TCREUR_Public/060706.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

              Thursday, July 6, 2006, Vol. 7, No. 133

                            Headlines


A U S T R I A

HTS: Steyr Court Closes Bankruptcy Case After Final Distribution
KUD: Vienna Court Will Close Case after Final Allocation
M & S: Land Court of Graz to Close Case After Final Distribution
POSSENIG EGGER: Feldkirch Court Closes Bankruptcy Case
RESTAURANT HAUSWIRTH: Lack of Funds Prompt Court to Close Case


G E R M A N Y

BACKBAR GMBH: Creditors' Meeting Slated for July 18
BAMAH JUEDISCHE: Creditors' Meeting Slated for July 18
BAYERISCHE LANDESBANK: Fitch Upgrades Individual Rating to C
BEWIRTUNGSDIENST HAMBURGER: Claims Registration Ends July 28
BSM WERTPAPIERHANDELSGESELLSCHAFT: Meeting Slated for July 25

E SERV: Creditors' Meeting Slated for July 27
F.J. EBERT: Claims Registration Ends July 25


H U N G A R Y

ERSTE BANK: Moody's May Upgrade 'D' Financial Strength Rating
GENERAL BANKING: Revised Business Model Prompts Moody's Review
KERESKEDELMI & HITEL: Moody's May Lift D+ Fin'l. Strength Rating


I R E L A N D

VALLAURIS II: Moody's Rates EUR8.9-Mln Class IV Notes at Ba2


I T A L Y

BANCA POPOLARE: S&P Keeps Low-B Ratings on Watch Developing
FIAT SPA: Keeps Lead in Italian Car Market, CEO Says
TOWER AUTOMOTIVE: Can Remove Civil Actions Until October 31
TOWER AUTOMOTIVE: Inks New Lease Agreement with CIT Group
WIND ACQUISITION: Moody's Upgrades Corp. Family Rating to Ba3


K A Z A K H S T A N

BRIDGE BUSINESS: Creditors Must File Claims by July 23
DUET: Creditors Must File Claims by July 23
GAS-TRANSPORT: Creditors Must File Claims by July 23
INTERTRUCK-ALMATY: Proof of Claim Deadline Slated for July 23
KANDYAGASH NEFTEPROSESSING: Creditors' Claims Due July 24

RIM: Proof of Claim Deadline Slated for July 23
SNABJENES: Creditors' Claims Due July 23
STELS: Claims Registration Ends July 23
VIRAJ: Claims Registration Ends July 23
VOSTOKLESSTROI: Claims Registration Ends July 24


K Y R G Y Z S T A N

CHUISKAYA PTISEFABRIKA: Creditors' Meeting Slated for July 7
EVRO-AZIATSKOYE SOVLADENIE: Creditors Meeting Slated for July 14
SUUSAMYR: Public Auction Scheduled for July 13


L U X E M B O U R G

MILLICOM INT'L: Terminates Talks on Potential Sale of Company
MILLICOM INT'L: S&P Affirms B+ Long-Term Corp. Credit Rating


N E T H E R L A N D S

CADOGAN SQUARE: Moody's Rates EUR10.6-Mln Class E Notes at Ba2
GETRONICS NV: Inks Outsourcing Memorandum with ING
HELIX CAPITAL: Moody's Lifts Helix 2002-12C Notes Rating to B3
NORTH WESTERLY: Moody's Assigns (P)Ba2 Rating to Class E Notes


N O R W A Y

AKER KVAERNER: Martinus Brandal Succeeds Inge Hansen as CEO
AKER KVAERNER: To Release Second Quarter Results by July 27
FALCONBRIDGE LTD: Contests Xstrata Application in Superior Court
FALCONBRIDGE: Inco Purchase Gets European Commission Clearance


R U S S I A

ARGAYASHSKIY DIARY: Court Names M. Motorin as Insolvency Manager
BARABINSK-TRANS: Court Names A. Senotrusov as Insolvency Manager
CAUCASIAN: Bankruptcy Hearing Slated for Sept. 11
DIAMAND: Court Names A. Makhov as Insolvency Manager
EDEL CAPITAL: Fitch Rates US$250 Million Notes at BB

EDELVEYS-TRANS: Court Appoints V. Sulimov as Insolvency Manager
GALICH-STROY: Court Appoints S. Bondarev as Insolvency Manager
IZMALKOVSKIY: Court Appoints S. Lebedev as Insolvency Manager
KRAN-SPETS-BUR-MASH: G. Chmutina to Manage Insolvency Assets
KRASNINSKIY BEER-TINNED: Y. Serdyukov to Manage Assets

MUKOMOL: Court Names Mr. K. Garkanov as Insolvency Manager
LISKINSKIY: Court Appoints S. Bykhanov as Insolvency Manager
RUSSIAN INSURANCE: Fitch Rates Insurer Financial Strength at B
STAVROPOL-TRANS-METAL: Court Names Y. Karpenko to Manage Assets
TATNEFT: Board Approves Stock & ADR Delisting From NYSE

TATSINSK-SEL-KHOZ-KHIMYA: Court Names N. Lemaev to Manage Assets
TNK-BP FINANCE: Fitch Rates Benchmark Notes Issue at BB+
TOTMA-WOOD-EXPORT: Court Names A. Prokofyev Insolvency Manager


T U R K E Y

AKBANK T.A.S.: Fitch Keeps Ratings at Low-B on Good Performance
FINANSBANK A.S.: Stake Sale Prompts Fitch to Affirm Ratings


U K R A I N E

CHERKASSYTRANSKONTRAKT: Oleksandr Demchuk to Liquidate Assets
CHERVONIJ METALIST: Court Starts Bankruptcy Supervision
EKSPLERENT: Dnipropetrovsk Court Starts Bankruptcy Supervision
EKOGIPS: Court Names D. Desov to Liquidate Assets
HERSON' AUTO-UNIT: Herson Court Freezes Debt Payment

KREMIN-BUDSERVIS: Poltava Court Starts Bankruptcy Supervision
MICHURINSKE: Sumi Court Names Yevgen Chuprun as Liquidator
MLINIV' BUTTER-CHEESE: Court Names Cherevatij Lubomir Liquidator
MEGA-OPT: Herson Court Begins Bankruptcy Supervision
NOVOARHANGELSKE: Kirovograd Court Begins Bankruptcy Supervision

PEREKOPSKIJ: Vyacheslav Nikonov to Manage Insolvency Assets
TAMARA: Court Appoints Ludmila Zayikina as Insolvency Manager
YAMPIL' MECHANICAL: Court Names Oleksij Sisoyev as Liquidator


U N I T E D   K I N G D O M

AKRON INDUSTRIAL: Taps Begbies Traynor as Joint Administrators
ARRAN CORPORATE: Moody's Rates Six Note Classes at Low-B
BELVOIR DESIGNS: Names Allan Watson Graham as Administrator
CLINICAL DATA: Deloitte & Touche Raises Going Concern Doubt
CLINICAL DATA: Eyes US$17 Million Private Equity Placement

CURTIS ENGINEERS: Taps Richard Ian Williamson as Administrator
DOVEDALE FINANCE: Moody's Rates Class C Notes at Ba2
FAIRCHILD LIMITED: Hires Administrators from Smith & Williamson
FOWKES TOURS: Financial Woes Trigger Liquidation
G M CONSTRUCTION: Taps David R. Acland to Liquidate Assets

GENERAL MOTORS: Board to Discuss Renault-Nissan Venture Friday
HOLDSWORTH 4x4: Creditors Resolve to Liquidation
INCO LTD: European Commission Clears Falconbridge Acquisition
J. AND J. LEVY: Creditors Pass Winding Up Resolution
LCR CLINIC: Hires Liquidator from Carter Clark

MIDDLETONS OF AMBLESIDE: Appoints Mazars LLP as Administrators
NATIONAL PROVIDENT: Moody's Cuts IFSR to Ba1 & Withdraws Rating
P RUDDIMAN: Taps Begbies Traynor as Administrators
RANK GROUP: Releases Trading Update for 26-Week to June 25
REFCO INC: Ch. 11 Trustee Says Securities Advisory Panel Formed

ROBERT EVERETT: Names Tim Alexander Clunie Liquidator
RYACK TRANSPORT: Brings In DTE Leonard as Administrators
SANDERSON'S REMOVALS: Appoints Kroll as Administrators
SKYHAWK AVIATION: Hires SFP as Joint Administrators
SNUGGERS REFURBS: Creditors Confirm Liquidator's Appointment

UNIQUE PRODUCTIONS: Brings In Liquidator from Langley & Partners
WEST'S ENGINEERING: Hires Joint Administrators from DTE
WINDERMERE VIII: Fitch Rates GBP24.2-Mln Class E Notes at BB


                            *********


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


HTS: Steyr Court Closes Bankruptcy Case After Final Distribution
----------------------------------------------------------------
The Land Court of Steyr closed the bankruptcy case of LLC HTS
(FN 212719y) on May 22 after the Debtor's final distribution to
its creditors.

The creditors recovered 4.54% of their claim.

Headquartered in Waldneukirchen, Austria, the Debtor declared
bankruptcy on July 4, 2005 (Bankr. Case No. 14 S 24/05k).  
Hubert Just served as the property manager for the bankrupt
estate.  


KUD: Vienna Court Will Close Case after Final Allocation
--------------------------------------------------------
The Trade Court of Vienna will close the bankruptcy case of LLC
KUD former Trade LLC ISM (FN 86983t) after the Debtor's final
allocation to creditors.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 18, 2004 (Bankr. Case No. 3 S 138/04w).  Herbert
Hochegger served as the court-appointed property manager for the
bankrupt estate.  


M & S: Land Court of Graz to Close Case After Final Distribution
----------------------------------------------------------------
The Land Court of Graz will close the bankruptcy case of
LLC M & S (FN 237816f) after the Debtor's final allocation to
creditors.

Creditors will receive a 10.6% recovery on account of their
claim.

Headquartered in Gamlitz, Austria, the Debtor declared
bankruptcy on Oct. 18, 2005 (Bankr. Case No. 26 S 118/05f).  
Wilfrid Stenitzer serves as the court-appointed property manager
for the bankrupt estate.  


POSSENIG EGGER: Feldkirch Court Closes Bankruptcy Case
------------------------------------------------------
The Land Court of Feldkirch entered an order closing the
bankruptcy case of LLC Possenig Egger (FN 67926t) on May 22.  

Creditors recovered 32% on account of their claim.

Headquartered in Bludenz, Austria, the Debtor declared
bankruptcy on Jan. 12, 2006 (Bankr. Case No. 14 S 1/06v).  Bernd
Widerin served as the court-appointed property manager for the
bankrupt estate.  


RESTAURANT HAUSWIRTH: Lack of Funds Prompt Court to Close Case
--------------------------------------------------------------
The Trade Court of Vienna terminated the bankruptcy proceeding
of Production LLC Restaurant Hauswirth (FN 68059m) on May 22 due
to the Debtor's administrative insolvency.  This means that the
Debtor does not have enough cash to cover costs of the
bankruptcy proceedings.

As a result, creditors will not receive any distribution.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 7, 2005 (Bankr. Case No. 28 S 73/05x).  Georg
Freimueller served as the court-appointed property manager for
the bankrupt estate.  


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


BACKBAR GMBH: Creditors' Meeting Slated for July 18
---------------------------------------------------
The court-appointed provisional administrator for Backbar GmbH &
Co. KG, Wolfgang Schroder, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on July 18.

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

         The District Court of Charlottenburg
         Hall 218
         II. Stock
         District Court Place 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 9:40 a.m. on Nov. 14 at the same
venue.

Creditors have until Sept. 15 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Backbar GmbH & Co. KG on June 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Backbar GmbH & Co. KG
         Allee der Kosmonauten 33 g
         12681 Berlin, Germany

The administrator can be reached at:

         Dr. Wolfgang Schroder
         Genthiner Str. 48
         10785 Berlin, Germany


BAMAH JUEDISCHE: Creditors' Meeting Slated for July 18
------------------------------------------------------
The court-appointed provisional administrator for BAMAH -
Juedische Theaterbuehne e. V., Christoph Schulte-Kaubruegger,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:55 a.m. on July 18.

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

         The District Court of Charlottenburg
         Hall 218
         II. Stock
         District Court Place 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 9:35 a.m. on Nov. 14 at the same
venue.

Creditors have until Sept. 15 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against BAMAH - Juedische Theaterbuehne e. V. on
June 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         BAMAH - Juedische Theaterbuehne e.V.
         Abbestrasse 13
         10587 Berlin, Germany

The administrator can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin, Germany


BAYERISCHE LANDESBANK: Fitch Upgrades Individual Rating to C
------------------------------------------------------------
Fitch Ratings upgraded Germany-based Bayerische Landesbank's
Individual rating to C from C/D.  At the same time its Issuer
Default Rating A+, Short-term F1+ and Support 1 ratings have
been affirmed.  

The Outlook remains Stable.  BayernLB's guaranteed obligations
are rated AAA and F1, based on the grand-fathering provided by
its owners in the form of Gewaehrtraegerhaftung.

"The upgrade reflects the refocused business model including the
cleaning up of the portfolio and the build-up of significant
silent reserves," Fitch's Banks team Holger Horn said.  The
Individual rating also takes into account the bank's still
modest but increasing underlying profitability and the fact that
BayernLB has somewhat reduced risk concentrations in its
portfolio.  Based on the amount of silent reserves, the bank is
strongly capitalized.  The rating benefits from BayernLB's close
co-operation with the Bavarian savings banks and its progress to
further increase its small-ticket businesses.

"After two years of restructuring its portfolio, the bank has
shown improvements in asset quality and credit processes.
However, the non-performing share of its loan book remains high,
albeit adequately covered," Mr. Horn added.

BayernLB has reduced its risk concentration; although it will
continue to write big-ticket loans, these will only be to lower-
risk public entities and "first-class" corporate customers.  In
line with its strategy, its exposure to Eastern Europe is
increasing.

The IDR, Short-term and Support ratings reflect the extremely
strong potential support BayernLB would receive from its owners,
in particular the Free State of Bavaria.  The ratings benefit
from the bank's strong relationship with the state and the
Bavarian savings banks.

The Short-term rating is one notch higher than implied by the
bank's IDR, reflecting Fitch's opinion that the high proportion
of guaranteed debt increases the guarantors' propensity to
support the bank over the short- to medium-term.


BEWIRTUNGSDIENST HAMBURGER: Claims Registration Ends July 28
------------------------------------------------------------
Creditors of Bewirtungsdienst Hamburger Marketenderei GmbH have
until July 28 to register their claims with court-appointed
provisional administrator Dr. Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Aug. 25, 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 Bewirtungsdienst Hamburger Marketenderei GmbH on June 8.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bewirtungsdienst Hamburger Marketenderei GmbH
         Attn: Werner Schafer, Manager
         Rothenbaumchaussee 115
         20148 Hamburg, Germany

The administrator can be contacted at:

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


BSM WERTPAPIERHANDELSGESELLSCHAFT: Meeting Slated for July 25
-------------------------------------------------------------
The court-appointed provisional administrator for BSM
Wertpapierhandelsgesellschaft mbH - Berlin Stock Market, Hartwig
Albers, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:00 a.m. on
July 25.

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

         The District Court of Charlottenburg
         Hall 218
         II. Stock
         District Court Place 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Nov. 14 at the same
venue.

Creditors have until Sept. 15 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against BSM Wertpapierhandelsgesellschaft mbH -
Berlin Stock Market on June 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         BSM Wertpapierhandelsgesellschaft mbH -
         Berlin Stock Market
         Potsdamer Place 1
         10785 Berlin, Germany

The administrator can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin, Germany


E SERV: Creditors' Meeting Slated for July 27
---------------------------------------------
The court-appointed provisional administrator for e SERV GmbH,
Dr. Wolfgang Schroder, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on July 27.

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

         The District Court of Charlottenburg
         Hall 218
         II. Stock
         District Court Place 1
         14057 Berlin, Germany

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Nov. 2 at the same
venue.

Creditors have until Sept. 7 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against e SERV GmbH on June 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         e SERV GmbH
         Danziger Str. 199
         10407 Berlin, Germany

The administrator can be reached at:

         Dr. Wolfgang Schroder
         Genthiner Str. 48
         10785 Berlin, Germany


F.J. EBERT: Claims Registration Ends July 25
--------------------------------------------
Creditors of F.J. Ebert & Sohn Baugeschaft GmbH have until
July 25 to register their claims with court-appointed
provisional administrator Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Aug. 15, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Area A 409
         4th Floor
         Muehlenstrasse 34
         40213 Duesseldorf, 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 Duesseldorf opened bankruptcy proceedings
against F.J. Ebert & Sohn Baugeschaft GmbH on June 9.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         F.J. Ebert & Sohn Baugeschaft GmbH
         Attn: Ralf Ebert, Manager
         Morsbachweg 41
         40625 Duesseldorf, Germany

The administrator can be contacted at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf, Germany


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


ERSTE BANK: Moody's May Upgrade 'D' Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the D financial strength rating of Erste Bank Hungary.

The rating action does not affect the A2/P-1 deposit ratings of
the bank, both of which have been affirmed with stable outlook.  
The bank is 99.9% owned by Erste bank AG whose expected support
underpins Erste Bank Hungary's deposit ratings.

Moody's stated that placing the D FSR on review for possible
upgrade reflects the good progress of the bank since the merger
of Postabank into Erste Bank Hungary in September 2004.  The two
businesses have been successfully integrated, resulting in
significant cost and revenue synergies for Erste Bank Hungary.

The bank has strengthened its retail franchise and secured its
position as the third largest retail bank in Hungary by market
share and improved its financial fundamentals by significantly
increasing operating revenues and containing costs in 2005.
The Erste Bank Hungary risk management systems have also been
implemented throughout Postabank network.

The rating review will focus on assessing the sustainability of
the bank's recent achievements as well as on the vulnerability
of the bank to foreign currency risk in light of importance of
the bank's foreign currency lending and the recent depreciation
of the Hungarian forint.  Foreign currency lending is now a
significant part of the bank's loan book, and is likely to
remain so going forward.

Headquartered in Budapest, Hungary, Erste bank Hungary is the
country's fifth largest bank by total assets.  At the end of
2005, it had consolidated total assets, according to IFRS,
amounting to HUF1,453 billion (EUR5.74 billion) vs. 2004
consolidated total assets of HUF1,170 billion, and IFRS net
profit of HUF18.8 billion (EUR74.3 million) vs. 2004 net profit
of HUF6.9 billion.


GENERAL BANKING: Revised Business Model Prompts Moody's Review
--------------------------------------------------------------
Moody's Investors Service placed the Ba1 long-term foreign
currency deposit rating and the D+ financial strength rating of
General Banking and Trust Company on review for possible
downgrade.  The Non-Prime short-term foreign currency bank
deposit rating was affirmed with a stable outlook.

Moody's said that GBT's long-term deposit rating and the
Financial Strength rating were placed on review for downgrade
because of concerns over the implications of the changes in the
bank's business model over the course of the last year, as well
as the significant increase in the bank's risk appetite,
especially with regards to credit risk, market and trading
activities.

During 2005 and first quarter 2006, the bank has considerably
increased the volume of its proprietary trading activities and
has taken on significantly higher amounts of market risk in a
limited number of trading positions in Hungarian and Russian
equities which represents an important percentage of the bank's
shareholder equity.  The bank has also increased its exposure to
credit risk in emerging market countries by investing into
corporate debt issued by Ukrainian and Kazakhstani companies.  

Further, the bank's loan book continues to remain highly
concentrated, with top five loan exposures reaching over 75% of
the bank's capital.  In addition, the bank's ambitions in retail
banking, which we considered to be a positive rating driver,
have reduced as shown by the sale of ten underperforming
branches to Volksbank and therefore instead will focus more on
corporate lending and securities trading going forward.

According to Moody's, the review for possible downgrade will
focus on assessing whether the bank's changing business model,
increasing risk appetite, and the banks credit and market risk
profile and financial fundamentals remain consistent with the
current Ba1/D+ foreign currency deposit and financial strength
ratings.  Moody's review will also focus on the repercussions of
the recent volatility in global currency, equity and fixed
income markets on GBT's financial fundamentals and risk profile.

Headquartered in Budapest, Hungary, General banking and Trust
Company reported in 2005 IFRS consolidated total assets of
HUF 243.7 billion (US$1.1 billion) and IFRS net profit of
HUF21.8 billion (US$102 million).


KERESKEDELMI & HITEL: Moody's May Lift D+ Fin'l. Strength Rating
----------------------------------------------------------------
Moody's Investors Service placed on review for possible upgrade
the D+ financial strength rating of Kereskedelmi & Hitel Bank.  
The A1 (negative outlook)/P-1 foreign currency bank deposit
ratings of K&H Bank remain unchanged, underpinned by the support
provided by its majority owner KBC Bank.

Moody's acknowledges the progress that the bank has achieved,
not only in posting good results for 2005 and recording strong
business expansion, especially in retail banking, but also in
maintaining its position in the competitive Hungarian corporate
banking market and improving the profitability of the retail
business.

The rating review will focus on assessing the sustainability of
the bank's recent achievements as well as on the vulnerability
of the bank to foreign currency risk in light of the importance
of the bank's foreign currency lending and the recent
depreciation of the Hungarian forint.  Foreign currency lending
is now a significant part of the bank's loan book, and is likely
to remain so going forward.

Headquartered in Budapest, Hungary, K&H Bank is the country's
second largest banking group.  As at the end of 2005, it had
consolidated assets of HUF1.942 trillion (EUR7.7 billion).


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VALLAURIS II: Moody's Rates EUR8.9-Mln Class IV Notes at Ba2
------------------------------------------------------------
Moody's assigned provisional credit ratings to four classes of
notes to be issued by Vallauris II CLO PLC, an Irish special
purpose company.

Ratings assigned:

   -- EUR187,800,000 Class I Senior Floating Rate Notes, due
2022: (P)Aaa;

   -- EUR52,300,000 Class II Senior Floating Rate Notes, due
2022: (P)Aa2;

   -- EUR25,400,000 Class III Mezzanine Deferrable Interest
Floating Rate Notes, due 2022: (P)Baa2;

   -- EUR8,900,000 Class IV Mezzanine Deferrable Interest
Floating Rate Notes, due 2022: (P)Ba2.

The EUR32,200,000 Subordinated Notes, due 2022 are expected to
be issued but will not be rated.

The provisional ratings address the expected loss posed to
investors by the legal final maturity in 2022.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks, such as those associated with the timing
of principal prepayments and other market risks, have not been
addressed and may have a significant effect on yield to
investors.

These provisional ratings are based upon:

   -- an assessment of the eligibility criteria and portfolio
guidelines applicable to the future additions to the
portfolio;

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

   -- the par coverage and interest coverage tests, which divert
cash flows towards senior notes;

   -- the hedging strategy to be implemented to cover currency  
and interest rate risk;

   -- the expertise of Natexis Banques Populaires S.A. as
collateral manager; and

   -- the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately
EUR300 million comprised primarily of European senior secured
loans, second lien loans, mezzanine loans and whole business
securitisations.  Natexis Banques Populaires S.A. dynamically
manages this portfolio.  

The portfolio will be partially acquired at closing date and
partially during the 12 months ramp-up period in compliance with
portfolio guidelines and interim targets which include, among
other tests, a diversity score test, a weighted average rating
factor test and a weighted average spread test.  Thereafter, the
portfolio of loans will be actively managed and the portfolio
manager will have the option to buy or sell assets in the
portfolio.  Any addition or removal of assets will be subject to
a number of portfolio criteria.

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review
of the transaction and associated documentation, Moody's will
endeavor to assign definitive ratings.  A definitive rating (if
any) may differ from a provisional rating.

Natexis Banques Populaires S.A. and Dresdner Kleinwort
Wasserstein arrange the transaction.


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BANCA POPOLARE: S&P Keeps Low-B Ratings on Watch Developing
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB+' long-term
and 'B' short-term counterparty credit ratings on Italian
regional bank Banca Popolare di Intra SCPARL would remain on
CreditWatch with developing implications, where they were
initially placed on Feb. 15.
     
"The current ratings are supported by the short-term prospect of
an agreement with judicial authorities on settling the
substantial legal risks linked with the bankruptcy of textile
company Finpart," said Standard & Poor's credit analyst Taos
Fudji.

"They are also supported by the continuing interest in buying
Intra demonstrated by four short-listed banks," he added.
    
Delays compared with previous expectations appear only
temporary, and related to the renewal of the bank's board.
     
The developing status of the CreditWatch placement reflects the
potential for Intra's ratings to be raised should the bank
successfully complete negotiations to become a member of a
financially stronger banking group in the near term.
     
"The developing status also takes into account the negative
pressure there would be on the ratings should the agreement with
the judicial authorities or the completion of negotiations with
the acquiring candidate be delayed, or should Intra's financial
and risk profiles further deteriorate," said Mr. Fudji.

The bank's financial profile is weak due to the massive losses
it suffered in 2005 and early 2006, and the liquidity position
has deteriorated following the recent turmoil.  
     
Standard & Poor's will resolve the CreditWatch status once the
buyer has been selected, and after a review of Intra's risk
profile and business plan.


FIAT SPA: Keeps Lead in Italian Car Market, CEO Says
----------------------------------------------------
Fiat S.p.A. remains the market leader of the Italian car market,
boasting a 30% share as of June 2006, Bloomberg News reports
citing Fiat Chief Executive Sergio Marchionne as its source.

Mr. Marchionne revealed that Fiat brands, including its new
Grande Punto subcompact, helped the company maintain its no. 1
position, Bloomberg News relates.  "We already know Fiat brands
represented 30 percent," Mr. Marchionne said.

Under Mr. Marchionne's leadership, Fiat launched new car models
amidst cost cutting measures.  Fiat's market share hiked by
three percentage points from 27.7% in May 2005 to 30.7% in May
2006.

                            About Fiat

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

                        *     *     *

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

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


TOWER AUTOMOTIVE: Can Remove Civil Actions Until October 31
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of new York
further extend the period within which Tower Automotive, Inc.,
and its debtor-affiliates may file notices of removal with
respect to civil actions pending on February 2, 2005, to and
including the earlier to occur of:

    (a) October 31, 2006; or

    (b) 30 days after the entry of a Court order terminating the
        automatic stay with respect to the particular action
        that is sought to be removed.

According to Anup Sathy, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, the Debtors are continuing to review their
files and records to determine whether they should remove
actions pending in state or federal court to which they might be
a party.

Because the Debtors are parties to approximately 225 lawsuits,
and because their key personnel and legal professionals are
assessing these lawsuits while being actively involved in their
reorganization, the Debtors require additional time to consider
filing notices of removal in those actions and proceedings, Mr.
Sathy says tells Judge Gropper.

Since October 2005, the Debtors' management personnel and
professionals continue to be involved in supervising and
implementing several key steps in the Debtors' reorganization,
including:

    (a) pursuing relief pursuant to Sections 1113 and 1114 of
        the Bankruptcy Code including a five-day trial, numerous
        depositions, and reaching a settlement with the Debtors'
        Milwaukee-based unions and the Official Committee of
        Retired Employees;

    (b) identifying and terminating unprofitable business
        ventures;

    (c) continuing the process of reconciling reclamation and
        other priority claims;

    (d) analyzing and addressing issues related to the
        formulation of a Chapter 11 plan of reorganization;

    (e) maintaining the Debtors' sensitive supply chain with
        their customers and vendors;

    (f) negotiating amendments and waivers with the Debtors'
        secured lenders;

    (g) marketing and selling certain non-core assets;

    (h) preparing and filing the Debtors' monthly operating
        reports;

    (i) reviewing various revenue enhancing alternatives and       
        cost-reducing measures;

    (j) developing a business plan; and

    (k) negotiating and settling claim and set-off issues among
        the Debtors' vendors and customers.

The Debtors believe that the extension will provide sufficient
time to allow them to consider, and make decisions concerning,
the removal of the civil actions.

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  In Europe, Tower Automotive holds facilities in
Belgium, France, Germany, Italy, Poland, Slovakia and Spain.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.  (Tower Automotive Bankruptcy News, Issue No. 37;
Bankruptcy Creditors' Service, Inc., 215/945-7000).


TOWER AUTOMOTIVE: Inks New Lease Agreement with CIT Group
---------------------------------------------------------
The Honorable Allen Gropper of the U.S. Bankruptcy Court for the
Southern District of New York gave Tower Automotive, Inc., and
its debtor-affiliates authority to reject an equipment lease
agreement with The CIT Group/Equipment Financing, Inc., and to
enter into a new lease agreement with CIT.

The Rejection Claim for US$8,094,508 will be an allowed general
unsecured claim of CIT against Tower Automotive Tool, LLC, and
Tower Automotive Technology Products, Inc., as guarantor,
without the necessity of CIT having to file a proof of claim.  
The Rejection Claim will not be subject to any defense,
challenge, counterclaim, subordination, set-off or recoupment.

In connection with the Debtors' objection -- among other things,
because there are no owed prepetition amounts -- to proofs of
claim filed by CIT, a ruling will be entered specifically
allowing the Rejection Claim.

Furthermore, Judge Gropper rules that that the New Agreement
will have the same terms as the Existing Agreement, subject to
the modification that, in lieu of the rent payments called for
under the Existing Lease, the Debtors will instead be required
to make five annual payments of US$2,172,249 on June 2, 2006,
and each June 2nd after that, through 2010.

To reflect the revised lease payments under the New Agreement,
the parties agree that:

    -- the gross amount of the New Agreement will be
       approximately US$11,500,000;

    -- the nominal interest factor under the New Agreement will
       be approximately 8%;

    -- the residual value of the Equipment under the New
       Agreement will be US$3,000,000 for the sake of payment
       calculations; and

    -- all other terms and conditions of the Existing Agreement
       will remain in effect.

Moreover, Judge Gropper authorized the Debtors to pay the
Transaction Fee of US$40,000 to CIT, and that CIT will be
entitled to deduct the Transaction Fee from the US$1,219,743
that CIT agreed to refund to the Debtors upon entry of this
ruling.

                           CIT Lease

Matthew A. Cantor, Esq., at Kirkland & Ellis LLP, in New York,
recounts that as part of the process of determining which
prepetition contracts to assume and which ones to reject, the
Debtors examined their existing agreement with CIT.

Mr. Cantor notes that the Debtors need the equipment leased
under the Existing Agreement because the Equipment is used to
produce "stampings" that Tower supplies under a long-term
contract with DaimlerChrysler.

Before electing to assume the Existing Agreement, however, the
Debtors explored whether they could meet DaimlerChrysler's
requirements more efficiently, in a way that did not require
continued use of the Equipment.

Specifically, the Debtors evaluated out-sourcing, the purchase
of new or used replacement equipment, as well as operational
consolidation, to determine whether there were other ways to
meet their supply commitments.

While they were exploring their strategic alternatives, the
Debtors commenced negotiations with CIT regarding the terms of
the Existing Agreement.  Ultimately, CIT agreed to certain price
concessions.

For this reason, the Debtors determined it was in the best
interests of the estate to reject the Existing Agreement and to
enter into the New Agreement with CIT.

                        The New Agreement

According to Mr. Cantor, the terms of the New Agreement will be
identical to the terms of the Existing Agreement, and the
Existing Agreement will be incorporated by reference into the
New Agreement.

The primary modification of the Existing Agreement is that in
lieu of the rent obligations currently owing under the Existing
Agreement, CIT agrees that the Debtors will make five annual
payments of US$2,172,249 every June 2nd, beginning this year
through 2010.

Therefore, the Debtors' obligation under the New Agreement from
this year through 2010 is US$10,861,246.

If the Debtors had assumed the Existing Agreement, their
obligations would have totaled approximately US$17,700,000
between now and 2010, Mr. Cantor notes.  Consequently, the
Debtors are saving approximately US$7,900,000 under the New
Agreement.

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  In Europe, Tower Automotive holds facilities in
Belgium, France, Germany, Italy, Poland, Slovakia and Spain.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.  (Tower Automotive Bankruptcy News, Issue No. 37;
Bankruptcy Creditors' Service, Inc., 215/945-7000).


WIND ACQUISITION: Moody's Upgrades Corp. Family Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of Wind Acquisition Finance S.p.A., the direct holding company
of Wind Telecomunicazioni S.p.A. to Ba3 from B1.

The upgrade reflects the strong operational performance of Wind
since the initial ratings assignment in July 2005, which
resulted in a material improvement in the company's reported
earnings e.g. its EBITDA increased to approximately EUR1.5
billion for the 12 months ended March 2006 from approximately
EUR1.2 billion in the year ended Dec. 31, 2004.  Concurrently
the rating of WAF's senior notes was upgraded to B2 from B3 and
the ratings of the senior secured credit facilities and second
lien facility at Wind were upgraded by one notch to Ba3 and B1
respectively.  The ratings outlook is stable.

Wind's strong operational performance over the period was driven
by its mobile division, which continued to see strong subscriber
growth, despite the increasing maturity of the Italian mobile
market and a decline in average revenues per user, which was
primarily driven by interconnection rate cuts in Italy.  This
strong growth more than offset the earnings decline in its fixed
line division, which was principally due to the ongoing trend of
fixed-to-mobile substitution combined with a reduction in
indirect subscribers.  As a result of the improved operating
performance, WAF's financial metrics strengthened significantly
e.g. Debt to EBITDA for the financial year ended Dec. 2005 was
below 5.5x.

The stable outlook reflects Moody's expectation that the company
will be cash flow generative in 2006 and that increased
profitability in the mobile division will principally offset
earnings declines in the fixed line business.

Further positive momentum in the ratings is likely to driven by
a continued improvement in credit metrics such that Debt to
EBITDA falls below 4.0x and RCF to Adjusted Debt approaches the
mid-teens.

The rating would likely be negatively impacted if sustained
underperformance from plan resulted in reduced headroom against
the financial covenants included in the company's senior credit
facilities and a consequent deterioration in liquidity.  Such
underperformance could result from increased competition in the
mobile business resulting in materially higher churn rates or
SACs or failure to migrate CS and CPS customers to direct
customers in the fixed-line business.

Ratings upgraded:

Wind Acquisition Finance S.p.A.:

   -- Corporate family rating: Ba3 from B1;

Wind Acquisition Finance S.A.:

   -- Senior notes issued via Wind Acquisition Finance S.A.: B2
from B3;

Wind Finance SL S.A.:

   -- EUR700 million second lien facility: B1 from B2;

Wind Telecomunicazioni S.p.A.:

   -- EUR6,850 million senior secured credit facilities: Ba3
from B1.

The outlook for all ratings is stable.

This rating action followed our previous rating action on WAF in
November 2005, when a new rating was assigned to the company's
senior notes issue.

Headquartered in Rome, Italy, Wind Acquisition Finance S.p.A. is
the direct holding company of Wind Telecomunicazioni S.p.A., a
leading integrated telecom operator in Italy, active in the
fixed-line, mobile and Internet services markets and operating
under the Wind, Infostrada and Libero brands.  For the year
ended Dec. 31, 2005, Wind reported revenues of EUR4.7 billion
and EBITDA of EUR1.5 billion.


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


BRIDGE BUSINESS: Creditors Must File Claims by July 23
------------------------------------------------------
LLP Bridge Business Network Agency has declared insolvency.
Creditors have until July 23 to submit written proofs of claim
to:

         LLP Bridge Business Network Agency
         Nauryzbai batyr Str. 24-64
         050004 Almaty, Kazakhstan
         Tel: 8 (3272) 79-04-44


DUET: Creditors Must File Claims by July 23
-------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Duet insolvent on May 2.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until July 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Krasnoarmeiskaya Str. 286
         Taiynsha
         North Kazakhstan Region
         Kazakhstan


GAS-TRANSPORT: Creditors Must File Claims by July 23
----------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP South Kazakhstan Gas-Transport
System insolvent on April 26.

Creditors have until July 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         G. Ilyaeva Str. 24
         Shymkent
         South Kazakhstan Region
         Kazakhstan
         Tel: 8 300 438 68-12


INTERTRUCK-ALMATY: Proof of Claim Deadline Slated for July 23
-------------------------------------------------------------
LLP Transport Company Intertruck-Almaty has declared insolvency.
Creditors have until July 23 to submit written proofs of claim
to:

         LLP Transport Company Intertruck-Almaty
         Ryskulova Str.1
         Guldala
         Micro District Atyrau-2
         Talgarsky District
         Almaty
         Almaty Region
         Kazakhstan
         Tel: 8 (3272) 95-50-67
              8 (3272) 95-52-11
         Fax: 8 (3272) 31-25-47


KANDYAGASH NEFTEPROSESSING: Creditors' Claims Due July 24
---------------------------------------------------------
LLP Kandyagash Nefteprosessing has declared insolvency.
Creditors have until July 24 to submit written proofs of claim
to:

         LLP Kandyagash Nefteprosessing
         Industry Zone
         Kandyagash
         Mugaljarsky District
         Aktobe Region
         Kazakhstan


RIM: Proof of Claim Deadline Slated for July 23
-----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Company Rim insolvent on May 2.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until July 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region         
         Krasnoarmeiskaya Str. 286
         Taiynsha, North Kazakhstan Region
         Kazakhstan


SNABJENES: Creditors' Claims Due July 23
----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Snabjenes insolvent on May 5.

Creditors have until July 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         LLP Snabjenes
         Furmanova Str. 174b
         Almaty
         Kazakhstan
         Tel: 8 (3272) 67-11-94


STELS: Claims Registration Ends July 23
---------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Stels insolvent on May 5 without the introduction
of bankruptcy proceedings.

Creditors have until July 23 to submit written proofs of claim
to:

         LLP Stels
         Pobedy Ave. 5
         Pavlodar
         Pavlodar Region
         Kazakhstan
         Tel: 8 (3182) 32-38-46


VIRAJ: Claims Registration Ends July 23
---------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Viraj insolvent on April 27.

Creditors have until July 23 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Furmanova Str. 174b
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-11-94


VOSTOKLESSTROI: Claims Registration Ends July 24
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Vostoklesstroi insolvent on May 6 without
the introduction of bankruptcy proceedings.

Creditors have until July 24 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-06-50

The company can be reached at:

         LLP Vostoklesstroi
         Amurskaya Str. 14-17
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


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


CHUISKAYA PTISEFABRIKA: Creditors' Meeting Slated for July 7
------------------------------------------------------------
Creditors of OJSC Chuiskaya Poultry Factory Chuiskaya
Ptisefabrika will convene on July 7 at 11:00 a.m. at:

         OJSC Chuiskaya Poultry Factory
         Iskra
         Chui Region
         Kyrgyzstan

Proxies must have authorization to vote.

Creditors introduced extra-judicial bankruptcy proceedings at
OJSC Chuiskaya Poultry Factory Chuiskaya Ptisefabrika after
declaring the company insolvent on June 19.   

The Temporary Insolvency Manager is:

         Zamirbek Toksonaliev
         Iskra
         Chui Region
         Kyrgyzstan
         Tel: (+996 3138) 5-71-60
              (0-502) 12-36-59.



EVRO-AZIATSKOYE SOVLADENIE: Creditors Meeting Slated for July 14
----------------------------------------------------------------
Creditors of CJSC Evro-Aziatskoye Sovladenie will convene at
10:00 a.m. on July 14 at:

         Room 108
         Moskovskaya Str. 151
         Bishkek, Kyrgyzstan

Proxies must have authorization to vote.

The Inter-District Court of Bishkek for Economic Issues
commenced bankruptcy proceedings against the company (Case No.
ED-907/05mbs9) after declaring it insolvent on Dec. 20, 2005.  

The Temporary Insolvency Manager is:

         Mels Davydov
         Tel: (+996 312) 21-67-25
              (0-502) 80-85-60


SUUSAMYR: Public Auction Scheduled for July 13
----------------------------------------------
The bidding organizer and insolvency manager of Agricultural
Farm Suusamyr set for public auction the company's properties at
2:00 p.m. on July 13 at:

         Building of the Local Government
         Suusamyr
         Jaiyl District
         Kyrgyzstan

The Debtor's assets available for sale include auto transport,
agricultural, household equipment and national home Urta.

Participants have until July 12 to deposit an amount equivalent
to 10% of the starting price and submit their bids to the
cashier of the Agricultural Farm Suusamyr.

Inquiries can be addressed to (0-502) 52-35-67.


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


MILLICOM INT'L: Terminates Talks on Potential Sale of Company
-------------------------------------------------------------
Millicom International Cellular S.A. completed its previously
disclosed strategic review and has decided to terminate all
discussions concerning a potential sale of the entire share
capital of the company.  

The company has been in prolonged discussions and due diligence
with one potential purchaser since May 2006 but has now
concluded that this purchaser will not be in a position within
an acceptable timeframe to make a binding offer that is suitably
attractive, given the current strong performance of the
business, or sufficiently certain of closing.  The Board of
Directors remains confident in the independent future of the
company.

Millicom did not name the potential buyer of the company, but
reports have identified China Mobile as the buyer.

The Wall Street Journal reported that Millicom did not push
through with the deal due to China Mobile's "last minute price
concerns."

XFN-ASIA reported that the deal was delayed due to China
Mobile's lack of diplomatic relations with five of the sixteen
nations where Millicom has operations.  The WSJ adds that the
former also has concerns on the disparate nature of Millicom's
operations, making it difficult for China Mobile to manage all
of them.

China Mobile's offer for the telecommunications company was
valued at almost US$5.3 billion.

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A. --
http://www.millicom.com/-- is a global telecommunications  
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of approximately 391 million people.

                        *     *     *

Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.


MILLICOM INT'L: S&P Affirms B+ Long-Term Corp. Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit and 'B-' senior unsecured debt ratings on
Luxembourg-headquartered emerging-markets wireless
telecommunications operator Millicom International Cellular S.A.

The ratings were removed from CreditWatch with developing
implications, where they had been placed on Jan. 20, on the
initiation of a strategic review that could have led to a
transaction such as the sale of all or part of the company.
The outlook is stable.

"The affirmation reflects the removal of any immediate positive
or negative change in credit quality following the termination
of all discussions concerning a potential sale of the company's
entire share capital," said Standard & Poor's credit analyst
Michael O'Brien.

Millicom's more mature operations in Central America have
performed well under a unified brand, while its operations in
Pakistan will undergo a relaunch later in 2006.  Although
Millicom will be investing heavily in its growing operations
this year, particularly in Pakistan, Standard & Poor's expects
the group to maintain adequate liquidity in cash and undrawn
facilities to cover network investments, license fees, and
operating liability management.

At March 31, Millicom's lease-adjusted debt on a nominal basis,
including supplier credit guarantees of US$29.3 million, was
about US$1.0 billion.  Total debt to EBITDA for the 12 months
ended March 31, was 2.1x, which is in line with the ratings.
Careful use of cash at the corporate level will be key for
rating evolution.

"Millicom should be able to sustain its credit quality, assisted
by careful liquidity management," Mr. O'Brien added.

"The group should also continue to benefit, when necessary, from
portfolio diversification."

In addition, we expect that EBITDA will continue to grow
meaningfully and that EBITDA in Pakistan will show strong growth
potential given the level of network investments in that
country, leading to sustainable free operating cash flow
generation.

Any significant deviation from Millicom's growth path could
negatively affect the ratings.  This would include lackluster
EBITDA growth and significantly reduced liquidity due to
operating cash flow underperformance or excessive payments for
entry into new high-risk ventures.  Additionally, the event risk
and associated financial implications of a potential return to
the Vietnam market could put pressure on the ratings.
    
Conversely, the ratings could be positively affected by
meaningful operating performance growth from Pakistan and
continuing satisfactory developments in Central America.


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


CADOGAN SQUARE: Moody's Rates EUR10.6-Mln Class E Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to eight
classes of Notes issued by Cadogan Square CLO II B.V., a
bankruptcy-remote SPV incorporated under the laws of The
Netherlands.

Ratings assigned:

   -- EUR281,300,000 Class A-1 Senior Secured Floating Rate
Notes due 2022: Aaa;

   -- EUR31,500,000 Class A-2 Senior Secured Floating Rate Notes
due 2022: Aaa;

   -- EUR33,800,000 Class B Senior Secured Floating Rate Notes
due 2022: Aa2;

   -- EUR31,900,000 Class C Senior Secured Deferrable Floating
Rate Notes due 2022: A2;

   -- EUR27,900,000 Class D Senior Secured Deferrable Floating
Rate Notes due 2022: Baa2;

   -- EUR10,600,000 Class E Senior Secured Deferrable Floating
Rate Notes due 2022: Ba2;

   -- EUR5,400,000 Class X Combination Notes due 2022: Baa2; and

   -- EUR6,000,000 Class Y Combination Notes due 2022: Baa1.

The EUR43,400,000 Class M Subordinated Notes due 2022 were not
rated.

The Class X Combination Notes represent a combination of a
principal amount of EUR3,400,000 Class D Notes and EUR2,000,000
Class M Subordinated Notes.  The Class Y Combination Notes
represent a combination of a principal amount of
EUR4,000,000 Class C Notes and EUR2,00,000 Class M Subordinated
Notes.  The initial principal amounts of each of the Class C
Notes, the Class D Notes and the Class M Subordinated Notes
listed above include the initial principal amounts of the
Combination Note components.

The ratings address the expected loss posed to investors by the
legal final maturity date in 2022.

The rating assigned to the Class X Combination Notes addresses
the ultimate repayment of the Rated Balance on or before the
legal final maturity, where the Rated Balance is equal at any
time to the principal amount of the Class X Combination Notes on
the Issue Date minus the aggregate of all payments made from the
Issue Date to such date, either through interest or principal
payments.  It is not an opinion about the ability of the issuer
to pay interest.

The rating assigned to the Class Y Combination Notes addresses
the expected loss posed to the investors by the legal final
maturity as a proportion of the Rated Balance, where the Rated
Balance is equal on any payment date to the Rated Balance on the
preceding payment date increased by the Rated Coupon of 0.25%
per annum and reduced by the aggregate of all payments made on
such payment date, either through interest or principal.

This transaction is a high yield collateralized loan obligation
related to a EUR 450,000,000 portfolio comprised primarily of
European senior and mezzanine loans with a predominance of
senior secured loans.  The investments may also include high
yield debt, structured finance securities and synthetic
exposures, as well as non-Euro issues.  This portfolio will be
partially acquired at closing and partially during the seven
month ramp-up period in compliance with portfolio guidelines.
Thereafter, the portfolio of debt obligations will be actively
managed and the investment manager will be able to buy or sell
debt obligations on behalf of the Issuer.  Any addition or
removal of debt obligations will be subject to a number of
portfolio criteria.  The leveraged investments group of Credit
Suisse International will act as investment manager.  The
investment management team currently manages seventeen US$-
denominated high yield CDOs and one Euro-denominated CLO.

RBS Greenwich Capital arranged this transaction.


GETRONICS NV: Inks Outsourcing Memorandum with ING
--------------------------------------------------
Preferred Supplier Team -- Accenture, Atos Origin, Getronics
N.V. and KPN -- have signed a Memorandum of Understanding with
ING for the outsourcing of workplace service provisions to
53,000 ING employees in Europe.   

This entails that, in addition to the service provisions,
approximately 550 ING employees in The Netherlands and Belgium
will transfer to the PST-parties.  The expected contractual
value is in excess of EUR800 million and has a five-year
duration.  A contract signature is expected in the fourth
quarter of 2006.   

The PST will facilitate a smooth transfer of the workplace
service provisions, in compliance to specific needs of ING.  In
addition to a proven level of expertise in all areas of the
workplace service provisions sector, the career opportunities
that the parties can provide ING employees have played an
important role in the selection process.

The workplace service provisions are supplied as third
generation outsourcing.  In this form all parties of the PST
have individual contracts with ING, whereby the Integrator holds
responsibility for the co-ordination of the service provision
and the alignment between demand and supply.  This expected
agreement will be among the first 3rd generation outsourcing
agreements in Europe.

The intended agreement to outsource workplace services is a
component of ING's Operations & IT efficiency program in the
Benelux region.  In accordance with all formal procedures, Works
Councils of both ING and PST parties have been provided with all
necessary information.  The unions have also been informed about
the intended transaction.

Atos Origin, Getronics and KPN welcome the ING-employees and
will provide, together with ING, a smooth and thorough transfer.  
It is anticipated that the definitive contract will be signed
after the works councils have submitted recommendations.  As
soon as the contracts have been signed, further information
about the services to be provided by the individual parties will
be available.

                         About Accenture

Headquartered in New York, U.S.A., Accenture --
http://www.accenture.com/-- is a global management consulting,  
technology services and outsourcing company.  Committed to
delivering innovation, Accenture collaborates with its clients
to help them become high-performance businesses and governments.  
With deep industry and business process expertise, broad global
resources and a proven track record, Accenture can mobilize the
right people, skills and technologies to help clients improve
their performance.  With more than 129,000 people in 48
countries, the company generated net revenues of US$15.55
billion for the fiscal year ended Aug. 31, 2005.  

                        About Atos Origin

Headquartered Paris, France, Atos Origin --
http://www.atosorigin.com/-- is an international information  
technology services company.  Its business is turning client
vision into results through the application of consulting,
systems integration and managed operations.  The company has
annual revenues of EUR5.5 billion and employs over 47,000 people
in 40 countries.  Atos Origin is the Worldwide Information
Technology Partner for the Olympic Games and has a client base
of international blue-chip companies across all sectors.  Atos
Origin is quoted on the Paris Eurolist Market and trades as Atos
Origin, Atos Euronext Market Solutions, Atos Worldline and Atos
Consulting.  

                            About KPN

Headquartered in The Hague, The Netherlands, KPN --
http://www.kpn.com/-- provides telephone, Internet and  
television services to personal customers through its fixed
network in the Netherlands.  For business customers, KPN
provides a range of services, from voice, internet and data
services to fully managed outsourced ICT solutions, in the
Netherlands and international.  For both personal and business
customers, KPN offers mobile services in the Netherlands,
Germany, Belgium and Western Europe.  On March 31, 2006, KPN
served 6.7 million fixed-line subscribers and 2.2 million
internet customers in the Netherlands as well as 21.6 million
mobile customers in Germany, the Netherlands and Belgium, while
employing 28,647 individuals (26,176 FTEs).  

                         About Getronics

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

                        *     *     *

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

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


HELIX CAPITAL: Moody's Lifts Helix 2002-12C Notes Rating to B3
--------------------------------------------------------------
Moody's upgraded the ratings of these classes of notes issued by
Helix Capital (Netherlands) B.V.:

   -- EUR25,000,000 Variable Redemption Limited Recourse
Notes due Oct. 8 of Helix 2001-4: Baa2 from Ba1;

   -- EUR40,000,000 Variable Redemption Limited Recourse
Notes due 31 Aug. 31, 2007 of Helix 2002-12A: Aaa from
Baa2;

   -- EUR44,000,000 Variable Redemption Limited Recourse
Notes due Aug. 31, 2007 of Helix 2002-12B: Baa1 from Ba3;

   -- EUR44,000,000 Variable Redemption Limited Recourse
Notes due Aug. 31, 2007 of Helix 2002-12C: B3 from Caa3;

   -- EUR25,000,000 Variable Redemption Limited Recourse
Notes due Aug. 31, 2007 of Helix 2002-15: Aa2 from Baa3;

   -- EUR25,000,000 Variable Redemption Limited Recourse
Notes due Aug. 31, 2007 of Helix 2002-16: Aa1 from A2;

   -- US$40,000,000 Variable Redemption Limited Recourse
Notes due Aug 31, 2007 of Helix 2002-2: Aaa from A1.

The review is triggered by the impact of the passage of time on
the ratings assigned.


NORTH WESTERLY: Moody's Assigns (P)Ba2 Rating to Class E Notes
--------------------------------------------------------------
Moody's assigned provisional credit ratings to seven classes of
notes to be issued by North Westerly CLO III B.V., a Dutch
special purpose company.

Ratings assigned:

   -- EUR290,000,000 Class A Senior Floating Rate Notes, due
2022: (P)Aaa;

   -- EUR32,000,000 Class B Deferrable Interest Floating Rate
Notes, due 2022: (P)Aa3;

   -- EUR17,000,000 Class C Deferrable Interest Floating Rate
Notes, due 2022: (P)A2;

   -- EUR15,500,000 Class D Deferrable Interest Floating Rate
Notes, due 2022: (P)Baa2;

   -- EUR14,500,000 Class E Deferrable Interest Floating Rate
Notes, due 2022: (P)Ba2;

   -- EUR6,000,000 Class R Combination Notes, due 2022: (P)Baa1;
and   

   -- EUR 10,000,000 Class P Combination Notes, due 2022:
(P)Baa3; and

The EUR40,800,000 Subordinated Notes, due 2022 are expected to
be issued but will not be rated by Moody's.

The provisional ratings address the expected loss posed to
investors by the legal final maturity in 2022.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks, such as those associated with the timing
of principal prepayments and other market risks, have not been
addressed and may have a significant effect on yield to
investors.

The ratings assigned to the Class P Combination Notes by Moody's
address the expected loss posed to the investors by the legal
final maturity in 2022 as a proportion of the Rated Balance,
where the Rated Balance is equal, at any time, to the principal
amount of the Class P Combination Notes on the closing date
minus the aggregate of all payments made from the closing date
to such date, either through interest or principal payments.
The ratings assigned to the Class R Combination Notes by Moody's
address the expected loss posed to the investors by the legal
final maturity in 2022 as a proportion of the Rated Balance and
of the Rated Coupon, where the Rated Balance is equal, at any
time, to the principal amount of the Class R Combination Notes
on the closing date plus a Rated Coupon of 0.25% per annum
applied on the outstanding Rated Balance minus the aggregate of
all payments made from the closing date to such date, either
through interest or principal payments.

These provisional ratings are based upon:

   -- an assessment of the eligibility criteria and portfolio
guidelines applicable to the future additions to the
portfolio;

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

   -- the overcollateralization of the Notes;

   -- the proposed currency swap transactions, which insulate
the Issuer from the volatility of the foreign currency
exchange rates in respect of non-Euro denominated
obligations;

   -- the expertise of NIBC Bank NV as a collateral manager; and

   -- the legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a collateral portfolio of approximately
EUR400 million, comprised primarily of European senior secured
debt obligations, second secured debt obligations and unsecured
debt obligations.  NIBC Bank NV dynamically manages this
portfolio.  

This portfolio will be partially acquired at closing date and
partially during the 12 months ramp-up period in compliance with
portfolio guidelines which include, among other tests, a
diversity score test, a weighted average rating factor test and
a weighted average spread test.  Thereafter, the portfolio of
loans will be actively managed and the portfolio manager will
have the option to buy or sell assets in the portfolio.  Any
addition or removal of assets will be subject to a number of
portfolio criteria.

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review
of the transaction and associated documentation, Moody's will
endeavour to assign definitive ratings.  A definitive rating (if
any) may differ from a provisional rating.

NIBC Bank N.V. arranges the transaction.


===========
N O R W A Y
===========


AKER KVAERNER: Martinus Brandal Succeeds Inge Hansen as CEO
-----------------------------------------------------------
Martinus Brandal, former Executive Vice President of Aker ASA,
has assumed the role of President and CEO of Aker Kvaerner,
succeeding Inge K. Hansen.  Mr. Hansen joins Aker ASA as a
consultant to the group's management.

"Taking over the helm of Aker Kvaerner from Inge Hansen is like
taking over a ship that is right on course, going at high speed,
with the best crew one could wish for," Martinus Brandal said.
"As I have been part of the Board of Directors and assisted in
charting the course for the company - I feel well-prepared for
the task.  My goal is to continue the current strategy, drive
the business and optimize operations for the benefit of all
stakeholders."  

Martinus Brandal joined Aker in the summer of 2004, and has held
a number of Board positions at Aker Group companies.  He is very
familiar with Aker Kvaerner as a result of being a board member
of the company and assisting in developing the strategy that the
company has followed in the last two years.  He will continue to
serve as a board member of Aker Yards.

Prior to joining Aker, Brandal was in charge of the Process
Automation business area of the ABB industrial group and he has
extensive international oil and gas experience.

The planned succession of former CEO Inge K. Hansen was
announced in March 2006.  Under Hansen's leadership, Aker
Kvaerner has developed rapidly and well. Aker Kvaerner's 2005
record-high profit, alone, demonstrates how much the company has
improved.

                          Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and  
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.

The Aker Kvaerner group is organised into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                        *     *     *

As reported in TCR-Europe on April 26, Moody's Investors Service
upgraded the ratings of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


AKER KVAERNER: To Release Second Quarter Results by July 27
-----------------------------------------------------------
The Aker Kvaerner group will publish its second quarter results
at the Oslo Stock Exchange at 8:45 a.m., Central European Time
on July 27.  The second quarter presentation will be held at the
company's premises at Lysaker at 9:30 a.m. the same morning.

Aker Kvaerner invites investors, analysts, and the media to Aker
the results presentation.

The presentation will be broadcasted live on
http://www.akerkvaerner.com/and http://www.oslobors.no/webcast
at 9:30 a.m. CET.

                          Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and  
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                        *     *     *

As reported in TCR-Europe on April 26, Moody's Investors Service
upgraded the ratings of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


FALCONBRIDGE LTD: Contests Xstrata Application in Superior Court
----------------------------------------------------------------
Falconbridge Limited intends to aggressively oppose an
Application to the Superior Court of Justice that was filed by
Xstrata against Falconbridge.  The Application was filed on
June 28, just one day after Xstrata had argued before the
Ontario Securities Commission to have Falconbridge's shareholder
rights protection plan terminated.

Xstrata's Application to the Court demands that Falconbridge be
forced to call an early Annual General Meeting of Shareholders
on the basis of alleged violations of the Ontario Business
Corporations Act by Falconbridge.  Falconbridge had previously
received approval from the TSX to hold its Annual General
Meeting on Oct. 9 in accordance with the provisions of the rules
of the TSX.

"In our view this is yet another attempt by Xstrata to avoid the
fair and open auction process currently underway for
Falconbridge.  We remain committed to acting in the best
interests of all Falconbridge shareholders," said Derek Pannell,
Chief Executive Officer of Falconbridge Limited.

                       About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the U.K. and
Canada.

                       About Falconbridge

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

                          *     *     *

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


FALCONBRIDGE: Inco Purchase Gets European Commission Clearance
--------------------------------------------------------------
The proposed acquisition of Falconbridge Limited by Inco Limited
has received clearance from the European Commission.  

Inco satisfied the final outstanding regulatory condition to the
acquisition, and Falconbridge shareholders may tender their
shares to Inco's enhanced offer, which expires on July 13, 2006.  
The Board of Directors of Falconbridge has recommended the Inco
offer to Falconbridge shareholders.

The regulatory clearance, set forth in a decision issued by the
Commission, is structured on the same remedy agreed upon with
the U.S. Department of Justice.  This remedy is outlined in the
Troubled Company Reporter on June 8, 2006.

                           About Inco

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --  
http://www.inco.com/-- is the world's #2 producer of nickel,   
which is used primarily for manufacturing stainless steel and  
batteries.  Inco also mines and processes copper, gold, cobalt,
and platinum group metals.  It makes nickel battery materials  
and nickel foams, flakes, and powders for use in catalysts,  
electronics, and paints.  Sulphuric acid and liquid sulphur  
dioxide are produced as byproducts.  The company's primary  
mining and processing operations are in Canada, Indonesia, and  
the U.K.

                        About Falconbridge

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

                        *    *    *

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


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


ARGAYASHSKIY DIARY: Court Names M. Motorin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Chelyabinsk Region has appointed Mr. M.
Motorin as Insolvency Manager for OJSC Argayashskiy Diary.  He
can be reached at:

         Molokozavodskaya Str. 1
         Argayash
         Chelyabinsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-12191/03-36-162.

The Debtor can be reached at:

         OJSC Argayashskiy Diary
         Molokozavodskaya Str. 1
         Argayash
         Chelyabinsk Region
         Russia


BARABINSK-TRANS: Court Names A. Senotrusov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Novosibirsk Region has appointed Mr. A.
Senotrusov as Insolvency Manager for OJSC Barabinsk-Trans.  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-1.7165/05-25/262.

The Debtor can be reached at:

         OJSC Barabinsk-Trans
         Gutova Str. 16A.
         Babinsk
         Novosibirsk Region
         Russia


CAUCASIAN: Bankruptcy Hearing Slated for Sept. 11
-------------------------------------------------
The Arbitration Court of Krasnodar Region will convene at 11:30
a.m. on Sept. 11 to hear the bankruptcy proceedings against OJSC
Bio-Chemical Factory Caucasian.  The case is docketed under Case
No. A-32-5583/2006-1/78 B.

The Insolvency Manager is:

         Mr. A. Solovtsev
         Krasnaya Str. 1
         Girey
         Gulkevichskiy Region
         352160 Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Bio-Chemical Factory Caucasian
         Krasnaya Str. 1
         Girey
         Gulkevichskiy Region
         352160 Krasnodar Region
         Russia


DIAMAND: Court Names A. Makhov as Insolvency Manager
----------------------------------------------------
The Arbitration Court of Vologda Region appointed Mr. A. Makhov
as Insolvency Manager for LLC Diamand (TIN 3525122822).  He can
be reached at:

         A. Makhov
         Apartment 7
         Svobody Str. 5
         Babaevo
         162482 Vologda Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A13-1484/2005-17.

The Debtor can be reached at:

         LLC Diamand
         Apartment 7
         Svobody Str. 5
         Babaevo
         162482 Vologda Region
         Russia


EDEL CAPITAL: Fitch Rates US$250 Million Notes at BB
----------------------------------------------------
Fitch Ratings affirmed the BB Senior Secured rating of Edel
Capital S.A.'s issue of US$250 million loan participation notes
due 2015.  The agency does not assign a rating to the issuer
itself or to any affiliated entities.  The notes are guaranteed
both by OJSC Svyazinvestneftekhim and the Republic of Tatarstan.

The Republic of Tatarstan has issued a guarantee to the amount
of RUB13 billion to support the issue.  Due to this legally
binding and unconditional guarantee, Fitch aligns Edel's issue
rating equal to that of the Republic.  The agency therefore
notes that any changes in the Republic's rating would affect
that of Edel's loan participation notes.  Fitch also takes
comfort from the fact that under the terms of the loan
participation notes agreement, SINEK is required to hold one
semi-annual interest payment of US$9.6 million as collateral at
Dresdner bank until August 2015.

SINEK is a 100% state-owned corporate vehicle of the Republic of
Tatarstan in the Russian Federation.  It was founded in
April 2003 as a holding company for the Republic's equity
participation in various companies located within the Republic
with the intention of providing it with access to international
capital markets.  

The investment portfolio had a value of approximately US$4.3
billion as of December 2005.  SINEK is deemed an investment
company and its audited financial statements are prepared in
accordance with US GAAP.  Its' main source of cash flow is
dividends received from its four key investments: Tatneft ('B'
Outlook Stable/'B'), Nizhnekamskneftekhim ('B+' Outlook
Stable/'B'), Kazanorgsintez ('B' Outlook Stable/'B') and
Tattelecom) in its portfolio of 20 companies, which represent
around 97% of declared dividends.


EDELVEYS-TRANS: Court Appoints V. Sulimov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. V.
Sulimov as Insolvency Manager for CJSC Edelveys-Trans (TIN
2721083864).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-10223/2005-38.

The Debtor can be reached at:

         CJSC Edelveys-Trans
         Apartment 1
         Mukhina Str. 8
         680000 Khabarovsk Region
         Russia


GALICH-STROY: Court Appoints S. Bondarev as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kostroma Region has appointed Mr. S.
Bondarev as Insolvency Manager for OJSC Galich-Story.  He can be
reached at:

         S. Bondarev
         Sovetskaya Str. 97-104
         156005 Kostroma Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A31-9687/05-18.

The Debtor can be reached at:

         OJSC Galich-Stroy
         Gladysheva Str. 11
         Galich
         157202 Kostroma Region
         Russia


IZMALKOVSKIY: Court Appoints S. Lebedev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Lipetsk Region appointed Mr. S. Lebedev
as Insolvency Manager for OJSC Butter-Making Plant Izmalkovskiy
(TIN 4809001693).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A36-3649/2005.

The Debtor can be reached at:

         OJSC Butter-Making Plant Izmalkovskiy
         Oktyabrskaya Str. 13
         Izmalkovo
         Lipetsk Region
         Russia


KRAN-SPETS-BUR-MASH: G. Chmutina to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Amur Region appointed Ms. G. Chmutina
as Insolvency Manager for OJSC Shimanovskiy Engineering Plant
Kran-Spets-Bur-Mash.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A04-1692/05-6/174 B.

The Debtor can be reached at:

         OJSC Shimanovskiy Engineering Plant
         Kran-Spets-Bur-Mash
         Shimanovsk, Plekhanova Str. 2.
         676307 Amur Region
         Russia


KRASNINSKIY BEER-TINNED: Y. Serdyukov to Manage Assets
------------------------------------------------------
The Arbitration Court of Lipetsk Region appointed Mr. Y.
Serdyukov as Insolvency Manager for LLC Krasninskiy Beer-Tinned
Factory (TIN 481001987).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A36-3891/2005.

The Debtor can be reached at:

         LLC Krasninskiy Beer-Tinned Factory
         Pivzavodskaya Str.
         Krasnoye
         Krasninskiy Region
         399000 Lipetsk Region Russia


MUKOMOL: Court Names Mr. K. Garkanov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. K. Garkanov
as Insolvency Manager for OJSC Mukomol.  He can be reached:

         K. Garkanov
         Post User Box 4166
         443110 Samara Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A55-35021/2005.

The Debtor can be reached at:

         OJSC Mukomol
         Zalivnoy
         Bogatovskiy Region
         446638 Samara Region
         Russia


LISKINSKIY: Court Appoints S. Bykhanov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. S.
Bykhanov as Insolvency Manager for OJSC Meat Combine Liskinskiy
(TIN 3652000947).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A14-21484/2005-163a/16b.

The Debtor can be reached at:

         OJSC Meat Combine Liskinskiy
         Kommunisticheskaya Str. 90
         Liski
         Voronezh Region Russia


RUSSIAN INSURANCE: Fitch Rates Insurer Financial Strength at B
--------------------------------------------------------------
Fitch Ratings placed Russian Insurance Centre an International
Insurer Financial Strength rating of B and a National IFS rating
of BBB-.  The Outlook is Stable.

The ratings reflect RIC's acceptable capitalization, its solid
track record of profitability, reflecting a few claims on the
military/space business and its strong market position as a
provider of insurance coverage for the Russian defense and space
industries.  Fitch considers RIC has developed strong
underwriting expertise within its specialist business niche.

Offsetting these positive factors are significant investment
credit risks, a significant degree of business concentration
risk, both in terms of industry and client, and relatively low
overall balance sheet liquidity.  There are also significant
reinsurance/retrocession exposure for risks placed locally and
somewhat limited underwriting controls on inward reinsurance.

Although occupying an important niche market position, RIC has a
relatively small size overall, with 2005 year-end total assets
of RUR2.2 billion and 2005 gross premium volumes of RUR1.9
billion.  Underwriting profitability has been an overall
strength, with the 2005 combined ratio remaining profitable at
77% (compared with 63% in 2004).

However, Fitch has expressed some concern regarding the loss
ratios recorded on the inwards reinsurance business.  Investment
returns were modest, falling to 5% in 2005 from 10% in 2004.
Overall balance sheet liquidity appears low, reflecting the
presence of large loans to related parties, mainly relating to
real estate.  

The availability of significant reinsurance support from a range
of Russian and international reinsurance companies has been a
key aspect of the company's development. However, given the
large proportion of business ceded, Fitch considers that
reinsurance credit issues have an important bearing on the
ratings.

Established in 1992 and headquartered in Moscow, RIC has 11
regional offices and employs 170 people.  It has three key
business segments, which together account for approximately 90%
of total business: military equipment, space risks and various
risks under export-oriented inter-state contracts largely
referred by Rosoboronexport.  RIC serves about 1,250 defense
industry companies, though 65% of premiums for 2005 were
originated from 10 defense/space clients.  The company's
position in the military and space markets relies on the
excellent business contacts it has built up and on the unique
experience of RIC's underwriting team.


STAVROPOL-TRANS-METAL: Court Names Y. Karpenko to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Stavropol Region appointed Mr. Y.
Karpenko as Insolvency Manager for CJSC Stavropol-Trans-Metal.  
He can be reached at:

         Y. Karpenko
         Office 4
         Lermontova Str. 343
         Stavropol Region
         Russia
         Tel/Fax: (8652) 37-16-92
                         37-16-93

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A63-266/05-S5.  

The Debtor can be reached at:

         CJSC Stavropol-Trans-Metal
         Dovatortsev Str. 52.
         Stavropol Region
         Russia


TATNEFT: Board Approves Stock & ADR Delisting From NYSE
-------------------------------------------------------
OAO Tatneft's Board of Directors approved on June 30 the
delisting of the company's ordinary shares and American
depositary receipts from the New York Stock Exchange.  

Subsequently, the Board approved the filing of post-effective
amendment to the Registration Statement on Form F-6 in
connection with the termination of registration of all ADRs that
have been registered but not yet issued by the depositary with
the SEC.

The Board also agreed to the proposed amendments to the deposit
agreement with the Bank of New York and to enter into an
additional deposit agreement with the bank of New York with
respect to the establishment of new deposit facility.

Headquartered in Tatarstan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- is a vertically integrated oil  
company being one of the major companies in the Russian fuel and
energy complex.  Tatneft is a holding company whose assets
include an oil-and-gas producing complex, oil and gas processing
facilities and petrochemical facilities.  It specializes in the
sales of oil products and petrochemical products, as well as
banking, insurance and service companies.

                        *     *     *

As reported in TCR-Europe on April 18, Standard & Poor's Ratings
Services placed its 'B-' long-term corporate credit rating on
Russia-based oil company Tatneft OAO on CreditWatch with
negative implications, due to a continuing lack of consistent
information on the company's financial position.

"The CreditWatch placement reflects Tatneft's substantial delays
in publishing audited accounts under U.S. GAAP for 2004 and
subsequent delays in filing its annual report on Form 20-F for
2004 with the SEC," said Standard & Poor's credit analyst
Tatiana Kordyukova.  "It also takes into account a lack
of reliable updated information on the company's interim
performance and a lack of clarity regarding the company's major
investments plans, as well as Tatneft's very weak reporting
discipline and corporate governance practices."


TATSINSK-SEL-KHOZ-KHIMYA: Court Names N. Lemaev to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. N. Lemaev
as Insolvency Manager for OJSC Tatsinsk-Sel-Khoz-Khimya (TIN
6134000388).  He can be reached at:

         N. Lemaev
         Tatsinskaya St.
         Vostchnyj Per. 7
         347060 Rostov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-27014/05-S2-30.

The Debtor can be reached at:

         OJSC Tatsinsk-Sel-Khoz-Khimya
         Tatsinskaya St.
         Vostchnyj Per. 7
         347060 Rostov Region
         Russia


TNK-BP FINANCE: Fitch Rates Benchmark Notes Issue at BB+
--------------------------------------------------------
Fitch Ratings placed an expected senior unsecured rating of BB+
to TNK-BP Finance S.A.'s benchmark issue under its US$5 billion
guaranteed debt issuance program currently rated BB+.  Under the
terms of the securities, noteholders will rely on a senior
unsecured guarantee of TNK-BP International Ltd. for repayment.  
The issue amount will be disclosed later.

The final rating is contingent upon receipt of final documents
conforming to information already received.

TNK-BP International Ltd. is Russia's third-largest oil company
by production, active in exploration and production, as well as
refining, wholesale and retail distribution.  Crude oil
production was around 1.58 million barrels per day in 2005.


TOTMA-WOOD-EXPORT: Court Names A. Prokofyev Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Vologda Region appointed Mr. A.
Prokofyev as Insolvency Manager for OJSC Totma-Wood-Export.  He
can be reached at:

         A. Prokofyev
         Post User Box 163
         160000 Vologda Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A13-7419/2005-22.

The Debtor can be reached at:

         OJSC Totma-Wood-Export
         Sadovaya Str. 2.
         Totma
         161300 Vologda Region
         Russia


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


AKBANK T.A.S.: Fitch Keeps Ratings at Low-B on Good Performance
---------------------------------------------------------------
Fitch Ratings affirmed Turkey-based Akbank T.A.S.' foreign
currency Issuer Default rating at BB- and local currency IDR at
BB+.  The Outlook is Positive.  At the same time, the agency
affirmed the Short-term foreign and local currency ratings at B,
Individual rating at C, Support rating at 4 and National Long-
term rating at AA.  The Outlook on the National rating is
Stable.

Akbank's local currency IDR at BB+ is above the sovereign rating
of BB-, reflecting the bank's systemic importance, improved
lending and deposit market share and intrinsic financial
strength.  The bank has historically had conservative
management, stable funding and a sound balance sheet.  These
factors are balanced by rapid loan growth over the past two
years that resulted in adverse trends in capital and asset
quality and a still high proportion of government securities.

The bank recorded a 45% increase in net income in 2005,
benefiting from the absence of an inflationary adjustment;
however, operating results were flat.  While cash loans expanded
72% with small business and consumer credit up 86%, non-
performing loans worsened slightly to 1.55% of loans.  Akbank is
core-funded but has become more reliant on short-term bank
deposits and borrowings.  

Once boasting strong capital, the bank's total capital ratio has
diminished to 21.89% at end-2005, due in part to a share buyback
and strong loan growth.  Fitch anticipates that this declining
trend will continue during 2006, albeit less rapidly, and the
agency considers that Akbank's capitalization is sound.

Akbank is Turkey's second-largest private commercial bank and
provides retail, corporate, international and private banking
services through a wide network of branches.  It was
incorporated in 1948 and is majority-owned by the Sabanci Group,
one of Turkey's largest and most diverse industrial-financial
conglomerates.


FINANSBANK A.S.: Stake Sale Prompts Fitch to Affirm Ratings
-----------------------------------------------------------
Fitch Ratings affirmed Turkey-based Finansbank A.S.'s ratings at
foreign currency Issuer Default BB-, Short-term foreign and
local currency B and Individual C/D.  The Outlook on the foreign
currency Issuer Default rating is Positive.

At the same time, Fitch is keeping the bank's local currency IDR
BB-, National Long-term A and Support 4 ratings on the Rating
Watch Positive.  The RWP was initiated following the
announcement on April 3 from National Bank of Greece that is
planning to acquire a 46% controlling stake in the bank.

FB's IDRs, Short-term and Individual ratings reflect its above-
average earnings and improved franchise.  These are balanced by
rapid loan portfolio growth as well as slippage in asset quality
and capital indicators.  The recent deterioration in the Turkish
financial markets, including higher interest rates and
diminished value of the Lira, is unlikely to adversely affect
FB's ratings.

The RWP reflects the operational and financial benefits that
Finansbank is expected to receive from NBG, pending the
successful completion of the acquisition.  FB will represent
approximately 20% of consolidated assets and will be by far the
parent's most important operation.  The RWP will be resolved
upon the completion of the acquisition, expected in Q306.

FB is 56%-owned by the Fiba Group with the remainder publicly-
traded. The bank was Turkey's fifth-largest private bank at end-
2005.


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


CHERKASSYTRANSKONTRAKT: Oleksandr Demchuk to Liquidate Assets
-------------------------------------------------------------
The Economic Court of Cherkassy Region appointed Oleksandr
Demchuk as Liquidator/Insolvency Manager for Trade-Production
Complex Cherkassytranskontrakt (code EDRPOU 25583540).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 4.  The case is docketed under
Case No. 14/2164.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         Trade-Production Complex Cherkassytranskontrakt
         Pasterivska Str. 102/1
         18036 Cherkassy Region
         Ukraine


CHERVONIJ METALIST: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on OJSC Chervonij Metalist (code EDRPOU
00165706).  The case is docketed under Case No. 7/27-06.

The Temporary Insolvency Manager is:

         Yevgen Kornilov
         Chervonozavodska Str. 5
         Konotop
         41600 Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         OJSC Chervonij Metalist
         Chervonozavodska Str. 5
         Konotop
         41600 Sumi Region
         Ukraine


EKSPLERENT: Dnipropetrovsk Court Starts Bankruptcy Supervision
--------------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Industrial-Production Association
Eksplerent (code EDRPOU).  The case is docketed under Case No.
B 29/16/06.

The Temporary Insolvency Manager is:

         Yurij Saluk
         a/b 3244
         49055 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Industrial-Production Association Eksplerent
         Obruchev Str. 17
         49005 Dnipropetrovsk Region
         Ukraine


EKOGIPS: Court Names D. Desov to Liquidate Assets
-------------------------------------------------
The Economic Court of Odessa Region appointed Mr. D. Desov as
Liquidator/Insolvency Manager for LLC Ekogips (code EDRPOU
31595662).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 11.  The case is docketed
under Case No. 2/116-06-4059.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Ekogips
         Kosmonavtiv Str. 32
         Odessa Region
         Ukraine


HERSON' AUTO-UNIT: Herson Court Freezes Debt Payment
----------------------------------------------------
The Economic Court of Herson Region ordered a moratorium on
satisfaction of creditors' claims and commenced bankruptcy
supervision procedure on Herson' Auto-Unit Plant (code EDRPOU
22759665) on April 20.  The case is docketed under Case No.
12/62-B-06.

The Temporary Insolvency Manager is:
         Leonid Galka
         2nd Floor
         Vijskovij Avenue 6
         73000 Herson Region
         Ukraine

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         Herson' Auto-Unit Plant
         Tiraspilska Str. 1
         73000 Herson Region
         Ukraine


KREMIN-BUDSERVIS: Poltava Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Economic Court of Poltava Region commenced bankruptcy
supervision procedure on LLC Kremin-Budservice (code EDRPOU
33510156).  The case is docketed under Case No. 20/31.

The Temporary Insolvency Manager is:

         Roman Venglovskij
         Gonta Str. 92
         10014 Zhitomir Region
         Ukraine

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         LLC Kremin-Budservis
         Gagarin Str. 30/65
         Kremenchuk
         39600 Poltava Region
         Ukraine


MICHURINSKE: Sumi Court Names Yevgen Chuprun as Liquidator
----------------------------------------------------------
The Economic Court of Sumi Region appointed Yevgen Chuprun as
Liquidator/Insolvency Manager for LLC Michurinske (code EDRPOU
31389550).  He can be reached at:

         Yevgen Chuprun
         Room 49-A
         Petropavlivska Str. 74
         Sumi Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
7/17-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Michurinske
         Radyanska Str.
         Shevchenkove
         Gluhiv District
         41451 Sumi Region Ukraine


MLINIV' BUTTER-CHEESE: Court Names Cherevatij Lubomir Liquidator
----------------------------------------------------------------
The Economic Court of Rivne Region appointed Cherevatij Lubomir
as Liquidator/Insolvency Manager for OJSC Mliniv' Butter-Cheese
Plant (code EDRPOU 00446948).  He can be reached at:

         Cherevatij Lubomir
         a/b 10296
         Gorodotska Str. 277
         79022 Lviv Region
         Ukraine
         
The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 11.  The case is docketed
under Case No. 8/24.

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor can be reached at:

         OJSC Mliniv' Butter-Cheese Plant
         Narodna Str. 5
         Mliniv
         Rivne Region
         Ukraine


MEGA-OPT: Herson Court Begins Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
supervision procedure on LLC MEGA-OPT (code EDRPOU 31047489) on
April 27.  The case is docketed under Case No. 12/70-B-06.

The Temporary Insolvency Manager is:

         Tetyana Paseka
         a/b 32
         73000 Herson Region
         Ukraine
         Tel: 8 (0552) 26-62-62
              8 (050) 396-58-05

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         LLC Mega-Opt
         Promislova Str. 1-a
         Tsurupinsk
         73000 Herson Region
         Ukraine


NOVOARHANGELSKE: Kirovograd Court Begins Bankruptcy Supervision
---------------------------------------------------------------
The Economic Court of Kirovograd Region commenced bankruptcy
supervision procedure on Agricultural LLC Novoarhangelske (code
EDRPOU 31871364).  The case is docketed under Case No. 10/50.

The Temporary Insolvency Manager is:

         Vadim Hristenko
         25028 Kirovograd Region
         Ukraine
         Geroiv Stalingradu Str. 4/9

The Economic Court of Kirovograd Region is located at:

         Lunacharski str. 29
         25022 Kirovograd Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Novoarhangelske
         Lenin Str. 119
         Novoarhangelsk
         26100 Kirovograd Region
         Ukraine


PEREKOPSKIJ: Vyacheslav Nikonov to Manage Insolvency Assets
-----------------------------------------------------------
The Economic Court of AR Krym Region appointed Vyacheslav
Nikonov as Liquidator/Insolvency Manager for Agricultural LLC
Perekopskij (code EDRPOU 00854162).  He can be reached at:

         Vyacheslav Nikonov
         Kiyivska Str. 62/1
         Simferopol
         95043 AR Krym Region
         Ukraine
         Tel/Fax: (0652) 54-64-97

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 27.  The case is docketed
under Case No. 2-29/296-2006.

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Perekopskij
         Kalinin Str. 2-a
         Tsilinne
         Dzhankoj District
         AR Krym Region
         Ukraine


TAMARA: Court Appoints Ludmila Zayikina as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Donetsk Region appointed Ludmila Zayikina
as Liquidator/Insolvency Manager for LLC Tamara (code EDRPOU
13533181).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 11.  The case is docketed
under Case No. 42/54 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Tamara
         Miru Str. 12/95
         Mikolayivka
         84180 Donetsk Region
         Ukraine


YAMPIL' MECHANICAL: Court Names Oleksij Sisoyev as Liquidator
-------------------------------------------------------------
The Economic Court of Sumi Region appointed Oleksij Sisoyev as
Liquidator/Insolvency Manager for OJSC Yampil' Mechanical Plant
(code EDRPOU 14010479).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 20.  The case is docketed
under Case No. 7/60.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         OJSC Yampil' Mechanical Plant
         50 Rokiv SRSR Str. 2
         Yampil
         41220 Sumi Region
         Ukraine


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


AKRON INDUSTRIAL: Taps Begbies Traynor as Joint Administrators
--------------------------------------------------------------
Michael Francis Stevenson and Julie Anne Palmer of Begbies
Traynor were appointed joint administrators of Akron Industrial
Machinery Limited (Company Number 03027995) on May 31.

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

Akron Industrial Machinery Limited can be reached at:

         107B Hurn Airport
         Dorset BH23 6NW
         United Kingdom
         Tel: 01202 580 800
         Fax: 01202 593 010


ARRAN CORPORATE: Moody's Rates Six Note Classes at Low-B
--------------------------------------------------------
Moody's Investors Service assigned ratings to these instruments
issued by Arran Corporate Loans No.1 B.V.:

   -- GBP605,550,000 Class A1 Secured Floating Rate Notes due
2025: Aaa;

   -- EUR1,025,200,000 Class A2 Secured Floating Rate Notes due
2025: Aaa;

   -- US$2,860,000,000 Class A3 Secured Floating Rate Notes due
2025: Aaa;

   -- GBP90,500,000 Class B1 Secured Floating Rate Notes due
2025: Aa2;

   -- EUR110,000,000 Class B2 Secured Floating Rate Notes due
2025: Aa2;

   -- US$73,000,000 Class B3 Secured Floating Rate Notes due
2025: Aa2;

   -- GBP26,250,000 Class C1 Secured Floating Rate Notes due
2025: A2;

   -- EUR38,000,000 Class C2 Secured Floating Rate Notes due
2025: A2;

   -- GBP42,500,000 Class D1 Secured Floating Rate Notes due
2025: Baa2;

   -- EUR50,000,000 Class D2 Secured Floating Rate Notes due
2025: Baa2;

   -- GBP39,250,000 Class E1 Secured Floating Rate Notes due
2025: Ba2;

   -- EUR38,000,000 Class E2 Secured Floating Rate Notes due
2025: Ba2;

   -- US$28,000,000 Class E3 Secured Floating Rate Notes due
2025: Ba2;

   -- GBP70,500,000 Class F1 Secured Floating Rate Notes due
2025: B2;

   -- EUR10,000,000 Class F2 Secured Floating Rate Notes due
2025: B2; and

   -- B2 to the US$ 5,000,000 Class F3 Secured Floating Rate
Notes due 2025: B2.

The ratings of the notes are based upon:

   -- an assessment of the credit quality of the underlying
entities;

   -- the loss protection provided by the subordination of the
more junior ranking classes of notes issued by Arran
Corporate Loans No.1 B.V.;

   -- the protection against losses provided by the first loss,
the excess spread and the reserve account; and

   -- the legal and structural integrity of the transaction.

Arran Corporate Loans No.1 B.V. is a fully funded synthetic
transaction arranged by the Royal Bank of Scotland plc, in which
investors are exposed to the credit risk related to a portfolio
of loans extended by RBS to U.K. medium and large companies.
The credit risk transferred by the Royal Bank of Scotland plc
through this transaction is related to a total portfolio of
GBP3.5 billion.  This reference pool is made up initially of 127
separate obligors.  Throughout the 12-month revolving period,
RBS can replenish the portfolio subject to satisfying certain
criteria, including a Moody's CDOROM test.


BELVOIR DESIGNS: Names Allan Watson Graham as Administrator
-----------------------------------------------------------
Allan Watson Graham of KPMG LLP was appointed administrator of
Belvoir Designs Ltd (Company Number 04691452) on June 7.

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

Belvoir Designs Ltd can be reached at:

         Unit B Long Eaton Trade Centre
         52-56 Nottingham Road
         Long Eaton
         Nottingham NG10 2AU
         United Kingdom
         Tel: 0115 946 2111


CLINICAL DATA: Deloitte & Touche Raises Going Concern Doubt
-----------------------------------------------------------
Deloitte & Touche LLP expressed substantial doubt about Clinical
Data Inc.'s ability to continue as a going concern after
auditing the Company's financial statements for the fiscal years
ended March 31, 2006 and 2005.  

The auditing firm pointed to the Company's accumulated deficit,
negative cash flows from operations and the expectation that the
Company will continue to incur losses in the future.

Clinical Data, incurred a US$50.9 million net loss for the year
ended March 31, 2006, compared to US$3.3 million of net income
earned in the prior year.  Total revenue for the year ended
March 31, 2006, increased 22% to US$68.8 million as compared to
US$56.4 million in fiscal 2005.  The increase was primarily due
to the inclusion of operating results for Genaissance
Pharmaceuticals Inc. and Icoria Inc. from the dates of their
acquisition. Genaissance was acquired in October 2005 and Icoria
was acquired in December 2005.

At March 31, 2006, the Company's balance sheet showed US$108.2
million in total assets and US$48.3 million in total
liabilities, resulting in a stockholders' equity of US$59.7
million.

A full-text copy of the Company's annual report is available for
free at http://researcharchives.com/t/s?d21

                   About Clinical Data

Clinical Data, Inc. (NASDAQ: CLDA) -- http://www.clda.com/-- is  
a worldwide leader in providing comprehensive molecular and
pharmacogenomics services as well as genetic tests to improve
patient care.  The Company, founded in 1972, is organized under
three worldwide divisions segmented by service offerings and
varying client constituents: PGxHealth(TM); Cogenics(TM); and
Vital Diagnostics(TM).  Clinical Data currently employs a staff
of over 430.  The Company is headquartered in Newton,
Massachusetts with operations in Texas, Connecticut, RTP - North
Carolina, Rhode Island, and California as well as
internationally in the UK, France, the Netherlands, Italy and
Australia.


CLINICAL DATA: Eyes US$17 Million Private Equity Placement
----------------------------------------------------------
Clinical Data Inc. has entered into definitive agreements with
certain institutional and other accredited investors with
respect to the private placement of 1,039,783 shares of newly
issued common stock, and warrants to purchase 519,889 shares of
common stock, for a total purchase price of approximately US$17
million.

"This transaction enhances Clinical Data's capacity to deliver
shareholder value," said company President and CEO Drew Fromkin.
"We believe the additional capital will strengthen our ability
to advance our key initiatives: commercializing molecular
diagnostics designed to improve patient outcomes; continuing the
Phase III clinical development of Vilazodone, the Company's
novel dual-mechanism antidepressant, while moving to spin off
Vilazodone into Precigen Therapeutics; and enhancing our genetic
services and analysis business while continuing to position the
Vital Diagnostics division as a leader in its space."

Gross proceeds from this financing will be used for general
working capital purposes, executing the Company's previously
announced restructuring activities, and launching its
proprietary clozapine-induced agranulocytosis and warfarin
response tests.

Management also anticipates pursuing new product initiatives
through the development and in-licensing of clinically relevant
biomarkers in several therapeutic classes.

                         About Clinical Data

Clinical Data, Inc. -- http://www.clda.com/-- is a worldwide  
leader in providing comprehensive molecular and pharmacogenomics
services as well as genetic tests to improve patient care.  The
Company, founded in 1972, is organized under three worldwide
divisions segmented by service offerings and varying client
constituents: PGxHealth(TM); Cogenics(TM); and Vital
Diagnostics(TM).  Clinical Data currently employs a staff of
over 430.  The Company is headquartered in Newton, Massachusetts
with operations in Texas, Connecticut, RTP - North Carolina,
Rhode Island, and California as well as internationally in the
UK, France, the Netherlands, Italy and Australia.

                        *     *     *

                     Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about Clinical
Data, Inc.'s ability to continue as a going concern after
auditing the Company's financial statements for the fiscal years
ended March 31, 2006 and 2005.  The auditing firm pointed to the
Company's accumulated deficit, negative cash flows from
operations and the expectation that the Company will continue to
incur losses in the future.


CURTIS ENGINEERS: Taps Richard Ian Williamson as Administrator
--------------------------------------------------------------
Richard Ian Williamson of Campbell Crossley and Davis was
appointed administrator of Curtis Engineers Limited (Company
Number 00305345) on June 7.

The administrator can be contacted at:

         Campbell Crossley & Davis
         348-350 Lytham Road
         Blackpool
         Lancashire FY4 1DW
         United Kingdom
         Tel: 01253 349331
         Fax: 01253 349435
         E-mail: ian.williamson@crossleyd.co.uk

Curtis Engineers Limited can be reached at:

         Bradshaw Street
         Heywood
         Lancashire OL10 1PL
         United Kingdom
         Tel: 01706 360 551
         Fax: 0161 220 8262


DOVEDALE FINANCE: Moody's Rates Class C Notes at Ba2
----------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to these classes of Notes issued by Dovedale Finance
No.1 P.L.C.:

   -- GBP2,500,000 Class A1 Notes due 2038: A1;
   -- EUR14,000,000 Class A2 Notes due 2038: A1;
   -- GBP4,000,000 Class B1 Notes due 2038: Baa2;
   -- EUR47,500,000 Class B2 Notes due 2038: Baa2;
   -- GBP14,500,000 Class C1 Notes due 2038: Ba2; and
   -- EUR55,500,000 Class C2 Notes due 2038: Ba2.

The Notes are protected by a Threshold amount of GBP31.62
million.  The ratings assigned take into account the credit risk
associated with the Credit Default Swap and the legal and
structural integrity of the transaction.

This is a synthetic transaction, where investors take the credit
risk on the Issuer Reserve Funds on seven underlying Leek
transactions, which are securitization of U.K. non conforming
mortgage loans originated by Platform Funding Limited,
Kensington Mortgage Company Limited, Advance Home Loans Limited,
Equfund Limited, Genesis Home Loans PLC, Grosvenor Home Loans
Limited, Flagship Homeloans Limited, Citibank International plc,
The Money Store Limited, Southern Pacific Mortgage Limited and
Mortgage Agency Services Number One Limited.  The servicing of
the mortgages has been delegated to Western Mortgage Services
Limited, a wholly owned subsidiary of Britannia Building
Society.

Concurrently with the issuance of the Notes the Issuer will, on
the Closing Date, enter into the CDS with Britannia Building
Society in its role as Credit Default Swap Counterparty.
In return for periodic payments of Swap Premium by the Credit
Default Swap Counterparty, the Issuer will be liable to pay
Credit Protection Payments to the Credit Default Swap
Counterparty upon the occurrence of a Credit Event with respect
to the underlying Leek Reserve Funds.  

A Credit Event will occur if on a final repayment date the total
amount available to repay a subordinated loan of the underlying
Leek transaction plus ultimate deferred consideration amount is
less than the aggregate of the subordinated loan principal and
the ultimate deferred consideration amount.  The transaction
benefits from the Threshold Amount, which is initially 23.71% of
the total reference pool of Leek subordinated loans and ultimate
deferred consideration amounts.  

Upon the final repayment date of a Leek transaction the
Threshold amount will decrease with the maximum of the
Transaction Specific Threshold amount of that relevant
transaction and the credit event amount, if any, subject to a
minimum of zero.  Unless and until a Credit Event Amount exceed
the Threshold Amount, no Credit Protection Payments will be
payable by the Issuer.

The underlying transactions are Leek Finance Number Ten PLC,
Leek Finance Number Eleven PLC, Leek Finance Number Twelve PLC,
Leek Finance Number Fourteen PLC, Leek Finance Number Fifteen
PLC, Leek Finance Number Sixteen PLC and Leek Finance Number
Seventeen PLC.  The ratings assigned to the Dovedale Notes may
experience greater volatility than other U.K. Non-conforming
RMBS as the assets backing the Dovedale transaction are first
loss pieces.  The underlying reserve funds are therefore exposed
to any change in the performance of the collateral of the
underlying transactions.  However, the underlying transactions
are currently performing in line with expectations and the pools
benefit from significant amounts of seasoning.  Britannia, the
seller and originator of the underlying mortgage assets is
currently rated A2/Prime-1.

Moody's ratings of each of the Notes address the expected loss
posed to investors by the legal final maturity.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


FAIRCHILD LIMITED: Hires Administrators from Smith & Williamson
---------------------------------------------------------------
Kevin James Wilson Weir and Gregory Andrew Palfrey of Smith &
Williamson Limited were appointed joint administrators of
Fairchild Limited (Company Number 2350058) on June 1.

Smith & Williamson -- http://www.smith.williamson.co.uk/-- is  
an independent professional and financial services group
employing over 1,200 people.  It is the leading provider of
investment management, financial advisory and accountancy
services to private clients, professional practices, mid to
large corporates and non-profit organizations.

Headquartered in Southampton, United Kingdom, Fairchild Ltd is
engaged in hardware consultancy and other computer related
activities.


FOWKES TOURS: Financial Woes Trigger Liquidation
------------------------------------------------
Fowkes Tours Limited is winding up its operations after
creditors established the company could no longer continue its
business due to mounting debts.

Richard John Elwell of Elwell Watchorn & Saxton LLP was
appointed Liquidator.

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

Fowkes Tours Limited can be reached at:

         220 Whitehill Road
         Ellistown
         Coalville
         Leicestershire LE671EQ
         United Kingdom
         Tel: 01530 260 350


G M CONSTRUCTION: Taps David R. Acland to Liquidate Assets
----------------------------------------------------------
David R. Acland of Begbies Traynor was appointed Liquidator
after creditors decided to wind up the company's operations on
April 6.

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

G M Construction Limited can be reached at:

         Quaker Lodge
         Sidgreaves Lane
         Lea Town
         Preston PR4 0RD
         United Kingdom
         Tel: 01772 733 108


GENERAL MOTORS: Board to Discuss Renault-Nissan Venture Friday
--------------------------------------------------------------
General Motors Corp.'s Board of Directors will resume talks this
week on the proposed alliance with Renault SA and Nissan Motor
Co. put forward by Kirk Kerkorian, Bloomberg News reports citing
people familiar with the matter as its source.

According to Bloomberg, the board will use a scheduled
conference call on July 7 to review Mr. Kerkorian's proposal.

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 Nissan-Renault board -- headed by Chairman, President and
CEO, Carlos Ghosn -- has approved opening talks over the
potential alliance with GM if the U.S. automaker supports and
endorses the proposal made by its shareholders.

Nissan's Board has delegated all the necessary powers to Mr.
Ghosn to conduct any discussions and negotiations on the
possible venture.

As reported in TCR-Europe yesterday, Mr. Kerkorian -- who owns
9.9% equity stake in GM through his investment firm Tracinda
Corp -- 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 proposed US$3-billion transaction.

                       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,
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.

As reported in the Troubled Company Reporter on June 22, 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, 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.


HOLDSWORTH 4x4: Creditors Resolve to Liquidation
------------------------------------------------
Creditors of Holdsworth 4x4 Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
April 10.

Subsequently, Stephen L. Conn was appointed Liquidator.

The company can be reached at:

         Holdsworth 4x4 Limited
         Unit 10
         Pentraeth
         Gwynedd LL758LJ
         United Kingdom
         Tel: 01248 450 002
         Fax: 01248 450 194
         Web: http://www.holdsworth4x4.co.uk/


INCO LTD: European Commission Clears Falconbridge Acquisition
-------------------------------------------------------------
The proposed acquisition of Falconbridge Limited by Inco Limited
has received clearance from the European Commission.  

Inco satisfied the final outstanding regulatory condition to the
acquisition, and Falconbridge shareholders may tender their
shares to Inco's enhanced offer, which expires on July 13, 2006.  
The Board of Directors of Falconbridge has recommended the Inco
offer to Falconbridge shareholders.

The regulatory clearance, set forth in a decision issued by the
Commission, is structured on the same remedy agreed upon with
the U.S. Department of Justice.  This remedy is outlined in the
Troubled Company Reporter on June 8.

                       About Falconbridge

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

                           About Inco

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- is the world's #2 producer of nickel,  
which is used primarily for manufacturing stainless steel and
batteries.  Inco also mines and processes copper, gold, cobalt,
and platinum group metals.  It makes nickel battery materials
and nickel foams, flakes, and powders for use in catalysts,
electronics, and paints.  Sulphuric acid and liquid sulphur
dioxide are produced as byproducts.  The company's primary
mining and processing operations are in Canada, Indonesia, and
the UK.

                          *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating and Standard &
Poor's BB+ rating.


J. AND J. LEVY: Creditors Pass Winding Up Resolution
----------------------------------------------------
Creditors of J. and J. Levy Limited passed a resolution to wind
up the company's operations during an extraordinary general
meeting on April 12.

Timothy John Hargreaves of T H Associates was nominated
Liquidator.

The company can be reached at:

         J.and J. Levy Limited
         93 Commercial Square
         Leicester LE2 7SR
         United Kingdom
         Tel: 0116 255 5893
         Fax: 0116 285 4351


LCR CLINIC: Hires Liquidator from Carter Clark
----------------------------------------------
LCR Clinic Limited is liquidating its assets after creditors
opted to wind up the company on April 12.

A. J. Clark of Carter Clark was appointed Liquidator.

The company can be reached at:

         LCR Clinic Limited
         Lee Associates
         5 Southampton Place
         London WC1A2DA
         United Kingdom
         Tel: 020 8985 2020


MIDDLETONS OF AMBLESIDE: Appoints Mazars LLP as Administrators
--------------------------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint administrators of Middletons of Ambleside
Limited (Company Number 04422888) on June 8.

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

Middletons of Ambleside Limited can be reached at:

         Middletons Of Ambleside
         Compston Road
         Ambleside
         Cumbria LA22 9DJ
         United Kingdom
         Tel: 015394 321 54


NATIONAL PROVIDENT: Moody's Cuts IFSR to Ba1 & Withdraws Rating
---------------------------------------------------------------
Moody's Investors Service concluded its review of the Insurance
Financial Strength Ratings on Pearl Assurance plc and National
Provident Life Limited.

The IFSR of Pearl is confirmed at Baa3 and will be withdrawn,
whereas the IFSR of NPL is lowered by one notch to Ba1 and will
be withdrawn.  Moody's will withdraw these ratings for business
reasons.  

Moody's said that the one notch downgrade of NPL relative to the
rating confirmation of Pearl reflected the relative financial
strength of the two companies.  Pearl has a comparatively good
solvency position and a high quality of capital, reflected in a
MASC ratio of approximately 1.7x.  Conversely, Moody's views
NPL's capital position as weak from a U.K. life insurance
solvency perspective.  NPL has a MASC ratio of around 1.4x on an
unadjusted basis.  This figure includes credit for a contingent
loan arranged to assist with maintaining minimum statutory
solvency cover, which has been partly drawn down into the long-
term fund.

Moody's had previously placed these ratings on review for
possible downgrade on Feb. 22, 2005.

Pearl Assurance Company and National Provident Life are
headquartered in Peterborough, and had total assets as at end
2005 of GBP15.8 billion and GBP10.6 billion respectively.


P RUDDIMAN: Taps Begbies Traynor as Administrators
--------------------------------------------------
Michael E.G. Saville and Neil Andrew Brackenbury of Begbies
Traynor were appointed joint administrators of P. Ruddiman
Limited (Company Number 01820709) on June 8.

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

Headquartered in Huddersfield, United Kingdom, P. Ruddiman
Limited manufactures furniture.


RANK GROUP: Releases Trading Update for 26-Week to June 25
----------------------------------------------------------
Rank Group PLC released its trading update for 26-weeks to
June 25, 2006.

In the Group's Gaming Division, Grosvenor Casinos revenue
increased by 8% with admissions up 8% and spend-per-head flat.

Mecca Bingo's revenue is down by 1% against the same period last
year with a 1% rise in spend-per-head partially off-setting a 2%
decline in admissions.  The ban on smoking in public places
reflects an impact on the group's Scottish clubs, which
experienced a 14% decline in revenue from our 14 clubs in
Scotland with admissions down by 6% and spend-per-head by 9%
reduction.  

Revenue increased by 8% in Hard Rock's company-operated cafes,
with sales of food and beverage up 10% and merchandise ahead by
5%.  Total sales for company-operated cafes are ahead by 6%.

In addition the franchise royalties and two Hard Rock hotel-
casinos operated by the Seminole Tribe of Florida, in Tampa and
Fort Lauderdale, generated revenue improvements.

Hard Rock has performed strongly as part of The Rank Group and
is now entering a new phase of its development as it seeks to
expand its business in the restaurant, casino and hotel markets.

Accordingly, the Board of Rank has decided to review the
potential strategic options for Hard Rock, to assess whether or
not Hard Rock should remain part of The Rank Group.  Merrill
Lynch International has been retained to assist Rank in this
review.  The Board's intention is to complete the review during
the next few months.

In March 2006, Rank Group disclosed its intention to return
GBP200 million to shareholders through a share buy-back program.  
As at market close on June 30, 2006, the group purchased and
cancelled a total of 45.9 million shares in The Rank Group PLC
at a cost of GBP102 million.

Headquartered in London, Rank Group PLC -- http://www.rank.com/
-- is an international leisure and entertainment company.  The
Group provides services to the film industry, including film
processing, video duplication and cinema exhibition.  The
Group's leisure and entertainment activities entail gambling
services, encompassing Mecca Bingo Clubs and Grosvenor Casinos,
and owned and franchises Hard Rock cafes.

                        *     *     *

As reported in the TCR-Europe on March 8, Moody's Investors
Service assigned a Ba2 corporate family rating to The Rank Group
Plc and concurrently downgraded the senior unsecured long-term
debt ratings of Rank Group Finance Plc (guaranteed by The Rank
Group Plc) to Ba2 (from Baa3).

At the same time, Fitch Ratings downgraded The Rank Group PLC's
Long-term Issuer Default rating and Senior Unsecured ratings to
BB- from BB+ and removed them from Rating Watch Negative.  A
Negative Outlook is assigned.  The Short-term rating is affirmed
at B.  The downgrade follows the disposal of its film processing
business, Deluxe Film, and confirmation of a return of capital
to shareholders announced in conjunction with its 2005
preliminary results.

In addition, Standard & Poor's Ratings Services lowered its
long- and short-term corporate credit ratings on U.K.-based
diversified leisure and entertainment company The Rank Group PLC
to 'BB-/B' from 'BBB-/A-3'.  S&P said the outlook is stable.


REFCO INC: Ch. 11 Trustee Says Securities Advisory Panel Formed
---------------------------------------------------------------
Marc S. Kirschner, the Chapter 11 trustee of the estate of Refco
Capital Markets, Ltd., reports that an RCM Securities Advisory
Committee has been formed pursuant to an order by the United
States Bankruptcy Court for the Southern District of New York
establishing procedures for the sale of a limited amount of
securities.

The members of the RCM Securities Advisory Committee are:

   (i) Fintech Advisory Inc.;
  (ii) IDC Financial S.A.;
(iii) RB Securities Limited; and
  (iv) VR Advisory Services, Ltd.

Judge Robert Drain had previously authorized the RCM Trustee to
sell securities considered "volatile" for as much as
US$150,000,000 of the company's assets to prevent further loss
of value.  Judge Drain also permitted the sale of holdings
valued at less than US$200,000 without additional court
approval.

All four members of the RCM Securities Advisory Committee assert
positions as securities customers, Mark W. Deveno, Esq., at
Bingham McCutchen LLP, in New York, relates.

Pursuant to the Sale Order, the RCM Securities Advisory
Committee was anticipated to include four institutions asserting
positions as securities customers and one institution asserting
positions as a foreign exchange customer.  Mr. Deveno says the
RCM Trustee has contacted RCM's foreign exchange customers that
were actively involved in the negotiation of the Sale Order, but
none of those foreign exchange customers has been willing to
serve on the Advisory Committee.

The RCM Trustee contemplates allowing foreign exchange customers
to designate one party to receive notices of sales and to be
authorized to object to sales as if a member of the Advisory
Committee, Mr. Deveno adds.

Headquartered in New York, New York, Refco Inc. --
http://www.refco.com/-- is a diversified financial services  
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262). (Refco Bankruptcy News,
Issue No. 33; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


ROBERT EVERETT: Names Tim Alexander Clunie Liquidator
-----------------------------------------------------
Robert Everett Limited is liquidating its assets after creditors
agreed to wind up the company on April 7.

Tim Alexander Clunie of S G Banister & Co. was appointed
Liquidator.

The company can be reached at:

         Robert Everett Limited
         Haslers
         Old Station Road
         Loughton
         Essex IG104PL
         United Kingdom
         Tel: 020 7486 8678


RYACK TRANSPORT: Brings In DTE Leonard as Administrators
--------------------------------------------------------
J.M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of Ryack Transport Limited (Company Number
05346576) on June 12.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Headquartered in Northwich, United Kingdom, Ryack Transport
Limited is engaged in transport and haulage.


SANDERSON'S REMOVALS: Appoints Kroll as Administrators
------------------------------------------------------
R.A.H. Maxwell and S.C.E. Mackellar of Kroll Limited were
appointed joint administrators of Sanderson's Removals (Boston
Spa) Limited (Company Number 01388906) on June 12.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

Headquartered in Wetherby, United Kingdom, Sanderson's Removal
(Boston Spa) Limited is engaged in storage and warehousing.


SKYHAWK AVIATION: Hires SFP as Joint Administrators
---------------------------------------------------
Simon Franklin Plant and Daniel Plant of SFP were appointed
joint administrators of Skyhawk Aviation Security Limited
(Company Number 03906565) on June 8.

The administrators can be reached at:

         SFP
         9 Ensign House
         Admirals Way
         Marsh Wall
         London E14 9XQ
         United Kingdom

Skyhawk Aviation Security Limited can be reached at:

         2E Strafford Road
         Hounslow TW3 3EN
         United Kingdom
         Tel: 020 8577 6117


SNUGGERS REFURBS: Creditors Confirm Liquidator's Appointment
------------------------------------------------------------
Creditors of Snuggers Refurbs Limited confirmed the appointment
of Roderick Graham Butcher of Butcher Woods as Liquidator during
an extraordinary meeting on April 12.

The company can be reached at:

         Snuggers Refurbs Limited
         Unit 14B
         Midland Road
         Swadlincote
         Derbyshire DE1 10AN
         United Kingdom
         Tel: 01283 226 221
              01283 538 566
         Fax: 01283 538 566
         Web: http://www.snuggers.co.uk/


UNIQUE PRODUCTIONS: Brings In Liquidator from Langley & Partners
----------------------------------------------------------------
Alan S. Bradstock, of Langley & Partners, was appointed
Liquidator after creditors passed a resolution to wind up the
company on April 6.

The company can be reached at:

         Unique Productions Ltd  
         3 Staffa Road
         London, E10 7QX
         United Kingdom
         Tel: 020 8532 8787   


WEST'S ENGINEERING: Hires Joint Administrators from DTE
-------------------------------------------------------
J.M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of West's Engineering Design Limited
(Company Number 04315337) on June 12.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.


WINDERMERE VIII: Fitch Rates GBP24.2-Mln Class E Notes at BB
------------------------------------------------------------
Fitch Ratings assigned expected ratings to Windermere VIII PLC's
GBP1,037,790,000 commercial mortgage-backed floating-rate notes
due 2015:

   -- GBP220,000,000 Class A1: AAA;
   -- GBP558,500,000 Class A2: AAA;
   -- GBP57,500,000 Class A3: AAA;
   -- GBP61,500,000 Class B: AA;
   -- GBP62,000,000 Class C: A;
   -- GBP54,000,000 Class D: BBB; and
   -- GBP24,290,000 Class E: BB.

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

The expected ratings reflect the credit enhancement provided to
each Class by the subordination of Classes junior to it, the
positive and negative features of the underlying collateral, and
the integrity of the legal and financial structures.  They
address the timely payment of interest on the notes and the
ultimate repayment of principal by final legal maturity in April
2015.

This transaction is a securitization of eight loans secured by a
portfolio of 52 office properties located in London and across
England, Wales and Scotland.  The initial weighted average loan-
to-value is 74.9%, amortizing to 73.7% at notes' maturity.  U.K.
government entities account for 20.2% of the passing rent and
the Class A1 and Class A2 notes have been "time-tranched", so
that the Class A1 will be more sensitive to prepayments and the
Class A2 will feature a higher expected average life than the
Class A1.

Initial credit enhancement for each Class of notes is provided
by subordination of those Classes of notes junior to them.
Accordingly, the credit enhancement afforded to each Class of
notes is: 25% to Class A1 and A2, 19.4% to Class A3, 13.5% to
Class B, 7.5% to Class C and 2.3% to Class D.  The Class E
notes, as first loss piece, do not benefit from any credit
enhancement through subordination.

Interest on the notes will be paid quarterly in arrears on each
payment date, commencing Oct. 15.  The notes benefit from a
liquidity facility of GBP62.3 million and that reduces in line
with the outstanding principal balance or as a result of an
appraisal reduction mechanism.

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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
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prior written permission of the publishers.

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

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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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