TCREUR_Public/060717.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, July 17, 2006, Vol. 7, No. 140

                            Headlines


A U S T R I A

4AN: Creditors' Meeting Slated for July 25
A. BAUER: Creditors' Meeting Slated for July 25


G E R M A N Y

B. J. RUHMANN: Claims Registration Ends August 4
BEKLEIDUNGSWERK FORST: Claims Registration Ends August 8
CARA S. MODEN: Creditors' Meeting Slated for August 3
EVADO GMBH: Creditors' Meeting Slated for August 4
HEIDELBERGCEMENT AG: Buys Majority Equity Stake in Volsk

HITPARTS HARDWARETREND: Claims Registration Ends August 2
PREMIERE DESIGN: Claims Registration Ends August 1
UDOPEA HEADSHOP: Creditors' Meeting Slated for July 27
WEBA KUECHEN: Claims Registration Ends July 24
WTM COLLEGE: Claims Registration Ends August 4


K A Z A K H S T A N

AKARAL: Creditors Must File Claims by Aug. 4
BAISEIT: Creditors Must File Claims by Aug. 4
BEREKE: Creditors Must File Claims by July 31
EURASIAN BANK: Fitch Assigns B- Rating on Issuer Default
KAZKOM-KURYLYS: Proof of Claim Deadline Slated for July 31

KOMIR-INVEST: Proof of Claim Deadline Slated for Aug. 4
LAIT-PV: Claims Registration Ends Aug. 4
SEITEN: Claims Registration Ends Aug. 4
SHYNDAULET: Creditors' Claims Due Aug. 4
STANDART TEHNIKA: Creditors' Claims Due July 31

STROIINDUSTRIA-LTD-2004: Creditors' Claims Due July 31


K Y R G Y Z S T A N

BOL JOLDUU: Proof of Claim Deadline Slated for Aug. 25
CHUISKAYA PTISEFABRIKA: Public Auction Scheduled for Aug. 8


L U X E M B O U R G

THESEUS EUROPEAN: Moody's (P)Ba2 Rating to Class E Notes


N E T H E R L A N D S

PYATEROCHKA HOLDING: Buys 1.2 Million GDRs in Purchase Program
PYATEROCHKA HOLDING: Reports Second Quarter 2006 Trading Update


P O L A N D

NETIA SA: Third Avenue Hikes Equity Holding to 10.03%


R U S S I A

AKSAYSKIY GLASS: Court Names A. Sasin as Insolvency Manager
ALFA BANK: Moody's Lifts Financial Strength Rating to D
BALTASK-AGRO-PROM-SNAB: Bankruptcy Hearing Slated for Sept. 12
BOLSHEMURASHKINSKAYA FUR: S. Kapterev to Manage Assets
BUYSK-AGRO-PROM-KHIMIYA: A. Klabukov to Manage Assets

DIMITROVOGRAD-TEXTILE: Court Starts Bankruptcy Procedure
GAZPROM: Considers Early Repayment of US$1.25 Billion Debt
GAZPROM: Fitch Lifts US$5.7-Bln Senior Secured Rating to BBB-
KAMALEASING: Perm Court Starts Bankruptcy Supervision
KRASNOYE ZNAMYA: Court Starts Bankruptcy Supervision

MDM BANK: Lends US$81 Million Credit to Cotton-Printing Factory
OCEAN: Orenburg Court Starts Bankruptcy Supervision
PYATEROCHKA HOLDING: Buys 1.2 Million GDRs in Purchase Program
PYATEROCHKA HOLDING: Reports Second Quarter 2006 Trading Update
ROSNEFT: Inks Management Protocol with Sinopec for Udmurtneft

SEL-STROY: Court Names S. Alakhkuliev as Insolvency Manager
TYULYACHINS KAYA: Court Names V. Semenov as Insolvency Manager
VOSKRESENSK-SEL-KHOZ-KHIMIYA: A. Zakharov to Manage Assets
WOOD COMBINE: Court Names Ch. Uzyanbaev as Insolvency Manager
YARANSKIY GRAIN: Court Names V. Alalykin as Insolvency Manager

YURYEVSKOYE: Krasnoyarsk Court Starts Bankruptcy Supervision


S P A I N

TDA 25: Fitch Rates EUR2.5 Million Class D Notes at BB+


U K R A I N E

DIBROVA: Sumi Court Starts Bankruptcy Supervision
EVROTORG-2000: Court Names LLC Bereg to Liquidate Assets
EXTRUDER PRODUCT: Court Starts Bankruptcy Supervision
IFA: Ivano-Frankivsk Court Names I. Vatutin as Liquidator
KALININSKE: Court Starts Bankruptcy Supervision

LVIVSKE: Herson Court Begins Bankruptcy Supervision
PERVOMAJSKE: Court Commences Bankruptcy Supervision
PIVDENNYI BANK: Moody's Assigns E+ Financial Strength Rating
PROMKOMPLEKT LTD: Court Names E. Kondra as Insolvency Manager
SEMENIVSKE AUTO-TRANSPORT 11488: V. Skalyanskij to Manage Assets

SHOSTKA-TEPLO: Court Starts Bankruptcy Supervision
SMILE: Court Names A. Zdesenko as Insolvency Manager


U N I T E D   K I N G D O M

BLUESTONE SECURITIES: Fitch Rates GBP4.2-Mln Class D Notes at BB
CLUB HEAVEN: Scottish & Newcastle Hires Administrative Receivers
D. EVANS: Names Christopher Ratten as Administrator
EMERSON OPTICAL: Names Kikis Kallis Liquidator
FC PRIMEPAC: Taps Deloitte and Touche to Administer Assets

FUEL EXPERIENCE: Brings In Fisher Partners as Administrators
GRAPEVINE ALPHA: Hires Joint Liquidators from Begbies Traynor
HARPOON LOUIE'S: Appoints Joint Administrators from Gibson Hewit
HMV GROUP: April 29 Balance Sheet Upside Down by GBP2.4 Million
HMV GROUP: Resignation of Ottakar's Directors

INTERIOR CONTRACTS: Creditors Pass Winding Up Resolution
KEY RESOURCES: Calls In Gerald Edelman as Administrators
KRUNCH LIMITED: Creditors' Meeting Slated for July 19
NTL CABLE: Moody's Confirm B2 Rating on GBP300-Mln Senior Notes
NTL CABLE: Fitch Gives B+ Rating on GBP375 Million Senior Notes

NTL INVESTMENT: S&P Rates GBP300-Mln Tranche C Debt at B+
OK SOURCING: HSBC Bank Taps Joint Receivers from Grant Thornton
PETER W. SALISBURY: Brings In Joint Liquidators from Vantis
PHOTO-PRO LTD: Taps Lane Bednash to Liquidate Assets
ROBERT JAMES: Names Joint Liquidators to Wind Up Business

S.O.S. COMPUTERS: Creditors Resolve to Liquidation
SG(C&D): Creditors Confirm Liquidator's Appointment
SPALL PRINT: Financial Woes Trigger Liquidation
STABLE INVESTMENTS: Hires Administrators from Bishop Fleming
SWINDON CHAMBER: Appoints Liquidator from Knights & Company

TOUCHPOINT CONSULTING: Joint Liquidators Take Over Operations
UNITED BISCUITS: Fitch Puts B- on Issuer Default Rating
VANTON PUMPS: Taps Joint Administrators from Cresswall
WILLIAMS COMMERCIALS: Creditors Opt to Liquidate Assets

* Moody's Reports on Western European Credit Quality Trends


                            *********


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


4AN: Creditors' Meeting Slated for July 25
------------------------------------------
Creditors owed money by Trade LLC 4AN (FN 261070b) are
encouraged to attend the creditors' meeting at 10:20 a.m. on
July 25 to consider the adoption of the rule by revision and
accountability.

The creditors' meeting will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna, Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 23 (Bankr. Case 2 S 86/06v).  Maria Brandstetter serves
as the court-appointed property manager of the bankrupt estate.

The property manager can be reached at:

         Dr. Maria Brandstetter
         Stephansplatz 4/Stiege VIII
         1010 Vienna, Austria
         Tel: 513-85-12
         E-mail: office@rechtsberaterin.at


A. BAUER: Creditors' Meeting Slated for July 25
-----------------------------------------------
Creditors owed money by LLC A. Bauer Internationale Transport
(FN 249794w) are encouraged to attend the creditors' meeting at
9:30 a.m. on July 25 to consider the adoption of the rule by
revision and accountability.

The creditors' meeting will be held at:

         The Land Court of Graz
         Hall K
         Room 205
         2nd Floor
         Graz, Austria

Headquartered in Uebelbach, Austria, the Debtor declared
bankruptcy on March 31 (Bankr. Case 40 S 28/06z).  Hans Georg
Popp serves as the court-appointed property manager of the
bankrupt estate.

The property manager can be reached at:

         Mag. Hans Georg Popp
         Bahnhofstr. 22/1
         8112 Gratwein, Austria
         Tel: 03124/55077
         Fax: 03124/55077-4
         E-mail: popp.ra@magnet.at


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


B. J. RUHMANN: Claims Registration Ends August 4
------------------------------------------------
Creditors of B. J. Ruhmann GmbH & Co. KG have until Aug. 4 to
register their claims with court-appointed provisional
administrator Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 5, 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 Neuwied
         Area 40
         Ground Floor
         Hermannstr. 39
         56564 Neuwied, 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 Neuwied opened bankruptcy proceedings
against B. J. Ruhmann GmbH & Co. KG on June 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         B. J. Ruhmann GmbH & Co. KG
         Attn: Bernd Rolf Ruhmann, Manager
         Breslauer Str. 51
         56566 Neuwied, Germany

The administrator can be contacted at:

         Jens Lieser
         Josef-Gorres-Place 5
         56068 Koblenz, Germany
         Tel: 0261/304790
         Fax: 0261/9114729


BEKLEIDUNGSWERK FORST: Claims Registration Ends August 8
--------------------------------------------------------
Creditors of Bekleidungswerk Forst GmbH have until Aug. 8 to
register their claims with court-appointed provisional
administrator Thomas Krafft.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 13, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         Court Place 2
         Cottbus, Germany

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

The District Court of Cottbus opened bankruptcy proceedings
against Bekleidungswerk Forst GmbH on June 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Bekleidungswerk Forst GmbH
         Attn: Dr. Siegfried Langhein, Manager
         Sorauer Road 43
         03149 Forst, Germany

The administrator can be contacted at:

         Thomas Krafft
         Hunter Avenue 37 H
         14469 Potsdam, Germany


CARA S. MODEN: Creditors' Meeting Slated for August 3
-----------------------------------------------------
The court-appointed provisional administrator for Cara S. Moden
Vertriebs GmbH, Dr. Detlef Ruediger Beckmann, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:55 a.m. on Aug. 3.

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

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

The Court will also verify the claims set out in the
administrator's report at 9:55 a.m. on Nov. 16 at the same
venue.

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

The District Court of Charlottenburg opened bankruptcy
proceedings against Cara S. Moden Vertriebs GmbH on June 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Cara S. Moden Vertriebs GmbH
         Meinekestrasse 26
         10719 Berlin, Germany

The administrator can be reached at:

         Dr. Detlef Ruediger Beckmann
         Lietzenburger Road 77
         10719 Berlin, Germany


EVADO GMBH: Creditors' Meeting Slated for August 4
--------------------------------------------------
The court-appointed provisional administrator for EVADO GmbH,
Bernd Sundermeier, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:00
a.m. on Aug. 4.

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

         The District Court of Bremerhaven
         Hall 209
         Nordstr. 10
         27580 Bremerhaven, Germany

The Court will also verify the claims set out in the
administrator's report at 9:00 a.m. on Sept. 15 at the same
venue.

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

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

The Debtor can be reached at:

         EVADO GmbH
         Attn: Thomas Streicher, Manager
         Steubenstr. 7B
         27568 Bremerhaven, Germany

The administrator can be reached at:

         Dr. Bernd Sundermeier
         Sozietat HSM
         Wiefelsteder Str. 3
         26316 Varel, Germany
         Tel: 04451/913880
         Fax: 04451/913839


HEIDELBERGCEMENT AG: Buys Majority Equity Stake in Volsk
--------------------------------------------------------
HeidelbergCement AG has signed an investment agreement for the
acquisition of a majority stake in the Russian cement company
Volsk (f/k/a Kommunar) in the Russian Saratov region.

The plant has a cement capacity of 210,000 tons and is located
in Volsk in the Volga region, 150 km from the city of Saratov
and around 1,000 km from Moscow.  Together with a local partner,
the Wolga-Deutsche Business Group NCP, HeidelbergCement will
modernize the production facilities.  In addition, a modern and
ecologically sound cement plant with a cement capacity of 2
million tons will be newly built in Volsk by the end of 2008.

"The Saratov region on the lower Volga is strategically very
well located," explains Dr. Bernd Scheifele, Chairman of the
Managing Board of HeidelbergCement.  "There are large deposits
of raw materials, and cement demand of the around 2.7 million
inhabitants living in an area of more than 100,000 sq. km is
rising.  The market entry into the Volga region is part of our
growth strategy of further expanding in the countries of Eastern
Europe and Central Asia and of building up a strong market
position there."

In this context, the latest investment took place in Georgia in
May 2006.  At the end of 2005, HeidelbergCement had already
acquired the cement companies Buchtarma Cement in Kazakhstan and
Doncement in the Ukraine.

                    About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG --
http://www.heidelbergcement.com/-- was founded in 1873 and is
publicly traded.  The company produces cement as well as
building materials and building chemicals.  The group's fiscal
2004 revenue amounted to EUR6.9 billion.

                        *     *     *

As reported in the TCR-Europe on May 9, Standard & Poor's
Ratings Services revised its outlook on Germany-based cement
producer HeidelbergCement AG to positive from stable.  At the
same time, the 'BB+' long-term and 'B' short-term corporate
credit ratings, and the ratings on all outstanding debt of
HeidelbergCement and its related entities were affirmed.

"This reflects further improvements in the group's financial
profile in 2005 and the first quarter of 2006, as well as
reduced leverage at the Spohn Cement GmbH level," said Standard
& Poor's credit analyst Eve Greb.


HITPARTS HARDWARETREND: Claims Registration Ends August 2
---------------------------------------------------------
Creditors of Hitparts Hardwaretrend GmbH i.L. have until Aug. 2
to register their claims with court-appointed provisional
administrator Ingo Thurm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Aug. 21, at which time the
administrator will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hildesheim
         Hall 124
         Main Building
         Emperor Route 60
         31134 Hildesheim, Germany

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

The District Court of Hildesheim opened bankruptcy proceedings
against Hitparts Hardwaretrend GmbH i.L. on June 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Hitparts Hardwaretrend GmbH i.L.
         Vahrenwalder Str. 294
         30179 Hanover, Germany

         Attn: Sven Schindler, Manager
         Meere 22
         31180 Giesen, Germany

The administrator can be contacted at:

         Ingo Thurm
         Leonhardtstr. 4
         30175 Hanover, Germany
         Tel: 0511/383960
         Fax: 0511/3839698
         E-mail: info@bax-insolvenz.de


PREMIERE DESIGN: Claims Registration Ends August 1
--------------------------------------------------
Creditors of Premiere Design Mode GmbH have until Aug. 1 to
register their claims with court-appointed provisional
administrator Dr. JornH. Meyn.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 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 Hamburg
         Hall B 405 (Civil Law Courts)
         4th Floor
         Sievkingplatz 1
         20355 Hamburg, Germany

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

The District Court of Mayen opened bankruptcy proceedings
against Premiere Design Mode GmbH on June 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Premiere Design Mode GmbH
         Ruckteschellweg 8
         I. Stock
         22089 Hamburg, Germany

         Attn: Bernd Lobusch, Manager
         152-160 City Road
         GB-London EC1V 2NX
         United Kingdom

The administrator can be contacted at:

         Dr. Jorn-H. Meyn
         Herrengraben 31
         20459 Hamburg, Germany
         Tel: 36805600
         Fax: 36805368


UDOPEA HEADSHOP: Creditors' Meeting Slated for July 27
------------------------------------------------------
The court-appointed provisional administrator for Udopea
Headshop GmbH & Co. KG, Stefanie Luethje, will present her first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:50 a.m. on July 27.

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

         The District Court of Bremen
         Hall 115
         Court House (New Building)
         Ostertorstr. 25-31
         28195 Bremen, Germany

The Court will also verify the claims set out in the
administrator's report at 10:50 a.m. on Sept. 28 at the same
venue.

Creditors have until Aug. 22 to register their claims with the
court-appointed provisional administrator.

The District Court of Bremen opened bankruptcy proceedings
against Udopea Headshop GmbH & Co. KG on June 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Udopea Headshop GmbH & Co. KG
         Insterburger Str. 9a
         28207 Bremen, Germany

         Attn: Marko Mario Bohm, Manager
         Finkenweg 15
         28832 Achim, Germany

The administrator can be reached at:

         Stefanie Luethje
         Ostertorsteinweg 74/75
         28203 Bremen, Germany
         Tel: 792570
         Fax: 7925757
         Web: http://www.oelb.de/
         E-mail: Luethje@oelb.de


WEBA KUECHEN: Claims Registration Ends July 24
----------------------------------------------
Creditors of WEBA Kuechen + Bauelementehandel GmbH have until
July 24 to register their claims with court-appointed
provisional administrator Peer Moller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Luebeck
         Hall 256
         Castle Field 7
         23568 Luebeck, 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 Luebeck opened bankruptcy proceedings
against WEBA Kuechen + Bauelementehandel GmbH on June 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         WEBA Kuechen + Bauelementehandel GmbH
         Attn: Michael Wemmel, Manager
         Hutmacherring 13
         23556 Luebeck, Germany

The administrator can be contacted at:

         Dr. Peer Moller
         Lower Querstr. 1
         23730 New City H., Germany


WTM COLLEGE: Claims Registration Ends August 4
----------------------------------------------
Creditors of WTM College Concept GmbH have until Aug. 4 to
register their claims with court-appointed provisional
administrator Werner Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Sept. 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 Nuernberg
         Meeting Room 152/I
         Flaschenhofstr. 35
         Nuernberg, 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 Nuernberg opened bankruptcy proceedings
against WTM College Concept GmbH on June 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         WTM College Concept GmbH
         Attn: Manfred Hartwig, Manager
         Nassauer Way 9A
         90455 Nuernberg, Germany

The administrator can be contacted at:

         Dr. Werner Pohlmann
         Aussere Sulzbacher Str. 118
         90491 Nuernberg, Germany
         Tel: 0911/59890-0
         Fax: 0911/59890-11


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


AKARAL: Creditors Must File Claims by Aug. 4
--------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Akaral insolvent on May 5.

Creditors have until Aug. 4 to submit written proofs of claim
to:

         LLP Akaral
         Ulbike akyna Str. 124/10
         Taraz, Jambyl Region
         Kazakhstan
         Tel/Fax: 8 (3262) 34-53-11


BAISEIT: Creditors Must File Claims by Aug. 4
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda
Region declared LLP Baiseit insolvent on April 24.

Creditors have until Aug. 4 to submit written proofs of claim
to:

         LLP Baiseit
         Abai Ave. 48
         Kyzylorda, Kyzylorda Region
         Kazakhstan
         Tel: 8 (3242) 23-56-11


BEREKE: Creditors Must File Claims by July 31
---------------------------------------------
LLP Bereke has declared insolvency.  Creditors have until
July 31 to submit written proofs of claim to:

         LLP Bereke
         Abylai hana Ave. 75
         Almaty, Kazakhstan
         Tel: 8 (3332) 12-04-79
              8 (3332) 10-23-29


EURASIAN BANK: Fitch Assigns B- Rating on Issuer Default
--------------------------------------------------------
Fitch Ratings assigned Kazakhstan-based Eurasian Bank ratings of
Issuer Default B- with Stable Outlook, Short-term B, Support 5
and Individual D/E.

The IDR, Short-term and Individual ratings reflect:

   -- Eurasian's to date limited franchise;

   -- the high, albeit declining, concentration levels on both
      sides of the balance sheet;

   -- substantial related-party exposure; and

   -- certain weaknesses in the operating environment.

However, they also consider the bank's growing retail business
franchise, which is driving balance sheet diversification, and
adequate asset quality to date.

Further expansion of the bank's scale and franchise, driving a
decline in concentration levels and related-party exposure as
well as diversification of the funding base, could be positive
for Eurasian's ratings.  Downside pressure could be triggered by
asset quality problems arising from the rapid growth of retail
lending, where the bank has limited track record.

The bank is owned by three business partners, whose major other
assets include metals, mining and energy-producing enterprises
which form the well-established Eurasian Industrial Association.
In 2005 the companies of the EIA group jointly contributed up to
5% to national GDP.  At end-June 2006, Eurasian was the ninth-
largest commercial bank in Kazakhstan, with 2.3% of banking
system assets. The bank started to develop its retail franchise
in 2005.


KAZKOM-KURYLYS: Proof of Claim Deadline Slated for July 31
----------------------------------------------------------
LLP Kazkom-Kurylys (RNN 150100012679) has declared insolvency.
Creditors have until July 31 to submit written proofs of claim
to:

         LLP Kazkom-Kurylys
         Datova Str. 21/26
         Atyrau, Atyrau Region
         Kazakhstan
         Tel: 8 (3122) 45-19-22


KOMIR-INVEST: Proof of Claim Deadline Slated for Aug. 4
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Komir-Invest insolvent on May 11.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 4 to submit written proofs of claim to
the insolvency manager at:

         The Specialized Inter-Regional
         Economic Court of Pavlodar Region
         Lunacharskogo Str. 49
         Pavlodar, Pavlodar Region
         Kazakhstan
         Tel: 8 (3182) 55-32-62


LAIT-PV: Claims Registration Ends Aug. 4
----------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar Region
declared LLP Lait-PV insolvent on May 4.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 4 to submit written proofs of claim to
the insolvency manager at:

         The Specialized Inter-Regional
         Economic Court of Pavlodar Region
         Lunacharskogo Str. 49
         Pavlodar, Pavlodar Region
         Kazakhstan
         Tel: 8 (3182) 55-32-62


SEITEN: Claims Registration Ends Aug. 4
---------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Seiten insolvent on May 4.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 4 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Akmola Region
         Room 308
         Abai Str. 89
         Kokshetau, Akmola Region
         Kazakhstan
         Tel: 8 (3162) 25-51-74


SHYNDAULET: Creditors' Claims Due Aug. 4
----------------------------------------
The Specialized Inter-Regional Economic Court of Akmola Region
declared LLP Shyndaulet insolvent on May 4.  Subsequently,
bankruptcy proceedings were introduced at the company.

Creditors have until Aug. 4 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Akmola Region
         Room 308
         Abai Str. 89
         Kokshetau, Akmola Region
         Kazakhstan
         Tel: 8 (3162) 25-51-74


STANDART TEHNIKA: Creditors' Claims Due July 31
----------------------------------------------
LLP Standart Tehnika has declared insolvency.  Creditors have
until July 31 to submit written proofs of claim to:

         LLP Standart Tehnika
         Strelkovoi brigady Str. 6-27
         Aktobe, Aktube Region
         Kazakhstan
         Tel: 8 (3132) 54-43-10


STROIINDUSTRIA-LTD-2004: Creditors' Claims Due July 31
------------------------------------------------------
LLP Stroiindustria-Ltd-2004 has declared insolvency.  Creditors
have until July 31 to submit written proofs of claim to:

         LLP Stroiindustria-Ltd-2004
         101 Strelkovoi brigady Str. 6-27
         Aktobe, Aktube Region
         Kazakhstan
         Tel: 8 (3132) 54-43-10


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


BOL JOLDUU: Proof of Claim Deadline Slated for Aug. 25
------------------------------------------------------
LLC Bol Jolduu has declared insolvency.  Creditors have until
Aug. 25 to submit written proofs of claim to:

         LLC Bol Jolduu
         Profsouznaya Str. 47
         Bishkek, Kyrgyzstan


CHUISKAYA PTISEFABRIKA: Public Auction Scheduled for Aug. 8
-----------------------------------------------------------
The manager of the pledged property complex of the OJSC
Chuiskaya Poultry Factory Chuiskaya Ptisefabrika will auction
the company's property complex at 10:00 a.m. on Aug. 8 at:

         OJSC Chuiskaya Poultry Factory
         Chuiskaya Ptisefabrika
         Iskra, Chui Region
         Kyrgyzstan

The property's starting price is set at US$2,720,000, which was
reduced by 20%.

Participants have until 4:00 p.m. on Aug. 7 to submit their bids
and deposit an amount equivalent to 5% of the starting price to:

         CJSC Ineksimbank
         Settlement Account No. 7484172000310897
         BIK 119001

Inquiries can be addressed to (+996 3138) 5-71-60 or (0-502) 12-
36-59.


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


THESEUS EUROPEAN: Moody's (P)Ba2 Rating to Class E Notes
--------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the notes to be issued by Theseus European CLO S.A., a
Luxembourg special purpose company:

   -- EUR135,000,000 Class A1 Senior Secured Floating Rate Notes
due 2022: (P)Aaa;

   -- EUR90,000,000 Class A2A Senior Secured Floating Rate Notes
due 2022: (P)Aaa;

   -- EUR10,000,000 Class A2B Senior Secured Floating Rate Notes
due 2022: (P)Aa1;

   -- EUR16,000,000 Class B Senior Secured Deferrable Floating
Rate Notes due 2022: (P)Aa2;

   -- EUR19,000,000 Class C Senior Secured Deferrable Floating
Rate Notes due 2022: (P)A2;

   -- EUR11,000,000 Class D Senior Secured Deferrable Floating
Rate Notes due 2022: (P)Baa2; and

   -- EUR15,000,000 Class E Senior Secured Deferrable Floating
Rate Notes due 2022: (P)Ba2

An unrated EUR35,000,000 Class F Subordinated Notes due 2022
will also be issued by Theseus European CLO S.A.

These provisional ratings address the expected loss of
noteholders by the legal final maturity.

These ratings are based upon:

   -- An assessment of the credit quality and of the
diversification of the assets to be included in the
portfolio;

   -- An assessment of the eligibility criteria, reinvestment
criteria and portfolio limits applicable to the future
additions to the portfolio;

   -- The protection against losses through the subordination of
the more junior classes of notes to the more senior
classes of notes;

   -- The expertise of INVESCO Senior Secured Management Inc. in
the management of loans portfolios; and

   -- The legal and structural integrity of the transaction.

This transaction is a high yield collateralized loan obligation
related to a EUR325,000,000 portfolio comprised of senior loans
and mezzanine loans.  The portfolio is dynamic and INVESCO
Senior Secured Management Inc. will provide investment advice to
Theseus European CLO S.A. in respect thereof.  The portfolio is
expected to be 60% ramped-up at closing, and is expected to be
fully ramped-up within 12 months, subject to compliance with the
eligibility criteria and portfolio guidelines.

Deutsche Bank AG, London Branch arranged the transaction.

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


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


PYATEROCHKA HOLDING: Buys 1.2 Million GDRs in Purchase Program
--------------------------------------------------------------
Pyaterochka Holding N.V. has purchased:

   * 40,000 company global depositary receipts on July 11; and
   * 85,000 company GDRs on July 12

at a gross price of $17.00 per GDR.

These transactions were made as part of the company's GDR
purchase program for 2006 launched on June 30.  The program is
expected to run through to the end of 2006, subject to market
conditions.  The total value of this GDR purchase program in
2006 is currently planned to reach US$50 million.

The GDRs, to be held as treasury stock, will be used to meet the
company's obligations under its stock option program for
employees.

Pyaterochka Holding N.V.'s existing employee stock option
program is capped at a total of US$150 million over a five-
year period.  The first stock options were issued to employees
in 2005, and will be exercisable from 2008.

Headquartered in the Netherlands, Pyaterochka Holding N.V. --
http://www.e5.ru/english-- is a leading Russian food retailer
operating a large store network largely covering the Moscow
region and St. Petersburg but also with a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.  Pyaterochka's
2004 net revenues were US$1.1 billion.  The company had
unaudited net revenues of US$1.4 billion for 2005.

                        *     *     *

As reported in TCR-Europe on April 18, Moody's Investors Service
placed the Ba3 corporate family rating and the Aa3.ru national
scale rating of Pyaterochka Holding N.V. under review for
possible downgrade.


PYATEROCHKA HOLDING: Reports Second Quarter 2006 Trading Update
---------------------------------------------------------------
The merger of Pyaterochka Holding N.V. and Perekrestok was
finalized on May 18, and work towards integration and developing
synergies is said to be already well underway.

In June this year, Pyaterochka opened the initial phase of its
wholly owned distribution center in Podolsk, Moscow, with an
initial capacity of 30,000 square meters.

Pyaterochka Holding N.V. signed a 3-year syndicated credit
facility of US$800 million in May 2006, organized by ABN AMRO,
HSBC, RZB Group, and West LB, the proceeds of which were used to
fund the acquisition of Perekrestok, to refinance existing debt
as well as for new capital expenditures of the merged company.

Pyaterochka Holding N.V. also launched recently a $50-million
GDR purchase program to fund the company's future obligations
under its employee stock option program.

Pyaterochka Holding N.V. will release its consolidated financial
results for the first half of 2006 in September.

Headquartered in the Netherlands, Pyaterochka Holding N.V. --
http://www.e5.ru/english-- is a leading Russian food retailer
operating a large store network largely covering the Moscow
region and St. Petersburg but also with a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.  Pyaterochka's
2004 net revenues were US$1.1 billion.  The company had
unaudited net revenues of US$1.4 billion for 2005.

                        *     *     *

As reported in TCR-Europe on April 18, Moody's Investors Service
placed the Ba3 corporate family rating and the Aa3.ru national
scale rating of Pyaterochka Holding N.V. under review for
possible downgrade.


===========
P O L A N D
===========


NETIA SA: Third Avenue Hikes Equity Holding to 10.03%
-----------------------------------------------------
The management board of Netia S.A. received a notification filed
on behalf of Third Avenue Management LLC that ownership of
Netia's shares, held by Third Avenue Management on behalf of its
clients, has increased above the threshold of 10% of the total
number of votes at Netia's General Meeting of Shareholders.

According to the notification, as a result of the settlement on
July 6 of a purchase of Netia shares effected on the Warsaw
Stock Exchange, Third Avenue Management holds 39,051,680 Netia
shares, representing 10.03% of Netia's share capital.  Third
Avenue's holding entitles it to exercise 39,051,680 votes, which
represents 10.03% of the total number of votes at Netia's
General Meeting of Shareholders.

Prior to this transaction, Third Avenue Management held
37,964,080 Netia shares, which represented 9.76% of Netia's
share capital, and was entitled to 37,964,080 votes,
representing 9.76% of the total number of votes, at Netia's
General Shareholder Meeting.

Third Avenue Management does not exclude the possibility of
further purchases of Netia shares during the period of the
12 months from the date of the notification.  The decisions on
further purchases of Netia shares by Third Avenue Management
LLC, acting as a financial adviser of its clients, will be made
on the basis of economical and profit maximizing aspects.  The
possibility of further purchases of Netia shares by Third Avenue
Management, acting on behalf of its clients, will depend on the
market price of Netia shares.

Headquartered in Warsaw, Poland, Netia S.A. (B+/Stable/) --
http://netia.pl/-- is an alternative fixed-line
telecommunications operator in Poland.  It operates on the basis
of its own, state-of-the-art fiber-optic backbone network that
connects the largest Polish cities as well as its local access
networks.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.


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


AKSAYSKIY GLASS: Court Names A. Sasin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Rostov Region will convene on Aug. 2 to
hear the bankruptcy proceedings against CJSC Aksayskiy Glass
Factory (TIN 6102001011).  The case is docketed under Case No.
A53-2547/2006-S2-36.

The Insolvency Manager is:

         A. Sasin
         Floor 6
         Entrance 1
         Lenina Str. 219
         355017 Stavropol Region
         Russia

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         CJSC Aksayskiy Glass Factory
         Naberezhnaya Str. 1
         Aksay
         Aksayskiy Region
         346700 Rostov Region
         Russia


ALFA BANK: Moody's Lifts Financial Strength Rating to D
-------------------------------------------------------
Moody's Investors Service upgraded Alfa Bank's Financial
Strength Rating to D from D- and changed its outlook to stable
from positive.

At the same time, the bank's Ba2 long-term foreign currency
deposit and senior unsecured debt ratings have been affirmed
with their corresponding outlooks changed to stable.  The bank's
Not-Prime short-term foreign currency deposit and debt ratings
and their outlook remain unchanged.

Moody's notes Alfa Bank's reduced level of dependence on its
related parties for funding, as well as its reduced exposure to
domestic funding sources by increasing its presence in
international capital markets.  However, the bank's customer
accounts remained fairly concentrated at the top with the 10
largest names accounting for 44.7% of the total as of year-end
2005.  The D FSR, which indicates an upgraded view on the
intrinsic strength of the bank, also reflects its consistently
strong financial performance and robust asset quality, which are
-- coupled with the assessment of the strength of the bank's
franchise and of its operating environment -- consistent with
this rating level. In particular, the introduction of the
deposit insurance scheme in Russia subsequent to the run on Alfa
Bank in summer 2004 may have resulted in an increase in the
level of confidence in the bank and in the banking system as a
whole, making the recurrence of such an adverse event less
likely in the future.

At the same time Moody's has affirmed the bank's Ba2 long-term
foreign currency deposit and senior unsecured debt ratings and
its Ba3 long-term foreign currency subordinated debt rating, and
has reset their corresponding outlooks from positive to stable.
This rating action reflects the fact that the bank's deposit and
debt ratings have become more closely aligned with its intrinsic
financial strength, consistent with the Ba2 level.  The level of
shareholder commitment to the bank, clearly demonstrated in the
wake of the 2004 Russian banking crisis, in Moody's view remains
quite strong; nevertheless, given the difficulties in
establishing the shareholders' ability to support the bank at
all times, this alone does not provide sufficient grounds for an
upward notching of the bank's deposit and debt ratings to the
Ba1 level.

Any upward movement in Alfa Bank's ratings associated with the
changes in its intrinsic strength are contingent on the bank's
future performance and positive developments in these areas:

   -- greater diversification of loans and deposits; though the
bank has substantially cut single-party exposure on the
lending side over the past few years, the top 20 exposures
still represented a rather high 37.1% of total loans at
year-end 2005 and further reduction is needed to attain
higher ratings;

   -- strengthening of the bank's retail banking franchise and
turning it into a profitable business;

   -- the ongoing ability to maintain an overall profitability
commensurate with the risks assumed, in the highly
competitive Russian banking sector;

   -- maintaining a well-balanced structure of funding; and

   -- further improvements in the operating environment.

Alfa Bank is headquartered in Moscow, Russian Federation, and is
a wholly owned subsidiary of ABH Financial Limited, registered
in the British Virgin Islands.  ABH Financial Limited reported
total consolidated assets of US$9.8 billion under IFRS as of
Dec. 31, 2005.


BALTASK-AGRO-PROM-SNAB: Bankruptcy Hearing Slated for Sept. 12
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic will convene on
Sept. 12 to hear the bankruptcy supervision procedure on OJSC
Baltask-Agro-Prom-Snab.

The case is docketed under Case No. A65-4528/2006/SG4-16.

The Temporary Insolvency Manager is:

         I. Khabibullin
         Post User Box 24
         Kazan
         420021 Tatarstan Republic
         Russia

The Debtor can be reached at:

         OJSC Baltask-Agro-Prom-Snab
         Zagidullina Str. 41.
         Karelino
         Baltasinskiy Region
         422253 Tatarstan Republic
         Russia


BOLSHEMURASHKINSKAYA FUR: S. Kapterev to Manage Assets
------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
S. Kapterev as Insolvency Manager for OJSC Bolshemurashkinskaya
Fur Factory (TIN 5204000939).  He can be reached at:

         S. Kapterev
         Office 7
         B. Pecherskaya Str. 45a
         603155 Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-23874/2005 24-382.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Bolshemurashkinskaya Fur Factory
         Nizhegorodskaya Str. 177
         Bolshoye Murashkino
         Nizhniy Novgorod Region
         Russia


BUYSK-AGRO-PROM-KHIMIYA: A. Klabukov to Manage Assets
-----------------------------------------------------
The Arbitration Court of Kirov Region appointed Mr. A. Klabukov
as Insolvency Manager for OJSC Buysk-Agro-Prom-Khimiya (TIN
4334000952).  He can be reached at:

         A. Klabukov
         Uritskogo Str. 12
         610002 Kirov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A 28-46/06-47/24.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         OJSC Buysk-Agro-Prom-Khimiya
         Chapaeva Str.
         Buyskoye
         Urzhumskiy Region
         Kirov Region
         Russia


DIMITROVOGRAD-TEXTILE: Court Starts Bankruptcy Procedure
--------------------------------------------------------
The Arbitration Court of Ulyanovsk Region commenced external
management bankruptcy procedure on OJSC Dimitrovograd-Textile.
The case is docketed under Case No. A 72-2877/05-19/16-B.

The External Insolvency Manager is:

         B. Fokeev
         Post User Box 221.
         603137 N. Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Dimitrovograd-Textile
         Kuybysheva Str. 226
         Dimitrovograd
         Ulyanovsk Region
         Russia


GAZPROM: Considers Early Repayment of US$1.25 Billion Debt
----------------------------------------------------------
OAO Gazprom reviews a possible prescheduled repayment of at
least half of its unpaid debt used to purchase OAO Sibneft in
2005, AK&M News reports citing Andrey Kruglov, Gazprom's Finance
Head, as its source.

Gazprom may likely pay at least US$1.25 billion of the remaining
unpaid amount on a US$13.08 billion loan raised to fund the
purchase of a controlling stake in Sibneft, AK&M relates.

According to the report, the US$13.08 billion syndicated loan
comprised of:

         Amount              Maturity     Libor Rate
         ------              --------     ----------
         US$2 billion        2006            0.45%
         US$5.58 billion     2007            0.5%
         US$1.25 billion     2008            0.7%
         US$3 billion        2008            0.45%
         US$1.25 billion     2010            0.9%

Gazprom's current debt stands at US$2.5 billion after it began
repaying the loan in November 2005, Russia's information agency
says.

                          About Gazprom

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

                         *     *     *

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


GAZPROM: Fitch Lifts US$5.7-Bln Senior Secured Rating to BBB-
-------------------------------------------------------------
Fitch Ratings upgraded OAO Gazprom's foreign currency and local
currency Issuer Default ratings and its senior unsecured rating
on US$5.7 billion of rated debt to BBB- from BB+.  The Outlook
remains Stable.

The upgrade reflects improving prospects for the company's
business profile, on the back of strengthening financial results
and signs of further state support through the legalization of
the company's monopoly export status.

The upgrade is supported by Gazprom's recently released 2005
IFRS financial results, which showed a continuing trend of
increasing profitability through a reduction in operating costs
as a percentage of revenues.  Natural gas sales to Europe
increased 38% primarily due to rising prices while sales to
Former Soviet Union countries rose 58% due to a combination of
higher volumes and gas prices.  The result of higher gas prices
to FSU countries is especially supportive of Gazprom's credit
ratings, as the company works to align previously low prices
with higher European ones.

Fitch expects that the company will continue to raise prices for
Central and Eastern European as well as FSU countries to more
closely align to higher Western European prices.  Additionally,
Gazprom's margins and operating cash flow generation continues
to improve, as well as leverage and interest coverage ratios,
albeit the latter remain weaker than those of its peers
operating in Russia.

Gazprom reports that to date it has managed to repay US$10.5
billion of the US$13.1 billion borrowed to fund the OAO Sibneft
acquisition.  The company has subsequently been renamed OAO
Gazpromneft.  The remaining amount is expected to be repaid
shortly as Gazprom reported on balance sheet cash balances of
US$5 billion as of December 2005.

The operating results of OAO Gazpromneft and its subsidiaries
were included in Gazprom's consolidated financial statements
only from October 2005, the date when control over Sibneft was
established.  Fitch therefore expects that full year results
from Gazpromneft's operations will further improve the group's
financial performance starting in 2006 and would have done so in
2005 had pro-forma accounting been adopted.

Any further upgrade to the company's ratings, however, will
largely depend on factors such as demonstrated integration and
improved performance of recently acquired oil assets, as well as
continued improvements in sourcing gas, including a possible
lessened reliance on Central Asia to meet gas balance needs.  It
will also depend on successful completion and cost containment
of large upstream projects; continued improvements in internal
cash flow generation; improved cash collection through a
reduction in accounts receivable and evidence of a commitment to
de-levering the company's balance sheet.

Fitch will continue to monitor Gazprom's operating performance,
especially investments being made to address declining
production levels at the company's key mature fields.  Another
area of concern is the company's relatively high transport
infrastructure construction costs.  While selection of strategic
partners to participate in the Stokhman gas field development
has been repeatedly delayed, Fitch expects the company to make
an announcement on this decision shortly, which should help
prevent any further delays in the project's targeted
commencement date of 2010 to 2012.

Gazprom is Russia's largest company, producing 86% of the
country's natural gas and controlling 25% of the world's gas
reserves.  The company makes up approximately 7% of Russian GDP
and around 11% of federal budget revenues.


KAMALEASING: Perm Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Arbitration Court of Perm Region commenced bankruptcy
supervision procedure on LLC Zapadno-Uralskaya Investment
Company Kamaleasing.

The case is docketed under Case No. A50-4907/2005-G.

The Temporary Insolvency Manager is:

         M. Gordeev
         Post User Box 5714
         614081 Perm Region
         Russia

The Debtor can be reached at:

         LLC Zapadno-Uralskaya Investment Company Kamaleasing
         Okulova Str. 6-26.
         604000 Perm Region
         Russia


KRASNOYE ZNAMYA: Court Starts Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Rostov Region commenced bankruptcy
supervision procedure on OJSC Krasnoye Znamya.  The case is
docketed under Case No. A53-35761/2005-S2-36.

The Temporary Insolvency Manager is:

         S. Orlov
         Krasnoye Znamya
         Veselovskiy Region
         Rostov Region
         Russia

The Arbitration Court of Rostov Region is located at:

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

The Debtor can be reached at:

         OJSC Krasnoye Znamya
         Krasnoye Znamya
         Veselovskiy Region
         Rostov Region
         Russia


MDM BANK: Lends US$81 Million Credit to Cotton-Printing Factory
---------------------------------------------------------------
OJSC Moscow Cotton-Printing Factory has signed an US$81 million
loan agreement with OJSC MDM Bank.  The funds will be used to
build a modern, international-standard business park named
Novospassky Dvor on the factory land.

The project will take 1.5 years to complete, and construction is
to be carried out by CJSC Promsvyaznedvizhimost, which holds
managerial control over the factory.  Novospassky Dvor will
encompass 100,000 square meters of industrial premises that will
provide future tenants with all the facilities needed to
successfully develop their businesses.

According to Vladimir Aristarkhov, the general director of CJSC
Promsvyaznedvizhimost, the Novospassky Dvor project is
remarkable primarily for its scale, but also for the fact that
it offers something unique on the Moscow commercial real estate
market.

MDM Bank CEO Michel Perhirin expressed confidence in the
prospects and success of this collaboration.  "This is a fine
example of MDM Bank's proactive approach to important investment
initiatives," Mr. Perhirin said.  "We are very pleased to
participate in a project aimed at enhancing the business
infrastructure of the city."

Headquartered in Moscow, Russian Federation, MDM Bank reported
total assets of US$4.23 billion under IFRS as of June 30, 2005.
On a standalone basis (without subsidiaries), it ranked 11th
among Russian banks in terms of total assets as of Jan. 1, 2006.

                        *     *     *

As reported in the Troubled Company Reporter on March 14,
Moody's Investors Service has assigned Ba2 and Not Prime long-
and short-term foreign currency bank deposit ratings and a D
Financial Strength Rating (FSR) to MDM Bank (Russia), which is
the lead operating entity in MDM Financial Group (MDM FG),
comprising over 90% of the group's total IFRS-consolidated
assets and shareholders' equity.

At the same time Moody's has affirmed the Ba2/Not Prime ratings
assigned to MDM Bank's US$2 billion Program for the Issuance of
Loan Participation Notes.  The Notes will be issued by, but with
limited recourse to, MDM International Funding Plc (Ireland) for
the sole purpose of financing advances to MDM Bank.  The outlook
for all ratings is stable.

According to Moody's, the Ba2/Not Prime/D ratings are based on
the fundamental credit strength of MDM Bank, and do not
incorporate any potential support from the authorities in case
of need.


OCEAN: Orenburg Court Starts Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Orenburg Region commenced bankruptcy
supervision procedure on CJSC Ocean.  The case is docketed under
Case No. A47-2076/2006-14GK.

The Temporary Insolvency Manager is:

         N. Yaruskina
         Mekhanizatorov Str. 1
         460027 Orenburg
         Russia

The Debtor can be reached at:

         CJSC Ocean
         Sovetskaya Str. 13
         460000 Orenburg
         Russia


PYATEROCHKA HOLDING: Buys 1.2 Million GDRs in Purchase Program
--------------------------------------------------------------
Pyaterochka Holding N.V. has purchased:

   * 40,000 company global depositary receipts on July 11; and
   * 85,000 company GDRs on July 12

at a gross price of $17.00 per GDR.

These transactions were made as part of the company's GDR
purchase program for 2006 launched on June 30.  The program is
expected to run through to the end of 2006, subject to market
conditions.  The total value of this GDR purchase program in
2006 is currently planned to reach US$50 million.

The GDRs, to be held as treasury stock, will be used to meet the
company's obligations under its stock option program for
employees.

Pyaterochka Holding N.V.'s existing employee stock option
program is capped at a total of US$150 million over a five-
year period.  The first stock options were issued to employees
in 2005, and will be exercisable from 2008.

Headquartered in the Netherlands, Pyaterochka Holding N.V. --
http://www.e5.ru/english-- is a leading Russian food retailer
operating a large store network largely covering the Moscow
region and St. Petersburg but also with a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.  Pyaterochka's
2004 net revenues were US$1.1 billion.  The company had
unaudited net revenues of US$1.4 billion for 2005.

                        *     *     *

As reported in TCR-Europe on April 18, Moody's Investors Service
placed the Ba3 corporate family rating and the Aa3.ru national
scale rating of Pyaterochka Holding N.V. under review for
possible downgrade.


PYATEROCHKA HOLDING: Reports Second Quarter 2006 Trading Update
---------------------------------------------------------------
The merger of Pyaterochka Holding N.V. and Perekrestok was
finalized on May 18, and work towards integration and developing
synergies is said to be already well underway.

In June this year, Pyaterochka opened the initial phase of its
wholly owned distribution center in Podolsk, Moscow, with an
initial capacity of 30,000 square meters.

Pyaterochka Holding N.V. signed a 3-year syndicated credit
facility of US$800 million in May 2006, organized by ABN AMRO,
HSBC, RZB Group, and West LB, the proceeds of which were used to
fund the acquisition of Perekrestok, to refinance existing debt
as well as for new capital expenditures of the merged company.

Pyaterochka Holding N.V. also launched recently a $50-million
GDR purchase program to fund the company's future obligations
under its employee stock option program.

Pyaterochka Holding N.V. will release its consolidated financial
results for the first half of 2006 in September.

Headquartered in the Netherlands, Pyaterochka Holding N.V. --
http://www.e5.ru/english-- is a leading Russian food retailer
operating a large store network largely covering the Moscow
region and St. Petersburg but also with a good presence in other
Russian regions through its franchise operations.  The company
has recently acquired two of its successful regional franchise
operations -- in Yekaterinburg and Chelyabinsk.  Pyaterochka's
2004 net revenues were US$1.1 billion.  The company had
unaudited net revenues of US$1.4 billion for 2005.

                        *     *     *

As reported in TCR-Europe on April 18, Moody's Investors Service
placed the Ba3 corporate family rating and the Aa3.ru national
scale rating of Pyaterochka Holding N.V. under review for
possible downgrade.


ROSNEFT: Inks Management Protocol with Sinopec for Udmurtneft
-------------------------------------------------------------
OAO Rosneft Oil Co. and China Petroleum & Chemical Corp. signed
a management protocol for Udmurtneft upon Rosneft's purchase of
a controlling stake in Udmurtneft from TNK-BP, AK&M News
reports.

According to the protocol:

   -- Udmurtneft shares will be owned by a Holding Managing
      Company wherein Rosneft will hold a 51% interest while
      Sinopec will hold a 49% stake;

   -- both Russian and Chinese parties will have an equal number
      of representatives in the company's Board of Directors;

   -- a six-member Management Commission led by a Rosneft-backed
      general director will run Udmurtneft's current business;

   -- the Udmurtneft board will consist of seven members -- four
      by Rosneft and three by Sinopec; and

   -- Rosneft and Sinopec will be equally represented in the
      company's Auditing Committee led by a Sinopec
      representative as chairman.

On June 20, Sinopec won a tender for Udmurtneft for US$3.5
billion, AK&M relates.  As reported in TCR-Europe on June 28,
Rosneft disclosed of its plans to exercise its option to acquire
Udmurtneft shares under an option agreement it concluded with
Sinopec in May 2006.

                      About Udmurtneft

Udmurtneft was established in 1973 on the basis of an oil and
gas producing department of the same name, and has been
operating as an open joint stock company since 1994.  At
present, Udmurtneft is the main oil producing enterprise in the
Udmurt Republic, producing over 60% of the oil in the Volga Ural
region.  In 2005, the company produced 5.98 million tons of oil
(43.6 million barrels), with daily production standing at 16,400
tons (115,000 barrels).

As of Dec. 31, 2005, Udmurtneft's proved reserves stand at 78.4
million tons (551 million barrels), proven and probable reserves
-- at more than 131 million tons (922 million barrels) of oil
equivalent, as estimated by DeGolyer & MacNaughton.

Since it was established, the company has produced more than 200
million tons of oil.  Among Udmurtneft's achievements are
undoubtedly the active use of new methods for enhanced oil
recovery, horizontal drilling and the testing and introduction
of contemporary oil industry equipment.  The enterprise closely
collaborates with many of the world's leading oil industry
equipment producers.

                        About Sinopec

China Petroleum & Chemical Corporation (part of the Sinopec
Group) was established in 2000 and is the largest producer of
oil products and petrochemicals in China.  In 2005, the company
produced 39.3 million tons of oil and 6.3 billion cubic meters
of gas.  Sinopec's proved recoverable oil reserves at the end of
2005 stood at 3.3 billion barrels of oil and 2.9 trillion cubic
feet of gas.  In March 2006, during a visit by Rosneft President
Sergey Bogdanchikov to China, a Memorandum of Mutual
Understanding was signed between Rosneft and Sinopec.

                        About Rosneft

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

                        *     *     *

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


SEL-STROY: Court Names S. Alakhkuliev as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
S. Alakhkuliev as Insolvency Manager for CJSC Sel-Stroy.  He can
be reached at:

         S. Alakhkuliev
         Post User Box 115
         Gorkogo Square
         603000 Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-37844/2005 24-543.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         CJSC Sel-Stroy
         Fabrichnaya Str. 7
         B. Murashkino
         Nizhniy Novgorod Region
         Russia


TYULYACHINS KAYA: Court Names V. Semenov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Tatarstan Republic appointed Mr. V.
Semenov as Insolvency Manager for OJSC Tyulyachinskaya Furniture
Factory.  He can be reached at:

         V. Semenov
         Post User Box 364
         Kazan
         420021 Tatarstan Republic
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A65-29408/2005-SG4-21.

The Debtor can be reached at:

         OJSC Tyulyachinskaya Furniture Factory
         Sharmashi
         Tyulyachinskiy Region
         Tatarstan Republic
         Russia


VOSKRESENSK-SEL-KHOZ-KHIMIYA: A. Zakharov to Manage Assets
----------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod Region appointed Mr.
A. Zakharov as Insolvency Manager for OJSC Voskresensk-Sel-Khoz-
Khimiya.  He can be reached at:

         A. Zakharov
         Rozhdestvenskaya Str. 26-12
         Nizhniy Novgorod Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A43-38536/2005 33-467.

The Arbitration Court of Nizhniy Novgorod Region is located at:

         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC Voskresensk-Sel-Khoz-Khimiya
         Kalinikha
         Voskresensk Region
         Nizhniy Novgorod Region
         Russia


WOOD COMBINE: Court Names Ch. Uzyanbaev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Meleuz Region appointed Ch. Uzyanbaev
as Insolvency Manager for LLC Wood Combine (TIN 0263009028).  He
can be reached at:

         Ch. Uzyanbaev
         Molodyezhnaya Str. 8-2
         Tashkinovo
         452696 Neftekamsk Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A/07-6488/05-G-PAV.

The Debtor can be reached at:

         LLC Wood Combine
         Meleuz Region
         Russia


YARANSKIY GRAIN: Court Names V. Alalykin as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Kirov Region appointed Mr. V. Alalykin
as Insolvency Manager for State Unitary Enterprise Yaranskiy
Combine of Grain Products.  He can be reached at:

         V. Alalykin
         Griboedova Str. 1a
         Kirov Region
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A28-141/05-205/6.

The Arbitration Court of Kirov Region is located at:

         K-Libknekhta Str. 102
         610017 Kirov Region
         Russia

The Debtor can be reached at:

         State Unitary Enterprise
         Yaranskiy Combine of Grain Products
         Lagunovskaya Str. 46a
         Yaransk
         Kirov Region
         Russia


YURYEVSKOYE: Krasnoyarsk Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Arbitration Court of Krasnoyarsk Region commenced bankruptcy
supervision procedure on OJSC Yuryevskoye.  The case is docketed
under Case No. A33-4390/2006.

The Temporary Insolvency Manager is:

         A. Timoshkevich
         Post User Box 16795
         662074 Krasnoyarsk-74
         Russia

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143.
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         OJSC Yuryevskoye
         Yuryevka
         Bogotolskiy Region
         Krasnoyarsk Region
         Russia


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


TDA 25: Fitch Rates EUR2.5 Million Class D Notes at BB+
-------------------------------------------------------
Fitch Ratings has today assigned expected ratings to TDA 25,
Fondo de Titulizacion de Activos' EUR265 million mortgage-backed
floating-rate notes.

   -- EUR250.3 million Class A due in March 2041: AAA;

   -- Non-accelerated interest-only security due in
      September 2009: AAA;

   -- EUR6.9 million Class B due in March 2041: A;

   -- EUR5.3 million Class C due in March 2041: BBB; and

   -- EUR2.5 million Class D due in March 2041: BB+.

The final ratings are contingent on the receipt of final
documents conforming to information already received.

This transaction is a cash flow securitization of a EUR265
million static pool of first-ranking Spanish residential
mortgage loans originated and serviced by Banco Gallego and
Union de Credito Financiero Mobiliario e Inmobiliario, together
"the sellers".

The expected ratings are based on the quality of the collateral,
the underwriting and servicing of the mortgage loans, available
credit enhancement, the integrity of the transaction's legal and
financial structure and Titulizacion de Activos, S.G.F.T.,
S.A.'s administrative capabilities.

Initial CE for the A to C notes will be provided by
subordination and a reserve fund, which will be funded at
closing using part of the proceeds from the issuance of the
notes.  Initial CE for the class D notes will be provided by the
reserve fund only. The expected ratings of the Class A, B, C and
D notes address payment of interest on the notes according to
the terms and conditions of the documentation, subject to a
deferral trigger on the Class B, C and D notes, as well as the
repayment of principal by the legal final maturity date of the
fund.  The expected rating of the NAS-IO strip addresses the
timely payment of interest.

The fund will be regulated by Spanish Securitization Law 19/1992
and Royal Decree 926/1998.  Its sole purpose will be to
transform into fixed-income securities a portfolio of mortgage
participations and mortgages certificates acquired from the
sellers.  The PHs and CTHs will be subscribed by Titulizacion de
Activos, S.G.F.T., S.A., whose sole function is to manage asset-
backed notes on behalf of the fund.

The NAS-IO notes will pay a coupon on a notional balance defined
as the minimum of 18% of the initial balance of the Class A
notes or the current balance of the Class A notes at any point
in time.  The coupon will be equivalent to 2.5% per year until
the fourth interest payment date of the transaction in
September 2007, and 2% per year for the next eight interest
payment dates until the expected maturity date of the NAS-IO
strip in September 2009.  During this period, some collateral
revenues will be used to pay the NAS-IO note coupon, reducing
the amount of excess spread available for first loss protection.


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


DIBROVA: Sumi Court Starts Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Agrofirm Dibrova (code EDRPOU
30902475) on May 22.  The case is docketed under Case No.
12/87-06.

The Temporary Insolvency Manager is:

         Sergij Soldatkin
         a/b 14
         40014 Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Agrofirm Dibrova
         Sadova Str. 90
         Dibrova
         Pomenskij District
         42000 Sumi Region
         Ukraine


EVROTORG-2000: Court Names LLC Bereg to Liquidate Assets
--------------------------------------------------------
The Economic Court of Kyiv appointed LLC Trade Center Bereg as
Liquidator for LLC Evrotorg-2000 (code EDRPOU 33061149).  The
Liquidator can be reached at:

         LLC Trade Center Bereg
         Pavlo Pestel Str. 11
         01135 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 16.  The case is docketed
under Case No. 15/285-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 Evrotorg-2000
         Pavlo Pestel Str. 11
         01135 Kyiv Region
         Ukraine


EXTRUDER PRODUCT: Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Cherkassy Region commenced bankruptcy
supervision procedure on LLC Extruder Product (code EDRPOU
31369492) on April 27.  The case is docketed under Case No.
10/2346.

The Temporary Insolvency Manager is:

         Mr. I. Nogovskij
         Korobivka
         Zolotonosha District
         19772 Cherkassy Region
         Ukraine

The Economic Court of Cherkassy Region is located at:

         Shevchenko Avenue 307
         18005 Cherkassy Region
         Ukraine

The Debtor can be reached at:

         LLC Extruder Product
         Korobivka
         Zolotonosha District
         19772 Cherkassy Region
         Ukraine


IFA: Ivano-Frankivsk Court Names I. Vatutin as Liquidator
---------------------------------------------------------
The Economic Court of Ivano-Frankivsk Region appointed Mr. I.
Vatutin as Liquidator/Insolvency Manager for CJSC Ifa (code
EDRPOU 22197546).  He can be reached at:


         Novodvorskij Str. 24
         Kolomiya
         Ivano-Frankivsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 28.  The case is docketed
under Case No.

The Economic Court of Ivano-Frankivsk Region is located at:

         Shevchenko Str. 16a
         76000 Ivano-Frankivsk Region
         Ukraine

The Debtor can be reached at:

         CJSC Ifa
         Yednosti Square 7
         Rozhnyativ
         Ivano-Frankivsk Region
         Ukraine


KALININSKE: Court Starts Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Kalininske (code EDRPOU 30822012)
on May 15.  The case is docketed under Case No. 12/79-06.

The Temporary Insolvency Manager is:

         Gennadij Sidorenko
         Uritskij Str. 1
         Romni
         42000 Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Kalininske
         Kalininske
         Lipovodolinskij District
         40000 Sumi Region
         Ukraine


LVIVSKE: Herson Court Begins Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Herson Region commenced bankruptcy
supervision procedure on Agricultural LLC Lvivske (code EDRPOU
30841936) on April 12.  The case is docketed under Case No.
5/72-B-06.

The Temporary Insolvency Manager is:

         Sergij Marchenko
         a/b 9
         Golovposhtamt
         73000 Herson Region
         Ukraine
         Tel: 8 (0552) 42-22-49

The Economic Court of Herson Region is located at:

         Gorkij Str. 18
         73000 Herson Region
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Lvivske
         Lvove
         Berislavskij District
         74331 Herson Region
         Ukraine


PERVOMAJSKE: Court Commences Bankruptcy Supervision
---------------------------------------------------
The Economic Court of Dnipropetrovsk Region commenced bankruptcy
supervision procedure on CJSC Pervomajske (code EDRPOU
30619413).  The case is docketed under Case No. B/15/177/05.

The Temporary Insolvency Manager is:

         V. Bespalov
         Vorontsov Str. 75/232
         49081 Dnipropetrovsk Region
         Ukraine

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         CJSC Pervomajske
         Plehanov Str. 8
         49000 Dnipropetrovsk Region
         Ukraine


PIVDENNYI BANK: Moody's Assigns E+ Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service assigned B2 long-term/Not Prime short-
term foreign currency deposit ratings and an E+ financial
strength rating to Pivdennyi Bank.  The outlooks on all ratings
are stable.

According to Moody's, the bank's B2/Not Prime foreign currency
deposit ratings and E+ FSR reflects the bank's strong regional
corporate and retail banking franchise, recently announced
diversification strategy into retail banking, an established
track record of balanced growth and profitability, good
financial fundamentals and acceptable asset quality.  The
ratings also factor in the bank's evolving nature of corporate
governance and credit risk management practices, somewhat lower
liquidity compared to its peers and challenges faced by the bank
when expanding outside of its home market.

The factors constraining Pivdennyi ratings at its current level
include:

   -- the regional nature of its franchise,

   -- risk management and integration challenges associated with
recent acquisition of Regional Investment Bank in Latvia,

   -- unseasoned nature of the bank's retail lending, and

   -- the need to improve credit risk management practices in
the view of the bank's rapid expansion outside of its home
market.

In Moody's opinion, Pivdennyi ratings may be upgraded in the
future due to a combination of the following factors:

   -- meaningful improvement of the bank's current market
position outside of its home market,

   -- successful implementation of its diversification strategy
into retail banking,

   -- strengthening the risk management function, and

   -- improvement in corporate governance practices.

The bank's ratings may come under downwards pressure if the
bank's market share will be materially eroded, if credit and
operational risks in its Latvian subsidiary will meaningfully
increase, or if the bank's asset quality, profitability and
efficiency are to deteriorate significantly.

Headquartered in Odessa, Ukraine, Pivdennyi Bank had total
assets of UAH2.2 billion (EUR0.37 billion) at end-2005 and
posted a net profit of UAH28.7 million (EUR4.9 million) at end-
2005.


PROMKOMPLEKT LTD: Court Names E. Kondra as Insolvency Manager
-------------------------------------------------------------
The Economic Court of Kyiv Region appointed Mr. E. Kondra as
Liquidator/Insolvency Manager for LLC Promkomplekt Ltd. 2004
(code EDRPOU 33236184).  He can be reached at:

         E. Kondra
         a/b 43
         01032 Kyiv Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 31.  The case is docketed
under Case No. 43/328.

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 Promkomplekt Ltd. 2004
         Kikvidze Str. 30
         Kyiv Region
         Ukraine


SEMENIVSKE AUTO-TRANSPORT 11488: V. Skalyanskij to Manage Assets
----------------------------------------------------------------
The Economic Court of Donetsk Region appointed Mr. V.
Skalyanskij as Liquidator/Insolvency Manager for Semenivske
Auto-Transport Enterprise 11488 (code EDRPOU 30354160).  He can
be reached at:

         V. Skalyanskij
         a/b 678
         Slovyansk
         84116 Donetsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on May 11.  The case is docketed
under Case No. 42/212 B.

The Economic Court of Donetsk Region is located at:

         Artema Str. 157
         83048 Donetsk Region
         Ukraine

The Debtor can be reached at:

         Semenivske Auto-Transport Enterprise 11488
         Maydanchik Str. 1
         Novosadivskij
         Slovyansk
         84101 Donetsk Region
         Ukraine


SHOSTKA-TEPLO: Court Starts Bankruptcy Supervision
--------------------------------------------------
The Economic Court of Sumi Region commenced bankruptcy
supervision procedure on LLC Shostka-Teplo (code EDRPOU
32478934).  The case is docketed under Case No. 12/46-06.

The Temporary Insolvency Manager is:

         Volodimir Kislij
         Privokzalna Str. 9/35-a
         Sumi Region
         Ukraine

The Economic Court of Sumi Region is located at:

         Shevchenko Avenue 18/1
         40030 Sumi Region
         Ukraine

The Debtor can be reached at:

         LLC Shostka-Teplo
         Ordzhonikidze Str. 3
         Shostka
         41000 Sumi Region
         Ukraine


SMILE: Court Names A. Zdesenko as Insolvency Manager
----------------------------------------------------
The Economic Court of Dnipropetrovsk Region appointed Mr. A.
Zdesenko as Liquidator/Insolvency Manager for LLC Smile (code
EDRPOU 31761422).  He can be reached at:

         A. Zdesenko
         Krivorizka Str. 72
         49035 Dnipropetrovsk Region
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on April 20.  The case is docketed
under Case No. B 40/66/06.

The Economic Court of Dnipropetrovsk Region is located at:

         Kujbishev Str. 1a
         49600 Dnipropetrovsk Region
         Ukraine

The Debtor can be reached at:

         LLC Smile
         Bilostotskij Str. 143
         49034 Dnipropetrovsk Region
         Ukraine


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


BLUESTONE SECURITIES: Fitch Rates GBP4.2-Mln Class D Notes at BB
----------------------------------------------------------------
Fitch Ratings placed expected ratings to Bluestone Securities
2006-1's GBP220 million mortgage-backed floating-rate notes due
in 2043.

   -- GBP195 million Class A notes: AAA;
   -- GBP14.37 million Class B notes: A;
   -- GBP6.63 million Class C notes: BBB;
   -- GBP4.2 million Class D notes: BB; and
   -- GBP780,000 Class E notes: B.

The final ratings are contingent upon receipt of final documents
conforming to information already received.

This is Bluestone's third issuance from the shelf that it
established in December 2004 for the purpose of securitizing
non-conforming residential mortgage loan portfolios purchased by
Redstone Mortgages PLC from third-party originators in the U.K.

Unlike the previous issue, the underlying collateral is
originated by Amber Homeloans -- a wholly owned subsidiary of
Skipton Building Society and Beacon Homeloans.

The expected ratings for this series are based on the quality of
the collateral, the available credit enhancement, the
underwriting and origination processes of Amber Homeloans and
Beacon Homeloans and the servicing capabilities of Homeloan
Management Ltd as primary servicer and Western Mortgage Service
Limited as portfolio servicer replacement and the sound legal
structure of the transaction.

The 12.55% credit enhancement for the Class A notes will be
provided by the subordination of the Class B (6.50%), Class C
(3.00%), Class D notes (1.90%) and Class E notes (0.35%), and an
initial and target reserve fund of 0.80% of the initial note
balance.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its U.K. Residential Mortgage
Default Model III.  The agency also modeled cash flows using the
results of the default model with structural stresses including
various prepayment and interest rate scenarios.  The cash flow
tests showed that each Class of notes could withstand loan
losses at a level corresponding to the related stress scenario
without incurring any principal loss or interest shortfall and
can retire principal by legal final maturity.


CLUB HEAVEN: Scottish & Newcastle Hires Administrative Receivers
----------------------------------------------------------------
Scottish & Newcastle U.K. Ltd appointed Steven Williams and
Andrew Dick of Begbies Traynor joint administrative receivers of
Club Heaven and Hell Limited (Company Number 03633207) on
June 16.

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

Club Heaven and Hell Ltd. can be reached at:

         16 Anne St.
         Hull HU1 2NP
         United Kingdom
         Tel: 01482 212507


D. EVANS: Names Christopher Ratten as Administrator
---------------------------------------------------
Christopher Ratten of Tenon Recovery was named administrator of
D. Evans Electrical Limited (Company Number 03204527) on
June 15.

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

Headquartered in Liverpool, United Kingdom, D. Evans Electrical
Limited manufactures electrical equipment.


EMERSON OPTICAL: Names Kikis Kallis Liquidator
----------------------------------------------
The Emerson Optical & Manufacturing Co Ltd is liquidating its
assets after creditors passed a resolution to wind up the
company on April 21.

Subsequently, Kikis Kallis was named Liquidator.

The company can be reached at:

         The Emerson Optical & Manufacturing Co Ltd
         Unit 4
         Oxgate Centre
         Oxgate Lane
         London NW2 7JA
         United Kingdom
         Fax: 020 8208 0395


FC PRIMEPAC: Taps Deloitte and Touche to Administer Assets
----------------------------------------------------------
Ian Brown and Christopher James Farrington of Deloitte & Touche
LLP were appointed joint administrators of FC Primpac Limited
(Company Number 05420746) on June 15.

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

Headquartered in Nottingham, United Kingdom, FC Primepac Limited
manufactures cartons, boxes and cases of corrugated paper and
paperboard and of containers of paper and paperboard.


FUEL EXPERIENCE: Brings In Fisher Partners as Administrators
------------------------------------------------------------
Stephen M. Katz and David Birne of Fisher Partners were
appointed joint administrators of Fuel Experience Limited
(Company Number 05306714) on June 15.

The administrators can be contacted at:

         Fisher Partners
         Acre House
         11/15 William Road
         London NW1 3ER
         United Kingdom
         Tel: 020 7388 7000
         Fax: 020 7380 4900
         E-mail: skatz@hwfisher.co.uk

Fuel Experience Limited can be reached at:

         Palladium House
         1-4 Argyll Street
         London W1F 7TA
         United Kingdom
         Tel: 020 7292 8141
         Fax: 020 7292 8140


GRAPEVINE ALPHA: Hires Joint Liquidators from Begbies Traynor
-------------------------------------------------------------
Paul Finnity and Richard Saville of Begbies Traynor were
appointed Joint Liquidators of Grapevine Alpha Limited after
creditors decided to wind up the company 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.

Grapevine Alpha Ltd. can be reached at:

         Unit 3 Brunts Business Centre
         Samuel Brunts Way
         Mansfield
         Nottinghamshire NG182AH
         United Kingdom
         Tel: 01623 729 303


HARPOON LOUIE'S: Appoints Joint Administrators from Gibson Hewit
----------------------------------------------------------------
Lynn Gibson and Robert D. Hewitt of Gibson Hewit were appointed
joint administrators of Harpoon Louie's (Windsor) Limited
(Company Number 2412539) on June 16.

The administrators can be reached at:

         Gibson Hewitt
         5 Park Court
         Pyrford Road
         West Byfleet
         Surrey KT14 6SD
         United Kingdom
         Tel: 01932 336149
         Fax: 01932 336150
         E-mail: robert@gibsonhewitt.co.uk

Headquartered in Windsor, United Kingdom, Harpoon Louie's
(Windsor) Limited is engaged in running a nightclub.


HMV GROUP: April 29 Balance Sheet Upside Down by GBP2.4 Million
---------------------------------------------------------------
HMV Group plc, the U.K.'s leading retailer of music, video and
books, disclosed its financial results for the 52 weeks ended
April 29, 2006, and provides an update on the Group's recent
trading and progress on strategic initiatives.

Financial Highlights:

   -- sales of GBP1.8 billion (down 2.0% on a comparable 52 week
      basis) including a 5.7% fall in like for like sales

   -- profit before tax and exceptional items of GBP98.2 million
      (down 20.7% on a comparable 52 week basis)

   -- operating exceptional charges totaling GBP18.0 million, in
      respect of asset impairments, restructuring costs and
      acquisition and bid defense costs

   -- adjusted earnings per share were 17.4 pence (down 20.9% on
      a comparable 52 week basis).  Basic earnings per share
      were 14.0 pence.

   -- Net debt of GBP15.6 million (2005:GBP17.3 million), after
      GBP18.6 million of on-market share buy-backs and
      GBP11.8 million investment in Ottakar's plc

   -- final dividend of 5.6 pence per share making a total
      dividend of 7.4 pence per share, an increase of 8.8% on
      last year

                     Transforming HMV Group

The company disclosed good progress on strategic initiatives,
which include:

   -- rolling out simplified, lower pricing in HMV UK by
      September 2006

   -- increase of online channels; sales at hmv.co.uk over 100%
      up year on year and launch of waterstones.com in autumn
      2006

   -- driving Waterstone's forward, including integrating the
      successful acquisition of Ottakar's with approximately
      GBP10 million of synergies in 2007/08

   -- capitalizing on future games console launches, where we
      have seen strong sales and market share improvements

   -- reducing our UK like for like controllable costs by 40m
      over two years, of which 25m was delivered in 2005/06

   -- adopting a more geared capital structure and enhancing
      dividend policy.  Further return of capital to
      shareholders likely through share buybacks in 2007 (up to
      GBP100 million by April 2008)

For the nine weeks ended July 1, 2006, Group like for like sales
fell by 10.1% (HMV UK & Ireland down 16.7%, Waterstone's down
6.1%).

"As we expected, trading conditions in the first few weeks of
the new financial year have remained difficult," Alan Giles,
Chief Executive Officer, said.  "However, we are making
excellent progress with a two-year program of initiatives which
we anticipate will begin to improve performance during the
crucial Christmas trading period and, ultimately, transform the
Group into a world class multi-channel retailer."

At April 29, 2006, HMV's balance sheet showed a GBP2.4 million
stockholders' deficit, compared to a GBP14.4 million deficit at
April 30, 2005.

A full-text copy of the Group's financial results for the 52
weeks ended April 29, 2006, is available at no charge at
http://researcharchives.com/t/s?dcb

                           About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in eight
different countries under two powerful retail brands, HMV and
Waterstone's.  On March 31, 2005, the Group completed a
refinancing of its senior bank facilities, creating a more
efficient capital structure.  A five-year GBP260 million
revolving credit facility was arranged, replacing an existing
GBP150 million revolving credit facility, together with
outstanding term debt of GBP160 million which was repaid in
full.  Consequent to the refinancing, GBP2.7 million of
unamortized deferred financing fees were written-off in the
financial year to April 30, 2005, as a non-cash exceptional
interest charge.  At Oct. 29, 2005, the company's balance sheet
showed GBP49.7 million in stockholders' deficit.


HMV GROUP: Ottakar PLC Directors Resign
---------------------------------------
After HMV Group PLC's acquisition of Ottakar's PLC on
July 3, Ottakar's disclosed these resignations:

   -- Philip Dunne,
   -- David Adams,
   -- Mark Fane and
   -- Christopher John Thornton

as Non-Executive Directors and

   -- James Heneage and
   -- Michael Hitchcock

as Executive Directors on July 10.

HMV Group PLC, through Waterstone's, released its intended
program for the integration of Ottakar's on July 6 disclosing
its aim to create a simple, single business and to complete the
key store estate integration in advance of the peak Christmas
trading period.  These includes:

   -- the closure of Ottakar's administrative locations at
      Salisbury, London Bridge and Clapham, with consolidation
      of all Ottakar's head office activities into Waterstone's
      head office functions.  Consultation with affected
      Ottakar's employees is commencing, with combined
      organizational structures due to be confirmed in
      August 2006.  Waterstone's Managing Director Gerry Johnson
      will lead the combined business.  Ottakar's Managing
      Director, James Heneage, and Finance Director, Michael
      Hitchcock, will leave the business, though both have
      agreed to remain on a consultancy basis for a limited
      period to assist with the transition;

   -- the roll-out to all Ottakar's stores before Christmas 2006
      of the Waterstone's Phoenix stock management system.  This
      system will enhance the stock profile of each Ottakar's
      store and enable stores to approach the crucial Christmas
      trading period with a wider and more relevant range in
      place;

   -- Ottakar's stores will be rebranded Waterstone's, initially
      through signage and fascia changes and point of sale
      material.  It is intended that this process be completed
      by Christmas 2006.  Subsequent phases of refurbishment of
      the combined store portfolio will begin during 2007
      following the thorough evaluation of new store format
      trials, which will commence in autumn;

   -- a single promotional program for all Waterstone's and
      Ottakar's stores to increase the number of promotions
      available to customers of Ottakar's and allow all stores
      to benefit from national press and media campaigns;

   -- the introduction of a combined Operations management
      structure, with Regional Managers from both Ottakar's and
      Waterstone's appointed to lead regions consisting of book
      stores drawn from both companies; and

   -- of the 32 overlapping locations where Waterstone's and
      Ottakar's previously competed HMV anticipates that
      they will operate from one bookstore only in a handful of
      these locations, and any consolidation will be subject to
      a suitable property transaction.

"In advance of the crucial Christmas trading period we are
aiming to maximize the range and promotions available to
customers by introducing Waterstone's proven stock management
systems to Ottakar's shops," Gerry Johnson, Managing Director of
the combined Waterstone's and Ottakar's business, said.  "We
will also begin rebranding Ottakar's stores to Waterstone's and
consolidating head office locations and management structures.
Most importantly, I am confident that with the addition of the
fantastic bookselling skills of our new colleagues at Ottakar's,
we will continue to offer customers the best book buying
experience on the high street."

                         About Ottakar's

Headquartered in London, United Kingdom, Ottakar's --
http://www.ottakars.co.uk/-- is one of Britain's leading book
chains with a reputation for strongly individual high street
shops staffed by book enthusiasts able to offer superlative
levels of customer service.

Ottakar's employs around 2000 staff in over 140 stores
throughout Great Britain.

                           About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in eight
different countries under two powerful retail brands, HMV and
Waterstone's.  On March 31, 2005, the Group completed a
refinancing of its senior bank facilities, creating a more
efficient capital structure.  A five-year GBP260 million
revolving credit facility was arranged, replacing an existing
GBP150 million revolving credit facility, together with
outstanding term debt of GBP160 million which was repaid in
full.  Consequent to the refinancing, GBP2.7 million of
unamortized deferred financing fees were written-off in the
financial year to April 30, 2005, as a non-cash exceptional
interest charge.  At Oct. 29, 2005, the company's balance sheet
showed GBP49.7 million in stockholders' deficit.


INTERIOR CONTRACTS: Creditors Pass Winding Up Resolution
--------------------------------------------------------
Creditors of Interior Contracts Group Limited passed a
resolution to wind up the company's operations during an
extraordinary general meeting on April 7.

Laurence Gerald Factor of Newman & Partners Insolvency &
Recovery Services Limited was appointed Liquidator.

The company can be reached at:

         Interior Contracts Group Limited
         Ethos House
         52 Tanners Drive
         Blakelands
         Milton Keynes MK145BW
         United Kingdom
         Tel: 01908 216 766


KEY RESOURCES: Calls In Gerald Edelman as Administrators
--------------------------------------------------------
Ian Douglas Yerrill and Bernard Hoffman of Gerald Edelman
Business Recovery were appointed joint administrators of Key
Resources-Security Limited (Company Number 05178667) on June 15.

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


KRUNCH LIMITED: Creditors' Meeting Slated for July 19
-----------------------------------------------------
Creditors of The Krunch Limited (Company Number 04029574) will
meet at 10:00 a.m. on July 19 at:

         The Pear Tree Inn & Country Hotel
         Smite Hill
         Hindlip
         Worcester WR3 8SY
         United Kingdom

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at 12:00 noon on July 18 at:

         Mark Bowen and Nigel Price
         Joint Administrators
         Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham B3 1PB
         United Kingdom
         Tel: 0121 233 2557
         Fax: 0121 200 2558

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.


NTL CABLE: Moody's Confirm B2 Rating on GBP300-Mln Senior Notes
---------------------------------------------------------------
Moody's Investors Service today confirmed the B2 rating of NTL
Cable Plc's senior notes following confirmation from NTL Inc.
that it plans to raise GBP300 million (equivalent) of new senior
notes pari passu with the existing NTL Cable Plc notes and
GBP300 million (equivalent) of senior debt under a new Tranche C
of its existing senior credit facilities.  Concurrently Moody's
assigned a (P)B1 rating to the proposed Tranche C senior debt
issue and a (P)B2 to the proposed new debt issuance at NTL Cable
Plc.  This action concludes the rating review initiated on June
30.

The confirmation of the B2 rating of NTL Cable Plc's existing
notes reflects Moody's view that the percentage of subordinated
debt in the capital mix represents a sufficient layer of
subordinated debt for the standard two notches from the
corporate family to apply.  The proposed new senior notes
issuance via NTL Cable Plc is also rated (P)B2, reflecting its
pari passu ranking with NTL Cable Plc's existing notes.

Whilst the proposed GBP300 million (equivalent0 Tranche C of the
senior secured credit facilities benefits from a senior
guarantee from NTL Cable Plc, it does not benefit from
guarantees from any operating subsidiaries and its collateral is
limited to a second ranking security pledge over the shares held
by NTL Cable Plc in NTLIH and intercompany loans between NTL
Cable Plc and NTLIH.  Consequently, lenders under this tranche
will be effectively and contractually subordinated to the other
lenders under the senior credit facilities.  Nevertheless, it
will be contractually and structurally senior to the existing
and proposed NTL Cable Plc senior notes.  Consequently the
rating of Tranche C is (P)B1, i.e. one notch below the corporate
family rating.

This rating action follows the review for possible downgrade of
NTL Cable PLC announced on June 30 and the earlier assignment of
a Ba3 Corporate Family Rating to NTL Incorporated and the senior
secured credit facilities and the upgrade of the other ratings
of the company on March 27.

Further positive momentum in the ratings would most likely be
driven by an improvement in the combined company's operating
margins as a result of the successful integration of Telewest
combined with continuing positive momentum in operating
performance trends.  Should Debt to EBITDA fall below 4.0x,
there would probably be upward pressure on the ratings.

Downward pressure on the ratings could result if the expected
improvement in the company's credit metrics did not materialize
over the next 18 months.  Should Debt to EBITDA remain above 5x
over this period as a result of a more intense competitive
environment than anticipated, lower synergies, a negative
outcome from a future IRS audit, higher investment in
programming and content or the company's acquisition strategy,
the outlook is likely to be changed from stable to negative.
A ratings downgrade is likely in the event that the company's
Debt to EBITDA deteriorates to above 5.5x for a sustained
period.

Ratings impacted by today's rating action are as follows:

New ratings assigned:

   -- proposed GBP300 million (equivalent) unsecured Tranche C
of NTL Investment Holdings Ltd's senior secured credit
facilities: (P)B1; and

   -- proposed GBP300 million (equivalent) senior notes to be
issued by NTL Cable Plc: (P)B2.

Ratings confirmed:

   -- NTl Cable Plc's existing ca. GBP 776 million of senior
notes: B2.

The rating outlook is stable.

Based in Delaware, NTL Inc. is a large telecommunications and
cable communications provider in the UK.  For the year ending
Dec. 31, 2005, the company reported pro-forma revenues of
approximately GBP3.5 billion.


NTL CABLE: Fitch Gives B+ Rating on GBP375 Million Senior Notes
---------------------------------------------------------------
Fitch Ratings assigned NTL Cable PLC's upcoming GBP300 million
10-year senior notes an expected rating of B and a Recovery
Rating of RR5.  NTL Cable's existing senior notes remain on
Rating Watch Negative.  Fitch will resolve the Rating Watch
status on the NTL Cable notes and assign final rating to the new
notes upon completion of the new senior note issue.

The final rating is contingent on the receipt of final documents
conforming to information already received.  At the same time
the agency has affirmed NTL Inc's Issuer Default rating at B+
with Stable Outlook and its Short-term ratings at B.  NTL
Investment Holdings Limited's GBP5.28 billion senior secured
credit facilities are affirmed at BB+ and Recovery Rating RR1.

The NTL Cable PLC notes on Rating Watch Negative:

   -- GBP375 million 9.75% senior notes due 2014: B+/RR4;
   -- US$425 million 8.75% senior notes due 2014: B+/RR4; and
   -- EUR225 million 8.75% senior notes due 2014: B+/RR4.

On the basis that the senior secured bank facilities are closed
at GBP5.28 billion and the new NTL Cable senior notes at GBP300
million, Fitch expects to downgrade the existing NTL Cable
senior notes to B/RR5 in line with the new senior notes.  The
expected rating of the NTL Cable notes reflects their structural
subordination to creditors at the NTLIH level, and the quantum
of the debt ranking ahead of the notes.

"The expected ratings of the bonds constitute a one notch
differential from NTL's IDR B+, reflecting the limited
recoveries suggested by our analysis," Stuart Reid, Director in
Fitch's European TMT group disclosed.

Mr. Reid added, "The analysis takes a necessarily conservative
view of the value of the business in a distress scenario.
Nonetheless Fitch recognizes the substantial scale and
significant synergies of NTL's business, following the merger
with Telewest and the subsequent acquisition of Virgin Mobile."

Fitch notes the "first loss" nature of the tranche C of
additional proposed GBP300 million senior secured facilities.
This tranche has a less complete security package than tranches
A-B4, and in the event of security enforcement, will only be
paid out after tranches A-B4, drawings under revolving credit
facility and all hedging liabilities have been repaid in full.

In the event of a distress scenario Fitch assumes that the sale
of the business as a going concern would realize greatest value
for creditors.  Fitch's recovery analysis assumes a discounted
EBITDA of GBP1 billion and a distressed enterprise value
multiple of 6.2x, generating a EV of GBP6.2 billion, less 10%
administration expenses.  On this basis Fitch would expect
senior secured creditors to achieve recoveries of between 91-
100%, corresponding to a RR1 Recovery Rating.

The amount of debt ranking ahead of the senior notes however,
implies more limited recoveries for the NTL Cable notes of 11-
30%, correlating to a RR5 Recovery Rating.


NTL INVESTMENT: S&P Rates GBP300-Mln Tranche C Debt at B+
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to the GBP300 million seven-year junior-lien tranche C
debt issued by NTL Investment Holdings Ltd. under its
GBP5.275 billion senior secured facilities.  A recovery rating
of '2' was assigned, reflecting our expectation of substantial
recovery of principal in the event of a payment default.
This factors in adequate nominal coverage in a simulated default
scenario, but also the weaker security package available to
tranche C lenders.

At the same time, the 'BB-' loan ratings and the '1' recovery
ratings on NTLIH's GBP4.975 billion senior secured A and B
tranches were affirmed.

The GBP300 million tranche, together with a GBP300 million high
yield-bond rated 'B-' at NTL Cable PLC, NTLIH's parent,
completes the refinancing of the GBP1.8 billion bridge loan for
the Telewest Global Inc. reverse acquisition.

Following the combination of NTL Inc. and Telewest, and NTL's
acquisition of Virgin Mobile Holdings (U.K.) PLC, NTL had total
debt of about GBP6.4 billion.

The GBP300 million tranche C has been rated at the same level as
the corporate credit rating on NTL, one notch below the ratings
on NTLIH's senior secured A and B tranches.  This reflects
tranche C's second-lien characteristics.  Unlike the A and B
tranches, tranche C does not benefit from first-ranking security
over the shares or assets of the Bank Group.  Rather, NTL Cable
has provided a share pledge over its shares in NTLIH and an
assignment over all intercompany loans to NTLIH to support its
obligations as a guarantor of tranche C.  Proceeds from security
enforcement would be applied to the full discharge of tranches A
and B (GBP4.975 billion), the GBP100 million revolving credit
facility, and all hedging liabilities ahead of tranche C.

The ratings on U.K.-based telecommunications provider NTL are
constrained by:

   -- its challenging, competitive operating environment
resulting in weak revenue growth;

   -- significant gross leverage of more than 5x adjusted total
debt to EBITDA; and

   -- a demanding debt amortization profile.

The group benefits, however, from high bandwidth, a two-way
network, an established residential customer base, and ongoing
operational improvements.


OK SOURCING: HSBC Bank Taps Joint Receivers from Grant Thornton
---------------------------------------------------------------
HSBC Bank PLC appointed Joseph McLean and Keith Hinds of Grant
Thornton U.K. LLP joint administrative receivers of OK Sourcing
Limited (Company Number 1184596) on June 23.

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

Headquartered in Bradford, United Kingdom, OK Sourcing Limited
wholesales clothing and footwear.


PETER W. SALISBURY: Brings In Joint Liquidators from Vantis
-----------------------------------------------------------
Peter James Hughes-Holland and Frank Wessely of Vantis were
appointed Joint Liquidators of Peter W. Salisbury Pianos Limited
after creditors opted to wind up the company on April 19.

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

Peter W. Salisbury Pianos Limited can be reached at:

         58 Upton Close
         Henley-on-Thames
         Oxfordshire RG9 1BU
         United Kingdom
         Tel: 01494 450 123


PHOTO-PRO LTD: Taps Lane Bednash to Liquidate Assets
----------------------------------------------------
Lane Bednash of David Rubin & Partners was appointed Liquidator
of Photo-Pro Limited after creditors agreed to wind up the
company on April 13.

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

Photo-Pro Limited can be reached at:

         151 Dixons Hill Road
         North Mymms
         Hatfield
         Hertfordshire AL9 7JE
         United Kingdom
         Tel: 01707 261 100


ROBERT JAMES: Names Joint Liquidators to Wind Up Business
---------------------------------------------------------
Graham Stuart Wolloff and Richard John Elwell of Elwell Watchorn
& Saxton LLP were appointed Joint Liquidators of Robert James
Contracts Limited during an extraordinary general meeting on
April 24.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.

Robert James Contracts Limited can be reached at:

         1 Church Lane
         Great Doddington
         Wellingborough
         Northamptonshire NN297TR
         United Kingdom
         Tel: 01933 433 225


S.O.S. COMPUTERS: Creditors Resolve to Liquidation
--------------------------------------------------
Creditors of S.O.S. Computers (UK) Limited resolved to liquidate
the company's assets during an extraordinary general meeting on
April 24.

Roderick Michael Withinshaw and Peter Jones of Royce Peeling
Green Limited were appointed Joint Liquidators.

The company can be reached at:

         S.O.S. Computers (UK) Limited
         10 Smithfield Road
         Oswestry
         Shropshire SY112EL
         United Kingdom
         Tel: 01691 671 672


SG(C&D): Creditors Confirm Liquidator's Appointment
---------------------------------------------------
Creditors of SB(C&D) Limited confirmed the appointment of Robert
Day of Robert Day and Company Limitd as Liquidator on March 21.

The company can be reached at:

         SG(C&D) Limited
         Unit 8A Shefford Industrial Estate
         Old Bridge Way
         Shefford
         Bedfordshire SG175HQ
         United Kingdom
         Tel: 01462 851 043


SPALL PRINT: Financial Woes Trigger Liquidation
-----------------------------------------------
Spall Print Group Limited is winding up its operations after
creditors established the company could no longer continue its
business due to mounting debts.

Subsequently, Jeffrey Mark Brenner of B & C Associates was
appointed Liquidator.

The company can be reached at:

         Spall Print Group Limited
         Glenville House
         16 Spring Gardens Business Park
         Romford RM7 9LD
         United Kingdom
         Tel: 01708 751 919
         Fax: 01708 725 294


STABLE INVESTMENTS: Hires Administrators from Bishop Fleming
------------------------------------------------------------
Jeremiah Anthony O'Sullivan and Samuel Jonathan Talby of Bishop
Fleming were appointed joint administrators of Stable
Investments Limited (Company Number 03233234) on June 15.

The administrators can be reached at:

         Bishop Fleming
         16 Queen Square
         United Kingdom
         Bristol BS1 4NT

Headquartered in Yeovil, United Kingdom, Stable Investments
Limited trades, leases and sells public houses.


SWINDON CHAMBER: Appoints Liquidator from Knights & Company
-----------------------------------------------------------
Barry P. Knights of Knights & Company was appointed Liquidator
of The Swindon Chamber of Commerce & Industry Limited after
creditors agreed to wind up the company on April 6.

The company can be reached at:

         The Swindon Chamber of Commerce & Industry Limited
         1 Cricklade Court
         Cricklade Street
         Swindon SN1 3EY
         United Kingdom
         Tel: 01793 642 225
         Fax: 01793 428 340


TOUCHPOINT CONSULTING: Joint Liquidators Take Over Operations
-------------------------------------------------------------
David Moore and Donald Bailey of Begbies Traynor were appointed
Joint Liquidators of Touchpoint Consulting Limited after
creditors passed a resolution to wind up the company on
April 24.

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

Touchpoint Consulting Limited can be reached at:

         35 Upland Road
         Upton
         Wirral
         Merseyside CH496LW
         United Kingdom
         Tel: 0151 641 0609
         Fax: 0151 641 0626


UNITED BISCUITS: Fitch Puts B- on Issuer Default Rating
-------------------------------------------------------
Fitch Ratings placed the ratings of U.K.-based United Biscuits
on Rating Watch Positive, following the announcement of the sale
of its Southern European business to Kraft Foods Inc and the
stated intention to redeem UB's high-yield notes.  The following
ratings are affected:

   -- Regentrealm Limited Issuer Default rating: B- on RWP;
   -- Regentrealm Limited senior secured debt: BB-/RR1 on RWP;
   -- United Biscuits Finance PLC IDR: B- on RWP; and
   -- United Biscuits Finance PLC senior subordinated notes due
      2011 B-/RR4 on RWP.

"The net proceeds of this transaction are expected to have a de-
leveraging effect, which should more than offset the relatively
weaker business profile of the group post disposal of the
Iberian business," Pablo Mazzini, Director at Fitch's Leveraged
Finance team disclosed.  The RWP on United Biscuits is expected
to be resolved upon completion of the announced sales
transaction and the application of the net proceeds to debt
reduction as publicly announced by UB.

Fitch estimates that upon completion of the sales transaction
and the high-yield notes redemption, credit ratios should
improve substantially with pro-forma funds from operations
adjusted leverage of around 2x and pro-forma FFO net fixed
charge cover of 1.8x, largely due to approximately GBP30 million
pro-forma cash interest cost savings.

While the redemption of the high-yield notes is dependent on the
consummation of the sales transaction and the consent of UB's
senior lenders, the final capital structure post these
transactions could result in an upgrade of at least two notches
for the IDR of Regentrealm Limited and United Biscuits Finance
PLC.

Kraft is acquiring the Iberian business for an enterprise value
of GBP575 million, although part of the purchase price will be
funded by Kraft by redeeming its outstanding investment in UB,
primarily deep discount securities, valued at approximately
GBP280 million.  As a result of this transaction, UB has stated
the intention to redeem its most expensive debt - the high-yield
notes -, which have been callable from April 2006.

After this transaction, UB will remain exposed to weak organic
sales growth prospects, pressure from retailers in the core U.K.
operations and growing threats in Northern Europe from heavy
discounting and increased penetration of private labels.
Offsetting these are the cost savings from UB's restructuring
efforts, lower capital spending and UB's suitable platform for
growth from its wide range of brands, especially within the
growing healthier categories.

In addition, Q106 results were encouraging, with sales and
EBITDA in the U.K. growing by 7.7% and 21.5% respectively year-
on-year while Northern Europe exhibited sales growth of 3.6%
with substantial EBITDA improvement.


VANTON PUMPS: Taps Joint Administrators from Cresswall
------------------------------------------------------
Gordon Craig and Daniel Paul Hennessy of Cresswall Associates
Limited were appointed joint administrators of Vanton Pumps
Limited (Company Number 01327798) on May 31.

The administrators can be reached at:

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

Vanton Pumps Limited -- http://www.vantonpump.com/--  
manufactures pumps and compressors.


WILLIAMS COMMERCIALS: Creditors Opt to Liquidate Assets
-------------------------------------------------------
Creditors of Williams Commercials Limited opted to voluntarily
liquidate the company's assets during an extraordinary general
meeting on April 20.

Valerie Laura Neave of Benedict Mackenzie was appointed
Liquidator.

The company can be reached at:

         Napier Garage
         Heol y Banc
         Bancffosfelen
         Llanelli
         Dyfed SA155DL
         United Kingdom
         Tel: 01269 871 114
         Fax: 01269 871 303


* Moody's Reports on Western European Credit Quality Trends
-----------------------------------------------------------
Western European issuers of debt recorded their most negative
quarterly performance in three years in the second quarter of
2006 in terms of rating revisions, reports Moody's Investors
Service in a new Special Comment entitled "European Credit
Trends Q2 2006".

Of the 64 Western European issuers subject to rating revisions
during the quarter, 39 experienced downgrades versus 25
upgrades, translating into a rating gap of -14 that marks a
dramatic deterioration compared to the gap of -5 recorded in the
first quarter of the year.

The upgrade-to-downgrade ratio of 0.6 for Q2 2006 may appear
less severe than the 0.8 recorded in Q1 2006 and 0.6 in Q4 2005.
However, compared to the average of 1.1 for the whole of 2005,
the average for the current year to date, 0.7, clearly signals a
turn for the worse in Western European credit quality, Moody's
says.

"Given that the cumulative rating gap has hit -19 by the mid-
year point, Western European credit quality is unlikely to
recover back into positive territory any time soon," explains
Andrea Zazzarelli, London-based Associate Economist and co-
author of the report.

"As a result, 2006 appears poised to be the first year in which
an outright negative performance has been recorded since 2003 --
only the magnitude of the deterioration by year-end remains
unclear."

Moody's notes that future rating signals offer mixed evidence.
On the one hand, outlook statistics have fallen to their lowest
level since June 2003 and are the latest set of credit metrics
to point to a substantial risk to Western European credit
quality.  On the other hand, while Watchlist-driven downgrades
will most likely exceed the number of Watchlist-driven upgrades
by a widening margin, there are tentative signs of a possible
trough in credit quality in the latter part of 2006 once M&A-
related revisions are stripped out.

"Moody's momentum measures of rating reviews suggest that we are
approaching a turning point in the cycle of deteriorating
statistics, with both the investment-grade and non-financial
segments rebounding from their respective March 2006 troughs.
Indeed, this is confirmation that, despite the predominance of
reviews for possible downgrade, the number of reviews for
possible upgrade is beginning to stabilize or even increase
slightly," highlights Guillaume Menuet, Vice President-Senior
Economist and co-author of the report.

The report highlights that the record volume of rating change
activity in the speculative-grade segment in Q2 was equally
distributed between upgrades and downgrades -- clearly pointing
to an adverse change in the fortunes of speculative-grade credit
quality after the declining trend was challenged in Q1.  Another
significant negative development took place in the financial
sector, where credit quality closed Q2 at its lowest level since
December 2003.

The authors caution that the near-term outlook in Western
European credit quality appears relatively closely linked to
monetary policy developments.  Some acceleration in interest
rate hikes could push spreads to widen more aggressively, in
turn affecting debt repayments and increasing the pace in the
front-loading of investment plans.

"The ECB Governing Council is ready to continue its withdrawal
of monetary accommodation -- we are now looking at a reduced
interval of two months between the next hikes, implying a
cumulative 75 bps increase in the refinancing rate to 3.50% by
year-end.  The next interest rate hike is expected to take place
on Aug. 3 and some uncertainty remains as to whether the
refinancing rate will continue to climb towards the 4% level in
the first half of 2007", concludes Menuet.


                           *********


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-
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