ushanova Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 26-24-41


HEATH LAMBERT: Proof of Claim Deadline Slated for July 18
---------------------------------------------------------
The Representative Office of the company Heath Lambert
Kazakhstan Limited declared insolvency.

Creditors have until July 18 to submit written proofs of claim
to:

         Heath Lambert Kazakhstan Limited
         Office 312
         Furmanova Str. 103
         050000 Almaty
         Kazakhstan
         Tel: 8 (3272) 50-58-58
         Fax: 8 (3272) 50-36-61


IGILIK: Creditors Must File Claims by July 18
---------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Igilik insolvent on April 26.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until July 18 to submit written proofs of claim
to:
  
         LLP Igilik
         Ushanova Str. 78-27
         Ust-Kamenogorsk, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 26-24-41


KARFA: Claims Registration Ends July 18
---------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Karfa insolvent on April 27.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until July 18 to submit written proofs of claim
to:

         LLP Karfa
         Ushanova Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 26-24-41


KRUIZ: Claims Registration Ends July 18
---------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Trade House Kruiz insolvent on April 26.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until July 18 to submit written proofs of claim
to:

         LLP Trade House Kruiz
         Ushanova Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 26-24-41


MTS AKJAR: Creditors' Claims Due July 18
----------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP MTS Akjar of Akjarsky district
insolvent on April 28.

Creditors have until July 18 to submit written proofs of claim
to:

         LLP MTS Akjar
         The Rural Economy Department
         Konstitutsia Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


ROST: Almaty Court Starts Bankruptcy Proceedings
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty
commenced bankruptcy proceedings against CJSC Rost (RNN
600400105900) on May 2.


VOSTOKFOBOS: Creditors' Claims Due July 18
------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Vostokfobos insolvent on April 24.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until July 18 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Office 206
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


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


ARRAN CORPORATE: Fitch Rates Six Debt Classes at Low-B
------------------------------------------------------
Fitch Ratings placed final ratings to Arran Corporate Loans
No. 1 B.V.'s GBP3.5 billion notes due 2025.  

   -- GBP605.55 million Class A1 ISIN XS0257999507: AAA;
   -- GBP90.5 million Class B1 ISIN XS0257999846: AA+;
   -- GBP26.25 million Class C1 ISIN XS0258000107: A+;
   -- GBP42.5 million Class D1 ISIN XS0258000446: BBB+;
   -- GBP39.25 million Class E1 ISIN XS0258000875: BB+;
   -- GBP70.5 million Class F1 ISIN XS0258001170: B+;
   -- EUR1.025 billion Class A2 ISIN XS0257999689: AAA;
   -- EUR110 million Class B2 ISIN XS0257999929: AA+;
   -- EUR38 million Class C2 ISIN XS0258000289: A+;
   -- EUR50 million Class D2 ISIN XS0258000529: BBB+;
   -- EUR38 million Class E2 ISIN XS0258000958: BB+;
   -- EUR10 million Class F2 ISIN XS0258001253: B+;
   -- US$2.86 billion Class A3 ISIN USN06375AA26: AAA;
   -- US$73 million Class B3 ISIN USN06375AB09: AA+;
   -- US$28 million Class E3 ISIN XS0258001097: BB+; and
   -- US$5 million Class F3 ISIN XS0258001337: B+.

This transaction is a securitization of GBP-denominated bank
loans and undrawn facilities to large corporate entities
originated by The Royal Bank of Scotland Group PLC in the UK.

The final ratings of the notes are based on the credit quality
of the reference pool, the cash deposit as collateral, available
credit enhancement, the origination and servicing capabilities
of RBS and the transaction's sound financial and legal
structure.

Each Class (A to F) has three tranches denominated in GBP, EUR
and US$ respectively.

Credit enhancement for the Class A notes totals 17.6%, provided
by the Class B (5.9%), Class C (1.5%), Class D (2.2%), Class E
(2.31%) Class F (2.29%) and the unrated Class G (3.4%) notes at
close.  In addition, credit enhancement will be available from
synthetic excess spread and subordinate coupon on Class G to
cover losses via a principal deficiency ledger and a reserve
trapping mechanism

Arran Corporate Loans No. 1 B.V. is a special-purpose vehicle
incorporated in the Netherlands with limited liability.  All the
Classes of credit-linked notes are backed by a credit default
swap between the issuer and RBS through which the issuer
receives a premium from the swap counterparty in exchange for
loss protection on a reference portfolio of bank loans and
undrawn facilities granted by RBS to large corporate entities in
the UK.  As of the closing date, the reference portfolio
consists of 126 borrowers with their primary incorporation in
the UK.

The ratings for Class A and B address timely payment of interest
and ultimate payment of principal in accordance to the terms and
conditions of the notes.  The ratings for Class C, D, E and F
notes address ultimate payment of interest and ultimate payment
of principal in accordance to the terms and conditions of the
notes.


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


AGRO-PROM-SNAB: Court Names A. Khalizov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. A.
Khalizov as insolvency manager for OJSC Agro-Prom-Snab (TIN
2605001684).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-331/2005-S5.

The Debtor can be reached at:

         OJSC Agro-Prom-Snab
         Vokzalnaya Str. 16
         Blagodarnyj
         356400 Stavropol Region
         Russia


ASPHALT CONCRETE: Court Names A. Yazev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Mariy El Republic appointed Mr. A.
Yazev as insolvency manager for OJSC Asphalt Concrete.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-38-1978-11/42-2005.

The Debtor can be reached at:

         OJSC Asphalt Concrete
         Krylova Str. 58A
         Yoshkar-Ola
         Mariy El Republic
         Russia


BEREZKA: Saratov Court Appoints O. Ivanova as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Saratov Region appointed Ms. O. Ivanova
as insolvency manager for OJSC Berezka.  She can be reached at:

         Post User Box 3
         Khvalynsk
         412780 Saratov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-571b/05-23.

The Debtor can be reached at:

         OJSC Berezka
         Alekseevka
         Khvalynskiy Region
         Saratov Region
         Russia


BLAGOVARSKAYA SEL-KHOZ-KHIMIYA: I. Nigmatullin to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. I.
Nigmatullin as insolvency manager for Municipal Unitary
Enterprise Blagovarskaya Sel-Khoz-Khimiya.  He can be reached
at:

         I. Nigmatullin
         Guvaydullina Str. 21/3-60
         Ufa
         450022 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-29670/05-G-FLE.

The Debtor can be reached at:

         Blagovarskaya Sel-Khoz-Khimiya
         Kommunisticheskaya Str. 2
         Blagovar
         452730 Bashkortostan Republic
         Russia


DROM: Court Appoints V. Motolygin as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Astrakhan Region appointed Mr. V.
Motolygin as insolvency manager for OJSC Drom (TIN 3009007951).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A06-11186/3-11k/06.

The Debtor can be reached at:

         OJSC Drom
         Pribrezhnaya Str. 3
         Yaksatovo
         Privolzhskiy Region
         416462 Astrakhan Region
         Russia


GAS-STROY: Court Names A. Makarov as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. A. Makarov
as insolvency manager for CJSC Gas-Stroy (TIN 5805503821).  He
can be reached at:

         A. Makarov        
         K.Marksa Str. 26
         440026 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-9153/2005-142b/26.

The Debtor can be reached at:

         CJSC Gas-Stroy
         Novo-Severnaya Str. 1
         Serdobsk
         442860 Penza Region
         Russia


KUSHNARENKOVSKIY CREAMERY: A. Shaykhetdinov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. A.
Shaykhetdinov as insolvency manager for OJSC Kushnarenkovskiy
Creamery (TIN 0234000133).  He can be reached at:

         A. Shaykhetdinov
         Post User Box 4166
         443110 Samara
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-7574/05-G-FLE.

The Debtor can be reached at:

         OJSC Kushnarenkovskiy Creamery
         Zarechnaya Str. 1
         Kushnarenkovo
         452230 Bashkortostan Republic
         Russia


LYSVENKOVSKOYE AUTO: Court Names K. Goncharov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Perm Region appointed Mr. K. Goncharov
as insolvency manager for OJSC Lysvenkovskoye Auto Transport
Enterprise (TIN 5918003491).  He can be reached at:

         K. Goncharov
         Kommunarov Str. 106
         Lysva
         618900 Perm Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A50-38524/2005-B.

The Debtor can be reached at:

         OJSC Lysvenkovskoye Auto Transport Enterprise
         Kommunarov Str. 114.
         Lysva
         618900 Perm Region
         Russia


PLAVSK-AGRO-PROM-STROY: Court Names R. Budin Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. R. Budin as
insolvency manager for OJSC Plavsk-Agro-Prom-Story.  He can be
reached at:

         R. Budin
         Office 608
         Ryazanskaya Str. 1
         300026 Tula Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A68-49/B-05.

The Debtor can be reached at:

         OJSC Plavsk-Agro-Prom-Stroy
         Ostrovskogo Str. 18
         Plavsk
         Plavskiy Region
         Tula Region
         Russia


SEVERSTAL: Alexei Mordashov May Sell EUR3-Bln Shares in London
--------------------------------------------------------------
Alexei Mordashov, OAO Severstal's controlling shareholder,
chairman and CEO, is considering a EUR12-billion initial public
offering in London, Bloomberg News cites the Business newspaper.

Severstal's recent failure to merge its business with
Luxembourg-based steelmaker Arcelor S.A. spurred Mr. Mordashov's
plan, says the Business newspaper, quoting a banker privy to the
matter.  According to the Russian Business, Mr. Mordashov plans
to list 25% of Severtal's total value or around EUR3 billion of
the company's shares.  Severtal has yet to set the IPO date and
appoint advisers, though the Business says the share sale may
take place this year.

Mr. Mordashov has no plans to place a higher offer for Arcelor
and is likely to wait after the flotation before launching
another partnership offer to another European steel group.  
"Mordashov accepts that a verdict is a verdict," the banker told
the Russian Business.

                        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.


SEVERSTAL: Asset Consolidation Spurs S&P to Keep Positive Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'B+' long-term
corporate credit rating on Russian steelmaker OAO Severstal on
CreditWatch with positive implications following the
consolidation of the company's mining assets.

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

"The CreditWatch placement now reflects the potential benefits
of the consolidation of Severstal's mining assets--previously
held by its shareholders--through a share swap," said Standard &
Poor's credit analyst Tatiana Kordyukova.

This consolidation was initiated on Feb. 9, and prompted the
revision of the outlook on Severstal to positive from stable.
The process was finalized in June 2006.
     
"Any rating upgrade is likely to be limited to one notch,
subject to the company's business and financial profiles being
sustainable at a higher rating level following the
consolidation," Ms. Kordyukova added.
     
More aggressive than expected acquisition plans and financial
policies might offset upside potential.
     
Standard & Poor's will seek to resolve the CreditWatch placement
within 60 days.  The agency said it will need to review the
business characteristics and financial position of the recently
consolidated mining assets and their impact on the company's
consolidated performance.  It will also need to reassess
Severstal's strategic priorities and financial policy going
forward.


SMIRNOVSKAYA SEL-KHOZ-TEKHNIKA: E. Naumov to Manage Assets
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
E. Naumov as insolvency manager for OJSC Smirnovskaya Sel-Khoz-
Tekhnika (Case No. A 43-35359/2005 24-533).  He can be reached
at:

         E. Naumov
         Vaneeva Str. 116-62
         603136 Nizhniy Novgorod Region
         Russia

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

The Debtor can be reached at:

         OJSC Smirnovskaya Sel-Khoz-Tekhnika
         Smirnovo
         Shatkovskiy Region
         Nizhniy Novgorod Region
         Russia


TNK-BP FINANCE: S&P Rates Proposed Unsecured Notes at BB+
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
debt rating to TNK-BP's proposed unsecured notes.  

The notes will be issued by TNK-BP Finance S.A. and guaranteed
by TNK-BP International Ltd. under the group's existing US$5
billion EMTN debt issuance program.
     
In light of the expected absence of material secured debt and
given the concentration of bank and capital market financing at
the offshore TNK-BP Finance funding vehicle, Standard & Poor's
equalizes TNK-BP's unsecured debt with the issuer credit rating.
Following the refinancing on July 3 of all of its secured trade
finance facilities through an unsecured US$1.8 billion five-year
syndicated bank facility, TNK-BP should no longer have any
material secured debt.
     
The EMTN program does not provide adequate negative pledge
provisions, which would limit the amount of secured and trade
finance debt the group or any of its operating subsidiaries
would be able to raise in the future.


TUYMAZINSKIY MEAT: A. Shaykhetdinov to Manage Insolvency Assets
---------------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. A.
Shaykhetdinov as insolvency manager for OJSC Tuymazinskiy Meat
Combine (TIN 0244004313).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07/12382/05-G-ADM.

The Debtor can be reached at:

         OJSC Tuymazinskiy Meat Combine
         Tuymazy, Severnaya Str. 3
         Tuymazinskiy Region
         452750 Bashkortostan Republic


VELIKOLUKSKIY BRICKWORKS: S. Lukyanov to Manage Assets
------------------------------------------------------
The Arbitration Court of Pskov Region appointed Mr. S. Lukyanov
as insolvency manager for CJSC Velikolukskiy Brickworks.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A52-2593/2005/4.

The Debtor can be reached at:

         CJSC Velikolukskiy Brickworks
         Dubrava-1.
         Velikolukskiy Region
         182180 Pskov Region
         Russia


VENTILATION SERVICE: I. Mamatov to Manage Insolvency Assets
-----------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. I. Mamatov as
insolvency manager for LLC Ventilation Service (TIN 7702056840).  
He can be reached at:

         I. Mamatov
         Post User Box 96
         2nd Dubrovskaya Str. 1
         109044 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-65649/05-71-152 B.

         I. Mamatov
         Post User Box 96
         2nd Dubrovskaya Str. 1
         109044 Moscow
         Russia

The Debtor can be reached at:

         LLC Ventilation Service
         Apartment 67
         Mira Pr. 25
         129010 Moscow
         Russia


SHATURSKIY MEAT: Court Names N. Artemova as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Ms. N. Artemova
as insolvency manager for OJSC Shaturskiy Meat Combine (TIN
5049002135).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-26900/05.

The Debtor can be reached at:

         OJSC Shaturskiy Meat Combine
         Ilyicha Pr. 55.
         Shatura
         140700 Moscow Region
         Russia


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


FONCAIXA FTGENCAT: Fitch Junks EUR6 Million Series E Notes
----------------------------------------------------------
Fitch Ratings assigned expected ratings to Foncaixa FTGENCAT 4,
Fondo de Titulizacion de Activos' notes totaling EUR600 million
due in March 2049.

   -- EUR251.2 million Series A(S): AA+;
   -- EUR326 million Series A(G): AAA;
   -- EUR9.6 million Series B: AA-;
   -- EUR7.2 million Series C: BBB+;
   -- EUR6 million Series D: BB+; and
   -- EUR6 million Series E: CCC-.

The final ratings are contingent upon receipt of final documents
conforming to the information already received.  The expected
ratings address payment of interest on the notes according to
the terms and conditions of the documentation, subject to a
deferral trigger on the Series B, C and D notes, as well as the
repayment of principal by legal final maturity date.

The series E notes will be issued to finance the cash reserve
fund.  Fitch comments that the series E notes are ultimately
likely to default, and their expected ratings are supported by
the expected recovery rate for noteholders: that is, the amounts
investors are likely to receive during the life of the
transaction.

This transaction is a cash flow securitization of a EUR600
million pool of loans granted by Caja de Ahorros y Pensiones de
Barcelona to small and medium-sized Spanish enterprises.

The Autonomous Community of Catalonia guarantees ultimate
payment of interest and principal on the class A(G) notes.  The
AAA expected rating for this class reflects the low probability
of the guarantor defaulting simultaneously with a large
proportion of the underlying collateral.  Fitch would assign an
expected rating of AA+ to these bonds in the absence of such
guarantee; hence the bonds are credit-linked to the rating of
the Generalitat de Catalunya.

The issuer will be legally represented and managed by GestiCaixa
S.G.F.T., S.A., a limited liability company incorporated under
Spanish law, whose activities are limited to the management of
securitization funds.  The expected ratings are based on the
quality of the collateral, available credit enhancement, the
financial structure of the deal, the underwriting and servicing
of the collateral and the Sociedad Gestora's administrative
capabilities.

La Caixa is a very active player within the Spanish
securitization arena: as a sole originator, it has issued a
total of nine RMBS transactions and three SME CDOs.  Similar to
its predecessor, Foncaixa FTGENCAT 3, FTA rated in November
2005, this transaction shares identical structural features such
as the payment waterfall, the hedge agreement that guarantees a
stable excess spread over the life of the transaction and the
guarantee from the Generalita de Catalunya.


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


BUDTORG: Court Names K. Tsimbalenko as Liquidator
-------------------------------------------------
The Economic Court of Odessa Region appointed Mr. K. Tsimbalenko
as Liquidator/Insolvency Manager for LLC Budtorg (code EDRPOU
31543127).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 4.  The case is docketed under
Case No. 2/113-06-3964.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Budtorg
         Promploshadka
         Teplodar
         Bilyayivskij District
         Odessa Region
         Ukraine


DRUZHBA: Harkiv Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
supervision procedure on Agricultural Enterprise Druzhba (code
EDRPOU 30608429) on May 11.  The case is docketed under Case No.
B-50/37-06.

The Temporary Insolvency Manager is:

         Nataliya Ivleva
         Tarhov Str. 5/9
         61189 Harkiv Region
         Ukraine
         Tel: 8 (067) 902-72-57

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         Agricultural Enterprise Druzhba
         Shevchenko District Spodobivka
         Ukraine
         63670 Harkiv Region
         Ukraine


GERMES-MET: Court Names S. Lunkova to Liquidate Assets
------------------------------------------------------
The Economic Court of Donetsk Region appointed Ms. S. Lunkova as
Liquidator/Insolvency Manager for LLC Trade House Germes-Met
(code EDRPOU 32187566).  She can be reached at:  

         S. Lunkova
         Illich Str. 83
         83003 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 21.  The case is docketed
under Case No. 42/52 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Trade House Germes-Met
         Roza Luksemburg Str. 38/4
         83050 Donetsk Region
         Ukraine


ITALMANIA: Court Names Tax Authority as Liquidator
--------------------------------------------------
The Economic Court of Kyiv Region appointed State Tax Inspection
of Podilskij District of Kyiv Region as Liquidator for LLC
Italmania (code EDRPOU 24742449).  The liquidator can be reached
at:

         State Tax Inspection of
         Podilskij District of Kyiv Region
         Turovska Str. 12
         04080 Kyiv Region
         Ukraine
         Tel: (044) 462-48-12

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 7.  The case is docketed
under Case No. 15/277-b.

         State Tax Inspection of
         Podilskij District of Kyiv Region
         Turovska Str. 12
         04080 Kyiv Region
         Ukraine
         Tel: (044) 462-48-12

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 Italmania
         Nizhnyoyurkivska Str. 2
         04080 Kyiv Region
         Ukraine


MIRGOROD' BUILDING: Court Commences Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Poltava Region commenced bankruptcy
supervision procedure on OJSC Mirgorod' Building Combine (code
EDRPOU 05385101) on March 17.  

The Temporary Insolvency Manager is:

         Igor Avramenko
         Petrivska Str. 10
         Mirgorod
         37600 Poltava Region
         Ukraine

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         OJSC Mirgorod' Building Combine
         Petrivska Str. 10
         Mirgorod
         37600 Poltava Region
         Ukraine


NEK: Court Names Tax Authority to Liquidate Assets
--------------------------------------------------
The Economic Court of Kyiv Region appointed State Tax Inspection
of Podilskij District of Kyiv Region as Liquidator for LLC Nek
(code EDRPOU 23709273).  The liquidator can be reached at:

         State Tax Inspection of
         Podilskij District of Kyiv Region
         Turovska Str. 12
         04080 Kyiv Region
         Ukraine
         Tel: (044) 462-48-12

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 27.  The case is docketed
under Case No. 15/253-b.

The Economic Court of Kyiv Region is located at:  

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Nek
         Druzhbi Narodiv Str. 10
         01103 Kyiv Region
         Ukraine


PODILLYA: Vinnitsya Court Begins Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Vinnitsya Region commenced bankruptcy
supervision procedure on LLC Podillya (code EDRPOU 03730549) on
Feb. 21.  The case is docketed under Case No. 5/48-06.

The Temporary Insolvency Manager is:

         V. Krutkevich
         Suvorov Str. 52
         Nova Obodivka
         Trostyanets District
         24300 Vinnitsya Region
         Ukraine

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         LLC Podillya
         Suvorov Str. 52
         Nova Obodivka
         Trostyanets District
         24300 Vinnitsya Region
         Ukraine


PROGRES: Court Names Valentin Ivashuk as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Valentin
Ivashuk as Liquidator/Insolvency Manager for Agricultural LLC
Progres (code EDRPOU 03787986).  He can be reached at:

         Valentin Ivashuk
         Kurchatov Str. 13/1-92
         Hmelnitskij Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
17/65-b.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Progres
         Velika Levada
         Gorodok District
         32061 Hmelnitskij Region
         Ukraine


SANATORIUM RADON: Court Names S. Marchenkov as Liquidator
---------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Mr. S.
Marchenkov as Liquidator/Insolvency Manager for Sanatorium Radon
(code EDRPOU 20098656).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
5/223-05.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Sanatorium Radon
         Nagirna Str. 37
         21100 Vinnitsya Region
         Ukraine


SERVITUT: Court Names S. Lunkova as Insolvency Manager
------------------------------------------------------
The Economic Court of Donetsk Region appointed Ms. S. Lunkova as
Liquidator/Insolvency Manager for LLC Servitut (code EDRPOU
32002522).  She can be reached at:  

         S. Lunkova
         Illich Str. 83
         83003 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 14.  The case is docketed
under Case No. 42/53 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Servitut
         Domobudivelna Str. 1
         83009 Donetsk Region
         Ukraine


SPORT LINE: Court Names State Tax Agency to Liquidate Assets
------------------------------------------------------------
The Economic Court of Kyiv Region appointed State Tax Inspection
of Podilskij District of Kyiv Region as Liquidator for LLC Sport
Line (code EDRPOU 30551472).  The liquidator can be reached at:

         State Tax Inspection of
         Podilskij District of Kyiv Region
         Turovska Str. 12
         04080 Kyiv Region
         Ukraine
         Tel: (044) 462-48-12

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 7.  The case is docketed
under Case No. 15/276-b.

The Economic Court of Kyiv Region is located at:  

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Sport Line
         Kontraktova Square 4
         04070 Kyiv Region
         Ukraine


SOFIYA: Court Names Vasil Fedorenko to Manage Insolvency Assets
---------------------------------------------------------------
The Economic Court of Cherkassy Region appointed Vasil Fedorenko
as Liquidator/Insolvency Manager for Agricultural LLC Sofiya
(code EDRPOU 31999156).  He can be reached at:  

         Gogol Str. 221
         Cherkassy Region
         Ukraine
         Tel: 8 (050) 313-06-35

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 1.  The case is docketed under
Case No. 01/1772.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Sofiya
         Talne, Lenin Str. 119
         Cherkassy Region
         Ukraine


SOYUZELEKTROSTROJ: Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on LLC Soyuzelektrostroj (code EDRPOU
30028837).  The case is docketed under Case No. 2/283-05-12012.

The Temporary Insolvency Manager is:

         O. Sharmonov
         Sadova Str. 5-a
         65029 Odessa Region
         Ukraine

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Soyuzelektrostroj
         Sadova Str. 5-a
         65029 Odessa Region
         Ukraine


STERH: Court Appoints O. Atayanets to Manage Insolvency Assets
--------------------------------------------------------------
The Economic Court of Odessa Region appointed Mr. O. Atayanets
as Liquidator/Insolvency Manager for LLC Sterh (code EDRPOU
31965881).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 12.  The case is docketed
under Case No. 21133-06-3717.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Sterh
         Velika Arnautska Str. 2a
         Odessa Region
         Ukraine


TRIPILSKIJ PLANT: Court Names Yurij Petrenko as Liquidator
----------------------------------------------------------
The Economic Court of Kyiv Region appointed Yurij Petrenko as
Liquidator/Insolvency Manager for OJSC Tripilskij Plant of Panel
and Board Equipment (code EDRPOU 13714741).  He can be reached
at:  

         Yurij Petrenko
         a/b 69
         Saksaganskij Str. 48
         Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 17.  The case is docketed
under Case No. 248/3b-05.

The Economic Court of Kyiv Region is located at:  

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Tripilskij Plant of Panel and Board Equipment
         Promislova Str. 17
         Ukrainka
         Obuhiv District
         08720 Kyiv Region
         Ukraine


YAMPIL' AUTO-REPAIR: Court Names Valentin Ivashuk as Liquidator
---------------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Valentin
Ivashuk as Liquidator/Insolvency Manager for OJSC Yampil' Auto-
Repair Plant (code EDRPOU 05465933).  He can be reached at:

         Valentin Ivashuk
         Kurchatov Str. 13/1-92
         Hmelnitskij Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 17.  The case is docketed
under Case No. 13/210-b.

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         OJSC Yampil' Auto-Repair Plant
         Yampil
         Bilogirya District
         Hmelnitskij Region
         Ukraine


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


A J FENCING: Names Theodolous Papanicola as Administrator
---------------------------------------------------------
Theodolous Papanicola of Bond Partners LLP was appointed
administrator of A J Fencing Supplies Limited (Company Number
05093488) on June 5.

The administrator can be contacted at:

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

Headquartered in Barnsley, United Kingdom, A J Fencing Supplies
Limited manufactures and supplies fencing materials.


ABRAPACK LTD: Creditors Pass Winding Up Resolution
--------------------------------------------------
Creditors of Abrapack Limited passed a resolution to wind up the
company's operations during an extraordinary general meeting on
April 13.

Subsequently, Andreas Georgiou Kakouris was nominated
Liquidator.

The company can be reached at:

         Abrapack Limited
         154 Fonthill Road
         London N4 3HP
         United Kingdom
         Tel: 020 7272 0499
         Fax: 020 7281 8399


ANOUSHKA G: Financial Woes Prompt Liquidation
---------------------------------------------
Anoushka G Limited is winding up its operations after creditors
established the company could no longer continue its business
due to mounting debts.

Stephen Patrick Jens Wadsted of Middleton Partners was appointed
Liquidator.

Middleton Partners -- http://www.middletonpartners.co.uk/-- are  
licensed insolvency practitioners and business consultants, the
partners and staff of which have many years experience in
dealing with business rescue and insolvency.

The company can be reached at:

         Anoushka G Limited
         Acre House
         11-15 William Road
         London NW1 3ER
         Tel: 020 7629 7629


ASCENSION LTD: Names Peter John Godfrey-Evans Liquidator
--------------------------------------------------------
Peter John Godfrey-Evans, of Mercer & Hole, was appointed
Liquidator of Ascension Limited after creditors decided to wind
up the company on April 7.

The company can be reached at:

         Ascension Limited
         Newbarn Farm
         Brick Kiln Road
         Raunds
         Wellingborough
         Northamptonshire NN9 6HY
         United Kingdom
         Tel: 01933 461 089
         Fax: 01933 461 092


BEST YET: Taps Kikis Kallis to Liquidate Assets
-----------------------------------------------
Best Yet Limited is liquidating its assets after creditors
agreed to wind up the company on April 11.

Kikis Kallis of Kallis & Co. was appointed Liquidator.

The company can be reached at:

         Best Yet Limited
         65-67 Western Road
         Brighton BN1 2HA
         United Kingdom
         Tel: 01273 747 603
         Fax: 01273 747 603


BONNE BOUCHE: Appoints Joint Administrators from BDO Stoy
---------------------------------------------------------
Toby Underwood and Charles MacMillan of BDO Stoy Hayward LLP
were appointed joint administrators of Bonne Bouche Frozen
Limited (Company Number 05122509) on June 7.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member  
firm of BDO International, the world's fifth largest accountancy
network with more than 600 offices in 100 countries.  Its
services include: audit and assurance, business restructuring,
corporate finance, disputes and investigations, investment
management, risk assurance services, tax services, and
valuations.

Headquartered in Cleveland, United Kingdom, Bonne Bouche Frozen
Limited bakes and sells bread, pastry and cakes.


CAREER OPTIONS: Brings In Tenon Recovery to Administer Assets
-------------------------------------------------------------
T.J. Binyon and S.R. Thomas of Tenon Recovery were appointed
joint administrators of Career Options Limited (Company Number
03403660) on June 6.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

Headquartered in Southampton, United Kingdom, Career Options
Limited is engaged in labor recruitment.


CODENT LIMITED: Creditors' Meeting Slated for July 14
-----------------------------------------------------
Creditors of Codent Limited (Company Number 02925113) will meet
at 11:00 a.m. on July 14 at:

         Cresta Court Hotel
         Church Street
         Altrincham
         Cheshire WA14 4DP
         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 13 at:

         Neil Henry and Michael Simister
         Joint Administrators
         Lines Henry
         27 The Downs
         Altrincham
         Cheshire WA14 2QD
         United Kingdom
         Tel: 0161 929 1905
         Fax: 0161 929 1977


DAHLE UK: Creditors Resolve to Liquidation
------------------------------------------
Creditors of Dahle (U.K.) Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
April 11.

Bernard Hoffman and Ian Douglas Yerrill, of Gerald Edelman
Business Recovery, were appointed Joint Liquidators.

The company can be reached at:

         Dahle (U.K.) Limited
         Etheridge Avenue
         Brinklow
         Milton Keynes MK10 0BP
         United Kingdom
         Fax: 01582 702 621


EUROTUNNEL GROUP: Creditors Seek Talks to Resolve Debt Crisis
-------------------------------------------------------------
Eurotunnel's Ad Hoc Committee agreed that the proposal presented
by the bondholder group, ARCO, does not comprise the basis for a
consensual deal and might mislead interested parties,
MarketWatch reports.

The Ad Hoc Committee called for Eurotunnel and ARCO to begin
talks as soon as possible between the three parties to resolve
the GBP6.18 billion debt crisis.

ARCO represents 68% of Eurotunnel's outstanding GBP1.9 billion
bonds and notes while the Ad Hoc Committee or the senior
creditors holds over 70% of the co-financier debt and over 50%
of Eurotunnel's total debt.

              Bondholders' Alternative Rescue Plan

Eurotunnel turned down the restructuring plan prepared by a
group of secured bondholders led by Deutsche Bank AG on June 27.

As reported in TCR-Europe on June 28, Eurotunnel believes that
the plan requires too much debt and gives too much to
bondholders.

The bondholders' restructuring plan, which valued the company at
EUR7.99 billion, aims to reduce 60% of total debt to EUR3.7
billion and issue a EUR2.175 billion convertible hybrid note
with a 4% coupon, The Wall Street Journal reports.  

The plan rivaled the preliminary restructuring agreement backed
by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and
Barclays PLC.  The plan, which valued the company at around
EUR7.03 billion, includes a EUR1.5 billion hybrid issue with a
6% to 9% coupon and would reduce debt by 54%.

Eurotunnel shareholders will consider approval of a turnaround
plan at an extraordinary shareholders' meeting slated for
July 27, after which Eurotunnel can sign a final deal.

                   Eurotunnel's Statement

Eurotunnel has clarified that the financial restructuring plan
approved by the Joint Board of Eurotunnel and the majority
creditors presented by the Ad Hoc Committee cannot be called the
'Goldman Sachs/Maquarie plan' to avoid misleading shareholders.

The Group reiterated that the Eurotunnel Plan was presented to
the Ad Hoc Committee for the first time on July 13, 2005; it was
the object of a Memorandum of Understanding, signed on
Jan. 31, before being finalized by a binding agreement on
May 23.

The preliminary agreement was subsequently the object of a
complete and complementary financing agreement, separate to the
plan itself, and signed on May 30 with a consortium of financial
institutions including, among others, Goldman Sachs and
Maquarie.

The plan was established with the principal senior and junior
creditors, the holders of the majority of the Group's debt and
without whom no restructuring is possible.  It is a binding
plan.  It is also a preliminary plan, which can still be
modified, once the minority creditors agree to negotiate with
the Group's management.

The Group noted that the alternative project presented by ARCO
has no contractual value and does not constitute a binding
commitment.

                        About the Company

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

                        *     *     *

Eurotunnel's crisis began when costs to build the tunnels that
connect U.K. and France started to overrun before it opened in
1994.  The Iraq war followed, which didn't help as tourist
traffic fell.  In May 2004, Eurotunnel appointed Lazard (global
coordinator) and Lehman Brothers as bank advisors, and Dresdner
Kleinwort Wasserstein as restructuring adviser.

In July 2004, auditor KPMG Audit Plc said the company faces
uncertainty after 2005.  The firm's survival is dependent upon
its ability to put in place a refinancing plan or, if not, to
obtain an agreement with the lenders under the existing Credit
Agreement within the next two years, the auditor said.

Eurotunnel needs to obtain approval from other creditors and
shareholders for a final agreement.  Absent a final agreement,
the Group may default in January 2007.

On April 26, Eurotunnel obtained a third extension of its credit
waiver, which calls for creditor talks to continue through
July 12.


GENERAL MOTORS: Evaluating US$3-Bln Alliance with Renault-Nissan
----------------------------------------------------------------
General Motors Corporation is evaluating an offer to ally with
Renault-Nissan, a French-Japanese company.  

Renault-Nissan is a collaboration between Nissan Motor Co.,
Ltd., and Renault S.A.  Talks of a possible alliance surfaced
amidst GM's troubles as it faces market, production and cost
issues.  GM is currently implementing a turnaround plan that
involves plant closures and job cuts.

The proponent, Kirk Kerkorian -- who owns 9.9% equity stake in
GM through his investment firm Tracinda Corporation -- urged GM
chairman Rick Wagoner to sell a 20% stake in GM to Renault-
Nissan.  Jerome York, a GM director, advised Mr. Kerkorian on
the $3-billion proposed alliance.

Nissan's board of directors has already authorized its president
and chief executive officer, Carlos Ghosn, to pursue discussions
on the deal.  Renault's board has also approved negotiations for
the transaction, The Wall Street Journal reports.  

Renault-Nissan is on the lookout for deals to enter into the
U.S. market.  According to channel4.com, Renault-Nissan
approached Ford on a deal last year.  No update on the matter
was disclosed.

                       About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's  
largest automaker, has been the global industry sales leader for
75 years.  Founded in 1908, GM today employs about 327,000
people around the world.  With global headquarters in Detroit,
GM manufactures its cars and trucks in 33 countries including
Mexico.  In 2005, 9.17 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.  GM operates one of the world's leading finance
companies, GMAC Financial Services, which offers automotive,
residential and commercial financing and insurance.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                           *     *     *

As reported in the Troubled Company Reporter on June 30, 2006,
Standard & Poor's Ratings Services held all its ratings on
General Motors Corp. -- including the 'B' corporate credit
rating and the 'B+' bank loan rating, but excluding the '1'
recovery rating -- on CreditWatch with negative implications,
where they were placed March 29, 2006.

As reported in the Troubled Company Reporter on June 22, 2006,
Fitch assigned a rating of 'BB' and a Recovery Rating (RR) of
'RR1' to General Motor's (GM) new $4.48 billion senior secured
bank facility.  The 'RR1' (recovery of 90%-100%) is based on the
collateral package and other protections that are expected to
provide full recovery in the event of a bankruptcy filing.

As reported in the Troubled Company Reporter on June 21, 2006,
Moody's Investors Service assigned a B2 rating to the secured
tranches of the amended and extended secured credit facility of
up
to $4.5 billion being proposed by General Motors Corporation,
affirmed the company's B3 corporate family and SGL-3 speculative
grade liquidity ratings, and lowered its senior unsecured rating
to Caa1 from B3.  Moody's said the rating outlook is negative.


GENERAL MOTORS: Moody's on Offer to Join Renault/Nissan Alliance
----------------------------------------------------------------
Moody's Investors Service stated that, based on what is
currently known, Tracinda Corp.'s proposal that General Motors
Corp. explore the opportunity to participate in the global
partnership-alliance between Renault S.A. and Nissan Motor
Company, Ltd., could have positive credit implications for GM,
but does not have any immediate impact on the ratings of any of
the companies.  

The proposal was contained in a revised 13-D filing made by
Tracinda, which owns a 9.9% interest in GM.  GM has stated that
it has received no offer or proposal from Renault/Nissan with
respect to its participating in the Renault/Nissan alliance and
the Tracinda request will be taken under advisement by its Board
of Directors, but the company has made no further comment.

While alliances between auto manufacturers have often
underperformed original expectations, Moody's notes that the
Renault-Nissan alliance has been particularly effective and
contributed to the successful turnaround of Nissan.  The current
partnership-alliance between the French and Japanese automakers
provides benefits in the areas of product development, sourcing,
production, marketing and distribution, and operates on a global
basis.  The addition of GM to the currently effective
partnership-alliance would present a number of opportunities as
well as significant challenges, in Moody's opinion.  The broader
scale of an alliance that incorporated GM would present
incremental opportunities for cost savings from engineering,
purchasing, manufacturing and distribution.  It would also
extend the alliance's presence in important markets such as
North America and Korea.  

However, achieving the benefits of the alliance would present
significant challenges.  The product programs of the three
manufacturers would need to be rationalized in order to derive
any meaningful cost savings, but it could prove difficult to
achieve a common view on the product and marketing strategies of
the many vehicle brands involved in such an alliance.  This
could be particularly challenging with respect to the European
market where each manufacturer holds a well-established business
position.  Moreover, the ultimate turnaround of GM's business
will require significant additional actions to address the large
legacy costs associated with the company's unionized U.S.
workforce.  The potential benefits of the partnership-alliance
in addressing this critical issue are uncertain at this time.

The Tracinda proposal indicates that as part of the partnership-
alliance Renault and Nissan could purchase a significant
minority interest in GM.  Cross-shareholdings are often features
of alliances, and help to define the relative influence of each
partner in the alliance and its strategy.  The credit profile of
Renault and Nissan would most likely not be affected by a minor
investment, however a more substantial financial and operational
involvement in GM would need to be assessed with respect to its
possible impact on the ratings of both companies.  

If an actual partnership-alliance were to be entered into by the
three companies, Moody's would also focus on the impact, if any,
that this would have on the liquidity profile of each company.  
With respect to GM, Moody's notes that the company has taken
significant actions to strengthen its liquidity profile, and
while additional cash investment by Renault and Nissan could be
helpful, it would be unlikely to meaningfully benefit the
rating.  Rather, Moody's believes that GM's rating prospects
will be more directly associated with its ability to reestablish
its business position and stem cash losses.  It is unclear at
this time whether the proposed partnership alliance would
meaningfully improve the timing or ultimate success of achieving
such improvements.

Moody's will continue to monitor developments with respect to
Tracinda's proposal, including any response that might be
forthcoming from GM, and will comment on any impact that new
developments have on the ratings of Renault, Nissan or GM.

Headquartered in Boulogne Billancourt, France, Renault S.A. --
http://www.renault.com/-- is one of Europe's leading car  
manufacturers.

Headquartered in Tokyo, Japan, Nissan Motor Co., Ltd. --
http://www.nissan-global.com/-- is a leading global automobile  
manufacturer.

Headquartered in Detroit, Michigan, General Motors Corporation
--- http://www.gm.com/-- is the world's largest automotive  
manufacturer.


GOPPA FIREPLACES: Hires Baker Tilly to Administer Assets
--------------------------------------------------------
Lindsey Jane Cooper and Philip Edward Pierce of Baker Tilly were
appointed joint administrators of Goppa Fireplaces Limited
(Company Number 02509365) on June 6.

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.

Goppa Fireplaces Limited can be reached at:

         Unit D and E
         Greenfield Business Park
         Bagillt Road
         Greenfield
         Holywell
         Clwyd CH8 7AB
         United Kingdom
         Tel: 01352 713 706
         Fax: 01352 714 455


GRACE MOTOR: Creditors' Meeting Slated for July 7
-------------------------------------------------
Creditors of Grace Motor Company Limited (Company Number
04092283) will meet at 10:00 a.m., on July 7 at:

         Walletts Insolvency Services
         Adventure Place
         Hanley
         Stoke on Trent
         Staffordshire ST1 3AF
         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 6 at:

         Michael F. McCarthy
         Administrator
         Walletts Insolvency Services
         Adventure Place
         Hanley
         Stoke On Trent
         Staffordshire ST1 3AF
         United Kingdom
         Tel: 01782 212326
         Fax: 01782 683904
         E-mail: mike@walletts.co.uk


OPTIMUM RECRUITMENT: Appoints Geoff Kinlan as Administrator
-----------------------------------------------------------
Geoff Kinlan of BDO Stoy Hayward LLP was appointed administrator
of Optimum Recruitment Services Ltd (Company Number 03704709) on
June 1.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member  
firm of BDO International, the world's fifth largest accountancy
network with more than 600 offices in 100 countries.  Its
services include: audit and assurance, business restructuring,
corporate finance, disputes and investigations, investment
management, risk assurance services, tax services, and
valuations.

Optimum Recruitment Services Ltd can be reached at:

         Oldbrook House
         19 Boycott Avenue
         Oldbrook
         Milton Keynes MK6 2PN
         United Kingdom
         Tel: 01908 393 190
         Fax: 01908 393 192


SYNERGY.COM: Appoints Joint Administrators from Tenon Recovery
--------------------------------------------------------------
T.J. Binyon and S.R. Thomas of Tenon Recovery were appointed
joint administrators of Synergy.Com PLC (Company Number
03292497) on June 6.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

Synergy.Com PLC can be reached at:

         204 Church Road
         Hove
         East Sussex BN3 2DJ
         United Kingdom


TIMBERLINE NORTHANTS: Joint Liquidators Take Over Operations
------------------------------------------------------------
Timberline (Northants) Limited is liquidating its assets after
creditors opted to wind up the company on April 4.

Gary Steven Pettit and Peter John Windatt of BRI Business
Recovery were appointed Joint Liquidators.

The company can be reached at:

         Timberline (Northants) Limited
         23 Millbrook Close
         Northampton NN5 5JF
         United Kingdom
         Tel: 01604 751 773


WESSEX CATERING: Brings In Liquidator from Moore Stephens LLP
------------------------------------------------------------
Colin Andrew Prescott, of Moore Stephens LLP, was appointed
Liquidator after creditors passed a resolution to wind up the
company during an extraordinary general meeting on April 7

The company can be reached at:

         Wessex Catering Supplies Limited
         Pollards Way
         Wood Street
         Taunton
         Somerset TA1 1UP
         United Kingdom
         Tel: 01823 276 366
         Fax: 01823 323 165


WHITEFIELD FABRICATIONS: Names Tenon Recovery as Administrators
---------------------------------------------------------------
Christopher Ratten and Simon Thomas of Tenon Recovery were
appointed joint administrators of Whitefield Fabrications
Limited (Company Number 03128331) on June 7.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

Headquartered in Bury, United Kingdom, Whitefield Fabrications
Limited manufactures fabricated metal products.


ZORRO PRINT: Hires Joint Liquidators from Harrisons
---------------------------------------------------
Zorro Print Finishers Limited is voluntarily liquidating its
assets after creditors found out the company could no longer
continue its operations due to liabilities.

P. R. Boyle and J. C. Sallabank, of Harrisons, were appointed
Joint Liquidators of Zorro Print Finishers Limited.

The company can be reached at:

         Zorro Print Finishers Limited
         Unit 27
         Milford Road
         Reading RG1 8LG
         United Kingdom
         Tel: 0118 959 1436

                           *********

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

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

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

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

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

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


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