TCREUR_Public/060711.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

              Tuesday, July 11, 2006, Vol. 7, No. 136

                            Headlines


A U S T R I A

ALAN: Vienna Court Terminates Case due to Insufficient Funds
ARMAN: Insufficient Funds Prompt Court to Terminate Case
CLOUD 7: Claims Registration Period Ends July 20
ETI: Claims Registration Period Ends July 20
STOFF TRANSPORTE: Creditors' Meeting Slated for July 20

TDG: Claims Registration Period Ends July 14


F R A N C E

GENERAL MOTORS: French & German Unions May Oppose 3-Way Alliance
TEKELEC: Restates Quarterly Reports for 2005 and 2004


G E R M A N Y

AMERICAN-FLEX: Claims Registration Ends August 1
CLEAN POOL: Creditors' Meeting Slated for August 3
DALBKE BAUREGIE: Claims Registration Ends August 1
DELTA AV: Claims Registration Ends August 4
GALA 80: Claims Registration Ends August 2

GENERAL MOTORS: French & German Unions May Oppose 3-Way Alliance
HYPO REAL: Fitch Keeps Individual Rating at C
KHO BAUMASCHINENSERVICE: Claims Registration Ends August 2
KRATZSCH SPIELBETRIEBE: Claims Registration Ends August 1
KRIEG GMBH+CO.: Claims Registration Ends August 2

LANDESBANKS: Fitch Temporarily Uplifts Short-Term Ratings
METACON UMWELT: Claims Registration Ends August 2
TERA BAU: Claims Registration Ends July 26
TS CO.MIT: S&P Puts Low-B Ratings to EUR18-Mln Class E & F Notes

H U N G A R Y

BORSODCHEM RT: Receives Takeover Offer from Kikkolux SARL


I T A L Y

ALSTOM SA: Inks EUR23-Mln Deal with Vestsjaellands Lokalbaner


K A Z A K H S T A N

ASOIL: Karaganda Court Opens Bankruptcy Proceedings
ATOMNYI ENERGETICHESKY: Mangistau Court Approves Insolvency
EIR KAZAKHSTAN: Creditors Must File Claims by July 25
KAZMUNAIGAZ: Creditors Must File Claims by July 25
KSK-95: Creditos Must File Claims by July 25

KURYLYS: Proof of Claim Deadline Slated for July 25
MARIA: Proof of Claim Deadline Slated for July 25
MAULEN-PV: Claims Registration Ends July 25
MONOLITNOYE DOMOSTROENIE: Court Begins Insolvency Proceedings
PROMENERGOOBORUDOVANIE: Court Starts Bankruptcy Proceedings

STARUVER: Mangistau Court Commences Bankruptcy Proceedings
TALPYN: Creditors' Claims Due July 25
URISKY ELEVATOR: Kostanai Court Begins Bankruptcy Proceedings


K Y R G Y Z S T A N

ISSYK-KUL NARYN: Public Auction Scheduled for July 26
ITIZAM: Creditors Must File Claims by Aug. 25


L U X E M B O U R G

NORTEL NETWORKS: Performance Concerns Cues DBRS to Hold Ratings


N O R W A Y

PETROLEUM GEO-SERVICES: Demerger Spurs Moody's to Lift Outlook


R U S S I A

ALTAY-VOD-MELIORATION: S. Sokolov to Manage Insolvency Assets
AMKODOR: Court Commences Bankruptcy Supervision
ANANYEVSKOYE: Bankruptcy Hearing Slated for Sept. 11
BELINSKIY FEED MILL: V. Ratnikov to Manage Insolvency Assets
ISETSK-AGRO-PROM-KHIMIYA: Court Starts Bankruptcy Supervision

KIMRSKAYA: Tver Court Starts Bankruptcy Supervision
KIPELOVSKIYE MEAT: Court Names A. Mansurov as Insolvency Manager
KIZELOVSKIY ENGINEERING: Bankruptcy Hearing Slated for Aug. 30
KOTKOZERSKOYE: Court Names A. Klyukin as Insolvency Manager
NORTH-WEST: Board Approves Updated 2006 Budget

NORTH-WEST: Reviews Composition of Management Board
PETROZAVODSKAYA FINANCIAL: E. Otchiev to Manage Assets
PSKOVSKOYE TIMBER: A. Dzhamaldaev to Manage Insolvency Assets
ROSNEFT OIL: BP Plc Eyes US$2 Billion Stake in IPO
RTISHEVSKIY: Court Names Zh. Salina as Insolvency Manager

SHULGINSKIY MACADAM: A. Dyagilev to Manage Insolvency Assets

* Improved Liquidity Spurs S&P to Lift Tatarstan's Credit Rating
* S&P Affirms Stavropol Krai's B Long-Term Issuer Credit Rating


S W I T Z E R L A N D

X-RITE INC: Completes US$280-Million Amazys Holding Acquisition


U K R A I N E

CHERNIVTSIMYASOPROMSERVICE: Court Starts Bankruptcy Supervision
CITY INVESTING: Court Begins Bankruptcy Supervision
KROLEVETS' REPAIR-MECHANICAL: Olga Naumova to Liquidate Assets
EKONOVA: Court Names Solskij Volodimir as Insolvency Manager
FORSAZH: Court Names Ludmila Zayikina as Liquidator

LUGA-COLOR: Lugansk Court Begins Bankruptcy Supervision
PYATKIVSKE: Court Commences Bankruptcy Supervision
SHPON-VAL: Court Names Andrij Sibal as Insolvency Manager
SOFIA: Court Names Dranchenko Valentina as Liquidator
UKRAINA: Court Names Viktor Holod to Manage Insolvency Assets

VELTAIR: Kyiv Court Names E. Kondra to Liquidate Assets
ZVENO: Court Names Marina Muzhdabayeva as Insolvency Manager


U N I T E D   K I N G D O M

3MB DEVELOPMENTS: Creditors' Meeting Slated for July 14
ACTIS STUDIOS: Hires P&A to Administer Assets
AEROTECH WORLD: Brings In Begbies Traynor to Administer Assets
ASHTON PACKING: Names Andrew James Nichols as Administrator
CAPE PLASTICS: Creditors Pass Winding Up Resolution

CASUALS DIRECT: Financial Woes Trigger Liquidation
CREATIVE ADVERTISING: Governor Taps Baker Tilly as Receivers
D & S TRANSPAK: Bank of Scotland Appoints Kroll as Receivers
DRAKE POWER: Taps Lloyd Biscoe to Liquidate Assets
ELECTRIC 2000: Appoints David Exell as Liquidator

ENRON CORP: Merrill Lynch Agrees to Pay US$29.5-Mln Settlement
EVANS BUILDING: Claims Registration Ends Sept. 30
EVERYDAYLIVES LTD: Hires Joint Liquidators from Valentine & Co
FINE COLOUR: GE Commercial Taps Receivers from Deloitte & Touche
GAINSBOROUGH HOLDINGS: Appoints Grant Thornton as Administrators

GBC MANAGEMENT: Brings In Grant Thornton as Administrators
GLOBAL TRADE: HSBC Bank Hires Moore Stephens as Receivers
GENERAL MOTORS: Planned Alliance Won't Affect Rating, Fitch Says
GOLDCREST FURNITURE: Appoints Grant Thornton as Administrators
GREENWAYS MEDIA: League Paper Publisher Up for Sale

GRENEHURST LTD: Brings In Joint Liquidators from Insol House
HEART MEDIA: Creditors Resolve to Liquidation
HERBALIFE INT'L: To Undertake Potential Refinancing Deal
MAJESTIC ALUMINUM: Names A. Turpin to Liquidator
NORTHUMBRIAN INTERIORS: Creditors Opt to Liquidate Assets

OFFICE TRADES: Michael Lyon Leads Liquidation Procedure
OHN HAMPDEN: Vantis Offers Garment Packaging Business For Sale
REFCO INC: Court to Consider Excl. Period Requests on July 20
REFCO INC: U.S. Court Extends Removal Period to Sept. 13
RENAISSANCE GRP: Winds Up Business & Appoints Joint Liquidators

RESIDENTIAL MORTGAGE: Moody's Rates GBP16 Million Notes at Ba3
RESIDENTIAL MORTGAGE: Fitch Rates GBP16-Mln Class B2 Notes at BB
STENBUY LIMITED: Creditors' Meeting Slated for July 13
SUCCESSFUL SOLUTIONS: Creditors Confirm Liquidator's Appointment
T.M. WASTE: HSBC Bank Brings In PKF as Administrative Receivers

TEKELEC: Restates Quarterly Reports for 2005 and 2004
THPA FINANCE: S&P Assigns BB Rating to Class C Notes
TOWN TYRE: Creditors Nominate Andreas Kakouris as Liquidator
USP BRANDS: KPMG Selling Golfing Equipment Distributor
WHITE MOSS: Claims Filing Period Ends Sept. 19

* Large Companies with Insolvent Balance Sheets

                            *********

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


ALAN: Vienna Court Terminates Case due to Insufficient Funds
------------------------------------------------------------
The Trade Court of Vienna terminated the bankruptcy proceeding
of Construction LLC Alan (FN 057599f) on May 29 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 Vienna, Austria, the Debtor's bankruptcy case
(Bankr. Case No. 2 S 24/06a) was removed from (Bankr. Case No.
41 S 110/99x) on March 3.


ARMAN: Insufficient Funds Prompt Court to Terminate Case
--------------------------------------------------------
The Trade Court of Vienna terminated the bankruptcy proceeding
of Trade LLC Arman (FN 123002k) on May 29 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 Vienna, Austria, the Debtor's bankruptcy case
(Bankr. Case No. 28 S 12/06b) was removed from (Bankr. Case
No. 36 S 5/05f) on March 7.


CLOUD 7: Claims Registration Period Ends July 20
------------------------------------------------
Creditors owed money by LLC Cloud 7 -Tourist Agency (FN 223965k)
have until July 20 to file written proofs of claims to court-
appointed property manager Georg Unger at:

         Dr. Georg Unger
         Mariahilfer Road 50
         1070 Vienna Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: schulyok-unger@csg.at

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Aug. 3 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
May 29 (Bankr. Case No. 2 S 89/06k).  Peter Schulyok represents
Dr. Unger in the bankruptcy proceedings.


ETI: Claims Registration Period Ends July 20
--------------------------------------------
Creditors owed money by LLC ETI (FN 208593f) have until July 20
to file written proofs of claims to court-appointed property
manager Michael Guenther at:

         Dr. Michael Guenther
         Seilerstatte 17
         1010 Vienna, Austria
         Tel:  512 57 76
         E-mail: office@fg-lawyers.at

Creditors and other interested parties are encouraged to attend
the meeting on August 3 to consider the adoption of the rule by
revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
May 29 (Bankr. Case No. 2 S 87/06s).  Susanne Fruhstorfer
represents Dr. Guenther in the bankruptcy proceedings.


STOFF TRANSPORTE: Creditors' Meeting Slated for July 20
-------------------------------------------------------
Creditors owed money by Transport LLC Stoff Transporte
(FN 38889s) are encouraged to attend the creditors' meeting at
2:15 p.m. on July 20 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         2nd Floor
         Graz, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 29 (Bankr. Case No. 25 S 42/06y).  Dr. Uwe Niernberger
represents the Debtor in the bankruptcy proceedings.

The Debtor's representative can be reached at:

         Dr. Uwe Niernberger
         2nd floor
         Radetzkystrasse 6
         8010 Graz, Austria

Kurt Klein serves as the court-appointed property manager of the
bankrupt estate.  Paul Wuntschek represents Mr. Klein in the
bankruptcy proceeding.

The property manager and his representative can be reached at:

         Kurt Klein
         Represented by Dr. Paul Wuntschek
         LLC Klein, Wuntschek & Partner
         Kaiser-Franz-Josef-Kai 70
         8010 Graz, Austria
         Tel: 0316/813862
         Fax: 0316/813862-2
         E-mail: office@klein-wuntschek-partner.at


TDG: Claims Registration Period Ends July 14
--------------------------------------------
Creditors owed money by LLC TDG (FN 100880d) have until July 14
to file written proofs of claims to court-appointed property
manager Erwin Senoner at:

         Dr. Erwin Senoner
         Alser Road 21
         1080 Vienna, Austria
         Tel: 4060551
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 31 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
May 29 (Bankr. Case No. 28 S 35/06k).


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


GENERAL MOTORS: French & German Unions May Oppose 3-Way Alliance
----------------------------------------------------------------
The potential three-way alliance between General Motors Co.,
Nissan Motor Co., Ltd., and Renault S.A. could face opposition
in Europe after French and German union leaders expressed
concern about the deal's impact on European car workers, James
Mackintosh writes for The Financial Times.

Klaus Franz, head of the works council of Adam Opel, GM's German
union, said he is preparing to meet French unions and raise the
issue with GM stressing that any deal would accelerate the shift
of car jobs from western Europe to the east, FT relates.

"This process can be speeded up if the alliance with Renault and
Nissan takes place," Mr. Franz told the FT.  "These mega-mergers
are not very comfortable.  It is short-term good for the stock
market, but long term it is often difficult for people."

According to the report, the Confederation Generale du Travail,
representing Renault workers, was concerned about a deal and
highlighted the company's weak sales in the French market.  The
French government holds a 15% stake in Renault.

As reported in the Troubled Company Reporter on July 6, a GM
shareholder, Kirk Kerkorian, broached the idea of pulling in GM
into the two-way tie-up.  Mr. Kerkorian owns 9.9% equity stake
in GM through his investment firm Tracinda Corp.

On July 7, the GM Board of Directors endorsed a recommendation
by the company's senior management that it engage in exploratory
discussions regarding the US$3-billion proposed alliance.

Talks of a possible alliance surfaced amidst GM's troubles as it
faces market, production and cost issues.  GM is currently
implementing a turnaround plan that involves plant closures and
job cuts.

Jerome York, a GM director, advised Mr. Kerkorian on the
proposed transaction.

                       About General Motors

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

                         *     *     *

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

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

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


TEKELEC: Restates Quarterly Reports for 2005 and 2004
------------------------------------------------------
Tekelec filed with the U.S. Securities and Exchange Commission
its quarterly reports on Form 10-Q/A for the three months ended
March 31, 2005, June 30, 2005, and Sept. 30, 2005, in which it
restates its previously issued consolidated financial statements
for each of the quarters during the nine months ended Sept. 30,
2005, and 2004.

The company's Statement of Operations (in US$) showed:

                           For the three months ended
                         -----------------------------
                           Quarter          Quarter
                           03/31/04         03/31/05
                         -----------     ------------
Revenue                   75,974,000      138,863,000

Net (Loss)                17,475,000        5,314,000

                       For the three and six months ended
          ------------------------------------------------------
              Quarter      Quarter        Quarter       Quarter
              06/30/04     06/30/05       06/30/04      06/30/05
          -----------  ------------   ------------  ------------
Revenue    95,196,000   122,728,000    171,170,000   261,591,000

Net
(Loss)     (1,440,000)      785,000      3,874,000    18,260,000


                         For the three and nine months ended
          ------------------------------------------------------
              Quarter      Quarter        Quarter       Quarter
              09/30/04     09/30/05       09/30/04      09/30/05
          -----------  ------------   ------------  ------------
Revenue    96,894,000   120,980,000    268,064,000   382,571,000

Net
(Loss)      9,519,000    (4,078,000)    13,393,000    14,182,000

The company's Balance Sheet showed:

                               For the period ended
                  ----------------------------------------------
              Quarter       Quarter       Quarter       Quarter
              12/31/04      03/31/05      06/30/05      09/30/05
          ------------  ------------  ------------  ------------
Current
Assets     403,761,000   416,084,000   449,363,000   494,867,000

Total
Assets     774,983,000   787,182,000   823,994,000   831,524,000

Current
Debts      254,457,000   251,075,000   287,292,000   290,425,000

Total
Debts      383,602,000   382,844,000   418,159,000   423,517,000

Total
Stockholders'
Equity     373,753,000   391,492,000   823,994,000   400,627,000

               Restated Quarterly Financial Statements

The Restated Quarterly Financial Statements include adjustments
to the Company's previously issued Unaudited Consolidated
Balance Sheets, Statements of Operations, Statements of
Comprehensive Income (Loss), and Statements of Cash Flows for:

    (i) the three months ended March 31, 2005, and 2004;

        A full-text copy of the Company's restated financial
        statements is available for free at:

                http://researcharchives.com/t/s?d2b

   (ii) the three and six months ended June 30, 2005, and 2004;

        A full-text copy of the Company's restated financial
        statements is available for free at:

                http://researcharchives.com/t/s?d2d

  (iii) the three and nine months ended Sept. 30, 2005, and
        2004.

        A full-text copy of the Company's restated financial
        statements is available for free at:

                http://researcharchives.com/t/s?d2f

The restated unaudited results for each of the three quarters in
the nine months ended Sept. 30, 2005, and 2004 had previously
been disclosed in summary form in Note 18 of the Notes to the
Consolidated Financial Statements in the Company's Annual Report
on Form 10-K for the year ended Dec. 31, 2005.

Tekelec expected that it would file on July 12, its First
Quarter 2006 Form 10-Q and has scheduled a conference call on
that date for senior management to discuss first quarter
results.  The Company also plans to discuss during this call and
to provide on its web site prior to historical non-GAAP numbers
for each of the quarters in 2004 and 2005, the full years 2004
and 2005 and the first quarter of 2006.

With the filing of the First Quarter 2006 Form 10-Q, the Company
believed that it will have met all the conditions set by a
Nasdaq Listing Qualifications Panel for the continued listing of
the Company's Common Stock on the Nasdaq National Market System,
which conditions require that the Company file with the
Commission, on or before July 17 its 2005 Form 10-K, all
required restatements and the First Quarter 2006 Form 10-Q.

The Company also reported that it expects to timely file its
Quarterly Report on Form 10-Q for the three months ended
June 30, 2006.

                         Events of Default

In June 2003, the Company issued and sold US$125 million
aggregate principal amount of its 2.25% Senior Subordinated
Convertible Notes due June 15, 2008.

The Indenture governing the Notes obligates the Company to
provide Deutsche Bank Trust Company Americas, the Notes' Trustee
with documents and reports as are required to be filed with the
Securities and Exchange Commission.

Because of the delayed filing of the Company's Annual Report for
the year ended Dec. 31, 2005, with the SEC, the Company received
a notice of default on April 1, 2006, from holders of more than
25% of the outstanding principal amount of the Notes.

Because the Company filed its Annual Report with the SEC on
May 30, the Company said that neither the Trustee nor the
holders have the right to accelerate the Notes since it filed
within the 60-day cure period.

The Company also failed to timely deliver its quarterly report
for the quarter ended March 31, 2006, to the SEC and to the
Trustee on before May 25, 2006, which resulted in an additional
default under the Indenture.

The Company said that if the default is not cured or waived
within 60 days after any notice of default is delivered by the
Trustee or by the holders of the Notes, the Trustee or holders
of the Notes have the right to accelerate the payment of
indebtedness under the Indenture.

The Company expects to file its first quarter report on or
before July 17, 2006.  The filing will be able to cure this
default under the Indenture, the Company said.

The Indenture also provides that if the Company's common stock
ceases to be listed on the Nasdaq National Market, that
constitute an event of default.

                         Nasdaq Delisting

The company received, on March 20, 2006, a notice from The
Nasdaq Stock Market indicating that the Company's common stock
is subject to potential delisting from the Nasdaq National
Market as a result of its failure to comply with Marketplace
Rule 4310(c)(14).

This listing standard requires the Company to timely file all
reports with the Securities and Exchange Commission, as required
by the Securities Exchange Act of 1934, as amended.

The Company intends to request a hearing before a Nasdaq Listing
Qualifications Panel for review of the delisting determination.
This request will automatically stay the delisting of the
Company's common stock pending the Panel's review and decision.

The Company's common stock will continue to trade on the Nasdaq
National Market until the Panel issues a decision and any
exception granted by the Panel expires.

                           About Tekelec

Tekelec (NASDAQ: TKLC) -- http://www.tekelec.com/-- develops
traditional and next-generation signaling and switching
telecommunications solutions, business intelligence tools and
value-added applications.  Tekelec's innovative software are
widely deployed in traditional and next-generation wireline and
wireless networks and contact centers worldwide.  Corporate
headquarters are located in Morrisville, N.C., with research and
development facilities and sales offices throughout the world.
In Europe, the company has offices in France and the United
Kingdom.


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


AMERICAN-FLEX: Claims Registration Ends August 1
------------------------------------------------
Creditors of American-Flex Purchase & Development Limited have
until Aug. 1 to register their claims with court-appointed
provisional administrator Heinz Bischoff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 20, 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 Neumuenster
         Area B.126
         Law Courts
         Boostedter Road 26
         Neumuenster, 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 Neumuenster opened bankruptcy proceedings
against American-Flex Purchase & Development Limited on
April 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         American-Flex Purchase & Development Limited
         Hubertushof 5a
         24647 Ehndorf, Germany

The administrator can be contacted at:

         Dr. Heinz Bischoff
         Ulzburger Road 362
         22846 Norderstedt, Germany


CLEAN POOL: Creditors' Meeting Slated for August 3
--------------------------------------------------
The court-appointed provisional administrator for Clean Pool
Service GmbH, Carlos Mack, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:00
a.m. on Aug. 3.

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

         The District Court of Deggendorf
         Meeting Room 3
         E 29
         Amanstrasse 17
         94469 Deggendorf, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Nov. 2 at the same venue.

Creditors have until Sept. 2 to register their claims with the
court-appointed provisional administrator.

The District Court of Deggendorf opened bankruptcy proceedings
against Clean Pool Service GmbH on June 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Clean Pool Service GmbH
         Market Place 2
         94491 Hengersberg, Germany

The administrator can be reached at:

         Dr. Carlos Mack
         Brienner Road 21
         80333 Muenchen, Germany
         Tel: 089/5488880
         Fax: 089/54888899


DALBKE BAUREGIE: Claims Registration Ends August 1
--------------------------------------------------
Creditors of Dalbke Bauregie GmbH & Co. KG have until Aug. 1 to
register their claims with court-appointed provisional
administrator Norbert Westhoff.

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 Bielefeld
         Hall 4065
         4 Ebene
         Court Route 6
         33602 Bielefeld, Germany

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

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

The Debtor can be contacted at:

         Dalbke Bauregie GmbH & Co. KG
         Schlingvenn 24
         33689 Bielefeld, Germany

The administrator can be contacted at:

         Dr. Norbert Westhoff
         Adenauer Place 4
         33602 Bielefeld, Germany


DELTA AV: Claims Registration Ends August 4
-------------------------------------------
Creditors of Delta AV Industrie- und Wohnungsbaugesellschaft mbH
have until Aug. 4 to register their claims with court-appointed
provisional administrator Bernd Statz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Aug. 29, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Branch Office Insolvency Court
         Engelhardstrasse 21
         63450 Hanau, 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 Hanau opened bankruptcy proceedings
against Delta AV Industrie- und Wohnungsbaugesellschaft mbH on
June 9.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Delta AV Industrie- und Wohnungsbaugesellschaft mbH
         Attn: Alexander Vajcek, Manager
         Beethovenstr. 26
         63526 Erlensee, Germany

The administrator can be contacted at:

         Bernd Statz
         Mühlstrasse 25
         D-63526 Erlensee, Germany
         Tel: 06183/900370
         Fax: 06183/900371


GALA 80: Claims Registration Ends August 2
------------------------------------------
Creditors of Gala 80 Garten- und Landschaftsbau GmbH + Co KG
have until Aug. 2 to register their claims with court-appointed
provisional administrator Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 29, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         2nd Floor
         Court Place 1
         44135 Dortmund, 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 Dortmund opened bankruptcy proceedings
against Gala 80 Garten- und Landschaftsbau GmbH + Co KG on
May 29.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Gala 80 Garten- und Landschaftsbau GmbH + Co KG
         Alter Hellweg 128
         44379 Dortmund, Germany

         Attn: Roland Steinberg, Manager
         Grenzgraben 21
         44319 Dortmund, Germany

The administrator can be contacted at:

         Dr. Sebastian Henneke
         Hansastrasse 61
         44137 Dortmund, Germany
         Tel: 0231-56559921
         Fax: 0231-56559922


GENERAL MOTORS: French & German Unions May Oppose 3-Way Alliance
----------------------------------------------------------------
The potential three-way alliance between General Motors Co.,
Nissan Motor Co., Ltd., and Renault S.A. could face opposition
in Europe after French and German union leaders expressed
concern about the deal's impact on European car workers, James
Mackintosh writes for The Financial Times.

Klaus Franz, head of the works council of Adam Opel, GM's German
union, said he is preparing to meet French unions and raise the
issue with GM stressing that any deal would accelerate the shift
of car jobs from western Europe to the east, FT relates.

"This process can be speeded up if the alliance with Renault and
Nissan takes place," Mr. Franz told the FT.  "These mega-mergers
are not very comfortable.  It is short-term good for the stock
market, but long term it is often difficult for people."

According to the report, the Confederation Generale du Travail,
representing Renault workers, was concerned about a deal and
highlighted the company's weak sales in the French market.  The
French government holds a 15% stake in Renault.

As reported in the Troubled Company Reporter on July 6, a GM
shareholder, Kirk Kerkorian, broached the idea of pulling in GM
into the two-way tie-up.  Mr. Kerkorian owns 9.9% equity stake
in GM through his investment firm Tracinda Corp.

On July 7, the GM Board of Directors endorsed a recommendation
by the company's senior management that it engage in exploratory
discussions regarding the US$3-billion proposed alliance.

Talks of a possible alliance surfaced amidst GM's troubles as it
faces market, production and cost issues.  GM is currently
implementing a turnaround plan that involves plant closures and
job cuts.

Jerome York, a GM director, advised Mr. Kerkorian on the
proposed transaction.

                       About General Motors

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

                         *     *     *

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

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

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


HYPO REAL: Fitch Keeps Individual Rating at C
---------------------------------------------
Fitch Ratings upgraded Germany-based Hypo Real Estate Bank AG's
ratings to Issuer Default A- from BBB+ and to Support 2 from 4.
Its other ratings are affirmed at Short-term F2 and Individual
C.  The Outlook remains Stable.

The upgrade of the bank's IDR reflects the significant and
growing ties between Hypo Real Estate Holding AG and its two
operating subsidiaries, Hypo Germany and its sister company Hypo
Real Estate Bank International AG.

Fitch's Financial Institutions team in Frankfurt Sabine Bauer
disclosed, "Although Hypo Germany and HRE Group are formally not
yet as strongly linked as HI and HRE Group, where a profit and
loss transfer agreement exists, we expect that integration will
continue to strengthen given HRE Group's coordination role and
an already centralized risk management. This will help to tie
the group entities more closely."

The upgrade in Hypo Germany's support rating reflects Fitch's
revised view about the probability of external support should
the need arise, given that HRE Group is one of the largest
German Pfandbrief issuers.  The Support 2 rating indicates a
high probability of potential support.  Fitch considers it more
likely that sovereign support, if needed, would be extended
directly to the operating banks rather than through the holding
company.

Hypo Germany's Individual rating is based on its improved but
still moderate asset quality, its moderate market risk and
adequate capitalization.  The rating also factors in Hypo
Germany's dependence on wholesale markets for funding and its
modest, albeit improving, profitability.

Following a restructuring of its loan book Hypo Germany resumed
new business in 2005 under more disciplined and focused
guidelines using cash flow rather than collateral-based
analysis.  The Group's risk management processes appear
appropriate, and oversight by senior management at holding
company level ensures a consistent approach.  Some
concentrations are evident in both the international and
domestic books.  Asset quality in HI has remained excellent.

The German business has benefited from a combination of
substantial restructuring and a general stabilization of the
German property market.  Impaired loans at Hypo Germany stood at
about 5% of total property exposure at end-March 2006, a
relatively high figure by international standards but in line
with most German mortgage banks.  Loan impairment coverage is
satisfactory and reflects the group's view of the quality and
value of the underlying property collateral.

HRE Group's profitability has gradually improved since 2003 and
is now in line with its major German peers.  Although recent
improvements are mostly volume driven, management expects
margins on renewals and new business in Germany to improve, and
for costs to benefit from synergies achieved through integration
of its international business.  In Q106, Hypo Germany's
operating return on average equity improved, driven by revenue
growth, lower loan loss provisions and lower costs.  Fitch
expects this trend to continue.  The agency considers Hypo
Germany's return on equity forecast of between 8% and 9% post
tax for 2007 as realistic provided momentum on risk pricing and
asset quality improvement is maintained.

Liquidity is sound.  The group is reliant on wholesale funding,
including issuance of covered bonds, but refinancing risk is
mitigated by a policy of matched funding and a substantial
portfolio of liquid assets.  HRE Group has an adequate capital
base relative to its risk profile and its transaction based
business model.  Hypo Germany's Tier 1 ratio was 7.2% at end-
March 2006.

Hypo Germany focuses on domestic and international commercial
real estate companies investing in Germany.  It is part of HRE
Group, one of the largest property lenders in Germany.
Following its spin-off from Bayerische Hypo- und Vereinsbank AG
in August 2003, Hypo Germany restructured its loan book and sold
around EUR4.5 billion non-performing loans.  At end-March 2006,
Hypo Germany employed 483 staff.


KHO BAUMASCHINENSERVICE: Claims Registration Ends August 2
----------------------------------------------------------
Creditors of KHO Baumaschinenservice GmbH & Co. Handels-KG have
until Aug. 2 to register their claims with court-appointed
provisional administrator Udo Claes-Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Sept. 4, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Principal Establishment
         Viktoriastrasse 14
         44787 Bochum, Germany

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

The District Court of Bochum opened bankruptcy proceedings
against KHO Baumaschinenservice GmbH & Co. Handels-KG on
June 14.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         KHO Baumaschinenservice GmbH & Co. Handels-KG
         Attn: Ulrich Wagner, Manager
         Christine-Englerth-Str. 6
         45665 Recklinghausen, Germany

The administrator can be contacted at:

         Udo Claes-Hellmich
         Bahnhofstrasse 46
         45879 Gelsenkirchen, Germany
         Tel: (0209) 155 3490
         Fax: (0209) 177 9529 88


KRATZSCH SPIELBETRIEBE: Claims Registration Ends August 1
---------------------------------------------------------
Creditors of Kratzsch Spielbetriebe GmbH have until Aug. 1 to
register their claims with court-appointed provisional
administrator Udo Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Aug. 29, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Kratzsch Spielbetriebe GmbH on May 31.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Kratzsch Spielbetriebe GmbH
         Attn: Georg Kratzsch, Manager
         Bahnhofstr. 69
         31515 Wunstorf, Germany

The administrator can be contacted at:

         Udo Mueller
         Georgstr. 50
         30159 Hanover, Germany
         Tel: 0511/36698-0
         Fax: 0511/36698-33


KRIEG GMBH+CO.: Claims Registration Ends August 2
-------------------------------------------------
Creditors of Krieg GmbH+Co. KG Strassen- und Landschaftsbau have
until August 2 to register their claims with court-appointed
provisional administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Sept. 4, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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 Krieg GmbH+Co. KG Strassen- und Landschaftsbau on
June 9.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Krieg GmbH+Co. KG Strassen- und Landschaftsbau
         Attn: Hartmut Ae and Gustav Krieg, Managers
         Bahnhof 9
         04808 Hohburg/OT Kleinzschepa, Germany

The administrator can be contacted at:

         Ruediger Wienberg
         Wasastr. 15
         01219 Dresden, Germany


LANDESBANKS: Fitch Temporarily Uplifts Short-Term Ratings
---------------------------------------------------------
Fitch Ratings published that Landesbanks will continue to
benefit from 'temporary uplift' of their Short-term ratings in
the medium term.

"A recent update of Fitch's liquidity and funding survey, first
conducted in spring 2005, prior to the abolition of the
Landesbank state guarantees in July 2005, has shown that the
uplift of Landesbanks' Short-term ratings is still justified as
both the proportion and absolute volume of grandfathered
obligations on a Landesbank's books remain significant," Thomas
von Luepke, Head of German Bank Analysis at Fitch disclosed.

Normally, Fitch's highest Short-term ratings (F1+ and F1) are
only assigned to entities with an Issuer Default Rating of at
least AA- and A, respectively.  However, the short- to medium-
term incentive of guarantors of outstanding guaranteed
Landesbank debt to support their bank has led Fitch to move the
Short-term rating in certain cases up one notch.  Criteria for
assigning an uplift include the proportion and absolute volume
of grandfathered obligations on a Landesbank's balance sheet.

Landesbanks that benefit from this uplift are:

   -- Bayerische Landesbank: IDR A+/Outlook Stable; Short-term
      F1+; Individual C; Support 1;

   -- Landesbank Hessen-Thueringen: IDR A+/Outlook Stable;
      Short-term F1+; Support 1;

   -- Landesbank Baden-Wuerttemberg: IDR A+/Outlook Stable;
      Short-term F1+; Individual B/C; Support 1;

   -- Landesbank Sachsen: IDR A+/Outlook Stable; Short-term F1+;
      Individual C/D; Support 1;

   -- Sachsen-Finanzgruppe: IDR A+/Outlook Stable; Short-term
      F1+; Individual C; Support 1;

   -- S-Finanzgruppe Hessen-Thueringen: IDR A+/Outlook Stable;
      Short-term F1+; Individual B/C; Support 1; and

   -- Westlb AG: IDR A-/Outlook Stable; Short-term F1;
      Individual D; Support 1.

The abolition of "Gewaehrtraegerhaftung" -- a form of state
guarantee, on July 18, 2005 also led the Landesbanks to adjust
their funding strategies.  Rather than issuing non-guaranteed
and therefore relatively more expensive unsecured senior debt,
Landesbanks started to run-down their excess liquidity positions
that stem from the re-investment of their guaranteed long-term
liabilities in liquid assets.  Another strategy observed is an
increased focus on secured funding, namely public sector and
mortgage Pfandbriefe.

Although Fitch will continue to monitor the grandfathered debt
at Landesbanks, and will re-align the Short-term ratings if the
grounds for an uplift no longer exist, a revised approach to
liquidity and Short-term ratings, to be published in the coming
months, will give Fitch more flexibility in assessing the short-
term creditworthiness of Landesbanks.


METACON UMWELT: Claims Registration Ends August 2
-------------------------------------------------
Creditors of MetaCon Umwelt- und Oberflachentechnik GmbH have
until Aug. 2 to register their claims with court-appointed
provisional administrator Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Chemnitz
         Hall 24
         Law Courts Prince Road 21
         Chemnitz, 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 Chemnitz opened bankruptcy proceedings
against MetaCon Umwelt- und Oberflachentechnik GmbH on June 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         MetaCon Umwelt- und Oberflachentechnik GmbH
         Attn: Jan & Jorg Loffler and Jens Beck, Managers
         Kitscherstrasse 106
         08451 Crimmitschau, Germany

The administrator can be contacted at:

         Klaus Siemon
         Road of the Nations 51
         09111 Chemnitz, Germany
         Web: http://www.kanzlei-siemon.de/


TERA BAU: Claims Registration Ends July 26
------------------------------------------
Creditors of Tera Bau GmbH have until July 26 to register their
claims with court-appointed provisional administrator Dirk
Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Cottbus
         Hall 210
         Court Place 2
         Cottbus, 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 Cottbus opened bankruptcy proceedings
against Tera Bau GmbH on June 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Tera Bau GmbH
         Gasstrasse 8
         03172 Guben, Germany

The administrator can be contacted at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin, Germany


TS CO.MIT: S&P Puts Low-B Ratings to EUR18-Mln Class E & F Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR503.2 million floating-rate asset-
backed notes to be issued by TS Co.mit One GmbH, a German
special-purpose entity.

At closing, a cash reserve will be funded in an initial amount
of EUR1.5 million from overcollateralization.  TS Co.mit is a
company incorporated with limited liability under German law.

TS Co.mit will issue six classes of rated notes.  The notes
constitute direct, unsubordinated obligations of the issuer.
It will use the issuance proceeds to provide funding to the
portfolio companies equal to the outstanding amount underwritten
under the Schuldschein loan agreements.

The originator, the Frankfurt branch of Commerzbank AG, selected
the portfolio of German SMEs based on selection criteria that
included maximum allowed single-name concentration, minimum
required internal rating based on probabilities of default,
maximum allowed aggregate industry concentration, and maximum
allowed aggregate geographical concentration.  Final approval
and decision on the inclusion of certain SME obligors in the
securitized pool was conducted in accordance with Commerzbank's
current credit policy and underwriting standards.

TS Co.mit is the first transaction to securitize payment
obligations under Schuldschein loan agreements granted or
extended by Commerzbank to certain German SMEs.  This
transaction forms part of Commerzbank's Schuldschein program,
which was established in July 2005 to provide German SMEs with
access to funding via indirect capital market participation.

The transaction is structured using the securitization platform,
True Sale International.  This is the fourth securitization
transaction to use this platform.  The earlier transactions were
Driver One GmbH, Driver Two GmbH, and RCL Securitization GmbH.

                          Ratings List
                       TS Co.mit One GmbH
        EUR503.2 Million Floating-Rate Asset-Backed Notes

                             Prelim.        Prelim.
              Class          rating         amount (Mil. EUR)
              -----          ------         ------
              A              AAA            446.5
              B              AA              15.0
              C              A               13.9
              D              BBB             10.2
              E              BB              11.3
              F              B                6.3


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


BORSODCHEM RT: Receives Takeover Offer from Kikkolux SARL
---------------------------------------------------------
Kikkolux S.a.r.l. informed BorsodChem Rt.'s Board of Directors
on July 6 of its potential intention to make a takeover bid for
the ordinary shares of BorsodChem subject to
business/commercial, accounting & tax, legal & insurance,
technical & environmental due diligence.

The Board has reviewed the content of the letter and established
that:

   -- Kikkolux is owned by the Permira Funds with a total
      committed capital of more than EUR20 billion.  The Permira
      Funds are advised by Permira Beteiligungsberatung GmbH;

   -- Kikkolux has entered into option agreements with key
      shareholders of the Company controlling approx. 39 million
      BorsodChem shares representing approx. 52% of the
      registered ordinary shares of BorsodChem, which entitle
      Kikkolux to acquire the shares at a price of HUF3,000 per
      share.

   -- in its letter Kikkolux expressed its intention to launch a
      public takeover offer to acquire the outstanding shares in
      BorsodChem subject to the satisfactory completion of a
      full scale due diligence of BorsodChem and the
      availability of financing.  Subject to the foregoing
      Kikkolux would be prepared to offer a share price of
      HUF3,000 per share to all shareholders of BorsodChem.

   -- To indicate the seriousness of its intentions, Kikkolux
      has presented to the Board the letters of intent regarding
      the financing of the contemplated transaction issued by
      the Royal Bank of Scotland, Lehman Brothers Europe Limited
      and HSBC Bank plc.

On the basis of the foregoing the Board has resolved to allow
Kikkolux as a potential bidder to perform at its own cost a due
diligence investigation on the Company by being granted access
to the information gathered by the Company in a data room set up
for this purpose subject to the acceptance by Kikkolux of a
confidentiality agreement and data room rules providing for the
protection of the Company's interest.

The Budapest Business Journal reports that Kikkolux signed
option agreements with Borsodchem's largest shareholders,
Firthlion (26.158%) and Vienna Capital Partners (21.83%), to
acquire their entire stake at the chemical group.

Luxembourg-based Kikkolux, a unit of Permira Funds, may exercise
the option between July 6 and Oct. 31, BBJ relates.  Firthlion
is a U.K. company controlled and owned by Russian businessman
Megdet Rahimkulov.

                        About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. --
http://www.borsodchem.hu/-- produces chlorine, chloric alkali,
hydrochloric acid, caustic lye and PVC resins, and additives for
the plastic and rubber industries.  The Company exports its
products mainly to Western Europe.

The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7%
higher than HUF20.5 billion in 2004.  BorsodChem's net profit
was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion
a year ago.

At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9
billion in total assets, HUF98.9 billion in total liabilities
and HUF139.02 billion in total equity.

                        *     *     *

The Company's long-term foreign and local issuer credit carry
Standard and Poor's BB rating with stable outlook.


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


ALSTOM SA: Inks EUR23-Mln Deal with Vestsjaellands Lokalbaner
-------------------------------------------------------------
Vestsjaellands Lokalbaner, a public company operating in the
Western part of the Zealand region of Denmark, has ordered nine
Coradia Lint regional trains from Alstom S.A. worth EUR23
million.

This project is the second order of a frame agreement signed in
November 2004 with local railway operators.  The first order for
the supply of 27 Coradia Lint trains to Lokalbanen, a public
transport company operating in the Northern part or the Zealand
region, was placed in 2005.  These trains are currently being
manufactured by Alstom's site in Salzgitter, Germany.

The new trains will run on two regional lines covering a
distance of 100 km in total and linking Holbaek to Nykoebing and
Toelloese to Slagelse.  They will carry 1.7 million passengers a
year.

The Coradia Lint trains will replace the existing fleet, which
is up to 30 years old.  They will significantly improve
passenger comfort and increase traffic regularity and
punctuality.  They will be equipped with video surveillance, an
automatic gap closing system, air conditioning and flex-areas
for luggage, bicycles and prams.  Delivery will start in
September 2007.

In addition to the investment in new rolling stock, the rail
infrastructure will be upgraded in the forthcoming years,
allowing the trains to run faster and thus reduce travel times.

                           About Alstom

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

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

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


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


ASOIL: Karaganda Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
region commenced bankruptcy proceedings against LLP Fuel and
Energy Company Asoil.


ATOMNYI ENERGETICHESKY: Mangistau Court Approves Insolvency
-----------------------------------------------------------
The Mangistau Regional Court approved on Feb. 3, 2005, the

    -- liquidation balance sheet; and
    -- insolvency manager's final report

of Republican State Enterprise Mangyshlaksky Atomic Energy Plant
Atomnyi Energetichesky Kombinat.

The company has settled all creditors' claims.


EIR KAZAKHSTAN: Creditors Must File Claims by July 25
-----------------------------------------------------
LLP Airline Eir Kazakhstan Ekspress has declared insolvency.
Creditors have until July 25 to submit written proofs of claim
to:

         LLP Airline Eir Kazakhstan Ekspress
         Mailina Str. 38b
         Almaty
         Kazakhstan
         Tel: 8 (3272) 57-40-17


KAZMUNAIGAZ: Creditors Must File Claims by July 25
--------------------------------------------------
The Aktube Branch of the CJSC Trade Center Kazmunaigaz has
declared insolvency.  Creditors have until July 25 to submit
written proofs of claim to:

         CJSC Trade Center Kazmunaigaz
         Satpayeva Str. 19
         Atyrau
         Kazakhstan
         Tel: 8 (3122) 20-13-13


KSK-95: Creditos Must File Claims by July 25
--------------------------------------------
CJSC KSK-95 has declared insolvency.  Creditors have until
July 25 to submit written proofs of claim to:

         CJSC KSK-95
         Zarechnyi
         Kapshagai
         Almaty Region
         Kazakhstan
         Tel: 8 (272) 30-13-52
              8(32772) 30-13-52


KURYLYS: Proof of Claim Deadline Slated for July 25
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Kurylys insolvent on May 5.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until July 25 to submit written proofs of claim
to:

         LLP Kurylys
         Sh. Valihanova Str. 46-38
         Almaty Region, Kazakhstan
         Tel: 8 (3272) 73-45-80
              8 (3005) 16-69-72


MARIA: Proof of Claim Deadline Slated for July 25
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Semipalatinskaya Garment Factory Maria
insolvent on May 2.  Subsequently, bankruptcy proceedings were
introduced at the company.

Creditors have until July 25 to submit written proofs of claim
to:

         LLP Semipalatinskaya Garment Factory Maria
         Piterskih Kommunarov Str. 12-30
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 20-63-37


MAULEN-PV: Claims Registration Ends July 25
-------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Maulen-PV (Case No. 21107/2006) insolvent on May 3.
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until July 25 to submit written proofs of claim
to the insolvency manager at:

         LLP Maulen-PV
         Lunacharskogo Str. 49
         Pavlodar
         Pavlodar Region
         Kazakhstan
         Tel: 8 (3182) 55-32-62


MONOLITNOYE DOMOSTROENIE: Court Begins Insolvency Proceedings
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
commenced insolvency proceedings against LLP Monolithic
Construction Building Monolitnoye Domostroenie.


PROMENERGOOBORUDOVANIE: Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region commenced bankruptcy proceedings against LLP
Promenergooborudovanie (RNN 270100224017) on May 22.

The hearing of the case will take place at:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         Seifullina Str. 37
         Uralsk
         West Kazakshtan Region
         Kazakhstan


STARUVER: Mangistau Court Commences Bankruptcy Proceedings
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region commenced bankruptcy proceedings against
LLP Staruver on May 26.

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

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


TALPYN: Creditors' Claims Due July 25
-------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region declared LLP Talpyn insolvent on May 5.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until July 25 to submit written proofs of claim
to:

         LLP Talpyn
         Evrazia Ave. 59/1
         Uralsk
         West Kazakhstan Region
         Kazakhstan
         Tel: 8 (3112) 24-74-80, 54-37-99



URISKY ELEVATOR: Kostanai Court Begins Bankruptcy Proceedings
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai region
commenced bankruptcy proceedings against OJSC Urisky Elevator on
May 26.


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


ISSYK-KUL NARYN: Public Auction Scheduled for July 26
-----------------------------------------------------
The Issyk-kul Naryn Territorial Department of the State Property
Committee will auction the production base Karakolsky Center of
Testing and Certification at 10:00 a.m. on July 26 at:

         The Issyk-Kul Naryn Territorial Department of the
         State Property Committee
         Bayetova Str. 66
         Chopon-Ata
         Kyrgyzstan

The entity has declared a KGS51,169 starting price for the
property.

Participants have until 4:00 p.m. on July 25 to deposit KGS5,200
to:

         Settlement and Saving Company in Cholpon-Ata
         Settlement Account No. 8164172080101001/403104103
         MFO 129019

and submit bidding and necessary documents to:

         The Issyk-Kul Naryn Territorial Department of the
         State Property Committee
         Bayetova Str. 66
         Chopon-Ata, Kyrgyzstan
         Tel: (+996 3943) 4-39-21


ITIZAM: Creditors Must File Claims by Aug. 25
---------------------------------------------
LLC Itizam has declared insolvency.  Creditors have until
Aug. 25 to submit written proofs of claim to:

         LLC Itizam
         Micro District Uchkun, 16-13
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 23-36-75


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


NORTEL NETWORKS: Performance Concerns Cues DBRS to Hold Ratings
---------------------------------------------------------------
Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks Corp., and
Nortel Networks Limited at B (low) along with the preferred
share ratings of Nortel Networks Limited at Pfd-5 (low).  All
trends are Stable.

   * Senior Unsecured Notes Confirmed B (low) Stb

   * Convertible Notes Confirmed B (low) Stb

   * Notes & Long-Term Senior Debt Confirmed B (low) Stb

   * Class A, Redeemable Preferred Shares Confirmed Pfd-5 (low)
     Stb

   * Class A, Non-Cumulative Redeemable Preferred Shares
     Confirmed Pfd-5 (low) Stb

The unsecured ratings of Nortel remain at B (low) with the
Company recently completing a US$2 billion debt refinancing that
has given Nortel a 100% unsecured debt structure.  Despite the
removal of the secured debt from its capital structure, DBRS
maintained the unsecured ratings of Nortel at B (low),
reflecting heightened concerns about Nortel's ability to improve
its operating performance despite the Company implementing a
strategy to improve its competitive position over the medium
term.

DBRS's concerns are predominantly attributable to revenue and
margin pressures resulting from customer consolidation and the
increasing presence of emerging market vendors in both the
wireline and wireless segments, both of which negatively
impacted Q1 2006 results.

However, DBRS does acknowledge that this recent debt issuance
extends the Company's debt maturity profile, with the nearest
debt maturity being US$1.8 billion in 2008.  In addition, Nortel
will maintain a cash balance of approximately US$2.6 billion pro
forma the debt issuance, which provides the Company with a
significant cushion to absorb contingencies, such as potential
cash settlements relating to the U.S. Securities and Exchange
Commission and Ontario Securities Commission investigations.

In addition, Nortel will need to make substantial payments
related to pension funding and cash payments relating to
previous restructuring initiatives; thus, Nortel's debt levels
are expected to remain high for the near term.

DBRS will continue to monitor Nortel's progress on several key
issues over the next 18 months.  These issues include:

   -- the Company's ability to grow revenues above the current
      US$10.5 billion annual run rate while keeping its gross
      margins above 40%; and

   -- the implementation of its new financial reporting system.

The system should assist management in providing more timely
reporting and helping to resolve several of the outstanding
material weaknesses relating to internal controls, which have
weighed negatively against the Company's credibility.

DBRS notes that if Nortel can improve its cash flow from
operations over the medium term, which targets approximately
US$1.5 billion in margin improvements over the next three years,
while resolving most of its outstanding contingencies without a
significant deterioration of its current financial profile, the
potential for ratings improvement may exist.


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


PETROLEUM GEO-SERVICES: Demerger Spurs Moody's to Lift Outlook
--------------------------------------------------------------
Moody's Investors Service changed the rating outlook for
Petroleum Geo-Services ASA to stable from developing following
the recent demerger of Petrojarl ASA, PGS' floating production
business.

The demerger significantly reduces PGS' financial leverage and
gives it a clearer strategic focus as a pure-play geophysical
company.

PGS completed the demerger on June 29, at which time 80.01% of
the shares of the newly formed Petrojarl were issued to PGS'
shareholders.  Petrojarl was listed on the Oslo stock exchange
on June 30 and PGS immediately sold one-half of its 19.99% of
Petrojarl shares for net proceeds of US$52 million. PGS'
remaining shares of Petrojarl will be sold shortly.

Approximately US$325 million of debt was effectively allocated
to Petrojarl in the demerger.  The debt was initially in a form
of a note payable to PGS that was repaid in full on June by
drawing on newly established bank credit facilities at
Petrojarl.  Upon receiving the cash from Petrojarl, PGS made a
prepayment of US$300 million on its US$850 million term loan due
2012.  Another prepayment is expected soon using the proceeds
from the sale of Petrojarl shares.

The prepayments significantly reduce PGS' financial leverage.
The US$300 million prepayment reduced PGS' term loan to US$546
million at June 30.  Moody's estimates that pro forma for the
demerger of Petrojarl, PGS reported EBITDA of approximately
US$400 million for the LTM period ended March 31.  EBITDA less
multi-client investments was approximately US$344 million during
this same period.  Relative to post-demerger balance sheet debt
of approximately US$645 million, PGS's pro forma debt/EBITDA
less multi-client investments is less than 2.0x.  This compares
favorably to the 2.5x to 3.5x range of previous expectations.

Moody's expects that PGS will report pro forma EBITDA exceeding
US$500 million and will make multi-client investments of US$100-
$130 million in 2006.  These results, combined with further debt
repayments to be funded with the proceeds from the sale of the
Petrojarl shares and strong free cash flow generation, will
likely bring debt/EBITDA less multi-client investments to around
1.0x by the end of the year.  This level of leverage is well
within our expectations for PGS' current rating and provides the
company with significant financial flexibility.

The stable outlook reflects Moody's expectation that financial
performance will remain strong throughout the current upturn and
that management will continue to exercise operational and fiscal
conservatism.

Headquartered in Lysaker, Norway, Petroleum Geo-Services --
http://www.pgs.com/-- is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates
four floating production, storage and offloading units.

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


ALTAY-VOD-MELIORATION: S. Sokolov to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. S. Sokolov
as Insolvency Manager for OJSC Altay-Vod-Melioration.  He can be
reached at:

         S. Sokolov
         Sukhova Str. 26
         Barnaul
         656010 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-1939/06-B.

The Debtor can be reached at:

         OJSC Altay-Vod-Melioration
         Apartment 8
         Olimpiyskaya Str. 5
         Energetik
         Bratsk
         665712 Altay Region
         Russia


AMKODOR: Court Commences Bankruptcy Supervision
-----------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
has commenced bankruptcy supervision procedure on CJSC Auditing
Company Amkodor.  The case is docketed under Case No.
A56-59838/2005.

The Temporary Insolvency Manager is:

         Ms. M. Vinogradova
         A. Valeka Str. 12-9
         620014, Ekaterinburg Region
         Russia

The Arbitration Court of St. Petersburg and the Leningrad Region
is located at:

         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Auditing Company Amkodor
         Radisheva Str. 39
         191123 St. Petersburg
         Russia


ANANYEVSKOYE: Bankruptcy Hearing Slated for Sept. 11
----------------------------------------------------
The Arbitration Court of Altay Region will convene at 9:00 a.m.
on Sept. 11 to hear the bankruptcy supervision procedure on CJSC
Ananyevskoye.  The case is docketed under Case No.
AO3-23768/05-B.

The Temporary Insolvency Manager is:

         Mr. A. Rubashanov
         Post User Box 841
         Barnaul
         656015 Altay Region
         Russia

The Debtor can be reached at:

         CJSC Ananyevskoye
         Ananyevka
         Kulundinskiy Region
         Altay Region
         Russia


BELINSKIY FEED MILL: V. Ratnikov to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. V. Ratnikov
as Insolvency Manager for OJSC Belinskiy Feed Mill.  He can be
reached at:

         V. Ratnikov
         K. Marksa Str. 26
         442247 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.   The case is docketed under Case
No. A49-1114 2006-117B 3.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         OJSC Belinskiy Feed Mill
         Volchkovo
         Belinskiy Region
         442250, Penza Region
         Russia


ISETSK-AGRO-PROM-KHIMIYA: Court Starts Bankruptcy Supervision
----------------------------------------------------------------
The Arbitration Court of Tyumen Region has commenced bankruptcy
supervision procedure on OJSC Isetsk-Agro-Prom-Khimiya.  The
case is docketed under Case No. A-70-2896/3-2006.

The Temporary Insolvency Manager is:

         Mr. S. Abyshev
         Office 455
         Melnikayte Str. 106
         Tyumen Region
         Russia

The Debtor can be reached at:

         OJSC Isetsk-Agro-Prom-Khimiya
         Stroiteley Str. 43
         Isetskoye
         Isetskiy Region
         Tyumen Region
         Russia


KIMRSKAYA: Tver Court Starts Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Tver Region has commenced bankruptcy
supervision procedure on LLC Poultry Farm Kimrskaya.  The case
is docketed under Case No. A66-103/2006.

The Temporary Insolvency Manager is:

         V. Bakulin
         Post User Box 0652
         170000, Tver-100
         Russia

The Arbitration Court of Tver Region is located at:

         Room 7
         Sovetskaya Str. 23b
         Tver Region
         Russia

The Debtor can be reached at:

         LLC Poultry Farm Kimrskaya
         Titovo
         Kimrskiy Region
         171521, Tver Region
         Russia


KIPELOVSKIYE MEAT: Court Names A. Mansurov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Vologda Region appointed Mr. A.
Mansurov as Insolvency Manager for LLC Kipelovskiye Meat
Products.  He can be reached at:

         A. Mansurov
         Office 121
         Zosimovskaya Str. 40
         Vologda Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A13-8543/2005-25.

The Debtor can be reached at:

         LLC Kipelovskiye Meat Products
         Oktyabrskaya Str. 51-2
         Vologda Region
         Russia


KIZELOVSKIY ENGINEERING: Bankruptcy Hearing Slated for Aug. 30
------------------------------------------------------------
The Arbitration Court of Perm Region will convene on Aug. 30 to
hear the bankruptcy supervision procedure on LLC Kizelovskiy
Engineering Works.  The case is docketed under Case No.
A50-5110/2006-B.

The Temporary Insolvency Manager is:

         Mr. L. Shlyapin
         Post User Box 6088
         614000 Perm Region
         Russia

The Debtor can be reached at:

         LLC Kizelovskiy Engineering Works
         Bytovoy Per. 30
         Kizel
         Perm Region
         Russia


KOTKOZERSKOYE: Court Names A. Klyukin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Kareliya Republic appointed Mr. A.
Klyukin as Insolvency Manager for OJSC Kotkozerskoye.  He can be
reached at:

         A. Klyukin
         Lenina Str. 37
         Suoyarvi
         186870 Kareliya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A26-3538/03-18.

The Debtor can be reached at:

         OJSC Kotkozerskoye
         Kotkozeskoye
         Kareliya Republic
         Russia


NORTH-WEST: Board Approves Updated 2006 Budget
----------------------------------------------
The Board of Directors of North-West Telecom approved on June 30
the Company's updated budget for 2006.

The budget revision was due to changes in regulations governing
the telecommunications sector, and also to take account of the
tenders for universal communication services won by NWT in
Arkhangelsk Oblast and Kaliningrad Oblast.

Initially, the NWT budget for 2006 was approved by the Board of
Directors before the new agreements signed by the Company with
the long-distance operators Rostelecom JSC and MTT JSC, and
before the Federal Telecommunications Service approved the
compensation premium to the local and zonal cal initiation
price.  The updated budget improves the revenue forecast from
RUB18.6 billion to RUB18.8 billion, including a RUB500 million
increase of earnings from call initiation and a reduction in
earnings under the cooperation agreement with Rostelecom JSC by
RUB300 million.

North-West Telecom increases the previously planned amount of
the Company's investments by RUB600 million to RUB4.4 billion.
Of these, RUB500 million will be invested in universal
communication services projects in Arkhangelsk Oblast and
Kaliningrad Oblast, while RUB100 million is allocated to enable
users to select the time-rate system of payments for local
connections, and to enable time-rate metering of connected
operators' traffic in compliance with the requirements of the
Federal Law on Communications.

The approved updated budget improves the EBITDA forecast from
RUB6 billion to RUB6.3 billion, with the net income forecast
remaining unchanged at RUB2 billion.

"The updated budget confirms the trend towards higher efficiency
of North-West Telecom's operations, which has enabled an
enhancement of the Company's annual investment program without
affecting the financial stability performances," notes Venera
Khusnutdinova, Chief financial officer of JSC North-West
Telecom.

                  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.


NORTH-WEST: Reviews Composition of Management Board
---------------------------------------------------
The Board of Directors of OAO North-West Telecom at its June 30
meeting considered the issue of new membership and term of
office of the Company's revised Management Board.  Subsequently,
the Board adopted a decision to appoint 11 members to sit on the
Management Board:

   * Chairman of the Executive Board:

      -- Vladimir A. Akulich - North-West Telecom CEO

   * Members of the Executive Board:

      -- Elena V. Zabuzova - Director of the Budget and Economic
         Planning Department of JSC Svyazinvest;

      -- Oleg V. Popov - Deputy General Director, Commercial
         Director of JSC NWT;

      -- Yuri A. Pochekin - Regional Director of the Vologda
         Branch of JSC NWT;

      -- Oleg A. Semanov - Deputy General Director, Technical
         Director of JSC NWT;

      -- Maya M. Semchenko - Chief Accountant of JSC NWT;

      -- Irina V. Tambovskaya - Human resources officer of JSC
         NWT;

      -- Ella I. Tomilina - Corporate affairs officer of JSC
         NWT;

      -- Leonid Z. Tufrin - Chairman of the Coordination
         Council, Regional Director of the St Petersburg Branch
         of JSC NWT;

      -- Venera A. Khusnutdinova - Chief financial officer of
         JSC NWT;

      -- Grigory B. Chernyak - Deputy General Director for
         General Issuers of JSC NWT;

      -- Vladimir I. Shumeiko - First Deputy General Director of
         JSC NWT.

The Board of directors of JSC North-West Telecom set the
Executive Board members' term of office at one year (until and
including June 30, 2007).

                  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.


PETROZAVODSKAYA FINANCIAL: E. Otchiev to Manage Assets
------------------------------------------------------
The Arbitration Court of Kareliya Republic appointed Mr. E.
Otchiev as Insolvency Manager for CJSC Petrozavodskaya Financial
Company.  He can be reached at:

         E. Otchiev
         Post User Box 8
         Petrozavodsk
         185035 Kareliya Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A26-11870/2005-182.

The Debtor can be reached at:

         CJSC Petrozavodskaya Financial Company
         E. Otchiev
         Post User Box 8
         Petrozavodsk
         185035 Kareliya Republic
         Russia


PSKOVSKOYE TIMBER: A. Dzhamaldaev to Manage Insolvency Assets
-------------------------------------------------------------
The Arbitration Court of Pskov Region appointed Mr. A.
Dzhamaldaev as Insolvency Manager for OJSC Pskovskoye Timber
Industry Enterprise (TIN 6018007826).  He can be reached at:

         A. Dzhamaldaev
         Office 114
         Konnaya Str. 2
         180007 Pskov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A52-3742/2005/4.

The Debtor can be reached at:

         OJSC Pskovskoye Timber Industry Enterprise
         Lesnaya Str. 1
         Spasovshina
         Pskov Region
         Russia


ROSNEFT OIL: BP Plc Eyes US$2 Billion Stake in IPO
--------------------------------------------------
BP Plc is finalizing its decision whether to take a US$2 billion
stake in OAO Rosneft Oil Co. in one of the world's largest
initial public offerings this Friday, AFX News reports citing
the Financial Times as its source.

The FT said BP is likely to be waiting for other international
strategic investors to emerge before making a final decision.

According to Russia's Vedomosti, BP, Royal Dutch Shell Plc,
China National Petroleum Corp. and China Petrochemical Corp.
have been approached to buy Rosneft shares, Bloomberg News
relates.

Rosneft plans to raise as much as US$11.6 billion in what could
be the world's fourth largest IPO this week.  It will offer its
shares at the London and Moscow stock exchanges for a range
between US$5.85 and US$7.85 each, valuing the state-owned
company at US$60 billion to US$80 billion.

Last week, the company extended until July 12 the deadline for
private investors to apply for shares, with Russian banks
staying open over the weekend to accommodate the extra demand
for Rosneft shares.

"This is a promising stock because it's an oil company and a
state company," Denis Moisevich, 28, an information technology
specialist, told Bloomberg.

Rosneft has already received permission from Russia's market
watchdog to place as much as 23.5% of its stock on foreign
bourses as the state seeks to raise around US$9 billion.

Headquartered in Moscow, Russia, OAO Rosneft --
http://www.rosneft.ru/eng-- produces and markets petroleum
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus and the Arctic regions of
Russia.

                        *     *     *

Standard & Poor's assigned B+ ratings to Rosneft's long-term and
local foreign issuer credit, while Fitch assigned BB+ ratings to
the Company's foreign currency and local currency long-term debt
in 2005.


RTISHEVSKIY: Court Names Zh. Salina as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Saratov Region appointed Ms. Zh. Salina
as Insolvency Manager for OJSC Repair-Mechanical Plant
Rtishevskiy.  She can be reached at:

         Zh. Salina
         2nd Sokolovogorskiy Proezd 9-12
         410038, Saratov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-57-203B/05-23.

The Arbitration Court of Saratov Region is located at:

         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         OJSC Repair-Mechanical Plant Rtishevskiy
         2nd Sokolovogorskiy Proezd 9-12
         410038, Saratov Region
         Russia


SHULGINSKIY MACADAM: A. Dyagilev to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. A. Dyagilev
as Insolvency Manager for LLC Shulginskiy Macadam.  He can be
reached at:

         A. Dyagilev
         Lesnaya Str. 83-1
         Novoaltaysk
         658091, Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-1845/06-B.

The Debtor can be reached at:

         LLC Shulginskiy Macadam
         Vesennyaya Str. 21
         Barnaul
         Altay Region
         Russia


* Improved Liquidity Spurs S&P to Lift Tatarstan's Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
currency issuer credit rating on the Russian Republic of
Tatarstan to 'BB-' from 'B'.  The outlook is stable.

"The upgrade reflects Tatarstan's improved liquidity with the
creation of a long-term cash reserve, consistently strong
budgetary performance, low debt burden, and continued high
economic growth," said Standard & Poor's credit analyst Irina
Pilman.

Tatarstan's debt burden remains low, with direct debt at 1.8% of
operating revenues at year-end 2005.  Total tax-supported debt
represented a still-low 19% of total revenues in 2005 and we do
not expect it to exceed a moderate 30% of total revenues in the
next three years.

The rating continues to be constrained, however, by a high level
of contingent liabilities, limited budgetary predictability and
flexibility, and concentration in the oil sector--in particular
on Russian oil company Tatneft OAO.

The Republic of Tatarstan, located in the Russian Federation,
has a strong economy, albeit volatile due to concentration in
oil and the domination of Tatneft OAO, which provides about
one-third of Tatarstan's tax revenues.

"S&P expects Tatarstan's planned economic expansion to continue
to underpin revenue growth," said Ms. Pilman.  "S&P also expects
the Republic to maintain its prudent policy of low debt and
sound liquidity reserves.  The latter should help mitigate the
risks associated with concentration in the oil sectors."

Further strong budgetary performance after extra federal
financing ceases in 2007, and the government's commitment to
controlling operating expenditures and continuing necessary
capital projects, would be key factors in any potential rating
upgrade.

A significant deterioration of budgetary performance, depletion
of liquidity reserves, or an increase in total tax-supported
debt to more than the prudent level of 30% of total revenues,
could put the rating under pressure.


* S&P Affirms Stavropol Krai's B Long-Term Issuer Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its Russia national
scale rating on the southern Russian region of Stavropol Krai to
'ruA' from 'ruA-'.

At the same time, Standard & Poor's affirmed its 'B' long-term
issuer credit rating on Stavropol.  The outlook is positive.

"The upgrade was driven by the rapid growth of Stavropol's
economy and revenues, and its very low debt levels," said
Standard & Poor's credit analyst Boris Kopeykin.

The ratings are constrained by low wealth in the region, and
uncertainties caused by the ongoing reforms being implemented by
the Russian federal authorities.  The ratings also reflect the
risks arising from Stavropol's proximity to the unstable Chechen
Republic, which hinders inward investment.

On a positive note, Stavropol's economic growth has outpaced the
average in The Russian Federation over the past five years, with
9% growth reported in 2005.  We expect higher-than-average
growth to continue over the next two years, fueled by expansion
of the region's service industry. Per capita gross regional
product in Stavropol remains about 50% of the Russian national
average, however.  Personal income levels are also low, owing to
underdevelopment and a large grey economy.  Stavropol's location
near Chechnya brings additional pressures in terms of security,
and strains the development of its tax base.

"S&P expects Stavropol to demonstrate continued, rapid economic
growth ahead of the Russian national average, and stronger-than-
average growth of its tax base," said Mr. Kopeykin.

"S&P also expects Stavropol to sustain prudent financial
management, and prove its ability to curb operating expenditure
growth and maintain low debt, despite considerable investment
needs."

Should financial performance deteriorate compared with 2005
results, the outlook could be revised to stable.  An improvement
in financial performance over the next two years could result in
an upgrade.


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


X-RITE INC: Completes US$280-Million Amazys Holding Acquisition
---------------------------------------------------------------
X-Rite Inc. completed its acquisition of Amazys Holding AG for a
purchase price of CHF77 per share plus 2.11 shares of X-
Rite Inc. stock for each Amazys share.

The total purchase price on the settlement date of July 5, 2006
was US$280 million.  The acquisition was financed through a
combination of cash, debt and X-Rite stock.  Amazys develops,
markets and supports hardware, software and services to measure
and communicate color under the GretagMacbeth brand.  The
combined company will be called X-Rite, Incorporated.

The major benefits of the acquisition are expected to include:

   * creating a global market leader in the color industry;
   * accelerating technology innovation;
   * building the strongest talent pool in the industry; and
   * generating significant synergy potential

The combined company expects to achieve approximately US$25
million of annual operating expense savings in connection with
the transaction in year three.  The company expects to incur
cash restructuring costs totaling US$20 million during the first
three years.  The transaction is expected to be accretive to X-
Rite's cash EPS during year two of the combined operations.

"Our new company combines top notch talent, technology and
products in the color industry," said Michael C. Ferrara, X-Rite
CEO.  "We expect our expertise, talent and technology to help us
expand the global color market through innovation."

               Organization of the Combined Entity

A strong team of X-Rite and GretagMacbeth executives lead the
combined organization.  Michael C. Ferrara is the CEO, Thomas J.
Vacchiano, Jr. is the President and COO, Mary E. Chowning is the
CFO, and Dr. Francis Lamy is the CTO.  The X-Rite Board of
Directors is now comprised of nine members, including six
current directors of X-Rite and three former directors of Amazys
Holding AG.

"I am confident that the new X-Rite Board of Directors and
senior management team under the leadership of Michael C.
Ferrara, CEO, will ensure that X-Rite excels in every aspect of
the business," John Utley, X-Rite Chairman, said.  "The combined
company is poised to lead the future of the color industry and
maximize shareholder value."

The global headquarters for the combined entity is in
Grandville, Michigan, with European headquarters in Regensdorf,
Switzerland, and Asia Pacific headquarters in Hong Kong.  X-Rite
will be represented by the new logo, incorporating the core
colors of both companies, and symbolizing how our shared values
and goals will drive this new company.

            Financing and Listing on the SWX Exchange

The cash portion of the transaction was financed through a
combination of cash on hand and new borrowings.  Goldman Sachs
provided a total debt package of US$220 million to fund the
transaction and post-closing working capital needs.  Concurrent
with the settlement X-Rite has established a secondary listing
on the SWX Swiss Exchange.

"We are excited about the potential financial benefits this
acquisition brings to X-Rite shareholders," Mary E. Chowning, X-
Rite Chief Financial Officer, said.  "The synergies expected
from this acquisition will reduce costs, enhance our margins,
and ultimately increasing our shareholder value."

                            Advisors

X-Rite was advised exclusively by Headwaters MB for investment
banking and financial advisory services, including securing debt
financing which has been committed by Goldman Sachs.  X-Rite's
other advisors include McDermott Will & Emery LLP and Wenger
Plattner for legal advice.  Amazys Holding AG was advised by
Credit Suisse for investment banking and financial advice, and
by Lenz & Staehelin for legal advice.

                          About X-Rite

Headquartered in Grandville, Michigan, and Regensdorf,
Switzerland, X-Rite Incorporated (Nasdaq: XRIT) --
http://www.xrite.com/-- is a global leader offering color
measurement technology solutions comprised of hardware, software
and services for the verification and communication of color
data.  The Company serves a broad range of industries, including
graphic arts, digital imaging, industrial and retail color
matching, and medical, among other industries.  X-Rite is
global, with 21 offices throughout Europe, Asia, and the
Americas, serving customers in 100 countries.

                          *     *     *

As reported in the Troubled Company Reporter on May 29, 2006,
Standard & Poor's Rating Services assigned its 'B+' corporate
credit rating to Grandville, Michigan-based X-Rite Inc.  The
outlook is stable.

At the same time, Standard & Poor's assigned a 'B+' rating and a
recovery rating of '2' to the company's proposed first-lien
loan, which amounts to US$160 million (a term loan of US$120
million and an undrawn revolving credit facility of US$40
million).

As reported in the Troubled Company Reporter on May 23, 2006,
Moody's Investors Service assigned a first-time corporate family
rating of B1 to X-Rite, Inc., B1 to X-Rite's proposed senior
secured first priority term loan and revolver and B3 to the
proposed senior secured second priority term loan.

Moody's said the ratings outlook is stable.


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


CHERNIVTSIMYASOPROMSERVICE: Court Starts Bankruptcy Supervision
---------------------------------------------------------------
The Economic Court of Chernivtsi Region commenced bankruptcy
supervision procedure on OJSC Chernivtsimyasopromservice (code
EDRPOU 2414050030) on April 21.  The case is docketed under Case
No. 10/2/B.

The Temporary Insolvency Manager is:

         Viktor Rabanuk
         Zalozetskij Str. 38/1
         58000 Chernivtsi Region
         Ukraine

The Economic Court of Chernivtsi Region is located at:

         O. Kobilyanska Str. 14
         58000 Chernivtsi Region
         Ukraine

The Debtor can be reached at:

         OJSC Chernivtsimyasopromservice
         Toreza Str. 31
         58007 Chernivtsi Region
         Ukraine


CITY INVESTING: Court Begins Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on LLC City Investing Group (code EDRPOU
31793213) on March 6.  The case is docketed under Case No.
B 40/41/06.

The Temporary Insolvency Manager is:

         Sergij Sidko
         Office 40
         Dzerzhinskij Str. 29
         49600 Dnipropetrovsk Region
         Ukraine
         Tel: (056) 744-21-37

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC City Investing Group
         Livarna Str. 9/37
         49000 Dnipropetrovsk Region
         Ukraine


KROLEVETS' REPAIR-MECHANICAL: Olga Naumova to Liquidate Assets
--------------------------------------------------------------
The Economic Court of Sumi Region appointed Olga Naumova as
Liquidator/Insolvency Manager for OJSC Krolevets' Repair-
Mechanical Plant (code EDRPOU 00901571).  He can be reached at:

         Olga Naumova
         Harkivska Str. 122
         40012 Sumi Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 10.  The case is docketed
under Case No. 6/128-05.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         OJSC Krolevets' Repair-Mechanical Plant
         Shevchenko Str. 86
         Sumi Region
         Ukraine


EKONOVA: Court Names Solskij Volodimir as Insolvency Manager
------------------------------------------------------------
The Economic Court of Lviv Region appointed Solskij Volodimir as
Liquidator/Insolvency Manager for LLC Scientific-Production LLC
Ekonova (code EDRPOU 3277915).  He can be reached at:

         Solskij Volodimir
         Velichkovskij Str. 44/24
         Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Feb. 14.  The case is docketed
under Case No. 6/5-8/22.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Scientific-Production LLC Ekonova
         Girnicha Str. 2
         Novij Rozdil
         81652 Lviv Region
         Ukraine


FORSAZH: Court Names Ludmila Zayikina as Liquidator
---------------------------------------------------
The Economic Court of Donetsk Region appointed Ludmila Zayikina
as Liquidator/Insolvency Manager for LLC Forsazh (code EDRPOU
32942561).  She can be reached at:

         Ludmila Zayikina
         Cheluskintsiv Str. 123/4
         83000 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 15.  The case is docketed
under Case No. 42/90 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         LLC Forsazh
         Chernigivska Str. 22 V
         83023 Donetsk Region
         Ukraine


LUGA-COLOR: Lugansk Court Begins Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of Lugansk Region commenced bankruptcy
supervision procedure on LLC Luga-Color (code EDRPOU 30090800)
on May 6.  The case is docketed under Case No. 20/23 b.

The Temporary Insolvency Manager is:

         Stepan Karatun
         26th Quarter 129/33
         Lugansk Region
         Ukraine

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         LLC Luga-Color
         60 Richya SRSR 4
         Krasnodon
         Lugansk Region
         Ukraine


PYATKIVSKE: Court Commences Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Zhitomir Region commenced bankruptcy
supervision procedure on Agricultural LLC Pyatkivske (code
EDRPOU 03745427) on April 11.  The case is docketed under Case
No. 7/82 B.

The Temporary Insolvency Manager is:

         Viktor Sushkov
         Ofitserska Str. 2/29
         Zhitomir Region
         Ukraine

The Economic Court of Zhitomir Region is located at:

         Berdichivska Str. 25
         Mala
         10014 Zhitomir Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Pyatkivske
         Zhdanivskij Str. 3
         Pyatka
         Chudnivskij District
         13222 Zhitomir Region
         Ukraine


SHPON-VAL: Court Names Andrij Sibal as Insolvency Manager
---------------------------------------------------------
The Economic Court of Lviv Region appointed Andrij Sibal as
Liquidator/Insolvency Manager for LLC Shpon-Val (code EDRPOU
31145504).  He can be reached at:

         Andrij Sibal
         Doroshenko Str. 61/5
         79000 Lviv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
7/124-39/182.

The Economic Court of Lviv Region is located at:

         Lichakivska Str. 81
         79010 Lviv Region
         Ukraine

The Debtor can be reached at:

         LLC Shpon-Val
         Nezalezhnosti Str. 11
         Lviv Region
         Ukraine


SOFIA: Court Names Dranchenko Valentina as Liquidator
-----------------------------------------------------
The Economic Court of Kyiv Region appointed Dranchenko Valentina
as Liquidator/Insolvency Manager for Production-Commercial
Enterprise Sofia (code EDRPOU 23586117)

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 4.

The Economic Court of Kyiv Region is located at:

         Komintern Str. 165
         01032 Kyiv Region
         Ukraine

The Debtor can be reached at:

         Production-Commercial Enterprise Sofia
         Shevchenko Str. 7
         Irpin
         Kyiv Region
         Ukraine


UKRAINA: Court Names Viktor Holod to Manage Insolvency Assets
-------------------------------------------------------------
The Economic Court of Cherkassy Region appointed Viktor Holod as
Liquidator/Insolvency Manager for Agricultural LLC Ukraina (code
EDRPOU 03793797).  He can be reached at:

         Viktor Holod
         Kalantayivska Str. 8
         Ratseve
         Chigirin District
         20910 Cherkassy Region Ukraine
         Tel: (04730) 9-63-06

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 15.  The case is docketed
under Case No. 01/2050.

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Ukraina
         Chigirin District Tinki
         20924 Cherkassy Region
         Ukraine


VELTAIR: Kyiv Court Names E. Kondra to Liquidate Assets
-------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. E. Kondra as
Liquidator/Insolvency Manager for LLC Veltair (code EDRPOU
33152801).  He can be reached at:

         E. Kondra
         a/b 43
         01032 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 24.  The case is docketed
under Case No. 43/286.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Veltair
         Shors Str. 31
         Kyiv Region
         Ukraine


ZVENO: Court Names Marina Muzhdabayeva as Insolvency Manager
------------------------------------------------------------
The Economic Court of AR Krym Region appointed Marina
Muzhdabayeva as Liquidator/Insolvency Manager for Zveno (code
EDRPOU 30450875).  She can be reached at:

         Marina Muzhdabayeva
         Primorska Str. 26
         Uglove
         Bahchisaraj District
         98435 AR Krym Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 18.  The case is docketed
under Case No. 2-20/8734-2006.

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:

         Zveno
         Karl Libkneht Str. 5
         Simferopol
         95000 AR Krym Region
         Ukraine


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


3MB DEVELOPMENTS: Creditors' Meeting Slated for July 14
-------------------------------------------------------
Creditors of 3MB Developments Limited (Company Number 04570773)
will meet at 2:00 p.m. on July 14 at:

         Stanton House
         41 Blackfriars Road
         Salford
         Manchester M3 7DB
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on July 13 at:

         David Norman Kaye
         Administrator
         Crawfords
         Stanton House
         41 Blackfriars Road
         Salford
         Manchester
         Greater Manchester M3 7DB
         United Kingdom
         Tel: 0161 828 1000
         Fax: 0161 832 1829


ACTIS STUDIOS: Hires P&A to Administer Assets
---------------------------------------------
D. L. Platt and M. S. E. Solomons of Poppleton & Appleby were
appointed joint administrators of Actis Studios Ltd. (Company
Number 02742515) 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.

Actis Studios Ltd. can be reached at:

         Shropshire House
         11-20 Capper Street
         London WC1E 6JA
         United Kingdom
         Tel: 020 7255 2313
         Fax: 020 7255 1833


AEROTECH WORLD: Brings In Begbies Traynor to Administer Assets
--------------------------------------------------------------
Nigel Geoffrey Atkinson and Sarah Helen Bell of Begbies Traynor
were appointed joint administrators of Aerotech World Trade
Limited (Company Number 00380275) on May 24.

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

Aerotech World Trade Limited can be reached at:

         St. Peters Road
         Maidenhead
         Berkshire SL6 7QU
         United Kingdom
         Tel: 01628 634 555
         Fax: 01628 760 230


ASHTON PACKING: Names Andrew James Nichols as Administrator
-----------------------------------------------------------
Andrew James Nichols of Redman Nichols was appointed
administrator of Ashton Packing Services Limited (Company Number
2110359) on June 8.

The administrator can be contacted at:

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

Ashton Packing Services -- http://www.ashtonpacking.co.uk/--  
are specialists in Export Packing in the U.K.  Established in
1987 in order to provide manufacturers with a complete export
packing service, from the supply of a single pallet to the
packing and shipment of an entire production plant.


CAPE PLASTICS: Creditors Pass Winding Up Resolution
---------------------------------------------------
Creditors of Cape Plastics Limited passed a resolution to wind
up the company's operations during an extraordinary general
meeting on April 11.

Subsequently, Brendan Eric Doyle was appointed Liquidator.

The company can be reached at:

         Cape Plastics Limited
         TY Atebion
         2 Old Field Road
         Pencoed
         Bridgend
         Mid Glamorgan CF355LJ
         United Kingdom
         Tel: 01656 741 333
         Fax: 01656 741 788


CASUALS DIRECT: Financial Woes Trigger Liquidation
--------------------------------------------------
Casuals Direct Limited is winding up its operations after
creditors established the company could no longer continue its
business due to mounting debts.

Neil Henry and Michael Simister of Lines Henry were appointed
Joint Liquidators.

The company can be reached at:

         Casuals Direct Limited
         Flat 1 Milton House
         5 Milton Crescent
         Cheadle
         Cheshire SK8 1PD
         United Kingdom
         Tel: 0161 488 1810


CREATIVE ADVERTISING: Governor Taps Baker Tilly as Receivers
------------------------------------------------------------
The Governor and Company of the Bank of Scotland appointed Guy
Edward Brooke Mander and Phillip Hartland Allen of Baker Tilly
joint administrative receivers of Creative Advertising &
Printing Limited (Company Number 0801379) on May 11.

Headquartered in Birmingham, Baker Tilly --
http://www.bakertilly.co.uk/-- is a leading independent firm of
chartered accountants and business advisers in the United
Kingdom. The firm's annual fee income is over GBP168 million and
is part of a global network, which has 122 member firms in 85
countries as an independent member of Baker Tilly International.

Creative Advertising & Printing Limited can be reached at:

         Downs Road
         Curbridge Business Park
         Curbridge
         Witney
         Oxfordshire OX29 7WJ
         United Kingdom
         Tel: 01993 772 543
         Fax: 01993 700 742


D & S TRANSPAK: Bank of Scotland Appoints Kroll as Receivers
------------------------------------------------------------
Bank of Scotland appointed J.M. Wright and A.J. Wolstenholme of
Kroll Ltd. joint administrative receivers of D & S Transpak
Limited (Company Number 02116485) on June 21.

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

Headquartered in Halesowen, United Kingdom, D & S Transpak
Limited manufactures plastic packaging goods.


DRAKE POWER: Taps Lloyd Biscoe to Liquidate Assets
--------------------------------------------------
Lloyd Biscoe, of Begbies Traynor, was appointed Liquidator after
creditors of Drake Power Systems Limited 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.

Drake Power Systems Limited can be reached at:

         Heron House
         5-6 Heron Avenue
         Wickford
         Essex SS118DL
         United Kingdom
         Tel: 01268 560 040
         Fax: 01268 560 261
         Web: http://www.drakepower.com/


ELECTRIC 2000: Appoints David Exell as Liquidator
-------------------------------------------------
Electric 2000 Contracting Limited is liquidating its assets
after creditors passed a resolution to wind up the company on
April 14.

David Exell of David Exell Associates was appointed Liquidator.

The company can be reached at:

         Electric 2000 Contracting Limited
         23 Ayleswade Road
         Salisbury SP2 8DW
         United Kingdom
         Tel: 01202 476 420
         Fax: 01202 476 420


ENRON CORP: Merrill Lynch Agrees to Pay US$29.5-Mln Settlement
--------------------------------------------------------------
Enron Corp. reached an agreement with Merrill Lynch & Co., Inc.
and affiliated entities to settle MegaClaims litigation in the
Enron bankruptcy case.

According to the terms of the agreement, Merrill Lynch will pay
Enron US$29.5 million.  The settlement further provides that
approximately US$73.7 million in claims against the Enron Estate
will be subordinated and receive no distribution from the Enron
Estate and approximately US$10 million in transferred claims
will be allowed.  The settlement reflects that Merrill Lynch was
involved in fewer transactions with Enron than certain of the
other MegaClaim defendants.  Merrill Lynch did not admit
liability or wrongdoing and both parties agreed to settle the
litigation to avoid the costs and uncertainties of further
proceedings.

"This settlement is a further proactive step in our efforts to
settle the Enron Estate," John J. Ray III, Enron's President and
Board Chairman, said.  "We are gratified with the progress we
have made to bring the MegaClaims litigation with Merrill Lynch
to a close and remain optimistic that the remaining financial
institutions will put their Enron issues to rest."

Remaining MegaClaim cases include Citigroup Inc., Deutsche Bank
AG, Barclays PLC, and Fleet National Bank.

The settlement remains subject to the execution of a definitive
agreement and the approval of the United States Bankruptcy Court
for the Southern District of New York.

Enron is represented in this matter by Susman Godfrey LLP;
Togut, Segal & Segal; and Venable LLP.

                        About Enron Corp.

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Martin J. Bienenstock, Esq., and Brian S. Rosen, Esq., at
Weil, Gotshal & Manges, LLP, represent the Debtors in their
restructuring efforts.  Luc A. Despins, Esq., Matthew Scott
Barr, Esq., and Paul D. Malek, Esq., at Milbank, Tweed, Hadley &
McCloy, LLP, represent the Official Committee of Unsecured
Creditors.


EVANS BUILDING: Claims Registration Ends Sept. 30
-------------------------------------------------
Appointed Liquidator Michael F. McCarthy of Walletts Insolvency
Services requires creditors of Evans Building & Civil
Engineering Contractors Limited to send in their full names,
addresses and descriptions, full particulars of debts or claims,
and the names and addresses of Solicitors (if any) on or before
Sept. 30.

The company can be reached at:

         Evans Building & Civil Engineering Contractors Ltd.
         Ashfields
         Stoke-on-Trent
         Staffordshire ST4 7QH
         United Kingdom
         Tel: 01782 411 470


EVERYDAYLIVES LTD: Hires Joint Liquidators from Valentine & Co
--------------------------------------------------------------
Everydaylives Limited is voluntarily liquidating its assets
after creditors proved the company could no longer continue its
operations due to liabilities.

Robert Valentine and Mark Reynolds, of Valentine & Co, were
appointed Joint Liquidators.

The company can be reached at:

         Everydaylives Ltd.
         6 Grove Avenue
         Twickenham
         Middlesex TW1 4HY
         United Kingdom
         Tel: 020 8892 6699


FINE COLOUR: GE Commercial Taps Receivers from Deloitte & Touche
----------------------------------------------------------------
GE Commercial Finance Ltd. appointed Ian Brown and Christopher
James of Deloitte & Touche LLP joint administrative receivers of
Fine Colour Packaging Limited (Company Number 01106147) on
June 15.

Headquartered in London, Deloitte & Touche LLP --
http://www.deloitte.com/-- is the United Kingdom member firm of
Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are
separate and independent legal entities.  It provides audit,
tax, consulting and corporate finance services through more than
9,000 people in 21 locations.

Headquartered in Nottingham, United Kingdom, Fine Colour
Packaging Limited is engaged in commercial printing.


GAINSBOROUGH HOLDINGS: Appoints Grant Thornton as Administrators
----------------------------------------------------------------
Andrew Hosking and Daniel Robert Whiteley Smith of Grant
Thornton U.K. LLP were appointed joint administrators of
Gainsborough Holdings Limited (Company Number 04416155) on
June 12.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.

Headquartered in London, Gainsborough Holdings Limited provides
serviced offices.


GBC MANAGEMENT: Brings In Grant Thornton as Administrators
----------------------------------------------------------
Andrew Hosking and Daniel Robert Whiteley Smith of Grant
Thornton U.K. LLP were appointed joint administrators of GBC
Management Limited (Company Number 05251290) on June 13.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.

GBC Management Limited can be reached at:

         100 Pall Mall
         London SW1Y 5HP
         United Kingdom


GLOBAL TRADE: HSBC Bank Hires Moore Stephens as Receivers
---------------------------------------------------------
HSBC Bank PLC appointed Phillip Sykes and David Rolph of Moore
Stephens LLP joint administrative receivers of The Global Trade
Centre Limited (Company Number 3165692) on June 15.

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

Headquartered in London, The Global Trade Centre Limited is
engaged in trade promotion.


GENERAL MOTORS: Planned Alliance Won't Affect Rating, Fitch Says
----------------------------------------------------------------
The potential alliance between General Motors Corp, Renault and
Nissan, as currently proposed, would not have implications for
the credit rating of GM, according to Fitch Ratings.

Although certain benefits could be realized from such an
alliance over the long term, the ratings for GM (IDR rated B and
on Rating Watch Negative) in near term will be driven primarily
by the turnaround efforts at its North American auto operations.
The resolution of the Delphi situation and completion of the
sale of a controlling interest in GMAC are also key factors in
the current rating.

GM's challenges in North America, on the revenue and the cost
side, remain numerous, and an alliance is unlikely to have a
significant effect on either in the short term.  Over the long-
term, the alliance could result in purchasing synergies and
other engineering, design and manufacturing efficiencies.
However, these synergies typically require a timeframe of at
least four years to be realized to a meaningful degree, even if
implemented successfully, as frequently demonstrated through the
industry.  GM is already undertaking such an effort on its own
as it moves to a global design process, with the ultimate
benefits yet to be determined.

At GM, Ford and DaimlerChrysler, either internally or through
alliances, moving to global platforms has proven to be a long-
term challenge, while transplant manufacturers continue to
realize the benefits of further leveraging existing platforms.
Historically, the industry's track record with regard to
alliances, and GM's in particular, has been notably poor.

With GM's purchasing, design, engineering and manufacturing
strategies still evolving, further alliances could certainly
complicate and/or cause revisions to existing efforts before
realizing any ultimate benefits.  Should the alliance progress,
there could also be an adverse impact on the supply base, which
is already experiencing substantial stress.

It is also unlikely that an alliance, or a higher-profile role
by Mr. Ghosn, would have a near term effect on one of GM's
primary structural cost issues -- the lack of flexibility
incorporated in GM's existing UAW contract.  Over the long-term,
any alliance strategy would certainly address the partners'
global manufacturing footprint, including capacity issues.
Given GM's high manufacturing cost base in the U.S., an alliance
could be expected to try and steer production to more cost
efficient plants and locations.

This is likely to cause the UAW to weigh in on the alliance,
potentially complicating and alliance agreement and the
September 2007 contract talks where GM will already be seeking
further concessions to existing wages, benefits and other
structural terms.

Prior to any alliance agreement, Fitch expects that GM's board
and its potential alliance partners would clearly delineate
areas of cooperation and the decision-making process between the
partners.  If the major reason Tracinda is encouraging an
alliance is to have Carlos Ghosn take on a primary role in GM's
restructuring, this would certainly be an area of substantive
deliberation at GM's board.  At this stage of GM's restructuring
efforts, Fitch expects that this decision would not be taken
lightly or quickly.

On the revenue side, GM has benefited from recent product
introductions in the higher-priced SUV segment, but remains
exposed to sliding market share, a continuing industry decline
in the mid-size and full-size SUV market, price competition and
concerns surrounding volumes and pricing in the important heavy-
duty pickup market.  On the cost side, GM has made progress in
certain cost areas, including health care and its employee
buyout program, but remains exposed to operating and financial
stresses in its supply base, high commodity costs and other
fixed costs.  Despite progress on the cost side, other cost and
revenue pressures make it unlikely that GM will reverse negative
operating cash flows in 2006.


GOLDCREST FURNITURE: Appoints Grant Thornton as Administrators
--------------------------------------------------------------
Richard Hawes and Nigel Morrison of Grant Thornton U.K. LLP were
appointed joint administrators of Goldcrest Furniture Limited
(Company Number 02556240) on June 7.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.

Goldcrest Furniture Limited  -- http://www.goldcrest.co.uk/--  
is one of the UK's major wooden furniture manufacturers.  The
company was founded in 1991 in Kingstone just outside Hereford.


GREENWAYS MEDIA: League Paper Publisher Up for Sale
---------------------------------------------------
Joint Administrators Geoff Rowley and Nick O'Reilly offer for
sale the business and assets of Greenways Media Limited,
publisher of leading title on non-league football, "The Non-
League Paper."

Features:

   -- established over six years with a weekly readership of
      100,000

   -- two editions on Friday and Sunday;

   -- combined weekly circulation of over 50,000;

   -- publisher of U.K.'s only dedicated League football title,
      "The League Paper";

   -- total turnover of GBP2.2 million; and

   -- based in South West London with a dedicated editorial and
      advertising team.

Inquiries can be addressed to:

         Mark Siddall
         Vantis Business Recovery Services
         PO Box 2653
         66 Wigmore Street
         London W1A 3RT
         United Kingdom
         Tel: 020 7467 4000

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


GRENEHURST LTD: Brings In Joint Liquidators from Insol House
------------------------------------------------------------
Grenehurst Limited is liquidating its assets after creditors
opted to wind up the company on April 19.

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

The company can be reached at:

         Grenehurst Limited
         Unit 6 The Colonades
         17 London Road
         Pulborough
         West Sussex RH201AS
         United Kingdom
         Tel: 01798 875 952
         Fax: 01798 875 963
         Web: http://www.grenehurst.com/


HEART MEDIA: Creditors Resolve to Liquidation
---------------------------------------------
Creditors of Heart Media Group Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
April 19.

Subsequently, David Hughes was appointed Liquidator.

The company can be reached at:

         Heart Media Group Limited
         Drayton Mill
         Drayton
         Belbroughton
         Stourbridge DY9 0BT
         United Kingdom
         Tel: 01562 734 040
         Fax: 01562 731 934
         Web: http://www.heartmedia.co.uk/


HERBALIFE INT'L: To Undertake Potential Refinancing Deal
--------------------------------------------------------
Herbalife Ltd. and its indirect subsidiary Herbalife
International, Inc., disclosed that it is considering a
potential refinancing transaction with a new senior secured
credit facility.

If the refinancing is consummated, certain of the proceeds may
be used to repay or redeem substantially all of Herbalife's
existing debt, including its outstanding 9-1/2% Notes due 2011
and fund closing costs.

                      About Herbalife

Herbalife (NYSE:HLF) -- http://www.herbalife.com/-- is a global
network marketing company that sells weight-management,
nutritional supplements and personal care products intended to
support a healthy lifestyle.  Herbalife products are sold in 62
countries through a network of more than one million independent
distributors.  The company supports the Herbalife Family
Foundation and its Casa Herbalife program to bring good
nutrition to children.

                         *     *     *

As reported in the Troubled Company Reporter on July 4, Moody's
Investors Service rated the proposed bank loan of Herbalife
International, Inc. at Ba1 and upgraded the corporate family
rating to Ba1.  Herbalife will use proceeds from the new debt to
repay the existing term loan and to redeem the US$165 million
issue of 9.5% senior subordinated notes.

At the same time, Standard & Poor's Ratings Services raised its
ratings on Herbalife International Inc., including its corporate
credit rating to 'BB+' from 'BB'.  Standard & Poor's also raised
its ratings on Herbalife's parent, Herbalife Ltd., including the
corporate credit rating to 'BB+' from 'BB'.  The outlook is
stable.


MAJESTIC ALUMINUM: Names A. Turpin to Liquidator
------------------------------------------------
A. Turpin of Poppleton & Appleby was named Liquidator of
Majestic Aluminum Finishing Co. Limited after creditors decided
to wind up the company on April 18.

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.

Majestic Aluminum Finishing Co. Limited can be reached at:

         Queen Street
         Premier Business Pk
         Walsall WS2 9NU
         United Kingdom
         Tel: 01922 628 596
         Fax: 01922 628 597
         Web: http://www.majestics.org.uk/


NORTHUMBRIAN INTERIORS: Creditors Opt to Liquidate Assets
---------------------------------------------------------
Creditors of Northumbrian Interiors Limited opted to liquidate
the company's assets during an extraordinary general meeting on
April 12.

William Paxton and Peter William Gray of Robson Laidler LLP were
appointed Joint Liquidators.

The company can be reached at:

         Northumbrian Interiors Limited
         18 Stanley Street
         Blyth
         Northumberland NE242BU
         United Kingdom
        Tel: 01670 505 882


OFFICE TRADES: Michael Lyon Leads Liquidation Procedure
-------------------------------------------------------
Michael Lyon of Mazars LLP was appointed Liquidator of Office
Trade Services Limited after creditors resolved to liquidate the
company's assets on April 18.

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

Office Trade Services Limited can be reached at:

         66 Derby Road
         Long Eaton
         Nottingham NG104QP
         United Kingdom
         Tel: 0115 849 1777


OHN HAMPDEN: Vantis Offers Garment Packaging Business For Sale
--------------------------------------------------------------
The Administrative Receivers, L Robert Bailey and S Hopper of
Vantis Business Recovery, offer for sale the business and assets
of Ohn Hampden Packaging Limited.

Ohn Hampden is a major global supplier of branded packaging to
the garment industry, with international operations in the
Middle and Far East.

Features:

   -- GBP10 million turnover;
   -- operates from freehold premises in Heanor, Derbyshire;
   -- extensive range of plant & machinery
   -- 40-strong skilled workforce; and
   -- key supplier to major U.K. garment retailers

Inquiries can be addressed to:

         Littlechild
         Vantis Business Recovery Services
         Stoughton House
         Harborough Road
         Oadby
         Leicester LE2 4LP
         United Kingdom
         Fax: 0116 2710597
         E-mail: caryn.littlechild@vantisplc.com

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


REFCO INC: Court to Consider Excl. Period Requests on July 20
-------------------------------------------------------------
The Hon. Robert D. Drain of the United States Bankruptcy Court
for the Southern District of New York adjourned, to July 20,
2006, the hearing to consider Refco Inc., and its debtor-
affiliates' request to extend their:

    * Exclusive Plan Filing Period to Sept 1, 2006; and
    * Exclusive Solicitation Period to Oct. 31, 2006.

The Court had previously set the hearing for June 27.

                       About Refco Inc.

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

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

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

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 34; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


REFCO INC: U.S. Court Extends Removal Period to Sept. 13
--------------------------------------------------------
The Honorable Robert D. Drain of the U.S. Bankruptcy Court for
the Southern District of New York extended, until Sept. 13,
2006, the time within which Refco Inc. and its debtor-affiliates
may file notices of removal pursuant to Rule 9006(b) of the
Federal Rules of Bankruptcy Procedure.

As reported in the Troubled Company Reporter on June 28, 2006,
the Debtors told the Court that the request has the consent of
Marc S. Kirschner, the Chapter 11 trustee of the estate of Refco
Capital Markets, Ltd.

Prior to filing for bankruptcy, the Debtors were plaintiffs in
approximately 37 actions and proceedings in a variety of state
and federal courts throughout the country.

Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher &
Flom, LLP, in New York, relates that the Debtors have not yet
reviewed all the Actions to determine whether any Actions should
be removed.  The Debtors have continued to focus primarily on
stabilizing and maximizing the value of the wind-down of their
businesses.

The RCM trustee also needs additional time to evaluate the
Actions to determine whether they should be removed.

Moreover, the Debtors and the RCM Trustee are engaged in a
bankruptcy plan formulation process, which may impact decisions
with respect to the Actions.

Ms. Henry asserts that extension of the Removal Period will
afford the Debtors sufficient opportunity to assess whether the
Actions can and should be removed, thus, protecting the Debtors'
valuable right to adjudicate lawsuits under 28 U.S.C. Section
1452.

                       About Refco Inc.

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

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

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

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 34; Bankruptcy Creditors' Service, Inc., 215/945-
7000).


RENAISSANCE GRP: Winds Up Business & Appoints Joint Liquidators
---------------------------------------------------------------
Creditors of Renaissance GRP Limited decided to wind up the
company's operations during an extraordinary general meeting on
April 12.

Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed Joint Liquidators.

The company can be reached at:

         Renaissance GRP Limited
         262 Handsworth Road
         Handsworth
         Sheffield S13 9BS
         United Kingdom
         Tel: 0114 244 6622


RESIDENTIAL MORTGAGE: Moody's Rates GBP16 Million Notes at Ba3
--------------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
these classes of Notes issued by Residential Mortgage Securities
22 PLC:

   -- GBP100,000,000 Class A1a Notes with Class A Ordinary
Coupons due 2031: Aaa,

   -- Class A1a Detachable Coupons due 2009: Aaa;

   -- Class A1a Detachable Coupons due 2011: Aaa;

   -- US$320,000,000 Class A1b Notes with Class A Ordinary
Coupons due 2031: Aaa;

   -- Class A1b Detachable Coupons due 2009: Aaa;

   -- Class A1b Detachable Coupons due 2011: Aaa;

   -- EUR64,400,000 Class A1c Notes with Class A Ordinary
Coupons due 2031: Aaa;

   -- Class A1c Detachable Coupons due 2009: Aaa;

   -- Class A1c Detachable Coupons due 2011: Aaa;

   -- EUR116,200,000 Class A2c Notes with Class A Ordinary
Coupons due 2039: Aaa;

   -- Class A2c Detachable Coupons due 2009: Aaa;

   -- Class A2c Detachable Coupons due 2011: Aaa;

   -- GBP207,600,000 Class A3a Notes with Class A Ordinary
Coupons due 2039: Aaa,

   -- Class A3a Detachable Coupons due 2009: Aaa;

   -- Class A3a Detachable Coupons due 2011: Aaa;

   -- EUR105,000,000 Class A3c Notes with Class A Ordinary
Coupons due 2039: Aaa;

   -- Class A3c Detachable Coupons due 2009: Aaa;

   -- Class A3c Detachable Coupons due 2011: Aaa;

   -- GBP43,300,000 Class M1a Notes due 2039: Aa3;

   -- EUR15,000,000 Class M1c Notes due 2039: Aa3;

   -- GBP11,000,000 Class M2a Notes due 2039: A3;

   -- EUR22,400,000 Class M2c Notes due 2039: A3;

   -- GBP15,000,000 Class B1a Notes due 2039: Baa3;

   -- EUR13,100,000 Class B1c Notes due 2039: Baa3;

   -- GBP16,000,000 Class B2 Notes due 2039: Ba3; and

   -- Mortgage Early Redemption Certificates, due 2039: Aaa.

This transaction represents the 22nd securitization of
non-conforming and impaired credit loans originated by entities
that trade under the name of Kensington Mortgage Company.
Moody's previously assigned provisional ratings to the Notes on
June 16.

The ratings of the Notes are based upon:

   -- an analysis of the characteristics of the mortgage pool
backing the Notes;

   -- the protection the Notes receive from credit enhancement
against defaults and arrears in the mortgage pool; and

   -- the legal and structural integrity of the issue.

The credit enhancement available in the deal is provided in the
form of excess spread, reserve fund of original note balance,
subordination of the Class M1, M2, B1 and B2 Notes.  Subject to
certain conditions being met, the reserve fund may amortize up
to a floor of 0.68% of the original note balance.

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

The Class A Detachable Coupons (I/O) do not receive any payments
of principal, and earn interest at a rate of 1.35% per annum
calculated on the outstanding balance of the Class A Notes.
The Class A1 I/O 2009, Class A2 I/O 2009, and Class A3 I/O 2009
earn interest from the first interest payment date until the
interest payment date on November 2009. The Class A1 I/O 2011,
Class A2 I/O 2011 and Class A3 I/O 2011 earn interest from the
interest payment date on November 2009 to the interest payment
date falling on November 2011.  The rating of the I/O addresses
the Issuer's ability to make the promised payment of interest.
However, it does not address the size of balance used to
calculate the amount due.

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


RESIDENTIAL MORTGAGE: Fitch Rates GBP16-Mln Class B2 Notes at BB
----------------------------------------------------------------
Fitch Ratings assigned final ratings to Residential Mortgage
Securities 22 PLC's GBP800 million equivalent multi-currency
mortgage-backed floating-rate notes.

   -- Class A1a notes GBP100 million due 2031: AAA;
   -- A1a detachable coupons due 2009 and 2011: AAA;
   -- Class A1b notes US$320 million due 2031: AAA;
   -- A1b detachable coupons due 2009 and 2011: AAA;
   -- Class A1c notes EUR64.4 million due 2031: AAA;
   -- A1c detachable coupons due 2009 and 2011: AAA;
   -- Class A2c notes EUR116.2 million due 2039: AAA;
   -- A2c detachable coupons due 2009 and 2011: AAA;
   -- Class A3a notes GBP207.6 million due 2039: AAA;
   -- A3a detachable coupons due 2009 and 2011: AAA;
   -- Class A3c notes EUR105 million due 20391: AAA;
   -- A3c detachable coupons due 2009 and 2011: AAA;
   -- Class M1a notes GBP43.3 million due 2039: AA;
   -- Class M1c notes EUR15 million due 2039: AA;
   -- Class M2a notes GBP11 million due 2039: A;
   -- Class M2c notes EUR22.4 million due 2039: A;
   -- Class B1a notes GBP15 million due 2039: BBB;
   -- Class B1c notes EUR13.1 million due 2039: BBB;
   -- Class B2 notes GBP16 million due 2039: BB; and
   -- Mortgage early redemption certificates N.A.: AAA.

This transaction is a securitization of non-conforming
residential mortgages originated and located in the U.K. and is
the 22nd in the series.  Structurally, this is the third
transaction to trap excess cap cash flows within the deal for
use in future periods.

The final ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of
Kensington Group PLC and its subsidiaries, the primary servicing
capabilities of Homeloan Management Ltd. and the special
servicing capabilities Kensington Mortgages Ltd, and the sound
legal structure of the transaction.

Credit enhancement for the Class A1, A2 and A3 notes totals
15.9% and is provided by the subordination of the Class M1
(6.7%), Class M2 (3.3%) Class B1 (3%), Class B2 (2%) and an
initial reserve fund representing 0.9% of the initial issue
size.  The reserve fund is expected to increase to a target
amount equating to 1.35% of the initial issue size, funded from
available excess spread.

The rating of the MERCs addresses the likelihood of receipt of
MERC payments assuming that payment of the mortgage early
repayment charges is legally valid, binding and enforceable
against the borrowers and such mortgage early repayment charges
are actually collected from borrowers, and not waived by the
seller.


STENBUY LIMITED: Creditors' Meeting Slated for July 13
------------------------------------------------------
Creditors of Stenbuy Limited (Company Number 03127681) will meet
at 10:00 a.m. on July 13 at:

         David Rubin & Partners
         26-28 Bedford Row
         London WC1R 4HE
         United Kingdom

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

         Paul Appleton and Henry Lan
         Joint Administrators
         Rubin & Partners
         26-28 Bedford Row
         London WC1R 4HE
         United Kingdom

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


SUCCESSFUL SOLUTIONS: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------------
Creditors of Successful Solutions Wealth Management Limited
confirmed the appointment of Roderick Graham Butcher as
Liquidator on April 18.

The company can be reached at:

         Successful Solutions Wealth Management Limited
         57 Huntsmans Drive
         Kinver
         Stourbridge DY7 6BA
         United Kingdom
         Tel: 01384 877 152


T.M. WASTE: HSBC Bank Brings In PKF as Administrative Receivers
---------------------------------------------------------------
HSBC Bank appointed Jonathan D. Newell and Kerry Bailey of PKF
(U.K.) LLP joint administrative receivers of T.M. Waste
Management Limited (Company Number 4229843) on June 14.

PKF (U.K.) LLP -- http://www.pkf.co.uk-- is one of the UK's
leading firms of accountants and business advisers, which
specializes in advising the management of developing private and
public businesses.

Headquartered in Liverpool, United Kingdom, T.M. Waste
Management Limited recycles non-metal waste and scrap.


TEKELEC: Restates Quarterly Reports for 2005 and 2004
------------------------------------------------------
Tekelec filed with the U.S. Securities and Exchange Commission
its quarterly reports on Form 10-Q/A for the three months ended
March 31, 2005, June 30, 2005, and Sept. 30, 2005, in which it
restates its previously issued consolidated financial statements
for each of the quarters during the nine months ended Sept. 30,
2005, and 2004.

The company's Statement of Operations (in US$) showed:

                           For the three months ended
                         -----------------------------
                           Quarter          Quarter
                           03/31/04         03/31/05
                         -----------     ------------
Revenue                   75,974,000      138,863,000

Net (Loss)                17,475,000        5,314,000

                       For the three and six months ended
          ------------------------------------------------------
              Quarter      Quarter        Quarter       Quarter
              06/30/04     06/30/05       06/30/04      06/30/05
          -----------  ------------   ------------  ------------
Revenue    95,196,000   122,728,000    171,170,000   261,591,000

Net
(Loss)     (1,440,000)      785,000      3,874,000    18,260,000


                         For the three and nine months ended
          ------------------------------------------------------
              Quarter      Quarter        Quarter       Quarter
              09/30/04     09/30/05       09/30/04      09/30/05
          -----------  ------------   ------------  ------------
Revenue    96,894,000   120,980,000    268,064,000   382,571,000

Net
(Loss)      9,519,000    (4,078,000)    13,393,000    14,182,000

The company's Balance Sheet showed:

                               For the period ended
                  ----------------------------------------------
              Quarter       Quarter       Quarter       Quarter
              12/31/04      03/31/05      06/30/05      09/30/05
          ------------  ------------  ------------  ------------
Current
Assets     403,761,000   416,084,000   449,363,000   494,867,000

Total
Assets     774,983,000   787,182,000   823,994,000   831,524,000

Current
Debts      254,457,000   251,075,000   287,292,000   290,425,000

Total
Debts      383,602,000   382,844,000   418,159,000   423,517,000

Total
Stockholders'
Equity     373,753,000   391,492,000   823,994,000   400,627,000

               Restated Quarterly Financial Statements

The Restated Quarterly Financial Statements include adjustments
to the Company's previously issued Unaudited Consolidated
Balance Sheets, Statements of Operations, Statements of
Comprehensive Income (Loss), and Statements of Cash Flows for:

    (i) the three months ended March 31, 2005, and 2004;

        A full-text copy of the Company's restated financial
        statements is available for free at:

                http://researcharchives.com/t/s?d2b

   (ii) the three and six months ended June 30, 2005, and 2004;

        A full-text copy of the Company's restated financial
        statements is available for free at:

                http://researcharchives.com/t/s?d2d

  (iii) the three and nine months ended Sept. 30, 2005, and
        2004.

        A full-text copy of the Company's restated financial
        statements is available for free at:

                http://researcharchives.com/t/s?d2f

The restated unaudited results for each of the three quarters in
the nine months ended Sept. 30, 2005, and 2004 had previously
been disclosed in summary form in Note 18 of the Notes to the
Consolidated Financial Statements in the Company's Annual Report
on Form 10-K for the year ended Dec. 31, 2005.

Tekelec expected that it would file on July 12 its First
Quarter 2006 Form 10-Q and has scheduled a conference call on
that date for senior management to discuss first quarter
results.  The Company also plans to discuss during this call and
to provide on its web site prior to historical non-GAAP numbers
for each of the quarters in 2004 and 2005, the full years 2004
and 2005 and the first quarter of 2006.

With the filing of the First Quarter 2006 Form 10-Q, the Company
believed that it will have met all the conditions set by a
Nasdaq Listing Qualifications Panel for the continued listing of
the Company's Common Stock on the Nasdaq National Market System,
which conditions require that the Company file with the
Commission, on or before July 17, 2006, its 2005 Form 10-K, all
required restatements and the First Quarter 2006 Form 10-Q.

The Company also reported that it expects to timely file its
Quarterly Report on Form 10-Q for the three months ended
June 30, 2006.

                         Events of Default

In June 2003, the Company issued and sold US$125 million
aggregate principal amount of its 2.25% Senior Subordinated
Convertible Notes due June 15, 2008.

The Indenture governing the Notes obligates the Company to
provide Deutsche Bank Trust Company Americas, the Notes' Trustee
with documents and reports as are required to be filed with the
U.S. Securities and Exchange Commission.

Because of the delayed filing of the Company's Annual Report for
the year ended Dec. 31, 2005, with the SEC, the Company received
a notice of default on April 1, 2006, from holders of more than
25% of the outstanding principal amount of the Notes.

Because the Company filed its Annual Report with the SEC on
May 30, the Company said that neither the Trustee nor the
holders have the right to accelerate the Notes since it filed
within the 60-day cure period.

The Company also failed to timely deliver its quarterly report
for the quarter ended March 31, 2006, to the SEC and to the
Trustee on before May 25, 2006, which resulted in an additional
default under the Indenture.

The Company said that if the default is not cured or waived
within 60 days after any notice of default is delivered by the
Trustee or by the holders of the Notes, the Trustee or holders
of the Notes have the right to accelerate the payment of
indebtedness under the Indenture.

The Company expects to file its first quarter report on or
before July 17.  The filing will be able to cure this default
under the Indenture, the Company said.

The Indenture also provides that if the Company's common stock
ceases to be listed on the Nasdaq National Market, that
constitute an event of default.

                         Nasdaq Delisting

The company received, on March 20, 2006, a notice from The
Nasdaq Stock Market indicating that the Company's common stock
is subject to potential delisting from the Nasdaq National
Market as a result of its failure to comply with Marketplace
Rule 4310(c)(14).

This listing standard requires the Company to timely file all
reports with the Securities and Exchange Commission, as required
by the Securities Exchange Act of 1934, as amended.

The Company intends to request a hearing before a Nasdaq Listing
Qualifications Panel for review of the delisting determination.
This request will automatically stay the delisting of the
Company's common stock pending the Panel's review and decision.

The Company's common stock will continue to trade on the Nasdaq
National Market until the Panel issues a decision and any
exception granted by the Panel expires.

                           About Tekelec

Tekelec (NASDAQ: TKLC) -- http://www.tekelec.com/-- develops
traditional and next-generation signaling and switching
telecommunications solutions, business intelligence tools and
value-added applications.  Tekelec's innovative software are
widely deployed in traditional and next-generation wireline and
wireless networks and contact centers worldwide.  Corporate
headquarters are located in Morrisville, N.C., with research and
development facilities and sales offices throughout the world.
In Europe, the company has offices in France and the United
Kingdom.


THPA FINANCE: S&P Assigns BB Rating to Class C Notes
----------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
negative implications and affirmed the ratings on all classes of
notes issued by THPA Finance Ltd.

The ratings were placed on CreditWatch negative on
Nov. 30, 2005, following PD Ports PLC's announcement that it had
reached an agreement for its acquisition.

Babcock & Brown Infrastructure Ltd. finalized the acquisition of
PD Ports in January 2006 through its U.K. vehicle BBI Port
Acquisition (UK) Ltd.  Following the acquisition, Standard &
Poor's has met PD Ports management and BBI to discuss the
potential impact on the rated notes of both the acquisition
structure and the group's likely strategy going forward.

The rating actions are mainly based on:

   -- the acquisition structure having no impact on the entities
that form the secured financing;

   -- the comfirmation that management's focus remains on
developing the port operations in line with the current
strategy;

   -- the likelihood that BBI, the new owner, will maintain a
long-term commitment to PD Ports with no material
diversion from the existing business plan; and

   -- that changes to the management team and board membership
at PD Ports demonstrate continuity and affirmation of the
existing business strategy.

Because we do not expect any material change to the strategy and
the business profile of the company, we do not expect a
deterioration of the current cash flow.  We consider that the
ratings continue to reflect the underlying business risk of the
assets and cash flows of the borrowers' port, logistics, and
shipping business.

The company expects to hold a bondholders' meeting in September
to present the new management and the results for the year-end
in June 2006.

The transaction is a port corporate securitization that closed
in April 2001.

Ratings Removed From CreditWatch With Negative Implications and
Affirmed:

                        Ratings List
                      THPA Finance Ltd.
         GBP305 Million Fixed- and Floating-Rate Notes

                                        Rating
               Class         To                  From
               -----         --                  ----
                 A2          A                    A/Watch Neg
                 B           BBB                  BBB/Watch Neg
                 C           BB                   BB/Watch Neg


TOWN TYRE: Creditors Nominate Andreas Kakouris as Liquidator
------------------------------------------------------------
Creditors of Town Tyre & Brake Co. Limited nominated Andreas
Georgiou Kakouris as Liquidator during an extraordinary general
meeting on April 20.

The company can be reached at:

         Town Tyre & Brake Co Limited
         300 Wightman Road
         London N8 0LT
         United Kingdom
         Tel: 020 8341 1121


USP BRANDS: KPMG Selling Golfing Equipment Distributor
------------------------------------------------------
Joint Administrators Richard Fleming and Howard Smith offer for
sale the business and assets of USP Brands Limited, a
distributor of golfing equipment and clothing.

Features:

   -- Established business with annual turnover GBP3 million;

   -- Intellectual property for Progen and Fazer own brands of
      golf clubs and bags;

   -- Distributor of Ogio golf bags and Sunice outwear in the
      U.K. and parts of Europe;

   -- High street retail and golf pro customer base;

   -- 15 staff and good network of sales agents;

   -- 13,000 sq. ft. leasehold manufacturing and distribution
      facility in Leeds near M621; and

   -- Stock circa GBP300,000 cost value.

Inquiries can be addressed to:

         David Ryder
         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds LS1 4DW
         Phone: 0113 231 3105
         Fax: 0113 231 3183

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.


WHITE MOSS: Claims Filing Period Ends Sept. 19
----------------------------------------------
Creditors of White Moss Amenities Limited have until Sept. 19 to
send in their full names, addresses and descriptions, full
particulars of debts or claims, and the names and addresses of
Solicitors (if any) to appointed Liquidator, Michael F.
McCarthy, of Walletts Insolvency Services.

The company can be reached at:

         White Moss Amenities Limited
         Imex Spaces
         Radway Gr
         Cheshire CW2 5PR
         United Kingdom
         Tel: 01270 886 266


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      183


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Real Software             REAL.BR    (49)         142      (34)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (98)         222      (72)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Compagnies de
   Machines Bull                    (139)         137       (6)
Dollfus Mieg & Cie S.A.   DS         (11)         165      (29)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (15)         136        3
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (68)         233       29
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Metaleurop S.A.           PA.PA      (24)         181      (30)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (102)       3,409     (503)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (23)         144       (7)
Senator Entertainment
    AG                    SENGk.BE  (153)         126     (148)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (55)         131      (31)


HUNGARY
-------
NABI Rt.                  NABHY       (2)         229   (8,950)


ICELAND
-------
Decode Genetics Inc.      DCGN        (9)         229      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (150)       4,218      N.A.
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (58)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)


ROMANIA
-------
Oltchim RM Valce          OLT        (45)          232     321)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (168)         409  (10,680)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (16)         136      (34)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker PLC                 ANK.L      (22)         115       13
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
British Sky Broadcasting
   Group Plc              BSY        (61)       4,157      139
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         567       (5)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (1,411)       3,235     (331)
Euromoney Institutional
   Investor Plc           ERM.L      (88)         297      (56)
European Home Retail Plc  EHRL       (14)         111      (37)
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (9)         875     (190)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (835)       8,881      (49)
Invensys PLC                        (963)       4,861      913
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L    (683)         492     (371)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (14)         115      (11)
Misys Plc                 MSY       (460)         906       60
Mytravel Group            MT.L      (283)       1,159     (410)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,134)       2,678      (45)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,361)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (101)         278      (80)

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

                           *********

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.


                 * * * End of Transmission * * *