TCREUR_Public/060712.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, July 12, 2006, Vol. 7, No. 137

                            Headlines


A U S T R I A

ABSOLUT-CONSTRUCTION: Court To Close Case after Final Allocation
BALBI: Property Manager Claims Insufficient Funds
BEATA KANIUK: Court Will Close Case after Final Distribution
BSI INDUSTRIEMONTAGEN: Creditors' Meeting Slated for July 13
ELPA: Creditors' Meeting Slated for July 13

SEJDIJA MUAMED: Creditors' Meeting Slated for July 18


F R A N C E

ALCATEL SA: Expects to Complete Lucent Merger this Year
ALCATEL SA: Hikes Second Quarter Revenues by 7.5%
ALCATEL SA: Names Laurent Collet-Billon as CEO's Defense Adviser
ALSTOM SA: Posts EUR3.2-Bln Sales in First Quarter of 2006
ALSTOM SA: SNCF Orders EUR135-Mln Double-Deck Train Cars

EUROTUNNEL GROUP: Files for Bankruptcy Protection in France


G E R M A N Y

ALERIS DEUTSCHLAND: Moody's Rates EUR200-Mln Term Loan at Ba3
FASSADEN MALERMEISTER: Creditors' Meeting Slated for July 25
FU & MA: Creditors' Meeting Slated for July 25
GERDEMANN & PIRKER: Claims Registration Ends July 31
HARTMUT DIERKS: Claims Registration Ends August 2

HEINRICH NOLTE: Claims Registration Ends August 3
HVS HOLZ: Claims Registration Ends July 18
IMPEX TRANS: Claims Registration Ends July 14
KLEINFELD INDUSTRIE: Claims Registration Ends July 25
SANY-SOO: Claims Registration Ends July 17

TE-LE-WA: Claims Registration Ends July 14


G R E E C E

EGNATIA BANK: Fitch Places Individual C Rating on Watch Evolving


H U N G A R Y

BORSODCHEM RT: S&P Places BB Credit Rating on Watch Negative


I T A L Y

PARMALAT SPA: Files EUR5.2-Bln Claim vs Graubundner Kantonalbank
PARMALAT SPA: Banca Monte dei Paschi di Siena Sells Stake


K A Z A K H S T A N

AGRO-SENTR-ALIANS: Creditors Must File Claims by July 28
AK-NIET: Creditors Must File Claims by July 28
ANTEI-ZLAK: Creditors Must File Claims by July 28
BAT-SERVIS: Proof of Claim Deadline Slated for July 28
JASULAN: Proof of Claim Deadline Slated for July 28

KAINAR-B: Claims Registration Ends July 28
KYZYLORDA GROUP: Claims Registration Ends July 28
NG: Creditors' Claims Due July 28
SODRUJESTVO UK: Creditors' Claims Due July 28
VOYAJ: Creditors Must Submit Claims by July 28


K Y R G Y Z S T A N

AVELIYA: Creditors Must File Claims by Aug. 25
KAILY: Proof of Claim Deadline Slated for Aug. 25


L U X E M B O U R G

EVRAZ GROUP: Releases Second Quarter 2006 Trading Update


N O R W A Y

AKER KVAERNER: Inks NOK850-Mln Contract for Ormen Lange


P O R T U G A L

UNITED BISCUITS: Selling European Unit to Kraft for GBP575 Mln


R O M A N I A

DAEWOO SHIPBUILDING: Romanian Unit Posts EUR18.5-Mln in Losses


R U S S I A

AGRO-SNAB: Court Names Y. Maslov as Insolvency Manager
DEDOVICHSKIY MEAT: Court Names T. Gudkova as Insolvency Manager
HOME CREDIT: S&P Affirms C Short-Term Counterparty Credit Rating
DIARY UST.ILIMSKIY: Court Starts Bankruptcy Supervision
GENERAL MOTORS: Saab & Chevrolet Set New Sales Records in Europe

INTAUGOL: Court Names S. Krutilin as Insolvency Manager
KOMILEN: Court Names A. Ragozin as Insolvency Manager
KOVALEVSKOYE: Bankruptcy Hearing Slated for Sept. 12
KRASNOYARSK-STROY: Court Starts Bankruptcy Supervision
LUKOIL: S&P Lifts BB+ Credit Rating on Improved Profitability

KUPINSKIY: Court Commences Bankruptcy Supervision
NOVOZYBKOVSKOYE BUILDING-ASSEMBLY: M. Slanko to Manage Assets
PENZINSKIY BICYCLE: Court Names V. Lebedev as Insolvency Manager
PROLETARIAN VICTORY: E. Sinyutin to Manage Insolvency Assets
ROSNEFT OIL: Wins North-Charsky Petroleum Development Deal

RUSSIAN STANDARD: S&P Affirms B+/B Counterparty Credit Ratings
TOBOLSKIYE FURS: Court Starts Bankruptcy Supervision
TULSKIYE ENGINEERING: Court Starts Bankruptcy Supervision
VYROVSKOYE GRAIN: Court Names V. Nikishkin as Insolvency Manager


S P A I N

UNITED BISCUITS: Selling European Unit to Kraft for GBP575 Mln


T U R K E Y

DOGAN YAYIN: Fitch Keeps IDR at B+ & Revises Outlook to Positive
HURRIYET GAZETECILIK: Fitch Keeps Foreign Currency IDR at BB-


U K R A I N E

AUTO-TRANSPORT 16367: Court Starts Bankruptcy Supervision
DRUZHBA: Sumi Court Starts Bankruptcy Supervision
ENIKRA: AR Krym Court Begins Bankruptcy Supervision
HERSONZOOVETPROMPOSTACH: Court Starts Bankruptcy Supervision
HOROS: Court Names V. Dranchenko as Liquidator

NEKTAR: Court Names Nataliya Dudnikova as Insolvency Manager
SEASONAL CLOTHES: Court Commences Bankruptcy Supervision
SEVERSTAL: CEO Alexei Mordashov Hikes Equity Interest to 90%
SOFIYIVKA: Kyiv Court Begins Bankruptcy Supervision
STEBLIV' FOOD: Cherkassy Court Begins Bankruptcy Supervision

SUMSHINA: Sumi Court Commences Bankruptcy Supervision
UKRNAFTOSERVICE: Kyiv Court Starts Bankruptcy Supervision
VATUTINE' WOOD: Court Commences Bankruptcy Supervision


U N I T E D   K I N G D O M

A10 TECHNICAL: Creditors Pass Winding Up Resolution
APL CUBIC: Hires Joint Liquidators from PwC
BAA PLC: Delisting Shares & Ending Dividend Reinvestment Plan
BAA PLC: Reports June 2006 Traffic Figures
BRADLEY MARTIN: Taps Paul Appleton to Liquidate Assets

BUCKETS & MOPS: Financial Woes Prompt Liquidation
COMPOST BREWERS: Brings In Joint Liquidators from KPMG
EUROTUNNEL GROUP: Files for Bankruptcy Protection in France
FARRAR CARDS: Appoints James Nicolson Link as Liquidator
GENERAL MOTORS: Saab & Chevrolet Set New Sales Records in Europe

ITRAXX EUROPE: Portfolio Gets Fitch's B+ Weighted Average Rating
J.T. CONSTRUCTION: Creditors Resolve to Liquidation
JACK BEW: Tim Alexander Clunie Leads Liquidation Procedure
JOHN HURLEY: Creditors Nominate Liquidator
JOHN TIERNEY: Names Gerard Keith Rooney Liquidator

KANA SOFTWARE: Auditor Burr Pilger Expresses Going Concern Doubt
KEY CONTRACTS: Appoints Begbies Traynor as Administrators
LEA & CARR: Creditors Agree to Voluntary Liquidation
M.T.S. COMMUNICATIONS: Creditors Opt to Liquidate Assets
MANNERISM LTD: Creditors Confirm Liquidator's Appointment

MAYFAYRE WINDOW: Taps BWC Business to Administer Assets
PARTNER MARKETING: Names Gordon Craig as Administrator
PAVILION COURT: Brings In B & C as Joint Administrators
PHOENIX LASER: Taps BDO Stoy as Joint Administrators
PREMIERPLAN GOLF: Brings In Marriotts LLP to Administer Assets

RANK GROUP: In Talks with Permira Over Hard Rock Acquisition
RTF CONSULTANTS: Joint Liquidators Take Over Operations
SHOWCOURT LTD: Appoints Joint Liquidators to Wind Up Business
SIDHU & GILL: Brings In Wilson Pitts as Administrators
SIMBOL LIMITED: Hires KPMG as Joint Administrators

TEMPAKERB LIMITED: Appoints Administrators from Parkin S. Booth
UNITED BISCUITS: Selling European Unit to Kraft for GBP575 Mln
UNITED BISCUITS: S&P Places B Credit Rating on Watch Positive
UNIVERSAL BLIND: Taps Steven Law to Administer Assets

                            *********

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


ABSOLUT-CONSTRUCTION: Court To Close Case after Final Allocation
----------------------------------------------------------------
The Trade Court of Vienna will close the bankruptcy case of LLC
Absolut-Construction and Repair (FN 210707p) after the Debtor's
final allocation to creditors.

Creditors will receive a 0.62% recovery on account of their
claim.

Headquartered in Vienna, Austria, the Debtor's bankruptcy case
(Bankr. Case No. 5 S 33/06x) was removed from (Bankr. Case No.
36 S 22/05 f) on March 6.  


BALBI: Property Manager Claims Insufficient Funds
-------------------------------------------------
Dr. Manfred Opetnik, the court-appointed property manager for
LLC Balbi (FN 234797s), declared on May 30 that the Debtor does
not have enough assets to pay off creditors.

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

Headquartered in Volkermarkt, Austria, the Debtor declared
bankruptcy on April 19 (Bankr. Case No. 41 S 47/06v).  

The property manager can be reached at:

         Dr. Manfred Opetnik
         Main place 2
         9100 Volkermarkt, Austria
         Tel: 04232/4170
         Fax: 04232/4170-3
         E-mail: kanzlei@ra-opetnik.at


BEATA KANIUK: Court Will Close Case after Final Distribution
------------------------------------------------------------
The Trade Court of Vienna will close the bankruptcy case of KEG
Beata Kaniuk (FN 220297t) after the Debtor's final allocation to
creditors.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Nov. 15, 2005 (Bankr. Case No. 3 S 120/05z).  Bernhard Eder
serves as the court-appointed property manager for the bankrupt
estate.  Herbert Hochegger represents Dr. Eder in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Bernhard Eder
         c/o Dr. Herbert Hochegger
         Brucknerstrasse 4
         1040 Vienna, Austria
         Tel: 505 78 61
         Fax: 505 78 61-9
         E-mail: eder@rechtsanwaelte.co.at


BSI INDUSTRIEMONTAGEN: Creditors' Meeting Slated for July 13
------------------------------------------------------------
Creditors owed money by LLC BSI Industriemontagen (FN 259313v)
are encouraged to attend the creditors' meeting at 10:15 a.m. on
July 13 to consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 14 (Bankr. Case No. 5 S 45/06m).  Ulla Reisch serves as
the court-appointed property manager of the bankrupt estate.  

The property manager can be reached at:

         Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna, Austria
         Tel: 212 55 00
         Fax: 212 55 00 5
         E-mail: office.wien@ulsr.at


ELPA: Creditors' Meeting Slated for July 13
-------------------------------------------
Creditors owed money by LLC Elpa (FN 85242g) are encouraged to
attend the creditors' meeting at 9:30 a.m. on July 13 to
consider the adoption of the rule by revision.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 23 (Bankr. Case No. 2 S 53/06s).  Stephan Riel serves
as the court-appointed property manager of the bankrupt estate.  
Johannes Jaksch represents Dr. Riel in the bankruptcy
proceedings.

The property manager and his representative can be reached at:

         Dr. Stephan Riel
         c/o Dr. Johannes Jaksch
         Reischachstrasse 3/12A
         1010 Vienna, Austria
         Tel: 713 44 33
              713 34 05
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at  


SEJDIJA MUAMED: Creditors' Meeting Slated for July 18
-----------------------------------------------------
Creditors owed money by KEG Sejdija Muamed (FN 241181d) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
July 18 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 8 (Bankr. Case No. 6 S 44/06x).  Dr. Georg Freimueller
serves as the court-appointed property manager of the bankrupt
estate.  Erwin Senoner represents Dr. Freimueller in the
bankruptcy proceedings.

The property manager and his representative can be reached at:

         Dr. Georg Freimueller
         c/o Dr. Erwin Senoner
         Alser Road 21
         1080 Vienna, Austria
         Tel.: 406 05 51-Serie
         Fax: 406 96 01
         E-mail: kanzlei@jus.at


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


ALCATEL SA: Expects to Complete Lucent Merger this Year
-------------------------------------------------------
Following the announcement on April 2 of their proposed merger
transaction, Alcatel S.A. (Paris: CGEP.PA) and (NYSE: ALA) and
Lucent Technologies (NYSE: LU) has provided an update on the
integration process and believe they are on track to complete
their merger transaction by the end of calendar year 2006, which
is within the six- to 12- month timeframe originally announced.  

In recent weeks, the two companies have achieved a number of
significant milestones, including satisfying some regulatory
conditions to the proposed merger.

The business model and the associated organization of the
combined company are now defined and will be implemented
immediately upon closing.  More detailed evaluations of cost
synergies confirm that previously announced targets should be
fully met.

"The pre-integration work has progressed very satisfactorily and
clearly confirms the high value that will be derived from this
merger for our customers and our shareholders," said Serge
Tchuruk who will become non-executive Chairman of the combined
company.

"This merger will create a world-class team that will deliver
the best of both companies to customers around the world, and
will create enhanced value for shareholders," said Patricia
Russo, chairman and CEO of Lucent who will become CEO of the
combined company.  "To that end, we are mapping each company's
individual strengths to the changing market dynamics reshaping
our industry and adopting best practices across the business of
the combined company.  From R&D to sales, from product
development to marketing, from finance to talent development, we
are committed to being a role model company for the 21st
century."

             Organization and Business Structure

The combined company will address carrier, enterprise and
service markets with a strong focus on end-to-end solutions
maximizing the value to customers.  The overall business will be
segmented in Business Groups structured along the global
requirements of those three markets, while a decentralized
regional organization will provide strong local support to
customers.

The Carrier Business Groups, headed by Etienne Fouques will
consist of:

    -- Wireless, headed by Mary Chan,
    -- Wireline, headed by Michel Rahier, and
    -- Convergence, headed by Marc Rouanne.

Hubert de Pesquidoux will head the Enterprise Business Group
while John Meyer will head the Service Business Group.

The Company will have four geographic regions:

    -- Europe and North, headed by Vince Molinaro,
    -- Europe and South, headed by Olivier Picard,
    -- North America, headed by Cindy Christy,
    -- Asia-Pacific, headed by Frederic Rose.

Europe & North includes:

   -- United Kingdom,
   -- Nordics,
   -- Benelux,
   -- Germany,
   -- Russia and
   -- Eastern European countries.

Europe & South includes:

   -- France,
   -- Italy,
   -- Spain
   -- other Southern European countries,
   -- Africa,
   -- Middle East,
   -- India and Latin America.

North America includes:

   -- the United States of America,
   -- Canada, and
   -- the Caribbean.

Asia Pacific includes:

   -- China,
   -- Northeast Asia,
   -- South East Asia, and
   -- Australia.

The company will have a management committee, which will be
headed by Pat Russo, Chief Executive Officer.  The members of
this committee will include:

   -- Etienne Fouques, Senior Executive Vice President of the
      Carrier Group;

   -- Frank D'Amelio, Senior Executive Vice President
      Integration and Chief Administrative Officer;

   -- Jean-Pascal Beaufret, Chief Financial Officer;

   -- Claire Pedini, Senior Vice President, Human Resources and
      Communication; and

   -- Mike Quigley.  

Mike Quigley has decided for personal reasons to assume a
different role for the combined company.  He will focus on the
strategic direction of the company and will become President,
Science Technology and Strategy.  In this capacity he will
devote his attention to assuring that strategic investments
align with evolving market opportunities.

                     Regulatory Process

In recent weeks, the companies have achieved the following
regulatory milestones:

   -- on June 7, the two companies were notified that
      they had received early termination under the Hart-Scott-
      Rodino U.S. Antitrust Improvements Act of 1976 (HSR) as it
      pertains to the merger; and

   -- on June 16, the companies filed for European antitrust
      approval.

Additionally, the two companies plan to submit a voluntary
notice of the merger to the Committee on Foreign Investment in
the United States in the near future.  The merger remains
subject to additional customary regulatory reviews and approvals
as well as approval by shareholders of both Alcatel and Lucent
at shareholder meetings scheduled for Sept. 7, and other
customary conditions.

                           Cost Synergies

"We remain confident in our ability to achieve the previously
announced EUR1.4 billion (US$1.7 billion) of annual pre-tax cost
synergies within three years and continue to expect about 70% of
these savings to be achieved in the first two years post
closing," Christian Reinaudo, Alcatel integration team leader,
said.

"We have collectively performed further analyses of each
business activity and have identified significant cost synergies
from several areas across the businesses, including a reduction
of the combined worldwide workforce by approximately 9,000
people," added Janet Davidson, Lucent Technologies integration
team leader.

The combined company expects that the synergies will be realized
according to the following general breakdown: approximately 30%
from Cost of Goods Sold and the remainder out of operating
expenses.

Based on recently completed analyses, the companies now expect
approximately 55% of the synergies to be related to workforce
reductions, with the remainder derived from non-headcount cost
synergies.

At their April 2 press conference announcing the merger, Lucent
and Alcatel identified several areas that would drive the
expected synergies.  These included overlapping functions in
such areas as corporate activities, information technology,
sales and marketing, services and R&D, as well as opportunities
to optimize supply chain and procurement processes and to
consolidate facilities.  Based on the current work of the
integration teams, the two companies are providing further
details on three of the areas where they have progressed the
furthest thus far.  Each of the areas noted below impact both
cost and expense and serve as examples of their progress:

Real Estate

At the closing of the merger, the combined company will manage
approximately 4.3 million square meters of various manufacturing
sites and offices in 850 different locations.  Through the
improved utilization of existing facilities as well as the
elimination of excess space, the companies are targeting by the
end of year 3 approximately EUR100 million (US$122 million) of
real estate cost savings.

Supply Chain and Procurement

At closing, annual external purchases are estimated at EUR8.7
billion (US$10.6 billion).  Savings derived from component
purchases, indirect spend, project sourcing and EMS
relationships should amount to at least 3% of external
purchases.  This would represent approximately EUR250 million
(US$305 million) by the end of year 3.

Platform Convergence

The rationalization and migration plans will leverage the most
innovative technologies and products and have the highest
potential in terms of growth and overall customer satisfaction.  
Particular emphasis has been placed on the continuous support of
our customers' investments in the installed base.  Moreover, the
companies will work on ensuring a gradual migration path for
customers transitioning to the combined future portfolio to
avoid disruptions during the migration process.  Cost synergies
associated with this process are currently targeted at
approximately EUR400 million (US$488 million) by the end of year
three.

"We are approaching this merger excited about the opportunity
ahead of us," said Russo.  "On day one, the combined company
will have both a strong financial base, a leading market
position, an enhanced global footprint and an experienced
international leadership team.  It will then be up to us to
build on this momentum to generate growth and to create value
for all of our constituents.  Given the talent present in both
companies, I am confident we will do just that."

                          About Lucent

Headquartered in New Jersey, United States of America, Lucent
Technologies -- http://www.lucent.com/-- designs and delivers  
the systems, services and software that drive next-generation
communications networks.  Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better
manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

                          About Alcatel

Headquartered in Paris, France, Alcatel S.A. --
http://www.alcatel.com/-- provides communications solutions to  
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EUR13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on March 28,
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.

At the same time, Standard & Poor's placed its 'B' long-term
corporate credit rating on U.S.-based Lucent Technologies Inc.
on CreditWatch with positive implications.  Standard & Poor's
affirmed its 'B' short-term corporate credit rating on Alcatel
and its 'B-1' short-term corporate credit rating.


ALCATEL SA: Hikes Second Quarter Revenues by 7.5%
-------------------------------------------------
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) has released its
unaudited results for the second quarter of 2006.

The Group confirms that the results are in line with
expectations.

Highlights:

   -- revenues are expected to be approximately EUR3.38
      billion, an increase of 7.5% over the same period last
      year.

   -- operating margin is expected to be around 8%, and includes
      a 0.3 percent impact from a capital gain resulting from
      disposal of fixed assets.

The proposed contribution of Alcatel assets to Thales will be
accounted for as discontinued operations once definitive
agreements have been completed, which is expected to occur by
year-end 2006.

The company said its second quarter 2006 results will be
published on July 27, when further details will be provided.

                          About Lucent

Headquartered in New Jersey, United States of America, Lucent
Technologies -- http://www.lucent.com/-- designs and delivers  
the systems, services and software that drive next-generation
communications networks.  Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better
manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

                          About Alcatel

Headquartered in Paris, France, Alcatel S.A. --
http://www.alcatel.com/-- provides communications solutions to  
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EUR13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                            *   *   *

As reported in the Troubled Company Reporter-Europe on March 28,
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.

At the same time, Standard & Poor's placed its 'B' long-term
corporate credit rating on U.S.-based Lucent Technologies Inc.
on CreditWatch with positive implications.  Standard & Poor's
affirmed its 'B' short-term corporate credit rating on Alcatel
and its 'B-1' short-term corporate credit rating.


ALCATEL SA: Names Laurent Collet-Billon as CEO's Defense Adviser
----------------------------------------------------------------
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) has appointed
Laurent Collet-Billon as Advisor to the Chairman and CEO of
Alcatel, for defense and security matters.

Mr. Collet-Billon will be responsible for relations with
government bodies and act as the principal liaison between
Alcatel and Thales.  He will be proposed as a member of the
board of Thales, as part of the Alcatel representation.

Before joining Alcatel, Mr. Collet-Billon was a senior official
at the French ministry of defense.

                          About Alcatel

Headquartered in Paris, France, Alcatel S.A. --
http://www.alcatel.com/-- provides communications solutions to  
telecommunication carriers, Internet service providers and
enterprises for delivery of voice, data and video applications
to their customers or employees.  Alcatel brings its leading
position in fixed and mobile broadband networks, applications
and services, to help its partners and customers build a user-
centric broadband world.  With sales of EUR13.1 billion and
58,000 employees in 2005, Alcatel operates in more than 130
countries.

                            *   *   *

As reported in the Troubled Company Reporter-Europe on March 28,
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.


ALSTOM SA: Posts EUR3.2-Bln Sales in First Quarter of 2006
----------------------------------------------------------
Between April 1, and June 30, 2006, Alstom S.A. booked orders of
EUR4.7 billion, an increase of 32% versus the first quarter of
fiscal year 2005/06 on a comparable basis.   For the same
period, sales at EUR3.2 billion were up 3% on a comparable
basis.

Orders received for the first quarter of fiscal year 2006/07
were at a very high level, with a strong growth in Power Turbo-
Systems/Power Environment (+64% versus the same period last
year), as a result of the booking of several turnkey gas power
plant projects, and in Power Service (+30%).  Transport's orders
remained strong, 3% above the level of the first quarter of last
year.

The total backlog, up to EUR28 billion, represents around two
years of sales.

Sales for the first quarter of fiscal year 2006/07 were up 3%
compared with the same period of the previous year.  Sales in
the Power Sectors were up 7% versus first quarter of fiscal year
2005/06, while sales in Transport were slightly down (-3%).

"The level of orders booked during the first quarter 2006/07 is
the highest registered over the recent years," Patrick Kron,
Chairman & Chief Executive Officer of Alstom, said.  "This very
strong quarter was due to the booking of a large number of
turnkey projects; it also reflects the good positioning of
ALSTOM on sound markets.  Sales should progressively ramp-up
during the fiscal year from an increase of 3% in the first
quarter to 8% for the full year, on a comparable basis.  This
growth will notably be driven by the progression of sales in
Transport expected in the second half."

                           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.


ALSTOM SA: SNCF Orders EUR135-Mln Double-Deck Train Cars
--------------------------------------------------------
Societe Nationale des Chemins de Fer Francais, France's national
railway company, has just ordered 21 new Coradia Duplex
trainsets from ALSTOM: seven of these are four-car trainsets and
14 others are three-car trainsets.

This order is part of a long-term investment program for the
renewal of the regional express trains fleet, launched in 2000
and financed by the French regions.

This EUR135 million contract brings the number of cars ordered
since 2000 to 487 out of the 629 required in the program to be
completed in 2009.  Orders now total EUR727 million.

The trainsets will serve four regions:

   -- The Centre region: five trainsets,
   -- Picardie: two,
   -- Lorraine four, and
   -- The Pays de Loire: 10.

Deliveries will begin in September 2007.

The Alstom sites in Valenciennes, Tarbes, Villeurbanne, Le
Creusot and Ornans, in France, and the Charleroi site in
Belgium, all contribute to the execution of this contract.  In
cooperation with Alstom, Bombardier will participate in the
manufacture of 28 vehicles on its Crespin site in France.

The Coradia Duplex range is characterized by a considerable
modularity, making it possible to respond to operators' actual
capacity requirements by allowing configurations of trainsets
composed of between two and five railcars for capacities ranging
from 220 to 576 seated passengers.

Currently, there are 90 trainsets in service in the French
regions -- Nord-Pas-de-Calais, Rhone-Alpes, Provence-Alpes-C"te
d'Azur, Picardie, Centre, and Lorraine -- and 12 on the
Luxembourg national railway network.  Furthermore, with the TGV
DUPLEX, it confirms the success of the double-deck railcar
concept developed by Alstom.

                           About SNCF

Headquartered in Paris, France, Societe Nationale des Chemins de
Fer Francais -- http://www.sncf.fr/-- is a state-owned railway  
company providing local and long-distance passenger and freight
service.

                           About Alstom

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

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

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


EUROTUNNEL GROUP: Files for Bankruptcy Protection in France
-----------------------------------------------------------
Eurotunnel Group filed for bankruptcy protection at a French
business court yesterday, July 11, a day before a third credit
waiver expires.  

Eurotunnel Chairman and CEO Jacques Gounon warned bondholders
last week that the company may file for a French proceeding
absent a consensual deal with the company's bondholders and
creditors by July 12.  The parties have been in talks to
restructure Eurotunnel's outstanding EUR6.2 billion debt.  

The company announced the bankruptcy filing hours after a
scheduled meeting with major creditors yesterday.  

Eurotunnel said it will lift the petition if a debt
restructuring agreement is reached with bondholders.  

"We'll negotiate until the end, but in case it doesn't work
we've already asked for a court proceeding," Mady Chabrier,
spokeswoman of Eurotunnal told Bloomberg News.

"We can withdraw this if we reach an agreement.  If we don't
we'll start the proceeding, certainly by July 13," Ms. Chabrier
added.

ARCO, the bondholders group representing 68% of Eurotunnel's
outstanding GBP1.9 billion bonds and notes stated, "The
bondholders were surprised to learn during a break in the
meeting that the chief executive of Eurotunnel had already asked
for a proceeding to be opened at the Paris business court."

             Bondholders' Alternative Rescue Plan

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

Eurotunnel believes that the plan requires too much debt and
gives too much to bondholders.

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

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

Eurotunnel shareholders will consider approval of a turnaround
plan at an extraordinary shareholders' meeting slated for
July 27, after which Eurotunnel can sign a final deal.  Absent a
final agreement, the Group may default in January 2007.

                        About the Company

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

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

                        *     *     *

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

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


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


ALERIS DEUTSCHLAND: Moody's Rates EUR200-Mln Term Loan at Ba3
-------------------------------------------------------------
Moody's Investors Service confirmed Aleris International, Inc.'s
B1 corporate family rating.  

In a related rating action, Moody's assigned a Ba3 rating to the
company's proposed seven-year senior secured guaranteed term
loans aggregating US$650 million, which Aleris is issuing to
partially finance its EUR691 million acquisition of certain
aluminum assets from Corus Group plc and refinance its existing
debt.  The balance of the necessary funding will be provided
under a senior unsecured guaranteed bridge loan provided by
Deutsche Bank and Citigroup.

Aleris has initiated a tender offer for its 10 3/8% senior
secured notes due 2010 and its 9% senior notes due 2014 and is
seeking consent to a number of modifications to restrictive
covenants, events of default, and in the case of the 10 3/8%
senior secured notes, the release of security.  Moody's has
confirmed the B2 rating on the 10 3/8% senior secured notes and
the B3 rating on the 9% senior unsecured notes.  

The ratings for the proposed financings assume that the tender
offer will be successful, the desired consents obtained and that
the acquisition and associated financing transactions will close
as contemplated.  At such time, Moody's ratings for Aleris's
existing debt will be withdrawn.  The ratings outlook is
negative.

This concludes the review for possible downgrade, initiated on
March 17, following the company's announcement that it had
entered into a non-binding letter of intent to acquire the
downstream aluminum rolled products and extrusion businesses of
Corus for EUR700 million, or approximately US$840 million.
The ratings on the proposed facilities assume that they will
close on the terms and in the amounts indicated.

Key favorable factors reflected in Aleris's ratings include:

   -- increased diversity and size following the acquisition of
certain aluminum rolling assets from Corus, including a
portfolio of higher value-added end use markets;

   -- an improving cost position; and

   -- robust demand trends expected to continue in many of the
company's end markets into 2007.

Key rating considerations offsetting these stronger business
attributes however include:

   -- the significant increase in leverage following the
transaction, with pro forma outstanding debt of
approximately US$1.6 billion;

   -- the relatively thin margin nature of the business and
sensitivity to volume levels;

   -- the company's propensity towards acquisitions, which
Moody's believes will be a continuing impetus for growth
over the intermediate term; and

   -- integration risk associated with this predominately
European acquisition.

The negative outlook reflects Moody's view that the degree of
leverage being incurred in conjunction with the acquisition is
high for a business whose performance is subject to cyclicality
and which continues to have a relatively high degree of exposure
to more commodity based products and end market use.  Although
the ratings reflect the increased diversity/size and broader end
use market profile following the acquisition of certain assets
from Corus, Moody's anticipates that leverage and debt coverage
metrics will remain weak within the current rating category over
the near term.  

Given the current favorable operating environment for aluminum
fabricators, and ability to generate free cash flow, the
application of cash flow generated during this highpoint of the
cycle to meaningful debt reduction in a timely fashion would be
viewed favorably.  To the degree that margins and volumes track
at current levels, and the company uses free cash flow to reduce
debt incurred, Moody's would expect to the company's metrics to
become more solidly positioned in the B1 rating category.  

The outlook could experience upward pressure if the company is
able to:

   -- maintain and improve volume levels;

   -- maintain gross margins per pound in the US$0.18 range;

   -- improve its EBIT to interest coverage ratio to greater
than 2.5x on a sustainable basis;

   -- generate free cash flow to debt above 6%; and

   -- reduce debt to EBITDA substantially below 4.0x.

Downward rating pressure would exist should the company continue
to make debt-financed acquisitions, experience volume and margin
declines or have free cash flow to debt less than 2.5%.

Moody's assigned a Ba3 rating to Aleris's US$400 million seven-
year term loan secured by domestic plant and equipment as well
as a second lien on the receivables and inventory securing a
US$750 million asset backed revolver and guaranteed by the
domestic subsidiaries.  Moody's also assigned a Ba3 rating to
Aleris Deutschland Holding GmbH's EUR200 million seven-year term
loan secured by foreign plant and equipment.  This term loan is
guaranteed by Aleris International as well as its domestic
subsidiaries and the subsidiaries of Aleris Deutschland, and
also has a second lien on the receivables and inventory securing
the ABL.  The term loans will be cross-collateralized.  

The rating reflects the good coverage associated with the
security package on a primary and secondary position.  While the
term loans are not at parity in the overall capital structure,
in that the term loan to Aleris International does not benefit
from guarantees from the foreign subsidiaries, Moody's has
equalized the rating on the term loans reflective of the low
leverage at the European level and the excess collateral
available.  At the outset of the financing secured debt will be
approximately 67% of the total debt in the capital structure,
which Moody's expects will decrease modestly over the next
twelve months as the company pays down its outstanding revolver
balance.  

Moody's does not expect the company will need to borrow
additional funds from the secured revolver, unless used to help
finance further acquisitions or substantive capital
expenditures.  The bridge loan, which is unsecured, has the same
guaranty structure as the domestic term loan.  Moody's previous
rating action on Aleris was on March 17, 2006 when the company's
ratings were put under review for possible downgrade.

Ratings confirmed:

Aleris International Inc.

   -- Corporate Family Rating: B1;

   -- US$210 million senior secured notes, 10.375% due 2010: B2;  
and

   -- US$125 million senior unsecured notes, 9.0% due 2014: B3.  

Ratings assigned:

Aleris International Inc.

   -- US$400 million senior secured guaranteed term loan due
2013: Ba3

Aleris Deutschland Holding GmbH


   -- EUR200 million senior secured guaranteed term loan due
2013: Ba3

Aleris, headquartered in Beachwood, Ohio, had revenues of US$2.4
billion in 2005.  LTM March 31, pro-forma revenues for the
acquisitions made by Aleris in late 2005 and for the acquisition
of select assets of Corus were US$4.7 billion.


FASSADEN MALERMEISTER: Creditors' Meeting Slated for July 25
------------------------------------------------------------
The court-appointed provisional administrator for FMG Fassaden
Malermeister GmbH, Christoph Rosenmueller, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:25 a.m. on July 25.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:25 a.m. on Nov. 14 at the same
venue.

Creditors have until Sept. 19 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against FMG Fassaden Malermeister GmbH on June 19.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FMG Fassaden Malermeister GmbH
         Brettnacher Road 14
         14167 Berlin, Germany

The administrator can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin, Germany


FU & MA: Creditors' Meeting Slated for July 25
----------------------------------------------
The court-appointed provisional administrator for Fu & Ma,
Fussboden und Maler Vertriebs- und Verarbeitungs-GmbH, Joachim
Voigt-Salus, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:20 a.m. on
July 25.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:20 a.m. on Nov. 14 at the same
venue.

Creditors have until Sept. 20 to register their claims with the
court-appointed provisional administrator.

The District Court of Charlottenburg opened bankruptcy
proceedings against Fu & Ma, Fussboden und Maler Vertriebs- und
Verarbeitungs-GmbH on June 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Fu & Ma, Fussboden und Maler Vertriebs- und
         Verarbeitungs-GmbH
         Gruenauer Road 201 - 209
         12557 Berlin, Germany

The administrator can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin, Germany


GERDEMANN & PIRKER: Claims Registration Ends July 31
----------------------------------------------------
Creditors of Gerdemann & Pirker GbR have until July 31 to
register their claims with court-appointed provisional
administrator Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 3:30 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 Gerdemann & Pirker GbR on June 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Gerdemann & Pirker GbR
         Attn: Wolfgang Gerdemann and Luka Pinker, Managers
         Pommernstr. 17
         27749 Delmenhorst, Germany

The administrator can be contacted at:

         Ruediger Wienberg
         Wasastr. 15
         01219 Dresden, Germany


HARTMUT DIERKS: Claims Registration Ends August 2
-------------------------------------------------
Creditors of Hartmut Dierks Schlosserei Metallbau GmbH have
until Aug. 2 to register their claims with court-appointed
provisional administrator Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Aug. 21, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 124
         Main Building
         Emperor Route 60
         31134 Hildesheim, 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 Hildesheim opened bankruptcy proceedings
against Hartmut Dierks Schlosserei Metallbau GmbH on June 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Hartmut Dierks Schlosserei Metallbau GmbH
         Heyersumer Str. 9
         31171 Nordstemmen, Germany

         Attn: Hartmut Dierks, Manager
         Born 8
         31171 Nordstemmen, Germany

The administrator can be contacted at:

         Knut Thomas Hofheinz
         Market 13
         30159 Hanover, Germany
         Tel: 0511/357721-0
         Fax: 0511/357721-40
         E-mail: hannover@hofheinz-mittendorff.de


HEINRICH NOLTE: Claims Registration Ends August 3
-------------------------------------------------
Creditors of Heinrich Nolte GmbH have until Aug. 3 to register
their claims with court-appointed provisional administrator
Wolfgang Kohler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 25, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Room 230a
         2nd Floor
         Bogen 2-4
         33098 Paderborn, 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 Paderborn opened bankruptcy proceedings
against Heinrich Nolte GmbH on June 22.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Heinrich Nolte GmbH
         Attn: Heinrich Nolte, Manager
         Kahrweg 2
         59590 Geseke, Germany

The administrator can be contacted at:

         Dr. Wolfgang Kohler
         Market Route 22
         59555 Lippstadt, Germany


HVS HOLZ: Claims Registration Ends July 18
------------------------------------------
Creditors of HVS Holz-Heynitz GmbH have until July 18 to
register their claims with court-appointed provisional
administrator Andrew Seidl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 30, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, 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 Dresden opened bankruptcy proceedings
against HVS Holz-Heynitz GmbH on June 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         HVS Holz-Heynitz GmbH
         Wunschwitz Nr. 11
         01683 Nossen, Germany

The administrator can be contacted at:

         Andrew Seidl
         Chemnitzer Str. 46
         01187 Dresden, Germany
         Web: http://www.RA-andrew-seidl.de/


IMPEX TRANS: Claims Registration Ends July 14
---------------------------------------------
Creditors of ImpEx Trans GmbH & Co. KG have until July 14 to
register their claims with court-appointed provisional
administrator Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Aug. 2, 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 Meiningen
         Hall A 0105
         Linden Avenue 15
         Meiningen, 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 Meiningen opened bankruptcy proceedings
against ImpEx Trans GmbH & Co. KG on June 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         ImpEx Trans GmbH & Co. KG
         Attn: Volker Havekost, Manager
         Bernhard Route 8
         98617 Meiningen, Germany

The administrator can be contacted at:

         Stephan Mitlehner
         Walter-Benjamin-Place 6
         10629 Berlin-Charlottenburg, Germany


KLEINFELD INDUSTRIE: Claims Registration Ends July 25
-----------------------------------------------------
Creditors of Kleinfeld Industrie-Elektronik GmbH have until
July 25 to register their claims with court-appointed
provisional administrator Gerhard Wilhelm IV.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Aug. 22, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanover
         Hall 226
         2nd Floor
         Office Building
         Hamburg Avenue 26
         30161 Hanover, Germany

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

The District Court of Hanover opened bankruptcy proceedings
against Kleinfeld Industrie-Elektronik GmbH on June 14.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Kleinfeld Industrie-Elektronik GmbH
         Krugstr. 1
         30453 Hanover, Germany

         Attn: Ronald Kleinfeld, Manager
         Hannoversche Str. 136 c
         30823 Garbsen, Germany

The administrator can be contacted at:

         Gerhard Wilhelm IV
         Oskar-Winter-Str. 8
         30161 Hanover, Germany
         Tel: 0511/696846-0
         Fax: 0511/696846-79


SANY-SOO: Claims Registration Ends July 17
------------------------------------------
Creditors of Sany-Soo Bang und Ki-Seong Jo GbR have until
July 17 to register their claims with court-appointed
provisional administrator Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on Aug. 9, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Area A 341
         3rd Floor
         Muehlenstrasse 34
         40213 Duesseldorf, Germany     

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

The District Court of Duesseldorf opened bankruptcy proceedings
against Sany-Soo Bang und Ki-Seong Jo GbR on June 22.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Sany-Soo Bang und Ki-Seong Jo GbR
         Bismarckstr. 57
         41542 Dormagen, Germany

         Attn: Sany-Soo Bang and Ki-Seong Jo, Managers
         Zonser Str. 27
         41539 Dormagen, Germany

The administrator can be contacted at:

         Dr. Biner Bahr
         Jagerhofstrasse 21-22
         40479 Duesseldorf, Germany


TE-LE-WA: Claims Registration Ends July 14
------------------------------------------
Creditors of TE-LE-WA GmbH have until July 14 to register their
claims with court-appointed provisional administrator Peter G.
Theile.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 18, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Koblenz
         Hall 111
         Main Law Courts
         Karmeliterstrasse 14
         56068 Koblenz, Germany      

The Court will also verify the claims set out in the
administrator's report at 10:00 a.m. on Sept. 12 at the same
venue.

The District Court of Koblenz opened bankruptcy proceedings
against TE-LE-WA GmbH on June 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         TE-LE-WA GmbH
         Roman Road 58
         56130 Bad Ems, Germany

         Attn: Zdenka Meyer, Manager
         Nibelungenstr. 36/50
         64678 Lindenfels, Germany

The administrator can be contacted at:

         Dr. Peter G. Theile
         Kapellenstrasse 7
         65555 Limburg, Germany
         Tel: 06431/7799-00
         Fax: 06431/7799-035


===========
G R E E C E
===========


EGNATIA BANK: Fitch Places Individual C Rating on Watch Evolving
----------------------------------------------------------------
Fitch Ratings placed Egnatia Bank's Issuer Default BBB-, Short-
term F3, and Individual C ratings on Rating Watch Evolving.  The
Support rating is affirmed at 5.  

This follows Egnatia's recent public announcement of a three-way
merger between Marfin Bank, Cypriot Laiki Group's Greek
subsidiary, Laiki Bank (Hellas), and Egnatia which should become
effective at the end of 2006 or in early 2007.

Fitch's Financial Institution Group Director Cristina Torrella
disclosed, "While Fitch appreciates that the merger would
considerably improve Egnatia's size and hence standing in an
increasingly competitive market, the relative complexity of the
merger exposes the bank to execution and strategic risk which
are both difficult to assess at the current time."  

Fitch expects to resolve the RWE once specific details on the
merger, in particular pro forma financial data, the exact
shareholder structure and a detailed business plan become
available and Fitch is in a position to assess the
creditworthiness of all constituents of the merging group.  The
Support rating, while affirmed, could be upgraded by one notch
depending on the structure and likely support mechanisms of the
new group.

The planned merger, announced by Egnatia on July 7, is the
result of a consolidation strategy by Egnatia's major
shareholder, Greek Marfin Financial Group, which also owns
around 10% of Cypriot Laiki Group, Laiki's parent, and 100% of
Marfin Bank.  Legally, Egnatia will absorb the two other banks.
Investment Bank of Greece, a MFG subsidiary, will at the same
time absorb Egnatia Finance, Egnatia's brokerage subsidiary.  
Investment Bank of Greece itself will later become a subsidiary
of Egnatia.

Although specific details of the merger have not been announced
and exchange ratios of the shares have not been set yet, MFG
will have a controlling interest in the new entity.  The new
bank will be roughly double Egnatia's current size and will have
total assets of around EUR8.5 billion, total equity of EUR1.1
billion and a domestic network of around 140 branches.  

It will have a market share in deposits of about 4%, loans of
around 3% and a strong franchise in consumer finance and small-
cap investment banking and brokerage.  The merger still needs
regulatory approval and approval by the respective general
shareholder meetings of the three banks involved.

MFG is a Greek holding company focusing on banking and stock
market activities.  After a EUR400 million share capital
increase in 2005, the group announced that it is going to pursue
a consolidating strategy in the Greek small and mid-cap banking
sector.  Earlier in 2006, Dubai Financial LLC, a subsidiary of
Dubai Investment Group representing the interests of the Sheik
of Dubai, acquired a 31.5% in MFG and took control of the board.
A shareholder agreement ensures that MFG former majority
shareholder and founder retains a 6.75% stake in the group.

Laiki Bank (Hellas) is Laiki Group's Greek subsidiary with total
assets of roughly EUR3 billion and 55 branches across Greece.
Laiki Group itself is Cyprus second biggest banking group.

Egnatia, established in 1991, was the 8th largest commercial
bank in Greece by total assets at end-2005, with an estimated 2%
domestic market share in both loans and deposits.  It has a
strong franchise in car financing but is also offering general
retail, mortgage and corporate lending.  It also has small
banking and leasing subsidiaries in Romania.  At end-2005, it
had 1,692 staff, 69 branches and relationships with over 1,000
car dealerships.


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


BORSODCHEM RT: S&P Places BB Credit Rating on Watch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on Hungary-based intermediate chemicals
producer BorsodChem Rt on CreditWatch with negative
implications, following BorsodChem's announcement of the receipt
of a takeover bid from Permira, a private equity fund.

"The CreditWatch placement reflects our concerns regarding
BorsodChem's potential higher debt load and subsequent weaker
credit protection measures if this sale materializes," said
Standard & Poor's credit analyst Khaled Zitouni.

Permira may finance its takeover by putting additional, material
debt into the group.
     
Permira started discussions with key shareholders of BorsodChem
to acquire their 52% registered ordinary shares stake, for
HUF3,000 per share.  BorsodChem has also announced that Permira
intends to launch a public offer to acquire all remaining shares
at the same price.
     
The process is subject to the satisfactory completion of full-
scale due diligence, as well as other standard authorizations.
    
"The CreditWatch status will be resolved once the takeover
process is clarified, notably in terms of additional debt,
shareholder returns, financial policy, and updated group
strategy," said Mr. Zitouni.

BorsodChem generated sales of about EUR670 million in 2005, up
17% from 2004.  The ratings continue to reflect the group's
exposure to a single site, limited scale of markets, and
presence in cyclical industries.  These negative factors are
partially offset by the group's leading positions and solid
profitability in performance chemicals, namely toluene di-
isocyanate and methylene di-para-phenylene isocyanate; firm
positions in polyvinyl chloride; presence in growing markets in
central and Eastern Europe; and moderate financial profile.


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


PARMALAT SPA: Files EUR5.2-Bln Claim vs Graubundner Kantonalbank
----------------------------------------------------------------
Parmalat S.p.A. and "Parmalat S.p.A. in Extraordinary
Administration" have together filed a lawsuit with the
Tribunale di Parma against Graubundner Kantonalbank, a
Switzerland-based bank, and Nino Giuralarocca.  

The lawsuit seeks compensation for damages in the amount of at
least EUR5.174 billion as well as the return of US$10,796,161.

The action followed the conclusion on March 3 of preliminary
investigations by the Procura della Repubblica di Parma into
several financial transactions organized by Bank of America
Corp. for Parmalat Group between 1999 and 2003.

Nino Giuralarocca is a former officer of GKB and is already
under investigation by the Procura Federale Svizzera.  

The Company's lawsuit alleges complicity between GKB and Mr.
Giuralarocca with Bank of America and former Parmalat Group
directors and officers in arranging and managing complex
financial transactions that allowed the former Parmalat Group
artificially to continue trading from at least 2001.  

                 About Graubundner Kantonalbank

Headquartered in Chur, Switzerland, Graubundner Kantonalbank --
http://www.gkb.ch/-- provides a range of banking and financial  
services, including investment, asset management, property
management, securities trading and mortgage lending for private
and public organizations.

                      About Bank of America

Headquartered in North Carolina, U.S.A., Bank of America
Corporation -- http://www.bankofamerica.com/-- is one of the  
world's largest financial institutions, serving individual
consumers, small and middle market businesses and large
corporations with a full range of banking, investing, asset
management and other financial and risk-management products and
services.  The company provides unmatched convenience in the
United States, serving more than 38 million consumer and small
business relationships with more than 5,800 retail banking
offices, more than 16,700 ATMs and award-winning online banking
with more than 14 million active users.  Bank of America is the
No. 1 overall Small Business Administration (SBA) lender in the
United States and the No. 1 SBA lender to minority-owned small
businesses.  The company serves clients in 150 countries and has
relationships with 97 percent of the U.S. Fortune 500 companies
and 79% of the Global Fortune 500.  Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock Exchange.

                          About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that  
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.


PARMALAT SPA: Banca Monte dei Paschi di Siena Sells Stake
---------------------------------------------------------
Banca Monte dei Paschi di Siena S.p.A. has sold 9.1 million
shares it held in dairy concern Parmalat S.p.A., AFX News
relates.

BMPS, originally a Parmalat creditor, obtained the shares after
the food group completed a EUR20-billion debt-to-equity swap in
November 2005.  The transaction cancelled Parmalat's EUR13.5
billion debt, with bulk of the shares going to bondholders.

BMPS gave no financial information on the deal.

                          About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that  
can be stored at room temperature for months.  It also has 40-
some brand product line includes yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.


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


AGRO-SENTR-ALIANS: Creditors Must File Claims by July 28
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Agro-Sentr-Alians insolvent on May 3 without the
introduction of bankruptcy proceedings.

Creditors have until July 28 to submit written proofs of claim
to:

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


AK-NIET: Creditors Must File Claims by July 28
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Firm Ak-Niet insolvent on May 2 without the
introduction of bankruptcy proceedings.

Creditors have until July 28 to submit written proofs of claim
to:

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


ANTEI-ZLAK: Creditors Must File Claims by July 28
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Antei-Zlak insolvent on May 3 without the
introduction of bankruptcy proceedings.

Creditors have until July 28 to submit written proofs of claim
to:

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


BAT-SERVIS: Proof of Claim Deadline Slated for July 28
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Bat-Servis insolvent on April 28 without the
introduction of bankruptcy proceedings.

Creditors have until July 28 to submit written proofs of claim
to:

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


JASULAN: Proof of Claim Deadline Slated for July 28
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Jasulan insolvent on April 26.

Creditors have until July 28 to submit written proofs of claim
to:

         LLP Jasulan
         Jahayeva Str. 71
         Kyzylorda, Kyzylorda Region
         Kazakhstan
         Tel: 8 (3242) 27-23-65
              8 (3242) 27-24-55


KAINAR-B: Claims Registration Ends July 28
------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Kainar-B insolvent on April 26.

Creditors have until July 28 to submit written proofs of claim
to:

         LLP Kainar-B
         Tokayeva Str. 17
         Shymkent
         South Kazakhstan Region
         Kazakhstan


KYZYLORDA GROUP: Claims Registration Ends July 28
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Kyzylorda Group Corporation insolvent on
April 21.

Creditors have until July 28 to submit written proofs of claim
to:

         LLP Kyzylorda Group Corporation
         Jahayeva Str. 71
         Kyzylorda
         Kyzylorda Region
         Kazakhstan
         Tel: 8 (3242) 27-23-65
              8 (3242) 27-24-55


NG: Creditors' Claims Due July 28
---------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Firm NG insolvent on May 2 without the introduction
of bankruptcy proceedings.

Creditors have until July 28 to submit written proofs of claim
to:

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


SODRUJESTVO UK: Creditors' Claims Due July 28
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Sodrujestvo U.K. insolvent on May 3 without the
introduction of bankruptcy proceedings.

Creditors have until July 28 to submit written proofs of claim
to:

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


VOYAJ: Creditors Must Submit Claims by July 28
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Voyaj insolvent on May 3 without the introduction
of bankruptcy proceedings.

Creditors have until July 28 to submit written proofs of claim
to:

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


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


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

         LLC Aveliya
         Micro District 7, 34/1-13
         Bishkek, Kyrgyzstan


KAILY: Proof of Claim Deadline Slated for Aug. 25
-------------------------------------------------
Credit Union Kaily has declared insolvency.  Creditors have
until Aug. 25 to submit written proofs of claim to:

         Credit Union Kaily
         Moskovskaya Str. 217-94
         Bishkek, Kyrgyzstan


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


EVRAZ GROUP: Releases Second Quarter 2006 Trading Update
--------------------------------------------------------
The Evraz Group S.A. released its second quarter 2006 trading
update.  With operations mainly within Russia, the Group is one
of the leading vertically-integrated steel production and mining
businesses.

                                        Q2 2006 vs.  Q2 2006 vs.
                   Q2 2006     Q2 2005    Q2 2005     Q2 2005       
Product        000's tons  000's tons  change, %**  change, %**
-------        ----------  ----------  -----------  -----------
Steel division

Pig iron             3,310       2,920      +13.4%         +7.8%
Steel                4,159       3,467      +20.0%         +8.3%
Rolled products(1)   3,721       2,953      +26.0%         +9.3%

Mining division(2)
Iron ore
(saleable products)

Concentrate            585         666      -12.2%        +17.2%
Sinter               2,249       2,322       -3.2%         +9.9%
Pellets              1,484       1,281      +15.9%         +0.7%
Coal (mined)
Coking coal            194         156      +24.5%         -5.6%
Steam coal              15          24      -36.5%        +26.9%

Equity investments(3)

Coking coal
(Raspadskaya)        1,851       1,327      +39.5%        +16.1%
Coking and steam
coal
(Yuzhkuzbassugol)(2) 4,173         n/a         n/a        +18.8%

   * All information on production volumes of the enterprises
     presented in the press release concerns only the period of
     their operation within Evraz Group. Q2 2005 trading results
     are set forth by the same methodology as Q2 2006 results.
     The total volume of rolled steel products excludes those
     re-rolled at other Group's plants.  These volumes are
     eliminated as intercompany sales for purposes of Evraz's
     consolidated operating results.

  ** Percentage changes may not be exact due to rounding.

   1 Operational results of Palini e Bertoli are consolidated
     into the Group since September 2005 and of Vitkovice Steel
     since December 2005.

   2 Operational results of Yuzhkuzbassugol are consolidated
     into the Group since December 31, 2005.

   3 Evraz Group holds 45.75% interest in Raspadskaya Mine and
     50% interest in Yuzhkuzbassugol.

                       About the Company

Evraz Group is one of the largest vertically integrated steel
and mining businesses with operations mainly in Russia.  In
2004, Evraz produced 13.7 million tons of crude steel.  Evraz's
principal assets include three of the leading steel plants in
Russia: Nizhny Tagil in the Urals region, and West Siberian and
ovokuznetsk (in Siberia).

                        *     *     *

As reported by TCR-Europe on June 22, Fitch Ratings affirmed
Luxembourg-based Evraz Group S.A.'s Issuer Default and senior
unsecured ratings of BB- and its Short-term B rating.  

Evraz Group's 8-1/4% notes due November 2015 carry Moody's
Investors Service's (P)B2 rating, Standard & Poor's B+ rating
and Fitch's BB- rating.


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


AKER KVAERNER: Inks NOK850-Mln Contract for Ormen Lange
-------------------------------------------------------
Aker Kvaerner ASA has won a NOK850 million contract from Norsk
Hydro ASA for the construction of a Subsea Compression Pilot for
Ormen Lange.

This is a world first for subsea compression.  If the project
provides the expected results, the Ormen Lange partners will
have a cost effective alternative to the offshore platform
originally planned.

Full execution of the contract is subject to the Ormen Lange
partners' approval of both work program and budget for the
subsea compression pilot program, and a limited scope of work
and cost exposure has been agreed.  The aim of the project is to
evaluate whether a subsea compression station, at approximately
900 meters water depth, is a viable alternative to an offshore
platform.  

Later in the production phase, the challenge at Ormen Lange will
be to boost the well stream in order to maintain production of
gas and condensate from the reservoir.  The Pilot is identical
to one of four trains on the proposed full-scale subsea
compression station.  The contract includes an option for the
partners to choose Aker Kvaerner to deliver the complete subsea
compression station - a decision expected late in 2011.

"We are extremely happy to announce this breakthrough contract,"
Raymond Carlsen, Aker Kvaerner executive vice president, said.  
For 20 years Aker Kvaerner has worked continuously to develop a
robust subsea gas compression system in close cooperation with
the industry.  What's more, this technology is applicable to
other field developments both in Norway and Russia - and all
over the world."

Currently, Aker Kvaerner is constructing the onshore process
facility for Ormen Lange at Nyhamna with nearly 5000 people
working in rotation.  "By combining our subsea gas compression
know-how with the extensive knowledge of the process facility at
Nyhamna and our proven track record for executing projects, we
are confident in the success of the Pilot," says Mr. Carlsen.

Subject to the partners' final approval, Aker Kvaerner's scope
of work comprises concept development, engineering, procurement,
construction and qualification of the subsea compression station
pilot.  The objective of the pilot project for Ormen Lange
subsea compression is to perform a controlled endurance test
from 2009 to 2011 at Nyhamna onshore terminal.

The engineering phase starts immediately.  Approximately 90.000
engineering hours will be carried out at Aker Kvaerner's office
in Oslo, Norway.  The compact and modularised pilot will be
constructed and assembled in Norway at Aker Kvaerner's Egersund
yard and will be ready for installation in January 2009.  A
purpose-built test pit for the compression pilot is being
prepared at Nyhamna.

The Pilot will be carried out as an integrated project, using
Aker Kvaerner's project execution model, with resources from
several Aker Kvaerner companies, including Subsea and
Engineering & Technology.  The contract partners are Aker
Kvaerner Subsea AS and Hydro acting as operator on behalf of the
Ormen Lange Group.

                       About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


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


UNITED BISCUITS: Selling European Unit to Kraft for GBP575 Mln
--------------------------------------------------------------
United Biscuits has agreed to sell its Southern European
business to Kraft Foods Inc. for an enterprise value of GBP575
million.  

The agreement also returns to Kraft the rights to all Nabisco
trademarks, including Oreo and Ritz, in the European Union,
Eastern Europe, the Middle East and Africa.  The deal is subject
to the consent of UB's senior bank lenders.

UB's Southern European business is the largest biscuit
manufacturer in Spain and Portugal with approximately 26% and
37% market share respectively.  UB purchased the Southern
European business from Nabisco Holdings in July 2000 and became
the market leader in Portugal in 2004 with the acquisition of
Triunfo Productos Alimentares S.A (Triunfo).

UB is the number one player in the U.K. biscuit market with
well-known household brands such as McVitie's, go ahead! and
Jacob's.  UB is also the number two business in the biscuit
markets in France and Belgium, joint number one in the
Netherlands, the number two in the U.K. bagged snacks market and
U.K. cake market and the number one in the U.K. nuts market.

After closing, Kraft will no longer have any rights or interest
in UB or any of its affiliates.  Cinven, PAI and MidOcean
Partners remain as UB shareholders.

"Kraft is the natural buyer for our Southern European business
as it sells a number of brands like Oreo under license from
Kraft," Malcolm Ritchie, UB Chief Executive said.  "The rest of
our business, representing approximately 82% of group turnover,
which is based in the U.K. and Northern Europe, remains
unchanged and we are focused on maximizing our significant
presence in both these markets.  We reported a strong start for
the first quarter of 2006 and we continue to see opportunities
to further develop our key brands in all sectors, including
healthy and indulgent."

Headquartered in London, United Kingdom, United Biscuits --
http://www.unitedbiscuits.com/-- is the country's leading  
biscuit manufaturer and second largest snack maker.  The company
is a leading biscuit and snack maker in Spain, Portugal.  UB's
biscuit and snack cake brands include stalwarts BN, Carr's,
Cream Crackers, Delacre, Jacob's, Krackawheet, and McVitie's
Digestive Biscuits.  Its nut and snack brands include KP Nuts,
McCoy's, and Hula Hoops.  

UB is owned by a consortium of investors: Cinven (30%), PAI
(30%), Kraft Foods (25%), and MidOcean Partners (15%).

                        *     *     *

Standard & Poor's Ratings Services has placed its ratings on
U.K.-based biscuits and snacks manufacturer United Biscuits
Finance PLC, including its 'B' long-term corporate credit
rating, on CreditWatch with positive implications.  The ratings
on United Biscuits' direct subsidiary Regentrealm Ltd. were also
placed on CreditWatch with positive implications.

"The CreditWatch placement follows United Biscuits' announcement
that it has agreed to sell its southern European business
division to Kraft Food Inc. for an enterprise value of GBP575
million," said Standard & Poor's credit analyst Sunita Kara.

"The transaction could result in an improvement in the group's
financial profile that would offset the reduced geographic
diversity."
     
Although United Biscuits will no longer benefit from the
relatively less mature and higher growth southern European
biscuit market, the dilution of the group's business risk
profile is modest.  Leverage is currently in line with our
expectations for the ratings, with fully adjusted net debt to
EBITDA at about 5.4x in the 12 months to April 22.


=============
R O M A N I A
=============


DAEWOO SHIPBUILDING: Romanian Unit Posts EUR18.5-Mln in Losses
--------------------------------------------------------------
Daewoo Shipbuilding and Marine Engineering Co.'s Romanian unit,
Daewoo Mangalia Heavy Industries, closed 2005 with losses
amounting EUR18.5 million, despite a 46% increase in its
turnover, Ziarul Financiar reports, citing financial data
published in the Official Gazette.

Daewoo Mangalia explains that the net loss is due to the
increase in the prices of sheet metal, which is the main raw
material used for shipbuilding.

Daewoo Mangalia General Business Manager Iulian Sandu said that
contracts for sheet metal are generally closed four years before
the start of construction.  "When we closed these contracts the
price of sheet metal for shipbuilding was around EUR250/ton,
although, we estimated it could rise to almost EUR510/ton. But
when we actually bought the metal sheet, the price stood at some
EUR700/ton," he explained.

The Romanian shipyard had posted a net profit worth EUR5.7
million in 2005, with turnover standing at EUR109.1 million.

              About Daewoo Shipbuilding and Marine

Headquartered in Seoul, South Korea, Daewoo Shipbuilding and
Marine Engineering Co. -- http://www.dsme.co.kr/-- has   
developed into one of the world's premium specialized
shipbuilding and offshore contractor that builds various
vessels, offshore platforms, drilling rigs, floating oil
production units, submarines, and destroyers.  The shipbuilder
has been under a creditors-led corporate restructuring program
since 1999 along with some other affiliates after its parent,
Daewoo Group, collapsed under heavy debt exposure.  Daewoo
Shipbuilding is up for sale and the Korea Development Bank and
Korea Asset Management Corporation plan to start the sale
process of their remaining stakes in the second half of 2006.

The TCR-Asia Pacific reported on May 16, 2006, that Daewoo
Shipbuilding posted a KRW45-billion net loss for the first
quarter ended March 31, 2006, as compared to the KRW31.4-billion
net loss for the corresponding period in 2005.  The Company
blamed the result on low ship prices.


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


AGRO-SNAB: Court Names Y. Maslov as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Belgorod Region Russia appointed Mr. Y.
Maslov as Insolvency Manager for OJSC Agro-Snab.  He can be
reached at:

         Y. Maslov
         Post User Box 111
         308000 Belgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A08-9116/05-2B.

The Debtor can be reached at:

         OJSC Agro-Snab
         Kooperativnaya Str. 1/1
         N. Oskol
         Belgorod Region
         Russia


DEDOVICHSKIY MEAT: Court Names T. Gudkova as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Pskov Region appointed Ms. T. Gudkova
as Insolvency Manager for LLC Dedovichskiy Meat Combine (TIN
6025012619).  

         T. Gudkova
         Konnaya Str. 2
         Pskov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A52-7780/2004/4.

The Debtor can be reached at:

         LLC Dedovichskiy Meat Combine
         Konnaya Str. 2
         Pskov Region
         Russia


HOME CREDIT: S&P Affirms C Short-Term Counterparty Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Russia-based Home Credit and
Finance Bank LLC to 'B' from 'B-'.  

At the same time, Standard & Poor's affirmed its 'C' short-term
counterparty credit rating on HCFB.  The outlook is stable.
     
"The upgrade is due to the bank's strengthening financial
profile and improved risk management, and on the expectation of
improvement in asset quality after some deterioration in mid-
2005," said Standard & Poor's credit analyst Eugene Tarzimanov.
     
The ratings on HCFB are constrained by:

   -- the bank's low, albeit improving, profitability;

   -- its short track record in the undeveloped, but fast-
growing, consumer finance market in Russia; and

   -- a lack of funding diversification.

Positive rating factors include:

   -- a supportive owner, which has provided financial
assistance and technical expertise; and

   -- good capitalization.  

In addition, HCFB benefits from Russia's improving macroeconomic
prospects, which support high loan demand.

With US$1.47 billion in assets and US$313 million in equity at
March 31, under IFRS, HCFB is focusing on providing point-of-
sale lending and revolving credit facilities to the Russian mass
retail market.  HCFB is owned by PPF Group N.V., a private
conglomerate with assets of US$10 billion, which includes Ceska
Pojistovna a.s., the largest Czech insurance company.
     
The stable outlook reflects Standard & Poor's expectation that
the bank will operate in line with its strategic objectives and
will improve its asset quality, while performing consistently
well in the risky Russian environment.

A further upgrade would be contingent on the bank maintaining
good capital adequacy and asset quality, and demonstrating
consistently higher levels of profitability, commensurate with
its high risk profile.  

Conversely, a negative rating action could follow if asset
quality indicators deteriorated to the extent that they would
not be absorbed by the high-risk premiums and led to an
excessive drop in capitalization, which would not be supported
by HCFB's owner.


DIARY UST.ILIMSKIY: Court Starts Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Irkutsk Region has commenced bankruptcy
supervision procedure on CJSC Diary Ust.Ilimskiy.  The case is
docketed under Case No. A19-28121/05-8.

The Temporary Insolvency Manager is:

         V. Ivanov
         Apartment 7
         Pirogova Str. 1/2
         Bratsk
         665709 Irkutsk Region
         Russia

The Debtor can be reached at:

         CJSC Diary Ust.Ilimskiy
         Bratskaya Str. 34A
         Ust.Ilimsk
         666671 Irkutsk Region
         Russia


GENERAL MOTORS: Saab & Chevrolet Set New Sales Records in Europe
----------------------------------------------------------------
General Motors Corp. disclosed that it has sold 1,070,508
vehicles in Europe in the first half of 2006, a slight increase
of 2,058 vehicles over the same period last year (1,068,449
vehicles).  GM's share of the growing European market was again
9.4 percent, consistent with 2005's full-year share.  

In June 2006, GM Europe sold 195,268 vehicles, compared to
205,834 vehicles in 2005, achieving a market share of 9.6
percent in a declining European market.  In Russia, GM sold
52,699 vehicles in the first half of the year, increasing its
sales by 17,016 vehicles or 48 percent year-on-year to outstrip
one of the world's fastest growing markets (up 20 percent).  

"It is very encouraging to see the growing success of Saab and
Chevrolet sales around Europe," said Jonathan Browning, GM
Europe Vice President, Sales, Marketing and Aftersales.  
"Setting new volume and market share records for both brands in
the first half of this year was a real bonus.  Chevrolet, one of
the top three global automotive brands, is now making its mark
in Europe and I expect to see this continue.  For Opel and
Vauxhall, GM's biggest volume brands in Europe, our financial
turnaround is built on being increasingly selective about which
sales we pursue and driving higher per unit revenues.  We are
pleased with how this plan is playing out," Mr. Browning added.

            Cadillac, Corvette and HUMMER Perform Well

General Motors' luxury brands, Cadillac, Corvette and HUMMER,
performed well in their respective niche markets in the first
half of the year.  Corvette sold 733 cars in the first six
months and Cadillac's European sales grew by 30 percent, from
1,301 to 1,690 vehicles at the end of June.  HUMMER sales of the
H2 and H3 increased to 801 vehicles, from 223 vehicles in 2005.

            Saab Achieves Record Sales Levels in Europe

Saab's global sales set a new record for the first half of the
year, with 70,846 cars sold, up 11 percent from the previous
year.  The largest growth was in Europe where 50,695 cars found
new customers, an increase of 9,924 cars or 24.3 percent vs.
2005.  The U.S. remained the number one market globally for
Saab, at 17,274 cars.  The U.K. was number two, with 14,873
units sold, and Sweden closed the month and the year to date as
Saab's third biggest market, with 13,382 registrations and a
market share of 8 percent.  The Saab 9-5 BioPower was again the
number one 'green vehicle' in the Swedish market.  Outstanding
growth in the first half of 2006, compared to the year-earlier
period, was achieved in a number of markets across Europe:

   * Denmark (+ 43 percent)
   * Sweden (+ 54 percent)
   * Finland (+ 43 percent)
   * the Netherlands (+ 55 percent)
   * Switzerland (+ 44 percent).

In June, Saab sold 9,875 cars in Europe, up 1,895 cars or 23.7
percent from June 2005.

            Opel/Vauxhall Growing in Northern Europe,
               Benelux, Central and Eastern Europe

GM's biggest volume brands in Europe, Opel and Vauxhall,
achieved total sales of 855,857 vehicles in the first half of
the year, compared with 880,805 a year earlier, for a share of
7.5 percent.  

The biggest sales gains were realized in:

   * the Nordic and Benelux regions (+ 5,900 vehicles)
   * Ireland (+ 2,100 vehicles)
   * Central and Eastern Europe (+ 6,900 vehicles).  

The growing reputation of the Opel brand led to market share
gains in:

   * the Netherlands (from 8.8 to 9.8 percent)
   * Denmark (from 4.4 to 5.5 percent)
   * Ukraine (from 1.3 to 2.3 percent)
   * Poland (from 8.4 to 9.4 percent).  

Zafira and Meriva in the first half of 2006 lead the monocab
segment in Europe, with Zafira sales (127,000 units) recording a
27 percent sales increase (+ 34,000 units) compared to the first
six months of 2005.  With the recent introduction of the Astra
TwinTop and the up-coming launches of the new Corsa and the new
Antara SUV, Opel's product offensive continues.  A record sales
volume was achieved for Opel/Vauxhall commercial vehicles,
selling 98,000, an increase of 2,600 vehicles or 3 percent.  
Vivaro alone reached record sales of 37,000, an increase of
4,000 vehicles.

Vauxhall's strategy of pursuing the more profitable retail
market in the U.K. continued to be a success, with the brand
taking an impressive 8.8 percent share of sales to private
buyers compared to 7.9 percent in the same period last year.   
Total market share is also continuing to show positive trends,
with a total of 13.2 percent for the year so far, compared to
12.7 percent for the same period in 2005.  The success was
pushed by a strong performance of Zafira and Meriva, both of
which led their segments.  Vectra also had a very strong month,
especially in the retail sector where it outsold it's closest
rival by almost two-to-one.

                Chevrolet Shows Strong Growth
               in Southern and Eastern Europe

Chevrolet continued its strong growth across Europe in the first
half of the year, with record sales of 160,732(1) vehicles, an
11.2 percent increase over the same period a year earlier
(144,517 vehicles).  After 1.33 percent half-way through 2005,
Chevrolet's record share of the total European market has now
reached 1.42 percent.  At the same time, Chevrolet Europe opened
its 2000th sales outlet.  Russia again performed very well, with
sales of 44,760 cars and a market share of 4.9 percent in the
first six months of the year.  Strong growth was recorded in
Italy, where sales were up 23.3 percent, to 20,487 units in the
first half of 2006.  Chevrolet Spain increased sales by 10.6
percent, to 15,028 vehicles.  

Chevrolet also achieved outstanding market shares in:

   * Greece (2.2 percent)
   * Spain (1.5 percent)
   * South East Europe (2.5 percent).

With the launch of Epica and the diesel-powered compact Captiva
SUV, Chevrolet aims to continue its growth offensive in Europe.  
Chevrolet sold 29,438 vehicles in June 2006, and reached a
market share of 1.4 percent.

   (1) This figure includes 19,548 vehicles produced by GM
       Avtovaz for the Russian market and 546 vehicles of US
       production.

                      About General Motors

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

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

                           *     *     *

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

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


INTAUGOL: Court Names S. Krutilin as Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Komi Republic appointed Mr. S. Krutilin
as Insolvency Manager for Joint-Stock Company Factory of
Reinforced Concrete Goods Intaugol.

         S. Krutilin
         Post User Box 65
         Inta
         169840 Komi Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A29-8990/05-3B.

The Debtor can be reached at:

         JSC Factory of Reinforced Concrete Goods Intaugol
         Post User Box 65
         Inta
         169840 Komi Republic
         Russia


KOMILEN: Court Names A. Ragozin as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Komi Republic appointed Mr. A. Ragozin
as Insolvency Manager for CJSC Timber Company Komilen (TIN
1114003575).  He can be reached at:

         A. Ragozin
         Babushkina Str. 31
         Syktyvkar
         Komi Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A29-2091/06-3B.

The Debtor can be reached at:  

         CJSC Timber Company Komilen
         Babushkina Str. 31
         Syktyvkar
         Komi Republic
         Russia


KOVALEVSKOYE: Bankruptcy Hearing Slated for Sept. 12
----------------------------------------------------
The Arbitration Court of Omsk Region will convene at 11.00 a.m.
on Sept. 12 to hear bankruptcy supervision procedure on OJSC
Kovalevskoye (TIN 5515009356).  The case is docketed under Case
No. A46-4786/2006.

The Temporary Insolvency Manager is:

         V. Ratkovskiy
         13th Floor
         K. Libknekhta Str. 35
         644043 Omsk Region
         Russia

The Debtor can be reached at:

         OJSC Kovalevskoye
         Kovalevo
         Kalachinskiy Region
         646914 Omsk Region
         Russia


KRASNOYARSK-STROY: Court Starts Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region has commenced
bankruptcy supervision procedure on OJSC Holding Company
Krasnoyarsk-Stroy.  The case is docketed under Case No.
A33-3718/2006.

The Temporary Insolvency Manager is:

         D. Glushkov
         P. Zheleznyaka Str. 17
         660133 Krasnoyarsk Region
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143.
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Holding Company Krasnoyarsk-Stroy
         Armii Str. 3.
         Krasnoy
         660017 Krasnoyarsk Region
         Russia


LUKOIL: S&P Lifts BB+ Credit Rating on Improved Profitability
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on LUKoil OAO to 'BB+' from 'BB'.
The outlook is positive.  At the same time, the Russia national
scale rating on the company was raised to 'ruAA+' from 'ruAA'.
All ratings were removed from CreditWatch with positive
implications, where they had been placed on May 12.

"The upgrade recognizes the ongoing improvement in LUKoil's
profitability, with 2006 unit net income up 44% to US$9.2 per
barrel," said Standard & Poor's credit analyst Elena Anankina.

"This primarily reflects the benefits of strengthened domestic
refined product prices and lower tax rates on refined product
sales compared with crude oil sales."

S&P expects future profits and LUKoil's resilience to the low
oil price environment to be underpinned by the company's rapidly
rising share of gas production, which more than doubled to
200,000 barrels per day (bpd) in the first quarter of 2006,
compared with crude output of 1.88 million bpd.
     
The company is exposed to the risk associated with the Russian
oil industry, notably the unpredictable regulatory environment
and high tax burden.  Political influence also means that
Russia's state-owned competitors, OAO Gazprom and OJSC Oil
Company Rosneft, are likely to have a competitive advantage.
Nevertheless, S&P does not consider country risk to be a hurdle
that would prevent LUKoil from achieving investment-grade
ratings given its long-established track record and asset
diversity.  Furthermore, the company's largely Russian ownership
should allow it to bid for strategic domestic fields.
     
"A one-notch upgrade is possible in the near to medium term if
Standard & Poor's gains further comfort with respect to
management's stance on M&A," Ms. Anankina added.

"Specifically, this hinges on LUKoil's commitment to keeping
future debt levels considerably below the current maximum
leverage target of 30%."
     
Although S&P does not expect debt levels to reach this maximum,
we note that leverage of 30% would potentially equate to
financial debt of a hefty US$15 billion at current levels, and
more in a few years time.  This would be inconsistent with our
investment-grade ratio requirements of adjusted funds from
operations (FFO) to net debt of about 45%-50% under our
conservative pricing scenario and assumptions.  

Standard & Poor's adjusted FFO to net debt target takes into
account the company's ambitious investment program and its
potentially limited free cash flow generation if prices
moderate.


KUPINSKIY: Court Commences Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Novosibirsk Region has commenced
bankruptcy supervision procedure on OJSC Meat Combine Kupinskiy.  
The case is docketed under Case No. A45-17159/05-10/297.

The Temporary Insolvency Manager is:

         A. Lychagin
         Vugi 10
         Lyubertsy
         140004 Moscow Region
         Russia

The Arbitration Court of Novosibirsk Region is located at:

         Kirova Str. 3.
         630007 Novosibirsk Region
         Russia

The Debtor can be reached at:

         OJSC Meat Combine Kupinskiy
         Mira Str. 65
         Kupino
         632735 Novosibirsk Region
         Russia


NOVOZYBKOVSKOYE BUILDING-ASSEMBLY: M. Slanko to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Bryansk Region appointed Mr. M. Slanko
as Insolvency Manager for OJSC Novozybkovskoye Building-Assembly
Enterprise (TIN 3204001230).  He can be reached at:

         M. Slanko
         Sadovaya Str. 58
         Novozybkov
         243020 Bryansk Region
         Russia
         Tel: (08343) 5-18-85

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A09-11736/05-28.

The Debtor can be reached at:

         OJSC Novozybkovskoye Building-Assembly Enterprise
         Vokzlnaya Str. 24A.
         Novozybkov
         243020 Bryansk Region
         Russia


PENZINSKIY BICYCLE: Court Names V. Lebedev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Penza Region appointed Mr. V. Lebedev
as Insolvency Manager for LLC Penzinskiy Bicycle Factory.  He
can be reached at:

         V. Lebedev
         Office 10
         Moskovskaya Str. 107
         440600 Penza Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-842/2006-68b/26.

The Arbitration Court of Penza Region is located at:

         Belinskogo Str. 2
         440600 Penza Region
         Russia

The Debtor can be reached at:

         LLC Penzinskiy Bicycle Factory
         Lenina Str. 3
         Penza Region
         Russia


PROLETARIAN VICTORY: E. Sinyutin to Manage Insolvency Assets
------------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
appointed Mr. E. Sinyutin as Insolvency Manager for OJSC Shoe
Factory Proletarian Victory (TIN 784712001139).  He can be
reached at:

         E. Sinyutin
         Post User Box 11
         Gatchina-8
         188308 Leningrad Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-12164/2005.

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:

         OJSC Shoe Factory Proletarian Victory
         Tsvetochnaya Str. 6
         196084 St. Petersburg
         Russia


ROSNEFT OIL: Wins North-Charsky Petroleum Development Deal
----------------------------------------------------------
OAO Rosneft Oil Co. has won an auction held in Moscow, gaining
the right to develop the North-Charsky petroleum prospect site.  
This is located on the border between the Autonomous Districts
of Dolgano-Nenets (Taimyr) and Yamal-Nenets.  The company's bid
of RUB4.73 billion was for exploration and production rights at
the site.

According to estimates of Rosneft specialists, recoverable
resources at the 605 sq.m. North-Charsky site are forecast at 35
million tons of oil and 20 billion cubic meters of natural gas.
The site is close to the Vankor field, where commercial oil
production is scheduled to commence in 2008.

Rosneft's participation and success at the auction are part of
its ongoing strategy to increase oil production through
prospective reserves in the East Siberian region.  The strategy
involves the integrated development of East Siberian fields,
which will become the main source of crude for the East Siberia
- Pacific Ocean strategic export oil pipeline.

At the start of this year, Rosneft won auctions for exploration
and production rights at the Tukolandsky, Vadinsky and
Pendomayakhsky sites, also located in the Yamal-Nenets and
Dolgano-Nenets (Taimyr) Districts and in the Krasnoyarsk
Territory.  According to Rosneft data, the estimated recoverable
resources of these sites total 50 million tons.

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.


RUSSIAN STANDARD: S&P Affirms B+/B Counterparty Credit Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russia-based Russian Standard Bank CJSC to positive from stable.

At the same time, the 'B+/B' long- and short-term counterparty
credit ratings, as well as the 'ruA+' Russia national scale
rating, were affirmed.

"The outlook revision reflects the bank's sustained commercial
and financial performance, which improves the potential for a
future upgrade," said Standard & Poor's credit analyst Ekaterina
Trofimova.
     
The ratings on Russian Standard are constrained by the high
risks of operating in the fast growing, increasingly
competitive, and untested Russian consumer finance market, where
the bank's client base has expanded phenomenally over the past
two years.  

These negative factors are partially mitigated by:

   -- the bank's leading position in the domestic consumer
finance market;

   -- successful business model;

   -- good credit risk management systems;

   -- sustained strong profitability; and

   -- improving liquidity management.
     
The largest specialized consumer finance bank in Russia, Russian
Standard also ranks among the top 20 domestic banks, with assets
of RUR127 billion and consumer loans of RUR116 billion at
March 31.
    
"S&P expects that, in the context of Russia's growing economy,
Russian Standard will continue successfully expanding its
consumer finance business, while keeping credit and funding
risks under control," said Ms. Trofimova.
     
The ratings could be raised if the bank continues to maintain
strong profitability and preserve the solid asset quality
appropriate for its business model in the increasingly
competitive environment--namely amid lower lending interest
rates--while maintaining adequate capitalization.  The current
ratings on the bank incorporate the possibility of some
weakening of the bank's core capitalization, profitability, and
asset quality indicators.  This weakening could, however, limit
the ratings upgrade potential and lead to a revision of outlook
back to stable, or even to a downgrade, depending on the extent
of the decline.


TOBOLSKIYE FURS: Court Starts Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Tyumen Region has commenced bankruptcy
supervision procedure on CJSC Garment Factory Tobolskiye Furs.  
The case is docketed under Case No. A70-16184/3-2005.

The Temporary Insolvency Manager is:

         V. Materov
         6th Floor
         Minskaya Str. 88
         625027 Tyumen Region
         Russia

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77.
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Garment Factory Tobolskiye Furs
         Priirtyshskiy
         Tobolsk
         Tyumen Region
         Russia


TULSKIYE ENGINEERING: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Tula Region has commenced bankruptcy
supervision procedure on OJSC Tulskiye Engineering Factories.  
The case is docketed under Case No. A68-4/B-06.

The Temporary Insolvency Manager is:

         M. Voloshin
         Office 455
         Melnikayte Str. 106
         Tyumen Region
         Russia

The Debtor can be reached at:

         OJSC Tulskiye Engineering Factories
         Zavodskoy Str. 3
         Yasnogorsk
         Tula Region
         Russia


VYROVSKOYE GRAIN: Court Names V. Nikishkin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Ulyanovsk Region appointed Mr. V.
Nikishkin as Insolvency Manager for OJSC Vyrovskoye Grain
Receiving Enterprise.  He can be reached at:

         V. Nikishkin
         Post User Box 46
         Novospasskoye
         433780 Ulyanovsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A72-6953/05-20/3-B.

The Debtor can be reached at:

         OJSC Vyrovskoye Grain Receiving Enterprise
         Vyry
         Mayninskiy Region
         Ulyanovsk Region
         Russia


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


UNITED BISCUITS: Selling European Unit to Kraft for GBP575 Mln
--------------------------------------------------------------
United Biscuits has agreed to sell its Southern European
business to Kraft Foods Inc. for an enterprise value of GBP575
million.  

The agreement also returns to Kraft the rights to all Nabisco
trademarks, including Oreo and Ritz, in the European Union,
Eastern Europe, the Middle East and Africa.  The deal is subject
to the consent of UB's senior bank lenders.

UB's Southern European business is the largest biscuit
manufacturer in Spain and Portugal with approximately 26% and
37% market share respectively.  UB purchased the Southern
European business from Nabisco Holdings in July 2000 and became
the market leader in Portugal in 2004 with the acquisition of
Triunfo Productos Alimentares S.A (Triunfo).

UB is the number one player in the U.K. biscuit market with
well-known household brands such as McVitie's, go ahead! and
Jacob's.  UB is also the number two business in the biscuit
markets in France and Belgium, joint number one in the
Netherlands, the number two in the U.K. bagged snacks market and
U.K. cake market and the number one in the U.K. nuts market.

After closing, Kraft will no longer have any rights or interest
in UB or any of its affiliates.  Cinven, PAI and MidOcean
Partners remain as UB shareholders.

"Kraft is the natural buyer for our Southern European business
as it sells a number of brands like Oreo under license from
Kraft," Malcolm Ritchie, UB Chief Executive said.  "The rest of
our business, representing approximately 82% of group turnover,
which is based in the U.K. and Northern Europe, remains
unchanged and we are focused on maximizing our significant
presence in both these markets.  We reported a strong start for
the first quarter of 2006 and we continue to see opportunities
to further develop our key brands in all sectors, including
healthy and indulgent."

Headquartered in London, United Kingdom, United Biscuits --
http://www.unitedbiscuits.com/-- is the country's leading  
biscuit manufaturer and second largest snack maker.  The company
is a leading biscuit and snack maker in Spain, Portugal.  UB's
biscuit and snack cake brands include stalwarts BN, Carr's,
Cream Crackers, Delacre, Jacob's, Krackawheet, and McVitie's
Digestive Biscuits.  Its nut and snack brands include KP Nuts,
McCoy's, and Hula Hoops.  

UB is owned by a consortium of investors: Cinven (30%), PAI
(30%), Kraft Foods (25%), and MidOcean Partners (15%).

                        *     *     *

Standard & Poor's Ratings Services has placed its ratings on
U.K.-based biscuits and snacks manufacturer United Biscuits
Finance PLC, including its 'B' long-term corporate credit
rating, on CreditWatch with positive implications.  The ratings
on United Biscuits' direct subsidiary Regentrealm Ltd. were also
placed on CreditWatch with positive implications.

"The CreditWatch placement follows United Biscuits' announcement
that it has agreed to sell its southern European business
division to Kraft Food Inc. for an enterprise value of GBP575
million," said Standard & Poor's credit analyst Sunita Kara.

"The transaction could result in an improvement in the group's
financial profile that would offset the reduced geographic
diversity."
     
Although United Biscuits will no longer benefit from the
relatively less mature and higher growth southern European
biscuit market, the dilution of the group's business risk
profile is modest.  Leverage is currently in line with our
expectations for the ratings, with fully adjusted net debt to
EBITDA at about 5.4x in the 12 months to April 22.


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


DOGAN YAYIN: Fitch Keeps IDR at B+ & Revises Outlook to Positive
----------------------------------------------------------------
Fitch Ratings revised the Outlook for Turkey-based Dogan Yayin
Holding's local and foreign currency Issuer Default ratings to
Positive from Stable.  The IDRs are affirmed at B+ DYH has no
issues outstanding as of July 2006.

The change in Outlook reflects marked improvements in domestic
advertising spending, which would in turn benefit DYH's ad
revenue.  It also takes into account the company's strong 2005
operational performance.  Advertising spending in Turkey rose by
more than 32% to US$1.68 billion in 2005.  DYH continues to
benefit from the promising ad market in Turkey, which is still
relatively underdeveloped.

Key factors supporting the ratings are DYH's leading position in
the Turkish media & entertainment sector, with strong market
positions in its primary businesses, printing & publishing,
free-to-air commercial TV broadcasting and distribution &
retail.  The ratings incorporate DYH's dominance in the ad
market and diversification of its earnings base across all ad
mediums; mainly publishing and broadcasting.  On the other hand,
the ratings also reflect Fitch's continued concern about the
company's reliance on cyclical ad revenues.

The ratings also take into consideration the benefits that the
Star TV acquisition has provided to the DYH group, with
meaningful cash flow contribution expected in 2006 as the
majority of the channel's integration process to Dogan TV was
completed in 2005.  Fitch notes that Star TV has strengthened
DYH's market position in the Turkish broadcasting market.  
However, evidence of more positive operating performance is
needed as the operational synergies from this acquisition are
yet to be seen for full-year 2006.

As at FY05 DYH's gross debt was TRY909 trillion, mainly due to
the Star TV acquisition.  As of Q106, most of the Star TV
acquisition debt resided at Dogan TV (US$181 million net debt),
Isil TV (US$100 million net) and Dogan Yayin (US$111.7 million)
based on management accounts.  As a holding company, DYH depends
on dividend flows, service income and capital gains. Of the
total debt 38% was on the holding company's balance sheet; the
lenders of the parent are structurally subordinated to the
lenders of the subsidiaries.  

DYH's net consolidated leverage-to-EBITDA increased to 3.2x as
at end-FY05 from 1.3x at FY04 as a result of the Star TV
transaction.  After the recent TRY196 million rights issue by
DYH, net consolidated leverage pulled back to an annualized
level of 2.5x at end-Q106, which is consistent with the rating
level.  However, Fitch notes the company's exposure to foreign
exchange risk as nearly all debt is hard currency-dominated and
expects DYH to de-leverage aggressively in the medium term to a
targeted net debt/EBITDA of 2x, in line with the historical
average of 1.5x to 2x.

DYH defined its dividend policy initially in FY03, stating that
its publicly quoted companies would distribute 50% of
distributable income.  Fitch's ratings reflect the dividend flow
from only Hurriyet, Dogan Gazetecilik and Dogan Burda Rizzoli.
Fitch also notes that dividend flow from Dogan TV is not
expected in the next five years as the subsidiary pays down its
portion of debt.  DYH currently has full control over its
subsidiaries and Fitch views that management has scope to direct
the cash when needed.

DYH is owned by Dogan Sirketler Grubu A.S (63.02% equity and
63.02% voting interests), which is the holding company of Mr.
Aydin Dogan and his family. The rest of DYH shares are floated.


HURRIYET GAZETECILIK: Fitch Keeps Foreign Currency IDR at BB-
-------------------------------------------------------------
Fitch Ratings kept Turkey-based Hurriyet Gazetecilik ve
Matbaacilik A.S's local currency Issuer Default rating at BB and
the foreign currency IDR, which is capped by the Country
Ceiling, at BB-.  The Outlooks remain Positive.  

The National Long-term rating is affirmed at AA- with Stable
Outlook.  Hurriyet has no issues outstanding as of July 2006.

The ratings reflect the solid performance of Hurriyet's
newspaper operations on the back of its leading market position.
The company's 42.9% share of the newspapers advertising spending
in Q106 and its strong brand recognition leave it well placed to
capitalize on the growth in the market.  Hurriyet's ratings also
reflect the momentum of the advertising spending provided by the
impressive economic growth in Turkey.  The relatively low
advertising spend to GDP in Turkey suggests that the market may
have more upside potential.  Newspapers represent the second-
largest advertising medium with 37% share of the Turkish
advertising market in 2005, despite the volatile trend of
circulation figures.

The ratings also reflect Fitch's continued concern about the
company's reliance on cyclical ad revenues and the volatility of
the Turkish business environment.  Hurriyet's ad revenue
accounted for 56% of total revenue in 2005, while 12% was
derived from circulation and the rest from other activities,
such as printing.

Increasing competition and increase in newsprint consumption and
prices have led to margin pressures in 2005.  Thanks to solid ad
revenue growth, EBITDA margin was 25.8% in FY05, strong for the
current rating level.  However, high newsprint prices and
elevated number of pages including inserts & supplements are
expected to confine EBITDA margins to a narrow range in 2006.

As at FY05, consolidated net cash position stood at US$44.9
million.  Hurriyet's average debt maturity profile is two years,
appropriate for the Turkish environment.  Hurriyet's credit
ratios are in line with the rating level, despite growing
competition in the newspaper industry.  The buoyant ad trend
resulted in consolidated net cash over EBITDA of 0.4x at end-
FY05.  Despite Hurriyet's TRY41.7 million cash dividend in H106,
the company's credit ratios will stay strong for its rating
level.  In its net debt calculation, Fitch considers only
unrestricted cash on the balance sheet.

Most media groups including Hurriyet's parent Dogan Yayin
Holding have accepted a policy change in ad tariffs to a TRL
basis from USD indexation since February 2004.  Although it is
too early to determine the impact of the recent devaluation of
TRY on advertising spending and on operating margins a slight
decline in growth could be in prospect.

Hurriyet is Turkey's leading daily national newspaper, with
strong positions in advertising and circulation revenues.
Hurriyet is a subsidiary of Dogan Yayin Holding, which has 60%
equity interest.  Dogan Holding controls the latter.


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


AUTO-TRANSPORT 16367: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Harkiv Region commenced bankruptcy
supervision procedure on OJSC Auto-Transport Enterprise 16367
(code EDRPOU 03115235) on May 16.  The case is docketed under
Case No. B-50/35-06.

The Temporary Insolvency Manager is:

         A. Zayarnij
         Chernishevskij Str. 8/10-5
         61002 Harkiv Region
         Ukraine

The Economic Court of Harkiv Region is located at:

         Derzhprom 8th Entrance
         Svobodi Square 5
         61022 Harkiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Auto-Transport Enterprise 16367
         Tsukrozavodska Str. 1-A
         Kupyansk
         Harkiv Region
         Ukraine


DRUZHBA: Sumi Court Starts Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Druzhba (code EDRPOU 03778312) on
April 12.  The case is docketed under Case No. 6/47-06.  

The Temporary Insolvency Manager is:

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

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Druzhba
         Sosnivka
         Gluhiv District
         41822 Sumi Region
         Ukraine


ENIKRA: AR Krym Court Begins Bankruptcy Supervision
---------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on JSC Enikra (code EDRPOU 19003550) on
May 16.  The case is docketed under Case No. 2-5/8379-2006.

The Temporary Insolvency Manager is:

         Illya Gerasimov
         Gagarin Str. 36/52
         Simferopol
         AR Krym Region
         Ukraine

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:

         JSC Enikra
         Krilov Str. 125
         Simferopol
         AR Krym Region
         Ukraine


HERSONZOOVETPROMPOSTACH: Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
supervision procedure on OJSC Hersonzoovetprompostach (code
EDRPOU 00727274) on May 16.  The case is docketed under Case No.  
5/46-B-06.

The Temporary Insolvency Manager is:

         Oleksandr Orlov
         Chornomorska Str. 10/42
         Herson Region
         Ukraine

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         OJSC Hersonzoovetprompostach
         Zhovtneve
         Borislavske Shose
         73036 Herson Region
         Ukraine


HOROS: Court Names V. Dranchenko as Liquidator
----------------------------------------------
The Economic Court of Kyiv Region appointed Mr. V. Dranchenko as
Liquidator/Insolvency Manager for LLC Horos (code EDRPOU
24371866).  He can be reached at:

         V. Dranchenko
         a/b 73
         04074 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 11.  The case is docketed
under Case No. 15/126-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Horos
         Lesya Ukrainka Boulevard
         01133 Kyiv Region
         Ukraine


NEKTAR: Court Names Nataliya Dudnikova as Insolvency Manager
------------------------------------------------------------
The Economic Court of Mikolaiv Region appointed Nataliya
Dudnikova as Liquidator/Insolvency Manager for OJSC Nektar (code
EDRPOU 05467731).  She can be reached at:

         Nataliya Dudnikova
         Admiralska Str. 29/19
         54001 Mikolaiv Region
         Ukraine
         Tel: 8 (050) 534-71-31

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 18.  The case is docketed
under Case No. 14/98.

The Economic Court of Mikolaiv Region is located at:

         Admiralska Str. 22
         54009 Mikolaiv Region
         Ukraine

The Debtor can be reached at:

         OJSC Nektar
         M. Vasilevskij Str. 42
         54003 Mikolaiv Region
         Ukraine


SEASONAL CLOTHES: Court Commences Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Sewing Enterprise 'Seasonal
Clothes' (code EDRPOU 30302510).  The case is docketed under
Case No. 15/708-b.


The Temporary Insolvency Manager is:

         M. Titarenko
         Saksaganskij Str. 24/18
         01033 Kyiv Region
         Ukraine
         Tel: (044) 287-15-67

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 Sewing Enterprise Seasonal Clothes
         Anri Barbus Str. 58/1
         03150 Kyiv Region
         Ukraine


SEVERSTAL: CEO Alexei Mordashov Hikes Equity Interest to 90%
------------------------------------------------------------
Three members of OAO Severstal's (RTS: CHMF) board of directors
have disposed of their stakes in the Russian steelmaker,
Interfax News reports.

The disposals, registered on July 6, include those from:

   -- Vadim Shvetsov, Severstal Group's First Deputy General
      Director and Severstal Auto's General Director: 0.80362%;

   -- Anatoly Kruchinin, Severstal's General Director: 0.30383%

   -- Vadim Makhov, Severstal Group's Deputy General Director
      for Strategy & Business Development and Severstal North
      America Inc.'s Chairman of the Board of Directors:
      0.25113%.

"The shares were sold just before the agreement with Arcelor in
order to consolidate and increase Alexei Mordashov's interest,"
Severstal Group told Interfax.

Mr. Mordashov, the company's chairman and CEO, now holds around
90% stake in Severstal.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel  
producer, with steel production of 17.1 million tons in 2005.  
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of approximately EUR150 per ton.

As of Dec. 31, 2005, Severstal had US$10.75 billion in total
assets, US$3.66 billion in total liabilities and US$7.09 billion
in total shareholders' equity.

                        *     *     *

As reported in TCR-Europe on July 5, Standard & Poor's Ratings
Services kept its 'B+' long-term corporate credit rating on
Russian steelmaker OAO Severstal on CreditWatch with positive
implications following the consolidation of the company's mining
assets.

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

Standard & Poor's will seek to resolve the CreditWatch placement
within 60 days.  The agency said it will need to review the
business characteristics and financial position of the recently
consolidated mining assets and their impact on the company's
consolidated performance.  It will also need to reassess
Severstal's strategic priorities and financial policy going
forward.

As reported in TCR-Europe on June 28, Fitch Ratings maintained
the Rating Watch Positive status for OAO Severstal's ratings of
Issuer Default BB-, senior unsecured BB-, Short-term B and
National Long-term A+.


SOFIYIVKA: Kyiv Court Begins Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on Agricultural LLC Sofiyivka (code EDRPOU
24211150) on April 19.  The case is docketed under Case No.
279-11b-05.

The Temporary Insolvency Manager is:

         Bogdan Yarinko
         Gagarin Str. 5
         Sofiyivka
         Zgurivskij District
         07622 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         Komintern Str. 165
         01032 Kyiv Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Sofiyivka
         Gagarin Str. 5
         Sofiyivka
         Zgurivskij District
         07622 Kyiv Region
         Ukraine


STEBLIV' FOOD: Cherkassy Court Begins Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on CJSC Stebliv' Food Products Plant (code
EDRPOU 21374609) on May 17.  The case is docketed under Case No.  
01/2453.

The Temporary Insolvency Manager is:

         I. Nikiforov
         Rizdvyana Str. 170
         Cherkassy Region
         Ukraine
         Tel: 8 (0472) 32-72-12

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         CJSC Stebliv' Food Products Plant
         Chikovani Str. 24
         Stebliv
         Korsun-Shevchenkivskij District
         Cherkassy Region
         Ukraine


SUMSHINA: Sumi Court Commences Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Sumshina (code EDRPOU 32647103) on
April 14.  The case is docketed under Case No. 12/76-06.

The Temporary Insolvency Manager is:

         Igor Filenko
         Malinovskij Str. 12
         Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Sumshina
         Sumska Str. 36-a
         Chervone
         Sumi District
         Sumi Region
         Ukraine


UKRNAFTOSERVICE: Kyiv Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on CJSC Ukrnaftoservice (code EDRPOU
30307090) on May 22.  The case is docketed under Case No.
23/174-b.

The Temporary Insolvency Manager is:

         Andrij Vershinin
         a/b 151
         03110 Kyiv Region
         Ukraine

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         CJSC Ukrnaftoservice
         Rileyev Str. 10-a
         Kyiv Region
         Ukraine


VATUTINE' WOOD: Court Commences Bankruptcy Supervision
------------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on OJSC Vatutine' Wood Processing Plant
(code EDRPOU 0135016) on April 11.  The case is docketed under
Case No. 10/2089.

The Temporary Insolvency Manager is:

         Igor Nogovskij
         Kirov Str. 3
         Vatutine
         20250 Cherkassy Region
         Ukraine

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         OJSC Vatutine' Wood Processing Plant
         Kirov Str. 3
         Vatutine
         20250 Cherkassy Region
         Ukraine


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


A10 TECHNICAL: Creditors Pass Winding Up Resolution
---------------------------------------------------
Creditors of A10 Technical Services Limited passed a resolution
to wind up the company's operations during an extraordinary
general meeting on April 12.

Philip Simons, of Langley Group LLP, was appointed Liquidator.

The company can be reached at:

         A10 Technical Services Limited
         284 Alma Road
         Enfield
         Middlesex EN3 7BB
         United Kingdom
         Tel: 020 8805 6825
         Fax: 020 8443 3361


APL CUBIC: Hires Joint Liquidators from PwC
-------------------------------------------
Malcolm Walker and Ian David Green, of PricewaterhouseCoopers
LLP, were appointed Joint Liquidators of APL Cubic Limited after
creditors opted to wind up the company on April 18.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides, among others, auditing services, accounting advice,
tax compliance and consulting, financial consulting and advisory
services to clients in a variety of industries.  

APL Cubic Limited can be reached at:

         Unit B12
         Telford Road
         Bicester
         Oxfordshire OX264LD
         United Kingdom
         Tel: 01869 363 000
         Fax: 01869 363 013


BAA PLC: Delisting Shares & Ending Dividend Reinvestment Plan
-------------------------------------------------------------
The Board of Directors of Airport Development and Investment
Limited and BAA plc disclosed that an explanatory letter, a
delisting circular and an Additional Revised Form of Acceptance
have been made available to BAA bondholders.

Subject to applicable regulatory requirements, as ADI has
acquired or agreed to acquire issued share capital carrying 75
percent or more of the voting rights of BAA, it is now the
intention of ADI and BAA to make these applications:

  (a) to the FSA for the cancellation at BAA's request of the
      listing of the BAA Shares on the Official List and to the
      London Stock Exchange for the cancellation of the
      admission of the BAA Shares to trading on the London Stock
      Exchange's market for listed equity securities;

  (b) to the FSA for the cancellation at BAA's request of the
      listing of the 2008 Convertible Bonds on the Official List
      and to the London Stock Exchange for the cancellation of
      the admission of the 2008 Convertible Bonds to trading on
      the London Stock Exchange's market for listed debt; and

  (c) to the FSA for the cancellation at BAA's request of the
      listing of the 2009 Convertible Bonds on the Official List
      and to the London Stock Exchange for the cancellation of
      the admission of the 2009 Convertible Bonds to trading on
      the London Stock Exchange's market for listed debt.

A notice period of not less than 20 business days prior to
cancellation commenced July 11, being the day after the date of
the Delisting Circular.

As such, it is anticipated that the cancellation of the listing
and admission to trading of the BAA Shares and BAA Convertible
Bonds will each take effect on or shortly after Aug. 15.

The delisting of the BAA Shares and BAA Convertible Bonds will
significantly reduce the liquidity and marketability of any such
BAA Shares or BAA Convertible Bonds not assented to the
Recommended Final Offers*.

               Dividend Reinvestment Plan Termination

Following the takeover of BAA by ADI, the Dividend Reinvestment
Plan has been terminated in line with the Terms and Conditions
of the DRIP.  

The dividend due to be paid on Aug. 11 will therefore be paid in
cash to DRIP participants, rather than in additional BAA Shares,
either by cheque or direct to their bank accounts if a bank
mandate is in place.   Any residue due to DRIP participants will
also be paid to them with their cash dividend.

                        Further Acceptances

Additional Revised Forms of Acceptance in relation to the
Ordinary Recommended Final Offer* are available from
Computershare at:

         Computershare Investor Services PLC
         P.O. Box 858
         The Pavilions
         Bridgwater Road
         Bristol BS99 5WE
         United Kingdom

Citigroup Global Markets Limited is acting for ADI, Ferrovial
Infra, CDP and GIC SI Investor.  

Macquarie Bank Limited is acting for ADI and no one else in
connection with the Recommended Final Offers.

HSBC Bank plc is acting for CDP and no one else in connection
with the Recommended Final Offers.

ADI is the company majority-owned by Ferrovial Infraestructuras,
S.A., which was incorporated to make the offers to acquire all
of the capital issued and to be issued by BAA plc and all the
bonds that are convertible into shares of BAA.

                      About the Company

Headquartered in London, England, BAA plc -- http://www.baa.com/
-- owns and operates seven airports in the United Kingdom,
including Healthrow, the world's busiest international airport,
and Budapest Airport, serving 700 destination by around 300
airlines.  Its U.K. airports handled over 117 million
international passenger during the 12 months up to October 2005.
International passengers make up 81% of its total U.K. airport
traffic.  BAA had total assets of GBP15.2 billion and pre-tax
profits of GBP757 million for the year ended March 31, 2006.

                        *     *     *

As reported in TCR-Europe on June 9, Moody's Investors Service
downgraded to Ba1 from Baa3 the issuer rating of BAA Plc as well
as the ratings for:

   -- GBP425 million convertible bonds due August 2009;
   -- GBP424 million convertible bonds due April 2008; and
   -- GBP200 million 7.875% bonds due February 2007.

BAA's short-term rating was also downgraded to Not Prime from
Prime-3.  All other long-term debt ratings remain at Baa2.  All
long-term ratings remain on review for further downgrade.


BAA PLC: Reports June 2006 Traffic Figures
------------------------------------------
BAA Plc disclosed that its U.K. airports handled a total of 13.9
million passengers in June, an increase of 3.9% on the same
month last year.  This marked a continuation of a trend of
gradual improvements in underlying growth seen since the start
of the year.

All major markets recorded growth, with the exception of
European Charter, which dropped 7.5%.  European scheduled
traffic was up 8%, while North Atlantic activity was up 2.9%,
and other long haul routes increased by a collective 8.2%.  
Among these the fastest growing route was India, which grew
55.4%.

Of the individual airports, Stansted saw the largest gain at
11.8%.  Heathrow and Gatwick grew 2.0%, and 2.9% respectively.  
In Scotland, Aberdeen recorded an increase of 11.0%, Edinburgh's
was up 3.4%, and Glasgow's traffic remained unchanged.

In total the number of air transport movements at BAA airports
rose by 1.7%, while cargo tonnage was up by 0.1%.

                      About the Company

Headquartered in London, England, BAA plc -- http://www.baa.com/
-- owns and operates seven airports in the United Kingdom,
including Healthrow, the world's busiest international airport,
and Budapest Airport, serving 700 destination by around 300
airlines.  Its U.K. airports handled over 117 million
international passenger during the 12 months up to October 2005.
International passengers make up 81% of its total U.K. airport
traffic.  BAA had total assets of GBP15.2 billion and pre-tax
profits of GBP757 million for the year ended March 31, 2006.

                        *     *     *

As reported in TCR-Europe on June 9, Moody's Investors Service
downgraded to Ba1 from Baa3 the issuer rating of BAA Plc as well
as the ratings for:

   -- GBP425 million convertible bonds due August 2009;
   -- GBP424 million convertible bonds due April 2008; and
   -- GBP200 million 7.875% bonds due February 2007.

BAA's short-term rating was also downgraded to Not Prime from
Prime-3.  All other long-term debt ratings remain at Baa2.  All
long-term ratings remain on review for further downgrade.


BRADLEY MARTIN: Taps Paul Appleton to Liquidate Assets
------------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed Liquidator
of Bradley Martin Performance Cars Limited after creditors
agreed to wind up the company on April 19.

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

Bradley Martin Performance Cars Limited can be reached at:

         Cranford Court
         King Street
         Knutsford
         Cheshire WA16 8BW
         United Kingdom
         Tel: 01565 755999  


BUCKETS & MOPS: Financial Woes Prompt Liquidation
-------------------------------------------------
Buckets & Mops Limited is winding up its operations after
creditors established the company could no longer continue its
business due to mounting debts.

Subsequently, Brendan Eric Doyle was appointed Liquidator.

The company can be reached at:

         Bucket & Mops Limited
         First Floor
         17-18 Clifton Street
         Cardiff
         South Glamorgan CF241PX
         United Kingdom
         Tel: 029 2025 1411
         Fax: 029 2049 1505


COMPOST BREWERS: Brings In Joint Liquidators from KPMG
------------------------------------------------------
David John Crawshaw and Richard John Hill of KPMG LLP were
appointed Joint Liquidators of Compost Brewers Limited after
creditors decided to wind up the company on April 19.

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.

Compost Brewers Limited can be reached at:

         42A High Street
         Theale
         Reading RG7 5AN
         United Kingdom
         Tel: 0118 930 6464


EUROTUNNEL GROUP: Files for Bankruptcy Protection in France
-----------------------------------------------------------
Eurotunnel Group filed for bankruptcy protection at a French
business court yesterday, July 11, a day before a third credit
waiver expires.  

Eurotunnel Chairman and CEO Jacques Gounon warned bondholders
last week that the company may file for a French proceeding
absent a consensual deal with the company's bondholders and
creditors by July 12.  The parties have been in talks to
restructure Eurotunnel's outstanding EUR6.2 billion debt.  

The company announced the bankruptcy filing hours after a
scheduled meeting with major creditors yesterday.  

Eurotunnel said it will lift the petition if a debt
restructuring agreement is reached with bondholders.  

"We'll negotiate until the end, but in case it doesn't work
we've already asked for a court proceeding," Mady Chabrier,
spokeswoman of Eurotunnal told Bloomberg News.

"We can withdraw this if we reach an agreement.  If we don't
we'll start the proceeding, certainly by July 13," Ms. Chabrier
added.

ARCO, the bondholders group representing 68% of Eurotunnel's
outstanding GBP1.9 billion bonds and notes stated, "The
bondholders were surprised to learn during a break in the
meeting that the chief executive of Eurotunnel had already asked
for a proceeding to be opened at the Paris business court."

             Bondholders' Alternative Rescue Plan

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

Eurotunnel believes that the plan requires too much debt and
gives too much to bondholders.

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

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

Eurotunnel shareholders will consider approval of a turnaround
plan at an extraordinary shareholders' meeting slated for
July 27, after which Eurotunnel can sign a final deal.  Absent a
final agreement, the Group may default in January 2007.

                        About the Company

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

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

                        *     *     *

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

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


FARRAR CARDS: Appoints James Nicolson Link as Liquidator
--------------------------------------------------------
Farra Cards Limited is liquidating its assets after creditors
passed a resolution to wind up the company on April 18.

Subsequently, James Nicolson Link was appointed Liquidator.

The company can be reached at:

         Farrar Cards Limited
         96 Harris Street
         Bradford
         West Yorkshire BD1 5JA
         United Kingdom
         Tel: 01274 737 727


GENERAL MOTORS: Saab & Chevrolet Set New Sales Records in Europe
----------------------------------------------------------------
General Motors Corp. disclosed that it has sold 1,070,508
vehicles in Europe in the first half of 2006, a slight increase
of 2,058 vehicles over the same period last year (1,068,449
vehicles).  GM's share of the growing European market was again
9.4 percent, consistent with 2005's full-year share.  

In June 2006, GM Europe sold 195,268 vehicles, compared to
205,834 vehicles in 2005, achieving a market share of 9.6
percent in a declining European market.  In Russia, GM sold
52,699 vehicles in the first half of the year, increasing its
sales by 17,016 vehicles or 48 percent year-on-year to outstrip
one of the world's fastest growing markets (up 20 percent).  

"It is very encouraging to see the growing success of Saab and
Chevrolet sales around Europe," said Jonathan Browning, GM
Europe Vice President, Sales, Marketing and Aftersales.  
"Setting new volume and market share records for both brands in
the first half of this year was a real bonus.  Chevrolet, one of
the top three global automotive brands, is now making its mark
in Europe and I expect to see this continue.  For Opel and
Vauxhall, GM's biggest volume brands in Europe, our financial
turnaround is built on being increasingly selective about which
sales we pursue and driving higher per unit revenues.  We are
pleased with how this plan is playing out," Mr. Browning added.

            Cadillac, Corvette and HUMMER Perform Well

General Motors' luxury brands, Cadillac, Corvette and HUMMER,
performed well in their respective niche markets in the first
half of the year.  Corvette sold 733 cars in the first six
months and Cadillac's European sales grew by 30 percent, from
1,301 to 1,690 vehicles at the end of June.  HUMMER sales of the
H2 and H3 increased to 801 vehicles, from 223 vehicles in 2005.

            Saab Achieves Record Sales Levels in Europe

Saab's global sales set a new record for the first half of the
year, with 70,846 cars sold, up 11 percent from the previous
year.  The largest growth was in Europe where 50,695 cars found
new customers, an increase of 9,924 cars or 24.3 percent vs.
2005.  The U.S. remained the number one market globally for
Saab, at 17,274 cars.  The U.K. was number two, with 14,873
units sold, and Sweden closed the month and the year to date as
Saab's third biggest market, with 13,382 registrations and a
market share of 8 percent.  The Saab 9-5 BioPower was again the
number one 'green vehicle' in the Swedish market.  Outstanding
growth in the first half of 2006, compared to the year-earlier
period, was achieved in a number of markets across Europe:

   * Denmark (+ 43 percent)
   * Sweden (+ 54 percent)
   * Finland (+ 43 percent)
   * the Netherlands (+ 55 percent)
   * Switzerland (+ 44 percent).

In June, Saab sold 9,875 cars in Europe, up 1,895 cars or 23.7
percent from June 2005.

            Opel/Vauxhall Growing in Northern Europe,
               Benelux, Central and Eastern Europe

GM's biggest volume brands in Europe, Opel and Vauxhall,
achieved total sales of 855,857 vehicles in the first half of
the year, compared with 880,805 a year earlier, for a share of
7.5 percent.  

The biggest sales gains were realized in:

   * the Nordic and Benelux regions (+ 5,900 vehicles)
   * Ireland (+ 2,100 vehicles)
   * Central and Eastern Europe (+ 6,900 vehicles).  

The growing reputation of the Opel brand led to market share
gains in:

   * the Netherlands (from 8.8 to 9.8 percent)
   * Denmark (from 4.4 to 5.5 percent)
   * Ukraine (from 1.3 to 2.3 percent)
   * Poland (from 8.4 to 9.4 percent).  

Zafira and Meriva in the first half of 2006 lead the monocab
segment in Europe, with Zafira sales (127,000 units) recording a
27 percent sales increase (+ 34,000 units) compared to the first
six months of 2005.  With the recent introduction of the Astra
TwinTop and the up-coming launches of the new Corsa and the new
Antara SUV, Opel's product offensive continues.  A record sales
volume was achieved for Opel/Vauxhall commercial vehicles,
selling 98,000, an increase of 2,600 vehicles or 3 percent.  
Vivaro alone reached record sales of 37,000, an increase of
4,000 vehicles.

Vauxhall's strategy of pursuing the more profitable retail
market in the U.K. continued to be a success, with the brand
taking an impressive 8.8 percent share of sales to private
buyers compared to 7.9 percent in the same period last year.   
Total market share is also continuing to show positive trends,
with a total of 13.2 percent for the year so far, compared to
12.7 percent for the same period in 2005.  The success was
pushed by a strong performance of Zafira and Meriva, both of
which led their segments.  Vectra also had a very strong month,
especially in the retail sector where it outsold it's closest
rival by almost two-to-one.

                Chevrolet Shows Strong Growth
               in Southern and Eastern Europe

Chevrolet continued its strong growth across Europe in the first
half of the year, with record sales of 160,732(1) vehicles, an
11.2 percent increase over the same period a year earlier
(144,517 vehicles).  After 1.33 percent half-way through 2005,
Chevrolet's record share of the total European market has now
reached 1.42 percent.  At the same time, Chevrolet Europe opened
its 2000th sales outlet.  Russia again performed very well, with
sales of 44,760 cars and a market share of 4.9 percent in the
first six months of the year.  Strong growth was recorded in
Italy, where sales were up 23.3 percent, to 20,487 units in the
first half of 2006.  Chevrolet Spain increased sales by 10.6
percent, to 15,028 vehicles.  

Chevrolet also achieved outstanding market shares in:

   * Greece (2.2 percent)
   * Spain (1.5 percent)
   * South East Europe (2.5 percent).

With the launch of Epica and the diesel-powered compact Captiva
SUV, Chevrolet aims to continue its growth offensive in Europe.  
Chevrolet sold 29,438 vehicles in June 2006, and reached a
market share of 1.4 percent.

   (1) This figure includes 19,548 vehicles produced by GM
       Avtovaz for the Russian market and 546 vehicles of US
       production.

                      About General Motors

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

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

                           *     *     *

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

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


ITRAXX EUROPE: Portfolio Gets Fitch's B+ Weighted Average Rating
----------------------------------------------------------------
Fitch Ratings assigned a Weighted Average rating of B+ to the
iTraxx Europe Crossover Series 5 portfolio.

The rating only indicates the average credit rating of the
underlying components of the reference pool of the index.  It
does not address the other risks, such as collateral risk and
counterparty risk, which would be addressed in a Long-term
credit rating.  The iTraxx Europe Crossover Series 5 portfolio
references 45 European reference entities.


J.T. CONSTRUCTION: Creditors Resolve to Liquidation
---------------------------------------------------
Creditors of J.T. Construction Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
April 19.

Timothy Calverley of Haines Watts was appointed Liquidator.

Haines Watts -- http://www.hwca.com/-- is a national U.K.  
business advisory and accountancy firm with a network of
practices strategically placed throughout England, Wales and
Scotland, offering tax and general business advice.  Its
experienced tax accountants, business advisors and special
service teams will help its clients with every aspect of its
business.

The company can be reached at:

         J.T. Construction Limited
         6 Totley Grange Close
         Sheffield S17 4AG
         United Kingdom
         Tel: 0114 262 0109
         Fax: 0114 262 0309


JACK BEW: Tim Alexander Clunie Leads Liquidation Procedure
----------------------------------------------------------
Tim Alexander Clunie of S G Banister & Co. was appointed
Liquidator of Jack Bew Limited after creditors passed a
resolution to wind up the company on April 12.

The company can be reached at:

         Jack Bew Limited
         31-33 Chislehurst Road
         Bromley BR1 2NJ
         United Kingdom
         Tel: 020 8467 3564
         Fax: 020 8295 0073


JOHN HURLEY: Creditors Nominate Liquidator
------------------------------------------
Creditors of John Hurley Plastics Limited nominated Timothy
Frank Corfield of Griffin & King as Liquidator during an
extraordinary general meeting on April 20.

The company can be reached at:

         John Hurley Plastics Limited
         Building 62
         Third Avenue
         Pensnett Trade Estate
         Dudley Road
         Kingswinford DY5 7NA
         United Kingdom
         Tel: 01384 280 197
         Fax: 01384 280 213


JOHN TIERNEY: Names Gerard Keith Rooney Liquidator
-------------------------------------------------
John Tierney Casings Liverpool Limited is liquidating its assets
after creditors proved the company could no longer continue its
operations due to liabilities.

Gerard Keith Rooney of Rooney Associates was appointed
Liquidator.

The company can be reached at:

         John Tierney Casings Liverpool Limited
         25 Carruthers Street
         Liverpool L3 6BY
         United Kingdom
         Tel: 0151 236 7002
         Fax: 0151 236 7002


KANA SOFTWARE: Auditor Burr Pilger Expresses Going Concern Doubt
----------------------------------------------------------------
KANA Software Inc.'s auditor, Burr, Pilger & Mayer LLP,
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's
financial statement for the year ending Dec. 31, 2005.

Burr Pilger pointed to the Company's recurring losses from
operations, net capital deficiency, negative cash flow from
operations and accumulated deficit.

The Company incurred a US$17.96 million net loss on US$43.1
million of revenues in 2005.  Total revenues decreased by 12%
from US$48.9 million for the year ended Dec. 31, 2004, primarily
as a result of fewer license transactions in 2005 than in 2004.

As of Dec. 31, 2005, the Company's balance sheet reported assets
amounting to US$35.71 million and debts totaling US$45.5
million.  As of Dec. 31, 2005, the Company reported a US$9.79
million equity deficit from a US$3.16 million positive equity at
Dec. 31, 2004.

In December 2005, the Company consolidated its research and
development operations into one location in Menlo Park,
California to optimize the Company's research and development
processes and decrease overall operating expenses.  As a result,
the Company terminated the employment of 15 employees based in
New Hampshire. As a result of this consolidation, the Company
incurred a restructuring charge of US$282,000 related to
employee termination costs.  Additionally, the Company recorded
a US$186,000 restructuring charge during 2005 related to a
change in evaluation of the real estate conditions in the United
Kingdom, a change in the sublease estimates in the United States
and the consolidation of our research and development operations
in Menlo Park, California.

A full-text copy of the Company's Annual Report in Form 10-K
filed with the United States Securities and Exchange Commission
is available for free at http://ResearchArchives.com/t/s?d7d

KANA Software Inc. provides multi-channel customer service
software applications.  KANA's integrated solutions allow
companies to deliver service across all channels, including
email, chat, call centers and Web self-service, so customers
have the freedom to choose the service they want, how and when
they want it.  The Company's target market is the Global 2000
with a focus on large enterprises with high volumes of customer
interactions, such as banks, telecommunications companies, high-
tech manufacturers, healthcare organizations and government
agencies.

The Company is headquartered in Menlo Park, California, with
offices in Japan, Hong Kong, Korea and throughout the United
States and Europe.


KEY CONTRACTS: Appoints Begbies Traynor as Administrators
---------------------------------------------------------
G.W. Rhodes and I.P. Sykes of Begbies Traynor were appointed
joint administrators of Key Contracts U.K. Limited (Company
Number 4958165) on June 14.

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

Headquartered in Aldershot, United Kingdom, Key Contracts U.K.
Limited is a commercial refurbishment specialist.


LEA & CARR: Creditors Agree to Voluntary Liquidation
----------------------------------------------------
Creditors of Lea & Carr Limited agreed to voluntarily liquidate
the company's assets during an extraordinary general meeting on
April 18.

Michael McGurk of Harris was appointed Liquidator.

The company can be reached at:

         Lea & Carr Limited
         38 Smyth Road
         Widnes
         Cheshire WA8 3LT
         United Kingdom
         Tel: 0151 420 6429


M.T.S. COMMUNICATIONS: Creditors Opt to Liquidate Assets
--------------------------------------------------------
Creditors of M.T.S. Communications Limited opted to liquidate
the company's assets during an extraordinary general meeting on
April 18.

Subsequently, Gerald Irwin was appointed Liquidator.

The company can be reached at:

         M.T.S. Communications Limited
         Unit 11
         Maybrook Road
         Maybrook Business Park
         Minworth
         Sutton Coldfield B76 1AL
         United Kingdom
         Tel: 0121 313 2222
         Fax: 0121 313 2272


MANNERISM LTD: Creditors Confirm Liquidator's Appointment
---------------------------------------------------------
Creditors of Mannerism Limited confirmed the appointment of Iain
John Allan as Liquidator during an extraordinary general meeting
on April 18.

The company can be reached at:

         Mannerism Limited
         54 South Molton Street
         London W1K 5SG
         United Kingdom
         Tel: 020 7629 8200   


MAYFAYRE WINDOW: Taps BWC Business to Administer Assets
-------------------------------------------------------
Paul Andrew Whitwam and Gary Edgar Blackburn of BWC Business
Solutions were appointed joint administrators of Mayfayre Window
Systems Limited (Company Number 02970242) on June 15.

The administrators can be reached at:

         BWC Business Solutions
         8 Park Place
         Leeds LS1 2RU
         United Kingdom
         Tel: 0113 243 3434
         Fax: 0113 243 5049
         E-mail: bwc@bwc-solutions.com

Mayfayre Window Systems Limited can be reached at:

         Unit 29
         Grange Lane Industrial Estate
         Carrwood Road
         Barnsley S71 5AS
         United Kingdom
         Tel: 01226 730 700
         Fax: 01226 731 400


PARTNER MARKETING: Names Gordon Craig as Administrator
------------------------------------------------------
Gordon Craig of Cresswall Associates Limited was named
administrator of Partner Marketing Limited (Company Number
04374481) on May 22.

The administrator can be contacted at:

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

Headquartered in Blackpool, United Kingdom, Partner Marketing
Limited is engaged in advertising.


PAVILION COURT: Brings In B & C as Joint Administrators
-------------------------------------------------------
Jeffrey Mark Brenner and Filippa Connor of B & C Associates were
appointed joint administrators of Pavilion Court Limited
(Company Number 01509144) on June 12.

The administrators can be contacted at:

         B & C Associates
         Trafalgar House
         Grenville Place
         Mill Hill
         London NW7 3SA
         United Kingdom
         Tel: 0208 906 7730
         Fax: 0208 906 7731
         E-mail: filippa@bcassociates.uk.com

Headquartered in Canterbury, United Kingdom, Pavilion Court
Limited manages residential properties.


PHOENIX LASER: Taps BDO Stoy as Joint Administrators
----------------------------------------------------
D.B. Coakley and A.H. Beckingham of BDO Stoy Hayward LLP were
appointed joint administrators of Phoenix Laser Press Limited
(Company Number 02093030) on June 14.

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

Incorporated in 1993, Phoenix Laser Press --
http://www.phoenixlaserpress.com/ -- provides volume document  
reproduction and print finishing service to the business
community with particular emphasis on quality, service and
competitive pricing.


PREMIERPLAN GOLF: Brings In Marriotts LLP to Administer Assets
--------------------------------------------------------------
Anthony Harry Hyams and Kevin Thomas Brown of Marriotts LLP were
appointed joint administrators of Premierplan Golf Design
Limited (Company Number 03140049) on June 12.

The administrators can be contacted at:

         Marriotts LLP
         Allan House
         10 John Princes St
         London W1G 0JW
         United Kingdom
         Tel: 020 7495 2348  

Established in 1991, PremierPlan Golf Design --
http://www.premierplan.co.uk/-- is the fastest growing  
specialist golf graphics company in Europe.


RANK GROUP: In Talks with Permira Over Hard Rock Acquisition
------------------------------------------------------------
Permira Advisers LLP is considering an offer for Rank Group
PLC's Hard Rock Cafe chain restaurants, Bloomberg News reports
citing Sunday Times as its source.

According to the Times, Rank and Permira began talks on the
proposed acquisition two months ago.

In the Group's Trading Statement released on July 4, Rank's
board of directors has decided to review the potential strategic
options for Hard Rock, to assess whether or not Hard Rock should
remain part of The Rank Group.    

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

                        *     *     *

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

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

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


RTF CONSULTANTS: Joint Liquidators Take Over Operations
-----------------------------------------------------
A. Pear and I. Cadlock, of Tenon Recovery, were appointed Joint
Liquidators of RTF Consultants Limited after creditors resolved
to liquidate the company's assets on April 19.

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

RTF Consultants Limited can be reached at:

         83 Bowen Court
         St. Asaph Business Park
         St. Asaph
         Clwyd LL170JE
         United Kingdom
         Tel: 0871 222 4232


SHOWCOURT LTD: Appoints Joint Liquidators to Wind Up Business
-------------------------------------------------------------
Bernard Hoffman and Ian Douglas Yerrill, of Gerald Edelman
Business Recovery, were appointed Joint Liquidators of Showcourt
Limited after creditors passed a resolution to wind up the
company on April 12.

Gerald Edelman -- http://www.geraldedelman.com/-- is registered  
to carry on audit work by the Institute of Chartered Accountants
in England and Wales and is authorized and regulated by the
Financial Services Authority.  Gerald Edelman Financial
Solutions Ltd. is an appointed representative of Independent
Solutions Group Ltd. who is regulated by the Financial Services
Authority.

Showcourt Limited can be reached at:

         Elgar Drive
         Witham
         Essex CM8 1NG
         United Kingdom
         Tel: 01376 515 565
         Fax: 01403 864 478


SIDHU & GILL: Brings In Wilson Pitts as Administrators
------------------------------------------------------
D.F. Wilson and J.N.R. Pitts of Wilson Pitts were appointed
joint administrators of Sidhu & Gill Company Limited (Company
Number 01918017) on June 8.

The administrators can be reached at:

         Wilson Pitts
         Glendevon House
         Hawthorn Park
         Coal Road
         Leeds LS14 1PQ
         United Kingdom
         Tel: 0113 237 5560
         Fax: 0113 237 5561

Headquartered in Oxford, United Kingdom, Sidhu & Gill Company
Limited is a nursing home.


SIMBOL LIMITED: Hires KPMG as Joint Administrators
--------------------------------------------------
James Douglas Ernle Money and Allan Watson Graham of KPMG LLP
were appointed joint administrators of Simbol Limited (Company
Number 3817491) on June 9.

KPMG LLP -- 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.

Headquartered in Kent, United Kingdom, Simbol Limited designs
and manufactures jewelry.


TEMPAKERB LIMITED: Appoints Administrators from Parkin S. Booth
---------------------------------------------------------------
Robert M. Rutherford and Ian C. Brown of Parkin S. Booth & Co.
were appointed joint administrators of Tempakerb Limited
(Company Number 4124261) on June 15.

Parkin S. Booth & Co. -- http://www.parkinsbooth.co.uk/--  
independent Accountants Licensed Insolvency Practitioners is a
medium sized firm with particular expertise in its own field.  
Dealing entirely with insolvency matters, we do not, for
example, undertake any audit or taxation work.

Headquartered in Hirwaun, United Kingdom, Tempakerb Limited --
http://www.tempakerb.co.uk/-- manufactures plastic kerbs.


UNITED BISCUITS: Selling European Unit to Kraft for GBP575 Mln
--------------------------------------------------------------
United Biscuits has agreed to sell its Southern European
business to Kraft Foods Inc. for an enterprise value of GBP575
million.  

The agreement also returns to Kraft the rights to all Nabisco
trademarks, including Oreo and Ritz, in the European Union,
Eastern Europe, the Middle East and Africa.  The deal is subject
to the consent of UB's senior bank lenders.

UB's Southern European business is the largest biscuit
manufacturer in Spain and Portugal with approximately 26% and
37% market share respectively.  UB purchased the Southern
European business from Nabisco Holdings in July 2000 and became
the market leader in Portugal in 2004 with the acquisition of
Triunfo Productos Alimentares S.A (Triunfo).

UB is the number one player in the U.K. biscuit market with
well-known household brands such as McVitie's, go ahead! and
Jacob's.  UB is also the number two business in the biscuit
markets in France and Belgium, joint number one in the
Netherlands, the number two in the U.K. bagged snacks market and
U.K. cake market and the number one in the U.K. nuts market.

After closing, Kraft will no longer have any rights or interest
in UB or any of its affiliates.  Cinven, PAI and MidOcean
Partners remain as UB shareholders.

"Kraft is the natural buyer for our Southern European business
as it sells a number of brands like Oreo under license from
Kraft," Malcolm Ritchie, UB Chief Executive said.  "The rest of
our business, representing approximately 82% of group turnover,
which is based in the U.K. and Northern Europe, remains
unchanged and we are focused on maximizing our significant
presence in both these markets.  We reported a strong start for
the first quarter of 2006 and we continue to see opportunities
to further develop our key brands in all sectors, including
healthy and indulgent."

Headquartered in London, United Kingdom, United Biscuits --
http://www.unitedbiscuits.com/-- is the country's leading  
biscuit manufaturer and second largest snack maker.  The company
is a leading biscuit and snack maker in Spain, Portugal.  UB's
biscuit and snack cake brands include stalwarts BN, Carr's,
Cream Crackers, Delacre, Jacob's, Krackawheet, and McVitie's
Digestive Biscuits.  Its nut and snack brands include KP Nuts,
McCoy's, and Hula Hoops.  

UB is owned by a consortium of investors: Cinven (30%), PAI
(30%), Kraft Foods (25%), and MidOcean Partners (15%).


UNITED BISCUITS: S&P Places B Credit Rating on Watch Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on U.K.-
based biscuits and snacks manufacturer United Biscuits Finance
PLC, including its 'B' long-term corporate credit rating, on
CreditWatch with positive implications.  The ratings on United
Biscuits' direct subsidiary Regentrealm Ltd. were also placed on
CreditWatch with positive implications.

"The CreditWatch placement follows United Biscuits' announcement
that it has agreed to sell its southern European business
division to Kraft Food Inc. for an enterprise value of GBP575
million," said Standard & Poor's credit analyst Sunita Kara.

"The transaction could result in an improvement in the group's
financial profile that would offset the reduced geographic
diversity."
     
Although United Biscuits will no longer benefit from the
relatively less mature and higher growth southern European
biscuit market, the dilution of the group's business risk
profile is modest.  Leverage is currently in line with our
expectations for the ratings, with fully adjusted net debt to
EBITDA at about 5.4x in the 12 months to April 22.

"If leverage is credibly sustained below 5.0x, this could lead
to an upgrade of one notch," Ms. Kara added.
     
Standard & Poor's aims to resolve the CreditWatch on completion
of the transaction.  S&P will review financial policy with
management, as well as the likely direction of further strategic
reviews.


UNIVERSAL BLIND: Taps Steven Law to Administer Assets
-----------------------------------------------------
Steven Law of Ensors was named administrator of Universal Blind
& Curtain Systems Limited (Company Number 03015147) on June 9.

Ensors -- http://www.ensors.co.uk/-- is the leading independent  
firm of chartered accountants in East Anglia, United Kingdom.  
It has branches in Bury St. Edmunds, Haverhill, Ipswich and
Saxmundham.

Headquartered in St. Albans, England, Universal Blind & Curtain
Systems Limited -- http://www.universal-blind.co.uk/-- offers a  
wide range of electronic and manually controlled blind and
curtain systems, and is associated with Mottura, one of Europe's
leading producers of specialized hardware and fabrics.

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

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

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

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