TCREUR_Public/060707.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, July 7, 2006, Vol. 7, No. 134      

                            Headlines


A U S T R I A

A.H.A.: Postpones Creditors' Meeting to July 10
ARTIFEX-COMMUNICATIONS: Claims Registration Period Ends July 11
BAUMEISTER ING.: Creditors' Meeting Slated for July 11
BEUB: Claims Registration Period Ends July 25
DALIBOR KNEZEVIC: Claims Registration Period Ends July 19

HELAG: Claims Registration Period Ends July 11
L. MARSCHALL: Court Will Approve Property Manager's Decision
MB-BAU: Court Will Approve Property Manager's Final Decision


F R A N C E

EUROTUNNEL GROUP: Bankruptcy Imminent Absent Restructuring Deal
LIBERTY GLOBAL: Files Amended Annual Report for 2005 with US SEC


G E R M A N Y

AFG ARBEITSGEMEINSCHAFT: Claims Registration Ends July 28
FRANZ MOTZ: Claims Registration Ends July 21
KORROSIONSSCHUTZ NITSCH: Claims Registration Ends July 25
LEINHOS + VALENTIN: Claims Registration Ends July 26
POLYTEC GMBH: Claims Registration Ends July 11

SEB AG: Small German Franchise Prompts Moody's D+ Bank FSR
TEGENERO AG: Files for Bankruptcy After Drug Trial Crisis
UNSER BACKSHOP: Claims Registration Ends July 21
WEIGEL STUCK: Claims Registration Ends July 12
WIKUE DR. KEMPF: Creditors' Meeting Slated for July 13


I R E L A N D

STANTON VINTAGE: Moody's Rates US$16-Mln Class E Notes at Ba2


I T A L Y

ALITALIA SPA: Antitrust Agency Gives Partial Nod to Volare Deal
AVIO S.P.A.: Fitch Affirms Issuer Default Rating at B+
BANCA POPOLARE: Fitch Keeps Individual C Rating
IMPREGILO SPA: Inks US$825-Million Deal in Venezuela
VOLARE SPA: Antitrust Agency Gives Partial Nod to Alitalia Deal


K A Z A K H S T A N

AKTIV: Creditors Must File Claims by July 21
AZ OIL: Creditors Must File Claims by July 21
HIRON: Creditors Must File Claims by July 21
INJSTROI-K: Proof of Claim Deadline Slated for July 23
JAHAT: Proof of Claim Deadline Slated for July 23

KADES: Claims Registration Ends July 21
KARAT: Claims Registration Ends July 23
OAZ: Creditors' Claims Due July 21
STROITEHKOMPLEKT: Creditors' Claims Due July 21
USPEH: Akmola Court Opens Bankruptcy Proceedings


K Y R G Y Z S T A N

ARISTA: Creditors Must File Claims by Aug. 18
ATRIDA: Proof of Claim Deadline Slated for Aug. 18
OXNARD: Claims Registration Ends Aug. 18


N E T H E R L A N D S

ROMPETROL GROUP: S&P Affirms B- Corporate Credit Rating


N O R W A Y

ADB SYSTEMS: Completes Sale of Norwegian Biz Unit for US$2.8 Mln
FALCONBRIDGE: Industry Canada Delays Xstrata Investment Review


P O L A N D

CENTRAL EUROPEAN: S&P Affirms Low-B Ratings & Revises Outlook


R U S S I A

BUILDING ENTERPRISE 3: Court Begins Bankruptcy Supervision
BUTURLINOVSKIY: Court Names A. Lytkin as Insolvency Manager
CAOUTCHOUC: Court Appoints E. Lysov as Insolvency Manager
ELETS-LETHER: Court Names Y. Sobolev as Insolvency Manager
ELETSKAYA FURS: Court Names S. Fursov as Insolvency Manager

F.E.DZERZHINSKIY: Bankruptcy Hearing Slated for Aug. 10
LYUBAVA: Court Names Y. Golnev as Insolvency Manager
MARIYSK-MELIORATION: Court Begins Bankruptcy Supervision
MASLOBOYNOYE: Bankruptcy Hearing Slated for July 13
MI-TAN: Court Names Mr. V. Khmelnitskiy as Insolvency Manager

SERGIEVSK-AGRO-PROM-SERVICE: A. Miller to Manage Assets
SIB-INVEST-SERVICE: Court Names V. Khmelnitskiy to Manage Assets
SVOBODNYJ SOKOL: Court Commences Bankruptcy Supervision
YAYVINSKIY SAW-MILL: Court Starts Bankruptcy Supervision


S W I T Z E R L A N D

HUNTSMAN CORP: Buys Ciba's Textile Effects Biz for US$253 Mln


T U R K E Y

* Fitch Affirms Istanbul's Currency Rating at BB-

* Fitch Keeps B+ Foreign & Local Currency Ratings on Bursa


U K R A I N E

AZOVZALIZOBETON: Court Names Sergij Slavgorodskij as Liquidator
DEMIDIVSKIJ RAJAGROHIM: Court Names Pavlo Duplika as Liquidator
IVANICHI' SUGAR: Court Names Lubomir Cherevatij as Liquidator
GRANIT: Court Names State Tax Inspection as Liquidator
MATRIX: Court Appoints S. Shkuro as Insolvency Manager

NEGA: Court Names appointed Oleg Zaytsev as Insolvency Manager
PIVDENENERGOHIMZAHIST: Mikola Derebchinskij to Liquidate Asssets
SAHNOVSHINSKA RAJAGROHIMIYA: M. Nakonechnij to Manage Assets
STIROL: Fitch Places B Ratings on Watch Negative
SVITANOK: Court Names Oleksandr Tereshenko as Insolvency Manager

TWENTY FIRST CENTURY: Court Starts Bankruptcy Supervision
UKRSPETSKON: Court Names S. Shkuro to Liquidate Assets


U N I T E D   K I N G D O M

ABBEY CARPETS: Taps Lisa Hogg to Liquidate Assets
AMBER KHANA: Creditors Confirm Liquidator's Appointment
ASHTON PACKING: Names Andrew James Nichols as Administrator
BARKBY TIMBER: Names David John Watchorn Liquidator
CAMBRIDGE VEHICLE: Names Michael Perkins as Administrator

CAR GRAPHICS: Creditors Nominate Liquidator
CHERRYZEBRA LIMITED: Appoints Jeremy Knight as Administrator
CINRAM INT'L: D. Rubenstein Succeeds I. Philosophe as New CEO
CLIMATE CONTROL: Financial Woes Trigger Liquidation
COCO FINANCE: Moody's Rates EUR65.7-Mln Class E Notes at Ba2

COLLINS & AIKMAN: US Debtors Want Until Sept. 27 to File Plan
COLLINS & AIKMAN: US Debtors Want to Amend Loan to Permit Sale
COTT CORP: Brent Willis Executes Employment Agreement as CEO
CRYSTAL TRANSPORT: Brings In Administrators from Gerald Edelman
DAMOVO GROUP: Moody's Cut Ratings to B2 on Weak Performance

ELONEX PLC: Hires Administrators from Deloitte & Touche
ETYPE MEDIA: Creditors Pass Winding Up Resolution
EUROTUNNEL GROUP: Bankruptcy Imminent Absent Restructuring Deal
EVENT SECURITY: Brings In Liquidator from Crawfords
FIXED INCOME: Moody's Cuts EUR200-Mln Debt Ratings to Low-B

FORMTECH LTD: Hires Liquidator from Redman Nichols
GENERAL MOTORS: Board Braces for Dissent on Renault-Nissan Deal
ITA CEILINGS: Creditors Resolve to Liquidation
KFM FABRICATION: Brings In Administrators from BDO Stoy
LEATHER TREND: Liquidates Assets & Appoints Liquidator

MAJOR AIR: Taps Begbies Traynor to Administer Assets
MEDI-LOGISTICS: Appoints Smith & Williamson as Administrators
NOVELIS INC: Extends Consent Requests for Sr. Notes to July 12
OAKLEY TRAVEL: Appoints Administrator from Tenon Recovery
ORIGIN ASIA: Hires Joint Administrators from Hurst Morrison

REFCO INC: U.S. Court Says SPhinX Need Not Comply with Subpoenas

                            *********

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


A.H.A.: Postpones Creditors' Meeting to July 10
-----------------------------------------------
The scheduled meeting for creditors of LLC on Personnel
Development A.H.A. (FN 189609m) was postponed to 10:00 a.m. on
July 10.  The meeting will consider the adoption of the rule by
revision.

The meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor's bankruptcy case
(Bankr. Case No. 2 S 30/06h) was removed from (Bankr. Case No.
36 S 13/04f) on March 3.  


ARTIFEX-COMMUNICATIONS: Claims Registration Period Ends July 11
---------------------------------------------------------------
Creditors owed money by Advertising Agency LLC Artifex-
Communications (FN 98357v) have until July 11 to file written
proofs of claims to:

         Dr. Karl F. Engelhart
         Esteplatz 4
         1030 Vienna, Austria
         Tel:  712 33 30-0
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 25 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
May 23 (Bankr. Case No. 4 S 89/06z).  Daniel Lampersberger
represents Dr. Engelhart in the bankruptcy proceedings.


BAUMEISTER ING.: Creditors' Meeting Slated for July 11
------------------------------------------------------
Creditors owed money by LLC Baumeister Ing. Reinhold Duhs (FN
197756v) are encouraged to attend the creditors' meeting at
11:00 a.m. on July 11 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 9 (Bankr. Case No. 2 S 77/06w).  Wolfgang Pitzal serves
as the court-appointed property manager of the bankrupt estate.
Hannelore Pitzal represents Dr. Pitzal in the bankruptcy
proceeding.

The property manager and his representative can be reached at:

         Dr. Wolfgang Pitzal
         c/o Hannelore Pitzal
         Paulanergasse 9
         1040 Vienna, Austria
         Tel: 587 31 11-12 and 587 87 50
         Fax: 587 87 50 50
         E-mail: office@heller-pitzal.at


BEUB: Claims Registration Period Ends July 25
---------------------------------------------
Creditors owed money by Trade LLC Beub (FN 241119m) have until
July 25 to file written proofs of claims to court-appointed
property manager Andrea Simma at:

         Dr. Andrea Simma
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel:  513 67 03
         Fax: 513 67 03 33
         E-mail: ra_simma@aon.at  

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Aug. 8 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 2102
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
May 23 (Bankr. Case No. 45 S 32/06v).  Katharina Widhalm-Budak
represents Dr. Simma in the bankruptcy proceedings.


DALIBOR KNEZEVIC: Claims Registration Period Ends July 19
---------------------------------------------------------
Creditors owed money by KEG Dalibor Knezevic (FN 234511w) have
until July 19 to file written proofs of claims to court-
appointed property manager Wolfgang Winkler at:

         Mag. Wolfgang Winkler
         Reisnerstrasse 32/12
         1030 Vienna, Austria
         Tel:  7155045
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at   

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Aug. 2 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
May 23 (Bankr. Case No. 3 S 76/06f).  Maximilian Schludermann
represents Mag. Winkler in the bankruptcy proceedings.


HELAG: Claims Registration Period Ends July 11
----------------------------------------------
Creditors owed money by Construction LLC Helag (FN 218416a) have
until July 11 to file written proofs of claims to court-
appointed property manager Hans Rant at:

         Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna, Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at  

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 25 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
May 23 (Bankr. Case No. 4 S 88/06b).  Kurt Freyler represents
Dr. Rant in the bankruptcy proceedings.  

Dr. Freyler can be reached at:

         Seilerstatte 5
         1010 Vienna, Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at  


L. MARSCHALL: Court Will Approve Property Manager's Decision
------------------------------------------------------------
The Trade Court of Vienna declared on May 22 that it will
approve court-appointed property manager Daniel Lampersberger's
final decision for Trade and Construction LLC L. Marschall (FN
130028v).

Headquartered in Vienna, the Debtor declared bankruptcy on
Nov. 21, 2005 (Bankr. Case No. 3 S 122/05v).  Thomas Engelhart
represents Dr. Lampersberger in the bankruptcy proceeding.

The property manager and his representative can be reached at:

         Daniel Lampersberger
         c/o Thomas Engelhart
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at


MB-BAU: Court Will Approve Property Manager's Final Decision
------------------------------------------------------------
The Trade Court of Vienna declared on May 22 that it will
approve court-appointed property manager Nikolaus Vogt's final
decision for KEG MB-Bau Stanojevic (FN 259119h).

Headquartered in Vienna, the Debtor declared bankruptcy on
Jan. 24 (Bankr. Case No. 3 S 9/06b).  Eva Riess represents Mag.
Vogt in the bankruptcy proceeding.

The property manager and his representative can be reached at:

         Nikolaus Vogt
         Daniel Lampersberger
         Zeltgasse 3/13
         1080 Vienna, Austria
         Tel: 402 57 01 33
         Fax: 402 57 01-57
         E-mail: nikolaus.vogt@riess.co.at


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


EUROTUNNEL GROUP: Bankruptcy Imminent Absent Restructuring Deal
---------------------------------------------------------------
Eurotunnel S.A.'s Chairman and Chief Executive Jacques Gounon
has warned of a bankruptcy filing in France absent a consensual
deal with the company's bondholders and creditors by July 12.

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

Bloomberg News reports that Eurotunnel S.A.'s shareholder
Nicolas Miguet expressed that he prefers a French bankruptcy
proceeding over Eurotunnel's preliminary restructuring
agreement, Bloomberg News.

"I am trying to collect as many proxies as possible to negotiate
some changes, and if that doesn't work then the accord will be
rejected, which may be the best thing for shareholders anyway
since then a court will force all sides to come to an
agreement," Mr. Miguet told Bloomberg.

                     Bondholder Talks

Mr. Gounon has called for a meeting with holders of the
company's GBP1.9 billion bonds in Paris today to resolve the
GBP6.18 billion debt crisis, The Wall Street Journal reports.

WSJ said Mr. Gounon will not seek an extension to the fourth
waiver to its credit agreement Eurotunnel obtained on April 26.

"I don't see how, after 11 months of negotiations, we could find
a solution with a fifth waiver; that makes no sense," Mr. Gounon
told WSJ.

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

                        About the Company

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

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

                        *     *     *

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

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

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

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


LIBERTY GLOBAL: Files Amended Annual Report for 2005 with US SEC
----------------------------------------------------------------
Liberty Global Inc. filed on June 30 a Form 10-K/A to amend its
annual report for the year ended Dec. 31, 2005, with the U.S.
Securities and Exchange Commission.

Liberty Global filed this amendment to:

   (a) file under Item 8 -- Financial Statements and
       Supplementary Data -- and Item 15 -- Exhibits and
       Financial Statement Schedules -- the consolidated
       financial statements of its equity investees Telenet       
       Group Holding NV and PrimaCom AG, each as required by
       Rule 3-09 of Regulation S-X;

   (b) correct certain historical operating data in the
       business discussion of its networks in France and
       Switzerland in Item I -- Business;

   (c) correct the projected cash interest payments on debt
       and capital lease obligations for fiscal 2006, 2007,
       2008, 2009 and after 2010 in the discussion of financial
       commitments and contingencies in Item 7 -- Management's
       Discussion and Analysis of Financial Condition and
       Results of Operations;

   (d) correct the aggregate fair value of the Registrant's
       equity method and available-for-sale investments that
       were subject to price risk at Dec. 31, 2005, in the
       discussion of market risks related to the Registrant's
       cash and investments in Item 7A -- Quantitative and
       Qualitative Disclosures About Market; and

   (e) correct typographical errors and to make certain
       tabular and clarifying changes in Items 1 -- Business --
       and Item 7 -- Management's Discussion and Analysis of
       Financial Condition and Results of Operations -- and in
       its consolidated financial statements and notes filed
       under Item 8 -- Financial Statements and Supplementary
       Data.

                            Financials

The Company reported an US$80 million net loss on US$5.2 billion
of revenues for the year ended Dec. 31, 2005, compared to a
US$21.4 million net loss on US$2.5 billion of revenues for the
same period in 2004.

At Dec. 31, 2005, Liberty Global's balance sheet showed US$23.4
billion in total assets, US$13.8 billion in total liabilities,
and US$7.8 billion in stockholders' equity.

The Company's balance sheet showed strained liquidity with
US$2.2 billion in total current assets available to pay US$2.4
billion in current liabilities due within the year.

A full-text copy of the Company's amended 2005 annual report is
available for free at http://ResearchArchives.com/t/s?d17  

             Going Concern Doubt for Two Subsidiaries

As reported in the Troubled Company Reporter on March 22, two
auditing firms expressed a going concern opinion on Liberty
Global's two subsidiaries, Torneos y Competencias S.A. and
UnitedGlobalCom, Inc.

Finsterbusch Pickenhayn Sibille, the Argentine member firm of
KPMG International, expressed substantial doubt about Torneos y
Competencias' ability to continue as a going concern after
auditing the Company's financial statements for the years ended
Dec. 31, 2004 and 2003.  The auditing firm pointed to the
Company's default with respect to two bank loans, past due
payments on certain loans and a net working capital deficiency
at Dec. 31, 2004.

Arthur Andersen LLP expressed substantial doubt about
UnitedGlobalCom's ability to continue as a going concern after
auditing the Company's financial statements for the year ended
Dec. 31, 2001.  The auditing firm pointed to the Company's
recurring losses from operations, its default under certain of
its significant bank credit facilities, senior notes and senior
discount note agreements, which resulted in a significant net
working capital deficiency.

                       About Liberty Global

Headquartered in Englewood, Colorado, Liberty Global Inc. --
http://www.www.lgi.com/-- is an international broadband  
communications provider of video, voice and Internet access
services, with consolidated broadband operations in 19
countries, primarily in Europe, Japan and Chile.  Through its
indirect wholly owned subsidiary UGC Europe, Inc., and its
wholly owned subsidiaries UPC Holding B.V. and Liberty Global
Switzerland, Inc., collectively Europe Broadband, Liberty Global
provides video, voice and Internet access services in 13
European countries.  Through Liberty Global's indirect
controlling ownership interest in Jupiter Telecommunications
Co., Ltd., the Company provides video, voice and Internet access
services in Japan.  Through the Company's indirect 80%-owned
subsidiary VTR GlobalCom, S.A., it provides video, voice and
Internet access services in Chile.

                           *     *     *

As reported in the Troubled Company Reporter on Feb 22, 2006,
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to U.S.-listed, international cable
operator Liberty Global Inc.  S&P said the outlook is stable.


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


AFG ARBEITSGEMEINSCHAFT: Claims Registration Ends July 28
---------------------------------------------------------
Creditors of AFG Arbeitsgemeinschaft Frankfurter Glas- und
Gebaudereiniger-GmbH & Co. Kommanditgesellschaft have until
July 28 to register their claims with court-appointed
provisional administrator Angelika Amend.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Sept. 5, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main, Germany

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

The District Court of Frankfurt/Main opened bankruptcy
proceedings against AFG Arbeitsgemeinschaft Frankfurter Glas-
und Gebaudereiniger-GmbH & Co. Kommanditgesellschaft on June 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         AFG Arbeitsgemeinschaft Frankfurter Glas- und
         Gebaudereiniger-GmbH & Co. Kommanditgesellschaft
         Attn: Horst Schneider, Manager
         Sontraer Road 3
         60386 Frankfurt/Main, Germany

The administrator can be contacted at:

         Angelika Amend
         Min Wood Path 2 b
         D-61476 Kronberg, Germany
         Tel: 06173/78340
         Fax: 06173/783422


FRANZ MOTZ: Claims Registration Ends July 21
--------------------------------------------
Creditors of Franz Motz KG have until July 21 to register their
claims with court-appointed provisional administrator Karl-Horst
Beutel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Sept. 4, 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 Nuernberg
         Meeting Room 152/I
         Flaschenhofstr. 35
         Nuernberg, 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 Nuernberg opened bankruptcy proceedings
against Franz Motz KG on June 8.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Franz Motz KG
         Fruehlingsstr. 17
         90431 Nuernberg, Germany

The administrator can be contacted at:

         Karl-Horst Beutel
         Fuerther Str. 62
         90429 Nuernberg, Germany
         Tel: 0911/312203
         Fax: 0911/325523


KORROSIONSSCHUTZ NITSCH: Claims Registration Ends July 25
---------------------------------------------------------
Creditors of Korrosionsschutz Nitsch pro AGID GmbH have until
July 25 to register their claims with court-appointed
provisional administrator Gerrit Holzle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Kleve
         Meeting Room C 58
         Ground Floor
         Schlossberg 1 (Swan Castle)
         47533 Kleve, 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 Kleve opened bankruptcy proceedings
against Korrosionsschutz Nitsch pro AGID GmbH on June 16.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Korrosionsschutz Nitsch pro AGID GmbH
         Attn: Roland Nitsch, Manager
         Settler Way 35
         47495 Rhine Mountain, Germany

The administrator can be contacted at:

         Dr. Gerrit Holzle
         Rhine Route 75
         47623 Kevelaer, Germany


LEINHOS + VALENTIN: Claims Registration Ends July 26
----------------------------------------------------
Creditors of Leinhos + Valentin KG have until July 26 to
register their claims with court-appointed provisional
administrator Petra Mork.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 28, at which time the
administrator will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Principal Establishment
         Viktoriastrasse 14
         44787 Bochum, 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 Bochum opened bankruptcy proceedings
against Leinhos + Valentin KG on June 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Leinhos + Valentin KG
         Holzkampstr. 37
         58453 Witten, Germany

         Attn: Kerstin Leinhos, Manager
         Wideystr. 15
         58452 Witten, Germany

The administrator can be contacted at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund, Germany
         Tel: (0231) 95 206 30
         Fax: (0231) 95 206 316


POLYTEC GMBH: Claims Registration Ends July 11
----------------------------------------------
Creditors of POLYTEC GmbH have until July 11 to register their
claims with court-appointed provisional administrator Dr.
Juergen Tomp.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Aug. 1, 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 Kleve
         Meeting Room C 58
         Ground Floor
         Schlossberg 1 (Swan Castle)
         47533 Kleve, 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 Kleve opened bankruptcy proceedings
against POLYTEC GmbH on June 14.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         POLYTEC GmbH
         Weseler Str. 66
         46519 Alpen, Germany

         Attn: Rainer Huegens, Manager
         Nelkenstr. 11
         47929 Grefrath, Germany

The administrator can be contacted at:

         Dr. Juergen Tomp
         William Yard Avenue 75
         47800 Krefeld, Germany


SEB AG: Small German Franchise Prompts Moody's D+ Bank FSR
----------------------------------------------------------
Moody's investors Service assigned an Aa3 long-term and a Prime-
1 short-term deposit rating, and a D+ Bank Financial Strength
Rating to SEB AG, the German bank.  The Aa3/Prime-1 ratings are
underpinned by the 100% ownership by SEB AB, the Swedish parent
company, and the expected support from the parent in case of
need.

According to Moody's, the D+ FSR of SEB AG reflects:

   -- its small franchise in Germany with a market share of
around 0.5%

   -- the bank's improving financial fundamentals; and

   -- the benefits the bank derives from being a part of the SEB
Group in terms of processes, risk management and
information systems.

At the same time, the rating also acknowledges the current
revenue pressures, as well as SEB AG's reliance on funding from
the parent.  However, the latter is in accordance with the Group
policy.  Moody's also notes that, despite an improvement in
asset quality over recent years, some credit concentration
remains.

SEB AG, formerly known as BfG Bank, has gone through major
restructuring, including a large reduction in staff, since its
acquisition by SEB Group on January 1, 2000.  Major changes have
been implemented with regard to streamlining the organization
and aligning processes and systems in line with those of SEB
Group.  Moody's notes that the restructuring has improved
efficiency and the group's aligned systems have facilitated
better risk management, thus resulting in enhanced risk levels.
In addition, SEB AG's franchise, originally based on the former
BfG Bank's know-how in real estate and public sectors, has been
reinforced in both the retail and corporate banking sphere with
the SEB name.  Nevertheless, the performance of SEB AG still
lags that of SEB Group.  Despite the current growth strategy,
increasing revenue generation will continue to be a challenge in
the low-interest-rate and competitive environment.  Moody's
cautions that growth will also be affected by the slow German
economy.

Moody's says that the stable outlook on SEB AG's deposit ratings
is driven by the outlook on the parent's ratings, and therefore
an upgrade of the Aa3 rating would be dependent on an upgrade of
SEB AB's rating.  Similarly, a downgrade would result from a
downgrade of SEB AB or weakening support from the parent.
An upgrade of the FSR could result from higher revenue
generation, improvement of the franchise and a more diversified
funding base.  Negative pressure on the D+ rating could be
linked to deterioration in asset quality or profitability.

Headquartered in Frankfurt, Germany, SEB AG recorded total
assets of EUR55.8 billion at the end of 2005.  SEB AG was
acquired by SEB AB on Jan. 1, 2000 and today accounts for 27% of
its parent's asset base.  SEB AG is active on public sector
financing, retail and corporate banking and in asset


TEGENERO AG: Files for Bankruptcy After Drug Trial Crisis
---------------------------------------------------------
German drugmaker TeGenero AG filed for the commencement of
insolvency proceedings at the Insolvency Court in Wurzburg on
July 4.

The company cited its inability to attract investment to
continue operations after six men were left seriously ill due to
an unsuccessful clinical trial of its TGN1412 and TGN1412-HV
drugs.

"The unforeseeable adverse reactions caused by TGN1412 in the
TGN1412-HV phase 1 trial have made it impossible to attract the
investment necessary for the company to continue operations,"
the company said in a statement.

"The adverse events suffered by the volunteers in the TGN1412-HV
trial were personally devastating for everyone at the company,
dedicated as they are to the development of medicines which are
intended to help people with serious disease conditions,"
TeGenero added.

The investigations conducted by MHRA and Paul Ehrlich Institute
have identified no deficiencies in relation to the standard of
the pre-clinical testing of TGN1412 by TeGenero, consistent with
strict regulatory requirements and have concluded that the
adverse reactions experienced by the volunteers in the TGN1412-
HV trial were completely unforeseeable.  

"The unpredictability of such effects, presents a major
challenge for the industry if it is to develop this kind of
innovative and powerful treatments and we regret that our
company will not be able to continue working to find a solution
in the present scope," the company said.

The volunteers suffered multiple organ failure after taking part
in the trial at Northwick Park hospital in March, Sarah Hall
writes for The Guardian.

According to Bloomberg News, Gerling Allgemeine Versicherungs-
AG, the company's insurer, will continue to handle any damage
claims.

TeGenero is insured for GBP2 million, Bloomberg said citing
Martyn Day, counsel for the four patients, as saying.

Following the filing for insolvency, the Company's assets and
its management will be supervised, in accordance with German
rules, by an interim insolvency receiver until insolvency
procedures have been initiated by the relevant court.  The
procedures are expected to commence no later than three months
from the date of filing for insolvency.  At that time the
official insolvency receiver will take over the management of
the Company's assets.

Headquartered in Wurzburg, Germany, TeGenero AG --
http://www.tegenero.com/-- is a biopharmaceutical company that  
aims to provide patients the means to regain a functional and
balanced immune system.


UNSER BACKSHOP: Claims Registration Ends July 21
------------------------------------------------
Creditors of unser Backshop Verwaltungs- und
Betriebsgesellschaft mbH have until July 21 to register their
claims with court-appointed provisional administrator Lucas F.
Flother.

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

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Leipzig, 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 Leipzig opened bankruptcy proceedings
against unser Backshop Verwaltungs- und Betriebsgesellschaft mbH
on June 12.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         unser Backshop Verwaltungs- und
         Betriebsgesellschaft mbH
         Attn: Michael Opre, Manager
         Bruenner Str. 10
         04209 Leipzig, Germany

The administrator can be contacted at:

         Dr. Lucas F. Flother
         Nikolaistr. 3-5
         04109 Leipzig, Germany


WEIGEL STUCK: Claims Registration Ends July 12
----------------------------------------------
Creditors of Weigel Stuck + Maler GmbH have until July 12 to
register their claims with court-appointed provisional
administrator Kai Christian Uhr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 16, 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 Nuernberg
         Meeting Room 152/I
         Flaschenhofstr. 35
         Nuernberg, 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 Nuernberg opened bankruptcy proceedings
against Weigel Stuck + Maler GmbH on June 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Weigel Stuck + Maler GmbH
         Attn: Munzur Celaz, Manager
         Schnieglinger Str. 51
         90419 Nuernberg, Germany

The administrator can be contacted at:

         Dr. Kai Christian Uhr
         Aussere Sulzbacher Str. 118
         90491 Nuernberg, Germany
         Tel: (0911) 59890-0
         Fax: (0911) 59890-11, 12


WIKUE DR. KEMPF: Creditors' Meeting Slated for July 13
------------------------------------------------------
Creditors of WIKUE Dr. Kempf, Gallas 1
Grundstuecksentwicklungsgesellschaft mbH have until July 30 to
register their claims with court-appointed provisional
administrator Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 13, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Charlottenburg
         II Stick Hall 218
         District Court Place 1
         14057 Berlin, Germany
         
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against WIKUE Dr. Kempf, Gallas 1.
Grundstuecksentwicklungsgesellschaft mbH on May 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         WIKUE Dr. Kempf, Gallas 1
         Grundstuecksentwicklungsgesellschaft mbH         
         Kurfuerstendamm 37
         10719 Berlin, Germany

The administrator can be contacted at:

         Sebastian Laboga
         Einemstr. 24
         10785 Berlin, Germany
         Web: http://www.Kuebler-gbr.de/


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


STANTON VINTAGE: Moody's Rates US$16-Mln Class E Notes at Ba2
-------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the debt issuance of Stanton Vintage CDO P.L.C., a limited
purpose vehicle incorporated in Ireland:


   -- US$20,000,000 Class A Senior Floating Rate Notes due
2048: Aaa;

   -- US$60,000,000 Class B Deferrable Floating Rate Notes due
2048: Aa2;

   -- US$24,000,000 Class C Deferrable Floating Rate Notes due
2048:A2;

   -- US$20,000,000 Class D Deferrable Floating Rate Notes due
2048: Baa2;

   -- US$16,000,000 Class E Deferrable Floating Rate Notes due
2048: Ba2; and

   -- US$12,000,000 Class P Combination Notes due 2048 made of
US$4,000,000 of Class C, US$4,000,000 of Class D and
US$4,000,000 of Class F: A3.

Also to be issued are US$20,000,000 Class F Subordinated Notes,
which are not rated by Moody's.

The ratings address the expected loss posed to investors by the
final maturity of the Notes in 2048.

The rating on the Class P Notes addresses the ultimate return of
principal by the final maturity date as well as the ultimate
return of a 2% interest rate.

Stanton Vintage CDO P.L.C. is a partially funded managed CDO of
funded and unfunded CLOs, CDOs of ABS, Preferred Trust CDOs, EM
CDOs and Synthetic CDOs.  The Issuer may either buy cash
obligations or enter into Total Return Swaps referencing
mezzanine tranches.  It is established for the sole purpose of
issuing the notes, purchasing the collateral obligations and
entering into total return swaps and a Liquidity Swap to hedge
temporary liquidity shortfalls on the collateral.

The ratings on the Notes reflect:

   -- an assessment of the credit quality of and the portfolio
constraints surrounding the collateral to which Stanton
Vintage CDO P.L.C. is exposed;

   -- an assessment of the diversification of the US$400,000,000
pool of collateral debt obligations;

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

   -- the legal and structural integrity of the issue; and

   -- the abilities of the Investment Manager, Uniqa Alternative
Investments GmbH.

Provisional ratings were assigned to this transaction on May 31.


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


ALITALIA SPA: Antitrust Agency Gives Partial Nod to Volare Deal
---------------------------------------------------------------
Autorita Garante della Concorrenza e del Mercato, Italy's anti-
trust authority, has approved Alitalia S.p.A.'s takeover of low-
cost carrier Volare S.p.A., Reuters reports.

As condition to the takeover, the competition watchdog, however,
said Alitalia must:

   -- give up two Volare slots at Milan Linate Airport; and
   -- yield two of its Linate-to-Paris flight slots.

Autorita Garante said an Alitali-Volare merger would control the
market for the Linate-Paris route, leaving would-be sole rival
easyJet a 25%-30% share and two slots, Reuters relates.

As reported in TCR-Europe on May 31, Autorita Garante opened a
probe into national carrier Alitalia takeover of discount
airline Volare.  The competition commission said it would look
into the impact of the acquisition on flights from Milan Linate
to Bari, Brindisi, Lamezia, Catania, Naples, and Paris.

Both Alitalia and Volare operate flights on the routes and the
anti-trust agency want to determine Alitalia's unfair dominance
in their rivalry, AFX relates.

The commission said it would probe into:

   -- other routes from Linate where there is no overlap between    
      Alitalia and Volare;

   -- the possible take-off and landing slots that would
      emerge following the takeover; and

   -- whether the slot reallocations would increase  
      Alitalia's position, particular for business fliers.

Autorita expects to end the inquiry on July 10.

Italy's State Council has blocked Alitalia's EUR38 million
takeover bid of rival Volare on May 24 due to certain flaws in
the sale process.

Air One, which made the second highest bid for Volare, claims
that Alitalia is an unfair competitor and that it lacks the
conditions to buy another airline following a near-bankruptcy
miss in 2005, the Associated Press reports.  

Air One is reportedly eyeing the carrier's prized slots at
Milan's Linate Airport -- the closest commercial airport to the
city.  Alitalia had said it wanted to penetrate the low-cost
market more effectively and develop leisure routes in the Milan
and Lombardy regions through Volare.

In February, Alitalia managing director Giancarlo Cimoli warned
the Senate that the state carrier might lose EUR125 million if
it fails to acquire Volare S.p.A.

For the first three months of 2006, Alitalia booked EUR156.6
million in pre-tax loss, which the carrier attributed to the
sharp increase in fuel costs and the industrial unrest that
occurred in January.  Net revenues amounted to EUR965 million,
showing a decrease of EUR31 million compared a year ago.   
Operating loss amounted to EUR129 million, slightly higher than
EUR118 million a year ago.

                         About Volare

Headquartered in Milan, Italy, Volare Group S.p.A. --
http://www.volare-group.it/-- is an operative holding company  
that controls Volare Airlines S.p.A. and Air Europe since 2001.  
The company declared insolvency on Nov. 22, 2004, citing huge
debt and heavy losses.  The group then filed for extraordinary
administration, which allowed it to be protected from creditors
while resuming daily operations.  Volare emerged from
administration in spring, after beating its EUR7 million revenue
forecast by around EUR3.8 million.  Volare needs fresh capital
to expand its fleet.  

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked net losses of EUR520 million in
2003; EUR813 million in 2004; and EUR168 million in 2005.


AVIO S.P.A.: Fitch Affirms Issuer Default Rating at B+
------------------------------------------------------
Fitch Ratings affirmed Avio S.p.A.'s Issuer Default rating at
B+.  The agency has also affirmed Avio's senior secured
facilities at BB/RR2, ASPropulsion Capital B.V.'s EUR200 million
9.625% senior notes due 2013 at BB/RR2 and Aero Invest 1 S.A.'s
EUR375 million floating-rate senior payment-in-kind notes due
2015 at B/RR5.  

As a result of the redemption on June 29 of the ASPropulsion's
senior notes and the Aero Invest 1's PIK notes described above
and the refinancing of its senior secured bank facilities
announced by Avio on June 1, Fitch has withdrawn all the ratings
listed above and will no longer provide coverage on this name.


BANCA POPOLARE: Fitch Keeps Individual C Rating
-----------------------------------------------
Fitch Ratings affirmed Banca Popolare di Vicenza's ratings at
Issuer Default A-, Short-term F2, Individual C and Support 3.  
The Outlook remains Stable.

The Issuer Default, Short-term and Individual ratings reflect
BPVi's good franchise in its home region.  This should allow the
bank to develop revenues further as it penetrates deeper into
its core client base of SMEs and individuals.  Asset quality
remains satisfactory despite the strong growth in volumes and a
slight increase in impaired lending during 2005.  The high
fragmentation of BPVi's loan book should ensure that no large
loan losses materialize.  Furthermore, as risk controls improve,
credit risk should remain under control despite the planned
growth in volumes.

BPVi's performance improved in 2005 although this was achieved
partly because of changes in accounting for goodwill.  An
improvement in underlying profitability is a requisite for any
potential improvement in the ratings.

However, Fitch also notes some weaknesses in the bank's
corporate governance despite it meeting all regulatory
requirements.  Limits on risk exposures are being increased by
the board of directors on an ad hoc basis as potentially
lucrative investment opportunities arise.

The bank's capital base is strong following an injection of
capital at end-2005, which raised its Tier 1 ratio to 7.82% from
6.59% at end-2004 and the total capital ratio to 11.48% from
9.29%.  However, its planned growth can be expected to put
pressure on capital and costs.

BPVi was the 6th largest cooperative bank in Italy at end-2005.
It is present in North-Eastern, Central and Southern Italy, the
latter two areas through its 79%-held subsidiary Cassa di
Risparmio di Prato and Banca Nuova.  At end-2005, the group had
534 branches and outlets and 4,601 staff.


IMPREGILO SPA: Inks US$825-Million Deal in Venezuela
----------------------------------------------------
The joint venture among Astaldi S.p.A., Ghella S.p.A. and
Impregilo S.p.A. with equal shares of 33.33% each has signed a
contract worth US$825 million with the Instituto Autonomo de
Ferrocaril del Estado (IAFE) the autonomous state railway entity
of the Bolivarian Republic of Venezuela to:

   -- design and build seven railway stations, two inter-ports,
      and two train-maintenance shops; and

   -- lay track for the Puerto Cabello-La Encrucijada railway,
      whose construction, by the same grouping, is already at an
      advanced stage.
  
The contract means that work will be able to commence
immediately on a first batch of operations envisaged under an
additional agreement worth US$1.5 billion.  The new contract was
drawn up following exercise by the IAFE a few months ago of an
option provided under the previous contract for civil works
construction on the Puerto Cabello-La Encrucijada line.

                          About Astaldi

Headquartered in Rome, Italy, Astaldi S.p.A. --
http://www.astaldi.it/english/index.html-- designs and builds  
civil and industrial complexes.  The company also develops
railroads, subways, airports, tunnels and hydraulic and
hydroelectric power stations. The Group has operations in Italy,
Europe, Africa, Asia and America.

                          About Ghella

Headquartered in Rome, Italy, Ghella S.p.A. --
http://www.ghella.com/-- is engaged in civil construction,  
railway building and road works.  The group has operations in
France and in Latin America.

                         About Impregilo

Headquartered in Milan, Italy, Impregilo S.p.A. --
http://www.impregilo.it/-- is involved in the construction of  
dams and hydroelectric schemes since 1906.  In 2005, Impregilo
posted consolidated net sales of EUR2.4 billion, compared to
EUR2.9 billion in 2004.  It attributed the decrease to a general
downturn in sales volumes, the de-consolidation of some
operations and the absence of extraordinary items recognized in
2004.  

In 2005, the Group posted a consolidated operating loss of
EUR254.4 million.  A significant factor in the result was the
aggregate operating loss (EUR260 million) of the non-core
businesses (Building & Services, Campania MSW Project, Imprepar
in liquidation), which are being sold/retired or are in
liquidation.

At Dec. 31, 2005, the company reported EUR739.18 million of net
debt, including discontinued operations.  Shareholders' equity
at Dec. 31, 2005, amounted to EUR516.7 million, an increase of
EUR305 million from Dec. 31, 2004.  Impregilo is optimistic it
could achieve its profit forecast and debt-to-equity ratio of
0.5 in 2007.  Lazard Freres & Co. LLC is advising Impregilo.


VOLARE SPA: Antitrust Agency Gives Partial Nod to Alitalia Deal
---------------------------------------------------------------
Autorita Garante della Concorrenza e del Mercato, Italy's anti-
trust authority, has approved Alitalia S.p.A.'s takeover of low-
cost carrier Volare S.p.A., Reuters reports.

As condition to the takeover, the competition watchdog, however,
said Alitalia must:

   -- give up two Volare slots at Milan Linate Airport; and
   -- yield two of its Linate-to-Paris flight slots.

Autorita Garante said an Alitali-Volare merger would control the
market for the Linate-Paris route, leaving would-be sole rival
easyJet a 25%-30% share and two slots, Reuters relates.

As reported in TCR-Europe on May 31, Autorita Garante opened a
probe into national carrier Alitalia takeover of discount
airline Volare.  The competition commission said it would look
into the impact of the acquisition on flights from Milan Linate
to Bari, Brindisi, Lamezia, Catania, Naples, and Paris.

Both Alitalia and Volare operate flights on the routes and the
anti-trust agency want to determine Alitalia's unfair dominance
in their rivalry, AFX relates.

The commission said it would probe into:

   -- other routes from Linate where there is no overlap between    
      Alitalia and Volare;

   -- the possible take-off and landing slots that would
      emerge following the takeover; and

   -- whether the slot reallocations would increase  
      Alitalia's position, particular for business fliers.

Autorita expects to end the inquiry on July 10.

Italy's State Council has blocked Alitalia's EUR38 million
takeover bid of rival Volare on May 24 due to certain flaws in
the sale process.

Air One, which made the second highest bid for Volare, claims
that Alitalia is an unfair competitor and that it lacks the
conditions to buy another airline following a near-bankruptcy
miss in 2005, the Associated Press reports.  

Air One is reportedly eyeing the carrier's prized slots at
Milan's Linate Airport -- the closest commercial airport to the
city.  Alitalia had said it wanted to penetrate the low-cost
market more effectively and develop leisure routes in the Milan
and Lombardy regions through Volare.

In February, Alitalia managing director Giancarlo Cimoli warned
the Senate that the state carrier might lose EUR125 million if
it fails to acquire Volare S.p.A.

For the first three months of 2006, Alitalia booked EUR156.6
million in pre-tax loss, which the carrier attributed to the
sharp increase in fuel costs and the industrial unrest that
occurred in January.  Net revenues amounted to EUR965 million,
showing a decrease of EUR31 million compared a year ago.   
Operating loss amounted to EUR129 million, slightly higher than
EUR118 million a year ago.

                         About Volare

Headquartered in Milan, Italy, Volare Group S.p.A. --
http://www.volare-group.it/-- is an operative holding company  
that controls Volare Airlines S.p.A. and Air Europe since 2001.  
The company declared insolvency on Nov. 22, 2004, citing huge
debt and heavy losses.  The group then filed for extraordinary
administration, which allowed it to be protected from creditors
while resuming daily operations.  Volare emerged from
administration in spring, after beating its EUR7 million revenue
forecast by around EUR3.8 million.  Volare needs fresh capital
to expand its fleet.  

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in  
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries from
hubs in Rome and Milan and operates a fleet of about 185
aircraft.  The Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked net losses of EUR520 million in
2003; EUR813 million in 2004; and EUR168 million in 2005.


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


AKTIV: Creditors Must File Claims by July 21
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Aktiv insolvent.

Creditors have until July 21 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Myzy Str. 29-77
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 57-77-29


AZ OIL: Creditors Must File Claims by July 21
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Az Oil Servis (RNN 600400124686) insolvent on April 19.

Creditors have until July 21 to submit written proofs of claim
to:

         LLP Az Oil Servis
         Office 204
         Kunayeva Str. 99a
         Almaty, Kazakhstan
         Tel: 8 (3272) 72-99-63
              8 (3007) 18-01-17


HIRON: Creditors Must File Claims by July 21
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Hiron insolvent on May 2 without the
introduction of bankruptcy proceedings.

Creditors have until July 21 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 Debtor can be reached at:

         LLP Hiron
         Abai Ave. 20-404
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan


INJSTROI-K: Proof of Claim Deadline Slated for July 23
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Injstroi-K insolvent on April 28.

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

         The Specialized Inter-Regional
         Economic Court of Almaty Region
         Karasai batyr Str. 15a
         Talgar
         Almaty Region
         Kazakhstan
         Tel: 8 (274) 2-73-36
              8 (3003) 21-43-31


JAHAT: Proof of Claim Deadline Slated for July 23
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Jahat insolvent on April 28.

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

         The Specialized Inter-Regional
         Economic Court of Almaty Region
         Karasai batyr Str. 15a
         Talgar
         Almaty Region
         Kazakhstan
         Tel: 8 (274) 2-73-36
              8 (3003) 21-43-31


KADES: Claims Registration Ends July 21
---------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared JSC Kades insolvent on April 28.

Creditors have until July 21 to submit written proofs of claim
to:

         JSC Kades
         Office 4   
         Kassina Str. 2/1
         Mamyr
         050052 Almaty Region
         Kazakhstan
         Tel: 8 (3272) 93-19-22
              8 (3335) 59-68-31
              8 (3332) 58-50-41


KARAT: Claims Registration Ends July 23
---------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Karat insolvent on May 3.

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

         The Specialized Inter-Regional
         Economic Court of Akmola Region
         Room 228
         Auelbekova Str. 139a
         Kokshetau
         Akmola Region
         Kazakhstan
         Tel: 8 (3162) 25-79-32


OAZ: Creditors' Claims Due July 21
----------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Oaz insolvent.

Creditors have until July 21 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Myzy Str. 29-77
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 57-77-29


STROITEHKOMPLEKT: Creditors' Claims Due July 21
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Stroitehkomplekt insolvent.

Creditors have until July 21 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Myzy Str. 29-77
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 57-77-29


USPEH: Akmola Court Opens Bankruptcy Proceedings
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
commenced bankruptcy proceeding against JSC Uspeh on May 12.


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


ARISTA: Creditors Must File Claims by Aug. 18
---------------------------------------------
LLC Arista has declared insolvency.  Creditors have until
Aug. 18 to submit written proofs of claim to:

         LLC Arista
         Chui Ave. 226
         Bishkek, Kyrgyzstan


ATRIDA: Proof of Claim Deadline Slated for Aug. 18
--------------------------------------------------
LLC Atrida has declared insolvency.  Creditors have until
Aug. 18 to submit written proofs of claim to:

         LLC Atrida
         Sadygalieva Str. 5
         Bishkek, Kyrgyzstan


OXNARD: Claims Registration Ends Aug. 18
----------------------------------------
LLC Oxnard has declared insolvency.  Creditors have until
Aug. 18 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 47-35-50.


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


ROMPETROL GROUP: S&P Affirms B- Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherlands-based oil refiner and marketer The Rompetrol Group
N.V. to stable from negative.

At the same time, Standard & Poor's affirmed its 'B-' long-term
corporate credit rating on Rompetrol.
     
"The outlook revision follows the Bucharest Court of Appeals'
decision to reject the general prosecutor's requests to place
Rompetrol's owners in preventative custody awaiting a possible
trial," said Standard & Poor's credit analyst Per Karlsson.

"It also reflects the company's improved operational performance
and corporate governance practices."

The rating remains constrained by the company's considerable
refinancing needs, ambitious capital expenditure plans,
integration risks following the acquisition of French assets,
and concentrated refining asset base.  Rompetrol is highly
leveraged, with total debt at year-end 2005 of US$972 million,
including a US$719 million convertible bond.
     
These factors are offset, however, by the favorable location of
Rompetrol's key Petromidia refinery close to the Black Sea, the
refinery's ability to process cheaper Urals crude oil into a
light product mix, and improving operating performance.
     
Rompetrol should be able to roll over its high short-term bank
exposure despite the ongoing investigation.  Any potential legal
process resulting from the investigation would likely take
between three and four years, during which time S&P would not
expect Rompetrol's operations to be affected.

The outlook would be revised to negative or the rating lowered
if the final outcome of the investigation results in a material
cash outflow, weakening liquidity, higher debt, or loss of
control over the Petromidia refinery.

"Rating upside potential is limited in the short term," said Mr.
Karlsson.  "An outlook revision to positive or upgrade over the
medium to long term would require a positive outcome to the
ongoing investigation into Rompetrol, or the prosecutor deciding
to drop the charges."

Standard & Poor's would also expect Rompetrol to address its
high short-term debt, and prove its ability to retain a majority
stake in the Petromidia refinery before an upgrade could take
place.


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


ADB SYSTEMS: Completes Sale of Norwegian Biz Unit for US$2.8 Mln
----------------------------------------------------------------
Northcore Technologies Inc., formerly ADB Systems International
Ltd., successfully completed the sale of its Norwegian business
unit for US$2.8 million in cash and debt settlement as well as a
four-year revenue share agreement.

The transaction was approved by shareholders at the company's
annual general meeting.  At the meeting, shareholders also voted
to change the company's name to Northcore Technologies.

The company will continue to trade under the symbols ADY on the
TSX and ADBYF on the over-the-counter market until further
notice.  New trading symbols are expected to be introduced
within two weeks pending regulatory approvals and process.

                        About ADB Systems

Headquartered in Ontario, Canada, ADB Systems International Ltd.
(TSX: ADY; OTCBB: ADBYF) -- http://www.adbsys.com/-- delivers  
asset lifecycle management solutions that help organizations
source, manage and sell assets for maximum value.  ADB works
with a growing number of customers and partners in a variety of
sectors including oil and gas, government, healthcare,
manufacturing and financial services.

Through its wholly owned subsidiary, ADB Systems USA, Inc., ADB
owns a 50% interest in GE Asset Manager, a joint business
venture with GE.  ADB has offices in Toronto (Canada), Stavanger
(Norway), Tampa (U.S.), Dublin (Ireland), and London (U.K.).

At Dec. 31, 2005, the Company's balance sheet showed a
stockholders' deficit of CDN$2,710,000, compared to a
CDN$1,009,000 deficit at Dec. 31, 2004.


FALCONBRIDGE: Industry Canada Delays Xstrata Investment Review
--------------------------------------------------------------
The Investment Review Division of Industry Canada reported that
the Minister responsible for the Investment Canada Act is unable
to complete the consideration of Xstrata plc's investment in
connection with the proposed acquisition of Falconbridge Limited
within the initial 45-day period.  As prescribed in the ICA, the
Minister extended the review period to 30 days from July 3.

In Canada, all foreign companies seeking to invest must be
cleared under the Investment Canada Act, assessing whether the
investment will have a "net benefit" to the country.

According to Reuters, Xstrata owns 20% of Falconbridge and is
trying to buy 80% of its shares in a hostile bid.

                           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.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.


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


CENTRAL EUROPEAN: S&P Affirms Low-B Ratings & Revises Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Central European Distribution Corp., a leading distributor and
producer of alcoholic beverages in Poland, to positive from
stable.

At the same time, Standard & Poor's affirmed its 'B' long-term
corporate credit and 'B-' senior secured debt ratings on CEDC.
     
"Profitability has improved following the successful integration
of Polish vodka producers Bols and Polmos Bialystok, which CEDC
acquired in 2005," said Standard & Poor's credit analyst Ivan
Strougatski.

The ratings are constrained by the current high leverage that
results from the company's ambitious growth strategy and
opportunistic acquisitions.  This is reflected in CEDC's funds
from operations to total debt ratio, which stood at 13%
annualized in the first quarter of 2006.  

The ratings are further constrained by:

   -- the company's participation in the highly competitive and
fragmented Polish alcoholic-beverage distribution
industry;

   -- its exposure to the mature vodka market, given its limited
geographic and product diversity; and

   -- the risk of loss of sales from nonexclusive distribution
contracts.

These negative rating factors are partially mitigated by CEDC's
already established nationwide distribution network in Poland
and the successful integration of Bols and Bialystok, which S&P
expects to enhance the company's profitability and cash flow
generation.

"Standard & Poor's expects that CEDC will sustain or reduce
current leverage while improving its diversification and market
position," Mr. Strougatski added.

"This is despite possible partly debt-funded opportunistic
acquisitions, potentially outside Poland."

S&P expects CEDC's profitability and cash flow generation to
further improve as the company realizes additional synergies at
its distribution and production businesses.  The ratings could
be lowered, however, should CEDC substantially increase its
leverage or make significant capital commitments in a limited
time to a large number of new markets.


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


BUILDING ENTERPRISE 3: Court Begins Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic has commenced
bankruptcy supervision procedure on LLC Building Enterprise 3
(TIN 0277056740).  

The case is docketed under Case No. A07-5954/06-G-KhRM.

The Temporary Insolvency Manager is:

         Mr. A. Dergachev
         Apartment 2
         Zelenogorodskaya Str. 9
         Ufa
         450104 Bashkortostan Republic
         Russia

The Debtor can be reached at:

         LLC Building Enterprise 3
         Gorkogo Str. 69a
         Ufa
         450000 Bashkortostan Republic
         Russia


BUTURLINOVSKIY: Court Names A. Lytkin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Voronezh Region appointed Mr. A. Lytkin
as Insolvency Manager for OJSC Food Combine Buturlinovskiy.  He
can be reached at:

         A. Lytkin
         Zhelyabova Str. 10.
         394030 Voronezh Region
         Russia

The Court commenced bankruptcy proceedings were against the
company after finding it insolvent.  The case is docketed under
Case No. A14-2598-2006-31/16b.  

The Debtor can be reached at:

         OJSC Food Combine Buturlinovskiy
         Dorozhnaya Str. 24
         Buturlinovka
         Voronezh Region
         Russia


CAOUTCHOUC: Court Appoints E. Lysov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Bashkortostan Republic appointed Mr. E.
Lysov as Insolvency Manager for CJSC Caoutchouc (TIN
0268010429).  He can be reached at:

         Mr. E. Lysov
         Tekhnicheskaya Str. 14
         Sterlitamak
         453110 Bashkortostan Republic
         Russia

The Court commenced bankruptcy proceedings were against the
company after finding it insolvent.  The case is docketed under
Case No. A-07-26627/05-G/PAV.  

The Debtor can be reached at:

         CJSC Caoutchouc
         Tekhnicheskaya Str. 14
         Sterlitamak
         453110 Bashkortostan Republic
         Russia


ELETS-LETHER: Court Names Y. Sobolev as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Lipetsk Region appointed Mr. Y. Sobolev
as Insolvency Manager for OJSC Elets-Lether.  He can be reached
at:

         Y. Sobolev
         Novolipetskaya Str. 8
         Elets
         Lipetsk Region
         Russia

The Court commenced bankruptcy proceedings were against the
company after finding it insolvent.  The case is docketed under
Case No. A36-4019/2005.

The Debtor can be reached at:

         OJSC Elets-Lether
         Novolipetskaya Str. 8.
         Elets
         Lipetsk Region
         Russia


ELETSKAYA FURS: Court Names S. Fursov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Lipetsk Region appointed Mr. S. Fursov
as Insolvency Manager for CJSC Eletskaya Furs.  He can be
reached at:

         S. Fursov
         Apartment 120
         Stakhanova Str. 2
         198046 Lipetsk Region
         Russia

The Court commenced bankruptcy proceedings were against the
company after finding it insolvent.  The case is docketed under
Case No. A36-428/2006.

The Debtor can be reached at:

         CJSC Eletskaya Furs
         Post User Box 96
         Main Post Office
         Eletsk
         Lipetsk Region
         Russia


F.E.DZERZHINSKIY: Bankruptcy Hearing Slated for Aug. 10
-------------------------------------------------------
The Arbitration Court of Perm Region will convene on Aug. 10 to
hear the bankruptcy supervision procedure on Federal State
Unitary Enterprise Engineering Factory Named After
F.E.Dzerzhinskiy.  

The case was docketed under Case No. A50-43610/2005-V.

The Temporary Insolvency Manager is:

         Mr. E. Lysov
         Dzerzhinskogo Str. 1
         614600 Perm Region
         Russia

The Debtor can be reached at:

         F.E.Dzerzhinskiy
         Dzerzhinskogo Str. 1
         614600 Perm Region
         Russia


LYUBAVA: Court Names Y. Golnev as Insolvency Manager
----------------------------------------------------
The Arbitration Court of Chuvashiya Republic appointed Mr. Y.
Golnev as Insolvency Manager for LLC Garment Enterprise Lyubava
(TIN 2125000634).  He can be reached at:

         Mr. Y. Golnev
         Lenina Pr. 4
         Cheboksary
         428031 Chuvashiya Republic
         Russia

The Court commenced bankruptcy proceedings were against the
company after finding it insolvent.  The case is docketed under
Case No. A79-1445/2006.

The Debtor can be reached at:

         LLC Garment Enterprise Lyubava
         Lenina Str. 7
         Alatyr
         429820 Chuvashiya Republic
         Russia


MARIYSK-MELIORATION: Court Begins Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Mariy El Republic has commenced
bankruptcy supervision procedure on OJSC Mariysk-Melioration.  
The case is docketed under Case No. A-38-170-19/106-2006.

The Temporary Insolvency Manager is:

         Mr. V. Yakovlev
         Post User Box 67
         Main Post Office
         Yoshkar-Ola
         424000 Mariy El Republic
         Russia

The Arbitration Court of Mariy El Republic is located at:

         Leninskiy Pr. 40
         Yoshkar-Ola
         424002 Mariy El Republic
         Russia

The Debtor can be reached at:

         OJSC Mariysk-Melioration
         Chekhhova Str. 24
         Medvedevo
         425200 Mariy El Republic
         Russia


MASLOBOYNOYE: Bankruptcy Hearing Slated for July 13
---------------------------------------------------
The Arbitration Court of Belgorod Region will convene at 11.00
a.m. on July 13 to hear the bankruptcy supervision procedure on
OJSC Masloboynoye.  The case is docketed under Case No.
A08-13803/05-24 B.

The Temporary Insolvency Manager is:

         Mr. A. Morozov
         Post User Box 13
         394038 Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Masloboynoye
         Pryadchenko Str. 114
         Stary Oskol
         Belgorod Region
         Russia


MI-TAN: Court Names Mr. V. Khmelnitskiy as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Omsk Region appointed Mr. V.
Khmelnitskiy as Insolvency Manager for CJSC Building Company Mi-
Tan (TIN 5506042438).  He can be reached at:

         V. Khmelnitskiy
         K. Marks Pr. 4-209a
         664024 Omsk-24
         Russia

The Court commenced bankruptcy proceedings were against the
company after finding it insolvent.  The case is docketed under
Case No. K/E-434/05.  

The Debtor can be reached at:

         CJSC Building Company Mi-Tan
         Omsk
         Russia


SERGIEVSK-AGRO-PROM-SERVICE: A. Miller to Manage Assets
-------------------------------------------------------
The Arbitration Court of Samara Region appointed Mr. A. Miller
as Insolvency Manager for CJSC Sergievsk-Agro-Prom-Service.  He
can be reached at:

         A. Miller
         Post User Box 188
         GOS-11
         Almetyevsk
         423461 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings were against the
company after finding it insolvent.  The case is docketed under
Case No. A55-13928/2005.

The Debtor can be reached at:

         CJSC Sergievsk-Agro-Prom-Service
         Skvoznaya Str. 35
         Surgut
         Sergievskiy Region
         Samara Region
         Russia


SIB-INVEST-SERVICE: Court Names V. Khmelnitskiy to Manage Assets
----------------------------------------------------------------
The Arbitration Court of Omsk Region appointed Mr. V.
Khmelnitskiy as Insolvency Manager for CJSC International
Holding Company Sib-Invest-Service.  He can be reached at:

         V. Khmelnitskiy
         K. Marks Pr. 4-209a
         664024 Omsk-24
         Russia

The Court commenced bankruptcy proceedings were against the
company after finding it insolvent.  The case is docketed under
Case No. K/E-134/05.

The Debtor can be reached at:

         CJSC International Holding Company
         Sib-Invest-Service
         Omsk Region
         Russia


SVOBODNYJ SOKOL: Court Commences Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Lipetsk Region will convene on July 27
to hear the bankruptcy supervision procedure on OJSC Svobodnyj
Sokol.  The case is docketed under Case No. A36-518/2006.

The Temporary Insolvency Manager is:

         Mr. R. Chotchaev
         Post User Box 15.
         394038 Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Svobodnyj Sokol
         Zamartynye
         Dobrovskiy Region
         Lipetsk Region
         Russia


YAYVINSKIY SAW-MILL: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Perm Region has commenced bankruptcy
supervision procedure on CJSC Yayvinskiy Saw-Mill.  The case was
docketed under Case No. A50-5105/06-B.

The Temporary Insolvency Manager is:

         Mr. I. Bagin
         Office 209
         Building 2
         St. Bolshevikov Str. 2a
         620017 Ekaterinburg
         Russia

The Debtor can be reached at:

         CJSC Yayvinskiy Saw-Mill
         Zavodskaya Str. 11
         Yayva
         Aleksandrovsk
         Perm Region
         Russia


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


HUNTSMAN CORP: Buys Ciba's Textile Effects Biz for US$253 Mln
-------------------------------------------------------------
Huntsman Corp. has completed the acquisition of the global
Textile Effects business of Ciba Specialty Chemicals Holding
Inc. for CHF332 million (US$253 million), subject to customary
post-closing working capital and other adjustments.

The Company will immediately combine Textile Effects with its
Advanced Materials business to form a new division called
Materials and Effects.  Paul Hulme, who is currently President
of Advanced Materials, will be President of the new Materials
and Effects division.

"We are pleased the acquisition has gone smoothly and look
forward, now, to the Textile Effects business being an integral
part of our differentiated business group," Peter R. Huntsman,
president and chief executive officer of Huntsman Corporation,
commented.  

"The acquisition is in keeping with our goal of considerably
expanding our differentiated portfolio.  Further, we believe
combining Textile Effects with our Advanced Materials division
will bring us significant beneficial synergies and
efficiencies."

Textile Effects is the leading global supplier of textile
solutions, manufacturing a broad range of dye and chemical
products that enhance the color of finished textiles and improve
such performance characteristics as wrinkle resistance and the
ability to repel water and stains.  The business has
approximately 4,000 employees and operates eleven primary
manufacturing facilities located in seven countries.  It serves
over 10,000 customers located in 80 countries.
    
Textile Effects had 2005 Adjusted EBITDA of CHF109 million
(US$88 million) on sales of CHF1.276 billion (US$1.029 billion),
compared to 2004 Adjusted EBITDA of CHF89 million (US$72
million) on sales of CHF1.293 billion (US$1.043 billion).

The purchase price of CHF332 million (US$253 million) was
reduced by:

   (i) CHF75 million (US$57 million) in assumed debt and
       unfounded pension and other post employment liabilities
       and

  (ii) CHF40 million (US$31 million) in unspent restructuring
       costs.

The global headquarters of the Materials and Effects division
will be Basel, Switzerland.  With more than 1,350 people the
Basel site will have more employees than any other Huntsman
site.

                          About Huntsman

Headquartered in Salt Lake City, Utah, Huntsman Corporation
(NYSE:HUN) -- http://www.huntsman.com/-- is a global  
manufacturer of differentiated and commodity chemical products.  
Huntsman's products are used in a wide range of applications,
including those in the adhesives, aerospace, automotive,
construction products, durable and non-durable consumer
products, electronics, medical, packaging, paints and coatings,
power generation, refining and synthetic fiber industries.  In
Europe, Huntsman is present in Austria, Belgium, Czech Republic,
France, Germany, Greece, Hungary, Italy, Poland, Romania,
Slovenia, Spain, Sweden, Switzerland, the Netherlands, Turkey,
United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter on March 7, 2006,
Moody's Investors Service affirmed the B1 corporate family
rating of Huntsman Corp. and of Huntsman International LLC, and
changed the outlook on the ratings to developing.

As reported in the Troubled Company Reporter on March 6, 2006,
Standard & Poor's Ratings Services placed its ratings on
Huntsman Corp. and its affiliate Huntsman International LLC on
CreditWatch with developing implications, including the 'BB-'
corporate credit ratings.


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


* Fitch Affirms Istanbul's Currency Rating at BB-
-------------------------------------------------
Fitch Ratings affirmed the ratings of Istanbul Metropolitan
Municipality's at Long-term foreign and local currency BB-.  At
the same time a Short-term foreign currency rating of B was
assigned.  The Outlook is Positive.

The ratings reflect Istanbul's ongoing sound budgetary
performance, wide expenditure flexibility and stronger-than-
national average socio-economic profile.  The ratings also take
into account the municipality's limited revenue flexibility and
the considerable indirect risk stemming from municipal companies
and entities.  The ratings and the Outlook are in line with
those of the Republic of Turkey ('BB-' (BB minus)/'B'/Positive).
Fitch expects that the strong operating balance of the
municipality should help maintain its comfortable debt coverage
ratios despite an expected increase in direct and indirect risk.

IMM continues to post strong surpluses and has been able to
offset the decline in fiscal revenue in 2002 and 2003.  This is
achieved through changes in the tax-sharing system, increasing
non-tax revenue, controlling operating expenditure and adjusting
investment to the realities of the economic cycle.  Performance
in 2005 was also strong at the operating level, although IMM
recorded an overall deficit as a result of the large capital
expenditure that year.  In addition, the municipality's
operating margins, which have averaged over 53% in the last five
years, are robust and will be maintained at around 50% in the
medium term.

The municipality benefits from wide expenditure flexibility,
reflecting its significant capital expenditure component in the
budget.  Nevertheless, flexibility on the revenue side is
limited as a large proportion of its taxes are received through
tax sharing, which are set and controlled by the central
government.  Therefore, the municipality's credit profile can be
directly negatively affected by the central government's
policies and actions through changes in the percentage
allocation under the national tax-sharing scheme.

Istanbul plays a key role in Turkey's economy as its gross
domestic product accounts for close to 25% of the national total
and for around 43% of national tax collection.  In addition,
income per capita in Istanbul was 43% higher than the national
average in 2005.

IMM has significant indirect risk as the overall public sector
debt rises considerably when those of the municipal companies
and entities are included.  Furthermore, as the bulk of the
indirect debt is in unhedged foreign currency, this poses
considerable foreign exchange risk to the municipality.  The
municipality plans to accelerate its investment plan in the area
of urban transport and forecasts to take on significant debt
(around US$400 million over the next two years).  However, the
debt burden is projected to remain low given the expected
dynamic revenue growth.


* Fitch Keeps B+ Foreign & Local Currency Ratings on Bursa
----------------------------------------------------------
Fitch Ratings maintained Turkish Metropolitan Municipality of
Bursa's Long-term foreign and local currency ratings at B+.  The
Outlook is Stable.

The ratings reflect the municipality's improving economy with a
higher-than -national average GDP per capita, strong budgetary
performance and a relatively debt-free public sector.
Nevertheless, the ratings also take into account Bursa's high
foreign currency exposure, as the majority of the debt is in
euro and US$.  

In addition, they factor in the municipality's substantial
ongoing debt servicing requirements, continued strong investment
focus by the present administration and the dependence of the
local economy on the automobile sector.

The Stable Outlook reflects that, in spite of the expected rise
in debt level, the forecast better-than-the national average
economy should result in higher revenue growth, allowing for
debt coverage ratios to remain satisfactory.  Bursa's credit
profile is directly affected by central government policies and
actions, as the municipality is vulnerable to changes in the
distribution percentage of national tax sharing.  Nevertheless,
the institutional relationship between the two has been
cooperative.

Bursa's economy has become more industrialized and the increase
in value-added production has compensated somewhat for the large
inflow of population such that per capita income in the province
remains higher than the national average.  Nevertheless,
industrialization has been concentrated in two main sectors,
automobile production and textiles.

The municipality has generated improving operating balance in
the last five years and operating margin was at a strong 54.1%
in 2005.  As a substantial portion of expenditure is investment-
related, the administration has a flexibility to reduce costs
when revenue slows down.  Nevertheless, the municipality has
registered overall deficits in three years, as large capital
expenditure projects, such as the light rail system, have been
partly debt-funded.

The metropolitan municipality of Bursa is located in northwest
Turkey and is one of the largest of the country's 16
metropolitan areas.  It has a population of around 2 million and
accounts for 3.9% of national GNP.  The administration's main
responsibilities are investment-driven, primarily in
infrastructure, as well as the provision of metropolitan
services such as public transport.


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


AZOVZALIZOBETON: Court Names Sergij Slavgorodskij as Liquidator
---------------------------------------------------------------
The Economic Court of Donetsk Region appointed Sergij
Slavgorodskij as Liquidator/Insolvency Manager for LLC
Azovzalizobeton (code EDRPOU 01235099).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 6.  The case is docketed
under Case. No. 5/3 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Azovzalizobeton
         Taganrogska Str. 1
         Mariupol
         87502 Donetsk Region
         Ukraine


DEMIDIVSKIJ RAJAGROHIM: Court Names Pavlo Duplika as Liquidator
---------------------------------------------------------------
The Economic Court of Rivne Region appointed Pavlo Duplika as
Liquidator/Insolvency Manager for OJSC Demidivskij Rajagrohim
(code EDRPOU 23308982).  He can be reached at:

         Pavlo Duplika
         Kotlyarevskij Str. 55
         Drogobich
         82100 Lviv Region
         Ukraine
         Tel: (032) 241-30-55

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 9.  The case is docketed
under Case. No. 8/12.

The Economic Court of Rivne Region is located at:

         Yavornitski Str. 59
         33001 Rivne Region
         Ukraine

The Debtor can be reached at:

         OJSC Demidivskij Rajagrohim
         Mlinivska Str. 1
         Lishnya
         Demidivskij District
         Rivne Region
         Ukraine


IVANICHI' SUGAR: Court Names Lubomir Cherevatij as Liquidator
-------------------------------------------------------------
The Economic Court of Volinska Region appointed Lubomir
Cherevatij as Liquidator/Insolvency Manager for LLC Ivanichi'
Sugar Plant (code EDRPOU 30911882).  He can be reached at:

         Lubomir Cherevatij
         a/b 10296
         Gorodotska Str. 277
         79022 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 4.  The case is docketed under
Case. No. 8/35-B.

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         Lutsk
         43010 Volinska Region
         Ukraine

The Debtor can be reached at:

         LLC Ivanichi' Sugar Plant
         Zavodska Str. 20
         Ivanichi
         Volinska Region
         Ukraine


GRANIT: Court Names State Tax Inspection as Liquidator
------------------------------------------------------
The Economic Court of Volinska Region appointed Novovolinska
United State Tax Inspection as Liquidator for LLC Granit (code
EDRPOU 30130319).  The Liquidator can be reached at:

         Novovolinska United State Tax Inspection
         Pionerska Str. 1
         Novovolinsk
         45400 Volinska Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 21.  The case is docketed
under Case. No. 4/41-B.

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         Lutsk
         43010 Volinska Region
         Ukraine

The Debtor can be reached at:

         LLC Granit
         Zavodska Str. 12
         Ivanichi
         45300 Volinska Region
         Ukraine


MATRIX: Court Appoints S. Shkuro as Insolvency Manager
------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. S. Shkuro as
Liquidator/Insolvency Manager for LLC Matrix (code EDRPOU
32160062).  He can be reached at:

         S. Shkuro
         a/b 190
         01030 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Jan. 12.  The case is docketed
under Case. No. 15/1-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Matrix
         Kikvidze Str. 41
         01103 Kyiv Region
         Ukraine


NEGA: Court Names appointed Oleg Zaytsev as Insolvency Manager
--------------------------------------------------------------
The Economic Court of AR Krym Region appointed Oleg Zaytsev as
Liquidator/Insolvency Manager for OJSC Nega (code EDRPOU
00307684).  

         Oleg Zaytsev
         Simferopol
         Kronshtadskij Lane 8/33
         AR Krym Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 16.  

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         OJSC Nega
         Kujbishev Str. 35
         Simferopol
         95034 AR Krym Region
         Ukraine


PIVDENENERGOHIMZAHIST: Mikola Derebchinskij to Liquidate Asssets
----------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Mikola
Derebchinskij as Liquidator/Insolvency Manager for
Pivdenenergohimzahist (code EDRPOU 31537349).

         Mikola Derebchinskij
         Komsomolska Str. 3/323
         Yuzhnoukrainsk
         55001 Mikolaiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 3.  The case is docketed under
Case. No. 2/250/05.


The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         Pivdenenergohimzahist
         Promzona
         Yuzhnoukrainsk
         55001 Mikolaiv Region
         Ukraine


SAHNOVSHINSKA RAJAGROHIMIYA: M. Nakonechnij to Manage Assets
------------------------------------------------------------
The Economic Court of Harkiv Region appointed Mihajlo
Nakonechnij as Liquidator/Insolvency Manager for OJSC
Sahnovshinska Rajagrohimiya.  He can be reached at:

         Mihajlo Nakonechnij
         Karl Marks Str. 38-D/44
         Harkiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 10.  The case is docketed
under Case. No. B-31/28-06.

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine
         
The Debtor can be reached at:

         OJSC Sahnovshinska Rajagrohimiya
         Pivdenno Vokzalna Str. 74
         Sahnovshina
         63002 Harkiv Region
         Ukraine


STIROL: Fitch Places B Ratings on Watch Negative
------------------------------------------------
Fitch Ratings placed Ukraine-based OJSC Stirol's Issuer Default
rating B and its Short-term rating B on Rating Watch Negative.  
The senior unsecured B rating of its US$125 million limited
recourse notes issued by UkrChem Capital BV has also been put on
RWN.

The RWN reflects Fitch's concerns about the quality and
timeliness of Stirol's financial disclosure and the likely non-
compliance with certain covenants under its debt documentations.
The RWN also takes into account-increased concerns that the
company may be negatively affected by higher gas prices, an
important cost element in Stirol's fertilizer production
process.

Fitch expects to resolve the Rating Watch following receipt of
the audited 2005 IFRS accounts, updated current trading
information, information regarding the compliance status under
the various loan documents or potential waivers that may have
been granted as well as information regarding the impact of the
natural gas price.

In 2005, Stirol tapped the bond market via the US$125 million
notes issue by UkrChem Capital BV.  The notes have been issued
solely to finance a loan from Moscow Narodny Bank Limited to
OJSC Stirol.  Under the loan agreement between Moscow Narodny
Bank Limited and Stirol, the company undertakes to provide the
trustee with its audited IFRS accounts within a period of 180
days from the end of the financial year.  

Fitch has not received evidence or confirmation that the company
has provided these accounts in the required format to the
trustee and therefore Stirol could be in technical default.  
Based on the poor information disclosure as of today, Fitch
assumes that the company is not in compliance with several
provisions under its loan agreements.  While unaudited accounts
show that as at FYE05, a significant liquidity position is
maintained, no current liquidity information is available.

In addition, Fitch is concerned that higher natural gas prices
in Ukraine could adversely affect Stirol's operating
performance, as natural gas is the company's major input
product.  While the company has claimed that so far there has
not been a strong negative effect, Fitch has also not received
documents sufficient to support these statements.


SVITANOK: Court Names Oleksandr Tereshenko as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Poltava Region appointed Oleksandr
Tereshenko as Liquidator/Insolvency Manager for LLC Svitanok
(code EDRPOU 25164961).  He can be reached at:

         Oleksandr Tereshenko
         Room 11
         Nezalezhnosti Square 1-B
         36003 Poltava Region
         Ukraine
         Tel/Fax: (0532) 50-80-67

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 11.  The case is docketed
under Case. No. 18/124.

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         LLC Svitanok
         Ridna Str. 3
         Melushki
         Horolskij District
         37840 Poltava Region
         Ukraine


TWENTY FIRST CENTURY: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Lviv Region commenced bankruptcy
supervision procedure on LLC Twenty First Century (code EDRPOU
25553771) on April 27.  The case is docketed under Case. No.
7/188-7/85.

The Temporary Insolvency Manager is:

         Yevgenij Dzhala
         Nizhinska Str. 16/41
         Lviv Region
         Ukraine
         Tel/Fax: 75-49-59

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Twenty First Century
         Samchuk Str. 19/1
         Lviv Region
         Ukraine


UKRSPETSKON: Court Names S. Shkuro to Liquidate Assets
------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. S. Shkuro as
Liquidator/Insolvency Manager for LLC Oil-Gaz Energetic Company
Ukrspetskon (code EDRPOU 24091022).  He can be reached at:

         S. Shkuro
         a/b 190
         01030 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 7.  The case is docketed
under Case. No. 43/853.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Oil-Gaz Energetic Company Ukrspetskon
         P. Lumumba Str. 21
         10142 Kyiv Region
         Ukraine


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


ABBEY CARPETS: Taps Lisa Hogg to Liquidate Assets
-------------------------------------------------
Abbey Carpets Limited is liquidating its assets after creditors
decided to wind up the company's operations on April 12.

Lisa Hogg of Wilson Field was appointed Liquidator.

The company can be reached at:

         Abbey Carpets Limited
         Unit 3
         St. Davids Road
         Tower Court
         Swansea Enterprise Pk
         Swansea
         West Glamorgan SA6 8QL
         United Kingdom
         Tel: 01792 701 861


AMBER KHANA: Creditors Confirm Liquidator's Appointment
------------------------------------------------------
Creditors of Amber Khana Cash & Carry Limited confirmed the
appointment of Stephen Franklin as Liquidator during an
extraordinary meeting on April 12.

The company can be reached at:

         Amber Khana Cash & Carry Limited
         169 Devons Road
         London E3 3QX
         United Kingdom
         Tel: 020 7531 4959


ASHTON PACKING: Names Andrew James Nichols as Administrator
-----------------------------------------------------------
Andrew James Nichols of Redman Nichols was appointed
administrator of Ashton Packing (P.C.D.) Limited (Company Number
3577225) on June 8.

The administrator can be contacted at:

         Redman Nichols
         Maclaren House
         Skerne Road
         Driffield
         East Yorkshire YO25 6PN
         United Kingdom
         Tel: 01377 257788
         Fax: 01377 249119
         E-mail: andrew.nichols@redman-nichols.co.uk

Ashton Packing (P.C.D.) Limited can be reached at:

         Victoria Road
         Dukinfield
         Cheshire SK16 4UP
         United Kingdom
         Tel: 0161 343 1041


BARKBY TIMBER: Names David John Watchorn Liquidator
---------------------------------------------------
David John Watchorn of Elwell Watchorn & Saxton LLP was
appointed Liquidator of Barkby Timber Limited after creditors
agreed to wind up the company on April 13.

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.

Barkby Timber Limited can be reached at:

         66 Barkby Road
         Leicester LE4 9LF
         United Kingdom
         Tel: 0116 274 2626


CAMBRIDGE VEHICLE: Names Michael Perkins as Administrator
---------------------------------------------------------
Michael Perkins of Bulley Davey was appointed administrator of
Cambridge Vehicle Management Services Ltd. (Company Number
3731878) on June 6.

The administrator can be contacted at:

         Bulley Davey
         69-75 Lincoln Road,
         Peterborough PE1 2SQ
         United Kingdom
         Tel: 01733 569494
         Fax: 01733 565250
         Web: http://www.bulleydavey.co.uk

Cambridge Vehicle Management Services Ltd. can be reached at:

         7-8 Eghams Court
         Boston Drive
         Bourne End
         Buckinghamshire SL8 5YS
         United Kingdom


CAR GRAPHICS: Creditors Nominate Liquidator
-------------------------------------------
Creditors of Car Graphics Limited nominated Lane Bednash of
David Rubin & Partners as Liquidator on April 11.

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

Car Graphics Limited can be reached at:

         Trading Estate
         Motherwell Way
         Grays
         Essex RM203XD
         United Kingdom
         Tel: 01708 865 500


CHERRYZEBRA LIMITED: Appoints Jeremy Knight as Administrator
------------------------------------------------------------
William Jeremy Jonathan Knight of Jeremy Knight & Co. was
appointed administrator of Cherryzebra Limited (Company Number
5051689) on June 9.

The administrator can be contacted at:

         Jeremy Knight & Co.
         68 Ship Street
         Brighton
         Sussex BN1 1AE
         United Kingdom
         Tel: 01273 203654
         Fax: 01273 206056
         E-mail: jknight@mistral.co.uk

Headquartered in Horsham, United Kingdom, Cherryzebra Limited
retails surfwear via the Internet.


CINRAM INT'L: D. Rubenstein Succeeds I. Philosophe as New CEO
-------------------------------------------------------------
Isidore Philosophe, Cinram International Income Fund's founder
and Chief Executive Officer, has tendered his resignation as CEO
of the Company and as a member of the Board of Directors,
effective June 30, 2006.

In his letter to the Board, Mr. Philosophe said, "After 50 years
of hard work and dedication, I have decided, at age 68, that it
is time for me to step down and devote more time to my family.  
I am extremely proud of what we have accomplished at Cinram and
have very mixed feelings about my decision, but I know that I am
leaving the company on a very solid footing for future growth,
with a dynamic team of managers and employees.  I wish to offer
my special thanks to our customers, investors, directors and
especially our employees, for their loyalty and support during
the years."

The Board of Directors of Cinram accepted Mr. Philosophe's
resignation and has appointed David Rubenstein, currently
President and Chief Operating Officer, as its Chief Executive
Officer, effective July 1, 2006.

                           About Cinram

Cinram International Inc. (TSX: CRW.UN) --
http://www.cinram.com/-- is an indirect wholly owned subsidiary  
Cinram International Income Fund.  It provides pre-recorded
multimedia products and related logistics services.  With
facilities in North America and Europe, Cinram International
Inc. manufactures and distributes pre-recorded DVDs, VHS video
cassettes, audio CDs, audio cassettes and CD-ROMs for motion
picture studios, music labels, publishers and computer software
companies around the world.

                        *     *     *

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on prerecorded multimedia manufacturer Cinram
International Inc. to 'BB-' from 'BB' following the company's
announcement that it had successfully converted into an income
trust.  The ratings were removed from CreditWatch with negative
implications, where they were placed March 3, 2006.

As reported in the Troubled Company Reporter on April 13, 2006,
Moody's Investors Service downgraded Cinram International Inc.'s
Corporate Family Rating and existing Senior Secured debt ratings
to B1 from Ba3 and assigned provisional ratings of (P) B1 to the
company's proposed Senior Secured bank facilities.  The outlook
is stable.  The downgrade reflected the company's plans to
recapitalize itself as an income trust, which will result in
essentially all of Cinram's future free cash flow being paid out
to shareholders without any upfront reduction in leverage.


CLIMATE CONTROL: Financial Woes Trigger Liquidation
---------------------------------------------------
Climate Control Sales Limited is winding up its operations after
creditors established the company could no longer continue its
business due to mounting debts.

Raymond Stuart Claughton, of Rushtons, was appointed Liquidator.

The company can be reached at:

         Climate Control Sales Limited
         37 Well Heads
         Thornton
         Bradford BD133SJ
         United Kingdom
         Tel: 0800 970 6171


COCO FINANCE: Moody's Rates EUR65.7-Mln Class E Notes at Ba2
------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings
related to CoCo Finance 2006-1 PLC transaction:

   -- EUR500,000 Class A+ Secured Floating Rate Notes due
October 2016: Aaa;

   -- EUR58,500,000 Class A Secured Floating Rate Notes due
October 2016: Aaa;

   -- EUR72,000,000 Class B Secured Floating Rate Notes due
October 2016: Aa2;

   -- EUR45,000,000 Class C Secured Floating Rate Notes due
October 2016: A2;

   -- EUR40,500,000 Class D Secured Floating Rate Notes due
October 2016: Baa2; and

   -- EUR65,700,000 Class E Secured Floating Rate Notes due
October 2016: Ba2.

Also rated is the EUR4.126 billion Senior Counterparty
Guarantee, which is pari-passu with the Class A+.

The definitive ratings of the notes are based upon:

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

   -- the loss protection provided by the subordination, if any,
of the more junior ranking classes of notes issued by CoCo
Finance 2006-1 PLC;

   -- the protection against losses furnished by the threshold
amount; and

   -- the legal and structural integrity of the transaction.

CoCo Finance 2006-1 PLC is a partially funded synthetic
transaction, arranged by Commerzbank AG London, in which
investors are exposed to the credit risk related to a portfolio
of reference claims granted to corporate entities, including
financial institutions.  The credit risk transferred by
Commerzbank AG through this transaction is related to a total
portfolio of EUR4.5 billion.  Throughout the replenishment
period of 5 years, Commerzbank will be bound by certain
concentration limits with regards to the portfolio.

Provisional ratings were assigned on the June 2.


COLLINS & AIKMAN: US Debtors Want Until Sept. 27 to File Plan
-------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Eastern District of Michigan to
further extend their exclusive period to file a plan of
reorganization to Sept. 27, 2006, and their exclusive period to
solicit acceptances of that plan to Nov. 27, 2006.

The Debtors tell the Court that they have made further progress
toward selecting a stalking horse bid and have taken several
other steps toward a plan of reorganization, Ray C. Schrock,
Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, tells the
Court.

However, the Debtors must complete several critical tasks before
they can emerge from Chapter 11.  According to Mr. Schrock, the
industry in which the Debtors and their competitors operate
continues to be very challenging.  The Debtors continue to work
tirelessly to address their operational and legal challenges,
but more time is needed to reorganize their businesses.

The Debtors believe that they are fast approaching the end of
their dual-track process of developing a viable plan of
reorganization while also analyzing opportunities for a merger
and acquisition of their business.

To that end, the Debtors intend to finalize a term sheet with a
potential stalking horse bidder and file the necessary pleadings
in the near term.  If the Court grants the extension, the
Debtors then intend to move as expeditiously as possible through
the remaining processes to confirm a plan, including:

   * selecting the offer, in consultation with the Debtors'
     major constituencies, to use as the basis for finalizing a
     plan of and disclosure statement to be filed with the
     Court;

   * negotiating with interested parties, if necessary,
     concerning labor, retiree medical and pension relief, and
     taking any legal action only if necessary;

   * negotiating comprehensive settlements of all outstanding
     commercial issues and any alleged claims and counterclaims
     with each of the Debtors' major customers;

   * negotiating settlements or otherwise resolving any disputes
     or other claims that might otherwise serve as impediments
     to the plan confirmation;

   * negotiating and finalizing the plan and disclosure
     statement with the Debtors' major constituencies;

   * seeking approval of the disclosure statement and the
     procedures to be used to solicit votes on the plan;

   * soliciting votes on the plan; and

   * seeking confirmation of the plan.

The Debtors continue to make progress in improving dialogues
with their major customers to strengthen the basis on which the
Debtors' long-term viability is dependent.

Furthermore, the Debtors and their professionals continue to
work diligently through their claims reconciliation process.  
The Debtors' claims agent has received over 8,000 proofs of
claim.  The Debtors also have scheduled 9,253 claims.  The
Debtors and their advisors will continue to dedicate substantial
resources to processing and reviewing these claims in the coming
weeks, Mr. Schrock says.

Moreover, the ongoing administrative proceedings of the Debtors'
24 affiliates in 10 European countries continue to have
important implications to their Chapter 11 cases.  The European
Administration has recently entered a new phase with the
commencement of the claims resolution and distribution
processes.  As the largest creditor and ultimate parent of the
European entities, the Debtors are monitoring closely the
treatment of their claims.  This phase will require the Debtors
to remain actively involved in foreign creditors meetings and
the European claims process so that the Debtors can closely
oversee the amount and timing of the Debtors' recovery.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 33;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


COLLINS & AIKMAN: US Debtors Want to Amend Loan to Permit Sale
--------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Eastern District of
Michigan to enter into a Fourth Amendment to their Revolving
Credit, Term Loan and Guaranty Agreement, dated as of July 28,
2005, with JPMorgan Chase Bank, N.A., as administrative agent.

In its current form, the DIP Credit Agreement restricts the
Debtors' ability to sell certain assets.  The Debtors want to
modify the DIP Credit Agreement to allow them to, among other
things:

   (a) wind down their Fabrics business unit;

   (b) sell their Convertibles division;

   (c) sell their facilities in Williamston, Michigan; and

   (d) sell or dispose of other non-core assets that the current
       DIP Credit Agreement currently prohibits or restricts.

The Debtors estimate that total net proceeds from transactions
that will be addressed by the Amendment will total at least
US$75,000,000.

Marc J. Carmel, Esq., at Kirkland & Ellis LLP, in Chicago,
Illinois, explains that under the current terms of the DIP
Credit Agreement, the Debtors would be required to use 100% of
the proceeds from the transactions to prepay the Lenders.  The
Amendment will allow the Debtors to share in the proceeds to
fund operations and invest in capital expenditures.

Furthermore, Mr. Carmel adds, the Amendment permits the Debtors
to engage in certain other transactions currently restricted,
continue the moratorium on its Borrowing Base, and conform their
obligations under the DIP Credit Agreement to current and future
operations.

The Debtors are required to pay an amendment fee as a condition
to the effectiveness of the Amendment, Mr. Carmel relates.

The Debtors and the DIP Lenders still are negotiating the
Amendment with each other and with their major constituents, Mr.
Carmel says.  Thus, the Amendment is not yet sufficiently
definitive to be filed with the Court and served on all relevant
parties.

Mr. Carmel assures Judge Rhodes that once the Amendment is in
substantially final form, the Debtors will file it with the
Court and serve it on parties-in-interest as quickly as
practicable and no later than July 7, 2006.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  (Collins & Aikman Bankruptcy News, Issue No. 33;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


COTT CORP: Brent Willis Executes Employment Agreement as CEO
------------------------------------------------------------
Brent Willis, Cott Corp.'s new President and Chief Executive
Officer, executed an employment agreement with the Company on
June 21.  Mr. Willis replaced the Company's former CEO, John K.
Sheppard.

The Employment Agreement has an indefinite term and can be
terminated by either party upon 30 days notice to the other.  
Under the terms of the Employment Agreement, the Company will
pay Mr. Willis a base salary of US$700,000 per year.  He will
also be eligible to participate in the Company's short-term
executive bonus plan with an annual target bonus equal to his
base salary, as well as the opportunity to earn up to 200% of
base salary based on Company and personal performance.  His
bonus for 2006 will be prorated based on actual employment
during 2006.

Mr. Willis will also be eligible to participate in the Company's
long-term incentive plan with an annual target award equal to
200% of his base salary.  His award under the long-term
incentive plan for 2006 will be paid in cash, prorated for
actual employment during 2006, and must be used to purchase
common shares of the Company, which shares must be held for
three years and which are subject to forfeiture if his
employment is terminated prior to the third anniversary thereof,
under certain circumstances.

As an inducement to enter into employment with the Company and
in order to compensate Mr. Willis for certain benefits to which
he would have been entitled at his previous employer, Mr. Willis
will receive:

    a) a cash bonus of US$945,000;

    b) an equity award of US$3,176,375, to vest in three equal
       installments on the first three anniversaries of the
       grant; and

    c) participation in the Company's Performance Share Unit
       Plan by way of a grant with a market value equal to
       US$1,500,000, subject to the vesting provisions of the
       PSU Plan.

Headquartered in Toronto, Ontario, Canada, Cott Corp. --
http://www.cott.com/-- is one of the world's largest retailer  
to brand beverage suppliers whose principal markets are North
America, the United Kingdom and Mexico.  In addition to
carbonated soft drinks, the Company's product lines include
clear, sparkling flavored beverages, juice-based products,
bottled water, energy drinks and iced teas.

                         *     *     *

As reported in the Troubled Company Reporter on Feb. 3, 2006,
Moody's Investors Service downgraded Cott Beverages, Inc.'s
Senior Subordinated Regular Bond/Debenture rating to B1 from Ba3
and Cott Corp.'s Corporate Family Rating, to Ba3 from Ba2.  The
ratings outlook is stable, Moody's said.  

As reported in the Troubled Company Reporter on Jan. 31, 2006,
Standard & Poor's Ratings Services lowered its ratings on Cott
Corp. by one notch, including its corporate credit rating, to
'BB-' from 'BB'.  S&P said the outlook is negative.


CRYSTAL TRANSPORT: Brings In Administrators from Gerald Edelman
---------------------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman of Gerald Edelman
Business Recovery were appointed joint administrators of Crystal
Transport Services Limited (Company Number 04404989) on June 9.

The administrators can be contacted at:

         Gerald Edelman Business Recovery
         25 Harley Street
         London W1N 2BR
         United Kingdom
         Tel: 020 7299 1400
         Fax: 020 7637 1440
         E-mail: bhoffman@GeraldEdelman.com  
                 
Crystal Transport Services Limited can be reached at:

         Airport House
         Purley Way
         Croydon CR0 0XZ
         United Kingdom


DAMOVO GROUP: Moody's Cut Ratings to B2 on Weak Performance
-----------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Damovo Group S.A. to B2 from B1 following continued weak
operating performance in the first quarter of 2006.  

Concurrently, the rating on the company's senior secured notes
was downgraded by two notches to B3, reflecting Moody's view of
the reduced recovery prospects for these note holders.

The driver of the revenue decline in the quarter continued to be
the difficult market conditions in Italy, while performance in
the company's other regions remained stable.  While the negative
impact of the revenue decline on earnings was cushioned in part
by the reduction in head office costs and a more favorable
revenues mix in the UK, earnings were also lower than expected.
Consequently the company's credit metrics continued to weaken
over the period.

A one-notch differential has been introduced between the
corporate family rating and the rating of the company's senior
secured notes reflecting Moody's view that recovery prospects
for the note holders have disproportionately weakened over the
period as a result of the continued underperformance of the
company.  In particular, Moody's notes the presence of the
increasing amount of non-recourse factoring liabilities, which
will impact the recovery rate for senior note holders.

The outlook remains negative reflecting the rating agency's
concerns over the near-term operating performance of the
company, given the lack of visibility in the Italian market at
this time and the loss of Damovo's ICT services contract with
the Metropolitan Police in the UK.

A ratings downgrade is likely if the company is unable to
reverse the decline in its top line over the next nine months.
Moreover, given the company's liquidity requirements, a
reduction in cash on the balance sheet to less than
EUR60 million at year-end without a credit facility, which could
happen if further working capital or start-up costs are spent in
advance of cash receipts, would also reduce the company's
liquidity cushion below comfortable limits and result in
downward pressure on the ratings.

Positive ratings momentum is considered unlikely at this
juncture given Damovo's weak credit metrics.  However, the
rating outlook could stabilize if the company can successfully
reduce its absolute level of indebtedness, while improving the
operating performance of its core businesses.

This rating downgrade follows the outlook change to negative in
April 2006.

Headquartered in Glasgow, Scotland, Damovo is a provider of
information and communications technology and services to public
service organizations and larger private sector companies.  For
the twelve months ended April 2006, the company reported
revenues of EUR521 million.


ELONEX PLC: Hires Administrators from Deloitte & Touche
-------------------------------------------------------
Neville Barry Kahn and Nicholas Guy Edwards of Deloitte & Touche
LLP were appointed joint administrators of Elonex PLC (Company
Number 02000927) on June 12.

Headquartered in London, Deloitte & Touche LLP --
http://www.deloitte.com/-- is the United Kingdom member firm of  
Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are
separate and independent legal entities.  

Elonex -- http://www.elonex.com/-- was founded in 1986 to offer  
computer and related IT services direct to customers allowing
them to exercise more control and benefit from improved
flexibility.


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

Jeffrey Mark Brenner of B & C Associates was appointed
Liquidator.

The company can be reached at:

         Etype Media Limited
         Aura House
         53 Oldridge Road
         London SW128PP
         United Kingdom
         Tel: 020 8675 7520
         Fax: 020 8675 7552
         Web: http://www.etypemedia.co.uk/
              http://www.etypemedia.com/
              http://www.j15.co.uk/


EUROTUNNEL GROUP: Bankruptcy Imminent Absent Restructuring Deal
---------------------------------------------------------------
Eurotunnel S.A.'s Chairman and Chief Executive Jacques Gounon
has warned of a bankruptcy filing in France absent a consensual
deal with the company's bondholders and creditors by July 12.

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

Bloomberg News reports that Eurotunnel S.A.'s shareholder
Nicolas Miguet expressed that he prefers a French bankruptcy
proceeding over Eurotunnel's preliminary restructuring
agreement, Bloomberg News.

"I am trying to collect as many proxies as possible to negotiate
some changes, and if that doesn't work then the accord will be
rejected, which may be the best thing for shareholders anyway
since then a court will force all sides to come to an
agreement," Mr. Miguet told Bloomberg.

                     Bondholder Talks

Mr. Gounon has called for a meeting with holders of the
company's GBP1.9 billion bonds in Paris today to resolve the
GBP6.18 billion debt crisis, The Wall Street Journal reports.

WSJ said Mr. Gounon will not seek an extension to the fourth
waiver to its credit agreement Eurotunnel obtained on April 26.

"I don't see how, after 11 months of negotiations, we could find
a solution with a fifth waiver; that makes no sense," Mr. Gounon
told WSJ.

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

                        About the Company

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

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

                        *     *     *

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

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

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

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


EVENT SECURITY: Brings In Liquidator from Crawfords
---------------------------------------------------
Alex Kachani, of Crawfords, was appointed Liquidator of Event
Security GB Limited after creditors passed a resolution to wind
up the company on April 5.

The company can be reached:

         Event Security GB Limited
         Belle Vue Sports Stadium
         Doncaster Road
         West Yorkshire WF1 5HT
         United Kingdom
         Tel: 01924 383 488


FIXED INCOME: Moody's Cuts EUR200-Mln Debt Ratings to Low-B
-----------------------------------------------------------
Moody's Investors Service downgraded these four series of Credit
Linked Notes issued by Fixed Income Diamond Collection Plc:

   -- Oval Series 2 notes, EUR75,000,000 notional: Ba1 from
Baa2;

   -- Oval Series 3 notes, EUR25,000,000 notional: Ba1 from
Baa2;

   -- Emerald Series 2 notes, EUR75,000,000 notional: Ba3 from
Ba1; and

   -- Emerald Series 3 notes, EUR25,000,000 notional: Ba2 from
Ba1.

These downgrades are the result of the negative credit migration
in the underlying pool.


FORMTECH LTD: Hires Liquidator from Redman Nichols
--------------------------------------------------
Formtech Limited is liquidating its assets after creditors opted
to wind up the company on April 7.

Andrew James Nichols, of Redman Nichols, was appointed
Liquidator.

The company can be reached at

         Formtech Limited
         Unit 1 Stadium Works
         Barrys Lane
         Scarborough
         North Yorkshire YO124HA
         United Kingdom
         Tel: 01723 501 767
         Fax: 01723 501 348


GENERAL MOTORS: Board Braces for Dissent on Renault-Nissan Deal
---------------------------------------------------------------
General Motors Corp.'s scheduled meeting today on the proposed
alliance with the French-Japanese company, Renault-Nissan, is
likely to be met with potential objections, The Wall Street
Journal reports.  

Renault-Nissan is a collaboration between Nissan Motor Co.,
Ltd., and Renault S.A.   As reported in the Troubled Company
Reporter yesterday, a GM shareholder Kirk Kerkorian broached the
idea of pulling in GM into the two-way tie-up.  Mr. Kerkorian
owns 9.9% equity stake in GM through his investment firm
Tracinda Corporation.  

The US$3-billion proposed alliance is seen as a hostile move by
some of GM's management even after Renault-Nissan's president
and chief executive officer Carlos Ghosn publicly declared that
the ball is in GM's hands.  Though Mr. Ghosn received a go
signal from Renault-Nissan's board to negotiate a deal, Mr.
Ghosn said GM has to initiate the three-way alliance.

General Motors Corp. -- http://www.gm.com/-- the world's  
largest automaker, has been the global industry sales leader for
75 years.

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

                           *     *     *

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

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

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


ITA CEILINGS: Creditors Resolve to Liquidation
----------------------------------------------
Creditors of ITA Ceilings Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
April 11.

Moira C Fitzpatrick, of MCF Business Rescue and Insolvency, was
appointed Liquidator.

The company can be reached at:

         ITA Ceilings Limited
         Unit 4
         107 Summerway
         Exeter EX4 8DP
         United Kingdom
         Tel: 01392 468 781
         Fax: 01392 465 476


KFM FABRICATION: Brings In Administrators from BDO Stoy
-------------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint administrators of KFM
Fabrication Limited (Company Number 04524680) on June 9.

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

Headquartered in Devizes, United Kingdom, KFM Fabrication
Limited is engaged in machinery fabrication.


LEATHER TREND: Liquidates Assets & Appoints Liquidator
------------------------------------------------------
Leather Trend Limited is voluntarily liquidating its assets
after creditors proved the company could no longer continue its
operations due to liabilities.

Gagen Dulari Sharma of Sharma & Co was appointed Liquidator.

The company can be reached at:

         Leather Trend Limited
         24-26 Windmill Hill
         Halesowen
         West Midlands B63 2DB
         United Kingdom
         Tel: 01384 566 890
         Fax: 01384 566 890


MAJOR AIR: Taps Begbies Traynor to Administer Assets
----------------------------------------------------
W. John Kelly and James P.N. Martin of Begbies Traynor were
appointed joint administrators of Major Air Systems Limited
(Company Number 05090766) on June 9.

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.  

Major Air Systems Limited can be reached at:

         Union Works
         Andover Street
         Birmingham
         West Midlands B5 5RG
         United Kingdom
         Tel: 0121 643 2549
         Fax: 0121 634 1599


MEDI-LOGISTICS: Appoints Smith & Williamson as Administrators
-------------------------------------------------------------
Roger Tulloch, Robert Horton and Anthony Murphy of Smith &
Williamson Limited were appointed joint administrators of Medi-
Logistics Limited (Company Number 04028904) on June 7.

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.

Medi-Logistics Limited can be reached at:

         Baird House
         15-17 St. Cross Street
         London EC1N 8UW
         United Kingdom


NOVELIS INC: Extends Consent Requests for Sr. Notes to July 12
--------------------------------------------------------------
Novelis Inc. extended the expiration date in connection with its
consent solicitation relating to its 7-1/4% Senior Notes due
2015 (CUSIP Nos. 67000XAA4, C6780CAA1 and 67000XAB2) in order to
allow holders additional time to deliver their consents.  

Novelis is soliciting consents to proposed amendments to the
indenture pursuant to which the Notes were issued that would
give Novelis until Dec. 31 to become current in its reporting
obligations and a waiver of any and all defaults caused by its
not timely filing certain reports with the U.S. Securities and
Exchange Commission.  

The consent solicitation, which was scheduled to expire at 5:00
p.m., New York City time, on June 30 will now expire at 5:00
p.m., New York City time, on July 12 unless extended to a later
time or date.

Upon the terms and subject to the conditions of the consent
solicitation, holders of record as of 5:00 p.m., New York City
time, on June 21, 2006, who validly deliver and do not revoke
their consents prior to the Expiration Date, will receive an
initial consent fee for each US$1,000 in principal amount of
Notes with respect to which consents are received equal to the
product of US$15 multiplied by a fraction, the numerator of
which is the aggregate principal amount of Notes outstanding on
the Expiration Date and the denominator of which is the
aggregate principal amount of Notes as to which Novelis received
and accepted consents.  

If Novelis has not filed its Annual Report on Form 10-K for the
year ended Dec. 31, 2005, with the SEC by 5:30 p.m., New York
City time, on Sept. 30, 2006, Novelis will pay to these holders
an additional US$5 for each US$1,000 in principal amount of
Notes as to which Novelis has received and accepted consents.

The effectiveness of the proposed amendments and waiver and the
payment of the Consent Fees are subject to the receipt of valid
consents that are not revoked in respect of at least a majority
of the aggregate principal amount outstanding of the Notes.  

Holders of the Notes may revoke their consents at any time
before the proposed amendments and waiver become effective, but
upon receipt by Novelis of the consents of a majority of holders
of the Notes the waiver will become effective, a supplemental
indenture setting forth the amendments will be executed and
consents may no longer be revoked unless Novelis fails to pay
holders the Consent Fees.

Citigroup Corporate and Investment Banking is serving as the
solicitation agent for the consent solicitation.  Questions
regarding the consent solicitation may be directed to:

     Citigroup Corporate and Investment Banking
     Telephone (212) 723-6106
     Toll Free (800) 558-3745

The information agent for the consent solicitation is Global
Bondholder Services Corporation.  Requests for copies of the
Consent Solicitation Statement and related documents may be
directed to:

     Global Bondholder Services Corporation
     Telephone (212) 430-3774
     Toll Free (866) 794-2200

                           About Novelis

Based in Atlanta, Georgia, Novelis Inc. (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional  
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

                           *     *     *

As reported in the Troubled Company Reporter on May 18, Moody's
Investors Service placed the ratings of Novelis Inc., and its
subsidiary, Novelis Corporation, under review for possible
downgrade.  In a related rating action, Moody's changed Novelis
Inc's speculative grade liquidity rating to SGL-3 from SGL-2.

Novelis Corporation's Ba2 senior secured bank credit facility
rating was placed on review for possible downgrade.

Novelis Inc.'s Ba3 corporate family rating; Ba2 senior secured
bank credit facility and B1 senior unsecured regular
bond/debenture were placed on review for possible downgrade.


OAKLEY TRAVEL: Appoints Administrator from Tenon Recovery
---------------------------------------------------------
Ian William Kings of Tenon Recovery was appointed administrator
of Oakley Travel Limited (Company Number 03319842) on June 9.

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

Oakley Travel Limited can be reached at:

         2B Yoden Way
         Peterlee
         County Durham SR8 1BP
         United Kingdom
         Tel: 0870 908 1000
         Fax: 0191 586 0095


ORIGIN ASIA: Hires Joint Administrators from Hurst Morrison
-----------------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Hurst Morrison Thomson CR
LLP were appointed joint administrators of Origin Asia Limited
(Company Number 04319730) on June 12.

The administrators can be contacted at:

         Hurst Morrison Thomson Corporate Recovery LLP
         5 Fairmile
         Henley on Thames
         Oxfordshire RG9 2JR
         United Kingdom
         Tel: +44 (0) 1491 579866
         Fax: +44 (0) 1491 573397
         E-mail: hmt@hmtgroup.co.uk

Origin Asia Limited can be reached at:

         100 Kew Road
         Richmond
         Surrey TW9 2PQ
         United Kingdom
         Tel: 020 8948 0509


REFCO INC: U.S. Court Says SPhinX Need Not Comply with Subpoenas
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
denied the request of Merrill Lynch International, SPhinX Access
LLC, SPhinX Access Ltd., Raymond James & Associates, Raymond
James Financial Services, Rydex Capital Partners LLC and Rydex
Capital Partners SPhinX Fund to compel SPhinX Managed Futures
Funds SPC's compliance with subpoenas and deposition notices, on
the grounds that:

   (i) The Subpoenas seeking discovery from SPhinX and its
       board of directors and outside counsel call for
       information irrelevant to the issues on the approval of
       the proposed settlement of an Adversary Proceeding
       between SPhinX and the Official Committee of Unsecured
       Creditors.

  (ii) Compliance with the Subpoenas would be unduly burdensome.

(iii) The Investors lack standing to object to the SPhinX
       Settlement Motion.

                         Investors Request

The Investors had sought information related to an agreement
between SPhinX and the Official Committee of Unsecured Creditors
appointed in Refco Inc., and its debtor-affiliates' cases, to
settle a preferential action the Committee filed against SPhinX.

Pursuant to the settlement, SPhinX agreed to return
US$263,000,000 of the US$312,046,266 it received from Refco
Capital Markets, Ltd., days before the bankruptcy filing, and
waive and release certain claims against the Debtors.

The Investors objected to the settlement, arguing that it was
not fair and equitable, and is not in the public interest.  The
Investors said they stand to lose millions of dollars as a
result of the settlement.

The Investors served a series of discovery requests on persons
and entities with knowledge of the facts pertinent to the
settlement agreement to ascertain the facts that played into
SPhinX's capitulation, and to test the settling parties'
assertions of fairness, equity, lack of collusion and adequate
representation.

The Investors, however, have been stonewalled in their effort.

SPhinX, RAI and Mr. Butt have asked the Court to quash the
Investors' subpoenas because the Investors have no right to be
heard in connection with the proposed settlement, and hence no
right to information about it.  RAI said the Investors are not
creditors or equity holders of the Debtors and, therefore, do
not have standing.

SPhinX has refused to produce its two directors -- the
individuals who approved the settlement on SPhinX's behalf -- in
response to deposition notices.

PlusFunds served the Investors with a one-sentence "objection"
the day before the subpoena's return date and refused to produce
a witness.

Marc T.G. Dworsky, Esq., at Munger, Tolles & Olson LLP, in Los
Angeles, California, asserts that the Investors have a right to
be heard under the "party in interest" provisions in Section
1109(b) of the Bankruptcy Code.  The Investors are the ones
paying the price of the proposed settlement.  Being an
investment vehicle, SPhinX is not parting with a cent of its own
money to fund the settlement.

Mr. Dworsky also tells the Court that, although SPhinX is duty-
bound to represent the Investors' interests, it instead seeks to
sacrifice those interests in the service of the "utterly
illegitimate interests" of the SPhinX board of directors and
their allies at Refco.

After repeatedly reassuring the Investors that it would
vigorously protect their interests in the preference action, Mr.
Dworsky relates that SPhinX unceremoniously ditched all of its
pleaded defenses on the eve of a summary judgment hearing in the
preference action.  Instead of simply conceding defeat in that
action, SPhinX also abandoned its claim under Section 502(h) of
the Bankruptcy Code for about half its value.

The Investors have learned that while SPhinX was run entirely by
PlusFunds, over the course of the preference action, Refco came
to own PlusFunds as a result of Christopher Sugrue's defaulting
on over US$200,000,000 of never disclosed loans to him by Refco
that were secured by all of PlusFunds' stock.  Mr. Sugrue is a
director at SPhinX and chairman and co-founder of PlusFunds.

These developments naturally raised many very red flags, Mr.
Dworsky states.

Various Merrill Lynch entities including (i) SPhinX Access LLC
and SPhinX Access Ltd., two feeder funds sponsored by Merrill
Lynch Alternative Investments LLC, which, through their
investments in SPhinX On-Shore Investment Fund LLC and SPhinX
Ltd., respectively, have approximately US$17,000,000 in exposure
to SPhinX; and (ii) Merrill Lynch International has
approximately US$8,000,000 in exposure to SPhinX, through direct
investments in SPhinX Ltd.

Customers of Raymond James, through their investments in the
SPhinX Investment Fund, LP, SPhinX, Ltd., and the S&P Managed
Futures Index Fund, LP, have almost US$16,000,000 in exposure to
SPhinX.

The Rydex entities, through their investments, have between
US$18,000,000 to US$22,000,000 in exposure to SPhinX.

Masonic Hall & Asylum Fund supports Merrill Lynch, et al.'s
request.

                      SphinX & RAI Objections

(1) SPhinX

On behalf of SPhinX Managed Futures Fund SPC, David A. Crichlow,
Esq., at Pillsbury Winthrop Shaw Pittman LLP, in New York, tells
the Court that the Investors are trying to pursue a sweeping
fishing expedition to explore each of their theories about how
SPhinX supposedly acted in bad faith in connection with the
settlement.

Mr. Crichlow notes that the Creditors Committee has voluntarily
provided the Investors with all discovery taken in the
preference action, and the Investors already have access to the
court papers on the docket.  He contends that access to the full
litigation record is sufficient for the Investors to evaluate
the proposed settlement -- to the extent they have any standing
to even do so.

The Investors may be displeased with the terms of the
settlement, but their displeasure flows from the perceived
injury to their indirect equity interests in SPhinX flowing
therefrom, according to Mr. Crichlow.  The Investors are not
being forced to "fund" the settlement; rather, they made the
decision long ago to "fund" SPhinX, Mr. Crichlow says.

(2) RAI

Refco Alternative Investments, LLC, and its president, Richard
Butt, insist that the subpoenas should be quashed because the
SPhinX Investors do not have standing.  

Eric M. Davis, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in Wilmington, Delaware, points out that any breach of
fiduciary duty that the Investors may wish to have addressed is
a breach of fiduciary duty by SPhinX, not the Debtors.  Any
remedies for that breach should be sought from SPhinX, not from
the Debtors, and not in the Bankruptcy Court.

                         About Refco Inc.

Headquartered in 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.

Refco Capital Markets Ltd. is Refco's operating subsidiary based
in Bermuda.

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
whollyowned 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).


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

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