TCREUR_Public/060714.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, July 14, 2006, Vol. 7, No. 139

                            Headlines


A U S T R I A

A BIS Z BAU: Creditors' Meeting Slated for August 3
ADELBAU: Claims Registration Period Ends July 19
ANGELAS SONNENSCHEIN: Claims Registration Period Ends July 19
AURUM CONSULTING: Court Will Approve Property Manager's Decision
DIE FREUNDLICHE: Property Manager Declares Insufficient Assets

SHOE & SHIRT: Claims Registration Period Ends July 25
WIDEBODYHANDELS: Claims Registration Period Ends July 28


F R A N C E

ALCATEL SA: General Shareholders' Meeting Slated for Sept. 7
ALCATEL SA: Completes Telecom Network Project in India
ALCATEL SA: Inks IP Solution Contracts with China Netcom
EUROTUNNEL GROUP: Pursues Creditor Protection After Failed Talks
EUROTUNNEL S.A.: S&P Junks Debt Ratings After Failed Talks

FIXED-LINK: Fitch Downgrades Eurotunnel Debt Vehicles to B
MAAX HOLDINGS: Posts US$6.323 Million Net Loss in First Quarter


G E R M A N Y

AUTOHAUS REHAINER: Claims Registration Ends July 17
EHP GMBH: Claims Registration Ends July 26
HOTEL BERG: Claims Registration Ends July 18
K & K BAU: Claims Registration Ends July 28
KREILING & LINKE: Claims Registration Ends July 17

MICKERT TRANSPORT: Claims Registration Ends July 24
NEOS BAU: Claims Registration Ends July 26
R. KRAUTWALD: Claims Registration Ends July 26
REINER GRUSON: Claims Registration Ends July 25
SCHMIDT MASSIVBAU: Claims Registration Ends July 21


I T A L Y

FIAT SPA: Improves Car Sales in Italy & Western Europe
PARMALAT SPA: Eyes EUR100 Million Net Profit in 2006
PARMALAT SPA: Popolare Italiana to Settle Suit for EUR60 Million
POPOLARE ITALIANA: To Settle Parmalat Suit for EUR60 Million


K A Z A K H S T A N

AKSHAM-KOKSHE: Creditors Must File Claims by July 28
ARIYA DIZEN: Creditors Must File Claims by July 28
DATKA: Creditors Must File Claims by July 28
DIBISI: Proof of Claim Deadline Slated for July 31
ES-AL: Proof of Claim Deadline Slated for July 28

JIDELI: Proof of Claim Deadline Slated for July 31
STATE INSURANCE: Moody's Reviews Ba1 Rating & May Upgrade
KAZAVTOTEHNIKA GROUP: Claims Registration Ends July 31
NEFTYANAYA STRAHOVAYA: Claims Registration Ends July 28
TEHNOTRANSSERVIS: Creditors' Claims Due July 31

TEMZA: Creditors' Claims Due July 28
VALUT-TRANZIT: Moody's Withdraws E+ Financial Strength Rating


K Y R G Y Z S T A N

JANAR: Public Auction Scheduled for Aug. 1
MEKSHUN: Creditors' Meeting Slated for July 22


R U S S I A

AKOR: Ulyanovsk Court Starts Bankruptcy Supervision
BOLSHESELSKAYA POULTRY: V. Kuznetsov to Manage Assets
BUGULMINSKIY COMBINE 2: A. Kurochkin to Manager Assets
BUZDYAK-MOL-AGRO-PROM: Court Starts Bankruptcy Supervision
CHISHMINSKOYE: Court Starts Bankruptcy Supervision

CONFECTIONARY HOUSE: Court Names V. Gilev as Insolvency Manager
KALACH-AGRO-PROM-TRANS: Court Begins Bankruptcy Supervision
KUBOVSKIY WOOD-PROM-KHOZ: Court Starts Bankruptcy Supervision
MEDVED: Court Appoints E. Zamurakina as Insolvency Manager
NERCHINSKAYA: Court Names S. Konstantinov as Insolvency Manager

NOVOLIPETSK STEEL: S&P Lifts Corporate Credit Rating to BB+
ORANZHEREYNYJ FISHING: V. Yakushev to Manage Insolvency Assets
PETROV-WOOD: Court Names S. Tsvetkov as Insolvency Manager
POGRANICHNOYE: Court Names V. Pitsun as Insolvency Manager
REINFORCED CONCRETE 80: P. Kutelev to Manage Assets


U K R A I N E

AGROPROMSERVICE: Court Commences Bankruptcy Supervision
ALFA: Court Appoints E. Marchenko as Insolvency Manager
ETALON-AUTO-ODESSA: Court Names Yevgenij Grib as Liquidator
INTERPROM: Court Names District Tax Agency as Liquidator
KIRNASIVKA' SUGAR: Court Names Pension Fund Dep't as Liquidator

KONTINENT: Kyiv Court Starts Bankruptcy Supervision
LERO: Court Appoints Svitlana Babich as Insolvency Manager
PROMIN: Court Names Regional Bankruptcy Agency as Liquidator
SELKOM: Court Appoints I. Serij as Liquidator
SELMASHINVEST: Court Names Mikita Nikitenko to Liquidate Assets

SKADOVSKIJ RAJAGROHIM: Court Begins Bankruptcy Supervision
SVITANOK: Court Names Regional Bankruptcy Agency as Liquidator
TRADEKON: Odessa Court Names I. Serij to Liquidate Assets
YENAKIYEVE' CEMENT: Court Names Svitlana Bezverha as Liquidator


U N I T E D   K I N G D O M

A R SECURITY: Hires Joint Liquidators from Deloitte & Touche LLP
ADVANCED GRANITE: Joint Liquidators Take Over Operations
ALANDALE SOUTHAMPTON: Creditors Pass Winding Up Resolution
ANSA CONTRACT: Financial Woes Trigger Liquidation
AXION SYSTEMS: Brings In DTE Leonard to Administer Assets

BELGRAVIA BUILDERS: Credit & Mercantile Appoints Joint Receivers
BLUESTONE SECURITIES: S&P Rates Class D & E Notes at Low-B
CCA DESIGN: Appoints Paul Appleton as Liquidator
CURTI LIFTS: Creditors Confirm Liquidator's Appointment
D.E.M. FINANCE: Royal Bank Appoints PKF as Joint Receivers

ELLAN RUGBY: Names Peter Sargeant Liquidator
EUROTUNNEL GROUP: Pursues Creditor Protection After Failed Talks
EUROTUNNEL S.A.: S&P Junks Debt Ratings After Failed Talks
FIVEMERE LTD: Creditors Resolve to Voluntary Liquidation
FIXED-LINK: Fitch Downgrades Eurotunnel Debt Vehicles to B

FOREMOST RAIL: Taps A. Clifton to Liquidate Assets
GENIE'S MANAGEMENT: Creditors Opt to Liquidate Assets
INHOME SERVICES: Peter O'Hara Leads Liquidation Procedure
KINGSWOOD COLLECTION: Taps Rothman Pantall as Administrators
KOALA LIMITED: Hires Unity Business as Administrators

LABOUR FORCE: Appoints Administrators from Milner Boardman
LEAPFROG GROUNDS: Winds Up Business & Appoints Liquidator
LONDON WALL: Moody's Assigns (P)Ba1 to EUR21-Mln Class E Notes
MAAX HOLDINGS: Posts US$6.323 Million Net Loss in First Quarter
MAGELLAN MORTGAGES: Moody's Rates Class E Notes at (P)Ba2

OLYMPIC CATERING: Brings In P&A as Joint Administrators
OXFORD PRINT: Taps Hurst Morrison as Joint Administrators
QUALITY KEBAB: Hires Ashcrofts as Joint Administrators
RICHARD JAMES: Appoints Joint Liquidators from RMT
STANKEM LTD: Brings In Liquidator from Rooney Associates

UNITED BISCUITS: Moody's Affirms B1 Corporate Family Rating

                            *********

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


A BIS Z BAU: Creditors' Meeting Slated for August 3
---------------------------------------------------
Creditors owed money by LLC A bis Z Bau-und Projektmanagement
(FN 245687f) are encouraged to attend the creditors' meeting at
11:30 a.m. on Aug. 3 to consider the adoption of the rule by
revision and decision by compulsory payment of the compensation.

The creditors' meeting will be held at:

         The Land Court of Salzburg
         Room 221
         2nd Floor
         Salzburg, Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on March 31 (Bankr. Case 23 S 38/06t).  Peter Perner
serves as the court-appointed property manager of the bankrupt
estate.

The property manager can be reached at:

         Dr. Peter Perner
         Karolingerstrasse 1
         5020 Salzburg, Austria
         Tel: 0662/826661
         Fax: 0662/826661-10
         E-mail: office@dr-perner.at


ADELBAU: Claims Registration Period Ends July 19
------------------------------------------------
Creditors owed money by Construction LLC Adelbau (FN 231071k)
have until July 19 to file written proofs of claims to court-
appointed property manager Herbert Hochegger at:

         Dr. Herbert Hochegger
         c/o Dr. Bernhard Eder
         Brucknerstrasse 4/5
         1040 Vienna, Austria
         Tel: 505 78 61
         Fax: 505 78 61-9
         E-mail: office@hoch.co.at

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 80/06v).  Bernhard Eder represents
Dr. Hochegger in the bankruptcy proceedings.


ANGELAS SONNENSCHEIN: Claims Registration Period Ends July 19
-------------------------------------------------------------
Creditors owed money by LLC Angelas Sonnenschein (FN 249619m)
have until July 19 to file written proofs of claims to court-
appointed property manager Andrea Simma at:

         Dr. Andrea Simma
         C/o Dr. Guenther Hodl
         Schulerstrasse 18
         1010 Vienna, Austria
         Tel: 513 67 03
         Fax: 513 67 03 33
         E-mail: Simma@aon.at

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 81/06s).  Guenther Hodl represents
Dr. Simma in the bankruptcy proceedings.


AURUM CONSULTING: Court Will Approve Property Manager's Decision
----------------------------------------------------------------
The Trade Court of Vienna declared on May 31 that it would
approve court-appointed property manager's decision for LLC
Aurum Consulting (FN 132865s).

Headquartered in Vienna, the Debtor's bankruptcy case  (Bankr.
Case No. 38 S 19/06f) was removed from (Bankr. Case No. 36 S
55/04g) on March 6.


DIE FREUNDLICHE: Property Manager Declares Insufficient Assets
--------------------------------------------------------------
Dr. Franz Grauf, the court-appointed property manager for Trade
LLC die freundliche Backerin (FN 226886g), declared on May 31
that the Debtor does not have enough assets to pay off
creditors.

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

Headquartered in Volkermarkt, Austria, the Debtor declared
bankruptcy on May 9 (Bankr. Case No. 41 S 55/06w).

The property manager can be reached at:

         Dr. Franz Grauf
         Hans-Wiegele-Road 3/I
         9100 Volkermarkt, Austria
         Tel: 04232/25 30
         Fax: 04232/25 30-40
         E-mail: kanzlei@law-grauf-vigele.at


SHOE & SHIRT: Claims Registration Period Ends July 25
-----------------------------------------------------
Creditors owed money by LLC Shoe & Shirt Production (FN 218028f)
have until July 25 to file written proofs of claims to court-
appointed property manager Guenther Grassner at:

         Dr. Guenther Grassner
         Suedtirolerstrasse 4-6
         4020 Linz, Austria
         Tel: 77 08 15
         Fax: 77 08 16
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 7 to consider the adoption of
the rule by revision and accountability.

The meeting of creditors will be held at:

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

Headquartered in Muehlkreis, Austria the Debtor declared
bankruptcy on May 31 (Bankr. Case No. 12 S 49/06b).  Norbert
Mooseder represents Dr. Grassner in the bankruptcy proceedings.

The representative of the Property Manager can be contacted at:

         Dr. Norbert Mooseder
         Stelzhamerstrasse 1
         4400 Steyr, Austria
         Tel: 07252 42 4 24
         Fax: 07252 42 4 24-24
         E-mail: lawfirm@gltp.at


WIDEBODYHANDELS: Claims Registration Period Ends July 28
--------------------------------------------------------
Creditors owed money by LLC WidebodyHandels- und
Gastronomiebetrieb (FN 209974k) have until July 28 to file
written proofs of claims to court-appointed property manager
Gernot Franz Herzog at:

         Dr. Gernot Franz Herzog
         Haunsperstrasse 33
         5020 Salzburg, Austria
         Tel: 0662/8700460
         Fax: 0662/878462
         E-mail: office@hauserherzog.com

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 11 to consider the adoption of
the rule by revision.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Hall 256
         2nc Floor
         Salzburg, Austria

Headquartered in Seekirchen am Wallersee, Austria, the Debtor
declared bankruptcy on May 31 (Bankr. Case No. 44 S 11/06a).


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


ALCATEL SA: General Shareholders' Meeting Slated for Sept. 7
------------------------------------------------------------
Shareholders of Alcatel S.A. will convene on Sept. 7 to vote on
the proposed merger with Lucent Technologies.

During this meeting, the shareholders will be, in particular,
invited to approve the merger transaction at the same time as
the accounts for the 2005 fiscal year.

With this aim in view, in accordance with the agreement with
Lucent Technologies, Inc., the shareholders' meeting will be
asked to delegate its authority to the board of directors for
the issue of ordinary shares for the purposes of the merger
transaction.  The transaction provides for the issue of new
Alcatel shares to Lucent shareholders for their Lucent shares.
The Lucent shareholders will receive new Alcatel shares in the
form of American Depositary Shares based on an exchange ratio of
0.1952 Alcatel share for 1 combined company are still under
consideration.

The shareholders' meeting will be invited to approve certain
amendments to the bylaws that have been agreed with Lucent
Technologies, such as:

   -- the alignment of the age limit of the Non-executive
      Chairman with the regime applicable to all directors, or

   -- the temporary institution of a qualified majority of the
      board of directors to co-opt a new director, or appoint or
      remove the Chairman of the board of directors and CEO.

These bylaws amendments are notably aimed at ensuring the
stability of the management team during the transition period,
which will follow the merger, in order to permit the integration
of the two companies.

The extension of the Chairman and CEO's mandate until the
date of the board of directors' meeting acknowledging the
completion of the merger -- or the impossibility of completing
it -- will also be submitted to approval.  This provision is
aimed at ensuring the continuity of Alcatel's management during
the period between the shareholders' meeting and the effective
date of the merger.

Finally, the appointment of 14 directors for a term of four
years will be proposed for the combined entity.  The board of
directors would be comprised of:

      a) Serge Tchuruk, Chairman of the Board;

      b) Patricia Russo, CEO of the new entity;

      c) five directors designated by Alcatel;

      d) five directors designated by Lucent Technologies, and

      e) two new independent directors -- one French and one
         European who would be chosen by joint agreement.

It is also proposed that two board observers be chosen,
representing the employee shareholders of Alcatel's Employee
Investment Fund.  The identity of the directors and board
observers comprising this new board will be communicated at a
later date.

                          About Lucent

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

                          About Alcatel

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

                         *     *     *

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

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


ALCATEL SA: Completes Telecom Network Project in India
------------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) has successfully
completed the 5,000 km. extension of the existing optical multi-
service telecommunications transport network of RAILTEL
Corporation of India, a subsidiary of Indian Railways.

This network enhancement further supports RAILTEL's operational
and business communication requirements, such as secure voice,
video and data traffic transmission.  As a result, RAILTEL can
leverage significant performance, efficiency and quality of
service benefits for its customers, along with competitively
providing wholesale bandwidth to other telecom operators and
enterprises.

The extension project, which was awarded through Punjab
Communications, India's premier telecom and IT equipment and
solution provider, follows the successful implementation of the
11,000 km backbone network supporting multimedia communications
among RAILTEL's sites throughout India.  Existing and new
mission-critical business applications, supported by Gigabit
Ethernet-based connectivity, are delivered over a single,
converged platform that enables reliable, real-time access to
monitoring and control information.

"Transportation companies are increasingly requested to enhance
their optical transport networks to introduce new data
applications for advanced traffic monitoring," said Romano
Valussi, President of Alcatel's optical networking activities.
"Alcatel has the portfolio and project management expertise to
deliver tailored solutions that fit the requirements of vertical
markets for mission-critical applications and business
efficiency."

Alcatel supplied its data-aware Optical Multi-Service Node
(OMSN) systems, providing advanced multi-service aggregation
functionality, managed by the Alcatel 1350 management suite,
which supervises the entire optical networking portfolio
enabling complete control over optical networks and maximizing
network service revenue.

                          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.


ALCATEL SA: Inks IP Solution Contracts with China Netcom
--------------------------------------------------------
Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) revealed that
Shandong and Shanxi Netcom, two subsidiaries of China Netcom,
have selected Alcatel's IP solution to expand and optimize their
metropolitan networks across the Shandong and Shanxi provinces
and broaden their IP-based data service portfolio.

The Alcatel solution will enable the two service providers to
offer triple play services, including voice, data and video, as
well as faster, highly reliable Internet access services for
consumers and enterprises.  The two contracts were won through
Alcatel Shanghai Bell, Alcatel's flagship Chinese company.

Under the terms of the contracts, Alcatel will deploy its
industry-leading 7750 Service Router (SR) in Qingdao, the major
city in Shandong Province, and in Changzhi and Jincheng in
Shanxi province.  Upon completion of the projects in August
2006, residential customers of Shandong Netcom and Shanxi Netcom
can enjoy high quality triple play and advanced Internet access
services.  Enterprise users will also have access to Service
Level Agreement (SLA)-based networking services like Layer 2
Virtual Private LAN service (VPLS) and Layer 3 virtual private
networks (VPN), which are provided with IP/MPLS Quality of
Service.

At present, Qingdao has the largest number of broadband
customers in Shandong Province with over 500,000 subscribers,
resulting in huge demand for advanced data services.

All major Chinese operators including China Netcom, China
Telecom, China Unicom, and China Mobile have selected the
Alcatel 7750 Service Router to optimize the delivery of high-
performance carrier data, voice and video services.  Alcatel is
involved in more than 40 triple play projects worldwide, and
projects that the number of IPTV subscribers will grow to more
than 70 million by 2010.  According to Synergy Research Group,
Alcatel is #2 in the Services Edge Router category in Q1 2006,
with 18% market share, following four consecutive quarters of
market share gain.

                        About China Netcom

A major state-owned enterprise, China Netcom Corporation Ltd.
was co-established by the local telecom companies in 10
provinces, autonomous regions or municipalities directly under
the central government, With fixed assets of more than 220
billion RMB, China Netcom Corporation Ltd provides a variety of
domestic and international fixed telecom network services and
facilities, including wireless local loop, telecom network-based
voice, data, image and multimedia communications and information
services, as well as corresponding system integration and
technical development.  It also promotes domestic and overseas
investment and financing opportunities, as well as other
operations approved by the state.

                          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.


EUROTUNNEL GROUP: Pursues Creditor Protection After Failed Talks
----------------------------------------------------------------
Eurotunnel Group was forced to place itself under creditor
protection at the Commercial Court of Paris pursuant to the
French law "procedure de sauvegarde" yesterday, July 13, after
restructuring talks with bondholders failed.

The parties have been in talks to restructure Eurotunnel's
outstanding EUR6.2 billion debt.

A panel of judges from the Tribunal de Commerce de Paris will
decide on July 25 whether to approve the company's application.
An approval will place Eurotunnel under court protection for up
to 18 months and an appointed court official will oversee
renewed efforts to achieve a restructuring deal.

The French bankruptcy process will allow for the company's
operations to run in the ordinary course of business similar to
a Chapter 11 proceeding in the U.S.

                 Debt Restructuring Proposals

On June 27, Eurotunnel turned down the restructuring plan
prepared by a group of secured bondholders led by Deutsche
Bank AG asserting that it requires too much debt and gives too
much to bondholders.

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

The plan rivaled the preliminary restructuring agreement backed
by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and
Barclays PLC.  The plan dated May 23, valued the company at
around EUR7.03 billion and included 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.

On July 12, Eurotunnel presented an ultimate proposal to reach a
compromise between the May 23 preliminary restructuring
agreement and the demands made by its subordinated creditors
represented by The Association of Eurotunnel's Secured
Bondholders (ARCO).

The company claimed that the majority of these demands were
satisfied by the substantial efforts jointly made by the company
and the Ad Hoc Committee.  The subordinated creditors, led by
Deutsche Bank, rejected this final attempt to reach a consensual
deal.

"I fail to understand how an institution such as Deutsche Bank
has maintained its unreasonable demands without taking into
account the consequences on the 2,300 employees and 800,000
shareholders of Eurotunnel," Eurotunnel Chairman and CEO Jacques
Gounon said.

According to Ross Tieman of The Evening Standard, Deutsche Bank
rejected Mr. Gounon's claim insisting that Eurotunnel did not
give bondholders more time to negotiate a deal once they agreed
to the restructuring talks.

Arco said it was ready to resume talks "in a constructive spirit
so as to find a consensual solution to a financial restructuring
of Eurotunnel," The Evening Standard relates.

The Joint Board of Eurotunnel unanimously decided to cancel the
General Meetings of Shareholders of Eurotunnel PLC and
Eurotunnel SA, planned for July 27.

Absent a final agreement, the Group may default in January 2007
under a 1998 debt agreement.

                        About the Company

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

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

                        *     *     *

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

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


EUROTUNNEL S.A.: S&P Junks Debt Ratings After Failed Talks
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its senior secured
bank loan rating on Anglo-French Channel Tunnel infrastructure
operator Eurotunnel S.A. to 'C' from 'BBB'.

Standard & Poor's also took these rating actions on the Class A,
B, and C structured notes issued by the Eurotunnel-related
special-purpose vehicle Fixed-Link Finance B.V. (FLF1):

   -- Nonguaranteed senior secured debt rating lowered to 'C'
from 'BB-',

   -- Subordinated debt rating lowered to 'C' from 'CCC+', and

   -- Junior subordinated debt rating lowered to 'C' from 'CCC'.

Standard & Poor's also lowered its senior secured debt rating on
Fixed-Link Finance 2 B.V.'s (FLF2) nonguaranteed notes to 'C'
from 'B'.  All ratings remain on CreditWatch with negative
implications.

The 'AAA' debt rating on the GBP232 million class G1, and
GBP365 million Class G2 notes, issued by FLF1; and the
GBP620 million G1 notes issued by FLF2, are unaffected, as they
are guaranteed by MBIA Assurance S.A.

"The rating actions follow the breakdown of negotiations between
Eurotunnel and its creditors," said Standard & Poor's credit
analyst Jan Willem Plantagie.

The terms of a refinancing agreement with Eurotunnel's ad hoc
committee of creditors, reached on May 31, indicated that the
value of senior secured debt at Eurotunnel and most of the debt
at FLF1 and FLF2 would be preserved.

The rejection, by the subordinated creditors, of this agreement,
and of other proposals made yesterday, means that Eurotunnel
will now seek to place itself under the protection of the
Commercial Court in Paris, pursuant to the French law procedure
de sauvegarde.  Under this process, talks with the creditor
groups will continue, however.

"The rejection of Eurotunnel's proposals means that there is now
very significant uncertainty as to how the company's debt will
be managed," said Mr. Plantagie.

"It is also unclear how the procedure de sauvegarde will affect
the substitution rights of creditors.  These are, in any case,
subject to French and U.K. government confirmation that the
substituting banks have the technical and financial capability
to undertake substitution--a process that can take up to two
months."

Standard & Poor's will continue its discussions with
Eurotunnel's management and creditors, and update the
CreditWatch status regularly.


FIXED-LINK: Fitch Downgrades Eurotunnel Debt Vehicles to B
----------------------------------------------------------
Fitch Ratings downgraded the unwrapped tranche of Fixed-Link
Finance 2 B.V. to B from BBB-.  This rating has been taken off
Rating Watch Negative.  The recovery rating is RR1, denoting a
high rate of recovery.

The ratings for Fixed-Link Finance B.V.'s Class A, Class B and
Class C notes and the guaranteed notes of FLF2 have been
affirmed.  FLF1 and FLF2 are Eurotunnel-related debt repackaging
vehicles.

This rating action follows the Eurotunnel management's
announcement that it is to pursue legal proceedings to place
itself under the protection of the Commercial Court of Paris
pursuant to the French law "procedure de sauvegarde" (safeguard
procedure).

The ratings for FLF1 and FLF2 are:

FLF 1:

   -- GBP200 million Class A1 notes due 2025: BB+ RWN;
   -- EUR103 million Class A2 notes due 2025: BB+ RWN;
   -- GBP0.05 million Class B1 notes due 2025: B+ RWN;
   -- EUR135 million Class B2 notes due 2025: B+ RWN;
   -- EUR142 million Class C2 notes due 2025: B- RWN; and
   -- FLF1's GBP232 million Class G1 and EUR365 million Class G2
      notes, all due 2025 are affirmed at AAA.

FLF 2:

   -- GBP120 million Class A notes due 2026: B /RR1; and
   -- GBP620 million guaranteed notes due 2027/28: AAA.

Eurotunnel's Tier 1A debt forms the collateral for the FLF2
notes.

Despite public statements that the company has enough cash to
continue to operate until January 2007, Eurotunnel management
has filed for pre-insolvency protection in France.  This is
partly a tactic in the context of brinkmanship-style
negotiations with debt creditors.  It also protects Eurotunnel's
management from repercussions from trading as a company which
its auditors regard as not a going concern.  Under the safeguard
procedure, the French courts will stave-off creditor claims and
attempt to act as a mediator with debt creditors.

There is little precedent of the French court's roles and powers
under the newly introduced safeguard procedure.  Therefore it is
unclear if this route is actually more likely to resolve in a
swifter resolution of negotiations for all parties than existing
arrangements and the previous rounds of negotiations.  The
alternative route of substitution has been made possible by the
court protection move by management.

Fitch understands that the court will make a ruling on July 25,
which coincides with the next semi-annual interest payments on
much of Eurotunnel's debt.  If court protection is granted it is
possible that those obligations will not be honored.

The Ad Hoc Committee signed a binding Preliminary Restructuring
Agreement with Eurotunnel on May 23.  On May 31, a binding
refinancing agreement was signed with Goldmans, Barclays and
Macquaries to assist with the implementation of the PRA.
Eurotunnel has not received a binding refinancing agreement from
Deutsche Bank.

Fitch understands that the Ad Hoc Committee have difficulties
with the Deutsche Bank proposal.  Nevertheless, the latter's
proposal also still leaves the Eurotunnel Senior and Junior Debt
largely intact, including FLF2's T1A, but the Bondholders have
taken the view that they have little to lose in taking
negotiations beyond the wire.

The existing proposal of accepting something around GBP100
million to GBP150 million in cash for their GBP1.8 billion of
attributable debt - representative of recent secondary debt
trade values - has apparently led to an attitude amongst the
Eurotunnel Bondholders of "little more to lose, but much more to
gain".

The French courts will attempt to mediate or provide some
framework for creditors to continue to negotiate, but Fitch
believes that the court cannot unilaterally impose a solution
upon Eurotunnel's creditors.  Indeed, with much of Eurotunnel's
Senior and Junior debt restructuring agreed in principle, except
for the Bondholders, and shareholders, in theory, the safeguard
procedure may not take that long.

Fitch understands that 'substitution' is now a more realistic
option.  If substitution was applied for by the relevant
creditors of Eurotunnel, the French and UK governments would
need to decide whether or not to approve the business plan in
order for substitution to go ahead.  The cash waterfall
mechanisms that would then be put in place would likely be
detrimental to subordinated bondholders.  The threat of
substitution may well be the next threshold to trigger any
change in negotiating stance by certain creditors.

Within the details of the restructuring plans from both
consortia, FLF2's bullet fixed rate long-dated debt has remained
unscathed and both consortia have said that they would require
an investment grade rating for both it and most of the
refinanced debt.

Nevertheless, Fitch's rating criteria for companies that have
filed for creditor protection including the potential for non-
payment of interest prompts today's downgrade of the unwrapped
tranche's issue rating to B.  The RR1 recovery rating
acknowledges an expected high rate of recovery.

Concerning FLF1, given the level of liquidity available in the
dedicated reserve accounts, the Note Liquidity Facilities, and
income from FLF1's derivative instruments, Fitch believes that
there is sufficient liquidity to sustain interest payments
consistent with the above tranches' ratings.  Fitch has assumed
that the safeguard procedure does not exceed 18 to 24 months.

Nevertheless, the agency has changed the rating watch status on
the Class A and B notes to Negative from Evolving indicating
that it does not foresee any prospect of upgrading these notes
in the next six months.  Given the flow-through from expected
Tier 3 write-off levels, and the Class C tranche's available
liquidity, Fitch maintains its view that its estimate of the
expected loss on this tranche of debt is not expected to exceed
60%.


MAAX HOLDINGS: Posts US$6.323 Million Net Loss in First Quarter
---------------------------------------------------------------
MAAX Holdings Inc. reported earnings for the first quarter ended
May 31, 2006.

Net sales for the first quarter of fiscal 2007 increased 3.9% to
US$144.4 million from net sales of US$139.0 million for the
first quarter of fiscal year 2006.  Operating income for the
fiscal 2007 first quarter decreased by US$1.8 million, or 24%,
from US$7.5 million in the first quarter of fiscal 2006 to
US$5.7 million in the first quarter of fiscal 2007.

For the three months ended May 31, 2006, the Company reported a
net loss of US$6,323,000 compared to a net income of US$717,000
for the three months ended May 31, 2005.

The Company discloses that for its Bathroom Sector, net sales
increased by US$10.2 million, or 9.0%, compared with the first
quarter of fiscal 2006, to reach US$123.5 million.  The Company
says that there was good demand for its products despite slowing
housing construction activities due to the success in
introducing new products and signing new customers.  Sales were
also favorably impacted by the stronger Canadian dollar.
Operating income for the Company's Bathroom Sector increased by
US$1.5 million, or 18%, to US$9.9 million for the first quarter
of fiscal 2007, despite higher raw material costs and freight
costs when comparing with the same period last year.

The good results from our Bathroom Sector have been partly
offset by the disappointing results from the Company's Cabinetry
Sector and Spa Sector which have both gone through important
operational transitions during the first quarter of the current
fiscal year.

Free cash flow for the first quarter of fiscal 2007 was negative
US$16.7 million compared with positive US$3.3 million for the
same period last year.  This reduction in cash flow results from
lower operating income, the non-recurring gains realized under
currency hedging contracts last year and the need to invest in
working capital in order to support sales growth and new product
introduction.  Total net debt of US$480.1 million at May 31,
2006, increased from Feb. 28, 2006, levels of US$457.1 million.

                        Long-Term Debt

On May 30, the Company obtained an amendment under its senior
secured credit facility to avoid a potential default of certain
financial covenants set forth in its senior secured credit
facility for the quarter ending May 31, 2006.  This amendment
provides that, if certain of the Company's shareholders invest
at least US$7.0 million in the Company by July 15, the lenders
will waive any such default.  The Company says that its sponsors
have provided it with an equity commitment letter, pursuant to
which they have agreed to make such investment.  The Company has
agreed that the aggregate outstanding amount of loans and
letters of credit under the revolving portion of its senior
secured credit facility will not exceed C$30 million until such
investment is made.

In addition, the amendment increased the applicable margin of
the term loan A to 2.75%, based on a grid pricing.  The
amendment also incorporates a new provision that allows the
Company in the future, under certain conditions, to utilize
certain cash contributions to its equity to cure a failure to
satisfy the interest coverage ratio, fixed charge coverage ratio
or leverage ratio financial covenants set forth in our senior
secured credit facility, on a ratio of 1:1 to the adjusted
EBITDA, as defined in its senior secured credit facility, and
the financial covenants would then be recalculated using said
increased adjusted EBITDA amount.

                       About MAAX Holdings

MAAX Holdings, Inc. -- http://www.maax.com/-- manufactures
bathroom products, kitchen cabinets and spas for the residential
housing market. The corporation is committed to offering its
customers an enjoyable experience: distinctive, stylish and
innovative products and the best customer service practices in
the industry.  MAAX offerings are available through plumbing
wholesalers, bath, kitchen and spa specialty boutiques and home
improvement centers.  The corporation currently operates 26
manufacturing facilities and independent distribution centers
throughout North America and Europe.  MAAX Corporation is a
subsidiary of Beauceland Corporation, itself a wholly owned
subsidiary of MAAX Holdings, Inc.

                           *     *     *

As reported in the Troubled Company Reporter on June 14,
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Quebec-based bathroom fixtures
manufacturer MAAX Holdings Inc. to 'CCC+' from 'B-'.  At the
same time, Standard & Poor's lowered its rating on the company's
senior discount notes to 'CCC-' from 'CCC'.

The long-term corporate credit rating on subsidiary MAAX Corp.
was also lowered to 'CCC+' from 'B-'.  In addition, Standard &
Poor's lowered its ratings on the subsidiary's secured bank
facilities to 'CCC+' from 'B-', with a recovery rating of '3',
and on the subsidiary's senior subordinated debt notes to 'CCC-'
from 'CCC'.  S&P said the outlook is negative.


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


AUTOHAUS REHAINER: Claims Registration Ends July 17
---------------------------------------------------
Creditors of Autohaus Rehainer Strasse GmbH have until July 17
to register their claims with court-appointed provisional
administrator Jorg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Aug. 14, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Road 33
         Dessau, 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 Dessau opened bankruptcy proceedings
against Autohaus Rehainer Strasse GmbH on June 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Autohaus Rehainer Strasse GmbH
         Attn: Norbett Preuschaft, Manager
         Gewerbepark 2
         06917 Jessen, Germany

The administrator can be contacted at:

         Jorg Riedemann
         Muehlweg 47
         06114 Halle, Germany
         Tel: 0345/293900
         Fax: 0345/2939029


EHP GMBH: Claims Registration Ends July 26
------------------------------------------
Creditors of EHP GmbH have until July 26 to register their
claims with court-appointed provisional administrator Bernward
Widera.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Sept. 6, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Law Courts Prince Road 21
         Chemnitz, Germany

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

The District Court of Chemnitz opened bankruptcy proceedings
against EHP GmbH on June 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         EHP GmbH
         Attn: Gunter Hochstein, Manager
         Anton-Guenther-Road 1
         08301 Bad Schlema, Germany

The administrator can be contacted at:

         Bernward Widera
         BŁttenstrasse 4
         08058 Zwickau, Germany
         E-mail: widera@zwickau-net.de


HOTEL BERG: Claims Registration Ends July 18
--------------------------------------------
Creditors of Hotel Berg GmbH have until July 18 to register
their claims with court-appointed provisional administrator
Alexander Hopfner.

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

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Room 4.312
         4th Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt, 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 Darmstadt opened bankruptcy proceedings
against Hotel Berg GmbH on June 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Hotel Berg GmbH
         Attn: Peter Heinrich Berg, Manager
         Vinzenzstrasse 6-8
         68642 Buerstadt, Germany

The administrator can be contacted at:

         Dr. Alexander Hopfner
         Darmstadter Str. 43
         64646 Heppenheim, Germany
         Tel: 06252/6739988
         Fax: 06252/6739989


K & K BAU: Claims Registration Ends July 28
-------------------------------------------
Creditors of K & K Bau GmbH have until July 28 to register their
claims with court-appointed provisional administrator Frank
Imberger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Aug. 31, 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 K & K Bau GmbH on June 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         K & K Bau GmbH
         Maximilian-Kolbe-Str. 32
         44793 Bochum, Germany

         Attn: Walid Hassani and Kemal Kaya, Managers
         Lohfeldstr. 8
         45879 Gelsenkirchen, Germany

The administrator can be contacted at:

         Frank Imberger
         Huestrasse 34
         44787 Bochum, Germany
         Tel: 964 91-0
         Fax: 964 91-33


KREILING & LINKE: Claims Registration Ends July 17
--------------------------------------------------
Creditors of Kreiling & Linke GmbH & Co. KG have until July 17
to register their claims with court-appointed provisional
administrator Dirk Pfeil.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 17, 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 Giessen
         Hall 408
         4th Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen, 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 Giessen opened bankruptcy proceedings
against Kreiling & Linke GmbH & Co. KG on June 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Kreiling & Linke GmbH & Co. KG
         Attn: Achim Kreiling and
         Volker-Peter Kreiling, Managers
         Karl-Benz-Road 15
         35398 Giessen, Germany

The administrator can be contacted at:

         Dirk Pfeil
         Eschersheimer Landstr. 60-62
         D-60017 Frankfurt, Germany
         Tel: 069/153096-0
         Fax: 069/15309666


MICKERT TRANSPORT: Claims Registration Ends July 24
---------------------------------------------------
Creditors of Mickert Transport GmbH have until July 24 to
register their claims with court-appointed provisional
administrator Michael Wellstein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on Aug. 24, 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 Kaiserslautern
         Hall 8
         Bahnhofstr. 24
         67655 Kaiserslautern, 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 Kaiserslautern opened bankruptcy
proceedings against Mickert Transport GmbH on June 6.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Mickert Transport GmbH
         Paul-Muench-Road 19
         67304 Eisenberg, Germany

         Attn: Juergen Hermann, Manager
         Sieben Quellen 23
         47559 Kranenburg-Nuetterden, Germany

The administrator can be contacted at:

         Michael Wellstein
         c/o Gesper, Hermes & Partner GbR
         L 11, 20-22
         68161 Mannheim, Germany
         Tel: 0621/129430
         Fax: 0621/152466


NEOS BAU: Claims Registration Ends July 26
------------------------------------------
Creditors of NEOS Bau GmbH have until July 26 to register their
claims with court-appointed provisional administrator Bernward
Widera.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 6, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Law Courts Prince Road 21
         Chemnitz, Germany

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

The District Court of Chemnitz opened bankruptcy proceedings
against NEOS Bau GmbH on June 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         NEOS Bau GmbH
         Attn: Gerhard Hilbig, Manager
         Lossnitzer Strasse 65
         08141 Reinsdorf, Germany

The administrator can be contacted at:

         Bernward Widera
         Buettenstrasse 4
         08058 Zwickau, Germany
         E-mail: widera@zwickau-net.de


R. KRAUTWALD: Claims Registration Ends July 26
----------------------------------------------
Creditors of R. Krautwald Maschinenfabrik GmbH have until
July 26 to register their claims with court-appointed
provisional administrator Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 6, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden, Germany

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

The District Court of Dresden opened bankruptcy proceedings
against R. Krautwald Maschinenfabrik GmbH on June 7.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         R. Krautwald Maschinenfabrik GmbH
         Torgauer Str. 38
         01127 Dresden, Germany

The administrator can be contacted at:

         Dr. Dirk Wittkowski
         Brauhaus 5
         01099 Dresden, Germany
         Web: http://www.henningsmeier.de/


REINER GRUSON: Claims Registration Ends July 25
-----------------------------------------------
Creditors of Reiner Gruson Industriebodentechnik GmbH have until
July 25 to register their claims with court-appointed
provisional administrator Joachim Walterscheid.

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 Detmold
         Hall 12
         Gerichtsstr. 6
         Auxiliary Building
         32756 Detmold, 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 Detmold opened bankruptcy proceedings
against Reiner Gruson Industriebodentechnik GmbH on June 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Reiner Gruson Industriebodentechnik GmbH
         Attn: Winfried Banse, Manager
         Plan 15
         15831 Diedersdorf, Germany

The administrator can be contacted at:

         Joachim Walterscheid
         Kurpark 2
         32545 Bad Oeynhausen, Germany
         Tel: 05731/8422330
         Fax: 05731/8422350


SCHMIDT MASSIVBAU: Claims Registration Ends July 21
---------------------------------------------------
Creditors of Schmidt Massivbau GmbH have until July 21 to
register their claims with court-appointed provisional
administrator Ralf Bornemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Aug. 2, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Mayen
         Hall 17
         St. Veit-Road 38
         56727 Mayen, 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 Mayen opened bankruptcy proceedings
against Schmidt Massivbau GmbH on June 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Schmidt Massivbau GmbH
         Attn: Waldemar Schmidt, Manager
         Pommerfeld 5
         56630 Kretz, Germany

The administrator can be contacted at:

         Dr. Ralf Bornemann
         Godesberger Avenue 125-127
         53175 Bonn, Germany
         Tel: 0228/81000-858
         Fax: 0228/81000-820


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


FIAT SPA: Improves Car Sales in Italy & Western Europe
------------------------------------------------------
Fiat S.p.A. reported optimistic results in the Italian and
Western European commercial car market, Luigi Grassia writes for
La Stampa.

For the first six months of 2006, Fiat sold 55,000 commercial
cars in Italy, 21.6% more than the same period in 2005, giving
the carmaker a commanding 45.1% market share.  In June 2006,
Fiat controlled 47.7% of the local market.

For the first half of 2006, Fiat sold 121,000 vehicles, which
translates to 11.3% Western European market share, up from 10.6%
in the same period in 2005.

Fiat's Brazilian market penetration also proved effective, with
the carmaker gaining 24.6% market share for all car types in the
first half of 2006.  Fiat sold 201,000 cars during the period.

As reported in TCR-Europe on July 6, Fiat remains the market
leader of the Italian car market, boasting a 30% share as of
June 2006, Bloomberg News cited Fiat Chief Executive Sergio
Marchionne as its source.

Mr. Marchionne revealed that Fiat brands, including its new
Grande Punto subcompact, helped the company maintain its no. 1
position, Bloomberg News relates.  "We already know Fiat brands
represented 30 percent," Mr. Marchionne said.

                            About Fiat

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

                        *     *     *

In August 2005, S&P revised its outlook on Fiat to stable from
negative.  At the same time, it affirmed its 'BB-' long-term and
'B' short-term corporate credit ratings on the group.

As reported in TCR-Europe on Feb. 10, Fitch Ratings has changed
the Outlook on Fiat S.p.A.'s 'BB-' Senior Unsecured rating to
Stable from Negative.  The agency has at the same time affirmed
the Senior Unsecured and Short-term 'B' ratings.  EUR6 billion
of debt is affected by this Rating action.  The Outlook change
is underpinned by early signs that the restructuring plan is on
track, the stabilization of Fiat Auto's market shares in late
2005 and the successful resolution of a number of credit issues.


PARMALAT SPA: Eyes EUR100 Million Net Profit in 2006
----------------------------------------------------
Parmalat S.p.A. expects to double its annual earnings from
EUR45.3 million in 2005 to around EUR100 million in 2006,
Bloomberg News reports citing Italian daily Il Sole 24 Ore as
its source.

According to Parmalat CEO Enrico Bondi, Parmalat expects:

   -- total sales to increase seven percent from EUR3.88 billion
      in 2005 to EUR4.15 billion in 2006;

   -- EBITDA to climb to EUR370 million; and

   -- profits to reach EUR100 million in 2006.

In its 2005 annual report, Parmalat said that in the absence of
"extraordinary non-recurring events, of changes in the group's
structure or fluctuations in foreign exchange rates," it
foresees an improved EBITDA and net profit.

The group added, "Considering the performance registered during
the first two months of the current year, such improvement could
be significant."

                          About Parmalat

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

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

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


PARMALAT SPA: Popolare Italiana to Settle Suit for EUR60 Million
----------------------------------------------------------------
Banca Popolare Italiana Scrl is close to settling a EUR200-
million clawback action filed by the dairy group Parmalat
S.p.A., according to published reports.

Dino Piero Giarda, BPI's Chairman, revealed that the bank is
willing to pay less than EUR200 million to settle the suit,
which alleges that the local lender abetted Parmalat's EUR14-
billion collapse in December 2003, Bloomberg News relates.
According to Il Sole 24 Ore, both parties agreed to settle the
suit for around EUR60 million, or 30% of the claim.

"There is a solid base on which to reach an agreement but it's
not 100% yet," Mr. Piero Giarda told Bloomberg adding that a
settlement would "remove uncertainty from the balance sheet."

If BPI's board approves the deal, eyes will be on whether other
local banks, which have refused to negotiate with Parmalat,
would follow suit, Il Sole 24 Ore relates.

The stock market welcomed the reports of a possible settlement,
with Parmalat's value soaring as much as 4% on July 9.

                          About Parmalat

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

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

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

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                        *     *     *

As reported in TCR-Europe on April 3, Fitch Ratings downgraded
Banca Popolare Italiana's Issuer Default and Short-term ratings
to BBB from BBB+ and F3 from F2 respectively.  Its Individual
and Support rating are affirmed at C and 3 respectively.  Its
senior debt and trust preferred stock are also downgraded to BBB
and BB+ respectively from BBB+ and BBB-. The Issuer Default,
Short-term and Individual ratings are removed from Rating Watch
Negative.  A Stable Outlook is assigned for the Issuer Default
rating.


POPOLARE ITALIANA: To Settle Parmalat Suit for EUR60 Million
------------------------------------------------------------
Banca Popolare Italiana Scrl is close to settling a EUR200-
million clawback action filed by the dairy group Parmalat
S.p.A., according to published reports.

Dino Piero Giarda, BPI's Chairman, revealed that the bank is
willing to pay less than EUR200 million to settle the suit,
which alleges that the local lender abetted Parmalat's EUR14-
billion collapse in December 2003, Bloomberg News relates.
According to Il Sole 24 Ore, both parties agreed to settle the
suit for around EUR60 million, or 30% of the claim.

"There is a solid base on which to reach an agreement but it's
not 100% yet," Mr. Piero Giarda told Bloomberg adding that a
settlement would "remove uncertainty from the balance sheet."

If BPI's board approves the deal, eyes will be on whether other
local banks, which have refused to negotiate with Parmalat,
would follow suit, Il Sole 24 Ore relates.

The stock market welcomed the reports of a possible settlement,
with Parmalat's value soaring as much as 4% on July 9.

                          About Parmalat

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

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

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

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana --
http://www.bancapopolareitaliana.it/-- attracts deposits and
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                        *     *     *

As reported in TCR-Europe on April 3, Fitch Ratings downgraded
Banca Popolare Italiana's Issuer Default and Short-term ratings
to BBB from BBB+ and F3 from F2 respectively.  Its Individual
and Support rating are affirmed at C and 3 respectively.  Its
senior debt and trust preferred stock are also downgraded to BBB
and BB+ respectively from BBB+ and BBB-. The Issuer Default,
Short-term and Individual ratings are removed from Rating Watch
Negative.  A Stable Outlook is assigned for the Issuer Default
rating.


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


AKSHAM-KOKSHE: Creditors Must File Claims by July 28
----------------------------------------------------
LLP Aksham-Kokshe has declared insolvency.  Creditors have until
July 28 to submit written proofs of claim to:

         LLP Aksham-Kokshe
         North Industry Zone (former Ceramic Works)
         Kokshetau, Akmola Region
         Kazakhstan
         Tel: 8 (3162) 26-84-61


ARIYA DIZEN: Creditors Must File Claims by July 28
--------------------------------------------------
LLP Ariya Dizen has declared insolvency.  Creditors have until
July 28 to submit written proofs of claim to:

         LLP Ariya Dizen
         Margulan Str. 38
         Kaskelen
         Karasaisky District
         Almaty Region, Kazakhstan


DATKA: Creditors Must File Claims by July 28
--------------------------------------------
LLP Datka has declared insolvency.  Creditors have until July 28
to submit written proofs of claim to:

         LLP Datka
         Kurmangazy Str. 150-10
         Uralsk, West Kazakhstan Region
         Kazakhstan


DIBISI: Proof of Claim Deadline Slated for July 31
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau
Region declared LLP Registration Company Dibisi insolvent on
May 6.  Subsequently, bankruptcy proceedings were introduced at
the company.

Creditors have until July 31 to submit written proofs of claim
to:

         LLP Dibisi
         27-67-7
         Aktau
         Mangistau Region
         Kazakhstan
         Tel/Fax: 8 (3292) 41-00-42


ES-AL: Proof of Claim Deadline Slated for July 28
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana declared
LLP Es-Al insolvent.  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 Astana
         Valihanova Str. 71-68
         Astana, Kazakhstan
         Tel: 8 (3172) 21-48-16


JIDELI: Proof of Claim Deadline Slated for July 31
--------------------------------------------------
OJSC Jideli has declared insolvency.  Creditors have until
July 31 to submit written proofs of claim to:

         OJSC Jideli
         D. Bednogo Str. 3
         Almaty, Kazkahstan


STATE INSURANCE: Moody's Reviews Ba1 Rating & May Upgrade
---------------------------------------------------------
Moody's Investors Service placed the insurance financial
strength rating of the State Insurance Corp. for the Insurance
of Export Credit and Investment of Kazakhstan, currently Ba1, on
review for possible upgrade.

Headquartered in Almaty, Kazakhstan, Kecic was founded in August
2003 and started operations in February 2004.  It is 100% owned
by the Republic of Kazakhstan and is mandated to be the primary
provider of export credit insurance in the country, both
commercial and political.  In addition, Kecic is writing inward
reinsurance business in the Kazakh market.

A number of recent developments have put upward pressure on
Kecic's rating, in Moody's view.  June 9, the foreign currency
bond rating of the Government of Kazakhstan was upgraded by
Moody's from Baa3 to Baa2, thus improving the quality of both
Kecic's asset base and support by the owner.  Furthermore,
Kecic's growth plans for the inward reinsurance business have
crystallized, and management now expects that gross premiums
written in this business will grow from KZT125.9 million in 2005
to KZT185 million in 2008, a fairly moderate growth rate.

The review process will focus on ascertaining continued
commitment of the Government of Kazakhstan to Kecic, as well as
the company's growth plans in its two main lines of business,
credit insurance and inward reinsurance, as well as the
prospective asset allocation strategy.  It is Moody's
expectation that at the conclusion of the review Kecic's
insurance financial strength rating will be upgraded by one
notch or more.

In accordance with Moody's GRI (Government Related Issuer)
rating methodology, the current rating of Kecic reflects a
combination of the following inputs:

   -- Baseline credit assessment of 11, on a scale of 1 to 21,
where 1 represents the lowest credit risk,

   -- 100% dependence, reflecting the company's operating and
financial proximity to the government, and

   -- 20% support, reflecting the importance of Kecic in its
capacity as Export Credit Agency, somewhat offset by its
status as an underwriter of inwards reinsurance business
which is associated with more limited support from the
Government.

The date of the preceding rating action was Nov. 4, 2004, when
Kecic's insurance financial strength rating was initially
assigned with a stable outlook.

Kecic had shareholders equity of KZT8.79 billion and total
Assets of KZT9.04 billion as of Dec. 31, 2005.  For FY 2005, it
reported net income of KZT205.5 million.


KAZAVTOTEHNIKA GROUP: Claims Registration Ends July 31
------------------------------------------------------
LLP Kazavtotehnika Group has declared insolvency.  Creditors
have until July 31 to submit written proofs of claim to:

         LLP Kazavtotehnika Group
         Sherniyaza Str. 27-46
         Aktobe, Aktube Region
         Kazakhstan
         Tel: 8 (3132) 54-43-10


NEFTYANAYA STRAHOVAYA: Claims Registration Ends July 28
-------------------------------------------------------
The Branch of the JSC Oil Insurance Company Neftyanaya
Strahovaya Kompania has declared insolvency.

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

         JSC Neftyanaya Strahovaya Kompania
         Kunayeva Ave., 31/1
         Shymkent, South Kazakhstan Region
         Kazakhstan


TEHNOTRANSSERVIS: Creditors' Claims Due July 31
-----------------------------------------------
LLP Tehnotransservis has declared insolvency.  Creditors have
until July 31 to submit written proofs of claim to:

         LLP Tehnotransservis
         101 Strelkovoi Brigady Str. 6-27
         Aktobe, Aktube Region
         Kazakhstan
         Tel: 8 (3132) 54-43-10


TEMZA: Creditors' Claims Due July 28
------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Temza insolvent.

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

         LLP Temza
         Myzy Str. 29-77
         Ust-Kamenogorsk, East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 57-77-29


VALUT-TRANZIT: Moody's Withdraws E+ Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service withdrew the B1/NP long-term and
short-term deposit ratings and the E+ financial strength rating
for the Kazakh institution Valut-Tranzit Bank.  The B1/E+
ratings have been placed on review for possible downgrade on
April 28.  The ratings have been withdrawn following the
issuer's request.

Valut-Tranzit Bank is headquartered in Karaganda, Kazakhstan,
and reported total assets of KZT82.1 billion (US$642 million) in
accordance with Kazakh accounting rules as at April 1.

Outlook Actions:

Issuer: Valut-Tranzit Bank

   -- Outlook, Changed To Rating Withdrawn From Rating Under
      Review

Withdrawals:

Issuer: Valut-Tranzit Bank

   -- E+ Bank Financial Strength Rating: Withdrawn;
   -- NP Deposit Rating: Withdrawn; and
   -- B1 Senior Unsecured Deposit Rating: Withdrawn.


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


JANAR: Public Auction Scheduled for Aug. 1
------------------------------------------
The bidding organizer and insolvency manager of Corporation JSC
Janar will auction the company's bankruptcy assets at 10:00 a.m.
on Aug. 1 at:

         JSC Janar
         Vinogradnaya Steet intersection with
         Isakeeva Street
         VPZ-1
         Bishkek, Kyrgyzstan

The property's starting price is set at KGS30.4 million
(inclusive of VAT).  The starting price will be reduced by 50%
on Aug. 1.

The property complex for sale includes:

   -- buildings,
   -- warehouses,
   -- refrigerating station,
   -- relift station,
   -- foundry,
   -- hole,
   -- compressor house,
   -- cooler, and
   -- inventory holdings.

Bidders have until July 26 to deposit an amount equivalent to
20% of the starting price to the company's cashier.

Participants have until 5:00 p.m. on July 31 to submit their
bids and necessary documents to:

         JSC Janar
         Vinogradnaya Street intersection with
         Isakeeva Street
         VPZ-1
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 63-00-23


MEKSHUN: Creditors' Meeting Slated for July 22
----------------------------------------------
Creditors of Private Enterprise Mekshun will convene on July 22
at 10:00 a.m. at:

         Room 108
         Moskovskaya Str. 151
         Bishkek, Kyrgyzstan

Creditors must submit their written proofs of claim and register
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The Inter-District Court of Bishkek for Economic Issues
introduced bankruptcy proceedings at Private Enterprise Mekshun
(Case No. ED-266/06mbs8) after declaring the company insolvent
on April 18.

The Temporary Insolvency Manager is:

         Mr. Zamirbek Omorov
    Tel: (+996 312) 21-67-25


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


AKOR: Ulyanovsk Court Starts Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Ulyanovsk Region commenced bankruptcy
supervision procedure on OJSC Akor.  The case is docketed under
Case No. A72-8695/05-21/58-b.

The Temporary Insolvency Manager is:

         Y. Levin
         Post User Box 41
         Syzran
         446001 Samara Region
         Russia

The Debtor can be reached at:

         OJSC Akor
         Ulyanovsk
         Samara Region
         Russia


BOLSHESELSKAYA POULTRY: V. Kuznetsov to Manage Assets
-----------------------------------------------------
The Arbitration Court of Yaroslavl Region Russia appointed Mr.
V. Kuznetsov as Insolvency Manager for Municipal Unitary
Enterprise Bolsheselskaya Poultry Farm (TIN 7613000193).  He can
be reached at:

         V. Kuznetsov
         Post User Box 42
         Rybinsk
         152915 Yaroslavl Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A82-685/06-43-B/6.

The Debtor can be reached at:

         Municipal Unitary Enterprise
         Bolsheselskaya Poultry Farm
         Bolshoye Selo
         Komsomolskaya Str. 1
         152330 Yaroslavl Region
         Russia


BUGULMINSKIY COMBINE 2: A. Kurochkin to Manager Assets
------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. A.
Kurochkin as Insolvency Manager for OJSC Bugulminskiy Combine of
Grain Products 2.  He can be reached at:

         A. Kurochkin
         Post User Box 7
         Naberezhnye Chelny
         423815 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-21249/2003-SG4-27.

The Debtor can be reached at:

         OJSC Bugulminskiy Combine of Grain Products 2
         Bugulma, Lenina Str. 152
         423200 Tatarstan Republic
         Russia


BUZDYAK-MOL-AGRO-PROM: Court Starts Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Bashkortostan Republic commenced
bankruptcy supervision procedure on OJSC Buzdyak-Mol-Agro-Prom.
The case is docketed under Case No. A07-5674/06-G/PAV.

The Temporary Insolvency Manager is:

         Mr. M. Nigmatullin
         Internationalnaya Str. 100
         Birsk
         452450 Bashkortostan Republic
         Russia

The Debtor can be reached at:

         OJSC Buzdyak-Mol-Agro-Prom
         Zavodskaya Str. 12a
         Buzdyak
         Buzdyakskiy Region
         452710 Bashkortostan Republic
         Russia


CHISHMINSKOYE: Court Starts Bankruptcy Supervision
--------------------------------------------------
The Arbitration Court of Tatarstan Republic will convene on
July 26 to hear the bankruptcy supervision procedure on OJSC
Chishminskoye.

The case is docketed under Case No. A65-4549/2006-SG4-39.

The Temporary Insolvency Manager is:

         S. Tsapurin
         Post User Box 247
         Kazan
         420057 Tatarstan Republic Russia

The Debtor can be reached at:

         OJSC Chishminskoye
         B. Yamashi
         Almetyevskiy Region
         423430 Tatarstan Republic
         Russia


CONFECTIONARY HOUSE: Court Names V. Gilev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Altay Republic appointed Mr. V. Gilev
as Insolvency Manager for CJSC Confectionary House.  He can be
reached at:

         V. Gilev
         Post User Box 3512
         2nd Post Office
         Gorno-Altaysk
         649002 Altay Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A02-4270/2006.

The Debtor can be reached at:

         CJSC Confectionary House
         Stroiteley Str. 12
         Gorno-Altaysk
         649002 Altay Republic
         Russia


KALACH-AGRO-PROM-TRANS: Court Begins Bankruptcy Supervision
-----------------------------------------------------------
The Arbitration Court of Voronezh Region commenced bankruptcy
supervision procedure on OJSC Kalach-Agro-Prom-Trans.  The case
is docketed under Case No. A14-2001-2006/7/7b.

The Temporary Insolvency Manager is:

         D. Zakaryan
         Post User Box 7
         394019 Voronezh Region
         Russia

The Debtor can be reached at:

         OJSC Kalach-Agro-Prom-Trans
         Severnaya Str. 45
         Kalach
         Voronezh Region
         Russia


KUBOVSKIY WOOD-PROM-KHOZ: Court Starts Bankruptcy Supervision
-------------------------------------------------------------
The Arbitration Court of Kareliya Republic commenced bankruptcy
supervision procedure on OJSC Kubovskiy Wood-Prom-Khoz.  The
case is docketed under Case No. A26-685/2006-183.

The Temporary Insolvency Manager is:

         A. Eflov
         Dimitrova Str. 26A
         156014 Kostroma Region
         Russia

The Debtor can be reached at:

         OJSC Kubovskiy Wood-Prom-Khoz
         Tsentralnaya Str. 29
         Kubovo
         Pudozhskiy Region
         Kareliya Republic
         Russia


MEDVED: Court Appoints E. Zamurakina as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Yaroslavl Region Russia appointed
Ms. E. Zamurakina as Insolvency Manager for OJSC Company Medved.
She can be reached at:

         E. Zamurakina
         Post User Box 20
         150006 Yaroslavl Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A82-19130/05-3-B/98.

The Debtor can be reached at:

         OJSC Company Medved
         Dobrolyubova Str. 6a
         Yaroslavl Region
         Russia


NERCHINSKAYA: Court Names S. Konstantinov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Chita Region appointed Mr. S.
Konstantinov as Insolvency Manager for LLC Agricultural Company
Nerchinskaya (TIN 7513004589).  He can be reached at:

         S. Konstantinov
         Post User Box 1234
         672000 Chita Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A78-1320/06-B-50.

The Debtor can be reached at:

         LLC Agricultural Company Nerchinskaya
         Nerchinsk Region
         Chita Region
         Russia


NOVOLIPETSK STEEL: S&P Lifts Corporate Credit Rating to BB+
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russia-based steelmaker OJSC
Novolipetsk Steel to 'BB+' from 'BB'.  The outlook is stable.
The Russia national scale rating was also raised to 'ruAA+' from
'ruAA'.

"The upgrade reflects the company's continuing strong
performance and conservative financial policies," said Standard
& Poor's credit analyst Tatiana Kordyukova.

"NLMK has refrained from large debt-financed acquisitions,
opting for smaller bolt-on acquisitions to strengthen both
vertical integration and its presence in higher value-added
segments of the steel market without impairing financials."

The company benefits from a low cost base that allows for higher
operating margins and stronger cash flow generation compared
with peers, and from a financial risk profile with no debt and
significant cash reserves, even taking into account recent
acquisitions, dividend payments, and capital expenditures.

Standard & Poor's expects that NLMK's low cost position and the
natural hedge provided by vertical integration will enable the
company to generate positive free cash flows throughout the
cycle, despite ongoing substantial capital expenditures.  S&P
assume that management will stick to its target of keeping total
debt below 30% of capital.  S&P will, however, closely monitor
NLMK's financial policy regarding dividends and the quality and
financing of any potential acquisitions.

"The company's net cash position provides a good safety margin
for acquisitions or for a potential ramp-up of investments," Ms.
Kordyukova added.

Nevertheless, if NLMK undertakes very large debt-financed
acquisitions, which would cause a significant deterioration in
its financial profile, the rating might come under pressure.

"Upside potential hinges on future assessments of the legal,
political, and economic risks associated with operating in
Russia -- and NLMK's vulnerability to these risks -- and on the
company's long-term strategy," said Ms. Kordyukova.


ORANZHEREYNYJ FISHING: V. Yakushev to Manage Insolvency Assets
--------------------------------------------------------------
The Arbitration Court of Astrakhan Region Russia appointed Mr.
V. Yakushev as Insolvency Manager for OJSC Oranzhereynyj Fishing
Combine (TIN 3004006263).  He can be reached at:

         V. Yakushev
         Post User Box 2151
         400062 Volgograd Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A06-5960-b/3-11k/2005.

The Debtor can be reached at:

         OJSC Oranzhereynyj Fishing Combine
         Kirova Str. 29
         Oranzherei
         Ikryaninskiy Region
         416352 Astrakhan Region
         Russia


PETROV-WOOD: Court Names S. Tsvetkov as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of St. Petersburg and the Leningrad Region
appointed Mr. S. Tsvetkov as Insolvency Manager for CJSC Petrov-
Wood.  He can be reached at:

         S. Tsvetkov
         Kavalergardskaya Str. 6.
         191015 St. Petersburg Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-58204/2005.

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

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

The Debtor can be reached at:

         CJSC Petrov-Wood
         Premise 23N
         Nevskiy Pr. 74
         191025 St. Petersburg Region
         Russia


POGRANICHNOYE: Court Names V. Pitsun as Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Altay Region appointed Mr. V. Pitsun as
Insolvency Manager for OJSC Pogranichnoye.  He can be reached
at:

         V. Pitsun
         Post User Box 25
         Main Post Office
         Slavgorod
         658820 Altay Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A03-13070/05-B.

The Debtor can be reached at:

         OJSC Pogranichnoye
         Selektsionnoye
         Slavgorskiy Region
         Altay Region
         Russia


REINFORCED CONCRETE 80: P. Kutelev to Manage Assets
---------------------------------------------------
The Arbitration Court of Rostov Region appointed Mr. P. Kutelev
as Insolvency Manager for OJSC Factory of Reinforced Concrete
Products 80.  He can be reached at:

         P. Kutelev
         Post User Box 3392
         344092 Rostov-na-Donu
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-2238/06-S2-30.

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         OJSC Factory of Reinforced Concrete Products 80
         Malaya Gnilusha
         Krasnosulinskiy Region
         Rostov Region
         Russia


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


AGROPROMSERVICE: Court Commences Bankruptcy Supervision
-------------------------------------------------------
The Economic Court of AR Krym Region commenced bankruptcy
supervision procedure on OJSC Agropromservice (code EDRPOU
00905333) on May 15.  The case is docketed under Case No.
2-5/8845-2006.

The Temporary Insolvency Manager is:

         Oleksandr Zolotavin
         Shevtsova Str. 33
         Simferopol
         AR Krym Region
         Ukraine

The Economic Court of AR Krym Region is located at:

         Karl Marks Str. 18
         Simferopol
         95000 AR Krym Region
         Ukraine

The Debtor can be reached at:

         OJSC Agropromservice
         Lenin Str. 44
         Dzhankoj
         96100 AR Krym Region
         Ukraine


ALFA: Court Appoints E. Marchenko as Insolvency Manager
-------------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Mr. E.
Marchenko as Liquidator/Insolvency Manager for LLC Auto Center
Alfa (code EDRPOU 32633551).  He can be reached at:

         E. Marchenko
         Kuprin Str. 116
         Krivij Rig
         50045 Dnipropetrovsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 11.  The case is docketed
under Case No. B 29/73/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Auto Center Alfa
         Kirovogradske Shose Str. 3
         District Vilne
         Krivij Rig
         Dnipropetrovsk Region
         Ukraine


ETALON-AUTO-ODESSA: Court Names Yevgenij Grib as Liquidator
-----------------------------------------------------------
The Economic Court of Odessa Region appointed Yevgenij Grib as
Liquidator/Insolvency Manager for CJSC Etalon-Auto-Odessa (code
EDRPOU 31963266).  He can be reached at:

         Yevgenij Grib
         a/b 13
         Academic Korolyov Str. 81/60
         65122 Odessa Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 26.  The case is docketed
under Case No. 32/175-05-8623.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         CJSC Etalon-Auto-Odessa
         Hutorska Str. 101
         67055 Odessa Region
         Ukraine


INTERPROM: Court Names District Tax Agency as Liquidator
--------------------------------------------------------
The Economic Court of Kyiv Region appointed State Tax Inspection
of Solomyanskij District of Kyiv Region as Liquidator for LLC
Interprom (code EDRPOU 31511305).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 4.  The case is docketed under
Case No. 15/313-b.

The Economic Court of Kyiv Region is located at:

         B. Hmelnitskij Boulevard 44-B
         01030 Kyiv Region
         Ukraine

The Debtor can be reached at:

         LLC Interprom
         Povitroflotskij Avenue 54
         03151 Kyiv Region
         Ukraine


KIRNASIVKA' SUGAR: Court Names Pension Fund Dep't as Liquidator
---------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed Department of
Pension Fund of Ukraine in Tulchin district as Liquidator for
LLC Kirnasivka' Sugar Plant (code EDRPOU 32509710).  The
Liquidator can be reached at:

         Lenin Str. 51
         Tulchin
         23600 Vinnitsya Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 26.  The case is docketed
under Case No. 10/54-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21100 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         LLC Kirnasivka' Sugar Plant
         Tulchin District
         Kirnasivka, Novozavodska Str. 1
         23652 Vinnitsya Region
         Ukraine


KONTINENT: Kyiv Court Starts Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Kyiv Region commenced bankruptcy
supervision procedure on LLC Kontinent (code EDRPOU 30855451) on
May 11.   The case is docketed under Case No. 15/346-b.

The Temporary Insolvency Manager is:

         Sergij Kitsul
         Liskivska Str. 28/15
         02097 Kyiv Region Ukraine
         Tel: 8 (067) 295-08-03

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 Kontinent
         Vozzyednannya Avenue 15
         Office 812
         02060 Kyiv Region
         Ukraine


LERO: Court Appoints Svitlana Babich as Insolvency Manager
----------------------------------------------------------
The Economic Court of Kyiv Region appointed Svitlana Babich as
Liquidator/Insolvency Manager for LLC Lero (code EDRPOU
32426598).  She can be reached at:

         Svitlana Babich
         Office 701
         Artema Str. 1/5
         04053 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 17.  The case is docketed
under Case No. 43/275.

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 Lero
         Academic Tupolev Str. 18-D
         04128 Kyiv Region
         Ukraine


PROMIN: Court Names Regional Bankruptcy Agency as Liquidator
------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed the Vinnitsya
Regional Sector of Bankruptcy Questions as Liquidator for LLC
Promin (code EDRPOU 30804559).  The Liquidator can be reached
at:

         Vinnitsya Regional Sector of Bankruptcy Questions
         Hmelnitske Shose Str. 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. 10/38-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         LLC Promin
         Sloboda Yaltushivska
         Barskij District
         23022 Vinnitsya Region
         Ukraine


SELKOM: Court Appoints I. Serij as Liquidator
---------------------------------------------
The Economic Court of Odessa Region appointed Mr. I. Serij as
Liquidator for LLC Selkom (code EDRPOU 33557938).  He can be
reached at:

         Mr. I. Serij
         Karl Marks Str. 106
         Oleksandrivka
         Illichivsk
         Odessa Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 19.  The case is docketed
under Case No. 24/81-06-4412.

The Economic Court of Odessa Region is located at:

         Shevchenko Avenue 4
         65032 Odessa Region
         Ukraine

The Debtor can be reached at:

         LLC Selkom
         Frantsuzkij Boulevard 85
         Odessa Region
         Ukraine


SELMASHINVEST: Court Names Mikita Nikitenko to Liquidate Assets
---------------------------------------------------------------
The Economic Court of Zaporizhya Region appointed Mikita
Nikitenko as Liquidator/Insolvency Manager for LLC Selmashinvest
(code EDRPOU 31707920).  He can be reached at:

         Mikita Nikitenko
         Marshal Chujkov Str. 27-A/32
         69096 Zaporizhya Region Ukraine
         Tel: 8 (061) 220-66-89

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 22.  The case is docketed
under Case No. 19/99/06.

The Economic Court of Zaporizhya Region is located at:

         Shaumyana Str. 4
         69001 Zaporizhya Region
         Ukraine

The Debtor can be reached at:

         LLC Selmashinvest
         Rekordna Str. 20-A
         69037 Zaporizhya Region
         Ukraine


SKADOVSKIJ RAJAGROHIM: Court Begins Bankruptcy Supervision
----------------------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
supervision procedure on Agricultural OJSC Skadovskij Rajagrohim
(code EDRPOU 05487366) on Feb. 16.  The case is docketed under
Case No. 6/63-B-06.

The Temporary Insolvency Manager is:

         Tetyana Paseka
         a/b 32
         73000 Herson Region
         Ukraine
         Tel/Fax: 8 (0552) 26-62-62

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         Agricultural OJSC Skadovskij Rajagrohim
         Pasichnik Str. 144a
         Skadovsk
         75700 Herson Region
         Ukraine


SVITANOK: Court Names Regional Bankruptcy Agency as Liquidator
--------------------------------------------------------------
The Economic Court of Vinnitsya Region appointed the Vinnitsya
Regional Sector of Bankruptcy Questions as Liquidator for
Agricultural LLC Svitanok (code EDRPOU 30870134).  The
Liquidator can be reached at:

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

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on March 30.  The case is docketed
under Case No. 5/97-06.

The Economic Court of Vinnitsya Region is located at:

         Hmelnitske Shose 7
         21036 Vinnitsya Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Svitanok
         Stepanki
         Barskij District
         23035 Vinnitsya Region
         Ukraine


TRADEKON: Odessa Court Names I. Serij to Liquidate Assets
---------------------------------------------------------
The Economic Court of Odessa Region appointed for Mr. I. Serij
as Liquidator LLC Tradekon (code EDRPOU 33557943).  He can be
reached at:

         I. Serij
         Karl Marks Str. 106
         Oleksandrivka
         Illichivsk
         Odessa Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 19.  The case is docketed
under Case No. 24/83-06-4414.

The Debtor can be reached at:

         LLC Tradekon
         Frantsuzkij Boulevard 85
         Odessa Region
         Ukraine


YENAKIYEVE' CEMENT: Court Names Svitlana Bezverha as Liquidator
---------------------------------------------------------------
The Economic Court of Donetsk Region appointed Svitlana Bezverha
as Liquidator/Insolvency Manager for OJSC Yenakiyeve' Cement
Plant (code EDRPOU 00292959).

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 19.  The case is docketed
under Case No. 27/74 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         OJSC Yenakiyeve' Cement Plant
         Marat Str. 1
         Yenekiyeve
         86400 Donetsk Region
         Ukraine


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


A R SECURITY: Hires Joint Liquidators from Deloitte & Touche LLP
----------------------------------------------------------------
Angus Matthew Martin and Julia Elizabeth Branson of Deloitte &
Touche LLP were appointed Joint Liquidators of A R Security
Limited after creditors decided to wind up the company on
April 19.

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

A R Security Limited can be reached at:

         Unit 23
         106a Bedford Road
         Wootton
         Bedford
         Bedfordshire MK43 9JB
         United Kingdom
         Tel: 01234 767799


ADVANCED GRANITE: Joint Liquidators Take Over Operations
--------------------------------------------------------
Matthew Colin Bowker, and David Antony Willis of Jacksons
Jolliffe Cork were appointed Joint Liquidators of Advanced
Granite & Marble Limited after creditors opted to wind up the
company on April 21.

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.

Advanced Granite & Marble Limited can be reached at:

         Aireview House
         Rodley Lane
         Leeds LS131AA
         United Kingdom
         Tel: 0113 236 2320


ALANDALE SOUTHAMPTON: Creditors Pass Winding Up Resolution
----------------------------------------------------------
Creditors of Alandale (Southampton) Limited passed a resolution
to wind up the company's operations during an extraordinary
general meeting on April 20.

Gordon Johnston of hjs Recovery was appointed Liquidator.

The company can be reached at:

         Alandale (Southampton) Limited
         343 Shirley Road
         Southampton
         SO153JD
         Tel: 023 8070 1234
         Fax: 023 8032 7700


ANSA CONTRACT: Financial Woes Trigger Liquidation
-------------------------------------------------
Ansa Contract Services Limited is winding up its operations
after creditors established the company could no longer continue
its business due to mounting debts.

R. Neil Marshman of Marshman & Co. was appointed Liquidator.

The company can be reached at:

         Ansa Contract Services Limited
         29 Lyveden Road
         Brackmills Industrial Estate
         Northampton NN4 7ED
         United Kingdom
         Tel: 01604 709 209


AXION SYSTEMS: Brings In DTE Leonard to Administer Assets
---------------------------------------------------------
J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of Axion Systems Limited (Company Number
02526774) on June 12.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Axion Systems -- http://www.axionsystems.co.uk/-- is an
established leader in the field of software and hardware supply.


BELGRAVIA BUILDERS: Credit & Mercantile Appoints Joint Receivers
----------------------------------------------------------------
Credit & Mercantile PLC appointed Simon Geoffrey Paterson and
David Ronald Elliott of Moore Stephens LLP joint administrative
receivers of Belgravia Builders U.K. Public Limited Company
(Company Number 03122956) on June 16.

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

Belgravia Builders U.K. Public Limited Company is a building
contractor.


BLUESTONE SECURITIES: S&P Rates Class D & E Notes at Low-B
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP220.98 million mortgage-backed
floating-rate notes series 2006-01 to be issued by Bluestone
Securities PLC, a special purpose entity.

A pool of first-ranking mortgages secured over freehold and
leasehold properties located in England and Wales backs the
notes.  The mortgages were originated by Amber Homeloans Ltd.
and Beacon Homeloans Ltd. and bought by Redstone Mortgages PLC
for use in this transaction.

Redstone's principal business is purchasing pools of residential
mortgage loans in the U.K.'s secondary mortgage loan market and
funding them via securitization. Loans purchased by Redstone to
date have been to borrowers who have financially recovered from
incidents of credit problems, or who have self-certified income
or a limited credit track record and cannot obtain financing
from traditional banks and building societies.

This is Redstone's third securitization of its portfolio of
mortgages out of its Bluestone Securities issuance platform.
Standard & Poor's is rating the notes on a segregated basis,
i.e., independently of the rating on existing series.

                         Ratings List
                   Bluestone Securities PLC
      GBP220.98 Million Mortgage-Backed Floating-Rate Notes

                           Prelim.       Prelim.
             Class          rating         amount (Mil. GBP)
             -----          ------         ------
             A              AAA            195.00
             B              A               14.37
             C              BBB              6.63
             D              BB               4.20
             E              B                0.78


CCA DESIGN: Appoints Paul Appleton as Liquidator
------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed Liquidator
of CCA Design & Communications Limited during an extraordinary
general meeting on April 21.

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

CCA Design & Communications Limited can be reached at:

         81 Carlisle Mansions
         Carlisle Place
         London SW1P 1HZ
         United Kingdom
         Tel: 020 7828 0212


CURTI LIFTS: Creditors Confirm Liquidator's Appointment
-------------------------------------------------------
Creditors of Curti Lifts (Northern) Limited confirmed the
appointment of Stephen Franklin of Franklin & Co. as Liquidator
on April 19.

The company can be reached at:

         Curti Lifts (Northern) Limited
         71-73 Moore Avenue
         Bradford BD6 3HJ
         United Kingdom
         Tel: 01274 690 618
         Fax: 01274 690 619


D.E.M. FINANCE: Royal Bank Appoints PKF as Joint Receivers
----------------------------------------------------------
The Royal Bank of Scotland PLC appointed Edward T. Kerr and Ian
J. Gould of PKF (U.K.) LLP joint administrative receivers of
D.E.M. Finance PLC (Company Number 03966262), D.E.M. Collections
PLC (Company Number 02631949) and De Montfort Leasing Limited
(Company Number 02654028) on June 19.

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

D.E.M. Finance PLC, D.E.M. Collections PLC and De Montfort
Leasing Limited are asset finance providers.


ELLAN RUGBY: Names Peter Sargeant Liquidator
--------------------------------------------
Creditors of Ellan Rugby League Club Limited named Peter Sargent
of Begbies Traynor Liquidator during an extraordinary general
meeting on April 20.

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

Ellan Rugby League Club Limited can be reached at:

         55 Rochdale Road
         Greetland
         Halifax HX4 8AH
         United Kingdom
         Tel: 01422 373 174


EUROTUNNEL GROUP: Pursues Creditor Protection After Failed Talks
----------------------------------------------------------------
Eurotunnel Group was forced to place itself under creditor
protection at the Commercial Court of Paris pursuant to the
French law "procedure de sauvegarde" yesterday, July 13, after
restructuring talks with bondholders failed.

The parties have been in talks to restructure Eurotunnel's
outstanding EUR6.2 billion debt.

A panel of judges from the Tribunal de Commerce de Paris will
decide on July 25 whether to approve the company's application.
An approval will place Eurotunnel under court protection for up
to 18 months and an appointed court official will oversee
renewed efforts to achieve a restructuring deal.

The French bankruptcy process will allow for the company's
operations to run in the ordinary course of business similar to
a Chapter 11 proceeding in the U.S.

                 Debt Restructuring Proposals

On June 27, Eurotunnel turned down the restructuring plan
prepared by a group of secured bondholders led by Deutsche
Bank AG asserting that it requires too much debt and gives too
much to bondholders.

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

The plan rivaled the preliminary restructuring agreement backed
by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and
Barclays PLC.  The plan dated May 23, valued the company at
around EUR7.03 billion and included 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.

On July 12, Eurotunnel presented an ultimate proposal to reach a
compromise between the May 23 preliminary restructuring
agreement and the demands made by its subordinated creditors
represented by The Association of Eurotunnel's Secured
Bondholders (ARCO).

The company claimed that the majority of these demands were
satisfied by the substantial efforts jointly made by the company
and the Ad Hoc Committee.  The subordinated creditors, led by
Deutsche Bank, rejected this final attempt to reach a consensual
deal.

"I fail to understand how an institution such as Deutsche Bank
has maintained its unreasonable demands without taking into
account the consequences on the 2,300 employees and 800,000
shareholders of Eurotunnel," Eurotunnel Chairman and CEO Jacques
Gounon said.

According to Ross Tieman of The Evening Standard, Deutsche Bank
rejected Mr. Gounon's claim insisting that Eurotunnel did not
give bondholders more time to negotiate a deal once they agreed
to the restructuring talks.

Arco said it was ready to resume talks "in a constructive spirit
so as to find a consensual solution to a financial restructuring
of Eurotunnel," The Evening Standard relates.

The Joint Board of Eurotunnel unanimously decided to cancel the
General Meetings of Shareholders of Eurotunnel PLC and
Eurotunnel SA, planned for July 27.

Absent a final agreement, the Group may default in January 2007
under a 1998 debt agreement.

                        About the Company

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

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

                        *     *     *

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

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


EUROTUNNEL S.A.: S&P Junks Debt Ratings After Failed Talks
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its senior secured
bank loan rating on Anglo-French Channel Tunnel infrastructure
operator Eurotunnel S.A. to 'C' from 'BBB'.

Standard & Poor's also took these rating actions on the Class A,
B, and C structured notes issued by the Eurotunnel-related
special-purpose vehicle Fixed-Link Finance B.V. (FLF1):

   -- Nonguaranteed senior secured debt rating lowered to 'C'
from 'BB-',

   -- Subordinated debt rating lowered to 'C' from 'CCC+', and

   -- Junior subordinated debt rating lowered to 'C' from 'CCC'.

Standard & Poor's also lowered its senior secured debt rating on
Fixed-Link Finance 2 B.V.'s (FLF2) nonguaranteed notes to 'C'
from 'B'.  All ratings remain on CreditWatch with negative
implications.

The 'AAA' debt rating on the GBP232 million class G1, and
GBP365 million Class G2 notes, issued by FLF1; and the
GBP620 million G1 notes issued by FLF2, are unaffected, as they
are guaranteed by MBIA Assurance S.A.

"The rating actions follow the breakdown of negotiations between
Eurotunnel and its creditors," said Standard & Poor's credit
analyst Jan Willem Plantagie.

The terms of a refinancing agreement with Eurotunnel's ad hoc
committee of creditors, reached on May 31, indicated that the
value of senior secured debt at Eurotunnel and most of the debt
at FLF1 and FLF2 would be preserved.

The rejection, by the subordinated creditors, of this agreement,
and of other proposals made yesterday, means that Eurotunnel
will now seek to place itself under the protection of the
Commercial Court in Paris, pursuant to the French law procedure
de sauvegarde.  Under this process, talks with the creditor
groups will continue, however.

"The rejection of Eurotunnel's proposals means that there is now
very significant uncertainty as to how the company's debt will
be managed," said Mr. Plantagie.

"It is also unclear how the procedure de sauvegarde will affect
the substitution rights of creditors.  These are, in any case,
subject to French and U.K. government confirmation that the
substituting banks have the technical and financial capability
to undertake substitution--a process that can take up to two
months."

Standard & Poor's will continue its discussions with
Eurotunnel's management and creditors, and update the
CreditWatch status regularly.


FIVEMERE LTD: Creditors Resolve to Voluntary Liquidation
--------------------------------------------------------
Creditors of Footsteps Fashion Limited resolved to voluntarily
liquidate the company's assets during an extraordinary general
meeting on April 21.

David Michael Riley and Charles William Anthony Escott of RSM
Robson Rhodes LLP were appointed Joint Liquidators.

The company can be reached at:

         Fivemere Limited
         The Post House
         8 Mill Street
         Congleton
         Cheshire CW121AB
         United Kingdom
         Tel: 01606 557 559


FIXED-LINK: Fitch Downgrades Eurotunnel Debt Vehicles to B
----------------------------------------------------------
Fitch Ratings downgraded the unwrapped tranche of Fixed-Link
Finance 2 B.V. to B from BBB-.  This rating has been taken off
Rating Watch Negative.  The recovery rating is RR1, denoting a
high rate of recovery.

The ratings for Fixed-Link Finance B.V.'s Class A, Class B and
Class C notes and the guaranteed notes of FLF2 have been
affirmed.  FLF1 and FLF2 are Eurotunnel-related debt repackaging
vehicles.

This rating action follows the Eurotunnel management's
announcement that it is to pursue legal proceedings to place
itself under the protection of the Commercial Court of Paris
pursuant to the French law "procedure de sauvegarde" (safeguard
procedure).

The ratings for FLF1 and FLF2 are:

FLF 1:

   -- GBP200 million Class A1 notes due 2025: BB+ RWN;
   -- EUR103 million Class A2 notes due 2025: BB+ RWN;
   -- GBP0.05 million Class B1 notes due 2025: B+ RWN;
   -- EUR135 million Class B2 notes due 2025: B+ RWN;
   -- EUR142 million Class C2 notes due 2025: B- RWN; and
   -- FLF1's GBP232 million Class G1 and EUR365 million Class G2
      notes, all due 2025 are affirmed at AAA.

FLF 2:

   -- GBP120 million Class A notes due 2026: B /RR1; and
   -- GBP620 million guaranteed notes due 2027/28: AAA.

Eurotunnel's Tier 1A debt forms the collateral for the FLF2
notes.

Despite public statements that the company has enough cash to
continue to operate until January 2007, Eurotunnel management
has filed for pre-insolvency protection in France.  This is
partly a tactic in the context of brinkmanship-style
negotiations with debt creditors.  It also protects Eurotunnel's
management from repercussions from trading as a company which
its auditors regard as not a going concern.  Under the safeguard
procedure, the French courts will stave-off creditor claims and
attempt to act as a mediator with debt creditors.

There is little precedent of the French court's roles and powers
under the newly introduced safeguard procedure.  Therefore it is
unclear if this route is actually more likely to resolve in a
swifter resolution of negotiations for all parties than existing
arrangements and the previous rounds of negotiations.  The
alternative route of substitution has been made possible by the
court protection move by management.

Fitch understands that the court will make a ruling on July 25,
which coincides with the next semi-annual interest payments on
much of Eurotunnel's debt.  If court protection is granted it is
possible that those obligations will not be honored.

The Ad Hoc Committee signed a binding Preliminary Restructuring
Agreement with Eurotunnel on May 23.  On May 31, a binding
refinancing agreement was signed with Goldmans, Barclays and
Macquaries to assist with the implementation of the PRA.
Eurotunnel has not received a binding refinancing agreement from
Deutsche Bank.

Fitch understands that the Ad Hoc Committee have difficulties
with the Deutsche Bank proposal.  Nevertheless, the latter's
proposal also still leaves the Eurotunnel Senior and Junior Debt
largely intact, including FLF2's T1A, but the Bondholders have
taken the view that they have little to lose in taking
negotiations beyond the wire.

The existing proposal of accepting something around GBP100
million to GBP150 million in cash for their GBP1.8 billion of
attributable debt - representative of recent secondary debt
trade values - has apparently led to an attitude amongst the
Eurotunnel Bondholders of "little more to lose, but much more to
gain".

The French courts will attempt to mediate or provide some
framework for creditors to continue to negotiate, but Fitch
believes that the court cannot unilaterally impose a solution
upon Eurotunnel's creditors.  Indeed, with much of Eurotunnel's
Senior and Junior debt restructuring agreed in principle, except
for the Bondholders, and shareholders, in theory, the safeguard
procedure may not take that long.

Fitch understands that 'substitution' is now a more realistic
option.  If substitution was applied for by the relevant
creditors of Eurotunnel, the French and UK governments would
need to decide whether or not to approve the business plan in
order for substitution to go ahead.  The cash waterfall
mechanisms that would then be put in place would likely be
detrimental to subordinated bondholders.  The threat of
substitution may well be the next threshold to trigger any
change in negotiating stance by certain creditors.

Within the details of the restructuring plans from both
consortia, FLF2's bullet fixed rate long-dated debt has remained
unscathed and both consortia have said that they would require
an investment grade rating for both it and most of the
refinanced debt.

Nevertheless, Fitch's rating criteria for companies that have
filed for creditor protection including the potential for non-
payment of interest prompts today's downgrade of the unwrapped
tranche's issue rating to B.  The RR1 recovery rating
acknowledges an expected high rate of recovery.

Concerning FLF1, given the level of liquidity available in the
dedicated reserve accounts, the Note Liquidity Facilities, and
income from FLF1's derivative instruments, Fitch believes that
there is sufficient liquidity to sustain interest payments
consistent with the above tranches' ratings.  Fitch has assumed
that the safeguard procedure does not exceed 18 to 24 months.

Nevertheless, the agency has changed the rating watch status on
the Class A and B notes to Negative from Evolving indicating
that it does not foresee any prospect of upgrading these notes
in the next six months.  Given the flow-through from expected
Tier 3 write-off levels, and the Class C tranche's available
liquidity, Fitch maintains its view that its estimate of the
expected loss on this tranche of debt is not expected to exceed
60%.


FOREMOST RAIL: Taps A. Clifton to Liquidate Assets
--------------------------------------------------
A. Clifton of DTE Leonard Curtis was appointed Liquidator of
Foremost Rail Services Limited after creditors agreed to wind up
the company on April 18.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

Foremost Rail Services Limited can be reached at:

         Kersey Hall
         Tannery Road
         Combs
         Stowmarket
         Suffolk IP142EN
         United Kingdom
         Tel: 01449 742 450
         Fax: 01449 771 207


GENIE'S MANAGEMENT: Creditors Opt to Liquidate Assets
-----------------------------------------------------
Creditors of Genie's Management Services Limited opted to
liquidate the company's assets on April 20.

Lisa Hogg and Claire Foster of Wilson Field were appointed Joint
Liquidators.

The company can be reached at:

         Genie's Management Services Limited
         Flat 152 Wolverton
         Alvey Street
         London SE172AH
         United Kingdom
         Tel: 020 7277 1476
         Fax: 020 7701 3263


INHOME SERVICES: Peter O'Hara Leads Liquidation Procedure
---------------------------------------------------------
Peter O'Hara of O'Hara & Co was appointed Liquidator of Inhome
Services Limited after creditors passed a resolution to wind up
the company on April 20.

The company can be reached at:

         Inhome Services Limited
         Sunnyside
         Milton Place
         Ossett
         West Yorkshire WF5 9LL
         United Kingdom
         Tel: 01924 265 824
         Web: http://www.inhomeservics.biz/


KINGSWOOD COLLECTION: Taps Rothman Pantall as Administrators
------------------------------------------------------------
R.D. Smailes and S.B. Ryman of Rothman Pantall & Co. were
appointed joint administrators of Kingswood Collection Limited
(Company Number 03689196) on June 13.

Rothman Pantall & Co. -- http://www.rothman-pantall.co.uk/-- is
one of the largest independent firms of Chartered Accountants in
the region, and ranks in the top 40 in the United Kingdom.

Kingswood Collection Limited can be reached at:

         Wergs Golf Club
         Keepers Lane
         Wolverhampton WV6 8UA
         United Kingdom
         Tel: 0845 230 9500
         Fax: 0845 230 9600


KOALA LIMITED: Hires Unity Business as Administrators
-----------------------------------------------------
Matthew Colin Bowker and Suzanne Payne of Unity Business
Services LLP were appointed joint administrators of Koala
Limited (Company Number 05013245) on June 15.

The administrators can be reached at:

         Unity Business Services LLP
         Clive House
         Clive Street
         Bolton
         Lancashire BL1 1ET
         United Kingdom
         Tel: 01204 395000
         Fax: 01204 383999
         E-mail: matthewbowker@ubsg.co.uk

Koala Limited can be reached at:

         17 Linden Grove
         Llay
         Wrexham
         Clwyd LL12 0LX
         United Kingdom


LABOUR FORCE: Appoints Administrators from Milner Boardman
----------------------------------------------------------
Colin Burke and Gary Corbett of Milner Boardman & Partners were
appointed joint administrators of Labour Force (U.K.)
Recruitment Services Limited (Company Number 04113632) on
June 15.

Headquartered on Hale, Altrincham, South Manchester, Milner
Boardman -- http://www.milnerboardman.co.uk/-- is an
independent firm of chartered accountants and business advisers.

Labour Force (U.K.) Recruitment Services Limited

         Citrus House
         40-46 Dale Street
         Liverpool L2 5SF
         Tel: 0151 236 4222


LEAPFROG GROUNDS: Winds Up Business & Appoints Liquidator
---------------------------------------------------------
Creditors of Leapfrog Grounds Maintenance Limited decided to
wind up the company's operations on April 21.

Subsequently, David Hughes was appointed Liquidator.

The company can be reached at:

         Leapfrog Grounds Maintenance Limited
         Brook Road
         Warmley
         Bristol BS154JS
         United Kingdom
         Tel: 0117 967 2792


LONDON WALL: Moody's Assigns (P)Ba1 to EUR21-Mln Class E Notes
--------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
Notes to be issued by London Wall 2006-1 Ltd transaction:

   -- EUR93,000,000 Class A Notes: (P)Aaa;
   -- EUR75,000,000 Class B Notes: (P)Aa2;
   -- EUR27,000,000 Class C Notes: (P)A2;
   -- EUR27,000,000 Class D Notes: (P)Baa2; and
   -- EUR21,000,000 Class E Notes: (P)Ba1.

The ratings of the notes are based upon:

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

   -- the definition of credit events affecting the notes,

   -- the initial subordination of the threshold amount relative
to the Class E notes, the Class E notes relative to the
Class D notes, the Class D notes relative to the Class C
notes, the Class C notes relative to the Class B notes and
the Class B notes relative to the Class A notes, and

   -- the legal and structural integrity of the transaction.

London Wall 2006-1, Ltd is a funded synthetic transaction,
arranged by Deutsche Bank AG London, in which investors are
exposed to the credit risk related to a portfolio of corporate
senior loans, including syndicated loans, guarantees, letters of
credit, or revolving credit facilities, to companies rated or
mapped at least Ba2.  The credit risk transferred by Deutsche
Bank AG through this transaction is related to a total portfolio
of EUR3 billion mainly European and U.S. reference entities.
This reference pool is made up initially of 179 separate obligor
groups.  Its average weighted average rating is Baa2.
Throughout the replenishment period of 4 years, Deutsche Bank AG
will be bound by certain eligibility and portfolio criteria,
including a Moody's CDOROM test.

Moody's assigns provisional ratings prior to the closing of the
transaction based on the available information.  After complete
review of the final documentation, Moody's will endeavor to
assign definitive ratings and will disseminate them through our
Client Service Desk.  A definitive rating may differ from a
provisional rating.


MAAX HOLDINGS: Posts US$6.323 Million Net Loss in First Quarter
---------------------------------------------------------------
MAAX Holdings Inc. reported earnings for the first quarter ended
May 31, 2006.

Net sales for the first quarter of fiscal 2007 increased 3.9% to
US$144.4 million from net sales of US$139.0 million for the
first quarter of fiscal year 2006.  Operating income for the
fiscal 2007 first quarter decreased by US$1.8 million, or 24%,
from US$7.5 million in the first quarter of fiscal 2006 to
US$5.7 million in the first quarter of fiscal 2007.

For the three months ended May 31, 2006, the Company reported a
net loss of US$6,323,000 compared to a net income of US$717,000
for the three months ended May 31, 2005.

The Company discloses that for its Bathroom Sector, net sales
increased by US$10.2 million, or 9.0%, compared with the first
quarter of fiscal 2006, to reach US$123.5 million.  The Company
says that there was good demand for its products despite slowing
housing construction activities due to the success in
introducing new products and signing new customers.  Sales were
also favorably impacted by the stronger Canadian dollar.
Operating income for the Company's Bathroom Sector increased by
US$1.5 million, or 18%, to US$9.9 million for the first quarter
of fiscal 2007, despite higher raw material costs and freight
costs when comparing with the same period last year.

The good results from our Bathroom Sector have been partly
offset by the disappointing results from the Company's Cabinetry
Sector and Spa Sector which have both gone through important
operational transitions during the first quarter of the current
fiscal year.

Free cash flow for the first quarter of fiscal 2007 was negative
US$16.7 million compared with positive US$3.3 million for the
same period last year.  This reduction in cash flow results from
lower operating income, the non-recurring gains realized under
currency hedging contracts last year and the need to invest in
working capital in order to support sales growth and new product
introduction.  Total net debt of US$480.1 million at May 31,
2006, increased from Feb. 28, 2006, levels of US$457.1 million.

                        Long-Term Debt

On May 30, the Company obtained an amendment under its senior
secured credit facility to avoid a potential default of certain
financial covenants set forth in its senior secured credit
facility for the quarter ending May 31, 2006.  This amendment
provides that, if certain of the Company's shareholders invest
at least US$7.0 million in the Company by July 15, the lenders
will waive any such default.  The Company says that its sponsors
have provided it with an equity commitment letter, pursuant to
which they have agreed to make such investment.  The Company has
agreed that the aggregate outstanding amount of loans and
letters of credit under the revolving portion of its senior
secured credit facility will not exceed C$30 million until such
investment is made.

In addition, the amendment increased the applicable margin of
the term loan A to 2.75%, based on a grid pricing.  The
amendment also incorporates a new provision that allows the
Company in the future, under certain conditions, to utilize
certain cash contributions to its equity to cure a failure to
satisfy the interest coverage ratio, fixed charge coverage ratio
or leverage ratio financial covenants set forth in our senior
secured credit facility, on a ratio of 1:1 to the adjusted
EBITDA, as defined in its senior secured credit facility, and
the financial covenants would then be recalculated using said
increased adjusted EBITDA amount.

                       About MAAX Holdings

MAAX Holdings, Inc. -- http://www.maax.com/-- manufactures
bathroom products, kitchen cabinets and spas for the residential
housing market. The corporation is committed to offering its
customers an enjoyable experience: distinctive, stylish and
innovative products and the best customer service practices in
the industry.  MAAX offerings are available through plumbing
wholesalers, bath, kitchen and spa specialty boutiques and home
improvement centers.  The corporation currently operates 26
manufacturing facilities and independent distribution centers
throughout North America and Europe.  MAAX Corporation is a
subsidiary of Beauceland Corporation, itself a wholly owned
subsidiary of MAAX Holdings, Inc.

                           *     *     *

As reported in the Troubled Company Reporter on June 14,
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Quebec-based bathroom fixtures
manufacturer MAAX Holdings Inc. to 'CCC+' from 'B-'.  At the
same time, Standard & Poor's lowered its rating on the company's
senior discount notes to 'CCC-' from 'CCC'.

The long-term corporate credit rating on subsidiary MAAX Corp.
was also lowered to 'CCC+' from 'B-'.  In addition, Standard &
Poor's lowered its ratings on the subsidiary's secured bank
facilities to 'CCC+' from 'B-', with a recovery rating of '3',
and on the subsidiary's senior subordinated debt notes to 'CCC-'
from 'CCC'.  S&P said the outlook is negative.


MAGELLAN MORTGAGES: Moody's Rates Class E Notes at (P)Ba2
---------------------------------------------------------
Moody's Investors Service assigned provisional long-term credit
ratings to these Notes issued by Magellan Mortgages No. 4 plc:

   -- EUR1,413,750,000 Class A Mortgage Backed Floating Rate
Notes due 2059: (P) Aaa;

   -- EUR33,750,000 Class B Mortgage Backed Floating Rate Notes
due 2059: (P) Aa3;

   -- EUR18,750,000 Class C Mortgage Backed Floating Rate Notes
due 2059: (P) A2;

   -- EUR33,750,000 Class D Mortgage Backed Floating Rate Notes
due 2059: (P) Baa2; and

   -- EUR21,750,000 Class E Mortgage Backed Floating Rate Notes
due 2059: (P) Ba2;

The mortgage loans supporting the Notes are first lien -- or
second lien provided that the first lien is also included in the
portfolio -- loan claims originated by Millennium bcp through
the course of its residential mortgage lending activities in
Portugal.  This portfolio does not include any subsidized
mortgage loans.

Ltvs are a bit higher this time around than on the previous
transaction and Maturities continue to be long.
The ratings 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 at par on or before
the rated final legal maturity date on Classes A, B, C, and D,
and for ultimate payment of interest and principal at par on or
before the rated final legal maturity date on Class E.


OLYMPIC CATERING: Brings In P&A as Joint Administrators
-------------------------------------------------------
Christopher Michael White and John Russell of The P&A
Partnership were appointed joint administrators of Olympic
Catering Equipment Limited (Company Number 04806497) on June 8.

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

Headquartered in Witham, United Kingdom, Olympic Catering
Equipment Limited designs and installs catering equipment.


OXFORD PRINT: Taps Hurst Morrison as Joint Administrators
---------------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Hurst Morrison Thomson CR
LLP were appointed joint administrators of Oxford Print
Finishing Limited (Company Number 02845590) on June 15.

The administrators can be reached at:

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

Oxford Print Finishing Limited can be reached at:

         Unit 2 Abingdon Indstl Park
         Colwell Drive
         Abingdon
         Oxfordshire OX14 1AU
         United Kingdom
         Tel: 01235 462 150


QUALITY KEBAB: Hires Ashcrofts as Joint Administrators
------------------------------------------------------
Harjinder Singh Johal and George Nicholas Michael of Ashcrofts
were appointed joint administrators of Quality Kebab Limited
(Company Number 04140910) on June 15.

The administrators can be reached at:

         Ashcrofts
         601 High Road
         Leytonstone
         London E11 4PA
         United Kingdom
         Tel: 0208 556 2888
         Fax: 0208 556 8886
         E-mails: harjinderjohal@ashcrofts.net
                  georgemichael@ashcrofts.net

Headquartered in Rainham, United Kingdom, Quality Kebab Limited
manufactures and wholesales frozen meat products.


RICHARD JAMES: Appoints Joint Liquidators from RMT
--------------------------------------------------
A. Joseph and L. A. Farish of RMT were appointed Joint
Liquidators of Richard James Construction Limited after
creditors proved the company could no longer continue its
operations due to liabilities.

The company can be reached at:

         Richard James Construction Limited
         20b Newgate Street
         Morpeth
         Northumberland NE611BA
         United Kingdom
         Tel: 01670 503 722
         Fax: 01670 503


STANKEM LTD: Brings In Liquidator from Rooney Associates
--------------------------------------------------------
Gerard Keith Rooney of Rooney Associates was appointed
Liquidator of Stankem Limited after creditors passed a
resolution to wind up the company on April 19.

The company can be reached at:

         Stankem Limited
         Peel House
         Peel Road
         Skelmersdale
         Lancashire WN8 9PT
         United Kingdom
         Tel: 01695 510 20
         Fax: 01695 727 800


UNITED BISCUITS: Moody's Affirms B1 Corporate Family Rating
-----------------------------------------------------------
Moody's affirmed the B1 corporate family rating of United
Biscuits Finance Plc with a stable outlook, following the
announced transaction with Kraft Foods Inc.

Under the agreement, expected to close in the third quarter of
2006, Kraft will cede its interest in United Biscuits in return
for assuming US$548 million of that company's debt in addition
to acquiring its Southern European operations.  The proceeds
from the transaction will be used to redeem the two outstanding
Euro and Sterling high yield bonds due 2011.

Moody's expects that the transaction will result in moderate
deleveraging for United Biscuits, with Total Adj. Debt/EBITDA
falling from 5.3x in the last twelve months to April 22 to about
5x on a pro forma basis.

The Southern European business reported 2005 revenues and EBITDA
of GBP207.3 million and GBP41.1 million, respectively, or about
16% and 20% of the Group total.  As such, Moody's notes that the
business being divested reported higher operating margins than
the Group as a whole, which will henceforth be dominated by the
U.K. division, which represented nearly 80% of Group revenues in
2005 excluding the Southern European business.  While the
company retains leading positions in the U.K. and French
biscuits markets, with many well-recognized brand names, Moody's
also notes that the Spanish biscuit market showed a strong 5.9%
growth in 2005 versus a more moderate 1.9% in the UK, while the
French and Dutch markets declined.  The European markets share a
common trend towards healthier snack foods.  Moody's therefore
believes that the positive impact of the transaction for the
company's credit metrics will be partly offset by the reduced
presence of the company in higher growth countries, which
generated higher margins.

United Biscuit's liquidity consists of GBP32.6 million in cash
and equivalents at April 22, as well as the undrawn portion of
the senior bank facilities, namely the Revolving Credit Facility
of GBP50 million.  In the twelve months to April 22 the
company's Adj. Retained Cash Flow/debt was at 8.7%, which is
adequate for the rating category.  Until the bullet maturities
of Term loans B and C in 2010 and 2011, the company's amortizing
debt schedule under Term loan A is GBP30.1 million in 2006.
Upon the redemption of the high yield notes, Moody's will
reassess notching in light of the fact that only Term loan C,
about one third of the remaining senior facilities, will be
subordinated to other debt within the capital structure.

The stable outlook reflects Moody's opinion that the company
will continue to be strongly positioned within its core markets
and to adapt to the trend towards healthier snack foods.  In
light of modest market growth, an upward revision of the ratings
or outlook would likely result from brand out-performance
resulting in strong cash flows and further debt amortization.
Downward pressure on the ratings could occur if market trends
deteriorate, leading to a weakening in the company's key credit
metrics.  In addition, Moody's will continue to monitor
developments with regards to any potential future change in
ownership.

Ratings affirmed:

United Biscuits Finance plc

   -- Corporate family rating: B1;

   -- GBP165 million senior subordinated notes to be withdrawn
following redemption: B3; and

   -- EUR192.5 million senior subordinated notes to be withdrawn
following redemption: B3.

Regentrealm Limited

   -- Remaining GBP367.8 million senior secured credit
facilities A and B and revolving credit facility: Ba3; and

   -- GBP200.9 million senior secured credit facility first loss
term loan C borrowed at United Biscuits (U.K.) Limited:
      B1.

United Biscuits Finance Ltd. is the leading manufacturer and
marketer of biscuits in the United Kingdom and Iberia, and the
second largest manufacturer of biscuits in France, the
Netherlands and Belgium.  In the U.K. the company is also a
leading manufacturer and marketer of nuts, savory snacks and
crisps.  In 2005, the company reported revenues and EBITDA of
GBP1.27 billion and GBP204 million, respectively.

                           *********

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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed
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