TCREUR_Public/060713.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, July 13, 2006, Vol. 7, No. 138        

                            Headlines


A U S T R I A

EROL KARAASLAN: Claims Registration Period Ends July 19
G. HOLZBAU: Wels Court Orders Closing of Business
ISGT SCHADENBEARBEITUNG: Property Manager Claims Lack of Funds
NOWA BETEILIGUNG: Creditors' Meeting Slated for July 26
STA SCHWEISSFACHBETRIEB: Property Manager Claims Lack of Assets


F R A N C E

ALCATEL SA: Partners with Avnet to Access Australian IP Market
CMA CGM: Moody's Lifts Corporate Family Rating to Ba1
EUROTUNNEL GROUP: Unveils Amended Plan to Get Bondholders Nod
GLOBAL AUTOMOTIVE: Moody's Junks EUR200-Million Notes
RAY ACQUISITION: Proposed GE Acquisition Spurs Moody's B2 Rating

RAY ACQUISITION: Acquisition Plan Prompts S&P to Affirm B Rating
REXEL SA: Inks US$725-Million GE Supply Takeover Deal
REXEL SA: Moody's Rates EUR1.5-Mln Sr. Credit Facilities at B2
REXEL SA: Acquisition Plan Prompts S&P to Affirm B Rating


G E O R G I A

METROMEDIA INTERNATIONAL: Forms New Fixed-Line Unit in Georgia


G E R M A N Y

BAUSTOFFCENTER WOPEL: Claims Registration Ends Aug. 7
BTT BRUECKENTECHNIK: Claims Registration Ends August 7
DESIGN-BAU: Claims Registration Ends Aug. 4
GO-IN 2005: Claims Registration Ends Aug. 7
GRAFE UM: Claims Registration Ends August 7

GUENTHER REESE: Claims Registration Ends August 7
HNK - ANLAGENBAU: Claims Registration Ends August 5
MEDIA REPROTECHNIK: Claims Registration Ends July 19
SPP SWIMMINGPOOL: Claims Registration Ends August 7
VANESSA WOMAN: Claims Registration Ends August 7


I T A L Y

MELIORBANCA: Fitch Affirms Individual C/D Rating


K A Z A K H S T A N

12-TELEKANAL: Creditors Must File Claims by July 28
AKTUESAI: Creditors Must File Claims by July 28
BOGEMIA-TREID: Creditors Must File Claims by July 28
BOLLER LTD: Proof of Claim Deadline Slated for July 28
DON: Proof of Claim Deadline Slated for July 28

GEOSERVIS: Claims Registration Ends July 28
KAZHIMPOLIMER: Claims Registration Ends July 28
SHEKEU: Creditors Must Submit Claims by July 28
TARAZ-MEDER-FARM: Creditors' Claims Due July 28
TENTEKSKAYA TES: Creditors Must Submit Claims by July 28


K Y R G Y Z S T A N

AKTAM OIL: Creditors Must File Claims by Aug. 21
ROZA INSAAT: Claims Registration Ends Aug. 21


N E T H E R L A N D S

GETRONICS NV: Sets Up Biller Service Provider for ING Bank


N O R W A Y

FALCONBRIDGE LTD: Xstrata Raises Purchase Offer to US$16.2 Bln


R U S S I A

AMUR-AGRO-PROM-SNAB: Court Starts Bankruptcy Supervision
BOGORODITSKOYE: Court Names A. Lychagin as Insolvency Manager
DINAMO: Bankruptcy Hearing Slated for Sept. 11
GAZPROM: Eyes Joint Venture with Kazakhstan's KazMunayGas
KAMYSHLOVSKIY GLUE: Court Begins Bankruptcy Supervision

METROMEDIA INTERNATIONAL: Forms New Fixed-Line Unit in Georgia
NIDZH: Court Appoints A. Mavrov as Insolvency Manager
OJSC RUSSIA: Court Names V. Magdin as Insolvency Manager
ORLOVSKIY TECHNOLOGICAL: E. Mikhaylov to Manage Assets
POCHINKOVSKOYE: Court Names A. Nikolskiy as Insolvency Manager

ROSNEFT OIL: Shares Trading Delayed Until July 19, Report Says
SEL-KHOZ-TEKHNIKA PRICHULYMSKAYA: Bankruptcy Supervision Starts
SEVERO-ZADONSKIY CONDENSER: Court Begins Bankruptcy Supervision
SHADRINSK: Court Commences Bankruptcy Supervision
SLAVYANKA: Court Names V. Maksimov as Insolvency Manager

STROY-CREDIT-ALLIANCE: Court Names M. Ivanov Insolvency Manager
UZ-VNESH-TRANS-ZAPAD: Court Starts Bankruptcy Supervision
VIMPEL COMMUNICATIONS: Buys 51% Stake in Mobitel for US$12.6 Mln
VIMPEL COMMUNICATIONS: David Haines Remains as Board Chairman
VNESHTORGBANK: Moody's Assigns E+ Financial Strength Rating


S P A I N

TDA 25: S&P Assigns BB Rating to EUR2.5-Mln Class D Notes


U K R A I N E

BAREL: Court Names Lubomir Cherevatij as Insolvency Manager
INTERAVTOSERVICE: Court Commences Bankruptcy Supervision
KAMYANETS-PODILSKIJ' MEAT: Viktor Matushak to Manage Assets
KOLOS: Regional Bankruptcy Agency to Liquidate Assets
NADIYA: Court Names Olga Naumova as Insolvency Manager

NAFTOSVIT: Court Names Lubomir Cherevatij as Liquidator
POLIMERZHITLO: Court Names Volodimir Tkachenko as Liquidator
REPAIR-TRANSPORT PLANT: Oleksandr Mamrukov to Manage Assets
SPEKTRUM-PETROL: Court Begins Bankruptcy Supervision
UKRSLAVNAFTA: Court Names Oleksandr Tereshenko as Liquidator

VOLINAGROHIM: Court Starts Bankruptcy Supervision


U N I T E D   K I N G D O M

BEST TRANSPORT: Hires Joint Liquidators from Kroll Limited
BRAKE BROS: Fitch Upgrades IDR to B+ on Two Entities
BRITISH TITANIUM: Names Jeremy Frost as Administrator
CHOUDHRY TRADING: Creditors' Meeting Slated for July 20
CNC METALFORM: Taps Joint Administrators from Jacksons Jolliffe

COMPASS HEALTH: Creditors Pass Winding Up Resolution
COUNTYROUTE: S&P Affirms BB Long-Term Rating on GBP5.5-Mln Loan
COUNTY HERITAGE: Ruth Duncan Leads Liquidation Procedure
CHRIWEND INVESTMENTS: Creditors Opt to Liquidate Assets
DIVISIONS MAINTENANCE: Appoints Clive Hammond as Liquidator

EMI GROUP: Major Shareholders Support Increased Bid for Warner
EMMA SOMERSET: Brings In Gary Bell as Administrator
EUROPEAN COLLECTIONS: Hires Tenon Recovery to Administer Assets
EUROTUNNEL GROUP: Unveils Amended Plan to Get Bondholders Nod
EXPRESS EUROPARTS: Names Jeremiah Anthony O'Sullivan Liquidator

FIRST COURIERS: Names Joint Liquidators from Rothman Pantall
FIRE TRADE: Taps A. J. Clark to Liquidate Assets
FOOTSTEPS FASHION: Creditors Resolve to Liquidation
GAINSBOROUGH GROUP: Appoints Administrators from Grant Thornton
GOMM METAL: Names Duncan Roderick Morris as Administrator

IN THE BAG: Brings in Joint Administrators from Begbies Traynor
JOHN WOODLEY: Hires Buchanans PLC as Joint Administrators
MAINLINE FLOORING: Creditors Confirm Liquidator's Appointment
MARTIN LEISURE: Creditors Ratify Winding Up Resolution
MISYS PLC: SunGard Data Eyes Takeover Deal, Report Says

MISYS PLC: Healthcare Unit to Provide EMR Software to VHA Inc.
N. TAYLOR: Creditors' Meeting Slated for July 17
NEMUS FUNDING: Moody's Rates GBP17.3-Mln Notes at (P)Ba3
NEMUS FUNDING: S&P Assigns BB Ratings to Class E & F Notes
NORTHERN PACKAGING: Creditors' Meeting Set for July 17

NOVELIS INC: Extends Consent Request for Senior Notes to July 19
POTTERS BAR: Financial Woes Prompt Liquidation
PREMIER FOODS: Buying Campbell's UK & Irish Units for GBP460 Mln
TIMOTHY HOLDEN: Creditors Nominate Liquidator
TORFAEN COMMUNITY: Creditors' Meeting Slated for July 18

XDATE SPEED: Brings In Joint Liquidators from Begbies Traynor

* Robert Gold Joins DLA Piper's New York Office as Partner


                            *********


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


EROL KARAASLAN: Claims Registration Period Ends July 19
-------------------------------------------------------
Creditors owed money by KEG Erol Karaaslan (FN 227687i) have
until July 19 to file written proofs of claims to court-
appointed property manager Clemens Richter at:

         Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna, Austria
         Tel: 712 33 30
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on Aug. 2 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna, Austria

Headquartered in Vienna, the Debtor declared bankruptcy on
May 30 (Bankr. Case No. 3 S 82/06p).  Daniel Lampersberger
represents Mag. Richter in the bankruptcy proceedings.


G. HOLZBAU: Wels Court Orders Closing of Business
-------------------------------------------------
The Land Court of Wels entered an order closing the business of
LLC G. Holzbau (FN 272388x) on May 30.  Court-appointed property
manager Johannes Hochleitner determined that the continuing
operation of the business would reduce the value of the estate.

Creditors owed money by the Debtor is encouraged to attend the
creditors meeting at 10:00 a.m. on July 20 to consider the
adoption of the rule by revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Wels
         Hall 101
         1st Floor
         Maria Theresia Str.12
         Wels, Austria

The property manager can be reached at:

         Dr. Johannes Hochleitner
         Kirchenplatz 8
         4070 Eferding, Austria
         Tel: 07272/3781-0
         Fax: 07272/3783
         E-mail: office@iura.at  

Headquartered in Eferding, Austria, the Debtor declared
bankruptcy on May 24 (Bankr. Case No20 S 64/06x).  


ISGT SCHADENBEARBEITUNG: Property Manager Claims Lack of Funds
--------------------------------------------------------------
Dr. Brigitte Stampfer, the court-appointed property manager for
LLC ISGT Schadenbearbeitung (FN 123018i), declared on May 30
that the Debtor does not have enough assets to pay off
creditors.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Feb. 22 (Bankr. Case No. 2 S 17/06x).  

The property manager can be contacted at:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna, Austria
         Tel: 877 33 30 Serie
         E-mail: ra-stampfer@utanet.at


NOWA BETEILIGUNG: Creditors' Meeting Slated for July 26
-------------------------------------------------------
Creditors owed money by LLC NOWA Beteiligung (FN 208520y) are
encouraged to attend the creditors' meeting at 10:00 a.m. on
July 26 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1609
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 30 (Bankr. Case 38 S 40/06v).  Dr. Georg Freimueller
serves as the court-appointed property manager of the bankrupt
estate.  

The property manager can be reached at:

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


STA SCHWEISSFACHBETRIEB: Property Manager Claims Lack of Assets
---------------------------------------------------------------
Christian Kochl, the court-appointed property manager for LLC
STA Schweissfachbetrieb (FN 199080s), 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 Arnoldstein, Austria, the Debtor declared
bankruptcy on April 20 (Bankr. Case No. 41 S 49/06p).  

The property manager can be contacted at:

         Mag. Christian Kochl
         10 Oktober Road 17/I
         9500 Villach, Austria
         Tel: 04242/27 18 3-0
         Fax: 04242/214925
         E-mail: ra.office@koechl.com


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


ALCATEL SA: Partners with Avnet to Access Australian IP Market
--------------------------------------------------------------
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) and Avnet Partner
Solutions, Australia, a division of Avnet, Inc. (NYSE: AVT)
disclosed a formal distribution agreement to deliver Alcatel IP
networking solutions across Australia.

Under the agreement, Avnet will distribute the entire series of
Alcatel OmniSwitch, OmniStack and OmniAccess products to systems
integrators, outsourcers and value-added resellers in Australia.

"The partnership brings together Alcatel's industry leading IP
communications solutions with Avnet's expertise and efficient
operations in the Australian networking market," Mike Stein,
country manager for Alcatel enterprise activities, said.

"Alcatel's best-of-breed technology combined with Avnet's
operational excellence will deliver even more value to both
existing and new resellers in Australia," Mr. Stein added.  
"Under this new arrangement, Alcatel partners and their
customers will benefit from reduced delivery times for new
products and from having more in-country stock.  In the future
we are looking at ways to improve spares and advance replacement
parts availability for distribution," added Mr. Stein.

"We are excited about the relationship with Alcatel and their
commitment to the enterprise networking market," Colin McKenna,
Vice President of Avnet Partner Solutions, Australia, commented.  
"Alcatel's advanced technology in the areas of LAN switching,
wireless LAN and network security provides resellers,
integrators and IT professionals with highly robust and reliable
networking solutions at highly competitive costs."

Mr. McKenna added, "Key priorities for Avnet and Alcatel will be
to explain the benefits of the new relationship to existing
channel partners and add new resellers and integrators to the
roster.  To achieve this, Avnet will be undertaking a
significant marketing campaign to sign-up new resellers and
systems integrators, to promote Alcatel solutions within Avnet's
existing partner network and to build upon Alcatel's existing
network of partners."

                          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.


CMA CGM: Moody's Lifts Corporate Family Rating to Ba1
-----------------------------------------------------
Moody's Investors Services has upgraded CMA CGM S.A's Corporate
Family Rating to Ba1 from Ba2.  The rating outlook is stable.

The rating upgrade reflects:

   -- CMA CGM's strengthening market position in Ocean
Containers Shipping industry,

   -- the improved resilience of cash flows; and

   -- the consistency of financial policies, notably the absence
of dividends and exceptional cash outflows.  

CMA CGM has a strong position in the Trans-Pacific and Asia
Europe trade lanes -- which have been the most dynamic markets
for container shipping in the last ten years - and has continued
to realize operating efficiencies from investing in a modernized
fleet, whilst maintaining flexibility through its ship financing
policies as well as its business model based on a hub and feed
system.  Operating cash flow has grown strongly; however,
financial metrics are unlikely to improve markedly over the near
term given CMA's investment in owned and leased vessels.

The rating outlook is stable which assumes relatively
sustainable credit metrics over the near term, continued
resilience to quarterly swings in freight rates as well as
prolonged demand strength for container transportation which is
seen over the longer term to offset increases in vessel supply,
as noted in the first quarter 2006.  CMA-CGM's strength through
diversification of trade lanes is also re-enforced by the Delmas
acquisition.

Moody's previous rating action on CGM CMA, was the change of
outlook from stable to positive on November 2005.

Headquartered in Marseilles, France, CMA CGM is the third
largest container shipping company in the world.  The company
generated revenues of about EUR5 billion for the year ended
Dec. 31, 2005.


EUROTUNNEL GROUP: Unveils Amended Plan to Get Bondholders Nod
-------------------------------------------------------------
Eurotunnel Group presented a revised debt restructuring plan to
bondholders in an attempt to reach a consensual deal that would
restructure a EUR6.2 billion debt package, a Eurotunnel
spokesman told Dow Jones on Wednesday.

"We have put proposals to them (the bondholders) in a formal
sense -- it is a version of the Preliminary Restructuring
Agreement to accommodate the changed ambitions of the
bondholders," the spokesman disclosed.

Eurotunnel, its bondholders and a group of the majority of its
senior creditors are currently in talks regarding the revised
agreement, the spokesman said.

The preliminary restructuring agreement, backed by Eurotunnel,
Goldman Sachs Group Inc., Macquarie Bank Ltd. and Barclays PLC,
values the company at around EUR7.03 billion and includes a
EUR1.5 billion hybrid issue with a 6% to 9% coupon and would
reduce debt by 54%.  Under the agreement, bondholders will get a
GBP75 million return for their GBP1.9 billion bond holdings.

Chairman Jacques Gounon set a deadline to reach a consensual
deal at midnight on Wednesday, when the third credit waiver
expired.

Eurotunnel filed for bankruptcy protection at a French business
court on July 11 and is expected to start with the proceedings
today if no agreement is reached with the bondholders.  

              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.

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.


GLOBAL AUTOMOTIVE: Moody's Junks EUR200-Million Notes
-----------------------------------------------------
Moody's Investors Service confirmed Global Automotive Logistics
S.A.S. Caa1 corporate family rating and the Caa3 rating on the
senior unsecured notes issued by its financial subsidiary GAL
Finance S.A.  

The rating action concludes the review for possible downgrade
initiated on May 19 and reflects the fact that the Safeguard
Procedure is unlikely to conclude shortly given any resolution
could take time until agreement is reach by the parties and then
approved by the Court.  This date has yet to be confirmed.  The
outlook on the rating remains negative.

On May 17, GAL's board filed for a Safeguard Procedure, in order
to gain time to reschedule and restructure its debt. The
procedure constitutes an event of default.  The company has
currently a maximum of six months to present to the French Court
a recovery plan, however, Moody's understand that the deadline
can be extended by additional six months and although the
Company is making its best effort to respect the first deadline,
a possible resolution might be delayed up to 2007.  

In addition, according to Moody's, the current discussions
between shareholders and the ongoing negotiation with Renault
regarding the key delivery contract for the Company, will
require significant efforts to be solved and no resolution is
expected over the short term.

The Safeguard Procedure does not extend to the CAT Group that
continues to operate and a possible recovery plan might be based
on the future cash flow generation capability of the operating
subsidiary and the amount of debt that the operation can sustain
going forward.  However, Moody's also notes that given the
limited asset base of the company, the likely recovery rate for
bondholders, in case the company fails to find a sustainable
recovery plan, might be limited.

The negative outlook reflects the uncertainties surrounding
possible agreements between GAL's shareholders and between the
Company and Renault in terms of timing and final outcome, at
time when profitability at CAT Group is likely to remain under
pressure over the intermediate term and working capital
management may become more challenging as suppliers are likely
to continuing putting pressure on the operating profile of the
group.  Any stabilization of the outlook is likely to be
predicated upon the company's successful renegotiation of the
main terms in the Renault contract and showing progress towards
an improvement in operating profitability.  Negative pressure on
GAL's ratings might increase once additional information on the
likely restructuring scenario is made available and this would
indicate a higher loss to bondholders.

Ratings confirmed:

   -- Corporate family rating: Caa1;

   -- EUR60 million Senior Secured Term Loan due 2008: Caa1;

   -- EUR40 million Senior Secured Revolving facility due 2007:
Caa1; and

   -- EUR100 million Senior Unsecured Notes due 2009: Caa3.

The outlook on the ratings is negative.

Headquartered in Boulogne-Billancourt, France, GAL is currently
one of Europe's largest lead logistics providers to the
automotive industry, providing transportation and distribution
services to automotive customers.  GAL's two areas of business
are vehicle logistics and logistic cargo.  The company reported
revenues of approximately EUR1,182 million and EUR286.4 million
for the twelve months ended December 2005 and for the three
months ended March 2006 respectively, for total debt of
approximately EUR224.6 million as at March 2006.


RAY ACQUISITION: Proposed GE Acquisition Spurs Moody's B2 Rating
----------------------------------------------------------------
Moody's affirmed the B2 corporate family rating of Ray
Acquisition SCA, the holding company for Rexel SA.  The outlook
has been revised to stable from positive.

The affirmation follows the company's stated intention to
acquire GE Supply, a subsidiary of General Electric Inc., and
reflects the fact that the company was already strongly
positioned within the B2 rating category.  Moody's believes that
the debt incurred in the current transaction will somewhat
weaken the company's credit profile within the rating category
and reduce short-term upward pressure on the rating.

GE Supply is a leading electrical distributor in the US with
US$2.2 billion in annual revenues.  The integration of the
newly-acquired business will elevate Ray Acquisition SCA to the
leading market position in the US, with an estimated 7.2% market
share, in addition to strengthening its leading position to an
estimated 7.1% of its market world-wide.  Moody's notes further
that in 2005, the US represented the strongest growth market for
Ray Acquisition, but cautions that future growth may be
susceptible to changes in interest rates.  GE Supply remains
highly concentrated on the US market, which represented 92% of
that company's revenues in 2005.

Moody's notes that Ray Acquisition SCA will retain adequate
covenant headroom under its senior facility agreement after the
acquisition.  After the transaction the company's liquidity is
expected to consist of the fully undrawn EUR300 million RCF, in
addition to approximately EUR113 million in cash and
availability under its Acquisition Facility.

Ray Acquisition SCA will not assume any material financial debt
in the acquisition.  However, adjusted for total acquisition and
related costs, which will be entirely debt-financed, as well as
for operating leases and pension obligations at both entities,
Moody's anticipates that Adj. Total Debt/EBITDA on a pro forma
basis will rise to nearly 7x versus 6.3x at Ray Acquisition at
end-2005.  The new facilities will be borrowed at Rexel SA, and
the US and Irish subsidiaries, and will rank pari passu with the
existing senior facilities.  As such, the EUR600 million 9.375%
Notes due 2015 will be subordinated to approximately 78% of debt
on a fully drawn basis, in addition to the securitization
program (EUR 716 million) and trade creditors (EUR1.283 billion)
at year-end 2005.

The stable outlook recognizes the company's proven ability to
deleverage on the back of strong organic growth currently, but
also the uncertainty regarding performance improvements within
the newly formed US network and the general market trend.  On
this basis, an upward revision of the ratings or outlook could
occur if organic growth were sustained at current levels, with
limited bolt-on acquisitions, reducing adjusted leverage towards
6x.  Downward pressure on the ratings or outlook could occur if
the market environment weakens, resulting in leverage rising
significantly above current levels over the medium term.

Ratings affirmed:

Ray Acquisition SCA

   -- Corporate Family Rating: B2

   -- EUR600 million 9.375% Senior Subordinated Notes due 2015:
      Caa1

Rexel S.A.

   -- Existing EUR1,502 million Senior Credit Facilities: B2

Ray Acquisition SCA is the direct parent of Rexel SA which is
the world's largest distributor of low and ultra low voltage
electrical parts and components.  For the twelve months ended
Dec. 31, 2005, Rexel reported total sales and EBITDA of
EUR7,377 million and EUR427 million, respectively.

Headquartered in Paris, Rexel SA, distributes more than one
million kinds of electrical parts and supplies, including wiring
devices, cabling systems, circuit protectors, lighting products,
automation equipment, hand tools, climate control equipment, and
electronic security components.


RAY ACQUISITION: Acquisition Plan Prompts S&P to Affirm B Rating
----------------------------------------------------------------
Standard & Poor's Ratings affirmed its 'B' long-term corporate
credit rating on France-based business-to-business electrical
parts distributor Rexel S.A. and Ray Acquisition SCA, the 99.99%
parent company that is owned by Rexel's financial investors.
This follows the announcement that the company will acquire GE
Supply, the electrical distribution business of General Electric
Co.  The outlook is positive.
     
At the same time, the 'CCC+' rating on Ray Acquisition's
EUR600 million senior subordinated notes, maturing in 2015, were
affirmed.  The recovery rating on Ray Acquisition's proposed
increased EUR2.1 billion senior secured facilities has been
raised to '2' from '3', as a result of which the issue rating on
the senior secured facilities has been raised to 'B' from 'B-'.
     
"The upgrade of the recovery rating and issue rating reflects
the improvement in recovery prospects as a result of Rexel's
stronger than initially expected trading results," said Standard
& Poor's credit analyst Marc Lewis.

S&P has adjusted its hypothetical default scenario to take into
account the improved trading performance, with default more
likely to occur a year later than originally expected.  The
additional year's contracted amortization reduces the amount of
senior secured debt outstanding at default, therefore improving
the level of cover into the 80%-100% range.  The effect of
recent acquisitions is neutral for the recovery rating, as the
increase in debt is adequately offset by the increased
contribution of the acquired businesses.  The improved recovery
prospects for the senior secured debt removes the need to notch
down from the corporate credit rating that previously existed to
reflect the relative disadvantage of senior secured lenders
compared with lenders to the receivable securitization program.
     
The ratings on Rexel and Ray Acquisition reflect the group's
highly leveraged financial profile, resulting from a heavy debt
burden and thin cash flow protection measures.
     
The ratings benefit from a satisfactory business profile based
on Rexel's leading position in the low- and ultra-low voltage
electrical distribution market, as well as its diverse customer
base and strong relationship with suppliers.  The proposed
acquisition of GE Supply will further strengthen Rexel's market
position in the U.S.  After the completion of the acquisition,
which is expected in August 2006, Rexel will be the leader in
the U.S. market, with a market share of 7.2%.  The group had pro
forma total gross debt of EUR3.2 billion at March 31.

"The positive outlook on Rexel reflects our expectation that the
ratings could be raised to 'B+' if the company continues to
improve its credit protection measures," said Standard & Poor's
credit analyst Eve Greb.

This is expected to be achieved through further cost
optimization and continued favorable selling prices in the
group's largest contributing markets.  Total debt to EBITDAR of
about 5x on a sustained basis could trigger an upgrade.  A
revision of the outlook to stable could result from increased
leverage due to larger acquisitions.


REXEL SA: Inks US$725-Million GE Supply Takeover Deal
-----------------------------------------------------
Rexel S.A. signed an agreement with GE Consumer & Industrial, a
unit of General Electric (NYSE:GE), to acquire GE Supply, GE's
electrical distribution business.

The acquisition, for a total consideration of US$725 million,
will continue Rexel's leadership in the consolidation of the
electrical distribution industry.  

Rexel is already a significant player in the US$64 billion
market for electrical products in the U.S. through Rexel Inc.,
which posted US$2.5 billion in sales in 2005.

With US$2.2 billion in pro forma 2005 annual revenues for the
transferred business to Rexel, GE Supply is a leading
distributor of electrical products produced by GE and more
than 200 other manufacturers.  The business is headquartered in
Shelton, Connecticut, and employs approximately 2,500 people in
more than 150 locations around the world.  GE Supply's core
electrical distribution activities operate mainly in the U.S.

After the acquisition of GE Supply, Rexel will operate in the
U.S. through a dual-banner strategy, serving an expanded
customer base with a much larger product offering and reinforced
network density.  Rexel will benefit from GE Supply's large
project management experience and national footprint to attract
key accounts with a differentiated service offering.

Rexel will also gain expertise in the GE Supply's highly
attractive outsourced offering through the GE Supply Logistics
and GE Production Services divisions.

"By welcoming this highly valuable company within the Group,
Rexel will double its presence in the U.S. with nearly US$5
billion in sales and reinforce its leadership in the world's
largest and fast growing electrical distribution market," Jean-
Charles Pauze, Chairman and CEO of Rexel, said.  "The
acquisition of GE Supply not only increases our presence in the
U.S. but demonstrates Rexel's ability to drive consolidation of
the industry.  This value enhancing investment is a logical step
forward and validates the attractiveness of our business model."

Rexel board member Roberto Quarta, representative of Rexel's
shareholders and a partner of Clayton, Dubilier & Rice, Inc.,
said "Together with Eurazeo and Merrill Lynch Global Private
Equity, we strongly support Rexel and its management team as
they continue to build significant value through their
acquisition strategy in the attractive and highly fragmented
global electrical distribution market."

"The GE Supply team has done a great job of growing the
business," James P. Campbell, President and CEO of GE Consumer &
Industrial, said. "Rexel is committed to fostering GE Supply's
continued growth by providing support that will help the
business expand its presence, products and services for their
customers.  It's a great fit.  The terms of this sale also
ensure that GE Supply will remain a strategic distribution
channel for GE products.  This is a big win for us and for the
customers that count on GE Supply to take care of all of their
GE product needs."

Upon closing, GE Supply will operate as a stand-alone
organization and will report to the newly created Rexel U.S.
Holding group headed by Dick Waterman, currently Rexel, Inc.'s
Executive Vice President and CEO.  Senior Vice President and CEO
of GE Supply Jeff Schaper, along with his leadership team, will
continue to operate the business.

The transaction is expected to close by Early August 2006,
subject to consent of Rexel's seniors' lenders.  

                         About GE Supply

Headquartered in Connecticut, U.S.A. -- GE Supply --
http://gesupply.com/-- is a full-line electrical distributor  
with US$2.3 billion in annual revenues and 2,500 employees
worldwide.   The company's core electrical distribution
activities operate through 150 branches in the U.S., Puerto
Rico, Ireland, Hungary and Asia.  In addition, GE Supply has an
integrated logistics management business, a Global Sales Center,
Tech Center, and Parts Super Center.  GE Supply distributes
products and parts from GE and over 200 leading manufacturers.

                          About Rexel

Headquartered in Paris, France -- Rexel S.A --
http://www.rexel.com/-- is a leading global distributor of  
electrical supplies.  The company operates in 24 countries
through a network of 1,686 branches.  In 2005, the Group
employed 21,000 people, and posted sales of EUR7.4 billion. Its
U.S. unit, Rexel Inc., headquartered in Dallas, Texas, is one of
the largest distributors of electrical and datacom supplies in
the U.S.  With over 4,945 employees, Rexel Inc. operates more
than 300 branches in 34 states.  

In the past 18 months, Rexel has expanded its global footprint
through acquisitions of electrical distribution businesses in
Europe and in the U.S., and has recently completed acquisitions
with Electro-Material, the leading electrical wholesaler in
Switzerland, ElettroBergamo (Italy) and Capitol Light and Supply
(U.S.).


REXEL SA: Moody's Rates EUR1.5-Mln Sr. Credit Facilities at B2
--------------------------------------------------------------
Moody's affirmed the B2 corporate family rating of Ray
Acquisition SCA, the holding company for Rexel SA.  The outlook
has been revised to stable from positive.

The affirmation follows the company's stated intention to
acquire GE Supply, a subsidiary of General Electric Inc., and
reflects the fact that the company was already strongly
positioned within the B2 rating category.  Moody's believes that
the debt incurred in the current transaction will somewhat
weaken the company's credit profile within the rating category
and reduce short-term upward pressure on the rating.

GE Supply is a leading electrical distributor in the US with
US$2.2 billion in annual revenues.  The integration of the
newly-acquired business will elevate Ray Acquisition SCA to the
leading market position in the US, with an estimated 7.2% market
share, in addition to strengthening its leading position to an
estimated 7.1% of its market world-wide.  Moody's notes further
that in 2005, the US represented the strongest growth market for
Ray Acquisition, but cautions that future growth may be
susceptible to changes in interest rates.  GE Supply remains
highly concentrated on the US market, which represented 92% of
that company's revenues in 2005.

Moody's notes that Ray Acquisition SCA will retain adequate
covenant headroom under its senior facility agreement after the
acquisition.  After the transaction the company's liquidity is
expected to consist of the fully undrawn EUR300 million RCF, in
addition to approximately EUR113 million in cash and
availability under its Acquisition Facility.

Ray Acquisition SCA will not assume any material financial debt
in the acquisition.  However, adjusted for total acquisition and
related costs, which will be entirely debt-financed, as well as
for operating leases and pension obligations at both entities,
Moody's anticipates that Adj. Total Debt/EBITDA on a pro forma
basis will rise to nearly 7x versus 6.3x at Ray Acquisition at
end-2005.  The new facilities will be borrowed at Rexel SA, and
the US and Irish subsidiaries, and will rank pari passu with the
existing senior facilities.  As such, the EUR600 million 9.375%
Notes due 2015 will be subordinated to approximately 78% of debt
on a fully drawn basis, in addition to the securitization
program (EUR 716 million) and trade creditors (EUR1.283 billion)
at year-end 2005.

The stable outlook recognizes the company's proven ability to
deleverage on the back of strong organic growth currently, but
also the uncertainty regarding performance improvements within
the newly formed US network and the general market trend.  On
this basis, an upward revision of the ratings or outlook could
occur if organic growth were sustained at current levels, with
limited bolt-on acquisitions, reducing adjusted leverage towards
6x.  Downward pressure on the ratings or outlook could occur if
the market environment weakens, resulting in leverage rising
significantly above current levels over the medium term.

Ratings affirmed:

Ray Acquisition SCA

   -- Corporate Family Rating: B2

   -- EUR600 million 9.375% Senior Subordinated Notes due 2015:
      Caa1

Rexel S.A.

   -- Existing EUR1.5 Billion Senior Credit Facilities: B2

Ray Acquisition SCA is the direct parent of Rexel SA which is
the world's largest distributor of low and ultra low voltage
electrical parts and components.  For the twelve months ended
Dec. 31, 2005, Rexel reported total sales and EBITDA of
EUR7,377 million and EUR427 million, respectively.

Headquartered in Paris, Rexel SA, distributes more than one
million kinds of electrical parts and supplies, including wiring
devices, cabling systems, circuit protectors, lighting products,
automation equipment, hand tools, climate control equipment, and
electronic security components.


REXEL SA: Acquisition Plan Prompts S&P to Affirm B Rating
---------------------------------------------------------
Standard & Poor's Ratings affirmed its 'B' long-term corporate
credit rating on France-based business-to-business electrical
parts distributor Rexel S.A. and Ray Acquisition SCA, the 99.99%
parent company that is owned by Rexel's financial investors.
This follows the announcement that the company will acquire GE
Supply, the electrical distribution business of General Electric
Co.  The outlook is positive.
     
At the same time, the 'CCC+' rating on Ray Acquisition's
EUR600 million senior subordinated notes, maturing in 2015, were
affirmed.  The recovery rating on Ray Acquisition's proposed
increased EUR2.1 billion senior secured facilities has been
raised to '2' from '3', as a result of which the issue rating on
the senior secured facilities has been raised to 'B' from 'B-'.
     
"The upgrade of the recovery rating and issue rating reflects
the improvement in recovery prospects as a result of Rexel's
stronger than initially expected trading results," said Standard
& Poor's credit analyst Marc Lewis.

S&P has adjusted its hypothetical default scenario to take into
account the improved trading performance, with default more
likely to occur a year later than originally expected.  The
additional year's contracted amortization reduces the amount of
senior secured debt outstanding at default, therefore improving
the level of cover into the 80%-100% range.  The effect of
recent acquisitions is neutral for the recovery rating, as the
increase in debt is adequately offset by the increased
contribution of the acquired businesses.  The improved recovery
prospects for the senior secured debt removes the need to notch
down from the corporate credit rating that previously existed to
reflect the relative disadvantage of senior secured lenders
compared with lenders to the receivable securitization program.
     
The ratings on Rexel and Ray Acquisition reflect the group's
highly leveraged financial profile, resulting from a heavy debt
burden and thin cash flow protection measures.
     
The ratings benefit from a satisfactory business profile based
on Rexel's leading position in the low- and ultra-low voltage
electrical distribution market, as well as its diverse customer
base and strong relationship with suppliers.  The proposed
acquisition of GE Supply will further strengthen Rexel's market
position in the U.S.  After the completion of the acquisition,
which is expected in August 2006, Rexel will be the leader in
the U.S. market, with a market share of 7.2%.  The group had pro
forma total gross debt of EUR3.2 billion at March 31.

"The positive outlook on Rexel reflects our expectation that the
ratings could be raised to 'B+' if the company continues to
improve its credit protection measures," said Standard & Poor's
credit analyst Eve Greb.

This is expected to be achieved through further cost
optimization and continued favorable selling prices in the
group's largest contributing markets.  Total debt to EBITDAR of
about 5x on a sustained basis could trigger an upgrade.  A
revision of the outlook to stable could result from increased
leverage due to larger acquisitions.


=============
G E O R G I A
=============


METROMEDIA INTERNATIONAL: Forms New Fixed-Line Unit in Georgia
--------------------------------------------------------------
Metromedia International Group Inc., the owner of interests in
communications businesses in the country of Georgia, has formed
a subsidiary to compete in Georgia's fixed line telephony and
data communication markets.

The move aims to complement and reinforce the market-leader
position of Magticom, the Company's majority-owned Georgian
mobile telephony operator.  The Company contributed its 81%
ownership interest in Telecom Georgia and cash to the New Fixed
Line Business so that its could acquire Telenet, a Georgian
company providing internet access, data communication, voice
telephony and international access services.  

Telenet's former owners each obtained a minority interest in the
New Fixed Line Business as partial consideration for the Telenet
acquisition.  The Company also sold a minority interest in the
holding company that owns the Company's interest in the New
Fixed Line Business to its Georgian partner in Magticom for
cash. The Company and its partners in this New Fixed Line
Business are now evaluating further acquisitions in Georgia to
rapidly expand the subsidiary's competitive presence.  The
Company has sole operational control of the New Fixed Line
Business and retains the largest economic interest in each of
Telecom Georgia and Telenet (approximately 21% and 26%,
respectively). The Company's net outlay of corporate cash in
forming the New Fixed Line Business and the transactions
described above was approximately US$450,000.

Telecom Georgia provides international long distance calling
services in Georgia and operates an extensive transit network
interconnecting all of Georgia's principal telecommunications
carriers.  Telenet provides high-speed data communication and
Internet access services on both a wired and wireless basis,
primarily to commercial and institutional customers in Georgia.   
It also operates international voice and data transit links
between Georgia and Russia.

Immediately prior to the Company's acquisition of Telenet,
Telenet acquired, from one of its affiliates, Georgia's only
license to provide CDMA 450 MHz wireless voice and data services
and a CDMA 450 network deployed in Georgia's capital city,
Tbilisi. The target markets of Telecom Georgia and Telenet are
office and residential consumers of fixed location telephony and
data communication services; and both companies have well-
established Georgian brands in these markets.

"Our recent goal has been to extend the range of communication
services offered by our Georgian companies to include
conventional office and residential local exchange telephony
service and to address the rapidly growing internet and data
communications markets in Georgia," Mark Hauf, Metromedia
Chairman and Chief Executive Officer, said.  "This strategy aims
to complement and strengthen the market leadership position
already held by our Magticom business in Georgia's mobile
telephony market.  In combination, Telenet and Telecom Georgia
provide an excellent entry vehicle for competing in Georgia's
fixed location communications market on both a wired and
wireless basis.  Our new partners, the former owners of Telenet,
bring considerable local operating experience and financing
capacity with respect to further developments in Georgia; and
the involvement of our Magticom partner in these developments
assures smooth coordination between future mobile and fixed
location service offerings."

                  About Metromedia International

Headquartered in Charlotte, North Carolina, Metromedia
International Group -- http://www.metromedia-group.com/--  
through its subsidiary, Metromedia International
Telecommunications, owns interests in telecom and cable TV
operations in Russia, Georgia, and elsewhere in Eastern Europe.

Since the first quarter of 2003, the Company has focused its
principal attentions on the continued development of its core
telephony businesses, and has substantially completed a program
of gradual divestiture of its non-core cable television and
radio broadcast businesses.  The Company's core businesses
includes Magticom, Ltd., the leading mobile telephony operator
in Tbilisi, Georgia, and Telecom Georgia, a well-positioned
Georgian long distance telephony operator.

                        *     *     *

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


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


BAUSTOFFCENTER WOPEL: Claims Registration Ends Aug. 7
-----------------------------------------------------
Creditors of Baustoffcenter Wopel GmbH have until Aug. 7 to
register their claims with court-appointed provisional
administrator Hans-Peter Rechel.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 23, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stendal
         Hall 411
         Scharnhorststrasse 40
         Stendal, 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 Stendal opened bankruptcy proceedings
against Baustoffcenter Wopel GmbH on June 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Baustoffcenter Wopel GmbH
         Dorfstr. 23
         29416 Siedenlangenbeck/OT Wopel
         Germany

         Attn: Hartmut Helbig, Manager
         Roggenweg 9
         38518 Gifhorn-Gamsen, Germany

The administrator can be contacted at:

         Hans-Peter Rechel
         Loam Way 17
         D-20251 Hamburg, Germany
         Tel: 040/4806390
         Fax: 040/48063999


BTT BRUECKENTECHNIK: Claims Registration Ends August 7
------------------------------------------------------
Creditors of BTT Brueckentechnik Thomassen GmbH & Co. KG have
until Aug. 7 to register their claims with court-appointed
provisional administrator Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Sept. 11, 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 Aachen
         Meeting Room K 5
         3rd Floor
         Alter Posthof 1
         52062 Aachen, 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 Aachen opened bankruptcy proceedings
against BTT Brueckentechnik Thomassen GmbH & Co. KG on June 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         BTT Brueckentechnik Thomassen GmbH & Co. KG
         Attn: Uwe Thomassen and Van Elteren, Managers
         Gruenewald 12
         52146 Wuerselen, Germany

The administrator can be contacted at:

         Carsten Lange
         Laurentiusstrasse 16-20
         52072 Aachen, Germany


DESIGN-BAU: Claims Registration Ends Aug. 4
-------------------------------------------
Creditors of Design-Bau Bautrager GmbH have until Aug. 4 to
register their claims with court-appointed provisional
administrator Frank Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 4, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Room K 5
         3rd Floor
         Alter Posthof 1
         52062 Aachen, 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 Aachen opened bankruptcy proceedings
against Design-Bau Bautrager GmbH on June 6.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         DESIGN-BAU Bautrager GmbH
         Ehrenstr. 11
         52477 Alsdorf, Germany

         Attn: Heinz Martin Poensgen, Manager
         Geschwister-Scholl-Str. 8
         52499 Baesweiler, Germany

The administrator can be contacted at:

         Frank Wiedemann
         Eupener Str. 181
         52066 Aachen, Germany


GO-IN 2005: Claims Registration Ends Aug. 7
-------------------------------------------
Creditors of Go-In 2005 Limited have until Aug. 7 to register
their claims with court-appointed provisional administrator
Florian Stapper.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on Sept. 7, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Leipzig, Germany      

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

The District Court of Leipzig opened bankruptcy proceedings
against Go-In 2005 Limited on June 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Go-In 2005 Limited
         Attn: Jorg Ueberschar, Manager
         Mastener Str. 1c
         04720 Dobeln, Germany

The administrator can be contacted at:

         Dr. Florian Stapper
         Karl-Heine-Str. 16
         04229 Leipzig, Germany


GRAFE UM: Claims Registration Ends August 7
-------------------------------------------
Creditors of Grafe Um- und Ausbau Ltd. have until Aug. 7 to
register their claims with court-appointed provisional
administrator Daniel Friedemann Fritz.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Aug. 7, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Area 31
         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 Grafe Um- und Ausbau Ltd. on June 15.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Grafe Um- und Ausbau Ltd.         
         Suburb 27
         Local Part Dautz
         04886 Grosstreben Zwethau, Germany

The administrator can be contacted at:

         Daniel Friedemann Fritz
         Nonnenstrasse 37
         04229 Leipzig, Germany


GUENTHER REESE: Claims Registration Ends August 7
-------------------------------------------------
Creditors of Guenther Reese GmbH have until Aug. 7 to register
their claims with court-appointed provisional administrator
Johannes Zimmermann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 7, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Uelzen
         Hall 2
         Main Building
         Fritz Roever Road 5
         29525 Uelzen, 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 Uelzen opened bankruptcy proceedings
against Guenther Reese GmbH on June 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Guenther Reese GmbH
         Attn: Guenther Reese, Manager
         Schaftrift 10
         29389 Bad Bodenteich, Germany

The administrator can be contacted at:

         Johannes Zimmermann
         Ringstrasse 9
         29525 Uelzen, Germany
         Tel: 0581/90100
         Fax: 0581/901020


HNK - ANLAGENBAU: Claims Registration Ends August 5
---------------------------------------------------
Creditors of HNK - Anlagenbau GmbH & Co. KG have until Aug. 5 to
register their claims with court-appointed provisional
administrator Udo Claes-Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Sept. 4, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Principal Establishment
         Viktoriastrasse 14
         44787 Bochum, Germany
      
The Court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

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

The Debtor can be contacted at:

         HNK - Anlagenbau GmbH & Co. KG
         Stadium 21
         45659 Recklinghausen, Germany

         Attn: Norbert Kraudelt, Manager
         Nordseestr. 146
         45665 Recklinghausen, Germany

The administrator can be contacted at:

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


MEDIA REPROTECHNIK: Claims Registration Ends July 19
----------------------------------------------------
Creditors of Media Reprotechnik GmbH have until July 19 to
register their claims with court-appointed provisional
administrator Oliver Brand.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 25, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Trier
         Hall 63
         Justizstrasse 2,4,6
         54290 Trier, Germany      

The Court will also verify the claims set out in the
administrator's report at 9:30 a.m. on Aug. 29 at the same
venue.

The District Court of Trier opened bankruptcy proceedings
against Media Reprotechnik GmbH on June 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Media Reprotechnik GmbH
         Attn: Klaus Schmitt, Manager
         Otto Route 4
         54294 Trier, Germany

The administrator can be contacted at:

         Oliver Brand
         Dietrich Route 20a
         54290 Trier, Germany
         Tel: 0651/9702460
         Fax: 0651/9702466
         E-mail: insolvenz@rae-schoett.de


SPP SWIMMINGPOOL: Claims Registration Ends August 7
---------------------------------------------------
Creditors of SPP SwimmingPool Pictures Filmproduktion GmbH have
until Aug. 7 to register their claims with court-appointed
provisional administrator Reinhard Titz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 4, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Hamburg opened bankruptcy proceedings
against SPP SwimmingPool Pictures Filmproduktion GmbH on
June 7.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         SPP SwimmingPool Pictures Filmproduktion GmbH                  
         Attn: Joachim Heldens, Manager
         Rothenbaumchaussee 46
         20148 Hamburg, Germany

The administrator can be contacted at:

         Reinhard Titz
         Speersort 4/6
         20095 Hamburg, Germany
         Tel: 303 010
         Fax: 303 012 26


VANESSA WOMAN: Claims Registration Ends August 7
------------------------------------------------
Creditors of Vanessa Woman Textil GmbH have until Aug. 7 to
register their claims with court-appointed provisional
administrator Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 28, 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 Muenster
         Meeting Room 13 B
         Gerichtsstr. 2-6
         48149 Muenster, 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 Muenster opened bankruptcy proceedings
against Vanessa Woman Textil GmbH on May 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Vanessa Woman Textil GmbH
         Attn: Klaus Stenert, Manager
         Uferstrasse 41
         46399 Bocholt, Germany

The administrator can be contacted at:

         Holger Zbick
         Market Place 2/4
         48712 Gescher, Germany


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


MELIORBANCA: Fitch Affirms Individual C/D Rating
------------------------------------------------
Fitch Ratings changed Italy-based Meliorbanca's Outlook to
Stable from Negative.  Its ratings are affirmed at Issuer
Default BBB-, Short-term F3, Individual C/D and Support 5.

The revision of the bank's Outlook reflects the bank's progress
in reducing exposure to credit and market risks and improving
its controls, as well as its stronger capital ratios after the
merger with Arca BIM and Arca Merchant.  

The new Outlook also considers the bank's new shareholder
structure, which, in Fitch's view, adds an element of stability
to the bank's operations, as its shareholder base includes a
range of Italian cooperative banks.  Meliorbanca's Issuer
Default, Short-term and Individual ratings are based on its
small size, its diverse mix of businesses, its weak franchise in
its niche businesses, concentrations in its loan book and a
strategy that still has to be defined and tested.

Since their arrival in early 2004 Meliorbanca's management has
taken measures to reduce the bank's significant exposure to
credit risk, mainly arising from the concentration in its
corporate loan portfolio.  While loan concentration has
improved, it still remains relatively high, particularly as it
includes lending to property developers.  At the same time the
bank has strengthened its risk management systems to improve
controls over credit and market risk.

Meliorbanca's performance improved in 2005 and Q106 after
posting a EUR30 million net loss for 2004, when it suffered from
high loan loss provisions.  While the bank has returned to
profitability, its 2005 results included some non-recurring
elements, and Meliorbanca still has to prove the sustainability
of current operating results.  Fitch notes that any failure to
stabilize and strengthen the bank's operating profitability
could result in pressure on the Issuer Default rating.

On Dec. 31, 2005, Meliorbanca merged with Arca BIM, a bank
active in stockbroking, corporate finance, private equity and
private banking, and with Arca Merchant, a private equity fund
manager.  As a result of this merger, Meliorbanca's capital
adequacy has improved, and at end-2005 the bank reported a Tier
1 and total capital ratio of 10.9% and 11.8%, respectively.

Fitch considers that concentrations in Melior's loan book and
its exposure to operational and reputation risks require it to
maintain capital ratios well in excess of the regulatory
minimum.  Following the merger, seven core shareholders own
about 56% of Meliorbanca:

   -- Banca Popolare dell'Emilia Romagna (18.7%),
   -- Banca Popolare Italiana (13.4%),
   -- GalloInvest (9%), Fondiaria-Sai (6.1%),
   -- Banca Popolare di Sondrio (4%),
   -- Banche Popolari Unite (2.6%), and
   -- Banco Popolare di Verona e Novara (2%).  

A new board of directors was named in January 2006, reflecting
the post-merger ownership, which should provide the bank with a
further element of stability.

Meliorbanca has announced that it will present its new strategic
plan in mid-July.  While Fitch expects the bank to continue its
focus on its core private banking and its niche investment
banking and capital markets businesses, as well as on
residential mortgage lending and consumer finance, Meliorbanca's
current main challenge is to implement a credible and
sustainable strategy and to demonstrate its success in the
medium term.


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


12-TELEKANAL: Creditors Must File Claims by July 28
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP 12-Television Channel 12-Telekanal insolvent
on May 5.  Subsequently, bankruptcy proceedings were introduced
at the company.

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

         LLP 12-Television Channel 12-Telekanal
         Micro District 6, 26-55  
         Aktau, Mangistau Region
         Kazakhstan
         Tel/Fax: 8 (3292) 53-40-20


AKTUESAI: Creditors Must File Claims by July 28
-----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region declared LLP Aktuesai insolvent on May 12.

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

         LLP Aktuesai
         The Rural Economy Department
         Konstitutsi Kazakhstana Str. 38
         Petropavlovsk, North Kazakhstan Region
         Kazakhstan


BOGEMIA-TREID: Creditors Must File Claims by July 28
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Bogemia-Treid insolvent on May 5 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


BOLLER LTD: Proof of Claim Deadline Slated for July 28
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Boller Ltd. insolvent on May 5.

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

         The Specialized Inter-Regional
         Economic Court of Almaty Region
         Karasai batyra Str. 15a
         Talgar, Almaty Region
         Kazakhstan
         Tel: 8 (274) 2-73-36
              8 (300) 321-43-31


DON: Proof of Claim Deadline Slated for July 28
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Trade House Don insolvent.

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

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


GEOSERVIS: Claims Registration Ends July 28
-------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Geoservis insolvent.

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

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


KAZHIMPOLIMER: Claims Registration Ends July 28
-----------------------------------------------
LLP Kazhimpolimer has declared insolvency.  Creditors have until
July 28 to submit written proofs of claim to:

         LLP Kazhimpolimer
         Office 227
         Respublika Ave. 15
         Almaty, Kazakhstan
         Tel: 8 (3272) 67-72-17


SHEKEU: Creditors Must Submit Claims by July 28
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty Region
declared LLP Shekeu insolvent on May 5.

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

         The Specialized Inter-Regional
         Economic Court of Almaty Region
         Karasai batyra Str. 15a
         Talgar
         Almaty Region
         Kazakhstan
         Tel: 8 (274) 2-73-36
              8 (300) 321-43-31


TARAZ-MEDER-FARM: Creditors' Claims Due July 28
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Taraz-meder-Farm insolvent on May 4.  Subsequently,
bankruptcy proceedings were introduced at the company.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl Region
         Room 7
         Suleimanova Str. 11a
         Taraz, Jambyl Region
         Kazakhstan
         Tel: 8 (3262) 43-25-52


TENTEKSKAYA TES: Creditors Must Submit Claims by July 28
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Tentekskaya Heat and Power Plant Tentekskaya
TES insolvent on May 10.  Subsequently, bankruptcy proceedings
were introduced at the company.

Creditors have until July 28 to submit written proofs of claim
to:
         
         LLP Tentekskaya Heat and Power Plant Tentekskaya TES
         Industrialnaya Str. 38
         Shahtinsk, Karaganda Region
         Kazakhstan


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


AKTAM OIL: Creditors Must File Claims by Aug. 21
------------------------------------------------
LLC Aktam Oil has declared insolvency.  Creditors have until
Aug. 21 to submit written proofs of claim to:

         LLC Aktam Oil
         L. Tolstogo 19b
         Bishkek, Kyrgyzstan


ROZA INSAAT: Claims Registration Ends Aug. 21
---------------------------------------------
LLC Roza Insaat Turizm Sanayi Ve Ticaret Limited Sirketi has
declared insolvency.

Creditors have until Aug. 21 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 66-71-38.


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


GETRONICS NV: Sets Up Biller Service Provider for ING Bank
----------------------------------------------------------
ING Bank and Getronics N.V. will be working together to develop
a European platform for the electronic distribution and
processing of payment slips.  

The two companies have formally joined forces in order to assist
businesses with sending and processing billing and invoice
information for private individuals.  

On July 10, ING Bank and Getronics PinkRoccade signed a
memorandum of understanding to create a Biller Service Provider
joint venture.

The new Biller Service Provider anticipates the increasing
integration of invoicing and payment streams and will initially
be aimed at businesses providing services to private
individuals.  The BSP also intends to provide services in due
course for business-to-business invoicing.  In addition to
processing payment slips, the new system will, in the future,
also be capable of handling other types of documents.

The Biller Service Provider provides businesses with the
opportunity to send electronic payment slips to private
individuals Internet banking facilities.  The individual
concerned can then read the digital payment slip and pay it with
a single click, without having to endlessly fill in details, as
is now the case in the Netherlands.  With a couple of mouse
clicks, individuals will also be able to view the relevant
invoice on the Internet in a highly secure environment.  Once
payment has been made, the digital payment slips and relevant
invoices will be archived immediately.

Getronics PinkRoccade is market leader in the Netherlands in the
production and fulfilment of transaction documents, such as
payment slips.  Clients who are presently outsourcing the
production and processing of their payment slips to Getronics
PinkRoccade, and potential clients, now have the possibility of
using digital payment slips.  Getronics PinkRoccade is
developing and managing the secure ICT-platform for the Biller
Service Provider.  Getronics PinkRoccade will mainly be using
existing, market-proven products in order to ensure that the
Biller Service Provider provides a fully cost-effective, secure
and high quality service.

ING Bank is market leader in processing payments for business.  
ING bank is providing and developing financial services for the
joint venture, which will further improve INGs service provision
and its position in the area of international and national
payments & cash management.

                         About Getronics

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

                        *     *     *

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

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


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


FALCONBRIDGE LTD: Xstrata Raises Purchase Offer to US$16.2 Bln
--------------------------------------------------------------
Xstrata plc, through its wholly owned subsidiary Xstrata Canada
Inc., increased its fully underwritten all-cash offer to acquire
all of the outstanding common shares of Falconbridge Limited not
already owned by the Xstrata group from CDN$52.50 to CDN$59 in
cash per Falconbridge share, or a total consideration of
CDN$18.1 billion (US$16.2 billion).  

The expiry time for the increased Xstrata offer is on July 21,
2006, at midnight (Vancouver time).

The increased Xstrata offer values the total common share
capital of Falconbridge at CDN$22.5 billion (approximately US$20
billion).  Xstrata mailed a formal notice of variation to all
Falconbridge shareholders.

Xstrata's revised offer price represents a premium of 9.6% over
the value of the revised offer made by Inco in its competing bid
for Falconbridge of CDN$53.83, based upon the June 23, 2006,
closing price on the Toronto Stock Exchange of Inco shares,
being the trading day before the revised Inco offer was
announced and assuming full pro-ration of the share and cash
consideration in accordance with the terms of Inco's offer.

"Our increased offer price for Falconbridge underlines our
belief that the combination of Xstrata and Falconbridge
represents an excellent opportunity to create an outstanding
global mining company, ideally positioned to create further
value for all stakeholders through active involvement in the
ongoing consolidation of our industry," Mick Davis, Xstrata
Chief Executive, said.  "We believe that the transaction will be
substantially earnings per share and cash flow per share
accretive from the first full year of consolidation and the
combined group will benefit from enhanced critical mass, leading
market positions in major commodities, a range of growth
opportunities, best in class diversification of earnings and a
robust financial position from which to pursue further organic
and acquisition-led growth.

"Xstrata's increased all-cash offer of CDN$59 per share presents
all Falconbridge shareholders with a guaranteed full cash
premium for their shares.  It is certain, open to every
shareholder and easy to evaluate, and we are confident its
remaining conditions will be fulfilled shortly.  Set against the
continuing significant market and commodity risk inherent in the
Inco offer, particularly given Inco's significantly higher
leverage post transaction, and the continued uncertainty around
the completion of the Phelps Dodge offer for Inco, the Xstrata
offer represents compelling cash value for Falconbridge
shareholders and we urge Falconbridge shareholders to tender
their shares to Xstrata's superior offer."

Xstrata varied the minimum tender condition of its offer to
delete the part of the condition that requires acceptances from
at least 66-2/3% of the outstanding Falconbridge common shares
including the common shares held by Xstrata and its affiliates.  
In keeping with its consistently stated interest in acquiring
100% of Falconbridge, Xstrata's offer, as amended, is subject to
the minimum tender condition that at the expiry time Xstrata
shall have received acceptances from at least a majority of the
Falconbridge common shares then outstanding, the votes attached
to which would be included in the minority approval of a second
step business combination or going private transaction (or a
majority of the 80.2% of the outstanding Falconbridge shares
that Xstrata does not already own).  Consistent with the recent
ruling of the Ontario Securities Commission and the fact that
the Falconbridge Shareholder Rights Plan still remains in place,
Xstrata is only able to take up shares tendered to its offer
from the earlier of July 28, 2006, or the date on which a
majority of the 80.2% of Falconbridge shares Xstrata does not
already own is tendered to its offer and provided Xstrata has
received Investment Canada Act approval by then.

Xstrata currently owns 19.8% of Falconbridge's issued common
share capital, acquired at a price of CDN$28 per share in August
and September 2005.  If Xstrata's offer for Falconbridge is
successful, this will bring the weighted average price paid per
Falconbridge share to CDN$53.01 or a total of CDN$20.2 billion
(US$17.9 billion).

                        Anti-Trust Review

Xstrata announced on June 14 and 15 respectively, that anti-
trust authorities in the United States and Canada had confirmed
that Xstrata's offer for Falconbridge presented no competition
concerns and that Xstrata is free to proceed without further
anti-trust review in those jurisdictions.  The proposed
acquisition was overwhelmingly approved by Xstrata's
shareholders at an extraordinary general meeting held on
June 30, 2006.

Other than as set out above, all of the terms and conditions of
Xstrata's offer for Falconbridge described in its offer and
offering circular dated 18 May 2006, as amended on July 7,
remain unchanged.

                      Acquisition Financing

Xstrata will finance its increased offer through committed
financing of US$18 billion, which is currently undrawn, and cash
on hand.  Xstrata remains committed, following the successful
completion of its acquisition of Falconbridge, to undertake one
or more equity capital raisings to refinance a portion of the
debt facilities entered into in connection with the proposed
acquisition of Falconbridge. Deutsche Bank AG and J.P. Morgan
Securities Ltd. have irrevocably undertaken to underwrite any
future equity offering to raise funds to repay any amounts
outstanding under a US$7 billion subordinated debt facility
agreement.  Xstrata also remains committed to maintaining an
investment grade credit rating.

Consistent with Xstrata's previous offer for Falconbridge, the
timing and terms of any such equity offering or offerings will
be based on an assessment of the combined group's capital
structure following the successful completion of the
acquisition.  The directors of Xstrata remain confident that any
rights issue will be fully supported by Credit Suisse and
Glencore International, Xstrata's two largest shareholders with
a combined shareholding of approximately 35.9% of Xstrata's
issued ordinary share capital.

Falconbridge shareholders wishing to withdraw their shares from
the Inco offer should immediately contact their broker or other
financial intermediary and instruct such intermediary to
withdraw their Falconbridge common shares.  For assistance in
withdrawing shares from the Inco offer, or for questions or
requests for copies of documents, Falconbridge shareholders
should contact Kingsdale Shareholder Services Inc. at 1-866-639-
7993.  Banks and brokers should call at 416-867-2272.

                        About Inco

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

                       About Xstrata

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

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

                     About Falconbridge

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

                        *    *    *

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


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


AMUR-AGRO-PROM-SNAB: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Amur Region has commenced bankruptcy
supervision procedure on OJSC Amur-Agro-Prom-Snab.  The case is
docketed under Case No. A04-1264/06-10/93-A04-1227/06-10/99 B.

The Temporary Insolvency Manager is:

         I. Lagutina
         Shimanovskogo Str. 46/2
         Blagoveshensk
         675000 Amur Region
         Russia

The Debtor can be reached at:

         OJSC Amur-Agro-Prom-Snab
         Kirova Str. 306
         Belogorsk
         Amur Region
         Russia


BOGORODITSKOYE: Court Names A. Lychagin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. A. Lychagin
as Insolvency Manager for OJSC Bogoroditskoye.  He can be
reached at:

         A. Lychagin
         Vugi 10
         Lyubertsy
         140004 Moscow Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-15231/2005-S2-33.

The Arbitration Court of Rostov Region is located at:

         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Bogoroditskoye
         Sovetskiy Per. 76
         Bogorodskoye
         Peschanokopskiy Region
         347562 Rostov Region
         Russia


DINAMO: Bankruptcy Hearing Slated for Sept. 11
----------------------------------------------
The Arbitration Court of Altay Region will convene on Sept. 11
to hear the bankruptcy proceedings against CJSC Barnaulskaya
Factory Dinamo.  The case is docketed under Case No.
A03-14236/05-B.

The Court appointed Mr. B. Turov as Insolvency Manager for the
company.  He can be reached at:

         Mr. B. Turov
         Post User Box 3115
         Barnaul
         656015 Altay Region
         Russia

The Debtor can be reached at:

         CJSC Barnaulskaya Factory Dinamo
         Barnaul
         Altay Region
         Russia


GAZPROM: Eyes Joint Venture with Kazakhstan's KazMunayGas
---------------------------------------------------------
A meeting of the Gazprom Management Committee has been held in
absentia.

The Management Committee considered it expedient to create a
Gazprom and KazMunayGas' 50/50 joint venture on the platform of
the Orenburg Gas Processing Plant.

The Management Committee decided to enter with the Kazakh side
into a long-term contract for the supply of gas from the
Karachaganak field to the Orenburg Gas Processing Plant.

The joint venture creation issue is pending approval by the
Gazprom Board of Directors.

                          About Gazprom

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

                         *     *     *

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

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

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


KAMYSHLOVSKIY GLUE: Court Begins Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Sverdlovsk Region has commenced
bankruptcy supervision procedure on OJSC Kamyshlovskiy Glue
Factory.  The case is docketed under Case No. A60-6255/2006-S11.

The Temporary Insolvency Manager is:

         P. Podporin
         Belinskogo Str. 34-211
         GSP-573
         620219 Ekaterinburg Region
         Russia

The Arbitration Court of Sverdlovsk Region is located at:

         Lenina Pr. 34.
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         OJSC Kamyshlovskiy Glue Factory
         Pervomayskaya Str. 16.
         Kamyshlov
         624865 Sverdlovsk Region
         Russia


METROMEDIA INTERNATIONAL: Forms New Fixed-Line Unit in Georgia
--------------------------------------------------------------
Metromedia International Group Inc., the owner of interests in
communications businesses in the country of Georgia, has formed
a subsidiary to compete in Georgia's fixed line telephony and
data communication markets.

The move aims to complement and reinforce the market-leader
position of Magticom, the Company's majority-owned Georgian
mobile telephony operator.  The Company contributed its 81%
ownership interest in Telecom Georgia and cash to the New Fixed
Line Business so that its could acquire Telenet, a Georgian
company providing internet access, data communication, voice
telephony and international access services.  

Telenet's former owners each obtained a minority interest in the
New Fixed Line Business as partial consideration for the Telenet
acquisition.  The Company also sold a minority interest in the
holding company that owns the Company's interest in the New
Fixed Line Business to its Georgian partner in Magticom for
cash. The Company and its partners in this New Fixed Line
Business are now evaluating further acquisitions in Georgia to
rapidly expand the subsidiary's competitive presence.  The
Company has sole operational control of the New Fixed Line
Business and retains the largest economic interest in each of
Telecom Georgia and Telenet (approximately 21% and 26%,
respectively). The Company's net outlay of corporate cash in
forming the New Fixed Line Business and the transactions
described above was approximately US$450,000.

Telecom Georgia provides international long distance calling
services in Georgia and operates an extensive transit network
interconnecting all of Georgia's principal telecommunications
carriers.  Telenet provides high-speed data communication and
Internet access services on both a wired and wireless basis,
primarily to commercial and institutional customers in Georgia.   
It also operates international voice and data transit links
between Georgia and Russia.

Immediately prior to the Company's acquisition of Telenet,
Telenet acquired, from one of its affiliates, Georgia's only
license to provide CDMA 450 MHz wireless voice and data services
and a CDMA 450 network deployed in Georgia's capital city,
Tbilisi. The target markets of Telecom Georgia and Telenet are
office and residential consumers of fixed location telephony and
data communication services; and both companies have well-
established Georgian brands in these markets.

"Our recent goal has been to extend the range of communication
services offered by our Georgian companies to include
conventional office and residential local exchange telephony
service and to address the rapidly growing internet and data
communications markets in Georgia," Mark Hauf, Metromedia
Chairman and Chief Executive Officer, said.  

"This strategy aims to complement and strengthen the market
leadership position already held by our Magticom business in
Georgia's mobile telephony market.  In combination, Telenet and
Telecom Georgia provide an excellent entry vehicle for competing
in Georgia's fixed location communications market on both a
wired and wireless basis.  Our new partners, the former owners
of Telenet, bring considerable local operating experience and
financing capacity with respect to further developments in
Georgia; and the involvement of our Magticom partner in these
developments assures smooth coordination between future mobile
and fixed location service offerings."

                  About Metromedia International

Headquartered in Charlotte, North Carolina, Metromedia
International Group -- http://www.metromedia-group.com/--  
through its subsidiary, Metromedia International
Telecommunications, owns interests in telecom and cable TV
operations in Russia, Georgia, and elsewhere in Eastern Europe.

Since the first quarter of 2003, the Company has focused its
principal attentions on the continued development of its core
telephony businesses, and has substantially completed a program
of gradual divestiture of its non-core cable television and
radio broadcast businesses.  The Company's core businesses
includes Magticom, Ltd., the leading mobile telephony operator
in Tbilisi, Georgia, and Telecom Georgia, a well-positioned
Georgian long distance telephony operator.

                        *     *     *

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


NIDZH: Court Appoints A. Mavrov as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. A.
Mavrov as Insolvency Manager for CJSC Agro Company Nidzh.  He
can be reached at:

         A. Mavrov
         Stasova Str. 180.
         350075 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-5690/2006-44/80-B.

The Debtor can be reached at:

         CJSC Agro Company Nidzh
         Sovetskaya Str. 55
         Staromyshastovskaya St.
         Dinskiy Region
         353220 Krasnodar Region
         Russia


OJSC RUSSIA: Court Names V. Magdin as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Krasnodar Region appointed Mr. V.
Magdin as Insolvency Manager for OJSC Russia (TIN 2303020401).  
He can be reached at:

         V. Magdin
         Office 307
         Kolkhoznaya Str. 3
         350042 Krasnodar Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-32-19432/2005-1/303-B.

The Debtor can be reached at:

         OJSC Russia
         Velikovechnoye
         Belorechenskiy Region
         Lenina Str. 40.
         Krasnodar Region
         Russia


ORLOVSKIY TECHNOLOGICAL: E. Mikhaylov to Manage Assets
------------------------------------------------------
The Arbitration Court of Orel Region appointed Mr. E. Mikhaylov
as Insolvency Manager for CJSC Orlovskiy Technological Centre.  
He can be reached at:

         E. Mikhaylov
         8th Floor
         Leskova Str. 19
         302040 Orel Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-7672/05-16b.

The Debtor can be reached at:

         CJSC Orlovskiy Technological Centre
         Kurskaya Str. 323A
         Livny
         Orel Region
         Russia


POCHINKOVSKOYE: Court Names A. Nikolskiy as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. A.
Nikolskiy as Insolvency Manager for CJSC Pochinkovskoye.  He can
be reached at:

         A. Nikolskiy
         Pochinki
         Egoryevskiy Region
         140324 Moscow Region
         Russia
         
The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-13820/05.

The Debtor can be reached at:

         CJSC Pochinkovskoye
         Pochinki
         Egoryevskiy Region
         140324 Moscow Region
         Russia


ROSNEFT OIL: Shares Trading Delayed Until July 19, Report Says
--------------------------------------------------------------
Britain's Financial Services Authority will approve the listing
of OAO Rosneft Oil Co.'s shares for July 19, five days later
than the planned initial public offering set for Friday,
Catherine Belton writes for The Moscow Times citing unnamed
sources.

Due to the high market demand for the shares, the paper reveals
that bankers involved in the deal has stopped receiving investor
bids yesterday, one day ahead of schedule.

Rosneft has planned to raise as much as US$14 billion from the
IPO in what could be one of the world's largest flotation.  It
will offer its shares at the London and Moscow stock exchanges
for a range between US$5.85 and US$7.85 each, valuing the state-
owned company at US$60 billion to US$80 billion.

The Wall Street Journal previously reported that Rosneft will
use proceeds from the IPO to pay off a US$7.5 billion syndicated
bank loan that helped finance the state buyback of a 10.7% stake
in Gazprom.

Rosneft purchased Yuganskneftegaz, Yukos Oil Co.'s largest
production unit, in December 2004 after the Russian government
seized the asset as payment for Yukos' US$27.5 billion tax
arrears for 2000-2003.

The FSA's decision came amidst Yukos' claim that the IPO would
amount to the sale of the alleged stolen property.

According to the Moscow Times, Yukos could file for a judicial
review in London's High Court if the FSA failed to explain its
decision.  This would automatically lead to a temporary stay on
the sale in London, the Times relates.

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

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

                        *     *     *

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


SEL-KHOZ-TEKHNIKA PRICHULYMSKAYA: Bankruptcy Supervision Starts
---------------------------------------------------------------
The Arbitration Court of Tomsk Region has commenced bankruptcy
supervision procedure on CJSC Sel-Khoz-Tekhnika Prichulymskaya.  
The case is docketed under Case No. A67-1578/06.  

The Temporary Insolvency Manager is:

         V. Poroshkov
         Post User Box 337
         630102 Novosibirsk Region
         Russia

The Debtor can be reached at:

         CJSC Sel-Khoz-Tekhnika Prichulymskaya
         Prichulymskiy 5
         Zyryanskiy Region
         Tomsk Region
         Russia


SEVERO-ZADONSKIY CONDENSER: Court Begins Bankruptcy Supervision
---------------------------------------------------------------
The Arbitration Court of Tula Region has commenced bankruptcy
supervision procedure on OJSC Severo-Zadonskiy Condenser Factory
(TIN 7114000381).  

The case is docketed under Case No. A68-33/B-06.

The Temporary Insolvency Manager is:

         A. Baranov
         Balakavskiy Pr. 3-419.
         117639 Moscow
         Russia

The Debtor can be reached at:

         OJSC Severo-Zadonskiy Condenser Factory
         Michurina Str. 1.
         Severo-Zadonsk
         301790 Tula Region
         Russia


SHADRINSK: Court Commences Bankruptcy Supervision
-------------------------------------------------
The Arbitration Court of Kurgan Region has commenced bankruptcy
supervision procedure on LLC House-Building Combine Shadrinsk.
The case is docketed under Case No. A34-1298/2006.

The Temporary Insolvency Manager is:

         V. Koval
         Tobolnaya Str. 54
         640020 Kurgan Region
         Russia

The Debtor can be reached at:

         LLC House-Building Combine Shadrinsk
         Proletarskaya Str. 1
         Shadrinsk
         641870 Kurgan Region
         Russia


SLAVYANKA: Court Names V. Maksimov as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Tyumen Region appointed Mr. V. Maksimov
as Insolvency Manager for OJSC Ishimskaya Garment Factory
Slavyanka.  He can be reached at:

         V. Maksimov
         Post User Box 58.
         620076 Ekaterinburg Region
         Russia  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A70-15724/3-05.

The Arbitration Court of Tyumen Region is located at:

         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         OJSC Ishimskaya Garment Factory Slavyanka
         Litvinova Str. 20
         Ishim
         Tyumen Region
         Russia


STROY-CREDIT-ALLIANCE: Court Names M. Ivanov Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow Region appointed Mr. M. Ivanov
as Insolvency Manager for CJSC Stroy-Credit-Alliance (TIN
7708141643).  He can be reached at:

         M. Ivanov
         Apartment 68
         Building 2
         Novokosinskaya Str. 8
         111673 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-44478/05-124-74B.

The Debtor can be reached at:

         CJSC Stroy-Credit-Alliance
         Moscow
         Russia


UZ-VNESH-TRANS-ZAPAD: Court Starts Bankruptcy Supervision
---------------------------------------------------------
The Arbitration Court of Kaliningrad Region has commenced
bankruptcy supervision procedure on CJSC Uz-Vnesh-Trans-Zapad.  
The case is docketed under Case No. A21-1623/2005.

The Temporary Insolvency Manager is:

         V. Isaychenkov
         Krasnokazarmennaya Str. 9.
         111250 Moscow
         Russia

The Debtor can be reached at:

         CJSC Uz-Vnesh-Trans-Zapad
         Litovskiy Val Str. 36.
         236029 Kaliningrad Region
         Russia


VIMPEL COMMUNICATIONS: Buys 51% Stake in Mobitel for US$12.6 Mln
----------------------------------------------------------------
OJSC Vimpel-Communications (NYSE: VIP) acquired 51% of Georgian
cellular operator OOO Mobitel and a call option for the
remaining 49% of ??? Mobitel.  The purchase price for 51% of
Mobitel was US$12.6 million.

??? Mobitel owns GSM-1800 cellular licenses that are valid
through mid-2013.  Mobitel was founded in November 2003 and does
not conduct any commercial operations.  Upon closing of the
transaction, VimpelCom plans to hold a tender for purchase of
equipment and start construction and development of the network.

"We are pleased to announce our entry into Georgia, a country
with a population of 4.7 million," Alexander Izosimov, Chief
Executive Officer of VimpelCom, said.  "This market undoubtedly
has big development potential.  With VimpelCom's entry into
Georgia, the total population of our license area is about 237
million.  In line with VimpelCom's CIS expansion strategy, this
is the fifth CIS country outside of Russia in which VimpelCom
will have operations."

The Republic of Georgia is located in central and western
Transcaucasia.  Georgia borders Russia to the north, Azerbaijan
to the east, and Armenia and Turkey to the south.  The Black Sea
shoreline constitutes the country's western border.  The total
area of the country is 69,700 sq. km.  Georgia's population is
approximately 4.7 million.  Today there are two cellular
operators in the Georgian market: Geocell (55% market share,
according to independent sources) and Magticom (45% market
share, according to independent sources).  The penetration rate
of cellular services in Georgia is about 30%.

The VimpelCom Group includes cellular companies operating in
Russia and Kazakhstan and recently acquired cellular operators
in Ukraine, Tajikistan, Uzbekistan and Georgia.  The VimpelCom
Group's cellular license portfolio covers a territory with a
population of about 237 million.  Geographically, it covers 78
regions of Russia (136.5 million, representing 94% of the
Russia's population), and the entire territory of Kazakhstan,
Ukraine, Tajikistan, Uzbekistan and Georgia.  VimpelCom was the
first Russian company to list its shares on the New York Stock
Exchange.  VimpelCom's ADSs are listed on the NYSE under the
symbol "VIP".

                      About VimpelCom

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

                        *     *     *

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


VIMPEL COMMUNICATIONS: David Haines Remains as Board Chairman
-------------------------------------------------------------
The Board of Directors of OJSC Vimpel-Communications (NYSE: VIP)
re-elected David Haines as Chairman of the Board of Directors at
a meeting on July 11.

It was the first meeting of the new Board of Directors elected
at the general meeting of VimpelCom's shareholders held in
Moscow on June 23.

                      About VimpelCom

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

                        *     *     *

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


VNESHTORGBANK: Moody's Assigns E+ Financial Strength Rating
-----------------------------------------------------------
Moody's Investors Service assigned these ratings to JSC
Vneshtorgbank Retail Financial Services (Russia), commonly known
under its brand name VTB24:

   -- Long-term foreign currency deposit rating: Baa2;
   -- Short-term foreign currency deposit rating: Prime-2;
   -- Long-term local currency deposit rating: A1; and
   -- Financial Strength Rating: E+  

The outlooks on the ratings are stable, except for the bank's E+
FSR, which has a positive outlook.

At the same time, Moody's Interfax Rating Agency assigned Aaa.ru
long-term national scale credit rating to VTB24.  Moscow-based
Moody's Interfax is majority-owned by Moody's, a leading global
rating agency.

According to Moody's and Moody's Interfax, the A1/Baa2/Prime-2
global scale ratings reflect global default and loss
expectation, while the Aaa.ru national scale rating reflects the
standing of the bank's credit quality relative to its domestic
peers.

According to Moody's, the bank's A1 long-term local currency
rating is not constrained by any foreign currency transfer risk
and is the highest currently attainable by a Russian bank. This
rating reflects the very high extent of parental support
expected to be forthcoming to VTB24 from the state-owned
Vneshtorgbank, which holds a 95.4% stake in the bank with the
remaining part owned by the Russian government, and indirectly
the government support from which VTB24 may benefit.  

The very high extent of parental support is based on VTB24's
strategic importance to VTB, given that it will focus on retail
banking activities, which are of paramount importance to the
group, its degree of integration into the group and the
significant negative implications that a default of VTB24 would
have for Vneshtorgbank's reputation.  The level of support is
deemed to be so significant that no notching-down from the
support provider's rating is warranted in this case.

Moody's added that VTB24's Baa2/Prime-2 long-term and short-term
foreign currency deposit ratings are constrained by Russia's
country ceiling, reflecting the foreign currency transfer risk
inherent in such instruments, and are based on an assessment of
local economic and political factors.  Therefore, the Baa2 long-
term foreign currency bank deposit rating could be only upgraded
to a level commensurate with the bank's fundamental credit
strength in the event that the country ceiling was itself
upgraded.

The bank's E+ FSR, which is a measure of VTB24's intrinsic
strength on a standalone basis excluding certain external
support factors, is underpinned by:

   -- its growing franchise in a rapidly evolving Russian market
      for retail financial services and buoyant economic
      conditions driving demand for such services;

   -- the clear-cut strategy implemented by an experienced
management team;

   -- the bank's robust asset quality, with the caveat that the
retail portfolio is fairly unseasoned and the long-run
level of credit losses could potentially increase to a
level much higher than that currently observed;

   -- fairly strong credit underwriting policies and criteria;
and

   -- the strong capital base, although frequent capital
injections from the parent may be required if the growth
persists at its current pace.

At the same time the bank's E+ FSR is constrained by:

   -- its exposure to a relatively immature Russian consumer
lending market with a lack of credit history for the vast
majority of potential borrowers;

   -- the bank's relatively weak historical financial
performance for its rating level, although this is
expected to pick up during 2006 on the back of a greater
scale of operations and wider margins;

   -- the increase in competition, with an upward pressure on
loan-to-value ratios for secured products, a potential
      loosening of underwriting standards and downward pressure
on margins;

   -- the predominance of non-core corporate loans -- which are
of good quality in the Russian context -- within its loan
portfolio, which subsidize the bank's growing retail
operations and are expected to be replaced with core
activities by 2007/08;

   -- its unseasoned retail loan portfolio and a lack of
statistics on the performance of the bank's internal
credit scoring;

   -- the dependence on funding facilities from the parent and
short-term retail deposits for funding of loan growth; and

   -- evolving IT systems which support decision-making in key
operational areas.

The positive outlook on the bank's E+ FSR captures Moody's
expectation of mid-term improvements in the bank's profitability
as well as in diversification and duration of the bank's
funding.

Headquartered in Moscow, VTB24 has a network of 150 outlets and
reported total assets of US$1.5 billion in accordance with IFRS
(audited) as at 31 Dec. 31, 2005.   The bank's core retail
portfolio is expected to exceed US$2 billion at year-end 2006
according to its business plan.  VTB24 was established in 2005
on the basis of Guta-Bank, a mid-sized Moscow-based commercial
bank that faced a liquidity crunch in summer 2004 and was
subsequently taken over and bailed out by Vneshtorgbank under
the auspices of the Central Bank of Russia.


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


TDA 25: S&P Assigns BB Rating to EUR2.5-Mln Class D Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR265 million mortgage-backed floating-
rate notes to be issued by TDA 25, Fondo de Titulizacion de
Activos, a special purpose entity.
  
The collateral comprises first-ranking mortgage loans for
residential properties in Spain.  The originators are Banco
Gallego, S.A. and Union de Credito para la Financiacion
Mobiliaria e Inmobiliaria, Credifimo, E.F.C., S.A.U.
  
This is the first and seventh RMBS securitization for Banco
Gallego and Credifimo, respectively.  As in other Spanish
transactions, interest and principal will be combined into a
single priority of payments, with triggers in the payment of
interest to protect senior noteholders.
  
Ratings List
TDA 25, Fondo de Titulizacion de Activos
EUR265 Million Mortgage-Backed Floating-Rate Notes
  
               Prelim.        Prelim.
              Class          rating         amount (Mil. EUR)
              -----          ------         ------
              A              AAA           250.300
              NAS-IO(1)      AAA            45.054(2)
              B              A-              6.900
              C              BBB             5.300
              D              BB              2.500

          (1) At closing, a tranche of non-accelerated, senior-
              interest-only (NAS-IO) bonds will be segregated
              out of the class A notes.

          (2) For the NAS-IO series, the amount represents a
              notional balance


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


BAREL: Court Names Lubomir Cherevatij as Insolvency Manager
-----------------------------------------------------------
The Economic Court of Volinska Region appointed Lubomir
Cherevatij as Liquidator/Insolvency Manager for LLC Barel (code
EDRPOU 32269596).  He can be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 18.  The case is docketed
under Case No. 7/51-B.

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk Region
         Ukraine

The Debtor can be reached at:

         LLC Barel
         Kremenetska Str. 38
         Lutsk Region
         Ukraine


INTERAVTOSERVICE: Court Commences Bankruptcy Supervision
--------------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Interavtoservice (code EDRPOU
24084272) on April 25.  

The case is docketed under Case No. 23/185-b.

The Temporary Insolvency Manager is:

         Andrij Koveza
         Viborzka Str. 86
         03167 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:

         LLC Interavtoservice
         Viborzka Str. 86
         03167 Kyiv Region
         Ukraine


KAMYANETS-PODILSKIJ' MEAT: Viktor Matushak to Manage Assets
-----------------------------------------------------------
The Economic Court of Hmelnitskij Region appointed Viktor
Matushak as Liquidator/Insolvency Manager for OJSC Kamyanets-
Podilskij' Meat Combine (code EDRPOU 21327490).

         Viktor Matushak
         Grigorij Skovoroda Str. 14/151
         29000 Hmelnitskij Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 3.  The case is docketed under
Case No. 4/318-B.  

The Economic Court of Hmelnitskij Region is located at:

         Nezalezhnosti Square 1
         29000 Hmelnitskij Region
         Ukraine

The Debtor can be reached at:

         OJSC Kamyanets-Podilskij' Meat Combine
         Harinko Str. 2
         Kamyanets-Podilskij
         Hmelnitskij Region
         Ukraine


KOLOS: Regional Bankruptcy Agency to Liquidate Assets
-----------------------------------------------------
The Economic Court of Vinnitsya Region appointed Vinnitsya
Regional Sector of Bankruptcy Questions as Liquidator for
Agricultural LLC Kolos (code EDRPOU 30870160).  The Liquidator
can be reached at:

         Vinnitsya Regional Sector of Bankruptcy Questions
         Hmelnitske Shose 7
         21036 Vinnitsya Region Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 4.  The case is docketed
under Case No. 10/39-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Kolos
         Golubivka
         Barskij District
         23040 Vinnitsya Region
         Ukraine


NADIYA: Court Names Olga Naumova as Insolvency Manager
------------------------------------------------------
The Economic Court of Sumi Region appointed Olga Naumova as
Liquidator/Insolvency Manager for CJSC Agency Nadiya (code
EDRPOU 00901571).  She can be reached at:

         Olga Naumova
         Harkivska Str. 122
         40012 Sumi Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 4.  The case is docketed
under Case No. 6/31-06.

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         CJSC Agency Nadiya
         Shevchenko Str. 86
         Sumi Region
         Ukraine


NAFTOSVIT: Court Names Lubomir Cherevatij as Liquidator
-------------------------------------------------------
The Economic Court of Volinska Region appointed Lubomir
Cherevatij as Liquidator/Insolvency Manager for LLC Naftosvit
(code EDRPOU 32269795).  He can be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 18.  The case is docketed
under Case No. 7/44-B.

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk Region
         Ukraine

The Debtor can be reached at:

         LLC Naftosvit
         Kremenetska Str. 38
         Lutsk Region
         Ukraine


POLIMERZHITLO: Court Names Volodimir Tkachenko as Liquidator
------------------------------------------------------------
The Economic Court of Kyiv Region appointed Volodimir Tkachenko
as Liquidator/Insolvency Manager for Polimerzhitlo (code EDRPOU
30789143).  

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 27.  The case is docketed
under Case No. 15/281-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:

         Polimerzhitlo
         Kurenivskij Lane 4/8-b
         04073 Kyiv Region
         Ukraine


REPAIR-TRANSPORT PLANT: Oleksandr Mamrukov to Manage Assets
-----------------------------------------------------------
The Economic Court of Lugansk Region appointed Oleksandr
Mamrukov as Liquidator/Insolvency Manager for State OJSC Repair-
Transport Plant (code EDRPOU 05515708).  He can be reached at:

         Oleksandr Mamrukov
         Cheluskintsiv Str. 143-a/76
         Lugansk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 11.  The case is docketed
under Case No. 11/9 b.

The Economic Court of Lugansk Region is located at:

         Geroiv VVV Square 3a
         91000 Lugansk Region
         Ukraine

The Debtor can be reached at:

         State OJSC Repair-Transport Plant
         Morozov Str. 58
         Lisichansk
         93100 Lugansk Region
         Ukraine


SPEKTRUM-PETROL: Court Begins Bankruptcy Supervision
----------------------------------------------------
The Economic Court of Volinska Region commenced bankruptcy
supervision procedure on LLC Spektrum-Petrol (code EDRPOU
32269549) on April 26.  

The case is docketed under Case No. 8/36-B.

The Temporary Insolvency Manager is:

         Ruslan Purij
         Zubrivksa Str. 7A/9
         Lviv Region
         Ukraine

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk Region
         Ukraine

The Debtor can be reached at:

         LLC Spektrum-Petrol
         President Grushevskij Avenue 30/151
         43010 Lutsk Region
         Ukraine


UKRSLAVNAFTA: Court Names Oleksandr Tereshenko as Liquidator
------------------------------------------------------------
The Economic Court of Poltava Region appointed Oleksandr
Tereshenko as Liquidator/Insolvency Manager for CJSC
Ukrslavnafta (code EDRPOU 31574490).  He can be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 11.  The case is docketed
under Case No. 7/11.

The Economic Court of Poltava Region is located at:

         Zigina Str. 1
         36000 Poltava Region
         Ukraine

The Debtor can be reached at:

         CJSC Ukrslavnafta
         Svishtovska Str. 11
         Kremenchuk
         39610 Poltava Region
         Ukraine


VOLINAGROHIM: Court Starts Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Volinska Region commenced bankruptcy
supervision procedure on OJSC Volinagrohim (code EDRPOU 5487679)
on April 28.  The case is docketed under Case No. 7/86-B.

The Temporary Insolvency Manager is:

         Igor Vasiluk
         Voli Avenue 1 B/5
         43025 Lutsk Region
         Ukraine

The Economic Court of Volinska Region is located at:

         Voli Avenue 54-a
         43010 Lutsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Volinagrohim
         Glushets Str. 49
         43010 Lutsk Region
         Ukraine


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


BEST TRANSPORT: Hires Joint Liquidators from Kroll Limited
----------------------------------------------------------
P. Duffy and D. J. Whitehouse, of Kroll Limited, were appointed
Joint Liquidators of Best Transport Limited after creditors
agreed to wind up the company on April 19.

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

Best Transport Limited can be reached at:

         Unit 2
         Tollgate Road
         Guys Industrial Estate
         Burscough
         Ormskirk
         Lancashire L40 8TG
         United Kingdom
         Tel: 01704 895 228
         Fax: 01704 895 778


BRAKE BROS: Fitch Upgrades IDR to B+ on Two Entities
----------------------------------------------------
Fitch Ratings upgraded U.K.-based Brake Bros Acquisition PLC's
and Brake Bros Finance PLC's Issuer Default ratings to B+ from
B.  

The Outlook remains Stable.  Brake Bros Acquisition PLC's Short-
term rating is affirmed at B.  At the same time the agency
upgraded these instrument-related ratings:

   -- Brake Bros Acquisition PLC senior secured facilities:
      upgraded to BB+/RR1 from BB/RR1; and

   -- Brake Bros Finance PLC senior notes due 2011: upgraded to
      B+/RR4 from B/RR4.


Fitch's Leveraged Finance team Director Pablo Mazzini disclosed,
"The upgrade of Brake Bros' IDRs to B+ from B reflects the
progressive improvement in EBITDA and resultant de-leveraging
since the LBO."

"The progress made on the restructuring programe alongside
normalized capital spending and expected debt service cost
savings, should enhance the cash flow profile of the group in
the foreseeable future, thus lowering refinancing risk," he
added.

Brake Bros has been able to tackle its cost base issues
following a short-lived aggressive growth strategy attempted in
H105.  In an industry characterized by low margins, these
actions have translated into improved profitability in the last
12 months to March 2006.

Fitch does not expect significant organic sales growth although
Brake Bros will retain its leadership in the fragmented, yet
fairly competitive, U.K. foodservice market.  The sector is
characterized by stable to mildly positive long-term business
fundamentals.

While small bolt-on acquisitions are factored into the current
ratings, Fitch expects the new CEO to remain focused on cost
control and cash conservation.  Given its national scale and
presence across all temperature ranges, Brake Bros retains a
competitive edge over its competitor 3663 and other smaller
players.  Fitch anticipates a portion of the annualized cost
savings from the U.K. restructuring to be reinvested in
increased headcount relating to the new regional management
organization. Fitch expects the new strategy, which is aimed at
better addressing local catchment areas, to result in better
organic sales growth, tackling the high churn rates seen
historically for independent accounts.

The prepayment of senior debt has lowered future debt
amortizations compared to the original debt service
requirements.  This follows the arrangement of a five-year
GBP100 million U.K. receivables securitization program in
December 2005 with the proceeds being used in its entirety to
prepay senior secured debt.  

Assuming a conservative run rate of GBP100 million operating
EBITDAR, Brake Bros should be able to generate a steady level of
free cash flow of around GBP20 million per annum.  Fitch
therefore expects FY06 funds-from-operations' fixed charge cover
ratio to remain healthy at around 2.0x.  Internally generated
cash flow, together with existing cash balances of GBP56 million
as at March 2006, are likely to support further de-leveraging in
the next two years.

Fitch continues to rate the senior secured debt three notches
above the IDR, signaling outstanding recovery prospects in the
event of a forced restructuring with Fitch using a going-concern
approach in the recovery analysis.  Even assuming the full
amount of the receivable securitization and GBP75 million
revolving credit facility fully drawn upon distress, Fitch
expects average recovery prospects for the senior notes, which
benefit from some credit support by way of second ranking
guarantees provided by Brake Bros Acquisition PLC, the issuer of
the senior bank debt.


BRITISH TITANIUM: Names Jeremy Frost as Administrator
-----------------------------------------------------
Jeremy Charles Frost of Frost Business Recovery was appointed
administrator of British Titanium PLC (Company Number 03528214)
on June 14.

The administrator can be reached at:

         Frost Business Recovery
         Square Root Business Centre
         102 Windmill Road
         Croydon
         Surrey CR0 2XQ
         United Kingdom
         Tel: 020 8665 4284
         Fax: 020 8665 4201
         E-mail: JeremyF@frostbr.co.uk

Headquartered in London, United Kingdom, British Titanium PLC
develops the FCC Cambridge Process for the extraction of
titanium metal from titanium dioxide.


CHOUDHRY TRADING: Creditors' Meeting Slated for July 20
-------------------------------------------------------
Creditors of Choudhry Trading Corporation Limited (Company
Number 02942066) will meet at 11:00 a.m. on July 20 at:

         BDO Stoy Hayward LLP
         4th Floor
         Edmund House
         12-24 New Hall Street
         Birmingham B3 3EW
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on July 19 at:

         M.H. Thompson
         Joint Administrative Receiver
         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham B3 3SD
         United Kingdom
         Tel: 0121 200 4600
         Fax: 0121 200 4650
         E-mail: birmingham@bdo.co.uk

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.


CNC METALFORM: Taps Joint Administrators from Jacksons Jolliffe
---------------------------------------------------------------
David Antony Willis and Matthew Colin Bowker of Jacksons
Jolliffe Cork were appointed joint administrators of CNC
Metalform Limited (Company Number 04077311) on June 15.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- was  
established in 1998.  It has offices in Doncaster, Harrogate,
Hull, Middlesbrough, Wakefield and York.  The firm is engaged
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

Headquartered in Bradford, United Kingdom, CNC Metalform Limited
fabricates metal.


COMPASS HEALTH: Creditors Pass Winding Up Resolution
----------------------------------------------------
Creditors of Compass Health & Fitness Consultancy Limited passed
a resolution to wind up the company's operations during an
extraordinary general meeting on April 13.

Subsequently, Stephen M. Katz was appointed Liquidator.

The company can be reached at:

         Compass Health & Fitness Consultancy Limited
         Seymour House
         South Street
         Bromley BR1 1RH
         United Kingdom
         Tel: 020 8466 0920


COUNTYROUTE: S&P Affirms BB Long-Term Rating on GBP5.5-Mln Loan
---------------------------------------------------------------  
Standard & Poor's Ratings Services affirmed its 'BBB' long-term
debt rating on U.K.-based shadow toll road operator CountyRoute
(A130) PLC's GBP88.0 million senior secured bank loan, and its
'BB' long-term debt rating on CountyRoute's GBP5.5 million
subordinated secured mezzanine loan, following a review.
     
CountyRoute is a special-purpose, bankruptcy-remote entity,
indirectly wholly owned by Laing Investments Ltd.  In October
1999, U.K. local authority Essex County Council awarded
CountyRoute a 30-year concession to design, build, finance, and
operate the 15-kilometer A130 shadow toll road, which runs from
south of Chelmsford to east of Basildon in the county of Essex
in southeast England.  The A130 was opened in two sections in
2002 and 2003.
     
"Operating performance has been satisfactory to date, with
traffic volumes slightly above CountyRoute's restated
projections and very few penalty points incurred from Essex
County Council," said Standard & Poor's credit analyst Robert
Bain.

"Servicing of both the senior and subordinated debt is
proceeding as planned."
     
The ratings reflect CountryRoute's exposure to:

   -- traffic risk within the project's payment mechanism;

   -- the project's highly leveraged financial structure, low
minimum and average senior debt service coverage ratios
over the 30-year concession term; and

   -- some uncertainty about the final value of claims against
CountyRoute relating to a reduction in property values
along the route of the project road.

These risks are offset by:

   -- high levels of congestion on competing roads, and improved
north-south road connections in Essex, which provide a
strong incentive for traffic to use the A130;

   -- a prefunded, six-month debt service reserve, and a four-
year, forward-looking, and funded major maintenance
reserve; and

   -- Laing's status as a strong and experienced project
sponsor, with various incentives to support the
transaction.

Standard & Poor's expects traffic levels on the A130 to follow
CountyRoute's revised forecasts, and claims settlements to
remain within budget.
     
"Ratings upside potential is limited, although the ratings could
be lowered if, among other things, there is a persistent and
material deterioration of financial performance," added Mr.
Bain.
    

COUNTY HERITAGE: Ruth Duncan Leads Liquidation Procedure
--------------------------------------------------------
Ruth Duncan of Maxwell Davies was appointed Liquidator after
creditors proved the company could no longer continue its
operations due to liabilities.

The company can be reached at:

         Heritage House
         Yalding Hill
         Yalding
         Maidstone
         Kent ME186AL
         United Kingdom
         Tel: 01622 817 999
         Fax: 01622 817 989


CHRIWEND INVESTMENTS: Creditors Opt to Liquidate Assets
-------------------------------------------------------
Creditors of Chriwend Investments Limited opted to voluntarily
liquidate the company's assets during an extraordinary general
meeting on April 19.

They also confirmed the appointment of Graham Randall and Simon
Girling as Joint Liquidators.

The company can be reached at:

         Chriwend Investments Limited
         Compass House
         Queen Alexandra Dock
         Cardiff
         South Glamorgan CF104LT
         Tel: 029 2048 8360
         Fax: 029 2046 4476


DIVISIONS MAINTENANCE: Appoints Clive Hammond as Liquidator
-----------------------------------------------------------
Divisions Maintenance Limited is liquidating its assets after
creditors passed a resolution to wind up the company on
April 13.

Clive Hammond of PB Recovery Limited was appointed Liquidator.

The company can be reached at:

         Divisions Maintenance Limited
         41-45 Lind Road
         Sutton
         Surrey SM1 4PP
         United Kingdom
         Tel: 020 8770 7333
         Fax: 020 8770 1999


EMI GROUP: Major Shareholders Support Increased Bid for Warner
--------------------------------------------------------------
EMI Group PLC Chairman Eric Nicolai was given a go signal by
major shareholders to raise the company's bid for Warner Music
Group, Bloomberg reports citing Sunday Times as its source.

According to the report, shareholders may support an offer of as
much as US$35 per share, US$6 more than when Warner stock closed
in New York on July 7.

The Times previously reported that Warner Music may also
increase its counter bid for EMI to 340 pence per share and may
accept a US$38 a share offer from EMI.

As reported in TCR-Europe on June 29, the Board of EMI Group PLC
unanimously rejected Warner Music's proposal for the acquisition
of 100% of EMI's outstanding shares for GBP2.5 billion.

On June 23, EMI made a revised proposal to Warner Music for EMI
to acquire all of the outstanding shares of Warner Music for
US$31 per share in cash that Warner Music rejected on June 27.

Headquartered in London, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  The group employs over 6,600 people.  
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.


EMMA SOMERSET: Brings In Gary Bell as Administrator
---------------------------------------------------
Gary Bell of Cowgill Holloway Business Recovery LLP was
appointed administrator of Emma Somerset Limited (Company Number
00943507) on June 2.

The administrator can be reached at:

         Cowgill Holloway Business Recovery LLP
         Regency House
         45-51 Chorley New Road
         Bolton
         Greater Manchester BL1 4QR
         United Kingdom
         Tel: 01204 414277
         Fax: 01204 414244
         E-mail: gary.bell@cowgills.co.uk  


EUROPEAN COLLECTIONS: Hires Tenon Recovery to Administer Assets
---------------------------------------------------------------
Nigel Ian Fox and Andrew James Pear of Tenon Recovery were
appointed joint administrators of European Collections and
Investigations Ltd (Company Number 2458116) on June 13.

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

Headquartered in Surbiton, United Kingdom, European Collections
and Investigations Ltd is a credit and finance agency.


EUROTUNNEL GROUP: Unveils Amended Plan to Get Bondholders Nod
-------------------------------------------------------------
Eurotunnel Group presented a revised debt restructuring plan to
bondholders in an attempt to reach a consensual deal that would
restructure a EUR6.2 billion debt package, a Eurotunnel
spokesman told Dow Jones on Wednesday.

"We have put proposals to them (the bondholders) in a formal
sense -- it is a version of the Preliminary Restructuring
Agreement to accommodate the changed ambitions of the
bondholders," the spokesman disclosed.

Eurotunnel, its bondholders and a group of the majority of its
senior creditors are currently in talks regarding the revised
agreement, the spokesman said.

The preliminary restructuring agreement, backed by Eurotunnel,
Goldman Sachs Group Inc., Macquarie Bank Ltd. and Barclays PLC,
values the company at around EUR7.03 billion and includes a
EUR1.5 billion hybrid issue with a 6% to 9% coupon and would
reduce debt by 54%.  Under the agreement, bondholders will get a
GBP75 million return for their GBP1.9 billion bond holdings.

Chairman Jacques Gounon set a deadline to reach a consensual
deal at midnight on Wednesday, when the third credit waiver
expired.

Eurotunnel filed for bankruptcy protection at a French business
court on July 11 and is expected to start with the proceedings
today if no agreement is reached with the bondholders.  

              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.

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.


EXPRESS EUROPARTS: Names Jeremiah Anthony O'Sullivan Liquidator
---------------------------------------------------------------
Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed
Liquidator of Express Europarts Limited after creditors opted to
wind up the company on April 20.

Bishop Fleming -- http://www.bishopfleming.co.uk/-- is one of  
the biggest firms of Chartered Accountants for South West U.K.
businesses that demand expert accounting and financial accounts
management.

Express Europarts Limited can be reached at:

          Unit 3
          Parc Erissey Industrial Estate
          New Portreath Road
          Redruth
          Cornwall TR164HZ
          United Kingdom
          Tel: 01209 218 811


FIRST COURIERS: Names Joint Liquidators from Rothman Pantall
------------------------------------------------------------
Stephen Blandford Ryman and Robert Derek Smailes of Rothman
Pantall were appointed Joint Liquidators of First Couriers
Limited on April 12.

All functions in relation to the liquidation will be carried out
by both of them jointly and severally.

The company can be reached at:

         First Couriers Limited
         120-150 Hackney Road
         London E2 7QS
         United Kingdom
         Tel: 020 7739 7444
         Fax: 020 7729 0303


FIRE TRADE: Taps A. J. Clark to Liquidate Assets
------------------------------------------------
A. J. Clark of Carter Clark was appointed Liquidator of Fire
Trade (U.K.) Limited after creditors passed a resolution to wind
up the company on April 20.

The company can be reached at

         Fire Trade (U.K.) Limited
         Old Nazeing Road
         Broxbourne
         Hertfordshire EN106RJ
         United Kingdom
         Tel: 01992 451 241
         Fax: 01992 447 682


FOOTSTEPS FASHION: Creditors Resolve to Liquidation
---------------------------------------------------
Creditors of Footsteps Fashion Limited resolved to liquidate the
company's assets during an extraordinary general meeting on
April 2.

Subsequently, Gagen Dulari Sharma was appointed Liquidator.

The company can be reached at:

         Footsteps Fashion Limited
         17-18 Quasar Centre
         Park Street
         Walsall WS1 1LY
         United Kingdom
         Tel: 01922 746 788


GAINSBOROUGH GROUP: Appoints Administrators from Grant Thornton
---------------------------------------------------------------
Andrew Hosking and Daniel Robert Whiteley Smith of Grant
Thornton U.K. LLP were appointed joint administrators of
Gainsborough Group Limited (Company Number 02317869),
Gainsborough Business Centres Limited (Company Number 03046175)
and Gainsborough U.K. Limited (Company Number 03908222) on
June 12.

Headquartered in London, Grant Thornton U.K. LLP --
http://www.grant-thornton.co.uk/-- is the U.K. member of Grant  
Thornton International, one of the world's leading international
organizations of independently owned and managed accounting and
consulting firms.  These firms provide a comprehensive range of
business advisory services from around 540 offices in over 110
countries worldwide.  

Headquartered in London, Gainsborough Group Limited,
Gainsborough Business Centres Limited and Gainsborough U.K.
Limited provides serviced offices.


GOMM METAL: Names Duncan Roderick Morris as Administrator
---------------------------------------------------------
Duncan Roderick Morris of The Till Morris Partnership was named
administrator of Gomm Metal Developments Limited (Company Number
00829981) on June 9.

The administrator can be contacted at:

         The Till Morris Partnership
         2 Church St.
         Warwick
         Warwickshire CV34 4AB
         United Kingdom
         Tel: 01926 497722  

Headquartered in Woking, United Kingdom, Gomm Metal Developments
Limited is engaged in aluminum production.


IN THE BAG: Brings in Joint Administrators from Begbies Traynor
---------------------------------------------------------------
Lloyd Biscoe and Louise Donna Baxter both of Begbies Traynor
were appointed joint administrators of In The bag Limited
(Company Number 03837529) on June 12.

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.  

In The Bag Limited can be reached at:

         Batchwork Lock House
         99 Church St.
         Rickmansworth
         Hertfordshire WD3 1JJ
         United Kingdom
         Tel: 01923 440033  


JOHN WOODLEY: Hires Buchanans PLC as Joint Administrators
---------------------------------------------------------
Peter Anthony Hall and Alan Peter Whalley of Buchanans PLC were
appointed joint administrators of John Woodley (t/a The Cornish
Oggy Oggy Pasty Company Limited) (Company Number 05007225) on
June 12.

The administrators can be reached at:

         Buchanans PLC
         Latimer House
         5 Cumberland Place
         Southampton SO15 2BH
         Tel 023 8022 1222

Headquartered in Exeter, United Kingdom, John Woodley is a food
retailer.


MAINLINE FLOORING: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------------
Creditors of Mainline Flooring Limited confirmed the appointment
of Colin Ian Vickers of Vantis as Liquidator on April 19.

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

Mainline Flooring Limited can be reached at:

         9 Station Road
         Southwater
         Horsham
         West Sussex RH139HQ
         United Kingdom
         Tel: 01403 738 222
         Fax: 01403 738 333


MARTIN LEISURE: Creditors Ratify Winding Up Resolution
------------------------------------------------------
Creditors of Martin Leisure Limited, on April 18, ratified a
resolution to wind up the company together with the appointment
of Alan H. Tomlinson of Tomlinsons as Liquidator.

Tomlinsons -- http://www.tomlinsons.co.uk/-- is an independent  
firm of Licensed Insolvency Practitioners with offices in
Manchester, Blackburn and London.  It specializes in all types
of business recovery and insolvency procedures, as well as
offering advice to companies and individuals who believe they
may be heading towards, or are already in, financial difficulty.

Martin Leisure Limited can be reached at:

         25 Main Road
         Cardross
         Dumbarton G82 5PD
         United Kingdom
         Tel: 01389 841 286


MISYS PLC: SunGard Data Eyes Takeover Deal, Report Says
-------------------------------------------------------
SunGard Data Systems Inc. has expressed its interest in
acquiring Misys Plc for an undisclosed amount, Reuters relates
citing the Sunday Times' unsourced report.

According to the Times, the U.S. software firm is reportedly
coordinating with JP Morgan Cazenove to discuss a potential
offer with the takeover likely to value Misys above current
market capitalization.  JP Morgan is advising Misys's
independent directors.

As reported in TCR-Europe on June 13, Misys's board of directors
confirmed the receipt of a request from certain members of the
company's senior management team to explore the possibility of
making an offer for Misys.

An Independent Committee of the Board was established to
consider this request.  No price was discussed.

Headquartered in the United Kingdom, Misys PLC --
http://www.misys.com/-- provides industry-specific software   
serving the international banking and healthcare industries and
the U.K. general insurance industry.

At Nov. 30, 2005, the company reported GBP155.6 million in total
stockholders' deficit.


MISYS PLC: Healthcare Unit to Provide EMR Software to VHA Inc.
--------------------------------------------------------------
Misys Healthcare Systems has signed an agreement to be one of
VHA Inc.'s suppliers for Electronic Medical Records software to
physician practices owned or affiliated with members of VHA, the
national health care alliance.

Through the agreement, medical practices that are owned or
affiliated with VHA's 1,400 member hospitals will have the
opportunity to save money on the purchase and installation of
Misys EMR(R).  The award-winning Misys EMR solution will enable
medical practices to streamline productivity and maximize
profitability.  This modularly designed product provides
electronic capabilities for routine tasks related to clinical
data (such as transcription, imaging results, orders management,
messaging and prescription writing), as well as a wireless
point-of-connection for physicians in the examination room.

"Our physician practice members need quality electronic health
records solutions, and we want to help guide them to quality,
reliable software offerings," said Amy Anthony, Vice President
of Purchased Services at VHA.  "And after a close examination of
the EMR market, we concluded that Misys Healthcare Systems was a
great fit - Misys' reputation, product offering and longevity in
the market are excellent."

"We're excited to bring our solution to VHA members," said
Kelley Schudy, Vice President of Sales for Misys Healthcare
Systems.  "With more than 1,500 practices already seeing the
tremendous return on investment our EMR brings, we know the
value Misys EMR will bring VHA practices."

                  About Misys Healthcare Systems

Misys Healthcare Systems -- http://www.misyshealthcare.com/--  
develops and supports reliable, easy-to-use software and
services of exceptional quality that enable physicians and
caregivers to more easily manage the complexities of healthcare.  
Misys' family of leading clinical products and Web-based
technologies - Misys Optimum(TM) solutions - are designed from
the ground up to share patient data across all medical care
settings.  Misys Optimum connects community-based physicians and
caregivers to the acute care enterprise, enabling increased
efficiencies, better decision-making and improved hospital-
physician relations.

                     About Misys plc

Headquartered in the United Kingdom, Misys PLC --
http://www.misys.com/-- provides industry-specific software   
serving the international banking and healthcare industries and
the U.K. general insurance industry.

At Nov. 30, 2005, the company had GBP155.6 million in total
stockholders' deficit.


N. TAYLOR: Creditors' Meeting Slated for July 17
------------------------------------------------
Creditors of N. Taylor & Sons (Contractors) Limited (Company
Number 0687640) will meet at 10:00 a.m. on July 17 at:

         Maple View
         White Moss Business Park
         Skelmersdale
         Lancashire WN8 9TG
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon, on July 14 at:

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


NEMUS FUNDING: Moody's Rates GBP17.3-Mln Notes at (P)Ba3
--------------------------------------------------------
Moody's Investors Service assigned these provisional public
ratings to the Notes issued by NEMUS Funding No.1 P.L.C.:

   -- GBP35,730,000 Floating Rate Notes due 2014: (P)Aaa;
   -- GBP44,840,000 Floating Rate Notes due 2014: (P)Aa1;
   -- GBP35,905,000 Floating Rate Notes due 2014: (P)A1;
   -- GBP40,375,000 Floating Rate Notes due 2014: (P)Baa3, and
   -- GBP17,330,000 Floating Rate Notes due 2014: (P)Ba3.

In addition, Moody's has assigned a private rating to the Senior
Credit Default Swap (Senior CDS).

Moody's has not assigned a provisional rating to the Class F
Notes of the Issuer.

The provisional ratings on the Notes are based upon:

   -- the junior ranking position of the Notes relative to the
Senior CDS of GBP714,585,000;

   -- Moody's assessment of the real estate quality and
characteristics of the underlying property portfolio;

   -- a loan-by-loan analysis of the pool of reference
obligations backing the Senior CDS and the Notes;

   -- the partial borrower level interest rate hedging provided
by HSBC Bank PLC; and

   -- the legal and structural characteristics of this issue.

This partially funded, synthetic transaction represents the
securitisation of 23 commercial mortgage loans, originated by
HSBC Bank PLC.  

The loans are primarily secured by:

   -- first ranking legal mortgages on 192 commercial
properties;
   
   -- first ranking security over units for three properties;
and

   -- cash collateral for certain loans.  

The properties are located in the United Kingdom with 74.4 per
cent located in Central London. 55.5 per cent of the portfolio
by market value comprises office property with other uses
including industrial, retail and hotel.  

Key strengths of the pool are:

   -- the weighted average underwriter's loan-to-value ration of
56.4%; and

   -- the loan diversity relative to recent CMBS conduit
transactions.

Key weaknesses include:

   -- refinancing risk plus tenant rollover risk;
   -- asset concentration risk; and
   -- significant unhedged exposure to interest rate movements.  

In addition, the transaction allows for an initial 18 months
reinvestment period for additions subject to Moody's rating
confirmation.

Moody's assigns provisional ratings in advance of the final sale
of securities and the ratings reflect Moody's preliminary credit
opinions regarding the transaction only.  Upon a conclusive
review of the final version of all the documents and legal
opinions, Moody's will endeavor to assign definitive ratings to
the Notes.  Definitive ratings may differ from provisional
ratings.

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


NEMUS FUNDING: S&P Assigns BB Ratings to Class E & F Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP178.647 million commercial mortgage-
backed floating-rate notes to be issued by NEMUS Funding No. 1
PLC, a special purpose entity.
  
The credit ratings reflect the quality and diversity of the
underlying reference pool of commercial mortgages, the
underlying note security, and the ability of HSBC Bank PLC to
service the reference pool of loans.
  
NEMUS Funding is the first synthetic CMBS securitization
structured by HSBC Bank.
  
The transaction involves payments to noteholders synthetically
tied to the performance of a reference pool of 23 commercial
property loans.  The underlying collateral is located in England
and Scotland.  All of the reference loans were originated and
are serviced by HSBC Bank.
  
Realized losses incurred in the reference pool will trigger the
allocation of losses to the rated notes.  Losses are allocated
to each class of notes in reverse sequential order, first to the
class F notes until the class balance is reduced to zero, and
then to more senior classes of rated notes in turn.
  
The ratings address the ability of the issuer to meet timely
payments of interest and ultimate repayment of principal no
later than the final legal maturity date.
  
Ratings List
NEMUS Funding No. 1 PLC
GBP178.647 Million Commercial Mortgage-Backed  
Floating-Rate Notes

                            Prelim.        Prelim.
              Class         rating         amount (Mil. GBP)
              -----         ------         ------
              A              AAA            35.73
              B              AA             44.84
              C              A              35.91
              D              BBB            40.38
              E              BB             17.33
              F              BB              4.47  


NORTHERN PACKAGING: Creditors' Meeting Set for July 17
------------------------------------------------------
Creditors of Northern Packaging Distributors Limited (Company
Number 02132725) will meet at 11:00 a.m. on July 17 at:

         Tenon Recovery
         Tenon House Ferryboat Lane
         Sunderland SR5 3JN
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on July 14 at:

         Ian William Kings
         Administrator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland SR5 3 JN
         United Kingdom
         Tel: 0191 511 5000
         Fax: 0191 511 5001

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


NOVELIS INC: Extends Consent Request for Senior Notes to July 19
----------------------------------------------------------------
Novelis Inc. is extending the expiration date in connection with
its previously announced consent solicitation relating to its
7-1/4% Senior Notes due 2015 (CUSIP Nos. 67000XAA4, C6780CAA1
and 67000XAB2) in order to allow holders additional time to
deliver their consents.  

Novelis is soliciting consents to proposed amendments to the
indenture pursuant to which the Notes were issued that would
give Novelis until Dec. 31, 2006, to become current in its
reporting obligations and a waiver of any and all defaults
caused by its not timely filing certain reports with the
Securities and Exchange Commission.  

The consent solicitation, which was scheduled to expire at 5:00
p.m., New York City time, on Wednesday, July 12, will now expire
at 5:00 p.m., New York City time, on Wednesday, July 19, unless
extended to a later time or date.

Upon the terms and subject to the conditions of the consent
solicitation, holders of record as of 5:00 p.m., New York City
time, on June 21, 2006, who validly deliver and do not revoke
their consents prior to the Expiration Date, will receive an
initial consent fee for each US$1,000 in principal amount of
Notes with respect to which consents are received equal to the
product of US$15.00 multiplied by a fraction, the numerator of
which is the aggregate principal amount of Notes outstanding on
the Expiration Date and the denominator of which is the
aggregate principal amount of Notes as to which Novelis received
and accepted consents.  If Novelis has not filed its Annual
Report on Form 10-K for the year ended December 31, 2005, with
the SEC by 5:30 p.m., New York City time, on Sept. 30, Novelis
will pay to these holders an additional US$5.00 for each
US$1,000.00 in principal amount of Notes as to which Novelis has
received and accepted consents.  These consent fees are
collectively referred to as the "Consent Fees."

The effectiveness of the proposed amendments and waiver and the
payment of the Consent Fees are subject to the receipt of valid
consents that are not revoked in respect of at least a majority
of the aggregate principal amount outstanding of the Notes.  
Holders of the Notes may revoke their consents at any time
before the proposed amendments and waiver become effective, but
upon receipt by Novelis of the consents of a majority of holders
of the Notes the waiver will become effective, a supplemental
indenture setting forth the amendments will be executed and
consents may no longer be revoked unless Novelis fails to pay
holders the Consent Fees.

Citigroup Corporate and Investment Banking is serving as the
solicitation agent for the consent solicitation.  Questions
regarding the consent solicitation may be directed to Citigroup
Corporate and Investment Banking at (800) 558-3745 (toll-free)
or (212) 723-6106.  The information agent for the consent
solicitation is Global Bondholder Services Corporation. Requests
for copies of the Consent Solicitation Statement and related
documents may be directed to Global Bondholder Services
Corporation at (866) 794-2200 (toll- free) or (212) 430-3774.

                          About Novelis

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

                           *     *     *

As reported in the Troubled Company Reporter on May 18, 2006,
Moody's Investors Service placed the ratings of Novelis Inc.,
and its subsidiary, Novelis Corporation, under review for
possible downgrade.  In a related rating action, Moody's changed
Novelis Inc's speculative grade liquidity rating to SGL-3 from
SGL-2.

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

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


POTTERS BAR: Financial Woes Prompt Liquidation
----------------------------------------------
Potters Bar Conservative Club Limited is winding up its
operations after creditors established the company could no
longer continue its business due to mounting debts.

Subsequently, Neil Chesterton was appointed Liquidator.

The company can be reached at:

         Potters Bar Conservative Club Limited
         Orchard House
         Mutton Lane
         Potters Bar
         Hertfordshire EN6 3AX
         United Kingdom
         Tel: 01707 657 872


PREMIER FOODS: Buying Campbell's UK & Irish Units for GBP460 Mln
----------------------------------------------------------------
Premier Foods PLC declared its intention to acquire the U.K. and
Irish businesses of the Campbell Soup Company for GBP460 million
on a debt-free, cash-free basis.

A fully underwritten Rights Issue raising gross proceeds of
approximately GBP450 million will fund premier's planned
acquisition of Campbell.

The Directors believed that the acquisition will meet each of
Premier's clearly defined strategic and financial acquisition
criteria and that Campbell's U.K. is an excellent strategic fit
for its business.

Premier intends to integrate Campbell's U.K. fully into its core
Grocery business.  

           Financing Arrangements for the Acquisition

The Company intends to fund the transaction primarily through a
Rights Issue at a minimum subscription price of 160 pence per
New Ordinary Share to raise gross proceeds of approximately
GBP450 million.  The Rights Issue has been fully underwritten by
Merrill Lynch International and Hoare Govett.  The Issue Price
and the number of New Ordinary Shares will be determined at the
time the Prospectus is issued, which is expected to be in late
July.

Commenting on the acquisition, Premier's Chief Executive Robert
Schofield disclosed, "The Campbell's U.K. business fits Premier
like a glove.  This acquisition will bring an excellent
portfolio of powerful and iconic brands, which we intend to
drive forward with increased resource and innovation. In
addition, the very substantial synergies, which Premier can
deliver, make this transaction highly compelling from a
financial perspective.  Moreover, we are putting in place a
financing structure which will give us the flexibility to
continue to pursue our acquisition strategy."

The interim results for the six months ended July 1, 2006 are
will be issued on Aug. 7.

Headquartered in Birmingham, England, Premier Foods --
http://www.premierfoods.co.uk/-- manufactures Ambrosia custard  
and rice pudding, Branston pickle, Hartley's jams and marmalade
and Sarsons vinegar.

At Dec. 31, 2005, Premier Foods PLC balance sheet showed
GBP858.4 million in total assets and GBP876.4 in total
liabilities, resulting in an GBP18 million stockholders'
deficit.


TIMOTHY HOLDEN: Creditors Nominate Liquidator
---------------------------------------------
Creditors of Timothy Holden (Jewellery) Limited nominated,
Gordon Allan Mart Simmonds of Simmonds & Co. as Liquidator
during an extraordinary general meeting on April 19.

The company can be reached at:

         Timothy Holden (Jewellery) Limited
         18B Market Street
         Whaley Bridge
         High Peak
         Derbyshire SK237LP
         United Kingdom
         Tel: 01663 732 670
         Fax: 01663 732 670


TORFAEN COMMUNITY: Creditors' Meeting Slated for July 18
--------------------------------------------------------
Creditors of Torfaen Community Recycling (Company Number
4409619) will meet at 10:30 a.m. on July 18 at:

         The Parkway Hotel
         Ty Coch Lane
         Llantarnum Park Way
         Cwmbran NP44 3UW
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on July 17 at:

         Richard Ivor Bartlett Jones and Melanie Reevel Giles
         Joint Administrators
         Jones Giles Limited
         Unit 8
         Williams Court
         Trade Street
         Cardiff
         South Glamorgan CF10 5DQ
         United Kingdom
         Tel: 029 2034 6530  


XDATE SPEED: Brings In Joint Liquidators from Begbies Traynor
------------------------------------------------------------
Robert Michael Young and Ian Michael Rose of Begbies Traynor
were appointed Joint Liquidators of Xdate Speed Limited after
creditors decided to wind up the company on April 19.

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

Xdate Speed Limited can be reached at:

         Endeavour House
         2 Cambridge Road
         Kingston Upon Thames
         Surrey KT1 3JU
         United Kingdom
         Tel: 020 8549 8887


* Robert Gold Joins DLA Piper's New York Office as Partner
----------------------------------------------------------
DLA Piper Rudnick Gray Cary US LLP reported that Robert Gold,
Esq., has joined the firm's Litigation practice group as a
partner in the New York office.  Mr. Gold was previously Of
Counsel at Sullivan & Worcester.

Over the course of his 35-year legal career, Mr. Gold has
handled litigation in civil and criminal cases, as well as
international litigation and arbitration.  He has particular
experience in white collar defense.  He has also advised several
multi-billion dollar financial institutions in crisis management
and turnarounds.

Mr. Gold began his career as a litigation attorney at Shea &
Gould in 1971.  From 1973 to 1977, he served as an Assistant
U.S. Attorney in the criminal division of the U.S. Attorney's
Office for the Southern District of New York in the Official
Corruption Unit and in the Securities Fraud Unit.  He also
lectured in the Attorney General's Advocacy Institute from 1975
to 1976.

Mr. Gold re-entered private practice in 1978, eventually
returning to Shea & Gould in 1980 before forming Gold & Wachtel,
where he served as co-managing partner.

From 1998 to 2000, he worked with Louis Ranieri, chief executive
officer of Ranieri & Company, assisting in crisis management and
turnarounds.

In 2001, he joined Alco Capital Partners and Abacus Advisors, as
a principal, working on crisis management, liquidations and
turnarounds.  He later served as managing general partner for
various bankruptcy investment partnerships.

"Bob is a seasoned trial lawyer who has benefited from a dynamic
mix of litigation experience, both in the public sector and in
private practice," said Joseph Finnerty III, partner and chair
of the New York litigation practice group.  "We are pleased that
he has joined the firm and we anticipate that he will contribute
significantly to our corporate governance, commercial and white
collar criminal defense practices."

Mr. Gold earned both a J.D. and an M.B.A. from Cornell
University in 1971.  He received a B.A. from Columbia University
in 1967.

            About DLA Piper Rudnick Gray Cary

DLA Piper Rudnick Gray Cary US LLP -- http://www.dlapiper.com/
-- has 3,100 lawyers and 59 offices in 22 countries throughout
the U.S., U.K., continental Europe, Middle East and Asia.  It
has leading practices in commercial, corporate and finance,
human resources, litigation, real estate, regulatory and
legislative, and technology, media and communications.

DLA Piper's Litigation practice has more than 600 litigation
lawyers in the U.S. and 1,200 lawyers worldwide.  DLA's trial
and dispute resolution experience covers patent, class action,
securities, antitrust, product liability, tax, government, real
estate, and other areas of litigation.

                           *********

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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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