TCREUR_Public/060710.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, July 10, 2006, Vol. 7, No. 135

                            Headlines


A U S T R I A

AGG: Creditors' Meeting Slated for July 18
ARCHITRAV -CONSTRUCTION: Creditors' Meeting Set for July 13
BAWAG PSK: Hungary's OTP Bank Mulls Acquisition Offer
BIODIESEL RAFFINERIE: Claims Registration Period Ends July 13
EVENT-EVENT: Property Manager Claims Insufficient Funds

IXTHULUH MUSIC: Creditors' Meeting Slated for July 24
NEW DRIVE: Court Terminates Bankruptcy Proceedings


B E L G I U M

INTERNATIONAL WIRE: Closes Sale of Insulated Wire Businesses


F I N L A N D

M-REAL OYJ: Moody's Lowers Corporate Family Rating to B2


F R A N C E

EUROTUNNEL GROUP: Continues Plan Talks with Bondholders Tomorrow


G E R M A N Y

ADD ON: Claims Registration Ends July 20
BTG BURGWEDELER: Claims Registration Ends July 24
CCI COMMERCIAL: Creditors' Meeting Slated for July 27
ELG KLEMPNER: Claims Registration Ends July 21
GOALS 2006-1: Moody's Assigns P(Ba3) Rating to Class D Notes

GOALS 2006-1: S&P Rates EUR5-Million Class D Notes at BB
HAMBURGER AIRPORT: Claims Registration Ends July 28
HOTEL GRUNDBESITZ: Claims Registration Ends July 18
LEVA QUELL: Claims Registration Ends July 21
REMA INC: Creditors' Meeting Slated for July 27

STUDIO CLASSICO: Claims Registration Ends July 14
TERRAPLAN GARTEN: Claims Registration Ends July 17
TS CO.MIT: Fitch Assigns Low-B Ratings to Two Note Classes


I T A L Y

ALITALIA SPA: Might Give Up Plans for Volare Takeover
IT HOLDING: S&P Affirms B- Long-Term Corp. Credit Rating
IT HOLDING FINANCE: S&P Affirms Junk Senior Secured Debt Ratings
VOLARE SPA: Alitalia Might Give Up Takeover Plans


K A Z A K H S T A N

AK-JOL: Creditors Must File Claims by July 24
ATYRAU-MANUFAKTURA: Creditors Must File Claims by July 24
BERIK JOL: Creditors Must File Claims by July 24
JURASSIC OIL: Proof of Claim Deadline Slated for July 24
KAZNUR: Kyzylorda Court Opens Bankruptcy Proceedings

MARIA: Proof of Claim Deadline Slated for July 24
REI TUR: Mangistau Court Begins Bankruptcy Proceedings
STANDART-SKIM: Claims Registration Ends July 24
URDJAR: Mangistau Court Begins Bankruptcy Process
USHKATTINSKAYA PETROLEUM: Creditors' Claims Due July 24


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

KONINKLIJKE AHOLD: Selling 46 Tops Supermarkets in Ohio


N O R W A Y

ADB SYSTEMS: Completes Sale of Norwegian Unit for US$2.8 Million


P O R T U G A L

EUROPROP EMC: S&P Assigns BB Rating to EUR8-Mln Class F Notes


R U S S I A

ADYGE-KHABL-TRANS-AUTO: Court Starts Bankruptcy Supervision
AMURSKIY BAKERY: Court Names I. Neumoin as Insolvency Manager
ARDATOVSKIY: Court Starts Bankruptcy Supervision
BRATSK-INVEST-WOOD: Court Names A. Drozdov Insolvency Manager
GAZPROM: Earns RUB315.9 Billion of Net Income in 2005

GORNOVSKIY: Court Commences Bankruptcy Supervision
KUBANSKAYA FUEL: Court Names R. Loshkobanov Insolvency Manager
MB CAPITAL: Fitch Gives Final B Rating to US$100-Mln Notes
NORTH-WEST: Pays 11 Coupon Yield Under Second Bond Issue in Full
PNEVMATIK: Court Starts Bankruptcy Supervision

RIA: Court Appoints S. Orlov as Insolvency Manager
SLAVSKIY DIARY: Court Names Mr. A. Trifonov Insolvency Manager
SPECIAL TECHNOLOGICAL: Court Starts Bankruptcy Supervision
TIME: Stavropol Court Commences Bankruptcy Supervision
TOMSKIY YEAST: Court Names V. Chayka as Insolvency Manager

TURDEYSKIY PIT: Court Names V. Druzhchenko as Insolvency Manager
VIMPELCOM: Owes RUB1.8 Billion in Taxes for FY 2003-2004
VKM LEASING: Fitch Puts CCC Rating on Issuer Default
ZAPADNODVINSKIY FLAX: S. Fedyunin to Manage Insolvency Assets


S P A I N

HIPOCAT 10: Moody's Junks EUR25.5-Million Series D Notes
TDA 26-MIXTO: Moody's Assigns Ca Rating to Series 1-D Notes


T U R K E Y

ANADOLUBANK: Fitch Keeps Foreign & Local Currency Ratings at B+
GARANTI FACTORING: Fitch Raises Local Currency IDR to BB+


U K R A I N E

ABK-SERVICE: Court Names Armen Komsaryan as Insolvency Manager
ALSTER-MV: Court Names Yevgen Solodenko as Liquidator
BUDINVEST: Court Names Denis Malusko as Insolvency Manager
ENTERPRISE AGROCENTER: Olena Gerasimenko to Liquidate Assets
KRAMBOLL: Court Names Volodimir Gurtovij as Insolvency Manager

KRYM-ZERNOTRADE: Court Names Ludmila Pustovalova as Liquidator
POLTAVAGAZBUD: Court Names Oleg Georgievskij as Liquidator
SPECIAL WAYS: Court Commences Bankruptcy Supervision
TAVRIYA TRANSPORT: Court Starts Bankruptcy Supervision
TERRA-TRANS: Court Names Sergij Bagmet as Insolvency Manager

TOMASA: Dnipropetrovsk Court Begins Bankruptcy Supervision


U N I T E D   K I N G D O M

ACTIS PRINT: Appoints Administrators from P&A Partnership
BLUEWAYS COACHES: Taps Tenon Recovery to Administer Assets
DERBYSHIRE FARM: Creditors Pass Winding Up Resolution
E J WHITE: Brings In Vantis to Administer Assets
EUROTUNNEL GROUP: Continues Plan Talks with Bondholders Tomorrow

FOOTHOLD LTD: Creditors Ratify Winding Up Resolution
GENERAL MOTORS: Board Okays CEO to Negotiate Renault-Nissan Deal
INNOVA RESOURCES: Hires Poppleton & Appleby as Administrators
L.H. (WOODCRAFT): Creditors Nominate Liquidator
LONDON BATHROOM: Hires Joint Liquidators from Insol House

MEK-TEK LIMITED: Taps P&A as Joint Administrators
MUSTIQUE LTD: Creditors Confirm Voluntary Liquidation
NAISH ENGINEERING: Hires Administrators from Rothman Pantall
ORFORD PLANT: Brings In Joint Liquidators from KPMG
P & K JOINERY: Names Lloyd Biscoe Liquidator

PRESSWELL METAL: Financial Woes Trigger Liquidation
REA & SHEPHERD: Taps Ian William Kings to Liquidate Assets
RIDING GATE: Appoints Tenon Recovery as Joint Administrator
STAMPER ENTERPRISES: Brings In Administrators from Bridgestones
TECHNIC TYRE: Hires Cresswall Associates as Administrators
TILE AND BATH: Appoints Administrators from BDO Stoy


                            *********

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


AGG: Creditors' Meeting Slated for July 18
------------------------------------------
Creditors owed money by LLC AGG Gastronomie & Events (FN
241595m) are encouraged to attend the creditors' meeting at
10:00 a.m. on July 18 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 11 (Bankr. Case No. 2 S 80/06m).  Susanne Fruhstorfer
serves as the court-appointed property manager of the bankrupt
estate.  Michael Guenther represents Dr. Fruhstorfer in the
bankruptcy proceeding.

The property manager and her representative can be reached at:

         Dr. Susanne Fruhstorfer
         c/o Dr. Michael Guenther
         Seilerstatte 17
         1010 Vienna, Austria
         Tel: 512 57 76 13
         Fax: 512 57 76 50
         E-mail: office@fg-lawyers.at


ARCHITRAV -CONSTRUCTION: Creditors' Meeting Set for July 13
-----------------------------------------------------------
Creditors owed money by LLC Architrav -Construction and Planning
(FN 181394g) are encouraged to attend the creditors' meeting at
11:15 a.m. on July 13 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor's bankruptcy case
(Bankr. Case No. 4 S 45/06d) was removed from (Bankr. Case No.
36 S 3/05m) on March 6.


BAWAG PSK: Hungary's OTP Bank Mulls Acquisition Offer
-----------------------------------------------------
OTP Bank Ltd.,, Hungary's largest retail bank, considers bidding
for Bawag P.S.K., people privy to the company told Reuters.

"OTP is evaluating BAWAG and deciding whether it's worth its
resources to engage in the tender process," the source told
Reuters.

According to the source, OTP is eyeing Bawag's good position in
the Austrian banking market, which it described as "mature but
still growing."

The Hungarian bank, however, would fall short of cash if it
would take over Bawag since OTP recently acquired banks in
Russia, Serbia and Ukraine.  OTP is also eyeing more
acquisitions in Eastern Europe.  JP Morgan recently revealed OTP
has tapped its full acquisition capital base.

"At this point, OTP doesn't have the cash," the source further
relays.  "It could raise the money, possibly through issuing new
shares but as it stands, it doesn't have the money."

As reported in TCR-Europe on July 5, Austrian cooperative bank
Oesterreichische Volksbanken eyes to purchase local rival Bawag
P.S.K. for an undisclosed amount.  Franz Pinkl, OeVAG's chief
executive, said acquiring Bawag would expand the company's
retail operations.  Mr. Pinkl, however, admitted that OeVAG has
to come up with enough cash from shareholders to finance a
possible takeover.

Osterreichischer Gewerkschaftsbund (OeGB) will officially begin
the sale of Bawag PSK in mid-July, Chief Executive Ewald Nowotny
said.

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

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

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

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

                        About OTP Bank

Headquartered in Budapest, Hungary, OTP Bank Ltd., --
http://www.otpbank.hu/-- is the country's largest consumer bank
providing providing institutional, commercial, corporate, and
private-level banking.  The company operates around 430 banks in
Hungary.

                         About BAWAG

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

                        *     *     *

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

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

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

These ratings were downgraded as part the rating action:

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

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

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

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

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

These ratings are under review for possible downgrade:

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

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


BIODIESEL RAFFINERIE: Claims Registration Period Ends July 13
-------------------------------------------------------------
Creditors owed money by LLC Biodiesel Raffinerie Produktions (FN
242240k) have until July 13 to file written proofs of claims to
compensation manager Karl F. Engelhart at:

         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 11:15 a.m. on July 27 to consider the adoption of
the rule by compensation.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, the Debtor declared the beginning of
the compensation process on May 26 (Case No. 5 Sa 3/06k).


EVENT-EVENT: Property Manager Claims Insufficient Funds
-------------------------------------------------------
Dr. Georg Kahlig, the court-appointed property manager for LLC
Event-Event-Management and Consulting (FN 247965f), declared on
May 26 that the Debtor does not have enough assets to pay off
creditors.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 26 (Bankr. Case No. 2 S 82/06f).  Gerhard Stauder
represents Dr. Kahlig in the bankruptcy proceeding.

The property manager and his representative can be contacted at:

         Dr. Georg Kahlig
         c/o  Mag. Gerhard Stauder
         Siebensterngasse 42/3
         1070 Vienna, Austria
         Tel:  523 47 91-0
         E-mail: kahlig.partner@aon.at


IXTHULUH MUSIC: Creditors' Meeting Slated for July 24
-----------------------------------------------------
Creditors owed money by LLC Ixthuluh Music (FN 84061w) are
encouraged to attend the creditors' meeting at 10:30 a.m. on
July 24 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

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

Headquartered in Pasching, Austria, the Debtor declared
bankruptcy on May 19 (Bankr. Case No. 12 S 45/06i).
Roland Zimmerhansl serves as the court-appointed property
manager of the bankrupt estate.

The property manager can be reached at:

         Mag. Roland Zimmerhansl
         Harrachstrasse 6
         4020 Linz, Austria
         Tel: 0732/65707065
         Fax: 0732/657070
         E-mail: zimmerhansl@anwaelte-sds.at


NEW DRIVE: Court Terminates Bankruptcy Proceedings
--------------------------------------------------
The Land Court of St. Polten terminated the bankruptcy
proceeding of LLC New Drive (FN 123486y) on May 26 due to the
Debtor's administrative insolvency.  This means that the Debtor
does not have enough cash to cover costs of the bankruptcy
proceedings.

Headquartered in Wieselburg an der Erlauf, Austria, the Debtor
declared bankruptcy on Aug. 31, 2005 (Bankr. Case No.
14 S 154/05w).  Franz Hofbauer served as the court-appointed
property manager for the bankrupt estate.

The property manager can be reached at:

         Dr. Franz Hofbauer
         Hauptplatz 6
         3370 Ybbs an der Donau, Vienna
         Tel:  07412/52731
         Fax: 07412/52731-22
         E-mail: dr.hofbauer@wibs.at


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B E L G I U M
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INTERNATIONAL WIRE: Closes Sale of Insulated Wire Businesses
------------------------------------------------------------
International Wire Group Inc. disclosed the closing of the sales
of its insulated wire subsidiaries in the Philippines and
MexiCo. to Draka Holding N.V. and Draka MexiCo. Holding, S.A. de
C.V.

These transactions, together with the sale of certain U.S.
insulated wire assets to Copperfield, LLC in November 2005 and
the subsequent collection of retained accounts receivable,
complete IWG's exit from the insulated wire business.

"The Draka transactions, which closed on July 3, 2006, complete
the process of exiting the insulated wire business world-wide,"
Mark K. Holdsworth, Chairman of the Board of Directors of IWG,
said.  "Net cash proceeds from the exit of the insulated wire
business since November 2005 total approximately US$75 million.
We are quite pleased with the results of this important
strategic initiative.  Moreover, we were also able to complete
the acquisition of IWG High Performance Conductors, Inc. on
March 31, 2006, and establish a strong market presence in
specialty high-performance conductors for the aerospace, medical
device and sensor industries."

Rodney D. Kent, Chief Executive Officer, stated, "In addition to
strengthening our balance sheet, the exit from the insulated
wire business will help facilitate our continued focus on
growing key areas within our core bare wire markets and
specialty high-performance conductors business." Mr. Kent added,
"The Company continues to grow in these two businesses, and with
substantial scale, we expect to continue to be able to better
serve our customer needs."

International Wire Group, Inc. is a manufacturer and marketer of
wire products, including bare, silver-plated, nickel-plated and
tin-plated copper wire, for other wire suppliers and original
equipment manufacturers or "OEMs".  Their products include a
broad spectrum of copper wire configurations and gauges with a
variety of electrical and conductive characteristics and are
utilized by a wide variety of customers primarily in the
aerospace, appliance, automotive, electronics and data
communications, industrial/energy and medical device industries.
The company manufactures and distributes its products at 13
facilities located in the United States, Belgium, France, Italy,
MexiCo. and the Philippines.

                        *    *    *

Standard & Poor's assigned these ratings on International Wire:

    -- Long-term foreign issuer credit: D, and
    -- Long-term local issuer credit: D.


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F I N L A N D
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M-REAL OYJ: Moody's Lowers Corporate Family Rating to B2
--------------------------------------------------------
Moody's Investors Service downgraded to B2 from Ba3 the
Corporate Family ratings and senior unsecured debt ratings of M-
real Oyj and to B2 from Ba3 the senior unsecured guaranteed MTN
program rating of Metsa Group Financial Services Oy, its
majority-owned subsidiary.  The outlook for the ratings remains
negative.

At the time of the last rating action in February 2006, Moody's
said that the Ba3 rating had incorporated the expectation of a
moderate pick-up in pricing, the benefits of the restructuring
program and a leveling-off of input costs to support a modest
improvement of operating profitability throughout 2006.  The
negative outlook reflected the uncertainty of this scenario to
materialize.

The downgrade to B2 takes into account the continuously
weakening operating performance mainly caused by:

   -- a rise in input costs notably of pulp in addition to
energy costs remaining at high levels;

   -- paper prices remaining largely flat; and

   -- additional restructuring costs having further weakened
profitability.

Moody's believes that in response to this deterioration and in
order to support cash flows in the short-term M-real has the
flexibility to substantially cut its capital expenditure, could
monetize further assets and could reduce dividend payments.
However, longer-term stability in the credit profile would rely
on an overall improvement in the pricing environment.

M-real's liquidity profile also remains weak with negative cash
outflows further depleting on-balance sheet cash reserves.  As a
result the company will be more reliant upon third party
funding.  In this context, the rating agency notes maturing debt
of EUR106 million during 2006 and EUR290 million during 2007
which includes drawings under the EUR850 million revolving
credit facility due in November 2007 which also needs to be
renegotiated.

The negative outlook reflects the possibility of input cost
remaining at a high level putting downward pressure on the
company's operating performance as well as cash generation.
Any notable deterioration in the credit profile is likely to
warrant a further review of the ratings.

M-Real's board has commissioned a study assessing strategic
options.  The ratings do not factor any measures resulting from
the study.

M-Real Oyj, based in Helsinki, Finland, is a leading European
producer of fine paper products, with FYE 2005 turnover of
EUR 5.2 billion.

Ratings downgraded:

Issuer: M-real

   -- Corporate Family Rating: to B2 from Ba3;

   -- Senior Unsecured Medium-Term Note Program: to B2 from Ba3;
and

   -- Senior Unsecured Regular Bond/Debenture: B2 from Ba3.

Issuer: Metsa Group Financial Services Oy

   -- Senior Unsecured Medium-Term Note Program: to B2 from Ba3


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F R A N C E
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EUROTUNNEL GROUP: Continues Plan Talks with Bondholders Tomorrow
----------------------------------------------------------------
Eurotunnel Group and its bondholders will continue negotiations
regarding a debt restructuring plan tomorrow, July 11, a day
before the tunnel operator's credit waiver and negotiation
period expires.

As reported in TCR-Europe on Friday, Eurotunnel 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.

At the July 7 meeting in Paris attended by a range of
bondholders including ARCO representatives, the bondholders
agreed to reduce the company's outstanding GBP6.2 billion debt
to approximately GBP2.9 billion, Reuters reports citing unnamed
sources.

A source suggested to the Financial Times that most of
Eurotunnel's bondholders had now abandoned their own rival plan
and were now discussing about potential modifications in favor
of the Eurotunnel proposal.

However, some bondholders still rejected the plan promoted by
Mr. Gounon, Reuters relates.

"We are not joining Gounon's plan," a spokesman for ARCO was
quoted by Reuters as saying.

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

              Bondholders' Alternative Rescue Plan

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

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

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

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

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

                        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.


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


ADD ON: Claims Registration Ends July 20
----------------------------------------
Creditors of Add On AG have until July 20 to register their
claims with court-appointed provisional administrator Philipp
Grub.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Pforzheim
         Area 223
         2nd Floor
         Mannheimer Str. 17
         75179 Pforzheim, 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 Pforzheim opened bankruptcy proceedings
against Add On AG on June 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Add On AG
         Hohenzollernstrasse 23
         75177 Pforzheim, Germany

         Attn: Bernhard Karl Schultz, Manager
         Hermannstrasse 30
         12049 Berlin, Germany

The administrator can be contacted at:

         Dr. Philipp Grub
         Humboldtstr. 16
         70178 Stuttgart, Germany


BTG BURGWEDELER: Claims Registration Ends July 24
-------------------------------------------------
Creditors of BTG Burgwedeler Transport GmbH have until July 24
to register their claims with court-appointed provisional
administrator Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 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 Hanover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover, 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 Hanover opened bankruptcy proceedings
against BTG Burgwedeler Transport GmbH on June 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         BTG Burgwedeler Transport GmbH
         Attn: Harald Osada, Manager
         Lindenallee 13
         30938 Burgwedel, Germany

The administrator can be contacted at:

         Torsten Gutmann
         Kriegerstrasse 44
         30161 Hannover, Germany
         Tel: 0511/2206268-0
         Fax: 0511/2206268-9


CCI COMMERCIAL: Creditors' Meeting Slated for July 27
-----------------------------------------------------
The court-appointed provisional administrator for CCI Commercial
Communication International GmbH, Christian Kohler-Ma, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:45 a.m. on July 27.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:35 a.m. on Nov. 2 at the same venue.

Creditors have until Sept. 3 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against CCI Commercial Communication International
GmbH on June 15.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         CCI Commercial Communication International GmbH
         Stromstr. 2A
         10555 Berlin, Germany

The administrator can be reached at:

         Christian Kohler-Ma
         Kurfuerstendamm 212
         10719 Berlin, Germany


ELG KLEMPNER: Claims Registration Ends July 21
----------------------------------------------
Creditors of ELG Klempner- und Heizungstechnik
Handelsgesellschaft mbH have until July 21 to register their
claims with court-appointed provisional administrator Gorge
Scheid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 23, 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 056
         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 ELG Klempner- und Heizungstechnik Handelsgesellschaft
mbH on June 13.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         ELG Klempner- und Heizungstechnik
         Handelsgesellschaft mbH
         Bitterfelder Str. 7-11
         04129 Leipzig, Germany

The administrator can be contacted at:

         Gorge Scheid
         Jacobstrasse 25
         04105 Leipzig, Germany


GOALS 2006-1: Moody's Assigns P(Ba3) Rating to Class D Notes
------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to four classes of asset-backed notes to be issued by GOALS
2006-1 Limited:

   -- EUR215.5 million Class A Floating Rate Notes due 2014:
(P)Aaa;

   -- EUR20 million Class B Floating Rate Notes due 2014:
(P)Aa1;

   -- EUR12.5 million Class C Floating Rate Notes due 2014:
(P)Baa1; and

   -- EUR5 million Class D Floating Rate Notes due 2014: (P)Ba3.

This is the first term and public securitization of equipment
lease receivables by the Germany-based originator Grenke Leasing
AG.  The Baden-Baden domiciled company is listed on the
Frankfurt stock exchange and is specialized in IT and office
equipment leasing.

The issuer will apply the proceeds from the issue of four
classes of notes to pay the purchase price for the acquisition
of a static, amortizing pool of lease receivables under a
receivables purchase agreement between the issuer and the
seller.

According to Moody's, the ratings of the notes are based, inter
alia, on these factors:

   -- the simple structure with static pool;

   -- the pool consisting only of fully amortizing lease
contracts, but no residual value risk;

   -- the high level of diversity by lessees and region;

   -- the detailed and high quality historical information
available;

   -- the servicer's experience with securitization; and

   -- the extremely limited commingling risk as regular
collections go directly into the account of the issuer.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A definitive rating
may differ from a provisional rating.  Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk.

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


GOALS 2006-1: S&P Rates EUR5-Million Class D Notes at BB
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR250 million floating-rate asset-backed
notes to be issued by GOALS 2006-1 Ltd., a special purpose
entity incorporated under the laws of the Channel Islands.

Under the terms and conditions of a receivables purchase
agreement, Grenke Leasing AG will sell and assign IT and
equipment lease receivables to GOALS 2006-1.

"This is the first public securitization of IT and equipment
lease receivables by Grenke," said Standard & Poor's credit
analyst Andrea Gutermuth.

"The issuer will use the proceeds from the issuance of the notes
to pay the purchase price for the assets," Ms. Gutermuth added.

Each lease receivable will be purchased at its present value,
discounted at the implicit interest rate payable under the
respective lease contract.

To hedge any interest rate mismatch resulting from the fixed-
rate interest payable on the leases and the floating rate
payable by the issuer on the notes, GOALS 2006-1 will enter into
an interest rate swap agreement with Grenke.  However, as Grenke
does not carry a sufficient short-term rating to support this
transaction, Deutsche Bank AG will guarantee Grenke's net
payment obligations under the swap.

All collections in respect of scheduled lease installments will
be directly booked to the issuer's account by way of direct
debit from the lessees.  Collections stemming from recovery
proceeds on defaulted assets and collections for a repayment of
recalled direct debits will be paid to an account in the name of
the seller.  Standard & Poor's has adequately sized for the
commingling risk arising in this context.

The scheduled lease installments will be inclusive of the VAT
component pertaining to a lease receivable.  However, the issuer
will not fund against this VAT portion.


                        Ratings List
                      GOALS 2006-1 Ltd.
          EUR250 Million Floating-Rate Asset-Backed Notes

                           Prelim.        Prelim.
            Class          rating         amount (Mil. EUR)
            -----          ------         ------
            A              AAA            212.5
            B              A               20.0
            C              BBB             12.5
            D              BB               5.0


HAMBURGER AIRPORT: Claims Registration Ends July 28
--------------------------------------------------
Creditors of Hamburger Airport Service Import -- Export --
Handling GmbH have until July 28 to register their claims with
court-appointed provisional administrator Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Aug. 30, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor Anbau
         Sievkingplatz 1
         20355 Hamburg, Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against Hamburger Airport Service Import -- Export -- Handling
GmbH on June 12.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Hamburger Airport Service Import
         -- Export -- Handling GmbH
         Attn: Manfred Riewe, Manager
         Obenhauptstrasse 1b
         22335 Hamburg, Germany

The administrator can be contacted at:

         Jan H. Wilhelm
         Albert-Einstein-Ring 11/15
         22761 Hamburg, Germany
         Tel: 8995615
         Fax: 8995610


HOTEL GRUNDBESITZ: Claims Registration Ends July 18
---------------------------------------------------
Creditors of Hotel Grundbesitz GmbH BRS have until July 18 to
register their claims with court-appointed provisional
administrator Paul Fink.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 21, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Area A 409
         4th Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany

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

The District Court of Duesseldorf opened bankruptcy proceedings
against Hotel Grundbesitz GmbH BRS on June 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Hotel Grundbesitz GmbH BRS
         Fruehlingsstr. 17
         90431 Nuernberg, Germany

         Attn: Hans-Juergen Bornefeld, Manager
         208 Cemin de la Calade
         06140 Vence, France

The administrator can be contacted at:

         Dr. Paul Fink
         Rheinort 1
         40213 Duesseldorf, Germany


LEVA QUELL: Claims Registration Ends July 21
--------------------------------------------
Creditors of Leva Quell Gesellschaft fuer Vertrieb von
Levigations- und Kolloidationsanlagen mbH have until July 21 to
register their claims with court-appointed provisional
administrator Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 14, 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 Walsrode
         Hall 130
         Long Road 29-33
         29664 Walsrode, 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 Walsrode opened bankruptcy proceedings
against Leva Quell Gesellschaft fuer Vertrieb von Levigations-
und Kolloidationsanlagen mbH on June 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Leva Quell Gesellschaft fuer Vertrieb von
         Levigations- und Kolloidationsanlagen mbH
         Attn: Wilfried Rummel, Manager
         Hohen Ufer 1
         29690 Schwarmstedt, Germany

The administrator can be contacted at:

         Dr. Steffen Koch
         Albert-Einstein-Ring 11
         22761 Hamburg, Germany
         Tel: 040/89956-0
         Fax: 040/89956-10


REMA INC: Creditors' Meeting Slated for July 27
-----------------------------------------------
The court-appointed provisional administrator for REMA Inc. &
Co. Service KG, Dr. Wolfgang Schroder, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:55 a.m. on July 27.

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

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

The Court will also verify the claims set out in the
administrator's report at 11:20 a.m. on Nov. 16 at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against REMA Inc. & Co. Service KG on June 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         REMA Inc. & Co. Service KG
         Friedrichstr. 90
         10117 Berlin, Germany

The administrator can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin, Germany


STUDIO CLASSICO: Claims Registration Ends July 14
-------------------------------------------------
Creditors of Studio ClassiCo. Kreatives Marmor- und
Fliesendesign GmbH have until July 14 to register their claims
with court-appointed provisional administrator Hans G. Hanel.

Creditors and other interested parties are encouraged to attend
the meeting at 8:10 a.m. on July 25, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Weilheim
         Meeting Room E 020
         Weilheim, Germany

The Court will also verify the claims set out in the
administrator's report at 8:00 a.m. on Sept. 12 at the same
venue.

The District Court of Weilheim opened bankruptcy proceedings
against Studio ClassiCo. Kreatives Marmor- und Fliesendesign
GmbH on June 8.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be contacted at:

         Studio ClassiCo. Kreatives Marmor- und
         Fliesendesign GmbH
         Fruehlingsstr. 17
         90431 Nuernberg, Germany

The administrator can be contacted at:

         Hans G. Hanel
         Hauptstr. 37
         82380 Peissenberg, Germany
         Tel: 08803/63660
         Fax: 08803/636677


TERRAPLAN GARTEN: Claims Registration Ends July 17
--------------------------------------------------
Creditors of TerrAPlan Garten- und Landschaftsbau GmbH have
until July 17 to register their claims with court-appointed
provisional administrator Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Aug. 7, 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 Essen
         Hall 293, 2nd Floor
         Principal Establishment
         Gelber Bereich
         Zweigertstr. 52
         45130 Essen, 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 Essen opened bankruptcy proceedings
against TerrAPlan Garten- und Landschaftsbau GmbH on June 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         TerrAPlan Garten- und Landschaftsbau GmbH
         Huxel 14
         45549 Sprockhoevel, Germany

The administrator can be contacted at:

         Dr. Winfrid Andres
         Heinrich-Held-Str. 16
         45133 Essen, Germany
         Tel: 0201 330550
         Fax: 0201 3305511


TS CO.MIT: Fitch Assigns Low-B Ratings to Two Note Classes
----------------------------------------------------------
Fitch Ratings assigned expected ratings to TS Co.mit One GmbH's
issue of EUR503.2 million of floating-rate notes.

   -- EUR446,500,000 Class A: AAA;
   -- EUR15,000,000 Class B: AA;
   -- EUR13,900,000 Class C: A;
   -- EUR10,200,000 Class D: BBB;
   -- EUR11,300,000 Class E: BB; and
   -- EUR6,300,000 Class F: B.

The final ratings are contingent upon the receipt of final
documents conforming to information already received.  The
expected ratings of the Class A notes address the timely payment
of interest and the ultimate repayment of principal.  The
expected ratings of the Class B to Class F notes address the
ultimate payment of interest and principal according to the
terms of the notes.  Under the cash flow scenarios applied, the
Class B to Class F notes are able to receive timely payment of
interest.

The expected ratings are based on the quality of the collateral,
the available credit enhancement, the priority of payments, and
the sound legal and financial structure of the transaction.
Credit enhancement for the Class A to E notes is provided by
subordination, the reserve account and available excess spread.
Credit enhancement for the Class F notes is provided by the
reserve account and excess spread.

The scheduled maturity of all Classes of notes is June 2011, and
the legal maturity is June 2013.

This transaction is a cash securitization of loans certified by
certificates of indebtedness to German small and medium-size
enterprises.  The transaction is the first true-sale
securitization of Commerzbank-originated loans via the True Sale
International platform.

The portfolio comprises senior unsecured loan instruments that
are either amortizing or have a bullet maturity.  The loans have
been specifically designed to be refinanced via a securitization
and therefore contain standardized characteristics.  The
transaction will be static and will amortize relatively quickly,
with a weighted average life of around 3 years.

Subject to certain tests being met, the notes will amortize pro-
rata as long as more than 50% of the initial pool balance is
outstanding.  To assess the credit quality of the portfolio,
Fitch used a mapping approach to Commerzbank's internal rating
system.  Based on the mapping, the agency deems the average
credit quality of the SME portfolio to be equivalent to a rating
of BBB-/BB+.


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


ALITALIA SPA: Might Give Up Plans for Volare Takeover
-----------------------------------------------------
Alitalia S.p.A. is likely to abandon its planned takeover of
low-cost carrier Volare S.p.A. following the conditional
approval by Autorita Garante della Concorrenza e del Mercato,
Italy's anti-trust authority, The Associated Press says.

In a statement, Alitalia said its planned takeover of Volare
might end up "dying in the courts" due to several legal cases
against Alitalia, Reuters relates.

As reported in TCR-Europe on July 7, Autorita Garante 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.

Alitalia argues that Autorita Garante's analysis was not
"professional" adding that the ruling might hurt local airlines
to the advantage of other European carriers, the Associated
Press said.

"We are examining the decision and have 30 days [whether to
accept or contest the conditions]," an Alitalia official told
AFX News.

Italy's State Council, the highest appellate court for
administrative affairs, blocked Alitalia's EUR38 million
takeover of Volare on May 24 due to certain flaws in the sale
process.  Air One had filed an appeal against a March 17
government decree approving Alitalia takeover of Volare Group.
The State Council sustained Air One's appeal.

As previously reported, the Italian government approved
Alitalia's proposed takeover bid for Volare, following a
favorable ruling from a Roman court.  The Hon. Antonio Lamorgese
and Stefano Olivieri had ruled that Alitalia's bid for Volare
does not violate the European Commission's regulations on state
aid.

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.


IT HOLDING: S&P Affirms B- Long-Term Corp. Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on Italy-based fashion company IT
Holding SpA.  The outlook is stable.

At the same time, Standard & Poor's affirmed its 'CCC+' debt
rating and '5' recovery rating on IT Holding Finance S.A.'s
senior secured notes.  The recovery rating indicates the
agency's expectation of negligible recovery of principle for
senior note holders in the case of a payment default.

The debt rating and corporate credit rating were removed from
CreditWatch with negative implications, where they were placed
on July 28, 2005.

"This rating action reflects an improvement in the group's
liquidity following a successful renegotiation of the loan
covenants, attesting to continuing bank support," said Standard
& Poor's credit analyst Nicolas Baudouin.

The rating reflects ITH's highly leveraged capital structure,
reliance on short-term financing, poor cash flow generation, and
exposure to changing consumer preferences in the fashion apparel
industry's mid-price segment.  Credit quality remains vulnerable
to license renewal risk, as evidenced by the significant share
of reported EBITDA--93% in 2005--derived from licensed brands.

"S&P expects ITH's EBITDA to decline in 2007, as the company
will feel the full impact of the loss of the D&G license," said
Mr. Baudouin.

"However, free cash flows are expected to be positive in both
2006 and 2007, thanks to a decrease in working capital and to
the solid performance of the company's other brands, as already
shown by robust first-quarter 2006 results."

The outlook could be revised to positive if cash flow generation
significantly improves from the weak levels experienced in 2005.
Any new liquidity issue could put pressure on the ratings, but
strong first-quarter results are likely to strengthen the
support of the company's creditors.


IT HOLDING FINANCE: S&P Affirms Junk Senior Secured Debt Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on Italy-based fashion company IT
Holding SpA.  The outlook is stable.

At the same time, Standard & Poor's affirmed its 'CCC+' debt
rating and '5' recovery rating on IT Holding Finance S.A.'s
senior secured notes.  The recovery rating indicates the
agency's expectation of negligible recovery of principle for
senior note holders in the case of a payment default.

The debt rating and corporate credit rating were removed from
CreditWatch with negative implications, where they were placed
on July 28, 2005.

"This rating action reflects an improvement in the group's
liquidity following a successful renegotiation of the loan
covenants, attesting to continuing bank support," said Standard
& Poor's credit analyst Nicolas Baudouin.

The rating reflects ITH's highly leveraged capital structure,
reliance on short-term financing, poor cash flow generation, and
exposure to changing consumer preferences in the fashion apparel
industry's mid-price segment.  Credit quality remains vulnerable
to license renewal risk, as evidenced by the significant share
of reported EBITDA--93% in 2005--derived from licensed brands.

"S&P expects ITH's EBITDA to decline in 2007, as the company
will feel the full impact of the loss of the D&G license," said
Mr. Baudouin.

"However, free cash flows are expected to be positive in both
2006 and 2007, thanks to a decrease in working capital and to
the solid performance of the company's other brands, as already
shown by robust first-quarter 2006 results."

The outlook could be revised to positive if cash flow generation
significantly improves from the weak levels experienced in 2005.
Any new liquidity issue could put pressure on the ratings, but
strong first-quarter results are likely to strengthen the
support of the company's creditors.


VOLARE SPA: Alitalia Might Give Up Takeover Plans
-------------------------------------------------
Alitalia S.p.A. is likely to abandon its planned takeover of
low-cost carrier Volare S.p.A. following the conditional
approval by Autorita Garante della Concorrenza e del Mercato,
Italy's anti-trust authority, The Associated Press says.

In a statement, Alitalia said its planned takeover of Volare
might end up "dying in the courts" due to several legal cases
against Alitalia, Reuters relates.

As reported in TCR-Europe on July 7, Autorita Garante 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.

Alitalia argues that Autorita Garante's analysis was not
"professional" adding that the ruling might hurt local airlines
to the advantage of other European carriers, the Associated
Press said.

"We are examining the decision and have 30 days [whether to
accept or contest the conditions]," an Alitalia official told
AFX News.

Italy's State Council, the highest appellate court for
administrative affairs, blocked Alitalia's EUR38 million
takeover of Volare on May 24 due to certain flaws in the sale
process.  Air One had filed an appeal against a March 17
government decree approving Alitalia takeover of Volare Group.
The State Council sustained Air One's appeal.

As previously reported, the Italian government approved
Alitalia's proposed takeover bid for Volare, following a
favorable ruling from a Roman court.  The Hon. Antonio Lamorgese
and Stefano Olivieri had ruled that Alitalia's bid for Volare
does not violate the European Commission's regulations on state
aid.

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 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.

                         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.


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


AK-JOL: Creditors Must File Claims by July 24
---------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP AK-Jol insolvent on March 14.  Subsequently,
bankruptcy proceedings were introduced at the company.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl Region
         Suleimanova Str. 17 (11a)
         Taraz, Jambyl Region
         Kazakhstan
         Tel: 8 (3262) 43-25-52


ATYRAU-MANUFAKTURA: Creditors Must File Claims by July 24
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Atyrau-Manufaktura insolvent.

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

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


BERIK JOL: Creditors Must File Claims by July 24
------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Berik Jol insolvent on April 28 without the
introduction of bankruptcy proceedings.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai Region
         Gogol Str. 177a
         Kostanai, Kostanai Region
         Kazakhstan


JURASSIC OIL: Proof of Claim Deadline Slated for July 24
--------------------------------------------------------
LLP Jurassic Oil (RNN 600900557785) has declared insolvency.
Creditors have until July 24 to submit written proofs of claim
to:

         LLP Jurassic Oil
         Mitina Str. 13
         Almaty, Kazakhstan
         Tel: 8 (3272) 60-12-77


KAZNUR: Kyzylorda Court Opens Bankruptcy Proceedings
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region commenced bankruptcy proceedings against LLP Kaznur on
May 19.

Proofs of claim will be accepted at:

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


MARIA: Proof of Claim Deadline Slated for July 24
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube region
declared LLP Maria insolvent.

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

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


REI TUR: Mangistau Court Begins Bankruptcy Proceedings
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceedings against LLP Rei Tur.

The Specialized Inter-Regional Economic Court of Mangistau
Region can be reached at:

         Micro District 27
         Aktau, Kazakhstan
         Tel: 8 (3292) 41-22-37


STANDART-SKIM: Claims Registration Ends July 24
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube Region
declared LLP Standart-Skim insolvent.

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

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


URDJAR: Mangistau Court Begins Bankruptcy Process
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceeding against LLP Urdjar on
May 22.

The Specialized Inter-Regional Economic Court of Mangistau
Region can be reached at:

         Micro District 27
         Aktau, Kazakhstan
         Tel: 8 (3292) 41-22-37


USHKATTINSKAYA PETROLEUM: Creditors' Claims Due July 24
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube region
declared JSC Ushkattinskaya Petroleum Storage Depot insolvent.

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

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


===================
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
=====================


KONINKLIJKE AHOLD: Selling 46 Tops Supermarkets in Ohio
-------------------------------------------------------
Koninklijke Ahold N.V. has decided to divest 46 Tops
supermarkets in Northeast Ohio, United States.  This
geographically separate region is no longer considered a core
part of Tops' market area, which is concentrated in New York and
Pennsylvania.

The 46 stores are located in Greater Cleveland, Akron,
Youngstown and Norwalk and currently employ approximately 3,800
full and part-time employees.

William Blair & Company, LLC has been retained to coordinate
discussions with potential buyers.

Tops Markets is part of Ahold's Giant-Carlisle/Tops Arena and
currently operates 119 Tops Markets and four Martin's Super Food
Stores in New York, Pennsylvania and Ohio.

                           About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe and Asia.  The company's chain stores includes Stop &
Shop, Giant, TOPS, Albert Heijn and Bompreco.  Ahold also
supplies food to restaurants, hotels, healthcare institutions,
government facilities, universities, stadiums, and caterers.

                        *     *     *

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


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


ADB SYSTEMS: Completes Sale of Norwegian Unit for US$2.8 Million
----------------------------------------------------------------
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.

Shareholders at the company's annual general meeting approved
the transaction.  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 will 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.


===============
P O R T U G A L
===============


EUROPROP EMC: S&P Assigns BB Rating to EUR8-Mln Class F Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR648.05 million commercial mortgage-
backed floating-rate notes to be issued by EuroProp (EMC) S.A.,
a special purpose entity.

EuroProp will use the proceeds of the issuance to acquire four
commercial loans and subscribe to FCC notes and SAGRES notes
issued by French and Portuguese compartments in relation to an
additional four loans.

Citibank International PLC and/or Citibank N.A., London branch
originated all eight loans between May 2005 and February 2006.
The loans are secured against commercial real estate assets
located predominantly in Germany but also France, Sweden,
Portugal, and Belgium.

EuroProp is the fourth securitization to be launched using the
Citibank European Mortgage Conduit (EMC) platform and its first
to incorporate a conduit pan-European pool of large commercial
real estate loans.

                        Ratings List
             EuroProp (EMC) S.A. (Compartment 1)
EUR648.05 Million Commercial Mortgage-Backed Floating-Rate Notes

                          Prelim.        Prelim.
           Class          rating         amount (Mil. EUR)
           -----          ------         ------
           A              AAA            485.00
           X (2)          AAA              0.05
           B              AA              55.00
           C              A               37.80
           D (1)          BBB             41.00
           E (1)          BBB-            21.20
           F (1)          BB               8.00

       (1) Subject to an available funds cap mechanism.
           Consequently, the class D, E, and F noteholders may
           receive a variable interest coupon in the event of
           various loan prepayment scenarios.

       (2) The class X notes are subject to a variable interest
           coupon.


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


ADYGE-KHABL-TRANS-AUTO: Court Starts Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Karachaevo-Cherkessiya Republic has
commenced bankruptcy supervision procedure on OJSC Adyge-Khabl-
Trans-Auto.  The case was docketed under Case No. A25-3794/05-8.

The Temporary Insolvency Manager is:

         Mr. A. Fedorenko
         Office 301
         Lenina Str. 384
         355003 Stavropol Region
         Russia

The Debtor can be reached at:

         OJSC Adyge-Khabl-Trans-Auto
         Shosseynaya Str. 5
         Erken-Shakhar
         Adyge-Khablskiy Region
         Karachaevo-Cherkessiya Republic
         Russia


AMURSKIY BAKERY: Court Names I. Neumoin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Khabarovsk Region appointed Mr. I.
Neumoin as Insolvency Manager for OJSC Amurskiy Bakery.  He can
be reached at:

         I. Neumoin
         Apartment 92
         Gamarnika Str. 11
         690033 Vladivostok Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 73-19121/2005-38.

The Debtor can be reached at:

         OJSC Amurskiy Bakery
         Mira Pr. 47.
         Amursk
         682640 Khabarovsk Region
         Russia


ARDATOVSKIY: Court Starts Bankruptcy Supervision
------------------------------------------------
The Arbitration Court of Mordoviya Republic has commenced
bankruptcy supervision procedure on OJSC Butter Making Plant
Ardatovskiy.  The case is docketed under Case No.
A39-369/06-5/7.

The Temporary Insolvency Manager is:

         Mr. A. Ivlev
         Post User Box 1068
         432026 Ulyanovsk-26
         Russia

The Debtor can be reached at:

         OJSC Butter Making Plant Ardatovskiy
         Rabochaya Str. 79
         Ardatov
         431860 Mordoviya Republic
         Russia


BRATSK-INVEST-WOOD: Court Names A. Drozdov Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Irkutsk Region appointed Mr. A. Drozdov
as Insolvency Manager for CJSC Bratsk-Invest-Wood (TIN
5506042438).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-8487/06-38.

The Debtor can be reached at:

         CJSC Bratsk-Invest-Wood
         Apartment 8
         Olimpiyskaya Str. 5
         Energetik
         Bratsk
         665712 Irkutsk Region
         Russia


GAZPROM: Earns RUB315.9 Billion of Net Income in 2005
-----------------------------------------------------
OAO Gazprom issued its audited consolidated financial statements
on July 7 prepared in accordance with International Financial
Reporting Standards.

For the year ended Dec. 31, 2005, Gazprom earned RUB315.9
billion in net profit, compared to RUB209.4 billion in net
profit for the same period in 2004.

In 2005, sales -- net of excise, VAT and customs duties --
increased by RUB406.8 billion, or 42%, to RUB1.4 trillion, from
2004's RUB976 billion net sales.  The consolidation of Sibneft
resulted in growth in sales by RUB90.9 billion.

The company's 2005 profit attributable to its equity holders
totaled RUB311.1 billion, compared to RUB209.4 billion for the
same period in 2004.

"Our net debt balance increased by RUB297.6 billion, or 60%,
from RUB499.8 billion as of Dec. 31, 2004, to RUB797.4 billion
as of Dec. 31, 2005," the company said.  "This is primarily due
to increased borrowings obtained to finance the purchase of
Sibneft."

                          About Gazprom

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

                         *     *     *

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

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

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


GORNOVSKIY: Court Commences Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Saratov Region has commenced bankruptcy
supervision procedure on OJSC Gornovskiy Combine Of Building
Materials (TIN 6418002501).  The case is docketed under Case No.
A57-27B/06-32.

The Temporary Insolvency Manager is:

         Mr. V. Potekhin
         Ak.Zhuk Str. 27
         Balakovo
         413540 Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Gornovskiy Combine of Building Materials
         Gornyj
         Krasnopartizanskiy Region
         Saratov Region
         Russia


KUBANSKAYA FUEL: Court Names R. Loshkobanov Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. R.
Loshkobanov as Insolvency Manager for LLC Kubanskaya Fuel
Company.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-6077/2005-27/100-B.

The Debtor can be reached at:

         LLC Kubanskaya Fuel Company
         Zapolotnyanaya Str. 20
         Ust-Labinsk
         Krasnodar Region
         Russia


MB CAPITAL: Fitch Gives Final B Rating to US$100-Mln Notes
----------------------------------------------------------
Fitch Ratings assigned MB Capital S.A.'s US$100-million issue of
8.8% loan participation notes due June 2009 final ratings of
Long-term B and Recovery RR4.  The notes are used solely for
financing a loan to Russia's Moscow Bank for Reconstruction and
Development (rated Issuer Default B/Stable, Short-term B,
Individual D/E, Support 4 and National Long-term BBB-/Stable).

MBRD was founded in 1993, and at end-2005 ranked among the 35th
largest Russian banks by total assets.  Its parent, Sistema
Joint Stock Financial Corp. (IDR 'B+'), a financial industrial
group, has subsidiaries in many sectors, although its primary
area of focus is telecommunications.


NORTH-WEST: Pays 11 Coupon Yield Under Second Bond Issue in Full
----------------------------------------------------------------
AKB Svyaz Bank, acting as the Payment Agent for JSC North-West
Telecom's series 02 bonds, paid the 11 coupon yield in full on
July 5 under the bonds of the second issue of JSC NWT.  The list
of authorized recipients of a coupon yield under the bonds was
finalized as of June 26.

The rate of the 10th coupon is 7.5% per annum, RUR18.7 having
been charged on each bond.

The total amount allocated for the 110th coupon payment amounted
to RUR28.05 million.

Bonds of the second issue of OJSC NWT are series 02 documentary
interest-bearing bonds payable to bearer, with obligatory
centralized care.  The state registration No. is 4-02-00119-A.
The issue has been floated at the Moscow Interbank Currency
Exchange on Oct. 28, 2003, and includes 1.5 million four-year
securities with the face value of RUB1,000.

The rate of the first coupon was established at an auction to
the amount of 14.2% per annum, the bond-equivalent yield for the
two-year offer having been 14.46% per annum.

Payment of 16 quarterly coupons is provided for under the bonds.

    * Rates of the 1st-4th coupons: 14.2% per annum;
      (established at an auction during the floatation)

    * Rates of the 5th-8th coupons: 13.2% per annum;
      (established at an auction during the floatation)

    * Rates of the 9th-16th coupons: 7.5% (established by the
      Board of Directors).

Repayment of the bonds will be effected in three stages:

    * on the 1092nd and 1274th days from the date of the
      floatation start the Company will pay 30% of the bond face
      value to each bond holder;

    * on the 1456th day the remaining 40% of the bond face value
      will be paid to the bond holders.

                  About North-West Telecom

OAO North-West Telecom is one of Russia's major
telecommunication companies, and the leading operator in the
North-West Federal District, providing traditional telephone
services, as well as Internet and advanced data services.  NWT
originated from the merger of 10 regional fixed line operators
and is ranked among the Financial Times' Top 100 major Eastern
European companies.  NWT ranks eighth in Standard & Poor's
Transparency Index of the 50 largest MICEX-listed companies and
fifth in the S & P Corporate governance rating.  NWT
international debt is rated by S&P B+ with stable outlook and
domestic debt ruA+.

                        *     *     *

Standard & Poor's has assigned B+ ratings to North-West
Telecom's long-term foreign issuer and local issuer credit
ratings.  Fitch also assigned a B+ rating to the company's
foreign currency long-term debt and a B rating to its foreign
currency short-term debt.


PNEVMATIK: Court Starts Bankruptcy Supervision
----------------------------------------------
The Arbitration Court of Severnaya Osetiya Republic - Alaniya
has commenced bankruptcy supervision procedure on OJSC
Pnevmatik.  The case is docketed under Case No. A61-2548/05-11.

The Temporary Insolvency Manager is:

         Mr. R. Guriev
         Stavropolskaya Str. 6.
         Vladikavkaz
         Severnaya Osetiya Republic - Alaniya
         Russia

The Debtor can be reached at:

         OJSC Pnevmatik
         Stavropolskaya Str. 6.
         Vladikavkaz
         Severnaya Osetiya Republic - Alaniya
         Russia


RIA: Court Appoints S. Orlov as Insolvency Manager
--------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. S. Orlov as
Insolvency Manager for LLC Agro Company Ria.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-33781/05-S2-7.

The Debtor can be reached at:

         LLC Agro Company Ria
         Abramova Pr. 1.
         Semikarakorsk
         Rostov Region
         Russia


SLAVSKIY DIARY: Court Names Mr. A. Trifonov Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kaliningrad Region appointed Mr. A.
Trifonov as Insolvency Manager for LLC Slavskiy Diary.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A21-10739/2005.

The Debtor can be reached at:

         LLC Slavskiy Diary
         Mayakovskogo Str. 3a
         Sovetsk
         Kaliningrad Region
         Russia


SPECIAL TECHNOLOGICAL: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Altay Region has commenced bankruptcy
supervision procedure on OJSC Special Technological Equipment.
The case is docketed under Case No. A03-1466/06-B.

The Temporary Insolvency Manager is:

         Mr. A. Lyutyj
         Kalinina Pr. 28
         Barnaul
         545037 Altay Region
         Russia

The Debtor can be reached at:

         OJSC Special Technological Equipment
         Kalinina Pr. 28
         Barnaul
         656037 Altay Region
         Russia


TIME: Stavropol Court Commences Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Stavropol Region has commenced
bankruptcy supervision procedure on OJSC Time.  The case is
docketed under Case No. A63-3067/06-S5.

The Temporary Insolvency Manager is:

         Mr. Y. Shapovalov
         Ermolova Str. 38
         Pyatigorsk
         Stavropol Region
         Russia

The Debtor can be reached at:

         OJSC Time
         Rucheynyj Per. 112a
         Blagodarnyj
         Stavropol Region
         Russia


TOMSKIY YEAST: Court Names V. Chayka as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Tomsk Region appointed Mr. V. Chayka as
Insolvency Manager for CJSC Tomskiy Yeast Factory.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A67-3174/06.

The Debtor can be reached at:

         CJSC Tomskiy Yeast Factory
         Lenina Pr. 190
         Tomsk Region
         Russia


TURDEYSKIY PIT: Court Names V. Druzhchenko as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tula Region appointed Mr. V.
Druzhchenko as Insolvency Manager for OJSC Turdeyskiy Pit.

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-68-163/B-05.

The Debtor can be reached at:

         OJSC Turdeyskiy Pit
         453110 Tula Region
         Russia


VIMPELCOM: Owes RUB1.8 Billion in Taxes for FY 2003-2004
--------------------------------------------------------
OJSC Vimpel-Communications has received the final decision of
the review of VimpelCom's 2003-2004 Russian tax filings by its
tax inspectorate.

The decision states that the Company owes an additional RUB1.8
billion in taxes (US$674 million) which includes RUB349 million
in fines and penalties.

Over 55% of the amount set forth in the final decision relates
to the tax inspectorate claiming that, in their opinion, the
Company incorrectly deducted doubtful and bad subscriber debt
which, however, can be partly deductible in 2005.

"We will pay it because we have to, but we do not think it is
right and will fight it in court," spokeswoman Yuliya
Ostroukhova was quoted by Reuters as saying.

Following its agreement with the tax inspectorate, the total net
amount to be paid is RUB652 million (US$24.3 million).  The tax
authorities confirmed that the company overpaid RUB795 million
(US$29.6 million) in its 2003-2004 taxes and allowed the company
to use the overpaid money to pay the debt, Reuters relates.

VimpelCom does not agree with the claims of the tax authorities
and plans to subsequently appeal its position in court, which
may result in a further decrease of its tax payables.

                      About VimpelCom

Headquartered in Moscow, Russia, VimpelCom --
http://www.vimpelcom.com/-- provides mobile telecommunications
services in Russia and Kazakhstan with newly acquired operations
in Ukraine, Tajikistan and Uzbekistan.  The Company operates
under the 'Beeline' brand in Russia and Kazakhstan.  In
addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS'
brands in Kazakhstan.

                        *     *     *

As reported in TCR-Europe on Feb. 16, Standard & Poor's Ratings
Services said that its ratings and outlook on Russian mobile
telecommunications operator Vimpel-Communications (VimpelCom;
BB/Positive/--) are unaffected by the company's announcement
that it has launched a bid for Ukraine-based mobile
telecommunications operator CJSC Kyivstar GSM (BB-/Watch
Positive/--) for a consideration of US$5 billion in VimpelCom
common registered shares plus assumed debt.


VKM LEASING: Fitch Puts CCC Rating on Issuer Default
----------------------------------------------------
Fitch Ratings assigned Russia's CJSC VKM Leasing and Issuer
Default rating of CCC and a Short-term rating of C.  The rating
Outlook is Stable.

The ratings reflect VKM Leasing's small size, limited track
record, concentrated business, high leverage and potentially
vulnerable liquidity profile.  Its ratings would benefit from a
less leveraged balance sheet, a more prudent liquidity profile
and a less concentrated lease portfolio.  There is a possibility
that the lease portfolio will become less concentrated over the
medium-term.  Deterioration in liquidity, potentially caused by
the default of a major lessee, could result in rating pressure.

VKM Leasing is very highly leveraged.  At end-2005, the balance
sheet was only 2% equity funded and equity totaled just
US$1.2 million.  The company is likely to remain highly
leveraged, given its rapid expansion plans and the owners'
intentions to take periodic dividends out of the company.

VKM Leasing's liquidity profile is very tight and a minimal,
albeit improving level of liquid assets are maintained on
balance sheet.  Liquidity has to-date relied on matching
payments from lessees with repayments of bank finance.
Liquidity could be forthcoming from associated companies within
the wider VKM group, if needed but some concerns exist as to
ability and timeliness.

VKM Leasing's lease portfolio has grown rapidly and management
is looking for further rapid growth.  The portfolio is
unseasoned and highly concentrated, both by lease asset and by
exposure to individual lessees.

The company's short history and concentrated business means
performance to-date may not be indicative of the future.  The
return on average assets was a respectable 3.6% in 2005.  Fitch
Ratings expects the leasing sector to continue to grow strongly
in Russia, including the rolling stock asset class.  New
entrants could squeeze margins, however, even if VKM Leasing
does benefit from being part of a leading rolling stock
manufacturer.

VKM Leasing's risk management function will need expanding and
upgrading if the company is to achieve its growth plans in a
controlled manner.

The company was founded in Q104 to facilitate, via leasing, the
sale of railway rolling stock manufactured by the wider VKM
group, whose main asset is the rolling stock manufacturer,
Ruskhimmash.  It offers finance leases of railway rolling stock
to a small number of mid-sized Russian corporates.


ZAPADNODVINSKIY FLAX: S. Fedyunin to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Tver Region appointed Mr. S. Fedyunin
as Insolvency Manager for OJSC Zapadnodvinskiy Flax Factory (TIN
6922101202)

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A66-13961/2005.

The Debtor can be reached at:

         OJSC Zapadnodvinskiy Flax Factory
         Lnozavodskaya Str. 1.
         Zapadnyaya Dvina
         Tver Region
         Russia


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


HIPOCAT 10: Moody's Junks EUR25.5-Million Series D Notes
--------------------------------------------------------
Moody's Investors Service assigned these definitive credit
ratings to seven series of Bonos de Titulizacion de Activos
issued by HIPOCAT 10 Fondo de Titulizacion de Activos, a Spanish
Asset Securitisation Fund that has been created by Gestión de
Activos Titulizados, S.G.F.T, S.A:

   -- EUR160.0 million Series A1 notes: Aaa;
   -- EUR733.4 million Series A2 notes Aaa;
   -- EUR300.0 million Series A3 notes: Aaa;
   -- EUR200.0 million Series A4 notes: Aaa;
   -- EUR54.8 million Series B notes: Aa2;
   -- EUR51.8 million Series C notes: Baa2; and
   -- EUR25.5 million Series D notes: Caa3.

Moody's definitive ratings address the expected loss posed to
investors by the legal final maturity of each Series.  The
rating agency believes that the structure allows for timely
payment of interest and ultimate payment of principal on Series
A1, A2, A3, A4, B and C at par on or before their respective
rated legal maturity dates, and for ultimate payment of interest
and principal at par on or before the rated final legal maturity
date on Series D.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have
not been addressed, but may have a significant effect on yield
to investors.

According to Moody's, this deal benefits from several strengths,
including:

   -- a swap agreement, which guarantees a 65-bppa excess
spread;

   -- a Reserve Fund that is fully funded upfront to cover a
potential shortfall in interest and principal;

   -- an 18-month artificial write-off mechanism; and

   -- the securing of 100% of loans by residential mortgages.

However, the transaction poses several challenging features,
namely:

   -- the existence of loans which can enjoy grace periods both
in interest and principal;

   -- the possibility of redrawing on already amortized amounts;

   -- high LTV lending; and

   -- geographical concentration in the region of Catalonia,
mitigated in part by the fact that this is the region of
Caixa Catalunya's origin, where it has its highest
expertise.

The product being securitized under HIPOCAT 10 is the first
drawdown of a mortgage product designed by Caixa Catalunya and
marketed under the name Credito Total Primera Vivienda.  In
terms of collateral, at closing the deal has WA Current LTV
levels of 80.39%, and a strong regional presence in Catalonia.
The average loan size is EUR136,202.  The loans were originated
between 1994 and 2006, resulting in a weighted average seasoning
of 1.41 years.

Moody's based the provisional ratings primarily on:

   -- an evaluation of the underlying portfolio of mortgage
loans securing the structure, and

   -- the transaction's structural protections, which include
the subordination of the notes, the swap agreement
partially hedging the interest rate risk, the liquidity
facility, the reserve fund and any excess spread available
      to cover losses.


TDA 26-MIXTO: Moody's Assigns Ca Rating to Series 1-D Notes
-----------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
five series of Bonos de Titulizacion de Activos to be issued by
TdA 26-Mixto Fondo de Titulizacion de Activos, a Spanish asset
securitization fund that has been created by Titulizacion de
Activos, S.G.F.T, S.A.:

   -- EUR165 million Series 1-A1 notes: Aaa;
   -- EUR636.4 million Series 1-A2 notes: Aaa;
   -- EUR18.2 million Series 1-B notes: Aa3;
   -- EUR5.4 million Series 1-C notes Baa1; and
   -- EUR6.2 million Series 1-D notes: Ca.

Moody's definitive ratings address the expected loss posed to
investors by the legal final maturity.  The rating agency
believes that the structure of the TdA 26-MIXTO GROUP 1 notes
allows for timely payment of interest and ultimate payment of
principal at par, on or before the final legal maturity date and
not at any other expected maturity date, on Classes 1-A/1-B/1-C
and for ultimate payment of interest and principal at par on or
before the final legal maturity date on Series 1-D.  The ratings
do not address the full redemption of the notes on the expected
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.

Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

According to Moody's, this deal benefits from strong features,
including:

   -- the swap agreements, which guarantees 55 bppa excess
spread;

   -- a reserve fund that is fully funded upfront to cover a
potential shortfall in interest and principal;

   -- a 12-month artificial write-off mechanism;

   -- the securing of 100% of loans by residential mortgages;
and

   -- the regional diversification.

However, Moody's notes that the deal also has weaknesses,
including:

   -- the deferral of interest payments on each of Series 1-B
and 1-C increases the expected loss on these subordinated
series; and

   -- pro-rata amortization of the 1-B and 1-C Series of notes
leads to reduced credit enhancement of the senior series
in absolute terms.

These increased risks were reflected in Moody's credit
enhancement calculation.

The products being securitized are first-lien mortgage loans
granted to individuals, all of whom will use these loans to
acquire or refurbish properties located in Spain, originated by
BanCo. Guipuzcoano and Banca March, which will continue to
service them.

As of May 24, the provisional portfolio comprised 7,489 loans
for a total amount of EUR905,582,509.74.  The original weighted
average LTV (WALTV) is 63.56%.  The current WALTV is 59.19%.
The average loan size is EUR120,922.  The loans were originated
between 1994 and 2005, with a weighted average seasoning of
24.41 months.

The pool is concentrated in the Balearic Islands, Madrid and
Valencia.  All the properties on which the mortgage security has
been granted are covered by property damage insurance and fire
insurance.

To hedge the potential mismatch risk derived from the different
index reference rates on the assets side and the notes side, or
the risk derived from any amendment in the terms of the mortgage
agreements, the Fondo will enter into two swap agreements with
Calyon and HSBC.

Moody's bases its ratings on:

   -- an evaluation of the underlying portfolio of mortgage
loans securing the structure; and on

   -- the transaction's structural protections, which include
the subordination, the strength of the cash flows and any
excess spread available to cover losses.

Moody's assigned provisional ratings to this transaction on
June 30.


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


ANADOLUBANK: Fitch Keeps Foreign & Local Currency Ratings at B+
---------------------------------------------------------------
Fitch Ratings affirmed Turkey-based Anadolubanl's ratings at
foreign and local currency Issuer Default B+, National Long-term
BBB+ and Short-term foreign and local currency B, Individual D
and Support 4.  The Outlook is Stable.

The Issuer Default, Short-term, National Long-term and
Individual ratings reflect Anadolubank's consistent strategy,
sound asset quality, and comfortable liquidity.  This is
balanced by pressures on profitability and stretched
capitalization in a volatile operating environment.

Anadolubank's operating profit increased in 2005, mainly from
higher non-interest earnings, despite increased operating
expenses related to the expansion of the branch network.  Since
falling interest rates and tougher competition will result in
tighter margins, fees and commissions will be the main drivers
of revenue growth.  Non-performing loans fell to 1.3% of gross
loans at end-2005, aided by lending growth.

With the growth in risk-weighted assets, Anadolubank's capital
adequacy ratio fell to 13.38% at end-2005 while free capital
remained satisfactory.  In Fitch's opinion, Anadolubank needs to
improve its capitalization to provide a cushion in a volatile
operating environment, given the small size of the bank,
concentration in the loan portfolio and rapid credit growth.

Anadolubank is majority-owned by Habas, a major producer and
exporter of long steel and Turkey's dominant manufacturer of
industrial and medical gases.  It is a medium-sized bank
focusing on corporate and commercial banking and foreign-trade
finance, primarily providing services to medium-sized exporters.
It has a securities brokerage, leasing and an offshore
subsidiary in Northern Cyprus.


GARANTI FACTORING: Fitch Raises Local Currency IDR to BB+
---------------------------------------------------------
Fitch Ratings upgraded local currency Issuer Default ratings to
BB+ from BB- and National Long-term ratings to AA from A+ of
Garanti Factoring A.S.

At the same time, the agency affirmed the company's foreign
currency IDR at BB-, Short-term foreign and local currency
ratings at B and Support rating at 3.  The Outlooks on the IDRs
and National rating remain Positive and Stable respectively.

The rating changes reflect the upgrade in the local currency IDR
and National rating of Turkiye Garanti Bankasi A.S., the
company's majority shareholder to BB+ from BB- and to AA from A+
prompted by the support of GE Consumer Finance and improving
intrinsic financial condition of the bank.  The ratings of
Garanti Leasing and Garanti Factoring reflect the moderate
probability of support from and close integration with its
parent bank, Garanti.  Garanti Factoring is focused on small-
ticket business benefiting from the retail distribution
capabilities of the large branch network of Garanti.

Garanti is Turkey's third largest private commercial bank by
assets and provides a full range of corporate, commercial and
retail banking services.  At end-Q106, 27.54% of the shares were
held by Dogus Group, which is engaged in automotive, food,
construction, tourism, media and financial services.  GECF is
wholly owned, directly or indirectly, by General Electric
Company.


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


ABK-SERVICE: Court Names Armen Komsaryan as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Odessa Region appointed Armen Komsaryan as
Liquidator/Insolvency Manager for LLC ABK-Service (code EDRPOU
33386991).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 4.  The case is docketed under
Case. No. 2/112-06-3963.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC ABK-Service
         Kozatstva Str. 103
         Chornomorskogo
         Odessa Region
         Ukraine


ALSTER-MV: Court Names Yevgen Solodenko as Liquidator
-----------------------------------------------------
The Economic Court of Odessa Region appointed Yevgen Solodenko
as Liquidator/Insolvency Manager for LLC Alster-MV (code EDRPOU
33218118).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 4.  The case is docketed under
Case. No. 2-115-06-4058.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Alster-MV
         Academic Zabolotnij Str. 47/12
         Odessa Region
         Ukraine


BUDINVEST: Court Names Denis Malusko as Insolvency Manager
----------------------------------------------------------
The Economic Court of Kyiv Region appointed Denis Malusko as
Liquidator/Insolvency Manager for Enterprise Budinvest (code
EDRPOU 32798275).  He can be reached at:

         Lukyanivska Str. 63/48
         04071 Kyiv Region
         Ukraine
         Tel: (044) 496-98-53

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case.
No. 23/175-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:

         Enterprise Budinvest
         Hohlovih Str. 15/511
         Simyi
         04119 Kyiv Region
         Ukraine


ENTERPRISE AGROCENTER: Olena Gerasimenko to Liquidate Assets
------------------------------------------------------------
The Economic Court of AR Krym Region appointed Olena Gerasimenko
as Liquidator/Insolvency Manager for Enterprise Agrocenter (code
EDRPOU 251337077).  She can be reached at:

         Olena Gerasimenko
         Skifska Str. 28/9
         Energodar
         71500 Zaporizhya Region
         Ukraine
         Tel: (06139) 4-35-37

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 6.  The case is docketed
under Case. No. 2-8/2009-2006.

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         Enterprise Agrocenter
         Dibenko Str. 17/14
         Simferopol
         95000 AR Krym Region
         Ukraine


KRAMBOLL: Court Names Volodimir Gurtovij as Insolvency Manager
--------------------------------------------------------------
The Economic Court of Donetsk Region appointed Volodimir
Gurtovij as Liquidator/Insolvency Manager for LLC Kramboll (code
EDRPOU 33340496).  He can be reached at:

         Volodimir Gurtovij
         Babushkina Str. 16
         Makiyivka
         86123 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 18.  The case is docketed
under Case. No. 42/83 B

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Kramboll
         Artema Str. 1-b
         83086 Donetsk Region
         Ukraine


KRYM-ZERNOTRADE: Court Names Ludmila Pustovalova as Liquidator
--------------------------------------------------------------
The Economic Court of AR Krym Region appointed Ludmila
Pustovalova as Liquidator/Insolvency Manager for LLC Krym-
Zernotrade (code EDRPOU 33258213).  She can be reached at:

         Ludmila Pustovalova
         Lenin Str. 44-a/15
         Vilino
         Bahchisaraj District
         98433 AR Krym Region Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 15.  The case is docketed
under Case. No. 2-8/8900-2006.

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         LLC Krym-Zernotrade
         Partizanska Str. 10
         Orihove
         Saki District
         96570 AR Krym Region
         Ukraine


POLTAVAGAZBUD: Court Names Oleg Georgievskij as Liquidator
----------------------------------------------------------
The Economic Court of Poltava Region appointed Oleg Georgievskij
as Liquidator/Insolvency Manager for CJSC Poltavagazbud (code
EDRPOU 05449526).  He can be reached at:

         Oleg Georgievskij
         Lenin Str. 82
         36022 Poltava Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 4.  The case is docketed under
Case. No. 10/110.

The Economic Court of Poltava Region is located at:

         36000
         Zigina Str. 1
         Poltava Region
         Ukraine

The Debtor can be reached at:

         CJSC Poltavagazbud
         Ribalskij Lane 10 a
         36037 Poltava Region
         Ukraine


SPECIAL WAYS: Court Commences Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Odessa Region commenced bankruptcy
supervision procedure on OJSC Scientific-Experimental Institute
of Special Ways of Casting (code EDRPOU 00224886) on March 16.
The case is docketed under Case. No. 32/55-06-2281.

The Temporary Insolvency Manager is:

         Grib Yevgenij
         Himichna Str. 2
         65031 Odessa Region
         Ukraine

The Debtor can be reached at:

         OJSC Scientific-Experimental Institute of
         Special Ways of Casting
         Himichna Str. 2
         65031 Odessa Region
         Ukraine


TAVRIYA TRANSPORT: Court Starts Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
supervision procedure on State Enterprise Tavriya Transport
(code EDRPOU 31653252) Jan. 30.  The case is docketed under
Case. No. 5/26-B-06.

The Temporary Insolvency Manager is:

         Mr. D. Luchko
         M. Fortus Str. 107-A
         73000 Herson Region
         Ukraine
         Tel: 8 (0552) 27-12-64

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         State Enterprise Tavriya Transport
         Yantarnij Lane 2
         73000 Herson Region
         Ukraine


TERRA-TRANS: Court Names Sergij Bagmet as Insolvency Manager
------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Sergij Bagmet
as Liquidator/Insolvency Manager for LLC TERRA-TRANS (code
EDRPOU 31490971).  He can be reached at:

         a/b 1064
         69104 Zaporizhya Region
         Ukraine
         Tel: (0612) 17-33-40
                     17-66-17

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 18.  The case is docketed
under Case. No. 19/80/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Terra-Trans
         Olimpijska Str. 12
         69104 Zaporizhya Region
         Ukraine


TOMASA: Dnipropetrovsk Court Begins Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC Production-Commercial Firm Tomasa
(code EDRPOU 21854670) on May 19. The case is docketed under
Case. No. B 24/221/05.

The Temporary Insolvency Manager is:

         Volodimir Kozachenko
         a/b 2725
         49044 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Production-Commercial Firm Tomasa
         Bulata Str. 6
         49000 Dnipropetrovsk Region
         Ukraine


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


ACTIS PRINT: Appoints Administrators from P&A Partnership
---------------------------------------------------------
Andrew Philip Wood and Christopher Michael White of The P&A
Partnership were appointed joint administrators of Actis Print
Services Limited (Company Number 04493996) on June 6.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders. Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

Headquartered in Chester, United Kingdom, Actis Print Services
Limited is engaged in digital printing and marketing services.


BLUEWAYS COACHES: Taps Tenon Recovery to Administer Assets
----------------------------------------------------------
S.J. Parker and S.R. Thomas of Tenon Recovery were appointed
joint administrators of Blueways Coaches Dorset Limited (Company
Number 00447076) on June 9.

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

Blueways Coaches Dorset Limited can be reached at:

         Victoria Avenue Indstl Est
         Swanage
         Dorset BH19 1AU
         United Kingdom
         Tel: 01929 423 622
         Fax: 01929 427 797


DERBYSHIRE FARM: Creditors Pass Winding Up Resolution
-----------------------------------------------------
Creditors of Derbyshire Farm Feeds & Country Supplies Limited
passed a resolution to wind up the company's operations during
an extraordinary general meeting on April 13.

Philip Barrington Wood, of Barringtons Limited, was appointed
Liquidator.

The company can be reached at:

         Derbyshire Farm Feeds & Country Supplies Ltd
         Main Street
         Biggin
         Buxton
         Derbyshire SK17 0DQ
         United Kingdom
         Tel: 01298 84987


E J WHITE: Brings In Vantis to Administer Assets
------------------------------------------------
J.S. French and G. Mummery of Vantis Redhead French Limited were
appointed joint administrators of E.J. White & Son Limited
(Company Number 02463666) on June 9.

Headquartered in West Sussex, Vantis Numerica (nka Vantis plc)
-- http://www.vantisplc.com/-- provides accounting, business
and tax advisory services in the United Kingdom.

Headquartered in London, E.J. White & Son Limited installs
electrical wiring.


EUROTUNNEL GROUP: Continues Plan Talks with Bondholders Tomorrow
----------------------------------------------------------------
Eurotunnel Group and its bondholders will continue negotiations
regarding a debt restructuring plan tomorrow, July 11, a day
before the tunnel operator's credit waiver and negotiation
period expires.

As reported in TCR-Europe on Friday, Eurotunnel 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.

At the July 7 meeting in Paris attended by a range of
bondholders including ARCO representatives, the bondholders
agreed to reduce the company's outstanding GBP6.2 billion debt
to approximately GBP2.9 billion, Reuters reports citing unnamed
sources.

A source suggested to the Financial Times that most of
Eurotunnel's bondholders had now abandoned their own rival plan
and were now discussing about potential modifications in favor
of the Eurotunnel proposal.

However, some bondholders still rejected the plan promoted by
Mr. Gounon, Reuters relates.

"We are not joining Gounon's plan," a spokesman for ARCO was
quoted by Reuters as saying.

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

              Bondholders' Alternative Rescue Plan

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

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

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

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

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

                        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.


FOOTHOLD LTD: Creditors Ratify Winding Up Resolution
----------------------------------------------------
Creditors of Foothold Limited ratified a resolution to wind up
the company's operations on April 13.

Simon Franklin Plant, of SFP, was appointed Liquidator.

The company can be reached at:

         Foothold Limited
         205 New John Street West
         Birmingham B19 3TZ
         United Kingdom
         Tel: 01274 395 275


GENERAL MOTORS: Board Okays CEO to Negotiate Renault-Nissan Deal
----------------------------------------------------------------
The General Motors Board of Directors endorsed on July 7 a
recommendation by the company's senior management that it engage
in exploratory discussions with Renault and Nissan regarding
GM's potential participation in an alliance among the three
companies.

"The GM Board of Directors authorized management to proceed with
its plan to consider ideas the other two companies have and to
weigh the potential benefits of such an alliance in order to
assist the Board in its decision making," said GM Director
George Fisher.  "Management will keep the Board well informed
and the directors, of course, will closely monitor the process
to assure that its outcome serves the best interests of all GM
shareholders.  The Board continues to fully support the
company's North American turnaround strategy, and we encourage
management to also continue its efforts to conclude a
satisfactory resolution of the issues associated with the Delphi
bankruptcy and to complete the pending GMAC transaction."

The Board action was taken in response to a request made by
Tracinda Corp., one of GM's larger shareholders, and to
expressions of interest made public by the respective boards of
Renault and Nissan.

GM Chairman Rick Wagoner will lead the company's effort to
conduct exploratory talks with the managements of Renault and
Nissan.

"General Motors has a lot of experience with different types of
alliances, and some have provided significant benefits to GM's
competitive position and financial strength," said Mr. Wagoner.
"We will enter into discussions with the managements of Renault
and Nissan with an open mind -- eager to hear their ideas of how
an alliance between our companies might work to our mutual
benefit.  Given the complexity of any potential relationship, it
has to be carefully considered on its merits before coming to
any conclusion.  We are committed to an objective and thorough
review of that potential."

Mr. Wagoner noted that when the idea of joining an alliance with
Renault and Nissan was first suggested to him, he promptly
contacted Carlos Ghosn and the two leaders agreed to meet at a
mutually convenient time to have an initial exploratory
discussion.

"We periodically receive interesting proposals and we owe it to
the company and its shareholders to explore how they might work,
and to objectively weigh the potential benefits and issues that
each might present," Mr. Wagoner said.  "That is exactly what we
recommended to the GM Board in this specific case, and exactly
what it has agreed we should do."

               North American Turnaround Strategy

In the meantime, both Mr. Wagoner and Mr. Fisher noted that it
is crucial for General Motors to stay focused on implementing
its North American turnaround strategy.

"We announced this strategy about one year ago, and have made
tremendous progress in implementing all the key initiatives,"
Mr. Wagoner said.  "The positive results from these major
actions are already evident.  We have some major items that we
are working on right now that are important to our continued
progress, including the Delphi restructuring and the GMAC
transaction.  So there's plenty more work to do to return our
North American operations to sustained profitability.  We remain
focused on achieving this as quickly as possible."

                      About General Motors

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

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

                           *     *     *

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

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


INNOVA RESOURCES: Hires Poppleton & Appleby as Administrators
-------------------------------------------------------------
Stephen Lord and Stephen James Wainwright of Poppleton & Appleby
were appointed joint administrators of Innova Resources Limited
(formerly Studio Nova Limited) (Company Number 02506228) on
June 12.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders. Its

Headquartered in Bury, United Kingdom, Innova Resources Limited
are specialists in photography.


L.H. (WOODCRAFT): Creditors Nominate Liquidator
-----------------------------------------------
Creditors of L.H. (Woodcraft) Limited nominated Gordon Allan
Mart Simmonds of Simmonds & Company as Liquidator during an
extraordinary general meeting on April 5.

The company can be reached at:

         L.H. (Woodcraft) Limited
         2 Station Road
         Strines
         Stockport
         Cheshire SK6 7GP
         United Kingdom
         Tel: 01663 763 235
         Fax: 01663 763 235


LONDON BATHROOM: Hires Joint Liquidators from Insol House
---------------------------------------------------------
London Bathroom & Kitchen Design Limited is liquidating its
assets after creditors opted to wind up the company on April 12.

Richard Frank Simms and Martin Richard Buttriss of Insol House
were appointed Joint Liquidators.

The company can be reached at:

         London Bathroom & Kitchen Design Limited
         16 Glentworth Street
         London NW1 5PG
         United Kingdom
         Tel: 020 7935 3542


MEK-TEK LIMITED: Taps P&A as Joint Administrators
-------------------------------------------------
Christopher Michael White and Andrew Philip Wood both of The P&A
Partnership were appointed joint administrators of Mek-Tek
Limited (Company Number 02662026) on June 9.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- is a member firm of the
Insolvency Practitioners Association and the Association of
Business Recovery Professionals (R3) and act for all clearing
banks and a growing number of factors and asset lenders. Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.


MUSTIQUE LTD: Creditors Confirm Voluntary Liquidation
-----------------------------------------------------
Creditors of Mustique Limited confirmed the company's voluntary
liquidation together with the appointment of that Allan Cooper
and John Russell of The P&A Partnership as Joint Liquidators on
April 12.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors

Mustique Limited can be reached at:

         26 Broad Street
         King's Lynn
         Norfolk PE30 1DP
         United Kingdom
         Tel: 01553 692792


NAISH ENGINEERING: Hires Administrators from Rothman Pantall
------------------------------------------------------------
Robert Derek Smailes and Stephen B. Ryman of Rothman Pantall &
Co. were appointed joint administrators of Naish Engineering
Limited (Company Number 03640490) on June 7.

Rothman Pantall & Co. -- http://www.rothman-pantall.co.uk/--  
was established in 1955 as a general accountancy practice, and
has grown to its present 18 offices across the South of England.
It is one of the largest independent firms of Chartered
Accountants in the region, and rank in the top 40 in the United
Kingdom.

Naish Engineering Limited can be reached at:

         68 Old Wareham Road
         Poole
         Dorset BH12 4QR
         United Kingdom
         Tel: 01202 733 884


ORFORD PLANT: Brings In Joint Liquidators from KPMG
---------------------------------------------------
Allan Watson Graham and Mark Jeremy Orton of KPMG LLP were
appointed Liquidators of Orford Plant Hire Limited after
creditors passed a resolution to wind up the company on
April 12.

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

Orford Plant Hire Limited can be reached at:

         Aston Fields Indstrial Estate
         Aston Road
         Bromsgrove
         Worcestershire B60 3EX
         United Kingdom
         Tel: 01527 880 388


P & K JOINERY: Names Lloyd Biscoe Liquidator
--------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed Liquidator of
P & K Joinery Limited after creditors agreed to wind up the
company on April 13.

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

P & K Joinery Limited can be reached at:

         2 Leigh Place
         Welling
         Kent DA163JB
         United Kingdom
         Tel: 0845 880 5880
         Fax: 020 8317 2222


PRESSWELL METAL: Financial Woes Trigger Liquidation
---------------------------------------------------
Presswell Metal Products Limited is winding up its operations
after creditors established the company could no longer continue
its business due to mounting debts.

Timothy James Heaselgrave and Barry John Ward, of Ward & Co,
were appointed Joint Liquidators.

The company can be reached at:

         Presswell Metal Products Limited
         Estate House
         Evesham Street
         Redditch
         Worcestershire B98 7AL
         United Kingdom
         Tel: 01527 678 50
         Fax: 01527 619 84


REA & SHEPHERD: Taps Ian William Kings to Liquidate Assets
----------------------------------------------------------
Ian William Kings, of Tenon Recovery, was appointed Liquidator
after creditors decided to wind up the company on April 11.

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

Rea & Shepherd Scaffolding Limited can be reached at:

         Unit 7 Galaxy Industrial Park
         Newburn Bridge Road
         Blaydon-on-Tyne
         Tyne and Wear NE214SQ
         United Kingdom
         Tel: 0191 499 0997
         Fax: 0191 499 0918


RIDING GATE: Appoints Tenon Recovery as Joint Administrator
-----------------------------------------------------------
S.R. Thomas and T.J. Binyon of Tenon Recovery were appointed
joint administrators of Riding Gate Recruitment Limited (Company
Number 3022290) on June 9.

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

Headquartered in Cheltenham, United Kingdom, Riding Gate
Recruitment Limited is an employment and recruitment agency.


STAMPER ENTERPRISES: Brings In Administrators from Bridgestones
---------------------------------------------------------------
Robert Cooksey and Jonathan Lord of Bridgestones were appointed
joint administrators of Stamper Enterprises & Co. Limited
(Company Number 02507137) on June 8.

The administrators can be contacted at:

         Bridgestones
         125-127 Union Street
         Oldham
         Lancashire OL1 1TE
         United Kingdom
         Tel: 0161 785 3700
         Fax: 0161 785 3701
         E-mail: rlc@bridgestones.co.uk

Stamper Enterprises & Co. Limited can be reached at:

         Warwick Mill
         Oldham Road
         Middleton
         Manchester M24 1AZ
         United Kingdom
         Tel: 0161 655 1000
         Fax: 0161 654 7573


TECHNIC TYRE: Hires Cresswall Associates as Administrators
----------------------------------------------------------
Gordon Craig and Daniel P. Hennessy of Cresswall Associates
Limited were appointed joint administrators of Technic Tyres
Limited (Company Number 03716831) on June 6.

         Cresswall Associates Limited
         West Lancashire Investment Centre
         Maple View
         Whitemoss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom
         Tel: 01695 712683

Technic Tyre Limited can be reached at:

         Wellington Road
         Burton-On-Trent
         Staffordshire DE14 2TG
         United Kingdom
         Tel: 01283 527 600
         Fax: 01283 527 601


TILE AND BATH: Appoints Administrators from BDO Stoy
----------------------------------------------------
Martha H. Thompson and Mark Shaw of BDO Stoy Hayward LLP were
appointed joint administrators of Tile and Bath World Limited
(Company Number 02912569) on June 12.

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 Cheltenham, United Kingdom, Tile and Bath World
Limited retails and distributes tiles.


                           *********


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

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

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

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

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

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


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